Retirement Planning Show

September 7th, 2024

Episode Transcript

Speaker 1 (00:00):
Live from the wgy iHeart Studios.

Speaker 2 (00:03):
Welcome to the Retirement Planning Show with your host Dave
Kopek from the Retirement Planning Group. 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.

Speaker 1 (00:22):
Now it's time for.

Speaker 2 (00:23):
Dave Copec WGY's retirement Planning Specialist.

Speaker 3 (01:04):
Born he wanted to be from me, give me the list.

Speaker 4 (01:22):
Say all right, Saturday morning, Dave Kopek, w Guy's retirement
planning Specials Here with my main man. Who's happy that

(01:45):
Cha Kang Si Kwan Barkley scored three touchdowns for the
Philadelphia Eagles last night.

Speaker 5 (01:54):
I'm crying. Been a long time coming. Boy, Oh my god.

Speaker 4 (02:00):
The Giants are just so stupid, stupid, best player they
give away and they keep the you know, the their
franchise quarterback, mister Jones. It's hard to believe. But whatever.

Speaker 5 (02:17):
I am now, Buffalo Bill.

Speaker 4 (02:19):
Fan, I'll send in your transcripts. My son calls me
the trader, The hell with them. I've just I've had
it with the Giants, had it.

Speaker 5 (02:31):
I see that. I mean, the guy was just a
fabulous football player.

Speaker 6 (02:35):
Why don't you pick a Florida team you spend a
lot of time down there and enjoy it.

Speaker 5 (02:38):
Well, I do.

Speaker 4 (02:38):
I already have a Florida team, FAU. Florida's the go Owls.
I'm down there in a couple of weeks.

Speaker 5 (02:46):
Again.

Speaker 4 (02:47):
I'm actually going to see quite a few foot or
basketball games this this winter because I'm going to spend
a couple of months down there seeing clients, and uh,
if I have to fly back, I'll fly back. But
Julian and I are going to spend some time in
Florida this winter. So yeah, go als. I'm going down
for parents weekend. I'm gonna watch a football game. You know,
they got a pretty nice stadium down there, thirty thousand seats,

(03:09):
thirty thousand.

Speaker 6 (03:10):
They've always had a solid team, yeah, football too. Football
has always been solid.

Speaker 5 (03:16):
Basketball they had that run like two years ago. Yeah.

Speaker 4 (03:20):
But the coach, the coach that's at FAU now was
the head coach at Texas. I think I told you
that a couple of weeks ago.

Speaker 6 (03:27):
Yeah, he coached at Houston and Texas and now FAU.
Lane Kiffin also coached there too, did.

Speaker 5 (03:33):
He I didn't know that Fau yep, never knew that.

Speaker 4 (03:37):
Yeah, he's he's there's you know, there's The money that
they make in college football today is just like monopoly money.
It's just goofy, goofy money.

Speaker 5 (03:48):
But the thing is is that how do I know that?

Speaker 4 (03:52):
I watch Shaker basically clean the floor with Shen last
night Julie and I sat there and watched the game.
How did c did CBA play or did they play today?
Do you know you have any idea?

Speaker 5 (04:05):
I'll have to look it up. I do know you.
Albany's playing West Virginia today.

Speaker 4 (04:08):
Oh they are. That's a good game here or down there?
Probably down there, always down there, never here.

Speaker 5 (04:15):
Yeah, they're not enough attendance.

Speaker 4 (04:18):
Uh FAU lost the Michigan State, which is, you know,
always been a fairly strong football program of their first game.

Speaker 5 (04:28):
I don't know who they're playing this week.

Speaker 4 (04:30):
But whatever, but good morning, good morning, good morning, good morning.
This is the Sports show. Hopefully you're having a great
looks like it's going to be kind of a ah weekend,
not that warm and Saturday and Sunday or ify as

(04:51):
far as what the weather's going to be, So it's
a good, good opportunity. Can you believe it? September seventh,
ninth seven, twenty twenty four, we are already already heading
towards the fall. Summer went by quick, and we're gonna
blink our eyes and it's gonna be ho ho ho.

(05:12):
You're gonna start seeing instead of Halloween stuff, you're gonna
start seeing Christmas. Santa Claus.

Speaker 5 (05:21):
I think, I.

Speaker 4 (05:22):
Think I'm not mistaken. I think Sam's already has stuff
on the floor for Christmas. But whatever, whatever it is,
what it is, what it is. Bottom line gets down
to is that time does fly. It's good opportunity to
kind of assess where you are. You know, it's obvious.

(05:44):
We'll talk a little bit about the markets this morning.
You know, I'm not a big believer in a day
to day, month by month. I'm a long term investor,
but markets have definitely taken a risk off tone since
the start of this month. And I think you know,
I've been saying this, I've been saying to us for
the last few weeks, a couple months, you know, if

(06:05):
you got any profits to take. We actually took some
profits this past week with some of our larger positions
and we're kind of rotating maybe a little bit more defensively.
I said, put some dry powder on the sidelines. Doesn't
mean that you're not going to allocate. It just means that,
you know, we've had a pretty strong run here. The
markets are due for a correction, folks, They are due

(06:29):
for a correction. And you know, don't jump out of
your skin, you know, don't you know, make quick decisions,
because that's when you get hurt. Right, You got to
stay fully invested, close your eyes and just let the
markets do what they do. But you know, we're we're
looking at probably what I would call a natural pause.

(06:53):
We're a period of profit taking after a strong rally.
I mean, we've had a strong rally, but we're starting
to see more defense of posturing across a lot of
the financial markets. I mean, you look at some bonds, utilities,
et cetera. They have done extremely well this year, and
commodities and commodities, so stock markets rotate defensively. We've already

(07:18):
had about a four percent pullback in the S and
P five hundred, and the sectors that have outperformed most
are consumer staples and what I just said, utilities, both
considered defensives defensive. They hold up well in a period
of economic uncertainty. And I tell you what, we have,
definitely uncertainty. We've got a lot of uncertainty the top

(07:45):
of mind, the topic that we hear all the time
with existing clients and new clients. This election scares me,
scares a lot of people because you know, no matter
where you sit on what side of the aisle, we
live in a society today where we're fractured. Whether you're

(08:09):
red or blue doesn't make any difference. They don't seem
to be able to sit down and have a common
game plan. And we got a whole hell of a
lot of trouble coming down the pike here with our
entitled programs. I listened to a presentation this past week
about Social Security, Medicare, Medicaid.

Speaker 5 (08:27):
They're on fire.

Speaker 4 (08:29):
They're on fire, and they better start figuring out how
they're going to fix them. Because I met with a
woman last night, very wonderful woman, one of the hardest
working individuals I've ever met in my life, and she
runs a small business in Lake George. She won't mention

(08:49):
her name or her business because you'll recognize her. And
we sat, we talked for a few minutes, and she's
having a hard time paying her bills, just lost her husband.
She has one soul security and she goes, Dave, I'd
love to retire, but I can't retire. I don't have
enough money to retire. It's really kind of a sad situation.

(09:12):
But she says, I'm just getting new quotes for health insurance.
My taxes are going up. My employees. I just had
an employee that left that really hurt her pretty hard,
one of her key employees.

Speaker 5 (09:27):
It's tough.

Speaker 4 (09:28):
It's tough out there, folks. For a lot of people,
it's tough out there, and it seems to be a
lot of people walking around with their head in the clouds,
and they're worried about a lot of things that really
don't mean a lot, you know. So that's why I
stay out of politics, because I think it's never good

(09:49):
to be political in the business that we're in, you know.
But I'll use an example. I'm at dinner last night
at Mario's and Lake George, which is a phenomenal restaurant.
I've known Nancy and Paul for over forty years. Great friends,
great people, great food, and they got the car show

(10:10):
up in Lake George this weekend, and they're burning tires
up there, like you know, it's a drag race, like
it's Leblan Lebanon Valley dragway. And I find it disgusting,
to be honest with you. I mean, they're tearing the
town apart. You go from my house down to the
village right nine n and it looks like a drag

(10:35):
race where they're just burning their tires.

Speaker 5 (10:37):
Their's smoke.

Speaker 4 (10:38):
There must I don't know, it must have been fifty
cops running around chasing these guys. And I said, I
said to the people last night, some friends of mine,
is this really worth?

Speaker 7 (10:46):
It?

Speaker 4 (10:47):
Is the revenue worth what they're doing? Town's closed off.
You couldn't drive through the village. You got cars smoking tires.
Stinks like you can't believe. My wife said, oh my god,
it can't believe. I'm much as stinks. But the almighty dollar,

(11:07):
the almighty buck. All right, I'm gonna take my first
break when we come back. I've got a little bit
of housekeeping, but we're going to talk a little bit
about the markets. What the FED is basically, in my opinion,
going to do. The numbers came out yesterday, which we'll

(11:28):
discuss unemployment. But you know, there's on both sides of
the fence. There's some negatives and there's some positives. You know,
lower interest rates will help a lot of people in
the form of rate cuts, and we'll talk a little
bit about that. But again, I'm live. I'm here until

(11:50):
nine o'clock. I'll be back at twelve for retirement ready
at topic specific show. And it's good to be back
in the saddle with my main man, Zach. If you
want to participate is one eight hundred talk WGY. That's
one eight hundred eight two five fifty nine forty nine.
And anything that you want to discuss is fine with me.

(12:10):
Even if you want to talk about food. I want
to talk about food, Zach. We'll be right back the
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(12:30):
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(12:51):
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(13:14):
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Speaker 8 (13:19):
We're here live in studio. If you have any questions,
please call one eight hundred talk WGY one eight hundred
eight two five five nine four nine. Want to talk
with Dave after the show call five one eight five
eight zero one nine one nine.

Speaker 9 (14:05):
Some times in our lives we all have been.

Speaker 10 (14:13):
We all have sound, but.

Speaker 11 (14:20):
If we are wise, we know that always deb lean
on me.

Speaker 12 (14:33):
When you're not strong, and I'll be you bray Now
have you can't.

Speaker 7 (14:45):
We are back you don't.

Speaker 5 (14:48):
That's a good one.

Speaker 4 (14:53):
We all need somebody occasionally. It's a tough life sometimes
dealing with a lot of death lately, and it's just
it's horrific. Good friends of mine are dying, family members
are dying. I spend more time at funeral parlors than
I do at weddings, just getting sick of it. And

(15:14):
it's made me realize that it's time to smell the
roses a little bit. And that's one of the topics
that I'm going to bring up this morning. I'm going
to make some changes in my own personal schedule. And
there's been a rumor going around that I'm retiring and
I'm selling my business. There couldn't be anything more that's

(15:34):
more not true than that. That is not what's going on.
I'll tell you what is going on. We are growing
rapidly and I have to I just hired another person
this past week. I have to facilitate making sure that
my existing clients are taking care of as good as
we've been doing it. And I refuse to grow the

(15:55):
business rapidly if we can't take care of the people
that are sitting in the seats already. So what I'm
doing is I'm building out our platform, but I'm also
going to spend some time with my bride, my beautiful wife.
By by these events, these events have changed my life.

(16:20):
I mean, I just lost my niece's husband. He was
like thirty six years old. Last year we lost four,
I think four loved ones. They ranged from like thirty
nine to sixty two. And it just it just kind
of you know, I lost my father when when I
was young, and he was only forty four when he
passed away, and I said, the health I really got

(16:41):
to spend more time.

Speaker 5 (16:41):
I want to smell the roses.

Speaker 4 (16:43):
I want to do things, but I'm not a good
person to go away on go away with on vacation
because after a few days, I'm like, that's it, you know,
I got to get back in the saddle. But what
I am going to be going to do is Fridays
and Mondays. I'm gonna work from home. Tuesday, Wednesday and

(17:03):
Thursday I will be in the office. But Friday and
Monday because of technology today, because of Zoom and also
a ring Central. I mean, I had two meetings yesterday
with Ring Central and it's fine. You're face to face,
you see the individuals. You just can't hug them, and
I'm a hugger and I miss that. But I'm not

(17:26):
going anywhere. The business is growing. My son just got
licensed this past week. Christopher, I, you know, tipped my
hat to him. He's doing fantastic. I don't have to
say how proud I am of Nico and Chris McCarthy
and the rest of the team. So I spoke to
my good friend Anne Marie and Angela about this, and
she was all happy and Gigley that I'm not going anywhere.

(17:49):
I'm not going anywhere. So I'm putting an end to
this rumor because I've had people come to me and say,
I hear that you're leaving, or I hear you're selling. No,
I'm not here as long as the Lord wants me
to be here. I figure, if Warren Buffett can do
it to age ninety three, then I still have another

(18:09):
twenty five years in front of me.

Speaker 5 (18:11):
So I say that. I say that to my staff
and they.

Speaker 4 (18:16):
Go, no, no way, We're going to deal with you
for another twenty five years. So make long story short,
there will be some changes, some modifications, and there are
going to be more people added to the team. At
an interview with a guy the other day went very well.
We have this woman that will be joining us who
is a true professional. I don't want to give out

(18:36):
her name. I will when we sign on the dotted line.
But we offered her the job this past week and
she said, yes, I'm coming. So we just have to
do some paperwork and dot arise and across our teeth. So,
like I said, we're not going to build it out
unless we have the people in the seats in order
to facilitate what our clients are looking for. Okay, So

(18:58):
I put that to rest. Now Swing for Cure, which
is very important to me, and if you've ever been
to it, you know it's a great event. And my
good friend Dennis introduced me to Life Song, which is
going to participate with us this year. They're out of
Clifton Park. They help individuals that have what's the word

(19:19):
that I'm looking for issues? How's that they have some
issues and they make them better people and they are
going to participate this year. We're going to generate some
money for them and a lot of the money's going
to go to the American Cancer Society. It will be
a phenomenal event. When I say that this will probably

(19:40):
be the one that will blow the windows and doors
off the building. And we've got unbelievable participation, unbelievable gifts.
You can win a car, there's a whole bunch of
stuff that we're doing. I want to thank the LEA group.
They're sponsoring you know, the hole in one. You can
win a car. They're a great organization, a phenomenal fan
and I want to.

Speaker 5 (20:01):
Say it publicly.

Speaker 4 (20:02):
I want to thank them and their great team over there,
especially Marissa who's been our contact over there. And then
of course we have you know, hot tubs, We've got
all sorts of stuff you can win, I mean. And
the thing is it's for a good cause. One hundred
of the money, okay, our strategic partners and myself we

(20:27):
pick up the cost of this, so one of the
revenue goes directly to these organizations. So please, if you
would like to participate, we would love to have you there.
Golf is on the twenty six, I think are it's
a shotgun start. It starts at nine am and then

(20:47):
afterwards we have a beautiful buffet, silent auction, all the
fun stuff. It really is a full day. You get
there at night, you probably get out of there three
four o'clock in the afternoon. If you just want to
come for the food, the banquet, in all the silent auction,
et cetera, you can do that. Also, you don't have
to come and golf. A lot of people say, well,

(21:09):
I can't really do that because I'm not a golfer. Yes,
you can do it. Then I want you to come
because it's a great day and we get to meet
a lot of wonderful, wonderful people.

Speaker 5 (21:20):
Again.

Speaker 4 (21:20):
It's September twenty six at the Fairways of Half Moon.
My cousin Carol is one of the banquet managers there.
She does a phenomenal job for us Swing for a
Cure called Jimmy Corkoran. Jimmy is coordinating this with the
two organizations, the American Cancer Society and Life Song. Our

(21:44):
office is five one eight five eight zero one nine
nine five one eight five eight zero one nine one nine.
Now finally and then I'll get into this what I
want to talk about today. Our golf league end at
this Thursday. And Jimmy was the one that initiated us
doing a golf league. He thought it would be good
for camaraderie and fun and dealing with our clients and

(22:11):
just building some synergy. And to say that it's become
a LoveFest is kind of an understatement. It is just
a wonderful, wonderful group of people. My wife and I
had the opportunity to say, you know, thank you for participating.

Speaker 5 (22:26):
This year.

Speaker 4 (22:27):
We do it at the Eagle Crest in half Moonclifton.
It's Clifton Park and it's just a great day. We
do it on Thursday. So next year, if you want
a golf we'll have it again next Thursday. You want
to thank all the people. I know that a lot
of people that listen to the show listen also or
play in the golf league. And like I said, it's

(22:52):
just a great, great day. And we had I had
an opportunity to play the last night with my great
friends Sharon and her husband Ray, and we just had
a great time. And my wife took up golf a
couple of years and she's kicking my button already. Julie's
on the top of the board already. She had closest
to the pin last week. I don't know about this week.

(23:12):
I don't know if she'd hit the ball as well.
So it's just a great day, and I want to
thank thank all of our clients that participate in our
golf league. And it's just a fun, fun night and
we will have it again again in the year twenty
twenty five. Can you believe that, folks, two thousand and
twenty five. So we're going to talk a little bit

(23:35):
about the markets when we get back about the path
of the Federal Reserve. What has happened historically when they
start cutting rates. As I've told you over the last
few months, I'm very bullish on bonds. I have been
bullish on bonds. We're starting to see the impact where

(23:55):
you're getting some capital appreciation in the bond portfolios. We
had one of our investment banking firms that came into
the office that we work with that did a presentation
in our office for the team and did a phenomenal job.
Basically gave us some insight on some alternative products that

(24:17):
are out there right now in the market, and we'll
be discussing that with our clients and also possibly touching
base with you over the radio on some of these
what we call alternative products private equity loans, etc. And
there's a new portfolio that's a multi acid portfolio that

(24:39):
has a lot of different asset classes in it, but
it's all under one roof that I found extremely attractive.
My son Christopher's doing some research on it with Nicholas
Nico to see if it's something that's going to be
suitable for our clients. So again, I'm here live if
you want to participate. Got to be breaking here in
a couple seconds already, I can't believe it. Telephone number

(25:00):
here is one eight hundred talk w g Y. That's
one eight hundred eight two five fifty nine. I'm Dave Kopek,
WGY's retirement planning specialists, and we look forward to some
phone calls today. Hopefully we can help you out. We'll
be right back.

Speaker 3 (25:23):
No new yeesday to say rang, no shock let gov
can be hard.

Speaker 11 (25:35):
To give away, no verse of three, no song sing.

Speaker 13 (25:48):
In fact, here's just abrry day, No a ro ray,
no flowers, no weding Sataday within the month June.

Speaker 5 (26:13):
All right, we are back.

Speaker 11 (26:17):
Is something.

Speaker 4 (26:21):
Happy Saturday tracks over with kids are back in school.
Mom and dads are having a cup of coffee in
the morning without the kids driving them nuts.

Speaker 5 (26:36):
Like Zach.

Speaker 4 (26:40):
You know, it's funny when they're there. Sometimes they aggravate you, right,
and then when they leave you wane for them to
come home to see you. You know, all my kids,
three out of my four kids now live in Florida,
ones in Sarasota, my oldest daughters in Sarasota. My son's
in Tampa, who I just talked yesterday. He's living large,

(27:01):
loves it. And of course my youngest is living in
Boca Ratan at Florida Atlantic University and cheese. I said,
how do you like it down there? She goes, I
love it. So my kids are living the life, living
the life. So and then I'm my other son, of course,

(27:23):
is working at the retirement planning group.

Speaker 5 (27:25):
We're proud of him.

Speaker 4 (27:26):
Past is examined this past week, so he's on his way.
He's on his way. Well, let's talk a little bit
of what happened this past week, okay, because there was
high anxiety in regards to the jobs. You know, bottom
line gets down to is that we talked that the
market is on a risk off, but the labor market

(27:49):
last week was basically summed up in one word week
and we saw this earlier in the week. And the
job data is that you're get as far as the opening,
which fell to about seven point seven million, the lowest
level of the year, as well as in what they
call the eighty p private employment data, which indicated new

(28:12):
jobs at a just ninety nine thousand. It's the lowest
level since twenty twenty one, and perhaps you know what
we talked about. The most anticipatedly re market report of
the week was the US non farm payrolls, which reflected
a similar weakening. New jobs came in at one hundred

(28:33):
and forty two thousand, that was below the estimate of
one hundred and sixty five thousand. The past two months
figures were revised down lower by eighty six thousand, which I.

Speaker 5 (28:43):
Think caused some knees.

Speaker 4 (28:45):
Do could because we're getting a lot of revisions, and
the revisions are going down. So when you open up
the bucket and you look down into the pot underneath,
you know, the whatever's in there what we call underneath
the surface. There's some shifts going on, right There's some

(29:09):
you know, you're losing jobs. You know, major layoffs are
happening right now. Some of these tech companies are laying
off thousands and thousands of people. But it's kind of
like a double edged sword. The unemployment rate, for example,
did tick lower from four point three to four point

(29:30):
two percent, still above last year's low of three point
four percent. The long term average, folks for US unemployment
is what when they basically think that we're you know,
fully employed, is five point seven percent. So you know,

(29:57):
what's what's the answer to this. I think there's going
to be more volatility.

Speaker 5 (30:03):
I've been saying that.

Speaker 4 (30:05):
I think as we get closer to the election, I
think Tuesday you're going to have a debate with the
two candidates, the Republican and the Democratic, and there's going
to be some data and information and hard questions, I
hope about what their economic policies are. The one that

(30:26):
scares the living daylights out of me is a wealth tax.
You haven't sold it, but you own it, and we're
going to tax you on it even though you didn't
sell it. That's being proposed by the Democratic Party, and
I think if that happens, the markets will go into

(30:46):
a tailspin. That's my personal opinion, and that's one that
I hear consistently by a lot of our clients. If
I haven't sold it and it's going up dramatically, why
would I be penalized. Why would they pay a tax
on this even before I sold the asset. So next

(31:12):
week you're going to get some other information consumer price index,
inflation readings before the FED meeting. And the FED meeting,
of course, is the seventeenth and the eighteenth of September.

(31:32):
That is Lisa's birthday, the seventeenth, and the old goat
mine is the eighteenth, which is hard to believe. Which
is hard to believe. So you're going to get a
lot of information on the seventeenth and the eighteenth, as
far as some of the data, especially on the eighteenth,

(31:53):
when they come out with what they're actually going to do.

Speaker 5 (31:57):
It's anticipated.

Speaker 4 (31:58):
Now the futures are saying, you used to be fifty
basis points fifty BIPs. Now they're basically saying at the
September eighteenth, they're looking at a twenty five basis point
rate cut. Probability of a fifty percent rate cut increased, right,
but they pushed it out instead of September into November.

(32:24):
But they're looking at a full one percent Wall Street
before the end of the year. So overall, as I said,
the markets have been strong this year through the end
of August, with the s and P five hundred up
about eighteen percent in that timeframe. Come off about four

(32:48):
percent so far. It's from the highs. But add quality.
If you're going to add to your portfolio, add quality investments,
you're getting better prices.

Speaker 5 (33:04):
Folks.

Speaker 4 (33:05):
Market has sold off here a little bit, and we
believe that the Retirement Planning group that the markets. In
our opinion, it's kind of a Goldilocks between bonds and
stock over the next twelve to eighteen months. So diversify.

(33:26):
Hopefully you've got some cash on the sidelines to take
advantage of some of these opportunities. Read an article about
some of the people you know that are very bullish
on technology, and they basically said, the door has been
open for you to go in and buy some of
these tech stocks at levels that we haven't seen for
a while. Big thing for you that are thinking about

(33:55):
retirement the later part of this year, Hopefully you build
the buckets of money already. Hopefully you're not in a
situation where you're receiving the money and then you're walking
out the door, walking out the door, and you're now

(34:17):
starting to figure out how you're going to allocate your
assets in order to satisfy your income needs. So, as
you know, we are major major advocates and believers of
doing in service distributions over the age of fifty nine
and a half to start building out your buckets of

(34:39):
money in order for you to facilitate your income needs
as you walk into your retirement years. We've been very
defensive over the last three to six months. Why because
anytime I could get a five five and a half
percent on triple A paper with the assumption that interest

(35:03):
rates were going to be dropping, I knew that I
was going to get a good coupon, and I knew
that I was going to get the ability to get
total return capital appreciation. And it has turned positive. It
has gone in that direction. So bottom line gets down
to is that if you're in a situation you know
we we I meet some of the greatest people that

(35:27):
are radio listeners, and it's such an honor to meet you.
You you know, some people say, listen, I've come in
for you know, I've been listening to you for four
or five or six years. And then you know, we're
in a situation where our financial advisor is no longer
in business, which is not uncommon folks. That's going on
now a lot of guys my age are saying, see

(35:49):
a leader alligator, I'm going to the green pastors of retirement,
and that's great, I applaud them. I'm just not there
and I don't want to be there. You know, it's
not you know, I don't play golf that good and
I can only sit on the beach so long in
order to bake. You know, we are going to travel.
But like after like I said, after four or five days,

(36:10):
I'm ready. I'm ready to get back to work. Maybe
that will change, but right now that's my train of thought.
That's what I'm going to be doing. But when you
hear people say and listen to you for a long time,
our financial advisors no longer in the business, or our
financial advisors retired, or they've moved us. I think about
three or four situations just in the past month of

(36:32):
individuals that have come in sat down with us. Their
advisor was transferred over, or the advisor that they had
was not the one that they originally started with. And
there's not a warm and fuzzy it's you know, it's
just not working out. That's why we offer the complimentary

(36:54):
consultation in order for us to give you our opinion,
what we think you should do. And here's the biggest
mistake that a lot of us make. And I'm on
the top of the list too, folks. A lot of
times we procrastinate when it's time to get your estate

(37:14):
plan in order, get going, Get going. Don't procrastinate. I
don't care if you've got a CD at a bank
that you're gonna get penalized if it needs to go
into the trust, big deal, You're going to make it
up in a short period of time. You need to consolidate, simplify,

(37:36):
because none of us have a crystal ball as far
as what our lives are going to ultimately be.

Speaker 5 (37:43):
Like, I'm sitting here this swarning and path.

Speaker 4 (37:49):
For the past forty eight hours, I've been receiving messages
from one of my best clients, Great guy, Great guy,
and he called me about a week and a half
ago and said, I need to talk to you asap.
I have a nine to one one. His son in

(38:10):
law is not going to make it. His son in
law is dying right now. His son in law had
no legal documents, nothing in place, zero.

Speaker 5 (38:25):
Zero.

Speaker 4 (38:27):
So the wife who's my client's daughter came in and
the last thing she wanted to talk about was her
investments right in her estate and her three children right.
She wants to be with her husband and she basically
wants to be in a situation that she's by his side. Well,

(38:52):
with this world that we live in today, this miraculous
world of technology, I called my good friends that O'Connell
and Aronowitz, and they facilitated all the legal documents via
the Internet and the signatures, which I didn't know you
could do. I didn't even know that that was a

(39:14):
possibility today. So this nine to one one ended, I
think pretty good for her because not only did we
lock in his pension benefit, we locked in her beneficiary forms,
the legal documents, power of attorneys, health care, one of everything,

(39:35):
one percent of everything. Now she's in a situation, a
woman that's middle aged where she basically has to be
in a position that she's going to have to try
to figure out how she's going to put the pieces
of the puzzle together. But it's going to be much easier.
And why do I bring this up because I can

(39:57):
remember my mother when my father passed away in nineteen
sixty eight, my dad died, he went on a trip
to play golf with the KSC and the Bahamas, and
he came back in a casket. My mother was devastated.
She had no idea where to go. My father. When

(40:20):
I say that he was under insured, it's an understatement peanuts.
Back then, I think he had two or three thousand
dollars with a life, say five thousand met life policy.
Bad things happen to good people. Now I could sit

(40:40):
here and I can tell you his story after story
after story after story, just in the past six to
eight months of horrible situations that ended up. And we
all know him, we all had him, we all have
loved ones. And the thing is is that you know what,
when you get an opportunity to go into the Green
Pastors' retirement and you have the ability to spend time

(41:03):
with your wife and your kids and your family and
trips and vacations, all the things that you want to do,
do it. Stop putting on things on the back burner.
My attorney, my best friend, the best man at my wedding,
retired in the past four or five months. He's been

(41:25):
to Asia, Europe. He's going on a vacation, a two
week vacation. He's going down to Tennessee. He's going to
go see his daughter and Maryland. He's living his life.
He's doing all the things that he wants to do.
And you can't get the smile off of their faces,
him and his wife. Why because they mapped it out,

(41:47):
that was their plan, and now they're basically doing the
things that they've always wanted to do in their lifetime.
Now he's very fortunate. He's very fortunate. He's got very
successful children, extremely successful children. So it's not like they
have to worry about, you know, a legacy or a

(42:08):
transfer of wealth. There will be some, but it's not
on nine to one one, simply because they did so
well as children. Now I told them, go spend the money.
Go spend the money. That's what it's there for. Go
spend the money. We'll be right back the eighty six percenters.
Do you know that eighty six percent of the population

(42:30):
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 called retirement income
distribution the nastiest, hardest problem in finance. He points out

(42:52):
that investment uncertainty and mortality can derail the most careful
laid out retirement income plan. Call our offices today to
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 start building your
own personal retirement income distribution plan. How do you do that?

(43:12):
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 one eight, five eight zero one nine one nine.

Speaker 8 (43:29):
If you would like to hear more information on navigating
your way to retirement from Dave Kopek, remember you can
listen to this show and past shows anytime and anywhere
on the free iHeartRadio app, or go to iHeart dot
com and search retirement planning show.

Speaker 12 (44:08):
Went Awake up in the morning, love, and the sunlight
hurts my eyes something without waller Love bears him in,
Oh myer.

Speaker 3 (44:26):
Then I look at.

Speaker 10 (44:27):
You and the world's all right with me. Just want
to look at you, and I know it's.

Speaker 7 (44:41):
Going to be a lovely day.

Speaker 3 (44:55):
I love the.

Speaker 12 (45:11):
Seemed impossible.

Speaker 4 (45:13):
Love that song, man, I love that song my man
Zach and the Board. Sit and listen to that all
day long. All right, if you get Baron's I'm gonna
tell you about an article that's in Barons.

Speaker 5 (45:33):
If you have.

Speaker 4 (45:34):
If you don't get Barons, go out and buy it
if you're looking for income. But here's the headline. All right,
Sit tight, don't drive the car too fast, turn the
radio up. Need more income and retirement. Buy an annuity
before interest rates drop? Barons, Barons Wall Street drew. You know,

(45:56):
why would they be talking about buying an annuity, because
you hear how bad they are, right, they stink and
they're this and they're that. But if you're thinking about
buying and we've been saying this, an annuity not all
your money, Okay, not all your money. You don't pull
your own money in anything. But if you're thinking about
buying an income annuity, now is the time to pull

(46:19):
the plug. Even if you're not going to retire right away,
you can get into it right and get into it.
You can start taking the distributions inside your qualified plan
and build up what build up your bucket, your bucket,
not your bucky, your bucket. So payouts have surged because

(46:41):
of the interest rate environment compared to where they wear
during the early twenty twenty twenty one, twenty two. So
now is the FED signals it's ready to what start
chopping rates. Annuity payoffs are starting to edge down, right
their bond portfolios. They're bond portfolios the way that they're structured.

(47:05):
More money that goes in lower rates, they're going to
have to drop. So if you're looking to take advantage
of these payouts, now's a good time. So we'll just
do an example here that they have here. Consider a
basic income annuity for a seventy year old.

Speaker 5 (47:20):
Right. It's a low fee, low cost product. Right.

Speaker 4 (47:27):
It gives you the ability in order to take a
certain bucket of your money and get income for as
long as you want. But in this example, a seventy
year old is going to get eight point four percent
on his income annuity. That means if he bought one
put one hundred thousand dollars in it, he would receive
seven hundred dollars a month for twelve months for the

(47:50):
rest of his life seven hundred dollars for the rest
of his life. Now, it wasn't eight point one six percent, right,
so it's starting to drop, right, eight point four is

(48:10):
this quote? Now they're at about eight point one six
they're saying, right that you're probably looking you're gonna be
in the six handle. So you're going to see that
income drop. So a lot of people, including Fidelity, advise
retirees to have enough basic, baseline stable income to cover

(48:30):
their basic living expenses. Right, I don't hear you know,
you know the portfolio managers that we're good at this,
we're good at that, blah blah blah, And then they're
down twenty or thirty percent. Your knees are knocking, and
you're saying yourself, am I gonna fall short? So this
is a very basic income annuity. We have done more

(48:52):
annuity business in the last year than we've probably done
in the last five years with myga's multi u guaranteed
annuities and these types of products fixed guaranteed. In New
York State, they have five one hundred thousand dollars worth
of protection right through the New York State Insurance Fund,

(49:13):
not two hundred and fifty through FDIC. So if you
are starving for income, if you're in a situation that
you need income, if you and your wife are in
a situation where you basically have to build out pension benefits, right,
this is something that you should look at. It's one

(49:37):
of the tools in the toolbox.

Speaker 5 (49:40):
Right now.

Speaker 4 (49:41):
The biggest risk with these types of investments, right, is
that they're not adjusted for inflation. The payout remains the same.
But as I said, each bucket of money has specific
goals and objectives as far how you allocate your money.

(50:04):
So there should be a bucket with your baseline, right,
just like a pension benefit. This is my pension, that's
what I'm going to receive, right, and then here's our
other buckets that are going to give us growth potential
or what I call at the Retirement Planning Group yield enhancers.
As I said last week, one of our yielding answers

(50:24):
this year is paying an unbelievable dividend and it's up
seventeen and a half percent in the year. So because inflation, right,
roads purchasing power, and because you need safety and guarantees

(50:45):
with some of those pension dollars that you have to create.
You have to figure out what's the allocation, what's the percentage.
How much do I want in the pot that's safe
and guaranteed. How much do I want the pot that's
going to give me growth potential. But like I said,
you got to stay in it, right, So it's a

(51:10):
consequential decision because once you give the money to the
insurance company, right, just like when you make the selection,
I don't want the lump some distribution. I'll take the
pension from your employer. You ain't getting the money back.

(51:30):
It ain't coming back. You're gonna get it, but it's
gonna come out over a period of time. Now, you
can do this life life period certain, you joint joint
period certain. There's a lot of different ways that you
can strategize this. But like I said, if you earmark
it as a pension benefit, as an alternative to a

(51:53):
bond ladder, bond portfolio, whatever it may be, I mean,
eight percent is still a pretty good number five folks, right,
But like I said, you need to be in a
situation you understand the benefit versus the cost and what
you give up. Chris McCarthy, who joined us, has been

(52:16):
in the business now for thirty nine years. This is
an expertise that he's brought to the table at the
Retirement Planning Group. As far as some of these strategies
that can be utilized in order for you to build
income for a lifetime, we'll discuss that a little bit
more when we come back. This is a retirement planning
show we'll see on the other side of the news.

Speaker 1 (52:37):
Live from the wgy iHeart Studios.

Speaker 2 (52:40):
Welcome him to the Retirement Planning Show with your host
Dave Kopek from the Retirement Planning Group.

Speaker 1 (52:46):
Every week, Dave and his team discuss the ways they can.

Speaker 2 (52:48):
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. Now
it's time for Dave go back w G wise Retirement
Planning Specialist.

Speaker 3 (54:00):
I want to tell something nobody is not.

Speaker 11 (54:08):
You know how long your.

Speaker 13 (54:09):
Fine has been and I have the lie and you have.

Speaker 5 (54:14):
The face that's just a find.

Speaker 14 (54:15):
No means to quit that time getting because you never
know what will find.

Speaker 3 (54:19):
As contemplated and the.

Speaker 4 (54:23):
Stily some of the stuff I just positive, pain and
simple after this no more, I don't know, I said
want enough to be.

Speaker 5 (54:56):
A right. That's my shout out to Chican check my
check que check one?

Speaker 3 (55:01):
Is that it?

Speaker 5 (55:02):
How do you pronounce it?

Speaker 6 (55:05):
Most of us call him sa quads because he's got
Giant quads.

Speaker 5 (55:08):
But that's my shot up.

Speaker 4 (55:11):
Three touchdowns former Giant Giants, always making a good decision,
who to keep, who to get rid of? Just sick
die Hard wanted to stay with the Giants, did everything
to stay with them, and they let them go. Three

(55:31):
touchdowns out of the box, Philadelphia Eagles. Can you imagine
that stadium when he comes back to Giant Stadium. I'll
be there, Yeah, all right, I'm going They're going to
be rooting for the Eagles. I'm gonna be wearing my
saquon jersey. So I'll be uh curious to see what

(55:52):
they do. Who would ever think?

Speaker 5 (55:54):
Right?

Speaker 4 (55:55):
Who would ever think? I don't know, depressing, depressing? Do
you already do did you get into the I'm in
a football pool at the Legion We all do it
the family.

Speaker 5 (56:08):
Did you do your card? I just did fantasy football
this year? Yea? Who the Giants? Minnesota? I think they're
doing Minnesota, right?

Speaker 3 (56:16):
Yeah?

Speaker 5 (56:17):
They took Minnesota.

Speaker 4 (56:20):
All right, we're talking about what's going on as far
as some of your pension selections. We're also talking about
one of the big ticket items right now. This is
something that I am personally involved in myself, which gives
me a stomach ache to look at. It is healthcare
and what's going on with healthcare. It's a big line

(56:43):
item in any retirement budget. And if you've got healthcare
being paid by your former employer, boy, you should run
over there and give them a big hug every year
when they make the premiums because I'll tell you what
it is, sticker shock.

Speaker 5 (57:02):
To be prepared.

Speaker 4 (57:04):
And right now, Fidelity came out with their twenty third
annual retiree health Costs Estimate, and this is what it is, folks,
get your tranquilizers out, healthy, sixty five year old retirer today,

(57:24):
retiring individual, this is not Husband and wife can expect
to spend one hundred and sixty five thousand dollars in
healthcare expenses throughout the retirement. That's up five percent from
last year. That's more than double the average Americans estimate

(57:48):
of the expense. According to Fidelity, the Mothership. And I
know my wife just retired from the school district. I
have a nineteen year old daughter. My wife didn't work
long enough that daddy, her husband, got health care. So

(58:08):
I have healthcare through my wife right which I'm doing
right now via Cobra until I figure out this maze,
because I have a nineteen year old daughter sitting at
Florida Atlantic University, and I have a twenty five year
old son that's still under our plan. And it blows

(58:32):
me away when I'm paying monthly for healthcare about two
thousand bucks a month, and I know a lot of
people out there that are looking to get into retirement
pre sixty five before Medicare. It's just an astronomical amount

(58:57):
of money. We actually have reached out to a woman
who's specialists in this in order for us to have
a chat about where is this ship heading? Where is
this ship heading as far as health care expenses. I

(59:18):
just told you this morning about my good friend that
owns a business in Lake George, and it was depressing
to have the chat with her about what it costs
for her to have healthcare and try to keep her
employees and keep a few bucks on the table in

(59:39):
order for her to survive. And I don't think this
is uncommon, folks, I think this is very common, and
I think one of the things when you go to
that booth in order to vote, I think quality of life,

(01:00:01):
and I think also the ability to pay your bills
is going to be top of the list. Where do
we stand today as far as our ability to pay
our bills? Now, I'm just talking about healthcare. This excludes

(01:00:24):
the nuclear bomb of what we call long term care costs.
Medicare doesn't cover hardly anything in regards to long term care.
It's extremely limited. I honestly think before people retire, there

(01:00:48):
should be some kind of a course, a presentation, a
video for people to understand the costs that are involved
with healthcare and long term care before you go into
your retirement. I've told Nico, I've told my son, anybody

(01:01:11):
that's younger, I'm too old. I can't get involved in it.
The greatest thing that the government gives you, besides the
wroth IRA and four one K, is the health savings account.
And I advise you, I recommend that you look at

(01:01:32):
the ability for you to get into a high deductible
plan and fund a health savings account in order for
you to set money aside for your retirement. Healthcare costs.
And as I said, in order for you to contribute

(01:01:53):
to one of these, you have to have a high
deductible health insurance plan. Hessay health savings account. The HSA
contribution for two thousand and twenty four it's four one

(01:02:14):
hundred and fifty dollars for an individual, eighty three hundred
dollars for a family. You do that for twenty years
and get a competitive rate of return, you're going to
have a whole heck of a lot of money sitting there.

(01:02:39):
And it's not taxed on the way in, and it's
not taxed on the way out, And as long as
the money goes towards qualified medical expenses, you got it covered.
The negative. And I don't know why they do this.
This doesn't even make sense work, and I should be ill.

(01:03:01):
You know, once you enroll in Medicare, you can't contribute.
People who continue working past sixty five should stop contributing
to their HSA six months before retiring or getting Medicare benefits.
So try to figure that one out. Okay, irs six

(01:03:26):
percent tax of what they call xx HSA contributions. But
I'll tell you what HSA accounts, in my opinion, are
one of the greatest things that the government gave us.
And with these numbers that we're seeing now, I mean,

(01:03:47):
it's just astronomical. Sixty five year old, this is not
a couple. This is not a couple. Individually, a sixty
five year old retiring today can spend one hundred and
sixty five thousand dollars in health care expenses. And that's
from Fidelity, who does the annual retiree healthcare cost Estimate. Now, Nico, myself,

(01:04:17):
my son Christopher, and then Chris McCarthy, we are going
to Fidelity in October for a three day conference where
they go over a lot of this information and data.
And this is one of the ones that I had
signed up for because you have to sign in for
these presentations before you get there, and there's a whole

(01:04:40):
section of this conference that's specific the healthcare how to
deal with that, HSA accounts, etc. But I know I've
got a lot of clients, got a lot of clients
that have sat down with me and said, Dave, I
got to figure this out because if I don't figure
it out, I got to go back to work. Dave.

(01:05:02):
I'm going back to work because my healthcare costs are
through the roof Dave. I think I don't think I
could ever retire because the cost of healthcare is just
so staggering as far as what it's costing us in
order to facilitate our healthcare costs, our drugs, et cetera.

(01:05:26):
So when they say that retirement is easy, it isn't.
There's a lot of obstacles. There's a lot of bumps
in the road, and you have to be prepared in
healthcare right now, and long term care are one of
those obstacles that you need to face and have a
good understanding of exactly what you have as far as

(01:05:50):
the type of coverage for your pre and post retirement years.
And as I said, we got to get somebody on
here to talk about it great detail because it's something
that I think is that it's not on a one
to ten, it's a nine to one one. We'll be
right back the eighty six percenters. Do you know that

(01:06:10):
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 called retirement income distribution the nastiest, hardest

(01:06:32):
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 to start the process of building
a retirement income distribution plan. After forty one years of
being in the financial services business, you need to start
taking action to start building your own personal retirement income

(01:06:52):
distribution plan.

Speaker 5 (01:06:53):
How do you do that?

Speaker 4 (01:06:54):
To take action? Five one eight five eight zero 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 and start building your retirement income distribution plan. Five
one eight five eight zero one nine one nine.

Speaker 8 (01:07:11):
We're here live in studio. If you have any questions,
please call one eight hundred Talk WGY one eight hundred
eight two five five nine four nine. Want to talk
with Dave after the show call five one eight five
eight zero one nine one nine.

Speaker 7 (01:08:12):
Friends like, alright, We're back.

Speaker 4 (01:09:16):
I just got a text message from a good friend
of mine and said that his health insurance is up
at the end of the year for his company and
he's in sticker shock. You know, the greatest country in

(01:09:51):
the world, and for some reason, we just can't get
it together in healthcare. I know, when this beautiful, beautiful
girl that I knew, Kelly, was our maid of honor
in our wedding, and she was battling cancer and she's

(01:10:14):
sitting in the hallway at Albany Med waiting for her bed.
Sometimes we're up to two days. We used to kill
my wife. Devastator somewhere. There's a baghiddia up here. There's

(01:10:39):
something wrong with the system. I mean, I've got a
lot of professional healthcare workers that are clients of ours, nurses, doctors, dennis,
et cetera. And I've been asking what's going on. And
I've got one more and who runs the surgery center

(01:11:04):
at one of the major hospitals here. She's the head
dog down there. One of the things that they talk about.
And I don't know how this. You know, maybe somebody
can enlighten me. Where you have these traveling nurses that
are making three times the amount of money is these
other nurses that are working full time at the facility?

(01:11:29):
Hundreds of thousands of dollars a year they're making. So,
like I said, you know, I'm I'm I'm in sticker shock.
And I know a lot of people out there, I know,
I know they think they can just tax the hell
out of us, and they just can, you know, keep
on just getting more and more and sucking more out
of us and taking more you know, you know, you know,

(01:11:51):
more tax here, more tax there. But I think we're
taxed enough. I think they ought to be able to.
They're like an addict with these programs in these I mean,
please do me a favor and do some research on Medicaid, Medicare,

(01:12:13):
and social Security and see where that ship is heading.
I don't think I've heard anything with this election about
social Security, Medicaid, Medicare, and I'm telling you, folks, we're
kicking the can down the down the road, and it's

(01:12:35):
kind of come back. I think it's going to be catastic, catastrophic.

Speaker 5 (01:12:40):
I really do.

Speaker 4 (01:12:43):
I think it's gonna be catastrophic. So but there's one
thing I know for sure, and we're starting to see
it at the Retirement Planning Group, is that we've seen
a lot of people go from rags to riches this
wealth phenomenon that's out there. We've seen people that never

(01:13:07):
thought they would have the wealth that they have, and
now they're starting to be concerned a little bit because
of the estate tax is going away as we know it.
There's going to be adjustments to it in the end
of twenty twenty five. There's also a fear of what's

(01:13:27):
going to happen with this election in regards to wealth
and how it's taxed and tax brackets, and there's this
feeling that you know, a lot of times the first
generation builds it, the second generation manages it, and then

(01:13:57):
they say the third generation will squander it. And the sphere,
of course, is motivated a lot of families to sit
down and try to figure out how this money that
we've accumulated in our lifetime that we can protect it,

(01:14:18):
maximize it, and have prudent prudent I want to say
that word, prudent management of this wealth. Once mom and
Dad pass away. We keep on talking about this over
and over and over again. Eighty to eighty five trillion
dollars tea with a t trillion of inheritance is going

(01:14:41):
to transfer over the next twenty to thirty years. Maybe
a little bit longer, and it's the boomer generation that's
going to pass this wealth on to the next generation.
So people are looking for ways to facilitate this wealth

(01:15:03):
transfer and also in order to protect it, to make
sure that the wealth stays with the family.

Speaker 5 (01:15:14):
It's not squandered. It's not.

Speaker 4 (01:15:18):
A deal breaker as far as motivation and keeping children
and grandchildren motivated to follow their dreams. And I've probably
had more discussions about this in the last two years
than I probably had in the last twenty years. And

(01:15:40):
there's ways for you to transfer wealth tax efficiently that
will allow the wealth to remain with your family the
legacy for generations, if that's what you're looking to accomplish.

(01:16:04):
I know I say this all the time, but a
lot of times we'll have people come in and say, listen, Dave,
I know I've accumulated quite a bit of money here,
but I want to see it. I want to see
you all this money that I've earned. I want to
see the smile on their faces, and I want to
make their lives better. For some people, that's not easy

(01:16:25):
to do, right because a lot of that cash, forty
trillion of it, isn't qualified money. Iras four oh one
k's sep iras deferred compensation, whatever it may be. You've
accumulated over a period of time. You've been a great saver.

(01:16:49):
You had the backbone and the wherewithal the stay in
the financial markets, and boom, you're a millionaire. You're a multimillionaire.
You work for technology company. And I use G as
an example. I mean, GE stock, everybody's been kicking it

(01:17:10):
to the curb, piece of junk. Don't buy it. I
think GE's up. Don't hold me to this. It's up
over two hundred and fifty percent, I believe in the
last couple of years G. So the guys that went
in there, that have worked hard, had a great life.
They've got a lot of money in their GE program.

(01:17:32):
And now they're looking at their saying, oh my god,
look how much cash is there now?

Speaker 5 (01:17:35):
How much value I have?

Speaker 4 (01:17:42):
How do I reposition that now and get it to
my family and my loved ones with the most cost effective,
least amount of taxation, and protect it from creditors, predators,
evil son and laws and daughter and laws, and make
sure that the money is there in the future. And
we're going to talk a little bit about that when

(01:18:03):
we come back because I got to take a break.
But there are ways, and I'm saying this to you
folks because I'll tell you what. Now's the time to
get going, because no one has a crystal ball. What's
going to happen in Washington and what's going to happen
with the state tax and our tax code. Wealth planning

(01:18:26):
can give you three primary benefits, leverage, guarantees, and simplicity,
and I like all three of them. Leverage guarantees in simplicity,
and we're going to talk about that in the last
half hour today. So if you have any questions or comments,
I'm live one eight hundred. Talk to me Gy. This
is the Retirement Planning Show. I'm WGY's retirement planning specialist.

(01:18:49):
I'm Dave Kopec. The company is Retirement Planning Group rpgretire
dot com on the web. We'll be right back after
the news.

Speaker 1 (01:18:58):
Why baby here.

Speaker 9 (01:19:16):
With the worms eyes. I can feel you watching in
the night, all alone with me. We're waiting for the sunlight.

(01:19:39):
When I feel cold, You're warm me.

Speaker 14 (01:19:44):
And when I feel I can't go on, you come
in hold me. It's you and me wherever, sir, I.

Speaker 5 (01:20:06):
Don't want to, I don't want to stop the music.

Speaker 7 (01:20:11):
If you feel like I tell you.

Speaker 4 (01:20:14):
I saw them in concerts Minneapolis, Paul and I was
living out in the Midwest.

Speaker 5 (01:20:22):
Blew me away in the mid seventies, which is hard
to believe too.

Speaker 3 (01:20:28):
I think it was.

Speaker 5 (01:20:29):
Seventy six or seventy seven.

Speaker 4 (01:20:32):
Haul and Oates, Julie and I saw them in concert
last year down at the casino. He sounded fantastic. All right,
the great wealth transfer, it's happening. We're seeing it. And

(01:20:55):
if you don't do anything about it, and if you
don't motivate yourself, a lot of your wealth that's going
to go to the tax man. And I'm going to
talk about life insurance now and how we're utilizing it,
and don't turn your radio off, don't say you know,

(01:21:17):
here we go, because I'm blown away by what you
can create with life insurance. And I'm going to go
through the three things that I just talked about, leverage, guarantees,
and simplicity. We all know you pay a premium with
life insurance and you get a much bigger payout at death.

(01:21:41):
Oh god, I gotta die before they get it.

Speaker 5 (01:21:43):
Yeah, you do. You got to die.

Speaker 4 (01:21:46):
That's what life insurance is. But the expected performance of
a life insurance policy should be looked at, looked at
if the family desires wealth transfer tax efficiently. Okay, that's

(01:22:08):
what it is, tax efficient wealth transfer. You want to
educate yourself a little bit about this, Okay, you want
to dot your eyes and say, oh, Dave, you know
he's talking about life insurance. Go to ed Slot s
l Ott, he's a CPA. Or go to Natalie Choke Choate,

(01:22:29):
she's an attorney, and they talk about financial products in
order to facilitate tax efficient wealth transfer. There is way
too much money out there and qualified assets. It's not

(01:22:50):
uncommon for people that come into our practice they have
seventy eighty percent of their net worth and qualified plans
four one ks TSPs, whatever may be, and they just
sit at they look at it and they say, look
at that's a big number. And then that magical RMD
happens required minimum distribution. They say, oh my god, what

(01:23:13):
did I create here? They created what Ed Slock calls
the retirement planned time bomb. That's a sum of money
that there's a mortgage on it. What Natalie Choate says,
the mortgage on your IRA? What's the mortgage? It's the

(01:23:37):
triple tax, what's the triple tax? Where's your zip code?
State income tax, federal income tax, and if you're unfortunate
enough to be in a state, a state tax. I
had a woman in my office the other day. She

(01:23:59):
received one point five million dollars one point five million
dollars an IRA assets, and we did a simple calculation
of what the state and federal income tax liability is
going to be in order for her to withdraw these assets.

(01:24:20):
Because she wants to withdraw and she wants to use
the money in her lifetime. We estimated pretty good guesstimate.
When everything is said and done, out of the one
point five million dollars, she's going to have about eight
hundred and fifty five thousand dollars left, almost half. So

(01:24:48):
you've got to think, how do I have my assets titled?
Do I need all of this money in my lifetime?
And are there ways in order for me to facilitate
wealth transfer that is going to be tax efficient for

(01:25:10):
my children, my grandchildren, for their needs, college education, whatever
it may be, weddings, And is this going to allow
me by doing a plan what we call it, carve
out greater flexibility for them to spend the money and

(01:25:36):
enjoy it without this huge tax consequence. And I'm telling
you from the bottom of my heart, folks, Okay, this
is one of the mis understood financial tools in the
investment arena because people hear the word insurance and they

(01:26:03):
run for the hills where they should be sitting down
and educating themselves. As far as all the benefits it provides.
Here's the one that I like, tax free, tax free,
then that sound good tax free. And here's the other

(01:26:24):
one that I like. Guarantees. Guarantees Right, guarantees were one
of the greatest benefits of permanent legacy life insurance. Right,

(01:26:49):
you can pay it over one payment, five payments, ten payments,
twenty payments, life payments. It depends on what you're trying
to do and how you want to facilitate the wealth
transfer and the key death benefits provide certainty. If my

(01:27:22):
wife and I want to leave X number of dollars
to our children, and I've got a lot of money
in iras and four to one k's and four h
three b's, and I'm trying to figure out, man, I'd
like to spend all that money, but I also want
to leave my kids a certain amount. You know for themselves.

(01:27:42):
I don't have a pension. Julie is a very very
small pension through the school district. Maybe I should figure
out how I can take all this complicated money and
utilize it in our lifetime. Depending on our zip code
won't be I can tell you that when I'm all
said and done, I can protect my house, protect my ira,

(01:28:09):
build a pension plan out, and then I've got this
bucket of money over here.

Speaker 5 (01:28:13):
That's what.

Speaker 4 (01:28:15):
It's a certainty, it's guaranteed. And then you'll hear these
screaming monkeys that will tell you, well, don't ever buy
a life insurance policy because the only reason why they're
suggesting it to you is because they're getting a big
fact commission. Really, some of the highest net worth people

(01:28:41):
that I know, this is what they do.

Speaker 5 (01:28:46):
This is what they do.

Speaker 4 (01:28:48):
They're buying life insurance in order to give a guaranteed
legacy the state liquidity, whatever it may be, and they're
facilitating it with life insurance. Because insurance is like cars,
there's all different types. There's variable there's universal life, there's
universal life with guarantees, guaranteed death benefit rider, there's term.

(01:29:12):
Maybe do a combination of all of them. But I
can tell you one thing. I've done hundreds of millions
of dollars of this since I've been in the business,
and I can tell you one thing for sure. Not
once did anybody ever say to me, boy, I wish
I never did that, Never wish I did that. Because

(01:29:40):
it's the old Ron peppeal. Remember Ron Peppeal. It was
on TV, the vegimattic, the hair spray that makes it
looks like hair. You know you got that bald spot
you spray on the top of your head. Once you
said it, you forget it, remember Rhen Well, I'll tell

(01:30:03):
you what. You can do the same thing with this.
Once you set it, you can forget it. The car
of off is there, pays the premium, done it, you know,
five years, ten years? And guess what that beautiful pot
of money is inside of trust And it's all there,
and it's all sitting there waiting when mom and dad
go through the pearly gates and the kids are gonna
get what ding ding ding ding ding tax free benefits.

(01:30:29):
But the screaming monkeys will say, let me manage your
money forever. And then you have a huge arm d
and then you have all this tax liability, and we're
so great at managing money. Just let me tell you
how great we are. But don't ever buy insurance because
you know what, it's a bad, bad, bad thing. It's
just you can't make this stuff up, folks, You can't

(01:30:50):
make it up. So guarantees that will last to age one.
You live past age one, twenty one, you got a problem,
so you do it in your sixties and seventies. You
lock it, you set it, you forget it. It's there,

(01:31:11):
it's inside the trust. You die at age ninety ninety five. Right,
money's there for the kids and the grandkids keep some
of it for gifting, whatever it may be. But life
insurance offers tremendous, tremendous tax benefits under a very complex

(01:31:31):
and confusing environment that we're in right now in regards
to taxes as state taxes, probate, creditors, predators, whatever it
may be. Simplicity, We're going to take a break a
wek right back the eighty six percenters. Do you know
that eighty six percent of the population has no defined

(01:31:53):
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 called retirement income distribution the nastiest,
hardest problem in finance. He points out that investment, uncertainty,

(01:32:16):
and mortality can derail the most careful laid out retirement
income plan. Call our offices today to 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 start building your own personal
retirement income distribution plan.

Speaker 5 (01:32:34):
How do you do that?

Speaker 4 (01:32:34):
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 one eight five eight zero one nine one nine.

Speaker 8 (01:32:51):
If you would like to hear more information on navigating
your way to retirement from Dave Kopek, Remember you can
listen to this show and Passion shows anytime and anywhere
on the free iHeartRadio app, or go to iHeart dot
com and search retirement planning show.

Speaker 3 (01:33:36):
Down.

Speaker 7 (01:33:41):
Wait, let's just still.

Speaker 4 (01:33:54):
Got all right, you're back. We're just jumping and grooving today, jumping,
grooving and moving. There's Dave Kopek here spinning the disc,
rocking your world.

Speaker 5 (01:34:14):
How you like that, Zach? As long as you can
hit the post. Did you find out yet? Did CBA
play last night? Twenty eight to zero? They won?

Speaker 4 (01:34:29):
Would they be Saratoga Springs? Yeah, I think they're a powerhouse.
I think they're going to be a powerhouse again this year.
I love CBA guys and gals. My boys went there.
I wish I had the opportunity to go there when
I was a kid. And when I say, you're we
just had a party up at the lake and all
David's and Chris's friends were there, all CBA graduates. And

(01:34:52):
I'll tell you what I love the brothers. Love them.
Great kids, wonderful kids. On one to ten, I give
him a twenty. I love CBA eighty kids. I think
there's like eighty some kids in a class.

Speaker 5 (01:35:09):
That's it. Look how good they do.

Speaker 4 (01:35:16):
The coach over there, the football coach, his mom and stepfather,
client's mine.

Speaker 5 (01:35:24):
Great guy.

Speaker 4 (01:35:27):
All right, we're talking about the greatest wealth transfer. I'm
gonna get off CBA because I love CBA. I don't
have to tell you that. You hear me say it
all the time.

Speaker 5 (01:35:33):
Go brothers.

Speaker 4 (01:35:36):
But you know, life insurance. Don't pooh pooh it, folks,
especially if you're getting to the point where you possibly
no I know that right now, the exemption is an
astronomical figure thirteen point six one million per individual combine
twenty seven point two two. But believe it or not,

(01:35:59):
there are some people in the Capital District region right.

Speaker 5 (01:36:01):
Now that exceed that.

Speaker 4 (01:36:03):
And the thing is is that you have to be
in a position that you understand exactly where's the train
headed in the end of twenty and twenty five. What
happens to the federal estate tax in twenty and twenty six, Well,
I think I think it depends on who's in the

(01:36:24):
White House. And you know, if you're a farmer, if
you're a businessman, you got to stay abreast of this
because it could come back and it could really kick
you in the teeth. And you want to use something
that gives tax benefits to your children and loved ones.
Life insurance is one of the things that can facilitate

(01:36:45):
tax free dollars. Here's the other thing. It avoids probate.
Here's what they call a beneficiary designation on the policy.
Avoiding probate allows you to get the money and it
delays any additional legal expenses. Right, So there's ways to

(01:37:08):
do it. Beneficiary reforms are critical. Beneficiary reforms are critical
that you look at them on an annual basis at
a minimum. And like I said, the asset protection that
life insurance provides you to is depending on.

Speaker 5 (01:37:26):
The state that you live in. Okay, Okay.

Speaker 4 (01:37:30):
There's also there's some high network people that load up
that load up on life insurance policies because they are
asset protected. Okay, I'm not going to get into that now.
But the thing is is that for some it's money
that is protected from creditors and predators.

Speaker 5 (01:37:50):
Let's go to Mic in the car. Hi, Mike, good morning,
Good morning to you.

Speaker 15 (01:38:00):
I totally understand what you're saying about the life insurance
and the wealth transfer to my heirs. I have a
question about preparing for distribution to myself. I have most
of my assets in a deferred compensation plan, but I
also have a small IRA through fidelity. Is there any

(01:38:22):
advantage to having a larger IRA outside of the deferred
comp plan. I'm specifically thinking about ROTH in both plants.

Speaker 4 (01:38:33):
Well, let me ask you a question. The deferred comp
that you have. Are you over the age of fifty
nine and a half. No, well, you can't take it out. Then.
The only way you get the money out of deferred
comp is that you have to be at age fifty
nine and a half or older, or you have to

(01:38:53):
sever service from the I'm assuming that deferred comp you
work for the state or in some capacity with a municipality. Yeah,
the only way you either have to retire get out
of there before fifty nine and a half, and then
you can roll the money into a self directed at IRA.
But you can't get to it. You can get to

(01:39:14):
it at fifty nine and a half. A lot of
people are not aware of that. That the New York
State deferred comp. We just did one this past week.
You can roll the money out of New York State
deferd comp at fifty nine and a half. Now I
am a major, major, major, major, major major advocate of Roth.
Love Roth. I think Roth is one of the greatest
things since sliced bread. The problem most people is they

(01:39:36):
load up too much in pre tax rather than after
tax assets.

Speaker 5 (01:39:43):
Did you follow that?

Speaker 4 (01:39:45):
Mike think we lost Mike, Mike got disconnected, But the
bottom line gets down to Mike. I'll answer your question. Yes,
I believe in roth Whither Roth or owin k Roth Ira.
I think it's a phenomenal way in order for you
to have tax preference money HSA Health Savings Accounts major

(01:40:07):
advocate of it. I'm also a big believer in tax
free municipal bonds. If you're in Florida, you don't have
to buy state specific because you know there's no state
income tax. You can buy national, which gives you more
of a better platform as far as diversification, doesn't have
to be any state specific. So depending on what you're

(01:40:29):
trying to achieve, what I would say to you is
that you know, working with a team some financial advisors,
it always helps give you a little bit better understanding.
We do a lot of work with National Grid, We
do a lot of work with Bimbo Bakeries, We do
a lot of work with ge State retirees. Everyone is different,

(01:40:50):
Everyone has different landscape as far as how they have
options that are available to them. But if you want
to sit down and have a chat. We'd love to
have that opportunity and give us a call at five
one eight, five zero one nine one nine.

Speaker 5 (01:41:03):
That's our office.

Speaker 4 (01:41:04):
We have five locations now here in New York, but
outside of New York, we use the Regis Corporation now
rg US, which is executive suites throughout the United States.
Right now, we're in twenty eight states. We have clients
in twenty eight states. So I do a lot of traveling.
I'm a traveling man, all right. So we talked about

(01:41:26):
insurance as far as giving you acid protection. On a
final note, life insurance has many, many, uniquely effective ways
to transfer wealth to the next generation. If you walk
into a financial advisor and they're basically saying, we don't

(01:41:49):
do life insurance, we don't sell annuities. We got our
you know, we got our pot of gold here. This
is the way that we manage assets, I would highly
recommend you go out and talk to somebody else and
get a second opinion.

Speaker 5 (01:42:03):
Okay.

Speaker 4 (01:42:05):
Fundamentally, fundamentally, I'm in the camp that open architecture means
we don't have an axe to grind, we don't have
a bias because certain things for certain people, you know,
it's just like buying cars. We all like the same thing.
We all listen to the same message. We'd all be
out there driving the same exact car and the same color. Well,

(01:42:26):
we're all not the same. We all have different ideas
and concepts and ways that we want to have our
money managed and wealth transfer and legacy is a big
topic item, now huge. It's a big topic item because
eighty to eighty five trillion, yes, folks, eighty five trillion dollars.

(01:42:48):
We'll be going to the next generation. And I'll end
on this, Okay. I likeictable, not unpredictable. I like guarantees,
I like tax free right, and I like protection from

(01:43:14):
creditors and predators.

Speaker 5 (01:43:17):
Now, what can give me that? Hmm? What can give
me that? Life insurance? How do they do? Zach?

Speaker 4 (01:43:31):
Zachs smiling at me. Yeah, he knows. He's smiling at
me because he knows. When I, you know, say goodbye today,
I'm gonna go cry in the car because Barkley scored
three touchdowns for the Eagles last night. If you haven't
noticed yet, looked at the sports page. But I can
look at you and smile because my brother's from CBA

(01:43:53):
kicked Saratoga's butt.

Speaker 5 (01:43:57):
Right. Mm So, okay, what I got about a minute?
One minute?

Speaker 4 (01:44:03):
Okay, I'm going to kind of summarize what we talked
about today. The first and I guess the most important
one is this, folks. You know we're going to be
on a bumpy ride here. I think for a while
I've been saying that, and I think the bumpy ride
is going to be volatility in the markets. I think

(01:44:24):
the seventeenth and the eighteenth of September are very big dates,
especially the eighteenth when they come out with their statement
and what they're going to do. As far as cutting rates.
We already know they're going to do a cut. We
just don't know how big it is. But you know
Wall Street, sometimes good news is bad news. Bad news
is good news. But I know one thing for sure,
long term, lowering interest rates will be beneficial for you,

(01:44:48):
the consumer, for the markets for bonds. Okay, So be diversified.
Talk to your financial team fundamentally, look at different alternate
ways to manage your money, maybe because you want to
lessen the burden of market fluctuations in your portfolio. And

(01:45:09):
sometimes your personal mental health is important than anything else.
We'll be back next week for another Retirement Planning Show.
God bless be safe.

Speaker 2 (01:45:21):
Thank you for listening to the Retirement Planning Show hosted
Buying Dave Kopek, WG wise Retirement Planning Specialist. If you
would like to talk with Dane or someone at the
Retirement Planning Group, call five one eight five eight zero
one nine nine. That's five one eight five eight zero
one nine one nine during business hours, or visit RPG

(01:45:42):
retire dot com. The Retirement Planning Group has five convenient
offices located in Albany, Malta, Glens Falls, Syracuse, and Oneana.
Tune in again next week for retirement planning strategies with
Dave Kopek right here on WG wise Retirement Planning Show.
The information or services discussed on this shows for informational

(01:46:04):
purposes only and is not intended to be personal financial advice.

Speaker 1 (01:46:08):
The investments in services offered by us 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.