Retirement Planning Show

October 12th, 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.

Speaker 1 (00:08):
Every week, Dave and his team discuss the ways they can.

Speaker 2 (00:11):
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 Copec WGY's retirement planning specialist.

Speaker 3 (00:45):
Oh Man, look at my life.

Speaker 4 (00:48):
I'm a lot like you, oh Man, Look at my life.

Speaker 3 (00:56):
I'm a lot like you. Old man. Look at my
life twenty four and there's so.

Speaker 4 (01:17):
Much more live alone in a paradise that makes me
think of true.

Speaker 3 (01:25):
Love lost such a cost.

Speaker 4 (01:28):
Give me things that don't get losted, like a coin
that won't get tossed, Roll and Honty, old man.

Speaker 3 (01:46):
Take a look at my life.

Speaker 5 (01:48):
On a live night, someone love me.

Speaker 6 (01:56):
Said, listen to that all day. That's a good one,
zach Man. You like that one, Yeah, me like well.
To say that it's been an unbelievable week is kind
of an understatement. Three out of my four kids live

(02:18):
in Florida, So to say that my wife and I
have had a bumpy ride this week is kind of
an understatement. I have a daughter who lives in Sarasota,
daughter in Boca Ratan, and then a son that lives
in Tampa. And the hurricane, the hurricane I really caused

(02:38):
havoc for a lot of people. The impact severe for some.
I have a cousin, my first cousin, He did all right.
His daughter. She's going to have to replace her house
now again for the third time in the last three years.

(03:01):
So we'll talk a little bit about Florida. The transition
from here to Florida, I said, I said to my
cousin on Wednesday. Wednesday was like insanity land for me,
trying to figure out where everybody was, and because we
transitioned my son from Tampa to Boca with my youngest daughter.

(03:31):
But just crazy times. The weather's crazy, the election's crazy.
It's just it's insanity. So we just had a crazy,
crazy week. But our thoughts and prayers go out to
the loved ones out there and friends that are down there,

(03:54):
are clients. Thoughts and prayers go out, of course to
those who lost loved ones. It's a very sad time
for a lot of people down there. I know that
this has caused a lot of concern. As I said,
my cousin who's my age, and his daughter, they're thinking

(04:17):
about pulling up for sale signs. That's enough. I know
that my first cousin, yes, second cousin maybe not. They're
boat people, they're fish fish, they love the fish, so
they might stay. But I think everybody's kind of rethinking Florida.

(04:37):
Is Florida to the place that I really want to be,
and for a couple of reasons. As I've mentioned on
the radio show a few times, my son went down
there a year ago to relocate to Tampa, which he loves.
But his insurance went up four hundred percent on his

(04:58):
car and he has nowhere near the cover to he
had up here, and just insurance coverage overall HOA fees,
you can going through the whole bottom line, there's skyrocketing.
And I guess the big question, you know, I'm moving
to Florida because it's going to be more affordable for me.
I don't know if that's the case anymore. Had a

(05:19):
long chat with some clients yesterday about that. So this
has been a busy week. I didn't know if I
was up down sideways kitty corner. But the bottom line
gets down to is that you know, by the grace
of God, That's what I say all the time. By
the grace of God, some of us are blessed. Why

(05:42):
some other people go through hardship and bad health and
tragic events. Nobody can pinpoint it. Nobody can pinpoint it. So,
as I said, we've got a lot of listeners in Florida.
Our thoughts and prayers are with you, our clients. We
were on the phone Tuesday, Wednesday yesterday to see how

(06:04):
they were doing, if we could do anything for them,
if there was anything that we could facilitate that they
were looking for. So now some good news. We had
our golf outing. It was a beautiful day, a little chilli,
about sixty high fifty sixty, but it was sunny. We
raised thousands and thousands of dollars and I can't thank

(06:27):
the participants enough, especially our strategic partners. A lot of
our vendors that we do business with really stepped up
this year to make an unbelievable event. I know some
of our listeners, people that listen on a weekly basis.
I hope you had a good time. It was enjoyable.
I thought the food was fantastic. The weather could have

(06:50):
been a little bit warmer, but it was nice. The
course is a challenging course fairways of half Moon. The
last few holes that we were on he had to
be a billy goat to get up and down the hill.
But that's all right. But Bruce Tansky has a beautiful
facility there and he's really he's transformed that whole property.
And I tipped my hat to Bruce and his team.

(07:12):
But the bottom mine gets down to is that I
will have totals next week. We are still receiving money.
There are gifts still coming in, and I have totals
for you as far as what our donations are going
to be to Life Song and also the American Cancer Society.

(07:34):
And again, thank you for all of our sponsors. And
Jim Corkoran heads us up for us and say that
he's done wonderful jobs. Kind of an understatement. We have
some two clients that assisted in his wife setting up

(07:59):
the night before. I won't mention that and asked the
last name, but David and Monique, and of course Jim's
beautiful bride. And you know what it's like. Jimmy said,
you got to put the effort in in order to
get the result, and he definitely put the effort in.
I can't thank him enough, because you know it's not easy.
If you've ever done a golf outing, coordinating it, you know,

(08:21):
we had hot tubs, we had a hole in one
to get a car, all sorts of prizes. I mean,
it really is in detailed. So I applaud Jim, my
entire team because everybody stepped up, Lisa, the whole gang,
my wife, everybody, everybody participates, Ellen and you know, even

(08:41):
Chris McCarthy helped out. I gotta tease him a little bit.
Chris will be in at the second hour today to
talk a little bit about a topic that I discussed
a couple of weeks ago. And our phones are ringing
off the hook, and that's healthcare in retirement. I had
a long meeting with a insurance consultant yesterday and there's

(09:06):
a lot of bad news coming for healthcare premiums. So
get ready. And if you are not in retirement yet
and you're contemplating retirement in the you know, next five, ten, fifteen,
twenty years, we're going to talk about some things that
I would insist that you do. I would insist that

(09:27):
you do it's a high deductible plan with an HSA account,
because you're going to be flabbergasted by healthcare. And I
don't hear anybody, I don't hear any of our candidates
running for president talking about healthcare and how they're going
to resolve the cost of healthcare. Healthcare is a train
wreck for a lot of people. You've got a lot

(09:49):
of people working out there, nine to five, seven of
the seven working two jobs, three jobs, you know, hard
working that are basically just getting by because of the
cost of benefits. And to me, there has to be

(10:10):
the greatest nation on Earth has to have a better
way to facilitate healthcare. You know, you got front page
of the news the Albany med is suing Capitol District
physicians health plan. It's just it's it's a you know,
it's a show and you step in it. It's just
it's it's a mess. Let's be you know, let's be

(10:32):
factual here. What's going on? What is going on? Where's
the money going? Where is the money going? You know,
I see some of these doctors the kind of money
that they're making and blows your eyeballs out of your
head and that's all right. I understand that they've put
a lot of time and effort into it, but you know,
the nurses are making a pretty good buck. Now. I

(10:52):
don't know what's going on. Maybe somebody can call in
and tell me what's going on with healthcare when we
get christened here. But bottom line, I know, for you know,
a gentleman that pays for health care out of my
own pocket now because my wife is retired and she
only had insurance coverage for her in her retirement years

(11:13):
because she only taught at shen for twelve years. And
that's the way it is right now for myself, my son,
my daughter, and to make up the difference as far
as dental and vision, I'm paying nineteen hundred dollars a month,

(11:37):
one nine hundred dollars a month for health care, and
the woman yesterday told me it's going to go up
one thousand, nine hundred dollars a month for health care.
So you know, that doesn't make me feel warm and fuzzy,
especially you know when they tell me that the train

(11:58):
is not going up the track, it's going down the track,
and it's not heading in the right direction. So we're
going to have her back on. We're actually going to
do workshops. My goal in two thousand and twenty five
is to have video and workshops on healthcare because if
you're not planning for it and you want to retire,

(12:21):
you're in for a shock. When I say a shock,
an unbelievable shock. Let's take our first break. This is
the Retirement Planning Show. I got some exciting news. iHeartRadio
is doing some special things with us. We really look
forward to implementing them in the very near future. But

(12:41):
as always, this is a call in show. Any questions.
You want to talk about the golf outing, you want
to talk about the hurricane, you want to talk about
the financial markets. We'll get into that a little bit.
But as always, our telephone number is one eight hundred
talk WGY. That's one eight hundred and eight to two
five fifty nine forty nine. And it's good to be here,

(13:04):
it's good to be safe. God bless those individuals, not
only in Florida, but you know, there's been a lot
of destruction and devastation in Georgia and the Carolinas Tennessee.
So God God bless those people too. We'll be right
back the eighty six percenters. Do you know that eighty
six percent of the population has no defined benefit pension plan.

(13:24):
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, and mortality can derail

(13:47):
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 are 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

(14:08):
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 7 (14:21):
We're here live in studio.

Speaker 8 (14:22):
If you have any questions, please call one eight hundred
talk WGUI 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 3 (14:49):
He works hard to give her ah. He thinks she is.

Speaker 9 (14:59):
Three cars garage her own credited call. He pulls in
a late to wake her up.

Speaker 6 (15:14):
With a kiss good night.

Speaker 10 (15:19):
If he could only read her mind, should say.

Speaker 9 (15:27):
Buy me a rose, call me from workman, open the
door for me.

Speaker 11 (15:34):
What would hurt?

Speaker 12 (15:37):
Show me you love me by looking?

Speaker 3 (15:43):
These are believe things.

Speaker 6 (15:46):
Like post in my mind.

Speaker 10 (15:57):
Now the days ever row two years of feeling no.

Speaker 3 (16:07):
She can't help, but.

Speaker 12 (16:10):
Wonder what she's doing.

Speaker 3 (16:17):
Lately.

Speaker 10 (16:18):
She try anything to turn his head. Wouldn't make a difference.
She'd say, Okay, I'm backing Babby.

Speaker 6 (16:38):
Kenny, fwork, Bobby, Julie, my beautiful bride. People always say
to me, boy, how did you get that one? I
don't know. Even Zach cent it to me. I don't know.

(16:58):
She just got hit her. She must have her head
on the something. I've been blessed. I have been blessed.
Sometimes I waste. My wife will say to me, you
know what, you better be appreciative for what we've got,
and she's right, she's right. Sometimes you get distracted, distracted,

(17:23):
but we got great clients. I have a healthy family.
Everybody's safe, and that's what's important. And that's what's important.
So as you're quite well aware, you know, we're the
bull keeps on running. The bull keeps on running. Everybody
that we're sitting down with, based on their asset allocation,

(17:49):
is looking at pretty substantial gains. I had a chat
with a gentleman at our golf outing this past week
and he says, Dave, you were right. I said, John,
I'm always right. He goes now, he said you were right,

(18:10):
and I go, what the hell was I writing about?
He goes, Ge. Well, I said, listen, I'm not an
individual stock picker, but I am a person that likes
to do my homework in the morning. I love to read,
and I love to do it early in the morning
when there's no phones ringing. My honeydew list has not

(18:34):
been laid on the table yet, and I'm trying to
figure out, you know, what is the proper way to
allocate money for our clients. And the more I looked
at Ge and Larry Kulp, that's the key right there,
who's driving the ship, who's the king of the castle,

(18:57):
Who's the one that's making the final decisions? And Larry
cult Culp, I think is the best CEO in the
United States. When I was out and nan Tucket, I
had the opportunity to open my mouth and flap flap
it next to a table that some people that sat

(19:20):
next to us, and come to find out they were
GE executives, retired GE executives not too long ago. They
pulled the plug and they walked out of GE, and
they basically said that this guy is unbelievable and there

(19:41):
are a lot of companies that are chasing after him.
Why is that? Well, when he did the split the
three for one, everybody was basically saying is that he
was an idiot. He didn't know what he was doing,
the reverse split, and then he did the spin off
of the businesses. Well, look at your performance. Look at

(20:05):
your performance on that individual stock, if you were in
an individual stock. So that's why I always say, you know,
I always like to go back and see how these gurus,
these screaming monkeys, how they do how accurate were they
in their predictions? And if you're old like me, really

(20:27):
not old, but my aide says them old. But if
you remember Wall Street Week, I say this all the time.
The Elves, you know, the elves had to give their
prediction at Christmas time what was going to happen to
the markets in the year ahead, and when they reviewed it,

(20:49):
most of them are wrong. And that's the case today
because no one can tell you what's going to happen
in the future. If they can, then you're in a
different spot. You're not here on Earth, okay, because I
haven't met anyone yet they can really predict the future.
But what you can do is that you can look

(21:11):
at the fundamentals and the history of decisions that were made.
And this guy, in my opinion, I give him an
A plus plus and that's why Barons had him on
the front cover with some other individuals as far as
the best CEOs in the country. So I feel pretty

(21:35):
good about Larry. I just hope that he stays a
ge because I know that there's gonna be a lot
of companies. I just heard on the news that Boweing
is laying ten percent of its workforce off. They have
There's been all sorts of scuttle butt and news in

(21:56):
the paper that Boeing wants to get Larry. Now, I
don't know if that's true. I don't know if it's
not true. I don't know what's going on. But bottom line,
I just stay we are, Larry, Stay we are. But
last week, you know, with everything going on, I don't

(22:17):
know how much attention was being paid to the financial markets.
But we had a good week. We had a good week.
The Dow was up one point two percent on the week.
Year to date, it's up thirteen point seven s and
P five hundred. It was up about the same one
point one. It's up almost twenty two percent on the year.
NASDAK was up one point one. It was up twenty

(22:39):
two percent. Nobody predicted this, folks at the beginning of
the year. Nobody. So what does that tell you? It
tells you stay invested and stop listening to all of
the chatter because they don't know what the hell they're
talking about. Right, So, old Warren Buffett, stay invested. If
you're not willing to stay ten years, you shouldn't be

(23:01):
in it for ten minutes. And that's true after doing
this now for forty three years, so you're being rewarded.
You know what, Nico and I have always said, take
some dry powder, you know, put it on the sidelines
if you want to buy something special. Now, you want
to do something special. Christmas time is coming. How about

(23:23):
that beautiful bride or husband? You want to do something special.
My anniversary's coming up next weekend. I won't be here.
I'll be up looking at the leaves and the trees
up in Lake Placid with my beautiful bride, and I
look forward to it. We're going to do something special
for mom and dad. So investor pessimism, right, uncertainty about

(23:51):
the FED inflation has basically given way to economic resilience
the boom, right? Are they bringing it in for a
soft landing? I mean there's still you know, you wouldn't
have these TV shows, right, You wouldn't have CNBC or
Fox Business or any of the rest of them unless

(24:12):
they basically caused you know, a little discomfort anxiety. Yes,
we've got some elevated valuations, but as I said, Wall
Street does not like uncertainty. This is a very tight
I don't have to tell you I'm sick of it already.
Hopefully you guys are as sick of it as I am.

(24:34):
This presidential election could definitely act as a catalyst for
short term volatility, no doubt in my mind. So should
you be building some dry powder? Should you be looking
at your asset allocation? Right? Maybe, depending on what your
time horizon is. So we're going to take our first

(24:56):
break for the news, and then we came back. We're
going to talk a little bit more about some things
that I think you should consider, because I believe it
or not, Folks, we're going to be in November pretty soon. November.
It's time to look at your portfolio. I'm Dave Kopak.
This is the retirement planning show.

Speaker 3 (25:33):
How I am happy the rest of my life.

Speaker 13 (25:42):
You see a dreamer of the chase I run in
the time. You see us, you gather you chasing?

Speaker 11 (25:56):
I see.

Speaker 6 (26:10):
Right, little Neil Young. Every time you hear his voice,
I think a Woodstock. You know what woodstock is? There? Brother,
my brothers from another mother?

Speaker 5 (26:28):
Huh?

Speaker 6 (26:28):
Do you?

Speaker 5 (26:29):
Yeah?

Speaker 14 (26:29):
They got garlic festival there every once in a while.

Speaker 6 (26:32):
You ever heard of the Woodstock festival, the music happening? Huh?

Speaker 14 (26:39):
My grandma said, if my mom wasn't so little, she
would have went, did she? Your grandmother? Oh, you're a
piece of work. Your grandmother. You rub it it in,
you rub it in.

Speaker 6 (26:50):
Yeah. I wasn't there. I wasn't there, But I'll tell
you what it's Uh, it's an event. It was an
event like no other, peaceful, peaceful event. See you hear that? Peaceful?
That was the key word. They were there to free spirits,
really free spirits. All right, twenty and twenty four soon

(27:17):
to be twenty and twenty five, twenty five years from
the year two thousand. It's hard to believe. So is
now the time to start thinking about the portfolio? The
answer to that, of course, is an emphatic yes. Okay.

(27:37):
You know, we had a meeting yesterday in the office
and we're going out to Fidelity. I'll be in Boston Monday, Tuesday,
and Wednesday of this coming week for a Fidelity conference.
The Mothership, I always call it the Mothership, and I'm

(27:59):
going out because they have speakers, they have strategic partners
that basically help you guys like me arias for practice
management and how to basically take this huge financial organization

(28:21):
that manages I think right now fifteen trillion dollars with
a t trillion, and how to use their firepower and
their experience and expertise. So I know that Nico and
met with some individuals this past week Nicholas that are

(28:45):
currently working with Fidelity, but they're not with a Fidelity
where they're working with a Fidelity advisor at a Fidelity office. Right,
they're being charge to fee, so it's not like it's
no fee. And there was a long discussion with these
individuals about what is the difference between working with a

(29:08):
Fidelity office and working with someone at the retirement planning group.
And my answer to that would be very simple. Right,
this is all we do. All we do is pre
post retirement planning. We're trying to get you to the

(29:29):
destination where you can walk out, you can enjoy your life,
you can go into your retirement years, and you can
basically let your hair fly and do all the things
that you want to do during your go go years. Okay,
but with that also comes what we also do with attorneys, CPAs,

(29:52):
insurance specialists and all of the other buckets of money
that have to be covered during your pre host retirement years. Okay,
it's critical that you understand this. When I say it's
critical that you understand, it's an understatement. Okay, I've been
doing it now for forty three years. Forty three when

(30:14):
I got into this business, my job was to set
at a desk all day long and sit on a
telephone and basically capture assets. That's it. I was judged
on my production, not on profitability or as far as
you know, what kind of a practice that I was building.
What was the bottom line? What was the bottom line?

(30:38):
Today that's not the case. The business is like an
apple to a banana. There's no comparison. Okay, we are
now in the wealth management business. I had a gentleman
that came into me today says, I work with this
guy right now. What's the difference between him and you?

(30:58):
And I said, I like the guy. I respect the guy.
They manage money, We manage wealth. That's the difference. We
handle all the buckets. I'm not too sure if he
handles all the buckets, because my goal was always to
be able to handle wealth management. So let's go to
my buddy Paul in Connecticut. Hate Paul.

Speaker 15 (31:19):
Hey, I wanted to.

Speaker 16 (31:20):
Call early because then I don't ramble on a couple
of things. One is the fidelity meeting you go to
please ask them if they could be more transparent on
something called a DTC or drift program. Do you know
what I mean?

Speaker 17 (31:34):
Yep, I think you do. Yeah, yeah, tell him because
in a better part of fifteen years, I've owned a
closed end funt pt wy reinvesting it and I always
questioned the timing, and then I called him and pushed
him for an hour.

Speaker 16 (31:48):
It took for this guy to unravel and admit that
I was getting a five percent discount on my repurchases,
which I always looked at the NAV and the amount
rein cused and this doesn't line up. But I always
owned it, so I didn't care.

Speaker 6 (32:05):
You should have been happy because you're getting a five
percent discount.

Speaker 16 (32:09):
Oh, I'm very happy. I was kind of bragging to
a friend. I defaulted into a very good decision with
upside that I didn't plan on that. So, uh, there're
seventy five largely PIMCO products. They wouldn't give me the list.
The argument is that it's a dynamically moving list. They
pull in and out. That's fine, but it would be

(32:30):
nice to know at one point in time I could
call them up and say, hey, how about this symbol.
Leave it at that, and maybe you could get these
guys to be more transparent and i'd like to hear well,
I must send you an email on something else.

Speaker 6 (32:44):
All right, Paul, you do realize one thing, and this
is important, and this is for the listening audience. The
guys that sit in the offices at the Fidelity office
do not act in a fiduciary capacity.

Speaker 16 (32:56):
You know, I know, I know.

Speaker 5 (32:58):
You know.

Speaker 16 (32:59):
I know, boy because oh I know more than I know,
because I don't want to get into the week too much.
The second thing is this go ahead.

Speaker 6 (33:08):
I just said, okay, I agree, Okay.

Speaker 16 (33:10):
The Florida. The Florida thing is an ongoing discussion with
a wide range of people. I have family down there.
Go look on the East Coast and the condos and
certain communities like Boynton Beach going for a grand because
because they're dumping them, because the people are on the
fringe margin wise, they're not wealthy, they can't afford to

(33:31):
live there.

Speaker 6 (33:32):
Exactly right.

Speaker 16 (33:33):
There's an implosion cycle going on. It sounded like shang
a lot. It's not shangle loot. I would never move there,
and I have friends who have already moved within a
certain community area in Saint Petersburg. Thank god they flipped
from to downtown from Saint Pete Beach within the last
six months. God forbid, right, I'm going to send you

(33:55):
a note on a variety of things I want to
weigh in on. The third thing I don't want to
call on Christmas on on healthcare. I've spent days, like
I called you before on this subject. People have to
understand this from a multi state standpoint on both buying
their own insurance and in respect to Medicare okay, and

(34:18):
a lot of these brokers are state specific. So when
that nice woman mentioned US national buying self insurance off
the grid because you're not working with an employer, it
is extremely complicated. It is beyond its government. And this

(34:40):
is my final point. Three and a half years of
federal consultant led me to believe that you better make
sure you understand a lot more than you think you
understand because of what happened down there, and people don't
even understand the government isn't there for everything. And now
that the controlled healthcare a lot, but because of the

(35:03):
ACA in twenty ten, it really messed it up, which
is why things are going through it. That's more of
a politically opinionated view, but I can tell you I
know a lot about it, and it be hooves people
to spend way more overweight time on the cause of healthcare.
And you're nailing it right now. To do this, that's

(35:25):
my last thought.

Speaker 6 (35:26):
Okay, all right, brother, hey, listen, thank you, God bless
you send me that email. No, he's absolutely right. I'm
not trying to scare anybody, and I'm not trying to
shock you. But you're going to start seeing major increases
in healthcare. And the question becomes, can I put bread
and butter on the table or do I know, protect

(35:47):
myself as far as my health, That's where we're going, folks.
I have seniors that I've been working with. I'm going
to a birthday party today for a ninety five year old.
Ninety five year old Okay, I've been doing this a
long time, a long time. I never thought in my
wildest dreams that we would be looking at these premiums

(36:09):
that we're looking for. As far as healthcare, I have
a brother in law that works, as you know what
off He works six days a week, not seven because
physically he can't work seven. Okay, that's the bottom line.

(36:31):
He's got medical bills up the ying yang that he's
paying for over time because he has some health issues.
He is a cancer survivor. He has to have certain
types of things done to him to verify that everything's
okay with him. And every time he goes now he's
getting these bills that blow his eyeballs out of his

(36:54):
head because the company that he's working for and they're
providing some cares really got a horrible healthcare program. And
most of it, okay, when they have these astronomical charges.
I think he still has like twenty percent. I don't know.
Don't hold me to that twenty percent out of pocket.

(37:16):
But when you're talking thousands of dollars twenty percent to
a guy that's working like a dog, right, working like
a dog, and then you've got people, you know, I'll
stay out of that. I'll stay out of the political
side of it, Okay. But here's the deal. Okay, we've

(37:39):
got to do something about healthcare. We can talk about
acid allocation, we can talk about managing money and how
great we are, but I'll tell you what. The people
that have undersaved trying to go into retirement are in
deep weeds. That's my prediction. They're in deep weeds. That's fact,

(38:05):
that's not fiction. Because I see it almost on a
weekly basis when people come into US and have a
conversation about their health care program and what they have
to pay or what the bills that they still have outstanding,
and the you know, credit agencies chasing after them in

(38:27):
order to get the money that's owed on the bill
that's outstanding. It is a disaster. And like I said,
like Paul just said, they called in from Connecticut, this
is going to get worse. It's not going to get better.
It's gonna get worse. I haven't heard one conversation yet

(38:50):
from either side of the fence about healthcare in America
and how they're going to fix it. Not one. And
it needs a fixing. I'll be right 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.

(39:11):
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 and mortality can derail the most careful
laid out retirement income plan, call our offices today to

(39:33):
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 distribution plan. How do you do that?
To take action? Five one eight, five eight zero one
nine nine. That's five one eight, five eight zero one
nine one nine or RPG retire on the web. Don't procrastinate,

(39:57):
motivate to start building your retirement income to disc distribution
plan five eight five eight zero one nine one nine.

Speaker 8 (40:03):
If you would like to hear more information on navigating
your way to retirement from Dave Kopek.

Speaker 7 (40:08):
Remember you can listen to.

Speaker 8 (40:10):
This show and past shows anytime and anywhere on the
free iHeartRadio app, or go to iHeart dot.

Speaker 7 (40:19):
Com and search retirement planning show.

Speaker 10 (40:35):
Well She Lay Sleepy, stay out Late Tonight and twenty.

Speaker 6 (40:43):
Songs Y, all right, we are back.

Speaker 3 (40:46):
And sometimes all the n's.

Speaker 6 (40:51):
Happy Saturday. It's gonna be a beautiful day. It looks
like a beautiful day. Let's go to Danny and Albany.
Danny's going held back. Danny, if you want, I want
to partake, If you want to get on the line,
one eight hundred talk WGY. That's one eight hundred eight
two five fifty nine forty nine. One eight hundred eight
two five fifty nine forty nine. That's one eight hundred

(41:14):
talk WGY. You know, people say to me all the time,
you know, I can't retire, Go why can't you retire? Well,
I want to retire, but I can't retire because of
the cost of healthcare and what it's going to cost
me if I walk out the door before age sixty five.

(41:34):
And Uh, I'm going to get into this when Chris
gets in here, because I want to have another financial
advisor's perspective on this as far as the world that
we live in today in regards to healthcare. And I
think one of the things that I consistently hear and
see here and see is that a lot of individuals

(41:58):
will continue to work, not necessarily because they want to work,
but when they look at what it's going to cost
for them to walk out the door and retire, they
can't afford it. They can't afford it. They're afraid they're
fearful of what the future is for healthcare. Let's go

(42:19):
to Bob in Saratoga.

Speaker 18 (42:20):
Hey, Bobby, Hey, good morning.

Speaker 6 (42:23):
Hey.

Speaker 18 (42:23):
I'm just getting ready to retire here, sixty seven years old.
And I listened to you earlier and he said, Hey,
you're not gonna be in the stock market for ten
years or you know, don't be in here for ten minutes.
What's the best thing to do right I'm with the
volatility that's potentially there with the election and everything. I mean,
is there any guidance to folks that are getting ready
to retire right now with a portfolio around, you know,

(42:44):
a million dollars or so in a four o one K?
I mean, is the time to just be real conservative?
Right now? I'll let you thank you.

Speaker 6 (42:52):
Well, this is what I'll say to you. I don't
know if you're going to hang up or not. Are
you still with me?

Speaker 17 (42:57):
Yeah?

Speaker 6 (42:57):
Sure, let me just talk to you directly, Okay, Just
so you understand, I'm about the same age as you.
I'm actually a couple of years older. I'm sixty nine.
I've been doing a long time and markets are cyclical, right,
You're gonna have good days, You're gonna have bad days,
You're gonna have good years, You're gonna have bad years,
but over time, over time, over time, that the stock

(43:18):
market always will give you a more competitive rate of return,
at least on a historical basis, than being in guaranteed
rate CDs, et cetera. The problem is, I can't tell
you when you're gonna walk into retirement and when you're
gonna actually need to draw on that portfolio. So here's
my question to you. I got some basic questions for you.

(43:40):
Is the money still in your four oh one K
program or your company plan, whatever it is.

Speaker 18 (43:46):
No, I moved it out to a uh uh somebody
who's administering.

Speaker 5 (43:51):
That for me.

Speaker 6 (43:51):
Okay, self directed IRA, Yeah, okay. So the thing is
you should be building the buckets of money right now.
Should be building the buckets of money for what we
call baseline income. Baseline income is how much you expect
that you're going to need in order to satisfy your
income needs during retirement. We have a software package called

(44:15):
e Money. We put all your data, your social security
if you're fortunate enough to have a pension, your pools
of money, and we can show you pretty accurately based
on the risk that you wish to take with your investments,
how much we can guarantee that's the key word. Sure
what I just said, how much money I can guarantee

(44:36):
you on a monthly basis to satisfy what you're going
to need for creature comforts. That's the key.

Speaker 18 (44:46):
That's exactly the I'm trying to find.

Speaker 17 (44:48):
I think, well, you.

Speaker 6 (44:48):
Need to I have an office in Saratoga. I'm right
there in Malta, right next to the ripe tomato. Call
me and I'll sit down with you, and I'll show
you that what I consider to be the buckets of
Money concept and why it's critical. When are you actually
walking out into retirement hoping end of the year, Well,
you better come see me shortly. And I don't say

(45:11):
that to blow my horn. If you want to stay
with your guy or gal, whatever it is, that's fine.
My job is not to sever your relationship. My job
is to basically tell you how we do business and
how we ultimately decide how to allocate your money. And
then you have to make a decision whether you feel
comfortable or not with the team that you're working with.
But it's not just income, it's all the other stuff.

(45:33):
You understand that right. I don't know if you have
a trust. I don't know if you have long term
care planning. I don't know if your wife works. I
don't know how much money she has, what's necessary for
wealth replacement? Do you want a legacy for your kids?
I mean there's multiple things that need to be discussed
rather than just income.

Speaker 18 (45:53):
Understood capiche yep, thank you very much, free time. I
appreciate it.

Speaker 6 (45:57):
Give me a call all right, man, if you want
our telephone number, it's five one eight five eads zero
one nine one nine five one eight five eats zero
one nine one nine. That is the biggest mistakes that
people make, in my opinion. They don't get ahead of

(46:18):
the curve. They stay on the sidelines way too long.
My good buddy over at Bellanapoli this morning, my gumba,
I said to him, did you do what I told
you to do?

Speaker 12 (46:35):
Now?

Speaker 6 (46:36):
Mother? His wife looks at now he has still hasn't
done it, still hasn't done it. Right. It's easy to procrastinate,
it's hard sometimes to motivate, right, But I'm in the
camp that if you're retiring and you're talking about possibly

(46:57):
this guy's sixty seven years old, you can live another
thirty years. Matter of fact, the American College for Financial
Planning tells us to plan now for age one hundred
when we manage assets, so you could work longer in
retirement than you actually did at your job. Working at
retirement if you want all that responsibility, you want all

(47:20):
that money with a question mark. Okay, what's it going
to be worth?

Speaker 5 (47:26):
I don't know.

Speaker 6 (47:27):
You know, I'm a big believer that you know. I
believe in the markets. I believe in the stock market,
and but I have a long term time whrine. I'm
still working and I don't I have no desire to retire.
So if that's the case, you know, when when I
decide to pull the plug, I won't be as allocated

(47:47):
as I am to stock. So it's just a question,
you know, how much money do you need? Seven out
of ten of you that are listening to the show
today one guarantees with your retirement assets. Seven out of ten.
That's the most recent data. So seven out of ten

(48:11):
want guarantees, and most of you won't do it. Why
is that? I don't know? You tell me why?

Speaker 1 (48:16):
You tell me?

Speaker 6 (48:17):
Why call me? Tell me why? Well, because you know,
mister and missus screaming monkey, tell us how great they
are at the engaging. Well, that's good, that's good. But
when you're down thirty or forty percent in the market
and you need to still take four or five or
six percent off your portfolio, You're not going to feel good.
I'm gonna tell you that right now. You're not going
to feel good. Let's go to Danny in Albany.

Speaker 15 (48:39):
Hey Danny, Hi, Hi least I'm saying, hi gorning. I
hope everything is well you and yours, you tube buddy,
and everyone there, everyone in the world. Tell me how
crazy I am. I got a good amount of money
in saving what the ferd time, and and it got

(49:05):
my pension and my social security. I'm retired, uh sixty five,
well about to be. I'm kind of to do that
Medicaid nonsense. I supposed they leave it alone anyway. I
don't have any health care protection. You know, I just didn't.

(49:27):
I wasn't good in that department. So you know, I'm
going into retirement unprotected. And and what if I wish
to like and I know that they can take all
your money, and God forbid, something happened to me. What
if I spend all my money the next ten years,
or you know, all we got is today. All we
know is we gods right now, this very moment in time.

(49:48):
I'm not trying to down corannty, But you know what
if I just start spending that money and then join
it and and and in the next five years, I
spend six seven hundred thousand dollars like people because I just.

Speaker 6 (50:03):
Here's my three questions to you. You got a pension
because you got the FERD cop right, yes, okay, so
you got a pinch, you got sold security. Do you
have a wife and kids?

Speaker 15 (50:12):
Yes, okay, No single?

Speaker 6 (50:14):
You're a single? You have no wife, no kids.

Speaker 15 (50:17):
No wife, no kids?

Speaker 6 (50:18):
Go baby, put the pedal down floor.

Speaker 5 (50:22):
Why am I.

Speaker 15 (50:25):
Enjoy it?

Speaker 6 (50:25):
Florid man, pedal to the metal. Live your life. You're
in the go go years right now, Go man, go.
You want to leave some things, you want to leave
some money. You're a certain amount of assets, the niece's, nephew's, charities, endowments,
you know, nonprofits. Give us a call, that's what we do.
But I'm in your boat. If I have no wife,

(50:46):
no kids, and I want to live, you know, make
your reservation this afternoon for the cruise.

Speaker 15 (50:52):
That's what you know. Okay, I just I just I
just want to get in the ballpark. Dave, you crazy
or no?

Speaker 5 (51:01):
No, you're not.

Speaker 17 (51:02):
You're no, you're you're.

Speaker 15 (51:03):
You're You're not that crazy.

Speaker 5 (51:04):
No, you're not.

Speaker 6 (51:05):
No.

Speaker 15 (51:05):
I think it just really helped me out a lot.

Speaker 6 (51:08):
Okay, go man, go matter of fact, send me, send
me pictures. All right, I gotta go. I gotta take
a hard break. All right, God bless have fun on
your cruise.

Speaker 5 (51:19):
All right.

Speaker 6 (51:19):
I'm Dave Kopek. This is the Retirement Planning Show. We
now have five locations in New York. We have two
locations that we work out of Florida. Anything that you'd
like to discuss. I'm going to come back for the
second hour with Chris McCarthy, one of our wealth advisors
at the Retirement Planning Group. We've got some major news
coming for our friends and our you know, all of

(51:41):
our clients out in the Syracuse region, which I'll announce
at the beginning of the second hour. We really really
love phone calls, so if you would like to participate,
it's one eight hundred talk w g Y. That's one
eight hundred eight two five fifty nine. If we want
to visit us. We are located our corporate headquarters in Malta.

(52:04):
We have offices in Albany, Oneana, Syracuse and of course
Glenn's Falls. We can meet you in any of those
locations and hopefully have a chat on how the Retirement
Planning Group can facilitate what you're looking for in your
pre and post retirement years. Again, our phone number here
today is one eight hundred Talk WGY, one eight hundred

(52:28):
Talk WGY. Will be right back after the news.

Speaker 1 (52:31):
Line from the wgy iHeart Studios.

Speaker 2 (52:34):
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 develop being a more certain
financial future for you and your family. Now it's time

(52:54):
for Dave Gobec, WGY's Retirement Planning Specialist.

Speaker 10 (53:14):
I know who it's me, I know you, I know
your playing.

Speaker 6 (53:24):
We are back, good hour, nice phone calls. Talk to
my buddy Paul Connecticut, going to send me another email,
which is good. I'll let everybody know I don't want
Paul or anybody or anybody that emails me. I don't email.
And the reason why I don't email, I do phone calls.

(53:47):
And the reason why I do phone calls I know
I never want anybody to misinterpret what I'm trying to
say or take it the wrong way, because sometimes I've
had emails that have been sent to me and geez,
they don't sound too happy. And I said, no, no, no,
we just wanted to get some clarification on things. But
I got Chris McCarthy here, my number one dude. I

(54:11):
like Chris because he's closer in age to me than
anybody else in the office. So you're my number one dude.
Chris has been in the business. When do you turn
forty years in the business?

Speaker 5 (54:25):
February one?

Speaker 6 (54:26):
Wow, forty years? Does it seem that long to you? No, No,
to me, it's amazing. I said to Jewelie the other day. Actually, uh,
we had we had some refreshments and a snack with
some friends of ours last night. He was a ref
he used to refle out of my basketball games when

(54:48):
I was coaching, and our chat. I'll just give you
his first name. He's actually a client of ours. He's
a client of ours, and we were talking and we were,
you know, just saying wow, like where did last We're
talking about our kids. Our kids played sports together. He
officiated a lot of our basketball games. I said like, wow,
where did it go? It just boom. It's fun. And

(55:12):
now he's got grandkids. I've got two grandkids, and it's
just it's insanity.

Speaker 5 (55:17):
Well, i'll tell you what. If the time is going
by that quickly, you got to be having some fun
along the way.

Speaker 6 (55:23):
Well, I didn't have any fun. They put me in
a little brown box and put me away in the
closet where you better be careful that day might be
coming again. I think, you know me, I had some fun. Yeah,
I've definitely had fun. One of the things that I
always like to do is just like when we do
the golf outing. What'd you think of the golf outing?
I thought it was excellent. I mean, it could have

(55:45):
been a little warmer, but well, you know, I'll tell
you the office, Jimmy Corkman did an amazing job, doesn't
he amazing? I applauded him at the beginning of the show.
I'll mention it again for a second hour. But Jimmy
basically runs the show we're still getting contribution, so I'll
have totals next week. No, I won't be here next week.
Julie and I are going up to Lake Placid for

(56:06):
our anniversary. Yeah, We're gonna go up and you know,
I'm gonna take a swim in the lake Lake Placid.

Speaker 5 (56:15):
That'll be a sight for so.

Speaker 6 (56:18):
If you hear sirens and horns of blasting, you know
I did a cannonball.

Speaker 5 (56:24):
Oh to think I'm gonna miss that.

Speaker 6 (56:26):
Yeah, but make Wong story. Sure, I want to think.
Chris participated. A lot of our friends came, and Bucky
and the whole team, which was good. It was good
to see Bucky and some of the other guys. Time.
We do it in honor of my brother in law.
One of the events in this one we always do
it was specific to a good friend of ours, Kelly Moran,

(56:48):
who passed away at age fifty eight, Julie's best friend
for over fifty years. Maid of honor in our wedding,
Sean her husband came Sean Moran and sat at the
table with us. So you know it's, uh, it's a
wonderful day, but it's also kind of a heartfelt day,
you know, because you're you're trying to do some good

(57:10):
for this horrible disease that we have. It's a horrible disease.
You know, did your dad pass away from cancer? Did
he have cancer at all? Or no? So your your
father didn't have cancer? Yeah, Okay, go ahead, you're gonna ask.

Speaker 3 (57:24):
Me a question.

Speaker 5 (57:25):
What I found was heartwarming is what you did doing
to recept him with those two little kids.

Speaker 6 (57:31):
Isn't that amazing?

Speaker 5 (57:32):
It was beautiful.

Speaker 6 (57:33):
Well, just so you know, you know, I've been asking
for prayers for years and I always say thank you.
I'll say thank you again. Colton was there. My hero.
He's five, I think he's five or six now he
might be six now. It's diagnosed with cancer at three,
went to Dana Farber, spent months back and forth to
Dana Farber, lost a lung, a rib, had a major

(57:57):
mass and cancer free, you know, by the you know,
by the grace of God, by a lot of prayers
and the wonderful talented people over in Boston. That little boy,
I mean, he truly is my hero. He is just
an unbelievable kid. And then his son is not his son.
His brother Mason helped out too. So yeah, that's that's

(58:19):
a story that puts a smile on your face, that
that one had a happy ending. Twenty percent of kids
that are diagnosed with cancer don't make it. You know what,
he's in the eighty percent that didn't make it.

Speaker 5 (58:31):
But I found so powerful is that here we are,
we go out on a beautiful morning, we play eighteen holes,
we're having a ball, we sit down, we're having a
nice meal. And then you go up and talk about
those kids. Yeah, and it puts everything in perspective. Yeah,
how blessed we are. Yeah, we we think we have

(58:53):
problems because we broke our shoelace this morning.

Speaker 6 (58:56):
Yeah, we don't have problems. We don't have problems. You know,
I've lost six loved ones in the past year. That
arranged from thirty two to seventy one, seventy one, I
think seventy one. Kenny was seventy one years old, some
there somewhere around there. You just you just realize that

(59:16):
every day is a blessing. And don't let you know
small stuff be big stuff. And they say thank you
to the people that you know that make life good.
You know, there's not enough I love you in this world,
you know, And I think My wife taught me that,
you know, don't because you know she's been through a lot.

(59:37):
My wife, Julie would cancer in her family.

Speaker 5 (59:40):
I have great admiration. I've told you that many times
for your wife.

Speaker 6 (59:44):
Yeah, Julius, she is. She is a rock. People just
people always saved me. How did I get her? I
I word to deal out with bill and the shed, well,
REVERI shed.

Speaker 5 (01:00:00):
You had the art of the deal. I had the
art of the deal, no doubt.

Speaker 6 (01:00:07):
There's a story behind that, and we'll talk about it
off fair but all right, Chris is here. We're going
to be talking about one of the greatest expenses in
your retirement years. We've been talking about this for the
past couple of weeks because it's in my face now, folks,
I'm dealing with it myself. I'm dealing with a nineteen
hundred dollars bill on a monthly basis right now. We
met with one of Chris's strategic partners who's going to

(01:00:30):
help us out. But the thing is is that Fidelity
came out, which we're going to be in Fidelity Monday, Tuesday,
and Wednesday this week with their health care cost estimate
for twenty twenty four and sixty five year old individual
is expected to spend how much money and out of
pocket expenses for medical care in their retirement years.

Speaker 5 (01:00:55):
It's stumbling me.

Speaker 6 (01:00:56):
What do you think it is?

Speaker 5 (01:01:00):
It's not low.

Speaker 6 (01:01:00):
It's one hundred and sixty five thousand dollars per individual.
It's three hundred and thirty thousand dollars husband and wife
is expected that you're going to pay out of pocket
for the growing cost of medical care in this and
this is the big thing when you transition from work
to medicare medicare SUP the different types of plans where

(01:01:24):
you're going to live. What's covered, what isn't covered is
their vision, is their dental It's it's it's complicated and
I didn't realize it was this complicated until you introduced
me to Terry Anne. Is that her name, Terryanne? And
we spent an hour with her yesterday, Julie and I
to go over our own personal personal situation. And you know,

(01:01:48):
it's it's daunting, It really is daunting and trying to
put your arms around it. My wife is nine years
younger than me, almost ten. I have a nineteen year old,
I have a son that's still under needs. My plan
Christopher because he's old. You know, he's not twenty six yet,
he's twenty five. So the thing is is that now
I have a son in Florida that lost his coverage
because he turned twenty six. And that's the dilemma, man.

(01:02:12):
You know, she gave us some ideas and suggestions to
go to the government website in order to get health
care for David. But you know, I'll probably help him,
I'll transition him. I'm going to have somewhere between thirty
five to forty thousand dollars out of pocket me for
health care.

Speaker 5 (01:02:29):
You know. One of the things. You know, I love
everything that we do, but part of the planning process
and we're sitting with clients and then we're going over
like you said earlier, e money, how we show people
how to manage their money, what they can expect and
retirement on a guaranteed basis. But then the topic of

(01:02:49):
health care comes up. Yeah, and I've never seen so
many eyebrows raise yeah when they hear that they want
to consider retiring before sixty five and one on both
of these spouses. And the what you're facing right now,
the expense is incredible.

Speaker 6 (01:03:10):
It will change for me in the future because of
my kids. They will get older and they'll have their
own plans. Right now, they have to. I have to
have a family plan at my ripe old age of
twenty nine. Right, you're looking good, pal, But at sixty nine,
which I actually just had a birthday. You know, this
is this is something that you just shake your head

(01:03:32):
and you say, holy moly, MACARONI like wow. I mean,
I'm fortunate and I'm blessed that, you know, Julie and
I are in a position that I can afford.

Speaker 5 (01:03:40):
To pay it.

Speaker 6 (01:03:40):
But then there's nothing that makes me feel warm and
happy about a fourfold at least a fourfold and my
healthcare cost because she's elected to retire, you know, and
go into the years of retirement and so we can
have some quality of life and do some things that
we haven't been able to do because she had, you know,
she was working a nine to five. So you talked

(01:04:04):
about something that I talk about all the time, and
I always think that it's something that we don't We
don't blow a horn enough in regards to E money, Right,
I know that that was a new software. You weren't
using E money before you came over with us. Were you,
I did not, Okay, So when you look at the
money and what it does, it's pretty simplistic. It's not overly,

(01:04:27):
you know, complicated. It kind of puts the big picture
right in front of you, exactly where you stand.

Speaker 5 (01:04:33):
I couldn't agree with you more because I think a
lot of people do their calculations projections on their own
in their head right right, or even pen and paper.

Speaker 6 (01:04:42):
Right, a spreadsheet, a spread and a spread spreadsheet.

Speaker 5 (01:04:45):
Right, and then you see it on a screen and
right in front of their eyes. We can make adjustment right,
and it's just amazing. You know, how much do you
want to spend in retirement? How much do you have
to spend in retirement? Can we he bridge that gap?
Can we get you there? What are they going to
cost as far as ready to return and so on
and so forth. It's just nice to see all these

(01:05:09):
wheels turning within seconds, and it just like you said,
it really gives people, I think, a more confident look,
a more realistic look.

Speaker 6 (01:05:20):
We had two phone calls today, one from Saratoga and
this other gentleman from Albany. And the guy from Saratoga's
he said about a million dollar portfolio and he wants
to go out into retirement at the end of the year.
And he's done none of this from what I can see,
he's done none of this as far as what he
can expect to realistically get off a portfolio, add into

(01:05:41):
social Security, any other assets that he has in order
to basically build what we call baseline income, right, baseline income. Now,
on the other side of the fence, we got a
guy that just called in from Albany that has a pension.
Sounds like he's got about six hundred thousand dollars in
deferred compensation. He's single, he's got no kids, and he's saying,
you know, geez, should I just burn through him in

(01:06:02):
money and have a hell of a time and just
go man, go go man, go go go, yeah, go go.
There's no slow go for him. Put the hammer down
and where you go, because he has no desire to
leave assets to a child. He has no desire to,
you know, have wealth replacement for a surviving spouse. Where

(01:06:24):
on the other side of the fence, you've got you know,
most of us, and I want to get into this
with you because we're gonna have to take a break here.
Most of us do not have pensions today, and everybody's like,
you know, they fill out the forms that they want
safety and guarantees right, but most of them don't do
it right. Most of them don't do it. But all

(01:06:44):
your major investment banking firms, Blackrock, Fidelity, all of them
are now coming out with products that are guaranteed income products,
guaranteed income products right. Why is that? Because they know
that the public is demanding it right. They want to
make sure that they have assets that are going to

(01:07:05):
last a lifetime. But there's so much misinformation out there,
absolutely bad information. I want to clarify that a little
bit when we come back. We're going to take a break.
But Chris McCarthy's here, one of the wealth advisors of
the Retirement Planning Group. Chris is going to be the
Magic four ROH is coming up forty years in business.
You look pretty good, though, Well, thank you're in good shape.

(01:07:27):
I do what I can, No, you are. You're in
excellent shape. You got at least two or three years.

Speaker 5 (01:07:35):
My egos getting out of control. Chris is in great shape.

Speaker 6 (01:07:38):
But you know, I say that it's kind of sarcastically,
but it isn't sarcastic. You work out what every day
I tried to pretty much, I tried to. Good for you.
We'll be right 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

(01:07:59):
plan for retire 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,
and mortality can derail the most careful laid out retirement
income plan. Call our offices today to start the process

(01:08:21):
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? 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,

(01:08:43):
motivate to start building your retirement income distribution plan. Five
one eight, five eight zero one nine one nine.

Speaker 7 (01:08:50):
We're here live in studio.

Speaker 8 (01:08:51):
If you have any questions, please call one eight hundred
talk WGUI one eight hundred eight two five five nine
four nine.

Speaker 7 (01:09:01):
I want to talk with Dave after the show.

Speaker 8 (01:09:03):
Called five one eight five eight zero one nine one nine.

Speaker 13 (01:09:18):
Maybe when I met you, there was peace, I said,
up to get you with a fine dude, Cam.

Speaker 3 (01:09:26):
I was something inside. There was something good.

Speaker 19 (01:09:33):
You do something to me that I can't extremely coo
surrender you know.

Speaker 3 (01:09:47):
We got something gold?

Speaker 6 (01:09:51):
All right? I love that song Danny back in Aubity.
No right, all right, we are back. Love that song?
Like country.

Speaker 5 (01:10:08):
I like some country. Yeah. By the way, I wanted
to tell you real quick. We got a text from
our buddy Buck and he said, tell Dave, great tournament
and happy anniversary.

Speaker 6 (01:10:20):
Thank you appreciate it, buddy. It's good to see.

Speaker 5 (01:10:22):
Buddy, and enjoy your trip to our shot. In so
many words, he said, enjoy your trip to boss. I
think that's what he was referring to. Is he a
client of our shot? No, not yet, but damn it,
we're working on it.

Speaker 6 (01:10:40):
What's a matter of what's he hesitating for? No? We
got to put him in a headlock and get them
ready to sign, you know, sign some forms.

Speaker 5 (01:10:47):
Every big They need their time.

Speaker 6 (01:10:49):
Yeah, get patient, right, that's right, patient, all right, buck.
I'll be at your house on Thursday when I get
back from Boston.

Speaker 5 (01:10:56):
Oh boy, I can't tell you how much I'm looking
forward to that.

Speaker 6 (01:11:00):
You know, Christoph and I are talking at the break,
you know, him and I've been doing this a long time,
and you know, one of the things that we try
to do is to try to do some edumacation as
far as the different options that are available to people.
And there's probably more today on retirement income distribution that
there's ever been.

Speaker 5 (01:11:17):
Absolutely. You know, yesterday we had an appointment at the
office and we had a super nice young kid, twenty
three years old, engineer at Old Power excuse me, nos,
Atomic Power LAP. So your son and I are looking
to meet with him, you know, one on one, and
his parents came, which I think is great, and they

(01:11:40):
want to make sure that their son is gotten all
the eyes, crossing the tees everything.

Speaker 6 (01:11:47):
Yep.

Speaker 5 (01:11:48):
We started talking about things that the parents I think
we're starting to really be drawn into, especially when it
came to the GEED income platform. And it's just fun.
It's just fun to watch people's eyes light up when
you're sharing good information with it.

Speaker 6 (01:12:09):
Well, if you have a conduit of unbiased information where
you're crystal clear that there's no direction that we're heading in,
we're like the clock. Wherever the hand ends up, that's
the direction that we'll go in. Based off of the

(01:12:30):
conversation that you have with us. To me, that says
a lot. I don't think they understand the power of
the retirement planning group. You do now, and I don't
think you understood it when you first came with us.
Nowhere near the magnitude of what we do, of what
we offer, and I think, I mean, we have strategic partners,

(01:12:52):
which I'm not going to blow our horn who we
work with, but the premiere firms in the Capital District
region we work with because they understand is that we
don't have an axe to grind and we don't have
a mission statement that says we're only moving in that direction. Right,
we move in the direction that the people need to
go in. Now, they might not want to hear it,
but that's okay.

Speaker 5 (01:13:11):
Right, But that's one of the reason why I were there.

Speaker 6 (01:13:15):
But you know, like you're talking about the parents that
came in with the kid, right, Okay, what makes you
different than working with x y z wo mentioned names
of companies or anything like that. Well, what makes us
different is that we fill all the buckets. I mean,
I had a gentleman that came into me this week,
wonderful guy. We ended up knowing a lot of people,

(01:13:35):
had a house in Lake George and had some other homes.
You know, I knew some of his some of my
friends or his friends we never met. But he's looking
for that cohesiveness. He's looking for that integration where I
don't have to go to multiple people in order to
get the answers that I need with my overall wealth

(01:13:58):
management plan.

Speaker 5 (01:13:59):
Right?

Speaker 6 (01:14:00):
Who is that most important for the surviving spouse? Which
is typically what? Absolutely?

Speaker 5 (01:14:07):
Yeah? And you know, I can't tell you countless times
that we have had the pleasure I love. I mean,
the clients that come in there, they're they're great people. There.

Speaker 6 (01:14:18):
I just got I just got a wonderful text message
from my one of my best friends. I've known him
for I've known him and his family for years, and
he says, by the way, happy anniversary. Yours name's Bill.
They're just great people. Yep, they're just great people. And
the thing is is that, you know, we don't have
a magic wind. We don't have a magic wand. As

(01:14:39):
far as we're going to always have the hot stock
or the best performance or you know what I mean,
if that's what they're looking for, they found the wrong
they found the wrong team.

Speaker 5 (01:14:47):
You know what, I've always told people, I love your
analogy because I've always said to people, if you're looking
for the home rumble, I'm not your guy. But if
you're looking for consistent singles and doubles hit, I'm in
the game. Yeah, you know, And I think, yeah, we
don't have the magic wand or whatever, but we bring

(01:15:09):
a lot of value to the table.

Speaker 6 (01:15:11):
Yeah.

Speaker 5 (01:15:12):
We have a lot of experience, We have a lot
of planning knowledge. And when people come in and we
bring to the table thing that they either never thought
about or haven't thought about yet. Like you said before,
it's the whole picture is starting to come into view.

Speaker 6 (01:15:30):
Well, how many people when you go into an investment
advisory firm. First of all, we don't get any compensation
for this, so you know, we're having a conversation with
you that's not ringing our bell. How many people talk
about healthcare? They don't really, I mean I don't know.
I mean I know that we talk about it because
we know that that's the achilles heel for most people
for not either retiring or they're going to be sticker

(01:15:53):
shock when they walk into retirement. Say oh my god,
that's right, I can't buy the stake this week. Let
me get some ground beef.

Speaker 5 (01:16:01):
And that's the perfect example of how far we go
with our planning right that we're bringing these things to
the table. They need to know what's going on, right.
We don't want any bombs going off. Like you said,
no no surprises, right because healthcare costs right now is
just to vital a piece in the retirement planning process.

Speaker 6 (01:16:23):
I never had a bucket of money that was specific
for healthcare. That will change in twenty twenty five.

Speaker 5 (01:16:30):
Yep.

Speaker 6 (01:16:31):
We're going to reach out to every one of our clients.
We're going to say how much are you paying for healthcare?
We're going to segment a certain portion of your assets
just to pay for health care, and then the rest
of the money we can look at at our income portfolio.
But we're going to have to basically maybe maybe maybe
in the future we might have to go after principle
and interest in order to pay your health care costs.

(01:16:52):
If this damn train keeps on going up the track
the way it's going. As far as the overall expense
for healthcare. Dave Wilkie from Associates was a great friend
of mine. He ran the Empire Plan. Yeah, he had
a beautiful horse farm in Cambridge. One of the nicest guys,
Fred Schaefer and him worked together. Fred's still in the business.
Great people, just wonderful people. They told me this was coming.

(01:17:18):
They told me this was coming. Here's the other thing
that you and I as taxpayers need to understand. All
of these school districts, all of these municipalities, all of
these organizations that have guaranteed healthcare for their employees through
the retirement years. Guess where that's going to get shifted
to this expense right where to us the taxpayer.

Speaker 5 (01:17:43):
Absolutely. I met with a gentleman years ago. He owned
a local orchard. I'm not going to mention the name
apple orchard, ye or orange. No, we're not talking about
no one. We're going apple. And I was looking and
talking with him about up the old major medical health
plans for his employees. And he went on and it

(01:18:06):
was almost like talking to Notre Damas with auto prediction.
But basically, everything that's happening today is what he said
was gonna have. Absolutely, healthcare costs are going through the roof.
We're not spending enough money educating people to take better
care of themselves when they're younger, and we're spending all
this money to keep people.

Speaker 6 (01:18:27):
What are all the commercials on the football games, in
the basketball games? What is it? When you think about it,
most of it's what booze booze and pharmaceuticals yep, drink
your booze and then come get your pills.

Speaker 5 (01:18:39):
Yep, right and again. And you know, isn't it funny
how we went from major medical into the HMOs all
the first dollar covered, and now we're phasing back into
major medical.

Speaker 6 (01:18:53):
Absolutely. Well, I'll tell you what I was. I was
shocked yesterday. And the thing is, hopefully she can help us.
My good friend from Connecticut, Paul's gonna send me some information.
But this is what I would say to you. You know,
if you are contemplating retirement, there's a lot of things
that need to get to this. It's just not We're
going to talk about it when we come back. Retirement income.

(01:19:15):
It's just not about managing money. Oh, far from it,
Far from it.

Speaker 5 (01:19:19):
Yep. Couldn't agree with you more.

Speaker 6 (01:19:21):
That's only one leg of the stool, right, agreed, Oh,
absolutely agreed. Another thing I wanted to say was you
got twenty seconds okay, part about planning when you see
the husband and wife and we make sure that the
surviving spouse is going to be taken care of absolutely
a Z and how much money should be retained right

(01:19:42):
and how much should be disclaimed.

Speaker 5 (01:19:44):
And also getting all the assets in order. Yeah, simple title.

Speaker 6 (01:19:48):
The people that we met with this past yesterday, it
was all about tiling assets properly.

Speaker 5 (01:19:52):
Yep.

Speaker 6 (01:19:52):
You know. We'll be right back after this quick message
of news.

Speaker 12 (01:19:56):
Why oh my life babe. Once whie.

Speaker 3 (01:20:20):
To you with your pan changing. All right, we are back.

Speaker 6 (01:20:27):
Happy weekend. I'll be back here from twelve to one
for a live show. We're talking today about the income
dilemma for people. How you build a retirement income distribution
plan without biting your fingernails when the markets have volatility.
We'll discuss that in great detail, and I have an announcement. Okay,

(01:20:49):
drum roll, Please, can I get a drum roll? We
will have a new show in Syracuse starting I believe
around the first week in November on Saturdays, excellent, from
one to two we will do a radio show, Retirement
Ready on ws YR and Syracuse. We look forward to that.
We have an office out there, and we have a

(01:21:11):
lot of clients in that region. We do a lot
of work with National Grid, and we are very excited
about that, very excited. Great people. We love iHeartRadio. They've
been a great partner for us and hopefully we've been
a good partner for them. So you'll be spending a
lot of time in Syracuse.

Speaker 5 (01:21:25):
I look forward.

Speaker 6 (01:21:26):
I already told you that, yes, we have a meeting
out there right with one of your friends, soon to
be scheduled. Yes, soon to be scheduled. So all right,
Chris and I are talking about what's fact and what's fiction.
What I like to do is because Chris has been
doing retirement industrict, really focusing in on it almost exclusively,

(01:21:47):
haven't you.

Speaker 5 (01:21:48):
Yeah, we're easily the last twenty five thirty years.

Speaker 6 (01:21:51):
YEP retirement income distribution. So he brought a lot of
stuff to the table that we were unaware of. And
options that are available to people. Why is there this
uh gap from people that want guarantees versus the ones
that actually go out into retirement and get guarantees. Why

(01:22:12):
why do you think that there is such a I mean,
seventy percent of people say they want guarantees, and only
a handful small percentage maybe ten what is it ten percent?
Twelve percent actually get guarantees with the retirement assets.

Speaker 5 (01:22:29):
I would say the percentage is probably a little higher.
Think so the one that really, you know, pull the
trigger and do it. You know a lot of people
they want that magic pill, that magic wand they talk, yeah,
I want guarantees. But then somebody will say, yeah, but
there's a cost, there's a cost. One of our company reps,

(01:22:50):
I love them, and we talk about one of the
companies and program that we work with. Yeah, and he
would say to people, it's not too good to be true,
it's too good to be free. So there are hard
I like that, isn't it great?

Speaker 3 (01:23:07):
Not?

Speaker 20 (01:23:07):
It's agreed, but it's you. I love that it's not
too good to be true, but it is too what
is it? It's not that it's too good to be true,
it's too good to be free and it's so true.
And the thing is, when we go to the table,
we have a lot of ammunition in many different areas.

(01:23:30):
So like you said, we have no bias. When somebody
comes in, we are armed with whatever they need to
get done. Now you mentioned earlier, pensions are not what
they used to be. If you're not working for the
state or the federal government and municipalities. Many people have

(01:23:53):
for one k's that the company's generously matched, but then
the time is seven. What we do is, as an option,
educate the clients with this bucket of money or this
bo one K or this IRA if you want the

(01:24:14):
concept of guaranteed income. We have a potential solution and
this is how it works. And it's a self funded
guaranteed pension. People take it upon themselves to create their
own pension and those vehicles.

Speaker 5 (01:24:35):
Are out there without locking the money up. Correct, This
is what I'll say.

Speaker 6 (01:24:40):
What we're talking about is annuity products and a lot
of major investment banking firms are making announcements. The reason
why we're talking about this is because you're going to
see it in front of you a lot in the
very near future. Major investment banking firms are getting into
the annuity business because they realize that there's a risk
to people that are living longer that the money's going
to stay coming in the door and not stop and

(01:25:03):
not stop. So they understand that people want it. So
now for the screaming monkeys that have been out there
that basically say, don't buy an annuity because it's the
worst thing that you could ever do, and hey, listen,
I'll attest there are horrific, horrible annuities. Horrible. Yes, you

(01:25:23):
and I both know that. But that's why you want
to go to a specialist specialists that gives you all
the information and data that gives you transparency. If you
want liquidity, we give you liquidity. You want no fees
and charges, we can give you no fees and charges. Okay,
those apples around the tree, you just need to know
where to go on the tree in order to pick

(01:25:45):
that apple.

Speaker 5 (01:25:45):
Off the tree.

Speaker 6 (01:25:46):
Absolutely, So don't give me this bs that annuities are
bad and they're high, they're expensive, you can't get out
of them. They're high fees and high charges. That is
a sales pitch, yep, Okay, as simple as that. Or
either it's either a sales pitch or they don't know
what the hell they're talking about and what.

Speaker 5 (01:26:06):
We do, like you're saying, whether it's we're trying to
analyze the best investment for the client to be in, right,
or analyze the best annuities for the clients to be in.
That is our job and we do it and we
work hard at it. And but like you said, we
weed out the good from the bad. We bring the

(01:26:29):
crop so they can take a look at it and
decide for themselves what do they want, how do they
want their plan to work? And we cater to their needs.

Speaker 6 (01:26:42):
I'm never a big believer that you put all your
eggs in anyone basket. Absolutely, Okay, you and I are
in the industry when these things came out, annuities with
the because they understood what was going on with the
Boomer generation, the book that came out, the Pig and
the Python, what the Boomer generation was going to do
with the financial servicestry, and it all came true, and

(01:27:02):
what the demand was going to be for financial service
products in order for people to have pension benefits that
they did not have through their employer. That all came true.
So this is where we are today, is that there
has been a history of over the last ten to
fifteen years where boomers have come out into retirement and
they've modified, they've adjusted, and they've made changes to these

(01:27:25):
products in order to facilitate for them to be bigger, better, greater,
less costly, more flexibility. You can go through the whole
laundry list of all the bullet points. But I will
say this. If you're going to ABC and it's ABC
Insurance Company and the only thing they're showing is ABC products, right,

(01:27:50):
grab your hat and run. Yep, you're certainly at a disadvantage. Yeah,
you know, we has a whole marketplace, right, we only
have one insurance company. We can't do business with it,
right because that's still a captive agency.

Speaker 5 (01:28:02):
You know.

Speaker 6 (01:28:02):
You know what that you know what that means?

Speaker 5 (01:28:04):
Oh captive? Yes, you know basically if they get more
bang for the bucks selling those products. Right. Absolutely. You know.
One of my favorite things I've said over the years,
and it sounds like a sales pit, but it's really not.
When we spring to the table clients that maybe want
to consider an annuity for guaranteed lifetime income, I sit

(01:28:26):
and I tell them, I said, I can tell you
right now what you will be guaranteed with your income
in ten years, regardless of market performance on and so forth. Yep,
and it can only get better. Name one other of
investment that you can say in five years, ten years,

(01:28:47):
fifteen years, that they can guarantee a minimum income for
the rest of their life, even before any market take place.
It's just again, everything has its place. We were talking
yesterday with that husband, one gentleman, and then the parent

(01:29:08):
that was with him.

Speaker 6 (01:29:10):
Do they still let that major corporation? Do they still
have a pension benefit there?

Speaker 5 (01:29:15):
He actually did not know. He's looking into that.

Speaker 6 (01:29:18):
But you know, here here right on the We're going
to Fidelity Mondy Tuesday and Wednesday for a conference right
on their website, and you can check this out if
you want. There's three key steps to retirement income plan. Three.
This is Fidelity. Okay, the first one, the first one,
the first bullet point. A retirement income plan should include
guaranteed income, growth, potential, and flexibility.

Speaker 5 (01:29:44):
You just named it.

Speaker 6 (01:29:46):
You just named that's not Fidelity's website. That's not Retirement
Planning group. And they managed fifteen trillion dollars of assets.
I know. Let's go to Bob Hey, Bobby, Bobby and
Saint Augustine.

Speaker 5 (01:29:56):
Hey, Bob, how are you.

Speaker 6 (01:29:59):
How'd you make out on there?

Speaker 4 (01:30:02):
Uh?

Speaker 21 (01:30:02):
Not bad? A lot of tree branches down.

Speaker 6 (01:30:05):
Yeah, because I know we're not that much rained, and
a lot of Yeah you're you're right there in those trees.
You guys made out, Okay, we did.

Speaker 21 (01:30:14):
I had one branch fall through my pool enclosure, put
a hole in it. Lady next door had a big branch.
She just had her pool enclosure replaced and the big
branch came right to the middle of it. One neighbor
had a tree fall in his car. But other than that,
it's just clean up lott of yard waste.

Speaker 6 (01:30:33):
Yeah, but you know, three of my kids now are
living in Florida, not by you, ones in Sarasota, ones
in Boca, and the other ones in Tampa.

Speaker 21 (01:30:41):
But that's part of my call.

Speaker 6 (01:30:44):
Yeah, we'll go ahead.

Speaker 21 (01:30:45):
Is I want to everybody keeps running to the west coast.
I've got to make a plug for my northeast Florida.

Speaker 6 (01:30:53):
Yeah.

Speaker 17 (01:30:54):
Yeah, we're very.

Speaker 21 (01:30:55):
Shielded for most of the natural disasters.

Speaker 6 (01:30:58):
Yeah, you've been very happy. Know your beautiful bride. You know,
last time I spoke with her, she said that, you know,
this is this was a great move. She's so happy there.
So Florida was a good movie. So Florida was a
good move for you.

Speaker 21 (01:31:12):
It has been.

Speaker 6 (01:31:13):
Yeah, let me ask you a question, Bob, just out
of curiosity, and then I got to take a hard
break here in about a minute minute and a half. Uh,
your insurance down there and taxes, how are you making
out with them? Have you seen major increases with your
insurance cost?

Speaker 15 (01:31:30):
No?

Speaker 21 (01:31:30):
Actually I haven't. Wow, I've actually seen a little bit
of a drop, a few dollars in a drop.

Speaker 5 (01:31:37):
That's awesome. Yeah, So.

Speaker 6 (01:31:41):
Fletcher is it? Fletcher is Fletcher Flagler Flagglers by Flagler Beach.
That's a beautiful that's a beautiful area. We've got some clients.
We have we have got we've got some clients and
Flagler right down the road from you. But hey, listen,
tell your wife that her son's doing pretty good at CBA.

Speaker 5 (01:32:01):
Yeah.

Speaker 21 (01:32:02):
Hey. The big reason I called is I called in
your office a couple of weeks ago. I spoke to
Jim Gaviel contact name YEP for insurance.

Speaker 5 (01:32:10):
Did you get Yes?

Speaker 6 (01:32:11):
I did, and I actually called and uh, matter of fact,
I didn't know I was going to reach out to you.
This week. I've been out of the office more than
in the office. It has been kind of crazy.

Speaker 21 (01:32:21):
Yeah, you're in Florida more than I.

Speaker 6 (01:32:25):
I was down there a lot in the last few weeks.
But bottom line gets down to it. I'll give you
a shout because I want to talk to you in
detail off the air about that. Okay, all right, great,
give my best to your wife and your daughter.

Speaker 21 (01:32:37):
I will thank you.

Speaker 6 (01:32:38):
Thanks, Bobby. It's a friend of ours and good client
of ours. That's a client of mine that had this
week all these dreams of retiring about twenty five years ago.
We sat down with him, him and his wife and
we said, we can we can do this. There's ways
that we can put the buckets some money together. And
when I went down there the last time, she gave
me a big hut and she goes, you made our
dreams come together. That's a great fit. Oh my god,

(01:33:01):
We're going to take a break. We'll be right back.
The eighty six percenters. Do you know that eighty six
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How you manage your assets during the most critical years
of your lifetime. Nobel Prize winning economist William Sharp has

(01:33:23):
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
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income distribution plan. After forty one years of being in
the financial services business, you need to start taking action

(01:33:44):
to start building your own personal retirement income distribution plan.
How do you do that? To take action five one
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(01:34:05):
one nine.

Speaker 8 (01:34:05):
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 6 (01:34:45):
Okay, that was the fuck that's for Bucky and memory
of Steve Jannis, Yes, favorite group, him and him and
that journey journey. Yep.

Speaker 5 (01:35:01):
I love when your wife talks about that every time
she is. Don't stop believing.

Speaker 6 (01:35:07):
She she's a believer that Steve's been in touch with
her many at times.

Speaker 5 (01:35:12):
Yep. Uh.

Speaker 6 (01:35:14):
He died way too young, way too young. Forty four,
I think, yeah, forty four, Yeah, forty forty six, Yeah,
one of those. I want to say it was probably
I think forty six, Yeah, forty six, because I was
born in my father.

Speaker 5 (01:35:28):
My father died of forty four, mine forty five, your.

Speaker 6 (01:35:31):
Dad forty five too. I know, you know, enjoy the day,
enjoy your family because man, I tell you what, nobody knows.
Nobody's got a crystal ball for the future.

Speaker 5 (01:35:42):
You know.

Speaker 6 (01:35:42):
That's the other thing too, you know, I'm always perplexed
by people, you know, that want to go into retirement
with a big question mark what what can I How
much money can I take off my portfolio? Well, we
can solve for that pretty easy. It's question two things.
We can give you guarantees, we can give you the
money that you're looking for, but you might not have

(01:36:05):
a legacy or transfer wealth to the next generation. Okay,
the way that we structure the portfolio where we spend
down principal and interest. Now, everybody wants to keep their
money in the IRA, right because you know that big
pile of cash. Then rm D kicks in. Then you
transfer that wealth to the next generation. They got ten

(01:36:26):
years to get it out the door. I mean, I
had a couple in the office, not this week, but
the previous week, and her sister was extremely successful, and
she inherited a seven figure IRA, right, and her husband's
sitting there saying, I don't want this money because it's
killing us. Our Medicare premiums are going up. I got
all this cash coming in. I don't want this cash.

(01:36:48):
And I said, it's too late.

Speaker 5 (01:36:50):
Right.

Speaker 6 (01:36:50):
The horse is out of the barn. There's not a
damn thing you can do about it. You have to
take the money out because it's forced liquidation over a
ten year period of time, right, And because it's soul
it's a six figure distribution right because of their age.

Speaker 5 (01:37:03):
Mm hmm.

Speaker 6 (01:37:04):
So bottom I gets down to is that you know
we always say this, know what your own understand the
dynamics of building a retirement income distribution plan and what
should be retained at the first death.

Speaker 5 (01:37:18):
Absolutely, you know one thing again, I love what you
were talking about health care cost earlier. We're going to
talk a lot about healthcare, right But what I was
going to say is because I had been out of
that loop for a while, because I was focusing more
on the guaranteed income we talked about earlier. So when
I became affiliated with your firm, and then hearing about

(01:37:42):
the health care cost, hearing about long come care cost,
it's staggering. Estate planning has never been so important as
it is right now because we show people how they
can save and protect assets. But often the remaining asse
that we can't crant is an IOA. So not only

(01:38:05):
do we tell people live your life, spend your money,
but many of the people say, well, I want to
leave this to my kids. Great idea. That's fine. But
if we can show you a way to take three
five hundred thousand and turn it into a million tax
three tanks three versus taxable IOA money, would that be

(01:38:28):
of interest to you? People are jumping in.

Speaker 6 (01:38:32):
Well, I have found that that legacy part of our
business has grown rapidly, which you know you can see
our legacy. Part of our business that we focus in
on is really growing. People understand now they're seeing the ramifications.
There's eighty to eighty five trillion dollars passing over the
next twenty to thirty years where our kids are going
to receive or our grandkids will receive these assets. It's

(01:38:55):
just a question how do you want to leave them?
You want to leave it as a tax liability or
do you want to leave it as a legacy? Do
you want to protect it from creditors and predators and
evil son and laws and daughter in laws and all
the other bumps in the road that you could possibly have. Well,
if you leave it in an IRA, the chances are
it's not going to go where you want it to
go if there's bumps in the road.

Speaker 5 (01:39:14):
Right, And another thing, we can't stop the rm D
that train's coming down the track once a person reaches
that age. But let's maximize what we can do. Part
of our planning is also, okay, you're into a certain
tack backet, why not be able to take as much
money out in that tack backet and reallocate it to

(01:39:37):
something of a legacy plan that we're talking about and.

Speaker 6 (01:39:41):
The thing is is that you know, I just ask
I need to find this answer ound because we're in
a situation right now where you get seven figure iras
that are going to non spouse beneficiaries. What happens if
that beneficiary dies and they haven't completed the ten years?
Is there another second contingent minute, I'm gonna find that out.

(01:40:01):
I'll have any answer to the public, you know, our
listening audience, because we've never been in that situation yet
where we've had a non spouse beneficiary pass away and
then they haven't completed the ten years of depleting that account.
Does it go to another ten or do they just
finish out the three or four or five years that
might be left.

Speaker 5 (01:40:21):
Well, I'll tell you the way the firm is growing
with clients, we're going to run into that.

Speaker 6 (01:40:26):
You know, so we will get We've had more growth
this year than we've ever had. We've got great you know,
we're gonna add more staff and you know, I just
we added another radio show out in Syracuse, as I mentioned,
on Saturdays from one until two pm. Retirement ready. But
this is what I would say. You know, we're growing,

(01:40:51):
and I think it's the word that I'm trying to
find it. It took me a year to get you
in the door, really ten. I was talking to you
for ten years, but we got serious, and it took
about a year for you to basically jump and get
in the boat. And I think what's hard to me

(01:41:13):
is that we have a shrinking population of financial advisors
in our industry because of what's happening with guys my
age that are retiring in your age right. And what
we have to do is try to find the knowledge
and the understanding. It's not easy to sit down with
people and talk about the things that we talk about

(01:41:34):
with a young person. That's why when we go into meetings,
I have my son with me, or you have my
son with you, or he goes in with Nico. There's
a lot to learn. There's a lot to learn. It's
a complicated landscape.

Speaker 5 (01:41:48):
But I also think the dynamics of what we have
right now, and you say it often, look at I'm here.
I'm going to be here as long as I can
be here. But I've already got you covered, right We
Overady got Naco, they got Chris. So that is the succession,
the next generation, which is beautiful because that gives people

(01:42:09):
piece of mind.

Speaker 6 (01:42:11):
Well, I think it's important when you go into a
financial team yep, and you don't see a succession and
you've got a lot of money, or you've got young kids,
or you need to make sure that there is asset
management capabilities that are going to be retained for an
extended period of time. I think that's critical. I mean,
I worry about that for myself and my wife and
my kids and all that stuff. Something happens to me.

(01:42:33):
You know who am I laying this? Now? I've got
my son in the business.

Speaker 11 (01:42:37):
Now.

Speaker 6 (01:42:38):
My two boys are the trustees of our trust, David
and Chris. So but he has he has an understanding
now that he wouldn't have had if he decided to go,
you know, work as a marketing executive for a company.
My son he wanted to be in the business. I said,
it's not an easy business. It's going to take you

(01:42:59):
a while. He's getting his licenses. He passed his first
series of exams, so you know he's got he's getting
his feet underneath him. How's that? You like that?

Speaker 5 (01:43:08):
Absolutely? And I'll tell you I love the level of
knowledge that Nico and Chris bring to the table.

Speaker 6 (01:43:18):
No doubt. You know, they're a perfect example. Don't get Nika.
I'll blow my horn about Nico. Nico has been with
me for eight years. He cut his teeth, you know,
as an intern at Sienna, and then we offered him
a job and he came. I'll match him up to
anybody right now. I couldn't agree with you more. Anybody
couldn't agree with you. I'll match him up to anybody.

(01:43:39):
As far as his ability to talk about the big
picture investments, the estate planning, the legacy, h he is.
He is so far ahead of his amount of years
because he's been in all these meetings. He's been all
in all of these meetings. And you and I both

(01:44:01):
know because we played sports. You learn by what play
it that's right. That's how you learn, that's right. You
learn by playing in our business, you learn by what
being in the action that's right, face to face meetings.

Speaker 5 (01:44:14):
So all right, I'll tell you another thing I wanted
to say about Nico. Nico just has such a nice
way and people are very comfortable. Just uh, he just
has a nice way with people. Uh, not like oh
you you your showtime ladies and gentlemen, boys and girls.

Speaker 6 (01:44:39):
Now in the center ring.

Speaker 5 (01:44:41):
But I think you know that's another dynamic about our
office is that we're all similar yet different, and I
think we each feed off each other and compliment each
other at the same time.

Speaker 6 (01:44:53):
They know Bucky's still listening, so we can expect to
have his stuff, his transfer paperwork in the office by Friday.

Speaker 5 (01:45:00):
Was hoping by Sunday.

Speaker 6 (01:45:02):
All right, Bucky, he's coming over this afternoon. Get your
stay to give you a day to prepare. You got one,
all right? Summarize Chris. You know, we talked about a
lot of stuff, but I always like to have you
in here because your perspective on what we do. You've
been in the business a long time, but you also
have only been with us. Kind of just summarize in
thirty seconds what kind of separates us from the competition.

Speaker 5 (01:45:26):
Well, I think what we do is when people come in,
we really have no set game plan. We want to
take in who's coming in, what they have, where they're going,
what they want to do, and then our experience and
knowledge will help guide them the best way to achieve

(01:45:47):
their goal their dreams, like you said earlier, and we
bring a lot to the table.

Speaker 6 (01:45:54):
Well, I think we do, and I appreciate you being
on the team and you you know, I know I
teach you a lot, but you're a great guy and
you've been a family friend for decades and I'm glad
you're part of the team and you're Hopefully you and
I got many men. Hopefully you got many, many, many
more years you and I. So be sing, be safe,
be healthy. We'll see you next week for another retirement
planning show. I'm Dave Kopek with Chris McCarthy. We'll see

(01:46:17):
you next week.

Speaker 2 (01:46:18):
Have a good Thank you for listening to the Retirement
Planning Show hosted by Dave Kopek, w G wise Retirement
Planning Specialist. If you would like to talk with Dame
or someone at the Retirement Planning Group called five one
five eight zero one nine nine. That's five one eight
five eight zero one nine one nine during business hours,

(01:46:38):
or visit RPG 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 our services discussed on this show

(01:47:00):
is for informational purposes only and is not intended to
be personal financial advice.

Speaker 1 (01:47:05):
The investments and 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.