How Does A Precious Metal IRA Work?
user 0 Comments Best Gold IRA Companies Retirement Planning
how does a precious metal IRA work a gold Ira or precious metals Ira is an individual retirement account in which physical gold or other approved precious metals are held in custody for the benefit of the IRA account owner it functions the same as a regular Ira only instead of holding paper assets it holds physical bullion coins or bars how do gold and silver IRAs work a gold Ira works exactly like any retirement account with the added benefit that it provides you more control over your investment to include physical gold coins and bars and other IRS approved Silver Platinum and Palladium metals what will happen to Silver if the dollar collapses that is because the U.S dollar would essentially be worthless if it were to collapse in value in a sense the price of silver would be infinite if measured in terms of the US dollar is it better to own gold or silver is more volatile cheaper and more tightly linked with the industrial economy gold is more expensive and better for diversifying your portfolio overall either or both may have a place in your portfolio arguably the best use for gold as an investment is to mitigate portfolio risk what is the best way to invest in Precious Metals the best way to invest in Precious Metals is either to buy the metal outright and hold the physical form or to purchase ETFs that have significant exposure to precious metals or companies involved in the precious metals business is a gold Ira any good a gold Ira often comes with higher fees than a traditional or Roth IRA that invests solely in stocks bonds and mutual funds a gold Ira can serve as a good hedge against inflation but is also concentrated in a single asset class why should I invest in a gold IRA a gold Ira offers diversification from other assets that may be volatile during economic downturns or periods of high inflation such as stocks and bonds one of the safest Investments is gold because its price remains stable over long periods with little volatility should you invest in a gold IRA still a gold Ira can be a good option for investors who want to diversify their retirement accounts and also take advantage of the hedging benefits that the yellow metal offers against other Financial assets like paper currency and stocks many Financial experts recommend keeping 5 to 10 of a portfolio in gold for a comparison of the best gold Ira company's visit https colon slash slash www.goldira401convesting.com gold Ira company slash click Link in the description below
Read MoreSteps to Retirement
user 0 Comments Retire Wealthy Retirement Planning
Hi, I’m Adam Fambrough. Are you an active member thinking about retirement? If so, this video is for you. We are here to provide a general timeline of the retirement process and share the steps you need to take to ensure the process is as easy as possible. Remember, the countdown to retirement can start as much as a year prior to your actual planned retirement date so you will first need to choose your retirement date. This video breaks down planning for retirement into three major steps. Let’s get started. Step One – ten to twelve months prior to
retirement. If you are truly considering retirement, log in to your MyTRS account to explore options with the retirement calculator.
After using the MyTRS retirement calculator, if you’re confident that retirement is in sight, feel free to request a formal estimate. To get an estimate, complete and submit Form TRS 18 ¬– Request for Estimate of Retirement Benefits up to 12 months before your retirement date. This form can be found on the Forms page of the TRS website at www.trs.texas.gov. We will mail a retirement packet to your address of record within 60 days of receiving your Form TRS 18. During this time frame, you may also want to: Watch our Member Education and Financial Awareness videos, Review your retirement options, Attend a benefits presentation, Purchase service credit or transfer credit,
and Schedule an appointment with a Benefits Counselor. Step Two – six months prior to retirement
date. Once you receive your retirement packet, carefully review its contents. The packet contains your retirement estimate, and information on a number of forms and documents that need to be submitted to TRS.
There will be important deadlines listed in the packet. The first, and most important, form in your packet is Form TRS 30 – Application for Service Retirement. You will use this form to: Indicate your preferred retirement date, Select your choice of retirement payment plan,
and Designate your beneficiary or beneficiaries. TRS must verify your age at retirement. In your packet you will have a TRS 13 – Acceptable Proof of Age Documents, which contains a list of documents that are accepted for proof of age. It is very important that you write your participant ID or social security number on all proof of age documents that you submit. Your retirement benefit is subject to federal income tax.
If you would like to specify income tax withholding for your annuity payment, please submit Form TRS 228A ¬– Federal Income Tax Withholding Certificate. Direct Deposit is the fastest way to receive your annuity payment every month. We highly recommend that you consider this as an option for receiving your payment. To do this, complete and submit Form TRS 278 – Direct Deposit Request. Step three – thirty to sixty days prior
to retirement. Don’t forget to let your employer know that you are planning to retire and formally resign your position by your retirement date with TRS. The Notice of Final Deposit before Retirement and School Official Certification of Salaries contains important information your employer must complete and submit to TRS once they have paid you your final check.
This certification is used to report your final salary payment, your exact salary for the current school year, and the date your employment terminates. If you are eligible for TRS-Care, be sure to review and consider any available health benefit options. Remember, planning ahead is the first step to a smooth transition to retirement. Visit the TRS website at www.trs.texas.gov to check out our Retirement Planning Guide and Benefits Handbook.
These are both important resources to help you with the retirement process. If you have questions about your specific timeline, you may also call us at 800-223-8778 to speak with a Benefits Counselor. Remember, a smooth transition into retirement requires you to plan ahead and we are here to help every step of the way. Thanks for watching..
Read MoreLife 2.0 Retirement Strategies Part 1 – The Six P’s
user 0 Comments Retire Wealthy Retirement Planning
(upbeat music) – Hello and welcome to "Life
2.0 Retirement Strategies." I'm Sara Peterson here
with Richard Pelletier of Help To Retire, so
good to see you today. – Sara, great to be here. – I'm thrilled, it's a good day to be talking about retirement and I know we have a lot
of topics to cover today, so we're gonna try
to get it all in. – [Richard] Let's get to it. – I love your story. I think it's really unique
because a lot of advisors or people in the financial
industry got into it for a very different
reason than you did. So I'd love for you
to share your story. – Well, Sara, I started
as the administrator of a 200-bed nursing home,
fresh out of college. And let me tell you what I
saw was pretty depressing.
Enormous expenses. When I got out of law school, I spent eight years in
and out of probate court at the other end of
the cycle and said, that was a terribly inefficient
way to transfer assets, very public, I said, I can do
a whole lot better than this in the financial
service industry. So basically, our focus
is many advisors are there to help you grow your assets. Our primary focus is to make
sure that you keep them. So there are a lot of
things working against that. And I gotta tell you, I had a client in the
office just last week. They had about half a million
dollars of their life savings and retirement accounts. Their home had
appreciated dramatically because of the
real estate market. That was about
$500,000 in equity. So technically, they
were millionaires, but they would acknowledge
the first thing out of their pocket, they
are too poor to be rich and they were too
rich to be poor. So when I start taking a
look at their legal documents and they were concerned
about saving their assets from a nursing home, as an
example, I said to myself, my God, your legal documents
are transmitting here.
And your financial
assets are transmitting on this station here, there's just no
coordination whatsoever. It was a disaster
waiting to happen. – Well, and that's something
unique about you as well, because you do have
a law background. – But I don't practice law. They're never gonna get a
legal bill from me, believe me. No, we want an open and honest
dialogue with clients' CPA, their lawyers. So we coordinate for
pay for the first time. What I find is
almost overwhelming
majority of the cases is that their lawyer
does not coordinate with the financial advisor. The financial advisor
never talks to the CPA. And what you have
is a hodgepodge and there are great
opportunities being missed and/or a lot of excess
taxation is occurring when it doesn't have to be. – I think what we're seeing
a lot is people who have, you know, a stack of statements and maybe they don't make
sense with one another. All they know is here
are my statements, but there's no cohesive
plan put together. And not one, you know, group of people that are
dealing with all those finances, everything is part and parcel.
– That's very true,
and when I sit down with a client quite often
what I'll do, is I'll say, you know, "Bob, give me your
statement from your IRA." And I take that statement
I look at that title page. It's Bob's IRA, let's say
it's with a major firm. I turn it around and I turn
it to the wife and say, "Can I ask you a question? If he had a stroke
tomorrow and you need to go into this account,
he's not dead, but you need to take
money out of that account to get him out of the
hospital, get him home, get him some great
care, hire some people, remodel the house, how
do you, as the wife, while your spouse is alive,
get money out of his IRA?" You can't without a court
order that really strikes home to most spouse say, my God, most of our assets are
in my IRA or my spouses. We mean we don't have access? Not while they're alive.
– So, how can we avoid
getting into that situation? – Well, that's
what I talk about. Let's take a look at
those legal documents. And I take a look at the
durable power of attorney, which allows your spouse
to step in and help you when you're incapacitated. And what I find many times
they're taken off the internet, engineers are known for
that, let me tell you, then you have a lawyer,
who's not in elder law and specializes in Medicare,
Medicaid, et cetera.
It's a guy that you'd
go to church with who offloads this thing
form puts it together. And it prohibits what
amaze things I can do. I've testified as an expert
witness of these hearings and we can transfer
assets from a sick spouse right over to the healthy one if the documents will permit it. Many times, they
don't permit it. So we're catch 22,
now you're in court. – So, when is a good
time to start preparing for these types of situations
and planning for that? – We have a mantra in our firm. We operate on what
we call the six Ps, prior planning prevents pretty
poor performance, right? – Say that six times fast. – That's six Ps. If anyone's as a Marine
out there, you'll know, I'm kind of plagiarizing
that slightly. Prior planning does prevent
pretty poor performance. So I would say at least five
years before you retired, you start taking a look
and get your attorney, your CPA working together
and saying, listen, can these documents
be slightly amended? So where are opportunities to
say this money is expanded, not contracted.
– So tell me the people who
are out there listening, thinking, okay, no one's
ever discussed this with me. Perhaps they have a broker
that they've been working with. And that broker is, you know, focused on accumulation
and growth. And now they're
looking to retirement, which is more
preservation, correct? So tell me what
this process is like when they come to see you. – Normally it's a two
interview process.
The initial interview
is complimentary. It's just a sit down when
I have a cup of coffee and I wanna ask them
to fill out, you know, when you got a new doctor, you
fill out all those forms out. What medication taken, we
haven't filled this out. And it basically,
what are the concerns that they are
personally involved in they may be concerned
about the taxes they're gonna be paying on their
IRAs, their large accounts. They may be concerned about
how do I preserve these assets from the nursing home? How do I get this
into a legacy format? I have a special needs child.
We're getting a little
older and we're very nervous about that process. So they set the agenda for
the first consult, no charge. I find out I can or
cannot help them. Sometimes I'll say, "Listen,
we're not a good match." And I'll tell them
very quickly to that, you need a trust attorney. You need a special
needs attorney, we'll refer you to somebody. Other times we say, listen, we can help you coordinate this. Let's set up a second thing,
do a little bit of research, put you back into the second
consult, again, no charge. I still don't know
until I do my research. Can I help this couple? If we can, then we proceed. – And a good time, you know,
you were talking before about maybe within five
years of retirement is really the sweet spot
kind of to get on board.
– Well, the reality is that
would be my sweet spot. Usually what happens, they'll
call me up and say, "Listen, I'm retiring next week." I love that one. I said, this is not
a magic wand, okay? So it's like an
aircraft carrier. You know, you're
pulling into the dock and you need to make a
dramatic course change. You're gonna lose a couple
of planes in the back. It's much, much better
to do when you're out approaching the harbor, so
time is not your friend. You're a lot of
things that you can do even at the last minute, but I much prefer
to have more time. – And we were talking
earlier before the show about many, many more
people are retiring earlier. I think, you know, 2020
was a real pivotal moment for a lot of people, sort of
reevaluating their priorities and maybe deciding they
wanna retire earlier. – Decades and decades, I've been practicing
in the financial field. I no longer practice law. I have never seen with COVID
so many of my existing clients coming in and say, "Richard, I know I'm supposed to
schedule to retire two years from now, I have had
it, get me outta here." So you start
sharpening your pencil, accelerating the plans and
work a distribution plan so you can make it happen.
Nothing gives me more joy. I had a nurse come the other
day and she was a hospice nurse and they were stressing her out because they were short-staffed. And she sat down on
my second interview. I said, you know, you've
guys got done a good job, give me those tools,
I can tell right now, you can go back to your boss
and tell them to take this job. – And- – [Richard] That's
exactly what she did. – And on that note, we're gonna take a
quick commercial break. That number to call
is 833-579-5500. We are gonna come
back after break and talk a little bit
more about the six Ps in planning for retirement. – [Narrator] As a good saver,
you've been putting away money during your working years. Studies find that the
biggest fear of retirees is running out of money. Market volatility isn't
just the downward movement of stock prices, it's the
size and frequency of change. The more dramatic
the ups and downs, the higher the volatility. This can put savers
who are newly retired or a few years away from
being retired at greater risk.
Today's generation of
retirees is not receiving traditional pensions as our
parents or grandparents did. Instead, we have retirement
accounts such as 401ks or 403(b)s. These accounts typically expose
your money to market risk. The last thing you want
right before retirement is to lose a portion of the
money you need for income. But how do you turn
these accounts into
a retirement income? Is it safe to keep all
your retirement money sitting in the stock market? The last thing you want is to
lose a portion of the money you need for income
due to market loss. By working with a
financial professional, you can learn how to turn
a portion of your savings into an income stream for life and income for the life of
your spouse, if you're married. We all have moments in our lives when we wish we had
taken action sooner. Don't let procrastination rain
on your retirement parade. Act now, before it's too late. Please call our office
to set up your no cost, no obligation retirement
income review today. – Welcome back to "Life 2.0," I'm Sara Peterson here
with Richard Pelletier of Help to Retire.
And we're talking
about proper planning, which is so important in
getting ready for retirement. I'm sure there's a lot
of mistakes that we make that we could avoid when we
get closer to retirement. So let's talk about that. – I think the biggest
mistake I see, and I would hate to
say 100% of the time, but it's way up there, is a
total lack of coordination between the existing
team of advisors.
They seem to not coordinate
their activities at all. Let me give an example. You've got a stock broker. The stock broker never
talks to the attorney. The attorney never
talks to the CPA. Who do I build my time out and the CPA, he prepares taxes. That's all he or she
does is prepare taxes. Now that thing can
get way out of hand. Let me give you an example. I had a client the other day. It happened an awful lot
last year with COVID. He'd lost his job, early,
I think it was March or April of that year,
highly compensated executive. So what happens to the
income when the major person who has income, let's say
it was like $150,000 a year. Bingo, it drops dramatically. The tax bracket
dropped dramatically. Did the CPA say, "Hey, you know, we have an opportunity here. You've got a much lower
tax bracket this year. Maybe we could take a chunk
of dough out of your IRA, move it over into a Roth,
he was relatively young.
I think he was only
about 62 or 63, his required distribution
wouldn't have it start for another 10 years. We had 10 years to take
the Roth conversion money. Let's say it was 50 grand. His taxes still would have
been lower for that year. Move the money out for
a very low tax payment. And it would grow for the
rest of his life tax-free. CPA never got involved,
never suggested it until it crossed my desk
and said, wait a minute, we gotta move this pretty fast,
we got till December 31st. Let's get with this. – Yeah, well I think doesn't
this happen frequently though, that people work with
a CPA and it's sort of, you're dealing with what
happened in the past and you're not really preparing
necessarily for the future.
– I find CPAs fall
into two categories. You have what I call
basically the historian. And that's the person that
you go into his office or hers in January, February, you
throw down a bunch of paper and tell them this is
what happened last year, that person computes all
the tax and say, okay, you owe another $2,000
historically that's
what's happened. We much prefer to work with
that CPA and convert them to what I call weathermen. A weatherman goes like
this in October and say, "Boy, the wind's
blowing in our favor. We've got a couple more months. We can do a whole lot of
things to save a lot of money in tax in the future,
let's do this and this." So by having an open, honest
dialogue with the CPA, with the lawyer,
working with our office, we are focused like a laser
beam on preserving those assets and not missing great
tax opportunities.
– Well, I mean the taxes
are kind of the elephant in the room, right? But I mean, a lot of people
don't understand the difference between tax preparation
and tax planning. And there's a big difference. – I don't speak ill of CPAs in
the role of preparing taxes, but most people can
do that online today, you get all these different
programs and you know, when you're retired, the
tax are relatively simple. However, planning in advance
to preserve taxes, the six Ps, prior planning prevents
pretty poor performance, that's done in October, not when it's too late
and the dice is cast. So again, working together
collectively with the advisors, coordinate them for
the first time, say, let's stop talking on these
different frequencies. Let's bring them
into sequence and see if we can do something
before we cause a problem. – You know, this past year we
we've talked before has been, you know, a real game
changer for a lot of people. Aside from the
health perspective, people are really
reevaluating their priorities.
And you know, a lot of
people lost their jobs or changing jobs and careers deciding to retire
or maybe just moving, but they're stuck with,
you know, these 401ks they're not really
sure what to do with, and I'm sure this is
creating challenges for a lot of people. – Well, 401ks have an awful
lot of conditions terms, which you never know until
you 'cause no one ever reads the terms and condition. – And no one reads the fine print,
– Are you kidding me? I have a rough time going
through some of them. You have to be a Philadelphia
lawyer with good eyesight on fine print, all right? What you have in a 401k is
an employer sponsor plan for the benefit of the
employer, all right? Now, granted, there are
a lot of companies now, no longer making matches.
So usually after 59 and a half, most large employers will
allow a current employee to take money out
of that, transfer it
into an IRA tax-free, there is no tax
moving it out of 401k under what they call
an in-service rollover, directly to an IRA. What's the advantage of that? While the 401k, your investment
opportunities are like this, whatever the employer
wants to let you see, the more aggressive forms in
a marketplace you never see, the more conservative
things you never see. Once you're into an IRA,
you hold a spectrum. If it's on the market,
you have access to it. – Ah, okay, so this
is, is that appropriate for certain people and not
others, there's limitations. – The magic word was
if the plan allows it. And that's number one, plan
specifications have to allow people who are 59 and a half, because if you take
money out of a 401k before you're 59 and half, you're gonna pay a 10% tax on
top of your normal bracket.
Now under the COVID relief, there are certain
exceptions for people because of the COVID situation. But generally speaking, I'm
talking about a rollover at 59 and a half
you're in service. Next paycheck, you're gonna
put money still in your 401k. It's gonna be matched
by the employer, that's gonna continue, but
you're taking a portion of your 401k, move it
into an IRA in our office where we can do a lot of
asset preservation work, coordination with the
lawyer and the CPA. Believe me, the custodian
for the employer is not gonna help
you save taxes. – And when you say IRA,
are you talking traditional or are you talking Roth? – Well, if you listen to
me, it's initially an IRA, but my focus like laser beam
is how much money can we take out of the IRA and shrink
that over a number of years while raising at the
same time, the Roth. The Roth, the tax to you
during your lifetime is zero. The life tax to your
surviving spouse is zero. And most importantly, when that
money goes to your children and grandchildren
on a Roth, no tax.
The IRA, whoever gets that
money is gonna pay the tax at their highest tax bracket. – And if we're looking at a Roth and we're dealing with
today's tax dollars, which we assume are going up, then that might be a good
thing to take advantage of. – I always ask my client,
I said, "You watch the TV like I do, you're seeing
what's going on in Washington. Do you believe really
that only rich people are gonna have higher
taxes in five years?" And everybody laughs when
I ask them that question, 'cause I wanna know, if you
think taxes are gonna be higher five years from now,
10 years from now, why won't you pay a tax now,
which you know is a lower rate than what it's gonna
be in the future. Taxes can be used as a tool if
they gonna be used properly. Let me tell you what use, when
you use a tool improperly, you lose fingers, okay? I know all about that. I didn't grow up and
always wear a suit. So I grew up on a
construction job.
Tools are tools, used
effectively, they
work in your favor. Use them improperly- – So for the viewers out
there who are listening, give them an idea
of what happens when
they give you a call. What does this
process look like? – What happens is we get
them into the office. We're gonna sit down and
we're gonna talk about what's on their mind. I have no agenda for that first
consult, it's complimentary.
I wanna find out number
one, where are they? What concerns do they have? And I wanna know real fast, is there something I
can do to help them? Sometimes I can't and I will
tell them right up front. On the other hand, I
say, listen, you know, if I can tell we're not a
match, I'm gonna tell you. You can tell me I'm
not a good match. And we're all adults here, but that complimentary
consultation, nine times out of 10 is
gonna work to their benefit.
They're gonna learn something. I've been on the faculty of
universities and colleges for years. My focus is they walk out
of that and they've learned something that will help
them preserve their assets, pay lower taxes and plan
better for the retirement. – I know you talked
earlier about, you know, seeing different doctors
for different things. And this is so important
because we get a second opinion when it comes to doctors.
So why not get a second opinion when it comes to your finances? Because health and wealth
are the two biggest things in our lives, right? – The evolution that people
make in the medical field. You're a mother, 20 years ago, you had a pediatrician on the
Rolodex on a regular basis. Well, now your kids are
teenagers or adults. You don't disrespect
that pediatrician, it's just, you evolved,
you don't need them. You may need another
type of doctor. They don't have the
same thing when it comes to their advisor
or their lawyer. The lawyer who prepared
the real estate closing when you bought your
home 20 years ago, may be a great
real estate lawyer, but totally incapable of
drafting the right documents, preserve your assets under
Medicare, Medicaid regulations.
So true for the
financial advisor. May be a terrific guy's a
stock broker to help you grow your money, but
what's the strategy to make sure you keep it
or worse distribute it so it doesn't run out of money. – So important to have
somebody who's looking out for your best interest and
really creating something customized and personalized. On that note, we're
gonna take a quick break so we have so much
more to talk about. The number to call
is 833-579-5500. It's a complimentary offer that
he's, I can't stress enough. Other advisors charge a
thousand dollars or more for this process and Richard's
gonna sit down with you and go over your finances
and really give you that six Ps in proper planning that you can't really
get anywhere else. Give us a call and we'll be
back after commercial and talk more about the pitfalls
of retirement planning. – [Announcer] How
confident are you in your current financial plan? Do you know with certainty how
the recent market volatility will affect your future
hopes and dreams? How much are you paying in taxes and how much are you losing
to unnecessary high fees? You didn't work to save this
money so that you could spend your time worried in retirement.
Now is the time to take
charge of your finances so you can feel confident
about your future. Call in during the next 30
minutes of today's show only to set up an absolutely
complimentary, no obligation, full-blown financial
review that will result in your own customized
written plan. This is a $999 value that
we're giving away complimentary to the first 10
people who respond. We'll start with a
full-blown analysis of what you already have by running a report to untangle
how much you're currently paying in fees, how
you're allocated for risk and what it's costing to work
with your current advisor. Next, we'll identify your goals? Where do you see yourself
in the next five years? Where do you wanna go? And who do you hope
to go there with? Is your current
financial plan set up to get you there without mishap? Let's design a roadmap to
create a financial plan you can follow with confidence.
Get the piece that so
many people are missing from their retirement. Find out how having a written
plan can make a difference to your retirement dreams. Call now to schedule your
complimentary, no obligation, full-blown financial
review today. – Welcome back to "Life
2.0 Retirement Strategies." I'm Sara Peterson here
with Richard Pelletier. And we're talking about, I can't even say the
six piece like you can, I can, the six Ps. – Prior planning prevents
pretty poor performance. – Okay, good, I'm gonna
throw that to you every time, 'cause I don't think
I could get it out. Talking about poor performance, we have all these baby
boomers who are now retiring and you're probably seeing
multitude of mistakes they're making in the process 'cause it can get
rather overwhelming
for a lot of people.
What are some of the big baby
boomer mistakes we're seeing? – Well, think about the
boomer generation in reality. Their parents had an entirely
different retirement. They had a pension,
they had social security and they lived modestly,
baby boomers, not so much. Their advisor is an 800 number. Whoever answers that number
is the advisor for the minute. Their tax payment is
really a tax preparer, does no tax planning and the
legal stuff is something else. And then you get down to
the risk level because now our generation are no longer
savers, we're investors. Some of them are day traders. The risk level really can
be way disproportionate at a horrible time in your life when you can't afford
to make any losses.
You know, I've had situations
where I had a client in the other day, and
we were going through their different assets, and
I discovered one of them was a very large variable
annuity sold to them by a stock broker. Well, you ever called an 800
number and they tell you, you know, we're gonna
record this telephone call for your protection? I get to say,
"Look, that's funny, we're recording this
conversation for
your protection." We call them up on a recorded
line and I start asking them three pages worth of questions on how this variable
annuity really worked. The stockbroker forgot
to tell them the expenses on this were 4.2% per year. This was a six year
old variable annuity. – Forgot to tell them? – Didn't disclose it. Not a fiduciary, okay? He's a salesman, basically,
with a securities license, no obligation disclosed the
line-by-line item and expenses. It worked out that they
paid $63,000 in expenses that was not in their pocket,
was in somebody else's pocket. The risk level was a
little inappropriate because in that six years, they'd gone from
highly compensated to now they were
just about retired.
Ouch, we need to crank
that back a little bit. And that expense level was and
I pinned in I said, listen, if I told you I would, I
make my living managing money at the stock market. If I ever told you I was gonna
charge you only 4% per year, I'd be looking at the
back of your head, out the door you go.
– Absolutely. – Fiduciaries, again, cannot earn a fee until they
have a written agreement, full disclosure of what the
compensation is gonna be and full disclosure of any
conflict of interest they have. So fiduciary has a very,
very different platform they have to operate under. – Well and you really
are looking out for people's best interests. And as we talked
before about, I mean, my needs are gonna be
different than yours.
And we all have different needs
in different phases of life and finding somebody
who is gonna give you something customized
to you and your needs is just so, so important. So let's let those
viewers out there know what exactly is this process
like when they come to see you, why is it different than
maybe the stockbroker that they've seen in the past? – Let me tell you that one
of the biggest difference in our firm is we
have multiple offices throughout New England.
We have a large group of
basically fiduciaries, who all have a sub-specialty. Jeff Harder, for example,
heads up our Medicare division. You're gonna retire, every year, you need to take a look
at your Medicare coverage. We have Matt Dunn,
who's specialty, subspecialty besides
being a fiduciary 25 years of experience
in the security industry is a certified financial
educator is up and down the East coast lecturing
on social security. So I go through the
entire firms and say, listen, it's not just Richard. You are gonna need
different professionals. It's a one stop, all services
facility that we're able to offer these clients as they
evolve through retirement. My specialty is you don't
have long-term care insurance. No one has it. What happens if the
unthinkable happens? Can we preserve the assets for
the healthy spouse at home? The law, the statutes
will allow me to do it if things are set up
in advance, the six Ps, prior planning prevents a
pretty poor performance. – Why do you think
you're not seeing people buying into long-term
healthcare insurance? – Too expensive. Dad can pass it,
but mum has a malady and I don't wanna
charge her 20% extra, and let's face it,
that ship has sailed when people are
coming into my office and they're gonna retire next
week and they're 66 years old.
You buy that stuff
in your 40s and 50s. You do not buy it when
you're 60 or 70 years old because you can't
pass a physical. You take a look at
the premium, woof, now you're gonna have a
stroke, so what's plan B? Plan B is you say a rosary
bead and you hope for the best. And the vast majority
time that's gonna work. Not everybody lands up
in the nursing home, but if you live long enough,
my mother is 95 years old. At some point, we realized
the mattress weighed twice what she did, she
can't change the sheets. So we got a housekeeper
in, change the sheets. As we get older,
we become frail. So home health care, we do community mass health
applications to help people get assistance at their home.
So we're a full
service organization. You're not gonna find that
at a stockbroker's office. – And proper planning on these
things takes the stress away so that we can enjoy
those golden years of our life too, right? – Retirement is about playing
golf, getting that hobby, taking the course
you've always wanted to, or maybe donating your
time for the church. It's not about worrying
about different things that may never happen. – So there's no
risk in this call. There's no risk in
this conversation really that's happening. All people need to do
is call that number, 833-579-5500, they're
gonna call your office and someone's gonna set
them up with an appointment to talk to you. All they need to do
is fill this form out and bring their statements? – That's all they have to do. – It sounds pretty easy to me. – Well, we'd like
to make it easy because we also have an
awful lot of procrastinators out there. – I think that if 2020
has done anything for us, maybe it has helped
us not procrastinate because we're realizing we
don't know what tomorrow may bring and so better to plan.
– It's been quite
the educational year,
that's for sure. – Maybe not the education
we knew we needed, but we actually really did. So again, that number
is 833-579-5500. Again, this is complimentary. This is a service
that other advisors charge $1,000 or more for it. And Richard's gonna
sit down with you and give you this
service complimentary. So there's no risk in that call, even if you've seen
another stockbroker.
If somebody hasn't discussed
these things with you, now is the time, just like
you'd get a second opinion from your doctor, you're
gonna get one from Richard. And we always run out of time before we get to
discuss everything. So we'll have to do
it on the next show. – [Richard] Not a problem. – It's been wonderful
being here with you today. And until the next time,
we'll talk about those six Ps, which I can never ever repeat. – Prior planning prevents
pretty poor performance. – I love it, it's great being
here with you here today – All right. (upbeat music).
Retirement Advice from someone who has done it.
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What's your best retirement advice Retire Early!! Chuckles, it's been a good life.
Read MorePlanning Retirement the RIGHT Way (with Veronica McCain)
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so you'll pick me up tonight
at 7 45. yo well no I got a few things to take care of first but
why don't we make a quarter to eight I'm 45. live from Joe's mom's basement it's
the stacking Benjamin show [Music] I'm Joe's mom's neighbor Doug and good news
today is all about getting your way which is my favorite here to help us work out our goals
and find happiness we welcome retirement coach Veronica McCain for our Tick Tock minute we'll
discuss tips on getting your vocab right to succeed in the corporate world in our headlines
why is it that instead of money at the end of the month the month seems to go too many days for
our wallet we'll share an explanation from one popular publication plus we'll throw out the Haven
Lifeline to Lucky stacking Benjamin's listener Jim who wants to know what percentage to put into his
Roth IRA and then I'll share some heartbreaking trivia and now two guys who like to color way
Outside the Lines the Philistines it's Joe and oh [Music] and a happy Monday to you stackers nice open
duck you know given your history I think that was fantastic we got a great show today fantastic
show Veronica McCain is here I can't let that go what do you mean given my history I am Flawless
day after day show after show let what go I don't know what we're talking about Veronica giving
my history great open given my history Veronica McCain is here today she is a retirement coach
and uh oh gee we don't get enough time to talk about just retirement so I'm I'm super happy we
get to do that sweet I'm gonna retire after this Marathon recording episodes podcast for the
last freaking week and a half so you can go on vacation so like yeah by the time people hear
this I've had a wonderful vacation in Spain which meant that uh that yeah we've been talking to
each other a fair amount lately however we got a fantastic show today not only Veronica became
we got a fantastic Tick Tock minute super happy headline today comes to us from the Wall Street
Journal the oh gee sorry the Wall Street Journal The Wall Street Journal are they like the Ohio
state of newspapers forgot to put the emphasis in the right place and they get angry those Buckeyes
no it's the Ohio State I thought it was just oh no no it's the this is from the personal finance
section it's written by our friend Veronica dagger a Veronica writes why it's now easier to
underestimate your expenses and overspend let's dive in Veronica writes many people have a gap
between what they think they spend and what they actually spend this gaps wide recently is the
financial and psychological effects of higher prices further strain people's budgets Elevate
inflation is rippled through Americans wallets for more than a year now some have cut back While
others have increased their spending to keep up credit card balances were staying relatively flat
for a while but have jumped higher recently oh gee you and I let's take it from here I think
that this is a year where it's crucial to have your finger on the pulse of what your expenses are
you know you hear people joke about eggs you hear people joke about the grocery store of course for
a while there you saw the gas pump that seems to have leveled off at least where you and I live but
I think if you don't have your finger on the pulse you're just gonna have less money at the end of
every month well the availability of credit cards and accumulating that Consumer Debt really makes
it easy to continue to live the life that you want to live even if the cost of living has increased
a little bit because you don't feel the pain of that right away you know it's like that kind of
slow death by a thousand paper cuts type of thing it's like you have a little bit of a balance that
carries over then you have a little bit more of a balance that carries over and a little bit more of
a balance that carries over and so that's a really good really good signal I think is if you if you
go month to month and you're not paying off your Visa bill every single month or if you had been
and now you're not yeah that's a good trigger to go like whoa what changed here that'll snowball
pretty quickly listen to this statistic just to tell you how many people are not paying off their
credit cards Veronica writes in the fourth quarter of 2022 the average household's credit card
balance was nine thousand nine hundred ninety dollars up nine percent from a year earlier nine
percent higher it's a huge big number according to wallet Hub customer Finance website meanwhile
the average credit card interest rate of course rose with spread right yeah uh to record high of
about 20 percent last week according to bank rate those are some there's some big downsides for
not tracking your expenses yeah thinking about the math on that real quick it's like okay ten
thousand dollars at twenty percent you're spending 150 100 you know 200 a month of Interest that's
not going to pay that off if you think okay well I make 80 grand after taxes bringing home you
know 60 after taxes and health insurance and 401ks and all that sort of stuff that's a solid
chunk of your annual budget that's just going to interest payments that doesn't really accomplish
anything for you so if you're one of those people that that balance is increased on I think it's
really important to figure out how to tighten I think one way if you have an accountability
partner a spouse a friend that you're working with I really think this can be way easier than people
think that it is Cheryl and I just have a weekly meeting we meet for 20 minutes it's over wine or
over pancakes depending on what time of day it is it's not complicated we just look through it OG
and I think it can be that simple it doesn't have to be you know you're using what you know I love
the tiller money app I think it's fantastic how it takes a spreadsheet and downloads everything every
day and you've got whatever numbers you want you can plug those into your spreadsheet and get it so
you can slice and dice however you want I like the cube app as well we of course have lots of fans
who use YNAB as a great budgeting tool but it's not really it doesn't even have to be that hard
it just has to be having just a finger on on the pulse like where where's our money actually going
you know it might have been you who mentioned it years ago oh gee it could have been Paula pant but
but a lot of people feel handcuffed when they feel like the advice is look at your budget every
month and decide all the details that you're spending on and I think that's one of the things
that intimidates people or just is a huge Downer against budgets I don't think you have to do it
forever and ever I honestly think you set up a budget we use whatever template you want to use
make your own or use some of the ones that Joe mentioned and then you check in on it for let's
say the first six months or eight months however long it takes you to establish habits for just the
way you live just the normal everyday stuff and then once you've sort of curtailed yourself from
essentially taking out a loan to buy that pair of pants or that whatever that thing is you think you
need uh I don't think you need to check in on that budget that often I think it's I mean honestly
I'm checking in on mine every maybe six months to a year I think that I think the big Point here
Doug with inflation having gone up as quick as it did the point is to have these early warning trip
wires that if you're not going to check it that's fine but you got to have a tripwire that alerts
you then that stuff is real and it's different than it was three months ago because to OG's point
if you don't catch it early this gets Beyond you I mean but Wells Fargo's PR team finally getting
getting ahead of the story here and got themselves in this piece listen to this I like this money
grows much faster than most people expect because interest is not interest says Michael learsh head
of Wells Fargo and companies advice and planning center it's a great quote a similar concept
though applies to inflation prices rise and if inflation remains high prices continue to grow on
top of already inflated prices leaving people off guard quote people get constantly surprised that
their money isn't going as far as they thought it would and in fact the cost of eating out and going
for drinks continues to take Dina lion aback even though the 36 year old married mother of one's
dining out and ordering in far less than she did a year ago some prices still give her sticker
shot she says the difference between cooking at home about ten dollars for nice pasta and quick
sauce from canned tomatoes versus Italian takeout for now 50 bucks is astronomical said Miss line
who lives in Brooklyn I think those trip wires are are what you if you're not going to set it up
Doug well let me ask you this I mean given your history with money how exactly do you set up your
own tripwires so we focused all of our spending on One credit card I have a rough idea every
month of what that that number should look like at the end of the month and if it's significantly
higher I kind of raise an eyebrow and then I start scrolling through transactions and realize okay
those are all legit time to cut it back that's my trip but you know then where to cut well then
I start to it's usually uh the same thing for probably 90 percent of Americans Amazon but uh
Amazon could be anything though I know that's such a brilliant way for them to disguise what you're
buying that it just says Amazon yeah because you're like there's no way I spent forty one
thousand dollars on Amazon last year yeah you did like well what did I buy wouldn't you like to know
right I bought Fruit Loops and a backhoe exactly but yeah then I just dig in a little bit if if
the number is significantly higher usually when that has happened it's because of a couple of
big purchases and I know right where it was and um I know that that big purchase isn't going
to happen again the next month it's you that for me that's usually what it is it's not the
trickle effect of Amazon it's usually some big some big Bill I had but uh yeah that's that's my
tripwire yeah I just know that given your history that we really need to make sure that um people
hear the story you are harshing on me today what is happening what am I doing I don't give up
your history and what then you you yeah yeah harsh on my open what is going on I don't I'm just
saying that given your history there we go again I think we need we need to make sure that people
hear the story like it's a it's a great tale hey uh speaking of great Tales time for a tick
tock minute this is the part of the show where we either have some Brilliance from the people at
Tick Tock or we have hashtag brilliance from those very same people uh Doug which one do you think
we got today this one's legit it's solid yeah well more solid than my backdrop which is just about
fell over I love it how people are about to see they're about to see all the canned goods here
in the basement when your professional backdrop goes bye-bye I think you're correct doug because
oh gee today what we're going to talk about is how to succeed in corporate life how to how to
figure out the right things to say let's listen one of the most important skills you'll need
to learn if you want to be successful in the corporate world is how to speak like an absolute
[ __ ] week and a great way to do this is just to totally ignore the basic principles of
English grammar so first take a random noun and then change it into a verb so a word like
idea becomes ideate then take that new verb and turn it back into a noun so id8 becomes ideation
then take that now and change it back into a verb so ideation becomes ideation Inc finally take the
new verb and change it into a meaningless seven word cluster an all hands Blue Sky ideationing
session then sit back and wait to be promoted right that immediately it's pretty
funny after your blue sky ideation session you're you're good that's pretty
funny brilliant Joe tell them some of the we've got some of that same kind of
corporate phraseology here that that just develops organically just happens we have
we've come up with our own lexicon here uh OG we need to talk to you over by the can
peaches we say that you're getting canned first time Doug got canned he thought it was a big
deal oh God I was remember that yeah I was I I had Joy I mean uh tears in my eyes and when it's nice
outside so you know we want to leave the basement we meet up by the clothesline which we call Doug
getting hung out to dry there it is we didn't need the bump this is serious work OG we're all trying
to get promoted here hey coming up is a woman that I don't think we need to promote a lot because
when it comes to retirement planning people take it way too cavalierly oh gee you know this
better than most people spend more time planning their family vacations than they do planning their
retirement which shows why so many people are not successful at retirement planning well Veronica
McCain worked a full career and then realized that as a second career which we may talk about as well
she was going to become a certified professional retirement coach and a charter retirement
planning counselor after 31 years of Public Service work decided you know what time to do that
other thing that I've really really wanted to do so she founded Savvy retirement coach with the
mission to provide holistic retirement planning Concepts focused on self health and wealth we're
going to talk to Veronica here in a second about doing a better job planning retirement but Doug to
get there I think you've got some history well I think of it as trivia you call it history
tomato well given your history of doing the trivia I think we should just have the trivia now
there's some massive punchline coming I can tell I don't know what it is but okay fine here's
the trivia Joe hey there's stackers on Joe's mom's neighbor Duggan did you know that on this
day in 1956 Heartbreak Hotel by Elvis Presley became a number one hit the Smash Hit was written
by the Queen Mother of Nashville Mae Boren Axton and Tommy Durden Axton played a recording of
Heartbreak Hotel for Elvis at a disc jockey convention in Nashville and the rest is history
so since we're on the topic of hotels I got some hopefully not heartbreaking Hotel trivia for
you my question is if you're evaluating hotels as an investor what is the difference between
these statistics average daily rate ADR versus average published rate or APR I'll be back right
after I asked Joe's mom to celebrate Elvis by making me a peanut butter and banana sandwich
while I tee up Heartbreak Hotel on my Walkman Burning Love Joe's mom's neighbor Doug and we are
commemorating the anniversary of Elvis Presley's Heartbreak Hotel becoming a number one hit on
this day in 1956 with some Hotel related trivia so my question was if you're evaluating hotels as
an investor what is the difference between these statistics average daily rate versus average
published rate in maybe our most thrilling trivia question yet try to stay awake non-hotel
investors the average published rate is believe it or not this is going to be amazing are you
ready I'm just settle down because I know the excitement is building it's the amount a hotel
asks for rooms well the average daily rate are you ready for this I know you've been waiting
by your device all day just trying to figure out what this definition is that is the amount
they're actually getting paid for the rooms if you're a hotel investor this is the opposite
of boring because if those numbers are close together it means the hotel is in demand and
if they're far apart you know maybe not so much maybe I should suggest our writing team retires
So speaking of retirement Let's help you get there permanently it's time to learn how to create
your retirement your way with Veronica McCain and I'm super happy she's here at the card table
with us Veronica McCain joins us how are you that you're here because we're about to talk if
this goes according to plan we're about to talk about all the things that you and I think people
should talk about during retirement but often kind of gloss over because they're you know just don't
get me wrong we're gonna talk about the money too but it's about more than money but as a way to
get there Veronica I've always believed that if you want advice it's helpful to get it from
somebody who's kind of walked that path right when I was a financial planner I had been one
in a long time but when I was the fact that I worked with 200 families and I'd seen retirement
over and over and over again should give people a little bit of comfort that yes you want to do this
once I've done it a bajillion times but but I had not at that point ever retired you have actually
retired tell me about that do you remember the countdown to your retirement oh yeah definitely
I mean I remember when I was working you did you know you do the usual countdown on your calendar
kind of exiting out the days until it actually hits and then that when that day comes I think
you get a overwhelming emotions because then I realized you know I'm leaving my work and my work
was not just work for me I actually had you know work family what did you do by the way I worked
for the federal government so I was a associate director over several various departments within
an agency a very small agency about 300 people but um because you're a small agency you kind of
have to sometimes do a lot so oversaw a lot of different departments yeah so so you have this
flood of emotions where the emotions about loss were they about excitement I don't know is it now
all the above is it purpose yeah I kind of had an idea sort of what I wanted to do so I kind of knew
what path I was going to take once every time I know it's going to go into some type of coaching
field didn't know exactly what way I was going to go with it at first I thought maybe more in the
Executive coaching area but then as I thought about that more it kind of gave me flashbacks for
work so then I decided to get into more of the the retirement because people were asking me so
many questions about you know what do you do and what you retire how do you feel your days and that
kind of thing so um you know as I was approaching looking into the coaching area I did look at
retirement coaching and I said oh this will be an interesting field to pursue because I like to
motivate people to have people get excited about their goals and what they want to do in life and
I like the kind of the financial side as well so um you know that's why I decided to kind of lean
more toward the retirement coaching but getting back to when that final day came yeah I think
it was when I had the actual retirement you know sometimes that work to give you a retirement uh
party and you see everybody and they're like uh say something say something and then when I got up
to say something all of a sudden I started feeling like I was gonna cry yeah I was looking out at
everybody and I was like wow I'm you know this is this is really the end um even though I had
something you know like I said to look forward to going through I didn't expect that emotion to
come over me like that but it did and I think a lot of people experienced that when the final
day comes of their retirement there is like a I don't know I mean it's just morbid but there is
like a death I mean you're it is it is your last cake right right you've been to see other people's
cake but all of a sudden you realize this is your last slice yeah it is that that's exactly what
it is it's kind of you know that you're gonna try to keep in contact with the people that
you work with and try to have some kind of relationship but it does change it really does
because you just you know everything usually that you talk about with people at work is work related
stuff and over time when you retire that kind of goes by the wayside with you so do you feel like
we're too Cavalier about that about that process about the uh you know the fact that we're going
to have these emotions we just think oh I'll deal with it when I get there yeah I think a lot of
people are just so caught up and I'm going to be retired I'm going to be tired I can do whatever I
want it's so exciting or whatever so yeah I think you don't really feel like that you're going to
have those type of emotions I think you just feel like you're going to go to this next chapter
in your life and it's going to be oh this this burst of excitement and it is I'm not saying that
you're not going to have it but I do think there's also a period of of where you kind of adjust uh
to you know what you've left behind in your job and your identity and all that with that and
then going forward pursuing what what you had to look forward to in retirement so it's kind
of a mixed bag those first couple of years you tell your own story but you also tell stories
of a few other people in the workbook one is a woman named Susan Susan seems a little lost
can you tell our stackers about Susan Susan is the one who the days and the walls were kind of
closing in yes yeah yeah she was the one person in the book that I talk about and the people
that I talk about the book are actual people that I coach I just use different names and
scenarios names change to protect the guilty yeah she was kind of diverse and this is a this
is a lot like when you're working you're kind of looking forward to those days that you have off
where you can kind of do some things that you want to do but then when you retire and it's every
day it gets a little daunting if you really don't have an idea of what you're going to be doing to
for your days your day-to-day life I think is the hardest thing that most people struggle with when
they retire they have some huge aspirations maybe of traveling or doing that but once they're
sitting in their house house on a day-to-day basis and in the you know the walls of you know
has kind of quiet and not a lot going on you don't have that routine of going to work anymore
it's kind of like what do I do on a day-to-day kind of thing and that's kind of challenging but
what Veronica separates your workbook from a lot of the retirement discussions I've seen is that
you take this day to day and challenge all of us to think really bigger about our life like I got
this feeling even in the beginning Pages as you're telling the story that well let me just quote
you you wrote a big void needs to be filled in retirement but it should not be filled just with
things to keep you busy like this is not just a March to the Grave this is a whole different
piece of your life and it shouldn't just be about rearranging the salt and pepper shaker every
day or you know figuring out that the dog needs to go for a walk like you challenge us to think
a lot bigger about this period exactly it is an exciting time for you to think bigger about your
life because it's probably the first time in your life that you're actually able to do what you want
to do on your own schedule and hopefully have the finances to do that so I think it's more than just
trying to fill your days with just the stuff to do and I think a lot of times when you first retire
if you don't really have an idea of what path you're going to go down once you retire that's
what you start doing you start trying to just okay let me do this do this and do that and you're
not feeling you're still not feeling fulfilled so I'm hoping in the workbook I give you exercises
to help you because people struggle with like what does this mean purpose meaning fulfillment
or whatever yeah those are I think sometimes big words that we use but I hopefully going through
some of the exercises in the book you will be able to figure that out by going through the exercises
and then trying to say okay well what do I really want to look for as far as my next chapter in my
life of what I want to pursue and what I want to do more than just these little small things that
are keeping you busy I get uh coaching from a group called strategic coach long time stackers
have heard me talk about them before but we have we have a workbook similar to yours with these big
questions about leadership and about coaching but you do the same thing here with retirement and
this is not guys this is not a long workbook but if you're doing this right it may take you months
to fill this stuff out because I could see myself Veronica peeling off maybe two pages and really
because the thought that goes into each page of this is really the important part well let me give
everybody some of the tips from the book that you have early on because you have workbook pieces
and then you have some tips here's some tips early on for when you first get to retirement to
kind of send you on this path while you're filling out the workbook schedule activities you enjoyed
during when you took time off from work journal and reflect on your expectations of yourself as
a retired person I love that word Expectations by the way read books and articles listen to podcasts
and a variety of topics to discover what most interests you now and volunteer for different
organizations to discover how you most enjoy helping people and helping help being out it feels
to me Veronica like you're challenging people also to don't be afraid to explore like go go try
stuff expecting that it might not be a fit exactly that's exactly right Joe I want people to not be
kind of Trapped into thinking they have to have everything planned out to just go out and just do
things that they find intriguing or they interest them and then from there they can determine what
they want to continue to pursue what they don't want to continue to pursue but don't don't limit
yourself on what you what you think you should be doing or how you should be doing it this is a time
for you to be adventurous and explore at different Avenues and things that interest you and a lot of
times that's kind of a hard thing to do for people because they've lived this kind of structured life
up to this point with work and all that and to try to say oh just go out here and do whatever and try
to figure it out it can be a little intimidating like whatever what yeah yeah so I'm hoping that
the exercise in the book gives you clue you know kind of cute used to okay these are some things
volunteering doing some other things that you know she thought about what maybe when you were
younger and didn't pursue kind of go back to those times of those thoughts and and try to figure out
if there's um things that you want to pursue now so yeah it's it it's funny because I I really
went through this crisis where I felt like not just there's a lot of stuff not interest me but
but I'm like okay I want to get involved in my community I want to get involved in organization
but but which ones I don't this could sound very horrible Veronica but I just didn't I just didn't
care about any of them and then I realized that it wasn't about that I need to just go get involved
and when I found out and ultimately at first it was the Arthritis Foundation I got involved
with I found out about juvenile arthritis I found out about all of these things happening in
the arthritis Community I got involved in walking trails around town and I realized how walking
trails uh not only your Healthy Living but beautify a city but they're also very inexpensive
ways for cities to raise property values like I learned it by exploring exactly what you're saying
to do in the book exactly that sounds so great Joe because that's exactly what I'm hoping people
would do once they start retiring just like you said you did you just started going out and doing
things and as you started doing those things you learned so much and it got your interest even more
into whatever activities you were pursuing the one thing that people have to realize when they retire
you have to be just to be intentional you have to go out and do it it's not going to come to you and
a lot of times I think you know when I'm working uh coaching with clients they're like well I don't
know I don't know I'm like well you got to go out and try you can't it's not going to come to you
you've got to go out there and pursue it and once you do and when you know you will see oh okay this
doesn't just me or this doesn't interest me but you've got to go out there and do it can we talk
about that what you just said about you kind of kicking people in the butt and and kicking them
out the door to go you know like my mom used to say don't come back inside until that light turns
on you know we we back when kids went outside side maybe I'm dating myself there but you end
almost every chapter of this workbook with who are going to be your accountability Partners it
seems to me like accountability partners are a big piece of this tell me about how you how do you
find these people Veronica maybe just before you retire yeah and sometimes say you know who they
can be they can be trusted friends and and people that you know I think sometimes there are people
that are asking you questions about yourself and are intrigued about you as an individual but you
do have to find sometimes an accountability person because in retirement there's nothing pushing
you to do anything and if you don't sometimes have somebody that you can hold accountable and
if you can't find someone within your your network I would advise you to look for a coach because
that's because what they can be as well pursue look um for a retirement coach or a life coach
or or someone in that field because they can be your accountability partner but if you're finding
that you're struggling trying to get stuff done and you're not really getting out there or you're
bored and you're restless and you want to not get some pickup and you're like you definitely need
to look into getting somebody to be accountable and help you because I even have coaches that I
work with and I'm a coach yeah yeah me so it's just something that just like I said it helps
you keep you accountable to someone to keep you motivated to do things I think that kind of
like you Veronica I just get this feeling that uh with my coach if I say it out loud to Mary Lou
it means I gotta go do it like that if somebody tells you or if you tell your coach then you
then you have to go do it I want to stick with this theme of uh friends and family a little bit
because those might be some of the people you're bouncing stuff off of but you also say if you're
having trouble finding your sense of purpose that friends and family might be a good Outlet yeah
and that's what I found for me that's why I said I want you know I knew I wanted to go into coaching
I wasn't really sure which way I wanted to go and the reason why I decided to be a retirement coach
is because friends and stuff are saying you're good at coaching and talking about this retirement
stuff or whatever and I'm not like you should do something with that and that's why I pursue
becoming a retirement coach but I think oftentimes friends and family see things within you that you
don't even see yourself they recognize talents and things that you have that you're like oh okay
you're right I do enjoy that you kind of brush it off and maybe not pay attention to where they
might be and I think when you're listening to your friends and family you have a tendency because you
trust them to listen to their guidance a little bit maybe more than somebody else that doesn't
really know you so I say I always lean into your friends and families to help you if you're
trying to figure out maybe you know some things you might want to do they might say well you're
good at organizing or you're good at accounting or you're good at this or whatever and they might
give you some cues to help you figure out where that next chapter is going to be in your life in
retirement so definitely look for them for that I like the fact that you go through a lot of
this first about about purpose and value and meaning before you get to the money in chapter
two because your chapter two then really is structured around okay now that you know that we
can focus on spending money where it's important and saving money where it's not and hopefully I
have an idea there you start off with some good tips you talk about traveling a lot of people
in retirement want to travel uh you say to be a conscientious traveler what is what does that
mean yeah everybody always says when they retire they want to travel and then all of a sudden
they just start going places and not really thinking of where they really want to go and why
they want to go there I kind of had to regroup because when I first retired I kind of I think
everybody does that you go through that I just want to get out and go go go go go go and you're
just going everywhere but you're spending money going everywhere and so you want to kind of
maybe reel that back in it's okay to have that little brief period of doing that but you want to
reel that back in and really think about you know where is it where do I really want to go why do
I want to go there what do I want to experience once I get there make sure you're spending your
travel dollars on things that are value to you and make yourself more conscious of the type
of traveling you're doing I know I did a lot of girlfriend getaway travels you know spy and
all that and that's great but I really want it I want to explore the world that's what I really
want I want bigger trips and so you know you need to just be conscious of what your goal is as far
as you're traveling and where you what you want to see and make sure you're you know you're putting
your money into that type of travel versus just doing things yeah yeah what I really like that
you shine a light on is now that you're retired you can really lean into off season and one thing
that's not in your workbook that I love about off season that Cheryl and I have found because she
is a somewhat flexible job and I could travel whenever man off season you get more of the local
experience because the places aren't full of a bunch of tourists people are more likely to be
able to linger and talk to you like off season is great but to your point you save you save a
bunch of money there too exactly and I travel now that's all I do is try to travel off season
because just like you say as far as you want to make sure with your dollars that you're spending
them in a conscientious way as far as when you're traveling too going off season I feel like those
retirees the best time for you to travel because you really get a feel for everything without
the crowds and like you said the pricing is better you're able to enjoy it in a different
way what are some other ways that new retirees and people that are stackers that maybe are are
getting close to retirement can think about areas where they might be able to save money besides
on discount or off season travel at first I would just look in your budget overall of what you you
know you have developed as far as your I think everybody should be tracking their costs before
they retire and coming up with a overall budget um what they think their retirement is going
to be but some of the things you can look at is cars you know the insurance and things of that
nature look at that to see if there's ways you you can save on that once you retire there's
also lots of discounts and stuff like we were talking about off Seasons but also if you kind of
pursue looking you know if you want to go to Parks or whatever whatever your um interest might be
looking for ways you can get discounts on things of that nature and just be aware of any ways you
can save money with traveling it's just a lot of different ways out there too for other things as
well two big ones I really like that you had uh if you've got two vehicles you might be able to go
to one you know think about what you think about Transportation evaluate your life insurance do
you need it anymore are you financially solvent enough where maybe you could get rid of that and
then a medical one which I really liked was hey this medical thing is going to get expensive
stay healthy which also gets you out of the house I feel like Veronica again you're kicking
people's butt out of the house I definitely with the medical and the exercising and now that you've
got all this time you've done definitely can get a nice physical routine into your everyday life
just simple walking I know I take morning walks every morning and not just for exercise but for
meditation purposes for me as well but yeah we all know the medical cost is a big expense when
you retire and we also know that you get more you know seditary in your way you're not as active as
you were where you were working so I do recommend that you do have a physical fitness routine for
yourself when you retire to keep yourself healthy so you can reduce those medical costs because
a lot of the Medical classes stuff you can prevent yeah and things that you could be doing to
prevent you get but you got to start early on your retirement and start doing things to keep yourself
healthy when we go to the doctors at a certain age you're all getting those oh you're close you
know borderline there's water flush that and stuff it's time for you to really you know we're at that
point you can do things within your health to keep yourself more healthy so yeah yeah definitely I
look at a hamburger now and my cholesterol goes up I just look at it I don't know how that medically
happens but it's crazy that is we all we all know that feeling with people that own their house
you have a section of your workbook to go through Renovations on your house and thinking about
your housing situation this is the number one area in our budget our house what are some of
those key considerations about our housing we should be thinking about yeah a lot of people
like especially if they want to stay in their houses should look in as far as their as I call
Aging in place in the houses and look how well their house is going to be able to support them
once they start aging and look at you know I have a checklist in there of things that you should
look at as far as your stairs and your appliances and just repairs and stuff that you might need
to do to your house as you start getting older those kind of costs if you're not prepared for
them can wreak Haven on your retirement budget so if your house is where you want to stay then
you definitely need to look at it like even the showers grab bars and um stuff yeah steps if
that's going to work as you get older I know with my husband he had had accident he couldn't
go up the steps but it made me start thinking you know as we age you know we're not able to go
up the steps how are we going to do it because we don't have bedroom on our main level so those
are the things that you need to really think about if you're going to decide to stay in your house
so what you need to do and kind of come up with a plan so it doesn't all hit you at once because
sometimes it does you know unfortunately it'll be unexpected like your husband's too I mean there's
no you know Tuesday everything's fine Wednesday the game's changed exactly and you need to kind of
be thinking about that especially like I said if you plan on stay in your house what your game plan
is and start trying to figure out how you can get your house accessible so that as you age it'll
it'll still suit you yes you talk about moving and about a lot of people of course think about
moving when they retire and you also talk about friendships and I'm glad that you coupled the two
of those together because one thing I've always thought and now I know we're here to interview you
Veronica but I'm going to pontificate for just a second no problem because I feel like people think
of moving wait we talked about being too Cavalier with this whole thing this especially to me is
an area where people are too Cavalier I'm just going to move closer to to my kids and what you
find is that your kids are really busy they got a bunch of stuff going on you become a full-time
babysitter but you don't end up interacting with them in the way that they want and all of
these close friendships that you developed over the last 30 40 years I'm a guy who lived for
a decade in Texarkana I moved away to Detroit for two years and Veronica we came back and not
because I have family here in quotes because all my friends are here I see some of my friends
as my friends are getting older you know I find them getting vacation houses that are far away
and we're we never get to see them anymore and I feel like this loneliness this isolation that
we put ourselves into because we think it's great like we're I feel like we're way too Cavalier
about that but anyway I will shut up I'm gonna get off my steps duel what do you think do you do
you're sad at all Joe that is exactly what people do they're very Cavalier they have this idea of
oh I'm gonna live here and it's going to be this great but they have no special connections there
yes or I'm gonna go near the grandkids and the grandkids are getting older the grandkids are
going to grow up they're not going to be here forever be little kids they're gonna grow up and
have their own things or even if they're already older they you know have their own activities and
stuff to do so that's why in the in the workbook I give a checklist you know it just even asked
them oh yeah we want you close by and I say also don't let your only connections be your kids your
grandkids or your kids you know you need to have other social connections outside of them because
a lot of people say I'm a little bit closer for the children and that might not work out so yeah
it's one of those things that I think everybody has this idea of how it's going to be yeah this
grandiose kind of idea so not true so not true and that's why hopefully when you go through
the workbook and you look through the checklist and if you do the exercises that are focused on
that you'll have a clear perspective of whether that's a great move for you or not whether it's
going to work for you and as you retire because I think it's hard harder once you get there to try
to move back so oh agree yeah yeah uh you talked about how I was a retiree now you know you're not
forced to get up and go to work you don't have to now lead the charge like you did in your career
Veronica with your department with your agency time management then becomes really important
then for retirees if you're going to get what value you want out of life so you talk about
morning routine daytime routine idea week again accountability Partners but but I
wanted to end by talking about this time management system for retirees you call it uh
postek p-o-s-e-c can you walk us through that one of the things that people struggle with
the most and I kind of alluded to that before is you had a routine when you were going to
work once you retire that routine is no more and I find a lot of times with new retirees
especially that's where they feel the most lost is there's no structure to the day anymore they're
kind of and all you know all over the place and don't know how they can spend time sometimes just
Milling around not doing anything or whatever so I want you to I you know sometimes when I tell
people you know structure they kind of you know like that's why I'm not working anymore I
don't know why not I don't like yeah well easy easy there all right if you want to try to
put me back at work with destruction my name is this is the whole purpose of retirement I thought
for me to just kind of Mill around and not do anything but I thought we find that when people
do that they get very bored so I just ask that you just think of your days and more how am I
going to start my mornings how am I going to get up in the morning get started and get going
through the day I think once you get that start up in the morning of what you're gonna do it kind
of guides you through the rest of the day but you do need to think about how am I gonna just get
my day started you know when you don't have an alarm clock to get you going every morning so yes
the workbook is is my retirement my way it's a workbook for the newly retired it's funny the way
that you go through goal setting like a 30 year old would just reminds me the purpose is important
no matter no matter where you're at in life and uh the book's available everywhere correct yes it
is yes well thanks so much Veronica for helping our stackers get successful with their retirement
it's funny we talked to a guy Wes moss in Atlanta about his book what the happiest retirees know
and it's so funny how it lines up so well like if you read that and do your workbook you're
gonna implement this and you're more likely to be one of those happy retirees so thanks for
this work no thank you thanks for having me this is Daryl from Pennsylvania when I'm not busy
arguing with a four-year-old um stacking Benjamins oh gee I love that we can talk to Veronica
for over 25 minutes and uh the concept of asset allocation doesn't even come didn't make it
doesn't make the cut we're so busy talking about what about my efficient Frontier it's all going to
change I mean not the efficient Frontier but just your emotional landscape I totally agree with her
you see it all the time you go through this this metamorphosis when you hit retirement and even get
close to it that I think most people are way too wait I guess they're not expecting it's a whole
different world I mean if you've been successful in your entire life this is the transition I
mean just inside the money concept not not all the other stuff that she was talking about right
like time and energy and all that sort of stuff but just the money piece of it transitioning from
being a good saver your entire life to being a good spender for the rest of your life in and of
itself is a difficult change so hard to make that switch and it's even harder when you don't really
know what you want yeah you're much more likely to just hold on to the money and the thing that you
underestimate is time you don't have forever to decide what you want to do would you rather have
Charlie munger's money at uh 90 or his wisdom at uh or you know what is he a hundred or something
like that is his you want to trade places with him basically no nobody would trade places with
Charlie hunger right now for all the money in the world well what if Charlie Munger likes what
he's doing I understand that I'm just saying like nobody would trade places with him because
of the time you know because he's 90 something oh like he's got billions of dollars so it's not
it's not necessarily always about the money I see what you mean but so you so to Joe's Point you'd
end up with a really really happy last two years of your life yeah that's right well it's our
it's our friend uh doc G's book about hospice you know about these people who spent their
whole life chasing dollar bills or people that spent zero time chasing dollar bills they
spend all their time going no I don't need any money and then they realize if I would have
had some I could have had better family time that's a good book hey let's throw out David
lifeline and tackle some of life's most important questions our friends at Haven life insurance
agency Doug they put what you value first I tell you what uh white breasted nut hatches white
breasted nut hatches yeah what is that that's a bird and it's also a realization that you've
become old because one day you're joy riding your frat brothers brand new car to Florida when
all he thought was you were like driving around the block and you're like we're going to Florida
and the next day you're getting out your bird ID app because some Bird shows up outside your
window what is that at least it's an app and not a book yeah true but uh and then I also spotted a
fairly rare for my area a brown merger [Laughter] both of those are fantastic names for birds and
I saw them both this morning but you know you know number one thing OG is it's an app on his
phone but the thing that makes him proudest is that it's his most used app on his phone like he
gets that report from Apple and they're like you open that Bird app a lot well thank you next
to his uh walking step counter app and the one that monitors his blood pressure he's he's also
the continuous glucose monitor blood pressure number of steps in the New Balance app
I don't see a problem with any of this to order new shoes every six months given his
history Anything Could Happen hey uh speaking of anything happening we should uh go ahead and
throw a Paving Lifeline because the answer that question Doug was your loved ones in your time
with a bird app it's why they've made buying quality term life insurance actually simple more
time to catch the brown and merger beeping out of the hole hey stackabenjamins.com havenlife now
please go there and then fast forward this 15 seconds to get us out of this bird discussion
their application's simple getting us to cover his decision their parent company Mass Mutual is
more than 160 years old so you know that they've done this before hey uh today we we I I love
Karen repine our show Runners notes for us this is uh Jim from Wisconsin calling in and Karen
says Jim from Wisconsin a real person not Doug thanks we actually have a real Wisconsin
idea is that was is it wisconsinite or is it just cheese head do you just
say cheesehead yeah I think that's the preferred term it's in their
state either Constitution hey Jim hey guys Jim here and I actually am from
Wisconsin I have a question about what percentage to contribute to my traditional 401K
versus my Roth 401k I'm five to seven years away from retirement maxing out my 401k contributions
I read somewhere that when you have saved six times your annual income you should move all
your future contributions to the Roth option what's the thought process in deciding how much
to put where I'll be looking for that shirt thanks Jim thanks for the call thanks by the
way for proving that you're really from Wisconsin uh Burton from Minnesota needs to
learn from Jim he's got to put some Midwest on that uh yeah if you're listening
from last week take a note from Jim it's a good effort Jim I'll give you that
I mean you made a You made an attempt but [Music] it didn't you don't
think Jim really talks like that but that is not a Wisconsin accent oh not
as good as yours was is that what you're saying I don't know what you're talking
about not as good as the interloper yeah Jim thanks for the call oh gee have you heard
this uh rule of thumb that he's using six times nope six times what six times something I've
never heard that gym next time something I've never heard it yeah the answer to when should I
put money in a Roth 401k versus a regular 401K is largely determined by your ability to pay the
taxes today you know you think about it if you're making a hundred grand and you're contributing
the maximum to your 401k you're putting 22 000 in your 401k this year which if it's pre-tax
is going to lower your taxable income to 78 000 before your deductions and all that other sort of
stuff that roughly is going to save you maybe four or five thousand dollars in federal taxes because
of that contribution not including any state taxes if you switch to the Roth side then that deduction
doesn't appear in your W-2 so you effectively are going to have a four or five thousand dollar
additional tax withholding throughout the year so it's you know back to our discussion at the
beginning of today your budget is going to be affected by call it 400 bucks a month if you can
afford that if you can fold that into your budget and not go into credit card debt or not have to
borrow more money for cars or student you know like if you can deal with it then obviously it's
better to pay your taxes today well not obviously but it makes most sense I think to pay your taxes
today because it's a known thing you know in the future all of that money becomes tax-free forever
and there's no there's no government requirements of withdrawals there's no government requirements
of those distributions that you have to take once you are retired it's all in all the roths side
is way way better but it comes at a cost which is that 500 bucks a month well and I think I would
think OG you know he talked about doing the Roth later in the pretext earlier I would think that
to pay that cost and to make it even more worth it because of the fact that you are prepaying the tax
you need those assets to grow much much much more so I would think that at the very least flipping
that around and doing the Roth first makes more sense like the further you are away do the Roth
don't don't do pre-tax first and then switch to Roth I would do Roth as early as I can and switch
to I mean if I'm choosing one or the other which you and I know this most people that listen to
this don't we haven't had this discussion a long time we don't think either one of these is right
we think you should be doing some of each because you don't know what the future is going to hold
but certainly or Roth first approach versus the other way around it doesn't make more sense
if you're thinking about it from the kind of historical context of your earnings you're going
to make the least amount of money early in your career and the most amount of money on the back
end right like usually that's how it works you your income continues to increase throughout
your career so if you have to pay your taxes I would rather pay them at a lower rate if possible
versus when I'm 50 and I'm making 200 000 a year maybe that's the time to use the pre-tax bucket
because of the fact that most 401ks come with company matches and those matches are also pre-tax
I think that if you can start out doing a Roth early in your career and continue to do it your
entire career you'll end up with a good enough balance of Roth 401k and pre-tax because of the
company matching contributions being pre-tax but if you're really trying to optimize tax brackets
and that sort of thing you can kind of manipulate it as you get toward those higher tax brackets
the problem with all of this of course is that we're taking a very big guess at what tax rates
are the day you withdraw the money how do we know whether or not this worked pre-tax versus
Roth well if you put the money in a Roth 401k and you take it out in the future you're betting
that today's tax rates are better than tomorrow's tax rates you're saying I'd rather pay taxes today
than in the future because the future I think are going to be higher that's what you're saying and
the vice versa is also true if you put the money in pre-tax today you're saying I think I can take
this money out at a better tax rate in the future then I can pay it today so I'm you know I'm at
a high tax bracket today I think I'll be in a lower tax bracket in the future the only way that
you know whether or not you're right is after you know that you're right because we don't have
the chart that says what are tax rates in 2037 because if we did then we would be able to
calculate it and say with certainty this is a better choice based on the circumstances
all we're saying is I think I might have a lower tax rate in the future or I think
tax rates might be higher in the future the one thing that I can say is that if Congress
doesn't change any of the rules Roth contributions Roth growth and earnings are 100 tax-free forever
so I don't care what the tax rates are in 20 years from now when I take the money out because it's
tax-free yeah if I'm gonna lean I'm leaning toward pay the taxes today be done with it that said
slots approach too by the way which is to say you got the cash today pay it today so that you
don't look at your IRA and go I've got a million bucks in my IRA it's like no you don't you have
500 000 in your IRA because half of it is for the government Doug I think this is really important
uh stuff for you I mean given your history with taxes and I have no history with taxes so I'm
good well maybe that's the point you gotta earn something to pay taxes maybe that's the point big
thanks to you Jim for the call if you would like to call and ask a question you know what we will
send you a Haven life stacking Benjamin's greatest money show on earth circus t-shirt and Jim from
Wisconsin really from Wisconsin is getting one cent his way slash voicemail gets you the shirt
and we're happy very happy to send it to Jim as I stare ready Doug as I say that I don't know why
I'm staring at Doug as I said Jim well he sounds hideous what are you talking about well it's
just I mean it's like a fiction just thing right this gym it's like the the State Farm guy that's
who you're talking to I know I think it's Jim I think somebody's having a tough day there OG well
before we say goodbye today time for our community calendar man we've got a great week over on the
stacking deed show where Crystal Hammond and Alan Corey dive into real estate Alex e Edwards is
a guy who helps uh has helped a lot of people in the southeast part of the United States
get out of intergenerational poverty through real estate teaching some real estate helps them
learn how to buy houses how to learn to do it in a responsible way he's going to be their guest on
tomorrow's show over on stacking Deeds of course our other sisters show the earninginvest podcast
doc G always has guests who dive deep into Allah into some some topic that is uh always exciting
and a fantastic and a fantastic discussion he has a friend of ours Fritz from the retirement
Manifesto coming up on Thursday Fritz is a guy who retired young documented his retirement an OG
to Veronica's Point earlier in today's show Fritz has really done it right this guy is so busy but
now doing that second career I think he serves on a couple of boards he Volunteers in the city of
Asheville in a couple different capacities one is working with animals he's always out in his
wood shop this guy has so much going on he's not sitting there wondering what he's going to do
so if you're interested more in in retirement Fritz will be over on earn invest of course here
on Wednesday the draft the NFL draft is Thursday so we've got Rob Welch he and a former NFL player
wrote a book together about going pro with your money we're going to talk Wednesday about no
matter what you're trying to go pro in how do the pros treat their money A lot of pro players about
to get a big payday on Thursday and as we already know a lot of them don't do the right thing with
that sudden money OG it goes in the wrong place that's what's coming up this week thanks so much
for hanging out with us today if you're somebody that's my kind of person and will leave a
review for people that they only know via podcast or maybe you've hung out with this
on one of our social media channels please leave a review of the show that helps us so
much helps new stackers realize what they're getting into a little different take on money
than maybe some of the other shows out there thanks to everybody who's done that Mom puts those
on her refrigerator if you're not here though to hang out with us on social media you're not here
just for Doug's trivia you're here because of the fact that you're worried about the economy you're
worried about your money and and how it works together and as a lot of those fears begin to ramp
up for people you might be feeling anxious to make some moves in your finances what I'd like you
to do instead is check out this free guide that OG and his team have put together that'll help you
plan more and panic less no matter what the market does it has some great insights on what you should
be doing and smart questions to ask yourself so that you make financial decisions your future self
will thank you for head to stackybenjamins.com guide that's stackybenjamins.com guide to get that
free guide from OG all right that is what's going on in the community man a lot of takeaways today
but Doug what are the top three man well Joe first take some advice from our guest Veronica McCain
and create your own unique roadmap to retirement second take a memo from our Tick Tock minute
to up your vocab game and Excel above the competition I'm sure you'll get promoted in no
time but the big lesson turns out five times in a row is the limit to singing Heartbreak Hotel
at the top of your lungs after that Joe's mom starts to get irritable and make threats now that
I think about it probably was the hip thrusting thanks to Veronica McCain for joining us
today you can find her book my retirement my way a workbook for the newly retired to
create meaning set goals and find happiness wherever finer books are sold we'll also include
links in our show notes at stackingbenjamins.com this show is the property of SB podcasts LLC
copyright 2023 and is created by Joe salsi High our producer is Karen rebein this show was
written by Lacey Langford who's also the host of the military money show with help from me Joe and
Doc G from the earn an invest podcast Kevin Bailey helps us take a deeper dive into all the topics
covered on each episode in our newsletter called the 201 you'll find the 4-1-1 on all things money
at the 201 just visit stackingbenjamins.com 201 Tina eichenberg makes the video version of this
show Once We bottle up all this goodness we ship it to our engineer the amazing Steve Stewart Steve
helps the rest of our team sound nearly as good as I do right now want to chat with friends about the
show later mom's friend Gertrude and Kate Younkin are our social media coordinators and Gertrude is
the room mother in our Facebook group called the basement so say hello when you see us posting
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not only should you not take advice from these nerds don't take advice from people you don't
know this show is for entertainment purposes only before making any financial decisions
speak with a real financial advisor I'm Joe's mom's neighbor Doug and we'll see you next time
back here at the stacking Benjamin show foreign [Music] the after show this is uh the part of
the show that doesn't exist if you're new here what happens in the after show stays
in the after show getting back to your clothes I think that singing Heartbreak Hotel at the
top of your lungs just you know given your history might not be might not be great well
since my baby left I find a new place to dwell they're down at the end the lonely streets
called speaking of speaking of Doug's history um there's unfortunately OG a doctor
out there who has violated HIPAA rules and um got us audio from Doug's latest therapy
session and uh well I thought that as long as they broke the rule we didn't we should probably
play it look at the look OG can't wait for this he is so excited about that well I think
this is bad I think doctor shouldn't be doing this but as long as they have let's no
this is this is Doug's latest therapy session you what well you had waffles for dinner and you had waffles for breakfast so we're
gonna eat something else oh I oh I don't know sounds like you're obsessed now
you're really crying pretty good there now everybody is thinking about waffles like that
brain worm is in there and you're going to be thinking about it now for the rest of the
day well I I think I I mean I I really think that uh you shouldn't be thinking about waffles
given your history you're begging for me to ask I've resisted this whole time I'm not gonna
ask I'm not gonna ask why you keep harping on my history so OG and I saw this uh this video
that these guys said that that if you really just want to mess with somebody just end as many
sentences as possible when you talk to them with given your history just say it over and over
and see what happens and watch them watch Doug unravel the entire show they melt it is surgically
effective like it has just been driving me crazy I said it's Alyssa I don't even
remember what it was about but I just you know she was like brushing her
teeth or something and said well you know given your history and she's
like what is that supposed to mean you know just totally like around everything
to a halt just like you said yeah I think that is a bad marital move I said this will work
well with Doug I would not yeah I would not do that right before bed because you are not
sleeping that night stackers you may or may not want to try that your results May Vary but
ours ours I thought today were pretty good Doug didn't know what the hell was going on
actually now that I know it's actually more impressive that you found a way to
dodge my question the whole the whole episode you know given your history of course
yeah I'm not not enjoying your company anymore
Boss retirement
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WITHIN THE STATISTICS REALLY ARE BLACK AND WHITE, WOMEN LIVE LONGER THRAN MEN. IN FACT 85% OF THE PEOPLE WHO HAVE CELEBRATED THRAIR 100th BIRTHDAYS ARE WOMEN, BUT THIS COULD COME WITH SIGNIFICANT FINANCIAL CONSEQUENCES WHEN IT COMES TO RETIREMENT. HERE TO TALK ABOUT IT, RYAN AND TIE SORCH, BOTH FROM BOSS RETIREMENT SOLUTIONS RIGHT HERE IN SALT LAKE. RYAN AND TYSON WHAT ARE THESE FINANCIAL CONSEQUENCES? WELL, IT'S GOOD, EVERYONE WANTS TO LIVE A LONG, PROSPEROUS LIFE, RIGHT? BUT THERE ARE CONSEQUENCES. TODAY, ARE YOU ABOUTING TO SPEND APPROXIMATELY 235,000 DOLLARS OUT OF POCKET IN ADDITION TO ALL YOUR. WE DON'T THINK ABOUT T UNTIL WE GET TO THAT AGE AND SAY WAIT A SECOND. WHAT DO YOU SAY. FIRST OFF A LOT NEED LONG-TERM CARE. WITH LONG-TERM CARE, SEVEN OUT OF TEN WOMEN ARE GOING TO NEED SOME TYPE OF LONG-TERM CARE, IF YOU WANT TO HAVE A PRIVATE ROOM IN A NURSING HOME, FOR INSTANCE, WILL YOU SPEND ABOUT $92,000 A WAY THAT YOU ARE, THEY'RE AT MUCH HIGHER RISK OF RUNNING OUT OF RESOURCES, SO WHEN YOU LOOK WE HAVE SIX OFFICES RIT HERE ON THE WASATCH FRONT.
WE HAVE THOUSANDS OF FAMILIES THAT COME IN EVERY SINGLE YEAR. AND I THINK EVERYONE HIS ABOUT IT IT IS GOING TO BE TOMORROW, WE'LL WORK ON THIS PLAN. I WILL START TOMORROW, WORK ON IT, AND YOU WAKE UP ONE DAY AND TOMORROW IS TODAY. THE BOTTOMLINE IS YOU NEED THE FINANCIAL GAME PLAN. SO FINANCIAL GAME PLAN, AT WHAT AGE, WHEN DO YOU NEED TO START THINK BEING THIS? WE REALLY TELL PEOPLE THAT WE OUGHT TO START THINKING ABOUT IT BY AT LEAST THE AGE OF 556789 AND THE REASON FOR THAT IS OR IS THERE A BLUE PRINT THAT FITS BOTH? WE UNDERSTAND THERE ARE UNIQUE DIFFERENCES BETWEEN MEN AND WOMEN AND OFTENTIMES YOU WANT TO BRING THEM TOGETHER BUT EVERY SITUATION SAY BIT DIFFERENT. THINK ABOUT YOUR MOM, THINK ABOUT YOUR SISTER, THINK ABOUT A FAMILY MEMBER, AND ALL OF US ARE DIFFERENT AND UNIQUE, THERE IS NOT ONE SIZE FITS ALL SOLUTION. HOW CAN WOMEN PROTECT THEMSELVES.
WHAT SHOULD THEY DO. GIVE US A CALL, FOR THE FIRST 20 CALLERS ON TODAY'S SHOW WE'RE GOING TO ABSOLUTELY HELP YOU TO UNDERSTAND HOW THIS WORKS FOR YOU. THAT REALLY IS THE KEY. START THE PROCESS. RIGHT, START TALKING ABOUT THIS, START THINK BEING IT. THAT'S RIGHT. ALL RIGHT, EVERYBODY, THAT NUMBER ON YOUR SCREEN, FIRST 0.
Read More401k To Gold IRA Rollover Guide 2024
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imagine a world where your lifetime of work every Triumph every challenge isn't just a fleeting memory but a treasure chest waiting to be unlocked this is the essence of your 401k but what if I told you there's a key that could turn it into something more something Timeless this is no ordinary coin it's a vessel carrying centuries of Legacy a beacon of stability that has outshone Empires and economies your 401K transformed into a gleaming gold Ira isn't just a number it's your future cast in Gold a golden Legacy crafted by you for you as the year 2024 Dawns upon us the time has come to redefine the very fabric of retirement we're here to script a new narrative to guide you across the Gilded bridge that spans from the Solid Ground of your 401k to the bright Uncharted shores of a gold Ira together we'll navigate through the currents of change and anchor your aspirations in the harbor of prosperity looking for more information with a team dedicated to finding the latest news and information for gold and precious metals IRAs the retired veteran is your twine C W One Source to help you with your investment Journey Don't forget to check them out you can find the link below stepbystep guide for transferring your IRA to a gold IRA without penalty as you gaze into the Horizon of 2024 let's navigate together through the sparkling Avenues of transferring your IRA to Gold without incurring a penalty educate yourself why gold well it's about hedging against inflation diversifying your portfolio and understanding the irs's golden rules select a gold Ira custodian a custodian with a glint of experience and the shine of IRS approval customer testimonials they're your compass to credibility open a new gold IRA account prepare your personal information because in just 24 to 48 hours your financial Voyage could set sail arrange the transfer direct transfers are the golden route silent and smooth smooth with no tax Sirens along the way purchase gold isn't just a transaction 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IRAs come in varied forms each path is etched with its distinctive advantages traditional gold Ira tax deductible contributions May reduce your taxable income tax deferred growth taxes on earnings are delayed until withdrawal withdrawal rules rmds begin at age 7 two early withdrawals May incur a 10% penalty Roth gold Ira post tax contributions no immediate tax benefit for contributions tax-free withdrawal no taxes on withdrawals after age 5912 provided the account has been open for 5 years no rmds more flexibility when you take out your money sep gold I for self-employed small business owners higher contribution limits tax breaks contributions lower taxable income with taxed withdrawals simple gold Ira for small businesses encourages employee contributions through employer matching tax treatment contributions are pre-tax with deferred taxes on growth but before we wrap up today's discussion we have a special gift for you to help you make informed decisions and navigate the world of 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Read MoreWhat are the benefits of FERS Disability Retirement?
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Federal Disability Retirement can be extremely
beneficial to federal employees that are struggling to perform at least one essential
duty of their position due to a diagnosed medical condition. There are four main benefits
that it offers which include a monthly annuity, the ability to continue to earn credible years
of service towards your regular retirement, the option to maintain your health and
life insurance and the ability to go work in the private sector and earn additional
income. While most federal employees never anticipate needing to utilize this benefit,
when needed it can provide a significant amount of Financial Security and help
them get to regular retirement at 62..
The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey
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Transcriber: Zsófia Herczeg
Reviewer: Peter Van de Ven Everyone says you have to get ready
to retire financially. And of course you do. But what they don’t tell you
is that you also have to get ready psychologically. Who knew? But it’s important
for a couple of reasons. First, 10,000 North Americans
will retire today and every day for the next 10 to 15 years. This is a retirement tsunami. And when these folks come
crashing onto the beach, a lot of them are going to feel
like fish out of water without a clue as to what to expect. Secondly, it’s important
because there is a very good chance that you will live one third
of your life in retirement. So it’s important that you have
a heads up to the fact that there will be significant
psychological changes and challenges that come with it.
I belong to a walking group
that meets early three mornings a week. Our primary goal is to put
10,000 steps on our Fitbits, and then we go for coffee
and cinnamon buns – (Laughter) more important. (Laughter) (Applause) So as we walk, we’ve gotten into the habit
of choosing a topic for discussion. And one day, the topic was, “How do you squeeze
all that juice out of retirement?” How's that for 7:00 in the morning? So we walk and we talk, and the next day,
we go on to the next topic. But the question stayed with me because I was really having
some challenges with retirement. I was busy enough,
but I really didn’t feel that I was doing very much
that was significant or important. I was really struggling. I thought I had a pretty good idea of what success looked like
in a working career, but when it came to retirement,
it was fuzzier for me.
So I decided to dig deeper. And what I discovered was
that much of the material on retirement focuses on the financial
and/or the estate side of things. And of course, they’re both important
but just not what I was looking for. So I interviewed dozens
and dozens of retirees, and I asked them the question, “How do you squeeze
all the juice out of retirement?” What I discovered
was that there is a framework that can help make sense of it all. And that’s what I want
to share with you today. You see, there are four distinct phases that most of us move through
in retirement. And as you’ll see,
it’s not always a smooth ride.
In the next few minutes, you’ll recognize
which phase you’re in if you’re retired, and if you’re not, you’ll have a better idea
of what to expect when that time comes. And best of all, you’ll know
that there is a phase four – the most gratifying,
satisfying of the four phases – and that’s where you can squeeze
all the juice out of retirement. Phase one is the vacation phase,
and that’s just what it’s like. You wake up when you want,
you do what you want all day. And the best part
is that there is no set routine.
For most people, phase one represents
their view of an ideal retirement. Relaxing, fun in the sun – freedom, baby. (Laughter) And for most folks, phase one
lasts for about a year or so, and then, strangely,
it begins to lose its luster. We begin to feel a bit bored. We actually miss our routine. Something in us seems to need one. And we ask ourselves, “Is that all there is to retirement?” Now when these thoughts and feelings
start to bubble up, you have already moved into phase two.
Phase two is when we feel loss, and we feel lost. Phase two is when we lose the big five – significant losses
all associated with retirement. We lose that routine. We lose a sense of identity. We lose many of the relationships
that we had established at work. We lose a sense of purpose. And for some people,
there is a loss of power. Now, we don’t see these things coming. We didn't see these losses coming in
because they happened all at once. It’s like, poof, gone. It’s traumatic. Phase two is also when we come
face to face with the three Ds: divorce, depression and decline – both physical and mental. The result of all of this is that we can feel
like we’ve been hit by a bus. You see, before we can
appreciate and enjoy some of the positive aspects
associated with phase three and four, you are going to, in phase two, feel fear, anxiety
and quite even depression.
That’s just the way it is. So buckle up and get ready. Fortunately, at some point,
most of us say to ourselves, “Hey, I can’t go on like this. I don’t want to spend the rest of my life, perhaps 30 years, feeling like this.” And when we do, we’ve turned the corner to phase three. Phase three is a time of trial and error. In phase three, we ask ourselves, “How can I make my life meaningful again? How can I contribute?” The answer often is to do things
that you love to do and do really well.
But phase three can also deliver
some disappointment and failure. For example, I spent a couple of years
serving on a condo board until I finally got tired
of being yelled at. (Laughter) You see, one year the board decided
that we were going to plant daffodils rather than the traditional daisies. (Laughter) And we got yelled at. Go figure. I thought about law school,
thinking perhaps of becoming a paralegal. And then I completed a program
on dispute resolution.
It all went nowhere. I love to write. So I created a program
called “Getting started on your memoirs.” That program has met
with “limited success.” (Laughter) It’s been a rocky road for me too,
and I told you to buckle up. Now, I know all this can sound bad. But it’s really important to keep trying and experimenting
with different activities that’ll make you want
to get up in the morning again because if you don’t, there’s a real good chance
of slipping back into phase two, feeling like you’ve been hit by a bus. And that is not a happy prospect. Not everyone breaks through to phase four, but those who do
are some of the happiest people I have ever met. Phase four is a time
to reinvent and rewire. But phase four involves
answering some tough questions too, like, “What’s the purpose here?
What’s my mission? How can I squeeze
all the juice out of retirement?” You see, it’s important that we find
activities that are meaningful to us and that give us a sense
of accomplishment.
And my experience is that it almost always
involves service to others. Maybe it’s helping a charity
that you care about. Maybe you’ll be like the old coots. (Laughter) (Applause) Yeah. These folks took a booth
in the local farmers market and were prepared to give their advice
based on their vast years of experience to anyone who came by. So one of their first visitors was a kid
who wanted help with his math homework (Laughter) on his tablet. (Laughter) They did the best they could. Or maybe you’ll be like my friend Bill. I met Bill a few years ago
in a 55 plus activity group. In the summer, we golf together
and walk together and bicycle together. And in the winter, we curl. But Bill had this idea that we should exercise
our brains as well.
He believed that there was
a tremendous pool of expertise and experience in our group, and so he approached a number of folks and asked if they would volunteer to teach some of the things
that they love to do to others. And almost invariably, they agreed. Bill himself taught two sessions, one on iPads and one on iPhones, because we were smart enough to know
that a number of our members had been given these things
as gifts at Christmas (Laughter) by their children, and that they barely knew
how to turn them on. The first year, we offered nine programs,
and there were 200 folks signed up. The next year, that number
expanded to 45 programs with over 700 folks participating. And the following year,
we offered over 90 programs and had 2100 registrations. Amazing. (Applause) That was Bill. Our members taught us
to play bridge and mahjong.
They taught us to paint. They taught us to repair our bicycles. We tutored and mentored local school kids. We set up English-as-a-second-language
programs for newcomers. We had book clubs. We had film clubs. We even had a few golf clubs. Exhausting but exhilarating. That’s what’s possible in phase four. And do you remember the five losses
that we talked about in phase two? The loss of our routine and identity and relationships and purpose and power? In phase four, these are all recovered. It is magic to see, magic. So, I urge you to enjoy
your vacation in phase one. (Laughter) Be prepared for the losses in phase two. Experiment and try as many different
things as you can in phase three, and squeeze all the juice
out of retirement in phase four. (Applause).