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From the TRS Vault – Retirement Application Process Revisited

(intro music) Hi this is Everett Crockett and welcome to TRS  Your Retirement In Focus. Applications for 
summer retirements are in full swing. Typically   at this stage, most retirees have decided 
under which of our seven retirement plans they will retire. Yet, there still may be 
some of you who have not made your decision. Today we will present information and plan   descriptions for all seven 
of TRS' retirement plans. Hopefully, you will find this information 
helpful as you draw closer to your retirement.   Also, one very important thing to keep in 
mind, is that due to the large volume of   retirements in the summer and at the end 
of each school year, the deadlines for   summer retirements are as follows.

For June 
retirements, the deadline is March 31st.   For July retirements, the deadline is April 30th. 
And for August retirements, the deadline is May   31st. Now without further ado, we will now 
present information on TRS' retirement plans. (music) On the road to retirement, one of 
the most important decisions you can make is who will receive the benefits of your 
retirement account beyond your lifetime. With   Teachers Retirement System of Georgia, your 
beneficiaries are not decided by documents   like wills, divorce decrees, or marriage 
certificates. Rather, they're determined   only by the beneficiary information on file at TRS 
when you pass away. Therefore, it's critical that   you designate at least one primary beneficiary 
and one secondary. As well as routinely update   your TRS beneficiaries to reflect significant 
life changes such as divorce, marriage, birth,   and death. Reminder, beneficiary designation 
completed with HR does not transfer over to TRS,   this includes changes during open enrollment. 
Also, keep in mind, that if you don't have the   right person or persons on file, it can lead to 
costly legal problems and unnecessary frustration.   Likewise, if you are the beneficiary on 
file at the time of a retiree's death,   it is imperative that you notify TRS as soon as 

That's why it's so important that you   designate your beneficiaries now. The good 
news, it's easy to do. Simply log into your TRS   account and visit the designate beneficiaries 
section to complete the form. And as always,   we're here to help you along the way. So 
here's to good planning and to the road ahead. Today we'll be focusing on the various retirement 
plans offered by TRS. Each of us are different;   even twins are different in some way or 
another. As we approach our retirement,   there's a lot that we need to think about. Like, 
what is the best retirement plan for me? Did you   know that TRS offers seven different retirement 
plans? One of those plans are more than likely   most beneficial for you and me as we make our way 
to our date of retirement.

Today I'll share some   information and details about each of those 
plans so that both you and I are better informed   of our retirement plan options. Before I get 
started, I want to be sure that you are clear   on the fact that no one from TRS can tell 
you or me, or advise you or me, on what plan   is best for us. We have to make that choice 
for ourselves.

But one thing that TRS can do,   is give us some things to think about as we think 
about which plan we will ultimately choose. It   may not be a bad idea to have pen and paper, or a 
tablet, or whatever you like to use to take notes   at your disposal. Before we chose our retirement 
plan, there are definitely some things we need to   think about. Here are just a few. What do we want 
our lifestyle to be like after we retire? Do we   want to keep up the same comforts, pleasures, and 
standards that we enjoyed when we were working?   Some of the best financial planners say that if 
we do, we're going to need at least 80 percent of   our pre-retirement income.

As I stated earlier, 
each of us are different. So I would imagine,   that the actual percentage would be different as 
well based on our individual retirement goals. But   one thing that is likely true for each of us, is 
that our TRS benefit alone, will not provide us   with 80 percent of our pre-retirement income. So, 
what do we do? How will we offset that shortage?   Will we be able to depend on social security? 
If not, maybe we will be able to take advantage   of our personal savings and investments to help 
cover the shortage of our 80 percent. Something   else to consider is, what are the needs and 
expectations of our family and loved-ones?   Would they suffer financially if a retiree passes 
away and their pension incomes stopped? If so,   maybe we should think about selecting a plan that 
leaves a monthly benefit to beneficiaries.

What   about your kids and grandkids? Are they employed? 
If so, we may not need to leave them a monthly   benefit. These are just a few examples of the 
kinds of questions we have to ask ourselves as   we get closer to our retirement. Now let's look 
down the road a bit. We've worked, we've invested   wisely, and we are near to retirement. We want to 
be comfortable, knowing that we have a good plan   as we journey into our retirement. For us, there's 
good news. TRS' defined benefit plan is one of the   best plans in the country. As the name implies, 
our retirement benefit is defined by a calculation   using our years of membership service, and the 
average of our highest 24 months of consecutive   salary, and a two percent multiplier. Under this 
plan, you and I assume no investment risks. Plus,   we have survivor and disability protection while 
we are active members. Also, we are guaranteed   retirement income for the rest of our lives. If we 
wanted to know how much of our high average salary   we could take home in retirement, we would simply 
multiply our years of service by two.

That is the   maximum plan formula and we'll talk more about 
that in a little bit. Under TRS' defined benefit   plan, or 401a plan, we're offered two plans 
of retirement: Plan A and Plan B. Basically,   Plan A provides a retirement benefit only to 
us, the retiree. Plan B on the other hand,   offers benefits to our beneficiaries at the time 
of death. Under Plan A and Plan B, we may also   choose to receive a partial lump-sum distribution 
(cash payment) in exchange for a reduced lifetime   retirement benefit.

For details on the 
partial lump-sum option plan, or PLOP plan,   just see the TRSGA.com website. A great benefit of 
our TRS plan, is that what we receive from TRS is   not tied in any way to the stock market. Whether 
stocks go up or down, we can always rely on our   TRS benefit to stay the same from month to month. 
When there is inflation our benefit also includes   a cost-of-living adjustment, or a COLA, which 
makes our benefit grow from year to year. Again,   that's a great benefit. Under Georgia law, 
this benefit is guaranteed for our lifetime.   And if we deicide to take a retirement plan 
that leaves a benefit to our beneficiaries,   their benefit is also guaranteed for life. Many 
private sectors employees don't have a guaranteed   pension. As a matter of fact, many employees 
across the country who work for firms we have   all heard about are losing their defined benefit 
pension plan. Over the last ten plus years, over   25 percent of the country's Fortune 500 companies 
have either frozen, closed, or terminated their   defined pension benefit plan. What we receive from 
TRS is based on a formula that involves our length   of service and our high average salary.

TRS uses 
a very generous formula compared to other state   plans. As TRS calculates our benefit using the 
highest two consecutive years of pay; when other   states use three to five years of pay. Basically, 
the longer we work and the higher our salary is,   the more money we will receive from TRS. In a 
bit, we'll take a more detailed look at that   formula. TRS' plans can be broken into two main 
categories; those that do and those that do not   provide a monthly benefit to beneficiaries after a 
retiree passes away.

Here are the seven plans that   TRS offers. Number one, Plan A, also known as the 
maximum plan. Number two, Plan B Option 1. Neither   this plan nor Plan A offers a monthly benefit to a 
beneficiary at death. But the remaining five plans   do. Plan number three is Plan B Option 2. Plan 
four, Plan B Option 2 Pop Up. Plan five, Plan   B Option 3.

Plan six is Plan B Option 3 Pop Up. 
And last, but not least, Plan B Option 4 is the   seventh plan that TRS offers. At retirement, in 
addition to selecting Plan A, the maximum plan,   or Plan B, a survivorship plan, you and I may also 
elect to receive a one-time lump-sum distribution   in addition to our monthly retirement benefit. In 
exchange for a reduced lifetime monthly benefit,   we can elect to receive a partial lump-sum option, 
or PLOP. Our age and plan of retirement are used   to determine the reduction in our benefit. A PLOP 
distribution would be made as a single payment   at the time that our first monthly benefit 
is paid.

Based on the amount of the PLOP,   our monthly retirement benefit is then reduced 
to be the actuarial equivalent of the retirement   benefit without a lump-sum distribution. We cannot 
elect a PLOP that will reduce our monthly benefit   by 50 percent or more of the benefit we are 
eligible to receive under Plan A. Each of the   plans are based on a benefit formula comprised of 
the following. The years of creditable service,   including partial years, multiplied by two 
percent, multiplied by our high average salary   over 24 months. This, in turn, yields our basic 
monthly benefit under the Plan A, max plan. This   basic monthly benefit is then used as the basis 
for the other plans offered by TRS. Plan A, the   maximum plan, and Plan B Option 1 do not provide 
any lifetime monthly benefits to beneficiaries.   So if we don't plan to leave a monthly benefit, our choice 
becomes a lot easier as it narrows it down to two:   Plan A or Plan B Option 1. Options 2 through 4 all 
provide varying amounts of lifetime benefits to   designated beneficiary. Let's take a look at each 
plan. First up, is Plan A. This plan provides us   with the largest possible monthly lifetime benefit 
for the remainder of our life.

Under this plan,   the contributions and interest that we made 
during our active employment are reduced monthly   from our gross benefit payment. In most cases, our 
contributions and interest will be depleted within   18 months of our retirement. However, our monthly 
benefits will continue for the remainder of our   lives. At the time of death, the monthly benefits 
stop and any declared beneficiary is not entitled   to receive a monthly benefit. If death occurs 
before a retiree has received in monthly payments,   a total amount of his or her contributions and 
interest, the remaining funds will be paid in   a lump-sum to the designated beneficiary. We may 
change our beneficiary designations at any time   under this plan of retirement. To estimate the 
monthly lifetime benefit for the maximum plan,   a retiree may calculate it for themselves by using 
the retirement formula: two percent, times the   years of creditable service, times their highest 
consecutive 24 months of membership salary.

If we   are within five years of retirement, we can login 
to our online TRS account and generate a benefit   estimate using current data from our TRS account. 
Now let's take a look at the Plan B Options. Plan   B provides a member with six survivorship options. 
Option 1 allows you to possibly leave a lump-sum   payment, but no monthly benefit to a beneficiary 
after a member's death. And Options 2 through 4   allow you to leave a continuing monthly benefit 
to a beneficiary after a member's death. If a   survivorship plan is indeed selected, the amount 
of the monthly benefit will be reduced actuarially   to allow for the lump-sum payment or monthly 
payment for life to the designated beneficiary.   The amount of the reduction in monthly benefits, 
or the cost of the option, depends on the retirees   age and the age of the specified beneficiary. 
If the chosen beneficiary is more than ten years   younger then the retiree, and not the retirees 
spouse, then the retirement benefit may be subject   to the Required Minimum Distribution rules of 
the IRS, the Internal Revenue Service.

These   rules regulate the amount of a pension that can be 
distributed to a survivor. For more information,   we can visit the TRSGA.com website, or call the 
TRS office. The age of the beneficiary will also   influence the amount of the retirement benefit under Plan B 
Option 2, Option 2 Pop Up, and Option 4. The point   here is, the younger the beneficiary, the smaller 
the monthly benefit amount will be. This in turn   means, that the cost of the option is greater. 
One thing that must be kept in mind, is that if   one of the survivorship plans of retirement is 
selected, the beneficiaries cannot be changed   after retirement; except as specifically provided 
by law.

We can learn more about changes in plan of   retirement on the TRSGA.com website. Now let's 
look at the Plan B Options in detail. Plan B   Option 1 allows us to possibly leave a lump-sum 
amount to a beneficiary in return for a slightly   reduced lifetime monthly benefit, from the maximum 
amount that is. Under this plan, the total of our   contributions and interest at the time of our 
retirement will be reduced each month by only   the portion of our total gross benefit. Which is 
made up of our contributions and interest. This   is routinely referred to as the CNI, at death, all 
monthly benefits will stop.

However, any remaining   contributions and interest will be refunded to 
the designated beneficiaries or the estate of   the retiree. In most cases, our contributions 
and interest will be depleted within 10 to 14   years after retirement, but our benefits will 
continue throughout our lives. With this plan,   you may change your beneficiary designation at 
any time after retirement. If the beneficiary   just so happens to be your spouse and you later 
become divorced, you can change your plan of   retirement. Plan B Option 2 will allow us 
to leave our beneficiaries a reduced monthly   lifetime benefit based on our age and the age of our 
specified beneficiaries. This option guarantees   that at death, any named beneficiary if living, 
will receive a lifetime benefit comparable to 100   percent of the benefit amount at the time of death 
in accordance with IRS regulations and the ages of   the beneficiaries.

Also under this plan, it is 
allowable to designate multiple beneficiaries   to receive a lifetime monthly benefit and or 
to specify the percentage to be paid to each   beneficiary. If two or more beneficiaries are 
designated, and one dies before the retiree,   the percentage of available benefits selected for 
the remaining beneficiaries will not be adjusted.   If the Plan B Option 2 plan beneficiaries die before 
the retiree, the monthly benefit will remain   under Option 2. Unless, the retiree is eligible to 
change the plan of retirement and or beneficiaries   as provided by law. We can see the changes in 
plan of retirement on the TRSGA.com website for   further clarification. The Plan B Option 2 Pop Up 
offers a reduced monthly lifetime benefit based on   our age and the age of our beneficiaries. This is 
just like Plan B Option 2. If you as the retiree,   die before your beneficiary, your beneficiary will 
receive a lifetime benefit equal to the amount   you were receiving at the date of your death. 
On the other hand, if your beneficiary passes   away before you do, then your monthly benefit 
will increase to the original maximum plan amount.

Plus,   all increases awarded to you during retirement. 
Unlike Plan Option 2 however, under this option,   you may only designate one beneficiary. Plan B 
Option 3 offers a reduced monthly lifetime benefit   based on your age and the age of your beneficiary. 
Under this plan, at the time of a retiree's death,   any named beneficiaries if living, will receive 
a lifetime benefit comparable to 50 percent of   your benefit amount at the time of your death in 
accordance with IRS regulations and the ages of   your beneficiaries. You can also designate 
multiple beneficiaries to receive lifetime   monthly benefits and specify the percentage 
to be paid to each beneficiary.

If two or more   beneficiaries are designated, and one passes away 
before the retiree, the percentage of available   benefits that were selected for the remaining 
beneficiaries will not be adjusted. If all the   beneficiaries predecease the retiree, then the 
monthly benefit will remain under Option 3. Unless,   the retiree is eligible to change the plan of 
retirement and or the beneficiaries as outlined   in the changes in plan retirement information. 
Which can be found again where? Of course,   on the TRSGA.com website. The Plan B Option 3 
Pop Up offers a reduced monthly lifetime benefit   based on your age and the age of whom, your 
beneficiaries. If you predecease your beneficiary,   your beneficiary will receive a lifetime 
benefit equal to 50 percent of the amount you   were receiving at the date of your death.

If your 
beneficiary, on the other hand, predeceases you, your monthly benefit   will increase to the original maximum plan 
amount. Plus, all increases awarded to you during   retirement. Under this option, you may only 
designate one beneficiary. Last, but not least,   we have Plan B Option 4. The beneficiary benefits 
you specify under this plan cannot cause the   monthly benefit to be reduced below 50 percent of 
the maximum benefit available to the retiree. If   multiple beneficiaries are designated, and one or 
more beneficiaries pass away before the retiree,   then the dollar amounts or the percentages are 
not adjusted for the remaining beneficiaries.   Beneficiaries also receive a pro-rated share of 
any cost-of-living increases you receive up to   the date of death. Monthly benefits under 
Option 4 are also calculated actuarially   using an amount of the survivor's benefit 
specified by the member. TRS will calculate   the benefits under Option 4 and provide an 
estimate of the monthly benefit upon request.   So as you can see TRS has several plans, 
each unique in it's benefit to a retiree.   Isn't it pretty evident that we have some very 
important decisions to make? As we progress our   way down our path, inching our way to retirement, 
absolutely! So now that you are aware of the   various plans and options, what should you do 
next? What should we do next? Well, TRS recommends   that you consider the following.

Start thinking 
about what option is best for you and your family.   Go to www.TRSGA.com and generate your own benefit 
estimate in your TRS account. And be sure to check   out our online members' guide, under the newsroom 
link, and click on publications. Once there,   scroll down to the bottom of the page. You can 
also ask TRS for a benefit estimate when you   are within five years of your retirement date. 
Schedule a one-on-one counseling session within   two years of retirement, in our Atlanta office 
or via our website in your county school system.   As always, if you have questions, concerns, 
or feedback, you can reach out to us either via the   podcast or you can contact the Atlanta office. 
Thank you once again for joining us. Be sure to   tune in again for the next episode of TRS Your 
Retirement In Focus. Stay safe and stay smart. (outro music).

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The Peace of Mind Retirement Planning Process

What does it look like to build a  retirement-focused financial plan?   What are all the steps? What do you have to  do? What information do you have to provide?   In today's episode, we are going to lay it all  out, super simple, for you. And our goal is,   by the time you get through this particular  episode, you're going to have a clear   picture. You're going to understand what it  takes so that you can have a secure, safe,   retirement, peace of mind to and through  retirement. We hope you enjoy this episode. To learn more about how to secure your retirement   and all the different elements you need  to know, please subscribe to our channel   and hit the bell so you'll be notified  when we release episodes every Monday. We have helped hundreds of our  clients gain clarity and get   on the path to a great retirement.  Now it's your turn.

Let's dive in. Welcome, everyone, to our Secure Your Retirement  podcast. Today is a very special episode. We're   going to kind of take you through our  financial planning process really from   an A to Z. And we get the question all the  time, how does this look? Does it work? To   be able to really help us to do that, we  have special guests with us. We have Nick,   who is here in our office; and we have Taylor,  who works with all of our clients as well,   but she does that all the way from Salt  Lake City, Utah, but she drove…

Nah,   she flew here. She came on all the way for  this episode and to be able to spend some   time with us. So thank you, Taylor, for coming  all the way out just for this special episode. Yeah, of course. But she did pick pretty good weather. She did, she did. All right. So, here's kind  of the premise of this particular episode. What   we get a lot of times is somebody who maybe has  worked with a financial planner, financial advisor   sometime in the past, maybe they never have, and  they go, "What does this look like? What's that   process look like?" So we have Morgan with us on  this episode, and Morgan's going to really be our   moderator and kind of interview us as to how this  whole thing works. So that's kind of the setup   for today so that you can understand from A to Z  how this all works.

So, Morgan, get us started. So let's assume someone has learned about us via  the website. They've seen our book. They, somehow,   have learned about us and they're ready to be  introduced. And how would they go about then,   Taylor, getting ready to do that? How would they  prepare for a personalized introduction meeting? Yeah. So first thing that we'll have someone do  is fill out what we call our financial snapshot,   and we send that over as a questionnaire  through email. And it has a bunch of   information and questions about things  like if you're currently working,   what your level of income is? And if you're  going to take Social Security in the future,   what your estimated benefit's going to be?  Or if you're taking Social Security now,   what your pension is all throughout your current  financial situation? That will help us get to   know you a little bit better and figure out  where we can help you with our services.

What if somebody's not quite ready to share all  of their information with us? How does that work? Yeah. So, Murs, I'll let you handle that one  since you have been around for a long time. So, when it comes to someone that is… And we  understand, right, it's your money that you've   taken time to build up over 30-some-odd years  and to go into a meeting with usually a complete   stranger and be able to give them everything, we  understand the apprehension around that.

But on   the flip side of the coin, you got to understand  that as a financial planner and the way that our   firm operates, we have to know quite a bit to be  able to make a decent recommendation. So we do   operate… I'm a CFP, Radon's a CFP, Nick's a CFP.  Taylor is one, too. And so as CFPs, we have to   operate under this fiduciary standard.  Fiduciary, by the way, pretty much means   that we are going to put our client's interest  ahead of our own. And the only way to do that,   the only way to make a decent recommendation,  the only way to give guidance going forward   is we need all the information really  that is pertinent to the conversation.

So if someone is not willing to  share account values with us,   or if they don't want to discuss some property  that they have or something like that, well   I'll tell you, it starts to raise a  little bit of a red flag for us because   there's a lot of things that go into all of  these elements of financial planning. And   it's one of those things where obviously,  yeah, we need to take time to build up the   trust to understand each other.

But on our  side of the table, if we can't get the data,   at the end of the day, the data is what is going  to help us make the best recommendation possible.   Then there there's holes in that data, then  we start to have issues on making projections,   understanding your risk levels, being able to  make a proper recommendation as far as what   investment strategy do we want to be utilizing.  So if we don't know all the chips on the table,   then it makes it very difficult. Ultimately,  that ends up being a separate conversation of,   "Hey, Mr. And Mrs. Client, where do  we want this engagement to really go?" Yeah.

I just wanted to piggyback on a little  bit about how Taylor opened it up because she   talked about all these different pieces that  we need. And if you think about our process,   we get some basic information. Obviously, we  want to know who you are, your date of birth,   some just basic information. But then we get right  into this idea of, well, give us an idea of where   your accounts are and what type of accounts.  So I just thought I'd ask Nick, if you could   take us through this, because you've worked a  lot with us as well around this data gathering.   Could you tell us… Maybe describe what are  the different types of accounts that people   would be submitting and why it's important to  know what those different kind of accounts are? Yeah.

So, some of the more common accounts are  IRA accounts and Roth IRAs. You have 401(k)s   that you might have built up for decades in the  past. Those are probably the most common ones,   but you can have brokerage accounts, whether  that's an individual brokerage or a joint account.   And then you also may have different annuity  accounts. So, those can be at different insurance   companies in the form of an IRA or a Roth IRA  or a non-qualified account as well. So, there's   a whole bunch of different accounts that you can  have. Some are more common than others, but at the   end of the day it's important to get the specific  type of account so that we know how to build our   recommendation, what to build our recommendation  off of, and how to help going forward. Yeah.

And I think on top of that, it's also just  a good exercise for the person that is trying to   get some advice because I'll tell you, Radon and  I, we've seen so many times where a person doesn't   know what the balance of that one account was,  where they worked for that company 10 or 15 years   ago, and so an old 401(k), or they haven't really  looked at how an account is allocated as far as   from an investment perspective. So I think it's a  good exercise not just to get all the data to us   and the information to us, but also just to take  a step back and look at what you have done so far   to get to where you are and the different pieces  of the puzzle that have come together over time.   Usually, that's a pretty remarkable thing that  you can look back and say, "Wow, I did all this." Yeah.

And I think, Morgan, you set this up and  said, "Okay, I'm thinking about meeting with you."   So, just to kind of clarify, we really work off of  what we call a three-appointment process. And so,   what we're describing right now is kind of  getting ready for that first appointment. And   so I think you asked the question, "What if  I don't want to share some things" or that's   not… so for the initial conversation, if we've  got… I always say, "Give me the basics of your   picture." Meaning I don't need to know it to  the penny, but we need to have an idea of about   what those accounts are or the different  types of accounts Nick just talked about,   and we need to know their tax classification  just so we can have a basic conversation.   And we're going to go through this  worksheet.

Now, if you don't have   this available ready when you come in, we can  do this together. So don't worry about that. But now, I just wanted to set the basis in that  initial conversation that we have. It's really   kind of this idea of are we a good fit for each  other? So, yes, this is important information.   We're going to either ask you to have it for  us ahead of time or we're going to do it while   you're here with us. So we've kind of covered the  accounts.

And again, I'm working off this first   appointment because we're going to come back  to those accounts for the second appointment.   But for right now, we're just trying to get our  baselines. So I think the next area that we start   to go into is our income part of the snapshot. So,  Taylor, would you mind breaking down the different   types of incomes somebody might be telling  us about on this? Just so we've got an idea. So if you are still working and you haven't  retired yet, then we're going to want to know what   your current salary is at your job.

And if you  have retired and if you're taking Social Security,   then we're going to ask about what your current  Social Security benefits are. Or if you have not   started Social Security yet, then there is a way  to find out what that future benefit is going to   be, so we can help you answer questions about  when the optimal time to begin Social Security   might be depending on your unique situation. So  your current income from your salary, if you're   working. Social Security, if you also have a  pension, or are planning to start a pension in   the future, then we'll want to find out what that  amount looks like. So that that can be considered   as part of your income available to you to cover  your expenses in retirement. And then any other   type of income that you have from maybe the sale  of a business, if that's part of your plan, or   from rental properties that you have.

Then we'll  also consider any rental income that you have. So we know what we have saved so far and we know  what we have coming in. I'm assuming there's also   going to be some information about what we  have going out, what we're spending, right? Yeah, exactly. We'll also want to get an idea of  what your current living expenses are, if you have   any debt obligations, if you're still paying a  mortgage or an auto loan or things like that.   If you have kids going to college or grandkids  that you want to pay for their college expenses,   then we want to know about those types of things.  And then also we can have a conversation with you   about your goals in retirement. If you want to  travel or do other things with your retirement   savings, donate to charity, whatever that  looks like for you, or have home renovations,   redo your kitchen or your bathroom, whatever.  Then we also plan those so that we also get an   idea of what your future expenses might be if  they're not regular and consistent right now.

Yeah. And I would say that category of  understanding your spending is usually   one of the more difficult ones. And  I'll paint you a little picture.   A lot of people that come to us, they're  close to retirement or maybe already retired,   but a lot of times they say you're close  to retirement, you're making good money,   and now you're starting to say, "I need to figure  out this whole retirement thing." But you're   making good money, you're paying the bills, and  you don't really pay all that much attention to,   well, what are the dollars that are going  out of the door and what categories are they? And it makes you kind of take a step back and you  got to understand where you're spending because   we see it all the time when someone flips from  their accumulation phase of life into retirement   and you don't have that employer that's paying  your paycheck anymore, and it's really all about   what you've done to save and build up for  retirement, you start to really think about,   "Well, do I need this line item in the budget or  can we cut it?" Because the worry, no matter what,   no matter if you've got 500,000 saved up for  retirement or 10 million saved for retirement,   a lot of times the worry is the same that, "Am  I going to have enough? Am I going to run out of   money?" So I think the earlier someone starts  evaluating not just how much they have today,   but also what's going to be going out the  door when they do fully retire makes the plan   so much more well thought out and more precise.

Yeah. So we're almost through it all, your  question here, Morgan. You asked a really   big question. So as we go through the snapshot,  we've kind of gone now through all the financial   stuff. Now, we have some other categories that  we're going to want to talk through. And one   of those is the estate plan. We'll ask people  about how much have they done? Have they done   a will? Have they done a trust? How old is it?  Was it done in a different state? Do you do your   own taxes? What are your goals? Do you have any  specific goals? Taylor mentioned a couple about   redoing a kitchen. Sometimes people say, "I've  got this dream vacation we've been waiting for,   and this is going to be a big expense for us, but  we've been dreaming about it.

And whenever we hit   that retirement, we're going to do it. And it's  going to be a little bit more on the expensive   side because we're going to go a lot of places and  be gone for a while. So we need to build that in." So once we have all of that conversation or  enough of that information to say, "Hey, here's   kind of the conversation," now, we can really  start to say, "All right.

What do we want to   do with that and how do we want to start putting  it together?" And typically, in that first visit,   what we're doing is saying, "Here's how we  work." And I mean very briefly, this is what   we tell people, every person, is that we really  kind of work in the very beginning by building a   retirement-focused financial plan. That's why  we need all this data. Then we're going to say,   "Look, once we know that, we'll talk about  investments, we'll talk about insurance,   we'll talk about income planning, we'll talk  about investment planning. We're going to   really kind of go all the way through." So now,  we got this sheet, so we've kind of got this   information.

That's really kind of the first  appointment. So, what's your next question? Well, so then I know that it will look like  after that as far as we've done our homework,   we've got our appointment set, you'll receive a  call from our office to confirm for the next day,   and then you'll come into the office,  and then we'll have that visit, right? That's right. So once we get through with that  visit though, at this point, we've got a good   picture. And I think at that point is when people  say, "Yeah.

You know what? I do like you guys,   or I don't," but most of the time we hope you  say you do. And we say, "We like you, too." And   so we're kind of now moving on to the next date.  And that next date is really our second visit. Okay. And what does that look like and  what do I need to do to prepare between,   or what would a person need to  do to prepare for that? Is it- Yeah. So I'm going to say this. The person really  doesn't have to do much at all at this point,   but there is some key data that, in addition  to what we've got already, that we're going   to need next. So, we got a lot… We're going to  spend with Taylor on as far as building out the   plan. But Nick, I just want to have you address  real quick, what is some of the information that   we need to get so that Taylor is going to have  everything she needs to really build out that   financial plan? Because right now, we've just  kind of got the snapshot, so there's some actual   documents that we're going to need.

Could you  walk us through what those documents would be? Yeah. Absolutely. So, what really helps us out  in creating that financial plan are specific   account statements. So, wherever the assets  are currently held, whatever custodian that is,   that could be Charles Schwab, that could be TD  Ameritrade, wherever else that is, it's really   helpful to get the most recent statement of the  account. And then it's also helpful for us to get   most recent tax return as well. So in our  preparation for creating the financial plan,   doing analysis on your specific tax return and  tax situation, and then any other statements,   401(k) statements, that you may have that  are recent are also extremely helpful for us   creating that plan and beginning to formulate  that recommendation throughout our meeting. So, then it gets all turned over to Taylor? Yeah. So now at this point's, whenever  Taylor goes to work, in addition to what's   already been done. So Taylor, could you just  walk us through what you do with all that? Yeah.

And before we do that, also, let me  interject and say, let me be the person   that Morgan was earlier of, "Well, why do I need  to give you these statements? Why do I need to   give you my tax return?" That's very personal  information. What are you going to get out of   this that I don't already see or that is going  to become relevant in our next visit together? Yeah. So this is the fun part for me because I get  to go through all of the account statements, and   we build out two things from those. One, we want  to verify the balances of your account so we make   sure that we have the right information to base  off of what your assets are so that we can make   appropriate recommendations to move  forward. But we also will go through   and look at what the holdings are in each of  your account, what exactly you're invested in,   what funds or if they're ETFs or mutual funds  or a single company stocks.

We want to know   what you're invested in because part of what  we're preparing on our end is an analysis of   those holdings so that we know what your  current risk exposure is like because that   will be part of our recommendations moving  forward, is how to make an investment that's   appropriate for the amount of risk that you  want to have as part of your retirement plan. So we'll do an analysis on all of the holdings  within your investment accounts from the   statements that you upload to us as part of our  data gathering process, and then also just verify   those amounts as part of your retirement-focused  financial plan. And for the tax returns as well,   we'll take those and do an analysis on your  tax returns to look for opportunities for   tax planning and observations and looking  forward not just for the past years of   your tax returns that have already been  filed, but for different moves that we   could possibly make to help you with your  tax situation moving forward as part of our   recommendation.

So that's what we're looking  for from your account statements and also your   tax return so that we can have a conversation  on those topics as part of your next meeting. I can't remember if it was mentioned or not,  but how do I get these documents to you? Yes. So we'll send an email out. Right now,   it's been coming from me. And we have a  little portal where you can securely upload   all of your statements and just we will  be able to access those so it is secure. All right. Nice. All right. So, just to paint a  little bit of a picture here, Nick,   could you kind of walk us through what's the  client going to get when they come in? So now,   they come in. And Taylor's been doing  all this work to get everything ready   and putting it into our financial planning  software.

What's that going to look like   to a person when they come in? How's that  going to feel? What are you going to see? Yeah. So during that second appointment, we  will go through your entire financial plan.   So, like Radon said, once we've taken  all of the data and put that into our   financial planning software, we'll go  and walk through each and every step   of that plan with you; make any tweaks that we  need to make; updates that you see, expenses,   income; and make any changes that you'd like to  see and even different scenarios that you'd like   to see. So we'll walk you through each step  of that process in the meeting. And then at   the end of the meeting, whatever you'd like to  take home, you're free to take home.

So whether   that's different scenarios, whether that's  a printout of the entire financial plan,   we can print it out or we can send it straight to  you securely. And so we do that a lot of the time.   So it's really walking through each and every step  of the financial plan, making any adjustments that   you'd like to see, and then giving that to you  so we can progress and move forward as well. Yeah. And I think I want to add a little bit more  power to what that experience is because I mean,   you just picture it, right? You've never  sat down with a financial planner before,   you've never worked with an advisor, and all  the questions in your head of "Can I retire   at 67?" Or whatever that age you have in your  mind, "Do I have enough money? What if there   is a long-term care scenario? Are we able to  afford it? Do we need to look at insurance?"   All of those questions that you've been worried  about and really didn't have all the answers to,   they start to get answered in that visit.  And we're walking you through it.

"Hey,   here's the dollars coming in,  here's the dollars going out,   here's what we've built up to work with."  And then we take it to this final spreadsheet   that ultimately we start to see a huge sigh of  relief from a lot of people that we work with. And it brings it all in on one  nice, little sheet that says,   "Here's where we are today. Here's the assets  that we have, and here's how we progress down   in our years." And we like to take it out  to age 90, 95, 100, whatever you want to   look at. And by the end of that, I would  say, part one of the second appointment,   you've already got someone who feels that there's  been a lot of value that's been delivered because   now I've got some answers to the questions that  I've had for a long time of, "Hey, can I retire?   What's Social Security going to look like for  me? How much are we going to be able to spend   in retirement?" Things like that.

So it's pretty  cool feeling being… as an advisor on the other   side of the table, being able to deliver that.  And we're not even working with the person yet. So it sounds like a lot of  information you're taking   in from that appointment. How do you  move forward from that? Do I need to   make a decision at that point? Or what  do I need to do after that appointment? So that I go back to, I say, that's part one of  the visit. And we spent about 20 to 30 minutes   on part one of the visit. Part two now goes  into what Taylor was talking about that we   have put together as far as a risk analysis.  And I'll let Taylor chime in on this,   but basically, she's done some work as far  as understanding what is in those statements,   what investments are we in, and then we also have  a risk conversation that says, "Well, forget about   how we're invested today. What does our gut  tell us about how we feel about risk?" And,   Taylor, if you want to talk to the  differences that we see sometimes   on how someone's invested versus how  they feel like they should be invested.

Yeah. So part of what we'll do when we're meeting  with you and talking about your current risk   exposure and the difference between what you're  currently invested in and what maybe you would   like to be invested in is we'll go through a  questionnaire with you to get an idea of how   much risk you want to tolerate in retirement,  and then we can kind of compare what you want   to where you are currently invested to give us  an idea of some of the changes that we might   need to make for you as part of your retirement  financial plan so that we can better align where   you currently are with where you want to be as far  as your risk exposure in your investment accounts.

Yeah. I think what we do here that's a little  bit different is I always tell people, "If you've   ever done this before, a lot of times there's  a questionnaire you get" and it's kind of like,   "Do you go to Vegas on the weekends and bet  everything on one type of gamble that you   would take over the weekend?" It's obscure. What  we do is actually look at the numbers. So we say,   "Hey, if you got $1 million and it were  down 10%," somebody might immediately say,   "It's not that bad" until we show them it's down  $100,000.

And then they go, "Whoa, I don't want   to be down $100,000." "Oh, if you're down 20%,  that's $200,000." Definitely can't handle that. So we basically walk them through those real  numbers. And then somebody comes up with their   number and they go, "Look at this point, whatever  that might be," so let's say it was 10%, "At 10%,   yeah, I'm starting to get nervous, so I  don't want to lose more than 10%." Well,   then we take them and we show them what their real  risk is on their current investments and they go,   "Oh, my goodness, I didn't realize I was that  risky in my investments." And then we talk about   how did it go last year? I mean, "That's an easy  one this year because last year the markets were   down 20%." So people go, "Yeah, I was down 20%,  too.

And I just didn't think about it from the   dollar's perspective." And so that is eye opening  to a lot of folks when we get to that point. So now, what we've done is we've kind  of worked all the way through this   information. And at this point is where we  say, "All right. We're going to send you the   financial plan. We're going to send you the  data of what we've put together thus far."   And now what we're doing is, is we say, "Look, we  want you to take a break at this point, go home,   look at what we've going to send you. And then  we come back together for a strategy meeting."   And the strategy meeting is saying, "How do  we start to look at this? How do we that?"   And I'm just going to say that we do it in a  couple of different ways. One of the things   that we do as a bucket sheet. And in that bucket  sheet is breaks this into three buckets.

So Nick,   could you kind of take us through what that  bucket sheet looks like as a part of the strategy? Yeah. So, to start with the bucket sheet, we  start with basically three different buckets.   And usually we're typically drawing this on  the board, so that whoever we're meeting with   can see it in person. And visually, it's a  lot easier to see. So you start with either   a cash…. you start with a cash bucket,  a safety bucket and then a growth bucket.   And to kind of break those down step by step, the  cash bucket is really anything that you feel…   or the amount of cash that you feel comfortable  holding.

So for everyone, that may be different.   Some people like to hold a lot in cash just for  emergencies. Some people are typically holding   smaller amounts. So that's person to  person. That's a completely personal choice.   And as long as that doesn't really negatively  affect the plan in any way, typically,   it won't. And that's just a number that we  have as part of the bucket sheet overall. That second bucket is the safety or income bucket,  and that's set basically for safety or income in   the future. And that's basically a few different  products that we recommend as part of the strategy   meeting to hold in that bucket and provide safe  and reliable income throughout your retirement.   And then the third bucket is the growth bucket.  And that's really set to grow throughout your   retirement.

The goal there is basically to have  that money so that you don't have to… you can,   but you don't need to tap into it throughout your  retirement. And typically, that will be liquid if   you need it. But really, the goal of that growth  bucket is to grow throughout the 20-some-odd   years. And then, your safety bucket will take care  of your income during retirement. So those are the   three different buckets. And we kind of basically  form our recommendation around those three. Yeah. Over the years, I've been  doing this for 22 years. Murs   has been with me now for 11 or 12  years.

How long was it? How many? 11 years. 11 years. So we started using this  bucket strategy just to make things   simple. So I just want to ask you,  Murs, what are you seeing from folks   as we started using this as to how they  get it and how valuable it is to them? Yeah, I think in one word, it's clarity.  Clarity on how things are positioned,   and confidence, as well as how this plan can  actually function. A lot of times, again,   doesn't matter how much money you got, it's one of  those things where until you see it on a screen,   until you see it mapped out for you, it's hard  to imagine that whatever money you've built up   is going to last as long as you need it  to. So once we show this cash bucket,   this safety and income bucket, and then this  growth bucket, and help someone understand,   again, personalized to them, you may have someone  that…

And we see all types of situations. You   may have someone that's got all the income that  they need, discretionary income that they need   is covered through their Social Security or their  pension. So they've got a really good situation. So their bucket sheet is going to look a little  bit different than someone else who has no pension   and just has to rely on Social Security. They're  going to need to draw on their assets a little bit   more. And so being able to kind of put those  three categories together and being able to   show someone in a very simplistic manner, this is  not… we don't want this to be complicated. Yeah,   the investing side of things can be complicated.  The income side of things can be complicated. But   if the strategy and if the client can understand  the why, why do we put money in this bucket versus   this bucket, and they can talk about it in  conversation to their friends and family,   all of a sudden it sits very well. And I  think there's a lot of power to that, right? There's some that would use a 20, 30, 40, 50-page  financial plan.

And we all know what happens with   that plan. You looked at it once or it's presented  to you once, and then you never looked at it again   because it was just too overwhelming. This bucket  sheet that we end up using as a recommendation,   and then as a final deliverable, it's a one-page  snapshot of what your life is going to look like.   And we're updating that year after year after year  because in our opinion, at the end of the day,   a financial plan, it's moving.

It is not set  in stone. It is flexible because we know life   happens, we know situations happen. And so we need  something that can be nimble with that as well. All right, Morgan, we gave you  a lot. Any other questions? Yeah. Well, I feel like these tools,   this visualization and all these  conversations are going to help   you come to a pretty good decision. What do you  do after you've taken all this information in? Yeah. We try to keep these episodes at  around the 30-minute mark just because   we don't want it to be overwhelming, but  here's where we are. I mean, at this point,   a person has a pretty good idea of how things  are, at least, going to get started, but it is   just the beginning. It is just the start of where  we are in this journey to and through retirement. And so what we're going to do, we're going  to come back together because I've got more   questions.

I think Morgan's got more questions  for all of us around this idea, "Okay, well,   I'm here. You've given me all this. So now, what  do I do next? And where do I go? And if I become   a client, what does it look like then? And how  do I take all of this hard work that's been put   into building out this plan and building out  this whole process? How do I implement it?   And what does the implementation look like  and how long does it take to implement? And   how long am I going to be having this thing  monitored? And what does that look like?" So we're going to walk you through that in  our next episode when we all get together.   Just so you know, if you're looking for  that, it'll be the end of the next month,   so in a few episodes.

But we're going to walk you  back through all of those different aspects. So I   just want to say thank you very much, Nick and  Taylor, for coming on, the special guests, with   us here on this episode. And your insight has been  very helpful on making sure we clearly understand   what it means to build a financial plan. So, thank  you. Thank you, too, Murs, and Morgan, for all   the great questions. All right, everybody, have a  great week. We will talk to you again next Monday. We hope this video has given  you some confidence and clarity   as you plan for a worry-free life and  retirement. But what else do you need?   We have created a complementary video course  called Three Keys to Secure Your Retirement.   This video walks you through step by step what  you need to do to get ready for retirement.

You   can also check out our podcast called Secure  Your Retirement. You can subscribe below. For more retirement tips, check out these  videos. Also, if you find them valuable,   please subscribe to our YouTube  channel and give us a Like.

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Planning Retirement the RIGHT Way (with Veronica McCain)

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 
online to join all the basement fun with other   stackers type stackingbenjamins.com basement 
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

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Maximize Your Retirement Savings with these 3 Simple Strategies

(gentle music) – Retirement planning
is an ongoing process that requires monitoring
and tweaking over many years to help ensure you have enough to meet your retirement goals. In this video, we're gonna cover three best practices you can implement today. If you're approaching
retirement, you may want to download our retirement
checklist to see just how prepared you really are. Just click on the link in the description for access to this free
checklist right now. Now let's go over the three best practices for retirement planning that
you can implement today. Number one, make a minor
increase to your savings rate. Boosting retirement savings
doesn't require major shifts in contributions.

Small increases can
still have a big impact. For example, increasing your contribution by just one percentage point because of the impact of compounding
may really boost your savings. Many employers will allow
you to automate your savings and divert a percentage of each paycheck to
your retirement account. Number two, extend your retirement date. The longer you hold off on retiring the more time you will have to save money and take advantage of compounding returns. A study by the National Bureau
of Economic Research found that a 66 year old who
works one additional year before retiring could
increase their retirement savings income by 7.75%. Let's say you have a
million dollars in your 401k and you max out your contributions
at $1,875 every month. A 7% annual return rate
compounded annually would mean you gain an additional $92,500 after one more year of work
and $191,000 after two years.

Number three, think long term and boring. Work with financial professionals
to find investments that are most likely to help you
reach your retirement goals. While there are always exciting
investments to consider, most find it best to think
boring and long term. Oftentimes, the more
exciting investments come with big market fluctuations. These fluctuations can cause
feelings of greed or fear which could cause you to buy or sell your investments
at the worst possible time. Small behavioral changes
can make a big difference in your retirement savings. Boosting your savings rate, extending your retirement date, and selecting smart investments,
even if they're boring, can really help you maximize
your retirement savings. I encourage you to speak with an advisor about how these strategies
can be tailored to fit your unique financial situation and help you achieve
your retirement goals.

Call us today at (602) 343-9301 or visit strategyfinancialgroup.com and click on the orange
schedule meeting button. To download our retirement checklist, click on the link in the description. Thanks for watching, and please subscribe to our page for more content like this. (gentle music).

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Don’t be a Stiff in Retirement! Flexibility is Key, Learn Why.

as you age stiffness settles into your joints and this can make it more difficult to move around and maintain an active lifestyle this video is directed at me maybe you but it's definitely directed at me because Jody is as flexible as they get but it's true as your body slows down and it ages and it gets stiff everyday activities start to feel more strenuous than they used to and that is not a good place to be a sedentary lifestyle only makes this situation worse we all see this too often in our clients and we want to help you avoid this as much as possible now we're working on my stiffness we are by playing we're working on your flexibility flexibility yeah the stiffness is there I'm good at that that part's there we're working on my flexibility but there's a lot of things we're doing we started playing pickleball down here at the YMCA on Tuesdays and Thursdays and we playing around Robin and that we stretch before we play We stretch after that's new for me right but it really it's an interesting so sport because there's probably 60 people there probably and most of them are older I would say all of them are 50 and older some are 66 like me and we don't see many people stretching before or after and we also see many injuries you know the woman who runs the program whose name also Jody with an eye with an eye she can't stop talking about this enough but people just don't seem to listen well last week we were playing some guy fell down and he tore his Achilles tendon and you also can get um tendonitis by not stretching you know we're we're learning more and more about stretching or I am because again you're really good at this with yoga um but it is really critical to stretch as much as you can so that you can overcome the stiffness and stay limber well into your 60s 70s and 80s you know flexibility benefits you in more ways than one it improves your movement overall and it helps prevent simple strains and injuries including muscles and disc streams shoulder strains and certainly that ever present backache that many people feel you know a friend of ours mom just fell and broke her hip and you know there's a whole concept about we're not talking about muscle today but having good muscle around your bones and also stretching your muscle is going to improve your past texture it's going to help or prevent you know Falls and injuries and it's also going to enhance your joint range of motion which is important you know we live active lives with as we've told you pickleball golf cycling you work out using weights I do yoga Power Yoga with weights sculpting classes but everything you do is more stretching but that's new for me and um you know all through my career I didn't do a lot of stretching I did a lot of like hit power like weight training actually rushed to the gym right and get to a routine it was all about doing the circuit as quick as you could to get to work but yoga and besides yoga you know you just want to make sure that you are becoming more flexible because it has benefits to your outside muscles it also has benefits to your internal organs as you twist and stretch my One Yoga calls it in my one yoga teacher calls it internal housekeeping whenever you sit and do like a real deep stretch it really helps your organs on the inside I think we should have called this video yoga for a more flexible life how's that it wasn't going to be about that but I'm happy to Pivot and talk only about yoga if you want well it is it is good that you do it five days a week and I think what I'm gonna do I'm gonna commit to when we get back to Connecticut I'm going to come to yoga one day a week wow that would be great but it's got to be an easy one not one of these crazy hard ones you know I was a college athlete and I loved going to the gym and I loved competition for the greater part of my life you know um for years as I was working and raising children you know I just fit the gym in like whenever I could you know and I lost focus on really what I was trying to accomplish while I was there well we were trying to accomplish checking off the box right and it has to be more than that because we lost Focus we didn't really worry much about flexibility until after we retired and I think that that's really the main point of this episode today is really the importance of stretching right yeah because you know it's funny when you're just fitting the gym into your lifestyle you really don't stretch before and you really don't stretch after because you have a amount of time so you jump into your class or your weights or your cardio and then you leave but now that we're retired we have learned the benefits of stretching and flexibility I preach it all the time in our house and I'm hopeful that Mark will start too I'm going to start yeah I am I can almost touch my toes now I'm working on that so let's talk about the three main types of stretching because you know just saying we should stretch isn't enough you really need to know what you're doing and you need to be careful but there's three types of stretching you can do with little or no equipment or investment of of any kind right and really if you think about it the first one is something you did way back in grade school right it's called static stretching this is where you hold a position for 30 seconds and then relax you repeat it again three to five times before moving to another stretch and the big key here is not to bounce right so not to lean over to touch your toes and then bounce bounce bounce lean over and hold for 30.

This is like touching your toes yep now I can just about touch my toes but you should get up and show them you can put your hands flat on the floor I can in front of your feet I can which is that's about this much further bent over than me which is a new kind of accomplishments which shows you that that the more static stretching you do the further you're going to go I'm feeling really inadequate right now I do you just need to work on it I'm going to I have to the second type is called isometric stretching right so this is similar to static stretching you hold the position and gently stretch your muscle during the stretch and then you hold the pose for 15 to 20 more seconds Contracting and relaxing your muscle during that time I I don't get it can you please show us what you're talking about because I don't know what it is but this give me anything this stretching will improve your strength and flexibility because you're flexing and releasing your muscle it's just like jumping jacks okay well what is there a what's the third so the Third Kind this is where you're going the third type is dynamic stretching oh that's Jumping Jacks and burpees right well kinda but not really so this involves actively moving your muscles and joints in a set Motion in repetition for usually 10 or 12 times so it's more like you know like head rolls like you want to really roll your head around and you roll your head at me all the time the other thing it could be is like walking lunges or leg swings or even hip circles the idea is to stretch a little further each time using fluid movements feeling very inadequate I definitely need help will you help me well if it's you all and you in particular are open to help there is so much research about stretching and I have to tell you I'm gonna hold you accountable for this because you just declared you'd go to yoga that which is like huge I can't wait to call Courtney and tell her you'll be there okay and um thing is the make you can actually see actually feel and you get looking forward to kind of pushing a little bit harder without bouncing in each one of them you know it's funny I do stretch using my freeletics app it is a warm-up and then I work out with burpees and push-ups things like that and there's a stretch at the end but I'm actually just thinking it's just again checking the Box well I should do this move and I should do that move but I'm not really doing it with the intent of becoming more flexible right and I think that's a mind shift that I have to have because your yoga five days a week I mean you're just incredibly limber and stretchy and I'll tell you it helps me with my physical wellness vision of not only being physical physically independent right but being able to get down and up on the floor with great grandchildren grandchildren you know and even continuing to play sports I think it's really important all right I'm gonna do this jumping jumping stretching you are yeah okay I'm gonna do it I'm gonna do it three days a week 15 minutes of stretching I'll take pictures I'm going to start I'm going to start with rolling my eyes and then my head you know like anything to get the benefits you really have to do it you know consistently and you know over time and but you will see the results when I started yoga I could barely touch my toes now I can lay my hands flat on the floor and actually the other day when we were playing golf and I was on the golf cart and we were parked I actually went down to stretch and I went below my feet you know down to a rock so but it's it's encouraging I think well listen it's something that is really important and and we know it's important I I'm not doing it and I need to do it you do which and I'm making a commitment to you to do more stretching good right now if you thought this video was great we hope you did this next one finding your path to physical wellness besides looking at creating healthy physical habits and routines we're going to take you on a journey to create a vision for your physical wellness so watch this next video next

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How Does A Precious Metal IRA Work?

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

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Teachers: How to Save for Retirement Without Social Security or Pension – YMYW podcast

We got Anna. "Hello Joe and Al, I love your
funny and thoughtful podcast." Well, thank you, Anna. "I'm a teacher in my mid-40s at
a state school. I opted out of the underfunded pension system when I started the job a decade
ago. Instead, I contribute to a defined contribution plan and various supplemental retirement accounts.
Unfortunately, in my state, I'm ineligible to contribute to Social Security, so no pension
and no Social Security. However, I do live in a LCOL, low cost of living area, and I'm
recently able to save more than I spend – $40K per year into retirement accounts – and I'm
thinking about adjusting my portfolio to take the lack of Social Security or pension into
account. What do you think are the pros and cons of these ideas? All right, Anna. She's
saving $40,000 a year? Yeah that's excellent. Solid. Mid-40's? She's gonna be just fine.
What, why you rolling your eyes at me? I didn't roll my eyes, I smiled and then I'm
looking at the rest of her question.

Got it, whatever. (laughs) Okay. "Take a chunk
of my savings each year, $10k, and put it into I-Bonds creating a safe inflation-protected
bond ladder." Number one, what do you think about that idea? What's an I-Bond? Inflation? An I-Bond? It's like a double-E bond. It's
just a government bond. Never heard of an I-Bond? I have, I just can't answer the question without
knowing exactly what is. (laughs) Got it. Or maybe it could put it in "1," bonds
creating a safe inflation… but I believe it's I-Bonds.

I think it's I-Bonds. Yeah that's what it looks like, I-Bonds, so
I do believe, Anna, you should have some of your money in bonds. I don't know that you
necessarily need to buy a bond. I might buy a bond fund, and I might stay shorter-term
just because when you look at the long-term rates of bonds versus stocks, you don't get
much extra benefit, much extra income for a longer-term bond and you have a lot more
risk. But I do agree with putting some in bonds, and whether it's $10,000, that's about
25%. That could be about right. I disagree with that. You're mid 40s, Anna,
so you're a little bit older than me. (laughs) Not much. You got 20 years of work left.

I think as
you get closer to retirement you're going to need as much capital as you possibly can
to accumulate. So I get what you're doing here is you're saying I need a supplement
for my pension and Social Security, so let me put $10,000 a year in I-Bonds. I-Bonds
are paying, what, 2 percent? In 20 years, I don't think that's a good idea. I think
you want to continue to save the $40,000 in a globally diversified portfolio and don't
segment it. Don't try to bucketize this thing. You look for a target rate of return over
20 years, let's say, what do you think, Al? Globally diversified portfolio, 20 years,
call it six and a half percent? Are you fine with that? Yeah I would be fine with that. Okay. And then if she does that, she's got
$1.5 million.

I'm assuming she has money already saved. So that's if she started today and
she saved $40,000, and she got six and a half percent return on that $40,000 savings per
year. At the end of 20 years, she's got that. And if I take a 4 percent distribution from
that, that's $62,000. As a teacher I'm guessing, what do you make as a teacher – $80,000? $60, 70, 80. $80,000? I mean some administrators might
make $100,000 and some. Kinda depends on where you are in the country
too. And we don't know what state she's in. So I don't know, $62,000. That's, of course,
the future value of that… (Joe calculates) It's always good to do calculations on the
air, isn't it? (laughs) Yeah it is, here we can see it.

Uh-huh. It's about $42,000. Can you live off
of $42,000? If you're good then you're all set and keep doing what you're doing and have
a global diversified – don't try to segment. Yeah and that was assuming you don't have
anything saved now. But she's in our mid-40s and she's cranking
$40,000? She probably has some cash there. Number two question. "Use my tax-deferred
retirement accounts and combined short term TIP funds and long term TIP funds to create
a sort of liability matching strategy." Anna! Are you a pension hedge fund manager?? No,
I would not do that. She's trying to – this is what like big pensions do, and they match
ladders with liabilities, and the liability, in her case, would be an income stream or
income payment.

I disagree with that strategy as well. I like the TIPS though, what a TIP
is is a treasury inflated protected security Alan. Yes, that I knew. Okay. Any other comments on that strategy? No. Agreed. Okay. Her third comment is "more
is better." "Stick with the total return portfolio but
perhaps choose a more conservative allocation, say move to 50 fixed income 50 stocks to substitute
for Social Security. Cheers and thank you for all your work." All right Anna. Yeah. Now you're on the right track. But that's
too conservative. And that's assuming you have a 20-year threshold. Yeah, Anna, if you're retiring in the next
five years, well then all bets are off. Then just ignore everything that I just said. But
if you're retiring at 65, let's say. Because you're looking for a supplement of Social

I love the fact that you're concerned of saying you know what, I don't have Social
Security, I'm not going to have a pension, but I have all these supplemental retirement
accounts that let me put $40,000 in a year. If you continue to do that, I think you'll
be fine. And it sounds like she lives in, what did she say?
A low cost of living area. LCOL? FMO…? What are you trying to say, Joe? (laughs) I dunno. FOMO? Fear of missing out? Yeah that's what I meant to say. Okay. FOMO. Loco? Let me just say. if you do have 20 years,
I would go at a minimum 60% stocks. I might do 70 percent stocks, I might even do 80 percent
if I could handle the fluctuations. Volatility. Yeah. I have roughly the same
time horizon. My portfolio is 100 percent stocks. So there you go. All right Anna I
hope that helps. Good luck with everything.

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Retirement Planning: Are you Ready for Retirement? with Oak Harvest Retirement Success Plan

[Music] welcome to the retirement income show on Market Lane alongside the CEO and founder of Oak Harvest Financial Group that of course is Troy sharp Troy is a certified financial planner professional his team at Oak Harvest is incredible if you want to go to the website to learn more elk Harvest financialgroup.com Oak Harvest fg.com works as well a lot of great information on the website you can learn about Jared Kinney Ryan Kenny you can learn about Chris Paris Jessica canella the whole team there's just a phenomenal team Oak Harvest financialgroup.com and of course you can always go to the YouTube channel there's over 300 videos on there about any topic you can think about in the financial world the retirement world uh it's phenomenal and there's no cost you subscribe you'll know when all the new ones are out but there's no cost to any of that YouTube check out Troy sharp and Oak Harvest Troy's office located at 921 oral City Way I-10 and Bunker Hill they they are here for you if you need help they would love to help they just don't know if they can help until you reach out and you can do that just by giving them a call 800-822-64-34-800-822-64 34 today we're going to be talking the retirement success plan Troy is going to explain what this is and it's the process so it's about investment planning income planning tax planning health planning Estate Planning and they all go together Social Security and Medicare are in there as well you know you've done this for a long time you sat down with a lot of people so you kind of understand the common mistakes the common things that we Overlook as well this will be good going through the retirement success plan how are you going to inform us today of this retirement success plan well just like we have as humans we have basic needs right we have that hierarchy of we need shelter we need food we need security in retirement or once we get to retirement people have their the same concerns the same questions we all have the same let's call it fears do we have enough you know can you retire when can you retire how much can you spend when you do retire without the fear of running out of money we all want to pay less tax right the government can get their fair share but not a not a penny more and whatever that fair share is it's it's defined differently based on your plan so if you take the government's plan there they want to get as much from you as possible and the tax law is set up in a way that if you don't plan for taxes in retirement oftentimes we see people in situations where if they keep doing what they're doing 200 300 500 800 we sat down with a client prospective client recently and we're doing this analysis it was well over a million dollars in taxes if he kept doing the his way of things the way that his advisor had him doing it in regards to his income plan and tax plan and retirement well there was no tax plan obviously but his income plan was going to lead create this domino effect of his tax bill being over the course of time over the course of 25 years over a million dollars in estimated taxes that he was going to pay that he simply didn't have to pay if he went about a different approach the approach that I'm going to talk with you about today as far as step three of our retirement success process the tax planning aspect so just like we have basic needs as human beings we have basic concerns when it comes to retirement and we've created the structured process and that's the beautiful thing about the retirement success plan is it's a plan that is something that is actionable but it's also living and breathing it's something we will review with you throughout the year once you're a client but it's also a process and we believe in structure here we're really big on structure and process and that keeps us organized that keeps us on schedule and that keeps us ahead of the planning curve in order to do the things that we promise for everyone that's entrusted so much to us and I'm talking about your retirement you worked for 30 years 40 years 50 years in some cases and you save up whether it's five hundred thousand dollars or five million or 50 million you need a team of people that of course are knowledgeable but before education and certifications and designations and training and experience first and foremost you need somebody that cares okay if you start there with someone that's a fiduciary and not just you can be a fiduciary and still do the wrong thing I've seen it for years in the industry where fiduciary advisors still sell mutual funds that have high fees and commissions and they can make justifications for why they're selling them or why they think you're they're in your best interest I don't believe that they are personally um we would never put someone into a mutual fund that is charging a five percent front end commission and then you know has two or two and a half percent of hidden fees and we've seen that for for years coming from fiduciary firms fiduciary advisors so you start with from Ground Zero are you working with somebody who truly cares who's truly passionate about retirement so with that philosophy in mind that's the foundation of of what we look at when we hire people here at Oak Harvest Financial Group you could have all the designations in the world all the education all the experience but if if you're arrogant if you're not humble if you're not hungry if you're not continuing strive to be continuing to strive to be a better person we don't want you to work here because that foundational element do you care about the people that you're working with on a human level if that's not there then you know we don't want any part of that type of person I don't care how much you produce how what the metrics are when it comes to how we measure advisor performance so that's the foundation now once you have someone that cares you want a structured process in place to deal with those big questions that you have the big concerns that you have so do you have enough yet it's not just a yes or no question it's a function of how much do you spend what is your health situation if you're healthy yes of course you're going to live longer most likely but are you planning for the increased medical costs in increased probability of needing long-term care or Assisted Living these are aspects that healthier people do have to absolutely be concerned about those that are less healthy it's less likely you're going to have a two or three year four or five year stay in a long-term care facility or need nurses in the home so when we talk about do you have enough and can you retire these are all the answers to those questions are function of how much do you spend what is your longevity what is your health situation your of course your family history um but not only that it's what are we doing with the other aspects of this process meaning the income planning side the tax planning side what about the health care side you know are you retiring before Medicare do we need to look at some type of Health Care planning that qualifies you to receive a subsidy so you're not paying two thousand dollars a month for both spouses for health insurance that maybe we get it down to 400 a month or 600 a month or maybe no out-of-pocket costs whatsoever for health insurance premiums you can do that with proper planning but you need the right type of asset structure meaning if you have all your money in retirement accounts this is where tax planning comes in when you take money out that goes on to your 1040 your tax return and then you probably aren't going to qualify for as big a subsidy as if you had money saved and non-ira accounts so this the structuring of income planning tax planning Health Care planning and then of course the estate side of things this is all what the oak Harvest retirement success process the retirement success plan is and that's what you receive when you become a client it is a very clear and structured process that we go through but then it's also a plan that is living and breathing and we're making adjustments as time goes on tax law changes economic conditions change goals change your spending levels will change it retirement is and we've only learned this you know from years and years of experience the best delayed plans we can't just set him and forget them you know plans need constant monitoring just like a plant or a garden or you know a human being so the retirement success process we're going to get into today to to today we're going to focus on the first three steps the first step is risk management and investment planning next step is income planning so income planning is social security when do we take that it's not just based on the math which it does play a role but when we start to look at are you a conservative investor okay versus an aggressive investor investor that plays into the Social Security election decision of course your Health and Longevity plays in market conditions okay are we in a recession when you're thinking about taking social security are your accounts down 20 30 percent or did we have a really really good year last year and it looks like we're gonna have a good year this year all of these factors kind of tie in to that income planning component as well as many other we're going to talk about and then the big one we're gonna we're gonna get into is tax planning that's step three of the retirement success process and when you start to understand that retirement is a set of dominoes when you're young you work you put the kids through school you deal with traffic you deal with bosses you deal with if you run your own business all the headaches that come with that you deal with so many different things money is really really simple it's life that's complicated in the accumulation phase once we get to retirement now life gets a little bit more simple it's the money it's the decisions you have to make and the realization that every single decision you make how you invest the portfolio impacts not not only how much income you can take today but how much income you can take down the road the sequence of returns risk based on how you've invested sequence of returns is if the market goes down and you're also taking money out you exacerbate that downturn in the market because there's no paychecks coming in you're you're pulling money out and losing in the market so these decisions every single one that you make it's a domino effect it impacts everything else it impacts the tax plan it impacts the income strategy can impact the health care it can impact absolutely the estate plan so we walk you through this process so we have a plan in place we call it the retirement success plan and the goal is for you to have security first and foremost but what I find most often is the outcome is that people feel more comfortable they feel more secure and they're able to enjoy retirement a bit more because they've they have a plan in place that addresses all these certain needs but also through the continual monitoring and adjusting and conversations one thing I love about our process is when someone comes to us and we have that first meeting where it's just get to know you you know no pressure no obligation no cost we get the information we do an analysis between that first and that second visit and then when we come back on that second visit you actually get to see what it's like to be a client at Oak Harvest Financial Group because that second visit with us we're starting to go through the foundation of a financial plan we're starting to discuss the decisions that you have to make not only this year but in the future so that's almost exactly what it's like to have an annual review with us or a semi-annual review with us so I love that about our process is that you get to see before you ever decide to become a client what it's like to actually be a client when we have up on the big television screen all of the information the choices you have to make the impact of making different decisions how it impacts your taxes how it impacts your income how it impacts your account balances when we do a sensitivity analysis and and show you okay this outcome in the market and this outcome for income decisions versus this one here are the possible outcomes for those choices and that those combination of choices so you get to see what it's like to actually be a client just through our normal process of going through that first second and third visit with us many Engineers it takes a little bit longer than that sometimes it's four or five visits but our goal is to Simply provide value we want to make deposits in your life we want to provide value and you know people see that value and they say you know what I think you guys could be a great part of my financial team my retirement team and yes I want to work with you Troy so if that's you if you don't have a retirement success plan if you don't have a tax plan income plan if you don't understand the guard rails what I'm going to get into in this next segment as far as risk management in retirement give us a call we want you to leave a message there's no one here working on the weekends if you're watching this on YouTube if you're listening to this later and it's during the week sure give us a call someone will pick up but we want to have a conversation just to see what's important to you who you are if you're a good fit for what we do and of course you can ask questions to see if we're a good fit for you and then we'll schedule that first visit there's no cost no obligation we can do it through Zoom we can do it in person at the office right here at I-10 and Bunker Hill in Memorial City and that first visit we'll have a cup of coffee a glass of water and just get to know each other and if we are a good fit at that point we'll get that second scheduled we'll do the analysis that I talked about and we'll walk you through that retirement success process so you can have those big questions answered do you have enough can you retire and how do you pay less tax 1-800-822-6434 1-800-822-6434 Oak Harvest Financial Group check out the YouTube channel check out the website Oak Harvest Financial Group so when you think about this this is what I think you should really like about it it's you're working with the team at Oak Harvest for your retirement right to coming up with that retirement success plan you're the CEO it's your retirement look at Troy and the team at Oak Harvest as your Chief Financial Officer here to help guide you you're going to make the decisions they're going to give you the choices right and it's up to you because it is your retirement it's your hopes and dreams your bucket list and all of that it's really important though that they understand your feelings your thoughts your hopes your dreams it is about you so you've got to talk to them and they're here to listen and they're here to help again that number is 800-822-6434 risk management how important is it what actually is it Troy we'll explain when we come back this is the retirement income show with Troy sharp out of Oak Harvest Financial Group back right after this investment advisory services offered through Oak Harvest Financial Group LLC Oak Harbor's Financial Group is an independent Financial Services firm that helps people create retirement strategies using a variety of insurance and investment products investing involves risk including the loss of principal any references to protection benefits or lifetime income generally refer to fixed Insurance products never Securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company Oak Harbor's Financial Group LLC is not permitted to offer a No statement made during this show shall constitute tax or legal advice you should speak to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency this radio show is a paid placement foreign [Music]

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