Top 10 Myths of Retirement (Part 1)

In this episode, Host Joe Allaria is joined by Co-Host Jay Waters to discuss our Top 10 Retirement Myths that seem to be widely accepted amongst those in or near retirement. In Part 1 of this two-part series, we cover the first five myths, including:

First 5 of the Top 10 Retirement Myths

1. If you reach a certain dollar amount (say $1M), you can safely retire. 
2. Your investments should be conservative in retirement.
3. You have to avoid market downturns when you’re retired. 
4. You need to have your mortgage paid off in order to retire. 
5. You will have a low marginal tax rate in retirement.

Listener Question
You'll also hear a listener question from Tony about the best accounts to gift money to grandchildren and what alternatives there are to 529 College Savings Plans.

Resources Mentioned in the Show

• College Planning: Is a 529 Plan Right for Your Child? (carsonallaria.com)

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

Transcript

Joe Allaria 0:00

Welcome everyone to the Retirement Power Hour. My name is Joe Allaria, and this is episode 14. Today I'm going to be joined by Jay Waters as we talk about the top 10 myths of retirement, part one of a two-part series. But before that, we're going to cover a listener question about gifting to grandchildren. And before that, I want to remind all of you out there to make sure and go to retirement powerhourpodcast.com. Why? Because you can access all of our past shows, all of our resources that we share, and there's also the capability for you to ask your own question. Just click submit a question, and then we will cover that on a future show. If you are near retirement, if you have additional questions, then you can also click work with me and request a free retirement analysis where we will cover important things like can you retire? How do you create a distribution plan? How do you pay less in taxes now and during retirement? So make sure you check that out at retirement powerhourpodcast.com. Now to our listener question, this one comes from Tony. Tony says, Hi there, I am 68, and my wife and I would like to make some sort of financial gift each year for my grandkids. However, we're wondering if a 529 plan is the best or if there's another type of account that would be better. Well, Tony, the answer to this question really comes down to what do you want the money to be used for? And as you might know, 529 plan is for education. So if you're someone that is passionate about making sure that money goes to your grandkids' education, there are some benefits to using a 529. The first one, like I just said, is mainly it has to be used for educational purposes. So that covers that one. There are also some tax benefits giving to a 529, not on the federal level as much, but to the state level. If you contribute, at least here in Illinois, you can contribute and get a state deduction if you use an Illinois 529 plan. Certain states don't have state income tax. So we're if you're in a state with no state income tax, the advantages of using a 529 are certainly not as attractive. But when you put the money in the 529, hopefully you can get a state deduction, state tax deduction, and that money will grow tax-free or tax deferred until the time at which the beneficiary of the 529 can pull the money out for qualified education expenses and use it for that. Now there's a couple other types of accounts. I'm going to include a blog post that we did on this, and you can research a little bit more there. But there are a few other types of accounts you could consider. One would be an Utma account, a uniform transfers to minors act account. And it's basically a trust account that is in the name of the child, but as long as they're a minor, it will be held in trust for them when they become of a legal age, when they become an adult, that money transfers over to them and it's in their control. Uh, there's some information again on the blog post about that. We talk about doing a parent-owned brokerage account, or in this case, a grandparent-owned brokerage account, where you would just own an account, Tony, and just in your mind and your with your own accounting, you would allocate those dollars to your grandkids at whichever time you deem would be appropriate to give them the money. So this is great if you want to retain control over the account and divvy out exactly when it's going to be used. The Utma, on the other hand, again, once your child becomes an adult, once they hit the age of majority, that money can be used however they want to use it. They can use it for education, they can use it, use it for a wedding, a down payment on a home. They could blow every dollar on expensive clothes and a you know a fancy car. So that would be the downside to using an Utma account. And then you know, lastly, there's a few others. The one that I really like is a custodial Roth IRA. And this is for grandkids that would that would be old enough to at least work and have some level of earnings. If they have earnings from a summer job or any any job really, you can contribute up to the amount of their earnings into a custodial Roth IRA. So it would be a Roth IRA in their name, but as they're minors, you would have to have a custodian of that account, uh, a parent, you could do it yourself. But that would be the case again until they hit the age of majority. But the reason it's so beneficial is the money goes into Roth IRA after tax. That account is designed to be a 59 and a half account. So you're not really meant to access the money, at least not even and not the earnings, until you're 59 and a half. The child's 59 and a half. So that's a long time for that money to grow tax-free from the time they're 10, 15 years old to the time they're 65, 70, 80 years old. So a 529 is great, but that money is going to be used when they're approximately 18. An Upma account can be used at any time. A lot of times it is used in their 20s and then, you know, or sooner. And a custodial Roth IRA, on the other hand, if you put the money in there and they follow the rules and leave it in there, it's going to be in there a long time. It's going to give them a lot more bang for their buck. But it really depends when you want the money to be used, what do you want the money to be used for, and what type of restrictions you need to consider. So go to the show notes and I will put that blog post in there to provide a little bit more information for you. With that said, today on our interview, I'm going to be joined again by Jay Waters, who's a wealth advisor at Carson Eleria Wealth Management, here with me and the rest of our team. And Jay and I are tackling this topic, the top 10 myths of retirement, which is such a good topic because these are things that need to be debunked. These are common, common misconceptions, and they they need to be debunked. And so we're going to debunk them today. Without further ado, let's jump into that interview. Enjoy. Jay, thanks for coming back to help me out today.

Jay Waters 6:32

Yeah, absolutely. Looking forward to our discussion today, Joe.

Joe Allaria 6:36

And Jay, today we are hitting a topic that I love talking about because I love to debunk a lot of narratives that are out there that are really not true. We're doing this to help the common investor, to help the everyday investor. So, what we're going to talk about today, Jay, some myths of retirement. And this is going to be a two-part series here because there are just so many myths out there. So we're going to cover the first five myths of retirement today, and then we'll come back for a part two and cover a few more. So I'm excited. There's a lot of things out there, a lot of rules of thumb, a lot of narratives that you hear, Jay, that I don't know about you, but when I hear them, I just cringe because people are taking these things as gospel and they're not true. It's not that they're false all the time, but they're not true 100% of the time either. And before we jump into the first one, Jay, I want to remind everybody that's watching if you want the entire episode, which will include a frequently asked question or a question from a listener, go to Spotify, go to Apple, you can listen to the entire podcast on those platforms. Or you can go to retirement powerhourpodcast.com as well and listen to the full episode there. So, Jay, the first myth that we're going to talk about today, if you reach a certain dollar amount, let's say a million dollars or whatever number you've been hearing lately, but I've oftentimes I've heard a million dollars. If I reach a million dollars, I can safely retire. Why is that not true?

Jay Waters 8:09

So when it comes to the number that you need to have for retirement, it's all going to be based on what your living expenses are going into retirement. Also depends on if you have any pension, social security, depends on what those amounts are too. Typically, what we see is depending on those expenses, you may need more than a million dollars, or you may need less than a million dollars. I've seen lots of times where clients only have four or five hundred grand, live below their means, live a simple life, or maybe they have no deaths. And between Social Security and withdrawals from the 500, they're completely fine. They have no chance of running out and they can sleep easy at night. And then again, there's people that have a million and a half and they spend, they try to keep up with the Joneses next door, and a million and half ain't gonna do it. So it all depends and boils down to what your expenses are.

Joe Allaria 8:58

Absolutely. Yeah, expenses are one thing.

Jay Waters 9:01

Yep.

Joe Allaria 9:02

And I think you you touched on it, but what income sources do you have coming in? I speak with a lot of people and I have a lot of clients that they not only have a 401k, but they also have a defined benefit pension plan from either their time working at a company for a public institution, for the government, their military service, whatever it may be, they have these pensions. So that would change things drastically in terms of how safe are you to retire or not. And that's why you definitely can't just base it off of the size of your portfolio. I've seen people that had basically nothing in a portfolio, but between one or two pensions and two Social Security benefits between a husband and wife, they're doing just fine. They don't need anything in a portfolio. They certainly don't need withdrawals because they already have more than enough coming in every month. So if you get to a million dollars, that's fantastic, but it doesn't mean that you can automatically safely retire. Everyone has their own number, and you really need to get a detailed retirement plan done to figure out what that number is for you. Jay, you said some people retire safely on $400,000, on $500,000. The second one, Jay, your investments should be conservative in retirement. And we might make some people mad on this one because we're saying that's not true. Why are we saying that's a myth?

Jay Waters 10:33

Yeah, so you know, you everyone probably hears that as you get older and older, the more and more conservative you should be. And that may be the case, but again, not everyone's situation is the same if relating back to what if somebody already has the pensions and social security, and that's more than enough of what they need. Well, let's say they did save them that million dollars, and they're not gonna take any withdrawals from that million because their lifestyle needs are met by the Social Security and pensions and whatever other income they may have, then there's no need to make withdrawals. But again, it's if we're not gonna make withdrawals, why be overly conservative?

Joe Allaria 11:14

Exactly. Yeah, and I want to touch on that bucketing, but generally speaking, I would say this is correct. Yeah. But what happens is people take these general rules and they apply them to their own situation again, as they are gospel as if they're true 100% of the time. Oh, I'm getting older, so I need to get more conservative. Generally speaking, across a large group of people, that's what should probably happen. If you look at what happens in target date funds inside of 401k, that's exactly what happens. And so it's not that we're saying that's wrong, but we have to understand why those target date funds and why this rule is even a thing, or this saying or this notion is even a thing. And it's because, generally speaking, Jay, as you get older, you're getting closer to taking money out of your accounts. So I'll throw it back over to you here in a sec. But as you get closer to pulling money out of your accounts, now they need to, or before you take them out, they need to be repositioned into investments that are more conservative. Why is that?

Jay Waters 12:23

Because you're gonna start making withdrawals.

Joe Allaria 12:25

Well, you'd be because if you put them in something that's very aggressive or just volatile, like stocks, stocks are more volatile than bonds and more volatile than a money market. They're gonna do what as time goes, they're gonna fluctuate and go up and down. And so the last thing you want to do is put money into a stock, and I have to make a withdrawal in let's just say in six months. Well, five months goes by, I still haven't I still have everything in those stocks, and then we see a 30% decline in the market. Now, what am I gonna do? You know, I just lost 30%, and now I still have to take my withdrawal. So you mentioned bucketing, maybe we can talk about that for just a brief moment here before we go on to the third one. And I think in very simple terms, the way I view it, and I'll ask how you like to talk about this, but the way I view it is you've got three buckets, short-term, mid-term, long-term, and you're you've got to put all of your money in one of those buckets. And there are certain investments that are really designed for different periods of time. Some are really better for long-term, i.e., stocks, some are better for short-term, money markets, CDs, those are not bad investments. Historically, they've been bad long-term investments, but they're good short-term investments. So it's all about just finding out how much money am I going to need in the short term, how much am I going to need in the midterm, putting enough money into those types of investments, money markets, bonds, and then the rest can go into that long-term bucket.

Jay Waters 13:54

Yeah, exactly how you said it, Joe. It's there's the three buckets, and each bucket is designed for its own purpose, right? So in the short term, we want to have cash because we know we're going to start making withdrawals from it.

Joe Allaria 14:06

Yeah.

Jay Waters 14:06

In the midterm, we know that we may need money for longer than one year, and they're the stocks could be down for longer than one year.

Joe Allaria 14:13

And I would jump in, Jay, and say that right now, as we record this, that first bucket, we used to say cash basically. It really didn't matter what we said in that first bucket, whether it was cash, money market, CDs, because none of them paid anything. So you were fine just putting money in your backyard, burying it, or putting it in the freezer compared to a CD, because you weren't going to get much difference. Now, I will say that has changed a little bit now. If you want to speak on that just for a moment, too. The fact that that first bucket, there's we have we actually have options now. It's kind of fun.

Jay Waters 14:45

Yeah. I mean, what we've done with some clients is you start to with the rates on how they are, you can start to build out short-term CD ladders as far as three months, six months, nine months. So then you can peel off a little bit more interest, even though you know that you're going to make those withdrawals in a year. Because again, it it pays a lot higher than what your normal savings count does typically. And then again, it's just a different environment with the way interest rates are.

Joe Allaria 15:09

Yeah. So if I if we have CDs out there now that are paying three and a half percent for three months, or let's just say four percent for 12 months, when rates change, so that's just a hypothetical. But if I do that and I look at a return after 12 months, I'm thinking, wow, that's a great 12-month return compared to what we've seen the last 10 years or more. But if I just repeat that over and over, and if that if those rates stayed the same, getting a 4% return over a very long period of time, not incredibly ideal, right? In other words, well, we think historically, if you look at historical returns, we think, hey, these other investments they've done better historically than 3%, then 4%. So great short-term investment, not a great long-term investment. And then we use bonds, we look at bonds as a nice bridge in the middle, but these things evolve and we have to evolve with them. We spend a little bit more time on that one, but I think it's merited because that's such a I hear that all the time that I'm getting close to retirement. I need to be more conservative. Sometimes that's not the case. And if you can handle it emotionally and your money's going to be sitting there untouched for 25 years, might not be a bad idea to open yourself up to a slightly more volatile portfolio if that volatility, hey, I'm expecting a higher average return. And it leads into the next one too, the third one, Jay. This notion you have to avoid market downturns when you're retired. True or false?

Jay Waters 16:37

Yeah, false. The thing when it comes to if you're trying to avoid market downturns, that means you're also trying to time the market. There's that's the only way you can put that.

Joe Allaria 16:48

I think that's what people are saying. Now, you could avoid the market downturns by not even being in the market and just being in CDs all the time. Yeah, that's one way to avoid them, but but we're talking about, like you said, when people say this, they're talking about time in the market. Yeah, and now, you know, I'm gonna speak as the the average investor out there, which I mean it seems to make total sense, Jay. But Jay, you're an advisor, you're a smart guy. Can't why can't you can't you can't you sort of foresee what events are gonna take place? And isn't that what you do as an advisor to try to foresee different events and then move investments around? Is that not what you do?

Jay Waters 17:30

Yeah, I always tell clients, I say, if I had the crystal ball or the magic ball that would allow me to see those types of events, I wouldn't be here. I'd be out in the Bahamas, I'd be sipping on my ties or whatever it is. And uh because I'd be able to time the market. So, no, that's not what we do. Again, what our job is to is as part of it is to really, when it comes to market down turns, is helping the emotional side of it. We know that the market is going to come down always at some point. We never know when that's gonna be. And it's not, hey, let's stick our head in the sand and ignore it. It's just monitoring through those times. And during COVID, that was a great example. We saw at least a 30% down pull, and it was very easy to let your emotions take over and want to get out, want to sell, or even right now, too. Yeah, but you never know when the market's gonna come back up. So when it comes to trying to time the market, I always tell people you don't only have to get it right just once, you have to get it right twice. When do I get out, and then when do I buy back in? And I've at least seen time and time again where some people got out at the right time, but then they never got back in the market. Yeah, and they've sat on the sidelines for the last two or three years, and even with that, the market's up, even with all the downturns over the last two or three years.

Joe Allaria 18:48

I've seen the same thing, and people think if they get out at the right time, then they feel like, oh, I won. I was right, I told you so.

Speaker 18:56

Yep.

Joe Allaria 18:57

But the problem is very rarely am I seeing those people jump back in because the best time to jump back in is really when things are at their worst. And we don't know when they're at their worst until we start to recover and until things are really all better. Then we look backwards and we say, Oh, that was the lowest point. Hardly anybody wants to invest more when things are at their worst. Now, savvy investors know that, hey, this makes sense and we should do this. So I'd say the average investor is not comfortable taking large amounts of money and investing whenever things are at their worst, especially the kind of investor who is trying to time the market and who generally is more conservative, trying to avoid these market downturns. They're not the type to say things are at their worst, things are at a low point, I'm gonna throw money in because I'm trying to make a big return here. It's usually more of a defensive strategy that I just want to avoid it because I don't have enough time to recover, I'm getting older, whatever the reason may be. But the truth is the average bear market, according to Capital Group, and we've talked about this before, through 2018 at least, has lasted about 14 months. If you look at the data there. So 14 months, the average bear market, and the average bear market has gone down 33%, whereas the average bull market has gone up 263% and has lasted for 71 months. So, especially with those that are getting ready to retire, they're 55, they're 60, they're 65. Generally, we sit across the table and say, we have to think that you're gonna live at least to near an average life expectancy, unless there's something health-wise that would tell us otherwise. So you kind of have to plan for that. And there's still plenty of time. Even someone who's 70 years old, if they live to 85, that's 15 years. So the average bull market lasts about six years, the average bear market only lasts 14 months. So you do have time to recover. You just have to make sure that your buckets are set up properly. So that's number three, Jay. Now we're gonna switch gears and go into a different topic here, but this is one that I've heard several times this year. In fact, we helped a client retire who hadn't yet retired because of this myth. And we showed him and his spouse that hey, it's okay, you're okay to retire. And the myth is you need to have your mortgage paid off in order to retire. Got to have your mortgage paid off first.

Jay Waters 21:27

Yeah, you hear it time and time again. Now, don't get us wrong, it definitely is a good feeling to have the mortgage paid off. Right. It definitely feels good not to have that monthly payment on your house outright. But is it needed? No, it's not needed to be able to retire. And even sometimes I've seen it where as some of our clients get closer to retirement, different environments, more so last year when rates were at an all-time low. But sometimes it even made sense to take out a little small mortgage on your house. I saw that a couple times where it made all the sense in the world to consolidate some debt, stretch out the payments, get it a little rate, and then that was able to allow them to retire.

Joe Allaria 22:08

Yep. And for some people, they want to retire yesterday. They are not going to their job every day with a bunch of gusto and energy and excitement. Like they're they are looking forward very much to the day they can retire. So think about that. If you have a mortgage that you're trying to pay off, and there's three or four more years, or five years, or six, or whatever it is, and you just think, man, I can't retire until I pay that off, and you are doing everything in your ability to pay that off. Think about that versus doing a financial plan, a retirement plan, finding out that hey, we may be able to even refinance. We could go out 15 years and lower the payment, maybe from where it is today, and we're fine. And I can retire now. Maybe it's three years early, maybe it's five years early. Think about the lifestyle difference and the life impact of that decision of being able to retire a little bit sooner. Now, is it good to have your debts paid off when you retire? Of course. Of course, it's more beneficial to have your debts paid off because you're not going to have that same cash flow obligation every single month. So we're not saying don't pay off your debts, but we're just saying if you're out there and this is looming over your head, I've got this mortgage, I still got 12 years to pay on it, I'm never going to be able to retire. Not necessarily. If you've done a good job saving, if you've got income sources, you might be able to retire. Now, it might mean you have to take more withdrawals in the short term, and that's again, we talked about bucketing, that's where that's going to come in. But is if you plan it out, you might find that you can still retire. So do you need to have your mortgage paid off or all your debts paid off? No. Does it help? Sure does, and it feels good. But all right, the last one, Jay, this is one that is almost accepted as common knowledge, I would say, and almost agreed upon by each and every person that that we go in and talk with. But it's you will have a lower or low marginal tax rate in retirement. Again, generally speaking, this is probably found to be true more often than not. But Jay, maybe talk about some of the scenarios or reasons why this is not always true.

Jay Waters 24:33

Yeah. So generally speaking, it is mostly true. Most of the time, when we see clients, they are they have less income than what they did at their peak earning years. So they are going to be in a low lower marginal bracket. But some of the things that we can't control or don't see that can drive that bracket up higher is again, it may be okay, we have more than we need when it comes to turning on the Social Security, the pension, withdrawals from investment accounts. It also depends how you saved your money for retirement, what buckets that money's in. If it's all in pre-tax money, then when it comes out, all the money that's now showing up is now taxable. So it's good to have a mixture between Roth, brokerage, and still pre-tax money, so then we can mix and match when it makes sense.

Joe Allaria 25:27

And I see that a lot too, or a lot of times people save everything for retirement into a pre-tax account, into a pre-tax 401k. And not that's a bad thing. I mean, if you've done a great job saving and you have a huge pre-tax 401k account or traditional IRA or something like that, that's great. But you're right. What that causes is now when I go to take out withdrawals, every dollar I take out is taxed just like ordinary income. So it's fully taxable at that time because none of it's been taxed yet. Not to mention that a lot of 401k plans out there, I think I'm seeing a lot more with that Roth option, but not all plans offer the Roth 401k option. And then any money put in by employers is all going in pre-taxed. So right off the bat, you're more likely to have more pre-tax dollars when you retire. And then the other thing, Jay, is maybe you can talk on this, but when you hit the age that you have to start taking money out, which right now is 72, you have to take required minimum distributions at that age, and then every year after, that distribution is going to be based on the amount of your pre-tax accounts and whether you need it or not. So maybe just talk about that a little bit.

Jay Waters 26:44

Yeah, so those are the uncontrollables that we talk about when if you do have a large pre-tax account, you have to start taking money out at 72. So again, even if your let's say your lifestyle is met between social security, pension, and maybe only need a little bit of a withdrawal from the your retirement accounts. Well, it doesn't matter when you're 72. Whatever that amount is, that's what you have to take out. So sometimes it may exceed what your expenses are. What I've even seen in the past is clients are such good savers and they saved it all into this account to where you kind of see a bowl. It's high income, then it drops very low, and then it raises up a lot because at 72, they're having more come in than what they almost sometimes even made beforehand because they were just such good savers.

Joe Allaria 27:34

Right. So let's back up there because I think that's important. I've seen that too, where you're earning during your earning years, your wages are high, then you retire, let's say at 60, 62, and then your income goes down until age 72, it stays down. And then at 72, all of a sudden, Uncle Sam says, You've got to take out fifty thousand dollars a year from your IRAs. And the client says, Well, I don't need this, I don't need this money to live off of. I'm fine. That's the statement that really gets and it really sticks out to folks that I talk to as I tell them, you have to take this money out whether you need it or not. And you have, and why is that? Because that you have to pay taxes, because you've received tax deferral for that amount of time, the amount of time that the money's been in there at 72. Uncle Sam says that's enough. You have to start taking money out so that you pay taxes on it. And the amount you have to take out, it's not the full amount in that year, but it's a percentage of the account balance. And if you want to look that up, it goes back to the uniform life tables and publication 590, or you can look that up. But generally speaking, let's just call it let's round here, it's around 4%. And then that actually goes up every year. The percentage goes up every single year because your life expectancy is getting shorter, and so you have less years to take out the balance of your account. So, Jay, I've seen people that during those years, they like you said, they may they might be withdrawing and having a total income of $200,000, $300,000 a year in retirement. And maybe, like you said, they might have not even made that much during their working years, but whether they did or not, they never thought for a second that their gross income would be that high in retirement because they'd figured we're not going to need that much money. So that's a problem. It's a good problem, but it's a tax problem. And what's one thing that that people can do? Because we don't want to tell people don't save money. I mean, if you're young enough, maybe you can save into a Roth form, okay? But let's just say you're sitting here listening to this and you're 60 years old. What can you do now to lessen the impact of that problem that's going to occur when you turn 72?

Jay Waters 30:00

Yeah, if you're in those, let's call it the bottom of the bowl years, then you could do Roth conversions. Depending on what buckets you have, you could do Roth conversions during those lower income tax years up until you hit 72 to minimize what that taxable amount is going to be at 72 or whatever you have in pre-tax. What a Roth conversion is just taking money from your pre-tax bucket, moving it over to your Roth IRA and paying taxes on it when you make that conversion, but it's taking money out in those lower tax years and moving it to a bucket where you don't have to take RMDs out because Roth IRAs don't have a RMD 72 rule.

Joe Allaria 30:41

Yep. And we always recommend speak with an advisor, an investment professional, a tax professional before doing something like a Roth conversion. There are lots of implications other than just your marginal tax bracket. Medicare could be affected. Your pre-Medicare health insurance that you have through the exchange through healthcare.gov could be affected. So you need to talk with a professional before doing something like that. But that is something that you could consider to smooth out your your income instead of having that bowl, like Jay said, smoothing out that income so that you pay less taxes down the road. But that's about it for time, Jay, for this part one of this two-part series on the myths of retirement. We're going to come back in part two and talk about more. But if you're listening out there and you've heard a couple things that you want to dig into deeper, go to retirement powerhour podcast.com. On our website, you can click work with me and you can take the first step to getting a free retirement analysis, which is just setting a 30-minute phone call. And you're going to talk to me and we're going to have a conversation and see what it is you need help with and see if we're a good fit to help you, how we might be able to best do that. So that's it. The first step, go to retirement powerhour podcast.com, click work with me, schedule a call, 30-minute call, and you'll talk to myself and we'll see what we can do for you. Jay, thanks for uh taking some time for this segment. We're going to be back for part two and talking more about these myths of retirement. So appreciate your time.

Jay Waters 32:18

Yeah, absolutely. Thank you, Joe.

Joe Allaria 32:20

All right. And everyone else, thanks for listening to this episode of the Retirement Power Hour, where we help listeners invest wiser and retire better. Take care.

Speaker 32:29

Thank you for listening to the Retirement Power Hour Podcast. All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss, and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an investment advisor representative of Carson Allaria Wealth Management, a registered investment advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but Carson Allaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.