Wealth from Wisdom

8 Surprising Things You Don’t Know About Social Security … That Could Cost You a Small Fortune

June 09, 2018
Wealth from Wisdom
8 Surprising Things You Don’t Know About Social Security … That Could Cost You a Small Fortune
Chapters
Wealth from Wisdom
8 Surprising Things You Don’t Know About Social Security … That Could Cost You a Small Fortune
Jun 09, 2018
Carson Wealth
Show Notes Transcript

As much as $10 billion in social security benefits go unclaimed every single year. You may not realize this, but how and when you claim your benefits could have a huge impact on your taxes, Medicare premiums and even your spousal benefits! On this episode . . . We’ll reveal 8 surprising things you don’t know about social security, including … Little known strategies that could help boost your benefits for not only you … but also your spouse. How you could prevent your Medicare premiums from going through the roof. Plus, strategies that could help you avoid being taxed on as much as 85% of your benefits.

Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo, the opinions voiced and well from wisdom with Rod Carson or for general information only and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged. I may not be invested into directly investing involves risk including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through Cwm LLC, an sec registered investment advisor
Speaker 2:
0:31
Morgan hit another all time records as much as $10 billion in social security benefits go unclaimed every single year. Federal Reserve announced that they will raise interest rates by 205 the skyrocketing cost of healthcare and retirement could now run $350,000 for retirement. Today is a whole new ball game. It's loaded with challenges, obstacles, and trap doors that you can do this and we can be your guide. Welcome to wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson. Straightforward and objective advice and how you could make your money go further in retirement. And now here's your host, Ron Carson Forbes magazine reports that as much as 10 billion in social security benefits goes unclaimed every single year. And you've heard us say that before, a wealth of wisdom, but the number is staggering. $10 billion.
Speaker 3:
1:21
And you know what? That's just the tip of the iceberg. The reason is because there's so much more to social security than most people even realize and claiming those doggone benefits is so complicated. Even the smartest of investors make mistakes that cost him a small fortune. So it would be easy for the average retiree just to get really cheated, unintentionally shortchanged by lots of money. I don't mean a little bit, tens of thousands if not hundreds of thousands of dollars. Welcome to wealth and wisdom. I'm Ron Carson with my cohost Paul West than the next 60 minutes. We're going to talk about two things. One, helping you avoid becoming one of the millions of Americans who just don't get a fair take or their share of what they've put into the system. And number two, we're going to talk about a conference that we host here at the Carson Group. It's our 35th conference, Paul in Vegas, and it's called excel.
Speaker 3:
2:13
We bring in this year about a thousand attendees from all over the countries, from real thought leaders, from the founder of Netflix, Arianna Huffington, and we're going to give you some of the best of what they had to say. But back to social security. Most people have a preconceived notion about what it is or isn't and they think, hey, you just go in and you get the benefits, but we're going to also teach you some shortfalls you really got to watch out for because as many times as we hit social security, people come in and say, I listened to your show all the time and by when we take a look at what they've done and they've not optimize their social security. So we're going to talk about eight things you need to know. Little known strategies can help boost your benefits for not only you, but maybe most importantly your spouse. How you could prevent medicare premiums from going through the roof. And of course, we don't you to pay taxes
Speaker 4:
3:00
on as much as 85% of your benefit. Paul, that's a lot of stuff there. And I know you and I see social security is on the agenda. We have people actually trying to figure this out. You know, where do we need the most education and you and I really do not enjoy doing a social security show. However, it is so important. It's the pillar. It's the foundation. I mean it's a big deal. It was never intended to be 100% of someone's income, but for a lot of society it's just that it is a big chunk if not all of the income that they receive. Interesting. Ron, that actually what it was intended for was 40% yeah, 100 and yet, well maybe people get tired of us talking about it. It doesn't matter on, because you know what happens is people avoid this topic like the plague.
Speaker 4:
3:47
They don't want to talk about it. And then when they do, they go and have a default decision made and they make a huge mistake. It makes me think about, you know, and we're going to talk about some of the coolest things we learned last week and we got to spend some time with some amazing people and amazing advisors across the country. That makes me think about how many of you have gotten that hotel bill when you're done at staying somewhere and you go look at it and something's wrong. They charged you an extra $12 for a bottle of Fiji water or whatever it was that happened to you and you go stand. Spend your time at the front desk for an hour fighting with them over that. You want it fixed. Do you want it? This hurt. Somebody telling me this story, Ron, and I'm like, yet you're going to go file for divorce security, something that's worth hundreds of thousands of dollars and spend the same amount of time working on it.
Speaker 4:
4:31
And that's crazy to me. But that's unfortunately how many of our listeners and people across the country think. So if you can get something out of this is learn to sit down with a professional who can give you an analysis to help make it happen. When we feel wronged, we do something about it. So my hotel room is a great example. They were been in a restaurant and you're looking like, hey, I had four of us there at dinner. Each of us got two drinks each plus their meals and you're like, you know what, that server, they overcharged me, they charged me an extra junk or there's an appetizer on here we didn't order. You will fight the hem eminently. You will get so mad about it to solve that yet when it's your money, really social security, you don't even show any passion and it was a lot more money.
Speaker 4:
5:11
It's like I got to ask though, do you actually look at the entire bill after dinner to make sure it's all right? I do because I never, I should, this is terrible, but I never ever look at the bill and well it's mainly to look at the tip to see if the tips included or not. Cause I've been charged by that before. I always look at that and I look directionally a lot of times I'm like holy crap, assist. True. But the funniest story, I got to share those with our listeners. Your and I, one of our attendees, one of our business partners, he goes to pick up a bottle of water, you know, now they electronically charged you if it's sort of as you pull it out of the little thing you get like 10 seconds. So Mike is this guy's name so he picks up, were you in there when he's telling the story? Okay, so Mike goes in, he picks up the Fuji, Fuji Water, Fiji, Fiji, Fiji, what could be Fuji also. And I noticed
Speaker 3:
5:58
that I looked at this in my room and I'm like, I'm not touching the water. I went to Walgreens, bought a case of water, he picks it up and he goes $17 and he puts it back down. Well he doesn't know. He was charged for, and I guess this is after 90 it had, you know, maybe more drinks and he should. And that's the only water he had it. And her. So he goes back up, he picks it up again and he goes, Nah, I can't do it. Puts it back down. Well this one on several times through the night, never did drink any of the water, but I had $117 worth of charges for water. So you're talking about getting nothing? No, I'm sure he went to Goshen rated zero, you know, but I'll have to have about how much time did I take?
Speaker 3:
6:35
I don't know. I wish that I had a camera of it. You know, cause you know, when you one drink of water, you almost pay anything for it. There's no, there's no dollar amount. You probably won't pay when you're that thirsty. And My, by the way, my pet peeve with Vegas and I'm not a Vegas guy, is um, no coffee in the room. So I was going to order a cup, five cups, it was $36 and I'm like, you gotta be kidding me. So I went to cvs, $7 a cup. Essential. Yes, cvs. And I bought a coffee pot and a thing of Dunkin donuts coffee guy goes, why? And I did actually. They had it there and just made my days and you know what I had in the whole thing like 20 bucks, 25 bucks for $22 or something and plus I got a coffee maker out of it and I a coffee, set it up and I put my coffee.
Speaker 3:
7:23
I get it ready. They hit it. Comes in the night before. Has nothing to do with financial. I guess it does being frugal, you know it's, can you afford to pay that I guess, but it makes you feel bad doing it. You just feel like you're getting gouged. And I guess there is a real correlation here because none of his night spending money when we feel the value that we're going to get, like of that bottle of water for 17 bucks had to come with an hour long deep tissue massage. I wouldn't have question $17 for the water if they would have thrown the massage them for free. But when all I guess water right water, it's $17 it just makes me want to throw up. Yeah. And I think Ron, I think there's a little bit of a comparison here to social security is, is your benefits are worth a lot more than you even think they are.
Speaker 3:
8:07
I mean, and I think that's the reality is all the water may not be worth $17 at a time and a place it's worth 17 million to some people. But the thing about social security is, is you don't get a second chance. I mean there's not years later a way you can fix that. And by the way, it's not like costing you. Yeah, nobody wants to pay $17 for that bottle of water, but it a one time thing. Your life moves on. You're probably not going to think about it again. Be your social security. You got to think about it the rest of your life because that money's coming in and what you could've done to make a material change to your life. Well, three quarters of $1 million, $750,000 what benefits can add up to? That's a huge amount of benefit and we're a lot of people get it wrong is they do not do not figure out what the timing needs to be.
Speaker 3:
9:01
Right. They're not there. The timing is off or they take it, we actually had an example where someone goes in, it was given advice, take the social security, it's not impact you at all, but they didn't know or didn't say is it eliminated his spouse's social security. So a real big no, no. And like you said, unless you're claiming early, then you only have 12 months to do a do over. It used to be if you made a bad decision, you could go back and fix it almost over any period of time. That's changed. That's been that way for the last couple of years now. Yeah.
Speaker 4:
9:32
Get that, get that mindset out of your brain there. Cause that's not gonna happen. Um, Ron and I think one of the things we learned, you know, we were with what nearly a thousand people in Las Vegas and it really, some of the top financial advisors in the country. And if your advisor, by the way, is not reinvesting back in themselves through either study groups associated with the other advisors are being part of an independent community, going to their broker dealers reward trip or their own doesn't count. Yes. Or where they're pushing their own products, which by the way, they make more money off of. Um, and you know, we're reading some great articles this weekend about Northwestern mutual and these other people just pushing product after product on their clients. Are you going to share that? Yeah, I'm going to share that story later. It's just, it's amazing Ron. So one of the things I liked were these were all people that are getting better for the benefit of their clients, not getting better, better for the benefit of their pocket books. And there's a huge difference. Here's what unique about the excel meeting we just had is everybody paid their own way paid there or
Speaker 3:
10:35
their hotel room paid their airline ticket paid or registration to actually bring all these great content subject matter experts. And we, we host it. So we see these advisors, some of them have been attending, this is our 34th or 35th conference and there and, and the days are long. I mean we're kicking off at 7:00 AM in the morning, not getting done until later at night. There's a little bit of fun. It's about 10% fund, 90% work involved. We did a blues traveler play off, talk about that in a minute, but it is, it is a lot of work. Uh, but they're, they're, they're committed to sharpening the saw to getting to better, better reinvesting back in their business because they want to be able to add value beyond a doubt to the people they serve. And that's why social security and all of them there to excel was a big topic.
Speaker 3:
11:22
Like how do we get the most of it and how do we keep our clients making these bags short term irreversible decisions. It cost them tens of thousands of dollars. I know it was a hot topic all throughout excel because the decision can trigger avalanche of taxes and retirement, double your medicare premiums and wipe out your spousal benefits. And just one bad decision. We can help. We have this five point customize social security analysis. Some firms charge a small fortune to put this together. We're not going to charge anything. We're going to give it away. We believe in the law of abundance. This point analysis that's going to tell you five things. One, the precise timing that could help you get the most out of your benefits, the little known trick to boosting your spousal benefits and how well and you could avoid spending and sending your medicare premiums through the rough.
Speaker 3:
12:13
Also, strategies to eliminate or minimize taxes on your benefits and five, if you're eligible for additional benefits, it could mean thousands of dollars a year in your pocket. If you qualify for this, give us a call. (888) 419-8513 that's (888) 419-8513 that's our five point social security analysis. It won't take much time. It is critically important. Don't lead tens of thousands of dollars on the table. Eight eight eight four nine 85 13 at the Carson group, we make the complex simple. I'm Ron Carson with Paul West and we'll be back in a moment with the rest of wealth from wisdom, trust, transparency, accountability. These are the values that drive Ron Carson and Carson. Well, you're listening to wealth from wisdom with bear Intel, the fame advisor, Ron Carson, he's a published author and he's been featured in Forbes, investment news, the Wall Street Journal, CNBC, and more. Now, back to wealth from wisdom with Barron's hall of Fame Advisor Ron Carson, $10 billion.
Speaker 3:
13:13
Forbes magazine reports it as much as $10 billion of social security benefits go unclaimed every single year. I know it's hard to believe we can hardly believe it at the Carson Group. Welcome back to wealth from wisdom. I'm Ron Carson with my cohost Paul West, and today we're talking about social security and the tens of billions of dollars that are left on the table because someone's not doing the work, either your advisor or you're not doing it or you're getting bad information. We're going to continue to talk about how you keep more money in your pocket, maximizing everything that's rightfully yours by effectively having social security evaluation. It's a big investment. It's a big part of your future and you want to get it right. And Paul, we were talking about this was a big topic at excel, just so security, people's frustration as there's a lot of misinformation out there, social security administration can't get it right.
Speaker 3:
14:01
The frequently asked questions are incorrect. They're giving bad advice or not bound by that advice. And there's some financial planning organizations that wing it. They're not doing the heavy lifting, the financial planning to figure out when a client and how a client should actually take those monies. So you, when you used to go talk to financial advisor in the past, the table stakes was, oh, they're going to help manage my money. They're going to pick the right stocks, ETFs, hopefully less and less on mutual funds and other expensive products to you. But now the new table stakes is your advisor better be doing social security analysis. And they better be talking to you about it and thinking through it because there's really only two ways your world can blow up. One is health. So you go down the bad health path. You know, there's sometimes not ways to recover. It creates unneeded stressors. The other way your role can blow up is financially. So if social security is more than 40 of your
Speaker 4:
14:52
income and you make a bad decision, you just compounded that mistake you made. You've just, you've just thrown gasoline on fire when you didn't need to. So you have to figure out a way to do this. And one of the biggest ways is just to avoid the tax challenges that come with it. And you can't always do a lot about it because the numbers are the numbers, but there's techniques you can use whether contributing to Roth Iras or making transfers or using other retirement income sources, donating money to charity. And we're not going to go through all of them today, Ron, but you, people forget that social security is taxable and it's taxable. Guess what? You're going to get less and less of it depending on your tax bracket. So we have to help people make better decisions and what people really want. And let's go back to the excel meeting we had. What if people really want, they want help making better decisions. They want to you as your advisor to show how you're going to save them time, show them how you're gonna save them money and show them how you're going to get a better
Speaker 3:
15:48
place in life. And they want to know they're going to be okay. Yes, that's really right. At the end of the day, they want to know they're going to be okay, they're going to be able to live the kind of life that they want. And if there's something leftover, you know, be able to take care of the loved ones they leave behind.
Speaker 4:
16:00
Yeah. So we are fortunate enough at Ron, I think we had just some phenomenal speakers and let's talk
Speaker 3:
16:04
the first one. Marc Randolph. So let's kick off with the night that we have blues traveler play. First of all, we had our partners all come in. Uh, we had partner academy, which you ran, you did a phenomenal job with what you do and teaching advisors best practices. Then we had our partner meeting, and really this is a group of 94 of our partners from around the country that get together. We call it bottoms up innovation. We're listening. They're listening to their clients and say, how can we make our value proposition better? What are you hearing? What do we need? And I mean that is just tremendous value to even our Carson wealth clients because we're getting a lot of voices. And if you haven't seen the value proposition of Carson wealth, it is truly different. Come and take a look at what we're doing. Then we kicked off, we had 900 more people join.
Speaker 3:
16:46
We had about a thousand attendees and we had blues traveler play. That's the 10% fine I spoke of. We raised money from dream weaver. They actually signed a guitar. It went for $15,000 we doubled it. We got 30,000 they agreed to sign as many guitars. Matter of fact, when they learned what dream weaver does, they set up work, come to Omaha and do a benefit. We'll see. And if you've never thought that be, I'd be so much fun. And they're like, we will sign as many guitars. We can't believe you got $15,000 and then I've got a third one now. So we're actually going to end up 45,000 from three guitars at the dream weaver auction. And what we do at dream weaver, we founded this, um, five years ago, we'll do over a hundred dreams in the heartland this year and we're providing life in wishes for the terminally ill elderly that can't f they have no financial options in their life and you haven't lived until you do something nice for someone who've never expected it and can never repay you. And this is starting to catch fire. People like blues traveler get behind it and it's just, I want to thank and there's so many people in the Omaha and really the heartland,
Speaker 4:
17:50
Iowa, Kansas, even a South Dakota that had been part of Dreamweaver really supported us. So thank you. Now it's fun to watch happen, Ron. And it's, you're sitting there and even better, we've all been at charity events. Um, but when things organically or naturally happen, it's even more fun because it's when you least expect it and it's at the end of the day, like we all talk about, we only know that you only get one shot at this earth, so you get a chance to make the most of it. And there's a wonderful balance between family work, charitable and all those things that inspire us that go with that and actually did a great, uh, Ron since with the dream weaver or the blues traveler band, you can go to [inaudible] dot com sign up for Ron since it's short little videos I put out two or three a week. They're less than two minutes, but there was a fun one there if you'll blues traveler fan, uh, talking about them and their generosity for dream weaver.
Speaker 4:
18:38
And they were such nice people around and it was just, it was fascinating to me like how down to earth and a lot of times people hear about the bad celebrity stories about how ruthless they are, how they treat people, but there's so many good ones out there as well. And what's fun is when you could actually see them coming to happen. So, you know, that happened around. So the next day we kicked off the event. And, um, I think as we all talk about the impact of technology and how it's changing our world is advisers, how it's changing all of our listeners worlds, how changing our clients' worlds. Um, and to have, you know, one of the cofounders of Netflix present was, you know, really a life co found an original CEO by the way. Yeah. I mean this was a guy that was in the trenches.
Speaker 4:
19:20
I mean Netflix started out with 10 people and we're on the verge of bankruptcy. Yeah. I left. He told the story is like on the verge of bankruptcy. We figured out we got to do this a better way and we go and we get our first sale and if we hear a ding on our computer and they all start jumping up and down and screaming, they hear it again, they hear it again and then it goes quiet. And they figured out that the server, they advise and broken down on them. So yeah. So they said they had to go through, I ain't heard this long time Fry's electronics to actually go pick up other servers and pieces at times. But what, what I think was so fascinating about his story, Ron and for everybody listening is he said, what you have to figure out is where do people's pain points come from and figure out a way to fix them.
Speaker 4:
20:09
And one of the most obvious ones he gave there, and I just, I have to share it on with everyone on the radio was the paint cans story. Yeah. I mean think about this. How many of you may be out today or you're painting something out in your garage or your farm or your barn or wherever you are in the world today. And you go and you got to get what a tool to open up the paint can, a screwdriver, whatever else you're doing and then you've got to go pour it. And most likely it's not coming out evenly and you got to get something else to stir it. Like can't there be an easier way to do those things? Just so much detail. By the way. If you're interested, send Paul or myself, paulWest@carsongroupthatcomeourcarsonandcarsongroup.com I will send the video clip
Speaker 3:
20:48
of Mark Randolph's talk. It is awesome. By the way. His whole talk is amazing because here's a point and there's a direct parallel to financial services is they continue to keep high adaptability to adjust to what the consumer wanted. The model they started off with was totally different than what the consumer wanted and how they could serve them at the highest level and that should be any service organization is you should listen to your clients, listen to the customers and let them tell you what they want. Now there's certain things you can do that they didn't know no as possible. At the time they didn't know they were going to have unlimited streaming but they loved it, but he did learn they don't like late fees. They want to queue. They want people to profile what they like. And also 99% of the revenues came from sales, but the new Amazon and put them out of business, they had to get into the, the high value part of it. And that was the rental business. And they literally abandoned 99% to bet on what they felt the consumer was telling them. And I loved his quote, he says, abandoned the past for the future. Don't defend what you know, embrace the unknown, which is the mantra we have here at the Carson [inaudible].
Speaker 4:
21:54
Yeah, I mean I think about how amazing is they were making so much money. And how many of you listening today? I know I did Ron. I know you did. You got the DVDs from them. And one of their brilliance is, was the thing that paint us the most about going to blockbuster or other video stores was late fees. So they figured out, well, hey, it costs the same amount of money, actually less money for the consumer to hold it at their house than it did to actually hold it in their warehouse. Lemonade storage costs, eliminate storage costs, but their brilliance, Ron, I think when he reached the story was creating that queue. So like, Hey, if I return this movie, they're going to give me the next movie on my list so I could create. So it incentivized me to send everything back. And I think it was brilliant from a consumer perspective because then it saves me time and probably saved me money. Just gas driving back to the video store and all those things. So they made the consumers' lives easier.
Speaker 3:
22:44
Yeah. And then we moved down. So Randolph was phenomenal. Arianna Huffington, I mean she's, I don't know, seven books, international incident, best bestsellers, but her big thing was on taking care of yourself. And we, I believe this, I often say, you need to be selfish to be selfless. Take care of yourself so you can take care of people that rely on you. And she, you know, she had a famous burnout. She fell down. She just collapsed from fatigue and sleep. You know, as we learned from Dr. Moss, your health is dictated by diet, exercise, and sleep. And sleep was twice as important as the other two combined. But people will abandoned sleep in order to go workout in the morning. It's crazy. I'd rather sleep and work out. I don't know about you and it's better for you from a health.
Speaker 4:
23:26
Yeah. So here's a couple of phrases I want to share with everyone is um, one, if you don't have one minute, you don't have a life. And I thought that was a great story to share because everyone I already talked about, I hate the B word of being busy by the way. I love, she said that later. So she's going to make a comment about what we said at the Carson Group on her thrive global site, but also,
Speaker 3:
23:46
and she's also going to print a, she loves, she read our books, the it all. Yeah, that's right. He's going to be printing excerpts of a sustainable edge on the Huffington Post. I think that's good. And the other one I had, Ron is holding grudges is one of the worst things to do in your life. And I thought that was so true because that's just negative energy. And by the way, holding a grudge that you think you can do your investments on your own or holding a grudge. I don't want a professional to help me with my social security or anything else. All you're doing is hurting yourself. So grudges actually cause you internalize everything are creating more stress on yourself than anything else. I loved what she said that you know, a grudge is like drinking poison and hoping the other person gets sick and dies.
Speaker 3:
24:27
It doesn't make a lot of sense. Yeah. Hey, the Carson group, we're unique. If you don't know who we are and you want to get a second opinion, take a look. We're we're, we're Barron's hall of fame team. We're constantly ranked number one, number two, number three, number four, depending upon what service you're looking at, there's several, we've got good credibility, tremendous subject matter experts and who can not withstand a second opinion, not just on your investments, but all the planning and the decisions that you either have made or you're going to contemplate making because that's really where a tremendous amount of value can be created for you. Also Arianna Huffington and mark round off Howard Tullman and others. If you want to hear some of this rich content, let us know. We weren't happy to send you out a video clip. Give us a call. Eight eight eight 41985138884 nine 85 13 you owe it to yourself to get a second opinion. I'm Ron Carson if my cohost Paul West and you're listening to welcome,
Speaker 2:
25:21
he seems good times and bad times and he's got the gray hair to prove it. You're listening to welcome belts
Speaker 3:
25:26
from wisdom with their install. The same advisor Rod Carson. He's a published author and has been featured in Forbes Investment News, the Wall Street Journal, CNBC and more. Now back to well from wisdom with Barron's hall of Fame Advisor Ron Carson. You probably know that how and when you claim social security benefits can and does have a significant impact on the ultimate size of your cheque. But did you know that this also could trigger a lot of taxes and avalanche? Matter of fact, or send your medicare premium through the rough or possibly even why count, wipe out your spousal benefits and it can cost you a lot of money. Welcome back to wealth and wisdom. I'm Ron Carson Flake cohost Paul West. We've been talking about our excel meeting, which is, you guessed it has very little to do with social security, but it's a lot more interesting to talk about but also so security, Paul, the role messages is there isn't anything that can replace planning if you're not doing comprehensive planning, tying all the pieces together, it's just little security's one example.
Speaker 3:
26:30
This is a biggie because it's a foundation for so many people. You're probably going to leave a lot of money on the table and people worry about what the market's going to do and, and all of that investor behavior is going to dictate that, um, success. But it's probably going to Pale into comparison to that. Great planning decisions are going to make overall to how long your money lasts on the quality of, of, of your actual retirement. Yeah. Ron. So I'm going to share one story here with everyone about, so security is there's actually one chance where you get a Mulligan. So for those of you golfers, you get one chance to actually do this. And that is if you actually claim benefits early, you're going to a chance to undo this if you file a form to do that. And so we actually had a listener, Ron, and I'm sure that maybe even listening today that hurt her show and said, you know what?
Speaker 3:
27:16
I better go talk to them to hear. So here's what happened. They were receiving their benefits for four months and when we did the analysis, we actually said it, it'd be much more beneficial for them to change it and move, move this filing away, and then do another filing with restricted application for spousal benefits to their benefit. And so, and then postpone this original spouse who filed. And by doing so they were saving themselves. Ron, I mean close to a hundred thousand dollars out there. So think about this. We helped them and they were looking at us when we were talking about it and showing them and laying it out and they said, well this looks like a no brainer to me that they would have never known. They just went and made a gut decision and I can't tell you how pleased they were of two things. One, the peace of mind that they are absolutely 100% confident that they made the right decision.
Speaker 3:
28:10
We didn't for them run, we just give them the information. It's ultimately your decision to make, but two, that they had a chance to solve this mulligan. So if you're listening today and you filed within the last 12 months and you did it early, so before full retirement age, you better call us at (888) 419-8513 let us give you that second opinion we can show you will lay the numbers out for you. You make the decision on what you want to do. Paul, 67% of consumers do not fully trust or financial adviser. It's a sad statistic. Two out of three, huh? Two out of three. And then, so the question is, I was actually, um, we could go today, I was climbing Mount Charles out in Vegas. It's a beautiful, about a 20 mile hikes in the mountains in Vegas. We do a 12,000 feet, believe it or not.
Speaker 3:
28:55
I mean, all kinds of stuff. Think of that just right. I mean, literally 40 minutes outside of Vegas, if you've not been out there, the red rocks, it's spectacular. And it's 30 minutes out of Vegas. I mean, Vegas, Nevada as a treasure trove of beautiful places. Anyways, hardly anybody on the trail running into this guy and his wife make it a lot of money in his mid forties. I said, do you have a financial advisor? He goes, no, I really need one. I said, I'm curious. I'm actually in that business as why I just have, don't have time. I go, is that you don't have time or you're worried about hiring the wrong one and wasting your money? And he goes, that's the truth right there. And I go, yeah, it is. He goes, because you read so many things. And Paul, you had shared the story about this Northwestern mutual agent and it's like your Northwestern mutual is a company with a good brand, a lot of good advisors with it.
Speaker 3:
29:48
But then you read something like this, and I'm, this isn't an indictment of Northwestern mutual out all this has because there's good and bad people in every profession and every level. But this is a great example where someone was selling something the client didn't need or didn't want. And, and it was a nightmare scenario for, and this is where it is and this is, you know, do your due diligence digitally. You can go get to know people really well and just spent some time digitally looking at, you know, what do they, you know, what, what is the material? Are they writing their own material? Do they have original thoughts? Um, do they have a model that removes as many conflicts as possible? And I, when I heard this, I'm like, you're someone that really didn't have much to sell. So they had to sell what they had and unfortunately it really turned off the consumer.
Speaker 3:
30:37
Yeah, I mean, so this is a posted article on Reddit and thousands of responses to it, Ron. And I think it's fascinating that somebody did an intro phone call with an agent. I'm going to use agent because I don't think advisors even a fair term. Right. And they a week later got a plan and in the plan it's explained what they need to do and almost all of it was life insurance and disability insurance and thinking through that, after talking about it, they recommended some changes. So there are things they really liked like saving for our Roth Ira there. The things they didn't like as much about why do I need so much permanent insurance and term insurance. So they gave them their feedback and literally they got the new plan and nothing had changed. So they said, okay, we don't want it. Well what happens? They start getting more information on disability and hey, we're going to sign you up for this.
Speaker 3:
31:22
And no one was listening to them. And all I could feel was like this just terrible feeling going up and down my spine, Ron. I'm like shaking like, oh my gosh, this person is completely getting sold. And that's why your stat of 67% of people don't trust cause they think an agent and the salesperson is the same as a fiduciary adviser. Polar opposites. It's a fairly long piece of, we can't read it all, but here's the feeling I got Paul, the couple was talking about this incredible meeting they had with the advisor asking all really good open ended questions, getting to know the consumer, which is exactly what you need to do and discovery, right? Get to know the client, what are their needs, what do they want to accomplish? So they felt great about it. Then they came back a bunch of insurance recommendations, disability term permanent.
Speaker 3:
32:09
90% of it was all insurance based. And I'm like, yeah but what about this and what about that? And they're like, if we really don't feel we need what we already have adequate amount of insurance, why do you feel we need more insurance? So the salesperson said, well, you do, but I hear what you're saying and let me make an adjustment. Came back with a plan that really didn't change at all according to the consumer, but said, you know what, let's just do some paperwork, gets stuffed, started anything you do and we can absolutely change. Well then all of a sudden they had billings coming out for all the insurance policies and really add to, as of that article was unable to get it stopped, fired the agent. And we wonder why financial services has a bad reputation. Now we believe in insurance. We understand it's a tool, but so often, you know, it's like, um, to a hammer. Everything looks like a nail.
Speaker 4:
32:59
Yeah. Yeah. And this reminds me, Ron, I mean, we've published this for the consumers. There's 10 questions to ask your financial advisor. Um, we store it out on our website or if you want, you can call us and requested. Eight eight, eight four one nine 85, 13, 10 questions. Ask your adviser on simple, easy. And if you're interviewing, and I, by the way, the story, I hadn't heard that yet, Ron, about you meeting the person climbing Mount Charles. I think that's fascinating. Are you worried about picking the wrong advisor? So what do you do? Nothing. Yup. And there's probably many listeners today and interview several and it's okay. I mean it's, the thing it's fascinating too is if you're going to go build a new house or you're going to remodel your house, you're probably gonna ask a couple of people for quotes. You're going to ask for who do they have the best experiences with and you need to do that for
Speaker 3:
33:45
Paul. Okay. So having said that, are you better off having a bad advisor or no advisor, no advice. Advisor definitely know you sit there and go, okay, that's why 67% of the people aren't happy, but they don't want to make a change. Like I'm better off if I have one that I feel like I'm getting some benefit from because I could end up with a bad, I was reading an article this morning just about a bunch of proprietary investments still going on, big markups on municipal bond, big charges on a lot of commissionable stuff, alternative. There's totally not transparent. We live in a world today where the concise cities demanding total transparency and they also want to see it in every single service. We have value beyond a doubt. You know, don't think of paint. You hate pants, something you're not getting something for. I want to make an investment in a professional so I get a return that's far greater than what I could get on my own and social security as one of those.
Speaker 3:
34:42
When you claim social security benefits, there are thousands of different combinations and there are swing. Your best and worst case scenario could mean tens of thousands of dollars and that's absolutely no exaggeration. But today we're going to show you how you can unlock your best case scenario with our FivePoint customizable security analysis. Some firms charge a lot of money for this and we're going to absolutely give it to you for free. It will cost you a dime. In this five point analysis, you're going to learn the precise timing that could help you get the most out of your benefits, a little known trick to boost your spousal benefits and how you could avoid sending your medicare premiums through the rough. Also, strategies to eliminate or minimize taxes on your benefits and if you're eligible, potentially additional benefits. It could mean tens of thousands of dollars every single year. Give us a call. Eight eight (841) 900-8513 for your five point social security analysis. That's 888400900 85 13 eight (884) 188-8849 85 13 I know, set it another time out there. Uh, I'm Paul West. You were not Paul West. I'm Ron Carson would follow us and we'll be back at our final segment. It's been a long year.
Speaker 2:
35:52
All right. How could you make your money go further in retirement? Learn how next unwell from wisdom with Barron's hall of Fame Advisor Ron Carson, is it possible you could pick fewer taxes in retirement and keep this money for yourself? You could learn right here and right now on wealth and wisdom with Baron, taller boom advisor Ron Carson. You may be focused on your soul
Speaker 3:
36:15
security benefit, but if you're not careful, your decision could unknowingly wipe out your spousal benefits. And I did say that you could do something that wipes out your spousal benefits and this will cost you tens of thousands of dollars, possibly more. Welcome back. I'm Ron Carson with my cohost Paul West. We're talking about social security, firing about excel. A lot of different things on today's program, but coming up in this final segment, we're going to continue to give you things you need to think about, but everything we talk about on Walton wisdom, there's one thing you need to do and that is get a second opinion, whether it's from us or from somebody else just to take a look. I've never met a plan that could not or should not have had a second opinion. And do your due diligence. A lot of times people, Paul, spend more time figuring out what car they're going to buy than planning for the retirement.
Speaker 3:
37:06
And we get it. There's, there's terms, there's things that you don't understand and that's why going and looking at are they a fiduciary? Do they have some third party, um, uh, recommendations, whether it's Barron's, Forbes, they do have a process that they people put people through, but ultimately talk to satisfied clients that have been working with an advisor over a long period of time. People that you actually respect because a good advisor will make all the difference in the world as to how far and the quality of your retirement. I mean quality keeping you, having worry about things, knowing you're going to be taken care of, knowing that someone's proactively watching out for you and doing planning. We'll take care of social security, health care, other risks that you may have that you're not aware of. Just even umbrella liability policy all over the place.
Speaker 3:
37:57
You need to be, need to be conscious of things that can be a real gotcha. Well, let's look at it this way, Ron. This could be the difference between one extra trip per year with your grandkids, where you going to go do something or give you the difference of, Hey, you know what? That's enough money so I can afford a monthly payment on a Lake House that we've always been looking at. It doesn't have to be anything big, Ron, I'm not talking to extravagant, but something simple and something enjoyable and it's summertime and we're in summer season coming up here, and many people are probably doing a summer vacation. They're doing a trip or have something going on, and I think about all the time they're planning on it and getting ready and think about should we stay? Where should we go? What should we do? Should we eat there?
Speaker 3:
38:38
Should we pack coolers? All those things, and I think about they're going to spend way more time just planning vacations in their lives than they're ever going to be thinking about social security and thinking about how they put the rice piece together. And that's because what it is is they're planning an experience they're planning and how they're going to feel. But really there's so many options related to social security. Where do you stay? Should I have a spouse or should I have, um, spousal benefits? Um, when do I file, when do I not file? And all those things are no different than decisions you make for vacation. You just need to know what your options are and the big differences, especially in the Internet age, I can go online, I can decide, do I want to say at a Marriott? Do I want to stay at an airbnb?
Speaker 3:
39:20
I can begin to think through all those factors, but I can go Google what's the best thing to do about social security? But that's not about me and what the best thing is for me that goes with that there. So think about it. You can't trust the Social Security Administration for advice and you wouldn't want to anyway, check this out. And I had alluded to it on the first segment. A successful businessman reach full retirement age 66. He filed for his benefits. When the Social Security Administration told him, they said, even though you're still working, you might as well claim your benefits because there's no longer a cap on what you can learn, but this, the citizens short change his wife hundreds of thousands of dollars because he didn't understand his options. They went on to say, I thought to myself, here's a smart, successful man who wanted to take care of his wife and he can't figure this out, who can't, but he's relying on the very people that are running the program to give them the right answer.
Speaker 3:
40:16
But guess what? They're not bound and required to give you the right answer. I had our previous independent BD, someone that just partnered with us and we have an operating procedure in our office that if it's an important question, we have to call five separate times, get five separate answers, and then we take the most common answer. That becomes the answer because literally you can get, it's rare that you'll get the same answer from five different people, but you would normally, we'll get it three or four times, so at least the odds of the average. I would love to know. So security if that's true, if you could, even if that would actually work. It sounds like they're all on a different page. So much so that here's another black guy for social security administration from Forbes, US social security can't even get, it's frequently asked questions, right?
Speaker 3:
41:05
They go on to talk about how the website's just chock full of misinformation, bad information, totally incorrect information. Now, if I'm a consumer, I'm going to the website, I'm reading frequently asked questions and I'm making a decision. You would think someone would be bound by that. But no, we're dealing with social security. No one's gotten in trouble for that. No, that's, that's crazy, right? We're held to a different standard as as consumers, as citizens and our government is. Yeah. Well, I think when people go online to Ron, we go searching for information that self fulfills our internal prophecy where already have, and I certainly think about health, right? If you Google something about health, you can make yourself as sick as you want. Oh, I feel like I got a headache or you can make yourself feel as healthy as you want, but our mind is actually the biggest obstacle we have in our mind always tends to choose the path of least resistance.
Speaker 3:
42:00
So one more quick story about our excel me last week, that wasn't another Randolph quote. It was great. It was really good. But another gentleman there was named David Goggins. And so David lived, uh, you know, quite tragic and challenging life story growing up. But he became mentally tough. And he actually several years ago at that time, sent the world record for pullups. He did 4,030 pull ups in a row. Well, first, I don't think I could do 30, but I know you in 20, 44 hours, less than 24 hours I think it was. But like think about that is most people aren't motivated. They'll choose the path of least resistance. So that's like going to social security office. How many pull ups do you need to do to get the right answer? They may only be three or four, but otherwise, what most people do, I'm not even gonna go attempt that bar.
Speaker 3:
42:50
I'm just going to go over here and file it, but a little bit of time, not only going to save them money, but it's going to help him feel better to the approach. And we call that the accountability mirror that David Goggins, Hattie, you got to look in that mirror and stop making one second decisions. You're making lifetime decisions. And social security is one of the biggest lifetime decisions you may also, Paul, did he say, um, how many miles did he, he's considered the toughest man in the country, by the way, if he's the toughest man. Who Do you think the toughest woman, his, uh, his fiance, Diana Niad. Oh yeah. Her, her, her story. But I wanted to say as as much as I think you're so cool and I listened to your, uh, your podcasts, I'd put Diana up against you on a swam. Now you would kill her in a, in a run or pull ups and all that, but she's gotta be the cause.
Speaker 3:
43:41
She was the one that did all the attempts from a six and she did her last one. She was in her 60 Cuba, right? Her story guy. It gives me every time I'm doing some physical endurance and I think I want to quit for a second, I think, or her. I do. It helps me get through it because of how tough she actually is. We've covered a lot of ground today on wealth and wisdom, but the big, big message here is, is take time to reinvest back in yourself. Just like Arianna Huffington said, you know, take care of you first. And that really comes with holistic plan and getting it right, putting some time into it. And once you get, you know, whether it's Carson group or somebody else, you'd go in and you feel like you've assembled a great team. Then you can really make great decisions because you know that they're based and solid researchers.
Speaker 3:
44:29
Not a lot of guessing. That's been done. Also much risk today, Paul, you're taking in your portfolio. We've got a digital allocation tool. We can show you downside upside, really interesting. Uh, but get a second opinion from somebody. Eight eight eight four nine 85, 1314 that's eight eight eight four nine 85 13. The analysis will not take much at all. And here's a commitment I'll give you from the Carson Group. If we can truly beyond a doubt add value to what you're doing. We'll ask for your business. If we can add value, we absolutely will not ask for your business. It's a guarantee. Eight eight 84985138884 nine 85 13 I'm Ron Carson. Yeah, and you're listening to wealth and wisdom
Speaker 2:
45:15
risks, social security, income taxes, estate planning. Every week we talk about how to make your money go further in retirement right here on wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 1:
45:29
Okay. And here's the legal Mumbo jumbo. The opinions voiced. And wealth from wisdom with Ron Carson or for general information only, and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged. I may not be invested into directly. Investing involves risk, including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory services offered through CW m L L C an SCC registered investment advisor.