Wealth from Wisdom

7 Simple Strategies to Simplify Planning for Retirement

June 24, 2017
Wealth from Wisdom
7 Simple Strategies to Simplify Planning for Retirement
Chapters
Wealth from Wisdom
7 Simple Strategies to Simplify Planning for Retirement
Jun 24, 2017
Carson Wealth
Show Notes Transcript

Having a successful financial game plan doesn’t have to be complicated. It’s about how a handful of simple steps could make a world of difference. Join Ron and Paul as they discuss how to take these simple steps to pursue your retirement goals.



Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo, the opinions voiced and welfare 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 Cwm LLC, an SEC registered investment advisor.
Speaker 2:
0:30
Dud market 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 the interest rates by 250 the skyrocketing cost of healthcare and retirement could now run 350,000 for retirement. Today is a whole new ball game we've 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. Have you ever
Speaker 3:
1:07
fought that planning for retirement with complicated or confusing? Have you ever been overwhelmed and you didn't know where to start? Sure you have. It's a big deal. We all have. And the truth is most people know they need help. Most people know they need a game plan and more specifically, most people know they need a financial game plan. And it's probably why you might even be listening to Paul and I today. Welcome Paul. Hey guiding here. It's great to have you here, but you know, you think about it, we all get overwhelmed. It's, it's a big process. It's like where do I begin? And I don't know everything I should know. And the great news is you don't have to, I mean we make your good adviser team makes a complex simple, but I think we can all agree on one thing, and this is true with anything, but having no game plan in life is a recipe for disaster.
Speaker 3:
2:08
Having no financial game plan is a recipe for disaster. And this is what we're going to talk about today because ultimately having a game plan, doing little things now being intentional put you in position to have an amazing, I'm going to call it financial security. I know everybody uses retirement. I think that's an outdated term by the way, Paul. But everyone's financial security don't want the optionality of, you know the saying is money doesn't buy happiness and I think I can bind to that to some degree, but it does give you options. And Harvard has actually done studies on this, Dan Gilbert, some of you may have seen his commercials and they've proven the fact money does buy happiness up to a certain level. And that's really what we're talking about today is significant improvement in happiness. Once you take the pressure off, been able to sustain the kind of life that you want to have.
Speaker 3:
3:07
And then once you go beyond, and we see this with our, with people in our own clients, we deal with a lot of times you get too much money. It sounds unbelievable, but it further complicates your life. But really what we want to talk about on wealth from wisdom today is we want to reveal the five simple game changing strategies that will help your retirement go further. And it's about retirement readiness index. It's about the retirement income amount. And this isn't one that, boy, when you transition from the accumulation phase to certain to spend the money, this is really where the rubber meets the road, Paul. And a lot of people get super nervous. Yeah, they do. And I think about when we don't understand something or we don't have a plan put together on it actually impacts one of the most important things. Sleep is her ability to sleep at night.
Speaker 3:
4:02
So I think the number one thing that we can talk about here first is creating a real diversified income plan. Ron, and I know when we talked to people, this is the factor that helps them sleep better at night because really if you don't put a plan together, that's a travesty because you have multiple opportunities and what are you probably do? And if you don't, you're kicking that can down the road and you can't afford to do that. So I think we should share some insight with the listeners today on great strategies on how they can avoid that happening. Yeah, it's a tricky time Paul. I mean I don't want it. We want to be truth givers both on the radio show her wealth from wisdom and with our clients. It is a tricky time. Why is it tricky? Because you have interest rates basically at zero and it give you some perspective rates have been coming down since 1983 and I remember where I was a 1982 actually when Volker raise the prime interest rate to 21.5% of, we've had a gradual decline all the way down to zero.
Speaker 3:
5:08
And if you think well they've got to go back up and actually the 10 year is actually come down since the beginning of the year. Yup. And you know I could go into why we may be in this zero interest rate environment. So it is cause people to go out and take a lot more risks. So we're not saying generate income by taking more risk. We're saying there's other ways of doing it. If all, I think the Travis travesty would be full of life, 80 years old and broke and you can also though, if you're not taking an appropriate amount of risk in the portfolio, you can go to zero carefully, meaning that you're not doing anything and you're just going, you're going broke safely. Yeah. I think we talk a lot about live your life by design and not by default. So your retirement income
Speaker 4:
5:58
plan, and again, the word plan helps you dictate your lifestyle. You get to control what you do and I think about just getting by versus actually Ron doing what you dreamed about. Putting those things in plans together, hitting off those life's experiences and it doesn't have to always be spending money going on a big trip. It can be the little things that coffee with a friend or that family dinner that you haven't had in awhile. All those things can be part of your plan but don't have to cost you a lot. But the concern would be not actually putting that plan together. I don't mean you have to watch every single penny and maybe some of you will as part of your retirement plan, but you're gonna feel better knowing that number and what that looks like because spending to zero is not a solution that anybody wants.
Speaker 3:
6:47
It's, so let's talk about what some of the very specific solutions are. Have this diversified income plan. One is, you heard us talk about be careful with interest rates as low as they are, but bond ladders today you can go out and create by the individual bonds. You can create a ladder and you can get very specific yield and you build these bonds come due at full face value and even afraid to go up. You don't care because you can replace that ladder there. Ideas that you have staggered amount, very effective Porsche, a place to go with a portion of your fixed income. Another is alternative strategies. I think a lot of investors don't realize their strategies out there that aren't necessarily dependent on interest rates or the stock market. You know, we, we had clients that were, we did single family homes, Rehab them, rented them, did that in a form of a fund. Really had nothing to do with interest rates, didn't have anything to do with the equity markets we're doing, so that's what would cause a great example as an alternative strategy that can generate really decent income for you and your family.
Speaker 4:
8:02
Yeah, and a lot of those, Ron don't have to be directly correlated to the market. You can be receiving income not in a bond or not in a stock or a dividend that many people are comfortable with. There's other ways to approach it, whether it's rental income and there's a whole lot of solutions we're not going to go through today, but it should be part of your plan because there's a percentage that can help you as you think about short term, middle term and long term here
Speaker 3:
8:29
in this I want to share, I was having a conversation with an advisor. I happened to sit next to him on a bus I was doing, I was hiking in Zion National Park and found out that the person was an advisor. And I said to him, I said, what is your biggest challenge that you're having? And they said, well, my biggest challenge. And they said, y'all, I'm almost embarrassed to tell you as my clients are outspending their portfolio. I go, well how do you mean that exactly? And she said, they're taking out more than the portfolio will support. And I said, oh my gosh. I said, well what do you say to him? She goes, nothing. Well, what do you mean nothing? She goes, well, you know, I just, yeah, I, they've been taking it out for years. A lot of these clients for tired, they were taking it out because interest rates were higher.
Speaker 3:
9:18
Things are going well and they can't live on any less money. And I'm like, boy, I think you've got a major problem there. I think they're going to be really upset when they get to zero. I'd rather have them make a dramatic change now. And this is, this is big. I mean the, the diversified income plan, you want to be able to look your adviser in the eye and say, is this sustainable? Am I taking out for the game plan we have? And the downside risk we have, is this an appropriate sustainable level of income? You've got to ask that question.
Speaker 4:
9:48
Yeah. And your advisor's got to be able to tell you if you are outspending on, you got to cut back. And if they're not telling that to you, they're doing a disservice to you. So that's one great one. Let's move to them. A number to Ron. So a number two thing you really need to do for retirement is optimized or so security. That's so important. Uh, you and I have talked about there are so many options and different ways for you to approach this and they're all important for you. So you have to go through that analysis because there's multiple ways it can impact you. One is just a pure total dollar you receive, but also the tax impact. And a lot of people don't think about the tax impact of social security, Ron. And I think that's something that's gotta be part of their plan.
Speaker 3:
10:31
It is. And Paul, you and I, we talk about it on wealth wisdom all the time. $10 billion goes unclaimed because people do not know what they're doing with their strategies. That's just silly to leave that kind of money on the table. I mean this is a big deal that this, these are monies that you don't have to do anything special. These are your monies, but if you don't know how to do it, you're not going to be able to optimize that. And if you make a mistake, it used to be a few years ago, if you made a mistake was social security. You could go back and you could fix it and you could reclaim it. You can pay it back and start all over again. It's you get, you had a free free a do over. You really don't have that much. They give you a limited amount of time to catch it and do a do over, but you really need to be cognizant of the fact you got to get this one right.
Speaker 4:
11:19
Yeah. I really think about, believe it or not, this is one of the biggest areas where you can get yourself in trouble, is by not claiming your social security benefits correctly. And we've talked about there's all of these rules, there's regulations, there's red tape, there's really thousands of different combinations to claim your benefits. And that's why is you've said over $10 billion in benefits goes unclaimed every single year. And if you make one simple mistake, if you don't claim your benefits that the exact right time for you, not what everybody else says they did, but what's for you? Or if you miss out on one of the lucrative benefits you could be eligible for as part of the social security system, this could cost you tens of thousands of dollars over your lifetime, maybe even more than that. So to help learn how you could get back every nickel that you've earned via our customized social security analysis, it's quick. It won't cost you a dime and it could literally save you thousands of dollars. And if you save $100,000 or more for retirement, be one of our first 10 callers. To get your complimentary customized social security analysis right now at (888) 419-8513 that's (888) 419-8513 don't get cheated out of thousands of dollars in lifetime benefits available to you coming up next, more of the simple strategies that Rhonda and I are going to talk about helping make your money go further and retirement. Keep listening to welfare wisdom radio.
Speaker 2:
12:49
He's a published author and has 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. If you've saved for retirement and you've managed
Speaker 3:
13:03
each tab, put away some real money in Iras and four zero one ks. And what I mean real, I mean real to you. It could be a modest amount, could be a lot of mouth, but that's, that's a great start, but if you don't have a plan, you're not going to get the most out of that money and it could be the fastest way to run through the entire life savings too soon. I see it way too often. People do a great job of accumulating and then all of a sudden they get close to actually taking the money out and they don't really do what they need to do. So welcome back. I'm Ron Carson and thanks for joining us on wealth from wisdom. Creating that financial plan is not as complicated as you might think. Matter of fact, a great advisor team makes the complex simple and coming up.
Speaker 3:
13:53
Paul and I are going to continue to talk about, we've covered two in the first segment. We're going to cock talk about a couple of other game changing strategies that will help you get the most out of your money in retirement and give you the financial freedom to really not have to worry about it. Paul, you made a comment in the first segment is about being able to sleep well at night. I mean, I want, I remember my dad growing up, he said, Ronnie, I'm going to pay your $500 door. All my worrying for me and the first worry is where am I going to get 500 bucks to pay? Yeah. He thought that was so, fuck it ain't no, they don't have to worry about it. I don't want to tell the worry. Right? Um, but that really is what you should be able to do with a really good team. Whether it's your tax team, your legal team, your financial team is good. Team is out there doing things. So you're not, are they missing things? And they think in about that, which leads us directly into number three, create forward looking strategy for taxes. This
Speaker 4:
14:52
is another one of those that you can do a great job of accumulating a lot of wealth. And if you're not thinking and you, and this is the time, you can control it, right? When you're working, you get bonuses, you get distributions, whatever happens, you really can't control the timing of that. Boy in retirement. You can control when you pull out of this money out, it's not only the timing Ron, of how much dollars you pull out on a monthly, quarterly, annual basis, but this is really for many of you, the first time you're going to be able to have more control over your taxes. And a lot of people don't think about the tax impact in your retirement account. So pulling money out of your Iras, 401ks, et Cetera, that are really important, but now it's actually time you get more control. And so I think it's important for you to look at when working with your CPAs and other professionals.
Speaker 4:
15:43
It's often you're looking in the rear view mirror because you're looking at last year's information and you're putting the numbers in, but you really should be looking forward and your retirement plan, this portion of it is so important. Ron, people often forget about it or don't worry about or they dismiss it, but it can have a huge bite against them. And it actually makes me think about it. I was just talking to with CPA the other day and he said, uh, to me that he's really surprised that when he works with good quality advisors, his relationship increases with this client because of the communication and the plan looking forward on how taxes impact his client. To take this, a CPA says, yes, I'd rather have you work with an advisor to help you look forward because we work well together rather than worrying about how much do we do, we try to get to fix a problem.
Speaker 4:
16:37
So I think that's important for everyone to put as part of their plan. And let's be fair to Cpas, I mean they are, first of all, they get beat up all the time on what they charge a client for doing the tax return. And so a lot of times people put themselves in the position of not, you know, to, they don't want to pay for the planning piece of it. And so you're being penny wise and pound foolish here is, and the CPA's are like, okay I'll do the taxes but if you want to do planning there's going to be additional investment you're going to have to make. But it's a small investment for what you get. But a better plan is have it all integrated with your financial team and you don't need to replace your CPA's doing it. But I think the point he's making here is you guys are doing this for looking, planning.
Speaker 4:
17:22
You're getting my input on it makes him look good, makes us look good. We work together as a team to get all this done because the poor CPAs are out there. I mean they, they grind it hard, you know, during tax season. Then they want time off. They, many of them just don't have the capacity to do the kind of planning they should be done. Yeah, and I think one of the tactical items that you'll face in retirement that not everyone's aware of, it's what's called an RMD required minimum. And so you have to start taking that after age 70 and a half. And if you, if you've built up in your retirement plan where there are four o one k or a TSA or an IRA and all of a sudden you have to, you are forced by the government. So by the way they can get their taxes, you've been deferring throughout your working career is that could increase your tax bracket and if that increases your tax bracket, that's going to lower the amount that you're taking home and that's going to lower the amount that you can spend every month to live life your way.
Speaker 4:
18:20
So you have to calculate that as part of the overall game plan and putting a strategy together on when you should actually pull out your distributions from those types of accounts. Yeah, the sequence of distributions really matter, absolutely could be the difference between double or tripling the amount of tax you're actually going to pay on that. Paul, let's move into number four. We're covering the seven, seven fundamental steps to really making sure that you've got a game plan that's going to allow you to have the kind of retirement that you want to experience. And number four is managing downside risk. In my entire career, I've never had someone say I'm upset because I made more than I thought I was going to make. And so not surprised if you can protect the downside. The upside will take care of itself. One thing about our markets, they will continue to do whatever they need to do to prove the largest number of people wrong in any given moment.
Speaker 4:
19:20
And if you don't know what that number is, you're going to probably do a something bad you're going to sell out because you didn't expect it and then you lock in a permanent loss in managing downside risk. No one what that is. I mean I love your, you know, your speeding analogy, right Paul? I mean how much risk are people comfortable with? Equate that to how fast you are comfortable going over the speed limit. Yeah, no, it makes a big difference. And I think I'll bet a lot of people in their retirement plans and what they're doing is often run. How do they make their investment decisions if they're not using an advisor, they go look at returns of everything and then they go move their account and to whatever returned to best most recently. And so what's happening now is people most likely don't understand and it's okay if you don't understand because this isn't what you do all the time is you understand the amount of risk that may be.
Speaker 4:
20:15
You're now taking an ABR fully in diva in a international markets are an emerging markets or they may be fully in commodities or other areas they just don't understand, but guess what? The returns last quarter looked good on my four one k plan, so I should move into that. That could be a disaster for you and putting your overall plan together when you actually get to retirement, everybody out there. I want you to think about this for just a moment. When you go down the interstate and how many miles over the speed limit are you comfortable going? Most people, Paul would say 10 or 15 miles
Speaker 3:
20:48
an hour, so I love it. Maybe a little less than that, but or 10 I always go nine. I say seven to 10 I go nine a fair. I won't get a ticket. And if I'm in a big car and I go 15, I can live with a ticket because that's not going to be that much. Knock on wood, haven't had ticket forever. But um, but then when you come in and you, you ask him, you know, a potential client that we do the downside risk analysis on their portfolio is it relates sale, how much all this feeling we are you okay going, okay, nine miles an hour. And then their portfolio's going 250 miles an hour. They're like, wow, I didn't realize that because they think their downside is 10, 15%. It's like, well, based on, and we can run these analytics and so can your existing advisor go to them or go to whoever you're talking to and we're seeing 38% down, 52%.
Speaker 3:
21:40
It's like, no, no. That's way, way too much risk to be taken, especially in this market environment. And then you've got the index annuity salespeople out there and they are salespeople and they are selling you something. Um, and be very, very skeptical. The commission on those things. By the way, can range from six to 20% and I don't, I hear less of the money you put in the money you put in and people say, Oh, the company pays it. Hey that comes out of your money. And it is a company has had their hair without your buddy. And they'd say, well, but you know, I get the upside without the downside. I just remember there is no unicorns or, or money fairies out there that replace that money magically. Somehow they've got to go invest that money somewhere, the same places you could do it without that kind of load.
Speaker 3:
22:32
And, and then here's what you may not realize. If you own an index annuity out there, if the insurance company is part of the general account, so if they go out of business, your money goes with it and the agents can argue, well there's a state fund and all that, yet you don't want to go down that road. Um, the, this, I think there's over abuse of index annuity, that money to pay whatever bills that month, Ron, you're not going to be accepted that answer. So some other things though about risk Ron. It's not just about the market. The risk actually has many faces. So think about the stock market is one we've talked about before the credit market, but I think about others, the political market and its impact that it can have. The geopolitical market, what can have, there's many faces at risk and you may not fully grasp all of them that are out there in the marketplace today. So if you haven't thought about those, your adviser and your other trusted professionals, should it be spending the time with you explaining and educating you on what all of those are. And especially in a language that common to you that makes you feel comfortable that you understand those risks you may be taking. And so as you think about your retirement and every is where you're going
Speaker 4:
23:46
down this path. And if you've had the ability to put away money in your Ira, your four zero oneK or other retirement account, that's a great start. But now it's about what you do with that money that really matters. And if all you do is tackle the simple things. So I think about low hanging fruit. Those things that you can do that can have a meaningful impact. You could be potentially miles ahead of where you are today and you may be able to retire actually far sooner than you ever expected. So let us prove it to you with our five step retirement master plan will make this process simple and easy. And what you're gonna learn in this analysis is in your review, could change everything to make your life better and simpler and help you sleep at night. So if you've saved 100,000 or more for retirement, call us to schedule your initial analysis right now at (888) 419-8513 your analysis is not going to cost you a dime and you've got nothing to lose. So give us the opportunity to prove how we can make your money go further in retirement. Call us at 1884198513 that's (888) 419-8513 do you think planning for retirement is complicated and confusing? It doesn't have to be. Come in ex join Ron and I for five simple strategies you can take right now that can make a world of difference.
Speaker 2:
25:10
Is it possible you could pay fewer taxes in retirement and keep this money for yourself? You could learn right here and right now, unwelcome wisdom with baron. Taller Boom Advisor Ron Carson, planning for retirement. Does it have to be
Speaker 3:
25:25
complicated and confusing? In fact, if all you do is tackle just a few simple things, you could be miles ahead, I mean miles ahead of where you're at today and you'll probably be way ahead of everybody else and you could potentially retire so much sooner than you ever thought possible. Welcome back. I'm Ron Carson with Paul West, my cohost. Today you're listening to wealth from wisdom. We're going to continue talking about the seven simple and I did say simple game changing strategies that can help your money go further in retirement. And Paul were talking about simple cause. These are not difficult concepts in some of the best things in life are simple. They're simple to understand, but for some reason a lot of times people don't do them. So our real goal today is to educate you to go do this with whoever it is that you're working with and that you're asking better questions. You're thinking about things, the little things that can have an astonishing impact on how successful you are through retirement
Speaker 4:
26:33
and how good you feel, Ron, when you get them done there. We talk about this all the time. Many people make to do lists at home and how good you feel when you cross those off and you complete them and don't like the feeling when they slide down your list or they don't get done or they don't get finished and they create future anxiety for you. So one of the concerns that we see in retirement, and that's number five, is inflation and inflation protection for families out there. And I know you're, oh, inflation, I don't understand what that means or you don't. And it's really hasn't had an impact over the last series of years. Is it going to hurt me? Well, I think our favorite phrase we like to call this is it's the silent killer. Yeah. Like high blood pressure, right? Yeah, it is. Uh, no one pays much attention to it until it's too late. And as you think about it is you think about your retirement. Most of us don't say, oh my retirement is 10 years and that's it. We're thinking of it over 20 years, 30 years or more. And you don't want to be sitting there at the end clipping coupons and worrying about everything because you didn't plan for inflation or other rising costs. And I think another one comes to mind. Roundness healthcare. Yeah. I mean that's one people
Speaker 3:
27:44
and you look at the consumer price index or whatever inflation the government says we're having, it's nowhere close to what the average retired person is experiencing. Cause everything, you know, especially health care is skyrocketing. A lot of them liked to travel. It's not less expensive to travel than it used to be. Um, I mean airfares are up, lodging is up, you know, every, almost everything you'll go into the dining out is up. And so all the things that, that you really have worked your entire life for, um, you don't want to have this silent killer. I like, there's some commercials now being run about, you know, high blood pressure and my heart just going to give up if you're not taking care of it. That's how your portfolio by the way will react is it'll just, by the time you realize it's a major problem, it's too late.
Speaker 4:
28:33
Yeah, it is. Ron, I mean I think about this is you think about what's happening and what's going out there and it's what you're looking for. An analogy you've actually coined recently and I loved one that you share is it's not the bus you're watching out for that hits you. It's the one that you're you don't see or you don't recognize or you ignore. And that's what often happens with inflation in is when you put on a retirement plan together, I would recommend that you and your advisor and your planner and your tax professional and that group together, or if they're all under one roof, is you model your plan with conservative estimates or aggressive actually for inflation so that if it doesn't go higher, you're even in a better retirement situation for your income needs.
Speaker 3:
29:17
Yeah. I want to just, I mean for those that we're tired, let's say even 10 years ago or 20 years ago and just thought, well, I'm always going to be able to get six, 7% interest on a bond and, and I don't have to think about it. What's really happened is yeah, prices continue to go up and then income levels have come down and so has the sustainability because we're not having, you know why we had the market making new highs. It's not like they've been compounding has some huge rate. I mean we've had some pretty volatile markets here, so you know, you really want to put things in the portfolio. You want to have a strategy that protects on the downside and this is, you want to also understand that you can't take all of the return out of your portfolio because just to keep purchasing power moving forward, you have to have some of it going back in. Think of it as, you know, seeds that you're saving to plant for the future so it can grow and throw off additional income for you.
Speaker 4:
30:19
Yeah, Ron, we actually, uh, had a family send over their own retirement planning worksheet. They worked on together and it was really good. They did a good job except they forgot about two things, one inflation and to an increase in living expenses. So they just kept the same amount throughout their lifetime and will, they made a good start to it. These are two critical factors that you have to have as part of your plan.
Speaker 3:
30:46
So let's go to number six, Paul, and that is conducting checkups to make sure you're on track. We are not, I repeat, we are not in a static world. We've never been in a static world, but especially today to give you some sort of sense on how quick things are changing. By the way, I had an opportunity to hear Howard her well who's the CEO of 1871. They're the largest, um, startup micro, you know, if you think of it, um, uh, from in the, in the world and he, two things he said, thanks for as moving as slow today as we're ever going to move. And if you're not moving as fast as the outside world, you're going away. And I'm going to say the same thing about your financial plan is, is hey, things are changing. The economy is changing. There's lots of disruption that's going to be coming with to the economy and you better have a team.
Speaker 3:
31:42
You want to have a team that's adept and moving as fast. And that means continuing to check in what are your goals and objectives, but what are the opportunities and what are the emerging technologies that literally you think about blockbuster video were placed by Netflix really overnight and blocks blockbuster had already disrupted another. And do you remember who blockbuster. Disruptive Paul, uh, mom and pop videos. You got it right. And you're one of the few people that actually gets that very forgets it. Blockbuster was a disruptor. So it because things are changing fast and this applies to everything as it relates to you financially, your insurance, your taxes, your investments that you have. You want to have continuous check in and you want to have communication that's being pushed out to you to say, we're here. We're aware. And having continuous dialogue with your team.
Speaker 4:
32:35
Yeah, Ron. I mean I think about it. It's got to be a proactive check in though. Think about going to your doctor, your dentist, they're making sure unless you call them, because there's something wrong that you come back in on the right periodic basis for you or if there's something new that they've learned that they want to talk about with you. And this actually reminds me of a zig Ziglar quote I love, which is people often say motivation doesn't last. Well, neither does bathing. And that's why we recommend it daily because people get tired or get fatigued and people may get fatigued on their plan and if your advisor's not being proactive with you to help you with that, that's a problem because it's part of the retirement. Complainant, things can change. Taxes is often the most obvious one, but we've already talked with the silent killer of inflation and other things of risk could change for you as well.
Speaker 4:
33:26
Yeah, I mean you, you, you bring up a vivid image in my mind when you say your, your doctor and your physical, can you imagine if you called your doctor up and said, hey, should I be coming in for a physical? I think goes, oh heck no. We did that 10 years ago. It's already checked off your list. Right? You would never consider that because your body continues to evolve and change. And if you want to say healthy and well, you take care of yourself. And part of that is getting regular checkups. Yeah. Well I'd be calling you Ron for a recommendation on your doctor then at that point, mindset that, but that for me is all about complacency. So as we think about people being complacent, uh, think about that. Simply saving for retirement without any plan. That's complacency. And without a plan, what are you going to do with your money?
Speaker 4:
34:08
So if you show me someone who's complacent, I'm going to show you someone who's going to be setting themselves up to fail. Complacency could actually kill your retirement, Ron. And we think about practice makes perfect. Well. So does preparation makes perfect and so does ongoing review. So let us prove to you how this preparation can help you with our 10 questions to ask your adviser to help you really look at your overall plan. And as part of that plan, we're going to review all of the different elements of putting together a retirement income plan, your social security, how do you generate income, creating that right investment strategy for you to help you pay fewer taxes in retirement, helping protect you from the retiring. Uh, excuse me, the skyrocketing cost of healthcare and ultimately managing risk. So if you've saved 100,000 or more for retirement, call now to schedule your initial analysis at eight eight, eight, four one nine 85, 13. What you can learn in this one meeting could change everything. There's no cost. So what do you have to lose? Call us at one eight, eight four one nine 85 13 that's (888) 419-8513. Coming up next, I'll reveal the single most important thing you could do right now that could help you ensure you make the most out of every dollar you save for retirement. Join Ron Parson and myself, Paul West on wealth from wisdom. He's a published author and he's been featured in Forbes, investment news, the Wall Street Journal, CNBC, and now back
Speaker 3:
35:38
to welfare and wisdom with Barron's hall of Famer Divisor Ron Carson. Welcome back. I Ron Carson with Paul West and you're listening to wealth from wisdom. If you don't know the name, Vince Lombardi is one of the most highly regarded coaches in the NFL. He led the Green Bay packers to five national championships and just seven seasons. Man, when I say that, you know, it reminds me of Paul. Bill Bellacheck me these right to bill Bellacheck of the past and he didn't get there by reinventing the game or it is designing some trick plays. He get there by flawlessly executing simple, fundamental blocking and tackling. That's really what we're talking about today with the seven fundamental steps. We call them fundamental cause. It's all about the basics. And the same principles are true for planning your retirement. The stuff does not have to be complicated. In fact, if you take care of these small handful of simple items that will have a major impact on a lot of things in your life.
Speaker 3:
36:53
And these are game changing. And we've covered the first six Paul, and I think the most important one is number seven. And that's really hiring a great financial advisor team. And we just talked about an earlier segment how what an advisor could not tell, be candid with a client about Alice fitting in their portfolio. I mean, you have to, you want to have an advisor's kind of push back. Don't let them let you take more risk and then blame him of bad things happen or let them outspend your portfolio and then blame him. You want, we call it truth giving and truth receiving. You have to have to have good outcomes. You have to have real candid conversations about expectations on both sides. And you want your advisor, you want your doctor, whoever the professional is to shoot you straight, straight on. Thanks.
Speaker 4:
37:40
Yeah, you need a trusted relationship and group that can help make sure that everything about your financial situation is understood. That doesn't mean the advisor team has to manage all of your money. You can keep your hands on the wheel or you can diversify amongst multiple people, but one of them has to be your truly trusted one that knows how everything works in conjunction with each other. If they don't, then you're going to have people pulling against each other. One is going to be going up on, it's going to be going down and you're going to be just flat zero and that's not what you're looking for. So at a minimum you need to have a team together and a team that can help you and I really think about a team. I can help you do three things. First, the advisor team needs to listen to you, so they got to listen to, they need to hear your directions and what's important to you. Think about it and then third, execute the plan so they can listen
Speaker 3:
38:36
to all day long and they can think about it. If they don't execute the plan, then they're doing you a disservice. You're being there being complacent or they're not helping you get to that retirement income plan that you want. So Paul, I'm in doing this for 35 years and I think of the pain and the consequences that have really happened and I've gotten to witness this unfortunately. Um, when there is a one man band out there, and this is not maybe maybe 30 years ago or 25 years ago, I started off as a one man band. You just can't do it all. And so I want to talk, let's talk about what that team looks like at a minimum. Who should be on the team and why they should be on the team. And it really starts off with a CFP. I mean, this says a lot about someone's commitment to the profession that's a certified financial planner.
Speaker 3:
39:27
It's no easy designation to get, there's a strict code of ethics that this CFP we'll follow. Matter of fact, there's some new proposed rules, even about greater transparency about what CFPs will follow and disclose to their clients. But they've also been trained, they have a professional designation around doing financial planning and if someone's been an advisor and they say, oh, it's not that important. Any money that's not going to reinvest back in their profession. Can you imagine the doctor saying, well, I never really completed medical school, but I've read a heck of a lot of things about it. That's not going to cut it for her. Medicine hasn't advanced in 20 years. Yeah, you can come on. The other is a CFA and this is if, especially if the advisor is a portfolio manager, they have to, they should have a chartered financial analyst, CFA.
Speaker 3:
40:27
It's so different than a CFP. Yeah. If someone has a CFP and the CFA, okay. Which one is her area of expertise because these are like two. It'd be like saying I'm a, I'm a doctor and I'm an airline pilot at the same time or an astronaut. Right. They're just two different worlds. I'm I, I recognize that I'm doctors fly and all that stuff, but two totally different areas of expertise. So CFA for managing the money, CFP for doing the financial planning and then a CPA on the team. This is someone certified public accountant. The someone that can, this is really critical because you can have a different CPA do the taxes. It's helpful if your financial advisor team can do the taxes for you cause it's so easy. All the information's there, but at least you want to have a CPA. This doing the planning. Yeah. So Ron, you gave a lot of good designations and all these people go through a lot of time, energy and commitment to make those things happen. But equally as important is they got an a lot of knowledge and hopefully a lot of experience in what they've done helping with people. But they also
Speaker 4:
41:34
have to do a wonderful job of communicating that to you as their client in a language that's acceptable and that you understand. So that's the critical part about working with the team. And your team should be very transparent with you about the fees they're charging so that you understand all of those different pieces. That's another great element of a team. Well. And the fourth one, so we covered, so CFA for the portfolio, CFP for the planning, CPA for the tax planning and maybe even prep, although that can be outsourced as long as they're communicating on your behalf. And then the other is an attorney. I mean with all the complexity and the estate planning and all of the stuff that's out there. So at a minimum you want to have this team that's part of the team and I don't mean a loose relationship or they're connected somehow or they network.
Speaker 4:
42:25
They should be a core team that's all working for the same organization. Now they're going to reach out a work with outside CFP, CFA, CPA and attorneys. That's fine. But this is a core team. It should be housed together, providing rowing in the same direction for you. The benefit of the client. Yeah. Well I mean one of the consequences of not doing this, Ron, is for many married couples, there's typically one dominant, a family member who knows everything about their financial situation. And we don't like to talk about this, but it is reality and this is part of planning is what if something happens to that individual? Imagine the pain. If you don't have a trusted advisor team in place that could help out your significant other. Imagine them sitting there not only morning your loss, but also unfortunately trying to figure it out. How do they put all these pieces of the puzzle together of something they don't care about?
Speaker 4:
43:22
And so that really makes you think about, have you ever wondered if you have the right financial advisor? Have you ever wondered if you're actually covering all of the important bases of your financial life? Or if you could find someone who could do a better job, but trust us on this. If you're hanging on to the wrong advisor, if they are not creating value for you or if you're just getting one piece of the retirement puzzle, you and I mean you are going to be the one who's paying for it. This hurts you and by the time you figure it out, it's going to be too late to do anything about it. You really owe it to yourself and run to your family to get a second opinion. Let us prove to you how we can make your money go further in retirement with our five step master plan will address the most critical components to make the most out of every dollar you save for retirement. And this initial analysis will not cost you a dime. We want to help provide you more information. If you saved $100,000 or more for retirement, call us to schedule your initial analysis right now at (888) 419-8513 getting a second opinion will only benefit you and what you learn could change everything. Call (888) 419-8513 that's (888) 419-8513 thank you for joining our host, Ron Carson and myself, Paul West on welfare wisdom radio. We'll see you next week.
Speaker 5:
44:45
Risks, social security, income taxes, estate planning. Every week we talk about how to make your money go further in retirement right here on weld from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 1:
44:59
Okay. And here's the legal Mumbo jumbo. The opinions voiced and wealth 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.
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