Wealth from Wisdom

7 Ways You’re Fooling Yourself You’re Prepared For Retirement!

April 01, 2017
Wealth from Wisdom
7 Ways You’re Fooling Yourself You’re Prepared For Retirement!
Chapters
Wealth from Wisdom
7 Ways You’re Fooling Yourself You’re Prepared For Retirement!
Apr 01, 2017
Carson Wealth
Show Notes Transcript

Join your host Ron Carson as he gives listeners a wake-up call to highlight the 7 critical components of a comprehensive retirement game plan.

Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo. The opinions voiced in wealth from wisdom with Rod Carson or for general information only and are not attended 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
Doug market hit another old 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 of the skyrocketing cost of healthcare and retirement could now run 350,000 for retirement. Today is a whole new ballgame. We've loaded with challenges, obstacles, and trap doors. But 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. Hi, I'm Ron Carson and you're listening to wealth and wisdom radio. This is a story of John and Jane Doe. John and Jane are in their mid sixties they've worked their entire lives and they've saved diligently for retirement and there were excited. There was a bright future. It's why they put all the time and effort in those long hours into saving as much as they possibly could and frequently people will come in and they're excited and they're really confident about the future and they feel like it's just right around the corner.
Speaker 2:
1:42
Unfortunately, sometimes, not always, but sometimes that first meeting can be especially difficult because we want to be truth givers here at Carson Group, we're truth receivers. We want to be truth givers and this is especially true in making sure that when people finally decide to give up their job, their primary income, that they really have thought through all the pitfalls that could potentially take their standard of living away. What happens so often is they don't realize about how much tax, for example, they own their retirement accounts or they had a thought about even the low inflationary environment we're in today. If you compound that over 2025 year retirement, just what kind of, what kind of growth that you need to heat to, to have, just to keep up, uh, and making sure that your income can provide the same senator living in the future that it does today or they don't have a lot of savings, they have a lot of wealth and they've not really figured out how am I going to turn my, my assets into generating income effectively and how am I going to get a monthly distribution or income check for myself off of those assets.
Speaker 2:
2:53
A lot of times they assume medicare is going to cover more of their healthcare costs. Then they're going or long term care costs, which is very limited and those are the little things that can creep up in an additional expense you didn't expect. So sometimes that first meeting, unfortunately or fortunately, I guess it depends on how you think about it. Can be a real eyeopener. The great news is though with a little bit of adjustment and a little more time, we can have a great story and a great outcome and this is not, this is a story that that is repeated all around the country all too often and it's about planning. It's about having a team. It's about not prepare, not being prepared is an absolute and having a game plan as an almost an absolute guarantee that you're not going to enjoy your retirement as much as you can and there's so many things that are, I'm going to call it that retirees tell themselves or they fool themselves into thinking they're going to be okay.
Speaker 2:
3:55
Let me just share a few of these and tell me if, if any of these resonate with you is a nail it. I've saved enough. I really don't have to have a plan because I feel like I just have enough assets out there. We see this all the time, just done a lot of different things, a lot of random as random series of decisions and they really have not had had a plan or number two, they've had a plan and it's out of date. They haven't, they haven't kept up with it. Uh, yesterday, uh, we had some potential clients in from, from Nebraska and their plan was only out of date, but it was nonexistent. They didn't have an estate plan. I mean, this was one of those things where man, a little bit of planning, uh, can ensure a lot of, a tremendous amount of value to those that you're going to leave behind.
Speaker 2:
4:42
Three, one of the ways you fool yourself would you say, you know what the worst case scenario, I'll just keep working and generating income and that, you know, a, your job may not always be there. B, you may have a medical condition that does not allow you to continue to work. Or I hear people say another one of those. I'm not gonna live very long by dad. My brother. My family doesn't live long, so I don't need a lot of income. Boy, I wouldn't want to be betting on myself not living very long. Got some stats. I was just at the Barron's conference yesterday and I spoke the day before that and I really had really had an opportunity to meet some interesting people later, later in the show today from Waltham wisdom on a chair with you. Some just staggering information that will shock you, especially on this topic about retirement, how much income we're going to need.
Speaker 2:
5:33
The other way people fool themselves as they think, well, social security, it's going to cover most of my retirement and that's not the case unless you have a really, really simple retirement or needs, you're not going to have much of her retirement. And the biggie though we see and see time and time again is people underestimate how many taxes are going to owe on the retirement accounts. And it is significant. So these are all the things. If any of those resonated with you, it's time to have a plan. It's time to not just make decisions here and there without any real orchestrated effort as to how to tie it all together, how to pull it all together and make sure you get the absolute most because you may need a lot more money for a lot more years than you thought. So as that baron's one of the keynote speakers we had was a gentleman by the name of saline is male and you may recognize the name.
Speaker 2:
6:35
He has a book called exponential organizations. It's one of my favorite books. If you want something that will really make you think, that'll have literally since smoke out your ears because it is so mind boggling but fascinating. You want to read it. He also started singularity university. I actually be attending this fall with my YPO group and it's just, it's just where's the future going? Here's a stat, by the way, the technology technology in our society is less than 1% of what we're going to receive. And things like blockchain, which are as you may know it as crypto currency or bitcoin today, uh, could absolutely disrupt up to four times more than the Internet disrupted the economy. And he also talked about how many jobs would be lost, how many would be gained. He showed industries that would have massive losses, others, it would have massive gains.
Speaker 2:
7:31
He also talked about healthcare and biotechnology and he said it, the rate that we're making advances in healthcare get ready. You're going to listen to this because it has extraordinary implications for retirement planning is he said at the rate that we're making advancements in medical technology that in 15 years, every year you live, we'll be able to extend your life by 1.1 years. Think about that for just a second. In 15 years at the rate we have advancement in biotechnology, medical technology that every year you live you'll be able to advance your life by 1.1 years. Now, if you think about that for a moment, what's that mean? Yeah, that's what I'm saying is you don't die. You live forever. Now that is something I don't think possible, but he also showed about a dozen other things that 10 years ago we didn't even think were, were anywhere near possible yet.
Speaker 2:
8:38
They've all happened and we're really close, especially in bio and medical technology. And you think about how many more years potentially with some of these breakthroughs that we could have and you only have begun to plan or save or you think about the amount of money that you're going to need or what healthcare costs are going to be. Now, he didn't share with that. Do we end up with a much healthier body? So don't we have to, we don't have to worry about all those things. I don't know. Um, I did get a chance though, after he talked, he was, he was actually standing in the bar and no one was talking to him. So I got to go up and talk about 30 minutes to him about, I have, I have my own medical issue. I had a mountain biking accident in 2006 and I have lymph edema in my left leg and a lot of people know that.
Speaker 2:
9:25
And how the world knows. But it's something that I struggle with and, and I have, my doctor is Dr Roxon from Sanford University and he had kid, he kidded with me last time I saw him, he says, Ron, I can fix your leg but you're going to be dead in six months. And I'm like, and he, he thought it was funny and it sort of was a little funny I guess, but he said, you know, we, we can regrow your lymph system, but then we can't stop the cellular regeneration and you'll be dead of cancer in six months. So his meal was telling me that, um, that he thinks that they're only a year or two away from being able to stop that and literally fix something that's plagued me since 2006 and it just so exciting. So you think about the quality of life fixing things that are really working that well.
Speaker 2:
10:10
So maybe in these later years we won't have nearly the expense that we've had because we'll be able to fix our bodies much better than we'd be able to fix them in the past, at least. I'm hoping so. So here's a simple question and I really want you to answer this honestly in objectives as you possibly can, aside from the happy hellos and how's the family and aside from that occasional lunch, golf game, glass of wine, cocktail, going to a basketball game, whatever it might be, is your current financial advisor adding value? I mean truly, truly, truly adding value. And I mean, when I say value, I mean value beyond a doubt where you're so sure the benefits you're getting are outweighing any sort of expense that you're paying to the team. And I'm talking about all of it. Taxes, social security, income diversification, insurance, estate planning, healthcare, and even looking at things he out, should I sell this and take a lease on it or should I buy?
Speaker 2:
11:16
And Are you having these in depth annual reviews? And if you are, if you truly are, you've got a great advisor and be thankful. I mean there's good advisers right here at Omaha and all around the country, but if you're vi as if your advisor is not doing that and you're not having these in depth conversations, you owe it to yourself and really to your family to have a conversation with someone else because if you don't, you're the one who's going to pay for it and the cost will cost you way more than than, than anything that you can really anticipate for from consequences on down the road. What I'd love to do is show you how we build our plants, our proactive, how we can help your money go further and retirement. And I love to prove it to you. The Carson difference. We have a five point master plan and I believe you'll be shocked at what you learn in the value that we'll be able to add.
Speaker 2:
12:06
Your initial analysis won't cost you anything and the sooner you get started, the more confident you're going to be about the plan and the better off you'll be. So get something on the calendar today. Call (888) 419-8513 that's (888) 419-8513 (888) 419-8513 while you're focused on yield, you're ignoring taxes and those taxes could have even a bigger impact on your retirement. Coming up. Next, I'm going to talk to you about how to avoid the retirement tax trap that could needlessly costs you thousands of dollars. I'm also going to talk about how sales contest in particular from Morgan Stanley could cost you a lot more than you realize. I'm Ron Carson and you're listening to wealth and wisdom will be right back.
Speaker 3:
12:52
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. Welcome back. I'm Ron Carson and thanks for joining us today on wealth from wisdom. Yeah,
Speaker 2:
13:08
radio. Are you overly confident about your ability to retire? Matter of fact, are you overconfident in general about how to protect the assets and the wealth that you have? Yesterday, we had a gentleman and he said, it's easy to make money. It's really hard to hold onto it. And it's really true and it's almost impossible if you don't have an integrated plan where you have people watching, not only the obvious with the things that aren't so obvious and are you truly prepared and is it possible that you're overlooking several critical components and your retirement and your game plan coming up in this segment, we'll talk about what some of those issues are, but maybe not for the so obvious. I mean what are the things that can, that can sneak up and get you that are just awful and they shouldn't even exist today. And I'm going to talk about, I've talked about Merrill Lynch, I've talked about JP Morgan, some of the issues they've had today I want to talk about Morgan Stanley.
Speaker 2:
14:09
Morgan Stanley actually ran a sales contest among its advisors and the, you know, this is out of investment news and investment news by the way, is a publication the most read in financial services. They do a good job of reporting the good, bad and the ugly. And A and a lot. And I know the reporters and they, and I think they're very, very fair, but this story, it says everyone's a winner at Morgan Stanley, when the largest retail broke rates in the United States starts a contest to boosts lending products, including portfolio loan accounts known as pls at the firm. So they say everybody's a winner. And that is, except for the client, the broker firms, hard sell stands out in a complaint filed by the Massachusetts Securities Division against Morgan Stanley. Now they charge, that's a wirehouse was conducting an unethical, high pressure sales contests amongst its financial advisers to encourage clients to Bor, borrow more money from against their securities accounts on the firm, ran these contests, and the goal was to persuade customers.
Speaker 2:
15:27
And you have, you have a Morgan Stanley advisor. I want you to be thinking, did anybody have this conversation with you? The goal is to proceed persuade customers to take out securities based loans on his pls in which they borrowed against the value of their portfolios with the security serving as collateral. So these are really collateral accounts and there's, there's, there's all kinds of emails that they discovered by the way, uh, after the complaint was filed. And here's just a couple, one says, have I or have I want anything? This comes from an administrative assistant. Um, we've done a ton of these pls. Another advisor per claimed game on another adviser said, well, you know, they want, they got, they had $1,000 for 10 loans, 3000 for 20 loans, 5,000 for 30 loans. And the other one of the other advisors said, well, what if we do a lot more than that can mean, does it stop at 30?
Speaker 2:
16:21
And it goes on and on and on. And they generated tens of millions of dollars in loans and in generating these, these loans. So Morgan Stanley, um, management told investment news that there was big money to be made. No. Actually this came from an advisor, he said, told us there was a big, big money to be made by having our customers take out credit since a variable interest rate was profitable to the company and they could just sell out the customer's positions if the customer's failed to make the payment. We'll think about this for a minute there. This is an internal email from one of their advisors that said, hey, we Morgan Stanley and make a fortune on this, and even if we, if we talk someone into taking a alone they don't need, don't worry, we'll just sell out the stuff that they pledge so we're really protected. I want to throw up, when I read stuff like this, they told us to call our customers and tell them this came from an advisor.
Speaker 2:
17:17
They said, call your customers and tell them that they can use the credit line to buy a house, pay for a home and proof project by a car, pay for school, etc. They ask us regularly how many people we had put in these products and use measure tools to compare amongst other peers. Set a former Morgan Stanley advisor, he said, he goes on to say, I don't feel comfortable recommending every customer establish a credit line because I felt that my role as a financial advisor in a fiduciary was to help customers save and make money and not go into bad debt. I wonder if there's a reason this is a former advisor. I'm wondering if he's not a former advisor cause he couldn't stand having this sort of conflict that arises when this stuff gets shoved down people's throat. You may remember Wells Fargo, Wells Fargo is cross selling these loans and it was fine to 185 million for opening, checking and credit card accounts.
Speaker 2:
18:19
The customers never approved or knew about. Morgan Stanley actually shrugged off these charges. And here's what they said. They said nothing was sold to clients. There was no cost to them to open a securities based loan account. And which all clients gave affirmative consent. And this was a spokesman. He of course, they always put a comment outright. They incurred no charges unless they affirmatively chose to borrow the money. Clients received extensive risk disclosures and the Massachusetts law, sir, at sites, no evidence at any client was harmed or does it cite any complaint? My Gosh, I mean the fact is that they had a sales contest. The fact is a ask advisors to sell something that the client didn't need and when they talk about that disclosure, just let me just read you. This comes from a disclosure from Morgan Stanley. They have a structured note, but this is what they're talking about.
Speaker 2:
19:17
This is what they're asking you and this is a difference by the way, between a broker and a fiduciary on under a brokerage relationship, the broker only has to give you, get you to sign something that says, I was given a disclosure. They're not required by law to put your interests first of fiduciary under, on the other hand, is required required by law to put your interests ahead of their own interests. Now here's the statement. If you've ever signed something and here's what they're asking in this. In the case of the disclosure on the structure note, it says by signing below, you acknowledge that number one, this product meets your financial needs.
Speaker 2:
19:57
Really, I'm full so determined that as an investor, why did I come to you if I've got to determine if it meets my financial needs and it meets your investment objectives? Hmm. I thought I was paying you. I thought that's what you're getting. That's what I would be asking too. You have read the disclosure statement supplement and received a preliminary disclosure for this issue and three, you have demonstrated your ability to understand the terms and are able to bear the associated market liquidity, yield risk inherent with this type of investment in product and for your final disclosure statement for the issue mentioned above will be mailed to you directly. Wow.
Speaker 2:
20:45
You gotta be kidding me. Right? This what Morgan Stanley, this kind of disclosure that they're saying a client said it was in their best and trust set. It met their financial needs set. It lived up to the investment objectives and yeah, I read all of that legal lees and understood it. Give me a break. This is exactly the kind of stuff that you should be furious about. And the fact is this conflict based hidden fees, standing behind disclosures is a kind of stuff that should and should in uh, in financial services. You know, we talk about all this stuff. I mean it's hard enough accumulating the wealth. It's hard enough finding good team. It's hard enough putting the team together and executing. Again, it's critical. But then when you think about, I may accidentally choose a broker and not a fiduciary, and then I've got the whole world stack against me because there's only a standard of disclosure and that's where I think the regulators have got to do a better job.
Speaker 2:
21:49
And ask your adviser, what is their commitment? Do they adopt the fiduciary standard? Do they have a client bill of rights? Are you protected that they're always going to be required to put your interests first? I'm going to share with you the next segment, our client bill of rights and why if you are from that you're dealing with doesn't have one. It should be a huge red flag and something that will cause you pause and to think about. By the way, I was tearing it in the last segment. Um, and if you, if you're on Linkedin or Twitter, follow me. I tweeted and I put a lot out on linkedin about a lot of the stuff I'm talking about. I have a lot of, uh, articles that I've written on my Twitter handle as RC husker. By the way, at Barron's last week I had a, um, fairly tall guy and I had a picture taken with Kareem Abdul Jabbar and I mean he makes me look like many miles.
Speaker 2:
22:49
Um, he's massive. Uh, it's fun picture of going to Twitter RC Husker, also Lincoln with me on Linkedin. I got a lot of great information on their chair with you and I would love for you send me a message. You can, you, you can interact with me. Um, and I returned all of my messages. We work with all kinds of people at the Carson Group and some have modest means. Some of our clients are very wealthy. One of the things our clients all have in common is they understand the value of a team. They under stand the value of trust, transparency and accountability and they really want to know, I don't care how much money they have, how to optimize social security benefits. Just on Monday we had somebody in who was working with another firm and it was too late to undo what they had done, but they had the wrong optimization and it cost around $116,000 in loss benefit.
Speaker 2:
23:43
So you need to be that. You're getting the proper advice and you're maximizing the optimization. If you think about over the past decades there, there you've contributed so much money to social security and by golly you want the money back. I know I want what I've put in when I can and even if you've only made a modest amount of money, you've put probably contributed more than six figures of social security and that money will go a long way in retirement. But Co claiming these benefits and optimizing them is complicated and it's riddled with all kinds of trap doors. Make one little mistake and you could throw away as we just saw, over $100,000 matter of fact, the Delta between the best and the worst scenario, I've seen as much as $300,000 to learn how you can get every bit out of your social security and our customized social security analysis will show you precisely how much and when to claim your benefit. It'll show you if you're eligible for additional benefits. That could mean thousands of dollars to you every year. Plus, I could potentially pay fewer taxes on your benefits, and this is, this is free. We'll do this analysis for it's complimentary. Be One of the first callers to get this customized analysis at (888) 419-8513 that's eight eight eight 41985138884 nine 85 13 medicare will take care of most of your healthcare benefits and retirement expenses or will it not? We'll find out in the next segment. I'm Ron Carson and you're listening.
Speaker 4:
25:12
You're welcome. Listen radio. Is it possible that you could pay fewer taxes in retirement and keep this money for yourself? You could learn right here and right now, unwell from wisdom with Barron's hall of Fame Advisor, Ron Carson.
Speaker 2:
25:28
Welcome back. I'm Ron Carson and you're listening to wealth from wisdom radio. You've saved and invested for retirement. Maybe you've even achieved your savings goal, but now what? What do you do with that money? Can you afford the skyrocketing cost of healthcare and medical expenses? What about longterm care for yourself or for your spouse? You have a plan to stay ahead of inflation were to avoid the potential retirement tax trap. They can literally cost you thousands of dollars in taxes, penalties and fees among a lot of things. This next segment, I'm going to set the record straight. A lot of these ways we continue to fool ourselves about retirement, but before you even get into asking your financial team, are you on? Am I prepared? Do I have the right perspective? As I asked your firm about the client bill of rights, what are the rights that you have and doing business with them.
Speaker 2:
26:26
For example, our client bill of rights is all about quality of service, being proactive, anticipating a client's needs before they have the need. Trusted advisers that will have a team. The Oh, put your interests ahead of the firm's recommendations based on your needs. This is, there's no shortcut here. You need to get to know who you are, what your goals, what your objectives are, what your, your emotional quotient, you know, what kind of downside risk can you stand. Confidentiality. This is something we talk about at the Carson grew up all the time, is we're handling sensitive information that it's not only held with utmost confidentiality, but we talk about never even discussing anything outside these doors, uh, with anybody other than the client or someone that's actually on there, their wealth team and accuracy. That's as a thing too. Are you getting accurate statements? Can you, when you're aggregating all of the assets and your advisor should be able to give you a view of everything that you have, it should be as simple as hitting a button and in 30 45 seconds you get a beautiful report any day that shows all the assets you have with that advisor and assets you don't have with that advisor and how they're actually performing and total transparency, transparency on what their fees are, any other costs that are associated with that investment.
Speaker 2:
27:50
Also, prompt response you should expect that you're going to, if you can't get the answer right away to a question, at least the response it says when you can expect to receive that answer. Timely communication, are you receiving information that is, that is unique to the strategy that you own. Things that you need to know about things that your team is working on your behalf for you in education. It goes a long way to helping you feel more comfortable with the why behind what may be your wealth enhancement team or your wealth team is actually doing for you and finally best execution. This is those one of those things that it can cost a considerable amount of money if you're not getting the best execution, your advisor's unable to get the best execution possible for you. Today's topic as we're talking about ways that sometimes people fool themselves into thinking they've got enough for retirement or they're going to be okay in retirement.
Speaker 2:
28:46
I was at a conference speaking this week and uh, being a speaker, you get to go and listen to other speakers and there was a gentleman there by the name of Salim. Salim is male. He's the author of exponential organizations, which I strongly recommend. It's one of my favorite books. I also founded singularity university, which is a really cool place. It's just about thinking out of the box about what's possible. In a couple of things, stood out at the conference one, he said that the technology revolution that we're in, we're less than 1% through. I know, I mean the reaction of the audience was how could that even be possible? And then he said in biotechnology, at the rate that we're making advancements within 15 years, on average for every year you live, you'll live another 1.1 year. And that's a mind blowing number because it implies that you could live forever, you would die of something other than just getting old.
Speaker 2:
29:39
But what kind of impact and implications kind of impact will have on your, on your money. And obviously the applications means that, wow, what if I had to plan for ever? Well let's take that off the table world if we had just planned for instead of 10 or 20 years, 40 or 50 years of retirement. So it's a real game changer. But also maybe it just means that we can work a lot longer and we can have and we can be healthier because of the advancements that we're going to need in that. So I mean it's why I have a team that is in tune with what's going on that can help you be fast followers, make adjustments. Also, there's going to be enormous amounts of money made in the new technology with blockchain and how that could potentially disrupt. There's going to be major winners and losers.
Speaker 2:
30:27
That's the other thing Celine pointed out is he showed a couple of industries that won't exist. For example, a title insurance won't exist. Um, you're not going to need, you know, cars will be self driving man. The cost of that technology has come down 99% literally since Google had, you know, the first self driving car and it just continues to go on and on and on until there'd be huge net beneficial bitch beneficiaries, but also some massive casualties. Here's some interesting stats. 63% of workers are very or somewhat confident of having enough money for comfortable post career life according to the employee benefit research institute, their latest retirement confidence survey. But when you look at how little many people have stashed away according to Vanguard's, how America saves in 2016 the average 401k balances less than a hundred thousand. The average average savings in total of everyone in the United States as Ken, it's an average.
Speaker 2:
31:25
It's 50,000 and you have to wonder how accurate their self assessment is if they're so confident, but they have so little money. So here's five ways. If you think you're doing a good job of preparing for retirement, you may be fooling yourself if you don't do periodic retirement checkups. This is critical. When you put a plan together, you can't leave that plan just to say, you know things aren't going to change because every day that plan you have a new set of actuals versus the assumptions that were made. Then the number two is lack of disciplined investing plan. Make sure that your strategies perform as advertised. If you think it's a hedge strategy and look at it, you know in times when the market's down, did it protect if it's not a hedge strategy, are you capturing all the upside when the market is actually going up?
Speaker 2:
32:17
So make sure the most important thing you and your wealth management team can do is make sure your strategies perform as advertised. Also, you're fooling yourself. If you figure you can skimp on savings by working longer. You know, I talked about it earlier in the show that you may not have the ability either of your, the employer may not want to keep you on or you may not have the health in order to continue to work a lot of additional years. And number four, you think you can make up for undersized now sag by, by just working all through retirement, never retiring. Again, going back to what I just mentioned, that may or may not be the case. And then finally you don't have a plan to turn savings into income. And this is true, especially today or sitting here with almost zero interest rates.
Speaker 2:
33:03
You can get really modest. You get some time sucked into taking more risk than you should. So you want to make sure that there's a real, there's a real thought to how much downside risks you can stand before you start making investment allocations. And that actually was one of the big topics that we had at the Barron's conferences. A lot of people are stretching, taking way more risk than they should. We are the third most expensive market in history. Risks are elevated. You have to be careful if you protect the downside. If you protect the downside, the upside will take care of itself. I've never had anybody complain that they were upset because they made more than they thought they were going to make. Where they get uncomfortable is when they have more of a decline, more of a downside move than they thought possible.
Speaker 2:
33:50
Are you blindly trusting your financial advisor? If you own any stocks, bonds, mutual funds, you could be shelling out lots of additional money every single year in hidden fees and backdoor payments and you may not even know it. It might not. It may not be just a few hundred dollars could be a few thousands or 10,000 or more dollars. It could even, it could even impact your retirement and the ability to be retired and it makes me furious. These are the things, the hidden fees and the conflicts that you need to know about, and I want to show you exactly what you're paying, not only what you see but what you don't see, including those hidden fees that are buried in the fine print, the statement of additional information. All that stuff you sign off on because you say you understand it and no one really does, and this assessment is quick. It's easy. It will cost you anything. Count on a straightforward objective answer by calling. (888) 419-8513 that's (888) 419-8513 (888) 419-8513 how and when will you claim your social security benefits? Is it possible you're eligible for even more benefits that could print potentially put thousands in your pocket every year you didn't even know it, or could you pay fewer taxes on those benefits? I'm Ron Carson and you're listening to [inaudible] radio.
Speaker 5:
35:16
[inaudible] okay.
Speaker 4:
35:30
These seen good times and bad times and he's got the gray hair to prove it. You're listening to wealth from wisdom with Barron's hall fame advisor, Ron Carson.
Speaker 2:
35:41
Welcome back. I'm Ron Carson and you're listening to wealth from wisdom radio. People make all kinds of assumptions about their money and the retirement and a lot of times they're just so far off base. Chances are you could be to do you have a strategy that can help you stay one step ahead of the crippling effects of inflation. Are you prepared for the skyrocketing cost of healthcare and medical expenses in retirement? Do you have a strategy to reduce your taxes and retirement or claim your social security benefits to help ensure you get back every nickel that's rightfully yours? A difference can be tremendous and your best option versus the worst option. Coming up on this final segment, we're going to continue to talk about ways that people can tune to fool themselves about having enough for retirement and what you can do about it. And, and, and really when you think about retirement, it is a complex thing.
Speaker 2:
36:36
Um, you want it, there's a lot of moving variables. There's, there's, there's four or five assumptions that you really have to be accurate on to get a correct answer. And one of the biggest unknowns is determining how long you're going to live. Among a survey of 4,854 people questioned. The average person said they expect to live until the age of 90. Now that's 20 plus year retirement. If people leave work when they qualify for full social security and retirement benefits. However, only 16% of those age 50 or older said they could fund a retirement lasting 20 years and that figure rises to just 27% of those same people were asked could they, could they survive a tenure retirement so people are woefully under prepared for retirement. Fewer than one in five or 16% of people ask, have a written plan and researchers and behavioral economic show that having a written strategy increases a person's commitment to actually actually carrying out the plan.
Speaker 2:
37:46
We see that every day here at the Carson group that having the plan, the planning processes value very, very valuable. The planning process gets everybody on the same page. I'm thinking about things, but putting in a writing and having something to track and who adjust is really key. I've written a lot about this and if you would love to follow up, I'd love to have you follow me on Linkedin with me on Linkedin or my Twitter handle is RC husker. I do personal stuff on there. Actually last week I had a picture taken with Kareem Abdul Jabbar. You going to say I'm an active aviation enthusiast and dog lover, animal lover and wine collector. Um, so there's it to know me personally on there as well, and we'd love to have you go in and just read some of the things that I have. Uh, I've actually written about on linkedin.
Speaker 2:
38:35
I've got a lot of, I think, interesting material out there by the way. I've got to call somebody out this, and I know John Stein, he's the founder of, of betterment. And he was on a interview here not too long ago, beginning of March. And he said, Warren, I remember I was watching the interview myself. He says, Warren Buffett's advice doesn't work anymore. And, uh, how can somebody who he's, he's a kid. Um, and I'm not saying kids aren't smart, the smartest people at my firm, or definitely I'd put them in a young professional category, better formerly known as kids. And to make that kind of comment, here's the greatest investor of all time, probably the brightest, brightest mind of all, most brilliant mind in investing. He continues to be brilliant and what he did does, and here's somebody that on national TV gets out and says that his advice just doesn't work anymore.
Speaker 2:
39:34
By the way, I would remind you those, the listening, that buffet reason he does so well is he his patients, he says you are capitol markets relocate from the relocate wealth from the inpatient to the patient and he is so right. I mean everybody said he lost his touch during the tech melt up in the late nineties and of course who was, who was the last one? La laughing and standing. It was buffet and this man is brilliant, but I'm going to go back to his quote. He said, our capital markets relocate wealth from the inpatient to the patient. I want to, I want to change out a little bit and say our capital markets for most people relocate wealth from those that don't have a plan to those that do have a plan because those that have a plan or an emotional, they don't react. And those that are just guessing and they change based on the whim of what they feel, what they read or what they see.
Speaker 2:
40:27
They're gonna make bad short term decisions. And those that have a plan are going to be there to pick up all the pennies, dimes, dollars left as a result of just being emotional. We have a couple of great, we just produced these, I'm looking at them right now. One of them is seven secrets to accumulating your first million. So if you're young and you want to do it, it's really not hard. Um, and we have this, this is, we've seen this work time and time again. We'd love to share it with you. Um, call eight, eight, eight, four one nine 85, 13 or seven tips to successfully transfer wealth to your kids. This is a biggie. You know, money. Wealth does not come with handling instructions. It should, it does it. But both of these white papers, seven secrets to accumulating your first million. Literally, we just produce these.
Speaker 2:
41:21
We produce a lot. All of our most, all of our own research, all of our material. We've got an incredible team here in Omaha, Nebraska, and seven tips to successfully transfer your wealth to your kids. Call (888) 419-8513 that's eight eight four one nine 85 13 and we'll get this out to you. And when you think about evaluating your retirement and are you going to have enough money, it's really, really important that you ask questions. You ask the uncomfortable questions of your financial advisor and say, you know, do I have an effective game plan? Are you helping make the complex simple? Are you giving me advice in a common language that I can truly understand? Are your fees totally transparent and are they straight forward? Do you have an experienced team? Do you have CPAS, cfas, JDE CFPs? If you're with someone that's trying to do at all, that's just not possible.
Speaker 2:
42:16
Just not possible today. It'd be like having to be a, you know, a medical specialist that could be a nurse and a radiologist technician and could do all of it. You just can't and you have to really have a group of specialists to be able to provide you the best, best experience. And ultimately it's all about giving you the peace of mind and knowing that financially you've made the best choices you can and it makes your life easier and it makes, takes a friction, you know, out of life. One of the critical components to of planning for retirement is estate planning. It's where clients all the time leave enormous amounts of money on the table and have you think about the real priorities in your life. The stuff that really matters, it's, I'm sure it's your family, it's my family. The most important thing you can do for them is to ensure that when you do die, your estate is going to be protected because if you don't have a plan, everything you own, including your house, your investment, your cars, everything can be tied up in court for years.
Speaker 2:
43:16
He could cost you a state, thousands of dollars in probate and legal fees could even get double taxed by the government if you're not careful. Little planning ounce of prevention is worth a pound of cure. Learn how you can avoid all this on our latest report, estate planning simplified. This is a short 10 page report. It's easy to read in as gym, just jam packed full of actionable strategies. And the best news is it's 100% complimentary. Be One of our first caller's to get this report right now. (888) 419-8513 that's eight eight (841) 900-8513 (888) 419-8513 you can also get seven tips to successfully transfer your wealth to your kids and also seven secrets for accumulating your first million it. Even if you already have your first million. These are time to us at secrets we've used. We've seen many of our client choose to accumulate significant wealth. That's eight eight (841) 900-8513 you're listening to Ron Carson, wealth from wisdom radio, and I'll see you [inaudible]
Speaker 5:
44:25
[inaudible] risk,
Speaker 6:
44:32
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:
44:45
Okay. And here's the legal Mumbo jumbo. The opinions voiced and wealth and 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.