Latest / WCHS Network Podcasts / 07/07/2025 Retire Right Radio with John Burdette

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07/07/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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  Speaker 1: the realtor makes real estate dreams a reality, whether it's
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  Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
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  Speaker 1: key to exceptional real estate experience is start here Meeks Realtygroup.
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  Speaker 1: Contact us at Meeks dot us.
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  Speaker 2: The views and opinions expressed on this program do not
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  Speaker 2: necessarily reflect the views and opinions of five ADWCHS, its employees,
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  Speaker 2: or WVRC Media. This is Retire Right Radio, a weekly
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  Speaker 2: show from John Verdet at Fourth Avenue Financial that aims
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  Speaker 2: to answer your questions about financial planning, investing, and how
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  Speaker 2: to retire right. Fourth Avenue Financial is located in downtown
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  Speaker 2: Charleston at one seventy Court Street. More information online at
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  Speaker 2: Fourth Avenue Financial dot com. Join the conversation by calling
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  Speaker 2: three oh four three four five fifty eight fifty eight
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  Speaker 2: or text three oh four nine three five fifty oh eight.
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  Speaker 2: And on Retire Right Radio, let's go live to the
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  Speaker 2: studio with host Dale Cooper and John Verdett from Have
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  Speaker 2: Any Financial consis all right?
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  Speaker 3: I jumped the gun there, John, How you doing?
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  Speaker 4: Jeff so excited to get back into the swing of things.
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  Speaker 3: We are. We are Jeff Jenkins with you, philling in
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  Speaker 3: for Coop this morning, and John Burdad is with us
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  Speaker 3: as the great intro from John de Vincent told us
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  Speaker 3: Fourth Avenue Financial, and we were talking John, it just
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  Speaker 3: after a long holiday weekend, especially kind of July fourth,
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  Speaker 3: when people are pretty active on July fourth, you kind
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  Speaker 3: of get the feeling it's kind of a slow go
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  Speaker 3: getting restarted this morning, right, I.
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  Speaker 4: Would think that that would be the case. So we'll
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  Speaker 4: see what happens. So the market might may need to
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  Speaker 4: breathe anyway, it's been on such a run, so you know,
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  Speaker 4: we're back up into the record territories again. The market
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  Speaker 4: was up a couple of percent last week. Generally overall,
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  Speaker 4: most people now are up for the year and their portfolios,
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  Speaker 4: which you know, if you were to asked two three
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  Speaker 4: months ago, most folks wouldn't have thought that would be possible.
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  Speaker 4: But there again, the market has a funny way of
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  Speaker 4: doing the opposite of what you think it will do.
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  Speaker 3: Yeah, exactly, And so just to get caught up, so
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  Speaker 3: the market shut down what after a half day on Thursday,
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  Speaker 3: took Friday off obviously.
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  Speaker 4: And so yeah, I wouldn't be surprised if volume might
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  Speaker 4: be a little low this morning with with the long
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  Speaker 4: long weekend.
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  Speaker 3: What was the key to that last the serge before July.
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  Speaker 4: Fourth, Well, the the big beautiful bill passed and I
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  Speaker 4: think that probably was catalyst for some of that, although
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  Speaker 4: the market had been moving up, you know, for a while.
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  Speaker 4: But you know, with that bill, you have basically the
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  Speaker 4: tax cuts that were enacted in the previous Trump administration
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  Speaker 4: were basically solidified. So now there's I guess not the
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  Speaker 4: worry that those those taxes will be increased essentially. There
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  Speaker 4: are some other you know, provisions in the bill as well,
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  Speaker 4: but you know, the market looks at it kind of
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  Speaker 4: as and all clear as far as the you know,
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  Speaker 4: tax code goes.
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  Speaker 3: So is this certainty? Is that whole that whole that
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  Speaker 3: word certainty that you like to talk about and other's
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  Speaker 3: I mean, having some certainty at least about that rice positive.
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  Speaker 4: Right, you know. And and there are going to be
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  Speaker 4: people that don't like certain provisions, and there are going
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  Speaker 4: to be people that love certain provisions. But at least
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  Speaker 4: we know what those provisions are after we after we
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  Speaker 4: dig through it a little.
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  Speaker 3: Bit exactly, Okay, And uh, so just a couple of
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  Speaker 3: months ago, as you mentioned, no one maybe would have
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  Speaker 3: predicted that their portfolio would look like it looks now.
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  Speaker 4: Yes, yeah, yeah, I mean we were in a lot
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  Speaker 4: of folks were feeling a little anxiety and panic with
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  Speaker 4: the tariff talk, and those talks kept getting pushed off,
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  Speaker 4: or those tariffs kept getting pushed off largely, and you know,
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  Speaker 4: we're back into decision making, Tom. I think I think
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  Speaker 4: it's all this morning an article that they're saying, now,
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  Speaker 4: you know, these deals have to be done by August first,
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  Speaker 4: so they keep extending it, and you know, they they
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  Speaker 4: talk about it as if, well, we're negotiating, we're positive,
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  Speaker 4: so we're going to kick this, you know, can down
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  Speaker 4: the road a little bit. And I think now that
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  Speaker 4: is kind of the expectation that the market has that
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  Speaker 4: unless there's something that really goes foul, the time will
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  Speaker 4: be extended as long as negotiations are happening, which there
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  Speaker 4: again gives a little bit of peace of mind to
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  Speaker 4: the market that the rug's not going to be pulled
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  Speaker 4: out from under them, you know, overnight.
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  Speaker 3: And I know there are national reports today about letters
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  Speaker 3: that President will send letters today to a bunch of countries, right,
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  Speaker 3: you know, saying Okay, this is the deadline, this is
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  Speaker 3: when a deal has to be done.
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  Speaker 4: Yes, And you know there's going to be a lot
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  Speaker 4: of a lot of talk back and forth. I'm sure
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  Speaker 4: that may affect the market here and there, but at
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  Speaker 4: least the trend so far has been that the actuality
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  Speaker 4: is not as damaging as the fear thoughts originally were,
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  Speaker 4: and that's a positive for the market. You know, the
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  Speaker 4: market it sometimes does what you think it won't do.
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  Speaker 4: There's a term that's used called climbing the wall of worry,
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  Speaker 4: and essentially the theory behind that is if there's nobody
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  Speaker 4: questioning the direction of the market, then who's who's left
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  Speaker 4: to buy? You know, if everybody's euphoric, So you need
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  Speaker 4: some doubters to be converted to continue to drive the
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  Speaker 4: market higher, and we certainly had a lot of doubters
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  Speaker 4: a few months ago.
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  Speaker 3: John Bredad is with US Fourth Avenue Financial here on
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  Speaker 3: five eighty w c CHS. John, I have two of
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  Speaker 3: dates in my mind when a lot of people retire.
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  Speaker 3: I know people retired throughout the year, but a lot
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  Speaker 3: of people retire at the end of the calendar year obviously,
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  Speaker 3: but some people retire at the end of the fiscal year, right,
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  Speaker 3: you've got you get a lot of June thirtieth retirements.
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  Speaker 3: So now we may have some people listening to us.
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  Speaker 3: I would think that are just recently retired. You would say, okay,
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  Speaker 3: you should have had a plan having heading into this.
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  Speaker 3: But if you're recently retired and you've had a plan,
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  Speaker 3: Say you've had some clients that have recently retired, what
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  Speaker 3: what are these first few months like for them?
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  Speaker 4: Well, it could be a big adjustment for sure. You
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  Speaker 4: know some of the some of the things that happen is,
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  Speaker 4: you know, hopefully if if you're planning to retire, you
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  Speaker 4: start practicing the retirement budget a little a little early.
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  Speaker 4: You know, I always recommend that you know things are
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  Speaker 4: going to change when you when you retire, where your
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  Speaker 4: money is coming from, and the amount of money may
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  Speaker 4: change a bit, you know, know those numbers before you retire.
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  Speaker 4: So if you know you're retiring six months from now,
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  Speaker 4: start really looking maybe closer than you have before, at
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  Speaker 4: what that budget is. What will that look like when
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  Speaker 4: you actually retire versus today. What what expenses might go
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  Speaker 4: away with retirement? You know, what expenses might be added
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  Speaker 4: with retirement and really know those numbers going into it,
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  Speaker 4: and that'll give you a lot of peace of mind
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  Speaker 4: that you can make that, make that work without a
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  Speaker 4: big adjustment. And then you know, I always recommend psychologically
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  Speaker 4: if you can the Monday morning after you retire, be
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  Speaker 4: on vacation help it helps, I think psychologically move you
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  Speaker 4: into that into that mode a little bit. Because for
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  Speaker 4: forty years, the alarm clock rings and there's a routine.
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  Speaker 4: Your routine is now completely upset. So this this is
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  Speaker 4: not a this is not a money issue. This is
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  Speaker 4: simply you know, how do you kind of gear your
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  Speaker 4: mind to to the new reality. And I always recommend
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  Speaker 4: people take a take a even if it's a short vacation,
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  Speaker 4: to to ease into it because you're used to going
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  Speaker 4: on vacation. You know what that feels like, not that
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  Speaker 4: retirements of vacation. Most folks, most folks that retire end
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  Speaker 4: up saying, you know, I'm as busy. I don't know,
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  Speaker 4: you know how I got this stuff done before. So
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  Speaker 4: you know, new things come in to fill the vacuum
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  Speaker 4: of that time up and and you know, most folks
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  Speaker 4: end up being pretty pretty active and busy in retirement,
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  Speaker 4: especially early on. You know, a lot of folks call
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  Speaker 4: it the the the go go years, or the early
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  Speaker 4: years of retirement, the slogo years in the middle and
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  Speaker 4: the logo years and the at the end. And so
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  Speaker 4: most folks are fairly active in that early stage.
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  Speaker 3: So if you're talking about I can imagine like someone's
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  Speaker 3: worked in their their main revenue sources their paycheck right right,
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  Speaker 3: and that maybe they just that's what the source is
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  Speaker 3: that I mean, that's where the revenue comes in. When
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  Speaker 3: you retire and you've got a plan from Fourth Avenue
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  Speaker 3: Financial and you know, you know, maybe you get a
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  Speaker 3: retirement check, maybe you get a pension payment, maybe you
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  Speaker 3: get a four A one. You're going to come bring
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  Speaker 3: some out, yeah, distribution or you're going to do you're
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  Speaker 3: getting social Security? Right, So these there's these Yeah, there
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  Speaker 3: are a lot of more.
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  Speaker 4: There are a lot of questions that that you know,
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  Speaker 4: some of that depends on the age that you retire
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  Speaker 4: and what your other finances look like. You know, do
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  Speaker 4: I take Social Security? Now?
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  Speaker 2: Do I wait?
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  Speaker 4: Those sort of questions that need to be answered, and
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  Speaker 4: a lot of that depends on your financial situation. You know,
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  Speaker 4: distribution wise, everybody's it's kind of beat into everybody over
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  Speaker 4: the years while you're working, save for retirement, save for retirement,
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  Speaker 4: put money in your fore own k, and a lot
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  Speaker 4: of people do that and end up with more money
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  Speaker 4: than they thought they might. You know, the way the
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  Speaker 4: market has behaved for for decades really, so a lot
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  Speaker 4: of people are in maybe better shape than they think.
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  Speaker 4: They just don't know it because psychologically it's like, well,
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  Speaker 4: I've been saving, but now what do I do with
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  Speaker 4: this this bucket of money that I have here? Is
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  Speaker 4: it enough? How do I make sure that it will last?
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  Speaker 4: You know, those are the types of questions that that
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  Speaker 4: you know, we can build some confidence around when we
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  Speaker 4: when we're working together and in really taking a look
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  Speaker 4: at you individually and in making the right choices of
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  Speaker 4: should I turn this so security you on, should I
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  Speaker 4: start this pension payment? You know, how much should I
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  Speaker 4: draw off of my four O n K savings to
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  Speaker 4: make sure that it lasts? And it's not just lasting,
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  Speaker 4: you know, it's not a it's not a straight number
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  Speaker 4: because we know cost of living has gone up over
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  Speaker 4: the years, so you know, you have to build into
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  Speaker 4: that plan the expectation that what I need today I
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  Speaker 4: might need more five or ten years from now, how
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  Speaker 4: am I going to make that up? And you've got
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  Speaker 4: to build those things into the plan too. So you know, sometimes,
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  Speaker 4: you know, folks retire and say, well I've done okay
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  Speaker 4: for the last thirty years saving I'm just not going
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  Speaker 4: to change anything. Well, you know you'll see that. Well,
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  Speaker 4: I stuck with this portfolio for thirty years and it
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  Speaker 4: worked for me. Yes, but now your whole you know,
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  Speaker 4: structure of how you've done things is changing when you retire.
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  Speaker 4: You know, that's probably a good idea. It's a good
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  Speaker 4: idea to look at that portfolio and say is it
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  Speaker 4: matching up to the way I'm going to use this money.
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  Speaker 4: You know, those aggressive growth of investments that you may
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  Speaker 4: have had for the years as you were building your
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  Speaker 4: fund might not be the most appropriate thing as you're
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  Speaker 4: taking distributions. And there again, if you're not going to
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  Speaker 4: take distributions in retirement because you have other income sources,
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  Speaker 4: well then that PORTFOLI, you know, might look different than
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  Speaker 4: a lot of retirees. It's really an individual calculation that
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  Speaker 4: needs to be made.
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  Speaker 3: I wanted to ask you how many people that you
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  Speaker 3: talk to and your clients you're helping with plans. New
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  Speaker 3: clients or longtime clients have decided. Are you seeing this
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  Speaker 3: more that they're going to work, They're just going to
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  Speaker 3: cut back on work, maybe not work full time, maybe
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  Speaker 3: work part time. Has that increased or is that increasing?
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  Speaker 4: I would think I would think so. I mean, we
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  Speaker 4: we have a lot of folks that do take retirement
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  Speaker 4: that some of the bigger companies will offer retirement packages
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  Speaker 4: and then they go right back almost doing the same
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  Speaker 4: job as a contractor, and you know, so they're not
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  Speaker 4: accruing benefits and that sort of thing anymore. But usually
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  Speaker 4: there's a little bit of a there's a benefit to
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  Speaker 4: the company, and there can be that certainly benefits to
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  Speaker 4: the individual as well. So a lot of times you'll
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  Speaker 4: you'll see that with the work at home trend and
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  Speaker 4: the way work is changing, it is a little easier
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  Speaker 4: in some cases to dial back the workload. And so
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  Speaker 4: that is certainly something that is increasing and I think
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  Speaker 4: will become more and more prevalent.
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  Speaker 3: Just like anything else. Though, you run into people who
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  Speaker 3: when they retire, they retire, that's it, no more working, right.
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  Speaker 4: Right, yeah, right, that's for sure.
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  Speaker 3: And then then some it's a mix. It's kind of
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  Speaker 3: easing into it.
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  Speaker 4: Right bit right, And of course my retirement is is
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  Speaker 4: you know, pretty far down the road. But you know,
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  Speaker 4: when I think about it for myself, I think about
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  Speaker 4: the the dialing it back rather than just you know,
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  Speaker 4: stopping at once because I still can't picture what the
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  Speaker 4: next chapter would look like.
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  Speaker 3: Yeah, now what The other question I thought is, I'm
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  Speaker 3: sure you get this a lot too, And as part
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  Speaker 3: of the planning part of you're sitting down with folks
• 14:01
  Speaker 3: and when they come to you and you're putting a
• 14:03
  Speaker 3: plan together. The healthcare question right, right, I mean that
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  Speaker 3: it's multifaceted, right, Yes, you know you get that a
• 14:10
  Speaker 3: lot about Okay, how do I pay for healthcare? How
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  Speaker 3: do I pay for health insurance?
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  Speaker 4: Yeah, I mean that certainly is uh is a big concern.
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  Speaker 4: That's what keeps a lot of folks in the workforce
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  Speaker 4: longer than they may otherwise be you know, waiting until Medicare,
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  Speaker 4: or if a spouse is younger, you know, maybe somebody's
• 14:30
  Speaker 4: working longer than they may need to because the spouse
• 14:35
  Speaker 4: needs medical care. So it's certainly something that that weighs
• 14:40
  Speaker 4: into that decision. Is when is the right time to retire?
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  Speaker 4: And if and if you're not going to be eligible
• 14:47
  Speaker 4: for Medicare, well, then you have to make provisions for that,
• 14:51
  Speaker 4: and and it can be you know, fairly pricey. It's
• 14:56
  Speaker 4: just something you have to have to think about.
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  Speaker 2: Now.
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  Speaker 4: Sometimes companies in their pasackages will offer insurance coverage if
• 15:03
  Speaker 4: if they buy you out or something like that early.
• 15:06
  Speaker 4: Sometimes they'll cover your insurance until you reached that age,
• 15:10
  Speaker 4: which can be attractive to when you're looking at those packages.
• 15:14
  Speaker 4: But but healthcare is a is a is a big
• 15:18
  Speaker 4: moving target because the prices keep going up.
• 15:22
  Speaker 3: Yeah right, I mean you don't have to listen to
• 15:24
  Speaker 3: the news very long to hear that. I mean it's
• 15:27
  Speaker 3: a constant theme. Yes, health care is.
• 15:30
  Speaker 4: So hopefully, uh you know, who knows when things get
• 15:33
  Speaker 4: to get so costly, hopefully some innovation will happen and
• 15:37
  Speaker 4: uh and change that trajectory. We'll see, we'll see what
• 15:41
  Speaker 4: happens there. But uh, you know, maybe AI will uh
• 15:44
  Speaker 4: well will help that. Uh you know, that's how technology
• 15:48
  Speaker 4: works over time. You know, what are what problems are
• 15:51
  Speaker 4: we having and how do we solve them? And and
• 15:53
  Speaker 4: certainly healthcare is a big opportunity to figure out how
• 15:56
  Speaker 4: to make some some efficient and seas appear to make
• 16:01
  Speaker 4: it more affordable.
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  Speaker 3: John by Dadd with Fourth Avenue Financial is with us
• 16:04
  Speaker 3: three or four three four five fifty eight fifty eight
• 16:06
  Speaker 3: three or four three four five fifty eight fifty eight. John,
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  Speaker 3: the when you're thinking about what you do, and I
• 16:15
  Speaker 3: always like when I'm in here with you to be
• 16:17
  Speaker 3: able to talk about that. You sit down with a
• 16:19
  Speaker 3: plan or you sit down with people, you have the
• 16:21
  Speaker 3: initial to go through that a little bit if you will.
• 16:24
  Speaker 4: Yeah, I mean when somebody comes in for the first time,
• 16:26
  Speaker 4: we always try to figure out, uh, you know, where
• 16:31
  Speaker 4: you are, what does it look like, you know when
• 16:35
  Speaker 4: you when you when you come into the office, what
• 16:39
  Speaker 4: is the position that you're at. And and then once
• 16:42
  Speaker 4: we get to that, we start talking about what your
• 16:45
  Speaker 4: goals are, what what your expectations are in retirement because
• 16:51
  Speaker 4: the retirement, you know, it's everybody talks about a magic number.
• 16:55
  Speaker 4: That number can be different, is different for everybody. You know,
• 16:59
  Speaker 4: you have some people that are used to living a
• 17:01
  Speaker 4: certain lifestyle and you say, well, you know that's a
• 17:05
  Speaker 4: that's a hob aar to set. Well, they better have
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  Speaker 4: a whole lot more money. Their magic number to retire
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  Speaker 4: is a whole lot different than somebody that says, you know,
• 17:14
  Speaker 4: I don't have an interest in traveling and retirement. My
• 17:17
  Speaker 4: house is paid for. I'm just going to you know,
• 17:20
  Speaker 4: hang out with the kids and grandkids here at the house. Well,
• 17:23
  Speaker 4: that's a whole different scenario. So both of those things
• 17:27
  Speaker 4: need different plans.
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  Speaker 3: Okay, let's take a call. We've got a call on
• 17:31
  Speaker 3: the line, and call or go ahead, you're on the
• 17:33
  Speaker 3: air with us.
• 17:36
  Speaker 5: This may be a little out of the box, but
• 17:39
  Speaker 5: what are your concerns about the US dollar no longer
• 17:43
  Speaker 5: being a dollar the monetary unit of choice going forward
• 17:49
  Speaker 5: out that's going to affect retirements and that type of thing.
• 17:52
  Speaker 5: I'll hang up and listen to your response. Thank you,
• 17:56
  Speaker 5: it's been very informative.
• 17:58
  Speaker 3: Thank you for the call.
• 17:58
  Speaker 4: Thank you. Yes, you know, the dollar, I personally don't
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  Speaker 4: think that it's going to lose that status anytime soon.
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  Speaker 4: You know, for that to happen, there has to be
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  Speaker 4: a good alternative, and I'm not sure what that would
• 18:16
  Speaker 4: be at this point. Also, when you think about wealth,
• 18:23
  Speaker 4: the dollar bill is not necessarily wealth in and of itself.
• 18:28
  Speaker 4: Wealth is the ability to be valuable to someone else,
• 18:32
  Speaker 4: to be able to serve somebody. A dollar bill is
• 18:36
  Speaker 4: just how we trade those services. And so when you
• 18:41
  Speaker 4: when you think about it that way, Let's say the
• 18:43
  Speaker 4: dollar does go away and now we trade who knows
• 18:48
  Speaker 4: what bitcoin or whatever the case may be. You know,
• 18:51
  Speaker 4: I don't have to buy bitcoin right now. I just
• 18:54
  Speaker 4: have to own investments or have skills myself that are
• 18:59
  Speaker 4: valuable to other people. And if so, if we change,
• 19:03
  Speaker 4: you know, how we trade goods and services, what currency
• 19:07
  Speaker 4: we use to trade goods and services, then if I'm
• 19:10
  Speaker 4: valuable to people, I'm going to get at whatever's currency
• 19:13
  Speaker 4: is in return. So when I think about investments in
• 19:16
  Speaker 4: building plans, you know, that's what I'm thinking about. Are
• 19:21
  Speaker 4: the things that we own valuable to other people? Do
• 19:24
  Speaker 4: they make life easier for people? Do they solve problems?
• 19:28
  Speaker 4: Do they meet needs? And if that's the case, you know,
• 19:32
  Speaker 4: some of those concerns and headlines you see, to me,
• 19:36
  Speaker 4: while they're important, are are are not the paramount issues
• 19:40
  Speaker 4: that I look at.
• 19:41
  Speaker 3: They just take a break and we're getting more calls here.
• 19:44
  Speaker 3: So John has lit a fire somewhere. All right, hold on,
• 19:47
  Speaker 3: we'd back in a moment here on five ad WCCHS
• 19:50
  Speaker 3: the voice to Charleston We're.
• 19:52
  Speaker 6: Talking Right Radio was sponsored by Fourth Avenue Financial, which
• 19:55
  Speaker 6: is solely responsible for its content. Security is offered through
• 19:57
  Speaker 6: JW CALL Financial member Finricipic. Investment advice offered through JW
• 20:01
  Speaker 6: CO Advisors, Fourth Avenue Financial. JW CO Financial and JW
• 20:04
  Speaker 6: CO Advisors are unaffiliated entities. The opinions expressed by John
• 20:08
  Speaker 6: Bredet should not be construed as specific investment, legal, or
• 20:11
  Speaker 6: tax advice. All economic and performance information is historical and
• 20:14
  Speaker 6: not indicative of future results. Investing may involve risk of
• 20:17
  Speaker 6: loss of principle. Any tax advice on this show is
• 20:20
  Speaker 6: not intended to be used by any person for the
• 20:21
  Speaker 6: purpose of avoiding US federal or state tax penalties that
• 20:25
  Speaker 6: may be imposed on such a person, and each listener
• 20:27
  Speaker 6: should seek advice from their tax advisor or legal console
• 20:31
  Speaker 6: on topics that arise from the show. John Burdett is
• 20:33
  Speaker 6: not providing legal or tax advice. Nothing should be construed
• 20:36
  Speaker 6: as solicitation of an offer to buy securities. This program
• 20:39
  Speaker 6: is sponsored by Fourth Avenue Financial, which is solely responsible
• 20:42
  Speaker 6: for its content.
• 20:43
  Speaker 7: Retirement is more than a dream, It's a destination, Yet
• 20:46
  Speaker 7: the journey can feel uncertain at Fourth Avenue Financial, They
• 20:49
  Speaker 7: guide you with expertise and care. They help you navigate
• 20:51
  Speaker 7: the questions. Am I on the right track? Or how
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  Speaker 7: do I ensure lasting income? Tailoring plans to your unique vision.
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  Speaker 7: They bring peace of mind to your retirement journey. Trust
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  Speaker 7: and their experience proven through every market's EBB and flow.
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  Speaker 7: Fourth Avenue Financial Retirement Done Right get started at Fourth
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  Speaker 7: Avenue Financial dot com.
• 21:08
  Speaker 2: Securities offered through jennabuqll Financial Incorporated. Remember fit Recipate advisory
• 21:11
  Speaker 2: services offer through Jenbuqua Advisors Incorporated.
• 21:14
  Speaker 8: According to Feeding America, over seven million seniors nationwide were
• 21:18
  Speaker 8: food insecure in twenty twenty two. West Virginia is no different.
• 21:22
  Speaker 2: Hi.
• 21:22
  Speaker 8: I'm Jason, President and CEO of Union Mission Ministries. For
• 21:25
  Speaker 8: one hundred and thirteen years, Union Mission has focused on
• 21:28
  Speaker 8: helping people in need. Right now, our senior citizens need
• 21:32
  Speaker 8: our help. That is why Union Mission is partnering with
• 21:34
  Speaker 8: local senior living facilities to get food delivered directly to
• 21:38
  Speaker 8: those in need. Will you help us reach more seniors?
• 21:41
  Speaker 8: Visit Union Mission dot com to learn more.
• 21:44
  Speaker 2: This is Retire Right Radio with John Burdett from Fourth
• 21:48
  Speaker 2: Avenue Financial, taking your calls at three oh four, three
• 21:52
  Speaker 2: four five fifty eight fifty eight or texts on three
• 21:55
  Speaker 2: oh four ninety three five fifty oh eight.
• 21:59
  Speaker 3: All right, wellcome come back, and John Bredead is with us,
• 22:02
  Speaker 3: Jeff Jenkins with you this morning, and we're gonna go
• 22:04
  Speaker 3: to the line, and Kevin is calling in. We've got
• 22:07
  Speaker 3: a question for John. Go ahead, Kevin. Yes, you start taking.
• 22:15
  Speaker 9: Where you filize if you're continued working or received, as
• 22:21
  Speaker 9: an example, an annuity taxical income Combut with your Social.
• 22:28
  Speaker 4: Security, well, with social Security, you have a what's called
• 22:34
  Speaker 4: your full retirement age, which might be sixty seven or
• 22:38
  Speaker 4: you know, depending on when you were born, and if
• 22:43
  Speaker 4: you take it before that, you could be penalized because
• 22:48
  Speaker 4: you're before your full retirement age. Because you can take
• 22:51
  Speaker 4: so security at age sixty two, for instance, take it early,
• 22:54
  Speaker 4: it's a reduced amount. But if you do that and
• 22:58
  Speaker 4: you work and earn and I don't right off the
• 23:00
  Speaker 4: top of my head and know exactly what the number is,
• 23:02
  Speaker 4: but it's it's slightly over twenty thousand dollars.
• 23:06
  Speaker 3: I was going to say a round twenty.
• 23:07
  Speaker 4: Yeah, if you earn more than that, then you will
• 23:10
  Speaker 4: be your Social Security will be reduced in the years
• 23:13
  Speaker 4: that you do that. But if you're over your full
• 23:16
  Speaker 4: retirement age, you basically can earn whatever you want and
• 23:19
  Speaker 4: it won't affect your social security at all.
• 23:22
  Speaker 9: What about a distribution from a note account, Well, that
• 23:27
  Speaker 9: for your social security also.
• 23:30
  Speaker 4: I don't believe so. No, it has to be earned income.
• 23:34
  Speaker 3: Okay, okay, all right, Kevin, thank you, Yeah, thanks for
• 23:38
  Speaker 3: the call. Yes, two good calls this morning, three or
• 23:41
  Speaker 3: four three four five fifty eight fifty eight. John, I
• 23:43
  Speaker 3: wanted to also ask you and John Bredet's with us
• 23:48
  Speaker 3: fourth Avenue Financial. This is also the time of year
• 23:52
  Speaker 3: where you might get an alert from your four oh
• 23:54
  Speaker 3: one K person, I say, person, but you know, hey,
• 23:58
  Speaker 3: think about putting an extra one percent? Yes, you know
• 24:01
  Speaker 3: it's the it's July. First, think about and talk about that,
• 24:05
  Speaker 3: how putting another putting one or two percent in you
• 24:09
  Speaker 3: may not miss it, right, and then how it could
• 24:11
  Speaker 3: pay off later.
• 24:13
  Speaker 4: Yeah, most folks probably would not miss it. That. That
• 24:18
  Speaker 4: is actually a strategy that younger people to get them started.
• 24:23
  Speaker 4: It's like, well, look, you know, start out with the
• 24:25
  Speaker 4: match and every year, you know, most people get some
• 24:29
  Speaker 4: sort of a cost of living rays. Let's say you
• 24:31
  Speaker 4: get a three percent raise, two percent raise, Well, you
• 24:35
  Speaker 4: can take one percent of the two and you're still
• 24:38
  Speaker 4: getting a little more on your paycheck. But now you're
• 24:40
  Speaker 4: moving towards the retirement goal. If you get to the
• 24:45
  Speaker 4: point where you're saving fifteen percent, you know, collectively in
• 24:49
  Speaker 4: all your savings, places might be your four OW and K,
• 24:51
  Speaker 4: might be outside your four OW and K, But if
• 24:53
  Speaker 4: you're putting back fifteen twenty percent, you'll never have to
• 24:56
  Speaker 4: worry about retirement. If you started that at a young
• 24:59
  Speaker 4: enough a a few percent make a big, big difference
• 25:03
  Speaker 4: when you're when you're looking at compounding over thirty plus years.
• 25:08
  Speaker 4: So don't think that, oh, that's only fifteen dollars or
• 25:12
  Speaker 4: whatever the case may be. If you're doing that consistently,
• 25:15
  Speaker 4: that adds up to large amounts down the road. If
• 25:19
  Speaker 4: if you look at the folks that come into my
• 25:21
  Speaker 4: office that are retiring and have you know a few
• 25:25
  Speaker 4: million dollars that are saved up, you know, they didn't
• 25:27
  Speaker 4: usually hit it lucky, they didn't inherit it. They they
• 25:31
  Speaker 4: didn't you know, pick apple stock when it was at
• 25:34
  Speaker 4: two dollars to share. They just put in ten, fifteen
• 25:41
  Speaker 4: to twenty percent of their earnings consistently into growth oriented investments.
• 25:46
  Speaker 4: Owning stocks and didn't pay attention much to it, didn't
• 25:51
  Speaker 4: worry about what the news was. They just accumulated and
• 25:56
  Speaker 4: over time that compounding grew to substantial amounts. And so
• 26:02
  Speaker 4: anything that you can do today and the sooner you
• 26:04
  Speaker 4: can do it, the bigger impact that it will have
• 26:08
  Speaker 4: in retirement. You know, in the younger you are, like
• 26:12
  Speaker 4: I say, the better it is. We've talked before about
• 26:15
  Speaker 4: the rule of seventy two and the doubling. You know,
• 26:18
  Speaker 4: you divide your your interest rate into seventy two and
• 26:22
  Speaker 4: that tells you how long it takes for money to double.
• 26:24
  Speaker 4: So if you get a ten percent return, a stock
• 26:27
  Speaker 4: market like return, it takes roughly seven years to double money. Well,
• 26:32
  Speaker 4: you know, if you're if you're twenty five years old,
• 26:36
  Speaker 4: you know you have five six doublings before you retire.
• 26:40
  Speaker 4: That doesn't mean you five or six times your money
• 26:43
  Speaker 4: that doubles five or six times. So one thousand goes
• 26:46
  Speaker 4: to two, goes to four thousand, goes to eight thousand,
• 26:49
  Speaker 4: goes to sixteen thousand, goes to thirty two thousand, goes
• 26:51
  Speaker 4: to sixty four thousand. That's pretty incredible. The more you
• 26:56
  Speaker 4: get in, the sooner you get it in the better
• 26:59
  Speaker 4: off you're going to be, even if it seems small,
• 27:02
  Speaker 4: that one percent adds up.
• 27:04
  Speaker 3: And the plan that folks can sit down, as you
• 27:06
  Speaker 3: mentioned earlier in the show and get with you you can.
• 27:09
  Speaker 3: Those are some of the things you go over. Those
• 27:11
  Speaker 3: are some of the things. And I always love your
• 27:14
  Speaker 3: commercials because they talk about you've got to be ready
• 27:18
  Speaker 3: for the ups and downs of the market. I mean,
• 27:20
  Speaker 3: that's that's a very important part of.
• 27:23
  Speaker 4: The place, and and there will be ups and downs,
• 27:26
  Speaker 4: and you almost have to think of that volatility as
• 27:29
  Speaker 4: a feature, not a flaw of the market. That volatility
• 27:34
  Speaker 4: is why you get paid more than you do in
• 27:38
  Speaker 4: a fixed investment of a CD for instance, or a bond.
• 27:43
  Speaker 4: You know, when you think about stock, stock is ownership
• 27:46
  Speaker 4: of a company, ownership of a hopefully a very productive company.
• 27:50
  Speaker 4: A bond is fixed, but you know, maybe it pays
• 27:57
  Speaker 4: five percent. Let's say in this environment, you know what
• 28:00
  Speaker 4: you're going to get. You get that five percent as
• 28:02
  Speaker 4: long as that company that issue that does well.
• 28:06
  Speaker 2: Well.
• 28:06
  Speaker 4: Then you start logically thinking, okay, long term, why would
• 28:10
  Speaker 4: a company issue a bond paying five percent. They would
• 28:14
  Speaker 4: only do that if they think that they're going to
• 28:16
  Speaker 4: earn more than five percent, or earn more than the
• 28:20
  Speaker 4: cost of that loan of that bond. So it really
• 28:25
  Speaker 4: is almost logical to think the owner is going to
• 28:27
  Speaker 4: make more than than the stockholder is going to make
• 28:31
  Speaker 4: more than the lender or the bond holder. And so really,
• 28:36
  Speaker 4: you know, it does make sense. There is a logic
• 28:39
  Speaker 4: to why the market produces better results over time. Now,
• 28:44
  Speaker 4: does every company get that decision right? No? No, Some
• 28:48
  Speaker 4: companies fail, some companies don't do well. There are times
• 28:51
  Speaker 4: in the economy where maybe it's a little tougher to
• 28:54
  Speaker 4: earn money, and there are times where it's relatively easy
• 28:57
  Speaker 4: to earn money. Those are cycles that certainly happen over time.
• 29:03
  Speaker 4: But if you own a productive company and you're patient
• 29:07
  Speaker 4: with it and you're accumulating consistently, you know, the market
• 29:10
  Speaker 4: goes down twenty percent, let's say, and you're twenty five
• 29:14
  Speaker 4: years old, why on earth would you even care. You're
• 29:17
  Speaker 4: so far away from using that money. It's an opportunity
• 29:22
  Speaker 4: for you. You're buying more ownership at a cheaper price. Now,
• 29:29
  Speaker 4: if you're sixty five and you're retiring tomorrow and the
• 29:31
  Speaker 4: market's down twenty percent, that's a different story. That's why
• 29:35
  Speaker 4: you have to change your portfolio as you get closer
• 29:39
  Speaker 4: to that date of use, because that volatility that worked
• 29:46
  Speaker 4: for you when you're young starts working against you when
• 29:48
  Speaker 4: you're on the backside of that calculation. So that's what
• 29:52
  Speaker 4: we help folks do. We help them, you know, see
• 29:54
  Speaker 4: where they are, see what their time horizon, and make
• 29:57
  Speaker 4: sure the mix of their investments is is correct with
• 30:01
  Speaker 4: the way they're planning to use that money, because the
• 30:04
  Speaker 4: market being down is only a problem if you need
• 30:06
  Speaker 4: the money right now.
• 30:08
  Speaker 3: Some people come to you when they're younger, before fifty,
• 30:13
  Speaker 3: you know, I mean the ones you know going to
• 30:17
  Speaker 3: plan all this out you and you get all different types.
• 30:19
  Speaker 3: I would guess people that are fifty around fifty, a hem,
• 30:23
  Speaker 3: I'm going to retire in ten or fifteen years, Here's
• 30:26
  Speaker 3: where I am, here's we need to be. And you
• 30:28
  Speaker 3: might get people say, hey, I want to retire in
• 30:30
  Speaker 3: a couple of months, right, here's all here's all that
• 30:34
  Speaker 3: I have. What should I do right?
• 30:36
  Speaker 4: Right? And there's a lot of that. I mean, a
• 30:38
  Speaker 4: lot of people wait until they're right at retirement before
• 30:41
  Speaker 4: they will engage our services, and more often than not,
• 30:45
  Speaker 4: they're in better shape than they believe they are. You know,
• 30:51
  Speaker 4: we had talked about that during the break a little bit.
• 30:53
  Speaker 4: The fear that you're behind is actually productive. Fear can
• 31:00
  Speaker 4: be productive heere if it means that it spurs you
• 31:03
  Speaker 4: into saving more. And I think the fact that people
• 31:07
  Speaker 4: are worried about retirement also means that people are probably
• 31:13
  Speaker 4: more prepared than they believe they are. It's just the
• 31:17
  Speaker 4: there's an unfamiliarity to it and it's a huge life change.
• 31:21
  Speaker 4: And am I getting these decisions right? Because you know,
• 31:26
  Speaker 4: you know, as you've watched your four ONK build that
• 31:28
  Speaker 4: you're doing roughly the right thing is you're saving. But
• 31:31
  Speaker 4: now what do you do?
• 31:32
  Speaker 3: How do yeah, what's the disbursement? How to break that decision?
• 31:35
  Speaker 4: And you know there's nobody from HR saying, hey, you
• 31:39
  Speaker 4: need to do it this way. You know, while you're working,
• 31:42
  Speaker 4: somebody's there saying you need to save more money. All
• 31:44
  Speaker 4: the commercials on TV, they don't talk about distributions. They
• 31:47
  Speaker 4: talk about investing more money. So there's a lot of
• 31:52
  Speaker 4: unknown and uncertainty out there. And it's not because it's
• 31:57
  Speaker 4: extremely difficult, Uh, it's just that it's unfamiliar and that's
• 32:06
  Speaker 4: where're working with an advisor that works with those types
• 32:09
  Speaker 4: of situations, you know, hundreds of those situations over over decades,
• 32:15
  Speaker 4: can help you make that transition and make sure that
• 32:18
  Speaker 4: you're not making those missteps.
• 32:21
  Speaker 3: Because there are we have a lot of government employees
• 32:24
  Speaker 3: here in county and city and government employees, and some
• 32:29
  Speaker 3: you know what they get, they'll they'll know a fixed call.
• 32:31
  Speaker 3: I mean they'll one of their you know factors, or
• 32:35
  Speaker 3: one of the makes up their posts or the retirement is.
• 32:39
  Speaker 3: You know, they know they've been told this is what
• 32:41
  Speaker 3: your check will be. This is right.
• 32:43
  Speaker 4: It's more of a it's a pension where you know
• 32:46
  Speaker 4: that and that and that's wonderful. A lot of folks
• 32:48
  Speaker 4: like knowing that, hey, I've got this pension and I
• 32:51
  Speaker 4: know it's going to pay. The problem with pensions is
• 32:54
  Speaker 4: largely they do non index for inflation. So while you
• 32:58
  Speaker 4: may be comfortable early on, you still need to have
• 33:02
  Speaker 4: some money growing somewhere to account for that rising cost
• 33:06
  Speaker 4: of living throughout retirement. I know here in the state
• 33:12
  Speaker 4: they have a four fifty seven plan that you can
• 33:15
  Speaker 4: contribute to while you're working. That work looks similar to
• 33:17
  Speaker 4: a four oh one K and a lot of folks
• 33:20
  Speaker 4: can do that to help supplement that pension. If not,
• 33:24
  Speaker 4: you know, calling us and we can help you set
• 33:26
  Speaker 4: up iras on your own, you know, roth Ira, traditional
• 33:30
  Speaker 4: ira to help supplement that pension. Because pensions are very nice,
• 33:35
  Speaker 4: but there again, they are fixed and fixed only you know,
• 33:39
  Speaker 4: doesn't work in a monetary system where the dollar value
• 33:43
  Speaker 4: isn't fixed.
• 33:44
  Speaker 3: Well, you just listen to state workers at times who've
• 33:48
  Speaker 3: had difficulty getting even a cola right, you know, cost
• 33:52
  Speaker 3: of living adjustment to some of their pensions. But the
• 33:55
  Speaker 3: healthcare prices go.
• 33:57
  Speaker 4: Up, yes, so you have to if you're on a pension,
• 34:01
  Speaker 4: it's a wonderful thing and it's very valuable, but you know,
• 34:05
  Speaker 4: please think beyond that and say, hey, I need to
• 34:10
  Speaker 4: also have some pool of money here. Now. You don't
• 34:12
  Speaker 4: need the huge pool of money that somebody without a
• 34:15
  Speaker 4: pension might not need, but you should have some kind
• 34:17
  Speaker 4: of a growth driver in there somewhere to provide for
• 34:23
  Speaker 4: rising cost of living.
• 34:27
  Speaker 3: And again, the best way to get a hold of
• 34:30
  Speaker 3: you is we got a couple of minutes left. But
• 34:32
  Speaker 3: the best way to get a hold of you and
• 34:34
  Speaker 3: talk about these things schedule appointment.
• 34:36
  Speaker 4: Yeah, schedule and appointment. You can go online and do
• 34:39
  Speaker 4: that from our website, from our Facebook page. You could
• 34:43
  Speaker 4: also just call the office. That's that's the old school way,
• 34:47
  Speaker 4: that's the way I would do it. Three zero four
• 34:51
  Speaker 4: seven four six seven nine to seven seven, and we'll
• 34:56
  Speaker 4: get your scheduled up. When we set the appoint we'll
• 35:01
  Speaker 4: send out a questionnaire to you so we can got
• 35:03
  Speaker 4: to get a good idea of your situation, so I
• 35:06
  Speaker 4: have a little background information before we meet. You can
• 35:10
  Speaker 4: you can come in and do a set down discovery meeting,
• 35:14
  Speaker 4: no charge. You know, we'll set down for about an
• 35:17
  Speaker 4: hour and answer any questions that you have, make sure
• 35:21
  Speaker 4: everybody's comfortable going forward, and then come up with a
• 35:24
  Speaker 4: game plan from there, or if you don't want to
• 35:27
  Speaker 4: take that step first we do ten minute just introductory
• 35:31
  Speaker 4: phone calls as well that you can schedule.
• 35:34
  Speaker 3: All right, and get in the number the best way to.
• 35:36
  Speaker 4: Three zero four seven four six seven nine to seven seven.
• 35:40
  Speaker 3: All right, and again we're watching the market. I think
• 35:43
  Speaker 3: there will be some more the tears thing is out there,
• 35:46
  Speaker 3: as you mentioned, but you know, we've seen growth.
• 35:51
  Speaker 4: And do the market's doing well. The economy, you know,
• 35:54
  Speaker 4: the the jobs market is definitely slowing down, but it's
• 35:59
  Speaker 4: still growing. You know, corporate earnings are still growing. You know,
• 36:06
  Speaker 4: there there's nothing out there that really is pointing to
• 36:10
  Speaker 4: you know, the bottom falling out of any any anything economically.
• 36:15
  Speaker 4: You know, it's it's maybe not as rapid as as
• 36:19
  Speaker 4: as it was as we were coming, uh, you know
• 36:22
  Speaker 4: into the year, but it's still growing. And as long
• 36:27
  Speaker 4: as earnings grow, you know, you might get pullbacks here
• 36:29
  Speaker 4: and there, like we did earlier in the year. That's
• 36:32
  Speaker 4: just part of the market. That's just part of the market.
• 36:35
  Speaker 4: Doesn't mean that the the the whole economy is falling apart.
• 36:38
  Speaker 3: All right, John, We got it.
• 36:40
  Speaker 2: Go on.
• 36:40
  Speaker 3: Other people may not on this after July fourth, We
• 36:44
  Speaker 3: got it.
• 36:44
  Speaker 2: Go on here.
• 36:45
  Speaker 3: Thanks a lot, good to see you.
• 36:46
  Speaker 4: Yeah you too, Thank you, Okay.
• 36:48
  Speaker 3: John Bredett, Fourth Avenue, five ive eighty double U s HS.
• 36:51
  Speaker 3: Have a great day.
• 37:11
  Speaker 2: W C H S A W two four three d
• 37:13
  Speaker 2: R F M Charlestown W two A three A Q
• 37:15
  Speaker 2: Cross Lanes a w v r C Media station. We're
• 37:19
  Speaker 2: proud to live here too.