Latest / WCHS Network Podcasts / 10/19/2026 Retire Right Radio with John Burdette

Transcript

10/19/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: The views and opinions expressed on this program do not
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  Speaker 1: necessarily reflect the views and opinions of 580 WCHS, its employees,
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  Speaker 1: or WVRC Media. Retire Right Radio is on the air.
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  Speaker 1: John Burdett from 4th Avenue Financial is here each week
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  Speaker 1: to answer your questions about financial planning, investing, and building
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  Speaker 1: the retirement you deserve. Find 4th Avenue Financial in downtown Charleston.
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  Speaker 1: at 170 Court Street or online at 4thAvenueFinancial. com. Call 304-345-5858
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  Speaker 1: or text 304-935-5008 to join the conversation. Now, let's go
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  Speaker 1: live to the studio with John Burdett. And a very
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  Speaker 1: pleasant good morning to you.
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  Speaker 2: You are listening to Retire Right Radio on 580 WCHS,
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  Speaker 2: the voice of Charleston. I'm Dale Cooper. Thanks for tuning in.
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  Speaker 2: On this Monday morning, boy, it's a little different situation
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  Speaker 2: outside than it was last Monday when we got things
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  Speaker 2: kicked off. Hey, it is relatively cool out there this
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  Speaker 2: morning as you're making your way into Charleston. There was
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  Speaker 2: some thick hanging fog just over the city skyline as
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  Speaker 2: I was coming in this morning. So you might want
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  Speaker 2: to be aware of that as you're driving. Invisibility might
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  Speaker 2: be a little bit on the low side, but we're
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  Speaker 2: here to gain some clarity through the fog, the haze
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  Speaker 2: of your retirement, and that's going to be helped out
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  Speaker 2: by the vision of John Burdett from 4th Avenue Financial.
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  Speaker 2: How are you doing this morning, John? Pretty good, yeah.
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  Speaker 2: Appreciate you coming in this morning. And John is here,
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  Speaker 2: as always, on Monday morning taking your calls. You can
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  Speaker 2: give us a call this morning at 304-345-5858, 345-5858. You
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  Speaker 2: can also text 304-935-5008. 304-935-5008 is our text line number
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  Speaker 2: that you can get in on as well. 4th Avenue
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  Speaker 2: Financial online. It's 4thAvenueFinancial. com. Also on Facebook. That's the entire phrase.
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  Speaker 2: You don't abbreviate any of those things. 4th Avenue Financial.
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  Speaker 2: You can find it online and on Facebook located in
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  Speaker 2: downtown Charleston. over across from the Town Center Mall. John
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  Speaker 2: will be here for the next 40 minutes, so if
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  Speaker 2: you want to get in on the conversation, 304-345-5858 or 304-935-5008.
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  Speaker 2: We always start off the show by kind of taking
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  Speaker 2: a look back at the last week. Frankly, the way
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  Speaker 2: things have settled in this year has kind of destroyed
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  Speaker 2: the beginning of our show a lot of the times
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  Speaker 2: because it's basically whatever cycle is happening like in the
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  Speaker 2: Middle East as it applies to the stock market and
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  Speaker 2: like More war, less war, whatever. I mean that's really
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  Speaker 2: kind of the driving factor between Monday and Friday. We
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  Speaker 2: really need to do this show on like Wednesday after
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  Speaker 2: things like settle down from whatever the mirage is from
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  Speaker 2: the weekend. But what are things– how are things– earnings
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  Speaker 2: are still good. We're having some rotations.
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  Speaker 3: Definitely some rotation going on.
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  Speaker 2: The chips are in a little bit of trouble right
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  Speaker 2: now I guess.
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  Speaker 3: Yeah, the chip stocks have taken it on the chin.
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  Speaker 3: It looks like there might be a little bit of
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  Speaker 3: a rebound on that this morning. But we'll see. It's
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  Speaker 3: really just I think a healthy sector rotation. Those companies–
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  Speaker 3: if you look at the Dow and it's down but
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  Speaker 3: not nearly like the tech stocks were last week. So
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  Speaker 3: just definitely a rotation going.
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  Speaker 2: As you've talked about on the program before, of course,
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  Speaker 2: the way these companies with the chips and the AIs
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  Speaker 2: and stuff like that, I mean a lot of this
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  Speaker 2: stuff is prospecting for the future, different things along those lines.
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  Speaker 2: But what I was reading is there are like stock–
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  Speaker 2: these chips that we supposedly have a shortage of, there's
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  Speaker 2: actually– like millions of them in storage. These companies haven't
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  Speaker 2: used them. They're just out there in storage. And I
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  Speaker 2: guess what the concern is a little bit is if
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  Speaker 2: the demand starts to diminish some, suddenly you're not in
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  Speaker 2: a situation where you're strapped for these things, but you've
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  Speaker 2: got an abundance of them. There's way too many. And
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  Speaker 2: so people are like, wait a minute here. Maybe things
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  Speaker 2: aren't quite– but that's just– like it's healthy, right? I
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  Speaker 2: mean we've actually talked about this bubble, different things like
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  Speaker 2: this for like the last year now. What's going to
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  Speaker 2: happen from this? Who knows what will happen from the
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  Speaker 2: most recent bubbling on the headlines and stuff like this,
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  Speaker 2: but it's all about finding the path, right? It's all
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  Speaker 2: about things settling into wherever they're going to be for
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  Speaker 2: the future.
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  Speaker 3: Yeah, no doubt about it. And chips and that type
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  Speaker 3: of business, it is a very cyclical business. So that's
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  Speaker 3: not new. It happens all the time. I don't know
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  Speaker 3: if their warehouse is full of chips. I guess they're
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  Speaker 3: planning for the big data centers and– Hopefully they don't
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  Speaker 3: get protested too much.
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  Speaker 2: Something like 70-some data centers have like gone off the
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  Speaker 2: boards now in the last year.
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  Speaker 3: Well, we'll see how that goes. But anyway, I've got
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  Speaker 3: a headphone problem. But anyway, that's just typical and it's
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  Speaker 3: the market feeling its way out. And it's a healthy
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  Speaker 3: thing to see that the market will pull back when
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  Speaker 3: there is a little bit of– News or concern, that's
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  Speaker 3: a healthy skepticism that keeps you from being in the, quote,
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  Speaker 3: bubble that everybody is afraid of. If we didn't have
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  Speaker 3: pullbacks from time to time, then you really would worry
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  Speaker 3: because that means there's no skepticism that, oh, nothing can
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  Speaker 3: go wrong.
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  Speaker 2: Well, we know.
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  Speaker 3: We live in the real world. We know things go
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  Speaker 3: wrong from time to time. So it's good to have
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  Speaker 3: that in the market I think. You know, oil is
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  Speaker 3: a big driver of the ups and downs from week
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  Speaker 3: to week, and it's a little high right now. We'll
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  Speaker 3: see how that shakes out. But the fundamental is that
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  Speaker 3: the earnings are still good across corporate America. Last week,
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  Speaker 3: inflation came in a little bit hot. So that also
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  Speaker 3: contributed to the market being a little upset. I think
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  Speaker 3: it came in at 3.7 percent, which is largely attributed
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  Speaker 3: to Right.
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  Speaker 2: Yeah, I know I was looking at the breakdown for
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  Speaker 2: the inflation and things like that. It's almost all in
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  Speaker 2: the energy sector. There are some other places that are
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  Speaker 2: in there. But the problem is it's not like it's
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  Speaker 2: a mirage or anything because how do you move things?
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  Speaker 2: It's trucks. So I mean there's– There's very little that
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  Speaker 2: you can really do about it because you've got to
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  Speaker 2: move these commodities across the country, different things along those lines.
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  Speaker 2: And have you seen the price of gas? I mean
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  Speaker 2: it only– as much as you want to argue against it,
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  Speaker 2: I mean you can't really– or as much as you
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  Speaker 2: dislike it, you can't really argue against– you see the
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  Speaker 2: trends and you see how things are going. So it's
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  Speaker 2: something you just have to kind of ride out. And
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  Speaker 2: the important thing is, is that's what's happening now. And
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  Speaker 2: for somebody who's planning for their future and for their
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  Speaker 2: retirement and things along those lines– You have to worry
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  Speaker 2: about your budgeting now and everything. Of course, that's part
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  Speaker 2: of part of what your mind's doing. But also, you
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  Speaker 2: have to keep in mind that this is in the
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  Speaker 2: long scale of things. When you zoom out, this is
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  Speaker 2: yet another point on the chart. And that chart always
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  Speaker 2: goes up. So you have to be aware of that
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  Speaker 2: as you're planning for these where you are in situation
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  Speaker 2: to your retirement and making sure you're making the right
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  Speaker 2: choices because there's still tools out there, things you can
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  Speaker 2: use planning for the future. All those things are still
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  Speaker 2: relevant just because things are a little choppy right now.
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  Speaker 2: Don't lose sight of what's in the future.
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  Speaker 3: Right. And stay with the course. You know, I always
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  Speaker 3: use an example. If you were walking down the street
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  Speaker 3: and you saw a $ 20 bill on the ground, would
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  Speaker 3: you bend down and pick it up? You used to
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  Speaker 3: say that about a penny, but now it's a $ 20 bill. Yeah,
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  Speaker 3: there's a penny now. I wasn't going to touch a penny.
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  Speaker 3: Those are going to be out of circulation soon. But obviously,
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  Speaker 3: you would. You'd pick it up. But there are hundreds
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  Speaker 3: of thousands of people in this country that are walking
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  Speaker 3: right past it every day. And that's the match inside
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  Speaker 3: their 401k. That's free money. If you participate that you
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  Speaker 3: can get contributed by your employer to your retirement. Now,
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  Speaker 3: every company is different. You know, some, some offer more,
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  Speaker 3: some offer lefts, you know, some, some companies don't, uh,
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  Speaker 3: obviously offer even a retirement plan. That's where you have
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  Speaker 3: to really take care of yourself. Uh, but if your
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  Speaker 3: company offers a match and you're not contributing at least
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  Speaker 3: to the match level, uh, You're leaving that $ 20 bill
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  Speaker 3: on the ground and it's significant. If you make $ 50, 000
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  Speaker 3: a year and there's a 4% match, that's $ 2, 000 a year.
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  Speaker 3: If you don't participate, you are giving up every single year.
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  Speaker 2: If you do the minimum, it's literally doubling your investment.
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  Speaker 3: Absolutely. And who wouldn't want to do that? And a
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  Speaker 3: young person starting out, there's a lot of times it's like, well,
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  Speaker 3: I can't afford it or– I'll do it next year.
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  Speaker 3: Every year you let that pass, it's not only your
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  Speaker 3: own money you're missing out the compounding on, but it's
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  Speaker 3: that extra money that your employer is putting in that
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  Speaker 3: you're missing out on. And it's a hugely significant thing
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  Speaker 3: when you compound that over 20 years, 30 years and beyond.
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  Speaker 2: I remember what it was like being a young man
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  Speaker 2: and first starting out and my budgeting wasn't in two
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  Speaker 2: zeros or three zeros. My budgeting was in Single digits.
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  Speaker 2: I was dealing with tens of dollars, not hundreds or
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  Speaker 2: thousands of dollars.
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  Speaker 3: That was back in the buggy and whip.
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  Speaker 1: Well, yeah, exactly.
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  Speaker 2: But also it was a real struggle. I mean I
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  Speaker 2: didn't have a ton of money and I was trying
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  Speaker 2: to get these things together and things along those lines.
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  Speaker 2: And when you're budgeting in that amount, you think, man,
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  Speaker 2: that $ 46 or whatever in that paycheck can really buy
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  Speaker 2: another meal for me or whatever it might be. And
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  Speaker 2: there's truth to that. Sure, I understand where you're coming from.
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  Speaker 2: But think about what that $ 46 is going to buy
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  Speaker 2: you in 30 years because it's a lot more than
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  Speaker 2: just a meal.
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  Speaker 3: Yeah, absolutely. It's going to take care of you and
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  Speaker 3: particularly up to the match. If you're starting out, if
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  Speaker 3: you can just get to the match, that's fine for
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  Speaker 3: the initial goal. You can grow into the percentages that
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  Speaker 3: you really should be getting into down the road, the 10%,
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  Speaker 3: 15% saving rates that you really– would hope to get
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  Speaker 3: to to be very successful by the time retirement comes.
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  Speaker 3: But that 3% percent– keep in mind if you do
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  Speaker 3: it in the traditional 401K, it comes out before taxes.
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  Speaker 3: It's not even affecting your paycheck, the full 3 percent.
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  Speaker 3: The government is not taxing you on that. So– depending
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  Speaker 3: on what your tax rate is, it's going to be
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  Speaker 3: less of an impact to your paycheck than you might
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  Speaker 3: think that it is. And let's face it, in that example,
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  Speaker 3: if you make $ 50, 000 a year, I mean, that's $ 125
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  Speaker 3: a month, $ 60 a paycheck. Every two weeks, most people
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  Speaker 3: out there are wasting or spending Especially when you consider, again, pre-tax.
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  Speaker 3: So I mean the amount of actual dollars getting into
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  Speaker 3: your pocket out of that is about like $ 50 or whatever.
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  Speaker 3: That money for most people leaks out somewhere during that
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  Speaker 3: two-week period of time. And so not only are you
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  Speaker 3: not saving, you're also building spending habits that aren't healthy
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  Speaker 3: that will impact you for years as well.
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  Speaker 2: And all of that is great information because there's different
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  Speaker 2: ways that you can use to kind of tie these
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  Speaker 2: things together to help yourself going forward when it comes
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  Speaker 2: to these matches. And I encourage anybody out there, you
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  Speaker 2: can pick up the phone and you can call Fourth
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  Speaker 2: Avenue Financial to be your financial advisor. But be sure
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  Speaker 2: you're using the tools that are at your advantage as well.
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  Speaker 2: One of the interesting things that we have here through
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  Speaker 2: our employee investment for our 401K is it has a–
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  Speaker 2: I forget what they call it, but it's basically a
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  Speaker 2: silent– I call it a silent, uh, graduator for your
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  Speaker 2: interest rate for your, for your, uh, for your contribution rate.
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  Speaker 2: So you can choose how often you want to change
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  Speaker 2: it and then what percentage that you want to do it.
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  Speaker 2: So I have like half a percent every six months
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  Speaker 2: or something like that.
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  Speaker 3: Right.
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  Speaker 2: And so over the course of time, I haven't touched it.
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  Speaker 2: So over the course of time, that means every year
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  Speaker 2: I'm adding another percent to the amount that I'm contributing
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  Speaker 2: to my 401k. I have no idea. Honestly, I have
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  Speaker 2: no idea what it is now because I said it
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  Speaker 2: years ago and it's just been going. So whatever the
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  Speaker 2: cap is, it's probably what it's at. But that was
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  Speaker 2: something I never even noticed, that gradual increase in my
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  Speaker 2: paycheck over the course of years because I just set
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  Speaker 2: it at a half a percent every– I literally never
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  Speaker 2: noticed it. And the amount that's going in is so
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  Speaker 2: much more now.
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  Speaker 3: Well, and what happens too just with inflation, it doesn't
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  Speaker 3: just always affect the price of the grocery store. It
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  Speaker 3: also affects your paycheck over time. And that is a
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  Speaker 3: way too over time that you can get towards the
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  Speaker 3: goals that you need for retirement savings. If you get
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  Speaker 3: a 3 percent raise– And 1% of it goes to
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  Speaker 3: your 401k. You still have extra money to spend year
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  Speaker 3: after year. You just have to either, like you, set
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  Speaker 3: it up automatically or really, on purpose, make that adjustment
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  Speaker 3: every year to move towards your savings goal. A lot
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  Speaker 3: of companies now are offering plans where instead of opting in,
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  Speaker 3: you opt out.
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  Speaker 2: Yeah, right.
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  Speaker 3: Which is a good thing. It is. I mean, that
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  Speaker 3: sets people up and they have to. actually take action
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  Speaker 3: to not participate in the 401k. That's a great thing
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  Speaker 3: because most people don't take action for that. And that
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  Speaker 3: typically will go into some default investment. One of the things,
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  Speaker 3: if you're just blindly putting it in, you want to
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  Speaker 3: check at least initially when you're enrolling, make sure that
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  Speaker 3: you're actually in an investment. If you're Putting it in
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  Speaker 3: the fixed account or the money market account, if that's
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  Speaker 3: the default investment in your plan, you don't want to
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  Speaker 3: stay in that. You want to stay in something that's
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  Speaker 3: going to have the opportunity to grow faster than inflation
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  Speaker 3: for you. Most plans today offer retirement date funds, age-based
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  Speaker 3: type funds that are more in the stock market when
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  Speaker 3: you're younger and that automatically moves it into a more
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  Speaker 3: conservative portfolio approach retirement. Those can be great options if
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  Speaker 3: you're not going to want to pay attention really to
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  Speaker 3: the market and what you're doing inside your investments, which
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  Speaker 3: most people don't. I mean, those can be great options.
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  Speaker 3: And since the advent of those in the last decades
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  Speaker 3: or so, a large percentage of money is being managed
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  Speaker 3: in those type of funds.
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  Speaker 2: John Burdett is here this morning with Retire Right Radio.
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  Speaker 2: You can get in on the conversation. If you have
• 14:41
  Speaker 2: any questions about how you can retire right, you can
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  Speaker 2: give us a call this morning, 304-345-5858, 345-5858. You can
• 14:46
  Speaker 2: text over your questions as well. I better check the
• 14:48
  Speaker 2: text line number, 304-935-5008, 304-935-5008. It's empty right now, so
• 14:54
  Speaker 2: if you want to get in, you're more than welcome
• 14:55
  Speaker 2: to send over a text message, and John can get
• 14:57
  Speaker 2: to your questions as quickly as possible. When it comes
• 15:00
  Speaker 2: to the different tools that you have available and things
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  Speaker 2: that you should always be aware of, using your 401k
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  Speaker 2: match obviously is very important. And if you have tools–
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  Speaker 2: and this is just something that– I'm of an age
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  Speaker 2: where when I first started getting insurance and stuff, it
• 15:14
  Speaker 2: was relatively easy. You didn't even have to pay for
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  Speaker 2: it and you got basically 80-20 coverage if I remember correctly.
• 15:19
  Speaker 2: It's changed over time, of course, and so you have
• 15:21
  Speaker 2: the onboarding that folks– some employers can have with their
• 15:24
  Speaker 2: different HSA accounts and things along those lines. That's, again,
• 15:27
  Speaker 2: something that I personally use. And after first like really
• 15:31
  Speaker 2: struggling with the concept of it after growing up– forever
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  Speaker 2: in the 80-20, didn't pay anything environment. Then for a while,
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  Speaker 2: I paid for the 80-20 out of my pocket to
• 15:42
  Speaker 2: get that sort of coverage that I was used to.
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  Speaker 2: That became too expensive. And so it was like I
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  Speaker 2: started looking into this thing with the HSA, and I
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  Speaker 2: was really struggled with it at first. And frankly, the
• 15:52
  Speaker 2: first couple of years, it was a little scary, especially
• 15:54
  Speaker 2: because we had some medical stuff and we had to
• 15:55
  Speaker 2: pay out of pocket. And it really was like, man,
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  Speaker 2: it was like the base insurance. Over time, though, we
• 16:01
  Speaker 2: had a couple of healthy years in there. kept on
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  Speaker 2: contributing to it, didn't really use it all that much.
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  Speaker 2: And now we find ourselves after it's invested, it's an
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  Speaker 2: investment account. We find ourselves with, I mean, not flush
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  Speaker 2: with cash, but if we had something that came up
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  Speaker 2: that wasn't a dire emergency or something, but something that
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  Speaker 2: just came up that we needed to do, we got
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  Speaker 2: money in the account now. And it's saved over time
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  Speaker 2: and it's actually outperformed my 401k. When I look at
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  Speaker 2: it year over year, as far as percentages go, it's
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  Speaker 2: outperformed my 401k right now. And that's something that if
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  Speaker 2: you have it, and I'm just speaking from experience here,
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  Speaker 2: if you have that to your ability. And if you have,
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  Speaker 2: I mean, we're not the, we weren't the healthiest of families.
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  Speaker 2: I mean, we were able to navigate through this a
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  Speaker 2: little bit. And we come through the other side of
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  Speaker 2: this thing now where we have regular things we have
• 16:41
  Speaker 2: to do, a little dental work here, something along those lines.
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  Speaker 2: We can just pay for it now. That's a huge
• 16:45
  Speaker 2: help when it comes to budgeting and things along those lines. Yeah, absolutely.
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  Speaker 3: And, you know, to participate in that, you have to
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  Speaker 3: have a certain type of plan, high deductible plan, that
• 16:54
  Speaker 3: sort of thing.
• 16:54
  Speaker 2: It sounds scary at first. It really does. Yeah. Yeah.
• 16:57
  Speaker 3: But, you know, health insurance is one of those things
• 17:00
  Speaker 3: that It has a huge impact on your financial life.
• 17:05
  Speaker 3: It's such a big expense, especially if you're self-employed.
• 17:09
  Speaker 1: Oh, man.
• 17:10
  Speaker 3: It's unbelievable the expense of– most people that are employed
• 17:17
  Speaker 3: at a big company, there's some subsidy there that you
• 17:20
  Speaker 3: might not even know you're getting. Right, yeah, right.
• 17:22
  Speaker 2: Oh, yeah.
• 17:23
  Speaker 1: Huge.
• 17:23
  Speaker 3: You would say, oh, I'm paying $ 500 a month for
• 17:25
  Speaker 3: my insurance coverage through the employer and they're raising it
• 17:29
  Speaker 3: to $ 600. Well– the employer may be paying $ 3, 000.
• 17:34
  Speaker 2: I see our numbers. Our numbers, it's incredible. It's staggering
• 17:37
  Speaker 2: to see the amount of benefits.
• 17:38
  Speaker 3: For a lot of businesses, particularly small businesses, I mean,
• 17:41
  Speaker 3: outside of the actual wage, that sometimes is the next
• 17:45
  Speaker 3: largest item line in the budget.
• 17:48
  Speaker 2: And if you're an employee, I've actually ran into this
• 17:50
  Speaker 2: with some employees before that are relatively young and maybe
• 17:53
  Speaker 2: don't understand the value of benefits and things along those
• 17:55
  Speaker 2: lines that really kind of push back on on what
• 18:01
  Speaker 2: the benefits are and what benefits– how it benefits them.
• 18:04
  Speaker 2: What do you mean I'm paying for this? The company–
• 18:05
  Speaker 2: it's like you don't believe how much the company is
• 18:07
  Speaker 2: paying for that, man. I mean that's– yes, you're paying
• 18:10
  Speaker 2: for some of that out of pocket, but it's super
• 18:11
  Speaker 2: expensive right now and the company is paying a large, large, large,
• 18:15
  Speaker 2: large portion of that bill to make sure that you
• 18:17
  Speaker 2: have insurance.
• 18:18
  Speaker 3: Yeah, and– but if you're self-employed, you are the company.
• 18:22
  Speaker 3: So you– bear the full brunt of that.
• 18:25
  Speaker 2: And frankly, from what I understand and things that I've read,
• 18:29
  Speaker 2: whatever you think of anything politically, but insurance has gotten
• 18:33
  Speaker 2: more expensive when you're self-employed now. A lot of the
• 18:37
  Speaker 2: ACA subsidies and different things that helped get your ACA
• 18:41
  Speaker 2: coverage more affordable are gone now. So if you're self-employed
• 18:44
  Speaker 2: and you were relying on the ACA to be your
• 18:47
  Speaker 2: health insurance, you probably saw like a 60% increase in
• 18:49
  Speaker 2: your in your premiums this year. I mean, it was
• 18:53
  Speaker 2: really debilitating for people that were like self-employed and using
• 18:56
  Speaker 2: the ACA for stuff like that. Yeah.
• 18:58
  Speaker 3: Yeah. No doubt about it. I mean, health insurance is
• 19:00
  Speaker 3: a big, a big thing and, you know, health insurance,
• 19:03
  Speaker 3: even in retirement planning is a big thing. And there
• 19:06
  Speaker 3: are a lot of folks out there that would like
• 19:07
  Speaker 3: to retire a few years early, but insurance is the issue.
• 19:12
  Speaker 3: It keeps, keeps you in the workforce until, until Medicare
• 19:15
  Speaker 3: kicks in at 65. And, you know, that's one of
• 19:19
  Speaker 3: those things. If you are, Thinking about retiring early, you know,
• 19:23
  Speaker 3: you need to make sure that you've put that in
• 19:25
  Speaker 3: the budget line because it's significant.
• 19:27
  Speaker 2: Well, let's talk just a little bit before we go
• 19:29
  Speaker 2: to the break here, and then we'll come back and
• 19:31
  Speaker 2: we'll kind of finish up the conversation. But since we're
• 19:33
  Speaker 2: mentioning folks that are– we were talking about employee matches
• 19:36
  Speaker 2: and using those tools for 401K. Let's talk about someone
• 19:40
  Speaker 2: who's either self-employed or maybe– and we've talked about this before,
• 19:43
  Speaker 2: but multi-gig employed. And there's a lot of people that
• 19:46
  Speaker 2: piece together their career out of two or three jobs
• 19:48
  Speaker 2: that they're doing together that are part of the gig economy,
• 19:51
  Speaker 2: whatever that might be. Chances are, if you work or
• 19:54
  Speaker 2: are self-employed in one of these situations, you probably don't
• 19:56
  Speaker 2: have a 401k match. You probably don't have health insurance.
• 19:59
  Speaker 2: These are things that you're kind of behind the eight
• 20:01
  Speaker 2: ball already compared to someone else. What are some of
• 20:03
  Speaker 2: these steps that someone that's in that situation should think
• 20:06
  Speaker 2: about right away as far as, I need to make
• 20:08
  Speaker 2: sure that I have This taken care of for– you're
• 20:11
  Speaker 2: not a doctor, but healthcare is part of budgeting. So
• 20:13
  Speaker 2: I need to have this taken care of for future
• 20:15
  Speaker 2: healthcare issues. And also I need to worry about my retirement.
• 20:17
  Speaker 2: So what can I do to start looking about that?
• 20:20
  Speaker 2: Let's talk about that when we come back from the break. Okay.
• 20:22
  Speaker 2: Sounds good. If you have any questions about that, please
• 20:24
  Speaker 2: give us a call. Or questions taking us a different direction.
• 20:26
  Speaker 2: John is welcoming questions from any walk. You're welcome to
• 20:29
  Speaker 2: give us a call this morning at 304-345-5858.
• 20:30
  Speaker 4: 345-5858.
• 20:30
  Speaker 2: You can also text 304-935-5008. Get a hold of John
• 20:31
  Speaker 2: Burdett from 4th Avenue Financial. Online, it's 4thAvenueFinancial. com, 4thAvenueFinancial. com. We'll
• 20:42
  Speaker 2: take a break and be back right after this. You're
• 20:43
  Speaker 2: listening to Retire Right Radio with John Burdett. I'm Dale
• 20:46
  Speaker 2: Cooper on 580 WCHS, the voice of Charleston.
• 20:48
  Speaker 5: Retire Right Radio is sponsored by 4th Avenue Financial, which
• 20:51
  Speaker 5: is solely responsible for its content. Securities offered through J.W.
• 20:55
  Speaker 5: Cole Financial member, FINRA, SIPC. Investment advice offered through J.W.
• 21:00
  Speaker 5: Cole Advisors. 4th Avenue Financial, J.W. Cole Financial, and J.D.U.
• 21:05
  Speaker 5: Cole Advisors are unaffiliated entities. The opinions expressed by John
• 21:09
  Speaker 5: Burdett should not be construed as specific investment, legal, or
• 21:13
  Speaker 5: tax advice. All economic and performance information is historical and
• 21:17
  Speaker 5: not indicative of future results. Investing may involve risk of
• 21:21
  Speaker 5: loss of principle. Any tax advice on this show is
• 21:24
  Speaker 5: not intended to be used by any person for the
• 21:27
  Speaker 5: purpose of avoiding use, federal, or state tax penalties that
• 21:30
  Speaker 5: may be imposed on such a person. and each listener
• 21:34
  Speaker 5: should seek advice from their tax advisor or legal counsel
• 21:37
  Speaker 5: on topics that arise from the show. John Burdett is
• 21:39
  Speaker 5: not providing legal or tax advice. Nothing should be construed
• 21:43
  Speaker 5: as solicitation of an offer to buy securities. This program
• 21:46
  Speaker 5: is sponsored by 4th Avenue Financial, which is solely responsible
• 21:50
  Speaker 5: for its content.
• 21:50
  Speaker 4: The seasons are changing and the temperatures are dropping, making
• 21:53
  Speaker 4: now the perfect time to ensure your home is ready
• 21:55
  Speaker 4: for the colder months ahead. Whether it's upgrading your heating system,
• 21:58
  Speaker 4: repairing your roof, adding a generator, or tackling something you've
• 22:01
  Speaker 4: been putting off, A home improvement loan from Members Choice
• 22:04
  Speaker 4: West Virginia can help. At MCWV, you can borrow up
• 22:07
  Speaker 4: to $ 30, 000 at a fixed rate of 7.50% APR for
• 22:11
  Speaker 4: up to 84 months with no appraisal required. Get your
• 22:14
  Speaker 4: home ready for what's ahead. Learn more at MembersChoiceWV.com. The
• 22:21
  Speaker 4: seasons are changing and the temperatures are dropping, making now
• 22:23
  Speaker 4: the perfect time to ensure your home is ready for
• 22:25
  Speaker 4: the colder months ahead. Whether it's upgrading your heating system,
• 22:28
  Speaker 4: repairing your roof, adding a generator, or tackling something you've
• 22:31
  Speaker 4: been putting off, A home improvement loan from Members Choice
• 22:34
  Speaker 4: West Virginia can help. At MCWV, you can borrow up
• 22:37
  Speaker 4: to $ 30, 000 at a fixed rate of 7.50% APR for
• 22:41
  Speaker 4: up to 84 months with no appraisal required. Get your
• 22:44
  Speaker 4: home ready for what's ahead. Learn more at MembersChoiceWV.com.
• 23:09
  Speaker 2: You're listening to Retire Right Radio on 580 WCHS, the
• 23:12
  Speaker 2: voice of Charleston. I'm Dale Cooper. Talking a little bit
• 23:14
  Speaker 2: about budget shopping during the break.
• 23:15
  Speaker 3: Yeah, and coming in with ZZ Top, just got paid today.
• 23:18
  Speaker 2: Just got paid, yeah. Trying to make the dollar stretch
• 23:20
  Speaker 2: a little farther with a little bit of budget shopping.
• 23:22
  Speaker 2: 304-345-5858 is our number. You can get in to talk
• 23:25
  Speaker 2: to John Burdett this morning from 4th Avenue Financial, or
• 23:27
  Speaker 2: you can text 304-935-5008. You might be in a situation,
• 23:31
  Speaker 2: and it might be that you're not purely a gig
• 23:33
  Speaker 2: worker or purely someone who is self-employed. But there's a
• 23:37
  Speaker 2: lot of situations out there that are unique, and not
• 23:39
  Speaker 2: every employer has a retirement. Not every employer has a match.
• 23:43
  Speaker 2: There's a lot of different situations that are out there.
• 23:45
  Speaker 2: So you might find yourself in a situation where you
• 23:48
  Speaker 2: need to create a retirement plan basically from scratch, or
• 23:52
  Speaker 2: you need to contact John Burdett to help you out
• 23:54
  Speaker 2: with that. Or you're in a situation where maybe you
• 23:56
  Speaker 2: don't have insurance through your employer, and you're still having
• 23:58
  Speaker 2: to rely on the ACA or something similar to that.
• 24:02
  Speaker 2: What are some of the strategies for somebody who's out
• 24:04
  Speaker 2: there in this situation? We're assuming that they're choosing to
• 24:09
  Speaker 2: be that for working in Ubers or delivery or they're
• 24:12
  Speaker 2: doing something else where maybe they're doing lawn care. I
• 24:14
  Speaker 2: mean there's something that they're doing where they're running a
• 24:16
  Speaker 2: business or they're doing gig work or something along those lines,
• 24:18
  Speaker 2: but they find themselves with virtually no support.
• 24:22
  Speaker 3: Yeah. I mean that's where you have to really make
• 24:24
  Speaker 3: the commitment to do it yourself and make it a priority.
• 24:28
  Speaker 3: Make it like it is an expense that you have
• 24:30
  Speaker 3: in the business. Otherwise– You're going to spend years doing
• 24:33
  Speaker 3: that and then when the time comes to retire, there's
• 24:37
  Speaker 3: nothing there. There's nothing there. So you have to make
• 24:41
  Speaker 3: it a priority. It's much easier when you're an employee,
• 24:44
  Speaker 3: a traditional employee because the program is set up and
• 24:48
  Speaker 3: like I say, a lot of times you even just
• 24:49
  Speaker 3: default into it and you actually have to make the
• 24:54
  Speaker 3: selection when it's on your shoulders. It can start out
• 24:58
  Speaker 3: as something as easy as just setting up an IRA.
• 25:02
  Speaker 3: You can save up to $ 7, 500 on an IRA, $ 8, 600
• 25:07
  Speaker 3: if you're over 50 with the catch-up provision. For a
• 25:11
  Speaker 3: lot of folks, that's– particularly if you're younger starting out
• 25:14
  Speaker 3: in a business, the limits of that are enough to
• 25:17
  Speaker 3: get started.
• 25:18
  Speaker 2: And it's after tax too, right? So you don't have
• 25:20
  Speaker 2: to worry about– you can just– you can have it
• 25:21
  Speaker 2: directed from your bank account straight into your IRA sort
• 25:24
  Speaker 2: of like a payroll deposit. So you can sort of–
• 25:26
  Speaker 2: mimic the same sort of situation where you just have
• 25:30
  Speaker 2: 6 percent of your IRA or of your bank account
• 25:34
  Speaker 2: going into your IRA every month or whatever it might be.
• 25:36
  Speaker 2: I mean you can kind of mimic that if you
• 25:38
  Speaker 2: need to.
• 25:38
  Speaker 1: Yes, yeah.
• 25:39
  Speaker 3: You definitely can. You can set that up automatically to fund.
• 25:42
  Speaker 3: A lot of folks will do that. And let's say
• 25:46
  Speaker 3: you– at a baseline, I want to save $ 300 a month. $ 3, 600
• 25:54
  Speaker 3: a year. Well, obviously, you're not maxing that out. But
• 25:57
  Speaker 3: that doesn't mean just because you've set it up automatically.
• 25:59
  Speaker 3: You can at the end of the year if you
• 26:01
  Speaker 3: have money, go ahead and fill that account up to
• 26:06
  Speaker 3: the max if you choose to. So you have that
• 26:10
  Speaker 3: ability to set that money aside for retirement, very low cost,
• 26:16
  Speaker 3: not a lot of paperwork involved like there are with
• 26:20
  Speaker 3: some more robust– The next step, if you've maxed out
• 26:28
  Speaker 3: your IRAs, you potentially could do a simple IRA and
• 26:34
  Speaker 3: that raises the limits and it looks a little bit
• 26:36
  Speaker 3: more like a traditional 401k type plan. But the simple IRA,
• 26:42
  Speaker 3: it's $ 17, 000 that you can put in with a $ 4, 000
• 26:43
  Speaker 3: catch up on top of that to get it to $ 21, 000
• 26:45
  Speaker 3: if you're over 50. And essentially that is– it's still, quote, simple.
• 26:58
  Speaker 3: That's the name, simple IRA. So they're more complex plans
• 27:05
  Speaker 3: that ERISA covers, all the regulations and rules and things
• 27:11
  Speaker 3: that go with retirement plans. Those kick in and you
• 27:17
  Speaker 3: have to file what's called a 5500 form and it
• 27:20
  Speaker 3: becomes a little more complex thing to do. even the
• 27:24
  Speaker 3: simple IRA does not require that. You know, there is
• 27:28
  Speaker 3: a document that's just like a prototype document, but it's,
• 27:32
  Speaker 3: there's nothing ongoing to do or to submit or to file.
• 27:36
  Speaker 3: You start going beyond that, and that's where you have
• 27:39
  Speaker 3: an ERISA plan or a plan that's covered by ERISA,
• 27:43
  Speaker 3: you know, things like the 401k, the solo 401k. They've
• 27:45
  Speaker 3: made that streamlined as well, but if You know, if
• 27:53
  Speaker 3: you start having any employees in your small business, you know,
• 27:58
  Speaker 3: more than a handful and you want to do more
• 28:00
  Speaker 3: than the simple IRA, you may very well be getting
• 28:03
  Speaker 3: into a plan where it does require some administration work
• 28:06
  Speaker 3: each year. But the limits are much, much greater. You know,
• 28:11
  Speaker 3: you can maximize a plan and the limits this year
• 28:16
  Speaker 3: are $ 72, 000 per and an $ 8, 000 catch-up. So you can,
• 28:23
  Speaker 3: in fact, get $ 80, 000 in if you choose to and
• 28:27
  Speaker 3: structure the plan the correct way to do that.
• 28:31
  Speaker 2: It would really behoove somebody if they were looking to
• 28:33
  Speaker 2: become self-employed. And this is something I didn't do. I
• 28:38
  Speaker 2: opened up businesses twice. And wisdom in my older age,
• 28:43
  Speaker 2: I realized that one thing I should have done is
• 28:45
  Speaker 2: probably consulting with a financial advisor to begin with. Okay,
• 28:48
  Speaker 2: this is what I'm rolling out. Here's what my investments
• 28:50
  Speaker 2: are to get started. I was pretty good with the
• 28:55
  Speaker 2: financing portion. I worked in finance for a while. I
• 28:58
  Speaker 2: was pretty good with that stuff. But what I wasn't
• 28:59
  Speaker 2: good at, after I had everything put together and what
• 29:01
  Speaker 2: I could afford, I could fund my business. I could
• 29:03
  Speaker 2: take care of it. I mean, my business was fairly successful.
• 29:06
  Speaker 2: But My biggest gap in retirement and everything else that
• 29:09
  Speaker 2: I have in my life is when I was self-employed.
• 29:10
  Speaker 2: I did not have that well taken care of at all.
• 29:12
  Speaker 2: I would put some bulk cash in there every once
• 29:15
  Speaker 2: in a while when things went well, and I would save.
• 29:17
  Speaker 2: But frankly, I was just doing a money market account
• 29:19
  Speaker 2: at the time, and that money got spent at some
• 29:21
  Speaker 2: point in time and transition. So I screwed that relatively
• 29:24
  Speaker 2: large portion of my life up at one point in time.
• 29:27
  Speaker 2: But there's a right way to do that well, and
• 29:29
  Speaker 2: maybe to start off with, you should consult with someone
• 29:31
  Speaker 2: who can help you out. Hey, this is how you
• 29:33
  Speaker 2: can handle your income streams.
• 29:35
  Speaker 3: And it is much easier if you start at the beginning. Yeah.
• 29:40
  Speaker 3: is just part of what I'm doing as a business
• 29:43
  Speaker 3: and setting that up up front. You know, and let's
• 29:46
  Speaker 3: face it, if you're a handful of years into a
• 29:49
  Speaker 3: business and you can't put money aside for your retirement,
• 29:53
  Speaker 3: you know, you even have to question, is the business working?
• 29:56
  Speaker 2: You should be in business, yep.
• 29:57
  Speaker 3: Because that's an important thing. What are you going to do?
• 30:00
  Speaker 3: You can't do that forever. You've got to be able
• 30:03
  Speaker 3: to put money aside if you want to take care
• 30:05
  Speaker 3: of the future. And every year that goes by is
• 30:09
  Speaker 3: a lost opportunity not only to put the money aside
• 30:11
  Speaker 3: but for the compounding to work in your favor. And
• 30:15
  Speaker 3: it's– you know, that's a harsh sounding reality. But it's true.
• 30:19
  Speaker 3: I mean if you can't budget for that, that is
• 30:24
  Speaker 3: an essential item for a self-employed person. to be able
• 30:27
  Speaker 3: to take care of themselves not just now but into
• 30:30
  Speaker 3: the future.
• 30:31
  Speaker 2: Too many people in the self-employed space, and I speak
• 30:34
  Speaker 2: from experience, exist from week to week, month to month,
• 30:40
  Speaker 2: and you're trying to make it work. And you know what?
• 30:42
  Speaker 2: When you're first starting out, I think that's cromulent. I
• 30:44
  Speaker 2: mean you're starting out. You're working on a shoestring budget.
• 30:48
  Speaker 2: All of those things work out. But if you're in
• 30:50
  Speaker 2: to year three, four, five, whatever it is, and you're
• 30:53
  Speaker 2: still doing that, you're not clearing any headway. You're not
• 30:56
  Speaker 2: putting anything back. I mean you might have a successful
• 30:58
  Speaker 2: business in that you're able to pay off your bills
• 31:00
  Speaker 2: and keep your doors open. But if you're not funding
• 31:02
  Speaker 2: your future, I'm not sure what you're doing. That's doing
• 31:05
  Speaker 2: a lot of work, and I've been there. You're working
• 31:08
  Speaker 2: yourself to the bone, and you want a time to
• 31:10
  Speaker 2: take off at some point. Yeah, no doubt about it.
• 31:13
  Speaker 2: You do wear all kinds of hats, but one hat
• 31:16
  Speaker 2: you have to wear as a self-employed person is a
• 31:21
  Speaker 2: little bit of financial planning, a little bit of– thinking
• 31:24
  Speaker 2: of the future and having that part of the budget
• 31:27
  Speaker 2: as soon as the business can support that. And even
• 31:32
  Speaker 2: if it takes some sacrifice to make that happen, if
• 31:35
  Speaker 2: you don't get that started, it's just not going to
• 31:40
  Speaker 2: end well. I mean you're just not going to make
• 31:42
  Speaker 2: any headway at all for your future. John Burdett at
• 31:47
  Speaker 2: 4th Avenue Financial. You can find out more information online
• 31:49
  Speaker 2: at 4thAvenueFinancial. com. You spell out the whole thing, 4thAvenueFinancial. com. Do
• 31:53
  Speaker 2: that same search on Facebook and like the page. Their
• 31:54
  Speaker 2: phone number is 304-746-7977. You can give them a call
• 31:56
  Speaker 2: to have any questions about how you can plan for
• 31:58
  Speaker 2: your retirement. We have a couple minutes left in the program,
• 32:07
  Speaker 2: and I thought we could talk just a minute about
• 32:08
  Speaker 2: exit strategy. When it comes time where you think you're
• 32:10
  Speaker 2: getting ready to retirement, you have to make sure you
• 32:12
  Speaker 2: have all your ducks in a row and everything. First
• 32:14
  Speaker 2: of all, if you're qualified otherwise, like you can retire
• 32:20
  Speaker 2: at full benefits, but you're still somebody who's into working,
• 32:23
  Speaker 2: like it's kind of an edge if I'm ready or not.
• 32:25
  Speaker 2: What's some of the exit strategies, the things that you
• 32:27
  Speaker 2: have to evaluate to figure out? the timing for these things?
• 32:30
  Speaker 2: Is it like a baby? There's never a great time?
• 32:32
  Speaker 2: Just go ahead and pull the– or is there actually
• 32:34
  Speaker 2: like a strategy to your exit strategy on what might
• 32:37
  Speaker 2: be the best time to exit your employment?
• 32:40
  Speaker 3: I think the best thing just from not just a
• 32:43
  Speaker 3: financial standpoint is to know what you want the next
• 32:45
  Speaker 3: chapter of your life to look like. You have to
• 32:48
  Speaker 3: have a plan on what your day-to-day life is going
• 32:52
  Speaker 3: to look like outside of money because work gives you
• 32:58
  Speaker 3: a purpose. work puts you in contact with other people generally,
• 33:05
  Speaker 3: you know, in relationships that are formed there. And it's
• 33:10
  Speaker 3: not just about money when you make that decision. And
• 33:14
  Speaker 3: I think that if you're going to be happy in retirement,
• 33:17
  Speaker 3: you really need to figure out what that next step
• 33:20
  Speaker 3: is going to look like. And it could be something
• 33:22
  Speaker 3: as simple as I want to spend time with my grandchildren.
• 33:26
  Speaker 3: There's nothing wrong with that. That's a purpose. But you
• 33:28
  Speaker 3: have to think that through. Otherwise, you know, Monday– the
• 33:32
  Speaker 3: next Monday rolls around. The alarm clock doesn't ring. You
• 33:35
  Speaker 3: don't know what to do with your– Yeah.
• 33:36
  Speaker 2: The grandchildren go to school. They might have extracurricular activities.
• 33:38
  Speaker 2: There might be things you can do there, but they're
• 33:40
  Speaker 2: not going to be available all the time. There's other
• 33:42
  Speaker 2: things you're going to have to do that you might
• 33:44
  Speaker 2: have to do as well. Yeah.
• 33:46
  Speaker 3: So really just thinking that through. Are there things that
• 33:49
  Speaker 3: you want to accomplish by retiring that you can't do
• 33:54
  Speaker 3: while you're working? You know, what are those things? Are
• 33:57
  Speaker 3: those things that you should do early in your retirement
• 34:00
  Speaker 3: versus late because maybe your health is better? You know,
• 34:03
  Speaker 3: think about those things and plan for those things. So
• 34:07
  Speaker 3: I think it's really a psychological thing as much as
• 34:12
  Speaker 3: it is financial when you're deciding to make that decision. Now,
• 34:15
  Speaker 3: the financial part needs to be done. And the first
• 34:19
  Speaker 3: thing I tell folks to do is just take an
• 34:21
  Speaker 3: inventory of where they are, you know, where. What do
• 34:25
  Speaker 3: you have? What resources are there if you decide to retire?
• 34:30
  Speaker 3: And are they going to be enough to be comfortable?
• 34:32
  Speaker 3: And if not, how do you close that gap in
• 34:36
  Speaker 3: the time that you have left? How do you position
• 34:38
  Speaker 3: things correctly? And that's what we do. We'll sit down
• 34:41
  Speaker 3: with you, go through that process, and just make sure
• 34:44
  Speaker 3: that if you're taking that step, you're taking that step, one,
• 34:48
  Speaker 3: with peace of mind and confidence, and two, a reality
• 34:52
  Speaker 3: check on what's possible. Because You spend all your life
• 34:56
  Speaker 3: saving for retirement and nobody talks about how do you
• 35:01
  Speaker 3: turn this into an income stream? How do you turn
• 35:03
  Speaker 3: this into a paycheck or a paycheck replacement? And there's
• 35:08
  Speaker 3: a lot of anxiety with that, particularly savers that have
• 35:11
  Speaker 3: saved all their lives. It's scary when that number changes
• 35:16
  Speaker 3: and it's a minus sign every month, not a positive.
• 35:20
  Speaker 3: And so that's what I think. I can bring to
• 35:24
  Speaker 3: the table is just clarity in that and confidence knowing that, OK,
• 35:29
  Speaker 3: this is how it's supposed to work and this is
• 35:31
  Speaker 3: what it will prudently do without risking further into the future.
• 35:36
  Speaker 2: I mean just at first blush, you could help somebody
• 35:39
  Speaker 2: run the numbers. So you can say if you have
• 35:40
  Speaker 2: X amount and this is what you're doing, this is
• 35:42
  Speaker 2: what you're going to get every month. This is what
• 35:43
  Speaker 2: your current lifestyle is like. It's going to work. You're OK.
• 35:47
  Speaker 2: I mean– or you need to do a little extra
• 35:49
  Speaker 2: or whatever it might be. But you can give people
• 35:50
  Speaker 2: that– Because planning works in both ways.
• 35:53
  Speaker 3: I mean there are a lot of folks that have
• 35:55
  Speaker 3: more than enough money saved and they deny themselves things
• 35:58
  Speaker 3: that they really wanted to do. And then at the
• 36:01
  Speaker 3: other end, they're short but they think their money can
• 36:04
  Speaker 3: do so much more than it can. And knowing what
• 36:07
  Speaker 3: that is– and there's nothing wrong with that particularly. It's
• 36:11
  Speaker 3: just people haven't really had to think about that. That's
• 36:16
  Speaker 3: what I do. I'm able to sit down with a non-emotional,
• 36:22
  Speaker 3: non-judgmental set of eyes and help discern reality.
• 36:27
  Speaker 2: That's great information, as always, with John Burdett from 4th
• 36:29
  Speaker 2: Avenue Financial. Every morning right here on Retire Right Radio,
• 36:33
  Speaker 2: 580 WCHS, the voice of Charleston. That's going to do
• 36:35
  Speaker 2: it for the program today. Let me get you the
• 36:36
  Speaker 2: information one more time. First of all, Retire Right Radio,
• 36:39
  Speaker 2: every Monday morning at 820 right here on 580 WCHS.
• 36:41
  Speaker 2: You can check out the podcast. Go to WCHSnetwork.com. Scroll
• 36:45
  Speaker 2: to the bottom of the page, and all of our
• 36:46
  Speaker 2: most recent podcasts are over there, including the most recent
• 36:49
  Speaker 2: Retire Right Radio. Online, you can find 4th Avenue Financial, 4thAvenueFinancial. com.
• 36:54
  Speaker 2: Fourth Avenue Financial dot com is where you can find
• 36:56
  Speaker 2: the information that you spell out the whole thing. Located
• 36:59
  Speaker 2: 170 Court Street, downtown Charleston, across from the town center mall.
• 37:01
  Speaker 4: 304-746-7977.