Latest / WCHS Network Podcasts / 10/26/2026 Retire Right Radio with John Burdette

Transcript

10/26/2026 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
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  Speaker 1: employees or WVRC Media. RetireRight 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
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  Speaker 1: Charleston at 170 Court Street or online at 4thAvenueFinancial. com. Call
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  Speaker 1: 304-345-5858 or text 304-935-5008 to join the conversation. Now, let's
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  Speaker 1: go live to the studio with John Burdett. And a
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  Speaker 1: very pleasant good morning to you.
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  Speaker 2: You are listening to the Voice of Charleston 580 WCHS.
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  Speaker 2: I'm Dale Cooper. Thanks for tuning in on this Monday morning.
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  Speaker 2: Another beautiful weekend just behind us. And another nice week
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  Speaker 2: that's ahead of us right now as we're getting ready
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  Speaker 2: to get into the halloween weekend coming up here don't
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  Speaker 2: forget chick or beaters coming up later in the week
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  Speaker 2: through our stations here in charleston and our sister station
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  Speaker 2: uh 1073 the beat but joining me on the telephone
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  Speaker 2: right now man so busy that we're going to phone
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  Speaker 2: it in this morning in a good way it is
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  Speaker 2: john burdett from fourth avenue financial going to talk about
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  Speaker 2: your financial health and financial future john good morning how
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  Speaker 2: you doing this morning i'm doing great appreciate you taking
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  Speaker 2: time and uh And for Retire Right Radio this morning,
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  Speaker 2: because there's still, every Monday when we do this show,
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  Speaker 2: there's kind of new things to talk about and sort
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  Speaker 2: of this... this area that we're in. And so we
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  Speaker 2: always like to do this show and we'd like to
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  Speaker 2: take your calls and your questions as well. Although John
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  Speaker 2: is on the phone this morning, that doesn't mean that
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  Speaker 2: you can't call in. You can call in as well
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  Speaker 2: and talk to John just as easily as you could anytime.
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  Speaker 2: So you can call us this morning at 304-345-5858, 345-5858.
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  Speaker 2: You can also text 304-935-5008, 304-935-5008. We're going to have
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  Speaker 2: a pretty deep dive into some investing strategies this morning,
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  Speaker 2: what it means in your retirement some of John's keys
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  Speaker 2: to those sorts of things. But before we get going
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  Speaker 2: on that, we'll take a look back on sort of the,
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  Speaker 2: I guess, the temperature of things right now as far
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  Speaker 2: as the market goes over the last week or so. John,
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  Speaker 2: what things are we seeing right now?
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  Speaker 3: Well, last week started off pretty good. The market was
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  Speaker 3: responding well. And then Thursday and Friday took a little
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  Speaker 3: bit of a breather. Some of the tech stocks were
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  Speaker 3: Got hit, like I say, not necessarily because the earnings
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  Speaker 3: were terrible, just the expectations and things like that kind
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  Speaker 3: of cooled the market off a little bit. And I
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  Speaker 3: think in the background, you know, you see more and
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  Speaker 3: more of the news about the potential kinetic action in
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  Speaker 3: the Gulf again. And I think just a combination of
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  Speaker 3: those things cause for a little pause.
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  Speaker 2: Yeah, it seems like that's sort of the trend that
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  Speaker 2: we run on with those sorts of things. And it
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  Speaker 2: seems like the headlines always change about beginning of week
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  Speaker 2: to end week and things along those lines. But this
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  Speaker 2: sort of trend we've been following for a long time
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  Speaker 2: now as well. I mean, we're probably coming up on, what,
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  Speaker 2: 10 months or something of these sorts of trends because
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  Speaker 2: of all of what's happening internationally with the war and everything.
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  Speaker 2: And like we talk about every week– It's not that
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  Speaker 2: it doesn't affect things, but the market seems to be
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  Speaker 2: taking most of this somewhat in hand. It's really more
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  Speaker 2: of the tech things that bubble up on top of
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  Speaker 2: the energy that's really creating a lot of the headlines
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  Speaker 2: that are out there.
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  Speaker 3: Yeah, I think so. I mean, everything is predominantly, at
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  Speaker 3: this point, earnings-driven. I think, certainly, after months and months
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  Speaker 3: of what's been going on in the golf industry, you know,
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  Speaker 3: it's kind of priced in. The market expects that news
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  Speaker 3: to be out there and doesn't think as much about it.
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  Speaker 3: But earnings certainly, I think, are on the top of
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  Speaker 3: the list. You know, we've got, I believe it's this week,
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  Speaker 3: the Fed is meeting, so we'll get a good gauge
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  Speaker 3: of what they're thinking. That might move the market this
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  Speaker 3: week a little bit. The expectations is that uh, rates
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  Speaker 3: do not change. Uh, but, um, you know, that remains
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  Speaker 3: to be seen a lot of times in those meetings.
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  Speaker 3: It's not whether the rate changes, it's about what the, the,
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  Speaker 3: the minutes say about how they're thinking about inflation. And, um,
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  Speaker 3: so we'll see that might have a whether it's positive
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  Speaker 3: or negative, who can say?
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  Speaker 2: True enough, because we just have to keep up on
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  Speaker 2: these sorts of things. And that's exactly why Well, that's
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  Speaker 2: exactly what the job that Fourth Avenue Financial and John
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  Speaker 2: Burdett can help you with when it comes to investing
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  Speaker 2: into your future. And, you know, we open up the
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  Speaker 2: show talking about these headlines, but then we have to
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  Speaker 2: also tell you that although this is the trend that
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  Speaker 2: things are going and this is what people are expecting
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  Speaker 2: to hear about, the bottom line is if you have
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  Speaker 2: a plan and you work your plan and you don't
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  Speaker 2: let things carry you too much to the to the
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  Speaker 2: plus or negative side to change things, you want to
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  Speaker 2: stick to the plan that you're on. And the market
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  Speaker 2: will work for you into your retirement. You have to
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  Speaker 2: be disciplined and do it right. And that's how John
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  Speaker 2: Burdett from 4th Avenue Financial is going to help you
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  Speaker 2: out and can help you out. You can give us
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  Speaker 2: a call this morning if you have any questions, 304-345-5858.
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  Speaker 2: His website is 4thAvenueFinancial. com. Spell out the whole thing and
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  Speaker 2: you can go over there and find it. It's 4thAvenueFinancial. com
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  Speaker 2: if you want to read around. or read along with
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  Speaker 2: us this morning and find out more about 4th Avenue Financial.
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  Speaker 2: John Burdett is with us until 9 o'clock. You sent
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  Speaker 2: me some stuff last night, John, and I thought it
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  Speaker 2: would be great to get into some of this because
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  Speaker 2: we're going to be talking about the retirement red zone
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  Speaker 2: this morning. And it's kind of... we talked about opening
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  Speaker 2: up with the market and how it moves around a
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  Speaker 2: little bit and stuff, because one of the questions I'm
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  Speaker 2: sure that you get a lot of is as the
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  Speaker 2: market fluctuates up and down, it will have maybe a
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  Speaker 2: little bit of a haircut that it takes here. It
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  Speaker 2: has a spike one day. You have a little bit
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  Speaker 2: of these swings, and people are working to retire into that,
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  Speaker 2: and really it's that five-year period, a total of 10-year period,
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  Speaker 2: five years before, five years after, and when you're in
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  Speaker 2: your retirement, you really have to keep your head up
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  Speaker 2: on those things.
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  Speaker 3: Yeah, you have to be aware of the market volatility
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  Speaker 3: trend can treat you differently than it does when you're
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  Speaker 3: 30 years old. That volatility when you're 30 is an
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  Speaker 3: opportunity because you're buying into it. When you're right on
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  Speaker 3: retirement's doorstep or when you first enter into retirement and
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  Speaker 3: start drawing money down, that volatility can really work against you.
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  Speaker 3: What worked for you is now working against you. But
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  Speaker 3: at the same time, you can't become so conservative that you're,
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  Speaker 3: you know, trading that volatility risk for loss of purchasing
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  Speaker 3: power risk over the course of retirement due to inflation.
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  Speaker 3: So it's a balancing act you have to strike. And,
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  Speaker 3: and that, that, you know, five years before, five years
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  Speaker 3: after is really a key time. You know, if, if
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  Speaker 3: you had retired in, in 2007, for instance, And your
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  Speaker 3: retirement would look totally different than somebody that retired in
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  Speaker 3: 2011 because you took that financial crisis right at the
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  Speaker 3: start of your retirement. That volatility cuts your portfolio potentially
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  Speaker 3: in half right as you're starting to take distributions. And
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  Speaker 3: you can't allow yourself to be in a position where
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  Speaker 3: that can happen in that time zone. It's interesting when
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  Speaker 3: you look at the market, you can say, well, the
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  Speaker 3: market's averaged 10 or 11% over long periods of time.
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  Speaker 3: But two investors over two different time horizons can have
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  Speaker 3: vastly different outcomes because of the volatility and they call
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  Speaker 3: it the sequence of returns. If you have bad markets
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  Speaker 3: early in your retirement, that has a huge impact. If
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  Speaker 3: you have great returns early in your retirement, you know,
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  Speaker 3: you're probably going to have smooth sailing for a long
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  Speaker 3: time because you've built a buffer up just through the
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  Speaker 3: early market growth. And so that timing means a lot.
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  Speaker 3: And so you have to have strategies in place in
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  Speaker 3: your portfolio to deal with that, but also not become
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  Speaker 3: so conservative, even though you have that risk, not become
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  Speaker 3: so conservative that you just abandon the market, go to
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  Speaker 3: fixed income, And at that point, you're 100% exposed to
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  Speaker 3: inflation throughout retirement.
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  Speaker 2: Those are great points with John Burdett from 4th Avenue Financial.
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  Speaker 2: And that's really– there's several plates that you have to
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  Speaker 2: keep spinning when you're in this window, especially this window
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  Speaker 2: we're talking about when you're near retirement. You do have
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  Speaker 2: to worry about your ability to live off of what
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  Speaker 2: you've invested, but you have to worry still about inflation
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  Speaker 2: and things like that because as you're starting to withdraw,
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  Speaker 2: eventually starting to withdraw, it does affect the principle of
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  Speaker 2: what's in there. So it's all a balancing act to
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  Speaker 2: make sure that you basically don't run out the clock
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  Speaker 2: before the game's over. You want to make sure that
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  Speaker 2: you make these things work for you until you're ready, basically,
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  Speaker 2: until you're into life more or less.
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  Speaker 3: Yes, and this more recent bout of inflation we've been
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  Speaker 3: through certainly has put that back on the radar. I
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  Speaker 3: think for years, inflation was... an afterthought because it ran
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  Speaker 3: so low for so long. But even a 3% inflation
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  Speaker 3: rate over the course of a retirement, that means prices
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  Speaker 3: will double over the course of retirement. So your grocery
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  Speaker 3: bills double, your electric bill doubles, certainly your medical costs
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  Speaker 3: probably are going to double. And if your money is
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  Speaker 3: not growing, that's going to be a problem for you
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  Speaker 3: at some point in your retirement future. So you have
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  Speaker 3: to have that balance in that portfolio to allow you
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  Speaker 3: to participate. You know, we always talk about the market
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  Speaker 3: keeping up with inflation. And the reason it does, those
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  Speaker 3: companies that you own are producing the goods and services
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  Speaker 3: that we're consuming. at whatever the level is that the
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  Speaker 3: dollar is worth. So if, if inflation is high, well,
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  Speaker 3: the price of those goods and services they deliver is
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  Speaker 3: going to be high, which means their earnings are going
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  Speaker 3: to be tied to that. And so it's, it's logical
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  Speaker 3: that the market over time somewhat keeps up with inflation. Uh,
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  Speaker 3: when you, when you really think it through, it's just
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  Speaker 3: the volatility, uh, that, that everyone focuses on and, um,
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  Speaker 3: And you just have to put a plan together that
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  Speaker 3: you can be comfortable with, that you can understand, that
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  Speaker 3: allows you to continue to participate in that. And there
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  Speaker 3: are lots of ways you can do that. One way
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  Speaker 3: I like is just looking at the history of the market.
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  Speaker 3: How long do downturns last? And in reality, a market drops.
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  Speaker 3: I mean, we could see that in COVID. It dropped
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  Speaker 3: drastically early on, and then it rebounded pretty quickly. most
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  Speaker 3: of the time the market is rebounding very soon after
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  Speaker 3: the fall. So it's a sharp decline, and then it
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  Speaker 3: might take a little time to come back. Sometimes it's
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  Speaker 3: less than a year, sometimes two years, three years. Occasionally
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  Speaker 3: it can go longer than that. But if you have,
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  Speaker 3: for instance, in a portfolio, if you expect that that's
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  Speaker 3: going to happen at some point in your retirement, which
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  Speaker 3: it will, then you can cushion yourself against that volatility
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  Speaker 3: by creating short-term investments to meet your income needs. Fixed income, bonds,
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  Speaker 3: things of that nature that aren't going to fluctuate like
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  Speaker 3: the stock market. That way, when the market is down,
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  Speaker 3: you have the option of drawing your income need off
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  Speaker 3: of a fixed account rather than selling your stocks at
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  Speaker 3: the wrong time. So you've built that cushion in So
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  Speaker 3: it allows you to still participate in the market to
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  Speaker 3: get those long-term rates of returns that you need, but
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  Speaker 3: your short-term needs have now been met by something that
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  Speaker 3: is not as volatile. And then the opposite can be true.
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  Speaker 3: If the markets are doing really, really well, you can
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  Speaker 3: harvest those gains. Take the income out of that and
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  Speaker 3: keep your fixed income intact to still provide that cushion
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  Speaker 3: for you. So... Having those different types of investments, that diversification,
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  Speaker 3: really is how you deal with that. I feel like
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  Speaker 3: what you're bringing up here is.
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  Speaker 2: I'm sorry, go.
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  Speaker 3: Ahead. And then once you understand that process, psychologically, it's
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  Speaker 3: easier to deal with that volatility in the market because
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  Speaker 3: you know it doesn't affect you. immediately, because you've built
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  Speaker 3: and you've made provisions for what you don't like, but
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  Speaker 3: what is entirely expected over the course of a retirement.
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  Speaker 2: One of the things that I find striking about this
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  Speaker 2: strategy and how you help people along these lines is
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  Speaker 2: it never really dawned on me before that saving and
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  Speaker 2: planning are actually two different things, because Somebody could consider
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  Speaker 2: themselves a saver. Hey, I saved my money. But they
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  Speaker 2: might be thinking that along the lines of, hey, I
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  Speaker 2: put my money in my 401k. I do this and
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  Speaker 2: I do that. That doesn't necessarily mean that they have
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  Speaker 2: funds immediately available for them to react to things that
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  Speaker 2: happen in their lives, emergencies, whether it be medical or
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  Speaker 2: mechanical or house or something along those lines, something that
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  Speaker 2: you need to take funds at some reason or another
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  Speaker 2: to change. Who knows what it could be that you
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  Speaker 2: need to do? But saving and having money invested in
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  Speaker 2: your savings account and things like that, that's one thing.
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  Speaker 2: But if that money is meant to be working for
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  Speaker 2: your retirement, you're not supposed to get into that to
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  Speaker 2: address immediate needs. So having that other account that you
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  Speaker 2: can use to pay things out of that you have
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  Speaker 2: there as actual place where you have money that you
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  Speaker 2: can spend in the now, that's very important because then
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  Speaker 2: you don't have to tap into any of those other
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  Speaker 2: quote unquote savings. Although they're both savings, you want your
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  Speaker 2: savings that are that are meant for your retirement to
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  Speaker 2: keep on working for you. You don't want to draw
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  Speaker 2: those down at any time.
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  Speaker 3: Yeah, yeah. I mean, certainly, you know, you want while
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  Speaker 3: you're working, obviously, to save and invest as much as possible.
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  Speaker 3: But it's not just all about the 401k. It's also
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  Speaker 3: about your right now household needs and the emergency fund
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  Speaker 3: you need to have. You know, those are also things
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  Speaker 3: that insulate you against selling the market at the wrong time.
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  Speaker 3: You know, if you... need a new car unexpectedly, for instance.
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  Speaker 3: And having an emergency fund can help you deal with
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  Speaker 3: that so you can still maintain that long-term push towards
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  Speaker 3: retirement savings. And you're not invading that early. You're not
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  Speaker 3: taking the taxes and the potential penalties, depending on your age,
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  Speaker 3: that drawing the money from there would do. So there again,
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  Speaker 3: you're building... into the plan, those provisions to deal with
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  Speaker 3: things that just life will almost assuredly bring to you.
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  Speaker 3: You know, emergencies are a surprise in the timing, but
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  Speaker 3: they shouldn't be a surprise that they happen. So you
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  Speaker 3: have to plan for that.
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  Speaker 2: John Burdett with Fourth Avenue Financial. And like what you
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  Speaker 2: said earlier and what you have in the information you
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  Speaker 2: sent me, It's a strategy that allows you, so when
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  Speaker 2: the market goes up, you can take gains from the
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  Speaker 2: growth in the portfolio, refill some of your income reserve.
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  Speaker 2: When the market's down, then you have that reserve that
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  Speaker 2: you can live off of so you don't have to
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  Speaker 2: tap these reserves. It's logical and it makes sense, and
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  Speaker 2: it only takes a little bit of work to make
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  Speaker 2: sure that you put these things in place, but that's
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  Speaker 2: the sort of thing that you can help coach folks
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  Speaker 2: through so they can get these programs and this strategy
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  Speaker 2: set up so they can breathe a little easier and
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  Speaker 2: have a strategy that goes in that's not short-sighted.
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  Speaker 3: Yes, and I think also one of the big things
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  Speaker 3: that working with an advisor such as myself is the
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  Speaker 3: confidence in the plan, the understanding that goes behind that,
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  Speaker 3: why we're doing this. It's not that we have repealed
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  Speaker 3: the volatility of the market. It's that we've insulated. It's
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  Speaker 3: the expectation that the market will be volatile, but it
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  Speaker 3: won't affect your retirement life if you plan properly. And
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  Speaker 3: it won't affect you as emotionally if you feel confident
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  Speaker 3: in that plan. Where if you enter into retirement really
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  Speaker 3: without a plan, doing things the way you always have
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  Speaker 3: and save, the first time you have that volatility, your
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  Speaker 3: natural tendency is to become so conservative that you're exposing
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  Speaker 3: yourself to the risk of inflation. or not understand the
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  Speaker 3: risk and the timing of returns that can impact your
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  Speaker 3: retirement by being in the market fully and taking that
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  Speaker 3: full volatility as you start to draw income. So, you know,
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  Speaker 3: some of it is just the peace of mind that
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  Speaker 3: comes with knowing how that plan is supposed to work
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  Speaker 3: so that you can stick to it and feel confident
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  Speaker 3: about it. And emotional decision-making is is put to the
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  Speaker 3: side because that's where the real danger is. I mean,
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  Speaker 3: that's more dangerous than the market volatility. It's how you
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  Speaker 3: respond to it that is the key. But that's a
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  Speaker 3: good thing because that means your outcome is largely in
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  Speaker 3: your own control.
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  Speaker 2: That's John Burdett with 4th Avenue Financial. He's taking your
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  Speaker 2: questions this morning. You can give us a call if
• 18:42
  Speaker 2: you'd like to. The phone line is open, 304-345-5858, 304-345-5858.
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  Speaker 2: You can find out more information online at 4thAvenueFinancial. com, 4thAvenueFinancial. com.
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  Speaker 2: You spell out the whole thing. You can find the website,
• 18:53
  Speaker 2: do that same search on Facebook, and you can like
• 18:55
  Speaker 2: the page over there. Located at 170 Court Street here
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  Speaker 2: in downtown Charleston. John, let's go ahead and take our
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  Speaker 2: break right now. We'll come back and wrap up the
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  Speaker 2: show after this. Does that sound good?
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  Speaker 3: Sounds great.
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  Speaker 4: All right.
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  Speaker 2: You're listening to Retire Right Radio this morning. That's John
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  Speaker 2: Burdett with Fourth Avenue Financial. I'm Dale Cooper. We'll take
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  Speaker 2: a break and be back right after this on 580 WCHS,
• 19:11
  Speaker 2: The Voice of Charleston.
• 19:32
  Speaker 5: The opinions expressed by John Burdett should not be construed
• 19:35
  Speaker 5: as specific investment, legal, or tax advice. All economic and
• 19:40
  Speaker 5: performance information is historical and not indicative of future results.
• 19:44
  Speaker 5: Investing may involve risk of loss of principle. Any tax
• 19:48
  Speaker 5: advice on this show is not intended to be used
• 19:50
  Speaker 5: by any person for the purpose of avoiding use, federal
• 19:53
  Speaker 5: or state tax penalties that may be imposed on such
• 19:56
  Speaker 5: a person. And each listener should seek advice from their
• 19:59
  Speaker 5: tax advisor or legal counsel on topics that arise from
• 20:02
  Speaker 5: the show. John Burdett is not providing legal or tax advice.
• 20:07
  Speaker 5: Nothing should be construed as solicitation of an offer to
• 20:09
  Speaker 5: buy securities. This program is sponsored by Fourth Avenue Financial,
• 20:13
  Speaker 5: which is solely responsible for its content.
• 20:15
  Speaker 6: I'm Mayor Amy Goodwin. Taking the whole family out can
• 20:18
  Speaker 6: get expensive. That's why free events like Live on the Levee,
• 20:21
  Speaker 6: the Sternville Regatta, and Holly Jolly Brawley matter. Families can
• 20:25
  Speaker 6: enjoy music, have fun, and make memories without buying a ticket.
• 20:30
  Speaker 6: We've invested in these experiences without raising city taxes or fees.
• 20:35
  Speaker 6: and I'll keep fighting to keep them free. I'm Mayor
• 20:38
  Speaker 6: Amy Goodwin. Let's keep Charleston moving forward. Paid for by
• 20:43
  Speaker 6: the Mayor Goodwin for Charleston Committee.
• 20:45
  Speaker 4: I'm John Morgan of Morgan & Morgan. I am often asked,
• 20:48
  Speaker 4: what is the value of my case? The answer, of course,
• 20:51
  Speaker 4: depends on your injuries, liability, and the damages to you financially.
• 20:55
  Speaker 4: And it also very much depends on the law firm
• 20:57
  Speaker 4: you hire to represent you. All firms are not the same.
• 21:01
  Speaker 4: For over 30 years, Morgan & Morgan has been here
• 21:03
  Speaker 4: at your time of need. There's only one Morgan & Morgan.
• 21:06
  Speaker 1: Office 222 Capitol Street, Charleston.
• 21:08
  Speaker 4: Cases will be handled by West Virginia licensed attorneys.
• 21:11
  Speaker 1: The attorney in this ad is not licensed in West Virginia.
• 21:25
  Speaker 2: It is about 13 minutes until the top of the
• 21:27
  Speaker 2: hour now. You are listening to Retire Right Radio on
• 21:29
  Speaker 2: 580 WCHS. The voice of Charles and John Burdett is
• 21:32
  Speaker 2: on the phone with us this morning, but you can
• 21:34
  Speaker 2: get a hold of us by giving us a call,
• 21:35
  Speaker 2: 304-345-5858 for John Burdett. From 4th Avenue Financial Online, 4thAvenueFinancial. com.
• 21:41
  Speaker 2: Speaking a little bit this morning about various investment strategies,
• 21:44
  Speaker 2: especially as we're approaching, in general, the long-term strategy that
• 21:47
  Speaker 2: you have when you're right around your retirement area, the
• 21:49
  Speaker 2: five years before and the five years after. things that
• 21:52
  Speaker 2: can get you to that point without too much stress. And, John,
• 21:54
  Speaker 2: the bottom line is that when you're able to deploy
• 21:58
  Speaker 2: strategies that allow you to take advantage of whatever the
• 22:01
  Speaker 2: situation is, whether the market's up a little bit or
• 22:03
  Speaker 2: the market's down a little bit, Because as you're building
• 22:06
  Speaker 2: towards retirement, when the market's down a little bit, that's
• 22:08
  Speaker 2: actually opportunity. And if you have the ability to not
• 22:11
  Speaker 2: draw on any of those funds, things along those lines,
• 22:13
  Speaker 2: and allow that to do work going in, maybe actually
• 22:16
  Speaker 2: fund into that opportunity, having these options really gives you
• 22:20
  Speaker 2: all the tools in your toolbox available for you as
• 22:21
  Speaker 2: you're working towards retirement.
• 22:24
  Speaker 3: Yeah, absolutely. I mean, you want to take advantage of
• 22:29
  Speaker 3: whatever situation that presents itself. And if you're a long
• 22:33
  Speaker 3: way from retirement... The statement number doesn't change your life.
• 22:40
  Speaker 3: Your account might go from $ 100, 000 to $ 80, 000 in a
• 22:43
  Speaker 3: bad market, but that doesn't change your life. You're not
• 22:47
  Speaker 3: living off of it. You're still saving and investing. So
• 22:50
  Speaker 3: now just twist the thought a little bit to say, okay,
• 22:54
  Speaker 3: now I can buy more shares with my money that
• 22:57
  Speaker 3: I'm putting in consistently. A lot of times people will
• 23:01
  Speaker 3: pull back and say, okay, well, the market doesn't look
• 23:03
  Speaker 3: too good. I'm not going to add to my retirement
• 23:07
  Speaker 3: right now. That's the exact time you should be doubling
• 23:11
  Speaker 3: down because the market is presenting itself an opportunity. And
• 23:16
  Speaker 3: the whole concept of the article that we're talking about,
• 23:20
  Speaker 3: that retirement red zone, the five years before and after,
• 23:24
  Speaker 3: is that there are changes that happen there where those
• 23:28
  Speaker 3: opportunities when you're 30 are just not quite the same
• 23:32
  Speaker 3: as as you're right on retirement's doorstep. The math changes
• 23:37
  Speaker 3: a little bit about those drawdowns that the market has.
• 23:40
  Speaker 3: And you have to have strategies in place to deal
• 23:45
  Speaker 3: with that so that you then still control how that
• 23:49
  Speaker 3: volatility affects your daily life. Market goes down 20%. That
• 23:55
  Speaker 3: happens if whether you're 30 years old or 60 years old,
• 23:58
  Speaker 3: it just affects you differently. And you have to realize
• 24:01
  Speaker 3: that and build your plan around that changing life stage.
• 24:08
  Speaker 3: It's not that the market is different, but your situation
• 24:12
  Speaker 3: is different, and it requires making some adjustments to the
• 24:16
  Speaker 3: portfolio to insulate you against that, so that then you
• 24:19
  Speaker 3: can live in retirement with the same concept that that
• 24:25
  Speaker 3: 30-year-old has, where a downturn in the market is not
• 24:29
  Speaker 3: a detrimental thing. It doesn't change your daily life. That's
• 24:33
  Speaker 3: where you want to be when you're in retirement. Yes,
• 24:38
  Speaker 3: the volatility happens, but it doesn't affect my retirement lifestyle
• 24:42
  Speaker 3: that I plan for. And it requires a change. And
• 24:47
  Speaker 3: that's a change that a lot of folks don't make
• 24:49
  Speaker 3: as they enter that new stage of life, because it's easy,
• 24:54
  Speaker 3: particularly if you've been successful saving and investing, It's easy
• 24:58
  Speaker 3: to say, well, it's worked for me for the last
• 25:00
  Speaker 3: 30 years. I'm just going to keep doing the same thing.
• 25:05
  Speaker 3: That sounds great, except your life has changed, your needs
• 25:08
  Speaker 3: have changed, and your portfolio has to adjust, or you're
• 25:12
  Speaker 3: inadvertently exposing yourself to the same risk but different outcomes
• 25:18
  Speaker 3: as you enter that retirement stage.
• 25:21
  Speaker 2: John Burdett with 4th Avenue Financial News. I still have
• 25:24
  Speaker 2: time for some phone calls this morning. If you want
• 25:26
  Speaker 2: to give us a call, 304-345-5858. Of course, you can
• 25:29
  Speaker 2: also send in any text messages that you have to 304-935-5008, 304-935-5008.
• 25:36
  Speaker 2: We always try to give a little bit of time
• 25:37
  Speaker 2: on the show to talk about these sorts of things,
• 25:39
  Speaker 2: but you've laid out some pretty heavy strategies this morning.
• 25:43
  Speaker 2: If somebody's listening to this thing and Maybe they're realizing
• 25:46
  Speaker 2: they have an epiphany. Man, I could be doing things
• 25:48
  Speaker 2: a lot better. I could be doing things a little
• 25:50
  Speaker 2: bit differently. Man, I really need to contact John so
• 25:52
  Speaker 2: I could try to get these things cleaned up a
• 25:53
  Speaker 2: little bit. If someone needs to start tacking in a
• 25:56
  Speaker 2: different direction, is there any advice that you could give
• 25:59
  Speaker 2: to them? Is there anything other than just to do it?
• 26:02
  Speaker 2: Is there a smarter way to do it? If you're like,
• 26:04
  Speaker 2: you know, my strategy may not be where it needs
• 26:05
  Speaker 2: to be. I need to tune this up a little bit.
• 26:09
  Speaker 3: Yeah, I have a lot of folks that contact me initially.
• 26:15
  Speaker 3: in that, quote, retirement red zone that we're talking about,
• 26:18
  Speaker 3: you know, the 55-year-old, 58-year-old, that retirement is right around
• 26:23
  Speaker 3: the corner and there are concerns that they're doing things
• 26:26
  Speaker 3: right and, you know, you're shifting from the saver and
• 26:32
  Speaker 3: not worrying too much about the future to, hey, the
• 26:35
  Speaker 3: future is here, the plans need to, I need to
• 26:38
  Speaker 3: execute these plans to make sure that things work out right.
• 26:41
  Speaker 3: So a lot of times folks want to do things
• 26:44
  Speaker 3: simply a checkup to make sure they're on track, to
• 26:46
  Speaker 3: make sure that they haven't missed something that they should
• 26:49
  Speaker 3: know about. And I get a lot of those phone calls.
• 26:52
  Speaker 3: And certainly, you know, I would encourage you, if this
• 26:56
  Speaker 3: is on your mind, to give me a call at
• 26:58
  Speaker 3: my office, 304-746-7977. Just call the office. We'll schedule a
• 27:05
  Speaker 3: time for you to talk, kind of go over the situation.
• 27:11
  Speaker 3: And I certainly can It can offer some pointers, but
• 27:15
  Speaker 3: ultimately you can also decide if you'd like to come in,
• 27:19
  Speaker 3: sit down, review everything that you have, review the plans
• 27:22
  Speaker 3: that you have, and then implement some strategies to give
• 27:27
  Speaker 3: you some confidence as you move into that next stage
• 27:30
  Speaker 3: of life.
• 27:31
  Speaker 2: We have a couple minutes left this morning, and, John,
• 27:32
  Speaker 2: we have a text message that came across. We have
• 27:35
  Speaker 2: about four minutes, four and a half minutes to address this.
• 27:37
  Speaker 2: Let's see. This is from the 304539. Good morning. Please
• 27:40
  Speaker 2: ask John to discuss savings, quote-unquote, in consideration of adult
• 27:44
  Speaker 2: children unexpectedly remaining at home and the significant impact it
• 27:48
  Speaker 2: has on those retirement strategies and how to prepare.
• 27:53
  Speaker 3: Ah, yes, the 20 teens. Yeah, well, I mean, certainly–
• 28:00
  Speaker 3: That is a big thing. I mean, it's certainly much
• 28:03
  Speaker 3: more expensive to buy a house nowadays. And, you know,
• 28:09
  Speaker 3: not only are home prices higher, but interest rates are too.
• 28:13
  Speaker 3: So it's kind of a double hit. But it's very
• 28:17
  Speaker 3: common nowadays to have that. You know, I would say
• 28:25
  Speaker 3: that you need to take care of yourself first. um,
• 28:30
  Speaker 3: make sure that you are financially strong doing all the
• 28:32
  Speaker 3: right things that you can do. Uh, because if you're
• 28:35
  Speaker 3: financially strong, you can offer more help down the road. And,
• 28:38
  Speaker 3: and over time, um, you don't want to, uh, sacrifice, um,
• 28:43
  Speaker 3: everything you've worked for to take care of you, um, um,
• 28:48
  Speaker 3: in that, you know, in that period of time. Um,
• 28:53
  Speaker 3: so providing shelter and, and, and things of that nature, but, uh,
• 28:58
  Speaker 3: I would be real careful about bailing out or subsidizing
• 29:05
  Speaker 3: long-term because then it becomes long-term.
• 29:09
  Speaker 2: In this state, we hear about grandparents doing that for
• 29:11
  Speaker 2: grandkids and stuff like that, and grandparents ended up ruining
• 29:14
  Speaker 2: their own retirement.
• 29:17
  Speaker 3: Yeah, and sometimes life happens, and there are things that
• 29:21
  Speaker 3: you have to deal with. But, I mean, certainly it
• 29:25
  Speaker 3: all comes back to If you've done the right thing
• 29:28
  Speaker 3: over a long period of time, you'll have the resources
• 29:32
  Speaker 3: to deal with most things that arise.
• 29:34
  Speaker 2: Could you create some sort of an account that once
• 29:37
  Speaker 2: your kid starts making allowance money getting summer jobs, whatever
• 29:41
  Speaker 2: it might be, if that stuff is even around anymore,
• 29:45
  Speaker 2: but something that they can invest into until their college
• 29:47
  Speaker 2: age or whatever it might be, like 19 years old,
• 29:49
  Speaker 2: they have some money in an account? And at that
• 29:51
  Speaker 2: age or maybe after college, at 24, they then have
• 29:53
  Speaker 2: the option. That money either can go with you off
• 29:56
  Speaker 2: into your life or if you're moving back in, hey,
• 29:57
  Speaker 2: at least you have this account you can live off of.
• 29:59
  Speaker 2: You don't have to live off me.
• 30:02
  Speaker 3: Yeah, I mean, certainly that gets right back to the,
• 30:06
  Speaker 3: you know, building habits of saving and investing off of
• 30:10
  Speaker 3: anything that you earn.
• 30:11
  Speaker 2: Because you can live without having to pay rent. You know,
• 30:13
  Speaker 2: suddenly if you don't have to pay rent, life gets
• 30:15
  Speaker 2: a lot easier.
• 30:17
  Speaker 3: Absolutely. It does. And hopefully without the rent or a
• 30:24
  Speaker 3: house payment, you're not going to have to rely on
• 30:27
  Speaker 3: your parents for much more than the shelter. And if
• 30:32
  Speaker 3: you do, I mean, there are certainly circumstances that might
• 30:37
  Speaker 3: require that. But in general, you want to try to avoid,
• 30:41
  Speaker 3: if possible... becoming a long-term solution to that because that
• 30:47
  Speaker 3: will impact your finances. But whether you're a young person
• 30:52
  Speaker 3: starting out, earning money in the summer, for instance, or
• 30:57
  Speaker 3: you're a full adult working a job, savings and investment
• 31:04
  Speaker 3: is the key. It's all built around the budget, creating
• 31:08
  Speaker 3: savings and investment consistently. You know, we don't know what
• 31:12
  Speaker 3: life's going to bring us, but we do know that
• 31:15
  Speaker 3: if we're consistently putting 10, 15, 20 percent of what
• 31:20
  Speaker 3: we earn into accounts that will be growing and there
• 31:24
  Speaker 3: for us in the future, we're going to be able
• 31:27
  Speaker 3: to deal with them better when whatever arises. And so,
• 31:32
  Speaker 3: you know, the child at home, I don't know that
• 31:35
  Speaker 3: there's really a strategy to plan for that other than
• 31:39
  Speaker 3: take care of your financial house. And when and if
• 31:44
  Speaker 3: those things arise, you'll be much more able to deal
• 31:48
  Speaker 3: with them. And it gets back to the budget and
• 31:53
  Speaker 3: just the habits that you built around consistent savings and investment.
• 31:58
  Speaker 2: This is all great strategy with John Burdett from Fourth
• 32:00
  Speaker 2: Avenue Financial, because you never know what kind of curveball
• 32:02
  Speaker 2: life is going to throw you, as our caller there
• 32:04
  Speaker 2: just illustrated. This has become relatively common in the last
• 32:07
  Speaker 2: couple of decades, where you have It seems like the
• 32:10
  Speaker 2: adult children are starting to stay at home more. And
• 32:13
  Speaker 2: there's a little bit of an attitude around that. Sometimes
• 32:15
  Speaker 2: it's like get off your butt and get a job.
• 32:17
  Speaker 2: But you opened up the segment talking about it. I mean,
• 32:20
  Speaker 2: things are different than what it was when we were younger.
• 32:22
  Speaker 2: I mean, the cost of things, even in context to
• 32:25
  Speaker 2: our different situations 30 years apart, it costs more even
• 32:29
  Speaker 2: in relative terms to buy a house and things like
• 32:32
  Speaker 2: that now. So it's a little slower start maybe to
• 32:35
  Speaker 2: get started when you're even after you've graduated college or
• 32:37
  Speaker 2: whatever it might be. Yeah, no doubt about it.
• 32:42
  Speaker 3: Times are definitely different, but the strategies to deal with
• 32:47
  Speaker 3: them are largely unchanged. Live below your means, build the
• 32:51
  Speaker 3: savings and investment, and whatever the times come that we
• 32:56
  Speaker 3: don't control, you're going to be in a better position
• 32:59
  Speaker 3: to deal with it.
• 33:00
  Speaker 2: Great advice, as always, with John Burdett from 4th Avenue
• 33:02
  Speaker 2: Financial Retirement Planning that you can trust and count on.
• 33:05
  Speaker 2: You can get a hold of John today if you
• 33:07
  Speaker 2: want to maybe take some of that pressure off your
• 33:08
  Speaker 2: shoulders a little bit and get some expert advice. You
• 33:11
  Speaker 2: can contact 4th Avenue Financial. Their phone number is 304-746-7977. 304-746-7977.
• 33:18
  Speaker 2: Located right here in downtown Charleston, 170 Court Street, across
• 33:21
  Speaker 2: from the Town Center Mall. And you can find them online.
• 33:24
  Speaker 2: It's 4thAvenueFinancial. com. 4thAvenueFinancial. com. You spell out the whole thing, and
• 33:28
  Speaker 2: you can find the website. Do that same search on Facebook.
• 33:30
  Speaker 2: You can like the page over there. John Burdett has
• 33:32
  Speaker 2: Retire Right Radio every Monday morning right here on 580
• 33:35
  Speaker 2: WCHS as we talk about how you can retire right,
• 33:39
  Speaker 2: and John lends his expert advice. John, thank you so
• 33:41
  Speaker 2: much for your time again today in this insightful show.
• 33:43
  Speaker 2: We really appreciate it.
• 33:46
  Speaker 3: All right. You guys take care. Thank you.