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The Secret to having enough money for your lifestyle in retirement and NOT outliving your savings! · Rock My Finances

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Speaker 1: Unless specifically indicated otherwise. The content expressed or my views only,
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Speaker 1: and not necessarily those of Life Co Asset Management LLC.
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Speaker 1: The content presented is in no way in investment advice, solicitation,
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Speaker 1: or an offer to sell securities or investment advisory services.
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Speaker 1: The material is provided for general information and educational purposes
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Speaker 1: based upon publicly available information from sources believed to be reliable.
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Speaker 1: I cannot assure the accuracy or completeness of these materials.
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Speaker 1: As such, the information in these materials may change at
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Speaker 1: any time without notice. Reference to these discussions about eels
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Speaker 1: and annuities or fixed insurance products. Investments on fixed insurance
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Speaker 1: products are different from investments in the stock market, and
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Speaker 1: the guarantees provided by a fixed insurance product cannot be
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Speaker 1: assumed to be guaranteed for any other investment.
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Speaker 2: Welcome to the Rock, my Finances show on k FORHD
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Speaker 2: radio and Talk for TV, where we put the fund
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Speaker 2: in finance joint Powerhouse Jeffer Jos CDFA CMC and Private
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Speaker 2: Wealth Advisor, as she collaborates with you to create clarity,
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Speaker 2: control and confidence with your money, your way. It's not
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Speaker 2: about the zeros, So what is it all about? Let's
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Speaker 2: find out now. Here's your host and weekly friend, Jennifer Jose.
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Speaker 3: Hey, y'all, I'm glad you're here. Today is going to
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Speaker 3: be amazing. We are going to be talking about how
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Speaker 3: you not run out of money in your lifetime. My
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Speaker 3: dad passed at ninety four. My mom's still alive and
1:21
Speaker 3: wonderful and hilarious, and she'll be ninety one in November. Like,
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Speaker 3: we are living so much longer than we anticipate or
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Speaker 3: that we plan for. So I'm going to give you
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Speaker 3: the secret today. I'm going to give you the secret
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Speaker 3: of how to turn your old thoughts into new money management.
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Speaker 3: Are you ready? We're going to dive right into how
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Speaker 3: to empower your retirement. Okay, So, I know that there's
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Speaker 3: a lot of fears that go along with successful financial
1:47
Speaker 3: planning for your retirement. But I can tell you right
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Speaker 3: now put all those fears to rest. You can do it.
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Speaker 3: I know that a lot of people tell us that
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Speaker 3: we have to have this huge pile of money and
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Speaker 3: just tons of money in order to retire, But I'm
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Speaker 3: going to tell you something right now. It's not about
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Speaker 3: the money. It's about zeros and what we do with
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Speaker 3: it and how it comes in in distribution, So stay tuned.
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Speaker 3: Don't worry. I have a free gift at the end
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Speaker 3: as well. Okay, next slide, we got one here. I'm
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Speaker 3: i amazing em engineer and he's going to be helping
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Speaker 3: us through this today. So it's so exciting and I
2:16
Speaker 3: got to talk fast because I got a lot to
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Speaker 3: share today. We're going to show you how to empower
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Speaker 3: your successful retirement with the five critical steps and what
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Speaker 3: you need to do to protect it next life, and yes,
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Speaker 3: I'm going to give you a free gift. Who does
2:31
Speaker 3: not want to know their retirement success score? Did you
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Speaker 3: even know that we're such a thing. So I'm going
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Speaker 3: to share a little bit about that at the end
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Speaker 3: as well, but you have to stay tuned. Nextlide is
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Speaker 3: our amazing compliance. I have to tell you that this
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Speaker 3: is a general information. It is not to anyone specific person,
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Speaker 3: and this is only to keep in mind. This is
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Speaker 3: educational and we move on from that disclosure because that's
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Speaker 3: just the way that is. Next slide. If you don't
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Speaker 3: know me yet, you know, please go back and listen
3:03
Speaker 3: to my other episode, Divorce Equels Death. It gives you
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Speaker 3: a little bit of experience with me and why I'm here.
3:09
Speaker 3: I know that I am on this planet to help
3:11
Speaker 3: empower people, to help them enjoy their best life. As
3:14
Speaker 3: Oprah always says, you know, live our best life. So
3:17
Speaker 3: these are my two beautiful children. They actually passed away
3:19
Speaker 3: over thirty years ago. The whole story is on my
3:21
Speaker 3: other episode, Nicholas and Sury. Their burst home was Diamond.
3:25
Speaker 3: My business's names are Diamond Life. I want everyone to
3:28
Speaker 3: be able to have as much joy, which in this
3:30
Speaker 3: country takes money, y'all. So that's why I know I
3:33
Speaker 3: do what I do, and I'm only here to be
3:36
Speaker 3: completely honest and total upfront with you on everything. So
3:41
Speaker 3: say hi to Nick and Shuri. They're with us now.
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Speaker 3: Next slide, So picture the stock market, Picture the exchange
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Speaker 3: guy on the trading floor, and picture the stock plummeting.
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Speaker 3: Oh my god, would you just be crazy right? It
3:59
Speaker 3: would totally freak you out. Now. I love the stock market.
4:04
Speaker 3: I'm an investment manager. We have a part of most
4:06
Speaker 3: of my client's portfolios as well. So don't get me wrong,
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Speaker 3: I'm not saying that. I'm just saying that when we
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Speaker 3: go to retirement or distribution phase as I call it,
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Speaker 3: we want to be able to control how much money
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Speaker 3: is coming in and where our money is going. We
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Speaker 3: do not need to be left up to another crisis
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Speaker 3: when the market goes down when we go to retire
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Speaker 3: and start drawing off of our assets. So I'm going
4:28
Speaker 3: to show you different ways here as well. I call
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Speaker 3: it kind of bucket planning, all righty, next slide. Our
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Speaker 3: traditional model of retirement was we would all have a pension,
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Speaker 3: right like our parents, maybe in our parents' parents and
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Speaker 3: they had a pension. They worked their twenty thirty forty
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Speaker 3: years and they had a pension coming in, which was
4:48
Speaker 3: the biggest portion of their money coming in. Then the
4:51
Speaker 3: smaller portion of that with social security, and then the tiny,
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Speaker 3: tiny tip of that pyramid, if you can picture it,
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Speaker 3: was their savings. Well, guess what y'all Switch to the
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Speaker 3: next slide and see what it's like now. It's opposite pensions,
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Speaker 3: if there is any is at the bottom of our tiny,
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Speaker 3: tiny pointy going up right, We've got a little pyramid here,
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Speaker 3: it's very little. Social Security is in the middle, and
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Speaker 3: savings is the bulk of our retirement. We have to
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Speaker 3: fund our own retirement. People always ask me, should I
5:24
Speaker 3: pay for my kids college? And I'm like, well, no
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Speaker 3: one is going to fund your retirement, So make sure
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Speaker 3: your retirement and the thirty forty years you're going to
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Speaker 3: live in retirement is taking care of before you start,
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Speaker 3: you know, helping kids with homes and colleges and all
5:38
Speaker 3: of that stuff. Make sure that that part is taken
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Speaker 3: care of. Okay, next slide picture for me Jim Kramer. Hilarious. Right,
5:49
Speaker 3: we're being told every day what stocks to buy, We're
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Speaker 3: being told we don't have enough money, We're being told
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Speaker 3: to save, We're being told all these things. Okay, click
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Speaker 3: next slide. And what I want to share with you
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Speaker 3: is don't feel crazy and overwhelmed because we are getting
6:09
Speaker 3: a lot of information from a lot of different places.
6:12
Speaker 3: So our risks right now in retirement longevity risk, meaning
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Speaker 3: we're going to outlive our money. Like I said, my
6:19
Speaker 3: parents are older, they planned on passing around their seventies,
6:23
Speaker 3: so they definitely outlived their savings. And I just talked
6:27
Speaker 3: to someone who had a grandmother's one hundred and second
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Speaker 3: birthday and she's doing amazing. Her mind is fine, everything,
6:33
Speaker 3: she's walking every day, everything's great. So we do have
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Speaker 3: the longevity. We do need care in the last part
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Speaker 3: of our life, So we need money to have that
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Speaker 3: care inflation. We just experienced that over the last few years, right,
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Speaker 3: Inflation can go out of control without our control. We
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Speaker 3: have to make sure that we have enough for that.
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Speaker 3: We also want to make sure that our sequence of returns.
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Speaker 3: It's not just a necessary we're getting five percent, six percent,
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Speaker 3: ten percent, fifteen percent, but what percent are you getting
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Speaker 3: the first five years of no income coming in from
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Speaker 3: your job or your business. That five years is crucial,
7:12
Speaker 3: and can you control what the rate of return is
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Speaker 3: going to be at that time on your assets. There's
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Speaker 3: no way, right, So it's not about the rate of return.
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Speaker 3: It's about the sequence of the rate of return. That's
7:22
Speaker 3: that's totally going to change your retirement and being able
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Speaker 3: to have enough money for the rest of your life,
7:28
Speaker 3: all right, next slide. The only way to plan successfully
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Speaker 3: for retirement is to have an income plan. This is
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Speaker 3: the magic word, y'all, income plan. It's great that we
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Speaker 3: have net assets and our household income and all that
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Speaker 3: great stuff as we're growing, but when we're in distribution phase,
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Speaker 3: meaning pulling off of our assets, we need to have
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Speaker 3: a guaranteed income coming in like our four families did
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Speaker 3: with their pensions. So income plan is where it's at
7:58
Speaker 3: right now. And I'm going to say that one million
8:00
Speaker 3: times because it is about the income, not the zeros,
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Speaker 3: but actually, what can your zeros do for you in
8:08
Speaker 3: an income Okay? Next slide, So we're going to present
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Speaker 3: here a retirement income framework for you, and this is
8:17
Speaker 3: our prosperity process. Next slide. We want to make sure
8:21
Speaker 3: that you can go travel. We want to make sure
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Speaker 3: that you can go see your friends, your family, your grandkids,
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Speaker 3: whatever you choose to do in your life. But we
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Speaker 3: want to make sure you have enough money for it.
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Speaker 3: No matter who's in the White House, no matter who's
8:33
Speaker 3: stormy in the capitol, no matter what's going on in
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Speaker 3: the stock market. I want you to know that you're
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Speaker 3: gonna wake up every single day no matter what and
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Speaker 3: have an income coming in to be able to go
8:44
Speaker 3: play and have a good time. And yes, you're gonna
8:46
Speaker 3: have a free gift that's going to tell you where
8:48
Speaker 3: you're at in this process. Next slide. So we have
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Speaker 3: five crucial steps. The first one is identify where you're at.
8:55
Speaker 3: The second one is protected. The third one is to
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Speaker 3: reduce taxes because guess what the government will suck you
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Speaker 3: dry on everything that you have. The fourth one is
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Speaker 3: invest your surplus. The fifth one is to review it
9:06
Speaker 3: on an annual basis. So I'm going to go over
9:08
Speaker 3: that each step. First step, next slide. If you all
9:11
Speaker 3: have a junk drawer, and I know we have a
9:13
Speaker 3: lot less than we did way back when, but everyone
9:15
Speaker 3: has a junk drawer, right, So we have everything in
9:18
Speaker 3: our drunk draw We have glasses, we have pins, papers,
9:21
Speaker 3: maybe ear pods. I have a ton of ear pods,
9:23
Speaker 3: maybe a little post it notes. I have a deck
9:25
Speaker 3: of cards because I love cards. So our retirement is
9:28
Speaker 3: like this unless you have an amazing advisor such as
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Speaker 3: myself or someone else that's very conscienceous. They pull together
9:36
Speaker 3: all of the stuff that you have and they put
9:38
Speaker 3: it all in one place. Otherwise they can be extremely overwhelming.
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Speaker 3: Next slide. So you might have a life insurance policy.
9:46
Speaker 3: You might have an old four wing K that used
9:49
Speaker 3: to work at in your twenties and thirties. You might
9:51
Speaker 3: have several for one k's. You might have a savings
9:54
Speaker 3: account here. You might have money in your Venmo account.
9:57
Speaker 3: You might have money in your PayPal account. You might
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Speaker 3: have your Social Security amount that's coming in then if
10:04
Speaker 3: you have a spouse, double all of that overwhelmness. Right,
10:08
Speaker 3: So the most important thing that we need to do
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Speaker 3: is we need to make sure that we put it
10:13
Speaker 3: all in one place, that we know where you're at,
10:15
Speaker 3: and then you can spend the most of your time
10:17
Speaker 3: building up your net worth and not just finding out
10:19
Speaker 3: exactly where it's at. Next, what we want to do
10:22
Speaker 3: for two different buckets here. This is going to blow
10:25
Speaker 3: your mind. This is very different than you've heard from
10:28
Speaker 3: a lot of other advisors. The first one is what
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Speaker 3: do I need in retirement? We all need a place
10:35
Speaker 3: to live, we all need food, eat, and we all
10:37
Speaker 3: need medical care. We have essentials. So this is our essentials.
10:42
Speaker 3: We must get up every day and know that we
10:44
Speaker 3: can turn on the lights, we could go to the doctor,
10:46
Speaker 3: and we have a house. Right. Then we have our
10:48
Speaker 3: discretionary needs. What do I want my retirement income to be?
10:53
Speaker 3: So these are two different numbers. We are going to
10:56
Speaker 3: talk today about both of these numbers. We want to
10:59
Speaker 3: know your discretionary Where do you want to go on vacation,
11:04
Speaker 3: what your hobby is going to look like? Are you
11:05
Speaker 3: going to golf?
11:06
Speaker 1: Like me?
11:07
Speaker 3: I can't wait to have my little golf cart in
11:09
Speaker 3: my little area that I can go golfing all the time.
11:12
Speaker 3: Are you going to dine out? Are you me and
11:14
Speaker 3: you like me and you're frugal? Are you going to
11:16
Speaker 3: do to happy hour? Or do you want to do
11:18
Speaker 3: five star dining and glasses of wine and cocktails and
11:20
Speaker 3: after dinner drinks and dessert and all of that that
11:23
Speaker 3: adds up, Right, that's a different amount than you're going
11:26
Speaker 3: to have if you're like me and we go to
11:28
Speaker 3: happy hour and we share appetizers and get a meal
11:30
Speaker 3: that I'd eat half and take half home. That's just
11:33
Speaker 3: the way I work, right, So we need to know
11:36
Speaker 3: what you want to spend in your retirement for your necessities,
11:40
Speaker 3: your essentials, and your discretionary next life. Okay, so let's
11:47
Speaker 3: put some numbers to this. Let's say you're essential. It's
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Speaker 3: five thousand dollars a month, meaning this is going to
11:53
Speaker 3: take care of your groceries, your gas and your car,
11:56
Speaker 3: your lights, your electricity, your til, you're housing, your medical
12:03
Speaker 3: you know, you're any prescriptions that you might have going
12:05
Speaker 3: to see the doctor. That's your essential. So let's say
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Speaker 3: it's five thousand dollars a month. This is the protected number.
12:12
Speaker 3: That we have to cover no matter what, no matter
12:14
Speaker 3: what's going on, you have to have five thousand dollars
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Speaker 3: a month coming in to take care of your household.
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Speaker 3: Then let's say you want a golf, you want to travel,
12:21
Speaker 3: you know, at least a ten thousand dollars vacation once
12:24
Speaker 3: a year, and then maybe some other small ones. So
12:27
Speaker 3: you need two thousand dollars a month discretionary. Okay, So
12:31
Speaker 3: now we're going to make sure that we have that
12:34
Speaker 3: in our retirement. Next line. So, now that we've identified
12:39
Speaker 3: your numbers five thousand, essential, two thousand discretionary, now we
12:43
Speaker 3: need to figure out how to protect your income. Next lide.
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Speaker 3: Time Magazine actually said securing at least a base level
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Speaker 3: of lifetime income should be retirees every priority, at least
12:56
Speaker 3: if they want to live happily ever after. All y'all
12:59
Speaker 3: know I I'm here for happily ever after, for real
13:02
Speaker 3: this time. F word my first F word for real
13:05
Speaker 3: this time. So in order to do that, we have
13:08
Speaker 3: to know what we need to cover and how we
13:10
Speaker 3: can do that in a safe manner. Next, let's all
13:15
Speaker 3: go on a little story with me. We're all driving
13:18
Speaker 3: in death Valley, Okay, we're all having a really good time.
13:24
Speaker 3: We have been doing a really nice road trip and
13:27
Speaker 3: it's awesome. All of a sudden, we looked down, what's
13:29
Speaker 3: like five or six of us in the car. We
13:31
Speaker 3: look down on the gas gage and it says a
13:33
Speaker 3: quarter of a tank, and the sign on the road
13:36
Speaker 3: says we have one hundred miles to go to get
13:39
Speaker 3: to the next gas station. So everyone's breaking out. Now.
13:42
Speaker 3: We know we're going to run out of gas before
13:44
Speaker 3: we get to where we want to be. We know
13:46
Speaker 3: that the question is when are we going to run
13:48
Speaker 3: out of gas? So we have one person saying, hey,
13:51
Speaker 3: put the pedal to the metal and then coast half
13:53
Speaker 3: the way. We have somebody else say no, no, no,
13:55
Speaker 3: go fifty five the whole way. We have somebody else
13:58
Speaker 3: say no, no, no, no, go thirty the whole way. We
14:01
Speaker 3: know we're gonna matter no money, but we just don't
14:02
Speaker 3: know what it is. So looking at our ages today,
14:06
Speaker 3: if you are eighteen years old today, no, if you
14:10
Speaker 3: I'm sorry. If you're gonna live to sixty five years old,
14:13
Speaker 3: you're gonna have eighteen years in retirement. Females are twenty
14:17
Speaker 3: years in retirement. A couple could be twenty four years
14:19
Speaker 3: in retirement, and I'm gonna throw all those out the
14:21
Speaker 3: window right now. My dad lived thirty years in retirement.
14:24
Speaker 3: My mom is going on seventy five eighty five night,
14:29
Speaker 3: she's going on thirty six years in retirement. So we
14:34
Speaker 3: have to make sure that our money's gonna be able
14:35
Speaker 3: to last that long. That's the whole point here, right.
14:38
Speaker 3: We don't know how long we're going to live unless
14:41
Speaker 3: you know that date. I don't know that date. I'm
14:43
Speaker 3: planning one hundred and two, just saying so, I don't
14:45
Speaker 3: know that date. We want to make sure that our
14:47
Speaker 3: money lasts the entire time. Next we need to have
14:50
Speaker 3: a guaranteed income stream. So what I call protected income
14:54
Speaker 3: definition is number one, guaranteed for life, not just guaranteed
14:58
Speaker 3: to eighty six to eighty seven ninety ninety two, but
15:02
Speaker 3: guaranteed for life. Number two, backed by a government or
15:05
Speaker 3: a financial institution. So it's not just one little thing,
15:09
Speaker 3: it's actually secure. Number Three, I get an increase because
15:13
Speaker 3: inflation could kill us down the road, right, I mean,
15:15
Speaker 3: how much was how much was a house, you know,
15:18
Speaker 3: twenty years ago versus now? How much is milk? Like gas?
15:24
Speaker 3: All this stuff goes up, so I wanted to increase.
15:27
Speaker 3: Number four. I also want to choose when I want
15:31
Speaker 3: to start it, and I want to have increases until
15:34
Speaker 3: I start it. So if I put my money there now,
15:36
Speaker 3: I wanted to grow until I decide I might work forever.
15:40
Speaker 3: I love what I do, so I might retire at
15:42
Speaker 3: sixty two, sixty five, sixty seven, seventy, seventy two, seventy five,
15:45
Speaker 3: I don't know, So I want to choose when I'm
15:47
Speaker 3: going to turn that on. That is a protected income,
15:50
Speaker 3: guaranteed for life, backed by a government, increases for inflation
15:53
Speaker 3: and increases until I turn it on next. So there's
15:58
Speaker 3: three ways to do this. First way is a pension,
16:01
Speaker 3: so you should already know if you have a pension
16:03
Speaker 3: or not. If you have a pension, that's great. Number One,
16:05
Speaker 3: the employer funds that right Number two, the government funds
16:09
Speaker 3: it by social Security. Number three, it's called an annuity.
16:12
Speaker 3: The insurance company funds it, and it's called an annuity.
16:17
Speaker 3: So we're going to dispel all the myths around annuities,
16:20
Speaker 3: and I'm going to tell you that God's honest truth here.
16:23
Speaker 3: If you have a pension, if social Security lasts forever, yay.
16:28
Speaker 3: Even as a planner now, I'm still counting on Social Security.
16:31
Speaker 3: I'm just have all the faith in the world that
16:33
Speaker 3: the government's going to fix something. If not, let's say
16:36
Speaker 3: we get eighty five percent of what we think we're
16:37
Speaker 3: going to get, that's fine too, like we'll be able
16:40
Speaker 3: to figure something out. But there's a big gap there
16:42
Speaker 3: with every person that I meet. Most of the people
16:45
Speaker 3: that I meet, they don't understand between their essentials and
16:49
Speaker 3: the guaranteed money that they have coming in. There's usually
16:52
Speaker 3: a gap one thousand and two for whatever it is.
16:54
Speaker 3: But there's a gap. And so that's what we're going
16:56
Speaker 3: to be talking about today. The gap next. So we're
16:59
Speaker 3: going to a full retirement age. It's different for everyone,
17:02
Speaker 3: usually around sixty six and some month somewhere around there.
17:06
Speaker 3: I know you can take social Security at age sixty two.
17:08
Speaker 3: I don't recommend it for most of people unless they
17:10
Speaker 3: have health issues because again, do you know that magic
17:13
Speaker 3: date of when you're gonna pass? No, So if you're
17:15
Speaker 3: gonna live a long time, the longer you live, the
17:18
Speaker 3: more money you're gonna get out of retirement, out of
17:20
Speaker 3: Social Security. So we're gonna look at the full retirement age.
17:24
Speaker 3: Let's say your full retirement age is sixty six, and
17:26
Speaker 3: that's two thousand dollars. Okay, next, Now, if you decide
17:31
Speaker 3: to wait till you're sixty seven, guess what you get
17:34
Speaker 3: a guaranteed income of eight percent in that two thousand dollars.
17:38
Speaker 3: So now you wait to turn it on till you're
17:40
Speaker 3: sixty seven. Now it's twenty one hundred and sixty. Let's
17:44
Speaker 3: say I'm gonna wait till I'm sixty eight to turn
17:46
Speaker 3: on social Security. Now it's an additional eight percent of
17:50
Speaker 3: twenty three hundred and twenty a month. Let's say I'm
17:54
Speaker 3: gonna wait until I'm seventy, That two thousand dollars jumps
17:57
Speaker 3: up to two thousand, six hundred and forty. That's a
18:00
Speaker 3: big increase. Now, again, you need an advisor to help
18:02
Speaker 3: you to do social Security planning because I don't know
18:05
Speaker 3: what's right for you, and I don't know what's happening
18:07
Speaker 3: in your life. Because you have to be able to
18:09
Speaker 3: fund your life between sixty six and seventy somehow, and
18:13
Speaker 3: it depends on each person. So that's where you I
18:16
Speaker 3: will be offering an appointment with myself as well. Okay, next,
18:20
Speaker 3: and then we can talk about your social security planning.
18:24
Speaker 3: So social Security, they're full retirement age, right, sixty six.
18:28
Speaker 3: They have an income protection because it does go up
18:31
Speaker 3: with inflation. So thank you social Security. We appreciate that,
18:35
Speaker 3: and it's necessary and the government backs it. So social
18:37
Speaker 3: Security falls in my definition of the protected income next
18:42
Speaker 3: lifetime social security benefit goes forever. Right. So, now, if
18:46
Speaker 3: you were to get Social Security at sixty two versus
18:51
Speaker 3: sixty six versus seventy, I'm just going to give you
18:53
Speaker 3: a couple of little numbers here, if you were to
18:55
Speaker 3: wait till you were sixty six total average, if you
19:00
Speaker 3: if you lived until let me see where am I at?
19:03
Speaker 3: I'm not sure how long you live? I'm not sure anyways, oh,
19:07
Speaker 3: ninety five. So if you lived in ninety five and
19:09
Speaker 3: you wait and you take Social Security at sixty six
19:12
Speaker 3: at your full retirement age, you would get eight hundred
19:14
Speaker 3: and sixty four thousand dollars all together. If you waited
19:17
Speaker 3: to seventy, you would get one point two million and
19:21
Speaker 3: some change. However, what are you going to do from
19:24
Speaker 3: sixty six to seventy? How are you going to fund
19:26
Speaker 3: your life? Now? If you lived in ninety five, of course,
19:29
Speaker 3: waiting for Social Security is going to be a better deal. However,
19:32
Speaker 3: if you don't live in ninety five, which again we
19:34
Speaker 3: don't know that date, so that's why we have to
19:36
Speaker 3: do social security planning. Next, so you get that social
19:40
Speaker 3: Security statement. If you don't have it, go on SSA
19:43
Speaker 3: dot gov and put in all your identity questions and
19:46
Speaker 3: make sure you look at that every few years. Next,
19:49
Speaker 3: social Security has been said that it's supposed to be
19:51
Speaker 3: forty percent of our retirement, not our full retirement. My
19:55
Speaker 3: parents it actually was almost their full retirement almost, but
19:59
Speaker 3: it definitely was, you know, like forty percent of it,
20:01
Speaker 3: so you want to be aware of that. Next, the
20:03
Speaker 3: other source is the annuity. So now here's the truth,
20:06
Speaker 3: the good, bad, and ugly about annuities, because there's good
20:08
Speaker 3: and bad with everything. Next, what is an annuity? It's
20:12
Speaker 3: a personal Social security like stream of guaranteed income. Now,
20:15
Speaker 3: there's several different types of annuities. I say, it's almost
20:18
Speaker 3: like a car like, there's so many different types. So
20:23
Speaker 3: the one we're talking about now is for a guaranteed
20:25
Speaker 3: income stream, which is my favorite type of annuity. You
20:28
Speaker 3: can get some that are just a glorified CD you
20:30
Speaker 3: can get some that can match the market and they
20:32
Speaker 3: don't have a bottom. The ones I like to talk about.
20:35
Speaker 3: The one I like to talk about is it has
20:37
Speaker 3: a floor and it is going to be for your
20:40
Speaker 3: guaranteed lifetime income. Okay, so it's going to look like
20:43
Speaker 3: Social Security, but it's backed by an insurance company. Next,
20:47
Speaker 3: so now let's say you put money in now, Like
20:51
Speaker 3: how old you are. Now, let's say you're putting in
20:53
Speaker 3: money now, but you're not going to start taking that
20:55
Speaker 3: income to your sixty six or seventy. So what happens
20:58
Speaker 3: in between? Yes, annuities do increase if the market goes up.
21:04
Speaker 3: The annuity goes up if you get the right kind
21:07
Speaker 3: of annuity, and please only get it from a financial
21:10
Speaker 3: advisor or a financial planner that is doing planning for you.
21:13
Speaker 3: You have to have all the widgets together before you
21:17
Speaker 3: jump into a long term contract like this. Okay. So yes,
21:21
Speaker 3: it does increase every year, so it does protect you
21:23
Speaker 3: from inflation. Next, it also has a monthly withdraw, so
21:29
Speaker 3: you can actually withdraw monthly when you go to pull
21:32
Speaker 3: off your income. Next, annuity benefits on the left side,
21:38
Speaker 3: we have some pro are some cons All right, there's
21:40
Speaker 3: always cons There are some annuities that have fees. Ninety
21:45
Speaker 3: probably seven percent of the annuities that I handle, I
21:49
Speaker 3: do not have fees, so it is free to the clients.
21:52
Speaker 3: There are some different writers that you can choose that
21:55
Speaker 3: have fees, but most of the time they're not. The
21:58
Speaker 3: second downfall to an annwit is a surrender charge. Absolutely,
22:02
Speaker 3: they want you to keep your money there for a
22:04
Speaker 3: length of time three years, five years, seven years, ten years.
22:08
Speaker 3: They want your money there so that they can play
22:10
Speaker 3: with it and make money on their money. That's the
22:11
Speaker 3: only way they can give you a guarantee. Let's face it,
22:14
Speaker 3: their business number. The third downfall, basically, or the con
22:20
Speaker 3: of it, is the limited liquidity. You can only have
22:23
Speaker 3: ten percent of your annuity until you reach that surrender value.
22:29
Speaker 3: Fifty nine and a half is when you can start
22:31
Speaker 3: taking out your annuity as well, no matter if it's
22:35
Speaker 3: an IRA or not. And yes, you can put annuities
22:38
Speaker 3: iras into annuities. However, you have to be fifty nine
22:41
Speaker 3: and a half before you can start any type of
22:43
Speaker 3: large withdrawal. You can only do ten percent before that.
22:46
Speaker 3: Here's the pro of annuities, it's guaranteed principle protection. So
22:53
Speaker 3: your money that you put in there is like a TV.
22:55
Speaker 3: Instead of going into a bank, it's going into an
22:57
Speaker 3: insurance company. So they're guaranteeing it. So you can cannot
23:00
Speaker 3: lose your money. On the annuities that I'm speaking about.
23:03
Speaker 3: Number two pro, you get a guaranteed income stream for life. Now,
23:08
Speaker 3: let's say you turn on your income stream and you
23:12
Speaker 3: have five hundred thousand dollars in there, and you only
23:14
Speaker 3: use one hundred thousand and you pass away, no fret
23:18
Speaker 3: The four hundred thousand dollars goes to your beneficiaries. You
23:21
Speaker 3: cannot lose your money. Number three pro. It does have
23:25
Speaker 3: an inflation protection because if the market goes up, it
23:28
Speaker 3: goes up as well. So that's awesome, right, Okay. Next,
23:32
Speaker 3: it provides peace of mind, and there's lots of ins
23:36
Speaker 3: and outs with it, so let's chat about it now.
23:39
Speaker 3: The third point in our retirement income is reduced taxes.
23:46
Speaker 3: I'm sure you all don't realize this, but next slide
23:48
Speaker 3: is going to show you when the stock market goes
23:51
Speaker 3: up and down, we can lose our money. Right, We've
23:54
Speaker 3: all experienced two and two, two thousand and eight again.
23:57
Speaker 3: Twenty twenty two Like this happens a lot, right, So
24:02
Speaker 3: if you have a qualified account, it goes up and
24:05
Speaker 3: down inside your qualified meaning retirement account four oh and
24:08
Speaker 3: k IRA roth RA that's those are great. However, you
24:12
Speaker 3: have not including the roth but you have not paid
24:15
Speaker 3: any taxes in your four owin K and your IRA,
24:18
Speaker 3: so when you go to pull off of it, it
24:19
Speaker 3: is one hundred percent taxable. Here is the biggest question
24:23
Speaker 3: for y'all. If you can answer this, you need to
24:26
Speaker 3: call me right away. What is your tax bracket going
24:29
Speaker 3: to be when you are sixty eight? What is it
24:32
Speaker 3: going to be when you're seventy two, What is it
24:34
Speaker 3: going to be when you're seventy eight, What is it
24:36
Speaker 3: going to be when you're eighty five? When you're pulling
24:38
Speaker 3: off of your four oh and k slash IRA, that's
24:41
Speaker 3: one hundred percent taxable. What is your tax bracket? I
24:45
Speaker 3: know you don't know, because that's why I have a job.
24:48
Speaker 3: We don't know what it's going to be. And this
24:50
Speaker 3: is the biggest, almost the biggest unknown that's going to
24:56
Speaker 3: just really derail your tax your retirement accounts. Next, you
25:02
Speaker 3: see here we think that we pay so much in taxes,
25:04
Speaker 3: but when you look out the history of the marginal
25:07
Speaker 3: income tax rate over our country from nineteen thirteen. I'm
25:10
Speaker 3: showing a slide here from nineteen thirteen to nineteen twenty
25:13
Speaker 3: or twenty twenty, the average rate is fifty seven point three. Now,
25:17
Speaker 3: I remember I owned a business in the eighties and
25:19
Speaker 3: we literally paid fifty percent taxes. Right now, I'm paying
25:23
Speaker 3: like twenty I don't even know twenty something. So our
25:28
Speaker 3: tax brackets are very low right now. They're only going
25:32
Speaker 3: to go up with our trillion dollar deficit. My thoughts
25:35
Speaker 3: and several people in my industry, especially CPAs, if you
25:38
Speaker 3: talk to them, taxes have to go up. So you're
25:40
Speaker 3: saving taxes on these four wing k's right now, just
25:43
Speaker 3: to put into a bucket, grow really big, and then
25:46
Speaker 3: pay one hundred percent taxes on it. And I can
25:49
Speaker 3: tell you time and time again, I have retirees that
25:53
Speaker 3: have tons of money in these accounts, but in order
25:56
Speaker 3: to go on a vacation, they have to plo out
25:58
Speaker 3: an extra five to ten thousand to pay tax. They're
26:00
Speaker 3: not going on that vacation. So I don't want this
26:03
Speaker 3: to happen to you. So let's talk about tax planning.
26:07
Speaker 3: So so far, we're talking about income planning, we have
26:09
Speaker 3: to talk about tax planning. During your accumulation phase, you
26:13
Speaker 3: have to have a tax free bucket. This is so important.
26:17
Speaker 3: Next that way you can literally pull some out of
26:21
Speaker 3: your tax free bucket, some out of your taxable bucket,
26:24
Speaker 3: and keep your effective tax rate pretty low. I know
26:26
Speaker 3: I'm saying words you're probably glazing over, but don't worry,
26:29
Speaker 3: you'll get it. Hang in there. When we go to retire,
26:33
Speaker 3: normally our house is paid off. Unless you live in California,
26:35
Speaker 3: it might not be paid off. But our big mortgage
26:38
Speaker 3: interest deduction is gone. Our second deduction of children is gone,
26:43
Speaker 3: our third deduction of putting into the four one k
26:46
Speaker 3: is gone. So our deductions are really gone. So when
26:48
Speaker 3: you go to pull out of your four one k
26:51
Speaker 3: and you still want that one hundred to three hundred
26:53
Speaker 3: thousand dollars a year to live on, you are going
26:55
Speaker 3: to be paying so many taxes to live on that
26:58
Speaker 3: lifestyle that you have been a company too. Now, So next,
27:03
Speaker 3: I'm going to show you more education on our buckets here.
27:07
Speaker 3: So we have different buckets. Our first bucket is taxable bucket,
27:11
Speaker 3: which is our cash bucket. Right, it gets taxed every
27:14
Speaker 3: year and tax deferred bucket is our four OW and
27:18
Speaker 3: ks iras four H three b's are qualified money, so
27:21
Speaker 3: you wait and you grow it and then it comes out.
27:25
Speaker 3: But do you have a tax free bucket which is
27:28
Speaker 3: five twenty nine plan for your children, a roth ira
27:32
Speaker 3: or an index universal life policy? Those are the tax
27:35
Speaker 3: free This is the bucket everyone must have, and ninety
27:39
Speaker 3: percent of the people do not have. And I've been
27:41
Speaker 3: preaching this for so many years i can't even tell you,
27:43
Speaker 3: but I tell you my people that have their tax
27:45
Speaker 3: rebucket now, they still don't know exactly what it is.
27:47
Speaker 3: Like They're like, yeah, okay, I get it when we
27:49
Speaker 3: talk about it, but then every year I'm like, okay,
27:50
Speaker 3: what's my tax rebucket? Again? This is a god sense.
27:54
Speaker 3: I just had a client that needed some tax free
27:58
Speaker 3: income because she's pulling out over four to one k.
28:00
Speaker 3: She doesn't want to pay too many taxes, so we
28:02
Speaker 3: just pulled out a big chunk out of here so
28:04
Speaker 3: she can go travel and have a really good time.
28:06
Speaker 3: So definitely, tax free bucket. Next, tax free advantage with
28:12
Speaker 3: no income tax is huge. Your roth irays are amazing. However,
28:16
Speaker 3: they're limited if you make too much money. You don't
28:18
Speaker 3: even get to do a roth ira if you do
28:21
Speaker 3: inside your four to one K plan. I highly recommend
28:23
Speaker 3: it because I love it. Otherwise you can only do
28:25
Speaker 3: sixty five hundred a year, seventy five hundred a year
28:28
Speaker 3: that changes each year to spend an out of old jar.
28:30
Speaker 3: I'll never forget when I got to be able to
28:31
Speaker 3: get the ketchup. The ketchup, which is at fifty five.
28:35
Speaker 3: That means I'm old as heck and I can catch up.
28:37
Speaker 3: I'm sorry. Any met over fifty you get that ketchup.
28:40
Speaker 3: So that was not fun. Then at fifty five there's
28:43
Speaker 3: another rule that you get. It's like, oh my gosh,
28:46
Speaker 3: I hate reaching all these And then fifty nine and
28:48
Speaker 3: a half I can pull out on my retirement. Now
28:50
Speaker 3: that was not fun. So I'm climb climbing up this ladder.
28:53
Speaker 3: But the tax free bucket is so imperative. So next
28:57
Speaker 3: you're going to see how the index Universal Life Insurance
29:00
Speaker 3: policy is a roth like bucket. I love it. There's
29:04
Speaker 3: prosin conference too, there's pros and consperts. Well, you have
29:07
Speaker 3: to be healthy, you have to plan it accordingly. It's
29:11
Speaker 3: a long term investment. It must end in a death benefit,
29:15
Speaker 3: and you have to have the money to fund it.
29:17
Speaker 3: So if you do all those things, it is amazing.
29:21
Speaker 3: It is such a great vehicle for clients that it's
29:24
Speaker 3: changing their life. Some people that aren't healthy. We use
29:27
Speaker 3: the annuity to look like the EUL if you can't
29:31
Speaker 3: do the EUL. But next line, you're telling me right now,
29:36
Speaker 3: I've never heard of that. You're full of crap. What
29:38
Speaker 3: is this? So now I'm going to explain to you
29:40
Speaker 3: if you were a money person and you are trying
29:42
Speaker 3: to explain finances to people, and there are two different
29:47
Speaker 3: categories in this country. Seventy five percent of the people
29:52
Speaker 3: are in the bottom category and then there's a top
29:55
Speaker 3: twenty five percent of the people. Who do you want
29:58
Speaker 3: to sell to? You want to sell to seventy piece
30:01
Speaker 3: to five percent of the people? Right, well, seventy five
30:04
Speaker 3: percent of the people, here's your drum roll. Guess what
30:10
Speaker 3: they are paying less than eighty six percent of all
30:16
Speaker 3: the taxes. So basically, the wealthy are paying so much
30:22
Speaker 3: of the twenty five percent on top of this, So
30:27
Speaker 3: when you're talking to people, do you want to sell
30:29
Speaker 3: books to seventy five percent of the people or twenty
30:32
Speaker 3: five percent of the people. So seventy five percent of
30:36
Speaker 3: the people Susie Orman is talking to Dave Ramsey is
30:39
Speaker 3: talking to when she's telling you by term insurance invest
30:43
Speaker 3: the difference. As I hear that all the time. That's
30:45
Speaker 3: great because if you are making less than seventy five
30:49
Speaker 3: eighty thousand dollars a year, that's where you're at. If
30:51
Speaker 3: you don't have all your credit card debt paid off,
30:53
Speaker 3: that's great. But guess who guess how much you have
30:56
Speaker 3: to make in order to be on the top part
31:01
Speaker 3: of this eighty three thousand dollars a year. If you
31:05
Speaker 3: make over eighty three thousand dollars a year, let's see
31:10
Speaker 3: if you can do next. There it is eighty three
31:14
Speaker 3: thousand dollars a year, and you are in the top
31:16
Speaker 3: twenty five percent of this country. If you are making
31:19
Speaker 3: over eighty three thousand dollars a year, you need to
31:21
Speaker 3: call me right now because you are missing so many
31:23
Speaker 3: taxable advantage buckets that we need to get you started with.
31:27
Speaker 3: So that is the problem is all these people trying
31:32
Speaker 3: to sell books and programs, they're talking to the people
31:35
Speaker 3: that are making less than eighty thousand a year, and
31:38
Speaker 3: that's why people haven't heard of it. I promise you.
31:41
Speaker 3: If you're making six figures or more, we need to talk. Okay. Next,
31:46
Speaker 3: So the third step is to grow your surplus. So
31:50
Speaker 3: now you are making ten thousand dollars a month, you're
31:54
Speaker 3: spending eight thousand dollars a month. You've got two thousand
31:57
Speaker 3: dollars a month to do something with. Now we need
31:59
Speaker 3: to do something with that money. That's the first step.
32:02
Speaker 3: You were going to hear all over the place what
32:04
Speaker 3: to do with it? Right. Next, the average stock return
32:09
Speaker 3: the S and P five hundred and over thirty years
32:11
Speaker 3: does return fit ten percent? It literally does. However, the
32:16
Speaker 3: investor only gets four percent. Why is that? Well, that
32:21
Speaker 3: is because investors have emotions around investments. Next, it's called
32:29
Speaker 3: emotional investing. We all know to buy low, sell high.
32:36
Speaker 3: We've heard that a million times. When the stocks are low,
32:39
Speaker 3: buy more. When the stocks are high, sell and take
32:43
Speaker 3: the cream off the top. Now, let me ask you
32:45
Speaker 3: stocks were just low last year. Did you buy more
32:48
Speaker 3: or did you freak out and go into bonds or
32:50
Speaker 3: CDs or whatever? Or do you have enough buckets that
32:54
Speaker 3: you're diversified and you're not worrying about it? Or are
32:56
Speaker 3: you the Ostrich and just putting your head in the sand.
33:01
Speaker 3: So this is where I commit, and this is where
33:04
Speaker 3: I'm here to help my clients because we do know
33:07
Speaker 3: that the market's going to go up and down. Next
33:09
Speaker 3: literally shows you right here the market does go up
33:13
Speaker 3: and down. Period that is going to happen. We just
33:16
Speaker 3: had a great ten year run until it went down again.
33:19
Speaker 3: Before that we had another great run. But when it
33:22
Speaker 3: goes down sometimes I can go down very sharp, and
33:25
Speaker 3: it's very, very, very scary. That's why I say, when
33:28
Speaker 3: you're going to retire, we need to know what the
33:30
Speaker 3: market's going to do, which we cannot tell. So we
33:32
Speaker 3: need to make sure that you have a guaranteed income story.
33:34
Speaker 3: We need to make sure that you have your assets
33:36
Speaker 3: in diversified buckets. We need to make sure that when
33:39
Speaker 3: you're going to retire that we are planning diligently. Five
33:41
Speaker 3: years before you retire and five years after you retire,
33:44
Speaker 3: we're looking at your money continuously to make sure that
33:47
Speaker 3: you're doing the right thing. Because there is bear market
33:50
Speaker 3: meaning low markets, and bull markets meaning up markets. So
33:55
Speaker 3: you want to be the bull and charging up, but
33:58
Speaker 3: we can't control this right. We have no idea when
34:01
Speaker 3: it's going to happen, so we want to be able
34:03
Speaker 3: to get the right sequence of returns. Next, the question
34:06
Speaker 3: is not if, but how many times the stock market
34:11
Speaker 3: will drop? It literally will drop, and that's okay if
34:13
Speaker 3: we plan for it. We know it's going to drop.
34:16
Speaker 3: We just want to make sure that you're essential items, housing, food, medical,
34:23
Speaker 3: gas for your car, all that is out of your essentials.
34:28
Speaker 3: We need to know. We need to know that that's
34:29
Speaker 3: taken care of, no matter what. And it doesn't matter
34:33
Speaker 3: what's happening in the stock market when that's happening. Okay. Next,
34:36
Speaker 3: now I'm going to show you the difference of what
34:38
Speaker 3: this looks like. I'm showing right now for the podcast people.
34:43
Speaker 3: You don't don't see it. But let's say we have
34:44
Speaker 3: one hundred thousand dollars in portfolio, a forty one years
34:48
Speaker 3: of age. Let's say the first year forty one, forty two,
34:51
Speaker 3: forty three, the market goes down ten, twelve, fifteen, fourteen percent.
34:55
Speaker 3: Then it starts going up forty five forty six. That's great,
34:59
Speaker 3: hasn't down at forty nine. Then it's up again twenty one,
35:02
Speaker 3: seventeen five, Then it's down again at fifty three. Your
35:05
Speaker 3: age fifty three. Let's say it's down again at age
35:08
Speaker 3: fifty eight two percent, and then it's up for four
35:11
Speaker 3: or five years, all of this ending at sixty five.
35:14
Speaker 3: You have seven hundred and thirty five thousand dollars with
35:18
Speaker 3: an eight percent rate of return. That's pretty good average
35:20
Speaker 3: portfolio A. That's great, and a lot of people talk
35:24
Speaker 3: about what's your average rate of return? Next? Now this
35:27
Speaker 3: is portfolio B showing the exact same thing. However, the
35:34
Speaker 3: sequence of returns is opposite. So you get really good
35:39
Speaker 3: rates of return when you're forty one, forty two, forty three,
35:43
Speaker 3: but then it drops, and then the last few years
35:45
Speaker 3: it drops. At age sixty three, sixty four, sixty five,
35:48
Speaker 3: the account value is the same. It's seven hundred and
35:51
Speaker 3: thirty five thousand dollars at age sixty five, and it's
35:55
Speaker 3: the same as eight percent rate of return. However, the
35:59
Speaker 3: problem is next if you are pulling off money when
36:05
Speaker 3: it has this sequence of returns. So again, going back
36:08
Speaker 3: to portfolio A, when you retire at sixty six and
36:11
Speaker 3: you're pulling money off of a five percent income withdrawal
36:15
Speaker 3: and the market goes down right away, you literally run
36:18
Speaker 3: out of money at age eighty three. If you're just
36:21
Speaker 3: pulling off five percent. Next, showing portfolio B, you have
36:28
Speaker 3: up returns at age sixty six, sixty seven, sixty eight.
36:32
Speaker 3: Check this out. Are you ready for this? Pulling off
36:36
Speaker 3: five percent off of this and you have up returns
36:39
Speaker 3: in the first three years of your retirement, you end
36:42
Speaker 3: up with three million dollars at age ninety So the
36:47
Speaker 3: sequence of returns is huge just from that flip of
36:51
Speaker 3: three years. When you go to pull off money off
36:54
Speaker 3: your retirement, you run out at eighty three or you
36:58
Speaker 3: have three million at ninety five. That's huge, and no
37:01
Speaker 3: one's talking about this. This is what advisors should be
37:05
Speaker 3: talking about because it is about the sequence of return. Next.
37:09
Speaker 3: So our approach is we want active, we want we
37:14
Speaker 3: want active tactical management. There's passive, which we've heard all
37:21
Speaker 3: the time that we put our money in it, let
37:23
Speaker 3: it grow, versus tactical. I like to do tactical. I
37:27
Speaker 3: want to make sure that I'm going to have enough
37:29
Speaker 3: money for you when you go to retire. Next. Our
37:32
Speaker 3: portfolio right now actually is different than this slide. Next.
37:37
Speaker 3: We're actually out of technology right now. When I'm looking
37:42
Speaker 3: at right now, this is October twenty twenty three. Next,
37:48
Speaker 3: I'm just going to jump through all this. So now
37:51
Speaker 3: we've talked about our five critical steps. Number one, identify
37:55
Speaker 3: where you're at and what you need for essential expenses
38:01
Speaker 3: going forward and discretionary expenses going forward. Number two, protect it.
38:06
Speaker 3: We have to have a personal pension. Why not. That's
38:09
Speaker 3: what our whole country has been built on as people
38:11
Speaker 3: with pensions. We must have a personal pension. Number three,
38:16
Speaker 3: reduce your income tax exposure. Make sure that you have
38:22
Speaker 3: a bucket of tax free to go with your taxable
38:24
Speaker 3: bucket to admitigate your taxable net that you're going to
38:30
Speaker 3: have in retirement. Number four, grow your surplus. How are
38:34
Speaker 3: we going to grow that? We're still going to grow it.
38:36
Speaker 3: We're still getting good rates to return in the market.
38:38
Speaker 3: We just don't want to put all our money there.
38:40
Speaker 3: Like I have people that come to you and they
38:42
Speaker 3: have over a million dollars in their four owing K.
38:44
Speaker 3: That's great, they've saved their whole life and they've done
38:48
Speaker 3: done all the rules. They have fifty thousand savings their
38:50
Speaker 3: emergency bucket and they're going to go to retire off
38:54
Speaker 3: of that, which is great, But they have to take
38:56
Speaker 3: out so much more to pay taxes on whatever they're
38:59
Speaker 3: going to live on. So it's not what it's all
39:01
Speaker 3: cracked up to be. And I know I'm saying different
39:03
Speaker 3: things that you've ever done. Next, as life changes, your
39:07
Speaker 3: plan should change as well. We know things happen, y'all.
39:11
Speaker 3: Look at five years ago. My goodness, our whole life
39:14
Speaker 3: has changed, right, So we know life changes. You need
39:17
Speaker 3: to make sure that your plan is up to date,
39:19
Speaker 3: just like your beneficiaries are up to date. Unfortunately, I
39:23
Speaker 3: had a client come to me and they got remarried,
39:27
Speaker 3: but they never changed their pension beneficiary and they didn't
39:31
Speaker 3: realize it. When they went to retire. It was too late.
39:35
Speaker 3: They started collecting their pension and it was too late
39:38
Speaker 3: to change their ex spouse off of their pension. How
39:41
Speaker 3: horrible is that? So they could not put their current
39:44
Speaker 3: spouse on this pension. So we need to look at
39:47
Speaker 3: beneficiaries every year. We need to look at your plan
39:51
Speaker 3: every year. What's life changing. Your health might change, you
39:54
Speaker 3: might come into a ton of money an inheritance. We
39:57
Speaker 3: can change your plan completely. You can go buy that
40:00
Speaker 3: villa somewhere amazing. We also want to make sure that
40:03
Speaker 3: your long term care is taken care of I'm covering
40:08
Speaker 3: my mom and I've covered my parents for a while.
40:10
Speaker 3: She is in a memory care. She's doing amazing. She
40:13
Speaker 3: only has her short term memory that's messed up, so
40:16
Speaker 3: she doesn't remember, but she's happy as the clam. Every
40:18
Speaker 3: day she remembers who everybody is. She just doesn't know
40:20
Speaker 3: what day of the week it is. So I'm paying
40:22
Speaker 3: for full time memory care versus her social Security. She
40:25
Speaker 3: still gets my dad's Social Security, thank goodness. And my
40:29
Speaker 3: dad was a veteran, so she also receives a pension
40:33
Speaker 3: from the veteran. It doesn't cover everything that she has,
40:36
Speaker 3: so I kick in for the rest of that. So
40:39
Speaker 3: we want to make sure that your long term care
40:41
Speaker 3: is covered as well. Next, we want to make sure
40:45
Speaker 3: that we're having annual performance reviews. We want to make
40:48
Speaker 3: sure that it's what we think is matching is matching.
40:52
Speaker 3: So today what we've discussed is Next, we've discussed how
40:56
Speaker 3: the current retirement savings model is broken. It is absolutely
41:01
Speaker 3: not working. Next, it's only for income planning that is
41:07
Speaker 3: so necessary. We need to know that you're preted protected
41:11
Speaker 3: from the four risks. Number one outliving your money longevity.
41:14
Speaker 3: Number two the stock market up and down. It's great,
41:17
Speaker 3: but we need to plan for it. Number four, income
41:19
Speaker 3: taxes we need to plan for We have no idea
41:22
Speaker 3: what it's going to be down the road. And inflation, right,
41:26
Speaker 3: so we want to make sure that all of these
41:28
Speaker 3: things are taken care of. So our five step retirement
41:31
Speaker 3: roadmap is going to help you spend your money confidently.
41:36
Speaker 3: So I am so excited to share this with you.
41:39
Speaker 3: I know I talked that I'm going to share this
41:41
Speaker 3: with you, and it's towards almost towards the end. But
41:45
Speaker 3: hang on, we're not there yet. So now let's picture
41:48
Speaker 3: next that we're going on an airplane. Are you ready?
41:50
Speaker 3: We're all getting on the plane and you sit down,
41:53
Speaker 3: you buckle your seat belt. Then you hear over the intercom,
41:57
Speaker 3: ladies and gentlemen, this is your captain speaking on PuF
41:59
Speaker 3: of the Let me welcome you aboard, woo boo.
42:03
Speaker 4: And should we touch down in Dallas around five pm
42:05
Speaker 4: and the local time should be because it's experiencing some turbulence,
42:09
Speaker 4: we have about a twenty percent probability of actually landing
42:13
Speaker 4: the plane.
42:14
Speaker 3: Twenty percent probability of actually landing the plane. Would you
42:18
Speaker 3: stay on that flight? Of course, not we'd get the
42:20
Speaker 3: heck off that flight. So here is my free gift
42:23
Speaker 3: to you. Next, I am going to share with you your
42:26
Speaker 3: shortfall income, your income Shortfall Analysis. Are you so excited?
42:31
Speaker 3: I know you're so excited. So basically, all you have
42:34
Speaker 3: to do is go on this website and give me
42:38
Speaker 3: your information and I am going to give you a report,
42:42
Speaker 3: this colorful report that's going to tell you where you're at.
42:45
Speaker 3: You're going to get a retirement score. Not only that,
42:48
Speaker 3: you're also going to get how to increase your score.
42:52
Speaker 3: So we're not just going to give you a bunch
42:54
Speaker 3: of boloney. We're going to tell you how to increase it.
42:56
Speaker 3: Of course, I'd love for you to call me and
42:58
Speaker 3: let's chat and let's see if we can increase it together.
43:00
Speaker 3: But if you have an advisor or someone else, you're
43:02
Speaker 3: going to take this to them totally fine. Next, you're
43:05
Speaker 3: going to go on short Fallanalysis dot com s h
43:10
Speaker 3: O R T F A L L A N A
43:13
Speaker 3: L Y S I S dot com and you're going
43:16
Speaker 3: to use the word diamond capital D for my kids. Right,
43:21
Speaker 3: my kids are here, my businesses are here. So this
43:24
Speaker 3: is going to give you your retirement success score. You're
43:28
Speaker 3: going to get a yearly breakdown of your account withdraw
43:30
Speaker 3: so you're going to see how you're going to be
43:32
Speaker 3: pulling out your income. You're going to get a notification
43:35
Speaker 3: of a shortfall and when that is if you have it,
43:37
Speaker 3: and any recommendations to enhance your score. Why not want
43:41
Speaker 3: to do this? Right? Who does not want their retirement again?
43:45
Speaker 3: Shortfallanalysis dot com use the word diamond for your code
43:50
Speaker 3: capital D. You're going to schedule some time with me.
43:53
Speaker 3: I'm going to send you a worksheet to fill out
43:57
Speaker 3: so that we can literally tell you exactly where you're at. Okay. Next,
44:01
Speaker 3: I'm going to show you a couple scenarios here. The
44:03
Speaker 3: first scenario couple number one nearing retirement fifty five and
44:08
Speaker 3: fifty two. They make one hundred and fifty thousand dollars
44:11
Speaker 3: a year. They want to live on one hundred and
44:12
Speaker 3: twenty thousand dollars a year. They have a million dollars
44:15
Speaker 3: in assets. Makes sense. Next, what we recommended was to
44:22
Speaker 3: reposition three hundred thousand dollars of that million dollars into
44:26
Speaker 3: a fixed annuity. We wanted to make sure that we
44:31
Speaker 3: were able to get them some guaranteed income stream. Next
44:36
Speaker 3: then we chain Oops, yep, sorry, backup one more one.
44:41
Speaker 3: Sorry I didn't Yeah, there you go. So then we
44:44
Speaker 3: also recommended thirty thousand dollars in an index universal life
44:50
Speaker 3: policy as well, so we got them protected from a
44:53
Speaker 3: couple different things. So their current scenario, they had a
44:57
Speaker 3: probability of forty one percent making it. The recommended probability
45:02
Speaker 3: ninety five percent next, so they actually ended up with
45:06
Speaker 3: a ninety five percent probability of making it just with
45:09
Speaker 3: a couple tweaks. Then even at the age of let
45:15
Speaker 3: me see, I think it's probably ninety five, they ended
45:17
Speaker 3: up with three million dollars remaining. So my tweaks are
45:21
Speaker 3: going to make a huge difference, y'all, like a huge difference.
45:25
Speaker 3: Scenario number two, we did the same thing for a couple.
45:28
Speaker 3: They started with me next at thirty one probability of
45:32
Speaker 3: making it, and we changed things so that it ended
45:35
Speaker 3: up to be ninety four probability of changing it, and
45:39
Speaker 3: they have over almost four hundred thousand dollars of assets
45:42
Speaker 3: remaining at age ninety five. The next couple we had
45:49
Speaker 3: was fifty percent probability next, and then they ended up
45:53
Speaker 3: with ninety six percent probability. And this is a free
45:59
Speaker 3: call with me. It's a free It's a free short
46:02
Speaker 3: fall analysis, Like why not do this? Next? So shortfallanalysis
46:06
Speaker 3: dot com put in the word diamond capital D. I
46:09
Speaker 3: think you have to have a capital D and you're
46:12
Speaker 3: going to end up with your own your own score.
46:16
Speaker 3: It's great. Next, you're going to do a thirty minute
46:18
Speaker 3: meeting with me. We're going to determine your account statements.
46:22
Speaker 3: We're going to need your dollar amounts on things. We're
46:25
Speaker 3: going to calculate your protected income score. We're going to
46:28
Speaker 3: complete your client Assessments form, and then we're going to
46:30
Speaker 3: do a follow up meeting so that I can explain
46:33
Speaker 3: your report once you get it. So why not? Okay,
46:37
Speaker 3: I'm going to do next and next there we go.
46:42
Speaker 3: So this is going to be a little worksheet that
46:43
Speaker 3: we're going to have you do, but I can do
46:45
Speaker 3: it over the phones. That don't stress about that. Everything
46:47
Speaker 3: is one hundred percent confidential. Next, I want you to
46:50
Speaker 3: take back control of your retirement now, even if you
46:54
Speaker 3: already have an advisor. This is free, Like, don't stress
46:56
Speaker 3: about this. I'm totally here to help you, so why not?
47:00
Speaker 3: And I'm not going to sell you anything, I promise next,
47:03
Speaker 3: I will not sell anything on this appointment. I absolutely promise. Okay,
47:07
Speaker 3: we can be done with this wonderful power point. I
47:10
Speaker 3: want to thank everyone for showing up today. Share this
47:15
Speaker 3: with your friends and family, kids and grandparents and parents.
47:19
Speaker 3: If you're like me and you're covering for your parents
47:21
Speaker 3: and you still have time to help them plan, that's
47:24
Speaker 3: really smartness to help your parents plan because then you
47:27
Speaker 3: don't have to have so much of a big, bigger
47:29
Speaker 3: net if they don't, if they don't have complete planning done.
47:32
Speaker 3: I do lots of families and generational families, so I
47:35
Speaker 3: have the parents who now have kids and their kids,
47:40
Speaker 3: so I have grandparents, parents and kids, the sandwich generation,
47:43
Speaker 3: so I have the whole family. And it really helps
47:46
Speaker 3: because the grandparents maybe want to leave a legacy, but
47:50
Speaker 3: we want to make sure the grandparents are taking care
47:52
Speaker 3: of first, and then the parents are wanting to make
47:56
Speaker 3: sure that their parents are taking care of and their
47:58
Speaker 3: kids are taking care of. You do a lot of
48:00
Speaker 3: generational planning for sure. So I hope you enjoyed this.
48:04
Speaker 3: I want you to remember it's not about the zeros.
48:07
Speaker 3: It's about the income that you're going to get from
48:10
Speaker 3: the zeros. Remember that income. I want you to have
48:13
Speaker 3: financial freedom. I want you to be able to say
48:16
Speaker 3: I rock my finances. So please let's chat. Let's see
48:19
Speaker 3: what I can do for you. I promise I'll give
48:21
Speaker 3: you the God's honest truth, whether you like it or not.
48:24
Speaker 3: And then doesn't hurt to have a shortfall analysis and
48:27
Speaker 3: to see where your score is and how we can
48:29
Speaker 3: increase your score. And I can tell you right now.
48:31
Speaker 3: I have so many hundreds of successful clients. They're doing
48:35
Speaker 3: so well. Just had a client again today, had an
48:37
Speaker 3: amazing appointment. She's been in retirement for years and she's
48:41
Speaker 3: having a blast and she's still frugal. We're like, hey,
48:44
Speaker 3: oh yeah, I'm supposed to be spending all this. Yes,
48:46
Speaker 3: when I send you your money at the beginning of
48:48
Speaker 3: the year, you're supposed to spend it. I have another
48:50
Speaker 3: client that likes their money monthly. That's fine too. However,
48:53
Speaker 3: you want to get to your money, you can get
48:54
Speaker 3: to your money. So planning is very important, but plan
48:59
Speaker 3: when it's fun. I want you to like your advisor.
49:02
Speaker 3: I always have new perspective. Clients go meet with three
49:05
Speaker 3: different advisors, because you're going to click with some and
49:08
Speaker 3: not click with others. I want you to be able
49:10
Speaker 3: to understand all questions and answers from your advisor and
49:15
Speaker 3: feel that connection because we have to know everything. I
49:18
Speaker 3: have to get to know my clients. I really need
49:20
Speaker 3: to know them, and they get to know me. So
49:23
Speaker 3: you want to be able to be friends with your client,
49:25
Speaker 3: with your advisor. You want to be able to understand
49:27
Speaker 3: their questions and you want to be able to trust them.
49:30
Speaker 3: More power to y'all. Thank y'all, and I want you
49:32
Speaker 3: to say I rock my finances. Enjoy your day. Bye, y'all.
49:36
Speaker 2: We appreciate you joining us today, and don't forget to
49:39
Speaker 2: subscribe to the rock my Finances YouTube channel for more
49:43
Speaker 2: engagement and bonus content. Tell me what is your money story?
49:48
Speaker 2: Let's find out with Jennifer four pm Eastern one pm
49:51
Speaker 2: Pacific every Thursday right here on K four HD Radio
49:55
Speaker 2: and Talk for TV. It's not about the zeros, It's
49:59
Speaker 2: about the F word, feelings, feelings. Jennifer can't wait to
50:03
Speaker 2: explore with you next week. Until then, let's all say
50:07
Speaker 2: I rock my Finances.