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Retirement Decisions You Only Get To Make Once · The Jon Sanchez Show

• Jon G. Sanchez: Good Monday afternoon to you. Welcome to the John Sanchez Show on News Talk 780K, which it's a pleasure to be with you to kick off the week. And before I get started, I just want to say our hearts and prayers and thoughts are to all the fire victims. know, the 5,000 plus, of course, that have been evacuated. Terrible, terrible time. And again, our thoughts and prayers are with all of you that the first responders get a handle on this nasty fire or fire, as I should say, and you can get safely back into your home. So That's the real important stuff, it really is. And if there's anything we can do, by all means, please let us know. So again, thanks to all the first responders working out in this terrible heat. And again, my thoughts and prayers to all of you that have been evacuated. And hopefully property and life is safe for you. It's just a little inconvenience. Let's hope and pray. All right, again, thank you so much for joining me. Let me tell you what I have lined up for you today. Retirement decisions you only get to make once. How do we like that for a topic? Retirement decisions you only get to make once. The heck am I talking about? Well, think about this, right? Mondays I always try to cover a retirement planning topic for you. But there are so many things, major decisions that you don't get to do over. Sure, you can change, you know, your withdrawal rate in your portfolio or add this investment or add that investment. But for many major parts of your retirement, you only get one chance. Give you some examples. Social Security, right? Those days of starting, stopping, doing all these crazy things, those days are gone. Pensions. Can't change those. Once you select it, single life, joint life, or some combination thereof, that's it. Medicare, same situation. rolling over your 401k. I mean, once you move it into an IRA, unless you go decide to go back to work, you can't get it back into a 401k. I could go on and on and on. So before you make a irreversible, as I like to call it, retirement decision, I think it's important that you understand how they work and what the consequences are. I hate using that word consequence, but I couldn't come up with any better word. And that's exactly what I'm going to be covering with you today after I do the stock market recap. So let's get down to the stock market recap. Speaking of which, fairly quiet day today. It really was. I was a bit concerned how the market was going to react today, over the weekend when the president basically said. Look at it. We're gonna kind of wait and see basically with Iran, right? He's now seen seeming to shift more over to the economic pressures versus military pressures. And I think it's gonna be interesting to see what kind of reaction that has. I believe I touched on this with you on Friday when I did my my weekly recap, and I discussed Iran's latest wants. in the negotiations, right? It's basically going all the way back to the 14 point memorandum of understanding back in June. The straight opened, they get to control it, they get to collect tolls. and by the way, as you heard in the national news, or actually with Jack, we get to pay them back for, you know, all the damage done by the war. So, you know, again, we find ourselves in a situation where it's very, very unrealistic. I mean, we will see. Some are saying, I'll say this, some strategists are saying the president is going to give in a bit on the negotiations, and that it may surprise the rest of the world what he's willing to do. We will see. Again, only time will tell. We are not a fly in the room. I wish we were. but we just don't know. All I care about, of course, is your portfolio and the reaction to the market. and the reaction to the market was very, very muted. Once again, market didn't care. Big run up in oil prices today. $3.98 gain to $82.17 a barrel. Big run up. Street didn't even hardly budge on the news. We had other things we're kind of worried about, but really when it was all said and done, it wasn't a bad day whatsoever, considering we lost 61 on the Dow to a close of 53,975. NASDAQ gave up 85 points, 0.32%, closing at 26,605 on the SP 500. Lower by just five points to closing at 7,753. So, like I said, not bad. Once again, the analogy I keep giving Teflon coded market. Market's not paying that close of attention to oil. I mean, putting it on a percentage basis, that was a 5.1% increase in one day. But the street is confident that something is going to get resolved one way or the other. I think, I think one thing too to keep in mind as an investor is the street is really saying. We don't really care when something's gonna happen. Obviously, everyone's hoping sooner rather than later. But I bet you if the president came out today and said, Yep, w we've got a deal, but it's not going to become effective for whatever, 30 days, 60 days, 90 days, Streetwood would still cheer it. It's being very patient. I have never in my career ever seen investors being so patient. And again, it's all because we have the other side of the equation going for us, meaning AI and earnings. If we didn't have that right now, if we were just in a kind of a a lackluster market, if we didn't have all this great new technology, if we didn't have all the things that really drive this market right now, then I think the opposite of what I'm saying would come true. I think then you would see investors begin to panic and go, boy, negotiations are dragging on. boy, there's gonna be economic sanctions, which you know they're gonna retaliate to that. You see what I'm saying? It the list would just go on and on and on. But now it's like, hey You know, we've got some good news on a lot of other fronts of the economy and and and corporate earnings and so on and so forth. So yeah, you know what? We're gonna kind of brush it down the the the worry list at this point. Now, speaking of the worry list, this is a very important week. It's fairly light as far as economic data, but I want to mention this before I forget. we do have inflationary data coming out this week. This is gonna be the big focus. These are the biggest reports of the week out of everything else. Wednesday we're gonna have the the CPI report. And then on Thursday, of course. We're gonna have PPI, the measure of inflation on the wholesale side. So we will, of course, let you know what that happens and what the the the end results are when those numbers are released on the shows those days. But right now, what they're looking for on CPI, and again, this is gonna be July's data. remember the prior report, so June's report, we were down. Remember, it shocked everybody. We we lost four tenths of a percent in CPI month over month, so from May to June. Now they're anticipating we go from that n that. Loss of four tenths of a percent on headline CPI to a gain of one-tenth of a percent. So core CPI, not looking for a change whatsoever. It was unchanged last month. They're they're calling for the same thing this month. Or July, I should say. Keep forgetting it's August. then we go to the PPI on Thursday, the wholesale side. Again, we lost three-tenths of a percent in in June. They're looking for a gain there of one-tenth of a percent. Strip out food and energy get down to the core. We had a gain of two-tenths of a percent from June to July. or excuse me from yeah may to june and now they're saying from june to july they're looking also for the exact same number two tenths of a percent. So a little bit of an uptick there. We'll see what the streets reaction if those numbers actually become accurate. But but other than that we have retail sales on on on the fourteenth and that's that's really about it. Rest of it's just kind of non existent. A little bit of real estate data, you know, the next couple of days, but streets focus on one thing and one thing only. And that is again inflation and what the Fed's next move is. All right, some of the movers and shakers I want to squeeze in, and then I can get started right on our topic when we come back. Wanna mention meta today up $2.82, about a half a percent gain, $594.92, kind of quiet there. the trade desk was down about almost 3%, 2.97. They got another downgrade after a number of downgrades last week, 41 cent loss there to $13.39. Now, here was one of the trouble spots. It was Nvidia. Remember Dow component, obviously NASDAQ and SP component. Stock came under pressure today down six dollars and forty cents, two point eight six percent loss to two seventeen fifty-six. the Financial Times reported that the company is working with a host of large asset managers on financing platforms aimed at mobilizing more than five hundred billion dollars, half a trillion bucks for AI infrastructure development. So headlines are kind of sketchy at this point, but thought that was very interesting. And obviously the street did not like that idea whatsoever. The other trouble spot today was Intel. Stock gave up 4.06%, $4.13 lost to $97.52. Company announced early this morning that they are going to do a $15 billion secondary stock offering. they're gonna use the money for quote general corporate purposes. So, what's everybody thinking? here's another company. Yeah, they're not AI, but they are also obviously semiconductor. Maybe they're running out of cash flow. Maybe they need an injection, hence why they're doing a secondary offering for $15 billion. the other lag today that put pressure on the Dow was Apple, five dollar and seven cent loss down one point six two percent to three eight twenty-six. Jeffrey's downgraded the stock to an underperform from a hold rating. other than that, like I said, relatively quiet. Where we sit on a year-to-day basis, Dow's up twelve point three, SP's up thirteen point three, Russell 2000, 21.6% gain, and the NASDAQ's higher by 14.5. So Still hanging in nice and steady as they go, as the saying goes. Steady as she goes. All right, you're now up to date on the market. I'll come back. I'll hit the commodities one more time. Interest rates, and then we're going to get into our topic. Again, retirement decisions that you only get to make once. Let's turn it over to the Saxman in the right now traffic center. You are got it. Back to the John Sanchez Show, One New Stock 780 KO Happy Monday to all of you. Again, thoughts and prayers to all being affected by the fires that are surrounding us. Once again, we finished very quietly, down 61 on the Dow to a close of 53,975. Nasdaq lost 85.32%. In the SP, just a five-point decline. All right, as I mentioned earlier, let's hit this again. Oil today, very strong over a 5% gain up $3.98 to $82.17 a barrel. Gold rose $22.30. finished the day at four thousand four hundred and twenty dollars and thirty cents an ounce. And we move things over to the 10 year treasury and about about a pretty pretty significant bump up there. This is this is one that I I want to just spend a a little bit more time because remember the the the bond market drives the bus. It is the the stock market that is that is always the passenger. And as I said, we got to watch the bond market very closely over these next couple days simply because as I mentioned earlier in the show, We have the the CPI report and the PPI report later in the week. So pretty big run up here. A four basis point increase on the 10-year treasury, 470. But there is increase right across the board, even the short end of the curve, the three three year, or excuse me, the two-year up three basis points at a yield of 424. Then we go to the all the way to the other end, the 30-year bond, it was up three basis points at a yield of 524. So, you know, right across the board, this tells you that the bond traders are saying. A little concerned about the upcoming CPI and PPI report. I don't want to own bonds in that. Let's sell that. That of course drives the yields up. So that's that was the impact into the the bond market side of things today. So keep a close eye on that one. Again, bond markets are very, very good gauge of where where the Fed's next move is gonna be. All right, let's get into our fun topic today. Retirement decisions you only get to make once. You ready? You know, one of the one of the things I always tell people when we talk about retirement planning is that not every financial decision carries the same weight. Let me give you an example. A lot of it has to do about our age. Let's say you're 45 years old and you make a bad investment decision. You probably have time to recover. If you're spending a little too much, you can cut back. If your portfolio isn't allocated properly to your risk tolerance, what's going on in the economy, the markets, et cetera, you can change it. But retirement introduces a completely different category of decisions. Decisions that may be difficult or sometimes virtually impossible to reverse. Again, another pressure point in retirement. And by the way, some of these decisions can affect your income, your lifestyle, et cetera. for think about it, for the next twenty, thirty, forty years, right? Whatever your life expectancy is. So today I'm gonna walk through some of the biggest retirement decisions you may only get to make one time. Gotta get to do it right. Yeah, one shot, as the saying goes. So I've got about eight of these I hope to get through, but here we go with number one decision. When to claim your social security. Now, this is an obvious one, right? I never once have a retirement planning discussion without Social Security being brought up. But it's again very obvious. What do we got to decide here? Well, you potentially can begin retirement benefits at age 62. Second option, you can wait until a full retirement age, what we call FRA. Third option, You can wait to delay as long as age seventy. And remember, you get that eight percent annual increase from full retirement age to age seventy. And again, those days where you can really shuffle things around, start, stop, et cetera. Again, those days are gone. This really, really simple now. Sixty two, full retirement age, or wait till seventy. But really it isn't that simple. Because many of you are going, okay, how much money can I get today? The real question that you should be asking, however, is this what claiming strategy makes the most sense for my spouse and I over our lifetime? Because again, once you start it, you can't stop it. So when you come down to that question, you really frame it that way. What claiming strategy makes sense over my lifetime? Here are some points I want you to consider. What is your life expectancy? Well, obviously none of us know when we're gonna go. But, you know, if you're in good health, read a low r lead a relatively safe life, you're not doing a bunch of crazy stuff out there on the weekends or, you know, after hours. What do the family genes show, right? Do you tend to come from a family where people pass away in their 60s or 70s or in the 90s? That has a part of your interest, part of your decision. What are gonna be my other sources of retirement income? Clients always ask, John, do I start taking it now or do I wait? And I have a really simple answer. Really simple. And it's it works beautifully, at least it has up to this point. I always tell clients this. We don't know when we're gonna die. Yes, there's all kinds of arguments. If I take it now and I invest the difference, I'll be farther ahead in, you know, X number of years, versus if I wait till full retirement age or wait until age seventy. I get it. I've ran the numbers a million times and I perfectly get it. But no one knows when we're gonna leave, right? So, what I always tell clients when they ask me that question is this What are our other sources of retirement income? Of course, they rely upon me to make that that or give them that answer. So if we've got plenty of cash flow coming in from other sources besides Social Security, I'm generally going to recommend that we wait. Plain and simple. Wait until 70 if we can, or at least till full retirement age where we're not penalized. Because remember, if you're, you know, kind of new to investing, remember you get penalized. If you start taking your social security benefit and your incomes over a certain level between age 62 and your full retirement age. So there's a little penalty in there, a little incentive for you to wait until full retirement age. And if you don't have your social security statement, once again, go to ssa.gov and request it. Everything now is to my knowledge, I don't believe they they're sending out paper statements anymore. It's all digital. So if you haven't gotten one in a while, go to ssa.gov and get on the get on the list, get signed in. Really simple to do. And then you'll start getting your Social Security benefit statements and kind of keep track of things. So that's one thing. What are my other sources of income? If I've got plenty coming in, then wait a bit. The other thing, too, of course, when it comes to Social Security, taxes, as I said, that's income coming in. Social Security for most of you is going to be a taxable benefit. So do you want that extra income? Could it throw you into a higher bracket if you're collecting it? Folks, I'm telling you, there are some of you, it blows me away. That make a ton of money on Social Security. Why? Because you've had high wages throughout your career, and especially in the last few years of your career. I'm it used to be very uncommon to see people with like high $3,000, low $4,000 a month benefits. I see it all the time now. I really do. So you think about that. Let's just say you're getting four grand a month coming in Social Security. Or near that, I should say. Let's just say about $3,700 to be safe. Well, if you're that way and your spouse is that way. You know, you you're talking almost seventy-five hundred dollars a month coming in just off of Social Security. That's a significant retirement income just off of that. So you gotta be very cognizant when you make your Social Security decision decision. Again, you can't change it. What's gonna be my tax ramification? another part is am I still working or is there a chance that I'm gonna go back to work? Right. This could be a real problem where we start to look at all right, you decide to take your social security benefits because you're now retired. But a year or two goes by and you're like, man, I'm bored stiff. I want to go back to work or do something else. Guess what? Now you're already taking your social security benefit. That's extra income on top of this new job you're going to take on. Maybe it's a part-time job, maybe it's full-time. Who knows? But a lot of people don't want to do that. Your spouse's benefit. I mentioned that. You got to be cognizant of what that your spouse is going to be doing. and then one that people usually forget about is another one called Rule 72T or substantial equal payments. Now, what the heck is that? Haven't covered this in a while. I'll need to do another show to refresh your memory on that. But that's the rule that allows us to take money out of a qualified plant, such as an IRA, prior to age 59 and a half and avoid the 10% penalty. Okay. Once we start it, there is one little chance that we can change it, but just for the most part, consider that once you start it, you can't. But here's the problem: people take it, right? Let's say they lose their job earlier. Let's say they're 56, 57, 58, whatever it is. Like, I need some money. So 401k is rolled over to an IRA. They start the 72T withdrawals. They're stuck with that for the next five years or age 59 and a half, whichever is longer. So usually it's the five years that's longer in that scenario. Then, lo and behold, they get a job a year or so from now. Well, they've already started this the the 72T. Again, there's one little caveat that you can stop it. But for the most part, I want you to think you can't. So Now they've got that income coming in, especially if they have a big 401k. They got that big income coming in off the off the 401k that moved to the IRA, the 72T payment, and they're back at work. More income than they need in many cases, higher taxes. So those are some of the main ones that you got to think about when it comes to Social Security and starting and stopping things. Cause it's, like I said, very, very important. So life expectancy, what are your other income sources? The taxes, you're just gonna, you're still gonna work, are you not? Your spouse's benefit, so on and so forth. When we come back, I'll talk about. The pension election. yeah, that's a one that you never can change. When we finish our discussion or not finish, but continue our discussion. Retirement decisions, you only get to make once. Welcome back to the John Sanchez Show on News Talk 780K, which quick recap of what happened today. Again, a really quiet start to the week. Finished down 61 on the Dow. NASDAQ lost 85 and the SP lower by a whopping five points. All right, back to our topic I just began. Retirement decisions you only get to make once. Once again, we talked about Social Security. Very important. You got to get it right the first time. You really do. Now let's go on to something that can fall into the same category, meaning a fixed income source, your pension election. the stories I could share with you if I had a couple hours. I really could. If you're fortunate enough to have a pension, and the reason I say if you're fortunate enough, because obviously very few companies offer these anymore, if you're a government worker, local, national, or federal, you're still fortunate in most cases to get it. but the private sector, just far and few between anymore. But when you get that decision or come to that decision, you've got some incredibly important decisions to make there. They're gonna ask you some of the following Do you want a single life benefit? Joint and survivor, maybe a 50%, 75%, 100% survivor. What in the world does all that mean? You expect me to read all that paperwork? What does it really mean? Let me break it down really simple, and this is why that decision is so important. The single life is the first one that most people will gravitate towards, right? So they're going to give you a quote of the different survivor options that I just mentioned. Single life, joint, and survivor, and then the 50, 75, or 100. And our minds or our eyes. Gravitate towards what's the highest number? it's the single life. That's the one I'm gonna take. And the reason I said the stories I could share with you because I've seen so many people over the years gravitate towards that one only to regret it. And here's why. When you're married, first of all, if you take the single life benefit, they're gonna have your spouse sign in front of a notary that he or she is aware that you have selected the single life. Yes, it's a larger amount, but the minute you die, all payments cease. So your spouse is going to get nothing. Second most common is joint and survivor benefit. That'll be a lower amount than the single life. But when you die, your spouse will continue receiving the same payment. Yeah, not a bad deal. That's the one I generally will put or stir a married couple towards. Then we can get real complicated, a 50%. benefit a 75 or 100. And there's all kinds of nuances to that. Forget about all that for a second. If you're ever faced with with this decision, here's what you have to remember. And boy, listen close me when I say this. Choosing your pension benefit is not about you. It's about protecting two lives with one decision. Because the choice that you make today on your pension will impact your spouse for the rest of their lives. Assuming they pass before you do. Now, you've heard me say this story many times, and I'm gonna just give you the reader's digest version. Where I see this to be a real problem, typically it's on the first responders, the cops and the firefighters, right? They get to retire, as we all know, very, very young age, very, very nice pensions. If what I've seen a lot of here in northern Nevada, we get a lot of law enforcement that retire here to northern Nevada. And they'll walk away from LAPD, LA County Sheriff's, et cetera, with some very, very nice pensions. And even out of the Bay Area, of course. I'm talking seven, eight thousand dollars a month at you know, fifty, fifty one, fifty-two years old. But that's if they suck they they selected the single life. Now, what happens is if they're let's say they're divorced, right? When they decide to retire, I'm gonna change my life. I'm gonna retire, I'm gonna move on, move to Nevada, blah, blah, blah, blah. New start. Beautiful. Love it. But they take that single life because there's no one in their life, right? They don't have a spouse. They just got a divorce. So guess what? Big fat paycheck comes in, comes in, comes in, everything's fine. A couple years go by. They meet the love of their life. They get married. 10, 15, 20 years go by. He dies. That spouse, that new spouse, relatively new, was so accustomed to living as a source of income on that seven or eight thousand dollar a month pension. Now it's gone. And what I see a lot of times The first responder never told the new wife that this is single life. Believe it or not, folks, a lot of times people absolutely literally forget. I don't remember what I when I ask them, did you take single life joint? What'd you do? I don't remember. I just selected the biggest one. Now that usually tells me it's going to be single life. So we'll do some digging, and sure enough, that's what ends up happening. So so they got the new wife. They're used to living on that pension. He dies and the pension's gone. And now she comes crying and going, what am I supposed to do now? And it's a tough, tough situation. Again, it's impossible because when you go through divorce, you're thinking, I'm probably never gonna find anybody again. Heck with everybody else. I want to get the biggest chunk of money I can and live my life. That's great. Nothing wrong with that. But just be careful. If there's a chance you think you're ever going to remarry, you know, you got to think about it. And you know, the other problem too, it's like you can't take a joint survivor benefit if you're not married. That's the other issue. So it's a matter of timing, right? You you can't say, yeah, I think I'm gonna get married in next five years. So give me joint and survivor. Well, you can't. There's no, there's no joint person at this point. So please, the once you start a pension, you can't stop it. And it's a very, very serious situation because again, we're talking significant sums of money, especially if you live, you know, for the next 20, 30, 40 years. So remember, it's about protecting two lives with one decision. Number three, pretty basic one, but it's so important. When do I actually retire? Well, again, people think that the retirement date is just a lifestyle decision. I kind of touched on this briefly last week. You know, Friday's my last day. Monday I'm retired. Heck with all of you. I'm done. But again, that retirement date is a major financial dis dis decision that you to make. Working another six months or another year can mean another year of income, another year of retirement contributions, another year without portfolio withdrawals, potentially higher social security benefits, continued employer health insurance. More time for investments to compound. You get my point. On and on and on. So know that when you retire, when that date actually happens. There's really no turning back from many of you. Again, as I've said so many times, a lot of businesses, large ones predominantly, love to hire people that have retired because they bring it back as a 1099. We'll set up an LLC for the employee. They get paid as a 1099. Business loves it, the employee loves it, so on and so forth. But again, that's I don't know, not even a full percent of the retirements that we do. But it can happen. It can happen. So just know when you set that date, no turning back. Decision number four. What do you do with that 401k? Let's say you retire with a half a million bucks, or maybe a million, or two million, sitting in that 401k that you've so diligently saved all these years. Do you leave it where it is? Do you roll it to an IRA? Do you take distributions? if you roll it to an IRA, how much is going to go into growth? How much is going to go into income? Is it going to be variable income? Is it going to be fixed income? Don't move some of it to a Roth and convert it over time. Well, again, there's not one universal answer to all that. But once those decisions happen, that's it. So for example, if you retire and you say, I want to take my million dollar 401k and roll it to an IRA, there's no calling the your old 401k custodian up, you a year later going, Hey, you what? I don't like this IRA thing. I want to move it back to my 401k. They're to say, nope, sorry, you can't do that. So again, once a lifetime decision. So make sure that you thoroughly understand the IRA rollover process, the pluses, the minuses, fees, so on and so forth. Decision number five, Medicare and healthcare. very important, just like Social Security. So turning age 65 introduces you to another major decision point. Medicare. I take my original Medicare. Do I get Medicare Advantage? Do I get Medigap? What's my prescription prescription drug coverage? And what if you're still working at age 65? What if your spouse is younger? What if you're contributing to an HSA? what happens if you retire at 62 and you need to bridge that gap between Sixty two and sixty five, so those three years. Healthcare is absolutely retirement planning. And I'm finally starting to see more and more people pay closer attention to the medical insurance, the Medicare side of things, which I love. Because again, it can be extremely expensive if you have to go buy your own policy. Medicare starting to edge up, especially if you're a high income earner. It's a very, very critical. And of course, you're talking about taking care of your life. So very important decision. Many of those decisions related to Medicare, et cetera, are irreversible. When I come back, I want to talk about decision number six. You're home. Let's wrap it up with the Saxman in the right now traffic center. Welcome back to the John Sanchez Show on News Talk 780KOH again. We've been talking about irreversible decisions when it comes to retirement planning. Before I continue on and we talk about the house, I want to make you aware of something. You see, you've spent the time and the money creating a living trust. But here's the question that most families never ever ask. Is my trust actually funded? You see, an unfunded trust may not protect your family the way that you intended it to. And could still leave assets exposed to that nasty P word probate. Join me this Wednesday, 6 p.m. for my free live educational webinar. The title's Trust Funding, The Steps Most Families Miss. I'm going to show you which assets belong in your trust, which ones don't, and the mistakes I see families make every day. Register for the event, specializetrust.com. That's specializetrust.com. All right, let's talk about your house. Again. Can this be an irreversible decision? Absolutely. Once you sell it, it's gone. So the question that frequently comes about when we talk about a home in retirement, do we stay? Do we downsize? Do we move to another state? Do we follow the magnet, meaning the grandkids? Do we pay off the mortgage? Do we keep the mortgage and leave the investments alone? Do we buy that retirement home before we sell the existing home? And remember, selling our home, yeah, it's a financial decision, but it's also a very emotional decision, right? This is probably the place you raised your kids. Maybe got the grandkids there. Probably lived there 30 years. So do me a favor, don't make a permanent housing decision based solely on the numbers. Factor in a lot of things. Your emotions. Now we get to the money side, the property taxes, the insurance, the maintenance, the accessibility. You know, is it a two-story house and you're getting up there in age? Maybe you don't want that. How close are you to healthcare or how far away are you? How close are you to family? Or how far away are you? Cost of living, taxes, if you live in a state that has taxes, state taxes. How much capital is tied up in the property? Do you need that capital to provide additional income for retirement? Decision number seven. The first big one, what I call the first big withdrawal. You see, here's one thing that a lot of people don't think about. Let's say you've done a great job. You've saved for retirement. Everything's great. Say you got a, I don't know, million and a half in the bank or the in the brokerage accounts. And immediately we think, get to retire. It's my time now. I want to buy that big RV. I want to buy that big boat. Or how about that remodel that my wife and I have been wanting to do for years that $150,000 remodel. Or maybe we want to take that that dream trip. We want to gather all the family together, kids, grandkids, and I'm going to foot the bill. We're going to go spend I've seen families spend upwards of $100,000 taking that big family cruise. Or maybe you want to give some of the kids some money, say 50 grand, give them down payment for the house, or just give them a little you know, jump start in life. You've worked your entire life. You absolutely deserve and should enjoy your money. But I want you to understand something. A $150,000 withdraw at age 65 isn't just the $150,000 withdraw at age 65. It's also the future growth that that money potentially could have generated over the next 10 years. 20, 30 years. What I always tell clients when they're going to make a major withdrawal like that, run the numbers. Find a financial calculator online, run the numbers, give it a, you know, a conservative rate of return, say six to eight percent, say over the next 10, 15, 20 years, whatever you want to do, and look and see what that money you're gonna withdraw would be worth under a certain rate of return over a certain number of years. And if you can live with that, beautiful. Again, life isn't all about money by any means. So just do that to make sure that you're making the right decision. Decision number eight, near and dear to my heart, who gets your money, right? The retirement decision no one likes to talk about. Do we have the right beneficiary designations? Do we have the IRA, the four hundred one K, the life insurance, the annuities, the bank and brokerage accounts? And do we have all that tied back together with a proper estate plan? You know, you spend forty plus years accumulating wealth, working hard. And a lot of people spend fifteen minutes deciding what's going to happen when they're gone. Because remember, your beneficiary decision, your estate plan can determine who receives the assets, how quickly they receive the assets, how the assets are going to be taxed, whether the estate plan controls it or the court does. What happens if a beneficiary dies before you? What happens if a beneficiary is a miner? I say that all the time. Can't do that. So retirement planning shouldn't end with, will I have enough? It should end with, what happens to everything that's left? Will my family be taken care of? So the exercise I want to kind of leave you with is this. Every time you're about to make a major retirement decision, ask yourself the following question: Can I change my mind? If the answer is yes, obviously you've got some flexibility. But if the answer is no on some of these areas that I've gone through with you today, changing your mind could be extremely difficult. If not impossible, and sometimes very expensive. So take a deep breath, slow down, get the information, run the numbers, work with a pro, understand the tax consequences, understand what happens to your spouse. Understand what happens five years from now, not just next month. Because remember, retirement planning isn't about only maximizing the money. It's about minimizing the number of decisions you eventually wish you could take back. Right? None of us ever want to wake up and go, Almost like buyer's remorse, but I call it retirement remorse. You wake up and go, my gosh, what did I just do? Take a little extra time before making these financial decisions. Again, this is where a financial pro like myself, like our firm, comes into play. We can sit down with you, give you objective advice, years of experience advice. If we can help you, give us a call at the office at 775-800-1801. We'd love the opportunity to work with you. God bless. Have a great afternoon. We will see you tomorrow on the John Sanchez Show.