Four Things That Disappear in Retirement – Are You Ready?

Episode 44: Audio automatically transcribed by Sonix

Episode 44: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello there, and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your advisor, your buddy, your good friend, your pal and your confidant. Thanks so much for being a part of things. As always, we really do appreciate your time spending time with little old me. Hey, I can't I cannot complain about that. And the fact that you do that is, um, it's just wonderful and humbling. So I really do appreciate it very, very much. A lot of great stuff to come up on the show today. Um, I'm going to talk to the head of Protect Our Care, an organization that is working to save that the funding to Medicaid. And he's going to talk about what this new proposal in Congress that is making its way through Congress as part of the budget process would potentially mean for those who rely on Medicaid and exactly how much could be cut there and give his opinion and views on that. So that will be a good discussion to have coming up here in just a few minutes. Also going to discuss some things related to your retirement years, of course, in that there are four things that will go through that disappear after you retire. So you got to be prepared to lose these or have a plan so that you know what to do when and if these things go away and that that plan can, you know, be in place no matter what happens in life. So you got to plan for the if in life, right? That's the old saying goes.

Speaker1:
So let's do that. Let's have a plan that's going to be good no matter what happens in your lifetime. And also going to talk about things that you need to do if you're planning to retire in the next few years, at least these three things that I'm going to go through coming up in just a little bit. So a lot of wonderful stuff to come up here on the show today. Also, as we start off here, as I always do, wanted to say thank you, of course, again for listening on the podcast coast to coast or around the globe. Wherever you happen to be, make sure you subscribe to the podcast. Sign up so you get those alerts every time a new episode comes out and you're alerted to the topic of the show. The great guests that I have on here on the show, and I love talking to you. So that is a good thing to do, and I would very much appreciate it. Leave a good rating and solid comments on the the podcast feed there as well. Wherever you get your podcasts. Hey, go ahead and subscribe to all of them on all the channels that are podcast platforms. I guess I should say. I would absolutely love that. Um, also check out the YouTube channel. Just go to YouTube, search for Take Pride in Retirement. You can see a bunch of highlights from this show, my full interviews and conversations with a bunch of the guests that I have on Christine Benz from the previous episode, Philip Rafshoon from the episode before that.

Speaker1:
A lot of wonderful info there as well that you will find from previous episodes of the show and some special content. Also, you can also search for Take Pride in Retirement on Facebook. Follow me there. I would love that. Also on Threads and Instagram. Check out all of those. And then you know just just give me a follow. And I would love that. It would. It helps the algorithm and all that fancy talk. All right. Also, I love to sit with listeners to the show. I love to sit with people who could work with me or exploring working with me on an individualized retirement plan and financial plan for you. So all you have to do to get that. And it's no obligation, no cost at all to take part in this initial consultation. And and me taking a deep dive into your finances to get started on that, just go to the website. Take Pride in retirement.com. It's take Pride in retirement.com. You can go there. Click on the schedule and appointment button. It's at the top of the screen. Or you can give me a call if you prefer that method. 85524692. 11 (855) 246-9211. Okay. A lot of great stuff as I said, to come up on the show. But let's get started with some inspiration for our conversations with our quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote comes from Warren Buffett's longtime partner at Berkshire Hathaway and someone who is a very prolific investor. Of course, anybody who works with Warren Buffett in that capacity certainly is. And I love this quote. It says, knowing what you don't know is more useful than being brilliant. I love it because there's so much that I don't know. There's so much that I don't know, I don't know. But then there's a lot that I know I don't know, right? So if you if you're aware of the things that you don't know, then you can seek out that professional help. Right. You can seek out that guidance from someone who does know the answers to the things that you don't know. So I feel like that. That's great. And and that really is I would agree with Charlie Munger here better than being brilliant, because you then can seek out that advice from those experts, from those individuals and improve your, um, you know, thought that's kind of how you're always learning, right? And then, you know, if you're also aware of what you don't know, you kind of avoid some, some pitfalls in life as well. I just think that's a great quote. It says it says a lot there. Knowing what you don't know is more useful than being brilliant and really kind of is true when it comes to your finances as well, because there's a lot that a lot of people don't know.

Speaker1:
And I would say that it's really important to seek professional help and guidance in filling those gaps, those knowledge gaps that you may have, the questions that you may have. Get those answered and come up with a plan. Because that's really what is most important, is having a plan that's going to help you grow and protect that hard earned money that you have. As I say, worked so hard for. Make it work as hard for you as you have worked for it, right? Grow that pot of money and then when you retire, turn that into income and income that you can never outlive. That is the thing. And that really does address the number one fear of retirees, which is running out of money before they run out of life. Right. I mean, that the surveys have shown that people who are retired fear that running out of money more than death itself, even a majority of them. So it's a super important thing. It's what I love to do. And and I hope that this show helps along in that. Again, take pride in retirement. Com is the website. Go there. Make an appointment for an initial consultation. All right, so before I get to my interview with the head of Protect Our Care, I wanted to go over this.

Speaker1:
Four things that disappear after you retire. And are you prepared to lose them all? Are you prepared to lose these things? Do you have a plan? That's really what I was just talking about. It segues perfectly into this. Are you prepared to lose these things that disappear after your retirement? If you don't have a plan, you're not prepared for these things. And make sure that that your plan accounts for these things. Right. So the idea of sorting, sort of having full control of your time, like you will in retirement, it's an appealing thing, right? But for a lot of folks, it feels like the finish line to a long race. And then you gain freedom after you cross that finish line. But you do lose some things. You lose more than you think. So without a plan, without a big enough nest egg without an income plan. They can sort of leave you feeling unprepared for what comes next. And so for things here that tend to disappear in your retirement years, and what you can do now to make sure that they don't take you by surprise. Number one, probably is the the least surprising of the things that disappear in your retirement years, but it's the one that you've got to, I guess, think of as the thing that you immediately have to replace. Right? And that is the financial safety of getting your regular paycheck that disappears in your retirement years.

Speaker1:
You're not working for your employer anymore, right? So that income, that regular paycheck that comes in is going to go away. So that is the most immediate and undeniable change in your retirement. And for decades, you know, your income has has arrived like clockwork. And in its place may be things like managed withdrawals from retirement accounts, Social Security. Hopefully some other income sources that you've set up along the way, and diversifying income streams with things like annuities or rental income, even part time work. Go to work if you want to, not because you have to. I got to emphasize that go to work because you want to, not because you have to in retirement. You know, so that part time work, if it's something that you enjoy, it can help ease financial stress. Sure, it can also help ease that a lot of personal stress. If you're not somebody who can just sit around and do nothing, which I'll talk about that in just a bit. Delaying Social Security until age 70 as well. That can increase your benefits significantly. That may or may not be right for you in your individual situation. It's why it's important to get a personalized consultation and have me take a deep dive into your individual financial accounts, all your investments and all of that, and see what kind of a plan you have and see if you even have a plan and see if it's going to work for you.

Speaker1:
If you don't have a plan. Chances are it's not going to work. But if you do have a plan, I'll make sure I'll go through it with a fine tooth comb. Make sure that you're on the right track. If you are, I'll tell you that. I'll say, hey, this is great. Keep doing what you're doing. Chances are, though, I can help improve things for you and I want to do that. Take pride in retirement. Comm again is the website. Well, the number two thing that disappears in retirement is your risk tolerance. Yeah. I mean, look, here's the thing. When you're working, taking risks with your investments really kind of doesn't feel as scary, especially if you're in your younger years, you know, your 30s, 40s even into your 50s, right? Um, it doesn't feel quite as scary. So because if the stock market dips, you know that you're going to keep contributing to your employer plan and then there's time to recover. But retirement really does change the stakes of everything. You know, market downturns are going to really significantly impact your portfolio and how much you can safely withdraw each year. And that's known as sequence of returns risk. It's this idea that early withdrawals during a market downturn can deplete a portfolio faster than anticipated, can just wipe it out in some cases, if it's a huge drop in the market.

Speaker1:
Because let's remember, you're making those withdrawals regularly from your investment accounts, and then that money is still invested right in the in the market in this example. And so if the market has a huge downturn, if the bottom drops out, that's happening. The the investments that are inside your portfolio are losing value. At the same time, you're drawing down your investments for your income and retirement. And so it's just a compounding effect. I mean, it really can just drain your finances in retirement. And that leaves, you know, less in there as well to to recover with when the markets rebound. And so a balanced strategy and solid income plan are really essential. They can they can help keep that risk from impacting your retirement lifestyle. Number three thing that disappears in retirement your employer sponsored benefits. This is one I think we take for granted a bit right when we're working. If we're lucky enough to have employer sponsored benefits. I mean, you know, here's the thing. Losing that paycheck that I talked about, that's one thing you sort of know that's coming, right? But losing your employer sponsored benefits, especially things like health insurance. And of course, we a lot of people will say, yeah, I'm not a huge fan of the health insurance companies or something like that.

Speaker1:
And there are gripes to be heard about that very issue, of course. But in the end, having that obviously is better than having nothing. So that health insurance, other sort of ancillary benefits like maybe vision, dental, um, all of those sorts of things that can even be a bigger shock than losing that paycheck. You know, if you retire before you're 65, for example, you are on your own. Let's say you retire at age 60. You're on your own until Medicare kicks in at age 65. And even then you can have some coverage gaps, you know, gap between Medicare Part A and part B, gaps between any of the other alphabet soup that makes up Medicare. And that's because Medicare doesn't cover everything, right? Dental vision, hearing aids, long term care. Those are generally out of pocket costs. And those can really add up quickly. So planning ahead, as I said, is essential. And some retirees opt for, say, Medicare Advantage or Medigap plans to help cover their gaps in coverage. Others set aside funds into a health savings account, an HSA right. So that that can be one thing that can help you prepare as well. And another thing that I was sort of alluding to a few minutes ago that disappears in retirement, or at least tends to is your sense of purpose. Yeah, I know it's, um, not necessarily a fun one to think about, but it reminds me kind of of my dad, actually, because he worked so hard in his working years.

Speaker1:
I mean, he worked in a factory and worked long hours. Got up super early. I thought as a kid that he just slept all the time because, you know, I would get home from school or whatever after school activities, and I'd come home and he'd be asleep on the couch. Well, that was because he was exhausted from working such a long shift, getting up so early and all of the things. Right. So that's why he was sleeping on the couch. But in retirement, um, you know, I realized after he retired, I'm like, oh, he did do a lot. Um, because after, I don't know, maybe it was a few weeks. He said, okay, I can't just sit around anymore. I gotta have something to do. Right. He needed that sense of purpose. So, yeah, your sense of purpose does seem to disappear a lot of times in retirement. And it really boils down to the fact that working is not just about money, you know? It provides a routine. It provides social interaction, a sense of accomplishment. This is actually a study here from the National Library of Medicine, has linked a lack of purpose in retirement to increased health risks, including things like depression, cognitive decline, even verbal memory function.

Speaker1:
Remembering the things that people tell you, right? The best way to avoid that is to plan beyond just your finances. Have a plan. This is why we always talk about having a smart vision for your retirement years. You know, whether you're you're going to be spending time with your spouse or your partner or your kids if you have them or you're a chosen family, whomever you're going to be spending time with, have that as part of your plan. Have maybe volunteering as part of your plan, pursuing a passion project, even taking on, like I mentioned a few minutes ago, Part time work even to just help fill the void of not doing anything. That was one thing that my dad did was was get a part time job. So that and that gave him a lot of fulfillment and something to do and getting out of the house. And, you know, he always wanted to to travel in retirement and got to do a little bit of it, but not nearly as much as he as he wanted to, I'm sure. But it's a thing that is so important to remember is that you need to plan for beyond the finances. You need to plan for your mental health, your physical health as well, right? So keep that in mind. And that's what I always love to do, is really get to know my clients that I work with, get to know the people who I am coming up with financial plans for because they have these, you know, passions.

Speaker1:
They have the the lust for travel that they want to do, that wanderlust, you know, they want to travel a lot. They've got things that, you know, organizations that they're really passionate about that they want to work with. Maybe they want to take on a part time job doing something that they enjoy. They may want to reinvent themselves rather than retire. So that's the thing. It's all so individual. And getting to know the individual is an important part of the whole planning process. And that's what I do. And I take that very seriously in my work. Again, no matter who you are, where you come from, who you love, how you identify or how much money you have, you deserve a retirement you can take pride in. And you know, if you start working with me today or tomorrow or the next day, don't put it off too long because then you'll forget about it. But if you do it, I'm going to discuss your financial goals and your vision for retirement. I'm going to take a look at your current plan and portfolio of assets such as you have. No matter how big that or small that portfolio might be, no matter how robust or minuscule the plan is that you have.

Speaker1:
I'm going to take a look at it, go through it with a fine tooth comb, walk you through the recommended plan that I come up with after I take a look at your plan now and then answer as many questions as you have about your retirement beginning to end, top to bottom, side to side. I will answer all of those questions for you that I can possibly answer. All you have to do to get started on that it's no obligation, no cost. Take pride in retirement. Com and click on the Schedule a consultation button right there at the top of the screen. Take pride in retirement. Com you can also call me 85524692118552469211. All right. So I had a conversation a few days ago just after the House passed its budget resolution for this year. And in that resolution, apparently a big cut to Medicaid. So I spoke just a few days ago about that with a very important and special guest that I wanted to bring on to the show and share that conversation with you. So here is that conversation. We'll talk more about that and move on to one. One more topic here on the other side. I'm speaking with Leslie Dock, the chair of Protect Our Care. Leslie, thank you so much for spending some time with me. I really do appreciate it.

Speaker4:
It's a pleasure to be here. Thanks for having me.

Speaker1:
Well, I'm very glad to have you. It is a very interesting time, of course, on Capitol Hill and in, in DC in general. Um, you sort of never know what's going to happen. And, um, we've been kind of waiting for this budget proposal to be, you know, making its way through. Of course, the House has now passed this bill, and it includes significant changes and significant cuts, especially when it comes to things like Medicaid. Um, protect Our Care is launched. This hands off our Medicaid or hands off Medicaid campaign, I should say. Talk about what is actually in this bill and from your, you know, work in this area. What would that mean for folks?

Speaker4:
Well, as you said last night, the House of Representatives passed a budget bill that calls for a minimum of $880 billion in cuts to Medicaid. And there are others who are trying to make to take those cuts and make them even more draconian, up to $2 trillion of cuts for Medicaid. So that's more than 10% up to 25% of the entire Medicaid budget. And I think your listeners will, you know, know this from their own personal experience that Medicaid is a lifeline for seniors in America. Um, it is the largest, um, covers the largest share of seniors when it comes to long term care and care at home. So just to have the numbers, it's 6 in 10 nursing home residents in the US are paid for by Medicaid. So if they lose that funding, basically they will be kicked out of their nursing home and sent back home. And then when they get home, they will lose. Uh, there won't be any in-home care left for them through Medicaid, because Medicaid now covers the largest share of at home care for seniors as well. So people will literally, um, be kicked out of their nursing homes, have nowhere to go when they go home. They won't get the support they need. And this, of course, also will create a burden and a responsibility on the rest of their families to take care of them.

Speaker1:
Yeah, it really does. I mean, it has these ripple effects when people lose their care. And, you know, I mean, with Medicaid also, we're talking about those who are really most in need. I mean, talk about the Medicaid program, you know, just in general for, you know, who it's for and, and the the need that it really does address for them.

Speaker4:
I think everyone in America knows that healthcare is too expensive and hard to access. So that's what Medicaid is about, is to help folks get the health care they need, both to stay healthy, but also to be taken care of when they're sick. So by the numbers 72 million Americans rely on Medicaid for their health care. It is the largest health care program in the country. That includes over 30 million children, 40% of all births in America, 20% of people struggling with mental illness. As I mentioned, 60% of nursing home stays or care at home, 1 million veterans with chronic conditions, and millions of working folks whose jobs simply pay too little to afford health insurance or health care. It also keeps rural hospitals open. And as we know, there's a rural hospitals are closing across America. And in rural hospitals particularly rely on Medicaid for the funds and care, pay for care that keeps those hospitals open. So all of those, uh, is at risk. Um, if these cuts go through, and that's what our efforts are all about. And it's important to note that. Why are they why are they cutting Medicaid? Because they want to pay for a $5 trillion tax cut for the ultra rich and for big corporations. And it's, you know, the American people don't want that. Um, the American people think that we spend too little on health care at the federal government. Not too much. Um, and they completely think it's a horrible idea to take away their health care in order to fund these tax breaks for people who don't need them.

Speaker1:
Yeah. And surveys really have shown that. I mean, you know, a lot of really the a large majority of Americans, about two thirds agree that cuts to Medicaid are a bad idea in, in surveys. So. Yeah. The public is really not on the side of cutting Medicaid, especially not in the numbers that it seems like this proposal would actually mean for as far as cuts to Medicaid. Um, and talk about obviously, you know, you are in this obviously chair of Protect our Care. You all are in this. Hands off Medicaid campaign. Now you're talking to folks like me during this campaign. What other kind of avenues are you taking to sort of spread the word about this and, and, and really get the word out so that more people are aware of exactly what this would mean for people who are on Medicaid and, you know, their families, their friends, their loved ones as well.

Speaker4:
We're doing everything we can and raising all the money we can, you know, to do more. But I want to also just touch for one second on something you said before, which are these survey numbers? I think it's important and particularly important for members of Congress because unfortunately, you know, this is a partisan issue in Congress because it's, you know, all the Democrats voted against these cuts and all the Republicans excited, aside from one voted for the cuts. And the one who voted against them was because they didn't think they were big enough. But this is a very much a bipartisan issue across the kitchen tables and the homes in America. So, you know, we've done extensive polling of Trump voters, and 67% of Trump voters have a positive opinion of Medicaid. Only 14% of Republicans want the government to spend less on health care than we're than the government spends today. And 38% of Trump voters say that they, or someone in their immediate family relies on Medicaid for their health care. And 74% of Trump voters oppose cutting funding to health care in order to offset these tax breaks for millionaires and big corporations.

Speaker4:
So, you know, this is this is as bipartisan a kitchen table issue as you could possibly see in America. And that's just important to, you know, understand that people who are trying to make this, you know, feel differently or not are representing their constituents. So we are you know, what? We are running advertising in 10 or 12 congressional districts where we think, um, you know, members, um, need to do the right thing or thinking about doing the right thing. And we were very disappointed yesterday because many of the members of Congress, Republican members of Congress, were making public noises about their concern. But when it came to voting, they voted um, to to do these cuts. So we need to keep educating them. We'll do that, you know, through advertising, through meetings with them, um, and through and then we're very, very much encouraging. Um, everyone who, uh, cares about Medicaid is on Medicaid. Had a family member on Medicaid, um, to call their member of Congress and say, hands off Medicaid.

Speaker1:
Yeah. And that was going to be my next question, too, is like, you know, what can folks do? And there's nothing I think that's more powerful than making your voice heard on issues that are of importance. And this is definitely one that that falls into that category, because, you know, so many people just rely on this care and this funding means a whole lot. Um, well, Leslie, just about time to to wrap things up here. But anything else that you wanted to touch on that we haven't mentioned that comes to mind?

Speaker4:
Okay. I'll just give people, you know, how to get to our website, which has a lot of background information and also has, you know, kind of a page that talks about how you can, um, reach out to your member of Congress. Um, so it is simply protect our care.org.

Speaker1:
All right. Protect our care.org. Well, Leslie Dock is chair of Protect our Care. Leslie, thank you so much for spending a few minutes with me. I really do appreciate your time.

Speaker4:
Yep. And we're always here if you have more questions going forward. And thanks for having us. And thanks for caring about this issue.

Speaker1:
So very eye opening conversation there. A lot of great information. And if that's something that you are passionate about and want to do, um, you know, as, as he was saying just a minute ago, call your representatives, email your representatives, message them. However, you can send a carrier pigeon whatever you want to do, If that's something that you're very passionate about and you care about that funding for that program, that really lifts up a lot of people. Um, just do that. Make sure that that you do that. And, um, yeah, it's, you know, something that could be very critical for a lot of folks. So, um, that's I'm just glad that we had that conversation. All right. So a few more points that I want to make, actually three more points or I guess, I guess three steps here before we wrap things up for the show today. And this is, you know, if you're planning to retire in a few years, a few things that you need to do first, like if you're in that retirement red zone, which we talk about quite often, is, you know, it's like a few years before retirement and a few years into retirement, like either 5 or 10 years either side of your retirement date. That's sort of the retirement red zone. Well, if you are in that, especially the early part of that before retirement, here are some things that you need to do first. Three steps.

Speaker1:
Step number one I think is the most important, which is kind of why it's step number one is to meet with a financial advisor. You can schedule a meeting today. Go to take Pride in retirement.com and do that. And this is what I do I help people with their financial situation. I help them answer any initial questions and then get started on developing a smart retirement plan. And it's tailored just for you. It's all based on your situation, not anybody else's. Because I'll go through assess your current financial situation, considering your income, your expenses, your assets, your liabilities to evaluate what is your, I guess, retirement readiness right now. Right. And then we'll set some realistic retirement goals for you. You know, I'm not going to tell you. Oh, you can yes, you can withdraw $3 million a month and that, you know, that's you have maybe $100,000 in your savings or something. No, that's not that's probably not possible. Um, but I'll set realistic retirement goals, help you map out where you can get, and then help you get there, right? I love helping clients establish and reach those achievable financial goals based on their assets and their desired lifestyle, and their timeline for retirement. Make adjustments to your portfolio as necessary. That is step two make adjustments as necessary. It's not a set it and forget it situation. Circumstances in life change. Circumstances in the world change those outside forces that we can't control necessarily.

Speaker1:
So what do you want to do? Control the controllables right. Control the things you can. That is so super important to to do because you can't control everything. And I know that that, you know, there are a lot of us in life that tend to be a little control freak ish. I can be that way sometimes. I don't think I'm that way all the time. But you know, if you're that way, it could be difficult to sort of let go of things. And here's the thing. Like, there are so many those things that we can't control, those outside forces, those those things that are sort of larger than life, that are are the macro things, not the micro, but the macro things that that happen out there. We can't control those. So it's it's the way that you respond to them. It's the way that you react to them or it's the way that you proactively plan for them so that no matter what happens, you're good. Right. So it's not a set it and forget it situation. You got to make adjustments to your portfolio as necessary. You know, some stress tests some analysis on your current investments in your retirement plan. What I'll do is present you with different options to consider based on your goals and your risk tolerance and things like that. Diversify your investments. That's another part of this step. I'm going to help you, you know, find that comfortable balance between a both, you know, sort of smart, safe and smart risk investments.

Speaker1:
You got to take some risks to get the reward right. But you want safety as well. But safety with growth and then turning that into income in retirement. Also a super important thing to focus on because it really is all about income in retirement, saving up that big nest egg. Boy that's a great thing. That's a wonderful thing. How are you going to draw it down in retirement? How are you going to know that you're going to have income that you can never outlive? That's one thing that I really do specialize in, is getting people set up with plans that can provide income for them no matter what, no matter if they live to be, you know, 70 or 170, they're going to never run out of money. They're never going to run out of that income. Consider implementing something called a Roth conversion, right? If your retirement savings is mostly sitting in a tax deferred account, especially, you know, that's going to help you avoid future tax increases and generate tax free income. And with a Roth, you never have to worry about those dreaded RMDs. Right. Required minimum distributions because the tax treatment is different in a Roth. You've already paid the taxes up front. So the money that's in that Roth. The investments there grow tax free. And the withdrawals in retirement are tax free. Whereas with a traditional 401 K or a traditional IRA, something like that.

Speaker1:
That's pre-tax money. You're not taxed on that. Yet it grows tax deferred. So then when you take out those dollars and cents in retirement that's all taxable. So that's something that you need to be aware of and plan for. And you can do it with a Roth conversion. Converting some of those traditional dollars into Roth dollars essentially right inside a Roth account help you save on taxes in the future. And then step three know your plan for Social Security and check for income gaps. You know, I can provide you with a Social Security maximization plan, helping you get the best benefit for your needs. It's again. So. Individual. And yeah, there are a lot of decisions that go into Social Security. I'll consider your other retirement income sources like I was talking about before. You know, pensions if you have one, you know, not a whole lot of people do these days. They've been phased out in favor of 401 s and things like that. But if you do have a pension we'll go through that. An annuity or something that I like to refer to as, as a personal pension or a self-funded pension would be what an annuity can be for you. And then maybe things like rental income or part time work can help you, um, you know, take that all into consideration as well and then help you establish that personal pension, like I was talking about.

Speaker1:
If you don't have one to provide you with the income that you need for life, that's self-funded. Pension is something that is possible, that you can give yourself a good gift to give future you. Right. And it can be something that is very valuable in dollars and cents, but then something that you can't measure the value of. And that's piece of mind, right? You know that you're not going to outlive your money. Boy. Talk about a lot of peace of mind and you really can't put a price on it, right? So that is something that is you. I don't know, you just need to keep in mind and and you need to think about. And I hope that it sparks something in you to to reach out. Maybe give me a call at 855246 9211 (855) 246-9211. You can also go to the website take Pride in retirement.com. Take Pride in retirement.com. You can book yourself right into my calendar today and schedule your free meeting to get started on your plan. Well, that's going to do it for this time around. On Take Pride in Retirement. I am so glad that you joined me today. I really do appreciate your time as always folks, and I've got a great show planned for next time around as well, so join me then. And until then, take pride in yourselves and take care of each other. We'll see you then.

Speaker2:
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ plus community deserve to work with the fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement. Dot com investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure and Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

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