From Gold to Crypto: Preparing for a Digital Future

Episode 66: Audio automatically transcribed by Sonix

Episode 66: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Hey, it's Matt McClure of Active Wealth Management and host of Take Pride in Retirement. How would you like guaranteed growth for your retirement investment? Nationwide's peak ten fixed indexed annuity offers an 8% simple interest roll up for the first ten years or until your first withdrawal, whichever comes first. When you choose the lifetime Bonus Income plus rider for an additional cost. With Nationwide Peak ten, you will also receive protection for your principal, keeping your initial investment safe even during market downturns. Growth opportunities linked to market performance without direct market risks and guaranteed lifetime income helping to create a more secure retirement. Call me today at 85524692 11 or go to take pride in retirement. Com to connect with me and start building a brighter future. Let's take pride in retirement investment advisory services offer through Brookstone Capital Management LLC, BCM, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of Nationwide Life and Annuity Insurance Company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company. Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Active Wealth Management. 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, and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal, and your confidant really to appreciate you being a part of things this time around. As always, this is the show where, you know, we really help you get armed with information, you know? I mean, it's what it's all about, about your retirement, about how different things are happening in the world affect you, your wallet. And, you know, we meet you where you are, really I mean, you know, acknowledging that LGBTQ plus folks face some different hurdles financially and socially and all of the things, um, compared to the general population. So, you know, and today, I guess, is really not any exception to what we normally do, except, of course, the topic is different today because we're tackling a big one that's been on a lot of minds, not only here just very recently, but over the last several years. That is inflation. You know, rising prices really do have a big effect on everyone. But for retirees and, you know, especially if you're an LGBTQ plus retiree and you're living on a fixed income, um, it can feel really like every trip to the grocery store or to the pharmacy just takes a bigger bite out of your wallet. And so I'm going to break down what inflation really means, why it's such a challenge in retirement, and some smart ways that you can protect your purchasing power without taking on too much risk. So all of that to come. But I also want to say thank you for following me on the socials.

Speaker1:
And if you're not following me on the socials, why not? Um, Instagram. Uh, YouTube? Facebook, blue sky, um, threads. Follow along there on all the different socials. Take pride in retirement. Just search for us and you'll find the different profiles on the different social media platforms. Uh, Uploading videos constantly here, and it really is just my pleasure to bring you that content as well, in addition to the show each and every week. And hey, also subscribe wherever you get your podcasts. Of course, that's probably what you're doing right now having found the show, but I also want to say leave a good rating there. Leave some nice comments if you don't mind. Leave a review of the show. I'd really appreciate that as well. It really does help things grow and and just, you know, even reach more people. Um, as we continue on trying to spread the good word about things that you actually can control when it comes to your retirement. If anything that I say on the show today or any time is something that really, you know, hits home for you, that makes you, you know, makes your ears perk up. Makes you say, oh, well, I am really interested in that. I boy, I really have had this problem or boy, that sounds like that could be a good option for me in my retirement. I'd like to explore that more. Please reach out. Feel free to do so. You know, I always will do an initial consultation.

Speaker1:
It's absolutely free of any cost or any obligation I want to help, and that's what it is all about. And that is when I can act in a fiduciary capacity for you. When I meet with you one on one and meeting with you one on one can do it via zoom. I can do it. If you happen to be in the metro Atlanta area, we've got a couple of different offices here where I can meet with you or, you know, meet at your house, meet at a coffee shop, meet somewhere, wherever you want to meet because it's important for you to take control of those things that you can so that you can have a retirement, that you deserve, the retirement that you can take pride in. Right. So reach out to me for that initial consultation a couple of ways you can do that. You can email me Matt at take Pride in retirement. Com you can go to the website take pride in retirement. Com and in the upper right hand corner you can see there's just a schedule A consultation button. It's right there on the screen. It's as easy as that. It takes you right into my calendar and you can book directly with me. You can also give me a call if you'd prefer that. 85524692 11 (855) 246-9211. Is that number. All right. So a lot of inflation talk to get to this week. But first let's get a quote of the week so we can have some inspiration for this conversation. We're about to have.

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

Speaker1:
And this week's quote comes from the Oracle of Omaha, who a lot of our quotes tend to come from. Really, just because he's got so many wise words. Warren Buffett, he said this the best protection against inflation is your own personal earning power. The more you learn, the more you'll earn. The best protection against inflation is your own personal earning power. The more you learn, the more you'll earn. Boy, I mean that. That really does say a lot with just a few words. I mean, it reinforces that idea that that knowledge, that planning, that smart decision making. Those are really the strongest defenses against inflation. Inflation is and I've said this already used this phrase a couple of times. I'm sure I'll use it a couple more. But controlling the things you can control, right. Inflation is not one of those things that you can control. The things that you can control are how you respond to it or how you proactively behave so that you're prepared for it. And so what is inflation? First of all, you might say. Well, inflation, simply put, is when the cost of goods and services goes up and that makes your money worth less over time it erodes the purchasing power of the almighty dollar. And so the cost of goods and services go up, and that means the dollar doesn't go as far. And historically, inflation has averaged about 3% annually in the US. That may not sound like a whole lot, but the kicker kind of is at 3% inflation.

Speaker1:
The purchasing power of $50,000 cuts in half in about 24 years. So that's the length of many retirements. So if you're living on that fixed income and that number doesn't go up as retirement continues, you're going to have half the purchasing power by the time 24 years is up that you did in the beginning of your retirement in this particular example. And, you know, we've seen extreme examples of that. I mean, in 2022, for example, not long ago, just three short years ago, inflation hit 9.1%. That was the highest since 1981. And imagine, you know, trying to stretch a fixed pension or a Social Security check during that kind of spike. A lot of you might have done that and might have had to do that, might have had to make some tough decisions. Health care and housing. Those are two of the biggest expenses for retirees. Those are some of the things that will often rise faster than the overall inflation rate. Another very volatile thing is food. So we heard so much about, you know, the price of eggs and all of that during this recent inflationary period. Inflation continues to be an issue, by the way. It hasn't gone anywhere. And you know, for LGBTQ plus retirees who are more likely to live alone or without traditional family support, those costs can really hit hard.

Speaker1:
You don't have that, you know, extra support financially. You don't have that extra those extra folks there to to be a system of, um, I guess like a safety net, kind of like a personal safety net for you. So, yeah, it can really hit you hard as an LGBTQ plus retiree. So we got to do a few things. We got we got to fight back against inflation and we got to be proactive as well. Let's talk some strategies here. Number one is when it comes to Social Security. Now thankfully I mean it's not. Of course no system is perfect. It is an imperfect system that I'm going to talk about here. But Social Security has built in cost of living adjustments. Yay! Um, built in cost of living adjustments or colas. That's cola. That's the cost of living adjustment. It's. No, I'm not talking about, you know, a diet soda that you might be sipping on right now or something. Um, no, it's the cola. The cost of living adjustment. Those will be automatic increases based on one measure of inflation. Um, for 2023, um, for example, retirees saw nearly a 9% jump. It was 8.7%, I believe, the biggest jump in decades. In those monthly Social Security benefit checks. And it was because it was in response to that big inflation rate the prior year. So it's sort of it's a it keeps up with inflation, but kind of in a lagging way.

Speaker1:
Right. It doesn't um, keep up sort of in real time with inflation like so we had that big bump in inflation in 2022. And so in 2023 the Social Security Administration increased checks the monthly benefits in response to that previous year's inflation. So you know yeah it keeps up but it keeps up slowly. And colas are really they're they're tied to the broad inflation measures. So not things like health care specific costs right. They're they're tied to more overall inflation. It uses a particular um measure of inflation that takes into account a lot of different categories, not necessarily things that only affect seniors or retirees. And so it may not fully keep up as a result with the actual rate of inflation year over year. And so if possible, if you've got longevity on your side, here's one strategy. It's to delay claiming your Social Security benefits. And, you know, waiting until age 70 gives you the maximum amount each and every month. And that means that your colas are applied to a bigger basis amount every year. So you get a bigger dollar amount increase than you would if it was based on a smaller dollar amount in your benefit. Right. So it's the same percentage increase, but more dollars in your pocket because you've got a bigger basis that you're working with. Um, and that is sort of like giving yourself a permanent raise. Now, it may not make sense for you.

Speaker1:
You know, it could be that you need that retirement income earlier. Let's say your your full retirement age is 67. Well, you know, you could say, well I really got I really have to retire by age 65. I just can't take it anymore. Um, you're going to get a bit of a reduction based on claiming two years earlier than your full retirement age. Um, if you were, you know, you can obviously claim as early as 62 if you were to wait and claim your Social Security until the age of 70. Well, that gives you if your full retirement age is 67, that gives you a 124%, um, amount of what you would have earned at age 67. In other words, you get an 8% bump each and every year you delay up until age 70. Now, there's no reason to wait past age 70 because there are no more increases beyond that. But you give yourself a raise if you wait until 70, you got to, you know, sort of way things in the balance. I've got a good friend who I work with, who's always uses like a teeter totter analogy. You know, you got a teeter totter and see which thing makes the most sense for you. Does claiming earlier make the most sense for you because you need the income? Because maybe you have some health concerns, because you don't necessarily your people don't live, you know, into their 90s or anything like that.

Speaker1:
And so you want to just make sure you have that income sooner. Or do your people live to be 120 and you, you know, want to make that monthly check as big as you as it possibly can? Um, you got to make the best decision for you. 85524692 11 is the number to call. 85524692 11 is the number to call for a free consultation. I can help you with that. Determine what would be the best strategy for you. You know, from an inflation protection standpoint, obviously, and also from the standpoint of just what is going to work best for you, claiming earlier, claiming later. What's the maximum point where you'll get the best benefit? I'll run what's called an RSA roadmap. I am a registered Social Security Analyst. Rsa and I'll run that roadmap for you to help you determine what is the best, the optimal time for you, you and your spouse. If you are married or you know any kids who might be involved as well, if they are below a certain age, we can, you know, take all of the things into account to make sure that you are as informed as you can be, and that you can make the best decision that you can make. Call that number I just mentioned again, it's 85524692 11. Or you can go to take pride in retirement.com. Again the initial consultation free of any cost or any obligation.

Speaker1:
You can also, um, you know, get a full comprehensive review by doing those very things. Take private retirement. Com or calling the number. Um, all of that together is close to a $3,000 value. I provided absolutely no charge and no obligation to continue on. It's just it's information that I have for you that I'd gladly give to you so that you can have that retirement you can take pride in. Well, another way to sort of battle inflation here is to diversify your investments and diversifying in a few different ways. You know, I've been doing a lot of thinking about, um, taxes this week as well. And, um, talked to some other folks this week about, you know, tax diversification. Right. Like having different tax buckets, buckets of taxable money, buckets of tax free money and buckets of tax deferred money. Those are kind of like the three different tax buckets that you can have in your retirement. You want to have some in each of those buckets, uh, to make sure that you are diversified from a tax standpoint. Generally you want to let those that are tax free, like a Roth, grow the longest. You want to tap into those last so that you have that tax free income if you are needed or you can, you know, leave that tax free to your your heirs or your beneficiaries after you're gone. You can take care of them in a tax free way.

Speaker1:
So that's one way to diversify. Usually, though, when people think about diversification and especially diversifying your investments, um, you think a lot about diversifying in asset classes, right? So like stocks for example, they've historically outpaced inflation over the long term. Um, not every year, of course, there are ups and downs in the market. I mean, hello, you remember 2008 and 2009 just as well as I do, I'm sure. But over time has stocks. Stocks have historically outpaced inflation, returning about 10% a year on average. And that growth can really help protect your purchasing power even though the markets can be volatile, as we just said. Over time, you can have little inflation protection there. Bonds could play a role too. There are certain types of of government bonds that could be worth looking at. There are ETFs that invest in these bonds. There are different funds that invest in these bonds. That's something that I could look at with you as well. Specifically speaking about Treasury inflation protected securities or tips tips. They adjust with inflation and they can act as a hedge against it. And a balanced portfolio like this really is key. I mean you don't want all growth. You don't want all safety. You want both working together, getting that reasonable rate of growth, but still giving you that protection for a certain amount of your portfolio. So, you know, if the markets go to, you know, where in a handbasket you are going to be okay.

Speaker1:
You still have this base of money that is protected not only against inflation ideally, but also that it's protected against any loss of principle. We get several different ways that that we can protect that principle. You know, there are investments like fixed indexed annuities, for example. We've got several of those that we work with that, you know, several different companies that that we work with and, and all of that different annuities that we are offering. There are some that offer, you know, bonuses and all this kind of thing. It can be a little bit confusing once you sort of first get into it because of how things work. They work a little bit differently than maybe some other investment opportunities, but they are good, solid recommendations for a lot of folks, not for everybody, but for a lot of people. Yeah, they can be a part of your overall plan. I would never suggest that everybody put all their eggs in that one basket. But it would be behoove you to make sure that you have at least part of that protected in some way, and we can explore those. When you reach out, go to take pride in retirement and set up that consultation. Um, annuities with inflation protection is number three on the list. It's almost as if I planned it. I really didn't, um, but I just had my list here, and my my eyes skipped over that before I started talking about annuities.

Speaker1:
But, yeah, you know, some duties do offer riders that will increase your income annually. So what is an annuity? Well, an annuity is basically a personal pension. It's an income product that you use to generate a guaranteed income for the rest of your life. And much like a pension, you know, it used to be you would work for a company for 40 years, you'd retire, you'd get the gold watch and the pension, and they'd send you along your merry little way, and you'd have that paycheck coming in for all of your retirement, and you didn't have to worry about where were those monthly paychecks going to come from? Not so much today. You know, we've got 401 and IRAs and those kinds of things that are sort of the main ways that people will save for retirement. But you can take and convert from a 401 K roll over from a 401 K or an IRA 403 B, those type of of accounts. Tsp if you're a federal employee, you can take and roll those over into an annuity with the same tax treatment. So it does not create a taxable event there. So you don't get any sort of tax punishment. And then you know if you will let it grow. There's the ones that we like to use are either a guaranteed interest that, you know, is bringing a better interest than you're going to find in a bank CD.

Speaker1:
The vast majority of the time, or something like a fixed indexed annuity, like I mentioned a few minutes ago, where it tracks a market index, but it's not actually invested in the market. Your money is not invested in the the market directly, but it tracks the performance of a certain index. And so that's what is used to give the credit into your annuity for the growth every year or every other year. Generally is how it works. Sometimes it's every five years you'll get credited to it just depends on the particular annuity. Um, but the a lot of the time you will get riders in these annuities that can once you get that growth and decide you want to turn on income, the income doesn't stay flat. It can, you know, if the index grows enough as you're taking withdrawals from the annuity, if the index that your annuity is tied to does see enough growth going forward, that can drive your income higher, um, it won't stay flat because of that, just because of growth in the index that it's tied to. Or there can be a rider writer with your annuity that can automatically adjust every year. Um, you know, say like 3% or something like that. You can do a set rate generally is how it works, and that can help you keep pace more with inflation.

Speaker1:
Some of them can do step ups tied to inflation, that kind of thing. Now they're not perfect. Some some of these products can be a little more on the expensive side because of fees and that kind of thing. The more riders you put on there and, you know, some of them with especially like if we're talking about a variable annuity, which I don't really like because of the fee structures, um, that they can be just, just more expensive and kind of less flexible. But with the type of annuities that we like to work with, that can really provide a lot of peace of mind with guaranteed lifetime income. And yes, I did say the word guaranteed. No matter how long you live, that income is going to be coming every month. And so that really does give a lot of peace of mind in and of itself. Right. So annuities that have inflation protection can be a good way to protect yourself from inflation. It's not just a clever name, it's actually what it does. So let's talk about real assets as well. So yeah real estate. Um, I remember at one point in my life I was thinking about becoming a real estate agent. And, um, as I was doing my studying, I was one of the first things that we learned was, okay, what is real property versus personal property? So real assets or or real estate, um, or real property that is, you know, real estate, the building is your homes, your other property that you own.

Speaker1:
That is a property that can be lived in or can you can operate a business out of or that can be built on if it's land, that kind of thing. So if you have real estate, you can generate rental income. And so that tends to keep up with inflation over time because as inflation goes up, of course housing costs are one of the things that that contribute to inflation, right? So if housing costs are going up, that is something that you can, you know, increase that rent on that tenant and then that will be an increase into your pocket each and every month. Um, so that is something that is possible as well. Now you've got to look at the other side of that though, and say, oh, well, can I handle the burden of being a landlord? You know, you could have a management company taking care of rental properties for you. They will obviously take a cut of whatever the income is. So that means less income for you. It also means a lot less hassle for you potentially as well. So it's all things to be weighed in the balance. Again teeter totter there. But um, it's just something to consider. Um, and, you know, all the different things can weigh in the balance. Now, another type of asset or commodities like gold or even energy.

Speaker1:
Those can be a hedge against inflation, but they can be very volatile and they're better in moderation. Generally speaking, you don't want to just have a whole bunch of gold, um, in comparison to your overall portfolio. Right? You don't want to have all gold and soap. It's in my safe, you know, or whatever. Um, you want to just make sure you be mindful of the amount that you have in your portfolio. Don't go overboard. Don't overdo it. And for some people, they might be able to have more than others. Of course, everything is individualized. Nothing is one size fits all when it comes to your retirement plan. So again, I'll say go to take pride in retirement.com. Take pride in retirement. Com or call 855246921185524692 11. I'll be glad to walk you through, uh, you know, analyzing everything about your financial plan and give you a plan that will hopefully get you to a better place if I can do better for you. Look, I'll tell you. Chances are I can. But if I can't, I'll just tell you. Hey, um. You know, you are in a great spot. That is fine. Go do your thing, you know. So that's that, is that. And that's all I'm going to say about that. Go to take pride in retirement. Com. Um, okay. Number five on this list. Cash flow management. So important to manage your cash flow obviously in a in a logical way.

Speaker1:
In a way that makes sense for you. Here's what I will say about where you put your money and and how it comes in and how important this is. One of the things that you want to do, you know, first of all, is have an emergency fund. You want to have six months at least of your expenses somewhere in a savings account. Hopefully something that is, um, bearing interest that is growing. Um, but you can still it's still liquid. You can still get to it. Right. So have that someplace where you can still get to it in case of emergency. Say the HVAC needs to be replaced. Say there are unexpected medical bills. Say there are. There's a loss of a job, and you need to pay the mortgage or the rent or whatever. So. And the utilities. That is why you need that emergency fund. That's a very good thing to have and an essential thing to have for you. Then what I would do is keep 1 to 2 years of expenses in very safe investments. And that way, you're not forced to sell stocks during a downturn, because if you have investments in something that can, you know, maintain, um, and is not tied to the market in the year of a market downturn, you're not forced to sell during that downturn and then sell your stocks at a deep discount. In a time when you, you know, or just having to take a loss on that, that's not what you want to do.

Speaker1:
And so don't sell during a downturn. If you can buy during a downturn, great, but have very safe investments or even, you know, cash in the bank. Um, again, something that's like that, that, um, emergency fund, I kind of lost the word emergency. That emergency fund. Have something like that. But a larger bucket of money that is earning interest. But that is safe. That's protected from market downturns so that you don't have to sell during a market downturn. Right. So a lot of people will use kind of a bucket strategy and don't talk to you about the tax buckets earlier. Here's kind of another bucket. It's sort of like a timing bucket strategy. Um you've got short term medium term and long term. Three different buckets. So the short term bucket can be your cash for those immediate needs right. Maybe your emergency fund or just if you want to keep that separate from all of this. It's kind of what I would encourage is have your emergency fund be a separate thing from these three buckets. Right. So the short term bucket cast for those immediate needs, buying your groceries, paying the bills, doing all the every day to day things that you need to do. Medium term bucket. You're going to look at things like bonds maybe fixed income products that that will pay dividends.

Speaker1:
Right. And give you an income. Um, also you can look at some particular types of annuities. There are migas, multiyear guaranteed annuities, Miga, Miga. Those are more medium term products because a lot of them will be like a guaranteed interest rate for maybe as little as three years, maybe as many as 7 or 10 years even. But it's a guaranteed interest rate for that period of time. And so that is maybe a good place to park some of that more medium term money so that it can grow and be protected from market downturns. And then in the long term bucket you've got stocks. Because if it's the long term bucket, right, you've got more time to make up for any losses that may occur during market downturns. So you want to look at stocks there. You also want to look at growth assets things that will grow over time. Longer term annuities the things like the fixed indexed annuities I was just talking about will grow. And then you can turn on income later on. And so you kind of turn a switch there and it becomes it goes from that long term bucket of money in a in a long term like growth, uh, growth focused annuity like that, it can grow over time. And then you flip the switch and it becomes that sort of medium term bucket because it's giving you that income every month, and that's income that you can't outlive.

Speaker1:
So also there are a few things that you can do that you know, it's not all about the dollars and cents and the the investments lifestyle plays a role as well. Um, a few things that you can think about doing if these make sense for you. And I'll just go through these here quickly. Downsizing or moving to a lower cost of living area to free up cash flow. You know, if you've always been someone who has lived in Midtown Manhattan, or if you are someone who has lived in San Francisco proper your entire life. Um, there are less expensive places to live. Uh, yes. And, you know, LGBTQ plus friendly places that are less expensive to live as well. Um, so that is something that can be a consideration for you if that's something that is okay for you and that you can stomach for your life. Explore that, do that and see if you can get some significant savings. I would bet that you can. Not only from a housing cost standpoint, utility costs and all the things you get more for your money outside of, you know, certain areas. But you also, from a tax standpoint, your property taxes are going to be less generally, your sales taxes are going to be less and all that kind of thing too. Um, some retirees and this is a good idea for a lot of LGBTQ plus folks, um, you know, LGBTQ plus friendly retirement communities, first of all.

Speaker1:
But, um, shared housing as well, you know, get get yourself some roommates if you got that chosen family, uh, in retirement, get yourself some, some chosen roommates at the same time and that will lower your costs. You can also have built in support networks as a result of that living situation. Either one of those that you want to you want to choose and be flexible with your spending, right? I mean, uh, you know, maybe tighten the belt during some high inflation times and loosen it when things stabilize. And that flexibility can really extend the life of your portfolio as well. And again, go to take pride in retirement. Com or give me a call (855) 246-9211. And I'll be glad to take a look at deep dive into all of your finances. Um, and so, you know, a couple of things here before we run for this edition of the show, I want to just bring it home for LGBTQ+ folks because many in the community, especially retirees, you know, started serious financial planning later in life. Marriage equality only became law nationwide in 2015. And, you know, there was a question a lot of the lot of that time since about Social Security benefits and things like that. Everything now, of course, is um, and hopefully we'll stay, uh, depending on what happens in the Supreme Court with this challenge. That's, that's going on, uh, to marriage equality, um, that, you know, those protections are there, whereas, you know, spousal benefits are available to same sex couples now through Social Security and that sort of thing.

Speaker1:
So but that doesn't mean that just because that's the case now, there was no harm done in the past, right? That means, you know, because there was no marriage equality, you probably had to put off financial planning or keep things separate depending on what state you lived in, of course, and that kind of thing. And so you got you have less time to pool your money and have it compound and grow over time, all of that sort of thing. So that's one thing to really keep in mind. Um, legal protections are essential, and I cannot stress this enough. Make sure that your wills are updated. You've got updated trusts if that's something that is appropriate for you. Powers of attorney. Those need to be in place as well. Um, if your chosen family is who you rely on. You know, the law is not going to automatically protect them unless you make it clear. So if you've got someone who you are partnered with but not married, make sure that is spelled out in writing powers of attorney, Wills, all of those things. And the same thing with chosen family. If you are not partnered with somebody, but they are just like your brother or your sister or whatever your your sibling in any way, make sure that is clear in whatever documents you need.

Speaker1:
And, you know, talking about like wills and trusts and things like that. We can also help you with estate planning. We work have partnered with a service called Estate Guru that we can work through and help you get a whole package of the things that you need wills, trusts and all the things. Again, reach out. Take pride in retirement. I'd love to be giving you information about that as well. Um, healthcare inflation really a particular challenge because LGBTQ plus folks are more likely to face health disparities and live alone. And so that creates just sort of this double whammy. So you got a plan for rising medical costs. That's not optional, That is critical, right? You've got to just put more aside in a bucket for medical costs. Maybe that long term bucket of money, a portion of that needs to be set aside for medical costs and have that in mind as well. And so some big points to remember from today's show. You know, inflation. Yes. It's inevitable it will happen. It is happening right now, even though some of the powers that be don't want you to believe that it is happening. Yes, it is happening. Um, you know, we're seeing the the first sort of throes of it now, there were delays in, uh, tariffs being implemented now that more tariffs have been implemented, we are seeing rising inflation.

Speaker1:
And so you just got to keep that in mind and plan for it and make sure that you are prepared for inflation going forward because it's inevitable it will happen. But the impact can be managed. Like I said last week on the show, the thing that matters most really isn't what happens to us necessarily, it's how we respond to that thing and or how we prepare for that thing ahead of time. Social security, diversified investments, inflation protected tools like tips, those tips, bonds that we talked about, those government backed products or investment opportunities. Those are your allies in the inflation battle. Um, you know, fixed indexed annuities can also be, uh, there for you as an inflation protection sort of a hedge as well, growing with the market over time. And the market, of course, over outpaces inflation usually. Um, and then also, you know, I mean, there are other things like migas that we talked about, multiyear guaranteed annuities. Some of them have really high guaranteed rates right now. And so that's another thing to look at to get guaranteed growth over time. Lifestyle choices. We talked about downsizing, community living, flexible spending, all of that can make a big difference. And for LGBTQ plus retirees, you know, also legal health care planning. Those things are really, really urgent. Control the things you can control. You cannot control inflation, but you can control how you prepare for it and or how you respond to it.

Speaker1:
So if you want that personalized look into your own situation and how you can prepare for inflation that might be coming. You can make sure that you have lifetime income guaranteed for the rest of your life, no matter how long that life may be. If you want help with Social Security planning. Again, we can connect you with estate planning resources as well, all of those different things. I would be glad to talk to you. Um, just you can schedule a zoom or an in-person meeting. If you happen to be in the metro Atlanta area, you can just go to take pride in retirement. Com click schedule a consultation on the upper right hand portion of the screen and do that. You can set an appointment right in my calendar. You got my real time availability there. And yeah, I'm ready and willing to help. You can also call 855246 9211 (855) 246-9211. Well that is going to do it folks for this edition of the show. I hope it has been useful and helpful to you. I hope you've been encouraged and I hope you'll reach out. I really, really do because I would love to give you that retirement you can take pride in because you deserve it. No matter who you are or where you come from, who you love, how you identify, or how much money you have. Until next time, take pride in yourselves and take care of each other.

Speaker2:
We'll see you then. Thanks for listening to Take Pride in Retirement. Members of the LGBTQ+ 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.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. When planning for retirement, trust is everything, and that's just one way. Nationwide's peak ten fixed index annuity stands out with nationwide peak ten. You will benefit from protection for your principal, shielding your initial investment from market downturns. Growth opportunities linked to market performance. Without the risk of direct market exposure and a guaranteed income stream you can never outlive. Nationwide's reputation for reliability means you can plan for tomorrow and have confidence today. Call us now at 9211 or go to take pride in retirement. To connect with an advisor and learn how peak ten can help secure your financial future.

Speaker1:
Investment advisory.

Speaker2:
Services offered through Brookstone.

Speaker1:
Capital Management.

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Llc, BCM.

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A registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of Nationwide Life.

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And Annuity insurance company. Nationwide. P10 is issued.

Speaker1:
By Nationwide Life and Annuity.

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Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Active Wealth Management.

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Registered investment advisors and investment advisor.

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Representatives.

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Act.

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As fiduciaries for.

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All of our investment management clients. We have an obligation to act in the best interest of our clients, and to.

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Make full disclosures.

Speaker1:
Of any.

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Conflicts.

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Of interest.

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Please refer to.

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Our.

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Firm brochure, the ADV.

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2 a.m. four for additional information. Any comments regarding safe and secure investments and guaranteed income streams.

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Refer only.

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To.

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Fixed insurance products.

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They do not in any way refer to investment advisory products. Rates and guarantees provided by insurance.

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Products.

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And annuities are.

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Subject.

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To the financial.

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Strength.

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Of the issuing insurance company.

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Not.

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Guaranteed.

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By any bank.

Speaker1:
Or the FDIC.

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