It’s Time for Spring Cleaning (Your Finances)

Episode 12: Audio automatically transcribed by Sonix

Episode 12: 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 plus 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. I'm Matt McClure, your host, your advisor, your friend, your pal, all of the above. I really do appreciate it. Once again, um, got some great stuff, uh, to to go over this time. First of all, though, I just want to thank you again for for being a part of the show. Um, you know, without you, this show doesn't exist. So thank you for listening. You know, I'm not just doing this for my health here. Uh, I'm doing this to help you, hopefully, as, um, you know, either a member of the LGBTQ plus community or not. Anybody, really? Uh, no matter who you are, no matter where you come from, no matter who you love, no matter how you identify, I want you to have a retirement you can take pride in. And I want to help you along the way in planning for that and in getting ready to actually have golden years, because, you know, your golden years can be golden, or they can be like, you know, a lump of coal in your stocking at Christmas. You know, one of the two, it depends on how you plan. And, um, that's just kind of how it goes. So I want you to have the golden experience, not the lump of coal experience. So there we go. A lot of great stuff to get to. Uh, today we're going to do a little spring cleaning.

Speaker1:
So get out your, uh, get out your broom and dustpan and the, the duster and and, uh, vacuum and all that stuff. Um, no, not actually, you know, physical spring cleaning, like, in your house or wherever you might live. But financial spring cleaning, a lot of great tips and and advice and tricks and all kinds of stuff to, uh, go over some practical things that you can do now to make your life better, not only now, but in the future as well, and down the road in retirement. Because really, what you do now has such an impact on your future. As we grow older, we realize that, you know, I, uh, if I knew everything that I thought I knew when I was like, I don't know, in my 20s or even in my 30s, I would, uh, I'd probably be retired now, but I did not know everything that I thought I knew. I didn't know, uh, you know, now, I probably don't know everything that I think I know, but if you prepare now, you will have a much better future. That's really what it boils down to. And the things that you do now, uh, depend on what you do today. Mahatma Gandhi is one of the people who is credited with saying that very thing. And, um, it's very true. Um, speaking of that, we're going to get to our quote of the week here in just a minute.

Speaker1:
We've got a good one, uh, for you. In a moment, we'll do those spring cleaning tips for your finances coming up. We've got seven of them. Some things to refresh your mood about your money as we head into the spring time months here. Um, our pensions kind of making a comeback. Some things say yes, some things say, uh, maybe not so fast. One thing that we know is true is that Americans love their pensions, and almost no one has one. But those who have them love them and those who don't want them. Uh, so we'll talk more about that, um, and how you can build your own personal pension. Also a little bit of navigating Social Security and, and all of that. So as I said, a ton to get to also wanted to remind you, you can listen to us anywhere. You listen to podcasts, subscribe, subscribe, subscribe. Like us. Leave us great comments. We love that. It helps us in the algorithm. It helps us grow. Um, the podcast available anywhere you listen to podcasts, not just on whatever, uh, you know, platform you happen to be listening on, but say if you have a friend, if you want to recommend us to a friend and they say, well, you know, I listen to podcasts on, uh, Spotify, I don't really listen on, on Apple Podcasts or I listen to podcasts on iHeart.

Speaker1:
I don't really listen to, you know, um, the Amazon, uh, podcast or whatever. That is. Fine, because we're on all of those and more, many, many more, as a matter of fact. So, um, yeah, wherever you want to find us, you can find us. And if you don't find us, you're just. You're not looking because we're out there everywhere. Take pride in retirement. Dot com is the website as well. And as we go through the show today, I'll give you several opportunities to jot down this phone number 855246921185524692. 11. That is the number to reach me directly and the number to call to get a free consultation. I can actually walk through your personal situation and get you a retirement plan built specifically for you. That part of it absolutely free of charge. And then, you know, if you decide to work with me and go forward in implementing that plan, then we'll only do that if we both, you know, sort of mutually decide that that's what is right for you. So no pressure situation there. And really, you know, no obligation, no cost at all with that initial consultation as well. So a lot of advantages of doing that very thing that I so often talk about, speaking of things that I so often talk about, let's get to our previously promised quote of the week.

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

Speaker1:
And this week's quote comes from Jonathan Mildenhall. And you might be saying, well, who in the world is that? If you are not familiar with the business world, you might not know the name, but he is a pretty remarkable guy. Jonathan Mildenhall is chief marketing officer at Rocket Companies. He used to be the CMO at at Airbnb. He also is one of the heads of 21st Century Brand, which is like a big marketing company. He is also a member of the LGBTQ plus community. He is a man of color and so that is why I'm featuring him today. And here is what he said. And I think this is so, so true in life. And when it comes to money, Jonathan Mildenhall said this if you don't have room to fail, you don't have room to grow. Boy, that is profound. And, you know, I mean, giving ourselves the chance to fail is giving ourselves a chance to learn. And, you know, fear of failure is so prevalent among all people. I think I feel like, especially among people in the LGBTQ plus community, because we. The start in a place where, you know, in life we are not, um, seen as necessarily the norm in society, we're not necessarily seen as, you know, people who are who have an advantage over others in, in life based on our sexuality or gender identity or, or what have you. So I think the fear of failure can drive a lot of people to success.

Speaker1:
It can also drive a lot of people crazy. Um, maybe I speak from experience on that one, but, um, if you fail, you learn. And if you fail to learn, then you don't grow. So you give yourself room to fail. Then you can give yourself room to grow. Because through our failures, that is how we learn. And sometimes we have to learn things the hard way. Absolutely. But Jonathan Mildenhall said it absolutely correctly there. If you don't have room to fail, you don't have room to grow. Always love featuring quotes of the week from LGBTQ+ folks and allies, and especially those who have been really super successful. In their their lives. And so we can take inspiration from them and, you know, learn and, and better prepare ourselves for our futures as well. Because here's the thing. I don't, um, purport to know everything in life. I just don't. Um, sometimes I might, you know, sound like I do, but I just I very clearly don't know everything about life. And so I love learning from other people and from their experiences. Um, and also, you know, it might not love failure, but after the failure happens, after the failure takes place, you got to use that as a learning opportunity. Right? So great words there from Jonathan Mildenhall. All right. So let's get let's get the spring cleaning underway shall we.

Speaker1:
Um, this is I think, a great topic for, uh, everybody, but especially, you know, for, for, uh, my particular audience for, you know, you listening out there, wherever you might be today because, you know, life, life gets in the way. And there are a lot of obstacles that we as LGBTQ+ folks have to overcome in life in general. And so it's always good to. Reset. And take stock of what you have and take stock of what you want to build. Right. And I don't mean to sound like, you know, life for us is all about struggle because it's it's much less so now than it has been historically in, especially in this past century. Um, but at the same time, there are still struggles. There are still fights to be fought. Um, and we see those rising, arising, I should say, every day. Uh, new fights to be won out there. And so I think the good thing, though, about what what we talk about here on the show is to take stock of your personal. Life and plan for no matter what happens, because there are a lot of things that are out of our control as human beings. But there's a lot that we can control. And I am a big advocate if you've listened to the show before. I'm a huge advocate of controlling the things that you can control, right? Not necessarily forgetting the things that you can't control, but not letting them rule your life and not letting those things be something that just bogs you down.

Speaker1:
Because and I speak from experience on that as well. I have been there. I have been a person who has. Not had the best relationship with myself when it comes to things I can't control. And so you just need to make sure that when you take stock of your everyday life. You take care of the everyday things and the things that you can control first. And if you get those ducks in a row, if you control the things that you can, then the outside, the peripheral things that happen, the things that you cannot control. They will not upend your life nearly to the extent that you think they might or they that they otherwise could. Right. So that's my little soapbox on that. So now spring cleaning for your finances. I think these are great tips here that we've compiled for this week. And I've got seven of them here. Some practical things that you can do right now. Some money moves to make you feel better about your future, at least as far as your finances go. Number one, you know, we're kind of deep into the year now, uh, as we, you know, are in springtime and as as of the day that I'm recording this episode, um, it's very, quite obviously springtime because it was just a couple of days ago.

Speaker1:
It was warm, it was sunny, it was great. Today it's rainy and crappy outside. Um, so it's springtime in Atlanta. But number one, even though we're deep into the year, revisit those financial New Year's resolutions that you made. Remember those a few months back? You know, I mean, we all make those make those resolutions to be better about the budget or save more money or any and all of the things. Here's my. Advice on this. By now. You most likely. If you are a human being have you might have achieved a couple of those goals. You might be better about a few of those things, but most likely, if you're anything like I am, you've sort of probably forgotten about a lot of those things, right? You've forgotten about. Oh yeah, I was going to put more money in my savings every paycheck. I was going to do that. I was going to save up for some goal. I was going to get my budget in order. I was going to do this, that or the other. And it's probably kind of gone by the wayside by now. So revisiting those resolutions come springtime. Is actually a great opportunity. Because you might say, and this kind of goes back to the, the quote, um, from Jonathan Mildenhall. You could look at that and say, you know, here well into the year, okay, I made a New Year's resolution to be better about my finances and I failed.

Speaker1:
I failed at that. Okay, if that's the way you want to look, I don't necessarily look at it that way. I look at it as another opportunity for you now to recommit to that. But if you do look at that, look at it from that perspective of Jonathan Mildenhall and that quote, because giving yourself room to fail gives you you the room to grow as well. So I think revisiting those resolutions now is a great opportunity to restart, to reengage, to make progress toward your financial goals. And if you haven't made much progress, hey, it's still pretty early in the year. You know, I keep saying we're kind of deep into the year, we're deep into the year, but it's not like we're it's not like it's November or something, unless you're listening to this in November and then it is and then you can look toward the new year. But as of this episode going out, it is springtime and it's still early. So use spring to kind of hit that reset button, regain momentum, take advantage of things and resources that are out there, like a complimentary consultation that I can provide to you. I would love to do that. Um, for you or any member of the LGBTQ plus community or anybody, no matter who you are, where you come from, who you love, what you, um, say, you know, your identity might be any of those things.

Speaker1:
You deserve a retirement you can take pride in. And that's why I do this show, and that's why I do the things that I do every day, because that's what I love, love doing. I love helping people achieve that goal. And you know what? If you achieve your financial goals, great for you. You are part of the 8% of people who achieve their financial New Year's resolutions each year. That's a fidelity survey showed that. I want you to be, uh, not part of that 8%. I want you to expand that 8%. I want you to help increase those numbers so we can get more and more people achieving their financial resolutions that they set each year at the beginning of the year. Uh, once again, take pride in retirement. Dot com is the website. You can reach out there and just, uh, you know, click on the contact page, fill out the form. I will get back to you as soon as humanly possible. Well, number two, the tip to know here a step number two in our spring cleaning adventure together is to clean out your financial junk drawer. You've got one. Everybody has one, I think. Unless you were just, like, the cleanest person ever. Um, you have a junk drawer. I know I have a junk. I've always had a junk drawer. Even if it's unintentional, I end up having a junk drawer.

Speaker1:
I put, you know, little, you know, a couple of pens in there or some, some slips of paper. For some reason, I don't know why in my family we've always had index cards in the house. Maybe it's because my mom like writing down recipes or something, I don't know. But there are index cards, usually in the junk drawer. There are, um, scissors there. You know, the little things that used to have one of those little sewing kits so you can, you know, like button comes off your shirt, you can sew it back on, that kind of thing. Don't know where that got off to in one of our many moves over these last few last few years. But. You've got one, you've got a junk drawer. And so now it's spring time. You're doing your spring cleaning. It's time to clean out your financial junk drawer. And that might be where you stash. It might not be the drawer in the kitchen with the scissors and the pencils and all that, but it may be somewhere else. It's where you stash paperwork that needs your attention. I have some right now that is calling my name and I need to deal with it. And so right after this show, that's exactly what I'm going to do. But. It's that draw that you have that's got all of those papers, those documents that you say, okay, this doesn't have to be taken care of right now, but I'll take care of it someday.

Speaker1:
Sometime. And. That sometime can be right now. Uh, because, you know, sorting through all of those kind of neglected papers and things that can help ease your stress levels, that can help ease your financial stress. So take the opportunity to shred the documents you don't need, especially the ones that contain that personal information. Right? Uh, account numbers, God forbid, a Social Security number or something like that is printed on there. Uh, shred the ones you don't need. File the important ones that you do take care of and address any, you know, tasks that you need to do financially. Like if there's a bill, um, that maybe you've, you've filed away, you've forgotten about, that has come due specifically, specifically a medical bill. I know a lot of times it's easy to just oh, I get that from the doctor's office. I'll put this here and I'll take care of it later, because it's not due right now. And then, you know, a few weeks later, you happen to be rummaging through the drawer and you find it and then you're like, okay. Um, I guess I need to take care of this now. Take the chance and the opportunity now to rummage through that drawer and find the things that you need to find, that you need to take care of. And if you find something they have a question about. A document that you've received.

Speaker1:
Give. Give us a call. Um, I would absolutely love to help you do that to to kind of get your finances in order and to to just do better. Right. The number for take pride in retirement. 855246 9211 (855) 246-9211 is the number you can email me as well Matt at Take Pride in retirement.com. And don't forget by the way uh tax time is well underway. And organize those tax related documents. Set up a folder for your 2024 tax documents, including your receipts, any official forms you get as well, because you want to go ahead and make sure that you are preparing now for next year and consult a tax professional. I am not a CPA or a tax attorney or anything like that. Um, so I cannot offer tax advice at all. Um, I can, I can offer, um, tax planning and how to reduce your future tax burden through smart planning about your taxes. Absolutely can do that. If you're talking about filing your taxes this year, I can help connect you with a qualified CPA who can get you on track and and really, you know, maximize your deductions and get you, uh, you know, perhaps the refund that you deserve or minimize your tax burden for this year that you need to do. So get in touch with me about that as well. Number three, here on our spring cleaning list. Pay yourself first by maximizing your retirement contributions.

Speaker1:
Look, here we go okay. So the contribution. To your IRA, for example. As long as you're listening to this before Tax Day, before April 15th, you can actually contribute to your IRA for last year to maximize your 2023 savings. The contribution limit $6,500 if you're under 57,500 if you are older than 50. And both of those limits have increased, by the way, by 500 bucks for this year of 2024. So you can save a little bit more this time around. So start early and contribute to your IRA, your individual retirement account, and take advantage of the compounding effect that will allow your savings to grow even more over time. Compounding interest is your friend when it comes to saving for retirement and investing for retirement, and challenge yourself also to contribute more to your workplace. 401 K plan because it has higher contribution limits, $23,000 is a matter of fact in 2024, and increasing those contributions can gradually bring you closer to financial independence and at least at least contribute the maximum amount to max out that employer matching contribution. Right. If your employer does a match in your 401 K, don't leave free money sitting on the table. Right? If you don't max it out, if you don't get enough to get the maximum match for your employer, let's say you're putting away. Uh, 4%, and your employer will match up to 6%, for example. That's not good because you're leave at that extra 2% there.

Speaker1:
Is really 4%, because that would be you contributing an extra 2% and then your employer contributing an extra 2%. And so you are just basically turning down free money that your employer says here will contribute this for your future. Make sure you are maxing that out and getting that employer match. And you know, look I get it like. People, including myself in the past, have have found it kind of overwhelming to manage 401 KS, IRAs and all of that. And and it can be frustrating. Sure. But I want to help you with that. And I'll do a 400 1KX ray. I will examine all of your accounts and put them through a review that we have in place, a system we have in place to help you make the most of those contributions that you make and get the most out of your retirement. Again, take pride in retirement. Dot com is the website. This is an important one. Number four, in our spring cleaning checklist, make sure that your beneficiaries are named and that they are up to date. If you just say in your, um, will. For example, I leave everything to my child and then you end up having another child. Okay, then that's got to get resolved. At some point, you got to name your beneficiaries, first of all. But let's let's take a look at something like, um, your, you know, uh, retirement plans, uh, where the money that you have, say, in an annuity, where that's going to go when you are no longer here, if there's a death benefit included, life insurance also.

Speaker1:
You know, name those beneficiaries in your retirement plan and in your life insurance, because those are individuals who are going to inherit your assets should you pass away. And yes, it looks different for everybody, especially among the LGBTQ plus community. There is no question, because our families all tend to, you know, wherever we are along the gender spectrum, along the sexuality spectrum, whoever you happened to be. Your. Family dynamic, let's say, is going to be different. Then somebody else's. Even if you are a husband and wife and the two and a half kids, and the dog and the cat and the white picket fence. There are things that make your family different from somebody else's, who may, on the outside, appear to be exactly the same. Right. So name those beneficiaries so that your your wishes, your intentions cannot be called into question after you're no longer around to explain them. Because there's gonna come a time when we're not going to be around to explain our, uh, our wishes and our intentions. So we got to do it ahead of time. So review your current beneficiaries, make sure that they still align with your current wishes. And if you have a former spouse, for example, still named as a beneficiary, that might be something that you want to look at and update and change that designation.

Speaker1:
All right. Number five is to dust off your estate plan or establish one for the very first time. Um, you know, we're just talking about beneficiaries. You need to review an estate plan each and every year. Or if you have a major life event that takes place like a job change, a marriage, a divorce, a child and an adoption. Um, you know, the birth of a child that either through, you know, yourself, through surrogacy, whatever the situation might be, anytime there's a major event like that, review your estate plan. You know, it's not a one time task. It's not set it and forget it. You got to review it and update it to make sure that it aligns with what's going on now and what your wishes are right now. As time goes on, life changes. So take the time to consider if any of the changes that have happened in life mean that changes need to be made to an estate plan, including updating those beneficiaries, and that really is going to make sure that your assets are distributed according to your wishes when the time comes that you pass away, because it's an unfortunate fact of life that we all will. And that is just, um, you know, it's not a happy thing to think about, but it can be because you're making sure that others are taken care of and that, you know, can make you happy.

Speaker1:
Right? So if you want help in that score, call us at Active Wealth Management and the Take Pride in Retirement team. You can give us a call 8552469211855246 9211. Take pride in retirement.com is the website once again. Number six have your entire portfolio reviewed by a licensed professional. This is my favorite, and not just because I'm in the line of work that I'm in. It really is, I think, essential because there are so few people who actually see licensed professionals to, you know, whether it's a financial adviser or another type of financial professional to get a look inside their portfolio and make sure that things like your your asset allocation. Make sure that that aligns with your actual financial goals, right. And your risk tolerance. The mix of investments in your portfolio can kind of drift over time, so it's important to check and see if it still, um, meets and reflects your desired allocation. Maybe you want to come back to your original allocation, kind of do a reset there and make sure that things are allocated the way you want, or you want to try something different based on current market conditions and how things are shaking out in the markets. Now, we can help you do that. We can help you navigate that. Consider taking advantage of a complimentary consultation.

Speaker1:
As I mentioned a moment ago, I'll review the portfolio and make any necessary adjustments or changes. Answer your questions as well. Also help you identify any opportunities to save money. Which everybody loves. I know I do reduce the fees that you're paying because you're likely paying too much. In certain accounts, especially if you have any anything that's got the word variable on it. If you have a variable annuity or, um, variable universal life insurance policy, that sort of thing. Uh, those things can come with a lot of fees. And so perhaps there's an opportunity to change things up. All right. We want to optimize your investment strategy. We want to get you the most for your money. And don't think that working with an advisor or professional is going to be, oh, it's just going to be too expensive. As a matter of fact, you know, surveys and and studies have shown people who work with financial advisors in the end end up saving more money because they can help, you know, cut things like fees and, and optimize your, your investments, but also they end up doing better. Those investments end up performing better in the end, by and large, you know, not 100% of the time. And obviously past results are not indicative of future ones, but. It's. The. The principle of the thing is see a professional because if your car breaks down, you go to the mechanic, right? If your body breaks down, you go to the doctor.

Speaker1:
Go to the professional. Someone who can really make you, um, make you and your situation better. The doctor can make you better if you are sick. The mechanic can make your car better if it breaks down. A financial professional can make your finances better. If they're broken down or even if they're not broken down, if they just need a little help along the way. We'll also, you know, regularly review your portfolio, help you stay on track toward those financial objectives, and make informed decisions about your investments. That's really a big part of what this is all about is just making informed decisions. Take pride in retirement.com, once again is the website and number seven on our spring cleaning list. You know from from spring cleaning here to spring break. What you want to do is plan your vacation for 2025 now and save plan ahead of time. You can save a bunch of money. Um, if you book in 2024 for a 2025 vacation. There can be a lot of sales, a lot of, you know, early booking discounts. A lot of promotions there. And studies have shown that the anticipation of a vacation contributes significantly to the overall enjoyment. So, you know, putting next year's vacation on the calendar already. Oh boy, that can really, um, help you emotionally as well, giving you something to look forward to for next year.

Speaker1:
And I feel like we all need that here lately, right? So here's the thing. Like if you don't want your golden years tarnished by financial stress, be prepared with a solid plan. And I happen to know a guy who can help you out with that plan. It's me, uh, Matt McClure, host of Take Pride in Retirement, advisor with Active Wealth Management in Atlanta, Georgia. Take Pride in retirement.com is the website you can call 855246 9211. Once again, take pride in retirement.com or 855246 9211. That is the toll free number that you can give a call to. All right. Okay, so, um, mention this at the beginning of the show, and I wanted to go over here kind of quickly, um, because I think I mentioned it, mentioned pensions last time and talked about a survey that showed so many people want pensions, but so few people have them. Right. And so pensions are making a bit of a comeback, in a way, in retirement planning. And there's there was a survey and I'll and I'll go over this that these results of this survey once again it was actually from the National Institute on Retirement Security, the IRS. 80% of respondents to that survey believe that all workers should have access to a pension to protect their financial independence and their self-reliance in retirement. So what's the difference, you might say, if you're if you're not familiar, because not a lot of people have pensions these days.

Speaker1:
I especially work, work based pensions. Right. So a pension is an employer contributing to a plan and funding a plan for workers. When they retire, they'll get a certain amount based on different factors, years of service, that sort of thing. When you retire, you get that pension and that's a monthly check and that's guaranteed. That's it's called a defined benefit plan because you, as the employee are not actively making a contribution to it. So the the thing that is defined in this case is the benefit. You're getting a benefit and that is defined. On the other hand, you have a defined contribution plan. And that's the thing that's defined is the contribution because you are contributing to that plan. So a pension was something that the employer took care of. Now, since the advent of the 400 and 1KA couple of decades ago, more than a couple of decades ago now, um, the employer has said, okay, burden off of us because, I mean, let's let's face it, the pension plans are, from the employer standpoint, pretty costly, can be pretty costly anyway to maintain and and things like that. But it also can be the same thing for the employee. Um, because now the 401 K, uh, the employer says we're passing the burden along to you. We're not passing the savings along to you. We're passing the burden along to you for planning for your own retirement.

Speaker1:
Which in some ways you look at it and you say, okay, well, great, I get to take control of things and all that. But it also can be overwhelming. And it's also a lot more complicated on the worker from the worker standpoint than the pension plan was, where it's just like, okay, I retire, I take my pension and there we go. I have guaranteed income for the rest of my life, no matter how long that may be. Um, I have guaranteed income. Um, but now 401 K is the way that it goes. That's a defined contribution plan, and it is all up to you. So with that being the case. And I'm not saying that a 401 K is not a good thing, because it is, by and large the way that people save for their retirement these days. But there are ways, you know, people, as that survey said, people love pensions and think that everyone should have one. But so few people do. But there is an option out there for you that still up to you to make happen. But it is a personal pension and it's through something called a fixed indexed annuity. Is that that's the vehicle that that we like to use to provide you with that same sort of peace of mind that a work based pension would. So, you know, I mean, there's the government that offers pensions to employees, right? There are a few companies out there.

Speaker1:
Ibm just recently reintroduced its pension plan. After it was gone for, I think like two decades. So there are options out there for some you know, Coca Cola I think here in Atlanta it has a pension plan as well for, for employees. So some some big companies still do these. But you don't need to work for the government or one of the few companies that still offer the pensions to protect your assets and create a guaranteed income for the rest of your life, because you can create an income for the rest of your life and grow your assets in a market like fashion, without the market risk in something called a fixed indexed annuity. And we love these because they offer retirees and pre-retirees the opportunity to create their own pension like income stream. In retirement, they often include features like an immediate bonus or guaranteed minimum interest rate for a certain number of years, and the the investment. Your principal investment is always 100% protected from market downturns. Personal pensions created by these, what we will call, you know, just for short feas rather than, say, the full name fixed indexed annuities, FIA, they offer the potential as well for additional interest earnings based on the performance of a specific market index, say the S&P 500. And that allows you to experience stock market like benefits without the stock market risk. As I said a moment ago, because your money is not actually invested in that market, it's invested in a vehicle that tracks the performance of said market index.

Speaker1:
But when that market index falls, your investment loses nothing. Zero is your hero, as we say. So let's say in the first year you have a fixed indexed annuity. The. Just for ease of math here. Not saying that this is exactly how it would work in a particular plan, but let's just for ease of math here, let's say you have a 100% participation rate in the S&P 500 and the S&P 500 is up 15%, for example, in your first year. So you gain 15%. Great awesome wonderful. That's amazing. Lock that gain. In the next year the S&P 500 falls 30%. So everybody else who's actually invested in, say, an, an actual market, um, the ETF or something that tracks the S&P 500 and moves in concert with it, they've now lost 30%. From where they were the previous year. You are. So they're down 15%, let's say, just for the sake of argument from where they started, you're still 15% up from where you started because. In that second year when their investment fell 30%. Your investment did not. Your investment stayed where it was because of the protection that a fixed indexed annuity and FIA. Allows and promises. And these are. Really vehicles that provide security, as I just mentioned, and stability that allow you to plan for a consistent income throughout retirement.

Speaker1:
Because when you get there, when you when you call it quits from your job, when you get to your retirement years, you turn on income. And you'll bring home a certain amount each and every month. And that is guaranteed. Income for the rest of your life, just like a pension that you would have if you worked for a company or for the government that offers a pension still. And so those are personal pensions that can serve really as a as a valuable, valuable tool to diversify your retirement income sources. And that reduces your reliance on Social Security. It reduces your reliance on other investments. Because your retirement is so much more about. Income. And how you're going to live month to month, than it is about just having one huge pot of money that you could potentially draw down and be, you know, overspending and it just be gone before you know it. So a lot of people are looking to establish their own personal pensions and secure their financial futures. So the demand for fixed indexed annuities has been growing by leaps and bounds, really. And it is expected to continue to do so. So schedule a no obligation consultation with me today. It's actually a good value because it's a $1,500 value. All of the reports and the different analysis that different analyses that we provide to you. Come to about a $1,500 value, and that's provided at no cost to you just for being a listener to the show.

Speaker1:
And I can take a look at all of the options that are available out there in the marketplace, help you choose the option that best fits your needs for income in retirement. So just get in touch and do it this week. Don't hesitate to do that. Really would appreciate you giving me a call as well, even if it's just to to do a little meet and greet and say hi. Right? 855246 9211. That's (855) 246-9211. You can also go to the website. It is take pride in retirement. That's all. One word. Take pride in retirement.com. Okay, the last part of the show here that I wanted to get to. And this is something that's important for you. If you are of Social Security age or you are approaching it, you know, people are. Yeah. I'm choosing my words carefully here. People are not nice. A lot of the time, um, because there are scammers out there. And so I wanted to just go through a couple of ways here quickly on how to spot scammers and how to avoid them, especially when it comes to Social Security and Social Security benefits. You know, Social Security scams have been growing. They're targeting unsuspecting people, and it's really important to be vigilant, stay informed, and protect yourself from people who would do you harm, who want to part ways, uh, with your want you to part ways with your money.

Speaker1:
The money that's due to you. So a few tips here from the Social Security Administration. Be wary of anybody who is calling you unsolicited or emailing you unsolicited out of the blue, claiming to be from the SSA, the Social Security Administration, because they're not going to contact you to request personal information or to threaten legal action. That's the thing. If someone calls you and threatens legal action, hang up on them. Just hang up on them. Because that's not legit. Avoid sharing sensitive information like Social security numbers or your bank account details over the phone or through email. Unless you know you've initiated that contact and you are 100% sure of the person's identity, the person you're talking to, you know who that is 100%, and you've initiated the contact. All right. If you suspect a Social Security scam or you've fallen victim to one, just report it online with the office of the Inspector General at the SSA. Just go to SSA gov to do that. And seek guidance again from trusted financial advisors. If you're unsure about the legitimacy of any Social Security related communication or request, because it's better to be cautious and verify before sharing any personal information. And just as a little sort of helpful tool here, there are four P's to watch out for when it comes to scammers. All right. Pretend problem, pressure and pay.

Speaker1:
Those are the four P's to watch out for, because scammers pretend to be from an agency or an organization that you know and trust in order to gain your trust, right? They say there's a problem or sometimes even a prize, but more often a problem. They're going to pressure you to act immediately. They're going to say, this is the most urgent thing in the world, and you have to act now, or else they're going to, you know, send in the National Guard and take you in or something. And they'll tell you to pay in a specific way. I got a news tip for you. This is my my years in a newsroom coming out a news tip. This is just a tip for you. If someone calls and says they're from the Social Security Administration and they say, uh, pay via a gift card, they're not actually from the Social Security Administration or any other legitimate organization at all. Point blank period. So they're going to tell you to pay in a specific way. That might seem a little odd, and if it seems a little odd, chances are it's a little odd and chances are it's a scam. So watch out for scammers pretending to be from an agency, saying that there's a problem, pressuring you to act immediately, and telling you to pay in a specific way. Well, that is going to do it for this edition of Take Pride in Retirement, folks.

Speaker1:
Really hope you have enjoyed it. Gotten something out of it. I know that I have. I actually loved what we did with the show and the topic today, and I hope that it has, um, benefited you in different ways. And I really appreciate you taking the time to join me for it. Keep on spreading the word. Keep on helping us grow. Um, really do appreciate it. I'm going to, um, be out at this fall at Atlanta Pride when we have, um, the pride festival and the marketplace in Piedmont Park. So hope that you'll come and meet me there. If you're in the Atlanta area, anywhere in the southeast. Really? Because I know folks come to Atlanta for pride from throughout the southeast and across the country. So come by and see me there. Uh, we're just getting the details finalized with that, so that's going to be great. Um, I just got a lot to look forward to in the remainder of 2024. So I hope that you continue to have a great one continue to prosper as well. As we go through 2024 once again, 855246 9211. That is the number for the free consultation. No obligation there as well. (855) 246-9211. You can also go to the website. It is take Pride in retirement.com. Well that is it for this edition of the show. But folks I hope you have a great rest of your week. I'll talk to you again next week. And until then, take pride in yourselves and take care of each other. We'll see you next time.

Speaker2:
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ+ community deserve to work with a 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, an active wealth management, are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Registered Investment advisors and Investment Advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosure of any conflicts of interest, if any, exist.

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