LGBTQ Retirement Planning: Why it Matters

Episode 1 : Audio automatically transcribed by Sonix

Episode 1 : this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Announcer:
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.

Matt McClure:
Hello and welcome to the very first episode of Take Pride in Retirement. I'm Matt McClure, your host and your financial advisor here for the show. Thank you so, so much for being part of things today and for many, many episodes in the future. Take Pride in Retirement is it's my baby here and I am so glad to be doing it. You know, it's I wanted to take some time here in this first episode and really share why I'm doing what I'm doing. You know, Take Pride in Retirement Really is the first podcast that is dedicated to retirement planning solutions specifically for the LGBTQ+ community. You know, I was looking around as I first got started in this space and I'm going to go I'll tell you a little bit about my background and and stuff here in a minute, but. As I was looking around at retirement planning solutions for LGBTQ+ folks and what resources were out there. Even in 2023, it was pretty scarce. Online, everything seems to be, you know, kind of geared toward that sort of quote unquote, typical American family.

Matt McClure:
You know, the the husband and wife and two and a half kids and the white picket fence and dog and cat and all of that stuff. But, you know, where are the LGBTQ couples being represented? Where are their families? Where are where are single people who are part of the LGBTQ+ community? And so here at the tail end of. Pride month in 2023. I am thrilled. I'm absolutely thrilled to be launching this podcast, to really be helping the community that's helped me so much and that's really why I'm doing this. As as promised a little bit about me before we kind of get, you know, kind of delve into things here. I am again. I'm Matt McClure. I am the host here of Take Pride in Retirement. I'm also an advisor with Active Wealth Management in Atlanta, Georgia. I'm originally from the Georgia North Georgia area, not really metro Atlanta, just outside of Metro Atlanta, kind of a small ish city called Gainesville, Georgia. That's where I'm originally from. I actually got my start in broadcasting at the age of 15, which was, you know, just a few years ago. And so I got my my start in broadcasting at the age of 15. I was actually up in Dahlonega. We had some some family who lived up there. And if you don't know the area. Dahlonega Beautiful, beautiful area in the north Georgia mountains. And every fall they have a festival called Gold Rush.

Matt McClure:
And because it was the site, Dahlonega was the site of the nation's first gold rush. So if you're ever on Jeopardy! And that's the final Jeopardy question, you know the answer. But so we were up there and they have a fall festival called Gold Rush every year in celebration of that. And and so I was just kind of wandering around being a teenager. And so my cousin, who was part of the management of this radio station at the time, said, go over there and the radio station is doing a live broadcast. Go over there and just kind of hang out with them and have fun. Well, I had the best time of my life, and so I went and got to become the official taste tester for all the different food at the booths at the Gold Rush Festival that year. And I fell in love with broadcasting and I really have never looked back. I've done very few other things in my life that, as I said, was at the age of 15. I am now in my early 40s, early 40s, and I'm still, you know, doing the broadcasting thing this time in the form of a podcast. Here. I got, you know, my start in, in radio there in Dahlonega, also worked in radio in Gainesville, Georgia. Atlanta then went up to New York, was in New York for ten years, was on TV and in radio in New York.

Matt McClure:
I reported from the floor of the New York Stock Exchange on a regular basis. And so, yeah, I have done a lot. And it was that reporting from the stock exchange and being a business reporter at New York one, the legendary all news TV station in New York. And that just privilege and honor of working there and being a part of that legendary team that was really what sort of got, you know, sort of first piqued my interest in the whole financial planning thing. And when I moved back to Atlanta to be closer to family just before the pandemic, I never really sort of knew or or even saw myself really in this space, right, in this financial planning. And, you know. It retirement planning, giving people advice about their financial future space. I had always been someone who in the past, especially living in New York and not having the highest paying jobs ever, I was someone who always sort of just flew by the seat of my pants, financially speaking, and, you know, over the past several years have gotten my own financial house in more order than it ever has been. And then when I got a job helping produce some podcasts. For. For the this company called a mirror life and started seeing what financial advisors and, you know annuity agents and things like that seeing what they do and how they're able to help people and learning, taking the time to learn about it and getting my life and health license so that I was able to know all that I could know about annuities, life insurance, health insurance, all of those different things.

Matt McClure:
And then getting my series 65 license just earlier this year where I am now able to be a financial advisor, be a fiduciary financial advisor. And that word fiduciary, by the way, means that you are as a as the advisor working for the best interest of the client and not the best interest of yourself. Right? You always have to put the client's needs first. And that's what I love about that. I make a commitment to the client to put their needs first, put your needs first, not my own. And so that's I just really fell in love with this space as well. So now I'm able to combine those two. And by the way, a little bit more, a little bit more of a personal note about me. Um, you know, I grew up, as I said, in the South, and it was not, you know, coming, coming out was not the easiest thing. That being the case. And. You know, growing up in a very religious household didn't make it easy. All I'd heard my entire life was how being gay was wrong.

Matt McClure:
And and you know, you're going to hell and all that. And so coming to a place where I could accept myself was so important. My family has come such a long way in their acceptance, not only of me, but of my my wonderful and amazing husband, Josh. And we are, you know, living life here in Atlanta. We have our own place with our two dogs, and that's our own version of the American dream. You know, it's it's me and my husband and our two dogs. No white picket fence. But we, you know, we live in a great spot and and we love it. And so, you know, in thinking about my own family, my own family's situation and thinking about our future and how we were going to handle that and how we were going to plan for that, how we need to have a plan for whatever comes our way, whatever happens in life. That's what really got me interested in wanting to do a podcast. I'll Take Pride in Retirement where I could help spread the knowledge that I have learned over these past couple of years to the wider LGBTQ community. And that's the thing. That's what I want to do, you know? Share this podcast with with your family, with your friends. Share it with those who you love, who might need, you know, help along the way. And it's not to say that if they're not part of the LGBTQ+ community, that I can't or won't help them.

Matt McClure:
Obviously, I will. This podcast is focused on the LGBTQ+ community and, you know, helping our own by giving a resource that wasn't there before this podcast, before this episode, before what you're listening to right now, nothing like this existed, which is kind of crazy, but now it does and hopefully you will share this with your family, with your friends, with those who you love, who might need some help in deciding what their retirement is going to look like, what they want it to look like. And we'll go into some of that today. I'm going to start off here in episode one with an introduction to something that we call the Smart Retirement Plan. This is actually coming from a book written by a good friend of mine who I am going to be privileged enough. It's going to come out here soon and I'm privileged enough to be writing the afterword for this book. And it really is something that breaks down retirement planning into these easy to follow steps and easy to understand steps and. I'm going to sort of give the introduction to that today. And that's that's really what we're going to focus on for the most part in this very first episode of Take Pride in Retirement. Also, here's here's what I want you to do as well.

Matt McClure:
You know, you're listening to us via the podcast. Obviously, wherever you found us, thank you for finding us. Appreciate that. Of course, we're everywhere. You can find podcasts. We're on Apple Podcasts, Spotify, all the big ones, you know, the Amazon Audible, all of those Pandora anywhere you can find a podcast. We are there. All right. So that's number one. If you can't find us on the podcasts channels where you normally go, then you're just not looking hard enough. Also, you can find us on the web. Take Pride in Retirement.com that is, Take Pride in Retirement.com. You can also send me an email. My email address is Matt at Take Pride in Retirement.com. Feel free to message me at any time. You know send me an email there if you want a free consultation. All the listeners of the show will get a free financial consultation. If you live in the Atlanta area, we can do it in person, you know, within driving distance. If you want to come into the office here in midtown Atlanta, we can meet. That's great and fantastic, and I would love to do that in person. Otherwise, you know, if you live outside the Atlanta area, we can do this via Zoom. You know, that's technology. You know, we can do a free consultation via Zoom where we take a deep dive into your financial situation, tell you if it could be better.

Matt McClure:
And then give you that plan to make it better. And you know what? If you can't if I look at that plan and say, you know what, this is great. This is great for you and your situation, then that's fine. And you can continue doing what you're doing and or working with the person you're working with. And that's what a fiduciary is. I act in your best interest, right? I don't I'm not going to be somebody who's like, you know, if you come in for a consultation, I'm going to make you sign in in blood on the dotted line and all that. No, that's not what it's about. It's about helping you. And if you already have the help that you need, turns out great, That's. That's fine. Because, as I say, that's what it's about. You having the help that you need and being in a good spot and working toward the retirement, that is going to be what you have dreamed of. In a retirement that you can take pride in. And that's really what I want to do. That's the goal of this show, is to help you achieve that success in your planning and in your retirement. When that day comes. And, you know, it's I really consider it an honor and a privilege to be helping this community that has helped me so much in my life.

Matt McClure:
Take Matt at Take Pride in Retirement.com is the email address once again. And then of course, you can give me a call as well. We have the toll free number which I am giving out here. (855) 246-9211. That's 855946 9211 to reach me at Take Pride in Retirement check out our YouTube channel as well. We're on there too. Search for Take Pride in Retirement on YouTube should pop up one of the very first things. We're also going to link, of course, to the YouTube on the website Take Pride in Retirement.com. We'll be on the on the Facebook on the on the face place on Instagrams and all the above as well. You know, reach out on any of those channels. I'd be glad more than glad to talk to you just about anything. Just even if you have a question, if you don't want the full free consultation, fine. I would be glad to talk to you about anything, you know, financial that you have going on. Any questions, any anything that needs answered regarding that, I would be more than happy to help as much as I possibly can. Okay. So now as we get things started off here, we're going to start off with something that will be a staple of the show each and every time, each and every week here that we bring a new episode of Take Pride in Retirement. Let's do it. It is our quote of the week.

Matt McClure:
And now wholesome financial wisdom. It's time for the Quote of the Week.

Matt McClure:
And this time around, those very words of wisdom come from Apple CEO Tim Cook, who is, of course, a member of the LGBTQ+ community. And here is Tim Cook's quote this week, and it says It's about finding your values and committing to them. It's about finding your North Star. It's about making choices. Some are easy, some are hard, and some will make you question everything. That is from Tim Cook, the CEO of Apple. And, you know, that really kind of in a way helps sum up the reason that I'm doing this show, you know, because it can be hard as as LGBTQ+ folks to sort of find that North Star to find guidance in in our everyday lives. And, you know, there are. Resources out there, obviously for different, different things, you know, with help with coming out with. Thank God. Help with suicide prevention and things like that for especially trans youth who have such a high suicide rate and, you know, just a just a tragedy. And there are resources to help all of them. And anyone in our community who needs that help can can luckily, hopefully find a resource out there for those different types of things. For finances, it can be a little bit more difficult to find something that's specifically tailored for you. And my whole sort of like, you know, philosophy, if you can even call it that on. Financial planning. And it's just a reality, really. Is that. Everybody's situation is different.

Matt McClure:
Especially LGBTQ+ folks. You know, I mentioned earlier about the the husband and the wife, the two and a half kids, the dog, the cat, the white picket fence and all that stuff being sort of like what the financial space is geared toward. Well, I can guarantee your your life probably doesn't look like that if you're an LGBTQ+ person. You know, I mean, like I said myself, I live with my husband and we have two dogs. I know LGBTQ+ folks who are my same age who are single and they're perfectly happy with that. There are people who who are together and have been together for a long time but haven't have not gotten married by choice. That's great. And that's fine. And we celebrate that. We celebrate that relationship that you have. At the same time. It presents its own kind of challenges because you don't have that piece of paper that says, Hey, we're married, so you have to make other arrangements. You have to take other things into account and make adjustments on your your financial planning based on that. You know, a lot of times a one of the members of your family, your partner, your husband, your wife may not have a traditional job. They may be a gig worker. They may be an artist or an actor or something like that, or that may be you. That's great. Obviously, we need that. We need that richness in our culture and in our lives.

Matt McClure:
That also presents challenges. From a financial planning standpoint. Particularly when it comes on down the line to something like when should I take Social Security, for example? You know, should the. Spouse who makes less take Social Security at an earlier age than the spouse who makes more? Generally, yes, you should. You should max out the Social Security of the person who makes more per year, and then that person can work until the age of 70. That would be great because then that you basically between the ages of 62 and 70, if you delay from the earliest eligibility at 62 to 70, you're giving yourself an 8% raise every year. We talk about a great return on that investment. You know, an 8% raise every year is great. And so that's just one little sort of tidbit. And that's the kind of thing that we'll talk about here. And again, that's a general rule. It may be different for your particular situation, but that is what it's all about. The show is about education. The show is about helping you get through kind of the weeds on a lot of these things and a lot of these issues. So we'll go through a lot of that. We'll talk about a lot of different things as we go through the show today. On this inaugural episode of Take Pride in Retirement, I can't help but smile cheek to cheek when I say that every time because I'm just so excited to have this show off the ground.

Matt McClure:
I really, really am just thrilled that you are here, that you are listening, and that you are hopefully going to going to stay tuned here as we continue on now. Okay. So I teased this at the top of the show. And. I wanted to to kind of dive right in to a series that we're going to be doing here. And also. Oh, got to tell you, too, I meant to say this earlier, but I'll say it now. Um, I'm going to have some great guests on the show as well. That is my plan going forward is to, you know, probably every other episode or so, have a wonderful guest who is a member of the LGBTQ+ community who has insight on a different area of financial planning for LGBTQ+ folks. I have someone who is going to come on soon who is a CPA here in the Atlanta area. I've got some others kind of waiting in the wings, so it's going to be great. We'll get insights from other folks so you don't just have to listen to my voice all the time, my dulcet tones. But anyway, so Smart Retirement Plan series here. I wanted to go through this just as kind of an introduction to what we're going to be talking about over the next few weeks, You know, I mean. One of my big things is that. And don't get me started, first of all, on the education system in this country.

Matt McClure:
Public education system and the lack of lack of support, lack of funding, lack of all of that, especially in communities of color. It just it really is a problem. But also, you know, in general, even in places where there is there is adequate funding and there there are, you know, places where there are schools that are supported by state, local, federal government. Et cetera. Financial education is kind of like an afterthought. You know, by the same token, the fine arts are like an afterthought in a lot of places too. So it's not just something that is. You know, that has to do with financial education, because I think. The fine arts are essential to two people's lives. I really, really do. As someone who, you know, was in I was in band, I was in chorus in high school and in college. And. You know, I just absolutely think that it's essential. I also think that financial education is essential. Like, you know, when I was in school, we didn't even learn how to write a check. Not that anybody really writes checks anymore, but like, it was like one of the simple things about your financial life that I never even really learned. And it's like, why not? You know, why not teach? That two kids. In high school. In college. If you don't do it in high school, heck in middle school, you know, like just make sure that that education is there.

Matt McClure:
So where are people getting their financial education? Well, there was a study. That said, 26%, only 26% are getting financial education from high school classes. This is turning around in a lot of states, though. There is a story that I did not long ago for the MetLife retirement Radio network that talked about how a lot of states are now implementing some sort of financial education requirement. And this is this is a bipartisan thing, which is great because you can't get people to agree that the sky is blue on any given day, it seems like these days. But a lot of states are implementing better requirements and more stringent requirements for financial education. So there's that that that is a good thing. But right now, as of these latest numbers in this study, 26% of people in this country getting their financial education from high school classes, 22% from parents and family, 21% from college classes, 18% from social media and websites, and just 7%, only 7% say that they're educated from a financial advisor. I find that disturbing that that more than twice as many people are getting educated, quote unquote, on finances from social media. Then they are from a financial adviser mean I find that really kind of wild. Also in 2022 at the at the end of 2022, the Fidelity State of Retirement Planning study found that 1 in 4 Americans are less confident about retirement now than they were before the events of the last couple of years.

Matt McClure:
The pandemic inflation. Et cetera. 71% of Americans very concerned about the impact of inflation on retirement preparedness. 31% don't know how to make sure that their retirement savings keep up. 31%. Almost a third of the American people don't know how to make sure that their retirement savings keep up with inflation. This. Quote here comes from Angie Chen, a research economist at the Center for Retirement Research at Boston College, who said approximately half of Americans are at risk of not being able to maintain their pre-retirement standard of living after they stop working. And that's. That's kind of, you know, a wake up call, I think, to a lot of people who might say, you know, I thought that my retirement might have been on track or I've been putting money in my 401. K and great. I should be all set. I haven't really checked on my 401. K in a while, but, you know, if you haven't checked on it in a couple of years, might want to wait a while before you do. Because last year, you know, we lost over 20% plus in the S&P 500. It will take a while for that to come back. Right. So. You know, I mean, here's the thing. I the reason that I do this show and I've said this a couple of times here to to give back to the community that's given so much to me and as part of that.

Matt McClure:
I want to help you understand what you want to do in retirement. And we'll get to this in a second because it's the first part of the smart retirement plan is smart vision. Right? And having a vision for your retirement, that's like, what are your goals? Who are you with? You know, I want to help provide stability for you and your family. No matter what your family looks like, no matter where you come from, no matter who you love, no matter what your particular situation might be, I want to tailor something for you and for that situation. And I'm going to organize a custom financial plan to fund your goals and expenses. A combination of guaranteed income strategies, Social Security maximization, smart, smart, risk investing, all of that and much more. So we'll go into that as we continue along here with the show. And once again, you can go to Take Pride in Retirement.com if you want to get that free consultation and just fill out the form there. The contact form actually have a risk profile questionnaire as well that you can fill out. Let's Take Pride in Retirement.com or you can call 8552469211855246 9211. Once again is that number so okay as as promised here smart vision this is the first part of the smart retirement plan. So it starts out with asking a few questions. Right. What are you going to do during your retirement years? What? What is it that you.

Matt McClure:
Want to do that you see yourself doing? Are you the kind of person who will be retired in air quotes, but. Won't stop working because you want to, not because you have to keep working. That's not a situation you want to find yourself in. You don't want to find yourself in a situation where you call it quits from your job, from your 9 to 5. Which, by the way, favorite movie ever. 9 to 5. Thank you. Dolly Parton and. And Jane Fonda and Lily Tomlin and Dabney Coleman, who was also hilarious in that movie. I should have known something when that was the movie I was watching every day as a kid. Um, and so should my parents. You know, I'm like, Mom, Dad, really? You were surprised. Anyway, I digress. Um, you know, what are you doing during your retirement years? You quit your 9 to 5. You don't want to find yourself in a position where you are. Forced to work because you have to if you want to work, though, great. My dad was kind of like that when he retired and he's passed on now. God, God rest his soul. But he retired from his job. You know, several couple of decades back, now retired from his career. And almost immediately went back to work. He did a lot of babies, like he babysat my niece and all of that. But then he also. Um, and he was just the best grandad to.

Matt McClure:
To her. Oh, my gosh. But he, you know, got sort of the stereotypical Walmart greeter job at one time that wasn't quite right for him. He got another couple of little odd jobs here and there, but he was kind of person who could not he couldn't sit still basically and just do nothing. He loved his good long naps in the afternoon. That was the same my entire life. But he could not, you know, just sit around and do nothing. So is that you? Is that what your life is going to look like in retirement? Do you want to keep on going and keep on working? Because you want to, not because you have to? Or do you want to be on the beach in, you know, Guam or wherever? Virgin Islands. Uh, Key West. Do you want to be? Is that what you want your retirement to look like? Do you want to be in the mountains? One of my favorite places to be is the mountains. Particularly the Great Smokies. I love it. Beautiful, beautiful area of the country. Do you want to be doing that? Do you want to spend your time traveling all around and seeing the world going on cruises or big long trip, whatever it is, That's the first thing you have to ask yourself when you're talking about a smart vision for your retirement. What are you doing during those retirement years? Number two, and this is a big one for our community, who are you with? Are you with your husband? Your wife? Be with your partner.

Matt McClure:
Are you by yourself? Each and every day. And that's just the way you like it. Thank you very much. And I know people like that, and that's fine. But whatever it is, whether you are with someone or multiple people, as in your family or if you're by yourself, whatever your situation is. That's another question to ask when you're looking at a smart vision and trying to come up with that for your retirement years. Were you taking care of? Do you have kids? You have kids, do you have a partner who might be significantly older than you? That's something to take into consideration as well. Long term care, for example, might be something that one or both of you need to get a plan for that. Are you taking care of parents? Do you have aging parents? For people who might have been wonderful friends and mentors to you who are older, who might not have any family to take care of them, whatever that situation is. Another question to ask Who are you taking care of? What are your goals in retirement? Do you have and this is actually a mistake that a lot of people make. Do you have your sights set on one big nest egg number? I want to have X amount of money saved put aside. For my retirement. Years.

Matt McClure:
That big, you know, that one big number, whether it's 100,000, 200,000, whatever. Or a million. 2 million. And if that's your goal. God bless you will help you reach it 100%. But the more important thing, the reason that I say that that's a mistake to focus on that as much the more important thing in retirement is. What am I going to do so that I have an income in retirement? Because it's much more about income than it is about that one big number that I'm not going to be able to outlive. Because you do not want to get to. You know. Well God forbid in your 80s but but you know really thinking about like 90s and beyond because people are living longer despite a bump in the road from from Covid people are still living longer than they were a decade ago for example. The. Question that you have to ask yourself is, am I going to be able to have an income for retirement that is going to be able to last my life, my lifetime, no matter how long that lifetime might be? That's a big question to ask. So is that a goal? How do you plan to fund your goals in retirement? How do you plan to fund? Like, say, if your goal is I want to buy a house at the beach in Key West? Great. How do you plan to fund it? I want to travel around the world in retirement.

Matt McClure:
Great. How do you plan to fund it? Those are the questions that you need to ask yourself. Then again, do you want to retire or do you want to relaunch? How about I mentioned the thing in a few minutes ago about about not stopping working, which is a big question for a lot of people who might be like, I would just get bored if I sat around and did nothing or traveling is great but don't want to do it all the time. Want to have something to keep me busy as well. You know, that could mean launching your own business in retirement, doing something that fulfills you in retirement and helping you, you know, have some extra, some extra money, some some play checks instead of just paychecks. Right. I got some news for you here. That. When you retire. Your income is not going to be the same as it was when you were working. It's just not usually, you know, you've got to be ready for a reduced income. And prepare before you retire. Prepare for that. You can give yourself a pad in retirement of income and we'll go through that as not only today's show goes along, but also future episodes go along about, you know, guaranteed income for retirement in the financial space. You don't often hear that word guarantee a lot, but we'll talk about it here and we'll tell you exactly what that means. And that has to do with, you know, guaranteed insurance products like annuities, indexed universal life, that kind of thing, where you will have guaranteed income for the rest of your life no matter how long you live.

Matt McClure:
And so we'll talk about those types of options as we go forward. But, you know, I mean, the big thing is sit down with your partner, sit down with your spouse. Think about sit down with yourself. If that's your case, think about your goals for retirement. I mean, this is going to really help you determine how fiscally smart you need to be now in order to be able to do what you want to do during your retirement years. Because, as I say, retirement looks different for everybody. You know, if you want to travel, you want to spend time with family, start a new business. Any of those things that we talked about, any of those things that I mentioned, you're going to need cash flow for it. If there's a new survey from Gobankingrates showing that one third of Americans don't think they know enough about retirement. The other two thirds are probably lying in that survey, just my opinion. 37% of Americans feel they need more education and information on retirement planning. Hello. Thank you. Take Pride in Retirement. That's why we're here. 52% of Americans wish they had more education on how to invest. Think you Take Pride in Retirement. That's why we're here once again. Okay, So Smart Vision is the first kind of step in our journey along the Smart retirement plan.

Matt McClure:
What about smart inspection? Well, that's where, you know, so, so smart vision, right, is that's where you ask yourself a bunch of questions, those questions that you just ran through and you answer those and that's your goal, right? So I often think about this like a. So we can help you be your financial right. So your smart vision that's you're on your you got your phone out, your smart phone or your on the car and you're putting in your destination. Right. So that is. Where you want to go. That's smart vision. Smart inspection determines where you are right now. Your GPS will tell you where you are right now. And so that's this is where we come in. The smart inspection section of this whole shebang here. And it's a financial checkup. And so what are we going to do during that financial checkup? Well, we'll review your accounts. Do you have a 401. K at your job? Do you have IRAs that you have set up yourself or, you know, whatever that situation might be? 403. B If you are someone who has one of those type of retirement accounts, do you have a Roth? If you do, good on you because that is going to grow tax free and the withdrawals are going to be tax free in retirement. If you don't have a Roth even more reason to talk to us. Because then that way I can help you do a Roth conversion if it's right for your situation.

Matt McClure:
Convert that traditional IRA or whatever traditional account you might have over into a Roth IRA and then save you taxes on the back end when it's going to be a bigger chunk of money that you're going to owe taxes on. Anywhere you hold assets, we're going to review it. We're going to check those balances. We're going to review rates of return over the last year, three years, Five years. Right. We're going to take a look back, see how things have been going. Can I answer this question too? Do you have an income gap or an income surplus? You say, Matt, what in the world does that mean? Well, an income gap is basically that you have more month than money or you're going to have more month than money in retirement or you do have one right now. Either way, not a good situation, right? You don't have enough money to meet your obligations and you don't have enough money coming in to be able to put some aside for retirement. Maybe other than that 401. K, because that's an automatic. Draft that your workplace takes out every week, or if you're an independent contractor, for example. Oh, I just I all of my money goes towards paying my bills and I don't have any to put in my IRA or whatever other retirement vehicle that I have right now.

Matt McClure:
You have an income gap or do you have an income surplus? Income surplus is the exact opposite. You're doing great. You're you're saving you got plenty of money coming in. You're investing, you're putting in all of, you know, the money that you need to put in to planning for your future. That's an income surplus. So we'll determine that. We'll also do what we call an annuity x ray if you have any annuities. But right now, if you don't know what an annuity is, boy, you will. By the time you listen to a couple episodes this show. We'll also x ray any pension plans you may currently have if you are lucky enough to have a pension. Oh my gosh. You were one of the luckiest people in the world these days because it's kind of like seeing a unicorn in nature. If you're out like Tammy Brown walking children in nature. And you haven't happened to see a unicorn. Then you're great and you're just as as as likely to have that happen as you are to. Actually have a pension these days. How much are you paying in fees? That's a big one that a lot of people don't even realize how much they're paying in fees each and every month to to their retirement plan or whatever. I mean, it's a big one. It really is a concern because a lot of them are hidden and you might not know. We'll also help with tax planning, not a tax attorney.

Matt McClure:
I got to say, I do you know, I'm a licensed fiduciary financial advisor. I am life and health licensed so I can help you with all the annuity stuff. And I can help you in many ways with taxes because Roth IRAs, as I mentioned, that can reduce your future tax risk because the growth is going to be tax free in a Roth, the withdrawals in retirement are going to be tax free in a Roth as well, so that in that way we can help you with taxes. Also, you know, we've got great connections to tax attorneys. If we take a look at your tax situation and determine that you need some help in in a way that I can't necessarily help you. In, you know, using my knowledge and my my licensing. Then we can refer you to that. We can be kind of a little bit of a one stop shop in that we'll get you the help that you need one one way or another. We'll review your life insurance coverage as well as set them life and health licensed. But what's the cash value of your life? Insurance policies will determine that. Consider a 1035 exchange move cash value over to an indexed universal life policy, and that can really help you protect and grow your money and provide you with an income stream in retirement through an indexed universal life. Now, and this is another one of those things we're going to go through like in detail in in the future on the show and probably won't get into it today.

Matt McClure:
But in future we'll talk about index universal life and how life insurance can be a big part. Of your retirement plan. Which is, I bet, something that you probably didn't think about. About life insurance being for the living. You always think of it as death insurance, right? Like, Oh yeah, get a life insurance plan. There's a death benefit. It's paid out to my beneficiaries if I die. That's traditionally what life insurance is about. But. There's a certain type of life insurance that indexed universal life policy that can be used for tax free withdrawals in retirement and provide you with that income. So we'll talk about that as as things go along here or, you know, I mean, if you want to ask me about it Take Pride in Retirement.com is the website use that contact form that's there fill out the risk questionnaire. Also you can give me a call 855246 9211 (855) 246-9211. As well, we're also going to examine your real estate assets, your family home, any rental property, land, etcetera. We'll do a Social Security maximization report that'll show you. And I mentioned this earlier, should I take Social Security now or should I delay until age 70? Take the max benefit? Depends on a lot of factors. So we'll give you the Social Security maximization report. It's going to show you how you can maximize your your Social Security earnings in retirement.

Matt McClure:
Depending on, again, your individual situation. This is not a one size fits all deal here, folks. This is not something where you go to the like to use the illustration. You go to the big box store. Down the street. You pull in, get out of your car, you go inside to the retirement plan section and there are a bunch of boxes that say generic retirement plan. When you pick one out, you put it in your cart. Go check out your great. That's not how it works. It's not one size fits all. It's not one size fits most. It's not even small, medium, large. It's not any of that stuff. It's all individualized for you. And we have tips and tricks to help you take advantage of everything that's available to you. Make sure that you have a comfortable retirement, a retirement that you can take pride in. That's the whole point of the show. One more section here for this inaugural episode of Take Pride in Retirement. So we talked about Smart, the smart retirement plan overall. We talked about smart vision. Right. That's your your destination when you set that in your smart inspection. Is where you are now. That's your current location in that financial. And now is where you kind of plot your route, right? Smart planning. Here. Here are two questions that I want you to ask yourself. Should you manage your investments yourself? You think you can can do that? How has that been going for you lately if you have been trying to do this? You know, the markets have been rocky.

Matt McClure:
They've been, luckily this year, at least over the last few weeks. As of this recording. Much more up than down. But there have been a lot of a lot of downs over the past couple of years. And so do you think you should manage those investments yourself or. Do you think you should get an expert to help you? You know, when I'm sick, I go to the doctor. When I got a problem with my car, I take it to the mechanic or to the dealership. When I have problems with my money. When I seek the help of a financial adviser. And honestly. I think you should too. And if I'm that person, great. If it's somebody else, fine. You know, it's not like a situation where, again, I'm going to force you to work with me if you seek out a free consultation or anything like that. Absolutely not. Do you have a plan? For your partner or spouse when you pass away. Can I happen? Can happen for all of us. Unfortunately, like I said, luckily people are living longer these days, but still going to happen. So do you have a plan for that for your spouse when you pass away? You have a plan for yourself if your spouse or your partner were to pass away.

Matt McClure:
Big, big question to ask yourself. As we talk about smart planning here and. There are also. Some things. Related to retirement. As far as costs go that you might not think about. Number one, health insurance. Yeah, Medicare there. You know, it's basic Medicare, which is free that will, you know or at least is covered by what you've been paying into the system all these years with those payroll deductions. But Medicare has no premium for just the basic cost, which is basically, you know, hospital care, things like up to 30 days in the hospital and some other things. But that's the basics, Right. But there's also other parts of Medicare. Medicare Part D, for example, the drug plan, really the only one of the letters that makes sense is that D for drugs is the prescription drug plan. That's Medicare Part D, You've got Medicare supplement. Medicare Advantage plans. You've got all these different things to navigate. Some have monthly premiums. Some don't. Some have much higher deductibles or out of pocket costs. Others don't. It's. Something to explore, to think about and to plan for. Long term care. As I mentioned earlier, one of you, it's very likely either you or your spouse, possibly both, will need to go into long term care. That's a nursing home. That is a, you know, a long term care facility that might not be some sort of retirement home. That is not like an assisted living, something like that.

Matt McClure:
Those are expensive. Boy, are they expensive. Especially if you're paying out of pocket. So long term care, do you need long term care insurance? Is there a way to to use a different vehicle that may not be specific long term care insurance, but to use that other retirement income vehicle to be able to pay the expenses of long term care in retirement or even before. There are different products that can do that and we can tell you about them when you when you give us a call or go to the website Take Pride in Retirement.com. Home renovations. A lot of you, you know, if you're staying in the family home and hopefully it's a single story and not a huge home. If you're staying in the family home, maybe you want to do some renovations. Maybe you've gotten to the point where those tile countertops and the. Fake oak cabinets in the kitchen are driving you crazy and you need new appliances. Home renovations could be a big deal and a big expense in retirement. Income taxes, you know anything you contributed pre-tax to retirement accounts during your working years that subject to income taxes, when you withdraw those funds during retirement, that's 401. K. A 403. B, a 457. B, a traditional IRA. Simple. Ira. A Sep. Ira. Right. All of those are. Taxable accounts. Tsp. If you are a federal employee thrift savings plan. Nontaxable accounts in retirement. A Roth. Right. A Roth IRA.

Matt McClure:
Hsa as well. That's a health savings account. That is a nontaxable account also and can be a good thing, too, to have as well. 50 to 80% of your Social Security benefits could be taxed as well if your income is above a certain threshold. That's also a consideration for you and your family. Again, no matter what your family looks like during retirement. Well, okay, So that's going to just about bring us to the end here of this very first episode of Take Pride in Retirement. Hope piqued your interest. I hope I've explained to you why I'm doing this, and I hope that you're looking forward to future episodes. I really, really do. If you are again, go to the website. It's Take Pride in Retirement.com. We can help you get that retirement that you can be proud of that you can take pride in. That's again Take Pride in Retirement.com email me Matt at Take Pride in Retirement.com easy to remember because you know my name is Matt and I'll Matt at Take Pride in Retirement.com or you can call me (855) 246-9211. I'll be glad to talk with you if don't pick up. You know, leave me a message and I'll be more than glad to return your call as soon as I possibly can. We'll get to that free consultation. It's absolutely free of any cost. Free of any obligation as well. We just want to want to explore things here and make sure that you are aware.

Matt McClure:
Of all of the different options that you have. And again, if your plan is working for you, great. If not. Work with us. Work with me. I can help make your retirement one that you can take pride in. Thanks so much for joining me for this very first episode of Take Pride in Retirement. I am thrilled that this is underway and I really look forward to seeing you again next time. Boy, am I just you almost don't even know what to say. I'm so. I'm so thrilled. I'm Matt McClure. Once again, I really do appreciate your time today, and I thank you for joining me for Take Pride in Retirement. We'll see you next time, everybody.

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