No Matter Who You Are, You Deserve to Retire Happy!

Episode 15: Audio automatically transcribed by Sonix

Episode 15: 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 once again, welcome to another edition of Take Pride in Retirement. I'm Matt McClure, your host, your pal, your good buddy, your friend, your advisor, all of the above. And I am so glad to be with you. I'm so glad that you are choosing to spend some time with me, because here's the thing. You can kind of do anything that you want. You could spend your time doing a lot of different things, and the fact that you are taking time out of your day to spend a little time with me means a whole lot. Um, I put a lot of work into doing this show, and so I'm just really glad that you are a part of it, and I'm hopeful that you get something out of it each and every single time a new episode comes out this week. Boy, are we going to talk about something that I think is essential and that is taking a lot of retirement worry off the table, sort of titled this week's show Don't Worry, Retire Happy, which makes me want to sing that song from the 80s, you know, don't worry, be happy. But it's don't worry, retire happy. That's what we're talking about this time around. And how to build a stable foundation for your retirement with basically a personal pension and building that, making that a reality for you. Because retirement, no matter who you are, no matter where you come from, no matter who you love, how you identify any of those things. Retirement's much more about income than it is about building one big nest egg number. A big nest egg number is great to have, but how can you make sure that that big number doesn't? Become something that you are going to outlive.

Speaker1:
How were you going to make sure that you don't spend too much in your retirement years and run out of money? Because that is, as a matter of fact, the number one fear of retirees. Is running out of money. And even more than death itself, which may surprise some people. But living with no income, living with no money. Not a fun proposition for people. So today's show is going to be a lot about tackling that and how to build that stable foundation for your life, for your spouse's life, if you have one, your partner's life if you have one, your life, if you are unpartnered, if you are a single person, um, or you know someone who wants to leave a legacy to their loved ones, or someone who wants to leave a legacy to maybe charitable organizations, things like that, that is, um, going to be some of what we discussed today. So I really do thank you for being a part of it. Remember, go to the website. Take Pride in retirement.com. It is take pride in retirement. All one word.com and you can get information there about the show. You can schedule a free consultation with me to take a look at your financial picture and hopefully improve it, because that's the goal, right? That's what I want to do. That's what I strive to do. Each and every single day in my daily life is to help people. That's just that's one reason that I'm so glad that I'm in the line of work that I'm in, is because I've always enjoyed helping people in whatever way that I can.

Speaker1:
And now that I am doing this and have been for a while now, I enjoy helping people make their financial picture better, giving them more peace of mind headed into retirement. And look, I'm not just here on the podcast, I'm also on the socials follow, you know, take pride in retirement on the, uh, Facebook's and and on the Instagrams. Uh, and then also you can check me out on YouTube. The YouTube channel is Take Pride in Retirement. So just search that you'll see some great video highlights there. And we're putting more and more of those out each and every week. And do not hesitate to either reach out via email or via phone with any questions that you might have. (855) 246-9211 is the phone number 855246 9211. You can also give me a shout out at the email address, which is Matt at Take Pride in retirement.com. All right. So a lot to get to here today. And before we sort of dive into how to go about, you know diffusing that retirement tax bomb that you might have that is waiting for you that you don't even know is waiting for you in retirement or talking about what I teed up earlier about providing yourself with a personal pension for your retirement years and more. Before we dive into all of that, let's get some inspiration for our conversation this week with our quote of the week.

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

Speaker1:
And this time around, the quote comes from someone who my sister has given a lot of money to over the years Michael Kors, who is of course, a designer, um, of, you know, fashion dresses in particular, also handbags and the like. And that is the reason that my sister has kept him in business and but no, it's he's very, very successful at what he does is also the CEO of Michael Kors. And he said this once quote, I think the older I get, the more I realize that the ultimate luxury is time. The ultimate luxury is time. And boy, that is very true and I kind of feel the same way. The older I get, the more I realize that the ultimate luxury is time. Um, it is obviously not a commodity that is endless in supply. It is running out for all of us every day. We don't know when that supply will be up for us, and that is why it's important to plan. That's why it's important to have a plan in place no matter what happens. And obviously we don't have a crystal ball. My crystal ball has been broken for a long, long time. It's in the shop and it's not being fixed anytime soon, so I can't predict the future. That's why you want to plan for as many possible scenarios as you can. And that's why I, as a fiduciary financial advisor, want to help you along that route and make your life better no matter what happens, because there is a way to plan for those knowns in life.

Speaker1:
The things that you know are going to happen, the things that you plan for and the things that you may be previously have not planned for. The things that are the unknowns in life. Plan for those unknowns and you'll have a lot more peace of mind. Plan for whatever happens, no matter what. You'll definitely have a lot more peace of mind for yourself, for your your family, your loved ones. You really, really will. And it's the thing about this particular line of work that I love more than anything is that I get the opportunity to hopefully, you know, give a little peace of mind and a little assurance to folks who listen to the show and to folks who I end up working with. So there we go. That is my spiel about Michael Kors, obviously a wonderful and successful member of the LGBTQ plus community. And there he was with a great quote of the week for us all about time. And so before too much time, uh, runs away from us today, I wanted to, you know, go ahead and dive in to the first thing that that I wanted to talk about, which was. This concept of a retirement tax bomb. Right. So, you know, if you think about your retirement years, a lot of times people.

Speaker1:
Keep most of their retirement savings in a tax deferred account, something like a 401 K right, or an IRA, a traditional IRA. And that's a good thing that people are saving for retirement. So if you are putting money into that 401 K that IRA, if you are religiously doing that, if you are, if it's a 401 K contributing enough to get the employer match at least, great job. That is awesome. And I don't want to discourage you from doing that. What I do want to at least bring up and acknowledge though. Is the concern about the taxes that you are going to end up paying when you finally withdraw that money in your retirement years. Right. So this is tax deferred money in a 401 K or a traditional IRA. And so tax deferred means that you haven't paid any taxes on that money yet. Right. It's pre-tax money that gets skimmed off the top of your paycheck. And then that goes into your 401 K. You haven't paid any taxes on the money. Eventually the government's going to make you pay taxes on that money through something called required minimum distributions, RMDs. And any time you withdraw any money from those accounts, you're going to owe taxes, whether it's through RMDs, whether any other type of withdrawal. And so, let's say, just as an example here, that you have made it to retirement. You. And let's say you have a spouse, uh, whoever he, she or they may be, and you are both in your 60s and you decide, okay, we're going to go on that bucket list vacation that we have always wanted to go on.

Speaker1:
As a matter of fact, my husband and I were just looking at potentially going to Iceland, which is somewhere we've never been very LGBTQ+ friendly. And all of the things it's. Beautiful. We've had some friends who've been there and have just raved about it. So that's sort of our bucket list vacation that we might go on at some point here in the near future. But let's say you're in your 60s. You and your spouse decide it's time to go on a big bucket list vacation, maybe a trip to Europe, maybe going on a cruise, maybe great, you know, road trip around this country, visiting some of the national parks, the beauty of the land around us. Right? Well, the vacation is going to be three weeks and the budget is $10,000. But when you withdraw the money from your tax deferred retirement account. You're going to owe taxes on that. So if you withdraw from your 401 K, your traditional IRA, you're going to have to pay taxes on that. So for this example, let's just say that your federal tax rate is 24%. Right. So with 24% going to Uncle Sam, you're only going to have $7,600 for that trip, because 2400 of it had to go to Uncle Sam.

Speaker1:
If you need to spend $10,000 for this vacation, you can't just take $10,000 out of that account. You're going to need to withdraw $13,100 to cover both the taxes, and then have $10,000 left over to pay for the vacation. So the solution? As far as I see it for this particular scenario is to take advantage of tax free investments. There are two types of tax free investments out there. One of them is life insurance. We'll talk about that another time. This time around, we're talking about a Roth conversion, converting that money that's in those tax deferred accounts into a tax free account like a Roth. You'll no longer have those required minimum distributions that we just mentioned a minute ago. And you can withdraw that money tax free zero taxes. And taxes are likely to go up in the future, right. They're going to kind of have to. So plan now. For that. Almost sure thing. You know, it's obviously my crystal ball as I said, is broken. So I'm not going to make any guarantees or promises about that. But the likelihood is that taxes will go up in the future. And so. The money that remains in that account, in your Roth account is going to grow tax free. You can withdraw it tax free. And then the money that's still in there, tax free, that tax free growth on top of it.

Speaker1:
So if you choose to leave your Roth to a beneficiary after you pass away, that money is passed to them tax free. You guessed it. And so if you want to maximize your retirement savings and learn what a Roth can do for you, get in touch with me. Go to take Pride in retirement.com. That's take pride in retirement.com. You can also give me a ring 855246 9211 (855) 246-9211. I would love to hear from you and and speak with you about all things, whether it's, you know, your tax concerns. Again, I'm not a tax attorney so I can't help you, you know, file your taxes and get your maximum deductions and all that stuff in your yearly taxes or anything like that and offer that kind of tax advice. But what I can do is, uh, something like I just talked about like tax planning, planning to lessen your tax burden in the future. And so that is going to mean a whole lot for you in your retirement. Take a big chunk of that tax burden off the table by implementing something like a Roth conversion. And also, like I said, life insurance. And we'll talk about that because people think, oh, it's just the, you know, just the death benefit, blah, blah, blah. And yeah, you know, death benefit is part of life insurance, but there's also a way to create a stream of income for your retirement years through life insurance as well.

Speaker1:
So if you want to find out about that, go to Take Pride in retirement.com and send me a message through the website. Schedule your free no obligation consultation there as well, but great things to keep in mind in order to sort of diffuse that retirement tax bomb that may be ticking away for you. Um, okay. So that being said, I also wanted to share kind of a worrying study. In, in a way, if you look at it like like I do. Um, this is a new study just out. Not all that long ago, maybe about a week ago or so from AARP. And. It the kind of headline from the Associated Press on this was that about 1 in 4 US adults ages 50 and over, who aren't retired yet expect to never retire. According to that AARP study. Yeah, about a quarter of US adults 50 and older who haven't retired yet say that they expect to never retire, and 70% are concerned about things like inflation prices rising faster than their income. And so it's disheartening to me because about a quarter of people say in this survey, anyway, that they have no retirement savings. No retirement savings. And so you can see, the chances are if we kind of extrapolate those two numbers, if about a quarter of people over 50 say they don't expect to retire, and about a quarter of people say they don't have any retirement savings, that's about the same number of people.

Speaker1:
So at least a good chunk of those people who expect to never retire aren't going to continue working because they want to. I'm sure there are people in that group who say, yeah, I will want to continue working into my what should be my retirement years, right? Or what generally, for most people are their retirement years. Because I love working, I love what I do, and that's the thing. If you want to keep working, that's a different matter. But if you have no retirement savings. You're going to be forced to keep working. Because Social Security is not going to be enough to pay for your monthly bills, especially if you have something like a mortgage, or if you have rent to pay every month. All of those things, um, you know, Social Security is wonderful, but what you want to do is have a plan in place so that it is the cherry on top, it's the gravy. It's not what you rely on solely for your. Income in retirement. It should not be that it should be. A situation where it is seen as extra and you can make it without it. But having it there is great and it allows you more flexibility in your retirement years. Um. This is really disturbing, though, because, you know, an aging American population is worrying more and more about how to make their ends meet in retirement, according to this study.

Speaker1:
And this is really going to be important this year because it's an election year. So we'll hear a lot about this, I'm sure. Uh, President Biden, former President Trump trying to win support from older Americans who traditionally turn out in high numbers. Um, and they're going to be, you know, putting through a lot of policy proposals. I'm sure that will hopefully try to address this. And I want to encourage you to pay attention. To pay attention to what they say about these programs that are essential to. The promise that this country has made to us as Americans. Are they going to make Social Security and Medicare, for example? Are they going to shore those up, or are they going to gut them and and change the benefits, change the rules on us and all of those things? Pay attention and make your voice heard at the ballot box. That's what I'm going to say about that. I don't often get very political on the show, and that's not really political. It's more civic minded, actually, because it's our duty as Americans to go out and vote and make our voices heard. Right. So that's all I'm going to say about that subject. But the latest annual report from the Trustees of Social Security says that the financial safety net for older Americans are going to run short of money to pay full benefits within the next decade.

Speaker1:
So let's say Social Security or Medicare. Actually, let's start with that. It's the government sponsored health insurance program. Obviously, it covers 65 million people who are either older or disabled. It's going to be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031. 2031, just seven years away. The report is forecasting here, and just two years later, Social Security is not going to have enough on hand to pay out full benefits for its 66 million retirees. So it's 2024, folks. It is time to get serious. This is an election year. There's so much uncertainty in the world affecting retirees and pre-retirees, so don't wait until you're ready to retire to start planning, because that is not a plan. And really, and here's the thing. I want you to be set up for the best possible retirement you can be set up for. Right. So. You really should be working with a licensed financial adviser. And I'm not just saying that because I am one. All right. We got some data here to back it up. It's a study of from from Northwestern Mutual of the attitudes and behaviors of American adults toward money. And it found that 71% of people who responded felt that their financial planning needed improvement, but only 29% work with a financial advisor. But research shows that people who do work with a financial adviser feel more at ease about their finances and end up with about 15% more money to spend in retirement.

Speaker1:
So work with a fiduciary financial advisor who is someone who. And that word fiduciary means they put your needs ahead of their own. And that is exactly what I do. Any time I work with anybody. I make sure that our strategies align, and if they don't, then I'm not going to work with that person. Because if they're not willing to do what I believe is in their best interest, then it's just not it's not going to work out right. So it's no, it's not a pressure filled situation. It's let's work together if it's right for you. It's a it's a mutual thing, you know, I can, you know, take all of your information, present you with a plan. If you don't like the plan, we can kind of talk about it and see if we can make some adjustments there. Um, but then, you know, in the end, if we figure out, okay, maybe this isn't going to work. And, uh, you know, maybe I could refer you to somebody else or something like that. It's not a high pressure situation. I have always, always, always hated being in, like a high pressure sort of a sales situation on either side of the of a transaction or anything. So that is not that's just not me.

Speaker1:
It's not what I. Would do. It's not the person I am. I'm not a high pressure type person. Really, what you hear on the show is, is what you get. And I'm just a guy who wants to help out the LGBTQ plus community and help people have a better retirement. There was a void that needed to be filled. There was a void of resources out there for LGBTQ plus folks to get. Retirement advice and strategies that they can rely on that are framed around their. Um, experience in life and what they're likely to experience in their retirement years and all of that from someone who is also part of the community. There is a shortage of that. So I took it upon myself to do this show. And that's why I do it each and every time. So get in touch with me. A complimentary consultation and retirement plan can be yours if the price is right and the price is right for it because, as I said, it's complimentary. So there we go. (855) 246-9211 is the number. That number again 85524692 11. You can also email me Matt at Take Pride in retirement.com. Or just fill out the form there on the website at Take Pride in retirement.com. Uh, go there on the old interwebs and reach out to me. All right. Well, okay. So let's talk about pensions for a moment here, you know. Pensions used to be the way that people retired.

Speaker1:
You know, it used to be you'd work for a company for 40 years. You'd get when you retired, you would get a gold watch and you'd get a pension, and a pension was income for the rest of your life as the, you know, a big thank you from that company, uh, for working for so, so hard for so long for them. That's what they used to do. In the 80s, though, the tide started to change and something called defined contribution plans came along like your 401 K. And that puts the onus on you. That puts the burden on you to make the contributions to those accounts. And it turned it from something that the companies did for their employees, and something into the thing that the employees have to do for themselves. Right. So pensions, though, do provide a more secure retirement. I actually love this survey. This was a survey of women from the National Institute on Retirement Security. And a large majority of American women, 82% say that all workers should have a pension so that they can be independent. In retirement, 82% and 75% agree that those with pensions are more likely to have a secure retirement. More than three quarters of people say retirement is only getting harder for a bunch of reasons like inflation, rising health care costs, lack of pensions and debt. Women say they want action now to safeguard Social Security.

Speaker1:
Nearly all women say that it's important for the next administration to work with Congress and develop a Social Security funding solution. And so pensions are you know, we used to talk about back in, back in the day, the three legged stool of retirement. It used to be the three legs were pensions, social security and your personal savings. Right. The Social Security leg of the three legged stool, as we talked about earlier, a little bit wobbly, could run out of money here within the next ten years, if not sooner. That pension leg for most people is just gone, right? So you're on a two legged stool now, and if you've ever tried to sit on a stool with just two legs, it is not. A very stable. Thing right is you're going to fall over basically. So what you can do actually though is you can use something called a fixed indexed annuity or another type of annuity. If you would like. We can talk about options there. The type that we like to use though is a fixed indexed annuity. And that's because you can get market like gains. But your money is actually with the annuity company 100% financial reserve guaranteed with the company. And then your annuity contract will grow based on the growth of a particular stock index. But it's not actually invested in the stock market. So the good news with that is you do not have to take the risk.

Speaker1:
In that portion of your portfolio of losses in the market. Because the market goes up, you reap a good portion of those gains. The market goes down, you don't lose a penny. Zero is your hero, as we say. Because let's say a couple of years ago, people might have, you know, been invested in, um, some type of fund that that mirrored the S&P 500. If that was the case, they lost more than 20% in their portfolio a couple of years ago. People who were invested in fixed indexed annuities, though, were sitting pretty. By not losing a thing. Not losing one single penny year over year. In that particular scenario. And then when that person with the fixed indexed annuity gets ready to retire, they they call it quits. They can turn on an income stream that will last as long as they do. And there are a lot of different options. How you can receive that. There are options for how long you can receive it when you annuitize the contract, it's what it's called. And so. Contact me if you want to learn more about that, because it's a great, great option for so many people. Market like gains without the market risk. It's a great way to protect and grow your wealth. You can just go to take Pride in retirement.com and schedule your complimentary consultation and a review of your 401 K or your IRA. Once again, that website is Take Pride in retirement.com.

Speaker4:
Want to know where your hard earned money is going. It's time for an inflation demonstration.

Speaker1:
So there's a new poll out by the Harris Poll on behalf of nationwide. And it shows that rising prices are still impacting retirement planning decisions for way too many Americans, ongoing economic challenges or changing how Americans are thinking about retirement planning. According to the report, nearly 6 in 10 retirees believe inflation poses the most immediate challenge to their retirement portfolios in the next 12 months, managing day to day expenses, getting more difficult due to the rising cost of living. A lot of people more than a quarter saving less for retirement because of inflation. Pre-retiree investors, 41% of them are avoiding unnecessary expenses to save more for retirement. All of these things creating a lack of confidence in people's retirements. There also is a lack of confidence in the viability of Social Security. As we mentioned earlier, 38% say that they don't have confidence that Social Security is going to be around when they get ready to retire. So that is influencing Pre-retirees to rethink their retirement planning strategies. And right now is a great time to get in touch with me, meet with a financial advisor like me, and start putting a formal retirement plan in place. Because right now. As Michael Kors said earlier, time is on your side. Because if you know, if you're a pre-retiree especially time is on your side. You've got time to make an investment in you. And that's what I want to help you do and create that personal pension, that that income that is going to be there no matter how long you are around on this earth.

Speaker1:
There's a lot you can do to improve your financial future. So go to take Pride in retirement.com and reach out via the contact page. Um, and there's also you know, people are of course suffering because of the rising cost of living. And now more people are living longer. Right. So there's actually a story saying that a lot of people, most of us, more than half of Americans want to live until the age of 100. But. And really, more people are living longer, according to the CDC. The more people are living to be 100. Pew research shows that there are about 101,000 centenarians alive today. That's triple the number who were alive in 1990. And by 2054, the number of people over 100 is expected to quadruple from where it is now. So they'll be more than 400,000 people. In 2054, according to some some census data that they looked at. But how much does it cost to live that long, even in today's numbers? Right? Financial planners say that we should expect to spend about 80% of our working income in retirement. So right now, the nation's median household income is just above 74, not quite $75,000. And so the typical family might need to spend about 60,000 a year in retirement.

Speaker1:
Well, the average American retires at 62. So if you extrapolate that out and you live to be 100, that means 38 years of retirement. So at $60,000 a year, you would need a retirement budget of about $2.3 million. If you live in certain places in the country and want to retire in certain places in the country, the cost of living is going to be more than that. So you'll need more than that 60,000. So that means you'll need more than that 2.3 million. And Social Security income is not going to come close to covering all of those costs. Right. It'll cover some of them. But 27% of respondents to that poll say that they're confident they won't outlive their retirement savings, just 27%. And if you want to be one of those who lives to be a new centenarian, the fastest growing segment of society, you're going to have a plan. And that's why we believe so much in annuities like we talked about a few minutes ago. Creating that that income stream, that personal pension that you cannot outlive, it's going to be there the rest of your life. And there are strategies like annuity laddering, for example, turning on income each and every year, basically giving yourself a raise using different annuities that you take out, you know, maybe one each year and you could ladder those over a period of five years or seven years, taking out a new annuity each year.

Speaker1:
If you have the ability to do that. And then the first seven years in retirement, for example, you'll get a raise each year you turn on another stream of income. And that is something that could be a possibility for you. But it all depends on your individual situation. And that's what I will say as we're just about getting to the end here. But that's what I will say about all of this that I've talked about today. It all depends on your individual situation. Nothing is one size fits all when it comes to retirement planning. As I always say, no matter who you are, no matter where you come from, no matter who you love or how you identify any of the things, no matter all of that, you deserve a retirement you can take pride in. And what I want to do is work with you to come up with that plan to make you. Feel confident that you can have a great, wonderful retirement, the retirement of your dreams. You can have it. And we can make it a reality. I've got a friend who is working on a book that he's writing right now, and the working title is I Can Help You If You Let Me, which I love, because, you know, same I can help you if you let me.

Speaker1:
So let me help you. With your retirement planning. You, your husband, your wife, your partner, your kids if you have them, whoever your loved ones might be. If you are single or unpartnered, that is fine as well, of course. Absolutely nothing wrong with that. Whatever your life situation, no matter who you are or where you are. Who you love, how you identify. I want to work with you. Take pride in retirement.com once again is the website. The number is 855246 9211 (855) 246-9211. Or again take pride in retirement.com. Thank you so much. That's going to do it for this edition of the show. But I really do appreciate you being a part of things. Once again I always, always, always love spending time with you and I hope you can say the same thing. I really do hope that you've learned something here over this last little bit of time that we've spent together. Um, like I said, I really enjoy, you know, doing some research for these episodes and, and learning kind of right along with you a lot of the time. Um, so, yeah, absolutely. Feel free to reach out anytime. And I want to help you make your life better, make your retirement situation better, and improve your current financial standing as well. Until next time, take pride in yourself 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 the Fiduciary financial advisor, who puts their needs first to schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management. Call (855) 246-9211 or go online to take pride in retirement. Dot com investment advisory services offered through Brookstone Capital Management LLC, BCM, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure, 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. Fixed annuities, including multi year guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

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