Seven Stats that Highlight the Importance of LGBTQ+ Retirement Planning

Episode 11: Audio automatically transcribed by Sonix

Episode 11: 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 once again. This is take Pride in retirement. I'm Matt McClure, your host, your advisor, your good pal, your friend. Uh, your, uh, yeah, hopefully just, you know, your buddy. You're very nice guy that you like to listen to on the podcast. Uh. Oh, my goodness. Uh, you know, this is one of those days where I just, uh, you know, I'm just saying the stuff that comes into my mind because that's what I do sometimes. Uh, no. Thank you, seriously, for joining me here on another edition, episode 11 of Take Pride in Retirement, a special episode for me because 11 happens to be my lucky number. It's also the day and date of my wedding anniversary. Mine and my husband. Uh, we got married on 1111, actually, on 11, 11, 11 at 11 a.m.. So yeah, it's a very special number for me. So I hope you enjoy this episode of the show as much as I enjoy making it. And as much as, uh, I enjoy giving you the information that you can take and use and make your retirement better than it would have been otherwise, that's kind of the whole goal of this. You know, no matter who you are, no matter who you love, no matter where you come from, no matter how you identify, you are loved and supported and you deserve to have a retirement you can take pride in.

Speaker1:
And that's the whole point of what we do here at Take Pride in Retirement, and I really do thank you for listening. No matter where you're listening today, whether you are anywhere across the great United States of America or across the world for that matter, we are available on all of the podcast platforms. And so you can get us, you know, anywhere that there's an internet connection, basically. Um, so yeah, if you are in the rainforests of South America somewhere and there happens to be an internet connection and you're listening to us, I thank you for that. Really, really do, um, reach out and take pride in retirement. Dot com is the website that's take Pride in retirement.com. You can also email me Matt at take pride in retirement. And you can give me a call that number 855246 9211 855246 9211. If you have any questions about any of the things that we're going to talk about here on the show, also check out the YouTube channel. We're starting to post more there and, uh, just get more action on the YouTube page. So really do appreciate that. Just search Take Pride in Retirement on YouTube. Uh, I'd also and this is something that I'm going to start emphasizing more here on the show, is being of help to you not only through the show, but in a, in a very, you know, personal one on one way as well.

Speaker1:
Because I would absolutely love to meet with you and discuss how I can help you reach your financial goals, um, with, you know, doing that through an LGBTQ+ lens. Right? I can help you with retirement planning, with risk management, with estate planning, a whole lot more. Um, you know, building sound financial plans for listeners is what I do and what I love to do. So let me do it for you and we'll, you know, we'll do a free consultation, absolutely no obligation to continue on beyond that. We'll only work together if we feel like it's a good fit. So go once again, take pride in retirement.com. That's take pride in retirement. All one word.com or call 855246 9211. All right busy show today because we got seven retirement statistics that hopefully are going to motivate you and, uh, get you to plan your retirement. And also, you know, I'm going to use that opportunity to then highlight some ways that I can help you actually come up with that plan. Right. Also, one of those things is to start working with a licensed financial professional like myself. If you have an advisor, if you have a financial advisor, are they really helping you? Are they actually, you know, helping you fulfill your goals, fulfill the things that you want to do? Whatever vision, whatever smart vision you have for your retirement, do you even have a vision? We'll talk about that as we go along and how important that is, knowing what you want your retirement to look like.

Speaker1:
And it can look very different. For LGBTQ+ folks than it does for the population in general, because a lot of times we're unpartnered in our retirement years. A lot of times we may be partnered, but we don't have kids. So, you know, then comes who's gonna look after us when we get to a certain age and maybe can't look after ourselves as, as well as we used to? All of those different things are things that we need to take into consideration. And I can help you, you know, with long term care insurance, I can help you with all of these other things that you might not have thought of, you might not have even known existed. But they are all things that can help you plan a retirement that is going to be something that you will look forward to, and you will enjoy and and really cherish each and every day. That's the goal, right? And talk about some expensive and cheap states for retirees these days. Boy, we got a lot to get to first, though. Let's get to this. It's our financial wisdom. Quote of the week.

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

Speaker1:
And this quote of the week comes from activist Marsha P Johnson. Um, one of the earliest, um, people who took action at the Stonewall Inn in New York City, uh, that really sparked a movement, sparked the LGBT rights movement back in the 60s in New York. Here is her quote that she said. Uh, and we're going to highlight today and talk about for a minute it's this history isn't something that you look back at and say it was inevitable. It happens because people, people make decisions that are sometimes very impulsive and of the moment, but those moments are cumulative realities. Boy, how true that is. I mean, talk about wisdom there from Marsha P Johnson. Um, you know, history is not something you look back on and say it was inevitable. It happens because people make decisions. Yes. Sometimes those decisions are spur of the moment when it comes to retirement. Of course, I don't want those decisions that you make to be spur of the moment. Right? I want those decisions to be something that that's planned out in advance, so that you don't have to make those spur of the moment decisions about your retirement, about your life, about your livelihood and how you're going to draw an income and all of that and not run out of money in retirement. That's so super important. So and but it's great to put this in the context of that quote from Marsha P Johnson, because of course, she made a decision, you know, to take action at Stonewall that.

Speaker1:
Really sparked a huge movement. It was part of, you know, a lot of people there taking action. Um, but she was really one of the ones who sparked such a huge movement that even continues today. We wouldn't be where we are if it weren't for a spur of the moment. Decision by Martha P Johnson. To fight back against the police in New York as they were raiding the Stonewall Inn. So we've got to remember and honor the life, the legacy of Marsha P Johnson, and we have to make sure that we live in such a way. That we don't go backwards. That we don't end up in a place where we're going to have to fight back against the police as they raid a gay nightclub again. We live in times of uncertainty, as we always do. I mean, we're human beings, for crying out loud. We're going to have some uncertainty in our lives. And, you know, that's that's just kind of the way that things go. But at the same time, we can control our destiny. Control the things that you can control. And that's another sort of aspect of what this show is all about, helping you control the things that you can control. And especially when it comes to retirement, there are so many things that you can control that maybe you didn't know you could control to begin with.

Speaker1:
I mean, did you know you had certain control over Social Security? Not the system as a whole, really, other than voting, making your voice heard and and making sure that you, um, you know, plan to, you know, get out there and vote for people who agree with, with you or shore up the program otherwise. What do you do? You can control when you take Social Security, because that can have a huge impact on the amount of income you bring in every month. Big, big impact. And we'll get into that here in just a bit. But great words there to start us off from Marsha P Johnson and LGBTQ plus icon this week. Well, okay. So let's get into kind of the meat of the show here with seven retirement statistics to motivate you to start planning your future. There's a thing that I saw actually in Gobankingrates.com that had a lot of these statistics in there. So that's where a lot of this comes from. And statistic number one is that 54%. That's more than half of people in this country who are workers. Just over half. Don't know. Their retirement savings needs. They don't know him at all. So people are just kind of lost and wondering around and not sure exactly how much to contribute to save for the future. But here's the thing tracking your progress actually becomes challenging when you don't have a clear goal in mind.

Speaker1:
So as I was saying a little bit earlier, you need a smart vision for your retirement. I sort of refer to it as a as a life GPS. Right. So, you know, what do you do if you're going somewhere new that you haven't driven or even if you're going somewhere? I live in Atlanta, so traffic is always kind of a nightmare and you never know, um, what it's going to be like. It could be smooth sailing wherever you're going, or it could be just to get home if it normally takes you, I don't know, 20 minutes. It could take you an hour and a half because of traffic. That's just the way that it goes. But. If you don't know where you're going, how are you going to get there? If you've never been there before, or what are you going to do about the obstacles along the way if you don't put in that destination in your GPS? Right. That's the first thing you got to do. You got to put your destination in. And that really is what having a smart vision for your retirement is. So let's say you're going on vacation to a place you've never been, and your vision for that vacation starts with arriving there and then all the things that you want to do, right? So you arrive there, you've got this great vision for that.

Speaker1:
You want to go to the spa, have a spa day. Maybe golf is your thing. You want to play around at golf, you got to, um, you know, walking trails or hiking or or you're going to to a big theme park and all the rides you want to ride, all of that is part of that smart vision. But it all starts with the arrival, right? You got to know where you're going in order to get there. And so a lot of factors play a role actually in knowing what your needs are going to be for retirement. First of all, your retirement age, when you want to retire for both you and your spouse or your partner, if you, uh, have one. Your desired lifestyle in retirement. What do you want to be doing each and every day? How do you want to be living right? Do you want to be, you know, getting massaged by a, you know, your own members of your own staff in a huge mansion every day? That kind of takes some work, probably for a lot of us. Um, or do you want to kind of downsize in your retirement years? What do you want to do? Um, as part of that, the cost of living where you're going to live in retirement. We'll get to a little bit more about that in a in a while as well.

Speaker1:
Um, and then, you know, your anticipated health care needs the associated costs there. Uh, do you have a family history of certain diseases, certain things that you maybe need to watch out for? As far as health concerns go, those are things you need to take into account. Um, and then inflation as well. It's been causing so many things to become more expensive. Um, and has not been going down. The rate of inflation hasn't been going down fast enough for anybody. Satisfaction. So that's just something that you have to take into account as well. Uh, statistic number two here, the average yearly Social Security benefit. This may come as a shock. So hold on to your hold on to your seats here. The average yearly Social security benefit is less than $22,000. Yeah, less than $22,000 on average is what people take in in Social Security income each and every year. So here's the thing. If you expect to live off your monthly Social Security payments. Year $21,470 annually. That translates to $1,790 based on data from last year, $1,790 a month. You're thinking that that doesn't even cover my rent. If you're a if you're a renter barely covers my mortgage. You're exactly right. It is not a lot on average, but. You do have some control over it. And because that $1,790 a month is not going to cover your cost. Uh, most likely. Having sufficient retirement savings or investments or other financial products that you have kind of in your wheelhouse for your retirement.

Speaker1:
Having all of those things in your back pocket ready and raring to go is going to be crucial for your financial security. And don't forget about all the potential changes to Social Security as well that could negatively impact your benefit amount. So I mean, Social Security is kind of in danger here lately because, um, of one a couple of different factors really. One main thing, US national debt currently topping $34 trillion. It continues to grow. And Social Security trust funds are running out of money. So you couple those two things that that money has got to come from somewhere, right? It's probably going to come from you and me. So it's either going to be for Social Security, cutting benefits or increasing taxes somewhere to make up for that. To make up for the lost funds in the trust fund. So. The insolvency date now is 2033, according to the Congressional Budget Office. That is when Social Security's trust fund the Old Age and Survivors Insurance Trust fund. Is going to run out of money, according to the CBO. Medicare, by the way, could be insolvent even before that, 2030 instead of 2033. So that's why you need a plan for Social Security and don't enter retirement without it. Some big changes are coming more than likely in the coming years, so it really is important that you get in touch with me to learn how to maximize your Social Security benefit.

Speaker1:
And that is really based on your unique situation and your unique needs as well. Go to take Pride in retirement.com to reach out. That's take pride in retirement.com or call 855246 9211. (855) 246-9211. To reach out schedule a free consultation and we'll talk more about that as well. Coming up statistic number three. About 34% of people just don't have anything saved for retirement. Nothing. A report last year from Ramsey Solutions showing 34% had not saved any money at all. That includes money for retirement, but also an emergency fund. Savings for any other goals. People just haven't saved anything. That's more than a third of American of the American public. I mean, you know, in addition to causing some big financial struggles in your retirement years, not having any savings to handle emergencies today is really dangerous. It could force people to take on debt. And you don't want to do that. You don't want to have to use a credit card. Credit card is not a good emergency fund because you want to use a credit card in a smart. Trust me, I know what I'd say. These things I speak from experience. You don't want to be able or you want to be able rather to pay off that credit card balance each and every month. Otherwise the interest will absolutely kill you and it's compounding interest.

Speaker1:
So then the interest that you don't pay, if you've got a balance that carries over the next month, that interest is then you can think of it as being added to the principal in in a way, because it becomes part of your balance. Then interest gets charged. On top of interest, on top of interest, on top of interest. And pretty soon it's just out of control. So a credit card is not a good emergency fund, period. A good rule of thumb is to save up at least three months worth of expenses for emergencies. And that's things like, you know, rent, mortgage, paying the bills, um, car payment, insurance, all of that stuff. Put that. Inside a savings account and do not touch it unless there is an emergency. Emergency is not going out and buying, you know, a new Prada handbag. That's not an emergency. An emergency would be a car accident. An emergency would be some type of medical thing. The roof needs fixing all of those kinds of things, right? 15% of your earnings needs to go toward your future retirement as well. Ideally, I know you probably, you know, will say something like, I can't afford to do that if you can't at least put in as much to get your employer match. If your employer offers a match to 401 K, say up to 5%, make sure that you're contributing at least 5%.

Speaker1:
Make sure that you're contributing at least 5% so that you can get the full 5% match from that employer. If that's the case, just as an example, that 5% number. Okay. Otherwise, you're basically just turning down free money. I like free money. It's my favorite kind. All right, so the best thing to do though, to come up with a good plan here and get your savings in line, get your, um, your retirement savings and investments in line. Is to just give me a call schedule a no obligation consultation. And that's a $1,500 value provided at no cost to you. Just get in touch this week. Don't hesitate to do that, because the sooner that you get on top of this, the better off you will be. Go to take Pride in retirement.com that is take pride in retirement.com. Statistic number four. Around 39% of people don't invest in stocks. Which is a little bit crazy, but I get it. You know, I mean there's volatility there. That causes a lot of people not to feel comfortable with, you know, investing in the stock market. But people will choose safer, maybe less profitable options instead. And so that's. Not necessarily a good thing, because stocks tend to have some of the best average returns across all asset classes. But I get you know, that there there are options here for everybody if you are not. If you don't have, I should say if you don't have a high risk tolerance, then there are options for you to invest in in certain products and get market like gains without the market risk.

Speaker1:
And we go into that, we can go into it definitely in depth when you schedule a consultation, right. But you know, when you do choose to invest in stocks. Bit of a cost cutter tip for you. Consider fee efficient options like ETFs compared to typical, you know, mutual funds. Those oftentimes contain layers and layers of fees. Right. It's important to stay invested, though and protect your buying power later in life, because investing in stocks is one way to protect against inflation. Where is you know, we've seen inflation running rampant over these past couple of years. Luckily it's come back down to earth not as far as we would like. Right. But it's come back down to Earth here about was the 3% at the 3.2%. Rather, at the last update from the government. And so that's a that's a decent year over year number. Still not close to the Fed's 2% target, but. You know, you've got to stay invested to protect against inflation because even though inflation has been running rampant, where are stocks. They are at or near record highs here lately. So there you go. Um, if you see the value in stocks but you're looking for a less risky option or, you know, you're getting a little bit, um, a little bit older.

Speaker1:
And so you're becoming more risk averse, meaning that you don't like risk, uh, as you get closer and closer to retirement, which totally makes sense, right? Contact me so that we can discuss options that provide those market like gains, without the risk of losing principal in the stock market. I'm talking about something called a fixed indexed annuity. If you've heard bad things about annuities because, oh, there's so many fees and there's this and there's that. The people who badmouth annuities are talking about annuities from years ago. The the kind of new style annuities don't have nearly the fees that other types do. And there are certain types of annuities that are still around that, of course, do have a lot of fees. And I just those are not ones that I would generally recommend, unless it just so happens to be right for you in your particular circumstance. It's all what's right for you. I am a fiduciary financial advisor, and my goal is to do what is best for you, not what's best for me, not what's best for my pocketbook. Not my not what's best for my new Prada handbag. Um, no. But what is what's best for you? That is what it boils down to for me. So, you know, you don't want to be dealing with financial stress in your golden years. You want to be prepared.

Speaker1:
You want to have a solid plan. So go to the website. Take Pride in retirement.com. Schedule that free consultation. All right. Just reach out to me there. We'll get it set up. And I guarantee you the the stress will leave your body. At least that's the goal, right? Maybe. Maybe not guaranteed. I can offer, you know, parenting advice or how to deal with the nieces and nephews or anything like that. But I can offer you financial advice. It's actually what I do. It's what I'm licensed to do, and it's what I'm have pledged to do for you and in your best interests, as I say. Stat number five here, 69% of Pre-retirees 69% think that their retirement savings are not on track. Kind of scary, huh? So, you know, we looked at that first statistic that showed a big portion of people, more than half don't even know what their goal amount should be that they need to have saved or how much income they're going to need in retirement. Don't you know they don't even know that kind of thing? 69% whether or not they know that goal amount, 69% of Pre-retirees don't feel confident about their retirement savings being on track. That's based on a fed report, a Federal Reserve report from last year that showed how retirement preparedness varied based on different demographic factors. So if you have some doubt about your retirement savings. Consider that consultation that I talked about and go to take pride in retirement.com to set it up.

Speaker1:
And we can talk about things like balancing risk and reward with your investments for retirement, building an income plan to meet and beat budgets in retirement. That's really what it's all about. You know, I mean, it's you can save up a big lump sum of money, which is great, but. How are you going to draw that down and establish a stream of income and then not run out of money? In retirement. You want to have more month than money, or you want what? You don't want to have more month than money. You want to have more money than month, and you want to have more money than life. You don't want to run out of it. And you maybe you want to leave a legacy, whether it's to kids or to grandkids or to to nieces, nephews, brothers, sisters, um, whomever, or to a charitable organization. Right. Take pride in retirement. Com we can talk through all of it okay. Statistic number six nearly 80% of Americans feel the nation's facing a retirement crisis due to a lack of pensions. Actually got this, uh, from, um, Sophie. Uh, I get some emails from them on occasion that they're an online bank. And they said that more than 3 in 4 Americans believe that pensions help lead to a more secure retirement from this particular study that they're citing here.

Speaker1:
People who responded to that survey are not the only ones in this country who want pensions back. You know, pensions are kind of like, uh, seeing a unicorn these days. But, you know, what is a pension? Let's just let's just define that in case, because not a lot of people have them these days. The pensions are defined benefit plans, basically the employer. Guarantees an income for life. To people who have. Worked for that company. Uh, you, you know, the longer you work there, the more you have in, in the pension, the more you'll get each month in retirement. Right? So that is, um, this guaranteed income, uh, in your retirement years, that's a pension. Monthly income. Okay. It's not something where you have to control the investments or anything. That is a 401 K. That's what employers started moving to back in right around the 80s or so. Employers started moving there and put the burden on you to plan for your retirement rather than on them. So, you know, during last year's labor strikes, actually, unions like the United Auto Workers pushed for pension plans in their new deals. That demand from UAW was denied, though. Um, and that really suggests that companies are not as hungry for those pensions, um, which are considered more expensive for the employer. And they really are there are there are more costs there on the employer side, less hassle on the employee side, less worry on the employee side.

Speaker1:
Less control on the employee side as well, I should point out. But pensions are just pretty much a thing of the past. I will say there are a few companies going back to offering them. Ibm recently kind of famously started offering pensions after shutting down its legacy pension plan for about 20 years. And so they're joining other companies now like John Deere, Coca Cola based here in my hometown of Atlanta, um, which those companies do still offer pension plans as well. And the thing is. Do you know? That even if you don't have a pension plan through your employer. You can create one for yourself. You don't need to rely on your employer to generate consistent and, and a lot of times increasing monthly pension payments that you can never outlive. So go to the website. Take Pride in retirement.com or call 855246 9211 (855) 246-9211. Once again, the website is Take Pride in retirement.com and can set you up with a personal pension plan and if it is right for you. And if it sounds great to you, and if you agree to it, of course we will put it in place and that will give you a steadier stream of retirement income. And that's income that you can never outlive, which equals peace of mind. And you can't put a price on that. Right. Last statistic here to share is that number seven, approximately 40% of people don't consult with an advisor or a professional.

Speaker1:
40% of people don't consult with a financial advisor or professional. Which is just kind of. Sad because a lot of people might think, oh, well, I need a whole, you know, big ton of money to to talk with a financial adviser. That might mean under certain circumstances, you need to talk with a financial adviser more than other people who don't have quite as much money. Um, but if you are, uh, among the people who, you know, are the majority and don't have this big, you know, uh, Scrooge McDuck tower filled with money that you go swimming in. Um, and I guarantee you, I am not in that camp. You don't have to have a whole lot of money to be able to work with a financial adviser. It's not too expensive for you, chances are, because in the long run. People who work with a financial adviser or other professional actually end up saving money because they will outperform what they would have otherwise done on their own. And, you know, even if you get some investment questions answered or learn about different investment options during an initial consultation, that's great news for you because knowledge is power. Applied knowledge really, really is power, right? But you got to start with the knowledge first before you can apply it. But now is the time to meet with a licensed financial advisor like me.

Speaker1:
Because regular consultations with a financial adviser provide valuable insights to ensure that you're on track to meet your retirement goals. A lot of people, as I say, think that it cost too much, but I can help you save money because we're going to work together to protect and grow your hard earned assets, no matter how much money you have. Your money is important to you. That means it is important to me. So reach out this week. To get that free consultation. There's no obligation. No cost. You'll only work with me if it's best for you. I can do a 400 1KX ray. You can do an annuity x ray. I can do a lot of different deep dives into all of the aspects of your finances. Come up with a social security plan, come up with plans for your retirement income, and just put you on a path to living a life that you want to live in your retirement years. Control the things that you can control. As I say. 855 24692 11 that's (855) 246-9211 or take pride in retirement.com. All right. So I'm going to run through some statistics here. This came from uh, from Zillow I think from a study here, the average home value in the United States. $342,941, just shy of 343,000. But if you live in a state like Hawaii, the average price of a home is more than twice that $828,000 in change.

Speaker1:
I mean, America's such a big country, right? Sometimes the averages overall, don't paint a really good picture of local conditions because things can vary a lot. You know, a home in Nebraska is going to cost a lot less than one in Hawaii or California, for example. So we've got some stats here on the three places that are too expensive to live in, and three places that you might want to consider instead. If money is at the top of your list as far as your consideration for retirement. So if you currently live in or are considering living or moving to one of these three states, you might want to consider a nearby state that's similar so you can boost your budget and your quality of life. So, California. Super expensive, right? California also has beautiful scenery, beautiful places to go. I mean, I think we talked about last week or week before, hundreds of state parks in California. Hundreds. The Central Valley, which is gorgeous. There's the redwood forest, there's the beaches, there's Hollywood, of course. But a lot of other people see California as a high tax state with a big homeless problem, an atmosphere unfriendly to businesses. So, you know, people in both camps there, if you fall into that latter one, uh, then I guess don't experience, uh, don't, don't, uh, plan on living in California. Rather.

Speaker1:
It's the third most expensive state in the country. The cost of living is 38% higher than average. Housing prices are 94% above national norms. So. That's a consideration. Hawaii. Clearly an outlier here because it's a tropical island 2400 miles from the mainland US. But it does boast boast world famous destinations Waikiki Beach Volcanoes National Park. Those draw roughly nearly 10 million visitors per year on average. Right? Just beautiful out there. I have actually never been. It's on the bucket list. But here's the thing. Just like California, a lot of residents consider it to be Paradise. But a lot of people are saying, oh, it's just too expensive for me. 84% cost of living above the national average. It's the most expensive state of all, and you can expect to spend more than $10,000 a month just on living expenses in the Aloha State. Washington, D.C., the nation's capital, it might seem like a great place to live if you're interested in politics, for example. You know, history, cultural treasures there. But what surprises a lot of people is that D.C. it's not actually a state, of course, but it's quite an expensive place to live on an annual basis. Living in D.C. costs you're about 50% more than the national average, close to $110,000 a year. The district itself is pretty small, so you could easily live in the same area of the country and maybe even commute into D.C.

Speaker1:
if you needed to, without paying nearly as much. So what are you? What do you do? There are some nearby states that might offer a lower cost of living. So if you live in California, maybe hop over to Nevada, right next door. Nevada still costs 3.2% above the national average. But compare this $61,000 in change is the average. Um. Cost of living in Nevada per year. 92,000, in California. So Nevada has no state tax. You might literally find yourself with tens of thousands of extra dollars in your budget every year. So if you're in California, consider Nevada. Florida. The Sunshine State has a lot in common with Hawaii, but there are about 5000 miles apart, so they're not really nearby. But all the beaches, tropical climate. And then in Florida, no state income taxes. The cost of living there in Florida is still 2.8% above the national average. But it's much, much less than Hawaii. And then Delaware. So while Delaware is not right next door to D.C., if you just move 90 miles north, you can save a pretty good chunk of change when it comes to your annual budget. Total annual expenditures in Delaware average about 70,000. That's roughly 40,000 below the cost of living in the nation's capital. There's also no sales tax in Delaware, so you could save yourself a pretty penny. It's also the the home of the, uh, the home state, I should say, of the current president of the United States.

Speaker1:
So there you go. If you, you know, want a little bit more history, I'm sure one of these days there'll be a Biden presidential library there or something. Anyway, that's going to do it for this edition of Take Pride in Retirement. I hope you've enjoyed it. I hope you've gotten something out of those seven statistics that hopefully motivate you, no matter who you are, no matter where you come from, no matter who you love, you deserve a retirement that you can take pride in. That is the whole goal of this show is to give you that. And if you have any questions, any doubts about your retirement future, again, no matter who you are, no matter where you come from, no matter who you love, I want to work with you. No matter how you identify. I want to work with you to help you achieve the retirement of your dreams. Go to take pride in retirement.com. That's take pride in retirement.com. Email me Matt at take pride in retirement.com. Or you can give me a call 855246 9211 (855) 246-9211. Well that's going to do it as I say for this edition of Take Pride in Retirement folks. I'm thank you so much for listening. Keep tuning in each and every week. Keep helping us grow. Keep spreading the word. I love you and appreciate you. And until next time, 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. 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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