You Deserve a Full Life: Smart Retirement Strategies for the LGBTQ+ Community

Episode 56: Audio automatically transcribed by Sonix

Episode 56: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Hey, it's Matt McClure of Active Wealth Management and host of Take Pride in Retirement. How would you like guaranteed growth for your retirement investment? Nationwide's pick ten fixed index annuity offers an 8% simple interest roll up for the first ten years or until your first withdrawal, whichever comes first. When you choose the lifetime Bonus Income plus rider for an additional cost with nationwide ten, you will also receive protection for your principal, keeping your initial investment safe even during market downturns. Growth opportunities linked to market performance without direct market risks and guaranteed lifetime income helping to create a more secure retirement. Call me today at 855246 9211 or go to take pride in retirement. Com to connect with me and start building a brighter future that's take pride in retirement. Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of nationwide Life and annuity insurance company. Nationwide. Peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Active Wealth Management. Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy. Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure.

Speaker1:
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. Hello and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal and your confidant. Thanks so much for being a part of things this time around. This is the show where we empower LGBTQ plus individuals and couples to take control of their financial future with pride and clarity. So yeah, it doesn't matter who you are, where you come from, who you love, how you identify, um, how much money you have, all of the things, um, none of that factors into the equation of whether or not you deserve a retirement you can take pride in, because you all do. So that's just the understood. That's the baseline. That's the that's the the minimum of what we do around here is make sure that that is known. And so if you are married or you're single, you have a chosen family or a biological family. I'm here to help you build a retirement plan plan that is just as fabulous and unique as you. So yeah, that's that's what it's all about. Check out the website as we begin here.

Speaker1:
Take pride in retirement. It's take pride in retirement. You'll see it if you're watching the video version. And yes, the full episodes are now going up on the old YouTube. Um, so if you are watching the video version of the show, you'll see that, um, and that'll be scrolling across the screen throughout the episode. Take pride in retirement. Com. You can also give me a call 85524692178552469211. If you would prefer to handle things that way. You can also go to take pride in retirement. Com and do a few more things than just, you know, reach out to me, which I would love it if you would do that. But you can do that at Take Pride in retirement. Com on the contact page. You can also schedule an appointment with me directly via the website. You can see all the past episodes of the show. You can watch video highlights. You can watch a video of me sort of welcoming you, talking about who I am and why I do what I do. There's a lot there. There's also a lot on the socials. Very active on Facebook and on Instagram threads as well. And then also on LinkedIn you can just search for my name, Matt McClure, and you will see me there. And I post a lot of great stuff from the show. Um, also wanted to say, just as we start off here, um, and we'll talk probably talk a little bit about Social Security today, but, um, I really want to do a focus on Social Security coming up pretty soon because I have now received a new designation, a new certification, and that is registered Social security analyst.

Speaker1:
And the crowd goes wild. Um, so yes, it is um, I'm very, very happy to have done that. And, um, just actually passed my exam this week and received that credential. So you if you're watching again the video version of the show, you'll see some new initials behind my name RSA, along with CAS, which is Certified Annuity Specialist. And so I'm continuing to get educated about different topics regarding retirement, retirement planning, how all the different pieces fit together. You are never too old to stop, uh, learning or you're never too old to to keep learning. I guess I should say, um, you're never too old to stop learning either. And you should always. You should never stop learning, is the point. Um, and you should always be seeking out new information and broadening your horizons. That's what I'm doing when it comes to retirement planning and when it comes to, you know, just trying to bring as much expertise as I possibly can to the show each and every week. Um, and of course, all that being said, if you want to reach out via the website or the number, um, you can always schedule that 100% complimentary meeting with me to discuss your financial situation, whether it is for yourself, your spouse or partner, your chosen family, your business. No pressure, no obligation, no cost. It's just real help. Okay. Take pride in retirement. Com and search for take pride in retirement on your favorite podcast app.

Speaker1:
Subscribe there as well. And yeah, it's all about retirement planning, risk management, estate planning and more, all tailored for the LGBTQ plus community. A lot of great stuff coming up here on the show today. It's all about kind of getting back to the fundamentals of retirement planning. And no matter how much money you've saved, making sure that you can live comfortably in your retirement years, that's where sort of the the Social Security part of the conversation is going to come in today, because a lot of that discussion is going to be about income, right? Um, healthcare costs in retirement. We're going to talk about that. We'll touch on bank CD rates and how you could possibly beat those in your investment portfolio. We'll talk about the financial habits of the wealthy. Uh, just a couple of those that we'll go through from this article that, uh, they did on Yahoo Finance, which I thought was just, um, kind of great to really sort of bring home some of those things that you might think that, oh, with wealthy people do that. I can't do that because they're wealthy. They got a lot of money. No, these are things that that they tend to do. Those who are Uber wealthy, that they tend to do, that we can all integrate into our financial lives no matter what, no matter how much money you have. All right. First, though, let's get some inspiration for our conversations this time around, shall we? We'll do that as we do every time with our quote of the week.

Speaker2:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote comes from the always fabulous Jonathan Van Ness. Yes JVM, as they're known, um, of Queer Eye fame. And Jonathan Van Ness said this you deserve a life. A real one, a full one. Simple, sweet, to the point, and really has to do with, you know, the main reason why I do this show is to educate people about their options for retirement, and to let you know that no matter where you are in life or where you come from, who you love, how you identify, how much money you have, any of the things you deserve, that retirement that you can take pride in. And as Jonathan Van Ness says there, you deserve a life, a real one, a full one. And that is true for each and every person listening to my voice today. And, um, I really do appreciate those words because we need to hear them, um, during kind of crazy times like we've been going through and continue to go through, um, in our lives here lately. So yes, you do deserve the absolute best. You deserve that retirement that you can take pride in 100%. All right. So I always say, you know, no matter who you are or where you come from, who you love, how you identify or how much money you have, you deserve that retirement you can take pride in. Right. And so I've got several different things to kind of dive into here. Some strategies, nine of them actually, that will help you live well in your retirement regardless of how much money you've saved.

Speaker1:
And so I'm going to make this really relevant to our community here. And I'm going to start with number one, which is delay Social Security if it makes sense for you. Yes. If it makes sense for you, delay social security doesn't always make sense. Um, but it could be something that really could maximize your income throughout your retirement years. You know, if you're a same sex couple, maybe a transgender retiree. Understanding your Social Security, spousal and survivor benefits can be complicated, but it's really so important. And since 2015, marriage equality has improved access. But there are still nuances there. There are special things to consider. And, you know, I mean, your full retirement age, let's just say, for example, it's 67 because really and truly it is 66 or 67 or somewhere in between. Um, if you're listening to the sound of my voice right now and you still have Social Security planning to do, um, then yes, that is going to be your full retirement age. That's when you will receive the full benefit to which you are entitled from Uncle Sam via the Social Security Administration in your retirement years. If you take early, if you start taking benefits, if you if you start claiming benefits early, As early as age 62. That's when you can start claiming those benefits. Then you are going to not receive that full benefit.

Speaker1:
You will receive less than your full benefit. Let's say, for example, if your full retirement age is 67 and you claim at 62, you're only going to receive. Generally speaking, you're only going to receive 70% of that monthly payment that you would get if you wait until 67, only 70%. Now, on the flip side of that, if you are 67 as your full retirement age, if that's true for you and you delay until the age of 70, it doesn't go up beyond that. But if you delay until the age of 70, you will get each and every month 124% of what your monthly benefit would be at full retirement age. So you can see there 70% or 124%. Me, myself and I. Love 124%. More than 70%. Just as a general concept. Now, I say there are nuances. There are nuances for everybody, of course, because everything depends on your individual situation. But the question here is, does it make sense for you to either claim early or claim at your full retirement age, or claim later on? It could be any of the combination of the things and especially, you know, if you are, um, you know, a much higher earner than your spouse, for example, then that is something to consider. Maybe delaying maxing out your benefits so that the survivor benefit is greater. Like it all depends on your individual situation. So and there are so many different kinds of benefits as I've mentioned, you know, spousal benefits, survivor benefits, all of the above are things to consider.

Speaker1:
And so that's why it's so important to speak with someone who has not only the training and the education. Um, as you know, myself as, as a registered social security analyst now, and I've gone through that, um, particular training, then that is, you know, number one important thing to do. But also number two important thing to do is to meet someone who not only has that education, but someone who knows the LGBTQ plus community is a part of the community and understands you and your situation and will take the time to get to know you and your situation and then come up with a plan that's best for you. Because let's say if you don't have longevity on your side in your family and you know, your your people tend to give up the ghost at, uh, you know, in their 70s or early 80s, then, yeah, maybe claiming at the earliest possible age or at your full retirement age or somewhere in between, maybe that might be a way to maximize your lifetime benefit. But if your people live into their one hundreds, then you got something else that you want to consider which is most likely to delay that benefit, um, claim until the age of 70. Now, again, don't delay past that because it doesn't do any good. The number doesn't go up from there. 124% is all she wrote.

Speaker1:
As far as the, um, the increase there from Social Security. So that's that part. I mean, if you want to live comfortably in retirement, your Social Security benefit is is going to be there in whatever form. I mean, it could be, um, you know, the trust fund is slated to run out of money here in about a little less than a decade. And so, you know, you got to be concerned about that. But that doesn't mean that the benefits are going to go away. It means that most likely the benefits will just be reduced, um, because people will still be paying into the system. Right. Our payroll taxes are still going to be a thing. And so it's, um, just needs to be shored up. And so hopefully Washington gets its act together, and they can shore up Social Security for the future, and there won't be any benefit decreases. Let's hope. But you got a plan no matter what, right? Proper prior planning prevents pitifully poor performance, as the saying sort of goes. Um, all right. So that's number one, a way to live comfortably in retirement no matter how much you've saved. Number two is to consider downsizing or selling your home and doing it intentionally. Right. A lot of LGBTQ plus folks don't have kids. It's just the way that the way that it is, right? And so we'll retire without children. And that may offer some greater flexibility on whether to relocate or downsize in your retirement years.

Speaker1:
And so maybe you could choose an LGBTQ+ friendly retirement community if you sell your current home, pay cash for a smaller home, and reinvest the difference. That could mean more in retirement income for you throughout those years. So you got options. But really and truly the happiest retirees that I have come across anyway, in this line of work are the ones who have paid off their their home because it's the biggest debt that many of us have that most of us have throughout our lives. Is that house payment? Is that that mortgage? And you get rid of your biggest bill. Boy, that frees up a lot of cash each and every month. Um, and then, you know, of course, as I say, invest the savings, redirect that monthly mortgage savings into an investment account, into an IRA, a traditional IRA, into a Roth IRA, a brokerage account or another investment vehicle there. And that will be something that could, as I say, mean more retirement income for you later on. Now, number four sounds like duh, Matt. But number four. Number four is stick to your plan, you know, stick to your plan that that you have put in place. If you don't have a plan, put one in place. If you've got a plan, stick to it because you don't want in emotions to come into your investment picture. You want to steer clear of any emotional investing.

Speaker1:
The the markets, as we've seen so far this year, fluctuate, right? The political climate, as we've seen this year, shifts, and sometimes we feel like we're on shifting sand as far as the political climate goes, especially when it comes to LGBTQ plus protections. But what you need to do is keep your eyes on the prize, stay focused when it comes to your money, and regularly revisit your goals. Make sure that you are on track toward achieving those goals, and that part of it becomes a lot easier if you're working with a financial advisor. Like myself, I am a fiduciary, which means I am obligated to work in your best interests, not my own. Not trying to line my own pockets here. All I'm trying to do is what is best for you. That is the pledge that I have taken and would take, whether or not you know, it was a legal requirement for me to do it. It's just the kind of person that I am. But on top of that, I am legally required to act in your best interests and not my own when acting in a fiduciary capacity. So you got to get the ball started, though. One on one conversation is how it does begin and it's free. Take pride in retirement. Com or call 85524692 11. Number five is something to consider as well, especially if you've got some room between the money that you are bringing home right now and the next tax bracket higher from where you are at the moment.

Speaker1:
And that's a Roth IRA conversion. And this can be especially powerful for LGBTQ+ couples wanting tax free income later in life. I mean, it's, you know, for example, same sex married couple can maximize those strategies more effectively post Obergefell. Because obviously you're married now, you can both contribute to these joint retirement accounts as spouses. You can also, of course, have the Social Security decision that's based on spousal and survivor benefits, instead of just trying to plan that as a individual. Um, maybe timing stuff with your, your partner, um, and maybe there's some sort of way that you can maximize. But now there are legal protections in place because of marriage equality. And that's been that way almost a decade now. But still, a lot of people may think, oh, um, do we actually have those rights? Do we have the protections that see us as equally, you know, as equal as under the law? And yeah, we do have those. Um, and knock wood. We will continue to have those. And not just knock wood. But if we continue to speak out, continue to fight for those rights that we've gained over the years, they will continue. Um, number six is to build guaranteed income. I am all about some guaranteed income. Now, if you work and I've said this before, but if you work for a company that offers a pension, good for you.

Speaker1:
If you work for a government agency or anything like that that offers a pension, that's amazing because that is when you retire something that you can either probably take a lump sum form of, or you can turn that into an income stream that will last as long as you do. A lot of us, though, don't have that privilege. We do not have that, um, that option, even something that a lot of people used to have that most people used to have, we just don't have it anymore. And those are the pensions at work. But you can take the money that you've saved up, the money that you've invested, maybe in that 401 K or maybe in an IRA, or maybe just in an investment account, whatever makes sense. And wherever you have your money, you could maybe invest that into a personal pension. And by that I mean a fixed indexed annuity or a fixed annuity, if that is something that that you would prefer, or even like a spia, a single premium immediate annuity could be another option for you where you just put a lump sum in and then you start taking payments from it. And there are ways to use those vehicles to create that personal pension. That is a guaranteed income that you can't outlive. And it's particularly helpful for LGBTQ plus retirees who don't have access to those traditional pensions. Number seven way to live more comfortably in retirement is to replace your bonds.

Speaker1:
Replace those bonds with some smarter options. You know, the bonds inside your portfolio could have pretty hefty fees. They could have they could have, you know, be underperforming, uh, based on the just the performance of the bond market over the past couple of years, they could be underperforming. They could be, um, you know, just not giving you what you were promised or what you thought you would get from them. So an option would be to replace those bonds with some, some options that are going to give you more for your money. And so fixed indexed annuities again are a good way to maybe replace the bonds in your portfolio because, you know, bonds are an income producing asset. So is a fixed indexed annuity. Um, you know, you could think about things like structured notes. Perhaps that's something that we could go to more in depth if you call me and talk to me one on one or, you know, schedule a meeting via take pride in retirement and do that instead of bonds to protect against volatility because that's that's the safe money portion of your portfolio, right. That's the safe money portion. That's the portion that you don't want to be at risk in the market. And so you want to protect it as much as you can. But you also want to get a good rate of growth no matter what the market is doing. And so there are options that are out there.

Speaker1:
I'm just telling you you got options. All right. Um, of course, we're all about, you know, being diverse around here. Take pride in retirement. Duh. Um, but number eight on this list of things that you can do to live comfortably in retirement to, um, you know, really have the retirement that you've dreamed of, no matter how much you have saved or invested, is making sure that you are diversified in your tax treatment of your accounts. So you'll want to have a mix of taxable, tax deferred and tax free accounts to give you flexibility and to make sure that you're not just going to be taxed out the wazoo when you are in your retirement years. And so you want to have that mixture of taxable, the tax deferred the tax free. Um, and I say that because, you know, a lot of times when people think of diversification, they just think of, oh, I need to be diversified in different asset classes. For example, don't invest all in tech. Make sure you have some in healthcare. Make sure you have some in manufacturing. Make sure you have some in this, that or the other, which is great or different um, types of assets to begin with. Like, you know, stocks, bonds, annuities, whatever the case may be. And that's sort of where the diversification concept sort of stops sometimes, but be diversified from a tax treatment standpoint as well, so that all of your eggs are not in that one tax basket and you can save on a portion of your portfolio.

Speaker1:
Have that tax free account or two or 3 or 10, because that's my favorite kind of money is free money. My second favorite kind of money is tax free money. And the withdrawals on, say, a Roth IRA, those withdrawals in retirement absolutely free of any taxation. They, you know, you pay the taxes on the front end. The growth is tax free. The withdrawals in retirement are tax free as well. And number nine has something to do with a word that people treat like a four letter word. Sometimes that has more than four letters and that is a budget. Aha. Know your budget and stick to it. Calculate your monthly expenses. Make sure that your guaranteed income sources in your retirement years are going to exceed your basic needs. I like to get people set up to where they've got guaranteed income for the rest of their life. Through different sources, maybe annuities, maybe, you know, some other sort of income generating, uh, you know, some passive income, uh, type things. But then also you've got your Social Security as well. So then I like to get people set up where the Social Security is not what you're relying on. It's the cherry on top that can be, you know, your play money. That can be your I'm going to go to Vegas money that can be your I'm going to take a big cruise um, a couple times a year.

Speaker1:
Money that can be that money that you live on because everything else, all the essentials are taken care of. And so if that sounds like a plan to you, let's get a plan started for you. Take pride in retirement. Com or call 85524692 11. Again the initial consultation is free of any cost or any obligation. And with me it's like what you see is what you get. What you hear is what you get. I am I treat everybody the same. Um, I don't, you know, Discriminate obviously against anybody, no matter who you are or where you come from or who you love, how you identify. Um, I just want to help people, and that's why I do what I do is to to be of help, to be of service, to give back to the LGBTQ plus community. That's given so much to me. So we've been talking about costs and how you're going to pay for things in retirement, right? So, yeah, how are you going to pay for probably one of your biggest costs in retirement health care? And I mean, it's one of the biggest unknowns in retirement. Um, and for everybody that's true for LGBTQ plus individuals it can be even more complicated. But you know, with if you look at kind of the health care picture, it really is in study after study and survey after survey, um, one of if not the biggest expense in retirement.

Speaker1:
So how are you going to foot that bill? How are you going to make sure that those T's are crossed and I's are dotted as far as health care when it's so unpredictable, when you don't necessarily know what is going to happen, you can have an idea, right? You know, like, oh, well, my grandmother had a heart disease. My dad had heart disease. I might have heart disease in retirement. I got to make sure that I've got enough money saved or I've got insurance coverage enough or whatever. You know, Medicare planning can become part of the conversation as far as that goes as well and should. But, um, you know, if you kind of have a general idea that is different than having a crystal ball that shows you exactly what's going to happen, right? So you don't have one of those. I know you don't. Um, because I don't either. And, um, there's no predicting what can happen from a healthcare standpoint in the future. Um, again, you know, you everybody in your family line, uh, may have been healthy as an ox and lived to be 120. Then again, you know, you could walk out in the street and get hit by a bus tomorrow. So it's like, you know, you got to plan for no matter what happens. That's why you've got to have a comprehensive plan, right? But healthcare costs are some of the biggest, especially for people over the age of 65 and for LGBTQ plus folks.

Speaker1:
Despite progress, you could experience discrimination. You know, many seniors in the community report discomfort or even outright bias in some medical settings. It just depends on where you are, um, and your ability in that place to live authentically, even with your healthcare provider. And so consider providers who are known to be inclusive. You have to do a little research there, probably, but fidelity is estimating that nearly, um, $300,000 or just right at $300,000, it should say an average out of pocket health care costs for a retiring couple, $300,000 if you're retiring over your retirement. Um, is what you're going to have to have for your healthcare in general. On average, for LGBTQ plus people, especially those without employer retiree healthcare, that number can feel super overwhelming. And, you know, a lot of people might say, well, I don't even have that much to begin with. Let's grow that nest egg. Let's make sure that you've got it covered. Right. And so you can do that through things like a fixed indexed annuity, like I was just talking about. You can do that through, um, you know, some other type of protected investment. Uh, there are there are multi-year guaranteed annuities if you just want to get a guaranteed rate of growth for a certain number of years. There are fixed annuities, kind of the same thing, but you're generally looking at a longer time horizon with those compared to a myga, which is that multiyear guaranteed annuity.

Speaker1:
Um, and then, you know, I mean, if you use protected investments like that, those can offer inflation resistant income. So things that you know may grow with, along with inflation could be, um, you know, an increase each and every year that you could work into the payment of those. Or there are writers that can be attached to certain annuities and like products that can account for you being confined to a nursing home, for example, or another long term care facility. And, and maybe could double your income if you are confined to a long term care facility or allow you to withdraw any and all of the funds that you have remaining in the account, even if you've turned on income, even if you haven't turned on income, that kind of a thing. A lot of them have provisions where they allow you access to lump sums of cash to be able to pay for long term care. It just all depends on you and your situation, how you want it to work. There's also long term care insurance. Um, but, you know, you want to just go through everything with a fine tooth comb and determine the amount of money that you want to have, kind of set aside, designated for each and every thing. And, um, we'll do it. Let's do that. Let's get it going for you. Take pride in retirement. Let's take pride in retirement. You can also call 85524692 11 (855) 246-9211.

Speaker3:
Need a higher rate of return from your safe money. Listen up. It's time to beat the bank CD rates.

Speaker1:
So I mentioned just a moment ago. Mygas. That was that, um, that, uh, acronym m y g a, right? So mygas are multi-year guaranteed annuities, and they act a lot like bank CDs, but generally speaking, not always, but generally speaking, there are opportunities out there anyway for you to have a better, more robust rate of growth in Omega, especially as compared to a bank CD from one of the traditional kind of brick and mortar banks. The big ones, especially, can just offer kind of pitiful rates of return just a fraction of 1% return in a CD. And that is not going to remotely keep up with inflation. Um, so you're going to want to find something that gives you a better rate of return. And people use CDs for a good reason. And that is to, you know, for a portion of their safe money, the safe portion of their portfolio that's not at risk in the market. They want to keep that safe while still getting some growth. And that is a very good goal to have. A lot of times for people, I find that a bank CD is not the best way to go about it, unless you happen to find one that's particularly high yield. And. Et cetera. Et cetera. So Amiga could be an option for you on that. Maybe even a fixed indexed annuity. But MiG is operate a lot like a bank CD where you've got a few, you know, a term of a few years where that money is going to generate a guaranteed rate of, of growth.

Speaker1:
And you are going to then, you know, at the end of that term, be able to then take that money plus the growth, reinvest it or, you know, live on it, whatever you want to do with it, but you've got it inside a vehicle that's going to give you a guaranteed rate of growth for three, five, seven years, whatever the case might be. Now, the other good thing, though, about a myga as opposed to a bank CD, is a 100% reserve requirement. Now, what in the world does that mean? Well, I'll tell you. Let's say you put your money in the bank, and with a bank CD, that's exactly where it's going, right? So you put your money in the bank, whether it be in a CD or a checking account or a savings account, money market, whatever, that bank is only required to keep maybe a maximum of 10% of the funds on hand that you deposit, right? So an amount equal to only about 10% maximum of the money that you give them. And that's true for all of the depositors of that bank. And so that means that, you know, if there's a run on the bank, for example, you're not getting all your money back, chances are. Right. And so if the unthinkable were to happen, it's just another thing to kind of worry about. But a 100%. So so that's a reserve requirement like to that's they're required by the government to have that 10% or in many cases less on hand to pay back money that people put in their care.

Speaker1:
Um, well, migas are done through insurance companies. And so insurance companies are required by law to have 100% reserves. So the money that you put in, they have to have an amount equal to that on hand liquid to be able to cover the, um, deposits. Uh, essentially the, the premiums that are paid in by you and all the other folks who are investing their money in that way. And so that offers safety, right? Because it just gives you peace of mind knowing that if you, you know, if something unthinkable were to happen, that money is there. That makes me feel a lot better. I know personally that gives me some peace of mind that if I am invested with a, um, With an annuity or with a, you know, a life insurance particular kind of life insurance policy with an insurance company that that's going to be 100% reserve required. This gives you a lot of peace of mind, right. So that's that's number one there. Um, but also potential growth and higher potential growth than bank CDs, which can offer those minuscule rates of return that my guys just can kind of blow out of the water. A lot of the time. So pay attention to that and know that you have options. Sort of the ongoing theme today is you got options, folks and stuff that people may not talk about all the time.

Speaker1:
Guarantee you you turn on certain financial radio shows and go to certain websites and all that. Not going to name names, but you're not going to hear about Mygas. You're not going to hear about these other investment vehicles because people are trying to sell you something else, whether it be their book or their program or their, which may be a great program. Who knows? Um. Or, you know, tell try to tell you one thing or the other, or put you into an investment vehicle that may not be right for you because they're not acting in a fiduciary capacity, because they don't know you, and they haven't taken the time to know you and all that. I am obligated to act in your best interests. So if Amica is right for you, I'm going to tell you if something else is right for you. I'm going to tell you. Right. That's what it all boils down to when we work on a one on one basis. And so how much should you put aside in something like, uh, well, a bank CD or a Miga or a fixed indexed annuity, for example, anything that you want to be in your, um, safe portion of your portfolio, you want to follow what's known as the rule of 100. And you can use it more as a guideline. It's the guideline of 100, not the rule, because, you know, you call it a rule and people think, oh, I have to stick to it 100%.

Speaker1:
No, it's it's a guideline. It is a suggestion. And it's a good sort of rule of thumb. Not really a rule that's written on a stone tablet brought down from the mountain. It's a it's a rule that is a rule of thumb. Right. So what you need to do is take for the rule of 100. Take the number 100. Subtract your age from it. The amount that's left over is the amount that should be at risk in the market. The whole idea being the older you get, the less that amount is. So for example, if you're 40 and you subtract, you take the number 100, you subtract 40. You're left with 60, right? So you should be 60% at risk in the market. Opposite side of that. If you're 60 you subtract 60 from 100. You're left with 40. So you should only be 40% at risk in the market. The idea being that the closer you get to retirement, the more protected you want your money to be. So you know that 40%, let's say if you're 60 years old, Thereabouts that 40% should be in safer investments like these annuities that I'm talking about, like a bank CD or like bonds, that sort of thing, whatever makes sense for you and whatever kind of structure that we can come up with that is best for you. That's what we'll do. Right. So there you go. That's the rule of 100.

Speaker1:
Again, rule of thumb. The rule of thumb of 100. Does it really have to be followed 100% all the time? Because your situation may be different and call for something else. 85524692 11 85524692 11. Speaking of calling, call me and we'll get everything started for you on a really personalized investment and retirement plan for you. Take pride in retirement. Com is the website as well. All right. So before we run here, there is an article in Yahoo Finance that talked about and there were like 15 of these right. 15 habits of the Ultra wealthy. What they do that you can then, you know, take some of these principles and put them to work in your life, and you'll be in a better financial spot for it. And I love this. Um, I'm not going to go through all 15, but there were a couple that I wanted to highlight here and there because they they really do speak more directly to LGBTQ plus folks maybe than some of the others. Um, but number one is to live below your means. And wealthy people, obviously, you know, you might say, oh, it's super easy for wealthy people to live below their means because they have so much money. And which, you know, on the surface is very true. Um, because if you have more money, maybe it's easier for you to live below your means. Although I think most people human nature, you have more money, you're going to spend more money, and you could be more likely to live above your means instead of below.

Speaker1:
So that is something living below your means, I feel like is especially relevant for LGBTQ plus folks who may face wage gaps or career interruptions due to discrimination. And especially these days, I feel like that's something that we have to be worried about. It's maybe wasn't a thing that was top of mind prior to 2025. It can be a concern now and a very real one. And so you've got to be living below your means and not spending each and every penny that comes in every month. If you are, something's got to give somewhere. And, you know, seek help from me or from somebody else to get on better financial footing, right. The second one here is grow passive income. Now passive income is great. I feel like for LGBTQ plus people and couples who want flexibility to travel or to relocate, you know, let's say if you've got some some real estate. And you want to, you know, have rental housing. Well, that's not 100% passive income because there's upkeep on, you know, and maintenance on the properties and that sort of a thing. But you do get those rent checks being paid every month as long as you have good tenants, you know. So there's that. Um, you know, there could be passive income as far as a career that you have that you get, um, you know, paid on an ongoing basis. Um, some sort of, you know, commission payment or whatever the case might be.

Speaker1:
Um, look into those possibilities. Because if you want to relocate, if you want to travel, it could make it easier for you to do that. And the very last thing that I will say about this topic and any other, is that you want to work with a professional who understands you. You want to work with an advisor who gets you and who may not be exactly in your shoes, but you know we'll be willing to try on the heels if that's what you wear. No, um, I, I joke, but I don't, because, um. Yeah. You know, I put on a heel or two in my life, uh, for fundraisers and things like that. But, you know, I've never, never done, never done it professionally or anything. Um, but I will say that working with someone who gets you, who understands you, who wants to do their best for you because of who you are, not in spite of it, it can make all the difference in the world. And that's what I strive to be, is someone who, even though I may not be in exactly your same situation, I'm open to you and whatever your situation is, and taking whatever that is and making it the best it can possibly be for your retirement years. Getting all the T's crossed, all the i's dotted things put into a nice pretty picture so that you can have the retirement you deserve, which is one that you can take pride in no matter who you are, where you come from, who you love, how you identify any of the things you know and you know.

Speaker1:
I will say too, it's especially important when you are in what we call the retirement red zone. That's five years before retirement or so, five or so years before retirement, or five or so years into retirement or, you know, even if you're decades away from retirement, I want to talk to you because you deserve that plan that really celebrates who you are and secures your future. So, you know, take pride in retirement planning, right. And hopefully you'll reach out to me so that we can take pride in everything together. As far as getting you on that good financial footing, so that you can have that solid plan in place, that no matter what happens, the things that you can't control, you know, you have controlled the things you can. Right. Take pride in retirement. Com is the website take pride in retirement. Com or call me at 85524692178552469211. Well that's going to do it folks for this time around. But until next time I'm Matt McClure. Thank you so much for being a part of it. Yes, I am your host, your advisor, your friend, your pal and your confidant. What I want you to do between now and next time is to take pride in yourselves and take care of each other. We'll see you then.

Speaker4:
Thanks for listening. To Take Pride in Retirement. Members of the LGBTQ plus 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 investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor, Bcem and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure and Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Hey, it's Matt McClure with Active Wealth Management and host of Take Pride in Retirement. When it comes to your family's financial future, Peace of mind is everything, and Nationwide's Pick ten fixed index annuity can help with the nationwide pick ten. You'll benefit from joint income options to help provide lifetime income for both you and your spouse, a death benefit to provide more security for your loved ones, and protection for your principal so your initial investment is safe from market downturns. Plus, you can receive an immediate 20% bonus added to the income benefit base when you choose the Lifetime Bonus Income plus rider for an additional cost, call me now 85524692 11 or go to take Pride in retirement.com to connect and learn how peak ten can help protect the ones you love. That's take pride in retirement.

Speaker4:
Investment advisory services offered through Brookstone Capital Management, LLC, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of Nationwide Life and annuity insurance Company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with active wealth Management.

Speaker1:
Any bonuses mentioned may be subject to additional restrictions and regulations based on the offering. Annuity company you may not receive the bonuses if the contract is fully surrendered, or if traditional annuity payments are taken, and if the policy is partially surrendered, it could result in a partial loss of bonuses. Because these are bonus annuities, they may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus feature. 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 disclosures of any conflicts of interest. Please refer to our firm brochure, the ADV Too.a item four for additional information.

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