LGBTQ+ couples have unique considerations when planning for Social Security benefits. This week, Matt takes a deep dive into these issues, including how to maximize your benefits, when to start taking them, how to deal with name change and gender identity issues – and more. Plus, he shares the importance of not relying solely on Social Security for your income in retirement.
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About Take Pride in Retirement:
Welcome to Take Pride in Retirement: A podcast dedicated to retirement planning solutions for the LGBTQ community. Our goal is to help educate you about ways to protect your hard-earned money while experiencing market-like growth at the same time.
Matt McClure is the host of Take Pride in Retirement. He is a licensed fiduciary financial advisor and Certified Annuity Specialist. The Institute of Business & Finance (IBF) recently awarded Matt with the only nationally recognized annuity designation, CAS® (Certified Annuity Specialist®). This graduate-level designation is conferred upon candidates who complete a 135+ hour educational program focusing on fixed-rate and variable annuities.
Matt currently lives with his husband and two dogs in his home state of Georgia but spent more than 10 years in New York City. While in the nation’s #1 media market, he worked for The Wall Street Journal Radio Network, Spectrum News NY1 and WCBS Newsradio 880. A highlight of Matt’s career has been reporting regularly from the floor of the New York Stock Exchange.
Episode 38: Audio automatically transcribed by Sonix
Episode 38: 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+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.
Speaker1:
Hello, and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your advisor, your pal, your confidant, your friend, your good buddy. I really do appreciate it very, very much. Each and every time that you join me when we get together here on the old podcast talking about all things LGBTQ. Plus, when it comes to retirement, you know, that's the reason I wanted to start this show, is because there aren't many resources, if any, talking about LGBTQ plus finances in general, but also talking about LGBTQ plus retirement specifically. So that is, um, that's the problem that I was looking to solve. And, you know, hopefully this is helping solve said problem with this show. I really thank you for being a part of that solution as well, because, hey, you're listening. Hopefully, in addition to listening, you're also going to the website take Pride in retirement. It's take Pride in retirement.com. You can also go to uh email me at at take Pride in retirement. Is just my first name. Take pride in retirement. And again, my first name is Matt. And you can also, if you prefer, give me a call 85524692178552469211. Um, I really, really, really also want you to follow me on the socials. Um, I'm on Facebook, I'm on Instagram, uh, on threads as well. So follow me there. Um, my personal, um, uh, handles are out there, but I really want you if I'm trying to build a following on the Take Pride in retirement pages.
Speaker1:
So search for take pride in retirement, any of those places and give me a follow. Give me a like start commenting and start helping us spread the word about this show, which I think is a great, great thing for the community. Now, today on the show, uh, what we're going to do is talk a lot about Social Security, um, and talk a little bit as well about kind of, you know, some, some uncertainty that is out there, not only about Social Security, but about, um, I don't know about life in general, really. As we get farther into 2025 here, um, and some changes happening in D.C., of course, a lot of people feel, um, very uneasy about what the future might hold. And of course, we want you to get a plan in place. So no matter what happens, you know that you are good, that you have a retirement plan in place that's going to give you that retirement that you can take pride in and allow you to do the things that you want to do. That really is the goal here. And the whole goal of the show, of course, is to educate you. Um, and, you know, it's all about just sort of spreading the word about answers to questions, really. Now, of course, here on the show, I can answer questions sort of generally and kind of give, you know, generalized, um, information.
Speaker1:
But when you call me or use any of those ways to get in touch with me, like if you go to take pride in retirement, for example, up at the very top of the page, you'll see. Schedule a consultation. If you were to click on that button, click there. It'll actually take you directly to my calendar, where you then can schedule an appointment with me for a free, absolutely free initial consultation. And we can do a deep dive in your financial world, in your financial situation, and see if there are some things that can be improved. And chances are I can help you. But you know what? If I can't, I'll tell you that you are on the right track already. And that. Yeah, you know, you don't need any changes. Maybe a tweak here or there or whatever, but whatever road you're on, you're great. I'll tell you that. It's not a high pressure situation at all. I am not a high pressure person. What you hear is what you get, and what you see is what you get. If you're watching some highlights on YouTube. Yeah, we're there too, by the way. And of course, you can subscribe to the podcast anywhere you get your podcasts, wherever you're listening right now. Make sure that you leave us a comment. And also make sure that you, you know, give us a good five star rating or a thumbs up or whatever the rating system might be on your particular place where you listen to podcasts.
Speaker1:
Like us and subscribe. I really would appreciate that. Okay, so as I said, we're going to talk a lot about the state of Social Security. And I've got some very specific points here about LGBTQ plus considerations when it comes to Social Security and some decisions that need to be made. And you might say, well, Matt, what is Social Security? It's just Social Security. There's nothing I can do about it, right? Wrong. There are actually a lot of decisions that you can make that will affect your Social Security benefit. And, you know, your spouses and your partners, perhaps, or whatever your relationship situation is. Right? Because as we always say, no matter who you are, where you come from, who you love, how you identify, how much money you have, any of those things. Those considerations are going to be there, of course, but no matter what your background, I want you to have that retirement you can take pride in. We'll also talk about, you know, when should you start taking Social Security and much more, including creating multiple income streams and all of that. All right. So a lot to get to. We'll start it off though, as we do each and every time with our quote of the week.
Speaker3:
And now for some financial wisdom, it's time for the quote of the week.
Speaker1:
This is the first time I think I've actually shared a quote of the week from share. Correct me if I'm wrong. If you've listened to an episode of the show and have shared a share quote, shared a share quote before, um, but of course she's an icon and an LGBTQ+ ally. And she said this women and the and the LGBTQ+ community need to take control of their power. Because if you don't take control of your power, someone else will. If you don't take control of your power, someone else will. Boy, that really rings true in so many aspects of our lives. You know, when we're talking about our personal lives, when we're talking about, um, of course, the the way that we live our lives each and every day, the way that we plan our lives going forward, the way that we try to impact our communities and our lives. We have a certain amount of power there, but also in our financial life. You know, if we don't take control of the power that we have over our finances, our finances are going to take control of us, or somebody else with more money, perhaps, is going to take control of us. And and we won't have a foundation that has been laid for a good, solid retirement, one that you can take pride in. Of course. So that's the way that I see that quote as relating to relating to finances. Take control of them before they take control of you.
Speaker1:
Right. So a great quote there from Cher of all people, right? I mean, come on. I love me some Cher. Um, maybe not as much as I love Dolly, but don't tell Cher that. I'm sure she'll be very offended. Uh, but anyway, I digress. All right, so, uh, into our, you know, conversation about Social Security here. And also, I think that that quote by Cher, by the way, really does fit with this conversation about Social Security, because, yes, as I sort of alluded to at the beginning, little do a lot of people know that you actually can take control of certain aspects of Social Security. We'll talk about that in just a few minutes. First, though, how is the state of Social Security today? Well, the Ssa.gov, I'll tell you this. The 2024 Annual Trustees Report, uh, provides a comprehensive overview of the financial status of Social Security. And it highlights several critical findings and challenges that the program is going to face in the coming decade. The report comes out every year, and it's crucial to be able to understand what we're looking at as far as the future of Social Security and the necessary steps to ensure its sustainability. How long is Social Security going to last? Right. That is actually one of the key findings of this report, talking about when reserves will be depleted. There are a couple of trust funds that we talk about when we talk about Social Security.
Speaker1:
There's the old age survivors insurance. Right. So that's old age and survivors insurance trust fund. And then there's the disability insurance trust fund. Um, the overall kind of combined date when those are projected to sort of have their reserves depleted is 2035. That's a year later than they previously said. Oh, yeah, we bought us a year, but still that's ten years away. So in ten years, the reserves of Social Security are projected to be depleted even sooner than that. Specifically the Old-age and Survivors Insurance Trust Fund. That's the OAC. That's the one that pays out retiree benefits, right when you reach a certain age. That trust fund is expected to pay full benefits until 2033. That's consistent with last year's projection. And then who knows, benefits will have to be cut after that, they say. So really it comes down to income versus costs, right? The report is saying that the trust funds annual costs are going to exceed total income throughout a 75 year projection period. Right. So they projected it out 75 years up to the year 20, 98 or 75 years from last year when the report came out. They projected that the disability insurance part of things, the Disability insurance Trust Fund, is projected to maintain full benefit payments all the way through that 75 year period. So that part of the trust fund or that trust fund out of the two is obviously the more secure of the two, because it's got enough in there, or it's projected to have enough in there to be able to pay those benefits out 75 years from now, or really from last year at least.
Speaker1:
So for the whole income versus cost thing really is affecting the old Age Survivors Insurance Trust fund, that is the one that pays out those retiree benefits, as I've been saying. And the annual cost of that, of course, is going to exceed total income throughout the 75 year projection period after the projected trust fund reserve depletion in 2035. The continuing income would only cover 83% of program costs, so 83% of benefits. Right. And declining further to 73% by 2098. And that, as the as the report says, indicates a significant funding shortfall that's going to need to be addressed in order to maintain full benefits. Basically, bottom line is the part of Social Security that has enough money to make it out 75 years. The part of Social Security that we sort of concern ourselves with more here is the part that pays out retiree benefits. That trust fund, according to SSA, gov is slated to run out of money and then they'll have to reduce benefits in about ten years. So without legislative action, there's going to have to be a lot of changes. They're going to have to be made a cut in benefits will have to be made unless Congress does something about it. So, you know, as we move into 2025, the state of Social Security really does, um, present kind of a mixed picture.
Speaker1:
There's some slight improvements there, as I was saying, where they've added a year to the projection of when both the trust funds combined are expected to run out of money. Right. It was 2034, now it's 2035. So at least that is a is a bit of a positive thing. So how are we going to address it. Well that is up to the lawmakers. And you say well that's part of things I can't control. Yeah I mean you know what? You can't hold their finger to the button of, you know, making a vote yay or nay or abstaining from a particular vote or whatever voting present or whatever that they, they can do in DC. Yeah, sure. You can't just hold their finger and make them vote yes or no to a certain piece of legislation. You can call your representatives, pressure them to vote one way or another, which would be more beneficial to you. That's something that you can do. You can speak out, of course, with your vote, you can join, you know, community activist groups and things like that to really speak out and let your voice be heard in large numbers, and that'll get them hopefully to shore up Social Security without significant cuts in benefits. And so we really need that to happen. Or big changes are going to have to be made. And all of this underscores the need for you to have a financial plan that no matter what happens to Social Security, is going to be a strong one.
Speaker1:
You know, I want you to be in a place because because, as you can tell by kind of what I've been talking about here over the last few minutes, there's a lot of uncertainty around Social Security and about when it's going to be able to pay out benefits through what it's going to be able to pay out benefits through. And so what can you do about that? Well, as the quote from Cher suggested a few minutes ago, take control of your situation. And I love helping people come up with income plans so that they can be sure that they are going to have income for the rest of their lives. You know, we have certain products and plans that we can talk about that can say, this is income that's going to be guaranteed to live as long as you do. And there are different strategies that we can put in place that will get a lot of growth in your principal, but still. And, you know, I mean, obviously that's that growth is not guaranteed or anything like that. That's just um, you can you can share in market growth is really what I mean there. Um, but you can get potentially a lot of great growth. But at the same time you can then turn flip a switch at one point, basically turn that into income for the rest of your life, income you can never outlive.
Speaker1:
And so then Social Security, no matter what happens to it, you're going to be okay. So you get Social Security. That's going to be kind of the cherry on top, right, or the gravy or the or the whatever food related analogy you want to use. Social security is going to be that thing that is, oh great, I got this check too. I can use this money, this income for XYZ thing, not keeping a roof over my head and paying the bills and all that. I've got all that taken care of, and I know that I have that taken care of because I planned for it. So in an initial consultation and you can set one up, by the way, once again by going to take pride in retirement. Take pride in retirement.com click the schedule a consultation button there. Um, and what we'll do is take a look at your portfolio and assets, whatever you might have as far as investments and plans right now. And if you don't have, you know, the word portfolio sounds too grand for what you have in your situation right now. You say, man, I've got a 401 K. And that's kind of it. That's that's fine. That's great. I'm glad that you have that have that 401 K. I'm glad that you do have money set aside or if you have an IRA, whatever your situation, I want to work with it.
Speaker1:
Right. I want to make sure that you are in that place, that you have a plan. So no matter what happens with Social Security or anything else, you've got income for the rest of your life. So we're going to discuss those financial goals. Discuss your vision for retirement. What are you doing? Who are you with? Are you with your partner? Your spouse? Are you with other loved ones? Your chosen family? Perhaps? Um, whoever you're with. And what are you doing with those people that are in your life? If you kind of close your eyes and envision your ideal retirement, that's what I want to help you achieve. So we'll take a look at what your current plan is. If you don't have one, we'll create one. If you do have one, I'll do a deep dive into it and come up with a recommended plan for you. And again, like I said at the very top of the show, if it if it turns out to be to be a situation where I can't improve because you've done such a good job, I can't improve on what you have done already. Then I'll tell you that it's not a high pressure situation. But what I will do is answer as many questions as I can, and as many questions as you have really about your retirement. So reach out. Get started on your own customized retirement plan today. Just go to the website. It's take pride in retirement.
Speaker1:
Take pride in retirement.com. Click on the Schedule a consultation button. You can also call me at 85524692 11 (855) 246-9211. All right. So what about Social Security do LGBTQ plus people need to keep in mind what are some of the the concerns that are specific to the wider LGBTQ plus community that may or may not be of concern to the population as a as a whole kind of right. Lgbtq plus, people do have unique considerations to keep in mind when planning for Social Security benefits because of things like the marital history. You know, survivor benefits the potential for differing earnings histories between two people in a in a relationship. And some key points really, to keep in mind. Here are, number one, as I said, the eligibility for spousal and survivor benefits, because that's where that marital history thing comes in. If you want spousal benefits to carry over to your partner, your spouse, make sure that you are in a marriage that is legally recognized. Social security benefits for spouses and survivors are only available to married couples or divorced couples who were married for at least ten years. So if you're married for ten years, got a got a divorce. Spousal benefits are available, but Social Security benefits otherwise only available to married spouses. So make sure that your marriage is legally recognized if you want that spousal benefit to carry over. And by spousal benefit. Here's what I mean. Let's say, you know, you are married to your spouse and you have the higher income during your life, during your working years, and your spouse has a lower income than you during working years.
Speaker1:
That means when you get to retirement and you start taking Social Security, generally speaking, if you were to take Social Security starting at the same time, for example, you would very likely have a higher Social Security income coming in every year, and your spouse would have a lower the lower of the two. Social security income. Well, let's say God forbid you die. Your spouse doesn't get to still keep both of those checks. But your spouse does get to keep the higher of the two payments. That's what I mean by a spousal benefit, right? They get to take your higher paycheck instead of their lower paycheck from then on out. So that's what that means. Um, and then, of course, you know, that that's really, you know, if one partner has that higher earnings record, the other is going to be eligible for that larger survivor benefit. And then divorced couples, you know, if you've been married, as I said, at least ten years, you may still be eligible for those, um, spousal benefits. So just check that out as well. The timing of benefits. And we'll talk more about this coming up in just a few minutes. But the timing of benefits is also important because if you delay past your full retirement age, which right now the full retirement age, um, is either 66 or 66 in some months or 67.
Speaker1:
Um, if you delay past that right now, you're increasing your monthly benefit amount by up to 8% per year. Basically getting an getting an 8% rate of return. Essentially, if you want to look at it that way through age 70. Now, don't delay past age 70 because it won't do any good. You don't get any more raises after that. But if you want to wait, if you have health on your side and that kind of thing, that can be really good for the higher earning spouse because that maximizes not only your benefits, but survivor benefits as well. And if one partner is significantly older, then you have to take into account the timing of when each claims the benefits, because you may need some careful coordination to optimize your overall lifetime benefits. So please, please, please, if you get in contact with me, um, our firm can run what is, uh, called an RSA roadmap. Uh, my colleague is a member of the RSA registered social security analyst, and he can run an RSA roadmap. That's a really deep dive into your Social Security situation. And what would be best for you and your spouse based on the information that's provided by the Social Security Administration? And then you can project out your income and all that and, and really see when would be the most advantageous time. And we'll give you different scenarios as well.
Speaker1:
It'll map out a lot of different scenarios for you, so that you can determine which one of those is going to be best for you in your situation. That's what it's all about is what's best for you, what's best for you in your particular situation. Another consideration here is, you know, things like gender identity and name changes. You got to make sure that your records with the Social Security Administration are accurate, particularly if you or your spouse, if you have one, has undergone a name change, perhaps a gender marker change on identification errors or inconsistencies in that information can delay you being able to take benefits. If you have dependents, children you know, maybe adopted or biological kids, they could be eligible for benefits based on your earnings record. If you claim Social Security before they reach age 18 or 19, if still in high school at that age, consider tax implications as well, because, you know, up to 85% of Social Security benefits can be taxable. Depending on your combined income, joint filers may face higher thresholds for taxation. So planning for that is super, super important. My favorite of these points. Seek professional advice. Yes, consult with a financial advisor who understands LGBTQ+ issues that can help you tailor your claiming strategy. And if you reach out and take pride in retirement, that's exactly what I can help you do. Then you know you can get legal advice. I'm not a lawyer. I'm a financial advisor.
Speaker1:
I'm not a lawyer. Right. But we can, of course, refer you to someone who can make sure that your. Estate plans, your wills, your power of attorney documents. All that is up to. Date for you, your spouse or partner, your family in general. So those are all considerations, you know, to help you make informed decisions. As a member of the LGBTQ plus community to maximize Social Security benefits. And provide financial security for both partners. Reach out to me once again that website. Take pride in retirement.com. So you know we talked about timing there for a second. But I want to. Dive in just for another minute here on that. So you got to understand first of all your full retirement age. So when is the best time to take Social Security to start drawing Social Security? The answer is it depends. It depends on you. Is it your full retirement age? Maybe. And that age is the age at which you are entitled to receive your full Social Security benefit. And as I said earlier, it's either 66, 66 and some months or age 67. Right now it's based on your birth year. Delaying benefits past your full retirement age gives you that 8% or thereabouts increase per year up until age 70. But again, don't delay past age 70 because that's not going to do you any good. Assess your health and your life expectancy. This is such an important piece of the puzzle here because you know your current health, your family, medical history that all needs to be taken into consideration.
Speaker1:
Because if you're in good health and have a history of longevity, delaying benefits could result in greater total lifetime benefits. But on the other hand, if you've got health concerns, or if you've got a family history of a lot of different health related issues, you might benefit from. You know, as soon as you are eligible to draw Social Security benefits. Doing that, take the money and run could be your strategy, right? Marital status, family dynamics. Those need to come into play, as I was mentioning earlier as well review other sources of retirement income. This is why it's so important, so important to have multiple sources of income, because, you know, you may have a pension if you're lucky enough to have one. Oh my gosh, you are in an amazing spot. More so than a lot of other people, because it's kind of like finding a unicorn out there these days. Not a lot of employers, unless you work for the government or maybe a large corporation that has still, you know, still has that on the books, still has a pension plan available for their employees. Um, you know, gone are the days where you worked for 40 years and retired, got the gold watch and a pension and went out the door. Things are different now. 401 S, IRAs, personal savings. Those are things that you're going to have to, you know, maintain and then live on in retirement.
Speaker1:
In addition to that personal pension plan that I was talking about earlier that can provide you with that lifetime income. And so, you know, you have to take into account all of those different sources because they can provide financial support for you and allow you to delay Social Security up until age 70. So then you can increase your benefits. You've got to, of course, consider tax implications as well. You've got to calculate the break even point. That is the age at which the total benefits from delaying surpass the benefits that you would receive if you started earlier. And that point typically occurs between ages 78 and 81. So then that age can help you kind of determine, okay, am I am I going to live that long? First of all, based on my health history, based on my family's history of health, am I likely to live that long and then And decide which way to go based on that. Basically, like, you know, just take all of the information into consideration and then make the best decision for you. I, as a financial advisor, can help you do a deep dive, analyze everything as part of your overall financial plan. And of course, Social Security is a big part of that. You know, you shouldn't rely solely on Social Security, but you should want to maximize it. Certainly. And it should be. You know, your plan for Social Security should be something that fits your situation, that is right for you.
Speaker1:
Because you know what your mom or your dad did or what your, um, you know, neighbor down the street did your aunt or your uncle or whomever, whatever anybody else did may be right for you? Sure. Broken clock is right twice a day, right? But the fact of the matter is, it probably isn't right for you. You You need your own strategy. I can help you determine what that should be. Just go to take pride in retirement. Take pride in retirement. Dot com is the website. Click on the Schedule a consultation button. It's right there at the very top of the page. So speaking of not depending on Social Security benefits for your entire retirement income, um, because of, you know, several different things. Benefits are often not enough to cover all of your living and health care costs, particularly, you know, as we've seen inflation going over the past few years and prices have been inflated. And then we've seen, you know, especially healthcare costs go way up. Social security was intended to supplement originally supplement. Yes. Not substitute pensions and personal savings. The average monthly benefit is about $1,700 ish, and that's probably when you get to retirement going to prove inadequate. You are going to want to make sure that you have a plan in place that's going to help fill that gap, right. The gap that's created between what you've been earning and what your Social Security is going to pay.
Speaker1:
You want to make sure that you have a retirement income surplus, not an income gap. And if you're relying only on Social Security, you are most likely going to have a gap. And Social Security benefits don't have a lot of flexibility in the features that are out there by that are offered by a lot of retirement accounts. Like, you can't just take and withdraw all your funds at once, or take a loan out against the balance of the account or anything like that, which I wouldn't encourage you to do really, anyway. But you can't do that if there's some sort of emergency situation where that was a requirement and you needed to do that, or else you would be on the street? Sure. But you don't even have that option with Social Security. And then, of course, the Social Security trust funds could be depleted within about ten years, and that is going to lead to potentially reduced payouts as we mentioned earlier. So it is what I would say essential for retirees. Pre-retirees no matter who you are, where you come from, who you love to diversify retirement plans with some steps here. Now, I talked about and I do want to mention here briefly kind of the uncertainty that's out there right now, especially with the changeover in administrations and, um, party controlling one half of Congress changing as well. So there's a lot that's changing in DC.
Speaker1:
What I can say is this, I think there's no better time to talk to a professional, to talk to myself in particular. Go to take pride in retirement. Com click schedule a consultation. Get a plan in place. Because yeah we really don't know. There are a lot of proposals out there about this, that or the other potentially happening that could be beneficial to some and not to others and all of that. We don't really know at this point exactly what's going to happen with all of the different tax proposals and everything. You know, it's got to make it through Congress, and there's a whole process that's going to have to take place before any major changes to the tax code and all that are going to happen. But and it's a big but as RuPaul once said, it's a big but, um, the uncertainty is still there, right? The fact that we don't know what's going to happen leads to a lot of that uncertainty, and the fact that it's seemingly out of our control leads to a lot of that uncertainty. The thing is, though, control the things you can control. That's what I preach all the time to everybody. Control what you can. Take control of your own destiny here and put a plan in place that's going to be good and solid for you and and help you fulfill your dreams and goals and and aspirations and all of that for your retirement years.
Speaker1:
No matter what happens with the tax code, no matter what happens with Social Security benefits, no matter what happens with anything else. So I think that now is a great time for you to reach out and let me evaluate your situation, your existing savings, your income sources, expenditures, all of those things, and determine what you need to save for retirement. Are you on track or are you kind of being left in in the dust here? Set clear retirement goals. You can't get to a destination unless you know where you're going, right? So you got to, you know, put in that destination in the financial GPS here, and then I can help you with the turn by turn directions to get you there. You've got to utilize different types of retirement accounts. You know, maximize your contributions to accounts like your 401 K, your IRA, a Roth IRA. If you have one of those 403 B, if you have one of those types of accounts as well, depending on your employment situation, of course. And you can benefit from diverse tax advantages and different savings opportunities. Like a Roth you put money in, the tax has already been paid on, it grows tax free. And then in retirement you get to take withdrawals tax free from that account. It's sort of the opposite right of a 401 K or a regular IRA, a traditional IRA where you put money in pre-tax and then it grows. But then in the end when you make withdrawals, you have to pay taxes on that money.
Speaker1:
So you want to have some tax diversification there. And then speaking of diversification, you want to want to be invested in a mix of assets so you know you want stocks, bonds, mutual funds, ETFs. Uh, perhaps, um, you know, annuities, uh, to provide you with growth that's protected and also some income that you can live on for the rest of your life can take and turn that into that income that is essential for your retirement years. Stay informed, stay educated. Continuing to listen, to take pride in retirement is a good way to do that. I believe. Continuously update yourself on what's going on in not only the financial markets. I'm not saying sit there and watch, you know, Bloomberg or CNBC or whatever all day long, but, you know, kind of stay up to date as much as you can on retirement planning strategies, the things that are happening in the markets and make well informed decisions or work with me and I'll do that for you. And we can work together in keeping up to date on what is happening. And of course, consult with a financial advisor. I'll say it again. Take pride in retirement. That is the website. Take pride in retirement. Schedule a consultation. It's right there at the top of the screen. And I would love to talk to you. It's free of any cost, any obligation to continue on.
Speaker1:
You only work with me if it's best for you. And we'll determine that by working together in that free consultation. All right. Take pride in retirement.com once again is the website. Well that is going to do it for our time together this time around on Take Pride in Retirement. I hope you've gotten something out of it. I hope that, you know, you can take some little nuggets into your your week and hopefully, you know, into your life going forward. If you've got any questions about anything that I've talked about today, I'll be glad to help clear away the cobwebs and clear away the fog for you so that you can see clearly what I've been talking about, and maybe get some explanations based on your individual situation. Again, reach out and take pride in retirement. Com Mint.com is the website you can also call me 855246921185524692 11. That is toll free. So no matter where you are across the country, you can reach me at that number. And if you have to leave a message, I will call you back. All right. So plan for your income. That is the moral of the story today. So that no matter what happens with Social Security, you have an income that you cannot outlive. Get in touch with me. We'll make it happen again. That'll do it for this time around. We'll see you next time, though. Until then, take pride in yourselves and take care of each other. Talk to you next time.
Speaker2:
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 one or go online to take pride in retirement. 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 disclosures of any conflicts of interest. Please refer to our firm brochure, the ADV Too.a item for. For additional information. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not in any way refer to investment advisory products. Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing insurance company, not guaranteed by any bank or the FDIC.
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