Take Pride in the Plan: How to Turn Your Nest Egg into Income

Episode 54: Audio automatically transcribed by Sonix

Episode 54: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
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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. I'm Matt McClure, your host, your advisor, your friend, your pal, and your confidant. Thanks so much for being a part of things. I really, really do appreciate it, as always. And you know, the reason I do this is because retirement can feel overwhelming. The planning stages. Being in retirement can feel overwhelming sometimes. If you don't have that formal plan that you know you can count on well, and it's even more, uh, you know, overwhelming when you don't know who you can trust. Right? So that's why I am here to really help you navigate your financial journey with confidence, with clarity, and most importantly, with pride. And I thank you for being along this journey with me. A lot of great stuff coming up here on the show today. And, uh, if you haven't already, make sure you subscribe to the show on your favorite podcast platform. I want you to check out our website at Take Pride in Retirement Comm. That is, take pride in retirement comm. If you're watching the video version, you'll see that scrolling across the bottom of your screen throughout the show.

Speaker1:
85524692 11 is the phone number. (855) 246-9211. You can get in touch with me to schedule a complimentary no obligation retirement review. It's designed just for you and just for your life, no matter where you are on the rainbow spectrum, no matter where you come from, who you love, how you identify, how much money you have, any of the things. It is all about you and your individual situation, and getting that personalized guidance really is just paramount to having a successful retirement. Well, I've got a lot of great stuff to come here on the show, and today's episode really packed with a lot of actionable advice and tips here. And we're diving into number one, really, how to prepare your portfolio for the Decumulation phase of life. There's a lot of focus, and rightfully so, but maybe a little bit too much on the accumulation phase. You know, building up that nest egg, Nasdaq, which is great and grand and wonderful. And don't let anybody tell you any different because you've got to, you know, save and invest and do all the things as you're working. But there comes a time where you've got to transition from, you know, growing that money to then protecting what you've earned and saved and invested and then turning that into income in retirement. Because, you know, I mean, often you get let's say you retire from a job, you get that 401 K, you've got your 401 K, right.

Speaker1:
And you, you have the pot of money that you've saved up or invested for all the years that you've worked there or other places. You've combined it all and they just, you know, you retire and they say, okay, here's a bunch of money. Go do what you want to with it. And you're just that's part of the overwhelming thing, right, that I mentioned earlier. So yeah, don't be overwhelmed with it. Have a plan for it. And we're going to talk about that and kind of how you can take steps toward that. We've got some strategies to catch up on savings even if you got a late start in life. I know a lot of us do. Life gets in the way, and so we've got to take those opportunities where we can get them right. To really, um, catch up to where we we should be. And there are ways to do that. There are, you know, there are ways to get there. They present some challenges, but some really big opportunities as well. So we'll talk about that. Well, let's talk about some Social Security tips, especially for LGBTQ plus folks and same sex couples. And then age appropriate investing. What you should be doing in your 40s or 50s or 60s. Right. So we'll look at those different decades and show you how things change as you go through those. First, though, let's get some inspiration for our conversation, shall we? We'll do that 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 Someone that spills a lot of wisdom. Um, someone named anonymous. Um, not from any specific person, but a quote that is directly for you as a member of the audience of this show. And it is this. Financial freedom is about more than just numbers. It's about the life you want to live and the values you want to uphold. That is really where it hits home for me and why I do what I do, by and large. I love helping people. That's one of the main reasons I do what I do. And, you know, providing, uh, guidance. I've gotten, you know, the education, the licensing, the certifications and all the things to be able to do that. And but really, it's not just about the numbers. It's not just about the dollars and cents. It is about the life that you want to live in your retirement years and making sure that you're prepared and planned to do that you have a plan in place to be able to do that. And so that's why I do what I do is, is because, you know, you need to be able to have a retirement that you want to take, that you are able to take pride in. Right. And so that's what I want to help people achieve. And that is what gives me a great source of pride is being able to do that. And so, you know, that's part of the retirement journey of course is the is the money.

Speaker1:
And, you know, making sure that you have enough to be able to make the lifestyle that you want to live in retirement feasible and and true. And even more than feasible, but make it a reality. But there's also that life that you want to live. And that really is the the most important thing for me when I take a look at somebody's financial situation. I'm always I'm asking, okay, what do you want to do in retirement? What are the the dreams that you have, the goals that you have set? Like what are all of the things. Right? And so that is just really I'm just so glad we we used that quote today because it really does make things hit home for me. Um, okay. So a critical topic for anybody who is close to retirement or just in retirement is decumulation. And that's where we kind of kick things off today. Um, so, you know, you're, you're accumulating for all the years, right? You're saving, you're investing, you're doing all of the things that you can to save up some big nest egg. And let's say that you've got that nest egg saved up, whether it is a small nest egg, a large one, um, somewhere in between, whatever you know, you've been able to do and whatever, you know, sort of goal you've set for yourself, let's say you've achieved that, then you've got that big pot of money in retirement and you say, okay, well what now? Um, so that's the decumulation phase, right? You've got to take the money that you have saved and turn that into income.

Speaker1:
And so decumulation. Yeah, that's the process of using that money that you've saved to create an income stream in retirement. You know, for for many LGBTQ plus folks, this part of the journey can feel even more uncertain because, you know, so many people, members of the community, uh, are single. Or maybe your financial plan might have been infected, might have been impacted rather by a lack of access to spousal benefits earlier in life, or, um, not being able to be married earlier in life, that kind of a thing. And that has had an impact on your, uh, your financial life. And so and it really sort of exacerbates what the numbers bear out here, because a recent Blackrock study found that just 36% of Americans feel confident about their retirement income. And look, let's be real, that number may be even lower in the LGBTQ plus community given the unique financial hurdles that we traditionally face here. So what is the solution for the decumulation phase of your life? Well, it's all about creating a plan that includes both systemic withdrawals and income tools, things like annuities. You could also look at, you know, um, bonds that generate income and things like that as well.

Speaker1:
I like to use annuities for a lot of my clients because it's guaranteed income. It's guaranteed for the rest of your life, no matter how long that life may be. Um, so if you live, I always use the illustration you live to be 150. You're going to get that check every month until you're 150 years old. That's the way it goes. It's contractually agreed upon between you and an insurance company to, you know, make those payments to you for the rest of your life. Um, the Stanford Center for longevity actually found that annuities often outperform Reform simple drawdown strategies in terms of consistent income and protection against outliving your money. So that is something that you want to consider because and not I'm not by any means saying, oh, take all of your money and put it in annuities. No, it needs to be part of a diversified portfolio, because there are ways that you can use annuities to invest, to grow your nest egg, to make that nest egg bigger. And then there are ways that you can use annuities to simplify the process of then flipping that switch from accumulation to decumulation. Right. You can basically turn on income when you want in in a lot of these products. And so that is going to be that guaranteed income stream that I'm talking about here.

Speaker1:
And the thing that I want to to make sure that, you know, is that not all annuities are bad. I know that, you know, if you've listened to, um, some, uh, you know, popular financial guru type people or people who put themselves out there as being financial gurus, um, they may be great at things like, you know, telling people strategies to get them out of debt or, you know, giving people, um, generalized advice on budgeting and, and maybe some investing, um, tips and that sort of thing. But at the same time, they're not annuity experts. Um, I am a certified annuity specialist. I've taken the time to get that certification, um, to educate myself about the different types of annuities, to educate myself about which ones may be good in certain situations and which ones may be terrible in certain situations. It's not a thing where there's a one size fits all annuity that is great for everybody. I might recommend one for somebody and a completely different one for somebody else. It all depends on your individual situation. As a fiduciary, that's what I have to do. I have that fiduciary responsibility. So I have to act in your best interests. And so I would never just make a blanket recommendation to everyone that all annuities are bad or that all annuities are great either. Um, so yeah, I mean, it's the people who may say that all annuities are bad are probably trying to sell you something else, or they just simply don't understand the way that annuities work.

Speaker1:
At least not now. Maybe they used to understand how annuities work, but the annuity market has changed in such a way that they're a lot better products out there. They're a lot better guarantees out there for things like income for, um, you know, the the earnings on those particular accounts as you're in the accumulation phase still. So there's a lot that is there to be considered. And so I don't want you to be afraid of that word annuity. Um, there's no reason to, um, it may not be right for you. And if it's not right for you, then I would tell you that if you choose to reach out and get that free consultation and work with me, I'll show you what I believe is best for you, all things considered. And so just go to take pride in retirement. Take pride in retirement. That's the website. You can reach out there, schedule a consultation or call 855246921785524692 11. And I especially want to say if you've retired within the past five years, or if you are about five or so years away from retirement, I especially want to speak with you because you are in what we like to call the retirement red zone in this business. And so it's a critical time for you to be protecting what you've earned and what you've saved And what you've invested, protecting that and then turning that into income that you can live on for the rest of your life.

Speaker1:
So let's talk. And I can help you sort of test the strength of your plan. Right. All right. So and here's the thing too. I wanted to I wanted to cover this today because I feel like there are a lot of people, at least in my life, that that I have encountered in business and in just everyday life, who think that they're so far behind with their investing and savings and and all of that and that, oh, I've only got so and such amount in my 401 K, and that's just pitiful. And I should have so much more. Well, you know what would it be great to have more. Yes. Does that mean all hope is lost? No. So I feel like I hear this more and more here lately. So I wanted to really cover this topic that it's it's not too late to build. Are there individual challenges that come into play if you are getting started with your retirement plan later in life. Yeah, but even if you didn't start saving early, even if you didn't start investing early, it's not too late to make a big difference. And a lot of LGBTQ+ folks didn't have access to workplace benefits, maybe early in life or maybe stable housing earlier in life.

Speaker1:
You know, I mean, I remember back in the day, um, before, uh, certain laws and regulations were put in place that, um, you know, I had jobs where my husband was not able to be on my insurance. And it was obviously not right that that was the case, but luckily that's by and large, gone away now, um, because we are, you know, spouses recognized in all 50 states. Et cetera. Et cetera. So if you didn't have access to workplace benefits like that or, you know, weren't able to put money away in a 401 K, maybe you had a job where there wasn't a 401 K, and you didn't know how to go about the process of maybe opening an IRA or anything like that. Like, you know, those are those can be common things, especially among the LGBTQ plus community. So I want you to know all hope is not lost. All right. Your saving might not have just been a priority. Uh, back when and even maybe until recently, it may not have even been a possibility for you. But now, at whatever point you are in life, whether you are, you know, hey, in your 20s, 30s, 40s, 50s, 60s or beyond, whatever your your place in life, your station in life, your situation, you might actually have a better understanding of your goals than you did back when, um, my youngest, uh, client that I work with is 31 years old, And I can't tell you how, um, happy and proud I am of him, that he takes his at that age, that he takes his saving and investing and all that so seriously.

Speaker1:
Um, because I did not at that age. I am one of those. And I'm in my 40s now. I'm. And and I am, um, I was one of those who would put money into that the 401 K. But then life circumstances would happen and I might have to tap into it because I didn't have enough savings and all of that. And it's part of the financial journey that I've been on in my life, the financial mistakes that I've made in my life. But those are the parts of my financial journey that have led me to where I am now, that have led me to understand the right things to do, what to do, what not to do, in other words. And that's so important. I'm kind of the person who sometimes I have to learn a lesson the hard way. Just ask my husband. And, um, that is true in many different aspects of my life. But I must say, it's really been true in my in my financial life, um, as well. And now that I'm to the point where I can, I feel like I can really help people and really make a difference. And I've learned from my mistakes, and I want to help people avoid those same mistakes.

Speaker1:
It is a privilege to be able to do that. And so if you are now at a point in your life where you have a better understanding of your goals, you have access to maybe catch up contributions if you're over a certain age, uh, in those IRAs, your 401 S, um, and, and, you know, more strategic options for building wealth quickly, uh, with some safety involved as well, making sure that you're properly allocated as far as your assets go, making sure that you are you have the right amount of protection so that you you know, what you have saved up isn't going to go somewhere. But then maybe you have to take a bit more risk than somebody else in the market who might be your same age just because you need to, you know, reap more of the benefits of the upside potential that that type of investing has. Again, it all depends on your individual situation. And what I would encourage is for you not to let intimidation hold you back. Like don't be intimidated by, oh, I'm so far behind and I will never be able to get caught up and I shouldn't even try. And all the things don't even go there. Right. Because it's there's no there's just no point in it. Right? There's no point in it. So, you know, I mean, you've got sure a shorter investment horizon, you know, that shorter time window until retirement, so you have less time to recover from market downturns.

Speaker1:
And that can make it challenging to achieve the same level of growth as younger investors. And then there's that intimidation factor. I mean, consulting with a financial professional, an advisor like myself, a fiduciary can help you get over that intimidation factor and provide the valuable guidance to really optimize your investment strategy. And here's the thing. You know, by the time you reach your 40s and 50s or 60s, you do, as I said, have a better understanding of your goals, generally speaking. And you've got those increased contribution limits. So that's a good solution to what is, you know, perceived as a big problem in your life right now. And that's being behind feeling like you're behind. But you don't have to always feel that way. You don't have to always be behind and feeling like you need to get caught up. Because Is. Trust me, I know about feeling behind and and having to get caught up as a result. And yeah, it can be difficult. It can be. But if you know the right strategies and you have guidance along the way from a fiduciary who understands your life experience, that can really make a world of difference. And so that's why I always say, no matter who you are, where you come from, who you love, how you identify, how much money you have, you deserve a retirement that you can take pride in.

Speaker1:
So go to take pride in retirement. Com to schedule that free consultation or call 855246 9211. All right. So I want to talk about Social Security for a second. Um, I've been thinking a lot about Social Security because I've done I've actually done a couple of seminars here recently about Social Security, just in my, my local community and just trying to educate folks about the different options that you might have when it comes to Social Security and claiming strategies and all of that, and taxation of Social Security, up to 85% of your Social Security could be taxable. Um, and there's, you know, certain income thresholds that you have to meet and all of that. And there's a lot that goes into it. And so as a result of, you know, 2700 plus rules, regulations, decision points and all of the things, um, as a result of all of that, the area of Social Security and Social security planning and all that is really full of myths and a lot of confusion, especially for LGBTQ plus people. You know, I mean, marriage equality became the law of the land almost ten years ago. But still, you know, that means there's sort of two frames of mind still about, you know, okay, so what rights do we actually have? Like, what does that mean for government programs like Social Security and all of that, where, you know, there's a spousal benefit, there's survivor benefits, there are other family benefits that are involved.

Speaker1:
And so a lot of rights have been extended to same sex couples. But that doesn't mean that it's all clear. For some people, it's clear as mud, right? So, you know, if you're wondering whether you qualify for spousal or survivor benefits based on your partner's work record, or maybe if you should delay by claiming to maximize your claim, or maybe you should delay claiming rather to maximize your income. If you're wondering about that, you're not alone. These are questions that I have been getting a lot recently, and they're questions that are very common because, you know, a lot of people might say without being educated about their their options. Okay. Well, you know, I'm going to hit 62 and I'm just going to take the money and run. I'm just going to start claiming then when I'm first eligible to claim Social Security benefits and for certain people in certain circumstances. Yeah, that might be a situation where you can do that and you can feel good about that. Um, because it might be the best possible scenario for you. You could, if you are married and you are maybe the lower earner, you could start claiming at 62 your own benefit. And then later on, when your spouse maxes out their benefit, um, you could claim a spousal benefit.

Speaker1:
So then you can get up to half of their monthly benefit. It just it all depends on that individual situation, how the pieces fit together. So without delving into your individual situation, which is impossible in a podcast format because you're not here right in front of me. So I can't be acting in a, in a strictly fiduciary capacity here on the podcast. Right? Because I don't know you. I don't know your situation. That's why you need to reach out and take pride in retirement. Quick plug. But Lights. Three quick tips here. You know, just kind of outside of that. So for informational purposes here, number one, if you do delay taking your Social Security benefits, there's no point in waiting beyond age 70. Why? Well, for most people listening to this show right now, your full retirement age is going to be 67. You retire before that, anywhere between 62 and 66 and 11 months, you are going to be docked. Basically, you're going to be, um, to have that benefit amount reduced based on early filing. It's basically an early filing penalty, right? But if you wait beyond your full retirement age, whether it's 66, 66 and some odd months or the age of 67, then if that's the case for you, then you know, if you want to delay past that age, then you get a raise every year.

Speaker1:
So it's the opposite. You know, you get a pay cut, um, if you take it before you get a pay raise, essentially, if you go later. And so if you delay your Social Security benefit after age 67 or whatever your full retirement age may be, then you get an 8% annual boost past that full retirement age. So if your full retirement age is 67 and you delay until age 70, that is 124% of your primary insurance amount that Pia. That is what you would be due if you were retiring at your full retirement age. In this example at age 67. Right. And not only that like 8% increase in that Pia. You also get cost of living adjustment every year as well. So then you get the bump up in that way also. So you know delaying could be a great strategy, especially if you have longevity on your side. Delaying could be a great strategy if you're the higher earner. Same thing, kind of like I was talking about before in that, um, scenario that I presented. If you're the higher earner, delaying your benefit can increase your spouse's spousal benefit while you are alive. If they're a lower earner, if their primary insurance amount, that Pia number, if that is less than half of what yours is, then after you start claiming Social Security, they could claim a spousal benefit and bump up theirs. Then also after you're gone, which nobody likes to think about but could happen if you're the older earner and the higher earner, then your spouse's survivor benefit can also be higher by you delaying as well.

Speaker1:
Um, again, up to 124% of your, uh, primary insurance amount, which is that full retirement age amount and survivor benefits do apply to same sex couples. Even if you weren't married for long before your spouse passed. And that's thanks to advocacy. That's thanks to legal wins in the courts. That's thanks to support from groups like sage. Um, which I just spoke with a rep a couple of episodes ago from the group sage, and they advocate for things like that. And, um, have won some significant victories. And if you need help figuring all this out, that's really what what I'm here for. Um, you know, I have a colleague I work with who is a registered social security analyst, and he will, you know, be, um, glad to run a Social Security maximization report. I'm actually working on, uh, certification in that area myself right now. And so I'll be glad to, once I do that, run a report for you to show you how to maximize those benefits and to show you which of your options may be the best for you. So I'll repeat it for the class. What do you need to do? Go to take pride in retirement or give a call to 85524692 11 (855) 246-9211 is the number for that free consultation.

Speaker1:
All right. So um, I was I was putting this show together this week. Um, I was looking at, you know, things we talk about age a lot, right? Like it's just part of the conversation because, you know, we're talking about money and we're talking about retirement planning and. Sure. But as I was putting the show together this week, I, um, was working on a segment, this next segment that we're going to go through here and it's age appropriate investing. And I couldn't help but think like, you know, when I was a kid, like my mom telling me to act my age or like, um, you know, seeing somebody on TV who was scantily clad and and, you know, one of my older relatives said, well, they should just dress their age. That's not age appropriate, you know. Yes. I'm from the South. Um, but so to address your dress your age or act your age, well, also, you need to invest your age, right? You need to be, um, and again, this all boils down to your situation. And if you need to be catching up, maybe you need to be more aggressive than this in certain scenarios, but you need to be investing in an age appropriate way, by and large. And so your strategy really should evolve as you do as you get older, as you get closer to retirement.

Speaker1:
And so as we break things down, I want to break things down kind of by decade here so that you can be age appropriate no matter what your age may be. So in your 40s, you're probably at that point in life. I know this has been true for me, sort of hitting your stride kind of career wise. Right. And so in your 40s, it's all about really building that strong foundation for your retirement years. You know, I mean, you could also you could say the same thing about your 30s as far as building a strong foundation. Right. Making sure that you're contributing enough to your 401 K or other workplace program, maybe an IRA. Um, hopefully, you know, something like a Roth where that's, um, paid into with post-tax dollars and then that turns into tax free income in retirement when you make those withdrawals. So, you know, you've you've hopefully been doing that. And maybe this is the time now in your 40s to ramp up contributions. Take advantage of any employer match. Be contributing at least as much to your 401 K or your um, you know, 403 B or whatever type of workplace plan. If your employer matches up to a certain percentage, make sure that you are at least contributing that percentage. Because if you're contributing something less than that. You were telling me you do not like free money because that's essentially what it is from your employer, right? They are contributing a matching amount of what you have up to a certain percentage.

Speaker1:
And so that's just money that's thrown in on top of your contribution. So, you know, that is one way that your employer can help take care of you in your retirement years, even though things like pensions and stuff that used to be employer based pensions have gone the way of the dinosaur. Um, if you're building a family as well, whether through, um, surrogacy, adoption or, um, you know, some something else, some other type of, of, um, uh, method for building your own family, you need to factor those long term costs into your plan. It can be, um, you know, kids are not cheap, in other words. So something that you need to, to think about then. Okay, so as you move from your 40s, you're building that strong foundation. You move into your 50s. You need to think about securing your future. You can contribute more thanks to catch up contributions and those provisions that allow for them. You know, you can you can contribute more to things like your 401 K, your IRA, etc. start shifting your focus to protect what you've built as well. And you don't have to do that. It's not a switch that you just flip and you're like, okay, I'm in accumulation mode now. I'm in protection mode. So I got to just take everything out and put it in cash or stuff it under the mattress.

Speaker1:
No, that's not what I'm talking about. What I'm talking about is start shifting to focusing on yes, still growth because you're still several years away from retirement, most likely. But as you're focusing on that growth, start focusing on protection as well. And it's a good time to explore things like long term care, you know, long term long term care insurance or, um, products, even, you know, mentioning annuities earlier annuities, a lot of them will have provisions in them, uh, writers that you can purchase as an ancillary thing to your, uh, to your annuity that will, um, mean for you that you get long term care taken care of. It's something that Medicare doesn't cover, right. So you need to worry about that yourself. And so if you were to get, say, an annuity, uh, with a long term care rider, it could do something. A lot of them will do something like double your income, as long as you are confined to, uh, a long term care facility, whether it's a nursing home or assisted living, that sort of thing. Um, so you've got options there. Long term care policies that are sort of standalone can be super expensive. A lot of times. And, and are not nearly as common as they used to be, but could still be a possibility for you if it fits into your life.

Speaker1:
And so you want to really think about that as being a critical thing. The long term care piece, I mean, if you are single or if you don't have this sort of in air quotes traditional support system in place, maybe you've got that chosen family who, you know, you're all got that pact and you're going to watch out for each other in your older age. Um, but you know, otherwise who's going to take care of you? That's that's a question. Um, and then in your 60s, so in your 40s, you know, you've built that strong foundation in your 50s, you've secured your future. And in your 60s, it's really all about fine tuning everything, right? Preservation and income generation. The name of the game here. Review your income sources. Understand your Medicare timeline. Fine tune your portfolio to weather the storm no matter what comes the next 20 to 30 to even beyond years of your life. You got to plan for the future no matter what the future may hold. It doesn't mean you've got to have a crystal ball. I always say mine's broken and it hasn't been able to be repaired, but, um, it doesn't mean you have to have one either. You don't know what's going to happen, you don't know what's going to come your way, but you want a solid plan in place that's going to account for no matter what does happen, right? So that is why I'm here.

Speaker1:
And, you know, every week I want to say this, I, you know, come on the show and I offer free consultations, absolutely no cost, no obligation to take pride in retirement listeners. And I don't just do that, you know, because I want to, you know, sell you a bag of goods or, you know, whatever a snake oil or something like that. No, I'm not. It's not like I'm just going to try and sell you something as a fiduciary. Not only am I the type of person who would do best by my clients anyway, just because that's that's the way I was brought up, folks, um, to to look out for others and to do the best for others that I possibly can treat others the way you would want to be treated. In other words, the golden rule in life. Um, there's that, there's that part of it. But as a fiduciary, I am legally bound to do what is best for my clients to act in my client's best interest at all times. And so I was like, like, I'm trying to sell you something that is going to be, um, you know, a bottle of snake oil or, you know, I'm going to pull the wool over your eyes or whatever metaphor you want to use. That's not what it's about for me. What it's about for me is making your life better, because that gives me so much satisfaction.

Speaker1:
Like I said in the beginning, I love helping people. And so this is my way of helping folks. And and I want to help you. And I can do it in several ways, you know, cut the hidden fees that are in your investments. I've got chances are, lower cost options from a fee perspective that you should consider maximizing your Social Security with those LGBTQ plus considerations that we talked about earlier in mind. Personal pension options. Yeah, I said that, you know, those those corporate pensions, they are largely gone the way of the dinosaurs. So unless you work for a government agency or, um, you know, some companies, some private companies, uh, that still offer pensions, then if you are, you know, the other 85% of the population, that doesn't work for those entities. You don't have those those pensions through work. So you can build a personal pension. I can, you know, talk you through how to do that. And that can give you that lifetime income, the income that you can never outlive. And so if you're planning for retirement on your own, you don't have to go it alone. If you're planning for retirement with your spouse, with your partner, with your boyfriend girlfriend, your, you know, whomever your kids, even if you have kids from maybe a previous marriage, you have kids in your your current relationship, whatever it is, you've got a family to consider or you've got yourself to consider by yourself, you don't have to go it alone, no matter what your situation is.

Speaker1:
Let's make sure that you've got a strong emergency plan. You've got a power of attorney, you've got a health care directive in place. You've got all of the things that incorporate into a solid plan. That's going to mean that you have enough money to make it through the rest of your life, no matter how long that life is. So, you know, if something I talked about today has struck a chord with you, I would encourage you to schedule your complimentary consultation. Folks. Take pride in retirement. Com is the website. It's all one word. Of course. Take pride in retirement. Com no weird punctuation, no weird spelling or anything like that. Um, but also you can give me a call 85524692178552469211. No pressure, no judgment, just personalized advice from somebody who understands you and somebody who gets it, who knows what it's like to be a part of the LGBTQ plus community. It's your money. It's your future. It's all something that I want you to be able to take pride in. So no matter who you are, where you come from, who you love, how you identify any of the things, this is the show for you. Because this is take pride in retirement. I'm Matt McClure. Thanks so much for joining me. Until next time, take pride in yourselves and take care of each other. We'll see you then.

Speaker3:
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 investment advisory services offered through Brookstone Capital Management LLC, 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 and Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
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. 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 indexed annuity can help with a 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 for 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 855246 9211 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.

Speaker3:
Com 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:
Fixed annuities, including multiyear 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. 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 To.a item for for additional information.

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