Alarming Statistics About Social Security and Retirement in America Today

3.15.24: Audio automatically transcribed by Sonix

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

Producer:
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.

Producer:
Welcome to Retirement Results, the national radio show and podcast for listeners like you who want to protect and grow their hard earned money. In a world filled with so much uncertainty and financial risk, we seek to cut through the noise and build successful plans for hard working Americans on their road to financial freedom. Retirement Results is powered by Active Wealth Management, a team of fiduciary advisors who always place your needs first and now your host. He's a registered social security analyst, member of the Forbes Finance Council, an author of multiple books on retirement planning. Here's your chief financial advisor, Ford Stokes.

Ford Stokes:
And welcome to Retirement Results. Result drivers. My name is Ford Stokes. I'm your chief financial advisor. And I've got Mr. Sam Davis here with us. He's our co-host and senior financial advisor on the mic with us today and one today, Sam and I are going to ask one question. Are you ready for retirement? And I want you to answer that question throughout the show. And if you feel like there's opportunities for you to improve. Where you can answer that question more definitively and affirmatively as a yes for it. I'm ready for retirement. You may be physically ready, you may be mentally ready, but are you financially ready? Are you also ready? From a tax preparation and tax planning perspective? Are you ready? From an income perspective. Are you ready with your Social Security planning? Are you ready from an efficiency perspective? Do you do you know what your expense ratio is within your portfolio? Do you know? What risks you're taking with your portfolio. Do you know what hidden fees you have in your portfolio with that expense ratio? Do you know? What the correlation of your assets are. And if you don't know. The answer to any of those questions. You may not be fully ready for retirement, and if you want to get fully ready for retirement, all you got to do is give us a call here in the office at (770) 685-1777.

Ford Stokes:
Again, that number is (770) 685-1777. And we're happy to help you. You can also check out Retirement Results.com and click that Schedule a consultation button in the upper right corner. And on today's show, Sam and I, we're going to talk about the seven retirement statistics that will motivate you and how we can help you plan. And also we're going to start working. With you as financial professionals and fiduciaries. We're ready to get started in working with you. This week, all you've got to do is take action. Tony Robbins says if you haven't taken action, you haven't actually made a decision. And also. That you were going to help you answer the question as your current advisor really helping. Have they told you what your expense ratio is within your portfolio? Do they help you understand the. Risk profile of your assets as measured by standard deviation, things like that. Also, do you have a retirement income plan with your current advisor? And if the current advisor is you and you just put money away in a 401 K. That it might be time to get a fiduciary and a financial adviser that will put your needs ahead of their own, but we'll also help you plan. For a successful retirement in a holistic way.

Ford Stokes:
Look at it from a Medicare perspective. Look at it from, you know, a health insurance perspective to get you to Medicare eligible age at 65 or. Also, what's going on with Social Security? How can we maximize the monthly Social Security income check? And also, how can we maximize the total money you'll be paid over your lifetime between now and when you go to heaven for Social Security? Those are two big factors to consider when you're looking at Social Security. Also, what is your spouse doing on filing their own Social Security income at 62.5 or 63 years old? And could they also turn on the spousal benefits at age 70? That could be another strategy that you're not employing or deploying with your current retirement plan. So let me talk to you about what we're going to share on today's show to help you answer the question, are you ready for retirement? We're going to share retirement statistics that will motivate you and how we can help you plan. We're also going to help you get started working with us as fiduciaries and licensed financial professionals. And we're going to help you answer the question, is your current adviser really helping? And also, if you're taking matters in your own hands and you're the one that's just putting money into the 401 K every two weeks and you feel like that's planning and you you want more help and you're looking for a fiduciary that can help you navigate retirement.

Ford Stokes:
Whether you're looking at how to maximize Social Security, how to minimize the Medicare surcharges you're going to pay, how to delete the IRS out of being your partner with your retirement accounts, etc.. How you can get a retirement income plan. And beyond. Then we're happy to help you. And all you got to do is reach out to us at Retirement Results. Com and click that schedule a consultation button in the upper right corner. If you want to check out our main site which is ActiveWealth.com for the main corporate site, all you've got to do is go to ActiveWealth.com and click on schedule a consultation button in the upper right corner there. Also, we're going to play the ever popular right or wrong segment and we'll explain. Some common misconceptions about Social Security during Right or Wrong this week. And we're also going to talk about what's going on with Social Security and what to expect in the years to come. They're going to want to stick around for that one. But now, Sam, go ahead and share the financial wisdom. Quote of the week.

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

Sam Davis:
This week's quote of the week comes to us from who is many people's favorite. Us President Abraham Lincoln and Honest Abe once said, you cannot escape the responsibility of tomorrow by evading it today. And I think this is a great quote forward because no matter what it is in life, when you start to put things off, those things start to pile up. And when you wake up the next morning, that pile is still there. And so that's why you want to take care of those really important tasks as soon as you can, especially when it comes to planning for something as important as your retirement. When you have time on your side, you're going to have more choices, more options, more flexibility, and really just more time to plan.

Ford Stokes:
Yeah, I mean, Abe Lincoln did a great job at. Taking action. We're not going to be too divided countries, and we're also going to abolish slavery because no man should be a slave. And for these truths to be self-evident, you know, we follow the Constitution. So, um, credit to Abraham Lincoln, who also was a Republican. I want to remind everybody of that. And also, if you're voting this year in the US national presidential election, I would encourage you to vote with your retirement in mind. And please consider, um, our 45th president of the United States, Donald J. Trump as your candidate. Um, because quite honestly, your retirement could depend on it. Um, I'm a huge supporter of Donald Trump and and President Trump, and I really appreciate everything he's doing for America. And just shout out to President Trump and his campaign and also want to congratulate his sister in law, who's now the vice chairman of the GOP National Committee. So super excited about that. And, um, anyway, I just I just want to. Say that, you know, Abraham Lincoln was an incredible president. He made a lot of hard calls. And I think, uh, President Trump is going to be that guy, too, and get us back on track and hopefully get rid of the deep state and all the things that we've seen out there. But to relate it back to you at as a result, driver, you're driving around or you're listening to this podcast. I just want to make sure you understand.

Ford Stokes:
You've got to take action. It's too crazy right now to not take action with your finances. Uh, it also just getting a retirement income plan at a minimum. Try to consider replacing the bonds in your portfolio. Try to consider deleting the IRS from your portfolios as well, at least from the retirement accounts, and get going with the Roth ladder conversion. We're happy to help you do that. And then. Just try to get more tax efficient, fee efficient and market efficient with your portfolios. Consider tactical asset allocation and strategic asset allocation. When you're constructing your portfolios and trying to minimize that expense ratio, try to minimize the level of standard deviation, which is a measurement of risk, and maximize your annual rate of return and try to get a results in advance retirement plan. That's what we do here at Retirement Results. We're here to give you a results and advance retirement plan. So go ahead and reach out to us at (770) 685-1777. Again my number's (770) 685-1777. That's the number to the office. And you could also send me an email at Ford at ActiveWealth.com. And Sam and I are happy. To get started and help you get going. We've got. Five advisers in the Atlanta area ready to help you. We're also licensed in multiple states and can help just about anybody in any US state. If you're listening to us through the Retirement Results Network. Um, just let us know. We're happy to help you.

Sam Davis:
And when we come back forward, we are going to get into all of the important stuff on today's show, including some retirement statistics that will motivate you to start planning for your future. Do you know your retirement needs? That is what the first statistic is all about. Thank you for listening to Retirement Results once again, and we will be back right after this break.

Producer:
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Sam Davis:
Hey, everyone, this is Sam Davis, co-host and senior financial advisor at Retirement Results and Active Wealth Management. Ford wanted me to jump on and share with you the new multiyear guaranteed annuity from Clh life. The two year Miga is paying 5.6%, guaranteed, an annual rate of return over the next two years, and a three year Miga. If you can lock up your money for the next three years, you can earn 6% per year on your money. All of this is offered by Cliff. Cliff is registered and approved in the state of Georgia. And if you want to learn more about this and other tools to protect and grow your hard earned money, visit Retirement Results.com or give us a call at (770) 685-1777. That's (770) 685-1777, or visit us online at Retirement Results.com.

Producer:
Tune in to Retirement Results to learn how to protect and grow your hard earned money. Retirement Results Saturdays at noon and Sundays at 11 a.m. right here on Am 920. The answer?

Sam Davis:
And welcome back to retirement. Results. Result. Drivers. My name is Sam Davis, your co-host and senior financial advisor. I'm joined as always by our chief financial advisor, Ford Stokes. Want to encourage you to go over to Retirement Results.com to learn more, catch up on our past episodes, subscribe to our podcast, and most importantly, reach out to us with your retirement questions. Schedule that complimentary consultation and we look forward to meeting with you over the phone, over zoom, or right here in our office in the Atlanta area. And Ford. I know that over the last week, you had something really special to you and your family that happened. A lot of our result drivers and our current clients listen to the show, and I think they'd love to hear about what you got to do with your daughters over the last week.

Ford Stokes:
Yeah, I just want to give a shout out to the great folks over at the River Club in Suwanee. Um, they just planned a very special event for my daughters in their North Forsyth Competition cheer team that won the six a state title. And shout out to Lambert, who is also in Forsyth County that won the seven a state title. Um, those girls are really talented too. I'm just a cheer dad, and we were able to have a ring ceremony where the girls got their state championship rings. And I got to tell you, Sam, these things look like Super Bowl rings. And, um, we'll, uh, try to get get a photo put up on this show. On this podcast of of the rings. But, uh, it's something else. And it was really cool to, uh, coach Jessica Wood did a great job presenting, um, each athlete and talked about each athlete. And, uh, just, uh, want to congratulate Coach Wood and also coach Reed Jackson, um, who just is incredible. He's the business owner at ATA cheer that's based in Forsyth County. And just shout out to Reed and Stephanie and, uh. And Reed's partner Matt Carter, who business partner Matt Carter, who also, um, is one of the two owners over there at Attach here. They've been an incredible place for us, um, ever since sixth grade, where our girls built a lot of friendships and won a lot of titles and all that stuff. But, um, is this cheer dad? It was really neat to see Sam, your daughters get state championship rings, get recognized. And, um, that was pretty cool.

Sam Davis:
Yeah, absolutely. To win a state championship in their home state of Georgia, that'll be something they never forget. And it sounds like the ceremony was fantastic. And it's always cool when you're a champion. You get that ring. And sounds like that was just a really special event.

Ford Stokes:
Yeah, it was neat. I also just it Fernando and the and the staff over at and the banquet staff over at the River club just did such a great job making sure that everybody felt welcomed. Um, it's really appreciated that. And, um, you know, we they're like a home away from home for us. So I just thought that was really nice, um, of them to do, to take care of all those ladies. I think all the people that are eating dinner on Friday night couldn't believe all the girls that were running around the River club taking pictures for their Instagram and things like that. So it was pretty funny. But anyway, I, I just wanted to make sure that I know a lot of people keep track with what our family is doing, what your family's doing, Sam. And, uh, I, I just want to at least share and also just say thank you to North Forsyth High School. Thank you to Jessica Wood and and and and also Reed Jackson and, uh, the assistant coach as well the coaches as well. And, um, just want to say thank you for helping our daughters win a state championship during their junior year for six a, and, um, they'll be in the largest, largest they'll be in the largest division next year.

Ford Stokes:
So it'll be pretty tough to kind of repeat next year. But they're going to give it the old college try or at least high school try there at North Forsyth. And also wanted to, um, recognize guys, the North Forsyth girls basketball team, they got all the way to the championship game. This year in six A, which is the furthest they've ever gone. Um, came up a little bit short in the state championship game. There was a girl there that was averaging like 45 points a game. Unbelievable. Um, that they faced and, uh, did she did a great job. And unfortunately, the North Forsyth Raider girls basketball team didn't come out on top. But I'll tell you what. Girls athletics over at North Forsyth High School is is getting some stuff done this year. So, um, and also our girls, it was the first team state championship in 30 years that North Forsyth has won. And, uh, that was kind of a big deal. And I just want to say thank you again to the folks over at River club Fernando and the banquet staff. Again, thank you guys and gals for making our girls feel wanted and and cared for and welcomed. And, um, again, just shout out to coach Jessica Wood and Coach Reid Jackson.

Sam Davis:
That's awesome. Thank you for sharing that. And Ford I'm going to be the second biggest North Forsyth band in the office. As your girls look to repeat next year. That's going to be really cool to follow that journey just to watch them even just to even just try it and to have a chance at a repeat is just such a special thing. And and we'll be pulling for him. Well, the.

Ford Stokes:
Kansas Jayhawk basketball fan, you know all about that. So because you guys have the opportunities to do that, um, as Auburn fans and and other SEC fans in basketball, we don't really have the those opportunities. There's plenty of, you know, the Georgia Bulldog fans. They've gotten back to back, uh, championships and football in the last the last few years. And Alabama's been able to do that in football. But goodness gracious you you Kansas Jayhawk basketball fans, you really know how to do that. Yeah.

Sam Davis:
Well, let's get into this week's show. We're taking a look at some statistics that will motivate you to start planning for your future. Start thinking about retirement and maybe a new way, or maybe even for the first time. And statistic number one forward is that 54% of people don't know their retirement needs. That's just over half. And I think this is an important statistic to start forward, because when people start working with us at Retirement Results and active wealth management, this is really where the conversation starts, is what is retirement look like to you? What are your needs going to be in retirement? Not just your financial needs, but maybe any health care needs, any family arrangements that you need to figure out. And you know, if you're in that majority of people that don't know their retirement needs, you know, Ford, we talk about having a smart vision for your retirement. And I think that just sitting down with that spouse, that loved one and your family, um, and just start talking about what retirement is going to look like for you, because once you have that vision, we can start to start to calculate for what those needs are going to be.

Ford Stokes:
Yeah, I would say it goes all the way down to. Budgeting it. Just understanding. Okay. What's your vision for retirement? What are you doing? Who are you with? Where are you going to live? What are the taxes in that state? The state income taxes for that state? What? What's even the sales tax that you're going to be paying on all your groceries and everything else out there, and your and your apparel and everything else. And then let's get to an income plan that can outpace that. So you start with a positive retirement income surplus rather than starting out with a negative income gap during retirement, that you then have to take out more than 4% of your assets. To fund your retirement. And again, I want to remind everybody of the 4% rule. If you don't take out more than 4% of a withdrawal from your entire accounts, that's your investment accounts, your savings accounts, and obviously your. You know your retirement accounts with foreign CS 43, BS 457 IRAs, Sep IRAs, simple IRAs. As long as you don't take out more than 4%, maybe you can push it to five. You're likely not going to run out of money during retirement.

Ford Stokes:
You've got to get a plan. And to me saying, when I hear that 54% of people don't know their retirement needs, that means 54% of the people don't know how much retirement is going to cost. They don't have a handle on their own retirement budget. They also don't understand. The water that is leaking out of the bucket of their retirement accounts and their investment accounts in advisory fees, portfolio fees, expense ratio and risk level and correlation to their assets and not being truly diversified. I think all those are factors. But here's one thing I'll tell you, Sam, and tell all the result drivers out there. Believe it or not, standard deviation is probably the most important number you need to know. You need to know what you're risking every year and what what could happen because you don't want to lose money if you take less risk and get a higher average annual rate of return than you're getting now, you're winning. You're winning in retirement. So that's what I think of saying when I hear that 54% of people don't know their retirement needs.

Sam Davis:
Yeah. And Ford, it's hard to believe we're already ten weeks, two and a half months into the new year. And we've spent a lot of the last ten weeks talking to those long time listeners that are becoming first time callers and really starting to come to us to get that plan together, even to just start the conversation, ask those initial questions. And then for you, our, our chief financial adviser, able to really help lead them through those important steps as they get that retirement plan in place that they can count on. We're already at the end of this first segment, and when we come back forward, we're going to talk about another very interesting statistic that we think all of our listeners are result drivers will want to hear. And we're going to get into some common misconceptions about Social Security as well with right or wrong. Thanks for listening to Retirement Results. Visit Retirement Results. Com to learn more and we will be right back.

Producer:
Thanks for listening to Retirement Results. Schedule your free financial consultation now at Retirement Results. Com or by calling toll free at (888) 814-0304. That's (888) 814-0304. Fixed indexed annuities can help protect your retirement savings against market ups and downs. Nationwide's peak ten can help protect against market risk and provide guaranteed income for life. Peak ten also has an optional rider that offers an immediate 20% bonus based on your principal. Apply to your income benefit base. Call us now at (770) 685-1777 to connect with a qualified advisor. Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Guarantees and protections referenced within 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 appointed or affiliated with Brookstone Capital Management, LLC and Active Wealth Management. We know you've worked hard for your money and you've worked even harder to save it. When it comes to wealth management and planning for retirement, Ford Stokes of Retirement Results is passionate about helping people protect and grow their wealth while educating them on all their options so they can choose what's right for them. Visit Retirement Results.com to schedule your no obligation consultation today. It's a $1,500 value provided at no cost to you. Book yours now at Retirement Results.com. You're listening to Retirement Results. And now back to the show.

Sam Davis:
And welcome back to Retirement Results. Result drivers I'm Sam Davis, your senior financial advisor, joined by Ford Stokes, our host and chief financial advisor. We've had a great first half of the show. We've got some more information coming for you here in just a minute. But first, Ford, I know we have some very special callers that we'd like to acknowledge, some result drivers who have become active wealth clients. And we just want to shout them out and thank them for giving us a call. Yeah.

Ford Stokes:
I just want to say thanks so much for all these long time listeners and first time callers who called us at (770) 685-1777 Roger and Kathy in Roswell, Georgia. We appreciate both of you guys and gals for callers. They are retired, but they've been with a large wirehouse broker and they feel like they could be doing better. Um, and so that was great to hear from them. And then Mark and Maria out of Cumming, Georgia, uh, want to say thanks so much for working with us and giving us a call. Also is great to be able to share your financial plans with you. And and also, we look forward to working with you with you for sure. And then Mike and Shelly in Dawsonville, a little bit further north. They live up there in Chestatee. Uh, just thanks a lot, Mike and Shelly, for giving us a call and enjoy the lake up there. They've got a boat and some jet skis and all that stuff up there with, uh, their two daughters. And y'all have fun up there. And chessie's a pretty good public course to go play, by the way, Sam. So we may need to get up there and do that together. And then Rick and Beth in coming. Um, they're great folks. Um, salt of the earth people.

Ford Stokes:
And they've got one son who's a marine. Uh, another one that's who's a senior in high school, and they've got a daughter over at the University of Alabama. And just wanted to say, you know, thanks so much for giving us a call. Rick and Beth and you guys are great people. And Beth is actually a phlebotomist, so she's really good at drawing blood for people. And, uh, these were real folks that are really calling our our office that listen to the show that are taking real action. And some of them are in their 60s, some of them in their 50s. And even we've had folks that are calling that are in their 70s and 80s, and we're here to help you. And most of them are calling because they want to get a plan, they want to get more tax efficient. They want to get more fee efficient and more market efficient with their portfolios. They just feel like they're not doing as well as they could be doing. But also they want to get an idea of what's going on with Social Security. How can they generate more income, and also how can they pay less taxes in retirement? The same. We've also had multiple people call us and say, look. We've listened to your show.

Ford Stokes:
We've been retired for ten years now and we are still paying taxes on our retirement accounts. And you bring up a really good point. I don't know why I'm paying taxes on. The money that I saved while I was working were I keep paying ordinary income tax. Dollars on that money that I withdraw. How can we stop this? And how can we get going on that Roth ladder conversion with you for all you got to do is give us a call at (770) 685-1777 again (770) 685-1777. We'll help you delete the IRS out of your retirement accounts. Also if you. Want a 401 K review. We're getting so many calls from people saying, hey, can you help me optimize my 401 K forward? I'm still working. I haven't walked away from my company, but I want to get more efficient and I want to understand how do I reduce the expense ratio within my 401 K? Then I would encourage you to go ahead and reach out to us as well. For that 4k review, just visit Retirement Results. Com that's Retirement Results.com. And click that schedule a consultation button in the upper right corner. Sam go ahead and share that second statistic. That will motivate our result drivers to start planning for their retirement future now.

Sam Davis:
Yeah. For the next statistic we want to share is about Social Security. And it's about the average annual Social Security benefit. If you expect to live off of just your monthly Social Security payments, you might be surprised that the average monthly payment was just $1,790. That's per month based on 2023 data. So I'll say that again. The average Social Security payment in 2023 was $1,790 a month. That's $21,470 annually. For with where inflation has gone over the last four years, that's simply not enough to live off of during retirement. I don't care who you are or where you live, living off of Social Security alone could be a real challenge. And that's why we want to have people give us a call, work with a registered Social Security analyst like yourself forward who can put them on that path and give them that roadmap to help them maximize their benefit.

Ford Stokes:
Yeah, we look forward to helping you with your Social Security. We want to do everything we can to help you maximize your Social Security income benefit. All you've got to do is reach out to us at (770) 685-1777, and be sure to ask for your own RSA roadmap that stands for Registered Social Security Analyst Roadmap. So therefore you're going to get your own customized roadmap planning tool. It's actually a software tool. It's a it's a portal. You'll be able to change it. You you can have it for your entire lifetime. But it's fantastic to be able to maximize your Social Security income. So it's not just a physical report. You actually get access to this portal tool, no problem. No questions asked. At the benefit from Retirement Results and active wealth management, we pay for it. As one of only 15 registered Social security analysts in the state of Georgia, I think it's really important that you get your planning done for Social Security. It's going to be one of the most important decisions you make during retirement is when to take Social Security, but also for married couples out there, what the secondary spouse who made less money than the primary breadwinner in the household. Usually it's the female that stay at home and raise the kids for a long time. We're here to help you do that, and it's one of the biggest mistakes that people make is.

Ford Stokes:
The wife could actually file for Social Security for her own Social Security income benefit, and then refile for spousal benefit later. And that therefore you can maximize the average. Monthly income that you're getting starting at age 63 for that female for the couple, and then also reaching all the way through retirement all the way to when both of you go to heaven, we're going to do everything we can to help you maximize that total Social Security income benefit and then also maximize the monthly income benefit. It's much more important to you that your retirement income benefit from Social Security helps you outpace your expenses, than it is what, whatever the biggest number you're going to get from Social Security overall. So that break even analysis of, hey, if I'm going to make it to 76 years old or 81 or 82 years old, what matters most is that whenever you turn on Social Security, that your Social Security income check is going to help you outpace your total expenses during retirement. Sam, go ahead and share. Number three. But go ahead and share that third statistic that people need to be interested in hearing to motivate them to get started with planning for their retirement future.

Sam Davis:
Okay, Ford, and the third statistic that we want to share before the end of this third segment is that 69% of Pre-retirees believe their retirement savings are not on track. And this is alarming, Ford, because that is a large majority, 69%. They do not feel confident about their retirement savings being on track. And those pre-retirees, those people that are about ten years or less away from their desired retirement start. Those are the people that we really specialize in working with and helping them get, not just to retirement, but through retirement as well. So if you have some doubt about planning for retirement, we think that this is the time to check out Retirement Results.com and give us a call at (770) 685-1777. But Ford, what do you do when somebody gives us a call? We bring them into the office. They're not confident about where they're at planning for retirement. What's that next process like?

Ford Stokes:
Yeah. Also I wanted to just quickly share that that statistic that 69% of Pre-retirees. Think that their retirement savings are not on track came from a 2023 Federal Reserve report that showed how retirement preparedness varied based on different demographic factors. So that's pretty shocking. But here's what we do. We'll help you balance risk and reward with your investments for retirement. We're also going to help you build that important retirement income plan to meet and beat your budgets in retirement. We're also going to help you establish a personal pension if you want, so you can receive income for life. And if you feel like you know what, Ford, I don't know if my retirement is really built to really handle the rigors of the expenses that I've got in retirement. One of the ways one of the really cool. Secrets, and one of the neat plans you can do is you can invest in a fixed indexed annuity and get higher than that typical traditional 4% rule withdrawal, and therefore your money can go longer towards your income. If you're going to prioritize that much higher than, say, legacy, family legacy, and also going to we're going to help you maximize your future Social Security income benefit checks to that monthly Social Security income benefit check is so key, so important to make sure you meet those retirement expense needs. And when we come back from the break we're going to play. The right or wrong game. I think you're really going to like this one. You're going to learn a lot, and it's always the most requested segment we have every single week. So we're going to try to keep doing right or wrong segments a lot more often than we've been able to do it. Come right back so you can listen to Sam and I play right or wrong.

Producer:
Are you concerned about rising taxes and how that could affect you and your family during retirement? If you have an IRA balance over $400,000, you could save six figures in retirement taxes that you would be paying during a 35 year retirement. Find out how much you could save today by scheduling your no obligation Roth conversion consultation with Ford Stokes of Retirement Results. Learn more and schedule an appointment at Retirement Results. Com investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Visit Retirement Results. Com for more information. Are you concerned about inflation, market volatility, rising taxes and how it all could affect your future in retirement? Then tune in to Retirement Results to learn how to protect and grow your hard earned money. Retirement Results Saturdays at noon and Sundays at 11 a.m. right here on Am 920. The answer? Schedule your free retirement consultation now by dialing pound 250 from your cell phone and using the keyword Retirement Results. That's pound 250. Key word Retirement Results.

Sam Davis:
Thank you for sticking with us through this very important show, Ford. We've been sharing a lot of important information on this week's episode of Retirement Results. If you missed part of today's show, you can check it out on our website. It's just Retirement Results.com. That's Retirement Results.com. You'll find our podcast on there, you'll find past videos, and you can check out any part of today's episode that you may have missed. And Ford, now it's time to get into what is a lot of people's favorite segment. And that is right or wrong.

Producer:
Come on down as we test your financial knowledge in right or wrong.

Sam Davis:
First one on this week's right or wrong, this is a Social Security edition of Right or Wrong Ford. We get a lot of people with misconceptions about Social Security they don't quite understand, and they have a lot of questions because everybody out there, for the most part that's getting ready for retirement, is entitled to some Social Security benefit. So this is an important one. The first one is under current Social Security law, full retirement age is 65, no matter when you were born. Is that right or wrong?

Ford Stokes:
Well, unfortunately, Sam, that's wrong. The full retirement age for Social Security benefits in the US is 67. For people born in 1960 or later, it's 66 for those born from 1943 to 1954 and 66 and two, four, six, eight and ten months for people born from 1955 to 1959. The retirement age increases by two months per birth year, so unfortunately, that is wrong. And congratulations folks. For everybody that's born after 1960, your full retirement age is 67. Also, I am glad that we're focusing on Social Security for this week's Right or Wrong. Sam, thanks for putting this together. I also just want to share this whole show is all about asking one question, helping you answer this one question, which is are you ready for retirement? And Social Security is part of that.

Sam Davis:
All right, the next item on this week's right or wrong. In most cases, if I take my benefits before full retirement age, they will be reduced for early filing. Is that right or wrong?

Ford Stokes:
Yeah, unfortunately that is right. You can start receiving benefits as early as age 62, but if you choose this option, your benefit amount will be permanently reduced. The reduction is based on the number of months you receive benefits before reaching your full retirement age. The exact reduction will vary depending on your specific full retirement age, which is based on your date of birth.

Sam Davis:
That's a good one to understand, because the timing of when to start taking those Social Security benefits is the most important factor for a lot of people, is figuring out what is that exact date to start taking Social Security.

Ford Stokes:
Real quick, let me jump in to on that. I want you to be thinking about it this way. Result drivers. You deserve more than $0.70 on the dollar. Because if you take. Your Social Security income benefited at 62.5. You're going to get between 70% and 75% of your total full retirement age benefit if you've made it to 67. As an example, if you're born after 1960. I think you deserve more than $0.70 on the dollar, and I bet you do too. And if you want to maximize your Social Security income benefit, all you got to do is call us at (770) 685-1777, or just reach out to us at Retirement Results.com or Active Wealth Comm.

Sam Davis:
The next item on this week's right or wrong, if I have a spouse and he or she passes away, I will receive both my full benefit and my deceased spouse's full benefit. Is that right or wrong?

Ford Stokes:
Yeah, this is really sad. This is absolutely wrong. So most households are going to lose at least 33% of their Social Security income benefit coming into the household with the death of one spouse. Social Security will continue to pay benefits to a surviving spouse after one of them passes away, but only the larger of the two benefits will continue to be paid. Payments for the smaller benefit of the two will cease immediately after the death of the First Spouse.

Sam Davis:
All right, for the next item. If I delay taking Social Security benefits past the age of 70, I will continue to get delayed retirement credit each year I wait, is that right or wrong?

Ford Stokes:
That is wrong. Your benefit will increase by 8% for each year. You delay claiming it after your full retirement age. If you were born in 1943 or later, waiting until you reach age 70 will yield the maximum benefit. There's no reason to wait beyond age 70 because your benefits won't increase any further.

Sam Davis:
All right, Ford, and the last item on this week's Right or Wrong Social Security edition is based on the government's most recent calculations. Social security benefits could be reduced within the next ten years. Is that right or wrong?

Ford Stokes:
Uh, unfortunately, that is right. The winner of the 2024 presidential election will face a Social Security trust fund rapidly approaching insolvency. And goodness gracious, I hope it's President Trump. The program's trustees are projecting that the Old Age Survivors Insurance Trust Fund, the OAC, will deplete its reserves by 2033, when today's 57 year olds reach the normal retirement age and today's youngest retirees turn 72. For a typical dual income couple retiring in 2033, we estimate this would represent an immediate $17,400 cut in current dollar annual benefits and an immediate $13,100 cut for a typical single income couple. Let me tell you something you're worried about 100 to $200 in additional Medicare surcharges per month. How about 17 grand? Yeah, that's a big problem. And if you don't believe us, just go ahead and check out Tsa.gov. This is really scary. And you got to do everything we can to plan for income, where we can depend on ourselves and depend on our own assets. That's a big deal. It's the final.

Producer:
Countdown. So let's recap what you may have missed. It's the final countdown.

The final countdown.

Ford Stokes:
First of all, Sam, thanks so much for doing a great job planning that very informative Social Security focused right or wrong. I appreciate that. On today's show, we talked about the retirement statistics that should have motivated you to kind of get going in planning for your retirement. We also asked the question, are you ready for retirement? And if you feel like you didn't know what an expense ratio is, or you don't know what your expense ratio is within your portfolio, or you don't know what your level of risk is as measured by standard deviation, you really should reach out to us at Retirement Results.com and click that schedule a consultation button in the upper right corner. We also talked about what it's like to work with a fiduciary and a licensed financial professional. We did not get to the most expensive states for retirees. We'll do that next week. And we had a very informative right or wrong segment where we talked a lot about Social Security. Just remember, when you're planning for retirement, if you're going to be a bear, be a grizzly, seek as much information as you can, and let's do everything we can to plan to get a tax efficient, fee efficient, and market efficient portfolio. Thanks so much for listening to the Retirement Results. Have a great week everybody.

Producer:
Thanks for listening to Retirement Results. You deserve to work with an independent team of fiduciary advisors that will strategically work to protect and grow your hard earned assets. To schedule your free financial consultation, dial pound 250 on your cell phone now and use the keyword Retirement Results to connect with a qualified advisor. That's pound 250 key word Retirement Results. To learn more about our mission and our team, visit Retirement Results.com Investment Advisory Services offered through Brookstone Capital Management, LLC, BCM, a registered investment Advisor, BCM Inactive Wealth Management 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. Investments involve risk and, unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results. Registered investment advisors and investment advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosure of any conflicts of interest, if any exists, please refer to our firm brochure, the ADV Two-a, page four. For additional information.

Producer:
Not affiliated with or endorsed by the Social Security Administration or any other government agency.

Producer:
Fort Stokes is a fiduciary series 65 licensed financial advisor, licensed life insurance agent in the state of Georgia, registered Social Security analyst, host of the Active Wealth Show and president of Active Wealth Management, and he is now offering an exclusive product that can help retirees and those preparing for retirement. Nationwide's peak ten fixed indexed annuity can help protect and grow your savings to generate income you can never outlive. One of the attractive benefits of peak ten is its optional Bonus Income Plus rider, which includes a 20% bonus based on your principal applied to your income benefit base. Plus, this rider provides an 8% simple interest roll up for the first ten years or until the first withdrawal. With Nationwide Peak ten, you can add your spouse and generate joint income so you're both covered for life. To help manage inflation risk, peak ten has five index options designed to help provide higher returns than traditional fixed investments may offer. Choose one or allocate among them to further diversify your portfolio, Ford and his team are proud to offer an annuity from nationwide. Nationwide is a strong, stable mutual company with nearly 100 years of experience helping people prepare for and live in retirement. To learn more about Nationwide Peak ten, call Fort and his active wealth team at (770) 685-1777. Again, call (770) 685-1777 to reach Ford and his active wealth team. Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Guarantees and protections referenced within are subject to the claims paying ability of Nationwide life and annuity insurance company nationwide. Peek ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its entities are associated or affiliated with Active Wealth Management or Brookstone Capital Management, LLC. Thanks for listening to Retirement Results. Schedule your free financial consultation now at Retirement Results. Com or by calling toll free at (888) 814-0304. That's (888) 814-0304.

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