Fixing Problems Inside Your Retirement Plan

11.1.24: Audio automatically transcribed by Sonix

11.1.24: 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 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, and author of multiple books on retirement planning. Here's your chief financial adviser, Ford Stokes.

Speaker3:
And welcome to our time. Results. Result drivers. I'm Ford stokes, your chief financial advisor. I've got Sam Davis here with us on the mike. Sam is our co-host and senior financial advisor. Sam, say hello to everybody.

Speaker4:
Welcome to the weekend result drivers. And welcome back to retirement results. Don't forget Election Day is coming up November 5th. And if you are watching the video of today's recording, you can see Ford's very festive shirt that he's got on today.

Speaker3:
Yeah, I've got my GOP shirt. Um, just shout out to a really good friend of mine, John Woodruff, who got this shirt for me. I really appreciate it. And I figured I would wear it. Um, kind of going towards election. We have already voted as a family. Um, and I don't mind telling everybody that we voted for Donald J. Trump to be our next president of the United States. That includes Grayson Madison Stokes, who are 18 years young. They turned 18 years old on ten over 18. They registered to vote in September and were able to go out and vote. And that was a proud moment for their papa here for their dad. And, um, listen, just make sure you get everybody out that, you know, to vote. Family members, parents, grandparents, friends, family, whatever colleagues, make sure they get out to vote. Hopefully they are voting for Donald J. Trump. Obviously, Georgia is considered a swing state. I believe that Georgia is going to win in 2024. I think Trump's going to win Georgia in 2024. It was interesting this past week to that, uh, the Kamala Harris campaign did pull out of North Carolina 100% and moved those resources over to Virginia. I think because of what happened with the hurricane, they have given up the state of North Carolina because of the poor performance in supporting Um, those great folks in Asheville and and all the different parts of that part of North Carolina. I just, you know, our heart, our hearts and our thoughts and prayers are with those folks. Got a lot of friends, actually, that have been up there helping people out.

Speaker3:
It's been crazy what they've had to deal with. Um, but, you know, again, we're we're pulling for them. There is, um, it is really going to be an interesting race. Hopefully Trump can break down the blue wall and get Pennsylvania and Michigan or Wisconsin and, uh, looks like, you know, North Carolina and Georgia are looking to be firmly in the Republican side and just go, Donald Trump. I think he's going to win by a landslide. We'll just see if we can we can bring it home and see if we can avoid the, you know, make sure we have a fair and legal election. That's all I'm asking for. Um, today's show, we are going to talk about your retirement your way. Um, also, I hope everybody had a happy Halloween this past, um, Thursday. We want to do everything we can to help you get your retirement your way. So why getting a formal retirement plan could and really should be on your to do list for your retirement planning future. Also, on today's show, we've got three tips to prepare for retirement. Just simple action items. There's three of them to increase cash flow in the future. And then we've also got the top five retirement dreams of most Americans. You're going to hear some great results from a very intense and from a very comprehensive survey. And we're going to kind of give you what do you want? We're going to try to ask the question of what do you want to do in retirement first, Sam, why don't you go ahead and share this week's financial wisdom quote of the week?

Speaker5:
And now for some financial wisdom. It's time for the quote of the week.

Speaker4:
I love this one this week. Ford I'd actually never heard this before, but this is from Alan Larkin, the author and Alan Larkin once said, planning is bringing the future into the present so that you can do something about it now. And this just aligns so much forward with my mindset, and I think it's so important for everyone out there to plan because you want to control the Controllables. We don't know what the future will bring, but if we fail to plan, then we're really planning to fail. So make sure you do something about it today. And that starts with getting a plan in place. And Ford and I are here for you to give you all that information. You really need to make a more informed financial decision.

Speaker3:
I love that quote. It reminds me of two things. First, I'm going to talk about some things that my dad said and my dad's still with us. He's still practicing law. And what he says is, you know, the key to success is show up and finish. So if you're showing up by saving for your retirement, you ought to finish, too, and finish with an actual retirement plan so you can really get an understanding. We call it a results and advance retirement plan, so you can actually see the results and see your retirement in advance year over year. See the effective tax rate you'll pay each year, see what your projected account values will be. See what your projected monthly retirement income will be. Um, see what your account's value is in future state dollars, but also in today's dollars. All of that is here for you. All you've got to do is reach out to us at retirement results.com/plan. That's retirement results.com. You can also click that schedule a consultation button in the upper right corner at retirement results. Com and the second one reminds me of kind of what you did last week. Um, with the good folks that came to your seminar, Sam at Ruth's Chris, we had gosh, I mean, we had over 70 people there, um, at the two events total and you just did a great job kind of helping people understand.

Speaker3:
Listen, there's a lot of things you need to do for your retirement future, whether it's maximize your Social Security income, whether it's getting a retirement income gap analysis or a, you know, a financial plan, your 95th birthday with your current plan that has nothing to do with us, and then also a financial plan to your 95th birthday with our recommended portfolios. That's a really good idea, too. And then we also include a Roth ladder conversion plan at no cost to you, so you can delete the IRS from being your partner in retirement in case you're interested in paying less taxes during your 35 plus year retirement, I would encourage you to go ahead and reach out to us at (770) 685-1777. That number is (770) 685-1777. Or you can reach out to us at retirement. Com or our corporate website at Active Wealth. Com because retirement results as a radio show. We happen to be the number one listened to show on the weekends here on Am 920. The answer? But we are powered by good advisors like Sam and myself from Active Wealth Management. So you can check out Active Wealth. Com you can check out retirement results.com. And you can and give us a call at (770) 685-1777. We've only got a few minutes left in this segment. Really want to talk about how some carriers are actually holding rates on fixed indexed annuities specifically nationwide is to make made the choice what it appears to be through November, even with rates kind of waffling or going down with the interest rates being cut in September by the fed.

Speaker3:
They are holding rates and their participation rates. And with the BNP Paribas Global Age Factor index. They're holding those that PA rate at 290,000 at 290% as a participation rate. Um, if you go with the two year crediting option and if you invest over $100,000 with them, I think that's a really good idea to consider, but also want to give a shout out to our friends and partners over at nationwide. They really are on your side. They're doing a great job. They're a mutual insurance company. And I just wanted to say, you know, great job nationwide for holding rates. Um, we do a lot of tactical asset allocation with our managed portfolios. We also invest in a bond replacement strategy with a lot of our clients to try to reduce the fees, delete the risk and delete the fees, um, for the income portion of their portfolio. If you've got questions about how you can implement a bond replacement strategy. I would encourage you to reach out to us at (770) 685-1777. That number again is (770) 685-1777 or visit retirement results.com/plan retirement results.

Speaker2:
We'll be right back to learn more and schedule your complimentary retirement consultation visit retirement results. Com.

Speaker6:
If there's something strange in your neighborhood, who you gonna.

Speaker1:
Call? When it comes to retirement planning, focus more on income than building a big nest egg. I'm Matt McClure with the Retirement Radio Network powered by Amira Life. It may sound counterintuitive, but that big nest egg number you probably have in your head means a lot less than the income you'll have each month in retirement.

Speaker7:
The math has all changed here, but the bottom line is time is your superpower. Save as much as you can.

Speaker1:
Nbc news senior business correspondent, Christine Romans, recently said on the Today Show that you should not just rely on Social Security in your retirement years.

Speaker7:
Social security alone is not likely to support you in the manner to which you are accustomed. Right. You want to wait as long as possible to get that maybe 70. If you wait till you're 70 to collect Social Security, you'll get the biggest check.

Speaker1:
And she says, contribute to your retirement accounts early and often.

Speaker7:
So this is from fidelity. They say at age 30 you should have one time your salary in a retirement account when you're 30. So think about what your salary is at age 30, and that's how much you should have in your retirement account. By 50 it should be six. This is where I start to freak out, because I know a lot of people can't and don't do this by age 67, it should be ten times a personal pension.

Speaker1:
Using a fixed indexed annuity is also a great option for many pre-retirees and retirees to consider. It offers protection from market volatility and a guaranteed stream of income that will last the rest of your life, no matter how long you live. Having a big nest egg may sound nice, but focusing more on income will set you up for success in your golden years. So do you know where your paychecks and paychecks will come from each month when you leave the workforce? That's a key question to consider as you plan for what's ahead with the Retirement Radio Network powered by Amira Life. I'm Matt McClure.

Speaker2:
You're listening to retirement results. And now back to the show.

Speaker3:
And welcome back. Result drivers. I'm Ford Stokes, your chief financial advisor. I've got Sam Davis here with us. He's our senior financial advisor and co-host of the show. And Sam, we've got these three tips to prepare for retirement. This comes from Yahoo Finance. And you can visit finance.yahoo.com and see this article three Tips to Prepare for Retirement. Number one, I'm going to let you take each one of these and you kind of walk through it. And then I'll kind of give you my input as well.

Speaker4:
Yeah. Three quick and easy things if you're looking to prepare and improve for retirement. Number one is simply have a plan. A lot of people feel like they have a retirement plan forward, but what we often find when they come in to meet with us is what they really have are maybe a couple different retirement accounts, and maybe they're thinking about Social Security as their retirement plan. But we know in the result, drivers who listen to this show know that having a real retirement plan is a lot more than just a few accounts.

Speaker3:
Amen. I, you know, it's, um, you you really need to plan your work and work your plan. In my opinion, that's what my dad's always said. And there's no different with retirement. You can't just retire and say, well, I've got some cash and we'll just take money out when we can. You also need to make sure you're not withdrawing more than 4%. You need to follow that 4% rule so that you don't run out of money over time. And you can weather the storm when there's downturns in the markets, or when there's an up tick in the expenses that you've got to spend, whether you've got to help with a grandchild's college education, or help with a wedding, or help with a rehearsal dinner, or help with a family tragedy, or help with, you know, health needs and health costs for a spouse or for yourself or for other family members. Things like that help with the birth of a child and covering healthcare costs for that. I just there's a lot of things that happen in life, right? And you really need to have a plan so that you can plan for the unexpected as well. And the best way to do that is to come in and speak with us and, and or just meet with us via zoom and give us your financial statements. But it'd be good to get an actual written plan so you can understand when you're going to start taking income for retirement, when you're going to turn on Social Security.

Speaker3:
And let me ask you, do you feel like you deserve more than $0.70 on the dollar of what you put into Social Security? I think you do. I think Sam and I both believe that you deserve more of your Social Security dollars. In fact, it might surprise you to know that we didn't start having taxation on Social Security until 1983, when tip O'Neill, um, kind of convinced Ronald Reagan to approve a budget that included taxation on Social Security so they could balance the budget and both get what they wanted. Reagan got his military stuff and tip O'Neill got his social programs. And so I would just say, you really need to do everything you can to get a plan. Let me tell you exactly what it involves with a plan here. Number one is you get a portfolio analysis. You get an analysis of your existing portfolio. So you understand the risks you are taking and the fees you are paying and the correlation of your assets. That's number one. We do it with quantity and Morningstar, and those are third party companies that give you an actual objective view of your portfolio and actual metric analysis of your portfolio. It is not a subjective analysis of your portfolio. Number two is we give you a retirement income gap analysis so you can understand if you're starting with a positive retirement income surplus or a negative retirement income gap.

Speaker3:
Also, one other hint here if inflation keeps rearing its ugly head as it has the last four years, during these Biden years, if you start with a retirement income negative gap, that gap is going to widen, not get tighter, not go closer to zero. You're not going to go into the black. So you really need to start with a positive retirement income surplus or you need to work a little bit longer. Remember in Dave Ramsey says that your greatest wealth generator is your own personal income. And I agree with him on that. Number three is we're going to give you a Social Security maximization report again trying to maximize that retirement income for you. We think you deserve again more than $0.70 on the dollar. So if you can make it to full retirement age, which for many of you is 67 years old, if you're born after 1960, congratulations. That means that your full retirement age is 67. If you're born in 1958 or any time before 1960, your full retirement age is probably like 66 and eight months, 66 and ten months, things like that. And number four, we're going to give you is a financial plan, your 95th birthday. That is your current plan. That has nothing to do with us. In fact, it'll be interesting because most of you have had what you thought was a plan, but never really was a plan.

Speaker3:
It was just account statements. We can actually give you a full financial plan with your current plan. That has nothing to do with us and your current advisor or your 4K plan has never done that for you. So we're going to do that for you. Then number five is we're going to give you a financial plan to your 95th birthday with our recommended portfolios and a strategic Roth ladder conversion plan. So that's five things you're getting, five things you're getting and recap. You're going to get the portfolio analysis one. Retirement income gap analysis two. Social security maximization three. Then you're going to get a financial plan to your 95th birthday with your current plan has nothing to do with us. That's number four. And number five is a portfolio analysis with our financial plan. Your 95th birthday with a Roth ladder conversion plan with our recommended portfolios. That's a lot. It's actually $2,500 value. It's gone up. The cost of planning has gone up these days. And we do it absolutely for free. Because we love you guys and gals. As a result, drivers, we appreciate you listening to the show. We also want to say thank you for making us the number one listened to radio show on Am 920. The answer? That's a big mouthful, Sam, regarding number one. Have a plan. But I will tell you, that's what it takes.

Speaker4:
Well, it's it's a great number one because retirement planning is something worth paying for. But it's important for all the listeners here to understand that you don't have to and you can get a great value, get all that information, and that knowledge is going to be power for you to help you make better decisions about your retirement. And that last part that you mentioned about that plan, the view of their retirement plan with the strategic Roth ladder conversion leads us right into number two, which is take advantage of those Roth accounts. By the time a new president is sworn into office this coming January, there will be $36 trillion in US national debt. And if you ask most people if they think taxes are going to go up in the future. I feel like most of them are going to raise their hand right along with you and me. Ford.

Speaker3:
Amen. Let's get more effective and more efficient with our retirement accounts, and let's just at least get more tax efficient. If you pay less in taxes, you don't necessarily have to have really huge high double and triple digit returns in the market. So taxes is something we can control. We can delete the IRS with the Roth ladder conversion before you turn 73 years young. We need to do everything we can to get going on Roth ladder conversions. Remember, it's the top end of the 24% bracket is 384,100 USD in 2024. It's going to go up in 2025 and goes up in 2026. Goes up each year. What I would encourage you to do is try to Maximize the conversions you can do. You can withhold that top marginal tax rate. Move that money from your IRA to your Roth IRA. Here's a big hint on Roth IRA conversion. The best way to do it is to take money out of an investment account, or a savings account, or a checking account. Pay the taxes and move the money. Dollar for dollar that goes from your IRA to your Roth IRA. And don't pay the taxes by withholding from your IRA money. Use taxable dollars to pay the taxes on that so that therefore, your Roth IRA grows as much as your IRA goes down when you do a conversion. Also a reminder you've got a five year waiting period from the time you open up a Roth IRA and also five year waiting period. From the time you implement a Roth ladder conversion, you actually fill out a Roth conversion form with your custodian like Charles Schwab or Fidelity or others that we work with here at Active Wealth Management and Brookstone Capital Management. So let's get going on Roth ladder conversions and part three.

Speaker4:
Ford is work a little longer. You know a lot of people they get to the early 60s. They start really thinking about retirement. And they haven't really done that planning yet. You know, you can start receiving your Social Security benefits when you reach age 62. But Ford, you're a registered social security analyst. You're running RSA roadmaps for people who listen to the show and get in touch with us. What would you say to those who are considering taking Social Security as early as possible?

Speaker3:
Yeah, I would just say be very careful about that. You deserve more than $0.70 on the dollar. You also ought to consider working a little bit longer so you can even increase that Social Security income benefit, because the longer you work, especially when you're getting a high income, you're probably working and getting the highest income you've gotten in through your lifetime. Um, right before you stop working. And that will replace some of the other years where you didn't make as much. But when we come back, we have our problem solvers of the week. You're gonna want to hear this segment. Three for our Problem Solvers of the week, you're listening to Retirement Results right here on Am 920. The answer.

Speaker2:
Learn more at Retirement results. Com or by calling us today at (770) 685-1777.

Born down in a dead man's town. The first kick I took us when I hit the ground end up like a dog.

Speaker1:
Hi, this is Matt McClure, senior financial advisor with retirement results. You've saved your whole life so you wouldn't have to worry about your money when you retired. But you worry more now than ever. You've been a good saver. You have 500,000, maybe $1 million or even more. You should feel confident, but you don't. You're worried a big loss will wipe you out. You saved so you could spend during retirement, but you don't. You're worried you'll run out of money. You'll want to retire, but you don't. You're worried you don't have enough? Does any of this sound familiar? Well, it should, because we hear these things all the time from people just like you who are preparing for retirement or even already retired. So why do you worry so much? It's because you don't have an actual plan in writing. Nothing to guide you through retirement. Retirement results helps people just like you. You'll get a free, customized written retirement plan. That's right, free and no obligation. Schedule your meeting now at retirement results.com/plan. That's retirement results.com/plan.

Speaker2:
Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. While Washington's spending keeps growing, your retirement doesn't have to shrink, protect, and grow your hard earned money today by calling us at (770) 685-1777. That's (770) 685-1777 to connect with a qualified advisor.

Speaker3:
Welcome back to retirement results. Result drivers on Fort Stokes. Your chief financial advisor. We've got Sam Davis here with us, our senior financial advisor and co-host of the show, and we're talking about two really great problem solvers right now.

Speaker2:
It's time for this week's Problem Solver.

Speaker3:
So let me give you one. So this gentleman we're just going to say his name is John. It is not his name. But I'm going to go ahead and change the name for the innocent here. But John and his wife Mary again, I'm changing her name as well. He's a former CEO and his company was bought by an international company in Europe, and they wanted to install their own CEO. So they laid him off. He took the buyout. And he's got, you know, a few million dollars in stock that he got from, you know, working there 20 years and, and growing the company and they sold out and he's got another million that could turn into 5 million. We'll see how that goes. But he took $700,000 and said, you know what? I want to generate the income that we need in retirement. He invested in the nationwide Pac ten. He invested the rest of the money into a managed portfolio with us, with our Brookstone Capital Management growth basket raised star moderate aggressive, um, portfolio as well some structured notes and a structured note ladder with five notes over five consecutive months. We'll talk about structured notes next week on on next week's show. And he wants to do this $700,000 with the nationwide pick ten. So he we invested in that. He got a 20% immediate bonus, and the 700,000 is now worth $840,000 in the income account.

Speaker3:
He got a 325% participation rate because he acted earlier. He did this in September, and it's estimated on the illustration that he's going to get 11.38% in average annual rate of return on this product. But what's interesting is he's 62 when he turns 65. He's going to get $65,100. When he turns 66. He can take income of 75,881. So just at 75,881, that is 10.84% of his original principal. So when you're struggling to deal with a 4% withdrawal rate on your retirement assets, why wouldn't you take the 10.84%? Four years later, with the with the deferral withdrawal of just three years, he got income in year three at $65,100. But when that fourth year kicked in and he got the crediting of the 325% participation rate on the performance, that's estimated by the BNP Paribas Global Age Factor Index based on the last ten years of performance. That's pretty remarkable that he's getting 10.84% of his original principal back. That's a really good situation. A lot of people like that. So we solved the problem because he's like, you know what, I don't want to have to watch the stock ticker. I don't want to have to call you every month to get different withdrawal amounts. I want a consistent income and my income plus the Social Security when I turn it on at 66, that's going to be more than enough for us to live on, and we're going to be good to go.

Speaker3:
Or he's actually, I think, going to turn it on at 65 years old. So but he's he's going to get beyond that 62.5 mark on Social Security. So just something to think through there. By the time he turned 70 years old, this illustration estimates that he'll get $89,440 for he and his wife, Mary, a year. Now, that plus the 50,000, they're going to get in Social Security between the two of them because she worked and he does too. That's pretty remarkable. That's a that's a really good situation because you're I mean you're looking at almost, you know, like $140,000 a year to live on. This kind of income is attainable if you just do it right. All you got to do is reach out to us and give us a call at (770) 685-1777. Again (770) 685-1777. Now I've got a second problem solver. And this one's a guy I went to college with. Um, he lives in Gadsden, Alabama. He's in the process of moving to Huntsville, Alabama, and he's been with me for years and years and years. And when he and his wife could afford to invest into a Roth IRA and also do a Roth 4k at work, he used to work at Goodyear. Um, he was a plant manager for Goodyear for 30 years, and now he works at a major manufacturer here in Atlanta, Georgia.

Speaker3:
But he lives in Huntsville, Or he's moving to Huntsville from Gadsden, Alabama. Well, he wants to pay his house off. He wants to I mean, he wants to sell his house. Then he wants to pay cash For his house, and what he's done is he's built up a $400,000 Roth, and he's got like 1.3 million in other assets. He's got $650,000. That used to be 500,000. But now, because he did fixed indexed annuities about four years ago, and he owns the peak ten, and he and he also owns the North American Charter plus 14. He owns two of the top three annuities that we look to share with our clients. He's going to end up getting $135,000 by the time he turns 67 with all of his income, including Social Security, including the two annuities, and doesn't include a 4% withdrawal rate. But the one thing I wanted to share one of the problem solver is he's lacking about $200,000 to You pay the full rate for his home and he's going to take it out. He's he's right at 60 years old. So he's going to take out $200,000 from his Roth. And he's going to pay no taxes on it. Now it hurts him to to cut his Roth money in half, but he doesn't want to pay the 32% on the withdrawal to pay off the last 200,000 on his house when he moves to Huntsville.

Speaker3:
And I just think it was great that he was had the wherewithal to do that 20 years ago. We've been talking about Roth IRAs for a long time, and Roth for one case. Where it really jumped up was when we got a chance to do Roth four K's, and it was a really good use of Roth money. And he's going to not going to touch the Roth money until the until he turns like 70 years old, he said. He's like, I'm going to let the rest of it grow so I can get that money back out. And also, when I stop working, you know, I want Jane and I to go ahead and put our money into the Roth IRA, or as long as I have some ordinary income, I want to be able to put 15 or $16,000, $8,000 a piece because they're both over 50 years old, obviously a year. And he goes, he goes, I'll be able to build it back. And that's his priority. His priority is that Roth IRA. And I would ask you the question, if you're listening to the sound of my voice, why is a Roth IRA not your priority? Because it's something you can control and you can delete the IRS from your partner.

Speaker3:
Retirement. Also, downsizing is a good idea, and getting to know mortgage is a really good idea because if you if you got a mortgage payment, it's going to eat up one of your two Social Security income payments. So let's don't do that. So those are our two problem solvers for the week. I just think it's they're two very different, but both of them are using fixed index annuities to generate income. Both of them are are implementing Roth conversions, and one of them is using Roth to pay the last $200,000 off in his house because he doesn't want a mortgage in the last 5 to 7 years, that he works because he wants to be able to stockpile money, and he wants the budget to be a lot easier because he's like, I want to lengthen my life and I want less stress. I thought that was really astute of him. I thought it was really smart. Sometimes you're not really seen as a prophet by your friends, right? And I've been a friend of his for literally over 30 years, and I just I'm just really impressed with what Jimmy has been able to do and paying off that house. I mean, even though I felt like it was the most precious dollars he could give up, either he wasn't paying 32% on a on an IRA withdrawal. Sam, your thoughts on both of those problem solvers.

Speaker4:
Well, I think we've found time and time again that it's just really empowering for those who are planning for retirement to be able to see exactly what their income picture is going to look like, because once they see that, their income needs can be met and even exceeded based on their current expenses, they feel like they can have that confidence and that freedom to step into retirement and really start enjoying what they've worked so hard for all these decades. So we just really encourage everyone out there to sit down and meet with us and start talking about building that strong income plan for retirement. It's a great place to start, and once you get that in place, the rest of that retirement picture really falls into place.

Speaker3:
His money really has grown in his annuities over the last four years, because he started investing right around Covid, because he got nervous or because of Covid and wanted to get something safer without market risk. And you really can generate an income you can never outlive. And you can really delete the IRS from being your partner in retirement by implementing a Roth conversion. That's why we wanted to share these two problem solvers. Going back to the break, we're going to wrap up this important show. And thanks so much for being with us here on Am 920. The answer. You're listening to retirement results.

Speaker2:
Thanks for listening to retirement results. Schedule your complimentary financial consultation now at retirement Results.com.

Yeah. Girl, I've been watching you.

Speaker2:
Miss part of today's show. Retirement results is available wherever you listen to podcasts and online at retirement results.com.

Speaker3:
Welcome back. Result drivers. I'm Ford Stokes, your chief financial advisor. We've got Sam Davis here with us. Here's our co-host and senior financial advisor. So Sam now we're going to talk about this Yahoo Finance article. That's a top five retirement dreams of most Americans. I want you to go through all of these five retirement dreams that came up from this. Transamerica center for Retirement Studies was a private, nonprofit foundation dedicated to researching and educating the public about retirement security. It recently released its Retirement Outlook of the American Middle Class 24th Annual Transamerica Retirement Survey, and the results reveal that most average earners have lofty but realistic hopes for their golden years. Let's go through that. And I also want to talk through kind of what's next steps for people that have been listening to our show for a long time, all those long time listeners, it's time to start acting, especially as we're heading past this election cycle and also going into the holidays. It's a great time to get a real plan together.

Speaker4:
Yeah, I just thought this was so interesting when this came across my desk earlier this week, because this really goes into the smart vision that we believe that everyone should have for their retirement. So a lot of people have these things in common. So here are the top five retirement dreams for most Americans. Number one is travel and see the world. And I think that this is a great goal for people and something you want to plan to do when you're still in your 60s and 70s and you're still feeling good, you're healthy, you can still, you know, walk a few miles a day and get out and see those things. And it's not that you can't travel when you're older. People have a really good time on cruise ships, but we encourage people that if traveling is part of your retirement bucket list, so to speak, get that done. In the early years.

Speaker3:
Yeah, we we've been able to we traveled to Europe to go take our girls to see Taylor Swift in Portugal this past year. We've been to Hawaii in the last two years and we've gone on some pretty big, long plane rides, and we've seen some 80 plus year olds doing that. Like going to Paris was really tough for two couples that we saw and they weren't traveling together. I ended up helping getting the bags into a limousine for one couple. It is very difficult to be traveling and dealing with bags when you are 80 plus years old, so I'd encourage you to go ahead and get out and see the world in your 60s and 70s if you can. What's number two?

Speaker4:
Yeah, number two is a simple but a great one. Making memories with loved ones. 58% of respondents want to enjoy spending that time with family and friends. And 40 you encourage people to, you know, maybe downsize, maybe look at a home that's on a lake or by the beach. And I think if you do something like that, you're going to spend a lot more of your retirement years with your loved ones.

Speaker3:
Yeah, I would encourage people to try to get on the water so the kids come to see you. That's something we like to see a lot of people do. Um, we've got some great folks that did that, and they got on the lake in Branson, Missouri. That was kind of in between their two sets of kids, and they will entertain 24 people for Christmas this year. And, um, I know that Sue is really looking forward to that. Um, Joe and Sue are fantastic people, and they're clients of ours, and, um, they took our advice. Now they're the ones that chose the place and everything else but our we don't really give real estate advice, but if you're looking for a place to live, I would encourage you to try to get on the water so the kids will come see you.

Speaker4:
The next one on the list is pursuing hobbies, both old and new. So we all know when you're working during your working years, you're busy 8 to 10 hours a day. You have less time for activities. Maybe you're raising a family, but man, there's so many great things to do in retirement. Maybe it's fishing, maybe it's hunting. Maybe you want to, you know, start your own business and maybe do some woodworking, some sort of crafting. There's a lot of things you can do and a lot of people. In this survey, Ford said that they wanted to pursue some hobbies. Maybe they've been playing tennis for years and they want to continue to do that, and maybe they want to pick up something new.

Speaker3:
Yeah, it's it's good to kind of relaunch a little bit and really keep your mind going and growing. Um, one other thing a lot of people are doing is they're picking up new sports, too, like pickleball. Um, they say that things like ping pong, pickleball, tennis, even golf really keep the mind sharp. Um, one other thing that I read was that the stronger your grip is over time, the longer you're going to live. So I would encourage you to consider some of those racquet sports, some of those country club sports like golf and tennis and pickleball. Um, that's a good way to pick up some hobbies, too. And a lot of people are doing things like, you know, crafts making and knife making and, and doing all kinds of different things and making cutting boards out of wood or whatever that is. And they are making a good amount of money, and they're able to cover their expenses during retirement and not hit their retirement accounts, which obviously we think is a fantastic deal.

Speaker4:
The fourth one on this list is volunteering for a cause. So for some people, step away from their office and they realize that they have so many hours in the week now that every day is Saturday. So they want to continue to work, but they want to do so for a cause. So we find that a lot of people are, you know, contributing to charities not just with their pocketbook, but with their time as well. Yeah.

Speaker3:
I mean, you definitely volunteering. You're going to get more out of it than you're giving. It's just like when you give a gift in Christmas, the people that give the gift in Christmas probably enjoy it more than the people that receive the gift during Christmas. Um, I would just encourage you to get out there and and make a difference for sure. We volunteer at the church. We do other things that really make sense for us or we have. So we have volunteered at our church. It's been a really rewarding process for us. Um, I would encourage everybody to try to get out there and volunteer and help out. Uh, Sam, you and I do a lot of US retirement education courses. Um, at no cost for, um, pre-retirees and retirees around Atlanta and different libraries and also universities like Mercer University and Gwinnett Tech. Um, so same kind of thing. We get a lot out of it. And I think you, you listeners will too.

Speaker4:
And the last thing on the list, the top five retirement dreams of most Americans, is raising the next generation. A lot of retirees want to spend the time with their next generation and raise those grandchildren.

Speaker3:
Yeah. A lot of people are, you know, they they say, you know, we really we love our kids. We really, really love our grandchildren. So, um, you want to make sure that you're there and, and we spell love t-i-m-e in our family and make sure you're spending the time with your kids and grandkids during your retirement. You deserve it. They deserve it. And they just a lot of them just want your time. And so make sure you can be there to give it to them. It's the final.

Speaker2:
Countdown. So let's recap what you may have missed. It's the final countdown.

The final countdown.

Speaker3:
So on today's show, we talked about your retirement, your way, why getting a formal retirement plan should be on your to do list. We talked about three tips to prepare for retirement. One of them was have a plan. Two was take advantage of Roth accounts and three was work a little bit longer. Again, remember your personal income is your greatest wealth generator. We also talked about top five retirement dreams that most Americans have. And we just went through that. And we talked about really two important problem solvers that really talk to the power of Roth conversion and the power of bond replacement with retirement income planning. Listen, we hope you learned a lot in today's show. We love doing these shows. We would love to talk to you. We've got a long, a lot of long time listeners that are just now calling us. If you're a long time listener, this is a personal invitation from Sam and myself. We'd love to talk to you. We are here to invite you to go ahead and pick up the phone and give us a call at (770) 685-1777. That's (770) 685-1777 or visit retirement results.com/plan. Put your information in and we'll get going right away. We look forward to working with you. Remember if you're seeking information about retirement, if you're going to be a bear, be a grizzly. Be aggressive as possible. Get as much information as you can so you can protect for a successful retirement for you and your family. Have a great week everybody.

Speaker2:
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 complimentary financial consultation, call us now at (770) 685-1777. That's (770) 685-1777. To connect with a qualified advisor. To learn more about our mission and our team, visit retirement Results.com. Investment advisory services offered through Brookstone Capital Management, LLC, a registered investment advisor and Active 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.

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 Adv2 to item four for additional information. On. 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. Any bonuses mentioned may be subject to additional restrictions and regulations based on the offering annuity company. You may not receive the bonuses if the contract is fully surrendered, or if traditional annuity payments are taken, and if the policy is partially surrendered, it could result in a partial loss of bonuses. Because these are bonus annuities, they may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus feature. Hi, this is Matt McClure, senior financial advisor with retirement results. You've saved your whole life so you wouldn't have to worry about your money when you retired. But you worry more now than ever. You've been a good saver. You have 500,000, maybe $1 million or even more. You should feel confident, but you don't. You're worried a big loss will wipe you out. You saved so you could spend during retirement, but you don't. You're worried you'll run out of money. You want to retire, but you don't. You're worried you don't have enough. Does any of this sound familiar? Well, it should, because we hear these things all the time from people just like you who are preparing for retirement or even already retired. So why do you worry so much? It's because you don't have an actual plan in writing. Nothing to guide you through retirement. Retirement results helps people just like you. You'll get a free, customized written retirement plan. That's right, free and no obligation. Schedule your meeting now at retirement results.com/plan. That's retirement results.com/plan.

Speaker2:
Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor.

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