Ep 38: 10 tips to a successful retirement (Financial Safari)
Coach Pete and his team address some of the primary concerns they've recently encountered in the financial world.
this week's episode is brought to you by capital Financial advisory group for all your retirement needs. Hello folks, welcome to this week's financial safari, we're very, very excited because we're coming from our brand new studios, 5000 square foot tv studios here in apex north Carolina. Our headquarters are national headquarters. I've got Mr steve at all over here on my right on my left, we are Greg barry in and morgan Patrick and so we all have exciting show put together for you. I've asked each one of these guys coast to coast, it's the Financial Safari with your host Coach Pete Carroll, you'll hear from some of the nation's top financial professionals so stick around and find out how to make it through the jungle of the financial world right here on the financial safari. Well folks, welcome in again, Coach Pete right here, steve said all there Greg berry and morgan Patrick citing show put together for you this week, going to talk about some retirement tips, some retirement pitfalls, thanks to avoid and we're also going to touch on to start with, Let's start with the sad subject guys, let's start with inflation morgan. You said inflation was a big one that you forward concerned wise, I tell you it's gone up, I mean we've kind of been hanging around two or 3% now, we're bumping up to five last three months have been kind of interesting. A lot of people are concerned about inflation Stephen used to be when I talk about inflation with people, they say it doesn't, it doesn't matter to me what, what is it? You know, we hear it on the news but it's not affecting me as they were pumping the gas, said maybe a dollar 20 a gallon or $2 a gallon or and by under beef. Really cheap and getting the Mcdonald's 99 cents specialists, all that Greg, it's here, things are getting more expensive without a doubt. You said just go to the gas station, go to the grocery store, try to buy stake. Speaking of steak, I saw a picture on facebook the other day, someone had gone to a national retail store that that is specializes in low prices. We'll talk about who it is, walmart. And uh they took a picture of the meat department and they had, it was three rib eye steaks, three rib eye steaks. Now they look pretty good, nice and red, but you know sometimes that red is dying, but guess how much? It was three and these were not gigantic ones. Maybe, maybe £2 maybe £2. Okay. 45 What do you think steve? I'm thinking probably 35. Okay. Yeah, probably 30. You guys are not gonna believe this, $75.75 dollars at walmart for three rib eyes, what they're gonna cook them for. You better come with a side, can you believe that I mean? And you know what my joke was when I saw it on facebook, I replied and I said, I'm surprised they didn't put in a glass cage. They have with a lock on it, go head to head with the razor ways and stuff like that. People can be stealing stakes and a matter of fact, if you're going to get caught stealing, get caught stealing some rib eyes, don't get caught stealing ground beef. So what does that have to do? What we're talking about? Gosh, things are getting more expensive. Talk to a restaurant over the other day. He said coach, my dilemma is I either have to charge more, raise prices. You know, you ever get the menu where it's uh they've got white out. They don't wipe out to lower the prices. You know, he said either charge more or lower the portion size. What would you recommend? I said, well gosh man, I said you're already expensive, but you're a good steak house. Your portions are really nice, but people come here for the portions. He's a dilemma. Maybe cut the portion is a little bit and keep the price the same or raise the price a little bit. I don't know what would you do steve? I don't know that's that's a tough one. I think the inclination for me to say, you know, shrink the portion a little bit to keep the price the same. Well, all right, so what does this have to do with financial planning and especially retirement planning and what's going to happen in retirement. Let's think about it. You get to retirement, maybe you're listening now are watching now when you are retired and you have your routines. I mean we have, you have a couple of restaurants you like to go to, right, I know you like to go to the mountains and and Greg, would you have a couple of favorite restaurants around? Oh yeah, absolutely. Used to work in a restaurant. I know. So what about you? Yeah, of course. Right, couple of favorites. So we're getting that routine, we used to go in there, we retire. We, we get, I mean I have routine, my daughter likes, she likes chinese and mexicans. We, we have that with them in the rotation and she likes a steak every now and then we have that rotation. What if you get a retirement and you show up to the restaurant and you've got your little wallet with the money in it for your month retirement basically get your ballots, your pension and you figure out when you start cutting through the money when the bill comes, that you barely have enough to pay for the meal and no money for the tip. And so if you don't tip, you come back next time they're not gonna be too happy with you. But but sorry, so you're on a limited budget so we need to make sure that our retirement plan is growing equal to or greater than what the costs are growing by. That's inflation and we're gonna see that first hand now we're going to be experiencing that for the next couple years at least more more expensive if you pay people more money to work than costs go up and so you can't believe the people that were wanting more higher minimum wages. Well here this is the result of that if you pay more than there's more money out there and less product too for the money to go to and so supply and demand curve, I learned to be content at U. N. C. Back in the day. The less you have, the more you can charge for it and we have a supply problem, don't we? Have you been any restaurants that we are anywhere. They say, hey, we're heard about this the other day, somebody went to Taco Bell drive thru and before they could order the person came on and said before you order, I want to tell you we're out of cheese, we're out of lettuce and wrote a sauce goodness give me a beef taco then and that's all be beef and a chill. Right? So what's going to happen? We need to make sure we can combat inflation board. You know, I mean think about this folks. I mean you're, you're on a fixed income. We talk about it when you get into retirement and the situation is you have what you have, you have to plan for it. So working with someone to make sure that you're covered is key. This is a real reality show, we're experiencing health folks in our own lives because things are getting more expensive. But there is certain of you out there who have a inflation protected plan and also have a tax navigation strategy, not having to share extra money with the IRS that you don't have to now you have to pay your taxes. We say that if you don't, they have a special place for you and you don't want to go there and the government actually, you don't pay your taxes, they'll reach in your bank accounts and take the money out any way they can garnish your wages. They can also garnish your bank account. Don't get in that position. Let's make sure we have that proper plan put in place. We specialize in that the last 30 years we've been building retirement plans that last your lifetime and your spouse's lifetime and don't depend on the market going up for you to have a successful retirement. That's important because in my lifetime Greg in your lifetime morgan and steve the market's gone up. What else is the market gun gone down and all around. And so let's not depend on the market exclusively to make sure we have that safe retirement, call the number you see on the screen right now and we'll put together for you, your very own total retirement plans, you're going to get that golden ticket, you're gonna get your very own customized retirement plan, your customized lifetime income plan. That will take the worry out of living in retirement, not worrying about when inflation is. If you have enough money coming in inflation only worries that people who don't have enough money to pay the bills if you have an inflation protected plan, you hear about the inflation but you don't feel it because your money is growing faster than what the inflation rate is. So find out how call the number you see on the screen or text the number you see on the screen right now. Now let's talk about retirement tips. This is very important. I went on a local tv station the other day and they were asking me about some of the helpful tips for retirement steve if you had to pick you have some friends in retired Sure if you had to pick one of your successful friends in retirement, what do you think? What would you say separate SAM from maybe a not successful friend in retirement plan, their plan and more importantly, the income plan because I've had these conversations with them and that really makes all the difference in the world. They don't they don't, they're not worried, they're not feeling the pressure, would you go to a job and work if it didn't have a guaranteed salary. Of course not. Well if you approach retirement and don't have your guaranteed salary set up, you're basically working a job without a guaranteed salary. We have to have an anchor behind us, Greg, you specialize in building income plants, how how good you do a great job in Wilmington area by the way, but how good do people feel when they know their problems have been taken care of? Not only today and tomorrow, but in the future. The problems they don't even know exist, they've already been taken care of. Well, that's that's the whole thing is because we tell them about the problems that are going to exist that they don't even know about yet. And when they walk out that door, it's just like you can see it's like a gigantic burden completely taken off after Yeah, everyone's different. But we've seen so many different scenarios over the, in my case, over 30 years in the financial world that weren't done right. And so because of that, we know what people the mistakes people have been in the past, so we know how to prevent that for you in the future. Albert Einstein once says that a smart person learns from their mistakes, but a genius, the genius learns from other people's mistakes. It doesn't experience with his or her on wall it. And so we can do that for you folks. We can put together a inflation protected plan tax protected plan income protected plan called the green flag on the mailbox and the financial Philip strategy, if you are where the next 10 people call right now, the number, you see on the screen will do that for you at no cost, no obligation. You also get three of the big books that I've written, three best books of the best sellers that I've written. You'll get them as well. We'll be right back, get your own golden ticket for a total retirement income plan today call 888919 95 11 or text protect to 607 100 memories with grandpa. My first job, my fourth job, crazy road trips are first state meeting our son exploring our world, our world, family and friends are special song, secure your retirement by meeting with a financial advisor. Yeah, do you hear that? That's me enjoying my retirement, traveling around the world to play golf where I want, when I want with whomever I want, even got some customized clubs because years ago I rolled over my ira with the help of a local trusted advisor, contact us to get started today. This is a no cost no obligation retirement review to help educate and enlighten. Yeah, Mhm Welcome back in folks to the financial Safari coach, Pete here, steven all their Greg barry and morgan Patrick guys, We have a packed list of things to talk about and we've got a packed studio as well, but Morgan, there's 10 tips that we've discovered over the years and people were really digging this when I went into a local TV show on a new show for them and, and uh, took a lot of responses from people when we went through the 10 tips for a successful retirement. So number one on the list is be aware of your lifestyle expectations. Now. That sounds easy when we're younger, right? And if we're single, it's easier than if we're married because when you get to retirement, think about what happens on weekends as you get close to retirement, maybe you like to sit home and watch tv on saturday and go play golf on sunday or something like that. And, and then your spouse likes to go with her or with a women's group and she likes to go travel around the world. Those are two different lifestyle expectations. So what we do and I think it's important is we need to sit down and think about what you want to do in retirement ahead of time and then we, it's no fun, but we do it, we put a price to it today and then we look at what it will cost you 10 years, 20 years, 30 years, even 40 years down the road to do that same thing, steve, that's when it gets enlightening, when we see how expensive it's gonna get to do the things you're doing today tomorrow. But the exciting part is you're able to craft that plan to where those expectations are met and you don't have to worry if you don't do it ahead of time, don't do the planning ahead of time, then you end up in a situation where you can't do, right? So don't do equals can't do. Being aware gives you a lot more chance of being able to do what you want to do. And that's why we have to, we have to put the prices and think about what you like to do these days and think about What it costs you to do that 10 2030 or 40 years ago. Is there anything that you do in your life that isn't more expensive? Of course not. Did you think of anything? I don't, I don't think I can think of a thing. No, it's really not. I guess you can walk and you walk through the neighborhood, you can walk your dog. Now you have to carry a little green bag. Right? Of course I do a video clip online. I don't know if it's real or not. Someone took that, they didn't have a green bag. So the dog did duty in somebody's yard, They took their face mask off. They were wearing it used to scoop the duty up and put it into the trash can then put a face mask back on. I it had to be phony come on. It had, but it, but it looked real. You know, it's a, it makes you think though, that's what walking is one thing that is probably just as cheap today as it was back then. But the shoes that you walk in or a lot more expensive and now everyone has to dress up to go work out and get all sweaty. You see that back in the day, we throw on the nastiest gym shorts and little t shirt and go sweat, play basketball and then throw it into the laundry room. Right Nowadays. People, people having a fashion show when I go out for exercise, it's true. I mean you go to the gym, everybody's dressed out. But you know, we're talking about plans that we talk about it each and every show and having goals for your retirement. And as steve mentioned, creating that roadmap to get you there, you have to plan ahead. You know, prices are going up, you don't want to struggle when you get into retirement. So work with a professional, get a plan. What are some of the concerns you've been hearing in the Wilmington area? I know your office by the way, our offices in Writing landfall. So a lot of people like that. So the concern is not the office location. But what are the concerns that people have as far as what's going on in the money world? Well, inflation is huge and you know, it's really kind of frightening. But that's not the only, Oh, that is one of, but when I, when I start putting plans together, when they see what it costs today versus was it could have cost in the future and then sometimes you have to have those really difficult conversations coach. And that's the thing is if you don't have, if your advisor does not tell you the truth that they don't have that difficult conversation when it up front then you're not getting the right conversations. And so that way we can plan about it. And it's like I once told some clients we Parker marty myself. We all get these conversations where you know if you plan on spending $8,000 a month, there's just not enough gas in the tank to go that far. You're not going to get to California in one tank. I was watching one of these real estate shows on tv that specialized in million dollar listings like expensive houses in L. A. And new york city. And there was a brand new real estate agent who appeared he is from new york but he went to L. A. To start selling there too. And he was going around telling when you when you when you're trying to sell your house, you meet with real estate agents and you want them to tell you everything that you want to hear. And he was telling them that they could sell their house for maybe a million or $2 million more than what the other real estate agents were talking about. He was getting a lot of deals signed up as far as people wanted him to sell their house, you know what the problem was, He couldn't sell their house for what he promised himself for. And so the realistic expectations by the other real estate agents were overshadowed by this guy blowing smoke. And so that's the same thing happens in the retirement world, especially if you don't have a true retirement plan. We we run this almost every day where we meet with folks and they say, well, my broker says as long as the market keeps going up, I don't need to have a safe retirement income, that's fine until the market goes down. Right? So again, that's he or she is telling people that they're going to have a fine retirement even though they can't, no one can predict what the market's gonna do tomorrow, much less 10 years, 20 years, 30 years down the road. Historically, it's done good. It's average about 10% over the lifetime of the market. The problem is that is starting from the very first day and going to wherever they choose to stop it in their numbers in the equation. So if I'm gonna try to tell you and justify that, the markets up big over a certain period of time, I'm going to cherry pick that certain period of time. But if you got in the day after or two days later and got out two days after that, it might be a whole different story. So we can't have guesswork in our retirement plan. Nothing wrong with having the, what I call the Explorer type money? That's risk money. That means you can earn a whole bunch of money with that. You could also lose it all. I don't mind that. But only after we have what's called the core, the core part of your portfolio is going to be the one that's gonna be there for the rest of your life, for the rest of your spouse's life. It's gonna have growth, it's gonna protect that growth. Very important by the way, what good is it to earn a lot of money if you give it all back the next year? So lock that gain in and then when you choose, you flip a switch and activate a lifetime income. You can never outlive that's a total retirement plan. And at the same time this is the big paradox and and people don't understand this because we put your money that you're going to need in retirement in a safe place. We can take the leftover money the money you don't need for that safe plan and we can take more risk than you ever imagined with that. How do you do that coach? Well if the market goes down and you lose some of that money, who cares? You've already got your income on the other side that's protected and your your lock in your gains in. So you could end up maximizing your horsepower in your financial engines. If you take risk only after safety. Now let's look at the other side, let's say you take a whole bunch of risk with all your money, number one, do you ever have a comfortable day in retirement knowing that none of your money secure? What if 9 11 happens again or something like that, 2007 happens again. There goes your retirement, there goes the years you thought you're gonna retire, we have to now spend either going back to work or staying at work a lot longer than you wanted to. So it makes a big Greg when you do a real income plant with folks and you show them that core, the core, we can tell you matter of fact, 10 2030, 50 years down the road, what kind of income you'll be guaranteed to get from the core plan? Now, this is the minimum, it could be more, it will never be less. It's a whole lot easier to plan when you know the worst case scenario and then chances are, it won't be worse, it will be better. But would you rather have me be honest with you and have you get more money in retirement than me? Why do you and over evaluate or over overestimate what you're gonna get and then you get there. You don't have that. No, you can't build a plan like that. It's like building a building a gigantic skyscraper, not putting the foundation down, It's gonna look real pretty, gonna go way up and then as soon as the wind blows, what's gonna happen, it's gonna go way down, you can't have that steve, can't have that when we get the retirement Greg. I know you, I mean you're adamant about this safety first. We have big signs in your office safety first, but nothing wrong with risk. After safety, Risk after safety makes a good plan and a total plan and a confident plan. So if you'd like to get your very own total retirement plan that has all the different things we talk about in it, we've got a golden ticket to the next nine callers. Now this is uh over $1000 value and this is available for anybody watching right now who has at least 200,000 dedicated to retirement. And our strategies work best for those of you with over a million so called the number you see on the screen or text and you'll get that offer at no obligation, no cost. We'll be right back after this. Get your own golden ticket for a total retirement income plan today, call 888919 95 11 or text protect to 607 100. Hey, you know the market's going up, you know, we really should put more of that retirement money into the market, not those stupid safety accounts. Now listen, you're getting closer to retirement, you need to be less risky with your money, not more, but think hold the money you could make in the open market today, you want, guaranteed retirement money, not what if retirement money, oh, you are so divine and you want advice from a certified fiduciary and not not this clown, help take the devil out of the equation call now and schedule your free, no obligation consultation today, our podcast Financial Pizza brings you our favorite radio segments of the week Delivering slices of interviews with financial advisors from around the country, along with special reports on a variety of retirement topics all brought to you, hot, fresh and in 30 minutes or less. Listen on your favorite podcasting app or visit financial pizza dot com into the Financial Safari, Fast moving show. This week we've been touching on a very important topic about retirement planning and making sure that you have the money you deserve when you get to retirement Greg, how important is it to just make sure that when we get a retirement we can retire on our terms and we don't have any dirty tricks played on this. It's so huge dirty tricks, but oh boy, you got to be careful about dirty tricks. So coach, there's, believe it or not guys, there's people out there that really are not looking out for the best interests of their steve, I believe about them every week, that a never ending list, starting in the next couple weeks, we're gonna be having a video brokers behaving badly on the show folks, so stay tuned for that and we're also going to have through the years, which we're gonna feature different years and tell you the prices, we don't, we do it on a radio show, we're gonna have it on our Tv show as well through the years. The prices, what was what happened in that year sort of like remember when Nixon debated Kennedy and and every people that listened on the radio thought Nixon won, and people who watched on tv thought Kennedy one pretty funny, isn't it? So we're gonna, every single year we're gonna turn that into audio series and we're gonna make a book of that too. So you guys can watch us develop this as we go on here through this year through the year. And so uh Greg very important now morgan. Your parents are retired, my parents retired, have they? In your lifetime? And I, and I can I can think now about, my dad was a college professor who taught for 42 years at UNc Pembroke, but he had professor buddies who weren't in business school, they didn't teach business, they taught chemistry and he taught physics and they had phds in physics and Chemistry and sciences in history. But they all thought they had a PhD in the financial world and many of them did not take the right steps because they thought they knew more than they really new. Have you, can you think of anything, this is sporadic, I didn't tell you to prepare for this. So this has come off the top of head. Can you think of any instances where your parents were talking about some of their friends who did the wrong thing and you can hear mom said, oh, how did they, why do they do that kind of, my dad's college professor, retired. Um, and you get in, you get into this group and everybody is the smartest person in the room. Uh, you end up having uh, conversations about everything involved in life, but also what's going on retirement and sometimes finances come into it. They don't give you details, but they're very confident. Uh, the only problem is that's not what they study every day. That's not what they go to work and do every single day. Uh, the good news is on my parents front, They've been working with somebody for many, many years. They are well taken care of. Um, and they have a legacy plan for their kids. I'm one of them and something better. That's even better. So, I mean, just having that plan, you might be or you might think you're the smartest person in the room, but working with someone that does this on a daily basis is absolutely fundamental. It's one thing to think it, it's another thing to have it approved, right? So evidence of financial planning, evidence of a good financial plan of a retirement plan of success? What subject your dad teach political science? Uh where Appalachian state? Yeah. Just started school man. My daughter is now she's in 10th grade. So we're starting to look around at colleges and uh one of my favorite colleges and I it wasn't that good when I was in school, but it's really turned into a really good college. High Point University. Absolutely need a Cuban man. He's awesome. He's turned the whole city around here that we said portion of high point, but here's here's what I like about high Point University and I've talked to Nieto what they have a steak house on campus available for of course, of course. How's the wine selection? Students can work there too and then students are allowed to eat there. I think once a week or once every couple weeks, the requirement is you're not allowed to bring any of these things in uh with your kids or grandkids and all they do is you're trying to talk to their in their phone or a social media. They're looking at their watch, which has a has a little thing on it to where they can read their emails. So he teaches social aspects, which is something that's missing these days. And then every single student is basically career trained before they get out of college. Many people get out of college and have no idea what they're gonna do. They're more confused after they get out than they got in. Just like retirement. Greg, you have a couple of things you want to talk about as far as retirement tips? Yes. Let's talk about budgeting coach for unexpected expenses, things that go bump in the nightmare that never happened. No boy, there's always got a guy named Murphy and he made laws about that. All right, let's talk about that. What are some unexpected things that might happen or that we've seen happen in folks that are either in retirement or approaching retirement, basically health issues, health issues that come into play bigger these days than ever. Oh gosh. Holy holy smokes. Yeah. And you know, here's the thing, also, a lot of people, you know, as you know in our office, I manage a lot of the health care for folks here and very often, you know, they'll sit down in front of me and I'll say, I'm not, I'm not, I'm not taking care of your health, I'm ensuring your wealth because there's no way to lose your money quicker than not have any kind of health care. Yeah, we've seen people's whole assets get drained down and, and then, uh, really bad situation, if you are to spouses and the first one has all the health issues. Yes. For years we'll have a long and the bills helped up and then eventually, maybe they pass away, take the limousine to heaven, we say. And you're left behind. Would well, not nothing you left behind with a bunch of bills I'd rather be left behind with nothing right than a bunch of bills and so bills never stop. But the planning should never stop either. Never. When we put a plan together, it is a living document. It changes your life changes. So we need to make sure our plan can be mended and reshaped as we go on in life because like you said, if you're totally healthy, Your retirement plan is going to be different than somebody who has one or both spouses are healthy. And again, that's more expensive when you get that health issues into there and I don't want to speak. Also coached to a lot of folks out there that are from the age of like 58-65. They haven't yet crossed that Golden Bridge into Medicare. Next thing you know, they're laid off And they have no idea what to do for their health care. So they look out there and they're looking to pay $1,500 a month, $2,000 a month. But there's plans out there and that's what we do. We help transition them utilizing the various assets they have to go properly into the next phase. I'm going to say two words. It's going to scare you don't be scared sitting the this is a P. G. Rated show, maybe G life insurance. Yeah, I knew you were gonna say life insurance scares everybody. Life insurance. Is that one of the best tools for retirement planning for financial planning available to man these days? Because Greg, Why is it so important these days? Not because we're all gonna die because it can do so much. What's one of the main things? Long term care, it's called living benefit. It's at it, right. Or it's added on to some of the biggest insurance companies, insurance policies. If you don't have this in yours, you really need to have a review because you could be over paying for life insurance policy and not getting what you should be getting. Here's what it does. Let's say you have a million dollar life insurance policy. Let's say you go to a long term care facility or, or your spouse does, you can draw into that policy out of the death benefit tax free. So you take what's a long term care can be 100,000 this year. Well, you tell the life insurance companies send you a check for 100,000 of the death benefit tax free. And you send it over to the, the long term care facility. So it didn't really cost you any money out of your pocket because long term care has bankrupted more people the long term care expenses than anything I've seen. So, let's do this. If you have a life insurance policy, let's get it review. Make sure you're not over paying number one and make sure you get the total benefits, but if you don't now's a great time to have that estate plan put together inside your life insurance policy, and you have the legacy plan, Morgan was talking about taking the warrior out of living and planning for retirement. States that all morgan Patrick, Greg burying coach, Pete call the number you see on the screen, it will help you out just like we do everything. Mhm. Mhm. Mhm.