Jan 18, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Welcome to the safe money retirement planning show with Steve stress -- team -- -- resources to prepare you forward. Retirement and allow you to lose the retirement. Restaurant just Steve has over thirty years experience creating save money by using proven financial strategies that provide a stable income for the rest of your life to insure your -- -- is 100% -- If any -- all market lost -- your retirement money to work for you. By avoiding taxes rising health care inflation. And market volatility does -- save money Texas dot com or call today for your personal appointment 804571298. And now. -- -- -- -- Welcome to the safe money retirement planning show with financial professionals Steve's -- on talk radio thirteen 70 -- I'm great second since the hell are you today. I'm doing fantastic. Like to thank all over radio listeners through listening and today than they have a glorious weekend. Always have a lot to talk about today we're gonna look at the economy strategies in retirement and a working part time in retirement. -- left here for me today can Collison 804571298. Or be else steep but safe money Texas dot com check out our web site safe many Texas dot com. Well the December jobs report came in weaker than expected. Wine and how will this affect the Fed's bond buying AP correspondent -- bond -- has that story. The Labor Department says only 74000. Jobs were added last month that's the fewest in three years analysts were looking for nearly triple that number. Though the jobless rate dropped from seven to six point 7%. PNC bank chief economist Stuart Hoffman says it's because more people stopped looking for work we still keep people drop out of the workforce Hoffman says he does not think this one report will prompt the Fed to rethink its plan to reduce bond buying. Jury -- under Washington. -- really -- appeared that nothing's really changing everything is December also tomorrow the parents are still print and moaning and a lot over the our debt just continues to increase and increase and increase now up over seventeen trillion dollars. And sort of appears that there's nothing really has changed everything concern just on the same plane. Well the White House is downplaying the plunge in US job creation last month in -- not gonna believe the reason they came up -- AP White House correspondent Mark Smith reports. The poultry December's figure followed strong job growth in the prior three months and chief White House economist Jason Furman says one time factors may also be to blame. Lost a lot of motion picture jobs that's a very volatile series we lost construction jobs that may be due to cold weather. Big picture he says he's of a nation whose businesses are growing and adding jobs all of that show an economy. That was accelerating. Into the end of 2013. Plus Furman says it six point 7%. The jobless rate has now dropped much faster than anyone expected. Mark Smith at the White House. There another reason for the of course was articles mention is that so many people who dropped out of the jobs market and they just couldn't find works with -- -- gave up. Aaron that is affected that percentage is world. So -- it all comes merit to making sure that your finances are wrong proper order. And then to make sure that you can adjust accordingly whether in my room wherever. And these might be your whatever changes that to come up in -- future. And just like Steve said if you would like to make sure your finances are in order you can always Colin set up a free one on one with -- his team members 80457. 1298. Or check out the website save money Texas dot com. In fact if you call the number now we're gonna give you a free copy of Patrick Kelly's brand new stress free retirement -- 804571298. The federal government announced that spending on health care as a share of GDP in 2012. Dropped slightly for the first time since 1997. But CNBC's Bertha Combs says the slowdown isn't did to Obama care but it does provide a good base for comparisons in the future. One of the biggest factors in 2012. Was really the expiration of some blockbuster drugs when it comes to their patents. Pryor would set one up Patton also Lipitor went up patent. And that's saw a huge reduction when he teen teen spending for prescription drugs. The other interesting thing is the fact that even as overall the rate of health spending has been slower over the last three years since the recession. Out of pocket costs continue to grow we're spending more of our money rather than our employers money. On our health costs and as a result of that a lot of folks think but people are a lot better about their spending. -- -- what you call skin in the game you're gonna be a lot more judicious about how you spend your money you're gonna ask questions about drugs. And you're gonna make those choices of switching to a generic if it's gonna cost you a lot less so that's one of the trends that we're gonna watch. As we continue to move in tune the main obamacare years. Among vetoes things and have happen to medical assistance and increased dramatically with Obama care industry so many people applying for a with that said it's something that this is extremely important to make sure your car announces that. You're finances -- their structured record release of that emergency sororities you'd need prescriptions were covered this rural health care. That we have the funds there to do for you. Starts an extremely important to ensure that all your finances are structured properly. And that's the importance Stephen sitting down with an independent agent like yourself and you -- talk this through your clients you let them know that they need to think about. Medication and other expenses for the retirement is that correct. Yes a dim when you retire it's things changed dramatically it's not the same question when you work in their. Things come up or you could put an additional hours or whatever but when you retire or Europe extend permanent fix budget it's extremely important to understand you know. Where do we. You know these additional cost or whether it be any -- from medications or health care to. You know replace an air conditioner you can your your funds have to be structured according like. To be able to do that without throwing an all -- everything in work. Mary true. Even though some of the employment numbers are good doctor Robby luckily got Coldwell Banker explained to cnn.com. That some -- meals are have a hard time finding a job in her returning home I -- What total bank run yesterday and in part it is economically driven and aren't the jobs out there are so. Young adults are graduating college they can't find it John and they actually need to return home with their parents. So it's more acceptable these days it's not look that is something that's honoring usually wrong. And I think the other pieces that -- staying. Younger longer yeah. So what looked like adults live in the -- say ten years ago. You think -- looking like adult until it's almost like 27 is the new eighteen. I've answered quite a few clients it's surprisingly have their children moved back in with them. And of course again these are things that all of her return and in consideration -- look at finances but you know we have to really -- sued the family there. Children moved back ten grandchildren move back in -- the cost of everything of course there are -- would rule. So it's important again to make -- -- -- no way that you have liquidity that you have the ability to be able to shift investments and change him up accordingly to whatever your needs and whatever happens in the future. Employee complaining for your feature a powerful resource to have is Patrick Kelly's brand new book stress free retirement as you know. Patrick Kelly's a friend and to save money retirement planning show we're gonna hear from him later on in the show. But his new book in his new book he talks about how to protect your life savings against loss. Creating income stream you can never outlive and including when you're failing -- is back home. You can budget for that receive unlimited upside gain potential -- zero risk of loss. Well on -- on about this book because -- once you have a copy you can call right now to get your free copy 804571298. That's 80457. 1298. And Steve will teach you a copy of Patrick Kelly's new book. We're gonna take a short break the next day when us because when we come back opponent talking great DTL about strategies in retirement. A plane and stay -- will be right back out there. Don't risk -- your life savings in the market it's true there are options beyond the market that can compliment your investments Steve -- -- save money retirement planning show -- wants to make sure you're prepared as you enter the retirement -- stevens' experience in helping retirees and soon to be retirees with a wealth strategy based on your specific situation. For your personal -- -- 804571298. Or visit save money Texas dot com to begin planning your road -- to. To a stress free retirement. Welcome back to save money retirement planning show with Steve stern says it. Independent agents and wonder involved when it comes to retirement explaining. If you'd like to college the number is 804571298. EL steep but safe money Texas dot com or they read more about this on the web sites safe money Texas dot com. Or there's some expenses that we might leave behind in retirement one of them might be even more kids. What is your thought Steve about paying off the mortgage before you move into retirement. The problem paying off the mortgage payment terms we are you limited ourselves as far as our tax breaks is an example. So and rude consider paying their mortgage authors -- -- it's more than just they would just like to get rid of that payment. There's really just be taken to consideration how it's gonna affect your finances overall. And one would be of course like I mentioned this at. You have attached -- third if you are double -- long form you wanna be don't take advantage of that interest deduction. Are your taxes. -- you don't want you eliminate that by no means there of course your your other assets in retirement planning is well. You might instead of paying their mortgage off as an example if you're taken those funds in. Not funding your 401K completely. Again -- to be probably more beneficial to you too. You know increased to 401K and definitely up to a match in -- every employer does. Instead of paying off that mortgage. So you or make sure that you know your retirement plans itself as far as saving those. Assets for that as well not to spin off that mortgage -- and other things are resilient you. Don't wanna be tapping into are your 401K or tapping into are raised as an example. Again because of taxation. There might be -- and another thing comes up -- say if you move. If you have the house paid off into prone to a -- has supported into the house. Because her -- that fashion especially if you cancel a post right away or something comes up this personal property itself where you end up maybe doing the shorts you know the markets down. Are things would be of course -- senator. Let's see computers you're in a mortgage and you didn't Lisa returned -- to get -- a 4% to three point seven which was a lot of tomorrow there and so we more than that. Does it really makes sense to go ahead and pay off their mortgage and you know what we -- you're probably going to be in a position if not now -- -- near future of the American after a lot more than that. So we have to look at all the different aspects of it before we do pay off the mortgage. Another idea of course as you fewer than we've I set this up for one of my clients can not too long ago. Is they have IRA money and it just bothered him that he had to have this mortgaged his house payment -- -- Hughes retired -- retire. So the farms where there are so we earmark those funds we structured it's over and over the next five years we would pay off the house. That way you didn't have this large mortgage was in this case a little over a 100000 dollars. But if he would have took 500000 dollars -- of his artery. That would became all taxable and of course that was just last year -- -- have been learning from that year. Reduce your tax bracket would have been there at the highest end of it. So instead what we're able to do was just pick -- -- over every year over the next five years really pays very very little in taxes. But yet -- this competition is going that is paying off the house. So you know you could save thousands in taxes and in numerous ways. By doing things of that nature. Well that's remarkable and you just said you're gonna help him accomplish his goal of -- off the house that's what you did you sit down with people. And you look at their finances you look at their goals. And by adding to it here thirty years of experience in the round rock community you're able to advise them. Of the best planned for their their money management don't you think so Steve. You know suited men like -- in -- you have to look at all different aspects over the nets that we do for our clients whose. Look at everything and we listen north and up -- Wonderful and while you're listening today you can always call the schedule there is never -- to meet with Steve ever. You -- -- and you. Call this number to setup a meeting 804571298. You can email him -- -- save money Texas dot com. Go to the web site save money Texas dot com. You're gonna meet with him. It won't cost you a penny but you're gonna end up like the example he just gave he save this person a lot of money on taxes. And all they did was sit down with him and it did not cost them. Don't miss out implies he'll give me a free copy of Patrick Kelly spoke to use as a wonderful resource reference. Let's talk about that person his in their sixties may be they're gonna retire in the next few years maybe nine does turn 62 or 65. Mean anything special as she moved toward retirement Steve. Yes it does there's a number of different things we have to look at and of course we come up in an hour in our sixties is an example. That 65 of course the main thing is your Medicare. Accessing your Medicare options and make sure you review all the plans are available. This is something we can help our clients with as well as to make sure that they choose to right Medicare supplement. Because there's just such a large variety of plans that are available today so you -- make sure that you do you choose what's most cost effective for you. Whether it gives you -- particular health benefits -- to Warner prescription drug benefits that you needed. Says it's it's something that -- is extremely important that sixty far that we look at. And of course the thing is who were on -- revisit your retirement plan. You know before you retire normally sure that your on the right path that everything is structured properly you wanna be up to date. With your plans to make sure that when you do return that you can enjoy it without the fear run out of money or the fear of our you can pay your bills. And a lot of people of course when they retire they're just afraid that there are gonna you know spend on the money too quick so they start. Actually somewhat more important start -- And onto it don't spend the money and everything -- of course who wants to be retired and in retirement and not be able to enjoy the retirement to throw their golden years. So dissident another crucial part of thing that we need to do Suton and picture of retirement plan is all in order room and everything is going to be implemented. And of course we need to evaluate your distribution method. Are smokers -- mentioning is set you have to make sure that your farms are going to be paid out over your life so that for as long as you live you don't have to worry about coming out of money. Old rule of thumb -- used to be is you could take 4% there was a 4% rule which was used for years. And currently in the new rule is two point six. That doesn't sound like much difference but that means -- a million dollars instead of 40000 dollars a year that you can take out and and have a 80% if expect this you'd have enough money. It is now two point six army's 26000. Dollars. So really. Almost a competition among among his seven million dollars you need two million dollars news it's huge really crucial to make sure that. You have a way of getting out those assets and distribute in those assets and didn't a maximum amount of money are those dollars. With the amount of money that has taken out of the accounts whose hoop with our income benefit writers where you're able to take a larger amount of money. And be able to make sure that your paid out through this long you live 350 you're gonna get a check each and every month. We can even do this response was well. So -- no matter what happens no matter how long you live you're not gonna run out of money. In addition that we want to make sure that we created reviewing your state plan itself and of course Tuesday plan news is. To make sure that you will most employees soon whether you need to trust or don't need to trust -- all the attorneys is exceptionally important. The other thing is in taxes you really need guardianship papers as well in order. Saying nothing about to go live in -- -- -- of the -- a life that your wishes are taking -- And of course you don't wanna neglect tax planning tax plan and works very very closely with the state planning. See you warm -- -- taken down to all the tax benefits that you care and tax strategies are extremely important and an estate planner. And Steve you've been here on thirteen 70 AM for over five years now Saturdays at noon and the folks have been listening to you. They hear us. Talk about calling you to send up free meeting went down. A lot of times you don't know who -- meeting went and I think what's important our listeners to know is you heard we were talking earlier and you shared. Your core mission statement would you would you mind re sharing that for the listeners today I think it's important for them -- WR. Movement. Mark core values is senator believe that all wealth comes from -- It's my responsibility. To be your good Steward of what god and trust in man and a good Stewart should first protect his wealth from loss in second. Make it work as hard as possible this philosophy is we -- all of our recommendations are. That's powerful and I mean I know I've had the pleasure of speaking -- for some time I know that if I heard that when I'm driving on the road -- in my kitchen having coffee. That just speaks volumes for your integrity and when you're talking about sitting down with someone. Ended you know cleaning your financial information in your ear coming up with a retirement plan it's critical to have someone with your values. In integrity so I appreciate you sharing now with the audience. It's the Kiev bankers -- -- a little bit different from. A lot of return planners is is that we do listen we take into consideration what your needs are and where you wanted to own. It's all about our client which all of argue not us. We were talking about saving money on taxes earlier how you like a free copy of Patrick Kelly's -- stress free retirement will call -- now 80457129880457. 129. -- you can email your questions as always to Steve it's safe money Texas dot com. Or I just don't -- to our website and read more about -- safe money Texas dot com. We're gonna take a short break when we come back you're gonna wanna stay -- Are you gonna work part time retirement. -- yeah. Nine Dallas. Don't risk all of your life savings in the market it's true there are options for you beyond the market that can complement your investments -- -- Heskey in the sink money retirement planning show wants to make sure you are prepared as you enter their retirement zone. Stevens' experience helping retirees and soon to meet retirees with a wealth strategy based on your specific situation. Call today for your personal appointment to 804571298. Or visit save money Texas doctor John -- -- Welcome back to the safe money retirement -- -- show with speedster says ski. Are you ready to schedule your free private meeting with Steve and don't call 804571298. Email Steve -- safe money Texas dot com only check out the web site safe money Texas dot com. Or we've talked about how people may be working later in life but that doesn't mean that they are working as hard. DC people Stephen your practice then viewed the first part of their retirement is kind of scaling down their workweek. Investors' suits aren't a lot of people that are deciding to cut back and go over issues in a semi retirement. And a lot of rumor doing it because news just really can't afford to word you don't want to cut back -- medically and therein comes from there working part time and and you all enjoy like that way. Some are clients of action started certain careers and they're not just really get them up and running in there and they're even though there -- retirement age who just feel that has. They just -- field who are continuing to work can do with third and join under certain career. And of course some people who continue to workers simply discussed -- media income. If so people plan to work while they're also taking Social Security. How much money can you make before your Social Security check is in danger of more taxes Steve. While we have the current quarter from warriors -- you can end up. Earning too much money in -- -- and do you initial taxation Social Security uses 50% -- -- grew up to next bracket you can actually end up paying. Taxes are on 85% in your Social Security. Such brilliance -- it important to understand where those lines are. User you're one dollar over you can end up paying in taxes Sunday 85% you're -- security which could cost you tremendous amount of money. So good there he -- who said if you continue to work and all of whom were always through the average. New rule -- sort of say there's an 8% increase wherever you are you new way to are continuing. Sort suits your sisters say OK I'm fully vested fully funded. I'm gonna work until seventy you can expect to -- -- 8% increase each year. So all right and that we do some assistance and determine OK -- I -- it's used to start -- answers to search firm to our continue to work until it's seventy. And choose -- to people who have the ability to continue to work. The journal -- sooner or not obviously drawing in their Social Security at -- 66. So you can work -- exceptionally well Foreman are both prompts. -- can't work out exceptionally well if you call Steven book your one on one with him today 804571298. Or email Steve safe money Texas dot com and let him -- your mind at ease on planning for your retirement. Most people are worried that the number of people working into their sixties and seventies is going to take jobs away from the younger people. According to a recent study done at Boston College that's really the case is estate. This sort of funny is the way that's structured in -- which -- defense that you look at our guests. This is so people are saying that no carrier there people owner in the sixties and seventies are taken the jobs away and are they should be retired in letting the younger generation come up. And other ones say that okay. Sixty or seventy those people are still continue to work or not taken those jobs away from the younger crowd is number one they won't be -- Do those jobs to begin with. You know and on the other side of -- arms and yes they are taken those jobs orient them Americans say that was just mathematically. You know it just makes sense of they're there they're taken a job away if they weren't there or somebody else could have a and usually -- if found dissent or a lot of -- founder of some of the articles that I've seen those so that OK it. If they do drop our workforce its people in their forties are getting those jobs anyways so. The younger ones are cute and so is there again it depends on outside the fence you're on whether or not you feel you should be working longer and retirement or not. And of course so whole thing all comes back to use to make sure that we get closer and closer retirement. That you get your finances in order the make sure you do have a plan for retirement and of course that's who we do here and that can happen by calling 1800. For par 712. And I name. Steve you know we've been talking about Patrick Kelly's new book alive today on the show because it's a best selling book it's over a million copies or imprint. When wanna put one in your hand today you can call. Steve at 804571298. -- get a free copy of Patrick Kelly's book stress free retirement. In fact we're gonna hear from Patrick killing a moment the market's been doing pretty well recently. What's bringing about all this good fortune we asked Patrick what he believes is fueling this market. I believe what's fueling this incredible market is the Fed's continued. Easy monetary policy of just pumping in billions of dollars a month into the economy because even when the market. Thanks possibly thinks that the Fed's gonna change course the market just takes -- 2% that. And I think. -- with yellow and outcome and is an infrared chair she seems to be pretty. Easy minded and so it could last a little while longer but I'll tell you fundamentally. If you look at what's changed sense. 20089. And now the only thing that's really changed. Is the fact that we've pumped you know three trillion dollars or more in this economy and just -- the economy money. But the problem with that is you've got to pay the piper some time. And supply and demand works in every marketplace. And -- -- -- dollars if you flood the market. With three trillion dollars or whatever crazy number it's been if you don't get those dollars back out of the system. Your going to deflate the dollar and that means is simply wanting inflation and so. I think there's a lot of things on the horizon but no guys as far as when it's gonna turn. I don't know I am a contrarian even though the bulls are running strong -- a long term there on the market I really am. I have to agree with Patrick and what is sin and you heard me -- times over the traditional talk about as far as the government print money. Sooner or later you're gonna have to stop. Then when this happens there is going to be inflation and there's been abused. Change in markets. It's it's gonna affect disarmament dramatic way. But it has -- happen sooner or later we just can't continue to print more money more money more money. You know our national debt knows already over seventeen chilling come on up towards the eighteen trillion dollars. So the sooner or later we have to stop and in this morning when that happens. There's going to be so many changes in the marketplace. So it's so important to make sure that your finances are structured to be able to combat these changes are coming and future. Whether it be a drop -- a marker or whether the inflation. And these are all things who is dressed -- at our office here in round rock. Things -- we talked to our clients about in the make sure that are protected from inflation to make sure that too protective about the changes coming in the marketplace. Make sure that the money is safe so that the resume major correction in the marketplace. They're not saying that okay Holland gonna eat home are gonna pay my bills. My clients have not lost any of the -- more. The process and her parents -- -- thirty years and I've been in business incredibly and it is because we are firm put him in to save money places and you have the ability to. Still have exceptional gains -- -- prepare those gains as well and also protect their assets. And like Steve is saying with inflation you don't have to worry about it instead you plain and boring and when you sit down with him. In your free one on one he's gonna develop a plan for you he's an independent agent he's now working for some big company he's in the round rock community. Volunteering serving in his church rubbing elbows would you. Because he's one of -- and he cares and he wants to get the most for your money and so called PM and set up your meeting 80457. 1298. You can email your questions your comments to Steve -- Steve safe money Texas dot com. Or always check out the website it's really nice save money taxes dot com. Steve we got an incredible show today any final thoughts you wanna share of the listeners. Yes if they let that free copy of stress free retirement have to make sure that there is shooting get it out to Roman can. Do that the call 1804 pars 71298. It's an exceptional reviewed it talks about where we were just talking tomorrow protecting their life savings it. Talks about creating income streams in the -- lunar receiving non limited upside gains with zero risk of loss. And of course to stop paying those over management fees and or stockbrokers -- the money managers so it's just an exceptional reason. And I'm happy beginner out to -- to call 1800. Four pars 71298. Thank you -- list and new moon talked to do so and.