Ultimate Retirement Planning Show - 10.28.17

Saturday, October 28th

00:55:13

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome to the ultimate retirement planning show with Dennis Blair have questions about retirement get all your financial questions answered right now by calling 303. 3060105. And now here's your host Dennis where. Okay. And Colorado my name is. Got Skinner with fair tax advisory group and retirement planning and I am joined here by my. Partner and colleague mr. William Gonzales good morning William good morning girls good morning Colorado all right it is another beautiful morning. And we are grateful that you've decided to be with us send we have a great show for you plan to gay and and William let's start out by talking about the markets because that's when everyone seems to be here focused nominate come to our office. They have questions on whether or not they should be in the market that's aren't new prospective clients have questions are existing clients have questions regarding their portfolio so. I thought we got us men. Elise the first few minutes of our time this morning just sharing some thoughts on sounds DeMar did and then the economy and whether some recommendations. That we would have. At the morning so a's you know the US major stock markets continue to do well. For example that Dow. Is. Greater than 25%. At least when your change is CS and 501. Year changes over 19%. In a mass that one year change is greater than 24%. The 2017. Year to date changes after these indices range from 15% up to 21%. And so the worst of reasons for all the growth that's happening especially as of late. So for example there's optimism. After tax changes. And that's encouraged by favorable actions in Washington DC. They pass the 2018 budget resolution. And that's gonna give the that tax package some some lakes around where aren't that third quarter corporate earnings reports in the fourth quarter projections overall are strong. And this is driving equity growth. A GDP for the third quarter. The annual rate was 3%. Which is a good sign that the economy is growing Matt is. Sung as a top administration would like to say they're targeting may be least 5% growth the mentally but where it lease. It's set 3% which is considered to be. And I did. And or some other economic indicators such as saying unemployment rate. Consumer spending in wages there are viewed as favorable or at least within acceptable standards so. These factors and some others are keeping this bull market going. So blameless take a few moments to address those who may be thinking about investing in the market. Or reality reading their portfolios. To have a larger portion of their investments in stocks moved Chernoff. So some of the suggestions we have include. You know my number one you wanna always when it's consider your are revisit your goals. For their investments. Annually and really who wanna do that every year absolutely make it beats. You know for any number of reasons mostly when people come CS. May have investments and they when he used that money to. That's supported them during their retirement years can be an occasion we have a few clients who. Or want to defray your pay for educational costs for their grandkids and so they're looking for some opportunities or some solutions to do that. Accelerant so. The purpose. The money needs to be consider you know before you make any type. Decision with respect to investing in the market. And and you really need to understand them where where your comfort level in us yet. One of the main reasons why we say you need to come back in and review your portfolio annually. Is because. As you get closer to retirement. Order as you read head further into retirement you need to make sure that you're not subjecting yourself to unnecessary risks are Mac OK. It's do I mean we we hit this so hard every time it's it's a risk tolerance for risk tolerance is going to be. One of the most important factors when it comes down to your portfolio in your portfolio analysis and understanding. What you are willing to to be subject to. Absolutely. And another thing that's important is there investor profile passive be. Perhaps confirmed or Elise we want to be sure that their portfolio matches that portfolio that's right now we've we spoke up. All too often we and we ask him in that first meeting so. How would you feel about. A market correction right okay what happens if another 2008 comes around me are you hedged so are you are you. Postured correctly so that you're not gonna feel that. Big blunt swing that drop in the market dragged especially if Cesar funds are. I've streams of income that you're you're depending on yeah they're taken and negative hit due to market corrections while your having to take income from home. You're you're now at a double negative right who cares so it's. It's very important took to understand your risk tolerance and in your your investor profile and make sure that it is. Fit to use absolutely and so William before and you just said this before making their decision about investing or reallocate your holdings. We shall we recommend that portfolio analysis that's right because there's so many benefits that come out of that. Like for example. It's gonna help you make a good investment decisions for sheer invest consistent with your goals are sometimes when you sit down in. You go through the analysis people are surprised to find out. That they have won seven investments. Vets contradicts the other the other. Or. Overlapping investments they have the in those get hit fumble there and sewn yes it's. You know we we've we've. Strongly encourage people to come in and sit down with us of no cost to you you're gonna do a portfolio analysis for our portfolio X ray yet. And within that. You're gonna understand how it's comparing to the benchmarks how it's who what fees are cautioned currently paying. And we can then identify areas that we came in proof reduced fee user in in hopefully improve your your investment strategy. Best suited you know he tests upon another thing that I've heard people. Say they really appreciate it is that they get a better understanding and their educational level about their own portfolio turn. Is better ranked can't Wear before they were tiny in the dark about some things they weren't exactly sure about certain things or why. May be an advisor has them in a particular. Investment. But after going through that analysis then and thus pointing out some things to them speak it's that he gives them to answer some questions yeah that's right and and sometimes it just. Israel revealing as to them and like to say that helps them to make some good decisions. You're already talked about identifying risk areas of over exposure. As a result of doing the analysis. And of course no one wants to be overexposed because that could mean that you could. Can do some money right OK who which is one thing everyone. Eight soon that lending in 2008 came around it was William and it was a such a hard time right now luncheon watch and people that we're. We're ready to step out the door and call it quits and and I am gonna go enjoy my retirement move all sudden. 3040% of there they're forewarned K here whenever investors they had was then those squandered due to the correction in the market. Ands. Then I thought of retirement was there and unfortunately pushed back right. So it that's why people we we tell you when we we say it over and over again you you know if if you don't have somebody helping you identify these areas or if you just don't feel comfortable doing it yourself right. Coming in sit down with us come and sit down with anybody get multiple. Opinions yet it took control validate your plan and make sure that is doing what you needed to do absolutely but another important thing is understanding what goals do you want her objective and you want out of retirement yeah. We withheld those it it kind of it's blinders on because at that point you're you're just shooting incident bears you know and I'm hoping to hit something but if you have a goal or objective that you want to meet. And that makes it that much easier for us to make sure that these plans are builds the correctly for you. That is correct and you know. Well one of the fascinating bits of information that comes out each analysis that I've seen done is there's always a projection. In the event and another 20082000. Nine's right happens. And so that poses a question. That we ask our our. Or if your portfolio moves. Up and down. You know 90%. Are not consistent manner and some on the major indices do. How housing and impact your retirement you know especially B goes down but hopefully of course of it moves up it's great bit in the humidity goes down and you lose a third use to 2% of that that's exactly does that help here will swallow especially fear about look. That retiring when writing a year after or something like that even even five years yeah you know because unfortunately wet what we see have been all too often is. Investors. That have. Have they even more aggressive. Stance. Boy and that correction happens typically they're gonna change their investment strategy right gonna go from being aggressive to moderate income and at that point you're not gonna get that come back that she we're looking for that you were counting on. Because you're not so aggressively. Invested anymore correct so unfortunately. That did this is is how it works with more risk comes more reward. So when you go for that risky investment and then the market corrects and then you change your investment strategy. You're not gonna come back from it as quickly as you. Thought she might because you're not taking those chances anymore yet but understanding pre retirees are retirees. It's important to lower that level of risk. Carrying so when when your approaching retirement. Please please take it very seriously perhaps it was. You don't wanna go through that 2008 turn right. And and there are ways to posture against that correction that's how we. You know who we don't have the crystal ball pro what he does look we we no other record high in the market right now dragging okay. And we have artificially low. Interest rates and inflation. So it's. It's important to to understand what you were comfortable with the Mets correct so. And so that analysis this is gonna be so helpful and it's the one of the major pieces of information that we used to help. Create a secure retirement plans and hurt someone and it's has a lot to do with the recommendations and decisions that we will make dispensed in someone's retirement portfolio. That is likely says we should you know we only eating and into retirement and all of a sudden another 2008 happens and then where are you. You know at that point and they'll definitely don't want to have to go back door close chief earlier decision to. Nobody I swear and so the same time the we'll believe you should be totally out of the market either. Know who need is still stay at the may be what we will not may be but what we're gonna do. Is a look at rebalancing. Our reality caning your portfolio. So that we can help you get to the finish line that's right all right. So if anyone desires to have a portfolio. Analysis to get past second opinion. Colin scar fair tax advisory group retirement planning at 303. 3060105. And you can arrange a complimentary appointment it's funny because there are times. We get someone who comes and Matty everytime I had a lot of folks who commands. And then he and then we have to spend ten minutes and you you really don't know standing up. I don't know I don't know really what do you. The this is helpful information winners. Here to educate people end you know the more we can educate do the happier we are now happier our clients are we feel and educate decline as happy client that's true and if we can help you generate questions from that can get you the answer is that you're looking forward. We are happy to do so. Absolutely. So in -- fair tax advisory group in retirement planning at 3033060105. Story your free portfolio analysis so William. I think we've taken may be more time than a few minutes talking about the so. We are gonna need to take a commercial break will be right back. Hi friends Rick Crandall here four of Sarah tax advisory group in retirement planning will be giving that number 3033060105. We're getting closer and closer thirty year end to tax season to. Trying to make here a year in contributions. And deductions and all that stuff. Do you know what to do and you got a plan he got a game plan are you gonna go into 28 teen prepared and ready to seize every opportunity. They can help you with that that sort of fairy tax advice your retirement planning. Yep contact their financial planners are entire BM to retirement professionals for free consultation. By simply calling 3033060105. All right. They've been up the crib to family for a whole Lotta years they'd love to help you as well effect they've been at this over 25 years in the metro area. Providing free Social Security educational classes financial planning and small business accounting and payroll financial investment management retirement planning strategies a low cost tax preparation solutions. As state planning and more. Fair tax advisory group in retirement planning don't plan without. There are welcome to the ultimate retirement planning show with Dennis Ferrer. Have questions about retirement. Get all your financial questions answered right now by calling 3033060105. And now here's your host. Dennis breath. Okay. OK and we are back cleanliness desk generally fair tax advisory group and retirement planning and I am joined here by my. Partner William Gonzales and we are the ultimate retirement planning show. In so William. There are a number of free services are complementary opportunities that we offer. They are too so let's go hidden shares some of the other one. Wonderful more on top of that portfolio analysis that X ray that we're gonna provide to you. That points out the risks the points out the cost. Points so they areas that we can then improved for you. We also provide a Social Security maximum position report now. For any of you that are out there thinking about filing for that Social Security benefits and I'm quite sure if it's the right time for you. Come in sit down with us now we move running sole security Max whose initial report that's pretty much in GPS for your Social Security years. It's gonna tell you the optimum time for you to file. As well as point out any switching strategies that might still be available seat. Now with the budgetary actor Tony fifteen they did cut out what they called loopholes. Which we knew as switching shadow geez. But there are still some available to you and it's important to to know these options. Now what's better file now vs file later but unfortunately we can't tell you that until we gather all the information. Very much like a doctor's office we need to gather all the information before we can make that are responsible recommendation for you. And everybody's plan is different so what may work for your your coworker your colleague your brother your sister. May not work for you so when. We sit down with individuals and they hear you there at the fears and concerns of their friends and colleagues. They they then that I have pushed those fears and concerns onto them right now and now it's oh I need to file as soon as possible to make sure I get my benefit. But. That may not be the best situation we can't. There there are earning limitations if you trying to file early. Then came out if you need to have certain certain amount of income coming into the home. And see it isn't covered by just Social Security benefit him then you need to be aware of their earnings limitations if you are gonna try to file early so from 62 to 65. There are limitations. A 161920. Dollars is the first limitation brand in the year you turn 66. Yeah it then increases for 161900. Tony to 44880. But these are the numbers and he's a good bits of information that we need to to provide you with a responsible recommendation. So for. For your benefit. Make sure you have all the information before you go and file for that Social Security benefit right because it may behoove you to have to wait. Then in May not looked. And at least get that that option get that opinion did that Social Security match report provided to you. Because it's of no cost to you know try and it's it's just such a powerful packet there's gonna give you know again like us or the optimum time to file can tell you how to get the most out of Social Security. But then it's also give me give you alternate routes justly to GPS with because we all know there's traffic jams there's obstacles there's things that are just placed in our our path senator gonna cause us trouble right and we've we need to have all the options laid out in front of. It's absolutely you know with school. And it he said and I just want I just reemphasizes it. You know when people come in their thinking one thing when they. You know give us information. To around the Max report them but. As he says it not only gives you the preferred. Strategy. That you should use the Asian information but he gave you those alternatives and so people don't realize that they have options that's right and then that they have information. To base those options upon if they choose to go that way that's true and so is it also shows. You know Lee Ki moon live benefit when it's when people look at their Social Security. They don't think about it. He's an annuity and the right time and Italy and it is someone they see that huge you know dollar mound that it be 700000. Could be a million downloads you know and I may see it and especially if they're married because they're well. So they take it more seriously that they we have another asset here that's right we can manage in retirement that's for that's the other thing I like about it. But and and to it to show the difference in and how we can affect the amount of money you'll receive over your lifetime yeah. From filing early is supposed to it to full retirement or. A later retirement correct it's it's very telling absolutely no win when one option is is less than half a million and other option is seen close to three quarters. It makes a big difference at that point and it really helps people deserve to have make that decision based off of an educated. Situations where I can move out that they have that that information they can make that better. Choice to file that that benefit. And and will correct me if I'm wrong but when you run a report analysts say there's one spouse. That retired early and here's another spouse who's thinking about retiring. You still take both sets of information you just can't produce a report which is which is even more powerful because you know once bounces EL at the what's what good is this you can do me I'm already tired. But when you have one who has and one who hasn't it's still really helpful information. That's right happen because it's gonna give that spouse who hasn't filed yeah. The options Jim Carey it's not just here you take this thing and that's just what it is yeah you know if if you're over certain age you can you can follow or stricter application. And and collect debts but also benefiting continue to allow Europe individual benefit to grow older age seventy even and then take the most from that that benefit. So that there are still switching strategies available to its individuals. And it's just it's so important take advantage of those bragging turn so ladies and gentlemen. Without just. Pulling the trigger on Social Security benefits make sure you get options and an information before you just go ahead and and take that benefit. So absolutely making car fair tax a measure group. And retirement planning at 3033060105. Today and every class the Social Security match report. As well as if they just wanna sit down with us and talk about retirement week if that opponent a lot people Collison say hey M thing about retiring. I think it is what's it's saying we last week we met with a 31 year old and a hot. Although I don't do that she was 31 year old I can master boot times are you ready to retire yeah I came out. And I'll put our producer is saying yeah my when he would you. Yeah she's ready to realize that came out oil he I came out and you know I kind of looked around them SI see young lady sitting manners allies there's no way she's over fifties. Ups so I say hi sits assessed sound young guy since she says Hayek in and in pursuing our offices and embassies or 1 o'clock appointment as a that okay. She's not an early beat her GC Atlanta clearly she says hey I don't think so scary he's going to be around and so we talked about Matt. If she says one of it is around I just wanna be sure I don't have to rely on and what do I do good for and that was it good this guy's now. You know that was great yeah because then you know. Now ladies and gentlemen Social Security is there. Government is gonna do whatever they can make sure and it stays there for us right. But there there are play new warnings on your Social Security statement even right now that says use your benefit can be reduced. And in the future right here especially for for my generate certain you know we really came and maybe seventy cents on the dollar and carrying. So it's it's important. To to take responsibility for for your retirement accounts you can track. You you shouldn't only depend on Social Security as anyone and I'll assure her retirement income threat is understanding the cost of living. Justin Denver metro area alone it's. It's astronomical. Nine Kate's have to depend on just one stream of income. So last 2530. Years of retirement and make sure that you can insure me in and live the quality of life that you want. It's system. Yeah. I don't see happening with just that one Sharma then come right okay so that's why we stressed. Took to put a plan in place young and yeah I know you've heard me say this many a time we don't chisel your plane into stone gap than that is for any reason can you understand life changes. And your goals and objectives are gonna change and new year we. Mostly. Every that may be. But we we need to put it down on paper Jim Carey because then it's an actual plan net so that otherwise ladies and gentlemen we're just wishful thinking about retirement. The that's great will Lionel lauer on the Social Security topic I know many. Probably have heard by now that says security benefits are expected to rise about 2%. Woo hoo ha now a whopping two zip point three our daughter asks who is separately at a Social Security Administration has that revealed at a 2% increase. For monthly checks. Is going to resume in January. And dad and they're citing that this is the largest cost of blaming living adjustment. Since 2012. Mile selling 2012 it was three point 6%. The sad thing about that is that a lot of that is gonna go toward increased. Medicare costs now. In there and that's a bummer but actually did bid at least there's some movement it's better than last year is definitely better then you know to prior years that's only what I believe zero there was no increase. So that's that's great news I don't know if doing so that we if there's any increase taxable wages. The end but usually when there's. 2% increase like that or whatever the increase is they adjust taxable wages and to help find itself room. And hopefully we'll see that again because there and then you know federal. Mean we should see you know the cost of living it's. Offensively we path of death thankfully Social Security does have cola and you hear me say Kohler it's not Coca-Cola. That's I. Cost of living adjustments and write is what color is. And for those you individuals who receive a pension you understand. Not having a cost of living adjustment how inflation is gonna impact the purchasing power of that your name of income and carried. So we we are lucky to have this Social Security cost of living adjustment. I even though it is taken from our taxable wages at you know if it it is a good thing that is good for all of us. And for those of you that are looking to gather more information on Social Security yeah. We provide Social Security maximum station workshops. And effect we have. Some coming up this next month of November we actually have three scheduled for the month of November in two scheduled for the month of December. So if you were looking to just get more information on Social Security team in understanding how the budgetary changes we'll we'll fix you. In your spouse or your family your help the taxation of your Social Security's gonna affect you. Give us a calling get signed up for our Social Security seminar and you can reach us at 3033060105. Our seminars are only an hour long. It's a lot of information recover in a short period of time put it will at least generate. Questions and give you the knowledge to have to make any anymore. Educated decision on when to file for that benefit right again give us a call at 3033060105. Two RSVP first Social Security seminars for the upcoming months seating is limited so I can't make sure to get that in soon even. They now so check this out on our web site that's right pat fair tax advisory group and retirement planning dot com that's a mouthful but it does a lot and this is listening to the show he would say I finally got Iraq it's through the (%expletive) up alright folks to. We're gonna need to take aim now they're Burry my name discuss Skinner joined here by a William Gonzales on the ultimate retirement planning show and will be right back. Hi friends Rick Crandall here for Sarah tax advisory group in retirement planning will be giving that number 3033060105. We're getting closer and closer to year end to tax season to trying to make here a year in contributions. And deductions and all that stuff. Do you know what to do and you got a plan he got a game plan are you gonna go into 2018 prepared and ready to seize every opportunity. They can help you with that that sort of fairy tax advice your retirement planning. Yep contact their financial planners are in tar BM to retirement professionals for free consultation. By simply calling 3033060105. All right. They've been up in the crib a fairly for a whole Lotta years they'd love to help you as well effective limit this over 25 years in the metro area. Providing free Social Security educational classes financial planning and small business accounting and payroll. Financial investment management retirement planning strategies a low cost tax preparation solutions. Estate planning and more. Fair tax advisory group in retirement planning don't plan without them. Welcome to the ultimate retirement planning show with Dennis Ferrer. Have questions about retirement. Get all your financial questions answered right now by calling 3033060105. And now here's your host. Dennis breath. Okay. OK we are back my name discuss Skinner. Joined here by William Gonzales and we are on the ultimate retirement planning show. William in oil and dismiss some time talking about long term care. That is huge concern now Indonesia and and when clients come in the meet with us and we look at the air and needs in retirement that's one of the things that we definitely trying. And cover as messy as we can learn from those who knew that already have a hold on its early lead. So as part of our responsibility is retirement planners we. Let to explore ways that some level of the covers Camby per ride it. And so before we share those ways. I thought it be great just to talk about. Some of the long term care staffs that have come out the US Department of Health and Human Services. Recently these are some pretty amazing facts. The steady starts out by identifying. Those most likely to need long term care all right those most likely to needs. Long term care are you listening ladies and you have a fact give a few. Here's an amazing statistic. Number 170%. Of the people turning age 65. Can expect to use some form of long term care during their lives while. 70%. Net increase smile and it's anticipated to be even higher. So glad this is startling to begin with yeah. And courses baby boomers have Mae retiring over the last what seventeen years maybe. A lot of this information is as a result of their retirement. Unfortunately. A large number of them are lining up. Need any long term care and so when the US Department of Health and Human Services. I think caught wind of this that's one of the reasons why they put it this steady together are so that they can help people. To prepare and to plan for a long term care but 70% of the people turning a 65 can expect to use some form of long term care. And here in the number of factors that affect the possibility of you needing care. First this year H. The older you are the more likely you'll need long term care of them. That's kind of hard to believe I did nothing but they say Syria the older you are the more likely yield the long term care so I guess that's a given it. Yeah here's something that's surprising decision there. Women out live men. By about five years and average so they are more likely to live at home alone when they are older so injures that an issue. This ability. Is one of the other factors so if you have an accident or chronic illness that causes disability. Is another reason for her needing long term care. Your health status. I think this is a this is really some good information here because they say. Chronic conditions such as diabetes. High blood pressure make you more likely to need camera. So those are things that means some of similar reasons why we need long term care is it's just our lifestyle it's what it boils bounty. I hear I am so done that people absolutely they talk about that in this survey. And your family history such as whether your parents or grandparents had chronic conditions. Mean increase she'll likely hidden meaning long term care so just some things to keep in mind. And William decision sit port diet exercise habits can increase your chances for needing long term care. So I doubt that that was that was pretty interest CNET how to start their survey say so here's hear individuals are trying to. Describe an individual that might need to. Long term care and out of the 70% of the people out of the people that they certainly 170% of them need it while long term care and it and these were some of the reasons why you know a lot of it has to do it to health's. Your health status and then there's always going to be some things are outside your control. But you control those slain city can control. It's gonna make. A big difference. Another reason you might need long term care in this the might be more and individuals who are 65 or older may be in their 70s80s. Is if they fall that I. So number word yet we're reasonably people who come in and unfortunately they've had an axis slipped and fall they sit in the mall overstating the and it's in one of two places the barrel bathroom. Or the kids are repaired soon yeah and that and it's not less in the you know enough bathrooms are assist they got structures around them and are hard and so on people follow me here in. Stay out of the times again you know. There is an and then number one knows the hip isn't it yet one foot slipped and fall to be landing right on the hit him in oh. Now that the medical bills that piled up bump after that. Right up there yet. So those are the reasons why are those charges some factors that will help someone determined that they need long term care but probably the best thing you should do is just assume that you need it. It showed you assume that you or your spouse might need long term. Care. My kids they know. I'm gonna give away to the one thing that you have to consider of course is. Costs and how are you gonna pay for that's for so long time ago in long term care policies are introduced they were introduced it really. Low reasonable rates. Now today if you trying get a policy to require armed take malaria. It's pretty it's pretty costly venture. So let's share their recommend that financial products or solutions that should be considered if you. 212. Be sure that you have some level of long term care in this is what's gonna be surprising I think is is some of the recommendations that they come up with. As always for you to prepare for a long term care. And one in particular I like because it's more adverse occur okay we're against him christendom and wears a recommendation coming from grass it's come in from the US department of health and humans are. Hand. Foot and a organizers. And I. This is an image and that this then he's really helped libraries really insightful and that's why we're. Ring and it too early assassinated because. It may get you to think about some things you know it's as simple. Since there that you may not a funnel right previously and in Willie only sit down and we do that number one appointment and we start asking questions. You know some financial questions one of the questions is do you have long term care and that's right and most say no oil or not. This area and there is a water and it cost as much. Bath and so people are trying to save for retirement. They've got other things going on in China into a you know. Maybe help their. Their children and establish things like that and so long term care unfortunately she is put on the back burner right when he comes to planning but. So let's talk about some of the suggestions that the US Department of Health and Human Services. Has made so one way they say you can finance it William is did you have a long term care insurance policy. But as we just that OK she got there are concerned are always they along Bahrain. Maybe US thirtieth two years ago her early ninety's late eighties. You know or even before then have I think they started peeking in popularity in the ninety yards but if you borrow went after that. You're probably especially the little effort into an issue playing a lot of money so is William suggests that keep it. But every dude don't let it go ahead don't let that premium laps and yet. Because that's. You're probably given that he's not probably you are giving a good deal that's right nine years in investment especially if it has. In inflation proof factor in there are some of them don't have been there let others that we've seen do you have some form of I protection against inflation because everyone knows that mountain care costs are increasing every year every year. So you can finance it through. And I it. Army too long term care needs I have no long term care insurance policy and no way is life insurance that's an that's a viable business. You know in. And they can certainly come talk to us about that owner generally wonderful wonderful product that will give our. I don't know for a long term care man coverage. Yeah and generally it. There's a factor that's applied to the face value of the policy that's right that you get to use. Any event that you need some level. Long term care. And so that's that's an option for you there's some benefits end and there's some trade offs for doing that if you. Are you just sit down long term care policy and you want to finance it through life insurance. Cushy have a death benefit option that's right that's more cartoonist yet so multi purpose so that says. That's another way to do it. So at that point you know. If you don't and abusing the long term care benefit at the very least you're you're leaving a legacy to tears she asks leaving them something. The effort for them to fall back on as well but the primary concern is some sort of long term care benefit. Brad Pitt who accidentally. And then there are multiple away ease of pride really paying for it as well and so those include. Getting a reverse mortgage whoo up and you know we talked about that. A lot of our show the opportunities air pup many of our listeners are probably aware of that as an avenue in the event that they. They needed so ever a reverse mortgage. Is an option there's going to be some benefits and trade offs. With that. Here's another interesting one will that they suggests. You can have a trust. And so just as a quick review of the trusses just illegally into the that allows a person. To transfer assets safeguard yet and from a trust store it to address the and once that trust or establishes a trust and trustee manages and controls the assets. For the trust store and or for the beneficiary. In his a couple of types of trusts you can use in this case a long term care coverage. Kinki sneak you can use something this college charitable trust where he knew something this column Medicaid disability. Trust. Both of those have. Pros and cons in the air some trade offs and some limitations. As well. But what I find interesting William is the third avenue. That's how we I'll spend most of our time talking about because that we believe that it cheer most viable one because it's. It's there meaning uses up it. And so the third wave at the US Department of Health and Human Services. Says it's you can. Help defray the costs of a long term care is by purchasing an annuity. Themselves ogle him when he was concerned move more more totaled say hey it's an anti purchasing an annuity. Which. I think that's probably surprising me here because it's somewhat of an endorsement. From the federal government and they must have now lotteries search and investigation into. An annuity now are not recommending just you know go low it is seen anything ya know yeah. There's been like with any investment people there are good and there are bad right and it's important to make sure you do your research note none of those duties that we use yeah they all include some sort of long term care benefit grading period. Whether that's I nursing home are. Home and then there's some sort of of writer included that will allow you to access those funds here for a long termer home. Home care. Yes. And they're just so many. Benefits to having one so we'll I like to take a quick break. And then we'll come back and we'll get into the benefits of lie you should consider and then duty to help find the long term care sounds good go all right so folks in my name discuss Skinner. And the ultimate retirement planning shows joined here by William Gonzales. And we will be right. That type friends Rick Crandall here four of Sarah tax advisory group in retirement planning will be giving that number 3033060105. We're getting closer and closer to year end to tax season to trying to make here a year in contributions. And deductions and all that stuff. Do you know what you do and you gotta play and you got a game plan are you gonna go into 2018 prepared and ready to seize every opportunity. They can help you with that that sort of fairy tax advice your retirement planning. Yep contact their financial planners are entire BM to retirement professionals for free consultation. By simply calling 3033060105. All right. They've been up in the crib a fairly for a whole Lotta years they'd love to help you as well effective limit this over 25 years in the metro area. Providing free Social Security educational classes financial planning and small business accounting and payroll. Financial investment management retirement planning strategies a low cost tax preparation solutions. As state planning and more. Fair tax advisory group in retirement planning don't plan without them. Welcome to the ultimate retirement planning show with Dennis Ferrer. Have questions about retirement get all your financial questions answered right now by calling 303. 3060105. And now here's your host Dennis where. Okay. OK we are back to my name's Chris Skinner. Where's William Gonzales on the ultimate retirement planning to. Call fair tax advisor group and retirement planning at 303306. And 01. And 05 again that stereo 330601. 05 Levy have any questions about anything that you heard on the show or if you like a complimentary appointments. So Leo where we left off is. Not talking about the way Suu Kyi could financial long term care and we were just skating into. And duty. As a recommend that option. By the US Department of Health and Human Services so let's dive into the benefits. An annuity and just some other things that people may want to keep in mind so. There are four solid reasons. Elise lived I can think of who William you might think that's an orbit there's four there are four solid reasons. To purchase an annuity so whatever it. Course principal protection. We Paramount to yep wits with some opportunity for growth. You you can get lifetime income. It can be a legacy so viewed desire to leaves many to. You're in years that's one way to do it. In the fourth reason of course is to support long term care needs. If needed and you may not even need it right and that's one of the benefits of an annuity is that it could be used for so many. Out reasons not enough for everyone. And that's why when you come in and meet with us we examine your portfolio correct we talk about your goals and then if it makes sense to you. To have playing your portfolio mammal recommend plenty but if it doesn't then we won't recommend one. Two years so what is an annuity dissing case many don't know it's it's really simply a contractual guarantee. With an insurance company. It's not a market based investment. But it should be considered it as a tool in your retirement portfolio especially based. The amount of income you have that retirement or which year retirement resources look like it's as you think about retiring. And so. Another benefit of an annuity is that it is a contractual guarantee that's what so what what does that mean well it means that. The insurance companies can bear the risk that should they're gonna bear all the risk they're gonna bear the risks to provide you guaranteed lifetime stream of income based on which. Companies you choose to go with right now. That would that does for you as an individual is it lessens your your risk tolerance yet which is a wonderful thing yes if you can secure portion of your domestic that is guaranteed not to fluctuate due to a correction in the market. Why wouldn't she then. And and also have the the ability to it to collect market like gains due to interest crediting options strike. I mean it's just such sent a powerful tool for especially when you're in your retirement portfolio. When you can securing. Guarantees that you're not gonna have to stress and worry about a good portion of your mistake. And you know you have be stream of income that you can activate in the future for the whatever those needs might be. Whether it is. Replacement income for the lost a spouse right or if it's just you need more income to cover the cost of long term care in this typically at that point. Do you still have a household to take care of while. The spouses in long term care facility right okay so it's. It is as you said it's not for everybody blacked. There are so many people can benefit from from the protection that it offers and the benefits it provides apps. At least in so when we examine a portfolio William. I mean we we look at the portfolio with the idea six carrying. It sets that someone's could have resources available throughout their retirement right and if you're married it's for both of you that's right you know and so. So your portfolio. A well diversified for polio portfolios gonna have. Some things in it that we'll secure some of the money. And at the same time it's he gonna have some money in the market and that all of your market and that all human excuse me. That might be in the market but maybe just a smaller portion. As opposed to our working years were busy accumulating wealth rightly concern and so at some point. As we get near retirement age we have this an essay this Cottam Manny and so. Our there's a paradigm shift that's and it's more important for us hang on to the nest day humanity at its own we're working. You know we have time if the markets go down. We kid we got time to kind of voted out right about it comes back. Ladies and gentlemen savings has an end date and that date is retirement absolutely that's wells and at that point that's exactly right guest on the mind the mind frame has to shift yes from accumulation engrossed preservation and income right. So that's why we we we structure our our portfolios. As such to to be more conservative in nature specially for retirees and pre retirees. To just hedge against that possible correction. Mr. Starr and so is still gonna have some of you were similar or some your portfolio is in the market. Gotta have some exposure and read some equities in there just not as much right. You know lower that risk level best to any there's more things to think about once she retirement that's your hunch here in retirement just a lot more to consider. So as we say this not for everyone out you wanna be strategic in how you have an and a portfolio. You need to look at all the circumstances. Of financial goals. That an individual may have except her for you recommend one but it's such a powerful and useful tool that. People under estimate. The value up. Or once they hear the word they just turn away. And it's because they they don't have an understanding of how they can benefit them right and so we spent a lot of time educating. Showing in the pros that we talk about the constant worry laughs of course. Having an annuity. But the benefits. Outweigh the trade offs of having an an Iranian and unfortunately. I have many miss that and so we still at a time educating people. And what an annuity how I can be used and we talk about it being Howard has these things of their portfolio absolutely. And you know many people are surprised that they can use it to help defray. Some long term care costs in uses a legacy and I. And we understand we explain to them that you really transferring a portion. There risk all these years serious was on your shoulder right now you're transferring it to a financially strong institution Elise we recommend you transfer it to a financially. Strong institution. And let's get into how we can identify. You know whether or not. An institution and insurance institution is a good company. To work with. So Williams there's a company that we united for our from there you with its AM best and near an independent reading company. And they focus on measuring the financial strengths and an insurance company and so they have this scale. Correct in so. Who we look to work with is anyone who has a beach and about let's end this company's been in in in the industry for years in their one of the leaders in evaluating the financial strength and an insurance company and so the ratings go like this William. As you know. So they go from fare well they go from pour. Who two superior Clinton of course anyone who is a week we recommend anyone who's fair up. Two superior as a viable insurance company. And so for each company you know they have these descriptions like this so abuse if you're a good company. If you have a B or better excuse me have a beer better. And the raiders opinion that company has a good ability to pay. It's our ongoing obligation obligation yes and then on up disappear here what that means they're rock solid rock so I. And so when you get up there you're elude cost of ownership might be a little higher yet you know so it's. We you have to weigh all the all the aspects. And and really understand again it's it's what are you looking for out of your retirement. Portfolio or retirement plan right. So we we typically do whatever we can too to lower the cost of ownership for our clients because we understand a dollar saved in fees and taxes dollar further in your retirement right. And we want to see your money last as long as you do people or even longer if you want to leave the legacy yet as far as our fearless leader may say you know if you want your last check to belts will will help you they're too. If you take advantage of all opportunity you can and and really do whatever it is necessary so that you can enjoy that that retirement. So. In so of course if anyone has any questions they can certainly call us at 303. 3060105. Pavel set up free appointment and we can we and educates even more must rise to the values that and the new mile and tear. Portfolio. And answering any questions that you may have. About that we can give examples of success that we've seen. In our practice with respect to. Utilizing a two sets is that so. William you know what our time has gone by already and that's time play as we have affirmed see how hard I thought. So we better get ready to sign off here so folks. My name again discussed Skinner a fair tax measure group retirement planning. Am joined here with William Gonzales my partner. Here and we are now concluding our show for the day we'll be having me. I sure do we're essentially. God bless America. God bless our active military. God bless our veterans. And to my wife crystal I love you may be postseason are.
READ MOREREAD LESS