Ultimate Retirement Planning Show - 9.2.17

Saturday, September 2nd

00:55:30

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. On. It is morning Colorado. How mining miscast Skinner and I am. Joined here by my colleague and partner mr. William Gonzales one of our top. Retirement planners good morning William good morning you're silly it is going to be a beautiful week in just looking at the weather and looking out across the the Colorado sky Hazen. Seen those mountain Sen who I am just excited about the three day weekend. Yeah that is exciting new in it even more so for you congratulations. Do you root for your anniversary lafrankie. We've been married for 28 years a lot and a bit of people papers claim which is saying a lot. That's you do that. Why just gonna say hey all things are possible. Because now you give us that holds a absolutely yeah you know allow now I gotta tell you William than I did go to some marriage seminar personally and gulf. Those were agree. I found that they were really insightful. In the four shoe to work on. Things is a couple. And and it's worked well for us so I'm excited you know this week in San twentieth anniversary we can end. It so we're in town and that's only because of were but we're look into. You know hopefully maybe later on in a follow take quick but in Italy we'll turn it away again getaway a little bit that night in town deserve regard to a. They're patient they're looking forward to the next 28 plus years that with terror. All right so hey let's get after it so now well let's talk about on the markets and some economic skews. Excuse me economic news so there was some favorable economic news this week. For example the second quarter GDP. Was revised upward making at the highest quarter of economic growth in over two years. The first quarter. Of 2015. Was the last time annualized growth exceeded. Or is greater than or equal to 3%. Now we also found out that personal income was up the bit to in July. With political uncertainty in respect to the passage of tax reform and other infrastructure initiatives. Concerns over possible conflict with the North Korea. Gold. You this over double digits. Just taken off man so sentence or records there the and that's because people like to. Move over to those safe havens such as gold in bonds and things like that. Especially. When rebalancing their portfolio absolutely I guess I'm trying to lower that risk yet. I'm well what I saw was that consumer spending rose zero point 3% last month and assume there's hope I have higher incomes and low inflation at this point in time the F initial jobless claims were also still close to a post recession low. And that's suggesting that the labor market is still remains really strong. Mean that's good man so that all supports the the growth that we're experiencing. In the US economy. And even though this week the US stock in this season dipped. Earlier in the week they recovered and they trended upward so this week with an example market volatility. Russ started up then was found and recovered and then it was back up there. It's so we'll what's one step up person could take to it these are market fears if there are retirement. Really it's taken a look at their holdings yes and sharing that there they're not in overly aggressive funds you can you know really taking a good look at at what is being held within their portfolio. Right time because and there are a lot of the times when we're meeting with our clients we will just. Ask me what is your risk tolerance for it and I'd say more times than not they'd. Voluntarily say oh we're conservative. But when you open that portfolio in and see small cap and high yield city suggests something a bit different. That is right and that's why we encourage. Aid and investment portfolio review. That is something that it's insightful. It lets you know just based on your wrist tolerances is William pointed out. How are your. Risk tolerance lines up with your. Portfolio. And you know more times than not we see some in balance there and we see some over exposure. And if you're entering into retirement or a peer into retirement. It's okay if you know about that over exposure because then at least you know. But often times will they don't even know that their overexposed so remarked I have no idea and so plain set jazz. Severe over exposed to the market what could happen is your portfolio could move to assist the market news. So it sounds great if it's moving up but what happens if it corrects and goes down exactly and that's why a good portfolio review. Is. Is. Is needed you know by anyone who is airing into retirement. Anyone who is in retirement because. Pretty much. Most of the individuals who are in retirement gonna have some of their son somehow connected to the market you don't lineage. It as you should get them you don't want to be overly conservative. Mom again we have very conservative approach to investing especially for pre retirees and retirees. Because the thought process is preservation with a focus on income. Yes how you do have. Have to have growth in order to keep an income coming in hand because if if you know are growing then you're just depleting those assets right. So it is important to have a little bit of exposure to the to the market so that you can still get whether the gains. Perceive those gains from the market. Right. Viewer many. In the market and so as a hedge against inflation and it could help help you keep up with the cost of living. And and van and then again we we don't want to overexposure to the market you know based on our philosophy because as you said the whereabouts. Preservation of capital. And here and your principal in the U what I like about that portfolio analysis well is it shows ways that. Someone's portfolio can be strengthened so many will come to us and we'll see that there overexposed. To the market and there are some who've come in visited then. Probably. Too cautious. In the Martin act with respect to the market and so and they're hurting themselves in that respect because they're not giving. Their portfolio a chance to keep pace with inflation all right has there too conservative but. But anyway it just points out things like that and then of course we offer recommendations to strengthen your portfolio because we want your money to last. Twenty it to the finish absolutely twenty plus years into. Retirement so we would strongly encouraged if you haven't had one and then. This year you know some people get a man at least twice a year. Beatty haven't had one then this year gets a call at 303. 306010. Size and set up a portfolio review in. And used made like our recommendations so much that she might go and deal with fear. Your own advisor and and you can certainly validate the recommendations that we may lay out on the table to stamping your portfolio but. That's a good way for for you to find out how secure your retirement is definitely a so we'd definitely encourage you to. Do that. And again that's been dubbed no cost consultation for you that's right come in and get some education from us and heaven to know builds are right no no checked her right for the third time it's funny because a lot of people say okay closest to go to Australia yeah. I thought that up hung up that you don't post anything right here to educate educate in hell are you educating yeah. And and there are many people live here say okay thanks a lot. And then other half yeah and so and that's okay at least we. A fulfilled our obligation we gained some recommendations. And the man they're been some say hey I like what you guys are saying ally but thought process satellite. The suggestions that you bring into the table and then you know we. Mostly it's a system that they like no yes services that we provide you not just the retirement planning services. For our clients have assets under management with us we provide them are there are tax services to them of no cost to them for their personal taxes tattooing as well as you know we we do have to the state attorneys on on staff senator here every other Tuesday and from my wheels trust powers of attorneys for clients in situations that are needed. Right so for those view that there have been. Telling yourself uh oh god we we gotta go get this estate planning done we we got to put something in place. One not just come in sit down with us for an hour we listen to tell how we educate people ran and show what we can do to strengthen your portfolio. And get the benefits of the office oh yes you know once you become the client and you get the benefits of the office. You have our retirement planning strategies you have our tax reduction strategies and services as well loser state planning services. It's a win win. A RI well says. Okay William on that note let's take a quick break mining miscast scanner. On the ultimate retirement planning show where's my co host William Gonzales and will be right back. Everybody rich Crandall for fair tax advisor group in retirement planning 3033060105. I don't know about you but. I'm noticing as I get older like to surround myself with Smart people right people that have answers to questions and tell me live a little bit easier. In that certainly the case with fair tax advisor group retirement planning. You can contact him at 3033060105. In their financial planner in retirement professionals. Will meet with you for a free consultation. They'll take a look at exactly where it is in your financial life in to where you would like to get to. Intended to help you make both ends meet get to to a comfortable retirement. Oh yeah they're tax advisors as well and we're getting close to the end of the year closer anyway and it's a good time to get that tax appointment scheduled because they fill up quick. Fair tax advisor group from retirement planning helping you. With your data. Boy that's a reason that call today Telerate censure. 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 breath. On. OK we are back. I'm the ultimate retirement planning show we thank you for spending your morning with this I am here with my. Pat colleague and partner William Gonzales one of our top that retirement planners. And my name miscast Skinner. It's a way what a beautiful morning and it does give some sides is that the Berlin and then absolutely yeah. I love these student weekends we got we got a little to do the show so we go out and play. Okay allegedly get to counteract the effect so mind though it's been in the news lately is this week is just the victims that have fallen. I Enders the Herrick came Harvey and so. We just wanna remind our listeners that there they got to be on the lookout for scams and so the IRS has issued a reminder. About those who want to take advantage of good natured people. Just wishing they help victims that are here came Harvey. So here's how they might. BMO account for some things so. If you get a call. What to know inducing and impersonate a charity that it be Red Cross could be Salvation Army could be one of the well known. That charities so if anyone calls and they're saying their representative of the charity. They could be impersonating that charity. So you wanna be on the lookout for that and so they're gonna reach out either by telephone it could be social media could be email. How would you decipher if they are. Who they say actually that's a good question is so you wanna start asking some questions so you know if you with the Salvation Army. Where are you located right physically OK and I are you here locally you know are you hearing Colorado or wherever you listening. What's your website address you know what's your telephone number you wanna start gaining that type of information so that before you make a decision to give. You wanna be sure that you give in to legitimate organization right so you just when do some due diligence just ask some questions. About them and write them down and in check amount and then if it's legit you know I would even go as far as if their local disk drive buck ranked. All right all right washoe drive by. And love to somebody earlier in right here I am that's who again remains concerned you know. Given Maine ask how the money is gonna reach the victims of Harry Kahne Harvey thank you know just being inquisitive. And then metal help protect yourself against some some scams and that. Go go Haley. That's an that's that's good information guests and it's so unfortunate that they're there are people out there that. Are just waiting for times like this to try to take advantage of these good natured people at so I mean you know it's it's heartbreaking to see what went they're going through down there in Houston. And understanding that that is our friends our families here and here we are now some some very. Unpleasant people trying to take advantage. And so that's that's wonderful information that we're bringing out so to rarely teach people to to be aware of these. Scavengers. Right we got a couple other things well so they could Google. Mill at site of course and that's specifically thing and always go to the Better Business Bureau. Because most nonprofit organizations will register. With the Better Business Bureau they can go to the secretary of state. In the state it and because all of them. Are responsible for at least acknowledging their existence resumed their state so they go to Colorado and our case who be the Colorado secretary of state. And do look up. They're just type in the name of the organization need to get the address and then you can do some due diligence there. And then there is they can Google this nonprofit. Organization look let me repeat that again to see Google. Nonprofit organization that cup and so what they do. Is a key a library of all the legitimate nonprofit organizations. And so you can Google them. Put in some information about the tyranny you know and then you can go from there unfortunately though betting on their many churches that desire to help to. And you may not be able to find them out you know in some of the sites fit in places that we mentioned hopefully you will. But just keep that in mind and then of course the IRS has a web site. It's you can go to in look up if it's a valid nonprofit organization. So ladies and gentlemen don't just go writing checks. Do a little bit of research make sure that. You were donation to help these victims of hurricane Harvey are going to be received that generous. Now offering in donation. Just to protect yourself. And you know what you mean when another good point. It's good if you could righted tick or payback credit card you know life must have a trail. But you got it's just from the soup and especially the data trail so live this you know one way or the other rights did you know you can use that for tax purposes that. Let's say use inadvertently give money to sound to an impersonator who can least document and then have. Have an opportunity hopefully to get re. So there's little extra to stand up to you when your fighting them later on our I gaffe. Well one thing's for certain for certain. There is at least ten refineries in Houston in the Corpus Christi area that be where we're shut down due to teach the hurricane. So it is obviously gonna impact assault at a gas pump and I all right Vietnam you know it's estimated that. About 22% of the oil produced in the gulf was shut down as of Sunday according to the Interior Department bureaus safety and environmental enforcement team. That equals to nearly 379000. Barrels of oil per day while. You know so typically when when refinery shut down we we should feel little pension the gas pump right or to six weeks later my I'm. They're they're not sure how long it's gonna take for further the pinch to come back down tend to normal. But I mean we're we're definitely gonna feel its effects. Pearson. All right slow. You know one other thing with respect to her came Harvey so here are some good news. The IRS has loosened its rules for retirement plans as to lend money to hear came Harvey victims. So. The IRS is draining specifically their branding victims of entertain Harvey relief by liberalizing hardship distribution rules and receiving loans now from employer sponsored retirement plans such as for a one k.s for a three bee stings like that. My ass so that's that's great now you can borrow NBA can't do anything with the IRA at this point. But if someone has fallen victim to here came Harvey wanna be careful of course researcher retirement answering many. But it but that is another avenue. For either tap into those resources it sounds like the IRS is trying to loosen its rules. And they'll be more out there will be more coming out about how we're gonna loosen. Their rules maybe they'll give some breaks on some penalties if you're under age 59 and a half and things like that I was. Led them would be wonderful to absolutely I mean I've I've seen the footage you know it's. It's incredible what's going on down there to experience. Apocalyptic. Shia death you know I've got some some close friends down there and you know. We were just keep them all and our our thoughts and prayers and an open everything works out. Warm all right that is great. So will let's go hit a cover some other topics. That we have for our program. And so I'm gonna open memory and had to take a break here in the next maybe five minutes but there is a topic. That we've been working on the past couple of weeks. And it its title strategies to reduce taxes and retirement. So I started that was always a fun one yeah I started that would Dennis a couple of weeks ago in in last week for our show one of us forgot our notes. Well. Of course you know Minnesota won't forget his notes and I had to be negative forgot my note a simple so I doubt that he didn't see the united discovered the rest of these topics only or the for the show and then. I'll go him now get the first topic out there that we covered a couple of shows ago. And then of course he'll he'll always be able to at Sims. Insight. You have been to throwing them adequately. More than a little bit more than a little bit if so let's get right into it so strategies to reduce taxes and three retirements so the first thing we covered this as a reminder or just to re emphasize this point you need to understand and identify your retirement resource this for example. You know what NASA CME retirement right. You have tax deferred accounts. Higher ace for a one loss Borough threes were fifty seven's you have a pension from your employer. Guess a security. Do you have a brokerage account by pew and I'll look at that as a retirement savings account but that could serve. As someone he had me insurance based products assets is an annuity. And do you have a thrift savings plan you know if you work for the federal government or someone that has a plan like Dan and then of course the have a Roth. So those are just some of the asset retirement assets that are available as individuals so it's important that you know what you half. And the reason why you need to know what to have this because that's and a drives this strategy. By which you're gonna follow to use those funds and so you wanna be tax efficient. Which respected drawing down your retirement. Resource is so that's the first thing you need to know need to understand. Your retirement resources what's happening declared each. There for sure and so on that note. Will we're gonna have to take a break unfortunately sound really come back to we're gonna hit the other. It drowned and wasn't that silly but okay so listeners we will be right back my name's Jeff Skinner on the ultimate retirement planning to show with the William Gonzales will be right back. Everybody rich Crandall for fair tax advisor group in retirement planning 3033060105. I don't know about you but. I'm noticing as I get older like to surround myself with Smart people rape people that have answers to questions and tell me live a little bit easier. In that certainly the case with fair tax advisor group retirement planning. You can contact him at 3033060105. In their financial planner in retirement professionals. Will meet with you for a free consultation. They'll take a look at exactly where it is in your financial life in to where you would like to get to. Intended to help you make both ends meet get to to a comfortable retirement. Oh yeah other tax advisors as well and we're getting close to the end of the year closer anyway and it's a good time to get that tax appointment scheduled because they fill up quick. Terror attacks advisory group from retirement planning helping you. With your data. Boy that's a reason that call today Telerate censure. 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 fair. Okay. OK and we are back to my name discuss Skinner on the ultimate retirement planning show with William Gonzales and we are just. I'm now getting into our topic. This morning of strategies to reduce taxes and retirement so that first strategy is is that you have to understand and identify your retirement resources. So William the second strategy is you need to understand that tax consequences. But each retirement account now realize that guess did question and so this is gonna help establish so order of access to attacked into the minimize your taxes. So it may or may not be able to do this with everyone disappears so what's your portfolio looks like. But if you can understand the tax consequences of each retirement account or how each resource is tax and an assist and a help you plan better to minimize your taxes definitely. So it's gonna help you determine only has to stretch your retirement money. That's important right there were talking about he's been undergo Elise twenty to 25 years in retirement so you want to act alas is wrong. Is it possibly can Annie B can save money on your taxes. You should do it. Paso it's gonna help you determine always stretcher retirement many. It's gonna help position used to leave an inheritance tear airs that planning is all important that's. If you understand things like this is just going to be to your advantage in the long run not only to yourself. And year of retirement living your lifestyle living in retirement and also two years. It's also important William to know your tax bracket and I say before he retired and after he retired. And again what that's gonna help do is design in general strategy. As still went to a drama any. Could you don't want to take money out at the highest tax revenue and growth that it would just be crazy it's just been an increasing taxes absolutely. And it's gonna redo she retirement asset. And you don't want to do anything to reduce. Your retirement assets that's within your control we're talking about things that are easily within your control exactly. So. So again. Do you want to know your tax bracket prior to anyone you know what you tax brackets don't look like earned retirement William as well. Too many people get surprised by that later on I'll think yes they do indeed yes no there there that they're not taken into consideration some some things that must happen later Iran and also in the Internet. Sure why they're tax break you gotta increase right now. It's it's really controlling those income sure names and be sure you're aware of what type of. Holdings you have right any accounts you and I think William. I think long ago. That's the general rule as is that when you retire you would drop into the lower tax bracket right. But I think that general rule is getting shattered some balloons and you now I can't beat it that's only because we have a lot of people who live in great savors its weren't you know and they just they you know they were asked an income level. Where they were able to save and accumulate cry a bit and good for you yet plus they got inherit census and things like that so they have just a lot of money. And then they get into retirement. India there their earnings went down but now they have all these retirement resources and income coming in any income coming in they've got requirement on distributions that are on their deferred accounts and things like that so. 22 to some people surprised they're actually paying more taxes and retirement. All the more reason why he need to sit down understand what retirement assets you have. How each is taxed. Just so that she could plan better learn. Come get an income plan from us this way you at least have an idea of what the possibilities will look like in the future. Yet absolutely. You know here's another great reason why you should know your tax bracket. And that's gonna help determine. What might be the best time to convert from a traditional IRA. Two are off and so it would in my research this is showing that one of the most powerful who she can happy retirement. Is Iraq. Without a doubt and so we do we educate people on that hey you need to set our off now and you need to fear always have to. Find it in so of course when you make that Immersion from a traditional higher rate to a Roth you gotta pay taxes. That you do we don't want you to pay taxes at the highest possible level. C have to strategize the pave attacks on the conversion that the lowest possible rate. This is why we do our tax modeling absolutely yeah you can really have an understanding of what you or your incomes you know look like yeah we came gives you a very good estimate as to how much you can convert from traditional to Roth without increasing that tax bracket right who doesn't want a puddle of tax free money right a lump sum of tax remind you and that's what their Roth does for you actually does take five years people saw. If you don't have maroth right now. Get one started. Yet it has started to get that time clicking. Back ticking and five years later any and all of those funds that are within their Roth account can be taken out as tax free income for you. You know that's a good point well. So let's talk about some of the reasons why you wanna convert to Iraq he just brought up a great your pain in the tax tax free money aren't you know that you can tap into her. After you meet the distribution qualifications which is holding it for a certain period of time. Things like that which you pay that tax one time on the conversion amount. Mean you don't have to deal with it he began and sillier earnings they grow and an account and then be tax free free yet tax free. What else there's no. Aren't there are no required minimum distributions. And income from your Roth is back and adversely affect your Medicare premiums yet it's not gonna be reported to RS and it's black and increase your taxation on your Social Security distributions. This is way east we used to get she's the income without increasing your your current tax bracket. As well as being able to just enjoy that retirement that you've been planning for for so long. Breath and let you know I will and I hate to. Two bring this up but it's a real possibility is especially considering our economic condition with. Nineteen trillion dollars and then that we are facing and we know the current administration wants to introduce. Some tax reform and things and they're looking for solutions to be people. To implement tax reform which is a great playing and so. What's on the table is changes to things like are also right now there's no RMD and all the time the maroth but. But think about this it's possible will. That they could start requiring. That you make a distribution from Iran huh. Could that be terrible I would be off and even then it may not be so bad the last say he used you have to report and on your tax return. And then guess what then in come might be used to determine some other. Some other. As tax ability another source of income so dashes like tax exempt and it's true you know tax exempt interest is exempt from taxation but. The fact that it's. Reported lower tax return. It can impact your Social Security your Medicare now your Medicare and things like that so unfortunately things like that could happen and hopefully they won't Matt. But don't let that to skiers are truly grandfathered in people absolutely. That's a girl that I don't Roth today you don't get a lot of money to start Iran just need to get Nadal that's right you know you go to your local bank you can certainly come talk to us. And explore our options for doing that bit highly recommended that you get that your arsenal have with respect to. Every tiring. Will another. Are great reason. To consider or Roth conversion. It is still legacy benefits. That you have exactly I mean it's great ways agree to the pass tax free many tier manage fisheries. That it is cast. You know similar true life insurance or just cash itself it really gets inherited tear beneficiaries tax free. You know and it's a way to to really ensure that if you were looking to leave a legacy yep notices with. Ended down one of the best place all right you know no we have some clients are lag now now I don't want to leave anything I wish they had I think I'm okay. I don't know who like mr. stringer says will then may your last checked out. I. Barrett. All right well you one last point about Roth conversion so some may want to know when's the best time to remember right. I'm sure that to Iran so it depends on your income depends on your age your tax bracket. And of course share financial goes right. So generally speaking. A good time to convert. Is before you take your Social Security benefit correct if you can do that at all possible he should do that because what that's gonna do assess not gonna. Jeopardize the taxation you increase and that's right you increase in the taxation and reassess the security manage itself. You wanna make that conversion before your Social Security benefit if you can't. But you could come to us and we can help you figure that out brand that we can't be as part of ER are complementary appointment if your interest in and retiring you wanna see how. Which report photo looks like. You know how you your lifestyle. Is going to be impacted by the retirement assets that you have right now you can. He can Collison. Set up an appointment call us at 303306. 0105. And we can certainly take a lit. And at that. Go and that's a process. It's not just come in sit down and convert to you know right that that that's tech's suicide people you'd you don't wanna just. Comfort 100% of your IRA into Iraq because there and that is considered income coming in and so we'd do it in any process it it does take time to convert that money because what we're doing is trying to convert as much of your pretax dollars to post tax dollars prior to seven and a half. Right and even after seventy and a half when required minimum distributions kicking. We can still take advantage of that conversion process turned to ideas to generate as much of that. I've come version prior to seventy and half. And prior to move to reclaiming of the Social Security benefits so that when you. Are ready to claim Social Security. You still have a great size IRA for a one K as well as established a very good lump sum of tax reminding within that. Brought absolutely good point well said well set in so a good time to convert this before you take your system security benefit if at all possible and definitely you wanna do before you turn 870. And a half. And so when you come and you talked to us we're gonna look at your income. Braylon kitchen tax bracket we're gonna ask you what your financial goals. How do you wanna live in retirement. And we're gonna look at your retirement. Facets of course and and look at. How we might be able to get into a married if you don't already have one and then look at it transitioning some of that money. Over to a Roth settled what I did a heated to divert their butt. I think people really underestimate the power of Iraq and their portfolio Qaeda exists as we work with people and do our research and her reading. And more and more. Have recommendations are coming out saying hey. If you want a really great powerful tool you got to add this to your Arce got added to the arsenal absolutely. You know but. Then there's there are other ways of of tax reduction jumping back a little bit yes you know people say they say well I have a Roth and I'm I'm I'm contributing to it. That it's great if you have it. But what we really want is for you to do is to lower your tax liability grass so for those of you that are under fifty. Take advantage of contributing the Max to your your retirement accounts whether that's just for a one K or IRA tried he. By contributing to those qualified accounts you were lowering your taxable income. By that. Contribution and he pats so. This way you take advantage of the tax that taxes in both ways you lower your tax liability by making your contribution to your traditional IRA or 41 K. Then later on when we do the conversion pay a little bit attacks to convert from traditional to Roth and after five years you then take advantage of the tax deferred growth in your Roth firing his contributions to your author and not tax deductible and they're only tax deferred. Right. So William here is a no other way to pay less taxes and retirement MS don't see people like yours I've. That's luck a that is another way that the you know you can do that you know he can come set up an appointment. You know we'll talk about. We'll take a look at your ass this just as we mentioned. The sit down with the retirement planner. Our office has over twenty plus years of experience. In helping people. Successfully retire. But you can meet with the planner. Go over. Your situation. You know of course will come out with her recommendations to help you Stanton. Now your retirement. And then that's just another bit of information that you have to be sure that she could. That your retirement resources last year for the rest of your life. It's important to take advantages of of services and tools that that. People like us suffer excellently now we we offer reports they give view insight into as to what would have. Happen to your portfolio. So let's say another 2000 and they happen. Was an awful feeling for a lot of people right and unfortunately many people have to then push their retirement dates back. It's because they weren't aware of the effects. That of markets we can have on their portfolio. Come in sit down with us get a risk assessment then gives you a very large. Portfolio review my dad we'll tell you exactly what would have been if another 2008 were to happen right it gives you great insight as to. What type of risk exposure you you are open to all right and then from there we can make the recommendations to have to solidify and lessen that risk. All right did hit so William another way to pay less taxes and retirement. Is if you married. Not do anything to be a if you're married you know it's you can look at knowing. That straddling your retirement dates. And so the idea behind net. Is that if you have an older spouse may retire first. Theoretically hopefully he'll have enough retirement resources. To where you may not need to tap into some of your retirement assets at least the ones that are taxable. And with that lower income that my position you perfectly to take advantage of an IRA Roth conversion. Because you're converting at a lower tax rates. So as part of tax planning that's why we wanted to know how old you are that's right you know and they fit in if the situation. And circumstances are right. You know you can look at straddling your retirement so that you could take advantage. Of some of the S solutions that are available to the F. That's so that's great severe marriage while Pakistan owning. Your retirement dates and you don't have to do it by much you know it just depends on which report photo looks like in the goals that you have to. He's not so funny statistic earlier it's. There was a question and says what would you like to do when you retire. And 60% of males and I wanna spend more time with my family Wallace 43% a female said they would blow yeah I think they're at a not so much the grandchildren it's the spell so I I could be grandparents want to view I have the time with the grandchildren but when they see that spells home all day it's I gotta get out there and. If we you know you're going to be doing a hurry up not at all. Well I know I'm the should not too many years a period there I know like that effect. How frank should. I hate will we have one more. Wave it she can reduce your taxes. In retirement. And that is you can accumulate retirement savings or assets. Across. Tax deferred accounts and after tax accounts. So I'm talking about diversity you know that's room talking about balance multiple markets where they have multiple buckets are you gonna have some tax deferred money. You gonna have some after tax money and that's gonna serve. As your entire bucket for retirement so what that's gonna do is she gonna happen now for resource is there. To figure out ways that you could pave the least amount and it's. As you live out near retirement lifestyle. So William. Of those there are tips of course if you come in make an appointment with us we can go into detail. About some of the suggestions that we have an inning anyone who comes to us we're always looking for tax efficient ways. That to help them last to help them that we are. Got it well you're going to be in retirement. And the very least eighteen years yes that's the average now owns roughly eighteen years or retirement but I need to plan for twenty to thirty years or retirement so it's important to take advantage of those. Stress attacks strategies. Our I thought well says okay you William it is time for us to take another break. My name discuss dinner herewith though William Gonzales on the ultimate retirement planning show and who will be right back. Everybody rich Crandall for fairer tax advisor group in retirement planning 3033060105. I don't know about you but. I'm noticing as I get older like to surround myself with Smart people right people that have answers to questions and help me live a little bit easier. In that certainly the case with fair tax advisor group retirement planning. You can contact them at 3033060105. In their financial planner in retirement professionals. Will meet with you for a free consultation. They'll take a look at exactly where it is in your financial life in to where you would like to get to. And kind of help you make both ends meet get to to a comfortable retirement. While the other tax advisors as well and we're getting close to the end of the year closer anyway. And it's a good time to get that tax appointment scheduled because they fill up quick. Terror attacks advisory group from retirement planning helping you. With your day did. Boy that's a reason that call today telling Rick Sanchez. Welcome to the ultimate retirement planning shell 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. OK and we are back. My name is guy Skinner joined here by William Gonzales on the ultimate retirement planning show we discuss it. Through going over some strategies. To reduce your taxes and retirement. And so now we're gonna move on to our next topic and William. What do you have there. Well guess I'm just gonna touch on some of statistics here okay okay. Some some might be a little scary but it's it's the reality of the situation room that the average American retires it at 63 today. And I consider earlier and its about an average of eighteen year retirement. But with advances in health technology and then everything in the medical field itself. We're we're looking at longer long jeopardy. And our lives so when when it comes down to move to making important decisions and for instance such as Social Security. It's it's very important to gather all the information. The average fifty year old today has roughly about 40000 dollars saved he. Put 45%. Of Americans have nothing safer tire are certain and that that's including 40% of baby boomers polled. Well that's. That's a very large number yeah and when we know the statistics of the people who are dependent alone console security. And the it it's a concerning. Fact the other thing. Roughly 63%. Are dependent on Social Security alone and and then also leaning on. And I are friends or family. You know charities. By the age 65 often so. It's it's very important that you you gather all the information and educate yourselves before you that you make these life altering decisions such as. When you claim Social Security Eaton which is why we offered. So security educational courses yet in fact we have three seminars are coming up in the month of September. And they are to educate individuals on. How to exactly maximize this'll security benefit. Not the people that so skewed administration great people but they're they're not there to teach you how to to get the most out of your money they're there to accept your file it and get your benefit that processed he. It's important to have to know what switching strategies if any are still available to you. As well as you know. Went to file verses an hour later right now everybody's situation is different so we couldn't tell you right now when you should file. But that's why you come in and sit down with the speed and you know it's very much like a doctor's office we have to collect all the important information. So that we do you view that accurate or responsible recommendation. Right well packed into Social Security seminars like I said we have three of coming in the month of September you are first will be September 14 this is a Thursday. At the Woodbury library. Actress with thirty to 65 federal boulevard in Denver Colorado 8280211. And that is neat our long seminar. It's a lot of information to to get in in a little bit of time but it at least gives you the basic understanding. As well as. Learning how to tune to what switching strategies are filing strategies are still available to you. Now we then have our our second seminar of this so on September month would be Tuesday September 19. This will also be in Denver but the Soviet de L Louise may library. Actress of 1470 oneself Parker road Denver Colorado 80231. They can from 6:30 PM to 7:30 PM. Give us a call and 30330601052. RS BP as seating is limited. And again people it's a lot of great information. Even if you've been to the Social Security seminar previously. There's there's always more information to totally turn out the system itself right and then our third and final seminar for the months. Will be Thursday September 28. At the are bad a librarian. Address a 7525. West 57 avenue are Vanna 80002. Again from 6:30 December 30 PM very important that she gives call to RSVP for your seat because that I can seating is limited. But that being said you know there there there's solvency concerns with pencils. Security merit and it's predicted that we will only be able to cover 77%. Of benefits promised to beginning in the year 2034. Feet. Now they've done a lot of good changes to the Social Security Administration which we've we've do you discuss that our Social Security seminar. Very tough for instance the budgetary actors torn fifteen feet. Unfortunately due disability fund was completely depleted. And they had to borrow a 150 billion from the trust fund to refund disability but I. This is just one of the statistics that many people are not aware of moon okay. And as they're constantly trying to come up with a noose. Options too to keep solvency within that the trust fund itself. And it's important that you gathered this information right and carry. Another scary statistic is that right now roughly. 38% of Americans. Parents saving for retirement at all these so what that says is that they're really just counting on Social Security pray and hope and an end at the rate we're going. There are 101000. Baby boomers a day turning 62101000. Baby boomers a day turning 66101000. Baby boomers a day trying to retire he. There are more baby boomers prudent taking from the Social Security system and our homeland meals putting into the Social Security system her so. It's it's important for us today to to take advantage and and take responsibility of marshals our retirement assets and and start. Really planning today we can. Make them millennial give more money. It I think that's a live at odds and there raises that taxable wage their risk in that there. Age at which you can retire. There are a lot of things that are in process right now and I found that 80% of Americans between the age of thirty and 54. Believe they will not have enough money saved for retirement. But yet. We're not doing anything about them so it's important day. Volume can. Take advantage of opportunities right for instance you those employer counts that match your 401K contribution. Why aren't you taking advantage of that means it's said that one in five aren't getting the full match of their 401K contribution just because they're not contributing enough to their 401K. That's free money people fear no matter how old you are. Take advantage of free money right if if there's an employer match two to take advantage of please do so BP and then that's whether you're millennial Laura baby boomer yet if you are still working and have the opportunity. You need to keep that in mind and take advantage of it. Right now one of the scariest topic serve for retirement is is health care. And many younger people assume that Medicare will cover all of their post retirement health care costs but that's just not a case. The average out of pocket medical costs for 65 year old couple will be 2181000. Dollars over the next twenty years. So it's it's it's Paramount people you you gather he got to put a plan in place and you know it's you're not chiseling it in stone what you're doing is just preparing. For the future. And then again you have to Kress that that. Retirement plan. You need changes will come. And Karen. One in six employers. Offer health care benefit coverage to retirees. Take advantage of that and if you're one of those lucky employees from moose is six employers. That's right because that is a man the a widespread benefits my used to be hit that now that not anymore the we're new we're not in our grand Murphy my current parents retirement does anymore. Pay my grandparents somebody. It can't attack but without the. And I am health care expenses are only expected to rise. And they're expected to rise five point 8% per year through 20/20 two. You know I'm Medicare only covers 62%. Of the average man American's medical expenses. So it's it's important that you. You do your research you you you stay on top of your retirement plans and and take responsibility. For as well Brad. And let's see here. If you have a 401K or similar retirement plan at work like as soon earlier if you're under fifty you can contribute. Two 181000 dollars per year BP which is lowering your taxable income right if you're over fifty you can contribute to an additional 6000 up to 24000. Dollars a year yeah. Why are we taking advantage of it I understand situations. Again I may not be able to afford contributing that much right but. It's important to have to do it every can't be here every year you get a raise. Instead of spending that grades but I Conchita beat that tear you're your retirement account. Yep you know it's money that you haven't seen many that you weren't counting on the line that put it toward your future. And it's just. It. If it works for you right to make fact that contribution absolutely well said yes. And remember that increasing your 401K contributions again lowers your taxable income and and that's just an added bonus so you're you're growing your best steak and you're reducing your taxable income bracket. I have for instance if you save 5500. Dollars MM diary for thirty years. Based on historical stock market performance. After thirty years that should look roughly about 900000. Dollars and just based off of historical stock market perform stopped yet. These are the things that we need to take advantage of know what Matt Wright and two. Easier said than done. Area half but it takes it takes that will power takes that dedication. If you are determined. To lived the life if you want to live and retirement it takes a little bit of pain now. Right okay our anchor at. So then roughly you can potentially save. Thirteen hundred dollars on your taxes this year with a maximum allowed traditional Larry contribution. If you're one of the low to moderate income taxpayers you could qualify for tax credit relief. But believe a thousand dollars just for putting into those retirement accounts and I called the the savers credit yeah not take advantage of that there's there's so many things that that we are not doing as individuals. There we should be doing to to really prepare for our our our future and retirement. All right well sanity got some more information there. Now William that we're gonna have to say that for the next shell homeowners' rambler. Knows you're handling your given some good suggestions. Rwanda what post Indy so our time is just about up for the week we want to thank all of our listeners sort spending their morning the with us. Again my name miscast Skinner I'm here with William Gonzales one of our top retirement planners. And we are on the ultimate retirement planning so we hope that everyone has. And enjoyable and safe Labor Day week in and will be back to speak with the next week.
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