Oct 9, 2016|
Derek Gregoire, Keith Ellis and Matthew Peck, CFP® empower today's retirees and pre-retirees to help them make better financial decisions for their future.
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
No statements made during the retirement roadmap radio show shall constitute tax legal or accounting advice you should consult your own legal or tax professional and any such matters information presented this for educational purposes only and does not intend to make an offer or solicitation for the sailor purchase of any specific securities investments or investment strategies investments involve risk and unless otherwise stated are not guaranteed to be sure to first consult with a qualified financial advisor endorse tax professional before implementing any strategy discussed herein Matthew taxi FB Eric Gregg warranty tell us a message be financial or licensed to offer investment advisory services through SHB wealth management LLC a registered investment advisor offices in Woburn west Borough and Hyannis our offices of convenience and only used for client meetings. George to do this HP financial retirement road map show with your host Gerri great warranty jealous and Matthew. They know that the road to a successful retirement is made with consistent care and the commitment to guide them families they serve. Matthew is a certified financial planner professional and author of mind the gap the cracks in the American retirement system. Eric's been recognized by Boston magazine as one of their top wealth advisors and together with the Keith solo third victory. We union health wealth and success they've been featured in major publications like sports in the Wall Street Journal but they're most at home talking to people just like you about living out their dreams and retirement their phone lines are always open at 802277. B 777. So give them a call them find your retirement roadmap fourth visit them all mind that SHP financial -- job. Now sit back. Grab a pen and start your engines here's Derrick Max and cheese. Welcome everybody to another weekend edition of the retirement room that radio show right you diocese chief financial I'm your host Keith Ellison joined here with my business partner Matthew pack. First of today we're gonna talk about the court. Quickest ways to heat through your retirement Astec. There we're gonna talk about some of the life lessons that we can learn from the father of American finance himself Alexander Hamilton. Finally in our weekly marker report we're gonna discuss how to work around your minds natural biases to maximize your portfolio potential with that said Matt how's it going. Is going great Keith great job right there it is obviously were not joined by Derek who does our our normal hosting hosting job I would say it's a little tough I absolutely have to any time the microphone gets in front to can be delayed until a couple of cups yes no absolutely but. It is is a wonderful time a year keep them in by fire fall I mean amateur about you but it is certainly one of my favorite seasons. And the L little little of course little biased towards a sports with their with the patriots in the Red Sox in a tennis simultaneously. In inaction and and both on C playing meaningful games. In the not to mention Halloween you know home my my. Beyond obviously the B marketers are brilliant Tino and they did they send the magazine. You know out to the house sold so. He and his mother and as my son seven years old who grabs magazine flipping through it in you know he's picking out little costumes for himself. But then he comes up to me sits at opal this one's for you know we're going to Wear this one so Gloria. Yeah we will right now he wants me leave that man a I tell him that you know I'm only that in real life you know but. But guys it is a great time a year because it came stockings. You know that that that yeah that is again I mean what what wanting her out in public key I think helmets along times there were costumes but it is it is a great damning here and I have my guys go one up on you an idea how Larry well. Let me tell you a story real mice and eight and OK so ever since he was a kid. So easily still is a given ever since he was you know couple years ago. Every single day of his life he dresses up to lake something else you know not executing late. It usually five to seven customs a gay and my wife sitting there being a great mom building them all these different customs of who we wants to be for that hour that part of the day. He lets get into the point now where now he goes to school we put him on the bus. Comes home at 330. My wife picks him up at the top of the street. And by the time my wife is parking the car and our driveway. He's literally not not joking Nikkei because he wants to run upstairs to get into costume. But who he wants to be for that day BL OK some pretty much every day's Halloween friend everyday is Halloween it's actually funny 'cause the other day I was home. In between appointments before I was in the home it was ten from Plymouth down to Hyannis I stop home just to say hi. And he's upstairs he's around all season crewman going to be who won the US. Data than you know day. So eight is never know what they're gonna saying it's hysterical. We'll look at it it's funny too because US and the things we've talked about later on about the fall and certainly Alexander Hamilton you know on the outlook for retirement a founding fathers and and certainly I'm sure everyone's been everyone knows the the elections that's going on as well and so. So they wanna share it does something on exactly you may not have heard so ideally we do some good information there will be talking belt but also putting you know available on our website. And then also really getting into a talking eight under in the market report we will be tuchman looked but you know sort of our own behavior old responses and yeah I just thought about that of a new you know but how Venus is your behavior we were all natural human beings in and we all react in certain ways and so. I and I look forward to Canon digging into that about how no silly that has effect on and on your investments and in your overall philosophy. Yeah and as we relate falls to financial planning noose you know typical checklists that relate to go through. It basically quick laundry list of things that you should be looking and your portfolio. Obviously. You wanna make sure to check your portfolio holdings. We look at this all the time and people sometimes believe it or not. Do we even know what's in their portfolio from the mutual fund standpoint for and they don't know how it all works together. So. You know that's one of the things are so your exposure to risk. How much risk you have in your portfolio a lot of times adjustments are not me along the way. In you need to make these adjustments typically as you get older and older or closer and closer to retirement in actually needing to draw them money. Easier retirement on track ball that's something that we do here in our offices. With our five step process called the retirement road map. Where we can help. Telling you. When you know what's the mood one of the main questions we get is our MI on the right track you know that that's one of the main questions we hear what people commit will know that. That's a million in in just a just so you just remind our audience again you and it does five mean airy casino development and good income plan an investment plan health care. Legacy. And in good solid tax plan and in ninety people through that you know mainly because. He'll really what it is in the whole process is what's almost like a big decision making process. Nearly keep his you're asking these questions about you know have you looked at your portfolio be easy retirement. On the right track. These types of questions you need to ask yourself so that you can eventually make a decision. But that being said you have to have a process tombs and make that decision exactly in yet to go step by step in. It's not that OK euros to make the right decisions because you know knows the future holds. But you need to have a process in place eat eat eat you need to have a step by step look at income. A step by step look at health care act investments that tax and tax planning at legacy planning so forth and so on so. I can ask everyone as they do PO because the last castle say always what's your decision making process. Q how did you get to where you are right now in now where you wanna go right because depending on what that is okay and what we can fill those steps. And number five on the list actually goes along with that Matt do you have any withdrawal strategy or distribution strategy. Have you updated. The dinner fishery forms on your life insurance policies or any any beneficiary forms for that matter. Com is your life insurance up to date. Do you have enough. Do you need eight TV don't we see people sometimes a coming into our offices and they say. Look at his life insurers I don't know why haven't I don't know I don't think I need it well that's something you should look at. Year and year out so we'd like to set these reminders. In fall as the year comes to winning and to make sure they were looking at these different things. Also. Do you have arm wrong two do you need or do you do you have. Long term care insurance is it enough. You know do you need to update the policy has the has the policy changed in Gina what those changes. Mean TO do do do these are huge stings and finally. When is the last time he sat down. It had a financial review sat down with someone that can. Help you take you through a process. More than just a portfolio more than just building a portfolio. So building like Matt said earlier in income stream. Morning come plan. Happening pattern investment strategy that meets your wrist tarts meet your goals mean she meets what you want your investments to do for you. Then also have. Attack strategy not only for the end of this year but for years to come in for the end of your life. Also a healthcare strategy and finally a legacy. How do you leave everything you've accumulated. Behind you the next generation the most efficient. Boy and I think that's just as the seasons change it's you who were always giving ourselves these these indicators he knows those find just the other day low of what what popped up was. Hey you know it's its list the last quarter of 2016. And you can make sure that you're required minimum distributions arm plays Ximian. It certainly may sound old uncle like a lot you know whether whether it's there requirement distributions whether it's the life insurance long term care questions the income question withdrawals questions. It might sound like a lot but that's exactly what we do. Yeah that's exactly how we help it is to kind of help get your brain around all of these different concerns and so that if you haven't day if you are missile on a system that alerts you. Of when you need to take action bold that's that's basically our system. So make this party your from new fall ritual come in for complimentary consultation. Sit down with us we'll take you through this process answer all your questions. Call 802277777. Again 802277777. Or go to SC HP financial dot com. After the break the quickest ways to eat through year retirement nest day you're listening into retirement roadmap radio show proxy by a chp financial bugger back. You're listening to us HP financial retirement road map show your guide to a successful retirement. The phone lines are always open at 1802277777. Stick around the guys we'll be right. When you're building a home you need more than just four walls. You need a roof. You need a foundation without these things your home would be incomplete the same can be said for your retirement planning. Hi this is Keith Ellis co-founder of SHP financial if your financial advisor is only looking at your investment portfolio. It's like having a house with no roof at SHP financial when we Cree are customized retirement roadmap plans for our clients managing their investments is only one part of the process we include income and expense planning inflation protection tax reduction strategies and health care in a steep planning. If you're curry advisors not talking to you about these important issues we invite you to come in for complementary and no obligation retirement roadmap review get a second opinion your retirement wellbeing could depend on call 802277777. That's 802277777. Or request your appointment online at SHP financial dot com. Today's retirees are faced with many challenges such as figuring out how to best protect your nest egg from market volatility inflation and taxation the financial waters can be tough to navigate SY SHP financial is inviting you to join certified financial planner Matthew Beck and his partners Keith Ellison and Derek Renoir for retirement dinner workshop on Tuesday October 18 third Thursday October 20 at straight up prime Italian steakhouse in Woburn mad Eric and Keith are published financial mothers and longtime radio show host and they're dedicated to helping you address your retirement concerns at your pattern your retirement age don't miss SHP financials retirement road -- dinner event. This event does best suited for individuals with at least 250000. Dollars in retirement savings seating is limited so request your reservation all mine today at SHB workshops dot com that SHP workshops dot com. Your June 2 SHB financials retirement road map show where your route to his successful retirement again. Call BS HP team anytime at 1802277777. Or visit them online at SHB financial Don come now here's your host Gerri great. She's jealous before we touch on the quickest ways to eat through year retirement nesting is gonna make the listeners aware. That we put some great information. On our website a boat the upcoming election in the potential effect can have on your portfolio manager he spent a lot. Of time on this casual listeners what it's all about. No absolutely key to it see it I can't. It might not be a data goes died that that folks ask about the election and in neenah how concerned are we mean it is a and only contentious election but it certainly historical and how dis likes from both both you know parties are both both representatives and it was funny does so I was talking to client that just got back from Europe and dissident had the impression that you know we were sort of being laughed debt because it's like. You tell me in the country of 200 and whatever billion million people government and people are are America the best that we have to offer. And you know I think a lot of people share that that feeling but. But certainly to a lot of it obviously has to do with what the market is gonna do when and how the market rule response. Since we put together about a twenty minute webinar about looking at historical so you know what what's happened during each particular. Election year in also the user like the years preceding and then after it you know war will wind its that are recessions crop up in in mobile what was the cyclical. I nature of it. But also talked about things of of legitimate concern that haven't really mean getting a lot of talk about which is the debt. And some of the on some of the and entitlement programs that we have so. I highly. Invite and encourage everyone to check on the website does that there's a link on there back he. Say I've seen this guy is a fantastic connect unhappiness thank you all you do is it visit SHP financial dot com yes smelling district on the let's say rain in the homepage do you go into our media. Thank you. So knowing that talk about the quickest ways to eat through your retirement nesting what we did is we boy 05 bullet points that we think. You know as you start to retire what is the quickest way to go through the year because one of the questions we get. The most is MI did you have enough money to last the rest of my life flow that's eating three your nest egg crate so. You know Matt what is one of the ways that people invest that could potentially take away from the longevity of their portfolio well we'll keep who without getting into this. Among them or sort of traumatic and sudden event such as health care because Odyssey Healthcare can have a he's a sudden and immediate impact on New York. You know eating through your nesting at that point. But another thing comes up phase in regards to carrying debt into retirement. You know an like you know I like to sort of explained people that there is good debt and there's bad debt. And so then the bad debt or things like credit cards loans and things that like a student loans. That the type of debt that is number one fluctuating menos assign a fixed rate and number two most importantly it is that you're unable to deduct the interest being paid on it. So sometimes we see people with these loans and his dad like for example recent sunny 30% of homeowners carrying debt are 65 or older. So there's a lot of this type the debt that's out there. And we wanna make sure that. There are there incoming everything else is meeting. Or in exceeding those debt payments. On the flip side you have good debt such as you a mortgage isn't that bad as long as it's a fixed rate. And it's a thirty year note into low fixed rate. But we really wanna make sure that interest payments on such things as credit card debt and the like are not eating into your retirement treating your nest egg. Because my goodness was on the rates are being charged to you you know Camille overcome that at all in India bottom line's gonna get a road. He and it it's funny DC today you know another one to kind of build on that is. Draining your nest day to help your children and not to say that we shouldn't hope your kids and I think we touched on this a few weeks back on the show but there's so many people that come in that wanna help their kids in so many ways which I can appreciate being a father. However. Will we have to realize is you know your kids have the rest of their lives to either pay off some debt or. You know for instance student loans seems to be one of the big ones that I get you know. I want to send my kid to school. Scores don't put my children she through school. How as I can affect my retirement if it really throws. A monkey wrench into potential retirement where and you can retire if he can retire sometimes people sacrificed their whole retirement and I seen this. To send their kids through school and I always ask the question. Are you kid's gonna pay for your retirement yeah right no. Again and so we don't have them carrying debt isn't a bad thing lose on as they can afford that debt. He doesn't mean you can't help him along the way. But there's no sense in leveraging your whole retirement. Nest egg or happier retirement a steak or even a portion of your retirement nest egg. Health and you can help them along the way this is my pay. Yen early in in its amazing by the fact is we Cecily ran into it to get into very noble. Sort of pursuit if you will to want to leave their kids entirely debt free but. You say it look when you when you are saving you know we are building your nest egg you really need to learn to prioritize your prioritize and a very good way where it's like okay what's the number one priority. And and why is that the number one priority so keep your point retirement in our opinion should be the number one priority. Because you've only so many years to be where exactly you know whereas you kids are in the hands of the longer longer term there. But it just always blew me away because. Yeah again you have these people say nomad I wanna pay I want paid off entirely in in in my opinion like the idea of saying okay. Shift at least 25%. Of the cost of the college onto the children feel let them have at least 25 presents. Because look to take some one as anyone to have them have skin in the game. And then also again I would rather and save that Tony 5% to look could be 200 grand cost. Put that to as your retirement not under rate. The education because again you only have so many years to save up for your own nest again it is normal we're not telling you not to do it is can you afford it India the right move you know any meaning being parents ourselves it's one of the decisions we're gonna face later on. It's just comes and I'm affordability. And to be whether it's the right move for you in the long run another one is investing too conservatively. Into aggressively and yes I. Well it's so true because we see certain people that are just a lawyer and a love you know so Keith when people sit down we would love taking a look at their portfolios and doing a risk analysis and kindness in OK let's see where you are right now. And we see certain people that are beyond ninety to 95%. Of their assets are. Inequities in growth positions in stocks. And just when when we look at the history we could say look are you comfortable with some of these historical numbers you are you comfortable with another away occurring. And do you have the time to recover right and so people say yes or no. On the flip side of that we have people that still have not mentally recovered from 08. It's like they sold out in 08 or nine and ten and zinc rule Yahoo! is really near nervous about getting back end. And if if you don't have some equities in the portfolio. Then you know then than inflation and indifferent you know in in done you know lack of growth will be an issue. So you really have to strike a balance I think and I think one thing keep you know I talk a lot about his business called the rule of a hundred. You know ruled a hundred is for all of our listeners you take your age demise of from a hundred inaction near split between conservative and growth. So if you're fifty you should be 5050 if you 75 he shipped 75%. Fixed 25% growth if you Tony five that Saturday get the point match even more. Are important as you started taking somebody your portfolio to have a position correctly in the rate risk tolerance. Finally. Don't have all your eggs in one basket. As you enter retirement. We believe that you should have money set aside for safety. Set aside for income. Is set aside for growth. What we refer to that as as the bucket theory. So basically three buckets of money safety income in growth. If you're not confident that your money's gonna last the rest of your life come in for a complimentary consultation. We have six appointments over the next three weeks that's 800 GT seven. 7777. Again 802277777. Or go to SE HP financial dot com after the break. Four warnings from the father of American finance. You're listening to us HP financial retirement road map show your guy Jewish successful retirement the phone lines are always open at 1802277777. Stick around the guys will be. We've all heard the expression expect the unexpected. And that's true in life. When it comes to your retirement savings we prefer to say expect the expectant. This is Derek Renoir from SHP financial. Our strategies as a retirement planning firm are designed to minimize risk in your changing world. And develop predictable income plans our team works with families to help them take on the unexpected things in life. There shouldn't be all that unexpected. SHP financial we can't predict the future but we can give you a pretty good idea of what you might expect in your retirement. Call today at 802. Q 77777. For a complete retirement roadmap preview. It will help you prepare for the retirement that you expect that 800. Two Q 77777802. Q 77777. Or visit us some line at SHP financial dot com. If you're getting ready to retire chances are you into the workforce over thirty years ago. A lot has changed since then in you can expect at least as much change over your next thirty years. This is certified financial planner Matthew pack from SHP financial cohost of the retirement road map radio show heard right here every week it. Our team hopes people transition their finances from work to retirement. Since our focus is on retirement we're familiar with lights Kurz as you age and we can help you prepare for them. That's why we say expect the expect it our goals to minimize risk and develop predictable lifelong income plans to hedge what life brings it. Give us a call today at 802277777. For retirement road map review. And we'll help you prepare for the retirement that you expect and deserve. Call 802277777. That's 802277777. Or visit us online and SHP financial dot com. My dad planned ahead so his assets were transferred after he passed just the way he wanted to. I gave power returning to my daughter. In now I know that someone I trust will be making decisions when I can't. The play and we created ensured that her family would avoid having to go to probate court to get their inheritance we set up a trust supporters shouldn't be protected if he got divorced. Careful est. Planning is the best way to guarantee me your wishes are carried out to benefit your loved ones. I'm attorney Keith McManus if danys estate planning we're committed to safeguarding your assets for your family's well being. We'll take you through our dedicated process he can feel secure about the future. The most important thing is to prepare complete and detailed the state plan specifically for you because estate planning isn't just something we do it's the only thing we do. When you're ready to start planning for the future comic menace estate planning it 5087788855. Or visit McManus a state plan dot com. Your June to a CHP financials retirement road map show where you're route to a successful retirement again. Call BS HB team anytime at 1802277777. Or visit them online at SHB financial Don come now here's your host Gerri great. Analysts sorry folks of are you talked about your fall checklist of things you need to do to prepare your portfolio for the end of the year. Fawcett talked about the quickest ways to eat through year retirement nest day. It finally was talked about the election obviously that's a big thing coming here in the next month or so. And we a lot of questions. From people to come and visit us or people contact us on the web. About the election in the affect the potential effect it could have on the market on their portfolio. So we've done is we've put some educational information on our web site SHP financial dot com. It's really about a thirty minute webinar that kind of tee sheet through historical. Chrome reaction to the market. From each election as well as. Forecasting the potential future of what could happen with the selection so some really valuable information both for our listeners. In for our clients. Now we're gonna talk a little bit about Alexander Hamilton Hillis Ari Alexander Hamilton the father of American finance. End met. Elaborate on him in what we can actually learned from the past in from him. Well that's stinky too we obviously want to do this because he knows certainly everyone he. The name has been in the news to say release go to with the you know the recent biography that's in the best seller list as well as a Broadway Show there is. Yes he may may have heard his Broadway Show that is breaking you'll live under that rock over there I see it has its course. But but is also valuable lessons any ensuing different ways but but but we wanted to explain the vital lessons in regards to personal finance. So it is kind of a little background as your saying he was the father American finance Sealy found the first bank of the United States and came up with strategies to save the US from financial ruin. Main part of what he did was was to kind of bring on the debt of the southern states and literally help pass the constitution by getting. You know thirteen colonies to kind of agree on things. But this Amal other sort of more detailed information and we wanna share in kind of thing in valuable lessons are we can take from it. So. Here's a quick note he Hamilton was paid 3000 only 3000 all the years the Treasury Secretary. But 73000 lost today to support his wife children his own debts in fancy political dinners. Okay but it's. He was also sold bread winner so most folks know but if you don't he was killed in dual. Right so when he was killed in dual now his family lost all losing come. They had debts that they had to pay. Any end I'll see children to careful. Now this is something that happens and 1804. Opening continues to happen today. It I was talking to a client indeed there are there's snowbird solution Jenna she loses her her husband a flying down to Florida. You know very soon but literally. Her husband generated about 80000 dollars a year worth of annual income and if you are passed away in all dies with him mean tank. And I I had I eyes tell the story because again as casino not that he's the father of personal finance but. It it is something that we are now planning for. So is who we're establishing accounts and establishing. Investments that match that goal of spousal income and spouse or replacement. So if if he doesn't fact pre deceased his wife we already have a plan in place so that she's not meal has to move ever howitzer asked. Change your lifestyle. So what Hamilton although he did all amazing things he did not plan for spousal income. And that's an absolute Bible lesson that we can all take from his his personal life stuff. So mostly taking option a on your pension that you know if he is sometimes people come in they have a pension David choice that they need to meek. And you know typically a company will give you option a option B option C if you work for school department option a option B option C but if you take option day. That's a 100% benefit to the one person who worked in that area so. If that person so there were to happen and that person. That income then stops with them and their needs to be some planning behind him and his many different ways. To plan behind that but I I agree with you one of the most often overlook things. He's planning for spousal income basically. In this is something we look at every time in our retirement road map process is if something happens to mr. Jones how does that affect mrs. Jones. If something happens to mrs. Jones how does that affect mr. Jones he is there a need or is there a warrant. For a plan to be established offset any ill circumstances. And you are talking about how it via as the into our processing of their five steps in common tax and health care legacy investment plan. But Darren right there is a combination of two now certainly against bustling come policies by veering come planning need to have a a set account dedicated or sort of a a fallback if either one of the husband or wife were to pass away. But it and overlooked area there as well as the tax ramifications of that. In what I mean by that is the IRS. Is very. Sort of not in its eyes single individuals but they certainly have higher tax brackets if you're single. Not now they do give widows a widow or is he don't usually about eighteen months Serena and an additional tax year to still file as a joint tax. Person. But after a certain point if if he or she does not remarry they're filing as a single individual. In their tax brackets have a significant chance of increase it. So not only to be losing come which in turn might bring their taxes down a little bit but it's something that tax brackets go up so their net. What they take home. It is is is sort of a calculation that you have to walk through. Deal for each individual client so mean here you have a guy that was actually brilliant you know certainly is is on the would do a ten dollar bills we know right now. Known for all these things but he didn't care for he didn't have a plan sentence sentenced known for his own life. So be it if if if a brilliant man like this and a founding father. Isn't doing and you know again all moralist or shouldn't feel bad you know if they don't have a plan in place. But to get the idea that. That's that's who we're here to do we know we we hear him make sure that you go through all these different scenarios in that you have. Something in plates accounts in place in game plans in place to address. Those what's funny is one of the if my favorite. Questions ask is what it. You know what if this happens or what if that happens do we need to plan for this do we need to plan for that and there's many different way these. To plan for whether it's counseling come or just building inning complaining general. They need to be addressed so you can eliminate a lot of though what this could you can do if you gotta be proactive. When you when you do this type of planning to some of the solutions. Are not available after that time comes month bullying annoyed that there was some of the plans are available if there's a change in health. You know it is funny you were talking earlier about the pension options and all of our clients have option hey you know where all dies with the individual or the year. 75% survivorship or 50% survivorship etc. Sometimes a talk a lot about it when it comes to option mayor was called the B pension Max strategy there. You know where for for all of our listeners what that is is you take the difference between option main option B in menu you apply to it's a life insurance policy. So that you can still take Mac saying come. But hedge your bets being geez see you're treated cease orderly in the in the eat your spouse so is he said did there all these different options on the table but. It is it behooves us all to see what those options are because of your health exchanges plan options off the table. Today we need to create a plan for our dependence and spouses if we were to pass away too soon if we're to become disabled who drew comes sick in an able to work if we need long term care. Too many people live the life of Alexander Hamilton and planning towards their own financial future but not taking into account the major what yes. Consult a financial professional to playing your what ifs come in for complimentary consultation we have six appointments available over the next three weeks. 802277777. Again an 802277777. Or visit our website SHP financial dot com after the break. The marker report would Matthew pack you're listening music retirement roadmap radio show proxy by SHP financial bugger back. You're listening to us HP financial retirement road map show your guy Jewish successful retirement. The phone lines are always open at 1802277777. Stick around the guys will. He's right back why do so many people have trusts for their families. Do I need one and what exactly can do for me well they send legally make health care and financial decisions for me if I'm not well. What does the estate tax and how can I minimize what my family has to pay cut my protect my children from lawsuits or divorce. When you think about the comfort and security of your loved ones there's so many questions that the whole thing can seem overwhelming I'm attorney Keith McManus. And McMaster state planning will walk you through each step of our dedicated process and address all of your concerns then. We create a complete and detailed plan specifically for you. We're committed to carrying out your wishes and protecting your family from the courts leans in the tax collector. You see the state planning isn't just something we do it's the only thing we do. When you're ready to start planning for the future comic menace estate planning it 5087788855. Or visit McManus estate plan dot com. For over a decade and this HP financial has helped the people of New England lived more secure comfortable lives by providing safer more complete retirement plan to call us HP today at 802277777. That's 802277777. Today's retirees are faced with many fears and challenges. When I outlive my savings will my medical expenses be too high. My money's in stocks what will happen to me if we have another market crash. As a retiree pre retiree but if you're asking yourself these same questions fear not. This is Matthew pack certified financial planner and host of the retirement road map radio show heard right here on this stage in each week. My partners and I'd SHP financial have just published a new book. He SH OP retirement roadmap. In this book we showed you how to create comprehensive retirement plan that focuses on five critical areas of your financial life. Income investments. Taxes health care in a state plan. Right now you can download the first chapter of our book for free so grab a pen and visit retirement road map book dot com. That's retirement road map book dot com for your free book chapter retirement road map book dot com. And now. It's time for your weekly financial update DS HP's financial weekly market report all the things you need to know about the markets and the economy and your investments starting memo. So far we talked to vote your fall checklist things you need to do to prepare your portfolio for the end of the year. We've also discussed. We used to avoid eating away year retired monastic protecting use longevity. And finally we talked to vote lessons from Alexander Hamilton in our forefathers things we can. We're now joined for the market forward Matthew pack now what are we talking about this week. Things like Keith I was love the ailment need time on the show to talk about the different aspects so like for example last week we talked about defendant whether or not the razor interest rates. You know the time it's more of a dictionary of the different aspects of the need a social lexicon when it comes to the the market world. But this entire study was called the behavior of the market that boasted of how we react to the markets around and things like valuations. And yields in dividends and Sharpe ratio and all those more tactical terms there's into this entire study dedicated towards how people behave and some at some of the biases that we have Susan more psychological exactly I think he's a bias is that we need to overcome. So for example number one and we see all the time is decision overload. Like wheel when it comes to investing and retirement planning there's no shortage of options it's most retirees feel absolutely overwhelmed its. Mean how many ties even trying to make a decision and there are so many options that you end up doing nothing. Too often this is what happened yeah you know like they. You know it's whether who I should work went there what retirement investment should they have. 401K. These endless decisions are likely one major factor that keeps a third of Americans from doing anything at all. Meeting with a trusted financial professional enemy also be clear to find sushi area which we're very. Zero very keen on being fiduciary is ourselves and we want me should you when you do me with a trusted professional little little sidebar here we wanna make sure that they're giving you advice that's in your best interest it's okay to number one. But when the first sparse and you need to overcome is decision overload. Secondly is hindsight. We are all geniuses in hindsight it's 21. You don't especially when it comes to investing that we often looked back and wonder how we didn't see a financial crisis coming or how we didn't capitalize and a new market Trent. This took some bias often causes us to think that what's hot now will continue to be hot chasing returns all absolutely in for example. In in Maryland recognizes companies apple. Apple was selling for a 130 dollars a share in 2015. In stock analysts are they what they called the street. Thought the new did increase to at least a 150 dollars now even after he went down to nine. 112 dollars per share. So to be clear you can't predict the market. You'll past performance does they always say past performance is not guarantee future results. You need to employ diversity diversity diversification in your portfolio and never depend on any one company. Okay so again decision overload hindsight number four number three and sari is the herd mentality. Too many people fall into the herd mentality they fall and everyone else is doing for no reason other than they think it's what everyone else is doing. Too often this cause us to buy high and sell when we shouldn't be he surges get into that that crowd is able to everyone else is doing and they must know something that I don't. And that's clearly not always the case and any bubbles mean million in history is caused by again the other herd mentality. So assuming. And last but not least the fourth by C need to overcome is what's called loss aversion. People hate to lose. Loss aversion theory tells us that a loss hurts two times more in the pleasure that we receive from the same game. You are nesting in money certainly is no different. You work hard and saved is no doubt the people become emotionally attached their portfolios. Nearly in in this happens in other ways to a sometimes it happens in sports. You know psyche of people serve you criticize. The other the Celtics in the Bruins for falling in love of the prospects so much and then. Women these have sort of value them elsewhere in south to saint. So sometimes he had his loss aversion can affect people in many different ways not just in the market. So at lake is some of the prospects the same version can cause people to hold onto investment that's falling in hopes will come back. Or they sell too fast because they don't want alludes. So it's harsh to me scene you need to detach your emotions from your investment strategy. You know and in this easy for us impossible you need to speak of the financial advisor to help manage the funds in service you behavioral coach through all the market volatility. It into funny keep just complete on a side note is that sometimes I see I see our role as that and as literally as a financial psychologist at times. In on us and talk to blow off the edge because they know that there sort of acting irrational if you will because again money is human when you see losses. You know in game when you see the the market's fall everyone feels it. And so I love to just say you know it's it's like an old lean on the Dion to build British. In a poster it's like keep calm and carry on. Because really there's nothing much more he can dip. He and I think having a plan built around your hours yes definitely can. TV some peace of mind knowing that okay look we have this money set aside for income we have this money set aside for growth we're not gonna make any. Short term heard irrational reactions to the market win this growth pocket. Therefore you know a lot of our clients know. You know how did basically react the same way you know they know why that money's there what it's therefore in the timely until they actually needed so mobile we often talk Keith about the with what's called the bucket theory you know instantly so froth off folks are all ever listening to buck. Theory is the idea that you have certain investments and then you have a dedicated timeframe with them. So you have you dedicated income accounts and in these accounts that are money that are gonna driving come mothering cash or fixed annuities are CDs or whatever it is. That's income free next ten years. And then your other pocket is your growth stock and that's why did you not gonna touch for ten years bullpen because you're driving income from deal bucket one. And when you have these dedicated buckets he's dedicated goals. Like this is my income money this is my growth money. So when the markets fall Hingis was taken a hit you growth money. But I love tell you they know they check you had to sing it keep as you mentioned what having a plan a love to call people back up to sixty K don't worry -- that's your gross money. What tesnus money for ten full years so whatever is happening right now is just going to be a blip on the screen in three years ago running we talking about anymore. Right in you know to get Mets marker board get our mark report here go to SC HP financial dot com there's a marker report sign up. Each and every week we put out this information to the people that you know has subscribed to this mark reports free. And it's just great information about the market the current state like Matt said sometimes this terms and definitions. Sometimes it's theories sometimes is more conceptual so it's really really good information encouraging US CHP financial dot com. Mark reports sign up. Well houses say two key to that point demean. You wouldn't nothing that we talk about it kind of goes back to having a plan. I mean be in this market report no meaning else that we do it's not it's not sort of telling with the future holds or what stocks to buy or anything like that it's just. Giving you good education you know journal laying the foundation down so that. Everyone know that got us is your advisor and as you as the person and other consumer our client. I'm are making good decision to making well informed decisions and knowing that the behavioral side of things as well as the technical side of things. Really helps a nap purpose. We talked about decision overload Heinz say the herd mentality loss aversion. As you and cheering tier retirement years do you really want to be worried about these things. Most people wanna travel and enjoy their retirements you put this aside not have to think about your investment that's what we are here for. Come in for a complimentary consultation. We have six available in the next three weeks. 802 Q 77777. Again 802277777. Or visit us online at SE HP financial dot com. Coming up after the break their retirement road map recap. You're listening music retirement roadmap radio show brought to you by a chp financial taking YouTube and through retirement. We'll be your attack. You're listening to us HP financial retirement road map show your guy Jewish successful retirement. The phone lines are always open at 1802277777. Stick around the guys will. Beef. When you're building a home you need more than just four walls. You need a roof you need a foundation without these things your home would be incomplete the same can be said for your retirement planning. Hi this is Keith Ellis co-founder of SHP financial if your financial advisor is only looking at your investment portfolio. It's like having a house we know roof. At SHP financial when we Cree are customized retirement roadmap plans for our clients managing their investments is only one part of the process we include income and expense planning inflation protection tax reduction strategies and health care in estate planning. If you're curry advisor is not talking to you about these important issues we invite you to come in for complementary no obligation retirement roadmap review get a second opinion your retirement wellbeing could depend on call 802277777. That's 802277777. Or request your appointment online at SHP financial dot com. For over a decade in this HP financial has helped the people of New England lived more secure comfortable lives spent providing safer more complete retirement plan to call us HP today at 802277777. That's 802277777. Today's retirees are faced with many challenges such as figuring out how to best protect your nest egg from market volatility inflation and taxation the financial waters can be tough to navigate SY SHP financial is inviting you to join certified financial planner Matthew Beck and his partners Keith Ellis and Derek Renoir for retirement dinner workshop on Tuesday October 18 third Thursday October 20 at -- a prime Italian steakhouse in Woburn man Eric and Keith are published financial mothers and longtime radio show. This event does best suited for individuals with at least 250000. Dollars and retirement savings seating is limited so request your reservation all mine today at SHB workshops dot com that's SHP workshops dot com. Your team USA HP financials retirement road map show where you're route to a successful retirement again. Call BS HB team anytime at 1802277777. Or visit them online at SHB financial Don come now here's your host Gerri great. She's jealous. So let's this year we talked about our fault checklist things we need to get done before the end of the year from a portfolio standpoint from a tax standpoint. We also talked about eating away ear and a stake talking about longevity in calm things like that we also talked to vote lessons that we can learn from our forefathers like Alexander Hamilton if Charlie talked about the market report in the way we think psychologically about the market we also touched a little bit about the election and what we've done is we've put some educational information on our web site. SHP financial dot com. It's about a thirty minute webinar do you go in and watch at your leisure and get some really good historical information as well as some information that we think can help you going forward about your portfolio though we are reacts to the elections so on and so forth so again this HP financial dot com the reason why we did this as we get so many questions about. The election what we think's gonna happen and how we think everything's gonna react so on and so forth so. Again tests HP finance dot com particularly the information it's valuable map it's time for the retirement road map recap what is the one bit of information that you got from today's show that you feel as valuable to listeners who pays lucky. I wanna kind of go back to original segment you know we talked about fallen. And unfortunately or fortunately or unfortunately it's being in the election as you're saying is driving everything on as the law focus on that but. We talked about the need a sort of having a plan or just not having to worry about all these things since about the prefer they he behavioral science of things about loss aversion etc. and I'm really want people to to focus on just how beautiful it is here you know not to sound too kinda melodramatic but. You know I declined in the day he he retired. And you know recent the past six months. And soon every Wednesday. He is wife BC ticket dig it take a day trip and mail this this year for the next four weeks he's just and be doing you know sincere view atypical leaf popping a leaf peep popping or peeping wherever it's called you know. Where he's driving and he's keeping stories driving up north and to spending the day and is looking and all the colors and I want to remind your listeners of that because. I want our guys I want our clients I want all of our folks be focusing on that. Not about what's happened in the market and we ought to see what folks in the elections because it on it's a future of our country of course but. This more about take is much as you can off your plate. You know find it trusted advisor find submits a fiduciary or certified financial planner. Find someone that can just lay that foundation times this look I'll lay that foundation down so that you and your wife contained in spouse whoever. You can spend that time in truly enjoyed this season. Because it's it's a wonderful time to be in New England again patriots Red Sox and we have the in the fall foliage. So that's for any industrial wanna create in that tape of lifestyle and worry free life if possible for the client. It's now a lot of that actually has to go to building a plan so many people coming in visit our office don't have a plan they have a portfolio. Which most people that this set aside some assets to built up this nest day. But they don't have a plan around that mistake a plan for income. A plan around their investments. A plan for taxes. A plan for health care. In a plan on how to leave this money efficiently through next generation what we call legacy planning. For those of you who wanna start discussing how to build the plan we have six appointments over the next three weeks. 802277777. Again 80227. 7777. Or visit us at this HP financial dot com we have offices in Hyannis Plymouth. Who burn in west Borough again he 10227777. SEP financial dot com. That's all we have time for folks with Siri back here next week you're listening into retirement roadmap radio show proxy by a chp financial taking you to in through retirement. When choosing a financial advisor to manager investments it's important to note the advisors being held to fiduciary standards. This is Matthew pack co-founder of SHP financial and other working with families for over a decade helping them plan for retirement. Investment advisors who are bound to fiduciary standards are regulated by the SEC and state security regulators. And they're required to please the client's interest above their own. Brokers who are fiduciary or not held to these high standards and their first responsibility is to their own firm. It's our priority to make sure your interest come first every step of the way. Call a sixty financial today to schedule complimentary consultation. In discovered a fiduciary difference during your first appointment you receive a stress test in the analysis of your investment portfolio at no charge. Call 1802277777. That's 1802277777. Or visit SHB financial. Dot com if you're in or close to retirement are you sure your money will last the rest of your life I'm Derek Greg Moore co-founder of SHP financial. So many times clients first come to us for the retirement portfolio but no plan on how to safely withdraw those assets and protect themselves from running out of money later in life. And SHB financial we take each client to our retirement roadmap process. Focusing on five critical areas of your retirement income investments taxes healthcare and legacy. Our process is simple and easy to understand. Once you ability to customize roadmap we don't stop there. Review your plan annually to make sure you stay on tracks and you can enjoy your retirement years. If you have a portfolio but no plan called today for our complimentary consultation with the SEP financial team member. There's no cost and no obligation call 802277777. With a offices in Plymouth west are Woburn enhanced. That's a 102277. 777. Her on the web SHP financial dot com. Today's retirees are faced with many challenges such as figuring out how to best protect your nest egg from market volatility inflation and taxation the financial waters can be tough to navigate SY SHP financial is inviting you to join certified financial planner Matthew Beck and his partners Keith Ellis and Derek Renoir for retirement dinner workshop on Tuesday October 18 third Thursday October 20 at -- a prime Italian steakhouse in Woburn man Eric and Keith are published financial mothers and longtime radio show. This event does best suited for individuals with at least 250000. Dollars and retirement savings seating is limited so request your reservation all mine today at SHB workshops dot com that's SHP workshops dot com.