Jan 29, 2017|
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. Montgomery one to another weekend edition of the retirement roadmap radio show brought to you by SHP financial. I'm your host Eric Gregg who are joined by Matthew packed in key tell us. In today's show's going to be very important for those of you listening that are approaching retirement. We're gonna go through six important steps to take in the year before you retire. And every few weeks or so the three of the three partners myself key to map. Take some time out of the office and just work on the business and work on some planning ideas and in just different ideas as it come bit as. As things come up within our infrastructure here SHP financial. In their last meeting we discussed a few weeks ago. We were hat we were just sitting around talking and in noticing how many folks come into our office from the radio show are from referral. In. They're sold little planning being done for these folks have worked so hard. Deceive up assets. In that can be you listening right now are you might have a full portfolio of stocks bonds mutual funds. But what is your plan what steps he taking to be prepared for retirement. And so I know Matt we talk about this all the time book. When you if you don't you show up to a race like if you're running a marathon. He all of a sudden just show up to the it to the starting line and start running. Oh absolutely none of preparation that stuff just comes the play up slimming did just that they could this where all important things. You know social look let's say it of sale listening in your daughter's getting married soon you know how much work is gonna go into wedding. And so there's you know years and years of planning to go into one event seen a twelve hours. But it's it's significant whether it's a marathon or whether it's something like a wedding it's just think of it that all important things take preparation. And it takes planning innately and indeed they take looking at things you at least a year in advance if not years in advance. So what's more important than retirement. He'll look at you think it llamas is dizzy Utley on what Doug financially of course not not health and things like that but what did you think of that that would be more important in your retirement. As your standard people sit down doesn't it in that they wouldn't have their preparation it's mime blow into them I'm obviously when we sit down we talked about we're glad they found us in nick and that we can put a plan together for them to get to enter retirement. But it's amazing how many people have come in the CS that don't have this plan in place. Yet time and time though it's like you said about the marathon is an example MacKey a great example of preparation for wedding. So many people come in and they think they're also they think they have a plan in place. The really what they have as we see this time and time again is just a portfolio now someone that's. Either they're managing it themselves that we you know consists of stocks on these phones are they have an advisor. This kind of doing the same thing. But they're not getting that that that income strategy or that tax strategy you're the legacy piece it's not a full holistic plan. There we build for each one of the clients that you know we want to work with and they wanna work with us is going to be in my events I mean in in this good. Have feel failure playing could have devastating consequences in LA and ever and ever read that more than half of workers Oldman 55 haven't developed a plan for for paying themselves in retirement. Or yelling and we talk about this we say look when you're retired. You your paycheck. Easier savings. Right obviously when you're working your your labor and in what you're doing for referred job as your paycheck well when you retire. It is it's what you've been able to safe. And so if you don't have a plan if you if you haven't prepared it's like imagine nearly just to go back to the marathon analogy you have been trained in nice poster run 26 and whatever point two miles yeah a good luck. Yeah what do you see are in Natick not even is a hearted plant is a hard just to show to the marathon and run I don't know where boarded train for weeks ahead of time months at a time. Don't appear endurance and angle run the race I mean it's it's. This so many principals in that come from preparing in Costa I was joking around Tyco weddings Keith and I we should be off the hook with avid. Meats have two sons he had this map at includes a and it's a densely got to college and letting them help you plan and fourth since so as there is another study says that this similar studies that two thirds of folks and their retirement. Without any clue of where there withdrawing their money from these imagine not having any strategy set up for that so we're gonna cover six important steps to take. In the year before you retire. So rather than delay in math let's just get right into the first one and noses up you're like Jim a lot of experience. Don you're kind of our in house expert here but. Signing up for Medicare. Well the SO ME health care is a crucial. Costs when it comes a someone's our retirement and in and the reason why we talk about Medicare too is that a lot of folks will delay your retirement until 65. Because of the fact that they'll be spending anywhere from a thousand to 3000 dollars per month on health insurance premiums. So what when you are preparing for retirement and if you are begin nearing 65. The first step that should be doing is signing up for Medicare. And so for all of our folks it's a that there are aware Medicare consists of two separate part served in the main two parts and in this scene. But the two main parts apart they impart B. Part of you get for free. So the mini turn 65 and you have paid in your quarters and you paid your taxes you automatically enrolled in part day which covers your hospitalization. And then you have part B which is doctors switch is sort of like here outpatient surgeries and physical therapists and specialists and just going to a normal physician. The sad part B costs anywhere from acting and depending on income. A 110200. Multi morally don't go a couple hundred dollars again depending on your income per month. The more important is that part B is not on a Mac. Because part B has that fear assigns to it you have to do physically sign up in enroll in part be. And it's important to realize that decides on the cost savings which I'm sure will will bubble get into. Is more so that. You cutie you can enroll in the Medicare supplement without having me you know part B coverage dorm room or around the Minneapolis called DA for perish by us for prescription drugs. In a lot of what are called the Medicare Advantage plans also require you to enroll in part be. So the first thing is that as you are preparing for retirement especially if you're 65 and older you need to make sure to sign up for Medicare. Because that's the means for one it's obviously important for health care but on the financial until it's also is huge when it comes to the medical savings. Because we see people's. Health insurance premiums dropped by seventy to 80% stray once they turn 65. Yes so. Began folks are talking to a six important steps to take in the year before here before you retire. In step one each step by the way. This these are all steps that we incorporated at a accompanied SHP financial so our clients can rely on us has things come public Medicare. All the other issues feminist discuss entity show. These things that we take care of for our clients so signing up for Medicare legacy we have our in house expert map pack over here we'll be doing it for years. He knows inside now while listening to is that people need to be aware of all the penalties that are there too so mean not only are you should you be Neal making sure that you're rolling just just for the coverage and in the in the savings. But also there are penalties if you don't enroll in part because. And there are penalties he dual role in part Diaz as in dog or firfer drugs. So you really have to again do that preparation and that's we're talking about me can't to show but the racy need to know a hell Medicare works now but BF to make sure that all of the all of your sort of enrollments are ready to go win retirement occurs in. Based on you situation MIP one Medicare supplement that Suu Kyi Bennett and another says a lot you don't want to jump and somebody the last minute you want a plan so. For the throat all the listeners have listened to us and support us for so long on the station. We we obviously appreciate you but today's show is focused on those folks only. Where like five years out or less from retirement so that's you you're gonna wanna pay attention to the show because we're going through six important steps to take. In the year a couple of years before you retire. If that's you please take advantage we have offices in Plymouth. West Borough mover and in Hyannis we'd love to sit Dow do you work for you on these areas to prepare you for retirement. All you have to do is pick up the phone there's no cost to sit down with us through we had eight appointments available on the next over the next month. Call 800. Two Q 77777. C one a schedule and no obligation consultation. 802277777. They're going to SE HP financial dot com. After the break when I continue these important this topic as it pertains to the six important steps to take. In the year before you retire you're listening to their retire or America radio show proxy by SHP financial taking you to grand jury tyrants. You're listening to as HP financial retirement road map show your guide to a successful retirement. The phone lines are always open at 1802277777. Stick around the guys who. 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 you're financial advisor is only looking at your investment portfolio. It's like having a house with no roof at SHP financial win we create our 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 state planning if you're -- 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 well being could depend on call 802277777. That's 802277777. Or request your appointment online and it SHP financial dot com. 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 retired every pre retiree. 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 curb right here on this stage in each week. My partners and I'd SHP financial have just published her new book. He SH OP retirement road map. 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 in 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. York June to a CHB financials retirement road map show where your route to a 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 so on today's show we're going through the six important steps to take in the year before you retire. So far we talked about step number one which is sign up for Medicare. Keep in mind as we go through these steps these are all areas that myself Keith Matt and our team SHP financial. TNN have helped get help you with a we've held many clients win over the years since he started. Over thirteen fourteen years ago but we're gonna go through against a number one with sign up for Medicare is a lot that goes into this Medicare age. Make your. Step number two keys is make or retirement budget which is crucial if you don't know how much you have to cover. We don't know how much income you need to generate exactly can't have a retirement unless you have a proper budget bill. Yet these things he wanna look at basically your fixed expenses like food housing. Taxes. Insurance. You know health care like we just addressed but also other things like clothing gifts. The occasions are you going to be helping your kids agreeing kids with college you know those types of expenses you wanna build into your plan moving forward and one of the things we want to look at is okay so we've built this expense worksheet we now we know year. Your expenses. What is your income look like do you have you know what his Social Security early June what do you know what it do you have a pension. Do you have an annuity gives you some income. That would you wanna do you wanna compare those two numbers you know if your city for example if your expenses are 6000 a month and you're making 4000 a month. What wearied that's what we refer to as the retirement income gap. Then you have to build the plan. Around that retirement income gap. That accounts for inflation counts for you know longevity because we don't know how long you're gonna live. That's really the idea of taking a look here expenses. Coming up with a budget coming up this inning coming up with a strategy. To meet your expenses were an expense need rather. And that's our love and exercising I love a knows he does mention both of the planning process I love that because. You look let's separate okay. And we know what what our needs and what are want to see you know so you need to obviously he your house you need to. Pay for gas you need to eat too you know you need to pay taxes it doesn't needs. And then once in a key dimension you know like travel and entertainment and gifts and charity and I love that exercise because. Number one he's a look back you say okay this is awareness of what expenses and work so well we sit down their clients and walked him through publicity with the with the past year looks like. But then that's also try to project out to the future you know will will will will we spend more initially during retirement and then sort of taper off. We'll Walton. What are we expecting sort of health care cost to go in in New York is key dimension inflation so how we wanna set inflation into it. I mean I love it because I mean you can literally spend. You know an hour with the clients just on their expenses to make sure that it matches. What they actually are doing and what they wanna do. In cluster wanna make sure that when you retire. Yeah yes it's a you have to have this exercise is so crucial folks because. Casual listening to this to the show more talking about when you calculate your expenses. In the money that you need to retire on. And you know how much fixed income you have coming in my keys certain Social Security pension when not. If there's too much of a gap we don't have the assets to cover you will either have to media to make some decisions you have to work longer. Our cup back on your expenses but you have to know this number. Blades that I love that sport event because we'll win when you do we win as saying they're pretty go through that exercise you can just say OK well here it is Huey did you do work longer okay that's okay too or are you spend less but would you rather do. But if you know that. Then you know you've groping around in the dark again you don't wanna show up to their race yeah exactly dramatic training yesterday devastating conflict cut a consequence if you don't know losing come Hummer our expense number. It's sort crucial so we have an SHP expense sheet that we can help you with that helps you tally up your expenses on one piece of paper. So you can have an edgy pretty highly educated guess on where he'll be when you retire. You what you need to cover when you retire. Again folks this exercise which is step number two in terms of important steps to take in the year before you retire I'd say even five years before in this case for this one. Make your retirement budget so if you're five years or less from retiring and you want help doing this again the sounds complicated we're talking about. Considering inflation taxes longevity is a lot that goes into it we can help you if that's you if you're an F five years on before retirement. Pick of the phone give us a call we have offices in Plymouth west Borough Woburn in Hyannis just call 80227. 7777. Right now Odyssey won a schedule complementary review. 802277777. As always go to our website SHP financial dot com. All right so the six steps step number one sign up for Medicare. Step number two make in retiree and budget crucial Seoul foreign stun number three teeth maximize Social Security. He can sign up for Social Security when you're 62 years old this is a crucial piece to anyone's retirement. Because it fixed income you know it's coming well we hope you know it's coming so. How do you take that what's the best strategy to take that into it what we do when someone comes and wants to talk about Social Security strategies. Is. First you wanna do is again look at their budget look at how much they need in retirement second they wanna do is look at okay Wayne do you wanna retire. Third doing what other fixing comes sources you have. Do you have an annuity do you have pension do you have any other fixed income sources. Fourth. Do you know what is the amount of assets the F you know where are they don't you know power there. The final thing we want to look at is okay is there a strategy we can build around Social Security because. The best thing you could do. In our opinion again not knowing how long people are gonna live. Is to delay obviously that's the easy piece of advice right. Am I happy option for most people exactly reverend. Because as you delay you're using your assets if you wanna retire early. Says something you really have to weigh. Boom but by delaying what you're doing is you're getting an 8% increase per year. On your so on the on the amount of Social Security you're gonna beginning that's significant increase. Now who really know of anywhere else where they're gonna basically guarantee you any percent increase each year. The hard part is. That breakeven number if we knew how long we're gonna live then we can optimize and give every person that walks in. The optimal Social Security strategy. Unfortunately we can't that's why we take into account all those other factors before we go ahead make that decision in does in yankees mention of the. The the through the breakeven nature I mean I love asking clients about that a voter okay how is your health how how old are your parents live you know it was his it was a lifestyle oriented where they were a pack a day smoker and you know of course they died their sixties or was it something that was sort out the blow when meaning in in me even send it to makes it even harder is that be some clients that are adopted. Is out even know how how old my parents war. So that you need to know that in the meaning did to sort of project as best she can nest as to how long and in also how's your spouse's health too because the idea of delaying it also Leo it's a higher check these out is the one that carries on. So if you are higher bread winner. And you have on cius Delta's she's in great health you deathly one delay because that hired Jack is gonna pass on. They get to higher now you stole my thunder I'm not gonna put a sorry Dallas you get the higher of the two so. Thank you said Nick Masset MSAs because I was going to say is it's not gonna slam fully steely it's it's good to repeat for all the audience and they know if it SA one let's say the husband is at 3000 the way set 2000. Still security if either one pass away you keep a higher in lose a lower so might make sense in that case to delay. Either way need to strategy in place these are reports we can run for you that we do arm for our clients serious HP financial so again we talked to a setting a budget. Maximizing Social Security two very important steps to building to getting close to retirement things he's take care of if you need our help. 800 GT 77777. We'll set up a no obligation review and walked you through this process 800 GT 77777. From an SHP financial dot com. We'll be right back as we address the next three steps of the six most important things to take care of before you retire. 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. Is your financial advisor only mean would you once a year to review your portfolio if you're five to ten years away from leaving the workforce your retirement could be at risk. This is Derek Greg our co-founder of SHP financial did you know that you or your loved ones to be exposed to a 300000 dollar tax bill for a 400000 dollar health care bill. What good is having a financial advisor if here she is only looking at your investment portfolio in ignoring other potential problems and SHP financial we do more than just manage our clients' investments are customized retirement roadmap plans include income and expense planning inflation protection tax reduction strategies health care in the state planning to current advisor is not talking to you about these important issues we invite you to come in for a complimentary no obligation retirement roadmap review. Get a second opinion you retire while being could depend on it. Call 802277777. That's 802277777. Our request or appointment online SHP financial dot com to. How much risk is in your portfolio of hi this is Keith Ellis co-founder of SHP financial in times of market volatility it's even more important to have the correct amount of risking your investments at SHP financial -- risk allies the award winning risk engineered technology then mathematically pinpoint your -- number and align your portfolio to match crystallized replaces subjective terms like conservative and aggressive with a -- number from one to 99 precise way to measure your exact comfort zone for downside risk in potential upside gains are US sixteen or 67 visit SHP financial dot com and click what's my -- number into the quick five minute questionnaire in you'll instantly determine your own personal risk number then we can build your investment portfolio to match in clearly define the path to your financial goals put the most advanced technology to work for you find out what your -- number is two day visit SHP financial dot com and click the link what's my -- number that's SHP financial dot com. My dad planned ahead so his assets were transferred after he passed just the way he wanted. 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 the trust sabonis and 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 keeps McManus as the tennis 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 2 SHB financials retirement road map show where your route to his successful retirement again. It's called 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 on this all important show we're discussing six important steps to take. In the year before you retire. I like deep into the next few years before you retire if you wanna be proactive and plan ahead this too much this too little planning that goes on out there in the financial world. You wanna prepare prepare and equipped you for retirement the things need to consider. So as we cover in the previous segments number one in Santa for Medicare. Number two you got to create a retirement budget. And number three you have to maximize and analyze all of your Social Security options. To consider but when you're gonna triggered that for you for married for you and your spouse etc. Economist nice Segway here in terms of true when a tree so security. Is number four step number four is way a year pension choices. How I can tell you you know every week have a conversation with some client Aaron new person coming that has set Dallas from the radio show. And says you know I have this option I didn't I can take my pension now and get this much right to take a lump sum and get this much there's a lot to consider a map. When it comes to pension and that's an important step is way your pension options. Oh absolutely I mean it's a for all of our listeners so lucky enough to be eligible for pension. They're also aware of older from pension options that are there in everything from you know it is single life was still single at the new anywhere it goes all to them to enjoy life to also be lump sum Derrick as you were mentioning. The option to take on the lump sum benefit now certainly on one hand of the guarantee payment to do the security of knowing middle lasts as long as you do. But with lump sum you could potentially you know invest the money and ended with more of that you draw from than than you would have crowd drawn from the pension at that point. And it is a good segue from those security because a lot of those same questions are there. So example how is your health. When do you anticipate. Obviously we don't know we're gonna die but few really good health and you have great longevity on your side you know you might wanna take the guaranteed payments. Ask bill lump sum work you are very poor health you anticipate in need Jaco live in two year high eighties. Taking held lump sum this creates much more flexibility. Upon the initial retirement. Also to will we see a lot of inflation issues. In a lot of people have these pensions but then they will have a monthly check that doesn't increase capacity yet the same as sixty years you our new ninety's which isn't gonna cover the goods at that point custom whenever there's a lesson namely without getting too deep into what's called the time value of money I mean the idea that that every with every passing year that pension gets less and less effective invaluable absolutely. And also to Lee is the legacy part of it. Now this also comes into effect does it talk to those Social Security with making sure that your spouse is taken care of but also the kids there are some pensions and have joint life so that OK as a husband and wife they're taking care for the rest of their lives. But listen to both pass away simultaneously. Two years then. And all of that money goes directly to the company knows offering the pension. So it lets say they had a lump sum option lash at declines in the day who retired from AF from a local energy company. And you know his potential as a 650000. Wasn't in the best of health you know I had two kids and so his big concern was that wolf I would take his income stream in the me in my life passively five years from now. I just I maybe got fifty grand out event but the 600 grants just evaporates don't know poof it's gone. So is so these questions need to ask yourself these attacks again the preparation that you need to do before you start the races. Okay what happens if this happens you know way in just walk through all the different scenarios. So that you choose the best pension choice available. Now I remind listeners that sounds like a lot of information which it is bizarre job this do we do for our clients this is we do the heavy lifting for you. We just seem to take time to sit down with you go through these options to help you make these important decisions as you enter retirements it's a whole new game. Step number five or report yet very important step number five before you retire. Review your portfolio. For years you've concentrate on accumulating your savings making as much money as possible now the bulls to preserve your nest egg. You'll still need to invest for growth and you wanna stay ahead of inflation but you cannot risk losing a huge chunk of money. At this stage of their lives of your lives in our world and a safety financial we're building on a proper income and investment plan. When I make sure you allocate your money into three buckets money set aside for safety. Money set aside for income in money set aside for growth. But always you look at your portfolio. If you haven't already taken a look at yours you wanna make sure that you're comfortable with two things number one is the risk level. And number two is how much you're paying in fees inside that portfolio that you might not even know your paying. So it comes to reviewing your portfolio. That's the fifth important step and you want a review from a risk standpoint Keith. As well let's misty standpoint and that's something that we that we think is very important that we help our clients would. Pictures as you go in go on and on year to year putting money into a forgoing care and I area there are some like that's kind of becomes. For most people that we see kind of set it and forget mentality as long as they're put in the money in there it's it's in it's working for them so and so forth. But as you start to get closer to retirement you need to recalibrate where your risk you know the amount of risk it's in their portfolio we see that. So often that. It's never been done you know they just kind of been put the money and then in the money and so this really two ways to lose money a portfolio the first way. Is through market lost the second ways to excessive fees which you brought up arm a lot of wind clients come in. We're really digging in to what's going on the portfolio. You know where are you on the risks scale. How much you paying in fees how much are you paving commissions all these different things were giving their bird's eye view say OK here you are now. Here's potentially where we can take you based upon the different meetings that we had. And getting to know you as an investor in providing for your goals close up look ahead a. As a real tournament turns you yes me and go through this but people come in all time. They know they should be of at a much lower risk both for retirement but they're rescues through the roof and they're paying these high fees and speaking of lack of planning. If your five years or less retirement. And you haven't they'll tell you risk tolerant properly. You're at the risk of another 2000 a year 2001. Of a huge drop happening now you can't retire and I can't have delay if you want it's your retirement because she did not plan ahead. Again you have to plan will actually in India there's really two issues here their loved it talk about a minimal won his career as a risk is you're saying. I love how I love how tastes change you know scandal like you know grown up they hated spinach but right now I love spinach and I still hear it to Salina you can colorful okay. Yeah but to get the ideas like right now we know if you earned the if here investing like if they go or what what happens is that people are investing like a thirty year old dad and now there's sixty. It's a cool dude do you are you aware and hopefully comfortable with the number of of the amount of risk that's now on your portfolio because as they say tastes change time obviously. Marches on to say the least. But also just a jump into the fee called conversation which is the other sort of analysis he wanted to do when you review the portfolio is that. As a fiduciary. We know world the fees are net you know we know because we're what's Kofi only Reno's we have paid by our clients. The weeds on the Sony fees are industry is just the rife with them now in is there's bad apples out there or just bad practices. Out there and we know how much set the road zero overall performance I just I hope that everyone really takes opportunity because I love playing that out. To say hey you could potentially earn two to 3% more per year not by doing anything magical and RN. But despite getting you into low cost in more efficient. Investments exactly so from a fee standpoint and Marie standpoint as you get close to retirement folks please I understand this is this is so crucial. To know we're paying fees. Maybe even as a porn or more importantly know where you are from a risk level. Jesus this is analysis that we can help you win we can run reports to see what risk you're taking and how much you're paying in fees but you have to act take some time in call. We have a deployments available there's no charge to meet with us offices in Plymouth west Borough Woburn in Hyannis. Call right now and get your review and count their 802277777. 802 Q 77777. Are going to SH OP financial dot com. We get to act when attack on the final and six most important step to taken a year before you retire. You're listening to a six speed financial retirement road map show your guide to a successful retirement. The phone lines are always open at 1802277777. Stick around the guys will be right. Back why do so many people have trusts for their families. Do I need one and what exactly can do for me how old Lisa legally make health care and financial decisions for me if I'm not well what does the estate Tex. And how can I minimize what my family has to pay. How do I 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 McManus estate 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 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. This is Derek Greg are from SHP financial now the holidays are behind us it's time for you to consider spare you a little time for tax planning seek a stay ahead in 2017. Right now it SHP financial we're giving away complimentary copy of our 2017 tax planning guide inside this guy you'll find eleven tax planning tips that may help you minimize your tax burdens in April to be a complimentary copy of this guy simply visit asks each. 2017 tax planning guide includes information on inflation adjustments for 2017. Important tax updates in specific actions you can take right now. We cursor comp married 2017 tax planning tips guide today online SH OP tax tips dot com. And SHP financial we do more than just manage our clients' investments are customized retirement roadmap plans include income and expense planning inflation protection health care planning a state planning in of course tax planning is SHP tax tips dot com here complimentary tax guide today that's SHB tax tips dot com. Your June 2 SHV financials retirement road map show where your route to a successful retirement again. Call BS HB team anytime at 1802277777. Or visit them online at SHP financial Don come now here's your host Gerri great. Keep jealous. So for those you that. Are within one to five years or less of retiring this show should be very important to you because you're talking about six important steps to take. In the year before you retire says quick recap some that we talked about five of them so far we have one left to go. The step number one sign up for Medicare step number two make your retirement budget. Step number three maximize Social Security. Stop them before it makes you weigh all your pension options if you have them for your for the company that you work with. Step number five review your portfolio. You built your whole life accumulating money. Is it after risk tolerance that he wanted to Kazuo from the accumulation stage of life to the distribution stage so is it where you wanted merlot or risk level. As well as what are you paying in fees due a lot of mutual funds. Those things have to be analyzed on those of the first five steps step number six might be the most important. In we talk about this a law on the show but you know. You need inning complain when you retire you have to happening complain in my opinion. To know how much you have to then they need coming in month after month year after year for the rest your lives. To step number six map. Set up you withdrawal plan that we call the incomplete well others say what will weigh whether we you know it Alyssa is gonna which are planned whether they called being come plan and I mean it is the foundation. Of retirement. In both worked their whole lives in it and they've been growing money grow money grow money and that's a tough you have to consider the mindset shift to going from the accumulation stage. Grow grow grow grow grow. To the distribution stage for hey I need this money that's been growing my whole life to be paid back to me. Well it just in think the anxiety of that transit I do know the do you see it yeah exactly mean says so he you know here you are mean. Al is citizen of Tino joke on Klein sailor looking ever since you received fourteen or fifteen years old. You knew why you work and you know you're either working for you know a new biker new car now the mortgage now college now kids. In so you knew what you were doing your savings seems seems insane and and now it's like okay well did just that loss of purpose and no I entering completely uncharted uncharted territory because now you would draw Lauren. And that isn't easy in India to make sure that you have a low blow well thought out in a well established plan because. When I was gonna say in in and it robs who has been missed session talking about it is just. Did there are good but the good news is I guess us as are the bad news is that how anxiety it is and it's a different world. Is that there are different approaches. You know some people used a 4% rule some w.s let's go the bucket theory it is the dividend theory all I was gonna say before it can dig into it is. Make sure you dealing with an advisor that talks about the different options that are available all the different strategies. Now while a new while an annuity could be a good option to you for some say things come especially if they have inflation data to a if the person you're working with is only showing ingenuity what you do Keith. You go find another. Because you know how do you know that they have your best interest at heart you know they're not acting in a fiduciary manner. Typically to got to build on now is saying about the 4% rule basically there is this theory out there you know that was put out. Quite awhile ago where he built up your assets you built your portfolio. Can I need to do is take 4% of the portfolio every year. Make sure it counts for inflation adjust for inflation. In the money should last you can obviously. Where we are now in regards to in the this was done he dissent used in years and years ago. That actually works for quite awhile until we've hit this. Which is a long time of zero to it's a no no interest rates basically right. So a lot of lot of studies have gone into. Real looking at or re route you know digging into more. What the 4% rule means and having their 4% rule set up during times of low interest rates. If you continue to do that your portfolio is gonna diminish that you know an unbelievable speed. Because you're not making up. That phase did that typical fix interest rates at winning to that original. Theory or their original thought process Noah and indeed the difficulty of interest rates staying so. And you need to need to be ware of the history of it young that that Keith was giving it. But also of love you know and did the threat not just interest rates but also it's a bear market just you know it it will calm and in went in to you know when it does arrive during your retirement. It's like when is it happened during your retire only is it. How long is and so speculative because all based on you know assumptions yes you know I mean it's not there's new you know I'm building. Any type of guarantee like you leave here pensioner like you do with here on Social Security in two year in this situation in cheering component. Into those are you listening right now this is how we walk our clients through this exact process. And you missed a step number six which is to set up your withdrawal plan a senate hearing come plan. Cannot be done in the she false step number two earlier in the show which is make your retirement budget. So we have to find out what you need which we you have to cover and expenses when you retire. So let's say you need to cover 6000 dollars a month to cover your expenses to live the life you want. If social security and pension is 4000 dollars a month what we know that you have that retirement income gap of 2000 dollars a month. That we need to cover and we have to make sure that we set up a withdrawal plan to cover that 2000 dollars a month. But also take into consideration. Taxes. Inflation. Longevity. So as a lot that goes into this planning process in. No matter how you build your plan like Matt said as many options you can give us a 4% ruler 3% rule you can do a bucket approach you can you dividend stocks you can do annuities. It all depends who NS a.'s. How much he wants safe and how much you wanna rest to cover they're in. Immune to it and didn't oversimplified. You know Louie talk a lot about the about the dividend theory you know in the 4% were OK with if the dividends can support that lifestyle. He knows so it if we know step one take a look at their expenses then if we say okay well if the three to 4% is just interest and just dividends. Being kicked off. Then OK a little bit more risky but. Because their income gap is is slim enough and their assets are large enough to support and to meet getting cap income gap just the dividends. On the other hand if they don't have what's called their risk capacity. Or they if they can't give by India there is a large. Possibility that bill need to sell. To meet ends meet sell stocks to sell stocks at the wrong time to make ends meet then we're talking in terms of bucket theory which he can of uses fix products like fixing new reason different things like that to draw down over ten years. While putting the other money in the growth vehicle IE the market know that that growth for ten years. In other words freaking time into the market yet. You know Sicilian not sort of selling and you know you just relying on a fixed one to pay your bills for the next ten years when the market do its thing for defer you know and that. Other bucket yeah regardless of what you choose folks are setting your withdrawal plan is so important talk about this. So many times that you guys are listening right now yes you're one to five years away from retirement let's say. You've brought your whole life you've Brister entire life to mark your entire life to get close to this point. In its not happening complain when you retire could be devastating. To your situation. So Saatchi if you're in that situation your one to five years from retiring. In DC you know what I really need to get this panel happening come plan nothing ran now. This is actually important process that we SHP financial help folks live since we opened our doors in 2003. And we can help you do this is our passions to help people. Get to the point where they can live all their retirement the way they've always dreamed of and you can't do that in less you have an income plan in place. So what do you do the next steps take some time. Pick of the phone we have these appointments available in the next month the book and no obligation consultation. He saw you to do is dial 800. 2277777. Again pick up the phone and call 80227. 7777. To book in no obligation consultation. From an SHP financial dot com we'll be right back with our retirement roadmap recap Britt to that's. You're listening to whereas HP financial retirement road map show your guide to a successful retirement. The phone lines are always open at 1802277777. Stick around the guys will be right. Today's retirees are faced with many challenges such as protecting your retirement no stake from eroding due to market volatility inflation taxation in soaring healthcare costs high. This is Matthew pack certified financial planner and co-founder of SHB financial. The financial waters can be tough to navigate. That's why we're inviting you to join me along with my partners Keith Ellison and Derek Renoir for retirement dinner workshop on Wednesday February 1. We're Thursday February 9 at mezzaluna restaurant in board. You've likely heard a financial radio show the retirement road map that Ayers each weekend on this station. Now you can bring your retirement questions directly to us during the special dinner event Wednesday February 1 or Thursday February 9 at mezzaluna restaurant in Bork seating is limited. To request your reservation online today at SHP workshops dot com that SHP workshops dot com. How much risk is in your portfolio hi this is Keith Ellis co-founder of SHP financial in times of market volatility it's even more important to have the correct amount of risking your investments and SHP financial -- risk allies the award winning risk engineered technology and mathematically pinpoints your -- number and aligned your portfolio to match crystallized replaces subjective terms like conservative and aggressive with a -- number from one to 99 precise way to measure your exact comfort zone for downside risk in potential upside gains are US sixteen or 67 visit SHP financial dot com and click what's my -- number it's of the quick five minute questionnaire in you'll instantly determine your own personal risk number then we can build your investment portfolio to match in clearly define the path to your financial goals put the most advanced technology to work for you find out what your -- number is two day visit -- financial dot com and click the link what's my -- number that's SHP financial dot com. Your June 2 SHB financials retirement road map show where you're route to a 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. As you recap this show we talked about six important steps that you wanna really can sit there. In the year a couple of years prior to retiring. Real quickly we talked about step number one sign up for Medicare step number two make your retirement budget step number three maximize and have a Social Security plan. Step number four where your pension options if you have that option step number five review your portfolio from a risk standpoint as well as a fee standpoint. You step number six. Set opening complain or withdrawal plan to cover your expenses. Before you retire you don't wanna retire figure out two years later what they should work three more years so a six step process is really important. Who wanna take a couple minutes here just a kind of leaves you with each of our top important aspects of today's show to keep him and kicked enough to you first. So many times people come in port helping them with is it deciding on wind take Medicare what are your options what are your options when it comes to Medicare supplement what are the different parts of Medicare and what do they cover soared to a lot of education when it comes to the Medicare system because it is he's been on traditional health care and all your life and it is a big transition. From traditional health care to Medicare and then also. Knowing Social Security is a lot that goes into that decision in how to take Social Security or what's the what's the best timeframe are. What's the best strategy so we spent a lot of time with each one of the families that we work with. Getting to know them their family history and then we help them project know what they can expect to get. From Social Security are the best way to take Social Security. That's an important decision to that people have to make is when to take Social Security for plain and simple math how many south I'm gonna go to the point about making any retirement budget. You know we we talk a lot about having an income plan that would draw RO planned but I always sort of put expenses first or budgeting first. It is such an important exercise because. For one you learn about where you might be spending things way too much like Nino it mean people sometimes I don't blame on the news ended their unaware of how much they spend on food or how much they spend on. Traveler wherever may be. Sicily is it's a great exercise disease kind of find oh okay where Hayward where does that money go. But then secondly it's OK what do I want my retirement to look like you know how much traveled well wanna do how much eating out how much charity how much gifting. And it's fun because you get to a sort of imagine what you were lifestyle is going to be like. And now let's put a number two it you know limitless and let's put it costs to it but it but everyone needs to have that sedate and that that exercise done. To then build a better plan. Yeah both important topics guys great job and I think from from me in mind the things. I think the most important thing is. You know most this we talked about the beginning of the show is a lack of planning out there if people wait till the last second to plan. Or they're paying their advisor fees. Just to build an investment program with stocks bonds or mutual funds but they're missing so many other aspects of your retirement so it SAT financial if you're paying SSD. Who went provide as much value as we can whether it's helping to Medicare coming up with a budget maximize his Social Security reviewing your portfolio at a from a risk tolerance and a feast standpoint. Setting up full withdrawal plan weighing your pension choices he's all things that comment to building a proper plan. Is the whole holistic planning approach that we can help you with is what I wanna leave you with. So if your advisors not doing that or he's won a second opinion and maybe you don't have a plan all you need to get started. Pick up the phone right now we have eight appointments available over the next week I'm sorry over the next month. Call 802277777. Right now for a no obligation consultation. We have offices in Woburn west Borough Plymouth in Hyannis. 80227. 7777. Urban SE HP financial dot com have a great week everyone thank you so much for your support before talking here again right here on their entire road map radio show brought to you by SH the financial. Today's retirees are feast with many fears and challenges. When I outlived my savings and will my medical expenses be too high. My money's in stocks what will happen to me if we have another market crash and as a retiree pre retiree but if you're asking yourself these same questions and fear not. This is Matthew pack certified financial planner and host of the retirement road map radio show curb 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 and estate planning. 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. 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 to 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 arc 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 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 did you. Financial advisor only meet would you once a year to review your portfolio if you're five to ten years away from leaving the workforce your retirement could be at risk. This is Derek Renoir co-founder of SHP financial did you know that you were your loved ones could be exposed to a 300000 dollar tax bill for a 400000 dollar health care bill look at is having a financial advisor if here she is only looking at your investment portfolio in ignoring other potential problems and SHP financial we do more than just manage our clients' investments are customized retirement roadmap plans include income and expense planning inflation protection tax reduction strategies health care in the state planning. If you current advisor is not talking to you about these important issues we invite you to come in for a complimentary no obligation retirement roadmap review. Get a second opinion you retire while being could depend on. Call 802277777. That's 802277777. Our request or appointment online SHP financial dot com.