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Ron Papa's Retirement Roundtable, April 6th

Apr 5, 2013|

Saturday's at 3pm

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

Welcome to run -- retirement roundtable. Where you're invited to take a seat -- join Ron and his guests America's best and brightest voices in the field of retirement planning. Bill discover ways you can make the most out of the best years of your life. Run as the president of legacy advisors he and his staff help people just like you hang on to the next stake if they burned and enjoy their retirement with the people they love. Call run now an 855 -- pop up 95576670. To 72 to get a free four point financial review. Ron and his staff will determine your needs and find ways to keep more money in your account Joey how you might save money on your taxes and finally creating an income plan for life that's why so many people come up popped up all you have to do is call 855 Ron pop up or visit ask Ron pop a dot com. Now here's your host. Ron pop up. -- Hi this is Ron Pollack president of legacy advises wealth management welcome to the retirement -- Take a seat as we discover ways that you can make the most out of the best years of your life. You can call us anytime 855 -- -- to schedule time for four point financial checkup. Give us some topics that you might want us to cover. Or if you'd like to get to know. A little bit more about some tax facts we have a 2013. Tax tax guide. You can also reach us -- ask Ron pop a dot com. On today's show we're going to be talking about the new show -- the format. And how you can make the most of your time with us here today. Then I'll be talking about my personal story especially about what I call financial skinny dipping. And I have a free report that you're going to be able to get call financials getting dipping lessons from the great market crash us. The little bit later Sharon and I will discuss beneficiary bingo. Well actually share actual case studies from our practice and illustrate how taxes can significantly impact our financial future. Then we'll be -- our new segment the aging of aquarius -- all you won't result they were Sharon and I jumped into the way back machine and share some of your fondest and most amusing boomer memories sent in by listeners like you it -- sure to put a smile on your face. And then -- Sharon and I will be talking about Americans and prepare for retirement and how The Beatles got it right when they -- Will you still need me we used to feed me when I'm 64. Now I'd like to introduce a new segment. A retirement quiz with a lighthearted look at those burning issues that but Gasol it's time for what sure retired mentality. -- year old enough to know what you don't know or can't remember or something like that. Today's question is where does the term golden years originate. Stay tuned for the answer later in the show coming up in our next segment will be talking about beneficiary bingo we Sharon. If you like to talk to us who want copies of my 2013. Tax facts or my report financial skinny dipping lessons from the market crashes. Then come to Papa. Call us at 855 run -- 8557667272. To get a free four point financial review. Stick around we'll be right back I'm -- -- Come to -- -- for your very -- four point review -- -- -- will review your needs then -- take a look at your current plan and find ways to keep more of your money in your accounts in addition you'll see if you can save money on your taxes and make sure -- government doesn't hold the mortgage on your family's future finally -- will create a customized -- income pro life plan so you can enjoy your retirement with the people you -- -- come -- -- called -- -- 855 -- -- that -- 557667272. To get a free four point financial review. Welcome back -- an unpopular president who advises wealthy and today we're gonna talk a little bit about our new show. Although a bit on the radio for some time as cohosts for the nationally syndicated financial safari show. We're really excited about bringing TUR new round table format. We -- much more latitude in the topics we choose in the guess we interview but most of all. Is the added ability to connect with -- more personally review our listeners our friends our clients. About your financial concerns especially about the complex world of retirement planning. I suppose you could say the show's been 25 years in the making. During this time many of us has taken some prolonged and sometimes disorderly churns along the way but hey it's not how many times we fall down the counts as it. How many times we get up so let's stumble forward together wanna make a positive difference in -- many lives as I can twilight can. There's a great deal of collective wisdom in the offices of my -- legacy advises that should be shared generously because and I speak for all my associates. We have truly been blessed not just by the financial compensation we've been lucky enough to have received. But moreover by the quality of those lives that we've really been privileged to help. So by definition will focus on all aspects of your finances including savings and debt and taxes. Income and certainly retirement issues especially when you planning to enjoy your new found freedom and enthusiasm in which should be. Your golden years yes they may be a little tarnished but let's apply some elbow grease and polish them up a little. So in that spirit let me begin by saying what the show was not it's not about get rich quick schemes the Ronald radical risky ideas and certainly no slick sales pitches that benefit an insurance company or brokerage house. Or its brokers more than it benefits view the most important part of that equation. -- might be some hybrid variations that most more closely address today's challenges. Even though these new twists and concepts. Make some solid sense from most of us just -- promise of great wealth here. Just an honest appraisal of how effective your retirement plan Weathers the inevitable storms. And the risk that will always be present in this world as it keeps on turning. Some of the promotes the idea that they have the next greatest concept -- report to us some inside track. Has to resort to the sensational to try to scheme you out of those hard fought mistakes. I've listened to many shows and even skim through the financial while some bookstores. With great amusement and sometimes even great discussed. You would think that there's some special dispensation from god that's gonna deliver us from some holy Grail of retirement planning. One of my golden rules is if it's really that simple why don't we just all do it I think you know the answer. So there are no exotica risky concept here however although I may not endorse all the concepts my -- promote. The show was designed to expand your financial knowledge. But it's not really personal investment instructions. If you decide your financial plan from the speakers on your radio or television or some other electronic device. I suggest you seriously need to reevaluate the idea. I'd also suggest you listen carefully to the show. It will be like a financial B twelve shot. What sometimes I call -- retirement RX for an ailing portfolio. If you like to reach just don't want my 2013. Tax fax report then come the popped collar -- 855 run Papa. That's 8557667272. Or go to ask Ron pop a dot com we'll be right back. Right now you're listening to -- pop -- retirement roundtable if you're interested in creating a retirement and lifetime income plan and you need to tune -- It's the weekend which means you probably have a little bit more free time to take a few minutes and called Ron an 855. Run Pol Pot ask Ron about his innovative four point review. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- That's 8557667272. Welcome back everybody this is on -- the president of legacy I just wealth management. We're talking about -- you show. Let's talk about my background and how I got into this business. You know we live in a world -- financial noise filled with empty rhetoric gimmicks and schemes. Financial media cleverly disguises this noise is useful and reliable information. When it's really nothing more than financial entertainment that generates handsome advertising profits. -- remember a black Monday back in October 19 1987. The Dow plunged almost 23%. Its largest one day percentage point drop ever that's what investors rich reduced to something new. A new era of stock market volatility. They were an army of economists and journalists that warned that the financial world as we knew it was coming to an end -- all that's some familiar. We have recently just reached a new all time stock market high -- still. Most do which is self individual investors have not learned the lessons that we should've learned from black Monday. And from the dotcom bubble bursting back in March 2000 and more recently the global financial crisis of 2008. That has led to this five year global recession that was still not. Each time the market plunged the volume of the financial noise doubled and tripled. And almost overnight TV and Internet chat rooms would give birth to new investment gurus. Regardless of their credentials. Knew I told you so newsletters written and rock stars were born in the public -- stooped and fortunes were lost. Doesn't seem like a never ending story. Along with -- all this wolf evaporated there were -- closures and re possessions and more commonly today to lead retirements. Why this is vicious cycle happened over and over again. While we all know that hind sights 20/20 but I think it's in our basic DNA it's human nature people are driven by fear and by greed. That's like 101 reader running towards something a running away you know cave man stuff. When financial types are rising. Everybody's investments are doing great all boats are lifted but when the tide goes out we find out just to our swimming naked. What I call financial skinny dipping. Those are the people who get embarrassed and get caught at no time and are afraid to go out of the water. They were in fact skinny dipping. And all these market downturn and so many just rode the -- all the way out or is the old salts say they were on the hard and dry. Or shall I say that their bank accounts were on the hard and certainly drive. That's about the time when the margin calls kicked in and when they had to raise cash to pay for all this rented stock. We get to be really bad when they had to dip into the savings to pay for their investment addiction. Why am I talking about this. Well I have to admit something to you I was a financial skinny -- her back in 1987. When the market crashed. I had plenty of stock a Wall Street broker. Expensive newsletters and like some review I was riding the wave on top of the world. But when the tide went -- guess who was skinny dipping yes it was me and I was the one without the tan lines. Ironically the worst tips and my largest mistakes come from the so called professional Wall Street stock brokers. You know I'm glad I can joke about it now but I learned a lot of tough lessons from that experience. I realize that investment superstars didn't really know any more than I did and if they did they didn't share -- with the general investing public. More importantly they didn't care as long as they had enough gas money to put in their Lamborghini east. I spent years making a lot of money in and a few short months -- lost at all. I realized that brokers were like puppets for their companies analysts and sales manages. Motivated by their own greed in their own self interest certainly not mine and certainly not yours. While my skinny dipping stories embarrassing. This may sound crazy -- it was cathartic. Certainly a tipping point in the arc of my own professional career. I'm thankful because it motivated me to be a better custodian of my family's fortune. More importantly this lesson eventually led me to a career in the financial services business into my present position as president of legacy advises. A registered investment advisory firm. This experience underscored the essential role a fight do -- should play in most people's financial legalize. Not everybody goes to law school gets an MBA in finance. Most of us need a good Steward. Or at least a good shepherd to manage a financial futures it to keep this away from the multitude of dangers and mistakes and -- sales schemes. There are forever lurking around the next corner. Fiduciary is legally someone who manages assets for another and elevates the needs of his clients about his own I like this concept that suits me well. I'm proud of my role as a trusted advisor and Steward to my client's financial futures. If you'd like to receive your own copy of my free report financial skinny dipping lessons from the great market crashes -- come to Papa. Call city 855 -- pop that's 85576678. To 72. To get a free financial skinny dipping report or visit us online and -- on pop a dot com. We'll be right back. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Hi this is Ron puppet president legacy and I was his -- management. You're listening to the -- round table you're invited to take a seat and join me in my guess America's best and brightest voices in the field of retirement planning. As we discover ways that you can make the most the best use of your life. You can call us anytime an 855 -- -- that's 8557667272. Again Collison 855. Run pop. Now here's Sharon to join us in our next segment. Brian I recently viewed at PBS special featuring a very entertaining tax professional by the name of -- slot. I was impressed by his knowledge and ability to communicate complicated tax issues. That name on the bell with me didn't you conducts some business with that slot and currency. Yeah Sharon is not -- yes Islam is kind of a professor at educating us on IRAs their benefits of potential problems and when we inadvertently make mistakes with them. He's also known as the godfather of retirement tax planning. And I have attended his -- advisor workshop you might recall back in now. Well maybe last year or so in San Diego. For those that don't wanna spend three days in several thousand dollars and workshop I try to be like as surrogate IRA expert for at least my clients as you know. I was amazed at some of the stories on PBS special that it's like she had with his own CPA practice. I would imagine that you and others in that a lead program probably have plenty of stories to share. You know they were planning in some of them was sad story is a hit to report. Most of my my most recent experience with the client of ours from Newton is just another in a long line of these tax nightmares. He you know what I remember she's that's sweet lady that lost her husband and thought there attorney had all the DT -- worked out in their primary is well. I suppose the plan was fine back in 1999. When it was drafted but. It would be too easy you know. As many people know in the last few years custodians also known as banks and brokerage have gone through some tumultuous times they've been all kinds of mergers and sales of banks insurers and brokerage firms. Important documents can only get lost in the shuffle but sometimes these changes can unintentionally -- gate prior state planning. I know you're polling out you hero this thank god you've got plenty of it is the air and so I eight -- did get all the facts exactly what happens to the poor lady. On this case sometime in the past the custodian firm of this widows IRA was acquired by another firm not once but twice. Both times when her husband was alive. Even though their IRAs originally named espouses as each -- beneficiaries. The second custodian designated itself if you can believe that is the donor. With language like for the benefit of -- you see sometimes FBO. A seal on this and brokerage accounts. We encountered this before I nailing NAFTA seed is a real problem -- desks. Well okay no problem yet except that the beneficiary of the -- -- inside the diaries was named -- this exact phrase and -- quote. Seen as owner. And this was changed again by that second custodians. Doesn't seem like a big deal -- -- oh I didn't know better yet preaching to the choir here. You out of danger Will Robinson -- when the second custodial forum was sold the IRA ownership was transferred back to the owners. The husband and wives themselves. They became the beneficiary of the I really don't. When the husband died his estate was the beneficiary and not the spouse nor any other contingent beneficiaries. Ryan this is beginning to sound like who's on first routine. In the end. What was the result of all the scuffling a beneficiary paperwork. All the deceased. Husband's estate became the beneficiary which nullified any opportunity for the wife to inherit. Which is roll over this diary into hers and income taxes were due on that now very large IRA. That could have and would have been deferred for at least ten years and by the way she had to pay income taxes -- responses -- now and wasn't able to inherit it. And that reduced principal by about 30%. Pro -- -- annual income was also cut from 30000 to twenty house. Will talk more about the dangers of playing beneficiary bingo and and then it. If you'd like to talk to us you want your own copy of Ryan's 2013. Tax backs. Call us at 855 -- pop that's 8557667272. Stick around we'll be right back. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Welcome back I'm Sharon karma and planes -- mr. after -- legacy advisors welcome him. And we're talking about the dangers of playing beneficiary bingo and how this can and will affect Gerri time. So Brian. You are talking about this unfortunate widow clue because of bad planning Burris accepted some irreversible financial damaged. I -- saying that this big mess could have been easily avoided by the custodian or the broker. Paying attention and simply naming a real human being as a primary beneficiary along with her contention beneficiaries. Exactly Sharon. Sometimes people presume too much especially when they need to manage their own brokerage accounts surely Entrust sales people at brokerage houses and insurance companies with responsibility that the really not qualified to take on. This poor woman was blind side and essentially powerless to unravel this tax mess. Was never anything she could've done prior to her husband gang. As just post I don't worry about all the potential loose ends that could do real our state plan. Won't. I suppose. She -- turned to a more qualified advisor right from the start. That's. You know one thing you want that's a fiduciary like our firm. I still think that the attorney could have been more conscientious after her husband died. He could perform what I call a beneficiary -- to make sure her plans were moving in the same direction. As you know that's one of the first things that we check on in our office. Yet sounds familiar it's one of my duties at the farm. I think this is very important to -- these types of real life stories without listeners to really show them. How hidden over sites can develop into nature problems. But sure another tax to. Over the listeners. To remember without naming names a young man from -- he was maybe 35 years of -- who came into our office on the advice of his CPA. Who by the way it was an associate of -- I really do remember as -- call his -- had just died leaving behind some kind of metal fabricating business. I don't really prime piece of land -- -- Hanover Mall. Exactly you got it and don't forget he left also about a 500000. All 401K as well. So any other circumstances this young man should have felt really secure than his father had left him pretty well off. However he refused to believe the news that is CPA gets sent him to me to confirm. That he owed about 200000. Dollars in state and inheritance tax. He had he was really mad it is by the CPA. Who could blame him I'd be in shock as well. You know that was pretty bad news and but the real bad news was still become. In order to pay the 200000 dollar inheritance tax he had -- come up with the money. The only cash that he had was inside this 401K. So he needed to withdraw -- about 350000. PD income tax just to net the 200000. To pay the estate tax. So out of the 500000. Dollar 401K he should have inherited he only got maybe a 150000. And the government got 350. When a country. I remember what a mess that was we see so many crazy tax problems once we finish line it's on to the next it's no wonder what they say taxes are cradle to grave. As Ed -- says because of our looming national debt. A state tax rates may be under fire in the future because politicians love the incoming generates but more importantly to -- people don't vote. They don't complain and they don't write letters to their congressman. Well that's very funny run but remember folks. Don't let your -- area gets forced back to the probate process because this cost money and legal fees and unnecessary taxes. Takes the take these estate planning to seriously. It beneficiary -- is one of the basic tasks we perform for most of our clients. So folks if you want more information come to -- for your very own four point review where will set up some time to see what your needs are. The we'll take a look at your current plan and find ways to keep more of your money in your accounts. Next we'll see if we can save you money -- your taxes and make sure the government doesn't hold the mortgage on your family's future. And finally create a customized and secure income for life plan so you can enjoy your retirement with the people you love. So come to -- call us at 855 -- pop that's 8557667272. Get free four point financial review we'll be right back. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Hi this is strong powerful president of medicine prize is -- and you're listening to you returned it. We're invited to take his seat and join me and my guess America's best and brightest voices in the field of retirement planning. As we discover the ways that you can make the most out of the best use of your life. You can call us anytime at 855 run pop that's 8557667272. Here's my lovely co host and partner in life Sharon Papa. Ryan we can't watch TV read a newspaper or one magazine us visit our favorite homepage without reading about what seems to be sensational story about Americans and repeat it for retirement. I know you deal lot with these burning issues every day probably all day. I was thinking is this something wrong with the way we save the way we have been influenced at PF for our retirement. You know this reminds me of the old Beatles song when I'm sixty floor you know he's still need me will you still feed me when I'm 64. If modern medicine has its way it'll be when I'm a 164. What do question is is just something wrong well my answer is a resounding yes to boast both parts of your question and the follow up question probably because I retirement system be fixed. We can traced problems in this retirement system to the demise of what we used to call the defined benefit plans which of the old pension plans. Well the last century worker participation in those plans has really declined. It's a trend that has really accelerated after a 41 kings were introduced about thirty years ago. You mean at pensions that most workers used to depend upon where replaced by 401K plans what's trauma that that. Well on the surface nothing except that. The guaranteed pension income employers were setting up by funding an annuity plan was replaced by a system where the employees. Took on the responsibility to accumulate enough money to last their own lifetimes. That also displays the risk in the responsibility of investing. From the employer onto the employees who for the most part was really am prepared to take on this role and be ineffective. Financial planner for their own retirement. Well using myself as an example IC -- air that could really spelled disaster. And in many cases I -- it had its. While yes this has really been tragic we have a great many Americans underfunded and I'm prepared for retirement. Pension plans -- as -- officially known defined benefit plans are better for workers but not necessarily for corporations. Who have the responsibility to ensure that they -- funded every year. Every -- you choose a pension over a 401K plan especially if it's funded by the employer. And it's inflation index and backed by the government through the pension benefit guarantee corporation. But I would think businesses would attract and retain a high equality employee with a good pension plan. Well when it comes down to a matter of economic survival for record. Operations. Pensions or defined benefit plans are far too expensive and too risky for the private sector to finance managed when compared to 41 K plans. The employer cost of a 41 K plan or lower and pretty transparent. A plan administration feel whatever matching contributions accompanying makes -- Ridley out there. Pensions encourage similar administrative fees in contributions but their cost depends on what is known as actuarial assumptions. You know the longevity in the demographics of the people to participate to retirees themselves. And more importantly what other investment results of the pension fund. So the heat is on the companies to keep them funded and the when the markets don't cooperate it could be a big drain on the bottom line. Talk more about pensions and 401 -- in a minute. It feels like to talk to last one copies of Ryan's 2013. Tax facts or his report. Financial skinny dipping lessons from the market crashes. Call us at 855. Brian -- that's 8557667272. To get it free for appoint financial review stick around and we'll be right back. Right now you're listening to -- pop as retirement roundtable financial planning can be scary and downright confusing we all wanna make sure that we're not leaving anything to chance -- financial futures to stay tuned as -- pop or guide you and helps you achieve your personal lifestyle and legacy goals if you call today you can receive your free copy of the 2013 money market reforms -- street. Call around today at 855 Ron pop up at 8557667272. Ron we'll help you make better financial and estate decisions he'll create -- dynamic financial and estate plan one that's as unique as you are and one that changes with your circumstances. So what we're concerned about income planning tax planning portfolio management or estate planning you need a full service wealth management firm on your team called -- today. An 855 Ron pop up or go to ask Ron pop a dot com. Your initial call will only take a few minutes so call today 855 run Pol Pot and get your free copy of the 2013 money market reform. Welcome back I'm -- pop up legacy dies his wealth management and we're talking about pension plan problems and reforms. Run the way I see it if the private sector gets financially squeezed people not eat Maine I even have a job let alone a pension. Well I think the private sector figure this -- long time ago recognizing that the costs of pension plans far outweigh whatever productivity or other benefits they offer so. Adios pension plans. The steady decline in pension plan participation over the last century has been pretty well document it. Especially when IBM one of the big he's abandoned their pension plan in the early 1980s. Ford and GM by the way recently became the latest major corporations to sunset to pension plans. So that has left most Americans to clean and safe for the air only time it through first for a one -- and other company plans. Then through their -- raised. And finally through -- -- -- they can stash away in this doctor IR from their coffee cans all of them mattresses. The next few decades could be a real challenge for us baby boomers retiring -- You know it's been estimated that workers need approximately twenty times their final years salary for a comfortable retirement that's unbelievable. And that's after factoring in social security and Medicare benefits. Do you remember that book I recently received. That was called win I'm 64 by a professor named to recent -- do -- Yes they do but I still cannot pronounce her name. I like the book titled though it sounds like it pertains to this retirement dilemma that -- and. Well if you Google her you'll find countless references to her as the most dangerous woman in America. That distinction stems from this book in which he advocated replacing 401K plans with get ready for this government mandated savings accounts. Well now that's a political hot potato especially given that sensational headlines in today's news. Her critics accuse -- of advocating a wealth distributing nanny state. And in a recent New York's times editorial she claimed that 75%. Of Americans nearing retirement age in 2011. Had less than 30000 dollars saved for retirement. So she says that the core problems were 41 K plans are that they are voluntary. And that they have really high fees. Well so fat I can't really disagree with those stacks. But what did she recommend instead of Thoreau. Case. Well once again -- recommend to -- Her recommendation is to replace 401K plans with the government retirement accounts. In the form of guaranteed retirement annuities which workers would then be required to save a fixed percentage of their earnings. These -- being managed by institutional investors in the government would guarantee a 3%. Real annual return. Well again Ryan I don't have much document with that do you disagree. Was she says it. 41 K plans suffer because investors are forced to choose among retail orientated investment products like mutual funds which I do essentially agree with. Instead though she says her new annuity accounts could be overseen by institutional investors you know the same people who manage public pension funds. And there's not much evidence that they perform many better than anything else so I'm not so sure about that. But what I disagree with his when she proposes that the government which really means us taxpayers would have to provide funds to make up any shortfalls. In these accounts but did make that guarantee 3% a year. Well that's like seeking a rowboat with a battleship. I think this is a swing definitely in the wrong direction. Well as you know every initial meeting I have with clients I do encourage healthy talk about what retirement will accrued lookalike. With some sensible rearrangement of the assets especially to provide guaranteed income in retirement that's really sorely missed in most retirement plans. Coming up in our next segment will be giving you an answer to our retirement holiday quiz. If you'd like to talk to us who want copies of my 2013. Tax tax or my report financial skinny dipping lessons from the market crashes. Then comes the proper call us at 855 run pop. That's 8557667272. To get our free four point financial review. Stick around we'll be right back I'm -- -- Right now you're listening to Ron pop as retirement roundtable if your interest in creating a retirement and lifetime income plan and you need to tune him. It's the weekend which means you probably have a little bit more free time to take a few minutes and called Ron an 855. Run Pol Pot ask Ron about his innovative four point review. Ron -- -- will review your needs and then we'll take a look at your current plan and find ways to keep more of your money in your accounts in addition you'll see if you can save money on your taxes and make sure the government doesn't hold the mortgage on your family's future finally -- -- create a customized and secure income for life planned so you can enjoy your retirement with the people you love he'll take the guesswork out of financial planning -- Call around today and 855 Ron pop -- -- 557667272. Or go to ask Ron pop a dot com. Your initial call will only take a few minutes called -- now and get your free copy of the 2013 money market reforms call today 855 Ron pop -- That's 8557667272. Welcome back it's grandpa. Remember you can call me an 85576678272. -- cry cry her arm -- OK it's time for what should retire mentality when year old enough to know what you don't know or can't remember or something like that. Remember today's question was where does the term golden years originate. Well -- does not seem to be unanimous agreement about where golden years came from however here are some likely in some off the wall explanations. What's the song golden years written by David Bowie who originally released -- to -- singled in 1975. The source. I don't think that's where it came from. The traditional golden anniversary occurs after fifty years of marriage so golden years might apply to people who are old enough to have a golden universally. Let's say there's seventy years or more. Or maybe golden years was an advertising slogan that referred to the gold watches people used to get that retirement. Or even the golden sunlight of Florida where everybody expected to retire in the fifties and sixties. However we do know that the term senior citizen has been popular since the 1950s. When a number of all the people suddenly seem to have multiplied. Listen to this in 19100 the average life expectancy was only 45. By 1951. Up to almost seventy. And the population had double. But the number of people 65 and older had quadrupled. And they became more than 8% of the total population. And they had reached the age where social security and pensions allow them to become retirees. A new word. And a significant new demographic. Here's an interest in social phenomenon most of us boomers grew up in small houses built by our parents on the GI bill. After World War II with a Korean War. At the same time there was a move away from those big family homestead where aging grandparents lived. With the children and children's children all under one roof. Gone were the days of families taking care of families. What was the result. Now there was a need for rest homes or return home -- retirement villages and apartments for seniors were seniors according to the -- Could most happily spend their golden years. One had described them as warm places without the rigors of winter in the expenses of furnaces and over -- about that. Senior citizens retired or not -- still reshaping the American population. As a matter of fact by 2000 -- warning which isn't too far away the number of people. Age 65 and older will equal the number of children enrolled in kindergarten through twelfth grade. That's two pretty big demographics. If you'd like to talk to us call us at 855 run -- that. That's 85576678. To 72 to get a free four point financial review will be right back. On the pop up for your very -- four point review -- -- -- will review your needs then -- take a look at your current plan and find ways to keep more of your money in your accounts in addition you'll see if you can save money on your taxes and make sure the government doesn't hold the mortgage on your family's future finally -- will create a customized -- income pro life plan so you can enjoy your retirement with the people you -- -- come -- -- called -- at 855 -- -- that -- 557667272. To get a free four point financial review. Welcome that Christmas parents. I hope you enjoy and you -- -- eating -- aquarius. Are on the -- baby boom is out if freaking out about your timing is. Well it's time to proudly hold up in the era and embrace the idea there of our golden years. Was -- spans a full three decades longer than you're a century ago how actually planned for our own retirement. Highway this is Sharon Papa and like you line and I -- baby boomers and we ask ourselves the same questions about retirement. I'd like to introduce you to our new segment in the show called the -- of aquarius co hosted by our own self declared. -- establishment retirement advisor. Ian to guess what my husband Ron pop -- of legacy -- There's flush -- and as you know we all have to face the music we are getting older and hopefully getting better at living life that we worked so hard to create. Even Steven Tyler of Aerosmith recently declared that when they started the band forty years ago the Dead -- was just sick. On my goodness Steven Tyler is one of my favorite celebrities -- -- and that whole foods and hang in a few years ago but I was so his style abstract I couldn't get up the nerve to speak to him. I miss him as a judge on the American Idol but I'll admit he's -- still until we all have. And Ryan as you know our listeners love to send in net David boomer memories from when we were younger and shall we say mullah KF Corey. This is from Jerry in Quincy who told us a funny story about when he was taking his driving test and stopped to delight. The instructive freaked out when the car in the next lane pulled -- Chinese -- drill I'll bet you must remember what its Chinese by -- guerrillas. Yes Sharon yes I do even before I got my driver's license my older friends -- stopped the car in the middle of traffic and make us run an opposite directions around the car for no apparent reason. If you didn't you'd get pounded out or what we used to call get a new -- That was also deliberately ninety it was that rock and roll rebellious spirit that we all love that drove the establishment crazy. It was just good clean fun no guns no bullying just nonsensical. Monty Python antics and plenty of laughs. Well the world could sure use some months cleaned good clean fun instead of on this area stack and violent stuff kids get hung up on. Within video games and some of the irresponsible material coming out of Hollywood. Look I know Mary Poppins. But I think we really had a sense of where we should draw the line. In the baby boom generation must play any in indelible marks in nineteen each years and look what happened now are all grown up what a bummer. When a bomber. Yeah as chaotic as it was it certainly was more innocent less complicated. But there was plenty of really interesting cultural and social happenings for everyone to turn around to. Yes Sarah member of the school years of love and is being and has dropped ends and drop out Smith and being unique and focusing on in on the need generation was aware it was. I think care we rebelled against the regiment stationed about World War II generation parents we cannot promoted in new global acceptance of the world and all of its diversity in colors. Some like Motown and wore pink pants and others row homes and listen to Dylan war Madras in desert boots with a cool. We still are. It's just that we need to get in touch with the condition -- condition was and if you know what I mean. Yes I get a drift. The idea every time as a little freaky to the boomer generation. But I'm glad we're airing a staging their retirement segment each week reliving some of glorious years while getting in touch with our uniquely time and challenges. And listening to some of your suggestions. It's -- Tim lake folks it's time to get real about your time. -- you bloomers LP Eric tune into our aging of aquarius segment every Saturday from three to four. Sheila that's some of your fondest boomer memories call lasted 8557667272. That's eight. I've I've run -- Or online at ask Ryan -- the dot com and that's ask run cut the dot com. Right now you're listening to Ron pop as retirement round table if your interest in creating a retirement in lifetime income plan then you need to tune him. It's the weekend which means you probably have a little bit more free time to take a few minutes and called Ron an 855. Run Pol Pot. Ask Ron about his innovative four point review. Ron -- will review your needs and then we'll take a look at your current plan and find ways to keep more of your money in -- counts in addition you'll see if you can save money on your taxes and make sure the government doesn't hold the mortgage on your family's future finally -- create a customized and secure income for life planned so you can enjoy your retirement with the people you love he'll take the guesswork out of financial planning -- Call around today and 855 run Popeye that's 8557667272. Or go to ask Ron pop a dot com. Your initial call will only take a few minutes called -- now and get your free copy of the 2013 money market reforms call today 855 run pop -- That's 8557667272. Well we just about out of time thanks for listening who talked a lot today about beneficiary -- go. -- skinny dipping and hope you join us anything about -- -- of aquarius. And legacy advises wealth management we work with people just like you. A consortium itself. About keeping the many things were so content. And enjoying it with the people who fit. As president of legacy prizes and invite you to give us it's -- five run. 285576670. -- 72. To get up before you can choose you. We know that you have a lot of choices and that's why we've worked so hard to and his team and we need some promise that we'll take great care of you and your pin. This review for copies of the 2013. Tax facts from my report pension scheme to. Homeless 855 run home. 28557667272. Hope to see you next week. Financial planning can be scary and downright confusing we don't wanna make sure that we're not leaving anything to chance -- financial futures to stay tuned as Ron pop or guide you and helps you achieve your personal lifestyle and legacy goals if you call today you can receive your free copy of the 2013 money market reforms -- street. Call around today at 855 Ron pop up -- 8557667272. Ron we'll help you make better financial and estate decisions he'll create a dynamic financial and the state plan. One that's as unique as you are and one that changes with your circumstances. So what we're concerned about income planning tax planning portfolio management or estate planning you need a full service wealth management firm on your team called -- today. An 855 Ron pop up or go to ask Ron pop a dot com your initial call will only take a few minutes so call today 855 Ron pop up and get your free copy of the 2013 money market reforms.