Episode #8 Behavioral Finance: The Hidden Influences on Your Retirement Decisions

Episode #10 Retirement Ready: Income strategies with Dr. Wade Pfau

Scott Groskreutz is an Investment Advisor Representative with Brokers International Financial Services, LLC.Brokers Financial is not an affiliated company. Opinions expressed on this program do not necessarily reflect those of Brokers Financial. The topics discussed, and opinions given are not intended to address the specific needs of any listener. SG Financial does not offer legal or tax advice, listeners are encouraged to discuss their financial needs with the appropriate professional regarding your individual circumstance. Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter. Please contact us if you wish to have formal written advice on this matter. Neither Asset Allocation nor Diversification guarantee a profit or protect against a loss in a declining market. They are methods used to help manage investment risk.Fixed Annuities are long term insurance contacts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Withdrawals prior to age 59-1/2 may result in a 10% IRS tax penalty, in addition to any ordinary income tax. Any guarantees of the annuity are backed by the financial strength of the underlying insurance company.

Episode #9 Retirement Roulette: Spin the Wheel of Financial Confidence!

Speaker 1 00:00:00 Three. Speaker UU 00:00:01 Two. One. You're on Scotty G's retirement radio show where you get all the best advice. Hey hey hey, hey. Yeah, he'll be waiting on your call today. He'll put you financial goals inside are you not? He'll treat your money right. Speaker 2 00:00:35 Welcome to the show. This is Scotty G's retirement radio. I'm your consumer advocate, Gary Nolan, here to help you take charge of your money. Scott Gross Chris Scott has helped hundreds of clients achieve their financial goals over the years. Like to thank you for joining us, spending part of your weekend with us on KCS, NT, Newstalk 840. Now, the thing about Scott that you want to know, that's vitally important. The fact that he's a fiduciary, which means by law has to have the best interest of his clients. And like I said, it's a very important distinction. Now, when you meet with Scott and you chat with him, he's going to cover all the things we cover in the show each week, because these are things that are vitally important to retirees and retirees, like wealth accumulation, asset protection, long term care strategies, and so much more. Speaker 2 00:01:18 I'd like to welcome Scott into the show. How's the weekend going so far? Speaker 3 00:01:21 It's going great. Good morning. Good afternoon everybody. Speaker 2 00:01:24 Yeah, terrific. It's great to have you on each week at this time Scott. All right. Let's dive into the show here. The 2020 3EBRI. And I had to look that up. I had to Google that. It's employee benefit research Institute. They had a survey retirement Retirement confidence survey should be called the The Non-confidence Survey. After this Scott was recently released. The results, to say the least, are shocking. We're going to dive into into this with a format inspired by a classic game show. Yeah, family feud. There it is. Yeah, there we go. We're going to have some fun. Scott, we're calling this, Financial Family Feud. Okay, so here it is. The same rules apply. If you're not familiar with the show, we got the top answers from various surveys from that 2023 retirement confidence survey. Now you're going to try to guess the most popular answers from the survey. Speaker 2 00:02:19 Now, if you hear this, that means you got the top answer. Now if you hear this, that means you weren't wrong, but you didn't get the top answer. So here we go. Okay. And let's do this. You've been through all of this, so let's see. I'm confident. Scott, you got this, man. You got this. Okay, here we go. Over 1000 working American adults were surveyed about retirement. Now, the three top answers on the board of those surveys. What are the top concerns among those worried about their financial future? Speaker 3 00:02:51 Well, I would say the number one thing it has to be people worried about if they'll have enough money to retire. Speaker 2 00:02:57 There you go. You got it. 68%, Scott. Not having enough money to retire. That's a that's an easy one because that is really everybody's on everybody's mind. I'm going to give you the other two and and get you to comment on these. You know. Speaker 3 00:03:09 You know what Gary? Two it really doesn't matter sometimes on how much assets you have. Speaker 3 00:03:14 I've met clients with over 2.5 million, slotted for a retirement loan. They still have that fear because, you know, based off your expenses and what's going on in your family situation, what you want to do in retirement, it may not be enough. So, you know, regardless of whether you think you have too little or you have enough, that question in the back of your mind, maybe burning it burns for a lot of baby boomers. Yeah, it's. Speaker 2 00:03:39 Like I said, you know, we've talked about it's not how much you have, it's how much you get to keep. number two was keeping up with the cost of living, of course, inflation 56% and managing debt levels at 45%. A pretty, pretty normal. I'd. I'd expect. Speaker 3 00:03:54 Yeah. People want to also look at, you know, the managing debt levels big thing and, you know, paying off the mortgage. That's one thing that you can check off that list, keeping up with the cost of living with the inflationary pressures. Speaker 3 00:04:05 What we've seen the fact that government has printed 85% of all the bills in circulation in the last few years. This is really, really an important thing in your plan to consider as you're retiring. And and you want to make sure that you're keeping up with those costs, right? So vitality costs, insurance costs, those things. Speaker 2 00:04:25 So if I see a $20 bill from 20 years ago, it's pretty rare that that's what you're saying, right? You you know, interesting. I think keeping up with debt levels, that has really jumped up, in the last couple of years because people are putting money on their credit cards because of a cost of inflation, deflation and everything else. So let's go to our second question. You're one for one. You're killing it. All right. We surveyed almost 600 working Americans who say they're not confident about their ability to live comfortably through retirement. The top five answers are on the board. What are the top concerns? We have five of them. Scott. Speaker 3 00:04:59 I would say with everything going on, it'd be maybe the economy or recession volatility market. Speaker 2 00:05:07 Well, it's in there. It's definitely in there. But the number one answer little no savings unprepared. Can't afford to retire. That's 40% inflation 29% in the economy recession is up there 12%. Unemployment issues with the job and or job issues a 9% and fixed budget low or no income 8%. So what do you think? Speaker 3 00:05:29 Well, you know, when I when I meet with clients and it is a concern, I see I just saw one last week and they really wanted to retire, but they felt completely unprepared. they were worried about collecting too early on Social Security, what those implications would be. So I definitely say, you know, people are not, retiring with a lot of guaranteed income streams and they wonder how can they continue to retire earlier and enjoy themselves? you have to have a plan in place in order to do that. And that's a major concern that people have. Speaker 2 00:06:04 So once again, thank you for joining us. A little break here and remind you that this is Scotty G's retirement radio show. Speaker 2 00:06:10 I'm Gary Nolan, your consumer advocate with us each week at this time, Scott Gross. Chris, in case you're just joining us, Scott has helped hundreds of clients plan for their retirement years. He's a fiduciary, which by law has to have the best interest of his clients. You really need to get on this calendar, get yourself all set up with that comprehensive plan, that holistic plan, no cost or no obligation. So what are you waiting for? Here's that phone number 702420 2554 (702) 420-2554. Or you can reach out or you can go to his website SG retired.com. All right. Let's get to another question here. We have time for maybe, two more. Let's squeeze in one at least. top six answers on the board of 1153 working Americans, who said they're not confident about their ability to live comfortably throughout retirement. What are their top concerns? I have a feeling you'll nail this one. Speaker 3 00:07:06 I'd have to say what we just talked about. Maybe Social Security. Speaker 2 00:07:10 There you go. And it's a big one, Scott, 88%. Speaker 2 00:07:13 I'm going to read the other ones to you and see what you have to say about it. Workplace Retirement savings plan 84. Personal retirement savings or investment 78 Individual retirement account or an IRA 75. Work for pay. 73 of defined benefit or traditional pension plan 64%. What else do you have for us? What do you think about that? Speaker 3 00:07:31 Yeah. You know, I think when you look at people in their individual retirement account, their IRAs, you know, they're not that confident, that they'll be able to live comfortably with that IRA because they've seen whether it's the 41K or the IRA, they've seen it go up and down, up and down. Speaker 2 00:07:46 And sorry, I you know what that was? That was your website. That's my see, I'm actually looking at the website. I'm sorry to interrupt. Go ahead Scott. Speaker 3 00:07:54 No. And I you know, they look at their portfolios go going up and down on, you know, the balance of the account. And they're saying if there's another market cycle continues in the wrong direction, what will they do? And if that's all they have, that's a big portion of what they would source for their income needs. Speaker 3 00:08:14 So I can see that that's really a concern. This is why it's so important, even on the Social Security front, to make sure you're doing the right thing, considering, an IRA, because that those, you know, those dollars translate to benefits in retirement benefits and income benefits for you to pay health care expense if need be, if you have a chronic condition or or something more temporary. So whatever it is, we want to make sure that we get those dollars, towards your resource in your plan. And that actually gives you gives you benefits beyond just sitting there, with market risk. And, you know, we will also help you with that. But whatever the case is, wherever your risk tolerance is, we can really address that and make sure your plans aligned with that. Speaker 2 00:08:59 Yeah. Like we talk about Scott each week, you know, putting the puzzle pieces together. And you know, there's definitely there's a strategy for taking Social Security just to say well okay, I'm 62 I'll take it. Speaker 2 00:09:08 Now there's a strategy. And you got to work through the numbers and what other assets you have and put it all together, like I said. All right, time for one more. Let's squeeze in one more question. Over 2500 working and retired. America's survey. The top five answers on the board. Who do they trust most with their finances? What about this one? Speaker 3 00:09:28 Oh, I would say this is probably has to be a financial advisor. Speaker 2 00:09:33 Yeah. There you go. Yes, 61%. Thank goodness. Two out of three people, almost. the other answers are interesting. Family and friends at 31 online resources and, you know, kind of robo stuff at 28 and I representatives from your workplace retirement plan, 13% got another minute or so. Scott. So explain these to me and then we'll wrap up the segment. Speaker 3 00:09:56 Yeah. We we really have to look at when you're looking for a, a professional, people look to these people because obviously we have the education necessary. And we also have not a lot of people talk about this, but, it's the experience in working with several families and what they've done over the years, what's worked for them from a psychological standpoint and from a number of standpoint. Speaker 3 00:10:17 and so there's a lot of experience that comes when you work with me. It's not just you're paying for the education. I have. You you work with me because of the experience, that we have and and the experience that our team has collectively in your corner. So family and friends, I chalk that up to the waffle House. Wise men and wise women, they always have. Hey, what do you think about this guy? What do you think about that? You know, it's all. It's like, I can't give you a reason why right now. And just passing at the grocery store, but, you know, you know, there's several perspectives based off people's history and life, lifestyle that they will think one way or another, but that's generally not the advice you should take. take advice of someone that's in your corner that has, professional education. It's licensed properly and that is a fiduciary. Speaker 2 00:11:08 Absolutely. All right. It's got another minute or so left. So let's you know what else you got for what can you tell our friends and listeners today Gary. Speaker 3 00:11:15 Now is a time to really open up the phone lines. And you know, education is key. And so we've set some time away in our calendar just to meet with our listeners who want to learn about retirement. And here's what our process looks like. So it starts off with a simple phone call where we can have discuss any immediate concerns that you have. From there, we can help give some clarity surrounding one of the most vital aspects of your financial life through a free strategy, planning session, or even a second opinion review. This includes a fee analysis, a personalized and comprehensive report on your current situation, as well as proposed long term financial retirement income plan to help you reach your goals. Confidence is a powerful tool, especially approaching retirement, and we often work with folks who have saved over a million in retirement. But for you listeners that are focused on building a retirement plan, let's get connected so you can get better answers for your financial objectives. So, Gary, let's tell the folks how they can connect with us. Speaker 2 00:12:19 That's great advice, Scott. Here's that phone number. 702420 2554 folks, no cost, no obligation to get a better handle on your financial situation. Find out what your investments are really costing you because of high fees or commissions, what future tax implications will be, and how much income you can securely generate from that. Once you do move into retirement, all starts by picking up the phone and punching those numbers in. 702420 2554 (702) 420-2554. Welcome back to the show. I am your consumer advocate, Gary Nolan. With me is Scott Gross. Chris Scott has helped hundreds of clients plan for their retirement over the years. He is a fiduciary by law, has to have the best interest of his clients. Very important distinction when you're looki

Episode #8 Behavioral Finance: The Hidden Influences on Your Retirement Decisions

Speaker 1 00:00:00 Three. Speaker UU 00:00:01 Two. One. You're on Scotty G's retirement radio show where you get all the best advice. Hey hey hey, hey. Yeah, he'll be waiting on your call today. He'll put you financial goals inside are you not? He'll treat your money right. Speaker 2 00:00:37 Welcome to the show. This is Scotty G's retirement radio. I'm your consumer advocate, Gary Nolan. And here to help you take charge of your money is Scott Gross. Chris Scott has helped hundreds of clients achieve their financial retirement goals over the years. He's a fiduciary, which means by law has to have the best interest of his clients. Very important distinction when you are looking for a financial advisor and all the things we talk about on the show here each week are the things that you and Scott are going to be chatting with when you meet with him, because these are things that are on your mind as a retiree or pre retiree, maybe in that retirement red zone. We talk about tax minimisation strategies, long term care strategies, life insurance, asset protection and wealth accumulation. Speaker 2 00:01:16 Scott, welcome in. I hope you're having a good weekend so far. Speaker 3 00:01:21 I'm having a great weekend. Hope everybody's having a great weekend as well. Or your listeners. Speaker 2 00:01:25 All right. I say this every week, Scott, but this week I really mean it. We got a great show. Okay. You ready? Here we go. cash flow and retirement is critical factor. Now we have some key considerations for understanding the importance of cash flow in retirement. So we're going to roll through these and see what Scott has to say about each of these. Let's start out with the usually the number one thing when it comes to cash flow is income sources. Speaker 3 00:01:48 Oh, absolutely. So I just met with the client last week. They had over $2.5 million in liquid assets, and when we looked at their budget, they were spending about 22 grand a month. Can you believe that, Gary? My gosh, Gosh. Speaker 2 00:02:05 I couldn't. I couldn't spend that if I tried. Well, maybe if I tried real hard, I might. Speaker 3 00:02:08 Well, you know, his wife was on some dietary supplements and a special dietary meal plan that she was on. They had several other expenses that just kept on adding and adding. And now they're at Retirement's door, and they have to figure out, okay, is this enough? And when we look at their income plan, they didn't have the income for their spend. And here we were in this office talking about what they needed to do. And one question came out was, can we buy an RV? And so, you know, and I'm not poking fun at them. No, what I'm saying is, is, you know, the foundational elements of retirement is really budgeting it. You know, we budget when we work because we're getting the income and we need a budget, right? When we're in retirement and income sources, it's not going to change. It's not going to be as volatile as it was maybe when you were working and doing a side hustle. So you have to start at what income is coming in versus going out. Speaker 3 00:03:08 And it's never a good feeling when more is coming out than coming in. Now, I don't. Speaker 2 00:03:12 Know enough about this, but that's a basic strategy if you ask me, don't you think? Speaker 3 00:03:17 Exactly. So it's expenses. It's, you know, and then you have to count for things that change with health care and your Medicare plan. It has gaps in it. It doesn't cover things like long term care. So when you really look at expenses and what your budget and your investment strategy, you know, a budget shouldn't be a naughty word. Sometimes I, I don't like the feeling of what? Yeah. When I say that word. Speaker 2 00:03:41 My wife hates that word too. Yeah. Speaker 3 00:03:43 And what it is really, it's, It's a goal plan, right? Yeah. And it's just a goal plan that's more narrow down on a daily or monthly target. And so think of it as more of a goal plan. You know, start with the things in your budget strategy that are the enjoyable things like budgeting for vacation, budgeting. Speaker 3 00:04:05 Go see family budgeting for a trip, whatever it is. Baby budgeting for, you know, the the yoga expense first or whatever it is, or your Zumba class. Start there with fun that will help motivate you to make sure that you're getting your enjoyment in retirement each, each time. And so, you know, once you create it, you kind of just put it on repeat with the exception of those things that come up. Speaker 2 00:04:27 Yeah. And yeah, don't forget to put your mortgage in there and your food and cost prices too. But I heard I can't recall where I heard this, but I heard that, a lot of folks who have millions, they have as many as seven different income streams, income coming in from all different sources of, of their investments at one time, you know. Speaker 3 00:04:45 Right. And that's where it becomes more of a coordinated effort. And when when I sit down with people, like you're saying, Gary, that have several different income streams. I usually get a big sigh because it really gets complicated. Speaker 3 00:04:58 You know, the last 20 or 30 years of their working life, they realize, looks a lot different than the next 20 or 30 years of their retirement life. And that's where our team provides value to those that are in retirement, to make sure that we can take some of the weight off their shoulders to help them make the best decisions possible. Speaker 2 00:05:22 I want to take a moment to remind you the show is Scotty G's retirement radio. I'm Gary Nolan, your consumer advocate. With me each week at this time is Scott Grosskreutz. I want you to get on his calendar, get yourself all set up by that comprehensive plan, that holistic plan. Here's the good news. There's no cost to no obligations. So what are you waiting for? 702420 2554 702420 2554. Do it right now. Why are you thinking about it? All right, so we're going through cash flow. And you know, after you go through the income and the expenses, kind of put the balance sheet together and do the budgeting or I call it a spending plan, I like that better. Speaker 2 00:05:58 how about investment strategy. That's up next. Speaker 3 00:06:01 Yeah. You know, investment strategy can really impact your cash flow in retirement. You may have investments that generate regular income, such as dividends, interest or rental properties. But really diversifying your investments can help manage risk and provide a steady stream of income to support your retirement cash flow needs. Speaker 2 00:06:22 Now you really need a plan. Scott, I'm all right. Having a bunch of statements is is not a plan. And you know, diversification is not owning ten different stocks as am I, right? Speaker 3 00:06:31 Absolutely. Yeah. And and you know, at SG financial what we do with our clients is we really love simple, straightforward fundamental planning. And so when you meet with us, we do a one page plan for your retirement. Can you imagine that. Speaker 2 00:06:48 One page on. Speaker 3 00:06:48 One page. And it's really it's a really it's really just a summary that has everything that your plan has. And then of course, there's a lot of details with other supplemental materials, just as a as a guide for you, but one page to have everything on one pages. Speaker 3 00:07:07 What is this account doing. Why is it doing it. What are your risks? How are we addressing it? All of these things you can see, you know, on your one page plan. Speaker 2 00:07:16 Well, that's good because I have a short attention span scout, so it'll be perfect for me. here's the thing to, longevity. We're living a lot longer these days. Speaker 3 00:07:25 Yeah. You know, life expectancy plays a crucial role in managing cash flow and retirement. Living longer means your retirement savings will need to last much longer. And you need a plan for potential health care costs associated with aging. you know, our bodies with modern medicine are lasting a lot longer, but where medical technology and, you know, studies and all these things where we've tried to catch up to is the brain activity. And so often people struggle with things like Alzheimer's, dementia. And that's something that is still, in its infant stages on really addressing those illnesses. So making sure that if you do have a plan that you have a plan for, in case those things are to happen in terms of health care risk, because oftentimes those types of critical illnesses, which is actually more prevalent than we would like, will affect your spending and the cost of care goes up significantly. Speaker 3 00:08:22 And, Gary, remember, long term care is not covered by our Medicare plan. Speaker 2 00:08:28 Hey, how much of a factor is longevity when you're trying to figure out when to turn on Social Security. Speaker 3 00:08:33 Well absolutely. You know it's a real huge factor. You know longevity we always take into account when we do our risk tolerance. And we go through your life expectancy based off of the life expectancy maybe of your parents. It's a it's an estimate. But we take this into account when we look at your Social Security benefits. And we want to make sure that you're getting the most out of the Social Security plan, and it's critical to understand what are the best times to claim considering your asset mix as well, that may provide you income in the future. So all of these things are taking into account when, on our first consultation, we get your information and then by your second consultation, you will have a 30 page report. You don't need all 30, but the first couple pages will really go through three plans that would best suit for or recommend for you that you can go and pick. Speaker 3 00:09:29 And we can talk about what are the pros and cons that claiming those times. And you can see the difference in your lifetime income benefit. And it's staggering. Gary, when I do these exercises with the clients that I serve and we, you know, chart a course forward on based off those, those times are the ages that you claim for your Social Security. Speaker 2 00:09:51 All right. Great stuff. Scott, of course, we're almost running out of time in this segment. So what else can you do to wrap up this segment for us? Speaker 3 00:09:57 Well, you know, there's a lot of puzzle pieces as we just talked about. We spend a great deal of time talking about budgeting and these topics with our clients, and we have kept a few openings in our calendar for a free review. For anyone who has more questions about how this might be affecting your retirement. So give us a call and we'll chat with you personally to try to answer any questions you have. From there, we'll talk through all the different puzzle pieces that you need to consider in your plan. Speaker 3 00:10:25 For instance, Social Security. You know, what age should you start taking that benefit? Social security is just going to tell you. The administration will tell you, okay, these are your options, but not really explore the best ones for you. And then what about fees that you're paying on your existing portfolio and your current plan or income plan? Do you have an income plan in place? Make sure that you don't end up running out of money in retirement. Or maybe it's inflation. We're all seeing some inflationary pressure on our cash and address inflationary pressure for future decades, as a cost of everything continue to rise is really important. So there's a lot that goes into our planning for retirement. So if you're managing your retirement plan by yourself, or if you're now realizing that your current advisor hasn't been helping you the way you'd like with all these issues, this is your chance to get a true comprehensive plan in place. Speaker 2 00:11:13 Now, there's some great advice, Scott. We are proud to be shedding light on a number of topics we see folks struggling with, or maybe even being taken advantage of as they prepare for a move in retirement. Speaker 2 00:11:23 You want to get that complimentary roadmap? We've been talking about it. Put it all together, all while you make sure you walk away from the conversation with clarity and understanding. It starts with the phone number and here it is. 702420 2554 (702) 420-2554. Do it now while you're thinking about it or you go to their website. Speaker UU 00:11:42 It's retired.com. Welcome back to the show. Speaker 2 00:11:56 This is Scotty G's retirement radio. I'm your consumer advocate, Gary Nolan, here to help you take charge of your money. Back with us, Scott Grosskreutz Scott has helped hundreds of clients achieve their financial retirement goals over the years. He's with SG financial and I mentioned this because it is so vitally important when you're looking for a financial advisor, is that he is a fiduciary by law, has to have the best interest of his clients and the things we speak about each week on the show, the things you want to get together and talk it over with Scott, like wealth accumulation, asset protection, life insurance and so much more. All right, understanding what makes us tick financially can be complex and confusing. Speaker 2 00:12:32 We're going to take a look at several areas of behavioral finance, and how the right advisor can help us on the right path. Now, I'm not a psychologist, Scott, but I stayed at a Holiday Inn Express last night, so I'm good, you know? So I got this. I got this all figured out. No. Not really. Honestly, reading this segment of it, this is, fascinating to me because I didn't know a lot about it. But you guys talk about this all the time, don't you? Speaker 3 00:12:54 Well, you know, behavioral finance is just as important to consider when you're

Episode #7 The Importance of Professional Guidance in Your Retirement Journey

Speaker 1 00:00:00 Thr Speaker UU 00:00:01 Two. One. You're on Scotty G's retirement radio show where you get all the best advice. Hey hey hey, hey. Yeah, he'll be waiting on your call today. He'll put you financial goals inside. are you know he'll treat you money, right. Speaker 2 00:00:36 Welcome to the show. This is Scotty G's retirement radio. I am your consumer advocate, Gary Nolan. And here to help you take charge of your money is Scott Grosskreutz. Scott has helped hundreds of clients achieve their financial retirement goals. A little bit about Scott. He's a fiduciary, which means by law has to have the best interest of his clients. And when you go see Scott and spend some time with him, he's going to talk to you about all the things you hear on the show each week, because we know this is on your mind. Retirees and retirees, wealth accumulation, asset protection, long term care strategies, and so much more. So we'd like to welcome Scott in. Thank you for joining us Sunday afternoon on an XT news radio. Speaker 2 00:01:16 840. How's your weekend going so far, Scott? Speaker 3 00:01:18 Great. How are you doing, Gary? Good for our listeners on a Sunday afternoon. Thanks for tuning in. Speaker 2 00:01:23 Yeah, we're just having a couple of conversations here that we'll do throughout the afternoon to the next hour or so and keep you informed about what's on your mind. So we're going to start out with this now two retirement troops and Allied going to find out which one that you think you know or don't know when it comes to planning for your retirement. All right. I'm going to start with this one Scott. So I'm going to read these to you. You tell me which is the lie. And here we go. I can depend solely on Social Security benefits to pay for my living expenses when retired. It's never too early to start saving for retirement. I don't need help with my plan. I can use an app for free and get the same information. I think I know the lie on this one. Speaker 3 00:02:04 Yeah, yeah, that's a lot of reliance on the app for free Speaker 3 00:02:08 Nothing's for free. Right, Gary Speaker 2 00:02:10 Oh, no. There's no such thing as a free lunch, they say. Right? Speaker 3 00:02:12 Yeah. So that's a lie. Robo advisors can do, some help for you in terms of retirement planning, but you should really sit down with a professional when planning something that's as important as your retirement portfolio. And also, you know, there's a lot of other factors and not any one to retirement is the same. So sitting down with somebody can really help you. look at your income benefits and growth in the market, all those thing Speaker 2 00:02:42 Yeah. Especially like when it gets to disbursement that because that can get incredibly complicated as to what accounts to draw down and everything else. It's not a do it yourself kind of situation. I, you know, maybe if you're you're you're 25 and you want to start a little accumulation, that's okay. But particularly when you get into really those retirement red zones, that's when you really want to stay away from something like that. Let's get to the next one. Speaker 2 00:03:04 Two truths and a lie. Medicare is free and I don't need to pay for anything related health care once I enroll. Medicare does not cover all my medical expenses. You'll spend more money when you retire because of higher medical costs, which is. Speaker 3 00:03:19 Ooh, that's a good one. Speaker 2 00:03:21 Yeah, that's a good one. Speaker 3 00:03:22 Yeah. The lie is Medicare may not cost money upon enrollment, but health care costs can still be high in retirement. it may not cost. And there's certain Medicare aspects there. Obviously your part A is automatic, but your part B does take money out of your Social Security check. So you know there's a cost involved there, and you want to make sure you have the right coverage. At SG financial. We can go through that and look at your drugs, doctors, co-pays, all those things in our review and make sure that your coverage doesn't have any gaps in it, whether it's a supplement or an advantage plan. Speaker 2 00:03:57 Yeah, absolutely. It's so it's so important to go through that because these things could be, you know, we talk about health care all the time on the show and how expensive it can be. Speaker 2 00:04:05 All right, let's get the next one, Scott. Here we go. I'm always going to be comfortable with the risk level I'm at. Emergency savings is different from borrowing from my 401 K, and it's never too early to begin planning for retirement. Speaker 3 00:04:22 The lie is that risk tolerance really is basically an assessment of the amount of loss and investors prepared to handle while making investment decisions. So you should be revisiting conversations about your risk tolerance and financial advisor upon big life changes. it's really important to do that, and have that risk tolerance assessed. And also as you near that leap into retirement because we're transitioning to a different lifestyle. So all of these things are really important, and you may be comfortable with the risk level you're at, but you may not even know what your risk level is. And most people, when I ask them the follow up question, they struggle with that. So going through a risk assessment with not just concerning your market assets but every asset that you have. We found this out with the banks right Gary. Speaker 3 00:05:14 So right. Yeah. We have to make sure that that that it's within the threshold, within the allocation. The income allocation. Only the asset allocation is really important to look at in terms of your risk. Speaker 2 00:05:25 Right. What's your thoughts on the rule of 100? It's still that a valid rule of thumb so to speak. Speaker 3 00:05:30 Yeah. In general it could be I know this is what, you know, a lot of insurance agents point to when looking at assets in and out of the market. But what we have to take into account is what is the income need? You know, the income needs greater than it may be more than what the rule of 100 is. and some people just are more aggressive. They don't like, the metered down returns of some more fixed solutions. And so it really depends on your risk tolerance. I think the rule of 100 is good when you're considering other equations with your retirement portfolio, things that we go through in our visit together. Right. Speaker 2 00:06:06 And in case our listeners don't know what that is, is you take the you take 100 and you subtract your age. Speaker 2 00:06:11 Let's say you're 60. That means you should have 40% at risk. So that's basically it. But you know, and Scott will talk to you about that in greater detail when you come see him. That's why I invite you to do that right now. Speaker 3 00:06:23 Well, Gary two, you know, that equation is really beneficial. But sometimes when I tell people, well, that's the amount you should have out of the market and they find out, you know, what is the expected, the reasonable growth, they either may not be happy with that or they might be happy with it. Right. Or they might say that they want more. And then we look at plans to do that. So really it's just based off the type of person, the experience. You may look at, you know, your history, maybe you had experienced 2008 hit to your ass, right? Yeah. And so you are more conservative. So we really want to nail that down. And these are just measurements, right? It's not the be all, end all. Speaker 2 00:07:03 Want to take a moment, remind you the show is Scotty G's retirement radio. I'm Gary Nolan, your consumer advocate. With me each week at this time is Scott Grosskreutz. I want you to get on his calendar, get yourself all set up by that comprehensive plan, that holistic plan. Here's the good news. There's no cost to no obligations. So what are you waiting for? 702420 2554 702 42 zero 2554 do it right now. Why are you thinking about it? Okay, we're doing two truths and a lie. Let's see if we got time for 1 or 2 more. All right. Diversification and asset allocation are essentially the same thing. I should update my retirement plan periodically. and retirement planning has both emotional and financial components. All right, I think I know the lie. What's the lie here, Scott? Speaker 3 00:07:48 The lie is the first one. Right. So asset allocation is the foundation. And diversification really builds room of rooms for the blueprint. You're really looking at, as you consider what your financial plan will look like. Speaker 3 00:08:04 now while they are symbiotic, they are not the same thing. You know, asset allocation involves directly dividing your assets among the different asset categories like stocks, bonds, and cash. Diversification involves spreading your investments both among and within different asset classes. Right. So, you want to make sure that with assets in the market, you're properly diversified. But you know, Gary, too much of one good thing also is a recipe for disaster. I just met with the client a month ago who is doing a DIY plan in her portfolio. She had more than 300 different diversification assets in the portfolio. Now that's too much diversification. So yeah, and so it wasn't really efficient And, you know, creating a plan in place. Make sure we make sure you're not doing one thing for the end result. Because oftentimes the benefits are far under, what you're trying to avoid. Yeah. And, we look at these things, right. And make sure that you're making the best judgments about having your safety spread across all those areas. Speaker 2 00:09:18 Yeah, and that's why folks need to come see you. Scott, this has been great information. What else can you tell us? Speaker 3 00:09:22 You know, listen, Gary and radio listeners, those listening in today, we really keep a few openings on our calendars for listeners to sit down at no cost, no obligation, consultation or second opinion review to help you put you on that right path for your retirement future. This consultation will help you determine how prepared your portfolio is to handle dangers like inflation, stock market volatility, and taxation. You've worked hard for your money and will continue to work just as hard to help you protect and grow it. Keep in mind, our strategies are often used by folks with over 1 million saved for retirement. But we will not turn you away. And if you're serious about retirement, planning, we'll do this for you. So for the next ten callers who have saved at least 200,000 or more save for retirement, you'll get the fact based approach that you deserve and get better answers to your financial challenges and objectives. Speaker 3 00:10:21 And if you call right now, you'll get a copy of our latest educational resource. Five keys to a Successful Retirement When You Come in. This report is invaluable and the knowledge inside could save you thousands in retirement. Speaker 2 00:10:33 That's great advice, Scott. Here's that phone number. 702420 2554 folks, no cost, no obligation to get a better handle on your financial situation. Find out what your investments are really costing you because of high fees or commissions, what future tax implications will be, and how much income you can securely generate from that once Once you do move into retirement, all starts by picking up the phone and punching those numbers in. 702420 2554 (702) 420-2554. Welcome back to the show. This is Scotty G's retirement radio. I am your consumer advocate, Gary Nolan. And here to help you take charge of your money, Scott Grosskreutz Scott has helped hundreds of clients achieve their financial retirement goals. We're having a great conversation here on a Sunday afternoon on next NewsRadio 840 going through all the things that are on retirees mind and pre retirees mind, like tax minimisation strategies, long term care strategies, life insurance, asset protection, wealth accumulation, all the things that you want to talk to Scott about when you get Ahold of them, give that phone number for you in just a little bit. Speaker 2 00:11:52 And what else did I have to tell you? I don't know, let's get into the show. Let's get into the segment two of the show. All right. So the answers to retirement questions that start with word when depend on a variety of factors, including your individual financial situation, personal preferences too. Now here are some common when questions and potential answers. And I believe Scott this this has to be the biggest win that you get when oh. Speaker 3 00:12:17 Heck yeah. Speaker 2 00:12:18 Yeah. When should I start taking Social Security? That's a big one. Speaker 3 00:12:21 Oh well, you can start receiving Social Security retirement benefits as early as age 62, but your benefits will be reduced if you start before your full retirement age, which is currently 66 or 67. So depending on your birth year, delaying Social Security benefits until age 70 can result in higher monthly benefit payments. Now, there is no annuity like Social Security, which is technically an annuity. Gary. Oh yeah. And so you when you delay this, you'll get the best delay possible you can possibly get from any other annuity has the best adjustment. Speaker 3 00:12:59 You can get cost of living adjustment. So when you come and sit down with our team, you will get a Social Security strategy that outlines the options for you to claim on Social Security, tells you even when you should file for it. And we look at these options for you considering your other assets that you have in retirement, whether it's an IRA for one or other annuities. And we create a plan, an income plan that is safe that you can rely on for your basic necessities. This is all something that we do with all of our potential clients and existing clients having this review. And it's something that the Social Security Administration will not give you in terms of looking at your full asset picture. This is why it's important to me, with us. Speaker 2 00:13:46 Yeah. I mean, you can get the

Episode #6 Are You Prepared for a Secure Retirement?

Speaker 1 00:00:00 Three. Speaker UU 00:00:01 Two. One. You're on Scotty G's retirement radio show where you get all the best advice. Hey hey hey, hey. Yeah, he'll be waiting on your call today. He'll put you financial goals inside. Are you gonna help treat your money right? Speaker 2 00:00:36 Welcome to the show. This is Scotty G's retirement radio. I'm your consumer advocate, Gary Nolan, here to help you take charge of your money. Scott Gross Chris Scott has helped hundreds of clients achieve their financial retirement goals over the years. Scott is a fiduciary, which means by law has to have the best interest of his clients. And the things we talk about here on the radio and the things you meet with Scott when you meet with Scott, these are the things you'll be discussing. It's wealth accumulation, asset protection, life insurance, long term care strategies. So thank you for joining us on a Sunday afternoon at XT News Radio. 840. Scott, how's your weekend going so far? Speaker 3 00:01:12 It's going great. Beautiful day here. Yeah, in Henderson, Nevada. Speaker 2 00:01:16 Absolutely. So, let's get into the show. This is a this this one's a little different to our I applaud our show writers coming up with something different each week. So, you know, we spend a lifetime preparing for retirement or do we now we sent our coworker, one of our other show host, Dave Perkins, to the streets, ask people about their plans for retirement now, retirement preparedness. According to a survey by Transamerica Center for Retirement Studies, only 17% of workers are confident that they'll have enough money to retire comfortably, and 56% of workers plan to work past 65 not to retire at all. So I'm going to play a clip. This is from interviews out on the street with Dave, and we'll get your comments on the other side. See if this is typical or not typical. When you talk to folks, Scott. Speaker 4 00:02:00 That's a pretty comprehensive plan that takes into account, all of our assets, real estate, everything. Speaker 5 00:02:07 I'm going to work as long as I can, and then I'm going to enjoy my grandchildren and great grandchildren. Speaker 5 00:02:15 That's my plan. Speaker 6 00:02:17 I've got rental properties and stock account savings bonds. Speaker 7 00:02:23 we are saving money out of our monthly paycheck and trying to slowly start building up a savings. Speaker 2 00:02:32 There you go. Pretty typical. Not typical things you hear every day when you're meeting with folks. Speaker 3 00:02:37 Really typical. I think depending on the client and what they feel comfortable with, their real house is whether it's real estate, whether it's retirement account stocks, bonds, mutual funds, whatever it be. they have a strategy in mind that they want to, work according to. And, you know, for some, it it will work, as expected. For others, it just doesn't. And, you know, one of the, one of the responders there talked about, you know, saving a little bit here and there and, and and contributing here and there. And so you got to forecast those things out, make sure that it's in your plan that you're designing these things. it's okay to get rental income, but if it's the sole, you know, way you're getting income in retirement, that also has its disadvantages as well. Speaker 3 00:03:27 So a well-rounded, diversified approach to your income, will really help you. Speaker 2 00:03:33 Right. And probably lumped all those folks together. It would make the the best response. And one lady, you know, talked about her kids and her grandkids, but she really didn't talk about, you know, having having a plan. So like I said, these are all the kind of responses you get when you meet with folks on the street or when they come in your office. It varies by a wide degree. All right. Here's that bad word for somebody. Some people annuities when it comes to annuities. Everybody has an opinion. Here's this guy's opinion. Speaker 8 00:03:58 What are your thoughts on annuities I don't like him. Why why do you not like them? Speaker 6 00:04:04 Well, annuities tend to pay the broker or the salesperson a lot of money. And anything that pays a big commission is not generally good for the client. Speaker 2 00:04:16 Kind of a narrow view of annuities, but that's what a lot of folks thinks when they they don't hear about the different types of annuities. Speaker 2 00:04:23 Am I right, Scott? Is that what you get a lot, too? Speaker 3 00:04:26 Yeah. You know, it's it sounds like to me his concern is the fact that the the advisor or the agents getting compensated up front to complete that annuity for the client and anything that has large commissions generally, he's saying doesn't really benefit the client per se. And what I would just say to that is, you know, when you do a job, right, would you prefer to get paid, spread out year after year, year after year? Or would you rather be paid when you do those services? Right. And so it's the same thing with retirement professionals. Right? Is. And so you look at these things and you say, well, what type how do you want the interaction to be in terms of the fee structure. Is one fee structure better than the other? Well, I don't know if that's the truth there because, you know, there's a lot of fees that, advisors collect from having brokerage accounts. Speaker 3 00:05:23 I know this because I do them right? Right. And so over time, the collection of fees can be much greater. And it's not up front. So the the the thought process for people that really don't understand, what goes into planning. And, when you're meeting with an advisor and you need to understand what their model is and how they they do fees with their clients and, and what the fees are paid and the compensation for services renders what rendered what those are understanding those things, you can help formulate a plan. And what I would say is like there is no fee structures that's better than the other, whether you get it up front or whether you get it over time, it depends on what solution do you need in retirement? And of course, fees generally, if they're far in excess, what you're getting from them are never good. But it doesn't mean fees are bad. Right. And so you have to look at the full picture there. And it sounds like maybe someone that works, you know, as an advisor and their brokerage account is telling them that. Speaker 3 00:06:31 Sure. You know, but there's even within a brokerage account, there's upfront fees that you pay before your money is even invested. So there's a lot of specifics that if people really pulled back the curtain, they would really understand how it all works, is what we do during our strategy session. SG Financial Yeah. Speaker 2 00:06:48 And he might be talking. We can't say for sure. He might be talking about variable annuities because we know there are higher fees connected with that. The other thing I'll point I want to make, Scott, is that you being a fiduciary, you have to be completely transparent. So not like folks are going to go in blind not knowing what their fees and what the fee structure is and how it works with you right off the bat. So that's one of the things that Scott and his team will definitely do. I want to take a moment to remind you the show is Scotty G's retirement radio. I'm Gary Nolan, your consumer advocate. With me each week at this time is Scott Grosskreutz. Speaker 2 00:07:19 I want you to get on his calendar, get yourself all set up by that comprehensive plan, that holistic plan. Here's the good news there's no cost to no obligations. So what are you waiting for? 702420 2554 702 42 zero 2554 do it right now while you're thinking about it. I'm going to play the third clip for you. This is interesting. This is a young person who definitely has it going on. Let's hear it. Speaker 8 00:07:42 Now. You're probably a long ways away from retirement, but do you think about it? Is that kind of. Speaker 9 00:07:47 Yeah. I mean, of course, I mean, I do have a retirement plan set up. Of course. Speaker 8 00:07:52 Do you, are you aggressively contribute to that or how have you got that set up? Speaker 9 00:07:57 Well, I do, 300 a month. Speaker 8 00:07:59 So you're actually thinking about retirement, then? Speaker 9 00:08:02 Yeah. I mean, I can't work all my life, and these bones don't hurt that work. Speaker 8 00:08:08 Do you worry about Social Security being there for you? Speaker 9 00:08:11 Yeah, because they're using Social Security for other needs. Speaker 9 00:08:14 That's not supposed to be meant for that. Speaker 2 00:08:15 So there you go. And articulate young lady who's already thinking about retirement from, I'm guessing from the way she sounds. She has decades to go, but I think she's off to a good start. At least she's. Speaker 3 00:08:25 Got her stuff together. I love it. Yeah. That's great. Yeah. Speaker 2 00:08:28 What else? Speaker 3 00:08:29 Contribution rates to these retirement accounts. It's really what's critical. It's not a rate of return. It's that you're doing things consistently over time. I just had an educational event. We talked about this. Some of the highest type of industry jobs, people that, when they retire that have over a million saved for retirement are engineers, right? People don't think about that. Well, why will they do things over and over again? They test everything they do. They model it out, and they make sure that what they're doing makes sense and that the the math and science behind retirement is working in their favor. And so she's figured it out that if she she it doesn't matter what she contributes, it matters that she's contributing consistently year after year to build her retirement nest egg. Speaker 2 00:09:20 You know, it's funny, I heard her a lot about engineers, too, when I talked to folks too. They come in with spreadsheets. They open up like five, ten feet long. You know, every everything you ever wanted to know. But they're but they're prepared. That's that's true. And, you know, the things we were discussing here on the show show today are, you know, vitally important to retirees and retirees and wish we had more time to go through some of this stuff. But that's why you got to meet with Scott. Because he'll take as much time as you need to go through these issues with. Speaker 3 00:09:47 Let me tell you to Gary, you know, on the engineer side, right? I meet with these people, but they do have a lot figured out. But they also know when they don't know things. Right? Right. And they're used to outsourcing, working with different departments that have that expertise. And so I work with a lot of people in that situation where they know there's things that they do know and they want to rely on, but there's also things they don't know, right? And that's where it's really important to me. Speaker 3 00:10:14 We meet with an advisor. It's not just enough to throw 200 and $300 in an IRA. You gotta know what how to grow that in a responsible way towards your retirement goals. Speaker 2 00:10:25 Yeah, absolutely. So take a moment and tell our listeners what you'll do for them. Scott. Speaker 3 00:10:28 You know, if what we're talking about has struck a chord and you want to be certain you're on the right path with your own plan, give us a call. We keep a few openings on our calendar each week just for our listeners. So for the next ten callers who call us right now with at least $200,000 in their retirement accounts, we'll sit down as a fiduciary advisor and make sure you understand where you're at and all the options you have, so that you can make the best decisions for yourself moving forward. Throughout our years of serving our community, we found that a lot of folks don't have a true understanding of these three things one. They don't know how much they're paying in fees and commissions to. They don't know how much unnecessary risk they're taking with their nest eggs. Speaker 3 00:11:13 And three, they don't understand the tax implications of the retirement savings. So for the next ten callers, we'll sit down with you and help you understand how each of those issues is impacting you and your family. We may even answer questions that you didn't know or needed to be asked, and if you call right now, you will also get a copy of our latest educational resource, Five keys to a Successful Retirement When You Come In. This report is invaluable and the knowledge inside can save you thousands in retirement. Speaker 2 00:11:44 Now there's some great advice, Scott. We are proud to be shedding light on a number of topics we see folks struggling with, or maybe even being taken advantage of as they prepare for a move in retirement. You want to get that complimentary roadmap? We've been talking about it. Put it all together, all while you make sure you walk away from the conversation with clarity and understanding. It starts with the phone number and here it is. 702420 2554 (702) 420-2554. Do it now while you're thinking about it or you go to their website. Speaker 2 00:12:13 It's SG retired.com. Welcome back to the show. This is Scotty G's retirement radio. I am your consumer advocate Gary Nolan here to help you take charge of your money back with us on this Sunday afternoon. And Scott Gross. Gross. Scott has helped hundreds of clients achieve their retirement goals over the years. Thank you for spending part of your weekend with us on KSNT Radio News radio 840. All right. So we have some strategies that can help you provide regular dependable income in retirement. You know, Scott and I talked off the air. W