Helping You Make Smart Adjustments to Your Retirement Plans

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market update
inflation demonstration

2.17.23: Audio automatically transcribed by Sonix

2.17.23: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to Take Point on Retirement with your host, Erick Arnett. Erick is a fiduciary and licensed financial advisor who always places your needs first. The experienced team at Take Point Wealth Management takes pride in knowing they've helped so many pursue the financial future of their dreams. And they can help you, too. And now let's start the show. Here's Erick Arnett.

Erick Arnett:
So, hey, welcome, everybody, again to Take Point on Retirement radio. So glad you're here with us today. We are continuing the Smart Retirement Plan series. And so today we're going to dive into smart lifestyle, what it means to leave a smart legacy, and then also potentially some smart adjustments that you can make in order to reach that stress-free retirement. Welcome to the show. I'm Erick Arnett and I've got my amazing DJ and radio producer extraordinaire, Mr. Sam Davis, with us here today. He's up in Atlanta producing the show for us. How are you doing today, Sam?

Producer:
Doing great, Erick. Happy to be on Take Point on Retirement once again. And we've got another full show today with lots of good information. Stick around till the end.

Erick Arnett:
Yeah, man, we do have a great show. Hopefully we can get through everything. If not, folks, you can always stay tuned for next week's show. And also you can catch us on my on my podcast. We're across all those podcast channels, Spotify, iTunes, whatever it is that you utilize to watch or listen to podcasts, you can just Google Take Point on Retirement radio and we'll come up and you can catch today's episode or you can catch any past episodes. And I just want to acknowledge everybody out there. Nature Coast, Punta Gorda, Port Charlotte, Fort Myers, Sarasota, Tampa. We're so excited to be able to offer this show to you. Purely educational, no obligations to do anything. However, if something on this show makes sense to you or you have some questions or you think that, hey, maybe it's time for you just to sit down and have a consultation to improve your retirement plan, please give us a call at (352) 616-0511. That's (352) 616-0511. We are standing by to take your call. Also, you can just go to our website. If you just Google take point wealth management or just Take Point on Retirement, you will get our website. And in the upper right hand corner, there's a little box. You can just click there and you can get right on my calendar today. It'll share my calendar with you and we can put together some time maybe for a 15-20 minute chat.

Erick Arnett:
So please, please reach out to us. We love reading and hearing your messages. We love hearing from you and chatting with you. That's why we're here at Take Point on Retirement radio. We would be happy to answer any of your questions on the show or during a complimentary consultation with you and or your spouse. So with all that being said, let's try to kick off today's show, with a little overview. We've got the quote of the week. We always love those. We're going to talk about that smart lifestyle that's living within your means and enjoying your retirement. Some smart adjustments. How can we help you stay on track year after year? It's not just about setting that plan one time. We've got to keep on track and we've got to keep looking at it, massaging it, making changes. So man, that pesky inflation. We're going to talk about inflation, demonstration, egg prices impacting our foods, restaurant prices, those food prices are still creeping higher. It's unbelievable. So we've got to be mindful of that, folks. It's going to be costing us more and more in retirement. That's why it's so important for you to make a plan, do a plan so we can test it and see how close you are to having a successful retirement.

Erick Arnett:
And what is a successful retirement? Not running out of money or not running out of income. That's our 100% main focus. When we sit down with you, we're going to talk about how to beat bank CDs. Yes, there's actual more favorable rates and a safer investment as opposed to CDs. Of course, banks are raising those rates and they're more attractive today. And they make it easy for you just to park that money there. And they'll call you up and say, hey, let's move it over to a CD. But you owe it to yourself to give us a call. (352) 616-0511. Let us shop the marketplace for you. Let us let us shop the insurance industry for you. And we're going to talk about some of those products that we offer and that we are pretty excited about. It's called a mega a multi year guaranteed annuity. It's basically like a CD, folks with an insurance company and the insurance companies are just going to pay a little bit more. And there's there's some benefits to those. So stick around to hear about that. And then want to talk about smart legacy if we get to it. Hopefully we do. And that's how to care for those you leave behind or even care for those that are still present.

Erick Arnett:
We've got some great partners in that area there. You're going to be on our shows here pretty soon. And believe it or not, we are actually going to be doing a seminar. Write this down. If you're in our area, we're going to be hosting one in the Spring Hill area on March 2nd. That'll be 630 at night at the Pasco-hernando Community College. Reach out to us and we'll get you registered and we'll get you into that. So we're going to talk about at that at that seminar, we're actually going to have some attorneys present. We're going to talk about why it's so important to have those estate planning documents in place and those end of life documents. We call them end caps. You know what happens if you become incapacitated? You're still here. But you know, you need somebody to help you manage your finances, pay the bills and keep you rolling through that period of downtime. So super important stuff, the smart legacy. And then we're going to try to get in and share with you the ten tips for a happy retirement. So that all being said, action packed. Lots of stuff to go over today. Get your pens and papers out. Listen and let's let's write down some notes. And if you have any questions, give us a shout.

Speaker5:
And now wholesome financial wisdom. It's time for the quote of the Week.

Producer:
This week, Erick, we have a quote from Dave Ramsey. And Dave said, Financial peace isn't the acquisition of stuff. It's learning to live on less than you make. So you can give money back and have money to invest. You can't win until you do this.

Erick Arnett:
Boom 100%. We love Dave Ramsey, love his, his message. And you know, man, okay, we talk about this all the time. And I'm sure even folks out there listening, it's in the back of their head all the time they've thought about it. I remember my grandfather telling me when I was a little whippersnapper. Yeah, that's a that's actually something that they used to call us back in the day, whipper snapper. And he would say to me, you know, Hey, it's really not about what you make. It's not about who you are or what you're going to be in life. It's as far as a job and a career. It doesn't matter what you make. He always told me it matters about what you spend. And I think that that is the real secret to financial peace. You know, quite obviously, if you have less coming in than is going out, that's a problem, especially over a long period of time. You're just not going to be able to reach your retirement goals. So, you know, we talk about this all the time, Sam. The first thing we do when we sit down with folks, the most important thing is to really nail that budget. What are you spending now? And we've also got to anticipate what you're going to be spending in retirement. And we factor in all of the costs that are going to be facing you folks medical costs. You know, rising food costs. You know, you name it, there's all kinds of headwinds that are out there that are going to be hitting you. So it's really, really important to make sure that we're not spending more than we're making. It's just called a simple cash flow statement.

Erick Arnett:
I tell everybody, you know, run your household, run your retirement plan like you would a business. You've got to appoint somebody in your household, the CEO of your retirement. You know, you need a chief financial officer for lack of better terms, Right? You've got to have a solid cash flow statement. And quite simply, folks, that's, you know, what are your all your expenses and then how much income do you have coming in to cover those expenses? And hopefully, you know, in order to build success, like Dave Ramsey saying here, you've got to have extra money left over. So it's not just about going paycheck to paycheck and just getting those bills met. We've got to have money left over so we can. Stash that money away long term for retirement. And so love, love Dave Ramsey, in fact. We have actually become a Dave Ramsey sponsor, kind of excited to to announce that. I think we talked about on our last show. Sam, you weren't around for that, but we actually were contacted by Dave Ramsey's team and we are going to be a sponsor of putting financial peace and wisdom in the high schools here locally. I think the first school we're doing is Hernando High, so we're super excited about that. So stay tuned for stuff like that. We're going to be kind of paying close attention. That'll be kicking off in the the fall of next year and we'd love to be able to talk to some of the teachers to see how that's going and super excited to offer that program because nobody, nobody teaches our kids, you know, what it's like to be financially responsible, right? I mean, it's super, super important.

Producer:
Yeah. And it's important, you know, based on what we were just talking about, a budget, you know, you could be making $1 million a year and still living paycheck to paycheck if you're not living within your means. And the successful retirees, whether they've got $1 million saved or $1 billion saved. The successful ones are going to have a budget and they're going to know where each dollar is going to go.

Erick Arnett:
Yeah, absolutely, man. It's about paying attention to that bottom line, not taking too much risk, being careful. And that's a great point, Sam. I mean, heck, I've known I've seen we've all witnessed those multi-millionaires and you think, wow, man, this person's nailed it. They've had more money than I'll ever need to live on. And then all of a sudden you hear about, you know, 4 or 5 years later, they're broke. So, you know, you got to have less less going out than you do coming in and just be mindful of that. Super, super important. Almost 95. I'm going to share a little something with our listeners almost. And so if you're out there listening, you know, don't feel bad. We're not beating you up because just about everybody that I come in touch with has not sat down with their spouse or their partner and done a budget. I mean, it's unbelievable. And when I that's the first question I ask them when I sit down with them. So what's your budget look like? How much are you spending? You know, what's things look going to look like in retirement? And they just kind of sit there and look at each other and it just hasn't been done, you know, it hasn't been thought about. And so that's the first part of the discipline in order to reach your goals 100%. And, you know, I know in our country we get caught up in that lifestyle keeping up with the Joneses.

Erick Arnett:
And and, you know, you you got this compassionate heart. You want to help your kids out, your adult kids, you know, But at some point, you've got to get real and you've got to cut all that off and you've really got to focus on how you're going to be able to retire successfully and not run out of money and reach your retirement goals and live a stress free retirement. So we're going to talk a lot about that today. This whole show is about we want we're wanting you to live a lifestyle in retirement that you truly can enjoy. You know, the first thing that we say to people is like, well, you sit down. What does retirement look like to you? And they kind of look at each other and and they really haven't talked about it. It's shocking. It's like, you know, what are you doing in retirement? Are you are you traveling? Are you playing golf? Are you fishing? Are you, you know, traveling to see the grandkids? Are you doing, you know, philanthropic stuff? You know, what are you doing exactly in retirement. So that's the important thing is take some time, take a deep breath. Maybe today after the show, you sit down and just write a few things down and and and talk to your your spouse and say, hey, you know, what are we doing in retirement? What's it look like? Because that's important because, you know, some folks have to adjust their costs down for retirement.

Erick Arnett:
Some people might have to adjust it up because, you know, you're going to probably be doing a lot more traveling in your 60s, 70s and 80s, you know, than we do when we're younger because we're just grinding it out. We're working every day. We're busy, busy raising families. And so that's an expense. I mean, a lot of us out there have that bucket list of travel destinations that we want to visit. So, you know, we we want to make sure that your money outlives you. That's our main purpose here in focus. We work hard to do that and not the other way around. I encourage all of my listeners out there to visit my website. It's w-w-w dot TakePointWealth.com. My phone number is (352) 616-0511. Write that down and give us a call to schedule a complimentary consultation with me. There's listen, folks, there's absolutely no obligation. We just want you to learn more about you and how we can help you live that stress free retirement lifestyle that you deserve. That's what we're most passionate about here. And we want to take point. We want to lead you to and through that smart retirement. And so jumping into that, saying, we've got the smart lifestyle. What is that? What does that mean to you? When I say smart lifestyle.

Producer:
You know, to me, I feel like lifestyle is most dictated by what your income is, because if you have that income you can count on, you can count on living a certain lifestyle. And it kind of goes to what you were just saying. Erick You got to have an idea of what you want to do when you get into your retirement. So if you want to travel, you got to plan for that. If you want to be hanging out on the boat, you got to plan for those expenses because the boat's not free. Of course, you know, the maintenance, the docking, there's few things that go into having a boat. It's almost like like having a child at a certain point, you know, it takes it takes some responsibility. And, you know, if you want to be hanging out at the golf club, you got to plan for those sort of things. So you want to have a lifestyle that allows you to live the retirement that you can enjoy, but also one that's within your means. And you don't have to be worried. You don't have to be watching the stock ticker when you get up and and you're in your retirement boom.

Erick Arnett:
Exactly, man. I mean, the the happiest people that we see are those people that are living within their means. And trust me, we see folks from all walks of life, all income levels, all wealth levels. And it doesn't matter if they're ultra wealthy or if they're, you know, in that middle class range, for lack of better terms. Those that are living within their means are the happiest. You know, And and in order to do that, you know, it's still important to maintain that lifestyle that you enjoy, you know, and it may be that your hobby is just jumping in the car with a cooler and a fishing pole and going down to the local park and and floating a bobber, you know, and that's great. That's not going to cost you a whole lot. And if that makes you happy and you can do that, you know, and that's kind of what you see yourself doing in retirement, then that's that's great. You know, maybe. But maybe it's, you know, hopping on jets and flying abroad and maybe it's even living abroad. You know, we've had some folks that we've helped design a plan and put everything in place to, you know, to to move and and live abroad. So it's really time. I don't care if you're 55, 60, 65. It's really time to sit down and talk to your your spouse and say, hey, what exactly are we doing in retirement? Because we need to plan for this, you know, So we want to help you navigate to that successful retirement.

Erick Arnett:
And that's going to include navigating Social Security. You know, when do we take Social Security? What kind of taxes is that going to impose on our current income and vice versa? We want to make sure your Social Security is not getting penalized or taxed pensions from your employer. You know, we can help you navigate that. Does it make sense to take the lump sum should you take the pension that's being offered your personal pensions from annuities that you might have and any other retirement income you have? You know, we've got to pull all this together and come up with a clear, concise plan and a clear, concise cash flow program that has to mitigate taxes. It has to mitigate inflation. You know, so when we build out our plans, we factor all that in. In fact, one of the most important things that we need to really talk about is those rising health care costs. They've gone through the roof getting more and more expensive. I was shocked when I was reading some data and some statistics from AARP that the average couple in retirement will pay anywhere between 18 to $36,000 a year in medical costs. And that's just that could just be your Medicare premium, Sam.

Producer:
Yeah. You know, you got to have a plan for those health care expenses as well. And you also got to leave room for inflation. It's a topic that we discuss on almost every show. It's it's just a reality that we're facing right now. Hopefully it'll improve in the future. I don't ever see it going backwards in a positive direction, but hopefully it'll improve as we move forward. But you know, Erick, once you have that vision in mind, you've got those goals for retirement, you know, the lifestyle you'd like to live, you now have that final destination. And so as the years go by, you need to make smart adjustments to make sure that you're on course. You know, to go back to our our boat analogy or our ship, you know, you can point the ship in the right direction and the wind will take you there. But every so often you got to make sure that you're you haven't deviated too far from your course.

Erick Arnett:
No, absolutely. Maybe some of you out there listening, you have a plan and you have a solid plan. Maybe you're working with an advisor already that you have full confidence and trust in and you know that you're going to reach your destiny and you're going to live that lifestyle that you've dreamt about in retirement. And that's fine. But let's let's help you maybe put a second set of eyes on that and test it out for you. Maybe. Maybe you're out there listening and you don't quite have that solid plan in place. You've just been working hard, grinding, grinding, grinding. Like all of a sudden you pick your head up and you're like, Oh man, I'm ten years till retirement or five years to retirement. I was out with a bunch of couples last night and, you know, we were talking about it and we were all sitting around asking everybody around the table, you know, what their ages were. And we were all like, oh, my gosh, Like, we're in our 50s. This is crazy. Like, you know, these are people that we've hung out with for years. And and we all started talking about, oh, my gosh, like, our kids are growing up. They've left the house. We're in our 50s. I am actually someone that needs to start thinking about retirement. It's, you know, and so are the people at the table. Last night we were laughing about it.

Erick Arnett:
It's kind of crazy how it sneaks up on you. So, you know, and you have to look at that plan whether you have one or not. We have to look at it on a minimum, at a minimum on an annual basis, because so much changes out there, you know, you've got to review that annually to ensure you're on track to meet your goals and outlive your money. So even if you have a plan in place, maybe you're working with an advisor, maybe you're a self doer. Take advantage of what we're offering, knowing nobody's going to put a gun to your head and say, you have to work with us and pay us a bunch of money. It's absolutely free, folks. It just requires some time. We'll take your plan and we'll test it. We'll throw 1000 scenarios at it. Good markets, bad markets, high interest rates, low interest rates, inflation, deflation, combinations thereof. Think about it. If you go back through history, you know all of the crazy things that have happened, you know, black swan events, we're going to we're going to test all of those. We're going to stress test your plan to ensure that you're on track to meet your goals. And so you don't outlive your money. And if you don't have a plan, we're going to build one for you and we're going to show you right before your eyes how you can get that confidence, that clarity that you're going to be able to live your retirement goals.

Erick Arnett:
So just wanted to, you know, you know, maybe if you're listening right now, you're like, hmm, I don't think I've even heard from my advisor lately or we've even talked about this stuff. You know, you owe it to yourself, though, to sit down with us and see what your plan could be missing. We provide these consultations for you folks at no cost. No cost. The cost is your time to pick up the phone and give us a call. Your cost is your time to chat with us for about 15 20 minutes and your cost is your time to put together a little data that we can gather and then we'll go to work for you. We'll build out your plan, we'll test it, we'll show it to you live, you know, and explain to you whether or not we believe you're on track to meet your goals and so I think having that confidence and clarity, no matter where you're at, maybe you're in your 50 seconds and you're like, yeah, retirement stuff's way off in the distant future. I don't really need to think about that just now. That's just it's really the opposite. You've got to think about it right now. Absolutely. Because you've got, you know, you've got a goal of when you want to retire. So we've got to make sure you can reach it.

Erick Arnett:
Are you saving enough? Are you spending too much? Are you getting a good return on your dollars? You know, are you taking too much risk where you could potentially have some type of negative, devastating event that could, you know, set you back a little bit? You don't want to be getting set back in your 50s and 60s by any means. So we we we really want you guys to give us a shot so we can provide that no cost consultation to you. So, you know, reviewing those assets on a regular basis is going to allow you to know when you should rebalance. Maybe you need to do some rebalancing. I mean, we just had a really crazy year where things just got all out of whack. You know, now is probably a great time to look at that and rebalance your portfolios over. Time, the performance of different assets can cause a portfolio's allocation to drift away from how it was originally set. Right? So rebalancing helps you to maintain your desired level of diversification and risk. Additionally, you've got to rebalance to help keep those emotions out of investment decisions. Right? We've talked about this numerous times. I talked about this on my last show. I've put out some podcasts. I've put out some videos you can see on our YouTube channel and on our website. We talk about this all the time.

Erick Arnett:
The emotions, the fear. Fear has been running really high. And I this is something that's really been bothering me and paramount in my practice and the folks that I'm meeting with. And I see the fear is hindering folks from reaching their goals. And so we've got to get past that. And the way you get past that fear is you get with an advisor, you get with a fiduciary, and you build a plan and you go through that plan with a fine tooth comb. You test it. You know, maybe you bring your ideas and, you know, you build some confidence and you build some clarity that no matter what you're going to face, you're going to weather that storm and you're going to reach your goals. So super, super important to, you know, now's the time. 2023 is going to be a different year this year as well. A lot of interesting stuff going on out there in the world, in the marketplace with interest rates and inflation. And so it's very challenging. Don't try to go this alone. It's not. And contrary to what I hear all the time, Sam, it's not expensive to to work with an advisor. I was talking to a guy last night. He said, you know, what do you do? And I said, I'm an advisor. And he goes, Oh, wow. He goes, That's expensive, right? To work with an advisor. And I said, Absolutely not.

Erick Arnett:
It's not it's not expensive. Because I'll give you one example. I was actually I've been working with some clients for really a couple of years now and on a couple of different aspects of their investments and their retirement planning. And they were reluctant to hand over the keys and hand over all their assets for me to for us to manage here at take point. And what I and it's just because they thought it was going to be too expensive and cost prohibitive. And what I showed them was, based on what you're doing currently, we're actually going to save you money. Because I looked at all their mutual funds and they had expense ratios that were higher than what we were going to charge. So imagine if you could have somebody on your team, an advisor, right? 25 years take point, wealth management, you know, leading you every step of the way. What if you could have a partner and it's not going to cost you any more? So don't think that don't have that fear. That's just going to cost too much. So super great, you know, stuff out there that we can help you with, you know, get a rebalance. You got to take that stress out of financial planning. So just give us a call today at (352) 616-0511. Reach out on my calendar on TakePointWealth.com. You too can live that stress free retirement.

Producer:
Do you have a vision for what you want your retirement to look like? I'm Matt McClure with the Retirement.Radio Network. Powered by AmeriLife. Planning for retirement can be overwhelming. A survey from Gobankingrates shows that one third of Americans don't think they know enough about retirement. And they're probably right. So if you fall into that category, how do you know where to begin? Well, you've got to know where you want to go before you start planning how to get there. That's where having a smart vision for your retirement comes in. Whether you want to be a jet setter during your retirement years, want to take it easy in a quiet cabin in the woods, or start a new adventure by opening your own business. You should set that goal and keep it in mind throughout your working years, retirement expert Dean Waggenspack said during a recent TED Talk. I want to.

Dean Waggenspack:
Challenge all of us to redefine retirement away from depart, remove withdrawal to a new definition, a blending of pay, passion and purpose until.

Producer:
Retirement looks different for everyone. Sit down with your spouse and talk about your retirement goals That will make it easier to determine how fiscally responsible you need to be now and how much income you'll need to make it happen after you retire. That's right, I said income. More and more retirees are finding that cash flow is more important than one big nest egg number. That's when you.

Lee Baker:
Want to say, hey, listen, I want to start thinking about all of this accumulation that I've done through these decades of working. How do I begin to think about turning what I've saved and what I've accumulated into paychecks after I retire?

Producer:
That's Lee Baker, president of Apex Financial Services, speaking to CNBC. He says annuities are a great option for most retirees to generate an income you can never outlive. That's especially important since life expectancy has grown over the years. So you'll need to plan for a longer period of time than you may think. So do you have a smart vision for your retirement years? That's a key question to consider as you start planning how to get there with the Retirement.Radio Network Powered by Ameri Life, I'm Matt McClure.

Producer:
At Take Point Wealth Management. We know you've worked hard to earn your money and you've worked even harder to save it. When it comes to wealth management and planning for retirement trust, Erik Arnett and his team of experts who have been helping individuals, families and business owners find financial freedom for more than 20 years. Let us help you protect and grow what you've worked so hard for. Schedule your free no obligation consultation now at TakePointWealth.com.

Erick Arnett:
All right. Hey, welcome back to Take Point on Retirement radio, folks. It's session two here and we're really rolling through the Smart retirement plan, the Smart Retirement Plan series, you know, creating that smart lifestyle, creating that smart legacy, and then making those smart adjustments to make sure that you're reaching your goals. So rolling right through it. We're going to talk about a little bit about inflation today. I mean, we always do this inflation demonstration once a week. It's kind of fun, but not so fun because we see that cost are continuing to rise.

Producer:
Want to know where your hard earned money is going. It's time for an inflation demonstration.

Erick Arnett:
Egg prices. It's insane. Like it's funny, too.

Erick Arnett:
Because just the other day my mom was like, I had to pay $8 for a carton of eggs, but I'm like, That's just insane. So my wife has actually found alternatives to the grocery store, like she's buying eggs from like the local markets and things like that. The local little farmer guys at the Saturday markets and they're way cheaper and they're much better for you. So consumers are paying record prices for eggs. But beyond the inflation, inflated sticker price for a dozen eggs, there's also a hidden expense to the soaring cost behind it all. I mean, think about it. If eggs are soaring, I mean, everything's soaring. Your restaurant prices, you know, when you're going out, everything's got eggs in it. If you think about egg noodles, breads, custards, puddings, I mean, everything's got eggs in it. Mayonnaise. Holy cow. Mayonnaise is like $8 for a jar of mayonnaise. It's insane. So we bring these little things up. I mean, if you're in that retirement red zone, it's even more difficult because you're looking at potentially trying to reduce your costs and change your lifestyle a bit in order to reach your retirement goals and spend a little bit less in retirement. But they keep throwing all this higher inflation at you. And, you know, it's important to pay close attention to this inflation because that's kind of what the Fed has been gearing their stance on.

Erick Arnett:
If inflation continues to increase or kind of stay the same, the Fed's going to keep hammering. You know, they're going to keep raising those rates because they really want to get out in front of that inflation. So you got to think about how is that going to impact you not only from a cost standpoint, but also from an investment program standpoint. And, you know, so that's one thing that we see. And one of the one of the big things we talked about in the first segment was that fear and that emotion. And a lot of times the banks prey on that. The banks are the biggest recipient of fear and emotion because you're just going to keep that money parked in that savings account that's paying you nothing or that checking account that's paying you nothing. I mean, I hear it every day or the bank's going to call you up and say, Hey, you know, we're going to make it super easy for you. We're just going to roll that money out of your savings account and we'll give you this great CD. And. Yes. And you feel like.

Erick Arnett:
Okay, this is safe. Like my money's safe. It's in the bank, it's.

Erick Arnett:
Fdic insured.

Erick Arnett:
All that good stuff. But there's a cost.

Erick Arnett:
To that, folks.

Erick Arnett:
And there's a cost to that feeling of safety.

Producer:
Need a higher rate of return from your safe money. Listen up. It's time to beat the bank CD rates.

Erick Arnett:
So don't let the bank.

Erick Arnett:
Make money on your money. You need to be smarter about putting your money to work and activating your money in.

Erick Arnett:
Strategies and products and ideas outside the bank where you're not getting taken advantage of and get some higher.

Erick Arnett:
Rates to where you can reach your retirement goals. Because if.

Erick Arnett:
Inflation is going up six, seven, 8%, even in the last year, we saw certain parts of the industry or.

Erick Arnett:
Sectors going up 9%. Even though.

Erick Arnett:
That bank's teasing you with that, that more.

Erick Arnett:
Favorable higher rate right now, it's still not going to be inflation, folks. So one of the.

Erick Arnett:
Things that we think is a great alternative is what we call the multiyear guaranteed annuity. Now, you owe it to yourself to really look into.

Erick Arnett:
This, and it's not always.

Erick Arnett:
The best way to.

Erick Arnett:
Just to Google it and go on and try to figure it out yourself. Give us.

Erick Arnett:
A call. We'll give you all the education behind it. (352) 616-0511. That's (352) 616-0511.

Erick Arnett:
We're standing.

Erick Arnett:
By to kind of educate.

Erick Arnett:
You on that multi year.

Erick Arnett:
Guaranteed annuity. It's just it's just plain and simple. These are insurance.

Erick Arnett:
Products.

Erick Arnett:
It's basically like the insurance industry. Cd Okay. For a lack of.

Erick Arnett:
Better terms, however.

Erick Arnett:
It's just got what we feel much better advantages than a bank. Cd The big difference is, is that one, they're going to probably give you.

Erick Arnett:
Some higher.

Erick Arnett:
Rates. They're typically much more favorable than the banks are, number one. Number two is that they're.

Erick Arnett:
Tax deferred.

Erick Arnett:
Which means the interest that you're making stays inside of the inside of the Amiga and you.

Erick Arnett:
Don't pay taxes on your growth until.

Erick Arnett:
Later on. If you do decide to take the money out or you.

Erick Arnett:
Cancel the.

Erick Arnett:
The manga or whatever, you will pay taxes on.

Erick Arnett:
The growth. However, you can just keep rolling.

Erick Arnett:
Those just like you would CDs and never pay the.

Erick Arnett:
Taxes. So we can show you that strategies as well. And we're seeing I mean.

Erick Arnett:
Sometimes I turn on my computer in.

Erick Arnett:
The morning, we get.

Erick Arnett:
We get.

Erick Arnett:
Updates, live updates every day based on what's out there in the media world. They're better than CDs, in my opinion, because you get that tax deferred growth. If you have a CD at the bank, you're still paying taxes on that return every year. You know, even though.

Erick Arnett:
Let's say you're getting 3% or whatever they're.

Erick Arnett:
Offering, you're going to have to pay tax on all that income, whether you use the income or not. Even if it stays in the CD, the bank is still going to send you a 1099 for that interest and you're going to pay.

Erick Arnett:
Taxes, which after you pay your taxes, it's called an after.

Erick Arnett:
Tax equivalent yield.

Erick Arnett:
That yield drops down substantially. So is it really is it really that great, you know, other than the safety feeling that's going to maybe curb your fear and your emotions? You know.

Erick Arnett:
And the MiG.

Erick Arnett:
Is that the insurance companies, we can walk you through it. We can we can talk to you.

Erick Arnett:
About and show you they're they're very safe. And I would even.

Erick Arnett:
Argue that they're even.

Erick Arnett:
Safer than than the products at the banks. You know, we also have.

Erick Arnett:
A book that we give out, folks, and this is completely free to you. No obligation. We've had a great response to this giveaway in the past.

Erick Arnett:
I want to offer to you right now the book Annuity 360.

Erick Arnett:
It's an easy read and it's going to basically walk you through all the different types of annuities that are out there. So you really owe it to yourself to educate yourself on that. But MiG is just a just a great way to beat those bank CD rates. Don't settle for those low bank CD rates just because it's an easy thing to do or you're fearful of of.

Erick Arnett:
Making that move. The earnings.

Erick Arnett:
You gain from investing in are not subject to.

Erick Arnett:
Taxes until the funds are.

Erick Arnett:
Withdrawn, which I love, which that's going to just allow for greater potential growth.

Erick Arnett:
And you know, the MiG is.

Erick Arnett:
Are also 100% guaranteed. So no matter what the market does, your principal is 100%.

Erick Arnett:
Protected.

Erick Arnett:
And you're going to be guaranteed.

Erick Arnett:
That rate that they give.

Erick Arnett:
You, you're.

Erick Arnett:
Going to get that rate every year no matter what happens. So I think.

Erick Arnett:
That's just a great safe.

Erick Arnett:
Spot to put your money. And even you don't even have to lock it up long term.

Erick Arnett:
A lot of people are like.

Erick Arnett:
Oh, I don't like annuities because I've got to lock it up. Well, there's there's some.

Erick Arnett:
Really favorable rates right now with.

Erick Arnett:
Short term mortgages.

Erick Arnett:
You owe it to yourself to look into that.

Erick Arnett:
Give us a call. (352) 616-0511.

Erick Arnett:
That's 352616051.

Erick Arnett:
To learn more about the Amiga.

Erick Arnett:
You can also just go to my website, just Google take point go.

Erick Arnett:
To my website and that upper right hand corner you can.

Erick Arnett:
Click to get.

Erick Arnett:
On about a 15 to 20 minute chat session with me and we'll get you.

Erick Arnett:
On the right track to to learn more about that and.

Erick Arnett:
And call in give us a call and request that annuity 360 even if you just go to my website and click on that calendar and write in the notes. Hey, Erick, you know, here's my address. Send me that Annuity 360 book.

Erick Arnett:
We'll get it right out to you. I think. I think it makes a lot of.

Erick Arnett:
Sense to dive into.

Erick Arnett:
That. Yeah.

Producer:
And Erick, I think it's really important that, you know, we want people to understand a little bit more about their retirement plan, understand. The tools that they're using to fund their retirement and generate that retirement income. And and that's why we offer that free book. That's why we come on the air every single week to educate pre-retirees and retirees up and down the nature coast of the state of Florida, how they can retire better and important consideration in that. And Erick, you know, we don't we don't like having, you know, these conversations that can sometimes be a downer. But legacy planning is such a vital tool that you can use when planning for your retirement because, you know, like they say, death and taxes. Right. And we do a lot of talking about taxes on this show, but we don't do so much about the former. And, you know, there are some big benefits to estate and legacy planning. You know, you want to make sure that any assets that you do pass on are passed on in a tax efficient manner and in a manner that's going to keep the state in the courts out of your way or out of your loved ones way as much as possible.

Erick Arnett:
Yeah, absolutely. I mean, that's one of the second questions I ask.

Erick Arnett:
After I ask folks.

Erick Arnett:
Hey, what are you doing in retirement? What's it look like?

Erick Arnett:
And they kind of look at each other, Oh, we haven't talked about it, you know, but.

Erick Arnett:
And then the second.

Erick Arnett:
Question I ask them is.

Erick Arnett:
What's your estate plan look like?

Erick Arnett:
And then I.

Erick Arnett:
Get the stare.

Erick Arnett:
And the look back at each other and what is that? And I'm like, Well, do you have a will? Do you have a trust? Oh, yeah. No, we don't really have that yet. Know. So that's.

Erick Arnett:
The second. What I think most important thing is you got to have that.

Erick Arnett:
Legacy plan in place that will.

Erick Arnett:
That trust. You know, you may be out there listening, Do I need a will? Do I need a trust? I'm not.

Erick Arnett:
Really sure.

Erick Arnett:
There's a lot that goes into that.

Erick Arnett:
And you owe it to yourself.

Erick Arnett:
To educate yourself on that. And we're.

Erick Arnett:
A great resource.

Erick Arnett:
For that. So please give us a shout. You know, there's so many benefits to just taking that.

Erick Arnett:
Time out of.

Erick Arnett:
Your, you know, it takes a few hours. We get the we can actually help you get all those documents.

Erick Arnett:
Drafted and have our.

Erick Arnett:
Law group that we.

Erick Arnett:
Work with. Absolute Law Group is a.

Erick Arnett:
Fantastic law group and they'll actually draft all the documents for you. We'll handle the whole process. So we make it super simple for folks. So just.

Erick Arnett:
Another kind of, I think.

Erick Arnett:
Great thing about Take Point.

Erick Arnett:
Wealth management team is that we've also, you know.

Erick Arnett:
We've we've tried to become that.

Erick Arnett:
One stop shop, that boutique for our clients to be able.

Erick Arnett:
To handle just about everything that comes.

Erick Arnett:
Their way in retirement planning and finances. And, you know, not only do we have the tax practice, but.

Erick Arnett:
We also have a great partnership with the Florida.

Erick Arnett:
Law Group that will help us put those that legacy planning in place for you. And and it's not just about planning.

Erick Arnett:
For your legacy. When you pass. It's about.

Erick Arnett:
Really planning for that.

Erick Arnett:
Incapacitation.

Erick Arnett:
That could happen as well. So I.

Erick Arnett:
Call that life.

Erick Arnett:
Planning, you know.

Erick Arnett:
And so you owe it to yourself to really understand the difference between wills and trusts. You know, a will and a trust are both legal documents. Yes, but they're used to manage a person's.

Erick Arnett:
Assets.

Erick Arnett:
After their death, but they serve different purposes and have some key differences.

Erick Arnett:
You know, the will.

Erick Arnett:
Is a legal document that outlines how a person's assets should be divided upon their death. Right. It also outlines who should be the executor of their asset and who should receive any assets. So if you haven't thought about I mean, a lot of times I sit down with folks and they don't even know who they're going to trust to.

Erick Arnett:
To act on this.

Erick Arnett:
In this capacity for.

Erick Arnett:
Them.

Erick Arnett:
So now is the time to really start thinking about that. And we have some options for you as well. If you.

Erick Arnett:
Don't, maybe you're out there listening right now and you just don't.

Erick Arnett:
Have anybody that you know.

Erick Arnett:
Or trust.

Erick Arnett:
We can help you put somebody in place to be a trustee.

Erick Arnett:
That potential guardianship absolute law group.

Erick Arnett:
Our partner in the law side is going to help you do that.

Erick Arnett:
So.

Erick Arnett:
You know, the.

Erick Arnett:
Trust is an.

Erick Arnett:
Arrangement that allows a person to transfer their assets to a trustee during their.

Erick Arnett:
Lifetime. So that's the big.

Erick Arnett:
Difference.

Erick Arnett:
Will only.

Erick Arnett:
Goes into effect when you're.

Erick Arnett:
Dead.

Erick Arnett:
You know, when you.

Erick Arnett:
Pass a trust.

Erick Arnett:
Can actually be a living, breathing document, a revocable living.

Erick Arnett:
Trust while you're still alive. And this is going to.

Erick Arnett:
Make give you your trustee those directives and the responsibility for managing your.

Erick Arnett:
Assets.

Erick Arnett:
And distributing them to the beneficiaries named in the trust.

Erick Arnett:
But also it could be directives as to what to do.

Erick Arnett:
While you're still alive. You know, God forbid we have that stroke or that heart attack or some, you know, extended illness. And I'm working with a.

Erick Arnett:
Lady right now. It's sad and.

Erick Arnett:
Tragic.

Erick Arnett:
And, you know, her.

Erick Arnett:
Husband's fairly.

Erick Arnett:
Fairly young. I mean, he's in his early 70s and just started.

Erick Arnett:
Really going.

Erick Arnett:
Downhill with dementia and Alzheimer's. And, you know, they had to place him in an assisted living facility. And so we're actually working through and working with Absolute Law Group to make sure that we can get him qualified.

Erick Arnett:
For.

Erick Arnett:
Medicaid.

Erick Arnett:
And so there's a strategy there.

Erick Arnett:
Folks, and they have some assets, too, which makes it challenging because most of the time Medicare, Medicaid is going to make you.

Erick Arnett:
Spend.

Erick Arnett:
Down all.

Erick Arnett:
Your money before they're going to kick in and help you pay for some of those. So there's a real strategy there. And you've got to get those end caps, those ending and those.

Erick Arnett:
Documents in place now.

Erick Arnett:
So you don't have to worry.

Erick Arnett:
About it later. This poor.

Erick Arnett:
Lady, she's actually married to this guy for 40 years and can't even access some of their own.

Erick Arnett:
Accounts.

Erick Arnett:
Because they unfortunately didn't.

Erick Arnett:
Do the proper planning. So she doesn't have.

Erick Arnett:
Access to their own cash in order to pay bills.

Erick Arnett:
And to take care of him in.

Erick Arnett:
This assisted living facility. So we're doing everything we can to help her and get her on track to where she can provide those those.

Erick Arnett:
That money and those needs. So it's kind of crazy stuff. So imagine not even be able to access your own fund or your husband's.

Erick Arnett:
Funds when you.

Erick Arnett:
Need them the most. So you've got to talk about this stuff.

Erick Arnett:
And we've got to get out ahead of it. And that's part of that.

Erick Arnett:
Full blown retirement plan that we're going to do. That's one of the legs. You know, it's a multi legged stool. And having that legacy plan, that estate plan in place is very, very important. And I'm sure you have a lot of questions between between what a will and a trust is. And we can answer those for you. Give us a shout.

Erick Arnett:
(352) 616-0511. That's (352) 616-0511. Just go to our website as well TakePointWealth.com. In the upper right hand.

Erick Arnett:
Corner you can get on my calendar.

Erick Arnett:
Right now.

Erick Arnett:
Today and we'll help you.

Erick Arnett:
Talk we'll help you talk you through. What do you need a will do you need a trust?

Erick Arnett:
Sam Almost.

Erick Arnett:
95% of the folks that I sit down with don't truly understand the difference of.

Erick Arnett:
Those two. And that's concerning to me. Yeah.

Producer:
And the two best things you could do if you want to take action and get started on your legacy plan today is sit down, think about that will start drafting that and make an appointment so you can get that thing, you know, legally, you know, documented, you know, in all the proper ways. You know that will is your ticket into probate. So you want to make sure that you have that will also have a Roth IRA. Funds within a Roth will pass down tax free to your beneficiaries. Obviously Roth's provide a bunch of other benefits, Erick, while you're still living.

Erick Arnett:
Yeah, great. I'm glad you brought that up, Sam, because.

Erick Arnett:
You know, we've.

Erick Arnett:
Obviously talked about it in past.

Erick Arnett:
Shows, but this.

Erick Arnett:
Is one of the most amazing yet most underutilized tools. Unfortunately, out there when we're meeting with folks is they don't have this Roth, you know, this tax free Roth account. You know, it's super, super important. And we that's one of the main things we focus on is trying to get as many assets as we can throughout a schedule and throughout the time. It's hard to do just all in one fell swoop. That's why you've got to start.

Erick Arnett:
Planning now, folks, if you're listening.

Erick Arnett:
You're 5055. I don't care if.

Erick Arnett:
You're 60, even 65, you have time.

Erick Arnett:
To plan so we can get these assets shifted and converted to Roth because the most amazing thing for your legacy and transferring that wealth is that that wealth will go completely tax free. And guess.

Erick Arnett:
What? When that. Roth It's not a probate.

Erick Arnett:
Probate able asset. It stays out of probate, too. So super, super important that we talk about that and get.

Erick Arnett:
You on track and hopefully can do.

Erick Arnett:
A Roth conversion ladder for you.

Erick Arnett:
And get you going on that. And listen, folks, we'll help you.

Erick Arnett:
Do that free of charge.

Erick Arnett:
Absolutely. Know this consultation is free. You owe it to yourself.

Erick Arnett:
If you're listening.

Erick Arnett:
Write down our number.

Erick Arnett:
3526160511352616051. Give us a call.

Erick Arnett:
And we'll get you on track for that and we'll show you. Does it make sense for you to start looking at that Roth a little bit closer?

Erick Arnett:
The number one thing that we're trying to avoid here is you don't want to leave your legacy in the hands of the courts and the state. Make your last will clear so your family doesn't have to bear any additional burden after you pass away. Please, please, please. This is super important.

Erick Arnett:
And you know, the.

Erick Arnett:
Roth in that end of year planning, I mean, there's there's just no better.

Erick Arnett:
Tool.

Erick Arnett:
It's a type of account that allows you to contribute those after tax dollars to an account and grows tax free. And listen, here's the main benefits. This is what's so powerful.

Erick Arnett:
If you just let your money kind of.

Erick Arnett:
Sit in those 401. And IRAs, you're going to create this big balloon, this big tax.

Erick Arnett:
Burden for you or your.

Erick Arnett:
Family. Roth IRAs, you get that. You get tax free withdrawals, which means you don't have to pay taxes on the money you take out of the account.

Erick Arnett:
That's huge, folks. And you don't. And when that money goes to your kids or your.

Erick Arnett:
Beneficiaries.

Erick Arnett:
It's not taxed either, as opposed to other types of accounts and trusts.

Erick Arnett:
And and if you just have a regular IRA or 401.

Erick Arnett:
K and something happens to you, this is all going to be taxable and it could create a huge tax burden. Imagine, think about this. I mean, you're going to be in the grave, hopefully, or in that spiritual.

Erick Arnett:
World, drifting off to the kingdom of heaven. So you might not.

Erick Arnett:
Care too much at that point.

Erick Arnett:
But think about this. You worked super hard in your life and let's say you saved.

Erick Arnett:
Up $1 million and something happens and you didn't quite do all the planning that you should.

Erick Arnett:
Have, and that money.

Erick Arnett:
Goes to your.

Erick Arnett:
Beneficiary and.

Erick Arnett:
It gets taxed at 40%.

Erick Arnett:
37%, 35%.

Erick Arnett:
It's taxed at whatever tax rate your kids are in at that point. Right. Or your beneficiary. So imagine your hard earned money getting.

Erick Arnett:
And whacked 40% of it and going to Uncle Sam. And you could have totally avoided that with some planning. So super, super important to think about that for a minute.

Erick Arnett:
No required minimum distributions.

Erick Arnett:
On the on the Roth.

Erick Arnett:
That's huge, folks, because.

Erick Arnett:
At 72 right now, if you just leave your money in.

Erick Arnett:
That traditional IRA, they're going to force you to.

Erick Arnett:
Take that money out and tax it, which.

Erick Arnett:
Is going to cause higher taxes on your Social Security. It's going to raise your Medicare premiums because that's all based on income. It's going to raise taxes on your pension. I mean, you know, these.

Erick Arnett:
Are this is a.

Erick Arnett:
Huge impact. I can't.

Erick Arnett:
Express to you.

Erick Arnett:
Enough as how amazing.

Erick Arnett:
This Roth is. And we've got to get you on a plane and get you started in that direction. You know, and all that compounded growth inside their tax free as opposed to a taxable investment.

Erick Arnett:
Super, super powerful. But the number one thing folks.

Erick Arnett:
That we love about the Roth is the flexibility. Just remember that word flexibility. We all love flexibility, right? Especially as we're getting up in years towards that end of end of life planning phase. We love flexibility because flexibility is freedom. Flexibility is also could mean a lot of savings to you.

Erick Arnett:
In your family. And Erick.

Producer:
We've got, you know, about five minutes left in today's show. So I kind of want to go through these ten tips for a happy retirement. I'll read these off and I'd love to get your thoughts on on some of these. But coming in at number ten on the ten tips for a happy retirement. Don't retire until all your debts are paid. What do you think about that, Erick?

Erick Arnett:
I mean, yeah, obviously.

Erick Arnett:
Right. If if we can put ourself in that position, that's just going to.

Erick Arnett:
Be extremely impactful. I mean, the number one thing that.

Erick Arnett:
I always think about and I always tell my clients is our first goal, first and foremost, is to.

Erick Arnett:
Make sure we have as little if.

Erick Arnett:
No debt as possible. Yeah.

Producer:
Number nine on this list become financially literate. Erick, I hope this is part of what we're doing when we come on the air on Take Point on Retirement every single week but become financially literate, understand what it is that you're investing in and, and how the tools work that help you generate that income.

Erick Arnett:
Yeah, it's.

Erick Arnett:
This is listen, folks, this is your money.

Erick Arnett:
Right? This is your legacy. This is your retirement plan. This is your estate plan. This is yours. So you got to own it and.

Erick Arnett:
You've got to be the leader. And yes, you ultimately maybe need to trust an advisor to work with you. But it comes down to this, like you said earlier, you've got to a point, you or somebody in your family to be that chief investment officer and take charge, and that's going to require education. That's what this show is about.

Erick Arnett:
You know, we can get you we have I have a library of books here that I'm willing to give to folks free of charge. Just give us a call.

Erick Arnett:
And you may.

Erick Arnett:
Have some questions, some concerns, some.

Erick Arnett:
Things in the back of your head that.

Erick Arnett:
You think is.

Erick Arnett:
Important.

Erick Arnett:
So let's educate yourself on it. Super important to step up and be that leader.

Producer:
Yeah. Number eight on this list, plan how you'll spend your time. You know, that really hits on that, that smart vision, that smart lifestyle that we've been talking about over the past few weeks. You got to have that vision, that goal for for your retirement because once you retire, it's like every day, Saturday, you know, that's a lot of time to fill. And you really need to have an idea of what you want to be doing so that you can make sure that year after year you're still on track to meet that goal. Number seven, take advantage of your employee pension plan. You know, you want to make sure that while you are still working, you're doing everything you can to maximize your retirement savings. And if you are still working, you know, get in touch with us at TakePointWealth.com. And we'd be happy to look at what your current retirement plan looks like at work and how you can make the most of that while you are still working. Have a financial plan. That's number six. Erick And that really hits it at the core of what you do, right?

Erick Arnett:
Absolutely. I mean, that's what the show is all about, right? We talk about plan, plan.

Erick Arnett:
Plan, plan. In fact, maybe our our listeners that listen to us often are getting tired.

Erick Arnett:
Of hearing about that. But that's that's that's everything. That's what we've based our practice on and that's what we see.

Erick Arnett:
Folks need the most. Yeah.

Producer:
Number five on this list. Find new hobbies to keep busy, you know, or pick up those old hobbies that maybe you left behind. You know, Erick, I haven't had too much time to to go fishing lately, but, man, when I was growing up in in high school, I was at the lake all the time. And I know that when I get into retirement, I'd love to have a pole in my hand, you know, on quite a few of those days. Absolutely.

Erick Arnett:
You got to fill your time, you know, I mean, idle hands, you know, idle minds. It's just, you know.

Erick Arnett:
A lot of things.

Erick Arnett:
Build up there. Of course.

Erick Arnett:
You know, get out there and enjoy life, get those hobbies.

Erick Arnett:
Maybe there's something that, you know, in the back of your mind. You thought this might be cool to do. Now's the time to try it. And that's that's what we get excited about, is helping folks kind of.

Erick Arnett:
Find that new passion.

Producer:
Yeah. Last few tips here for living a happy retirement. Number four, write a will. We've been talking about that today. And if you have any questions about that, get in touch with Erick at (352) 616-0511 or online at TakePointWealth.com. We'd be happy to answer your questions. And number three Erick I know this one's really important to you live within your means so important.

Erick Arnett:
Yeah there's that budget.

Erick Arnett:
And there's you know what I remember most about.

Erick Arnett:
What grandpa told me is, you know, you spend less than what you make. Bottom line.

Erick Arnett:
Folks. And and the.

Erick Arnett:
Number one thing, if.

Erick Arnett:
I can't stress it.

Erick Arnett:
Enough, even if you don't.

Erick Arnett:
Call me, you know, whatever you do is.

Erick Arnett:
Sit down and do that budget. Please, please, please.

Producer:
Number two, start saving and investing early. It's never too early and it's also never too late to really improve that investing and that savings plan. And and number one, Erick, take care of your health.

Erick Arnett:
There you go. I mean, all.

Erick Arnett:
The planning in the world, all the money in the world doesn't matter if you're not healthy.

Erick Arnett:
Right. We and I, you know, I live with a health coach.

Erick Arnett:
So, you.

Erick Arnett:
Know, this is something that's beat into me every.

Erick Arnett:
Day. And it's really true. I mean, I never thought about it too much until Ericka and I my wife got together about seven years ago. And of course, I.

Erick Arnett:
Was younger then, too.

Erick Arnett:
So I just, you know, I didn't worry. I don't have to worry about health. I'm a young guy, you know, But this is.

Erick Arnett:
So important, folks. And I think I'm telling.

Erick Arnett:
You something that you probably already know.

Erick Arnett:
But get in touch with yourself and get in touch with that health.

Erick Arnett:
And really, if you're.

Erick Arnett:
Not healthy, then you're just you're not going to.

Erick Arnett:
Enjoy retirement anyways. You're not going to.

Erick Arnett:
Enjoy all that hard.

Erick Arnett:
Earned money. And you know.

Erick Arnett:
I think about my dad.

Erick Arnett:
Unfortunately.

Erick Arnett:
My dad worked really hard his whole.

Erick Arnett:
Life and finally got to retirement.

Erick Arnett:
And he he didn't he wasn't able to enjoy he passed away early.

Erick Arnett:
And it was really because he didn't take good care of himself. And, you know, I have to be honest about that. And and so you got.

Erick Arnett:
To have balance in your life.

Erick Arnett:
And number one is.

Erick Arnett:
Priority is is be healthy. It's really about what you put in your mouth. I mean, there's.

Erick Arnett:
So there's so.

Erick Arnett:
Much out there, but you owe it to yourself to to really take care of your body, eat healthy exercise, and it's going to bring happiness.

Erick Arnett:
To you. Elevate your mood. You're going to think clearer.

Erick Arnett:
And you're going to be able to enjoy that stress free.

Erick Arnett:
Retirement. Absolutely.

Producer:
And if you want to get started on your stress free retirement plan, pick up the phone and give us a call. (352) 616-0511 or go online. You can do it on your smartphone or on your computer. Just Google take point wealth. You can pull up TakePointWealth.com and schedule that free consultation today. Erick I hope you have a good rest of your week and we'll see you next week.

Erick Arnett:
Thanks so much.

Erick Arnett:
Sam and.

Erick Arnett:
Everybody out there. The weather is getting a little bit nicer and so get out there, enjoy that.

Erick Arnett:
Beautiful Florida weather and thanks.

Erick Arnett:
So much for listening to Take Point on Retirement radio.

Erick Arnett:
Thank you folks, and have a great weekend.

Producer:
Thanks for listening To Take Point on Retirement, You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets to schedule your free no obligation consultation visit. Take Point on Retirement.com or pick up the phone and call (352) 616-0511. That's (352) 616-0511. Investment Advisory Services offered through Brookstone Capital Management, LLC, BCM A registered investment advisor. Bcm and take point Wealth management are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

Producer:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. With soaring inflation continuing to wreak havoc on everyday budgets, there's never been a more important time to cut costs, but do you know where to begin? I'm Matt McClure with the Retirement.Radio Network. Powered by a Life. There is no question costs have been soaring.

Sharon Epperson:
About one third, 34%, say they are worse off financially this year than a year ago. Almost half, 46%, say they've had to cut household spending due to inflation.

Producer:
Cnbc correspondent Sharon Epperson recently reported on a survey that sheds more light on how inflation has been impacting us all. Even those who earn six figures a year.

Sharon Epperson:
These high earners say the first expenses to go are dining out at restaurants, entertainment outside the home and travel and vacations. More than half also say they'll delay big household purchases.

Producer:
That high inflation has led the Federal Reserve to respond with interest rate hikes. The goal is to increase costs to tamp down demand. Esther George is president of the Kansas City Fed.

Esther George:
Already we've seen the committee's policy actions lead to a very sharp tightening of financial conditions.

Producer:
But it hasn't done enough yet and costs still keep rising. So what should you do? Well, we have a free resource called 23 retirement cost cutters for 2023. It's full of ideas to help you make the most of every penny. Things like take advantage of senior discounts, eliminate unnecessary subscriptions, and cut back on clothing expenses, look at.

Sharon Epperson:
Your needs and wants, Figure out what's optional and what you can cut out.

Producer:
The last one on the list of 23 retirement cost cutters for 2023 is perhaps the most important. Seek advice from a trusted financial professional. That's the best way to get in-depth financial advice in retirement planning that's customized to you and your goals. Just make sure whoever you consult for financial advice has years of experience and credibility you can verify. So do you know the best way to cut costs in 2023? That's a key question to consider as our budgets get stretched to the max with the Retirement.Radio Network powered by AmeriLife. I'm Matt McClure.

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