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3.22.24: 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:
Welcome to Take Point on Retirement Radio. Once again here up and down the Nature Coast. So glad you're listening today. And thank you for listening. Today's a great show. We got a lot to get through and hopefully we can get through it. But, uh, Sam, our producer and DJ extraordinaire, has put together a great show for us today and, you know, it's going to tie in. Are you really ready for retirement? And we're going to talk about some spring cleaning, talking about how important it is to get that planning done. If you've been kicking that can down the road. And then also we're going to talk about pensions and lump sums and does it make sense to take a pension. Does it make sense to maybe set up your own private pension so a lot to talk about today. Welcome to the show. And you know just a shout out to all up and down the Nature Coast. We're here for you. This is an educational show. Take Point on Retirement Radio. We thank you for listening. All our retirement warriors out there. And you can schedule your 100% complimentary consultation with us today. You can meet with us with no obligation. So we're not going to hold a gun to your head and say, hey, you got to do business with us. So feel free to just fire away at your questions. This is your show. You can give us a call any time. That's 352 616 0511 352 616 0511. You're you can also go to TakePointWealth.com. Just get out your little iPhone. And all you got to do is just type in Take Point Wealth.

Erick Arnett:
We'll pop right up. You can go to our website. And in that upper right hand corner you can just click on there and get right on my calendar for a 15 to 30 minute chat session. And I'm happy to answer any of your questions. But of course, we're standing by today at (352) 616-0511. If something on the show today grabs you, something that, uh, you know, you're concerned about or something, you got some questions and something piques your interest, please, please give us a call. This shows about you. This is your educational show. Take Point on Retirement. And we also have a podcast site Take Point on Retirement radio. It's, uh, you can also Google that site. And it's got all of our past shows and podcasts on there. And so you want to catch up with those. And then these young bucks that I work with, these marketing gurus said I had to have a YouTube channel. So yes, we also have a YouTube channel. So you can check out our videos and subscribe to watch those weekly highlights and more special content. So just search Take Point on Retirement and we'll come right up on YouTube and you can catch up on some past shows and videos. We can help you with retirement planning, risk management, estate planning and a whole lot more. You need to build a sound financial plan today. So with that being said, I just want to say hey to my son Jacob Jacobs on the show today. How you doing, Jake?

Jacob:
Doing well, doing well. Thank you so much for having me on again this week. Uh, like you said, we have a great show ahead of us. Um, some important statistics. We're going to be talking about seven retirement statistics that will motivate you to start planning for your future. So if you need a little motivation, this is a great show to be listening to today. And then we're also going to go into some spring cleaning techniques for your finances. So if you're anything like me, you might be working on some spring cleaning in your home currently, but we'll also talk about some spring cleaning items for your finances. So great show out of us today.

Erick Arnett:
Yeah, it's spring time. It's time to. If you've been kicking that can down the road, let's get that retirement plan in place completely free. Complimentary for you and Sam. You always do a great job and you put together these quotes of the week and got a pretty cool one to this week. What do we got?

Producer:
And now, wholesome financial wisdom. It's time for the quote of the week.

Sam Davis:
Yeah guys, this one comes from Abraham Lincoln. And Honest Abe once said, you cannot escape the responsibility of tomorrow by evading it today. Yeah, there you go.

Erick Arnett:
Whamo. Right. I mean, that's what we're talking about today is not procrastinating any longer. If you're listening to the show and you're one of our retirement warriors, you're getting close to retirement. Maybe you're even in retirement and you've been thinking that, hey, it might make sense for me to get a second opinion. It might make sense for me to reevaluate things and put a good, solid plan in place. Long term. Or maybe you have a plan. Maybe you have some ideas of your own. We can test that for you. We can look at your current annuities and do an annuity stress test. We can look at your current portfolios and do a complete portfolio analysis, pulling out your fees and expenses, the risk of the portfolio. You know, what kind of income is that portfolio producing? What kind of taxes is that portfolio going to spin off. So. Super, super important to get that risk dialed down, maximizing those returns for the amount of risk you're taking, reducing those fees and expenses, and then being mindful of taxes. All those things can be the silent killer. I know you've heard me say it before a hundred times, but those are the silent killers to retirement. So hopefully there's some things today that we talk about that will maybe motivate you to give us a call today.

Erick Arnett:
So seven retirement statistics. These are, these are um, you know, these are pretty crazy and and, you know, kind of right in our face. And I didn't even realize that, uh, some of these statistics were so prevalent and really kind of scary, honestly. And Sam put together this show for us this week and kind of pulled out these stats and, you know, uh, one, I'll just jump into number one and then maybe Jake, you can take a couple. But this was pretty crazy statistic number one, 54% of people do not know their retirement needs. So just over half of Americans, 54%, don't even know their retirement savings needs. This means that most people are lost and not sure how much to contribute when saving for their future. So tracking your progress becomes challenging. When you don't have a clear goal in mind, you have to. You need to have a smart vision for your retirement. You just can't wing it and hope for the best. And stay tuned. We're going to talk later on in the show. I want to talk about, you know, if you're taking income or you know, what is your income plan with your current portfolio? Do you have annuities? Do you have just an investment management portfolio? We're going to talk about some of the pitfalls of of, you know, setting up long term guaranteed income in a regular portfolio that has the volatility in the markets that can be very dangerous for you.

Erick Arnett:
So many factors play a role in your savings needs, including but not limited to, your retirement age for you and your spouse. Your desired lifestyle. You know, the first thing that we talk about when people come in is what's your budget? You know, what's your budget today, maybe while you're still working, but more importantly, what's your budget look like when you're in retirement? What are you doing in retirement? So it's super important. 95% of the folks that I sit down with and I talk to them about their retirement plans, they have no idea what they're spending currently. They don't have a budget. They have no idea what they're going to be spending in the future. It's super, super important. I know it's not fun to talk about budgeting, but unfortunately, because it's not fun talking about budgeting, that's why we have, you know, 54% of America have absolutely no clue, you know, what it's going to cost them or what what what they're going to need to get through retirement. And what's the number one concern for retirees? It's it's running out of money, running out of income. So we need to build a plan.

Erick Arnett:
We need to test that plan. And all encompassing comprehensive plan to see if we can get you to and through retirement. So super, super important. You know, the cost of living where you live in retirement is important. Your anticipated health care needs and associated costs that Jake, this is one of the things that you kind of specialize in. You're talking to people every day about their health care, their Medicare. By the way, folks, if you want to talk about Medicare, please give us a call (352) 616-0511. We're standing by to help you with all those questions as well. If you're getting ready to turn 65, maybe you're leaving your job. We have the plans for you, and we can go through all those and make sure you set up with the right plan, and we can get a hold of Jacob to get work, work through that with you. But, you know, health care we've talked about on these past shows, Jake, I mean, um, the average couple, anywhere between 300 and 50 to maybe $600,000 in retirement will go towards medical expenses. Medicare isn't going to cover it, folks. You know, so there's it's super, super important to talk about this and get a plan in place. What are you seeing, Jake, when you talk to folks out there?

Jacob:
Yeah, absolutely. Uh, pretty much you hit the nail on the head and we have something that I like to call medical inflation. And that's historically outpaces normal inflation. And we're seeing record, you know, just typical everyday inflation and medical inflation outpaces that even further. So we have no idea what things are going to cost down the road in terms of your health care. Um, it, it could be drastic and it could keep increasing at a very, very high rate. So it's just important not to scare people. But it's important to plan. And going back to Abe's quote, it's it's easy to put things off till tomorrow. I'm guilty of it. We're all guilty of it all. Get to it tomorrow. I'll get to it tomorrow then years go by, decades go by without planning for these things. But yeah, in terms of the medical, the Medicare side of things and planning for that, that's as we've talked about. It's a massive part of your retirement plan. So give us a call today and we can look over all of your options, see what kind of situation you're in, and come up with the best plan for you to be prepared for the future and be prepared, prepared for any unexpected medical costs that will most likely come up in your retirement.

Erick Arnett:
Yeah, maybe we need to look at long term care policies. Maybe we need to look at annuities. You know, that offer a guaranteed income. There's annuities out there that offer a guaranteed income. And then if you ever do need assisted living or home health care and you can't perform two of the six daily living activities, boom, they'll double your income for up to 3 to 5 years while you're going through that phase of your life. So got to plan for it, folks. Super, super important. Uh, this this next one. You know, uh, the average this is statistic number two. That's pretty scary. The average yearly Social Security benefit in America is less than $22,000. So if you expect to live off your monthly Social Security payments, you might be surprised at the average monthly payment was just under $1,700. That's $21,000 annually based on 2023 data. So it's going to be pretty tough to live in this country with this kind of inflation that we're seeing in our government isn't helping us out any. We're going to talk about that maybe a little bit later. But, uh, you know, it's going to be pretty tough to live on 22,000 if and if you're if you have dual income, if your spouse also collects Social Security. It's still going to be hard to live on 44,000 in income.

Erick Arnett:
And if you lose a spouse, then now your income is cut in half. So this is something that's super important to plan for. If you if you really care about your loved one. You know, you want to sit down with us today and start planning for that potential situation. How do you replace that income so your spouse can continue to live the life and the lifestyle that they deserve? So we've got, you know, there's life insurance, there's long term care, there's annuities with riders that provide that home health care doubler. You know, maybe we got to get more aggressive on saving. So a lot of things that we got to do now, you know, if you're if you're in your 50s or you know you're in your 60s, it's not too late. We've got to get this going here today and get planning. Give us a call (352) 616-0511. That's (352) 616-0511. Or just go right to our website. TakePointWealth.com. And in the upper right hand corner just click on that button. You get right on our calendar. Let's get to work for you to today. Let's look at what your potential Social Security is going to be for you. And for you and your spouse.

Erick Arnett:
If you're if you're married and see, you know, what kind of income that you may have, you know, potentially a guaranteed income. And then let's look at what it's going to need to live. And then that's called the income gap. We got to figure out how we fill that income gap. So because this is you know, this Social Security is very unlikely to cover your costs. So having sufficient retirement savings is crucial for your financial security. So please don't forget all the potential changes to Social Security that could negatively affect your benefit amount. And if you've already done a retirement plan or you're working with an advisor, or you're working with a broker, or you're working with one of the big wirehouses. You know. When's the last time that you talked about this? We review this on an annual basis with our clients, we put a plan in place, but then we constantly massaging, constantly reviewing it, factoring in inflation. You know, uh, 3 or 4 years ago, the plans that we built may not be appropriate. We had bad markets. We didn't have a lot of returns. We had high, you know, interest rates were increasing and we had massive inflation. We had 30, 40% increases in cost of living. So whatever you did or whatever you were working on a couple of years ago may not be, uh, you know, may not be appropriate today.

Erick Arnett:
So I urge you, I urge you to get back in here, get a second opinion, build another plan, a comprehensive plan. We're going to take care of estate planning, social security, timing, income planning, investment management, risk fee assessments. You know, ink, you know, all of that in one plan. And then we're going to test that plan. We're going to throw a thousand scenarios at it. Good markets, bad markets, high interest rates, low interest rates, combinations thereof. We're going to we're going to really test that plan and to see how it's going to hold up over time. Let's stop thinking about today and let's stop thinking about yesterday. Let's look into the future and see how things look. And let's get some confidence. Let's get some clarity as to how your retirement is going to look long term. And I'm talking even if you're 60, 70 years old, I'm talking ten years from now, 20 years from now, and yes, maybe 30 years from now. We have clients living into their 90s. So super, super important. But what's scary, Jake, is, uh, talk to us a little bit. What? What's happening with Social Security right now?

Jacob:
Yeah, exactly. You know, we've talked about, um, not relying on your Social Security to meet all your income needs in retirement. But for a lot of us, especially in the younger generations, we might not even get Social Security. The. According to the latest Congressional Budget Office analysis, uh, Social Security will become insolvent by 2033. And, um, you know, that's scary. So not only do we not want to rely on Social Security, we want to be planning for our retirement and making sure we have a game plan in place that where we don't have to rely on Social Security at all. Of course, we all hope that that it doesn't get to that point. And our very smart leaders up in Washington can. Come up with a solution. But. Um, it's it's scary. And an update on the national debt. We're at 34.5 trillion. So we know we'll likely have to increase taxes or cut benefits for retirees. The future of Medicare is uncertain. The future of Social Security is uncertain, so it's more likely that the government is going to continue to increase our taxes instead of decreasing their spending. So more important than ever to have a game plan in place, if any of this so far is, uh, touching any notes for you, please give us a call and let's get together for a free complimentary consultation and get a game plan together for your retirement. So jumping into statistic number three here and another. I would say shocking one. About 34% of people have not saved anything for their retirement. Now, this is according to a report from Ramsey Solutions. Dave Ramsey, uh, showed that 34% of Americans have not saved any money at all. This not only includes money for retirement, but also an emergency fund and saving for other goals.

Jacob:
So obviously we're living in very high cost of living times. And this is not to beat anyone up out there who hasn't begun saving for retirement, but it's just very eye opening in the world we live in today. And we'll kind of get into pension plans and things like that later in the show. But, um, most jobs today are not you are not retiring with a guaranteed pension. So it's even more important than ever to take matters into your own hands and start savings. And obviously, a lot of people are just struggling to get by and and pay for their, uh, utility bills and their rent or their mortgage. And things are very expensive right now. But it's so important whether you're 20 years old, 40 years old, 60 years old, 70 years old, it's never too late to at least start saving and improving the outlook of your retirement. So we recommend paying yourself first by saving for retirement and also saving for unforeseen emergency expenses every time you receive a paycheck. So when you get that paycheck, a tool that's really worked for me and I recommend it to a lot of my friends and family is when that paycheck comes in. Before you spend anything. Pay yourself first. Put that money into your savings account. Put that money into your retirement account. A lot of people get their paycheck and they spend on everything else and say, oh well, whatever is left over, I'll save. And we all know how that goes. Typically, you might spend a little bit more than you had anticipated and uh, nothing's going towards savings. So, um, yeah, there's a yeah. Go ahead. No, I was.

Erick Arnett:
Going to say there's a cool app I wanted to share with people, um, that I've used in the past. There's a lot of apps out there, but there's one called acorns. It's really cool. You can link it to your bank account, you can link it to your credit cards, your debit cards, and it'll every time you spend you can it'll round up to the next dollar and dump that in your account. And you can also set up something where you know, they're taking it just automatically takes 20 bucks from your account per week or and a few years back when this first came out was before Covid, I tried this out because I wanted this, you know, I wanted to see this new technology and see what acorns was about. And I just set up a few roundups. They call them in my debit cards and credit cards. It was crazy. Within a couple of years I had like five or I don't know, it's like $5,000 in an IRA just with little roundups from going to the grocery store. And yeah, you know, fill up the gas tank. So it works, folks. I mean, Jacobs, you know exactly what Jacobs saying. Pay yourself first before you pay everybody else. And plus, you know that once that money is in a retirement account, it's protected from creditors, protected from liability.

Erick Arnett:
It can't be touched. So it's like in a lock box for your retirement. So, uh, we've got a few minutes left in the first segment, so I just wanted to give a shout out to our listeners. Please, please, please, please schedule your no obligation consultation with us today. It's a $1,500 value provided at no cost to you, our retirement warriors, our listeners. So give us a call today. (352) 616-0511. That's (352) 616-0511. I think we got time to maybe get through one more stat here. Stat number four. Around 39% of people don't invest in stocks. So stocks tend to have some of the best average returns across all asset classes. Some investors might not feel comfortable with the higher volatility that comes with these investments and choose safer or less profitable options instead. So sometimes being scared and fearful of the markets and, you know, and I think what's happened with the recent volatility that we've had over the years, it's just kind of scared people because they've been market timing. They haven't been investing properly. You know, investing is long term. If you if if you invest in the markets for your retirement, you need to be thinking about that. You're leaving that money in there to grow for ten years or more.

Erick Arnett:
It's not about time in the market. And yeah, oh, you get scared because the market went down a little bit. No, you've got to stay in. You got to stick with it. Think about after Covid and the market went down some 20 some percent in like a couple of weeks, people panicked, sold out. And then the market had a banner year. It was up over, you know, high double digits. And the same thing happened here in 2023. You know, everybody was talking about recession. In and and, you know, the sky was falling, Russia was invading Ukraine. And guess what we had the Nasdaq was up over 40%. The S&P was up over 26%. So we had another banner year in the market that people missed out on. You've got to stay invested and you've got to have your money professionally managed so your emotions don't hurt you. We take all the emotions out of investing, folks. We build you a broadly diversified, well-managed, tactically managed portfolio for the long haul. You can't get in and out, you can't panic. You got to stay in it for the long haul. And stats don't lie, facts don't lie. You can go back to the inception of the stock market and look at ten year average returns.

Erick Arnett:
The only way to beat inflation, the only way to build a retirement, a solid retirement long term is to be invested in stocks. But it's not one stock. It's not buying just technology stocks. It's not buying the video or loading up on Microsoft or something like that. That's how you get hurt. There is no magic stock out there. You know, people have a misconception about stocks. They they look at it as gambling. And that's the improper way. It's about having a broadly diversified portfolio. Let us show you what that means. Let us show you and educate you on a tactically managed, safe, broad, broadly diversified portfolio that is meets your needs long term and combinations thereof of other investment classes. Let's show you how to diversify your portfolio. And that's the only way you're going to be in inflation, folks. It's the only way. It's not buying gold or all these things, these crazy commercials that you hear. It's not that at all. It's not buying real estate and put all your money in real estate and rental properties. It's stocks. It's the stock market, long term returns of the stock market. So with that being said, I think we got to cut to break. Stay tuned for more Take Point on Retirement radio.

Producer:
You're listening to Take Point on Retirement to schedule your free no obligation consultation visit. Take Point on Retirement.com. Fixed indexed annuities can help protect your retirement savings against market ups and downs. Nationwide's peak ten can help protect against market risk and provide guaranteed income for life. Peak ten also has an optional rider that offers an immediate 20% bonus based on your principal. Apply to your income benefit base. Call us now at (352) 616-0511. That's (352) 616-0511. To connect with a qualified advisor and discover how peak ten can help you plan now to retire with confidence later. Investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Guarantees and protections referenced within are subject to the claims paying ability of Nationwide Life and annuity insurance company nationwide. Peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Brookstone Capital Management, LLC.

Producer:
When it comes to retirement planning, focus more on income than building a big nest egg. I'm Matt McClure with the Retirement Radio Network, powered by Amara Life. It may sound counterintuitive, but that big nest egg number you probably have in your head means a lot less than the income you'll have each month in retirement.

Christine Romans:
The math has all changed here, but the bottom line is time is your superpower. Save as much as you can.

Producer:
Nbc news senior business correspondent Christine Romans recently said on The Today Show that you should not just rely on Social Security in your retirement years.

Christine Romans:
Social security alone is not likely to support you in the manner to which you're accustomed, right? You want to wait as long as possible to get that maybe 70. If you wait till you're 70 to collect Social Security, you'll get the biggest check.

Producer:
And she says, contribute to your retirement accounts early and often.

Christine Romans:
So this is from Fidelity. They say at age 30 you should have one time your salary in a retirement account when you're 30. So think about what your salary is at age 30, and that's how much you should have in your entire retirement account. By 50 it should be six. This is where I start to freak out because I know a lot of people can't and don't do this by age 67, it should be ten times a personal pension.

Producer:
Using a fixed indexed annuity is also a great option for many pre-retirees and retirees to consider. It offers protection from market volatility and a guaranteed stream of income that will last the rest of your life, no matter how long you live. Having a big nest egg may sound nice, but focusing more on income will set you up for success in your golden years. So, do you know where your paychecks and play checks will come from each month when you leave the workforce? That's a key question to consider as you plan for what's ahead with the Retirement Radio Network. Powered by AmeriLife. I'm Matt McClure.

Announcer:
I'm speaking with Erick Arnett of Take Point Wealth Management. Erick, this topic isn't always the easiest for people to talk about, but it's important estate and legacy planning.

Erick Arnett:
And it's hugely important. Here's the big question is your legacy important to you?

Announcer:
Well, absolutely.

Erick Arnett:
Then the next question should be what kind of legacy do you want to leave behind? I bet it's not one where your spouse or your kids are going to be shouldering a huge tax burden.

Announcer:
Are there strategies to help with that 100%?

Erick Arnett:
A Roth IRA is one example, and we can help you make that part of your plan. Also, if you want your wishes carried out like you want and not like the state wants, give me a call or go to TakePointWealth.com.

Announcer:
Erick Arnett with Take Point Wealth Management. Thanks so much.

Erick Arnett:
Thank you.

Announcer:
You heard them. Folks head on over to TakePointWealth.com today.

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.

Producer:
Welcome back to Take Point on Retirement. Schedule your free financial consultation now at Take Point on Retirement.com.

Jacob:
Well welcome back everyone. Thank you for again for joining us today. So we're going to jump right back into it. We're going over seven retirement statistics that we find very surprising. So we're on statistic number five here. And that is that 69% of Pre-retirees think their retirement savings are not on track. Whether or not they know their goal amount 69% of Pre-retirees don't feel confident about their retirement savings being on track. And this statistic was based on a 2023 Federal Reserve report that showed how retirement preparedness varied based on different demographic factors. Now, this is surprising, but also, I think that we deal with a lot of different types of clients, right? And no matter what kind of situation they're in, it seems like there's a lot of uncertainty, even if they have done really well and have a bunch of money saved up, they're still uncertain if they're on track, even if they, you know, are maybe not as good a situation, they're uncertain if they're on track. So that's why it's so important to have a game plan and have a budget and understand what retirement is going to look like for you so that we can get a game plan together for that. Dad. Yeah, yeah.

Erick Arnett:
So I mean, that's what the planning is all about to take. Point freedom plan. You know, this this free, comprehensive plan that we're going to put together for you, it's going to bring you some confidence and some clarity. I mean, we have clients that have, you know, very high net worth. And they even tell us they're not sure if they're going to have enough money for retirement. It's kind of shocking. I mean, we had a client that we've been working with, uh, have over $5 million and, uh, approaching 70, getting ready to retire. Very, um, I would say, you know, humble lifestyle. They needed about $120,000 a year in income, and they literally had no idea or unsure if they could retire. And so you could have somebody with a couple of hundred thousand dollars, not sure if they can retire. It's all you know. So depending on age and lifestyle and, and and what income sources you might have, what your Social Security looks like, all these different factors come into play. You just can't wing it. So you owe it to yourself to take the time to go through this comprehensive plan exercise. It's a free lab. You come in and we give you a complete free lab and exercise where we're going to take it all in. We're going to build out a plan to see, you know, based on historical returns, based on how you're invested and looking and factoring in inflation, factoring in higher taxes.

Erick Arnett:
We factor all that into our plans. So you could have some confidence and some clarity as to what things are going to look like for you five, ten, 15, 20 years down the road. So completely complimentary consultation. Uh, many people like to discuss balancing risk and reward with their investments for retirement building, building an income plan to meet and beat their budgets and retirement. So, so important. And how to establish a personal pension. I want to get into that. Hopefully we have some time. You know, not a lot of folks have pensions these days when they're retiring from corporations. We want to show you how you can build your own personal pension so you can receive income for life. And then how to maximize your future Social Security benefit checks all those things super, super important. So if you're unsure how to best maximize your income in retirement, give us a call today at (352) 616-0511. That's (352) 616-0511. Or just take out that little smartphone and Google us Take Point Wealth. We'll come right up on your phone. You can click in that upper right hand corner and get right on our schedule and and schedule your free no obligation. That's once again no obligation. Folks. It's we're going to do all this work for you for free. And you can take and do with what you want with it. And so build that confidence, build that clarity, and get on track for your retirement.

Jacob:
Leading into that, we have statistic number six. Nearly 80% of Americans feel the nation is facing a retirement crisis due to the lack of pension options. So more than 3 in 4 Americans believe pensions help to lead a more secure retirement, according to the study. So the survey respondents aren't the only Americans who want pensions back during last year's labor strikes, unions like the United Auto Workers. Push for pension plans and new deals. Ultimately, the UAW demand was denied, suggesting that companies don't share that appetite to go back to pension models. And why would they? Only a few companies are going back to offering pensions again. Ibm recently began offering pensions after shuttering its legacy pension plan for nearly two decades, joining the likes of John Deere and Coca-Cola, which still offer pension plans as well. But the fact is, the vast majority of Americans and Americans workers these days do not benefit from company pension plans that pay them guaranteed income in retirement. So it's so important to understand that and realize that just because your company is not offering a pension plan does not mean that you cannot set up your own personal pension plan and receive guaranteed income in retirement. You know exactly the check amount that's coming in every month, every year, and you can sleep well at night knowing that that is a guaranteed amount in your retirement. So, Erick, anything to add there?

Erick Arnett:
No, no. Like I think what comes to mind is, um, you know, when you build a pension, when you build your own personal pension, it's important to know which tools to use to do that. And a lot of folks out there don't truly understand that. It's probably not the best idea just to be pulling money from an investment management portfolio. You know, uh, a lot of folks think like, well, okay, I've got X amount of money, I'm going to average kind of these returns over time. And, you know, the actuaries and all the, uh, retirement planning gurus say if I take 4 or 5% from this portfolio over time, I'll, you know, I will I will, uh, maintain my principal and all. That's all hogwash. It it's really, you know, look at the volatility folks that we've had in the markets, even if you're even if you're going to be living on your required minimum distributions and you have an investment management portfolio or a brokerage account in various stocks and mutual funds or ETFs or bonds or whatever you're invested in. I see a lot of garbage, too, like REITs and all kinds of weird, closely held stuff that people have been chasing. Yield. And when you chase yield, you have risk. Okay. So so imagine. Rmds are based on the value of your account on 1231. And then so in the following year, you're like, okay, I'm going to start pulling my RMD.

Erick Arnett:
Well, what if the market's down 20% or 30% like it has been in several years and just in recent history. Now you're pulling your money out at the worst time. You're having to sell stocks at the worst time, you're having to sell bonds or raise cash at the worst time. So that volatility can really eat in erode your retirement really quick. So you've got to be taking your income or your supplement or your income or your pension from something, a tool or an investment that's going to give you a smooth, very consistent return guaranteed for life. Okay. So you know, exactly. There's no questions asked. And we know exactly what amount to put into that program in order to achieve that goal of that income that you're going to need. And you're going to actually probably need income as well. Uh, uh, based on inflation, you're going to need more income. So we have a great strategy. It's called the Take Point freedom plan. We utilize multiple investments, but we're going to be taking your income from a guaranteed income stream. That way we know that your income is never going to run out. Because if you go to take that lump sum or you go to take that income when the markets are down, guess what? It only takes a few bad returns, a few bad years to really get in a hole. And now you're going to find yourself running out of money and your money not lasting for your lifetime.

Erick Arnett:
So very, very important. Uh, you know, this runs into stat number three, which, you know, kind of brings everything home for us. And what we've been talking about throughout the whole show is, uh, approximately 40% of people don't consult with an advisor or professional. So Mr. Dave Ramsey once wrote that try to save for retirement without professional help is like wandering into a haunted house alone in the dark without a flashlight. Great great analogy. I just can't imagine just winging it and not knowing from year to year what your portfolio value is going to be, what your income level is going to be. You know, what kind of assets you know, if your portfolio is going up and down all around. You know, I just can't imagine that scenario. So that's why it's so, so important to get that plan in place. If so, if if you're among the people out there right now who are not working with a licensed advisor, your or or a professional, you're at a distinct disadvantage with everything from figuring out retirement saving needs to learning about investment options. And so all the different options that are out there and simply having your retirement questions answered. So that's why we're here. That's why Take Point on Retirement radio is here. Give us a call. We're standing by to help you. That's our passion. We can't wait to help you get it.

Erick Arnett:
It gives us goosebumps when you call and we can help folks out. We're super excited about that. It's 35261605113526160511. Or if you're technically inclined, and you can't get a hold of us on the phone, just go to your, uh, website, take point, go to our website, TakePointWealth.com and in that upper right hand corner you can click right on there and get right on our calendar for a 15 30 minute chat session. So it's so, so important to have regular consultations with a financial advisor to provide those valuable insights to ensure you're on track to meet your retirement goals. Folks, I've been a financial advisor for almost 25 years, and I have to constantly, on a daily basis, be in the game. I have to constantly be going through training. I have to constantly be researching new products, new ideas, going to seminars myself, going to advisory summits like it's it's it's you have to be a student of the game. It's intense. And that's why we're always bringing new ideas to our clients. We're bringing the best rates to our clients. Rates are changing, products are changing, stocks everything. Everything's changing so quickly. So anything that you think might be working or might have worked in the past and may not work in the future. So you owe it to yourself to get the most up to date evaluation. And then that's not set in stone either. So once you get a plan in place, you've got to constantly be working it and massaging it and making sure that that plan is the best one for you.

Erick Arnett:
And it's it's it's adapting to the changes of the environment. Higher taxes are coming, folks. There's no doubt about it. With $35 trillion in debt, uh, Social Security is going bankrupt. Medicare is going bankrupt. We're in big trouble, folks. So, you know, this this is stuff that we've got to get out in front of and plan for. Uh, you just can't have your head in the sand anymore. It's it's this is a critical point in time that. Now more than ever, it makes sense to get get out there and get that planning done. How do we how do we shelter, you know, and try to mitigate, mitigate taxes, Roth IRAs, you know, life insurance, iells, things like that. You know, uh, distribution strategies. You might have multiple buckets. Where do we take the income from? Are we going to cause more taxes on our Social Security? Are we going to increase our Medicare premiums where we can't afford them? But because we take out a big lump sum of our from an IRA and to give to little Johnny as a gift, whatever it may be, we've got to plan for all these little scenarios. So please, please, please contact us this week for a complimentary retirement and financial consultation. It's no cost to our listeners.

Erick Arnett:
There's no obligation. You're only going to work with us if it's best for you. And so we will help you analyze your current situation, build that plan that moves you toward retirement you have always envisioned for your life. We will discover exactly how much you're paying in fees, so we can help you cut unnecessary costs in your IRA and your 401 K and other retirement savings accounts. Maybe you're not getting the best rates. Let's maximize their rates will help. We'll also help you with your Social Security planning and determine the appropriate time to start taking benefits based on your unique situation. So a lot goes into it. It's not just about saying, hey, I got X amount of money, and I kind of I'm going to have some Social Security and I kind of, you know, know or think that this money is going to last me. Um, I've actually had people say to me, hey, I've got $1 million. And, uh, you know, I need about $100,000 to live, so I'll be good for about ten years. I mean, I've actually had people tell me that, you know, so, uh, that's just not. That's not retirement planning, folks. So that's what we do every day. That's why we're here. TakePointWealth.com you can go to our website TakePointWealth.com. And in the upper right hand corner just click on that little button and get on our schedule uh today. And so we can get to work for you and build that confidence and build that clarity for you.

Erick Arnett:
So we want our clients and listeners to live the retirement lifestyle they deserve. Don't live a just in case retirement where you are afraid to spend the money you save for your golden years, establish a solid income plan and enjoy your paychecks. We call them play checks, not paychecks. It's time for somebody to be putting money into your pocket, right? So take advantage of these current rates. Rates are we've seen we haven't seen rates this high in a long, long time. So we've got to lock those in and take advantage of those today. Yeah. So Jake retirement with their own personal pension is utilizing fixed indexed annuities to provide that peace of mind and that financial stability. So if you don't know what a fixed indexed annuity is and you don't know how it works, you owe it to yourself to get in here or to talk to us and learn about them. Stop listening to your neighbors. Stop listening to your friends. Stop listening to the auto mechanic down the street that knows nothing about investing, that, oh, annuities are bad. You've heard bad things about annuities. Yeah, there are some bad annuities out there. There's some. There's some garbage annuities out there. Variable annuities, you know, annuities with high fees. There's annuities with low cap rates. Low returns. Yeah. So let's we're not going to talk about those.

Erick Arnett:
We're going to go out there and screen and fire them. Find the best products in the industry for you. And the way to create that personal pension and that steady income stream that's not going to be hit by the volatility of the market, is to utilize those fixed indexed annuities. You need not you don't. You do not need to work for the government for one of these few companies still offering pensions to protect your assets and create guaranteed income for the rest of your life. Fixed indexed annuities offer pre-retirees and retirees the opportunity to create their own personal pension like income stream, and these annuities often include features such as immediate bonuses or guaranteed minimum interest rates for a certain amount of years, and your principal investment is always 100% protected from market downturns. So imagine a strategy where you get market upside but no market downside. And so the worst you're going to get in any given year is zero. And then you can also find annuities that have benefit riders that are going to give you that guaranteed income for life. No matter what happens they're going to send you that paycheck. So personal pensions created by fixed indexed annuities also offer the potential for additional interest earnings based on the performance of a specific market index. So let's just use the S&P 500 as an example. This allows you to experience stock market like benefits without the risk of of the stock market.

Erick Arnett:
I mean, so having a combination of that also working with stocks and liquid investments to beat inflation, it's the perfect. Recipe. It's the freedom plan. And based on rule 100 or based on your income need, we find the amount of money that we need to put into this indexed annuity to create that guaranteed income and pension, and then we use the other money invested in the market to grow and beat inflation over time. So you have two kind of buckets of money working together. And at least the income stream is going to be steady and consistent and not be affected by the volatility of the market. This is the smart thing to do, folks, especially now in today with the volatility that we have, especially now at the high interest rates that we have, we can lock in these amazing personal pensions. Fixed indexed annuities provide a level of security and stability, allowing individuals to plan for a consistent income throughout retirement. These personal pensions can serve as a valuable tool for diversifying retirement income sources, reducing reliance on social security and other investments. So as more individuals seek to establish those those personal pensions and secure their financial future, the demand for fixed, indexed, indexed annuity is expected to continue to grow. I mean, these things these things are very hot. It's one of the fastest growing investments out there. There's billions and billions and billions and I say billions of dollars going into these index indexed annuities.

Erick Arnett:
It's almost like doing your own options strategies, you know, so super, super important you owe it to yourself to learn about this financial tool that I think is really important and can really help you to and through your retirement. So schedule that no obligation consult today. Maybe you have existing annuities. And here's here's something really important. Folks don't tune out. Don't tune us out or don't turn us off just yet because you're thinking yourself, well, I've already got annuities. I'm set. This is important because the old annuities that you have, or even a new that you bought two, three, four, five years ago did not, does not have the guaranteed rates in the high market cap rates, uh, that the current annuities do. So it might make sense for you to give us a call and to shop and to exchange that annuity into something that's much better. And capital wise on these current interest rates, these high interest rates, because these rates won't stay up here for long. And so the annuities that you may have purchased two, three, four years ago can't even compare to the ones that that we're finding on the marketplace today. So please, please, please get that annuity stress test, that free annuity evaluation to see if it makes sense to even exchange your current annuity into something better. We've we've seen where we've taken folks current annuities and and almost double their income by switching to a new one.

Erick Arnett:
So it's really, really important to to to be motivated to do that. So give us a call (352) 616-0511. That's (352) 616-0511. Or you can just Google Take Point Wealth and get on our calendar today to discuss and go through an exercise. We want to show you this exercise where we build out these spreadsheets and we show you the sequence of returns in the markets. We show you the value of smooth, consistent returns from annuities. By the way, recent study came out. Annuities now have, uh, beat, uh, cash savings and also beat bond savings. So annuities have beat bonds and beat beaten cash okay. So these are great alternatives to bonds and great alternatives. Just having your money sit safely in money markets. But that's temporary folks. You have reinvestment risk now. So when that annuity or when that CD or that money market matures well now you got to reinvest it at the lower rates when the rates go down. So let's lock in these high rates long term we may not see them ever again. We may not see them this high I don't I don't know. So just get in touch with us this week so we can help you build and navigate your financial plan. Give us a call (352) 616-0511 or just get on our website. TakePointWealth.com Jake I think that's all we got time for. Bring us out man and wrap it up.

Jacob:
Yeah well great points dad. And I think this was an awesome show. And hopefully this motivated some listeners out there to. So maybe, you know, scratch that itch and start acting on some of these things and start preparing because there's a lot to be prepared for. So thank you to all our listeners out there. Hope you have an amazing day. Thank you so much for having me on the show today. And, uh, that'll wrap us up and we will see you next week. Have an awesome week, everyone.

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:
Do you want a steady stream of income for retirement? Then it's time to consider annuities. I'm Matt McClure with the Retirement Radio Network powered by Amara Life. Gone are the days when most employers offered pensions with guaranteed lifetime payouts to their workers. But what if I told you that you can build your own personal pension? It's possible with an annuity. An annuity is a financial product that provides a series of regular payments to an individual over a specified period of time, often for the rest of their life.

Announcer:
There are several options for you to consider when choosing an annuity. Be confident in knowing that there is an annuity out there that can meet all of your needs.

Producer:
Fort Stokes is founder and president of Active Wealth Management and author of the book annuity 360. There are several different types of annuities, including fixed, variable, and fixed indexed.

Announcer:
A fixed annuity offers a specific guaranteed interest rate on their contributions to the account. A fixed indexed annuity is an accumulation based product offered by an insurance company. The growth of your fixed indexed annuity is dependent on the performance of a chosen stock market index, but your money is not actually invested in this index. This offers you great growth potential and exceptional protection for your investment.

Producer:
While each can provide tax deferred growth and a lifetime income stream, variable annuities put your principal at risk in the market.

Announcer:
If you are currently investing in a variable annuity, your funds could be in serious trouble if the market experienced any downturns.

Producer:
With so many possible choices to consider, it's essential you speak to a financial advisor or professional to help you make the best decision for your future. So are you ready to consider an annuity as part of your retirement plan? It's a key question to consider as you approach what should be your golden years with the Retirement Radio Network powered by AmeriLife? I'm Matt McClure. 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. Any bonuses mentioned may be subject to additional restrictions and regulations based on the offering annuity company. You may not receive the bonuses if the contract is fully surrendered, or if traditional annuitization payments are taken, and if the policy is partially surrendered, it could result in a partial loss of bonuses. Because these are bonus annuities, they may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus feature. So you know where you are now and where you want to be in retirement. So how do you plan to get there? I'm Matt McClure with the Retirement Radio Network powered by AmeriLife.

Jack:
Do you have any other questions for me, counselor?

Producer:
There are a lot of questions to ask yourself when you start your retirement plan. Questions like when should I retire? How much money will I need? When should I claim Social Security? What about health care costs and taxes in retirement? This complicated puzzle means you're probably going to need some help coming up with a smart retirement plan.

Announcer:
If you want to retire successfully, you really need to plan early. You know inspectorj you expect and get prepared. Putting a plan in place now while you're still working is a great idea.

Producer:
Fort Stokes is founder and president of Active Wealth Management. Once you find a financial professional you want to work with, they can help you answer all the questions you may have. Back to what.

Announcer:
Warren Buffett said, if you don't find a way to make money while you sleep, you're going to work until you die. So we need to do everything we can to figure out a way to make money. While while we're sleeping, we talk about this human capital versus actual capital. When you're young, you have a lot of human capital. You've got a lot of left, a lot of room left, a lot of capital left in your career. Right? But at the same time, a lot of people that are older, let's say you're 65, 70 years old, you don't have a lot of human capital left, but you should have a lot of capital that is making money while you sleep. And if you don't, then you didn't make the right decisions.

Producer:
There are also some retirement costs you may not have considered yet. Long term care. For example, did you know it's not covered by Medicare? What about home renovations? If you decide to stay in your home instead of moving into a facility, your home might need some updates to ensure you're safe and comfortable. And those are just the tip of the iceberg. So do you have a fiduciary, financial advisor, or professional to help you wade through the complicated retirement planning process? That is a key question to consider if you want to make the most of your hard earned money with a retirement radio network powered by AmeriLife. I'm Matt McClure.

Announcer:
I'm here with Erick Arnett.

Producer:
Of Take Point.

Announcer:
Wealth Management. Nobody likes paying taxes, but they're a fact of life. Is there any way I can prevent myself from paying more than I need to?

Erick Arnett:
We help people with strategies like that every day. One thing we recommend as a hedge against future tax increases is the Roth conversion.

Announcer:
Roth conversion? I've heard that before, but I'm not all that sure what it is. Could you help clear it up for me?

Erick Arnett:
In a traditional IRA or 401 K plan, your money grows tax deferred. That means you haven't paid taxes on it yet, but you will when you make withdrawals in a Roth, you pay the taxes up front and take tax free withdrawals in retirement.

Announcer:
Hey, that sounds great. How can listeners learn more and get started?

Erick Arnett:
Just head over to TakePointWealth.com. Click that button in the upper right hand corner and schedule a free, no obligation consultation with me today.

Announcer:
That's right, you heard him. Folks. Head on over to TakePointWealth.com today.

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, Erick 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.

Producer:
Not affiliated with or endorsed by the Social Security Administration or any other government agency.

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