Take Point on Retirement – June 12th 2021

TPWM FOR 6-12-21 FINAL.mp3: Audio automatically transcribed by Sonix

TPWM FOR 6-12-21 FINAL.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
The following page program is prerecorded and sponsored by Take Point Wealth Management on the Nature Coast of Florida take point on retirement, a well rounded show from a well-rounded team leading you into retirement. Listen, Saturday mornings for an hour of simple retirement advice from your friends at take point to wealth management. Saturday mornings, seven thirty. I just want a reminder there of what you're listening to. It's take point on retirement brought to you from a take point. Wealth management up and down the nature coast within our listening area offices to serve you call them, they'll come to you. Education information is what it's all about. Judiciary services and so much more true. Take point wealth management. Give them a phone call. Now, if you're looking for somebody for your investments, your financial future, your retirement is important to take point wealth management. And they're standing by to take your call and help you with that stress free retirement. Three five to six one six zero five one one is the phone number three five to six one six zero five one one, a local number along the Nature Coast. Check them out online. Take point wealth management. And in the studios once again, Eric Arnet, lead advisor, retirement planner. Randy Wajeha, CPA, part of the Point Wealth Management team in the money management history. Is that what they call the money management industry?

Speaker2:
Something like that. OK, we can call it whatever we want to show and our show. Morning, everybody. Good morning. Morning to all our retirement warriors out there. Beautiful weather. It's getting a little warmer, but, you know, on there, it's pretty nice getting some nice days out there.

Speaker3:
And I actually got some rain this week out, right, Coach?

Speaker2:
Yeah, we needed it bad.

Speaker3:
And if it was snow or rain, if

Speaker2:
We needed it bad, we needed it so bad. My man, my lawn was starting to look a little toasty.

Speaker1:
My crunches when you. Oh yeah,

Speaker2:
Yeah, yeah. But it looks like the summer patterns here. Look, get those rainstorms popping up. So that's exciting. Fish are biting. That's good stuff. A show about retirement and wealth management. So I talk about some of that stuff. Yeah. The Today Show. I want to go over some things a little bit about the market, what we see there and what's going on with inflation and all that good stuff. We're talking about some retirement milestones, some ages that you need to be aware of that are milestones in your lifetime when it comes to good retirement planning. And, of course, always going to talk about taxes with our good friend here, Randy Woodroofe, and some strategies that we feel very strongly about to potentially relieve some of that tax burden in the future. And we're not just talking about taxes and income taxes. We're talking about taxation on your Social Security, higher Medicare premiums. All this stuff is related. And that's why you want to come to a firm or practice that has a top notch CPA, sir, who is right on it with me every every step of the way, while we're reviewing your plans and reviewing your tax, know how efficient is that, having it all under one roof? That's good stuff. The real estate, for lack of better terms, boom. I mean, the real estate markets pretty hot. So we get a lot of questions every every week on. Do you think it's a good time to go in real estate and bad time? Can I can I you know, how can I finance this? I'm looking to maybe buy some rental properties.

Speaker2:
How does this enter into my retirement picture as far as taxation? And then can I get it done with my IRA? Even so, I want to talk a little bit about self directed IRAs, because it's been a popular topic and how we can show you here at take point wealth management how to utilize your IRA or even your 401k to be able to purchase a business, purchase real estate, any type of tangible assets that you may be looking to do. Where the experts there we can sit down, we can go through all the rules are rules and conditions. And you got to be careful as to what you're doing so you don't make any mistakes. But we want to help you through that to sort of try a little bit about that as well. And then we're going to get to our questions. We've got some great questions this week, folks calling in. Thank you to all our listeners out there. Response to the radio show has been overwhelming. We appreciate all the calls, appreciate the appointment, and we appreciate the trust that you've shown us to build your retirement plan and and hopefully more importantly, reach your successful retirement dreams and goals so we can create that tax efficient, be efficient, market efficient and that stress free retirement. That's what we aim for.

Speaker3:
Stress free is definitely what we're aiming for, for our clients. And that's what we wanted you to be able to enjoy. Is a stress free in time?

Speaker1:
Yeah, you make it so easy there. Take point. Wealth management. I got to say, I'm so excited about today's show. Taxes, we know inflation. We're starting to see it already. You're going to talk about taxes. But this thing about and of course, the 401. KS and how we need to take care of those if we have some old ones laying around or if we're involved in a 401k now. And it looks to me I see in the news almost every day that they're going to attack those for one K plans. But the big thing that I'm looking forward to is counting down to our retirement because that's so important, especially starting at age 50. That's just incredible.

Speaker2:
Yeah. So, you know, when you're young, you have plenty of milestones, right? Turning ten, turning double digits, then the sweet sixteen. And then driving on 21, the big one, like, hey, I can drink now legally, right, because we know nobody out there were drunk under 20 legal, highly,

Speaker3:
Highly illegal fake

Speaker2:
I.d., no fake I.D., please. So but there are a bunch later on in life that we have to be very cognizant of. So let's break down and lists and celebrate some of those before we go.

Speaker3:
Why is it the milestones that are early in life are very exciting and the milestones that we're.

Speaker2:
Yeah, well, most of them

Speaker3:
Aren't as exciting.

Speaker2:
We're going to show you today and talk about most of these start when you when you turn 50. And it just depends on your outlook. You can either be like, hey, I'm 50. My life is probably more than half over or, hey, I'm 50. I've learned a lot. I'm smarter now. I'm you know, and now I'm ready to enjoy the second half of my life.

Speaker3:
I lost years.

Speaker2:
Are you your glass is either half full or half empty. There I am. And I'll be honest with you someday my glasses full and other days it's not so full. I am. And I tell you what, when that storm weather comes in, that low pressure, I feel like I'm 80 years old. And but when we have days like this, dry air, no humidity, I'm like I feel like I'm 21 years old. So I had

Speaker3:
Broken eight bones and. Wow, so kidding. So to your point, yeah. Eight bones. And so to your point, when the pressures come in, like everything starts to snap, crackle and pop and and so yeah, I feel it a little bit more so yeah. Days like this where it's nice and warm out and dry a lot better.

Speaker2:
A little market update, unemployment numbers are coming out and also are our inflationary data is coming out this week too. So some big numbers. Unemployment is improving, hiring is on. We just got to get people to go fill out the applications, actually show up to the appointments and their interviews. We're actually hiring at take point and also at Suncoast. So we are and I know just about everybody I know who's in business is looking for help in hiring. So we've got to get people back to work and get out there. That's going to help the economy tremendously. One thing that the markets. So let's talk about the market. How relates to retirement planning. If you're close to 55, 60, 65, 70, you got to look at things a little bit differently. Let's let's face it, you don't have a lot of time to make up from a potential correction or you don't want a big hit or a correction to your retirement plan. You've worked way too hard for that. You had a million dollar portfolio. Twenty percent hit, which could happen pretty quickly is two hundred thousand dollars. That's a lot of money. Yes, is. But we've got to look at ways that we can design your retirement plan in your portfolio to get you to and through retirement in the safest way possible.

Speaker2:
What the markets are really focused on really over the last, I would say, a month or so, even getting more keen on it is we're waiting for this CPI, this inflationary number to come out. By the time folks are listening to the show, it'll be out. That's really the reason why you've seen a lot of volatility at the top here. The market's kind of flat to down, a little bit up. You know, it's kind of the market has no clear direction at this point because waiting to see, you know, how is inflation really impacting us? And one of those inflationary numbers, we know the job market's going to improve. Unemployment came in five point eight percent. That's pretty, pretty good. We're on recovery there until we really get a handle and truly understand what inflation is going to do. We're trying to keep an eye on this temporary inflation based on the covert effect or as inflation that's more permanent. So we know we're continuing to digest the data there and how it impacts your retirement and your assets.

Speaker3:
We're going to talk about inflation is I think last year in Florida, we passed a constitutional amendment to the Florida Constitution to increase minimum wage. Yeah. So I think that's going to go to ten dollars an hour sometime this summer or maybe it's eleven and stick up a dollar a year. It'll get to fifteen dollars an hour for a minimum wage. So and so talking about inflation, yeah. That's going to drive up prices for everything. So, yeah. You figure minimum wage I think is in the eighth or ninth right now. What it is is going to basically go up over 50 percent over the next five or six years. Yeah. So that's a big, big deal. And so a lot of the stuff that a lot here in Hernando, we have a economy that's driven a lot on services and service industries. And if all that all those minimum wages go to fifteen dollars an hour, I say here in Hernando, the Nature Coast in general can have that population area or other like a macro economy that is different, let's say, in Miami or Naples in terms of what things cost. So as you're listening to the show and thinking about the next several years, you'd be thinking about that, that you're going to be paying a little bit more to go to dinner, pay a little bit more for groceries, a bit more for gasoline, a little bit more for everything that you wind up buying in, you know, going forward.

Speaker2:
Yeah. And that's why you have to put a plan together. So when we build our plan, we factor in three percent inflation, four percent inflation a year. We can factor in any number that we want to in our planning software to show you how is inflation going to impact your retirement. Your cash flow over the long haul, so we're looking at 10, 20, 30 years when we're planning for your retirement and inflation is a big one. It's a silent killer. It's it's very concerning at this point. Hopefully it's temporary and things kind of turn the other way. But for now, I mean, raising your labor costs is probably not the right thing to do at this point. But I've talked to several business owners. I have a friend that owns a pizza restaurant and delivery and he's like, if they raise minimum wage to 15 dollars, I mean, I'm a I'm going to be charging like forty dollars for a pizza. It's like by the time he pays his insurance for the drivers and by the time he pays that 15 minimum wage and and all that stuff, you're going to be paying forty dollars for a cheese pizza and

Speaker3:
That trickles down from anywhere. So everybody that sells him all the ingredients for the pizzas, they're all paying more money. You know, his landlord is going to charge more money for rent because everybody that the landlord deals with is charging more money. So, you know, the consumers where it's all going to trickle down to and is going to feel it. So, again, we're talking about inflation. Just just be ready. And it won't be it'll be if you go to Dunkin Donuts and get a cup of coffee, it's going to go up 25 cents, whereas the little nickels and dimes everywhere. But it's going to add up by the end of the month.

Speaker2:
Yeah, and this is all a lagging effect. So if inflation was hitting us six months ago and we didn't know it, that's when it's going to come out and these numbers come out. This week I was listening to Mr. Donald Trump. He was on Fox Business this week. He showed concern for the markets. He showed he showed concern for inflation and actually made a pretty bold statement what I thought would maybe hit the market. But it didn't as much at all, I guess, because he's not the sitting president. But he said he would not be an investor in the stock market at this time. But how does inflation impact your retirement, folks? In a lot of ways, one is in the components of your portfolio, because if you're holding a lot of bonds in your portfolio, they're going to be highly sensitive to inflation, rising interest rates. We'll be paying close attention to the Fed and what they're going to be looking at in June when they have their Fed meeting and whether they're going to continue to have a kind of a policy of appeasement or if they're going to start raising rates and move rates higher to kind of put a slowdown and maybe to hopefully slow inflation down a little bit. We're not sure what's going to happen. So we're paying close attention for you and we'll have that information when it comes out. It's more important than ever to to review your portfolio.

Speaker2:
If you got to ask yourself, you know, the market's up 12 percent already this year. We're halfway through the year. Is the market going to go up another 10, 12 percent from here? I highly doubt it. I think we're going to be in a sideways pattern. And if we eke out eight, 10 percent for the year, I think that would be pretty outstanding. But we're we've already got that. So you've already got the upside. And that's why the market has no clear direction that's kind of teetering here at the top waiting for some kind of catalyst to push it forward, which there isn't at this point. So we're talking about safe strategies, what you can do with your money to safely put it in an investment or plan that's going to give you unlimited upside if the markets continue to do well. But protect your principal 100 percent, I think at this point. That's a great strategist, also a great bond replacement tool, because if interest rates start moving up, which they have to, your bond portfolio is going to is going to go down. It's not a place to be in bonds right now for sure. So to get a little more creative and throw conventional wisdom out here, the next segment, let's dive into some of those numbers that are milestones to you and your retirement.

Speaker1:
Look forward to that and so much more on today's show. Once again, those retirement related milestones coming up next. We're going to take a quick break here from our sponsor. Take point. Wealth Management is a show called Take Point on retirement every Saturday at this time and only on this station. In the meantime, write down this number. You're going to need it three five to six one six zero five one one. The reason for that is to give them a call today. That's take point wealth management for your free financial analysis, evaluation, consultation. Hundred dollar value, folks, yours free for our listeners to day three five to six one six zero five one one. We'll be back after this. And. Eric Arnet is an investment advisor, representative of Retirement Wealth Advisors LLC, and says he registered Mizer Equity Wealth Management. This station in RWA are not affiliated. Exposure to ideas and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle. Any comments regarding safe and secure investments in guaranteed income streams refer only to fix insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to claims paying ability of the issuing company and are not offered by retirement wealth advisors.

Speaker1:
Well, some important information once again from our friends. I take point wealth management always here to educate us to take us back to school and lead us into that stress free retirement. That's what it's all about. By the way, there's a book called Stress Free Retirement. You can ask for that free book from your friends that take point wealth management as well as Annuity 360. And of course, that book by Eric Arnet himself. What is your financial speed? You can request all those products in your free blueprint on retirement. That's that take point blueprint on retirement. Everyone's talking about fifteen hundred dollars value yours free or listening in on the program to day, but you're going to need the number to call three five to six one six zero five one one or go online. There's a simple form to fill out on their website. Take point wealth management dot com take point wealth. Just throw it in the old search engine. It'll bring you there to Eric Garnette and Randy Woodruff. Take point on retirement, the name of this show. And we're going to go into those retirement related milestones. Looking forward to it.

Speaker2:
Yeah, awesome. I mean, our Web site is a great way and it's exciting because people are starting to actually use it, which is exciting. You know, we built this great website and you can actually just at the top right hand corner, there's two buttons, financial workbook and set an appointment. You can just click on set an appointment. It's going to offer you a free consultation and retirement blueprint. And all you got to do is enter in a little bit of information. You can actually select an appointment right there instantly. It shares our calendar and you can just click on there and select whatever date in time you want that's available. And we'll get on the phone with you and just do a quick 15, 20 minute chat to see where you're at, where we think you need some help or even where you think you might need some help. If you have any questions, folks, or an open book laid back, no one is going to try to sell you anything and put a gun to your head. Life insurance, annuities, welchman, long term

Speaker3:
Care insurance,

Speaker2:
Estate planning, taxation, asset protection, real estate, real estate, passing on things to your to your beneficiaries. So whatever it may be that you have questions on, I've been in the industry 22 years right here in Hernando County for twenty. I don't know, Randy. I know 30 something years. Twenty seven, 27 years in the business.

Speaker3:
Twenty seven

Speaker2:
This month. Twenty seven happy. Twenty seven

Speaker3:
This month. And about the sea. Today is the ninth and about two weeks. It'll be twenty seven years for me.

Speaker2:
Wow. So I only do the math there. That's like fifty years of experience leverage for you folks and all you gotta do is click a button and boom. We're there to answer your questions for you and the comfort of your own home.

Speaker3:
I want to circle back to the end of the last segment that we were talking about bonds and a bond replacement strategy. And then you made a comment which is associated now. Is that the time to be in bonds? And and so if you're wondering why is it time to be in bonds if you haven't if you try to buy a house recently you bought a house recently got your mortgage refinanced, you probably realize that rates are at historic lows. Interest rates on a on a on a 50 or 30 year mortgage. And so you're probably wondering how could the bank make any money as in interest rates being so low? Well, if you're a bondholder, guess what? You're the bank. You know, say you're the bank for the business as borrowing that money. You should be asking yourself, you know, if I'm borrowing money to buy a new home at such low rates, why am I lending money to a business? That's exactly right. I'm kind of giving people a way to think about the concepts we're talking about and prove to them that it is true to your point now that it had to have bonds in your portfolio. And that's the reason why, because rates are just so low and they're going to have to go up.

Speaker2:
I can hear somebody out there thinking right now as they're driving in their car and they're thinking to themselves, why don't have any bonds in my portfolio or my 401K, my IRA? But I'm going to venture to guess that you do, because if you have mutual funds in your 401K, your IRA, your portfolio, you probably do more what you probably do, more than likely you have bond exposure in those mutual funds, which is going to cause quite a bit of a drag and also potential for principal loss. Also, there's a lot of reinvestment risk there. Even so, there's a lot of things hitting your bond portfolio. That's just not a really great time to be in. Bonds are trading at 135 times earnings. Stocks are still trading about 22 times earnings. So extremely overvalued there. If interest rates move up, which they have to go up, they can't really go down anymore than bonds lose value. That's all you need to know. It's an inverse relationship. So we would love to talk to folks about a bond alternative for them and in this time frame. So talking about those milestones, retirement milestone. Owns the first one is turning 50,

Speaker3:
Turning 50 in the big

Speaker2:
Five oh, so what is 50 million a year? It means

Speaker3:
Unfortunately

Speaker2:
That means catchup time, not the Heinz ketchup and catch up, meaning that you can catch up on your retirement savings if you need to show people 50 and older, can actually contribute 6500 more to their 401. KS or 403. BS each year for total contribution of up to 26000 this year. So that's important. I don't think a lot of people know about that. So you want to be able to be maximizing that 401k those contributions there and getting a match from your company. If they do provide that those 50 and older who contribute to an IRA or a Roth IRA can now throw an additional thousand dollars for a total maximum annual contribution of seven thousand dollars. So that's what we mean by catch up time. You want your 50, they allow you to sock more money away if you so choose and we can show you. Does it make sense to beef up your 401k or does it make sense to put a little in your four one K, put a little in a Roth, spread it out because we know that Ross in the future are going to be tax free. Your fall on K will not be so. Let us do that evaluation valuation for you if you're still working. I don't care if you got another five years to work and you've got a 401k. Let's evaluate it for you and see if we can do any Roth conversion or if you need to maybe start contributing to a Roth instead of the four one K completely. And you don't

Speaker1:
Even have to see that. You can have it taken right out of your paycheck, right? Absolutely.

Speaker2:
Yeah.

Speaker1:
Yeah, absolutely. Thank you for one K contribution.

Speaker2:
Absolutely. Absolutely. So the next one is turning the big five five fifty five. Normally people have to pay a 10 percent federal penalty along with income taxes when they withdraw money from the retirement accounts before 59 and a half the penalty. But not the taxes disappear on the four one card for three withdrawals. If you're 55 or older when you quit so or get fired or retire, I hope you don't get fired. But sometimes getting fired is a good thing, you know. So this is a separation from service. So rules apply during or after you turn 55. So that's kind of a cool thing, because I know back in the day you had to wait to fifty nine and a half. They kind of they changed that law to where they're allowing people now at 55 to be able to start taking money from their IRAs and we can show you how to do that.

Speaker3:
So if fifty five or HSA catch up contributions as well, boom, they go an extra thousand dollars, jump it into your HSA plan. So just keep that.

Speaker2:
Yeah, it's very important

Speaker3:
About an HSA plan is and I have one myself as is you can put in whatever the maximum in is every year, take a tax deduction for the amount that you put put in, even if you don't spend all the money on health care costs that year. So allows you to continue to accumulate money inside that HSA plan, especially if you're younger. I highly recommend starting an HSA plan as soon as you possibly can, and you have to have a high deductible insurance plan to be able to do that. But as we all age, generally speaking, our health care costs go up. So if you had been putting money away for four years, when you do get to retirement or get older in life, you have a lot more money saved up. And then you can you take in the tax deduction every year for the money. You put that money into the HSA plan. As long as you pull the money out and spend it on health care costs, it comes out tax free. So great way to get a tax deduction here again. Fifty five catch up.

Speaker2:
That's pretty powerful. Yeah. So if you're a couple, you can contribute up to seventy two hundred a year. But if you're 55 and older you can each do an additional thousand. Right. Or is it a couple. If you're 55 you can come

Speaker3:
A thousand more like a up and see the

Speaker2:
Exactly 200 bucks. I mean that's, that's good. I mean and then what does that do exactly. So I get this question all the time and you answer it pretty well, but I kind of fumble on it because you're the taxman. But people ask me, well, OK, if I do this HSA account and I get the eighty two hundred dollar contribution in there, which is a deduction, how much am I really going to save on my taxes?

Speaker3:
Great question. So it depends upon your marginal tax bracket. Yeah. So and the tax brackets are what the IRS calls them progressive. We call them oppressive because the more you make, the more you pay that down. But there's several different tax brackets. And so as your income increases, you keep jumping up into higher and higher tax brackets. Now you as you move, as your income goes up, you still get the benefit of the lower tax bracket. So let's say you got somebody married, couple making a quarter million dollars. You're an income. You know, part of their income is taxed at ten part a twelve, part a twenty two and part of twenty four percent. So so just because you're in that tax bracket, let's say you're making a quarter million dollars and you moved into that twenty four percent bracket, not all of your income is taxed. Twenty four percent. So if you were making a million dollars and you're married and you're 55. And younger, you can put seventy one or seventy two hundred dollars into the HSA plan and that can run off your income and you can do it every year. And then when you pull the money out, as long as it's spent on health care where the related cost is not taxable when you pull the money out. Gotcha.

Speaker2:
I'm going to put you on the spot here. Absolutely. You not even know what's coming right now. I don't. So get ready. So if our listeners are out there, I mean, taxes are so complicated. I mean, I'm a I'm an investment advisor, retirement planning for like 22 years. And it's confusing to me. And so I can't imagine how it is for folks out there listening in more times than not. When people bring in stuff, we tell them to bring in two years tax returns. I have you review them with me. And I'm telling you, folks, it's like 99 percent of the time you find some something that's been missed. Even if you're going to another professional tax firm, I won't name any names out there. They've got tax enrolled agents or even just people popping in the data. And one guy told me, wow, it's so cool. You know, they got my tax return done in like an hour. And I thought to myself, well, yeah, but was it done right? That's what I was thinking in the back of my head. Would you potentially, maybe for our listeners, offer them a free tax evaluation on what they're doing?

Speaker3:
Absolutely. OK, yeah, we we usually have a free consultation.

Speaker2:
You couldn't say no anyways. Exactly.

Speaker3:
So you're on the spot. So I'm going to say, you see what I

Speaker2:
Do for you folks I just put on the spot.

Speaker3:
So, yeah. So know we can take a look at a couple of years of tax returns. And you're right. You know, we do find it quite often there some like I've found situations in the past where basically I could get to even three years, but I did find when when when you're in particular, where someone had some large capital losses that they had, they had moved here to to Florida from another state. They had some six figures of capital losses. They were carrying forward on their tax return. And if I would not have got that third year back, I would not have seen that one hundred plus thousand dollars of losses because of the fragmented their tax tax returns, their first two years here in Florida. Miss that had no record of it. They didn't pick it up. If I would not have looked back at three years and I was able to go back, pick it up, amend the two years that were done by somebody else and save them one hundred thousand dollars in losses that led them to carry it forward. So we always ask everybody to give us two or three years. That can be a hassle to dig up tax returns and bring them in. But, you know, we we do find things that are missed quite often.

Speaker2:
And then what's most impactful for our listeners and retirement warriors is how are those potential mistakes or, you know, things that are being done creating issues for our retirees with higher taxation on their Social Security and, you know, maybe higher Medicare premiums. But do I take my Social Security now? Do I wait? Does my husband take it? Do I defer it or do I take and have him file and suspend? We need to be able to look at that as well, because it's going to be hugely impactful long term on those numbers.

Speaker3:
One of the things that as we meet with clients, you, Eric, and I meet with clients is that especially when we're talking about some big events are going to have this year, we're going to do some portfolio reallocation or maybe they've got some real estate that they want to sell. It's got some is going to cost some capital gains, but for a good reason this time it may be time to sell, you know, that particular asset or that particular asset class. So it's one thing to keep in mind is that, you know, sometimes when you have a big spike in income, if your Social Security has not been taxable or maybe just slightly taxable, it may be up to 85 percent taxable. And also, depending upon how much your income is that year, it could have an impact on how much you pay in Medicare for the following year. So you may have as a surprise, you may be used to getting that that same check every month, especially when it comes to raising your Medicare costs for a year, maybe comfortable or used to getting that Social Security check deposited in your account every month, all of a sudden because you had a good year when you're now age two or three hundred dollars less and then wait for a whole year. So just keep that in mind. That does, you know, surprise quite a few people when they have a big event.

Speaker2:
Yeah. If you can save some bucks and only take a quick little appointment and share your returns, it's worth the effort, I think.

Speaker3:
Thank you. Yes, I agree.

Speaker1:
Well, it's all about simple safe investments, securities, returns. It's all about your financial stress free future in your retirement from your friends, my friends that take point wealth management up and down the nature coast within our listening area. Just reach out to them. They want to help you three five to six one six zero five one one. That's number to call. This is a show called Take Point on Retirement. We're going to be back in just a bit after we hear from our sponsor take point wealth management. In the meantime, that phone number once again, three five to six one six zero five one one. Check them out online. Take point wealth management, like I said, up and down the Nature Coast here locally. Folks, we're going to continue talking about those retirement related milestones. You turned fifty fifty five. Fifty nine and a half. Let's talk about turning sixty sixty two and sixty five when we return. Let's take a pause for station identification. You're listening to 1999 RFM, WACs, Jabe, Homosassa Air Garnette is an investment advisor, representative of Retirement Wealth Advisors Inc. and SEC registered advisor, Take Point Wealth Management. This station and RWA are not affiliated. Exposure to ideals and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle.

Speaker1:
This information should not be considered tax or legal advice, and individuals should consult with professionals specialized in fields of tax, legal, accounting or investments regarding the applicability of this information for their situation. Past performance is not a guarantee of future results. Investments will fluctuate, and unredeemed may be worth more or less than when originally invested. A little compliance disclosure there for your safety and ours and of course, your secure financial stress free future. We're talking about your retirement on take point on retirement show brought to you by take point wealth management every Saturday at this time and only on this station. In the meantime, you're looking for judiciary services. You need to make some changes in your plan. Maybe you need a portfolio built to your specific needs, your age appropriate portfolio, the folks to call or take point to wealth management. That's where I go. And I trust the folks that take point to wealth management to secure my financial future. How much better that makes your retirement? They will tell you how and when and what to do. So in the meantime, here to educate us on our investments in securities returns, Eric Arnet, lead advisor, retirement planner. Randy Woodroffe, certified public accountant.

Speaker2:
Thank you, sir. So getting back onto those milestones, one of the big milestones is fifty nine and a half. You've may have all heard that number before. Don't ask me why it's not 59. Don't ask me why it's not 60, but they got 59 and a half there for some particular reason.

Speaker3:
It was like the 70 and a half year R&D. Yeah, it's crazy that they got the half by the half. Who the heck

Speaker2:
Knows? That comes from our lovely folks up in Washington this age. You can take withdrawals from your workplace plans or IRAs without penalty. That 10 percent penalty goes away. But keep in mind, you know, you're still going to pay tax on what you pull out. Also, some forward. The plans allow workers who are at least 59 and a half to do in an in-service rollover. So what's the difference between a roll over and just a withdrawal rollover? You're actually able to move your money out of your 401k rolled into your IRA. That's there'll be no tax on a non-taxable event. And then once it's in your IRA, it opens up so many more options for you to invest in and to do with your IRA. As an example, I want to just briefly touch on the self directed IRA, because we do a lot of them here take point in Suncoast. We help a ton of folks out with that. And if they want to potentially buy a business or they want to, you know, invest in some type of tangible asset or they want to purchase real estate or set up a VR bio, and so we can help you do all that soup to nuts.

Speaker2:
And now you're at the age where you can take some of that hard earned money out of your four one K and do some different things with it, because quite frankly, when you keep that money in your 401k, you're pretty limited as to what your choices are to invest in right now. You can gain control of your money and do what you want to with it, but come in and see us and we'll go through all the options. So exciting stuff. They're turning sixty. For most widows and widowers, age sixty is the earliest that they can begin Social Security survivor benefits. So survivor benefits are available starting at age 50 for survivors living with a disability or at any age if the survivor cares for the deceased spouses, children who are under 16 or disabled. So for most widows and widowers, age 60 is the earliest that you can begin collecting Social Security survivor benefits. So that's important. If you didn't know, I've a lot of people sit in my office and had no idea they could start collecting something that's 60. Like what? What do you say? I say you better call your Social Security office right away because you can do it. And then

Speaker3:
Once people don't know anything about that, they don't know anything

Speaker1:
About it a little further than because I don't quite get it.

Speaker2:
Basically, if if you've had a husband, ex-husband, ex wife, wife, whatever, who has passed, you can actually start collecting on their Social Security at age sixty. Oh, yeah, it's that simple. You don't collect your Social Security, you're going to collect on their benefits, right? Yeah. So there's some rules there. But give us a shout or we got some questions. Just click on the buttons there at the website and we'll get right, we'll get right with you. But of course, OK, turning 62. That's a big number, right. This is the earliest age you can begin your Social Security, retirement or spousal benefits, but your checks will be permanently reduced if you start. Let me tell you that permanently reduced if you start before. For your full retirement age, which ranges, you know, between 66 and 67 depends on your age, so so you're going to get a reduced benefit for every year that you take it prior to your full retirement age, which is 66 or 67. Also, you'll face an earnings test, an earnings test that reduces your benefit by one dollar for every two dollars you earn over a certain amount, which in twenty twenty one is eighteen thousand nine hundred sixty. The earnings test disappears once you reach your full retirement age. So that's really important because most people have no idea what I just said and they didn't know it existed. So, Randi, you can elaborate on that because you see that all the time.

Speaker3:
Yeah, we get this question. A lot of people are thinking about whether they want to retire and can I do it at 62, 64, 67? And one of the things I want to make sure our audience understands very clearly is that when it says earnings test, this is earned income. So earned earned income is where you actually have a job or you have as you're self-employed and you're self-employed in income, it's basically, you know, your W-2 income. So earned income does not mean all the good job that Eric and I did, especially. Eric, take point, managing your money, all those earnings, dividends, capital gains, interest, that's that's earnings based on earned income for this test. And we have this happens quite often. We have people who want to retire at 80. Maybe they're getting forced out of their company or maybe they want to sell their business at the right time to sell. But they still need to make some money until they get the Medicare. They need three or four more years of earnings because all the time and health insurance get a lot more expensive as you get older, it can be a thousand or more dollars per month. Basically, you have pre-existing conditions. So I'm saying people that want to sell their business or retire, but they have to worry about this earnings test because they can only earn, let's just say, nineteen thousand dollars a year. So it's very important that that you're aware of that. And here, again, if you're if you if you get a large portfolio of stocks and other investments, annuities or you've got a large real estate portfolio that's not earned income, you could retire at 62 years old and live off your investments and still, you know, take Social Security at 62 and not have to worry about the earnings test because you're not working.

Speaker1:
So that earnings test, that doesn't include your entire life earnings.

Speaker3:
So it's earnings that particular year.

Speaker1:
So you're OK to change it, go up or down.

Speaker3:
Right. So just if you were you were 62 when to retire, but you still want to work a part time job. You can't make more than 92 and retire at 62, start taking Social Security, still work a part time job that's offset some personal expenses. You cannot make more than 19000 dollars a year or they will take back one dollar for every two dollar that they gave you.

Speaker2:
And that's if I'm doing my math right. That's a whopping 50 percent penalty. It's a big penalty. That's a big one. So I've had people that are doing it and they just didn't know any better. So let us evaluate all that stuff. If you're in that 60 to 65 zone, there's so much to evaluate and go through to make sure you're not making any mistakes. And we see those mistakes every day. And all we're trying to do, folks, is just get in front of those mistakes for you and eliminate those at

Speaker3:
A conversation recently with with with a client, a couple. And they're in their 50s. And we remember the conversation of, OK, we're talking about retirement and they want to retire at 62. They both aren't really in the best of health. So they're really paying a lot of money in health insurance. And I don't think 62 is going to be an option for them because, you know, they don't have enough retirement wealth built up and that they can live on their investment income and not significantly erode those retirement dollars, trying to pay the living expenses and pay the high cost of health insurance. And so they're going to have to work until they reach at least Medicare rates. So but it's important, again, like we say all the time, playing, playing, playing. And the earlier you play in, you know, the the more likely you are to have a stress free retirement.

Speaker2:
That's a big point, because right before you said that, I was getting ready to say something. But that's so important. The earlier, the better. In other words, if you're out there in your 50s or even late 40s or early 50s, just like, for instance, that health savings account, think about it. If you and your wife can get close to eight grand a year and then over the next 10 years and it's a tax deduction and we can actually invest that money, too, and get it working. And so you have like 80000 dollars in your health savings account by the time you're 60. Guess what? You're not have to worry about that bridging that gap. Right. You could buy a high, high deductible plan with a low premium and have all that money sitting there to help you pay for any unforeseen medical costs over your deductibles. Right. But when you're when you wait till 60 years old to start thinking that, then it's almost too late to to get ahead of that problem. So that's why I love the HSA, the health savings account, and we can actually actively manage that for you and place investments and get it to grow. So that's exciting, folks. We put that in our planning all the time. I try to always get people in their early ages to start socking away because medical costs are just going to be crazy in the future. I mean, that's something that I'm doing currently with my spouse, is that we're putting money away in that HSA every year because, you know. Do the math. I also know you got 100 grand sitting there. I'm 50 when I get to 60. If I got 100 grand in there, I don't have to worry about that. Bridging that gap from 60 to 65, waiting for Medicare. I've got plenty of money set aside to pay for that, those medical costs and premiums.

Speaker3:
If you're 60 or 65 and you're at this and you're wanting to start planning now, you're really not planning. You're basically crisis management or chaos management, you know, and you're planning means you're doing it well in advance. You plan on spending, let's say, 20 years in retirement. You probably need to be planning your retirement at least 20 years out from your retirement age. You know, we're more than that. You need to be saving as soon as you can in life, but you need to be seriously having a retirement plan, I think, 20 years out. And you're saving long before that, but you're 20 years out. You need to really have a good plan in place.

Speaker2:
Yeah, absolutely.

Speaker1:
As we always say, a failure to plan is a

Speaker3:
Plan to fail.

Speaker2:
Boom. There it is. There's the J.W. words of wisdom. Oh, yeah. Well, I had a question that popped into mine. I hear this all the time. The earnings test going back to the earnings test real quick, does rental income, rental property income count in that earnings test? It does not. So, OK, so that's considered passive nonsense. That's good. Yes, it's it makes that might make having a rental property or two in your portfolio for the long haul might might be a good thing, correct. Yeah. OK, awesome.

Speaker1:
And what about couples married. This is single based on single correct income. So it doesn't have anything to do with being married or we're not going to get penalized as a couple or. OK, correct.

Speaker2:
So OK. Well good question. J.W., would that number eighteen thousand nine sixties, the earnings test, does that mean if you're married, you, each one of you can make eighteen thousand nine sixty?

Speaker3:
So great question. So what this is really talking about is you as the individual are the one getting Social Security, has got nothing to do with your taxation and what you're doing with the spouse or you if you're single, which is basically what are you specifically earning when you reach 62 or 63 before you reach full retirement age? It's got what are you earning? Going out and going going to work every day for.

Speaker2:
Ok, so awesome. All right. This is a big one. So we were actually pretty looting right up to this anyway. So turning 65 at age 65, most Americans are eligible for Medicare, the government health care program. Right. So typically you want to sign up in the seven months. So I'm going to repeat that. Typically, you want to sign up in the seven months around your birthday, meaning the three months before the month you turn 65, the month you turn 65, and then three months after. So you kind of have that window of seven months around your sixty four sixty fifth birthday. Does that make sense? So delaying after that point can cause you to pay permanently increased premiums. So don't delay, make sure if you're out there listening, put it on your calendar. Set a reminder on the iPhone. I don't even care if it's three years from now. Put it on there at your sixty fifth birthday either three months prior, three months after, you've got to sign up for Medicare or you're going to get penalized. OK, turning 66, 67. We talked about that. That's your full retirement age. 66 is for people born between 1943 and 1954. The age rises two months after each birthday, year after year after that, until it reaches 67 for people born in 1960 and later. So I guess I have to wait till 67 and hopefully they don't change that to like 70 or 72 or whatever. So I'm just going to keep working. I was young and I guess

Speaker3:
Before listening audience don't be surprised if they do not make any kind of prediction is if I get nothing, no one other than as we've talked on this show many, many times in the past, and we do pretty much every week at your tax rates are going to have to go up.

Speaker2:
It's interesting to me that we can borrow all this money trillions, six trillion dollars or whatever that they wanted to do during just this year, just this year. It's just to me that they can borrow all that money for all intents and purposes, probably blow it, but they can't replenish the Social Security trust fund that's gone. I think that there's a lot of folks out there that are concerned about that. And I am as well. And I don't know. The labor organizations have said that Social Security could run out. So so they're going to have to change some things or raise the retirement age or reduce benefits or something. So let's get out ahead of that as well.

Speaker3:
We've talked on the show about tax rates going up, but here again, increasing the Social Security, increasing the age when you can start taking Social Security isn't necessarily a tax increase, but a deferral of potential income if they make it. Sixty seven and a half. Sixty eight. Sixty nine. And are they going to do that? I mean I mean, they raise it from 65 to 67 not too long ago. Don't don't be don't be naive to think they can't raise it even higher.

Speaker2:
Well, and that's why I like people always ask us when do I take Social Security? And we like that for retirement age because that's your full benefit. That's what you worked for. If you can if you can get there to 66 or 67, keep deferring that big. From age 62 to age 67, your benefits are going to go up eight percent every year that you so don't if you don't have to take it early. I wouldn't I would keep the Fernet because where can you get an eight percent increase in your income to Masr, you know? So that's good stuff. So at least waiting until full retirement age to start Social Security benefits means you won't have to settle for those smaller reduced checks. OK, so turning 70. So a juicy benefit awaits those who can delay the start of their Social Security after full retirement age. Their benefit increases by eight percent annually until it maximizes out at age 70. So that's when it maximizes. This not only means more money for the rest of your life, but if you're the larger earner in a couple and also maximizes the survivor benefit for your spouse. And so that's a key thing that I think is most people are, oh, I'm going to go ahead and start my Social Security because, you know, I just want to take it because it's mine and I don't want to. Who knows what's going to happen.

Speaker2:
You have to keep your spouse in mind, right. It want your full retirement age. You can you could continue to delay yours in a go up eight percent every year. So you get a much larger benefit, a 70. And the cool thing about that is if one of you passes away, the spouse is going to get that higher benefit, which is going to help with inflation and having that higher paycheck for life. So don't leave your spouse with a small benefit, because remember, when you do pass away, your spouse loses that Social Security, which could greatly impact your lifestyle or her lifestyle or his lifestyle or whoever the spouse may be. So very, very important to do that planning. And it has to do with the assets you have, how much you save for retirement, you have pensions, how much is your Social Security? Are you still earning a little money on the side? So all of these factors come into play. Let us figure it out for you, because it can be so, so darn confusing. And then, of course, turning age 72, most retirement plan contributions reduce your taxes in the year you make them in your account grows tax deferred over the years. But eventually the government wants it cut, right? I mean, eventually they're going to stop that party. So you're required, the states, to start taking at least a minimum amount from them, from most retirement plans beginning at age 72.

Speaker2:
It's called the required minimum distribution. It used to be age 70 and a half. They've raise it to 72. So that's great. It gives you a little more flexibility there. There are a couple of exceptions. If you continue to work, you can wait until you retire to start minimum distributions from your 401k or 403 b. So that's a common question we get. If you're still working and you're in a 401k or for three B, you don't have to take those are AMD's minimum distributions are still required for traditional IRAs. Even if you're working and if you have a Roth IRA, however, you won't be required to take distributions at any age. So let me repeat that. That's why we love the Roth and we talk about it so much on the show. It's a huge tax saver and also gives you the control. You don't have to you're not forced to take money out of your IRA. You with a Roth. You can you don't have to. You don't have to ever take it out if you don't want to. And that's going to pass tax free to your heirs or beneficiaries as well. So super, super powerful. Let's talk about Roth conversions and all that good stuff. Give us a call. And so that's that's that's huge. Tax free withdrawals and tax free wealth transfer.

Speaker3:
Can we go back to the holding off on taking in R&D when you're still working and improving care for three BETYE? That's something I've been asked a few times and very interesting. So if someone's still working and they're 72, they can keep working and they're working. There's no requirement to get that to take money out.

Speaker2:
Yeah, that's right. That's absolutely right. Not to be confused with the IRA, but the 401k. So yeah, that's good stuff, right. I mean, there's a lot of folks out there are going to continue to work past age 70. I mean, we've been told several times like, hey, if I stop working and I go home, I don't know what the heck I'm going to do, you know? So that's part of people's retirement planning is, hey, you might still want to work in your retirement, and that's OK. Good stuff if you want to do that. So I think we're going to talk about some higher taxes and ways you can ease into that retirement and stick around. I think we've got some good tax tips here

Speaker1:
In a little bit. There you go. Retirement related milestones. I knew you'd like it because it's important to each and every one of us. Stick around. We'll be back with some more information from Erica on that lead advisor, retirement planner, take point wealth management. Randy Woodroffe, certified public accountant and two members of that Take Point team ready to assist you into that stress free retirement, whether you're turning 59 and a half, sixty five, seventy two or even older, your stress free retirement is important to you. And take point wealth management. Well, just a quick time out to catch our breath, and they give you time to take down those notes, if you missed anything you can always catch up on take point on retirement online at take point wealth management. Your show called Take Point on retirement. It's heard every Saturday at this time and only on this station. By the way, if you have any questions, send those questions to info at take point on retirement dot com. That's info at take point on retirement dot com. And we'd always love to address those issues when we have time. Those questions will be answered on air. I'm allows. In the meantime, we're going to continue with our discussion today with lead advisor retirement planner Eric Arnet and certified public accountant Randy Woodruff.

Speaker2:
Taxes, taxes, taxes. It's what's for dinner. But no, let's talk about how we can help you create a tax efficient retirement where you can maximize deductions and credits while minimizing taxes. So get those deductions out there. We can help with those credits and we want to really minimize taxes. So here are four strategies to help you position yourself for tax efficiency and retirement. One, you may want to consider a partial in-service rollover from your 401k plan. So through this type of rollover, you can move some of your retirement funds out of your forward into an IRA with a multitude of funds to choose from before you retire and while you are working for your current employer. So more than 70 percent of four one K plans out there allow for this type of rollover. And there's two distinct advantages to a partial and service rollover. One, you're diversifying your traditional stock and bond investments beyond what is allowed in most company sponsored retirement plans with the goal of seeking out more tax advantaged options. So inside those 401k plans, they're regulated the risk of laws and they have they have a lot of restrictions and they're going to kind of be limited as to what they're going to offer. And it's traditionally going to just be those traditional stock and bond investments. And also adding an additional nontraditional retirement savings are such as a permanent life insurance are fixed indexed annuity. So it opens up your availability and what you can do. So I like this as soon as you can get out of those four one K plans and start diversifying and opening up your options, it's going to help your portfolio be more efficient, better diversified, probably going to help you on fees quite a bit. And it's also going to just make you more tax efficient as well.

Speaker3:
So it was you'd meet with clients, were not a big fan of mutual funds at all. And typically they're working for a company, especially the bigger the companies you have, the H.R. director or somebody like that meet with you and you get a you know, you get a pick for maybe four or five different mutual funds in a aggressive or conservative or moderate risk strategy. And it's all you get.

Speaker2:
And guess what advice you get zero around the around the water cooler or at the coffee pot in the morning. Hey, what fun did you buy? This is unfortunately, it's something I hate. Why? I love doing 401k corporate plans is that and I offer that level of service because I'll help guide the employer, employee and the employer through good options to invest and explain and educate, because unfortunately H.R. comes to you and says, hey, you know, you're now you can now contribute to the four K. Here's a list of funds to pick from and there's no one to help. And that's where, unfortunately, we're happy to help you guys. If you're at the forefront, you start a company phone, can give us a call or help you out. We're happy to do that. And you know, the big one that we always talk about that that allows you to be more free out of the four one K is consider a Roth IRA conversion, essentially by converting some of your 401K or traditional IRA into a Roth IRA, you can pay the taxes on that portion of your retirement account in advance of retirement itself. So leaving more available to you when you need it, your assets will grow tax free as you approach retirement without having to worry about potential taxes on them, on the withdrawals in the future.

Speaker2:
So this is huge love for everybody out there that has a four one K is now fifteen and a half to really strongly consider this because, you know, if you're sixty, you know, your chances are going to live for another 30 years. Imagine if we can convert some of that for one K into Roth, pay the low taxes now because you're probably in one of the lowest tax brackets you'll ever be in based on what we see coming in the future with all the higher taxes and the trillions of dollars that are being spent, they've got to pay for it. Somehow, though, someone's going to get taxed. So more than likely, tax rates are going to go up in the future. So now's the time to pay these lower taxes, make that conversion. Now your Roth is going to grow tax free and then you can take out money tax free in your retirement. So that's tax free retirement dollars, right? I mean, super, super powerful.

Speaker3:
And having those tax free retirement dollars helps us. Because that's another bucket of income that as we manage portfolios for our clients in the future, we may need to you know, we may have some good positions in some in some stocks and other investments that we think, OK, now's the time to diversify. I mean, to rotate the portfolio, to reallocate the portfolio, we need to take some gains. We need to recognize the harvest of gains. And so having having that having a source of income where where you can take maybe for six months or a year money out of your Roth while we harvest those gains are going to be taxable. It kind of keeps you at a much lower tax bracket because you're still getting the same amount of cash flow. But your tax side will be

Speaker2:
Less guys, your advisory team, so many more options and flexibility, which we love. And let's face it, folks, historically, back in the day, I think it was FDR days and more war two days and even into the late 50s and 60s, tax rates were as high as 70, 80 percent on the wealthy. Mm hmm. You know, so this is powerful, powerful stuff. And to your point, planning early pay. So let's if you're 59 and a half, we can do this. And let's get let's get going on it another way. Another thing you can do is consider life insurance. So tapping the value of your life insurance through borrowing or withdrawing cash creates tax free income. So leveraging permanent life insurance premiums now for lower taxes in retirement can create more flexibility during retirement, especially if you've already maxed out the contributions you're making through your company sponsored retirement plan or IRA. Permanent life insurance policies come in several varieties. You've got a variable, you got universal your whole life. You have hybrid policies. There's all kinds of different policies out there. That's why you need to come sit down with us so we can explain, you know, the differences and which one is best for you. We can even tailor them and build one out for you in cases of health care emergencies during your time at the hybrid policies, especially stand out because the money they make available to you for your long term care can exceed the death benefit in many cases several times over. So these life insurance policies, his whole life policies that we build and we can tailor for you also some great health care benefits for you longer later on in retirement and their tax free benefits that you can use to pay for your health care. This is huge, huge, huge. And you've got to you've got to plan for this stuff early.

Speaker3:
You know, you mentioned life insurance. And I highly recommend everybody if you've had a life insurance policy for probably Eric, you give me the number ten, ten years or more. It's worth taking a look at a second look at it, because there's been so many changes to life insurance policies and annuity policies as well, that the amount of options and riders and other things that you can add on these policies to give you, you can have one policy that could cover a couple of three different risks at the same time. Yeah, it's very important. So just because here again, just like we don't recommend you, you have an investment strategy and you said it, forget it. You need to actually manage your investment. You did you did the same thing with your life insurance policy also.

Speaker2:
Great point. I mean, because ten years ago when we were utilizing these products, they weren't as sophisticated and they had much lower interest rates and crediting strategies. Now there's ones that are these hybrid policies that have tremendous crediting strategies. I mean, you can earn six, seven, eight percent on your cash with no risk. So and some of them have an automatic up benefit where they're going to pay your long term care for you should you need it. I'm super cool, great policies out there and easy ways to plan ahead for your future. So we've got a couple more that we want to get to. I think we'll be able to wrap up real quick. We've talked about, you know, consider fixed indexed annuities. You know, you don't have indexed annuities available in your forwent, but you can utilize those with a rollover or a Roth rollover. I mean, and these are great tools. We've talked about them so many times on the shows. You know, fixed income indexed annuities guarantee your principal, but they also offer you some level of income that's very competitive. And today's interest rate world, as well as they can also offer safe accumulation, safe growth. And we see great returns on those as well. So and also these products you can offer long term care wise that kick in should you become incapable of performing any of the five daily living activities. So say you're a single person, you know, and you got money sitting on your four one K, you don't really have anybody to take care of in the future. Go ahead. And, you know, let's let's look at one of these policies that are going to give you a nice living benefit of of long term health care. Good, good stuff. I mean, there's all kinds of great creative products out there. And all you got to do is go to take point wealth management, dotcom and click that button up there, set an appointment. Sure. Share a little information with us and we'll get on the phone with you and we'll get rolling.

Speaker1:
There you go. Some important information once again, as always, from your friends that take point wealth management. Check them out online, take point wealth dotcom, their phone number three five to six one six zero five one one. If you recognize that area code. Yeah, there are local folks up and down the Nature Coast here to serve you locally. Give them a call, reach out to them. They'll reach out to you and take point on your stress free retirement. Folks, thanks for listening and a lot of important info. And once again, if you need to contact them, check them out online or send your questions to Info AFO at take point on retirement dotcom. We'll be back next week with Eric Arnett, Randy Woodruff, and, of course, yours truly, J.W.. See you then.

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