Take Point on Retirement – June 6th 2021

TPWM 6-5-21 FINAL.mp3: Audio automatically transcribed by Sonix

TPWM 6-5-21 FINAL.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
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. Welcome to Saturday Morning. And you just heard it take point. Wealth management is here in our studios, although this is our pre-recorded program that played for your enjoyment and education on Saturday mornings, seven thirty to eight thirty here to inform us and to educate us. Of course, none other than Eric Arnet, lead advisor, retirement planner with Take Point Wealth Management up and down the nature coast of Florida within our listening areas. And of course, a certified public accountant and so much more. Randy Woodruff, just two members that make up that team. Take point. Who's ready to lead you into a stress free retirement, by the way? And local phone number three five to six one six zero five one one. You're going to want to keep that handy because you're going to want to call them right away. As soon as you hear them talk, you're going to understand why. Plus, they want to put some free literature in your hands, as well as that blueprint on retirement that take point blueprint on retirement, where they will set you up in the right direction. It's a fifteen hundred dollar value, by the way. It's an analysis, a consultation evaluation of your current plan or if you need a new plan, take point. Wealth management. Welcome once again in the studios, Eric Arnett and Randy Woodruff.

Speaker2:
Good morning, guys.

Speaker3:
Good morning. Good morning, everyone. Doing well,

Speaker2:
Tired after the holiday weekend. Yeah. Yeah. It's just the sign of old age, I think, because I really didn't do a whole lot. Basically relaxed all weekend. Tired of being tired. Yeah, just tired of being tired. I guess I need to get things going again here. Too much laying around and relaxing.

Speaker1:
Mm hmm. You're in for retirement. Yeah, exactly.

Speaker2:
Prepping for retirement. What are we talking about today?

Speaker3:
We talk about some inflation.

Speaker2:
Yeah. There's a few things that just keep popping up in our practice and then also some of the events that we hold. And it's definitely one of the biggest concerns or it's always been for us in our planning the three or four silent killers to retirement. And one of them is inflation right now, properly preparing for inflation and retirement. So like when we do our analysis and we do our retirement planning for you retirement or is out there, we actually do factor in inflation, you know, three to four percent into our planning over a 20, 30 year period. So obviously, what you can live on today is not going to be what you can live on ten years from now or 20 years from now, maybe even five years from now. I mean, we've seen absolutely insane inflation over the last year, things that aren't even reported into the government, CPI numbers, housing, fuel, things like that is kind of crazy. It's not like, OK, for instance, over the holiday weekend, we went out eat a couple of times. Prices have almost like doubled in the restaurants, talking to a gentleman who owns a restaurant that I guess proud of themselves or specialize in lobster.

Speaker2:
So when he first opened his restaurant in January of this year, lobster was twenty dollars a pound. It is now fifty dollars a pound for him to buy. Wow. So he's like, how do I even what do I charge people for that? Thirty dollars a sandwich. It's pretty serious. I hope that it's somewhat temporary. Obviously a lot of the spike in inflation has been created by the cyber attacks on the gas pipeline, which same time are going into the summer months, which there's higher fuel costs anyways. But then we had the cyber attacks which shut down production. It seems like they've got that back online just fine. But gas prices have gone up almost a dollar or more a gallon throughout the country. So that has a huge effect on transportation costs. Right? I mean, all those trucks got to move stuff around. And that's what people don't realize how important it is and how intricate it is and how just raising gasoline by 50 cents a dollar, it has huge impacts on our economy for everything.

Speaker3:
For everything, everything.

Speaker1:
I'm glad you brought that up, because speaking of production and the supply chain being broken down more than just watching the prices climb on certain things, try and find certain items that you've had in the past and they're out of them. You can't find them in the stores.

Speaker2:
So know it's insane. Like to. Good point, Jade. I mean, OK, so I'm not going to name the dealership, but I drive by it every day on the way in here, there are General Motors dealerships. That's all I'm going to say. There's two of them on the way actually this morning. It was it hit me hard. My jaw kind of dropped to the floor as I was driving past. These was like, they literally have no cars on the lot, no inventory. All they have is used vehicles. I remember driving by these lots and you see hundreds and hundreds of every model truck, you know, you name it away. Yeah. They even they even had to put them on other lots that there's no inventory. So what does that do? I was trying to find a nice used car for my daughter recently to go off to college. Guess what? The used car prices have gone through the roof. Now they have because you can't get new cars. Therefore that raises the demand on the used car. So I mean this. Was into every aspect of our economy, knowing we have covid, which shut down production of everything, and this is global, like overseas, like I've been waiting on a refrigerator for my house for four months now. Can't get the refrigerator because.

Speaker3:
Are you serious? Four months.

Speaker2:
Four months. I ordered the fridge, a General Electric fridge. We ordered it in a dishwasher. It's been four months. And they tell us, look, we have no idea when it's coming.

Speaker3:
Are you washing dishes now? Oh, yeah. You wash the dishes in school.

Speaker2:
We got a little assembly line going. I get in there scrubbing pots, pans and Hershey drawers and put some ways like that. I mean, just like we were kids. Yeah, yeah. My my my kids kind of look at like the dishwasher, like, what do we do? You know, you got to get in there, roll up your sleeves and do the dishes. Kids, they're not going to clean themselves, you know, but it's because of like over in Taiwan, China, these countries that make all the little chips and semiconductors and semiconductors, we don't realize. But every single thing we touch pretty much has a semiconductor or some type of chip in it and we don't have them. So therefore, this is massive. But at the same time, now, all of a sudden, we have all the states opening up, people getting their vaccinations feel more comfortable coming out. So now the entire country, not only a tiny country, but the entire world is opening up again. At the same time, it's almost like, you know, a little store down the street. They Olssen they've been closed for a year and no one has been able to shop or have any supplies and they open their door. Every single person's their in line, but there's no supply at the same time. There's no nothing to shop for at the same time. So it's it's absolutely insane. So what does that do that drives the prices of things through the roof? So getting back to retirement planning, one of the big concerns that folks have is, is inflation. I do think that some of the things that I read look at we're actually going to play a little audio from our chief investment officer, Mark Dorio, who is a great research guy, and he's done a lot of great research for us.

Speaker2:
I do think it's somewhat temporary, which is a good sign. I'm seeing some reports that this is potentially temporary, that prices will come back down. However, you know, we're we're more vulnerable than we ever were before to cyber attacks. It was just another cyber attack. I was listening on the way into work today, a cyber attack on our meat supply. 25 percent of our meat supply was shut down because of these Russian hackers. You know, Russia is Russia. Interesting little government there. When they see a little weakness, they poke at it. You know, they're trying to take advantage of us and take advantage of it. Why send our ships and navies and armies out? We can do it this way. I hope the current administration steps up and gets a backbone and does something about this because they're just going to keep messing with us and pushing us around, which is going to cause a lot of inflation, higher prices for our retirees. All of a sudden you're retiring and you think, well, you know, based on last year's planning, I was planning I could probably live on 5000 dollars a month. No problem. You know, it might be more like seven or eight thousand dollars a month now. I mean, that's crazy. So we've got to plan for this. And hopefully the inflation is temporary.

Speaker3:
And here the same thing you said, you read the reports and I'm kind of hearing the same thing in a lot of what I've been listening to and reading is that with all the stimulus it's getting pumped into the economy, people have liquidity. They want to go spend and combine that with the economy opening back up and production being shut down or pulled back significantly over the last year, there just isn't the goods and services out there to be consumed. So the demand is just hyper demand for these for these goods and services, which is just causing prices to escalate significantly more than what they really should be doing. And so to your point, I think I'm hearing the same thing, that by the end of the year, fourth quarter of this year, maybe next year, things are going to start to subside.

Speaker2:
And I think it's temporary

Speaker3:
That the whole gas shortage thing to clear pipeline. In fact, that was that was a big deal. But I think far worse than that is, is the shutting down the Keystone pipeline and then not, you know, basically, I think they're banning fracking in several states, definitely on our federal lands. I just read something today where they're banning either banning or suspending all new leases are going to be current leases. I don't think you can suspend current leases, but all new leases in the Arctic in Alaska for drilling and exploration. So all of that is going to create a lack of supply, which is going to create a price increases. And it's getting put as being dependent upon these OPEC countries and which we shouldn't be dependent upon them for our energy supply.

Speaker2:
Well, yeah, but at the same time, I forget the name of the pipeline, but it's a Russian pipeline. They went ahead and opened up that one. So now we're going to be depending on our enemies oil supply again. And I mean, it's insanity.

Speaker3:
It's a natural gas pipeline flowing into Germany. Yeah. So we as Americans have I forget how many tens of thousands of troops in Germany, you know, to defend them from the Russians. They get their energy. They're now getting is it Nord Stream and Nord Stream?

Speaker2:
Yeah, the Nord Stream pipeline pipeline and.

Speaker3:
They're going to be getting your energy from from Russia and it's a natural gas pipeline, so I mean, that just doesn't make any sense.

Speaker1:
Yeah, where is our independence? This country is built upon is our independence, you know, an opinion on all these other countries?

Speaker2:
Yeah, basically, the philosophy, I believe, of the first year or two in office is just reverse everything that Trump did. That's their that's their goal. So they're just trying to unravel everything and they're doing it quickly. It's not like they're ripping a Band-Aid off slowly. They're just ripping it. And it's causing a lot of disruption in multiple industries. And anyways, one of the silent killers inflation, the other silent killer taxation, which we're going to talk a little bit about today as well. I mean, I don't think we can stop ever talking about taxation because it's such an important topic. Can't emphasize it enough. And if you want to hold on to those government benefits and that cash for Social Security, we're going to talk about ways that you can actually decrease the taxation on Social Security, maybe even eliminate it, because believe it or not, up to 80 percent of your Social Security can be taxed. So silent killer tax, silent killer inflation, silent killer fees and expenses on your portfolio. So we'll talk about ways later on the show that we can help you with all three of those when you come in and see us for your retirement planning analysis, that blueprint to a successful stress free retirement. We're going to show you all that. We're going to educate you on that, how we can eliminate some of that stuff. And even further, your retirement dollars, increase your cash flow. Let's play that clip. Mr. Doria, I think, has a great clip. He puts it in perspective and why I think this might be somewhat temporary on the inflation. And this will

Speaker1:
Bring us into a quick break. We want to hear from our sponsor take point wealth management. And we'll be back after that. Right now, your market watch with Mr. Diorio.

Speaker4:
Hi. This is Material Chief Investment Officer. This is the market watch for the week of May 24th. I wanted to comment on why, for several reasons, the 1970s inflation concern is not the right analogy. In the 1970s, there were two waves of inflation in 73 and 74 and the late 1970s. The economy was much more levered to oil back then today as a percent of GDP, the U.S. uses 70 percent less oil, making the economy much less oil dependent. Capacity utilization was very high in the 1970s, and the economy would quickly run above capacity, which is a traditional condition of highly inflationary pressures today. This measure is well below those levels and has only neared those 1970s levels briefly three times since 1980. This is a reflection of three trends one, globalization. Two, changing from an industrial to information economy, and three technological advancements, all disinflationary trends. The 1970s at a wage price spiral. Nearly a quarter of labor was unionized workers in the 1970s versus today at about 10 percent. There was a demographic wave upsurge from the baby boomers in the 1970s, the blue line that correlates very well to the upsurge in inflation. The red line today, there's no demographic wave upsurge pending in brief. Today, it's a different situation than the 1970s. This has been the MarketWatch.

Speaker1:
Are you just talking about and we've been talking about for weeks.

Speaker2:
Yeah, there you go. It gets back to what we talk about on the show all the time, as you can't really depend on old conventional wisdom every decade, every year, every period. And time is different than the previous periods. Obviously, we have never experienced a major pandemic like this during an expansionary period. And so it's changed things quite a bit. But you can't compare it to other inflationary periods because it's very different multiple mechanisms that are affecting us so much different than the 70s. So a lot of people kind of panicky about the inflation. Hopefully it's all temporary and hopefully this brings a little bit more light and clarity to the picture for our folks listening.

Speaker1:
And that's why we've got the professionals in the studio from Point Wealth Management along the Nature Coast, within our listening area there every Saturday prerecorded program, of course, for your enjoyment and the educational purposes that they bring to the table. Once again, it's all about our stress free retirement and take point well to management has got the lead in your stress free retirement. No financial worries here because Take Point is on the job. Don't forget and take it and take point like I do. J.W. here with you on Take Point on retirement. The program brought to you by Take Point Wealth Management will be back with Eric Arnett and Randy Woodruff right after this Vokes. Eric Arnet is an investment advisor, representative of Retirement Wealth Advisors LLC, and says Register Registered 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 fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by retirement wealth advisors.

Speaker1:
And it's just that simple. We are back with Take Point Wealth Management, a show called Take Point on Retirement, brought to you by Eric Arnet. Randy Woodruff with Take Point Wealth Management, a whole team of professionals right here in our local area in our own backyard here to assist you into a stress free financial future. If retirement is on your books in the near future and you need to contact take point wealth management three five to six one six zero five one one, we bring Eric Arnet, lead advisor, retirement planner and certified public accountant Randy Woodruff into the studios to educate and lead us making point on that financial future. So we don't have the stress or worry about that future because it's all taken care of. If you need a portfolio, you want to test your current portfolio, whatever the case may be, you need to reach out to take point. Wealth management got a free 1500 dollar evaluation for you. That's right. At no cost to our listeners. A fifteen hundred dollar value, just contact take point wealth management. In the meantime, I'm turning it over to Eric Arnet, Randy Woodruff in their crystal ball to tell us about the future.

Speaker2:
Boom, there it is. So, well, one thing is for sure, we don't have a crystal ball. However, what we do have are strategies and techniques to combat whatever may come forward in that crystal ball can be nimble. And bottom line is, if you have a plan, great, bring it in, let's test it, throw a thousand scenarios at it and see how it's going to hold up over time. And if you don't have a plan, then, hey, it's time to get one. And we'd love to help you put that together. The three silent killers. Today we're talking about inflation, taxation and fees and investments and risk. So onto taxation, Randi, one of the questions we get all the time is, OK, I've got these multiple kind of buckets in retirement here. I've got an IRA, I've got a Roth, I've got a pension approaching 62. I start taking Social Security. It's very, very important if you have these multiple buckets that we are putting together a strategy called the the Cumulation Fahy's of your retirement. So while you're working and you're younger and you're you're kind of working towards retirement, you just put money away and what we call the accumulation phase. And, you know, it's important to have a plan, but it's not as important, as critical as it is when it gets down to crunch time. Not only do we have to put together this master plan for you, but part of that master plan is where do we start taking income from? Should you need it? And when should you start taking Social Security particular for couples? There's multiple strategies when it comes to Social Security. And what most people hesitate to think about is there's going to be taxation on that. Social Security, depending on where your income's coming from in retirement, could trigger that even higher. So being that we are also a CPA firm, we've got Mr. Woodruff here who's been, I guess, doing taxes for I don't know, I don't want to date you, but quite a while.

Speaker3:
At least a quarter.

Speaker2:
Just a quarter century. Oh, my God. It sounds

Speaker3:
This man's the time when you say

Speaker2:
The reason I say that is because we obviously don't have somebody right off the shelf. And Randy's been doing this a long, long time. It's helpful to have Randy at the table with us when we're doing this planning because taxation is so, so important. Where do we take money from is very important in your retirement. We have to take money from retirement savings. It's it's critical where we're taking it from because you can save money on your taxes. You can't allow your accounts to continue to grow and help get the most out of your nest egg. So the process can be a little bit tricky. But the good news is that we can help you guys do it. So give us a call. But one of the things that I think might be a good strategy is not starting with your investment income. So withdrawing from your investments first gives your retirement accounts more time to compound interest. If you dive straight into your 401k or IRA, you could cost yourself a year's worth of income in retirement savings,

Speaker3:
Especially if you do it in years where the market's going down. We've talked about that in the past. How critical it is that this first was a three to five years retirement. If you take a big hit in your retirement portfolio, those first three to five years, it's almost impossible to make it back up again.

Speaker2:
Well, that's a great point. And I'm glad you brought that up, because when we're doing our retirement planning seminars, free plug for Mr. Brian Brian's place, we hold some dinner events there, Brian's place and have been wildly successful, spent. But one of the slides that we pull up and we talk about it in great detail is what I call the sequence of returns. And this slide is is very interesting. A picture paints a thousand words. We bring up this slide and it's 20 years of the S&P 500 returns and it starts in like 2000 shows, 20 years of the S&P. It takes a figure like five hundred thousand dollars. And at the end of the 20 years, the figure is the same. No matter how many ways you scramble the returns throughout that 20 year period. One scenario could be that negative returns come in the beginning of retirement and then positive returns at the end of retirement. Well, we could flip that and jumble all the returns throughout the years. It does not matter. You're still going to end up with the same amount of money. However, on the next slide, we show them where if you're actually taking out four percent, which is the four percent rule. So now if you're taking four percent out of that five hundred thousand, that's twenty thousand a year and then have those negative returns in the beginning of your retirement. And this is why we say the first five years of your retirement is so crucial and so important to get it right, because if you're taking money out of any of your buckets and at the same time we experience negative returns in the market, it drastically affects the amount of money that you're going to have throughout retirement.

Speaker2:
In fact, this one slide shows if you invested in 2000, we had consecutive negative down years in the early 2000s and you were taking money out, you basically ran out of money about 10 years into retirement. But if you experienced those positive returns, those really good positive returns that we've had at the end of the decade here in the beginning of retirement, your portfolio weathered the storm and you still had like two million dollars at the end of retirement over a 20 year period. So think about that. The difference been running out of money and still having two million left in your portfolio was based on the fact that you had negative returns in the beginning of retirement. So we've got to get your plan together where we can weather all storms and we can feel safe about what potentially could be coming over the next five to 10 years in your retirement. Because people think about this for a second. In 2007, 2008, the stock market crashed. Right. That was 12 years ago. And we've kind of been on a steady incline. You know, the markets basically like doubled or more in that 12 year period. The next 10 years, the market's not going to double again in the next 10 years. It's just not going to. So we've kind of gotten drunk on these returns. In fact, Mr. Bogle, who was the founder and the head of Vanguard, which was the largest investment management firm in the world, he just passed away recently in his 90s. But about two years ago, he came out with a report and his analysts and they said they see a potential of three sizable corrections over the next 10 years.

Speaker2:
And a correction is a 20 percent reduction or more in the markets. And also they see, on average, around five percent in the S&P 500. If you think about that for a minute, the Dalbar study that we always show people in those in those presentations is a study on the investment environment, the retail investor, investors out there, people who are kind of managing their own money and going it alone, they underperform the S&P by more than 50 percent. So think about it. If we're going to average five, six percent and you're only getting three percent and inflation is now four or five percent, at least, what's reported in the numbers? I mean, we've seen products go up 50, 100 percent in the last year or so. It's very, very important and concerning to me that we really focus in on these factors and get it right. So in other words, taxation need to really get out ahead of that. We need to get out ahead of putting together what we call our smart plan, a smart portfolio that can weather those potential market corrections that are coming in at the same time, put together a really good distribution dissimulation plan for you as to where we're going to be taking those moneys for and the most tax advantage way for you. So we're not triggering that taxation on Social Security. Also Medicare. Right. Depending on where you're taking income from and what you're what your bottom line looks like on your tax form could trigger higher Medicare premiums, correct? Absolutely. Yeah.

Speaker3:
So that's and sometimes people have one time events and they sell off some assets. You may have a big, big gain in the stock market. You may sell a piece of real estate and your income spikes in that one particular year. Be prepared for the next 12 months after you file your tax return, basically, that you're going to have a potentially a much higher increase in your Medicare costs, that your Social Security is going to go down, your Social Security payments aren't going to go down. But the check you get from Social Security or the deposit you get from Social Security is net of your Medicare costs. So if your Medicare costs go up because of had a one time event or just you have an ongoing increase in income and your Medicare is going to cost more. So your net check from Social Security is going to be less definitely. Keep that in mind as you're preparing your budget.

Speaker2:
Potentially this isn't for everybody. So that's why we encourage everybody to come in, because everybody's plan is different based on their situation. But potentially withdrawing your investments first from your taxable accounts, your non retirement accounts might be a. Great, great strategy as a starter, whether you have mutual funds, a brokerage account, ETFs, stocks or bonds, they are all taxable as you'll have to pay capital gains taxes on those withdrawals. Some investments also require you to pay taxes on distributions each year, like some mutual funds. So make sure you come in and we can show you all that claiming Social Security benefits at 62. A lot of people say, hey, I'm going to go ahead and start claiming at 62, if you want your maximum Social Security benefits, you'll need to work until your full retirement age. So make sure, you know, you go to SSA dot gov, you sign up there, you can pull your statement off of there and I'll show you exactly what you can expect to draw or the distribution that you'll get from Social Security at age 62 and then at your full retirement age, which typically for most of our listeners out there, somewhere between 66 and 67 is your full retirement age. That's your full benefit. So remember, every year, month, day or whatever below that, that you decide to take your Social Security, it will be a reduced benefit. And then, of course, if you can defer past retirement age, you're still allowed to defer up to age 70. I believe in that's going to give you an eight percent increase every year. So, you know, might be important for you to get together with us and put together Social Security maximization report

Speaker3:
Terms that when you take Social Security's kind of a you kind of have, as you mentioned earlier, show gazing into the crystal ball. You're kind of having to take a look and see what you predict the future to be like. And I say the future. I mean, what your income is going to look like in the future. Do you need to continue working at this? Or if you're still working and you start taking Social Security at 62, if you make more than like seventeen or eighteen thousand dollars a year in earned income, they begin to take back one dollar for every two dollars in social care they give you. So you may not want to start taking Social Security 62. You're still working. But then you also get to ask yourself, how is your health? This is this is the part where it gets really the conversation gets it starts to really people start to get uncomfortable, but it can do some soul searching and be honest with yourself. How healthy are you? Have you taking care of yourself your whole life? What your family history, what your family medical history? Because if you have a history, if your people in your family have a history of passing away in the early 70s, you may not want to wait until you me to take your Social Security because you might not make it to to take it. But if you had lived a very healthy lifestyle and your family has lived a long time, I would say you can safely assume you could take it at 70, but you can feel more comfortable, you know, taking it later in life and knowing that you're going to be able to, as you mentioned, when you pass for retirement age, you can get an eight percent increase in those in those annual benefits.

Speaker2:
Yeah, that's important. Nine times out of ten will tell folks deferred if you can write, because where are you going to get an eight percent increase on your income, guaranteed on your income. You can't find an annuity or a pension out there like that. So defer to age 70 if you can. Or and if you're married, maybe when you get the full retirement age, one of your files and the other one, you collect half your spouse's Social Security. That's a strategy you can do there and continue to defer your own. So there's a couple of different strategies that really make sense. But that's why every situation is different. That's why everybody's got to get in and see us so we can put together not only how can we maximize our Social Security, that's going to maximize your cash flow because we're going to be able to reduce your taxes based on that strategy planning. And then when we show people on these charts, it's hard for people to envision. But when you show them, they almost don't believe us. If you have a million dollar portfolio and we can implement some of these strategies, it saves you hundreds and hundreds of thousands of dollars that you never would have seen otherwise if you didn't do this planning over that 10, 20, 30 year period. So it's hugely impactful just to take some time, take a break out of your day, come in and see us for about an hour so we can pull us all together for you. It's real simple. Hey, if you want to do a zoom call, I've done a couple zoom calls this past week. They worked out great folks were able to return a living room and lounge out and we were able to start getting things done for them. So if you want to come in the office, great. Want to do a zoom call? Great. You want to chat on the phone for a few minutes to see if there's even anything that we can help you with that's great as well. So I think J.W. got all that contact info for him.

Speaker1:
I do. Don't hesitate. Give them a call now. Three five to six one six zero five one one. You're listening to Eric Arnet, lead advisor, retirement planner with Take Point Wealth Management up and down the Nature Coast in our listening area to serve you take point wealth management. Just throw in the old search engine on the interweb and you'll find your garnette right there. And of course, Randy Woodroffe, certified public accountant to members of that team. Take point. Ready to take the lead on your stress free your financial future. Looking at retirement, look at peak point wealth management three five to six one six zero five. A one one will be back after this. Let's take a pause for station identification. You're listening to 1999 FM, WACs, JBI, Homosassa, 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. And as the music continues, so does the show take point on retirement every Saturday morning, one hour chock full. The information and education that you need and deserve right here only on this station and only on Saturday mornings, seven thirty to eight thirty from your friends and mine at take point wealth management up and down the Nature Coast.

Speaker1:
Within our listening area, they have an office to serve you. They do some meetings and seminars. They come to you, you go to them. Whatever the case may be, don't hesitate. Give them a call now. Three five to six one six zero five one one. Go to their Web page where you can fill out the information needed to have them contact you at take point wealth management dot com, take point dotcom or just take point wealth management. Throw in the old search engine online and we'll bring you right to Eric Arnet, lead advisor retirement planning, and Randy Woodruff, certified public accountant with Take Point Wealth Management here every Saturday. Once again at this time and only on this station with a mission vision values, building a strong portfolio through strong relationships. That's what take points all about. And that's why I got to take point. Eric Barnett. Thank you,

Speaker2:
Sir. And while you were writing not off a whole take point branding, I thought, you know what, this is totally on the fly here. I thought we just got over Memorial Day weekend, people out there listening might think, what the heck is take point, you know, and why is it take point? And I am a disabled combat veteran, serve six years of active duty. So it's important to me. And it was very important to me as I was branding our practice to pay tribute to not only our military and those that have fallen and those leaders that have taken the lead in the military to guide us through so many different forms and different areas of combat throughout the years that have provided us this freedom. The reason we were able to hang out, lounge by the pool, have a beer and eat a cheeseburger this weekend was because so much blood has been shed and so much sacrifice has been made. You know, a couple of years back, we decided to rebrand, to take point. Randy and I have kind of a cool story. For months we would throw names back and forth. I mean, it might be midnight. And he shoots me a text. I'm like, that's not it. That's not it. And finally, we came up.

Speaker3:
It just you came up. This is your. You're right, love. Well, take all the credit crunch

Speaker2:
Deserving, but you could have said that sounds horrible and I would have moved on to the next thing.

Speaker3:
But it was I when I heard it, I knew right away that was the one.

Speaker2:
But I just had remembered this little saying when I was leading my squad. And even in training, when you're leading in combat, somebody has to go to the front of the formation or lead the mission. And we always said, hey, you got to take point today with all of the crazy things that are hitting our retirees out there, folks listening out there, you don't realize it. But there's so many things facing you in so many different things that can hit you from anywhere where we're trying to eliminate that and protect you and put a bubble around it, eliminate those risk. We want to be the ones to take point and leading you to and through a successful retirement. So we want to be those leaders and we want to educate those retirement warriors so they can lead their family and they can take point with their retirement. So that was kind of where it came from.

Speaker3:
And you really want someone to take point that has experience, right?

Speaker2:
Yeah. Yeah, that's a good point. You don't want the brand new private out of boot camp, particularly

Speaker3:
If you're going in circles. And there was a couple weeks.

Speaker1:
Yeah. Always takes the expertise that it takes practice. It is.

Speaker2:
It's a great analogy. Yeah.

Speaker1:
And you're always on watch.

Speaker2:
Yeah, exactly. Yeah. I actually made that mistake one time as a squad leader, I'm having too much confidence and one of our newer privates and that was a mistake that I ever make again. So that's the I think that's important for moral days and say thank you. And one thing folks are out there. Listen, I know this first week

Speaker3:
Let me go back to the absolute one more. I read something on as online, and I know we've been in a lot of wars as a country since we were formed. I never I seen numerically how many people have actually died in the wars that we fought. So many people died in wars that we fought that weren't even on our own soil. Yeah, it's this country it gives has given for generations, for centuries around the world to allow other people to live free as well. Absolutely. So we just don't. But Americans don't believe in freedom for our so selves. We want freedom for the rest of the world as well.

Speaker2:
Yeah, yeah.

Speaker3:
That's what I take away from that. When I see numerically here, headed by war some of the wars, of course, the civil war was the bloodiest in the war to gain our independence and to to to fight here at home and to grow the country. But then just war. War one, World War two, you know. Hundreds of thousands of men lost in those wars, and so it really made an impression on me that here again, we as Americans don't just leave in freedom for ourselves, we believe freedom for we believe freedom is a right. And we want everybody around the world to have that right as well.

Speaker2:
So, hey, man, any man

Speaker1:
In America takes point for the world and all of us as Americans. You should take point in our own community.

Speaker2:
Yeah, absolutely. Absolutely. 100 percent. So that's the foundation of our thinking behind the name. So there you have it. Getting back to taking point for our retirees and our retirement wars, going back to like those withdrawal strategies. It's really important to have a good withdrawal strategy in order to combat taxes, make sure you have the right Social Security plan in place. But one of the things that people often ask, do I do I take from my 401K, my IRA and my Roth, which one do I take from first? So drawing from your 401k and your IRA before R&D kick in. So requirement minimum distributions now kick in at age 72, not age 17 1/2. You don't have to take money from those accounts until you're 72. So you can start withdrawing money from your forwent when you turn 59 and a half. But that doesn't mean it's a good idea. The law is not going to require you to start taking money from your portfolio until you're 72. You're at your retirement portfolio. This allows that money to stay in there and keep growing and compounding tax free and gaining compound interest, tapping into your Roth before exhausting other options. Some people think about that, but potentially put off withdrawing money from your Roth IRA as long as possible. You know, you paid taxes up front so you can take money out of your Roth IRA and it won't count as taxable income so that Roth IRA can keep growing tax free. You can take money out whenever you want. Here's what's really important. We might say this a couple of times and emphasize this. And that's why we talk about the Roth conversion ladder so much as trying to get folks to think about moving their money from a 401k or an IRA today into a Roth and go ahead and pay those taxes at these low tax rates that we're in right now because, you know, taxes are probably going to increase. There's absolutely no doubt that they are going to increase specially on the wealthy.

Speaker3:
Just real quick on and on the taxes. So we've talked about inflation, a big part of the show. Well, taxes are probably going to subject to inflation as well. Over time. They won't go up a little bit every year, but over time, tax rates are going to have to go up just to keep up with inflation as well. Right.

Speaker2:
The point.

Speaker3:
So if you don't believe inflation, you aren't paying attention. What's going on economically? It goes that, you know, prices go up every year. Granted, the taxes are assessed on those higher dollars. But none, none, none the less taxes are going to have to go up over time. We've talked about that many, many times.

Speaker2:
Yeah. And the cool thing, too, is the difference between the Roth IRA and the regular IRA or 401K is that once you turn 70 to the government, IRS is going to require you to start having to take money out of there, whether you like it or not. So they can tax it. I can tell you multiple times a year I get people like, man, I just don't I don't need this money. I don't want to take it. I got to take it out. It's going to get taxed. And then also that income goes to your bottom line, which creates taxes on your Social Security. The big difference in the big change and the thing that's so impactful with the Roth that I can't emphasize enough is you don't have to take distributions from it ever if you don't want to.

Speaker3:
That's huge. When it can pass through your estate to your heirs and they can have a way they can avoid taking distributions until they retire.

Speaker2:
This is the biggest transfer of wealth tax free, gift tax free.

Speaker3:
So I shouldn't say that issue. It's tax free to the person that receives it. It may, depending upon what the estate tax limits are, there could be a transfer to a estate tax. Right. But I want to try to clarify that. But go ahead.

Speaker2:
It's a good point. But being able to take that money whenever you feel like it and then not have to pay tax on it, that gives you the control and the power back into your hands. Not Uncle Sam's

Speaker3:
Right. We meet with clients. We so often hear you, especially clients that are they've been fortunate where they've either that they had had great jobs, great income, great planning or combination all the above. You know, they actually have some I'll use the word excess wealth that they need based on their lifestyle. They're comfortable. They don't really want to spend any more money there. They enjoy their days. And so they're not going to need all the money they have to live. And so we hear often how can only to my children. And what's a way that I can hear again, being able to leave money to their children is always great, but they can do it. And also where it's tax free to the children when they actually draw it or need to spend it, what better way to be able to do that and be able to have your money in a Roth and then you're getting the children have no taxation consequences and that money in the future. So, yeah, that's huge.

Speaker1:
Can I ask a silly question? What was the whole foundation idea behind Social Security? Was that so the government could have a hold of our money and just control it? Because if we're financially secure, do I have to take Social Security? I know I put into it all this time. But if I just keep my own bank account instead of the Social Security account, if we were to change to something like that here in America, I don't know. I'm just asking, is it a silly question?

Speaker3:
It's a great question. You know, the congressional act that started Social Security, Medicare is ficca is that acronym for. I think it came about during the Great Depression back in the 30s. And I think Franklin D. Roosevelt administration. And it was basically that was the beginning of say, ah, I'm not trying to imply that we in America are a socialistic society yet, but we're moving in that direction. And that was one of those first, in my opinion, one of those first congressional acts that set up a, you know, something to wear here. Again, we're paying into it. The employees or employers are paying into it as well as you're working. But, you know, they are the government is in control of your money. And if you don't if you don't make it the Social Security age, all the money you paid into it, you stays in. I'll stay in the pool for somebody else to benefit from. So I'm a big fan of, hey, letting everybody pay into their own Social Security. But here again, the the risk to doing that is and we we we see it happening with a lot of people, our society. There's not a lot of responsibility, unfortunately. And so for me, I'd like that kind of place. I knew I would save my money and I do. But I think a lot of other people aren't saving their money. And if they didn't have Social Security and Medicare, they would have nothing in retirement. And and we see that now with people from time to time where they don't have anything other than Social Security or retirement and or they're living on insurances. Medicare and Medicare is good. But the more more people on Medicare, the more it's going to tax that the tax that system.

Speaker2:
So I am split down the middle sort of kind on this subject. But I'll bring up a couple of points that whether we should trust Americans to be responsible enough to save for themselves versus the government, the government already spent all of our Social Security, Medicare. There's nothing in those trust funds that's gone. They spent all our money. So they so they took your money and then they spent it. They didn't put it away for you. So the only thing that's going to provide your Social Security and is providing social care is current taxes, tax rates. This trust fund, probably the Social Security Medicare trust will probably never be paid back. It'd be impossible to be paid back. So the only way that our government can continue to provide that for us is to raise taxes or change the benefit.

Speaker3:
We push out the retirement age or

Speaker2:
Push out the retirement age. I mean, maybe where our kids won't be able to get Social Security, though. Seventy five or something crazy like that. I like I think George Bush had the plan and I liked it. And I was basically, instead of all of our money being collected by the government and trusting the government to do the right thing, they were going to set up separate accounts. So you actually saw your earnings and your Social Security money that was being taxed every month going into a separate account, like an IRA almost. And there was penalties in place. You couldn't really get at it or touch it prior to retirement. So I think that would have encouraged people and people would have liked to have seen that money grow. And like my kids, for instance, the young kids, if they get excited about when you show a little savings, I can see that little savings account grown stuff. And if we actually took the time to educate our people properly, folks that might not be as educated in that area, I think it would have been a great plan and supplement. And, you know, that was like twenty years ago. It's too late now.

Speaker2:
I wish they would have put that in place. But I like people having more control over their destiny because I you know, I truly, really don't have a lot of trust because they've broken that trust. Our government has squandered our money and think about all of our tax dollars that go to other countries, even our enemies. It's insane that we don't even take care of our own people first. Not to get on the soapbox, but I'm glad you brought that up. And it's a great subject. The best way to plan for withdrawals in retirement. You got to determine that optimal sequence to withdraw money from your retirement accounts. And it's different for everyone. So that's why it's really important that you sit down and meet with us so we can put together that ultimate withdrawal strategy for you guys. Kind of interesting. I found Voyt. I was reading this article. Voyle Financial found that seventy nine percent of people who use an advisor said they know how to pursue achieving their retirement goals. Think about that. So 80 percent of all people that actually took the time to sit down with an adviser now feel confident that they can achieve their retirement

Speaker3:
Goals because they get educated, they

Speaker2:
Got educated. The study also found that 59 percent of those who use an adviser have calculated how much they need to retire, while 52 percent established a formal retirement investment plan. That's somewhat encouraging, but not the numbers that we need. I mean, we need everybody to be thinking about and planning for their retirement and having a good, solid plan in place and then having the confidence and clarity that they're going to make it to and through retirement. And that's why we bring in that simulation. We throw a thousand scenarios at your portfolio over 30 years and it's going to show us what your probability of success is. And then we can make changes and tweak things from there to get you as close to 100 percent success as we can. So it's so important to get out ahead of the curve more than ever today. I mean, we have high taxation. We have our government messing around with our social. Security and when do you take money or do you not take money in taxes increasing in the future? So inflation, all these things, I mean, think of all these things that are coming out of our folks and our retirees left and right. So that's why you need a leader. You need someone to step up, take point and to guide you through all that. And that's where we get excited about here.

Speaker1:
Absolutely huge fishery services here within our listening area to help you and assist you in that stress free financial future. Your retirement is important to take point. Wealth management, check them out three five to six one six zero five one one. Their phone number, take point wealth dotcom, take point. Wealth management here on the Nature Coast. Folks, we'll be back with Eric Arnett, Randy Woodruff right after this. I think we're going to answer some questions from some of our listeners. So stand by for our last segment as we wrap up this show on this Saturday. OK, thanks for staying with us the entire time. One hour chock full of information and education you need and deserve from retirement planner lead advisor Eric Arnet with Take Point Wealth Management and certified public accountant Randy Woodruff, who has a personal practice right here in the local area as well. So you get these two gentlemen as the original team members for Take Point Wealth Management on your side. You can't go wrong as you as they lead you to that stress free retirement and take point on that secure financial future and one that we all look to, we all planned for and we all dream of. But you can't get it without contacting take point wealth management three five to six one six zero five one one, by the way, that I mentioned at fifteen hundred dollar value yours today at no cost. That's right. It's free. Fifteen hundred dollars. Value your evaluation consultation. That's the take point wealth management blueprint on retirement to all of our listeners. If you give them a call now three five to six one six zero five one one take point wealth management. Thank you

Speaker2:
Sir. So thank you. One thing that I don't think we talk enough about on this show I thought we needed to discuss a little bit is the volatility because I've seen volatility start to pick up in the markets lately. So that might have some of our folks out there concerned and kind of maybe second guessing things. But you're not alone. It's been a wild kind of month in the market. So I wanted to go over a few steps that you can possibly take to help weather the market storm on the horizon, because let's face it, the way things are, let's say lining up are being kind of doled out here recently with all the chaos that is going to be more and more challenges facing our retirees going forward. So one of the things that isn't really important that we talk about all the time is that Rule 100 are taking your age and subtracting it from one and getting the amount of money that you actually have in the markets are at risk or in growth. So just make sure you're invested appropriately for your age. Take a look at your investments and make sure they're age appropriate during your 60s. Having 90 percent of your IRA in stocks probably isn't the best idea unless you happen to have extremely healthy appetite for risk. And you also have other sources of income, robust sources to fall back on outside of your retirement income.

Speaker3:
And we see this so often. We have new clients come into the office and we think they're diversified. What are the things that always I would say a out of I'm always amazed by is that people will well think because they've got mutual funds at Fidelity Mutual Funds that Vanguard mutual funds with their mutual funds, a T. Rowe Price, that they're diversified because they fund different fund companies. But when you get into the underlying assets inside these mutual funds, it's all the same across the boards, that they really don't have the diversity that they think they really have. And it's it's unfortunate that that people have a false sense of security.

Speaker2:
Yeah. And that's and that's that one thing that we talk about. Right. Lack of education. It's crazy how we most of us go through 13 years of school and high school and then we go off to college for four or five years. But nobody in that whole time frame has sat us down and talk to us about finances. It's insane. And that's one of the most important things to secure future for all Americans is to have a good sound financial plan and retirement plan. Right. So education, education, education. And yeah, you know, having a diverse portfolio, maintaining a healthy mix of stocks, bonds, index annuities, real estate, commodities, it's really important that you have that in order to protect yourself from volatility. Same time, it's a good idea to diversify within each asset class. That could mean holding not just tech and bank stocks in your IRA, but also some health care, some energy stocks, some financial stocks, industrial as well, some industrial stocks. You could load up on index funds, which also offer kind of a built-In diversity. So having mutual funds at different companies is not diversification. Having five or six fund. Advisors is not diversification.

Speaker3:
We've seen that recently.

Speaker2:
Yeah, yeah, it's very interesting. We have always been told that, you know, I need to diversify and that's what I thought diversification was. And it's not you can be with one adviser and we can diversify your assets for you in multiple asset classes. Not only have one advisor who kind of knows what's going on, we know your performance. We know your fees. We know your asset allocation, you know, and that's the first thing that our analysis pulls out when we're doing that retirement house is that report that shows are you diversified or not? And you can have 100 different mutual funds and we find that you're not diversified all they're all very highly correlated, which means if they're all correlated, that means if one goes down, they're all going down. And that's a very, very common mistake that we see. So very important to get a ticket to get a handle on that for sure. A more appropriate balance, if you're in your 60s, might be to keep about 60 percent of your portfolio in stocks in the years leading up to retirement, with the remaining 40 percent in fixed income bonds, indexed annuities, which we don't like bonds right now. So we're utilizing the index annuities to replace bonds. That's our bond replacement strategy. If you want to learn more about that, please give us a call and we'll explain to you that we have a really good bond replacement strategy for you, basically having only 40 to 60 percent maybe in that in that growth in those markets is probably a good plan for you, because if you do experience a good downturn, it's going to be hard to recover from that. Keep contributing to your retirement account. When the stock market gets, you know, gets bumpy and wobbly, it can be tempting to pull back on a retirement plan contributions until things settle down. Right. But don't do that because, you know, you're kind of dollar cost averaging in at that point.

Speaker1:
God forbid, if it gets wonky.

Speaker2:
Yeah. Walking. And I mean, what the heck is walking away? Yeah, we don't want things to get wonky out there.

Speaker3:
And I wonder sometimes. Yeah. When you take a look at it. So I totally agree with you. I don't want to stop contributing to the market even when things get wonky or sideways or volatile. But when you're buying real estate the mindset is by low and sell high or you make money when you buy. Yes, I wonder if that mindset trickles over into investing in the market, which is a different asset class. So when you're buying a piece of real estate, you're buying something was tangible, of course, but you're buying a finite piece of property. Right. You have to dispose of the entire thing basically to get rid of it. It's the holding period is a lot longer as well. You can get in the market today and out today, out tomorrow. So I wonder if maybe sometimes when people do get this anxiety about investing in the market, when it's when when the volatility is there, is it come from the fact that they're kind of trying to employ that buy low sell high mean mentality, which works much better in real estate than it does in the market? Because to your point, your dollar cost averaging in

Speaker2:
I'm still in the accumulation phase of building for my retirement. So I actually get a little excited when when the market goes down and I get that volatility because I know the money that I'm putting in each month into my retirement is going to be getting some cheaper pricing. Even if you're in your late 50s, early 60s, you're still kind of have that half to have that same mentality where you're still you're taking advantage of the dips and your money is kind of averaging in. And that's why we said earlier, if you're shifting now into that deep cumulation phase or that distribution phase, things have to be much different for you, because if we do experience those market downturns at the same time, you just took a big chunk out of your portfolio. Now you're talking about having to get massive returns to get you back above water. So very important when you're getting close to retirement. You know, a volatile stock market can be quite unsettling. But if you choose the right investment mix and stay the course, there's a good chance you'll get through the scary period with the retirement plans intact. I'm going to top ourselves on the shoulder a little bit. We have quite a few clients, and even when covered him, our phone didn't ring a whole lot because we had those solid plans in place that we're ready to weather that storm like wealth guard on their investments, like index annuities instead of bombs that have 100 percent principal protection. So we had a plan in place and our clients knew it before it even happened with they knew like, OK, if there is some kind of crazy correction in the market or something, that's my retirement. I already know that we have a plan in place to weather that. And so the phone just didn't ring during one of the scariest periods, I would say, in recent history for retirees. You know, it

Speaker3:
Happened so quickly to, oh,

Speaker1:
The scenarios that you planned for that you go over and the beginning we go over

Speaker2:
World events and crazy events could impact your portfolio. 9/11, wars, pandemics, we go over all that and our planning to show you exactly how that will impact and how much impact it could have and how do we kind of weather that decline, try to limit it as best we can.

Speaker3:
To your point about the phone is not ringing a whole lot. When the pandemic first started in, you know, the first few months there, you know, our clients, they know they had a good plan. They're educated on the plan. They're educated on the markets and they're know they're involved in. Plan as well, and they help us put together that plan because we have a very robust planning process with them in terms of several meetings, getting to know them, getting to know what they're what their their current long term needs are. When you do have these storms of their rise or these days as volatility declines, educated, you know, they they know the plan they've got and they know it's going to weather the storm.

Speaker1:
So. And on the flip side, it was a little frantic out there outside the take point, wealth management, family, people were kind of freaking out.

Speaker2:
Yeah, yeah. Absolutely. Yeah. We're able to bring a lot more people into our family during that period of time. And that was great because they had a shelter in the storm. So and that's that's exciting for us because we all work to make a living. But that's really just a means to an end. I mean, it doesn't really get you excited. What we work for every day is being able to truly help people and and see where they're kind of out there and in the storm and don't quite know what to do. And we bring them in and we wrap a nice plan around them and protect them and shelter them from all risk going forward. And and that's a great feeling for us as well as our clients and our potential clients.

Speaker1:
What's the old saying where you can take fish to somebody or somebody? If you teach them how to fish, they'll feed themselves for the rest of their lives. Is that saying that?

Speaker2:
Yeah, that of catching a fish for somebody to teach them how to fish and they'll build fish restaurant and that's a good one, man. No, always come up with those good ones to give it back next time. I need those. Yeah, I need those. There goes the bell. Right. Great stuff. I mean, so much to always talk about on the show. I think wrapping up, we kind of decided that we had been getting a few questions from listeners. And so we wanted to kind of go through a couple of those today. And this one is really important. I mean, we get this question all the time and I'm going to put Randy on the spot as well as if I am the client out there asking this question, because this is definitely a tax question and in a very important one in planning. And and it's changed throughout the years. You know, but this is a great question. This is coming from Miss Phyllis and Spring Hill. And she says that I am 62 and I have been receiving widows benefits for two years. I'm able to receive pensions from two previous employers when I reach 65. Will these pensions be considered income regarding the Social Security earnings test? In other words, she's concerned. I've got a couple pensions and she's probably heard seen on the Internet about income and where you take incomes and from what buckets could potentially affect your Social Security. So, Randi, what's your take on that?

Speaker3:
Great question. When people start taking income from Social Security, I can read this question from a couple of different ways. But I'm assuming she's she's talking about income regarding the social career earnings test. Oh, yeah. These pensions will be considered income when it comes to the taxability of your Social Security. So she's single. They take a look at all of your income, earned income, passive income, no matter what the source. And if you're if you're single, the threshold is if you're if you're all your income plus half your Social Security benefits reaches twenty five thousand dollars, they begin the IRS begins to start taxing your Social Security benefits. And then once once you if you're single and that number goes up to thirty four thousand dollars and they begin to start taxing up to 85 percent of your benefits, that whatever tax bracket you're in, you know, and then if you're married, the threshold is thirty two thousand and forty four thousand, which I think I said on your show probably six months ago. I've been doing this for 27 years and we've talked about inflation on this show as well. Those numbers have not changed in 27 years. So that's maybe another silent killer we don't talk about a lot and we talk about selling code as it relates to your portfolio, as relates to your retirement income and your cash flow retirement. If if inflation has gone up and now as, say, three percent a year, I think that number should go up three percent per year of when the government begins to start taxing your Social Security, but actually hasn't moved at all. Every year, more and more people are having their Social Security taxed and they're getting a tax potentially higher rates because that number has not moved.

Speaker2:
Good enough to have time for one more. Yeah, one more. All right. Let's go with quickly. What do you think, Michael? And this is coming out of Brooksville. I'm 63 years old and I own my own company. I have three hundred thousand dollar balance on my SEP IRA. I'd like to retire in two years. What steps should I be taking now to make sure I'm getting the most out of it and do not get kicked in taxes?

Speaker3:
We've talked on this show quite a bit about Roth conversions. So perhaps one of the one of the I don't know, we need to find out Michael's income and they could take a look at it. But perhaps one of the things Michael may want to do is in the next two years, do do some Roth conversions or wait until he retires and then do some Roth conversions for a few years because he's working. So his income is higher. So he may be able to do some Roth conversions when he's in a lower income and pay overall lower taxes. Yeah, that's

Speaker2:
Important to point out. Real. Quick, before we wrap up, is what we find is depending on what type of income you have and where it flows to the bottom line and what rate that creates for you and on your income for taxes, we might be able to find when we do all those calculations and basically, you know, take your deductions or whatnot, that you might have a certain amount that you could even roll over that won't even be taxed.

Speaker3:
Exactly. So that's

Speaker2:
Huge. I'd love to sit down with you and just see that, because that to me is like there might be a portion of money out there that I could actually do a free tax conversion, a free withdrawal from my IRA or my fall on myself, whatever is, and get it into the Roth and have to pay any more tax. That that that that tends to happen sometimes. So that's exciting. I think you've got to get in and see if that works for you guys. Absolutely.

Speaker1:
Great information, education and advice from the professionals in our studios every Saturday. Keep those questions rolling in at Info INFP at take point on retirement dotcom and we'll get to your question in a future show. We'll give you the answer over the air every Saturday at this time. Seven thirty to eight thirty take point on retirement, but we will answer that question on the air during the show. And as far as Peggie in the villages and Thomas down there in Wesley Chapel, we'll get to your questions as soon as we can as well. Thanks for sending those in. But the rest of us, the team take point. Wealth management, Randy Woodruff, Erik Arnett and myself, J.W.. We'll see you next time right here on Take Point on retirement.

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