KJCE 1370AM>Audio on Demand>>Financial Safari, 01/15

Financial Safari, 01/15

Jan 14, 2017|

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Automatically Generated Transcript (may not be 100% accurate)

Imagine a time when you have the freedom and the resources to do help boost things you dreamed of with how worrying. At a time and place where all your hard earned money works for you. Some government bureaucracy. And tax free so. Call bill capriati's NT 28511636. Against that. Why and why six. Threes. Information provided this for the history purposes only and does not constitute investment tax or legal advice information has been obtained from sources that are deemed to be reliant. What better accuracy and completeness cannot be guaranteed either Peter. Including usage of information discussed always consult with a qualified investment legal or tax professional we were taking any action. You get what you pay for but aren't you paint too much for what you're getting. Or local trusted coach Phil Capriati takes a look at that and more on today's financial safari. Hi this is coach Vinny and if you've got questions on how to properly structured your assets until retirement income. You're in the right place and welcome to the financial safari. I'm consumer and have a good Randall Redmond. And joining me from the Austin area is our local trusted coach and friends built up real audio senior tax and insurance advisors PLLs. The Philip is always a privilege. And elected dive right into this wonderful selection of email questions we have for you. First of all cleric in round rock has this question. Philip true I'd move much on our way away from a place that charges 2.5. Percent in fees. That seems high to me and I'm not sure how to tell upon getting my money's worth. What Philip what do you think well first of all. There's there's an old saying years ago you get what you pay for but sometimes you can overpay for what you get tank. So long we look at this type of thing. It sounds to me like cat clear. You have a you have financial planner certified financial planner or at least an asset manager. Who's doing what's called the beast planning. Normally fees are based on a range depending on how many assets you have this being managed so. I'm normally from from zero a half a million dollars that he may be 2% to end at maybe for a half a million a one MIP one point eight. Depending on who's managing in and what type of managing. Your actually receiving so. When we do tactical asset management with folks. Which is the type of asset planning that we like to work with with our clients. As opposed to passive when your advisors putting a lot of work in your portfolio. And constantly moving you in and out of different asset classes. Because of what business or economic cycle we may be in. And there were or working to save you market volatility. I can't really put today he had a feeling that now I would say this 2.5 seems I'm demeaning we don't charge. That high at a fee but it also. You need to take a look at your asset manager and and take a look at maybe how many. How many dollars what is his assets under management what is he managing. How dangerous portfolio so on average Claire. And again this is here in our office on average. You look at and around one and a half percent for assets under management. And then again no commission products so we're strictly viewing fee based planning we're acting is a fiduciary. And setting up quite comprehensive portfolio. For that type of annual management thing. And folks we can get a version general rule book very useful idea from Philips response to clerk. And cleric goes sell like it's time to get today second opinion. Phil and his team offer you the opportunity to review your portfolio. So you can meet with Philip copper body and his team at seeing her tax and insurance advisors to the charm and how much risk you're taking on if deer or red flags that could mean problems. And how much you're paying in fees and commissions and how that stacks up. To your own particular goals and needs. Yeah I admire that Claire it's always good to get a second opinion we'd be happy to have Buick that. That definitely. And it's as Randall alluded to get a second opinion come on and will be glad take a look at notorious no charge. Well there you have a clear you have a promotional limitation until care upper body and the number to take him up on that is 800. 851. 1636. Colin set a target convenient for you but do Colombia and Phillip does open the door for you and this is a great opportunity. 808511636. Don't fill in your region is a hotbed. All. Onto Gordon Norris both Lorch in on small we have an email from Michael in Georgetown. Michael says Phil as the owner of my own company what's the best way for me to be saving for retirement. And Michael good question. There were a number of different ways to save for retirement so normally when we set up for retirement income plan for a client or inferred business. We were with a lot of small businesses midsized businesses. What we like to do number one is run a Social Security. Benefits plan for you will want to see what we get outs of security. And the reason I like to do that we wanted to take a look at what's your projected tax rate is going to be based on Carrick tax rates. Then we can determine on. Again what your goal retirement income how much are gonna get from Social Security because. 285%. Of sort of security income can be considered taxable income would that Karen tax code so we need to look at that most folks don't realize. That in many cases so security is gonna become taxable income. If you have IRA 401K. Accounts. We work with clients that in many occasions had literally seven digit IRA accounts. Well these IRA accounts we have to start taking money out of them according to the IRS. All Erisa plans require us to take out. Required minimum distributions. At seventy and a half. This adds additional layer being kind of sometimes PRD's can be 405060. I've had clients in the air. Where there are duties are gonna start it over a 100000 dollars a year. Now we're pushing up into that upper tax bracket so. The key is let's take a look at what's your earning. How many years to retirement. And what type of retirement accounts that we have there are three separate types of and I call a different colors of money. You have tax deferred money this is money that are in that's in traditional IRAs 401 k.s. A fixed indexed annuities and annuity products whether they be variable or fixed. The next that the money is taxable investments these would be bad investments that. Had that joint tenants in common these are investment she may have that you already paid taxes on. And you only pay taxes on the earnings as you earn and each year you'll know that because you get a 1099 from bureau. From your managing firm or the administrator is and there we have tax free money which is my very favorite kind of money. Tax free money comes in a form of Roth IRAs Roth 401 k.s. I UN tells that's indexed universal life income. To us tax free uniform policy loans. Many doctors attorneys. Many folks who have 401 k.s are concerned with. Mac seeing out there are 41 case will look to these other types of products so. In a hole the best way for me to answer your question regarding the best way for you to save for retirement. It's too common and let's sit down let's look at your individual situation. And see what type of account you already have. And how we want to project your retirement income and future. All in all I'm a firm believer in let's pay the taxes now let's take an outlay interest tax free income. Michael to take fill up on his invitation that number is 80851. 1636. And for Michael Liu and for every one that's 800. 8111636. Fill you bring up so many interest in point especially in response to Michael. Do business owners especially small business owners space. Special circumstances. In regard to their retirement. Will they do you have a number of different choices you can put together Roth 401K for instance this is something relatively new. You can do is set fiery depending on how many employees you have. Whether we're talking about who led a year a single one or two or three employee. Turn away yet won a 25. Two one to fifty yards or over under so there are different types of qualified accounts. That you want to say what I normally recommend. It's less used to tax code to save as much as possible while we can and while we're in our earning years because. Once we do retire were going to be look at them for most of us entrepreneur worse we do not have defined pensions and when I say to find tensions are talking about tensions. Like a city worker county workers state worker federal government employee where they have tensions that may or may not have coal is build and own self. In many cases we wanna create our own mentioning count but we have to be ever so Cognos in all what type of income. Because especially with this twenty trillion dollar debt we have lending unfortunately. In our country many of us in the field in many of the accounts of CPAs I work with we believe taxes are going up. And there are going to be going up for the taxpayer so it's extremely important now to begin as I said before economists and setting up tax free retirement income. So folks we're gonna paused briefly. Folks will be right back. War incorporated place votes don't count three RD. We'll be right. We're here with Phil everybody who serves the Austin area as our local clustered COLT. It is to be more available at 808511636. Of those 800. 8511636. Phil we were talking about. Various. Terms that we all need to know as we approach retirement. How about. In service distribution. How does that work and actually what is it for our listeners. Well there are two different types of its service distributions and it's simply amazes me. How much misinformation. And on information there are out there for folks that have been contributing to borrowing gays and higher rates for decades. If you have a 41 K it whether it's an orphan or non orphan and orphaned for a one K is a 41 K with a company that you've left. Not knoller and her existing 41 K would be eight printing current employer in just about all circumstances. You're entitled to take what's called an in service distribution. A nine hardship distribution means that you can move money out of your 401K. Into a self managed or traditional IRA we have a professional money manager like myself for someone else to. Hopefully is a fiduciary TU. Actually offer you many other choices one of the disadvantages of 41 case is they have limited choices. Many of them. And I like to call to paint by numbers they have decent choices but they don't have a full range of two choices so. You can do an end service non hardship withdraw that means you Donovan aren't ship. You just want to move money out of your 401K. So we can be self managed or managed by professional. You need to be 59 and a half once you reach 59 and a half. As long as your 401K it's fully vested normally after five years they are. You can move money out and into another qualified account absolutely tax free. Many folks believe that they have a tax consequence here the only time get a tax consequence. Folks. It's when you live it directly in Europe personal account so. We recommend in service not a hardship distributions now the other type and in service distribution would be a hardship distribution. If he needed money for education at first time homeowner home buyer. If you had medical problems medical expenses things and as we were you actually have a hardship. And you need to get your money. Out now. You can do that and in many cases. You can even do it prior to 59 and a half without absorbing that 10% withdraw and only. But it has to be one of five different qualifying events and I'll be glad to review them with the if you call it command or office so. Understand something folks you have a responsibility. To yourself. Understand if you have been contributing to a 401K. You're not really sure you saw major downturns in 2008 you're not sure exactly what to do or how to manage it. Call our office come on in let's take a look at it only can show you how to execute and in service not a hard chip distribution. So this money can be more professionally managed. And and again in a fiduciary capacity. As filled before we go today could you please share with our listeners exactly what they can take advantage of all believe you do have a special law for that they can grab on to. We do we have three open appointment consultations spots for this week for our listening audience. If you've been listening today and you had your quick question about your higher ranked 401K. Your Social Security. Concerns on whether you help working with a fiduciary or not or maybe you're managing your own money and you would just like a second opinion. Call our office speak to candy show set up they consultation directly with me. And I'll be happy to share time and our expertise with you. To answer any questions you may have to help you have a more comprehensive. And successful retirement plan put in place. What a wonderful opportunity that's 808511636. There is nothing to lose. That's 800. Eight point one. 1636. Fill in the first segment we have opened our email bad and we got some really interesting questions and here comes due area of Cedar Park. Gary says Phil I met my with them what my corn employer and I'm not sure how long I can keep thwarting for these bogus those. But I'm sixty years old. Yeah and I was planning to retire with a couple of viewers anyway so what it would be foolish to just walk away now and how to wind no follow held enough money to be okay well that's actually a couple questions as and it's filled. It really has and it's a very good question so here's how it works Gary this is how we set up early retirement. Income plan. First of all by now you need to have things in writing your plan should be in writing. You should have a retirement income goal. You should have a stayed at retirement income monthly gulf acts another words I want to achieve I want to retire what 6000 amount their 5000 or 101000 a month depending on what you're spending needs are. You wanna make sure that debt and we use sophisticated software that simplifies the process for clients. So we wanna take a look at. What money's going to come out of 401K. IRA accounts a personal savings accounts I wanna take a look at do you have a pension from work or have you retired mean you have a maybe you have a pension from the military your eightieth city your state pension. That's a source of income or we wanna make sure we understand exactly what we can expect from Social Security. If you're married Gary we want to take a look at spousal benefit options for your wife to allow you to build delayed retirement credits. That it so that you can retire. And save received. Half the Social Security benefits on your wife's work record at 66 while you were his bills delayed retirement credits of 8% a year. And for those of you folks that didn't understand what I just said. You should absolutely come to one of our workshops. Because it's very possible to collect a partial Social Security benefit once you reach full retirement age. Especially if you're married and then switched to a larger benefit later we go through this and indeed tail at our workshops affect. As we mentioned earlier we had a couple coming up on October 13 and 27 but we won a structure getting back cheering come plan. A plan because Gary you wanna make sure we understand that our income is not going to run out or were not going to be dependent solely on Social Security. At 75. Or eighty or even 85. You know. You have a 45%. Chance if you're married at least one spouse will still be alive at nine the that's according to the says security mortality table rates it was published out and I believe it was 2010. 2011. Just about five or six years ago so I'd like to put an income plan together. That cheeks my client to age 100. Especially if we're dealing with a client that has spouse. The other thing we need to look at Gary as we went needled Ted if you are married. What happens to you Social Security benefit ended then to you or your spouse pre deceased. When we lose a spouse we lose a Social Security benefit now all we should be in writing in or should all be put into a retirement income plan. And also should take into account number one inflation. Each year. And it should also take into account taxes so to answer your question I realize I went through a lot of information there to be more specific. You need to have a plan remember Gary those that plan. Plan to succeed. So if you've put together a plan if you're working with a financial advisors specially one that's a fiduciary. Has the financial responsibility. Each year best interest. What I would recommend is I would get a second opinion. On that plan and I'd make sure that I have specific numbers specific income amounts and have it in writing. If you do not have that done in writing Gary. Come into our office let us put retirement income plan together for you and then I can more accurately answer this question. About working with those as you so eloquently put it. Those bozos. You know sometimes that we Wear fur company we may not be happy with the environment that we're living in in our office. But sometimes we had the look. Forward to the golden years or retirement. I wanna make sure their golden by having enough income through retirement as opposed to as my dad used to say cutting men is up to spite my face. Once you retire chances are you're not going to go back to work unless. You had the opportunity maybe to start your company so come running Gary let's give you some expert advice. And make sure that you have a proper retirement income plan that's been initiated. By a professional and put in writing. Truly wise words fill in head to Gary to take fill up on his implication or you have to do is call 800. 85116. 36. You're listening to the financial safari news next. It's. News New York our server glass over it when you hear financial turmoil and diversification. And well I think coach beach book and have you been talking to financial aliens should be understand your concern and financial vocabulary can become financial jargon if it's not easy to understand talking so let's break it down and diversification. Means having assets and a variety of investments and more financial vehicles. The vehicles that are right for you depend on your own goals and needs. True diversification. Spreads out factors like growth safety risk and expenses in ways that serve you best and that requires your research so don't go into it alone sit down with a financial coach who will not only build deploy and free you can but one personalized to your tolerance to market risk and enjoy your retirement goals yeah. Yeah. You'll listening to the financial safari news and that's why. It's. Reverse mortgage which has been available since 1987. Is a special type of home loans for older homeowners 62 years or older version that requires you know monthly mortgage payment and borrowers are still responsible for property taxes and homeowner's insurance but oil so to either receive a monthly payments from the issuing company and receive a lump sum or receive a line of credit and the rising loan balance can grow to be greater than the value of the home. Depending on its market value had a homeowner decides to stay in the home for many years. Some regulatory authorities such as the Consumer Financial Protection Bureau. Argued that reverse mortgages are complex products and difficult for consumers to understand. Especially in Laredo misleading advertising. Low quality counseling and Briscoe fraud and other scarce. So before you decide to make use of a reverse mortgage you should sit down with a financial professionals to find out if this choice is -- tree you know yeah. It's still improve another financial myths. All new Ortiz or rather those months. Will not some myths. Certainly there or annuities don't do that or a better option for most folks like variable annuities. But there was also a lot of good knew what he's a good sort of as a crucial piece of jewelry charm portfolio. Remember in the financial world there are good and bad investments. Summoned both with your. Just better performance of specific tasks that you need them to do. Don't support for everyone. Just like an annuity. Might not be the right fit and make sure you're getting a customized plan from your local foreign central coach. To avoid being saved that dome home of potential this. Oh. Fill our crack research team. Brought up on items that ties right into what you were discussing with gear or. In the Washington Post. Rodney Brooks brings up a recent survey by Bankrate dot com. And which 47%. Of retirees. Or very or somewhat worried. About Al living their savings does that sound about right. Boy it certainly is and primarily one of the main reasons. Is we don't put a plan together now we don't take a look at really specific numbers that won't we won't we actually sit down and I've done literally thousands of these plans of the last ten years. And of course we were for the whole team of professionals here it senior tax and insurance advisors. What I find is that so many of our potential clients so many of the folks that commit nor our office. Well we actually helped ban. Puts the her own retirement income plan together and quoted in writing not only are they so thankful but you can see it. You can see it in writing and you have a great idea of just how long your money's going to last instead of guessing at it. When it comes to retirement. We really don't wanna guess our retirement income and you know it he reminds me of the story. I had a very good friend of mine his uncle right in 2008 was getting ready for his retirement. And he was in a you have 401K plan. And it was 22 years from his retirement. And it was in a 401K plan that lost 45%. Because of that sub prime. Mortgage downturn debacle. And literally. He was retired from his company he had to retire with 45%. Less certain the blood in and around that number. Less. Of the assets that he was planning on. And one of the primary reasons is he really didn't have someone that was looking out for his best interest wasn't using tactical asset management her. Orel limiting loss ratios in in anyway my point that I'm trying to make here is this gentleman actually had to retire and work at. And I won't use the name because I don't wanna give out any of free publicity. Will say one of the local large department stores. And he is still working there and now we have day in the week we had him over and I had an interview them any said you know I would have never guessed in a million years that here I'd be seventy years old and I still have to go in and I have to work part time. 20/20 five hours a week because I wasn't paying attention to his manager my 401K. And I took that large hit. So what I would recommend for all of you folks especially if you're within that last five to ten years to retirement. You need to look at market volatility a lot of different variables go into this retirement income plan make sure you put the plan together. Make sure it's with a qualified. Advisor that is six fiduciary. Cheat you and your family's best interest. Two or listeners you can anticipate trouble by planning in advance and not by trying to react to a very. Nasty surprise like that gentleman had true. And the way to set up a sound financial plan is with a culture. That you trust and who is dedicated to week or financial will be it in the Austin Oreo. Our local trusted coach an advisor is Phil Capriati and its full team of professionals they're available at 800. 8511636. 800. 8511636. And still with a kind of anxiety that folks have about. Perhaps how living there a savings. A lot of folks resort to move the Internet and Troy dude do a lot of planning on their own which may be hap hazzard what are the dangers of using the Internet for financial search. Well you know with the Internet again you get some good advice on the Internet under good information that it's really not qualified as far as I'm concerned we all know that tell you have to be careful on the Internet because some of these so called research is has not been fact checked. Anyone can post anything on the Internet unfortunately. End too many people look at the Internet and they they they believe that because on the Internet it's true. Always Wear would they fiduciary registered investment advisor someone who is either a CPA. A certified financial planner and it's always good to have one on one contact. Had an office talk with someone face to face have a team of professionals working with you. You retire any time there's nothing to play games with and leaving it to the expertise of someone on the Internet or someone you've never met before. I would call that highly suspect myself I would until it. You look at it this way folks you spent your entire life working seeding raising children. That you wanna spend a little time with your grandchildren that you wanna spend a little quality time. Make your retirement years truly golden years by putting a comprehensive plan together with someone you know someone that you trust someone that you can. See and talk to eyeball to eyeball that's a service that we. Bring to our clients here as senior tax and insurance advisors. And of course is for most of you have been listening to the program you realize that we have. You know go on our website take a look at and I think we have 1819 folks that worked here in our office but the point is not the the quantity that the quality. We have CPAs. We have attorneys that we that would do we have access to. We have every type of insurance professional. From long term care to Medicaid planning to move to Medicare Advantage planning. Not only that even property casually so we take a look at it. In not to mention assets under management which is extremely important and extremely crucial so you wanna work with a professional that's not one dimensional you wanna work with a professional. That has a wide scope wide range of knowledge and expertise. That's my recommendation. To anyone is getting ready to retire. By the way feel we have one more went here so you can share with audience please that special invitation that you reserved just for their home. Yes folks I told my office manager candied opened up three spots for next weekend. For consultations. At no charge you can come in you need to call her make an appointment ahead of time. Our office runs like a doctor's office we see anywhere from 812 clients a day. I'm so we have folks coming in and out if you call candy teller that tell you heard us on the radio. This fine Sunday morning. Give her an idea what your interest is what you'd like to speak I speak to me about. I'm I will be glad to me would you personally or also set up an appointment with though one of our trained professionals. Depending on what type of knowledge and expertise you're looking for. What a fantastic opportunity of folks to take advantage of it. Or you have to do was call 800. 8511636. Give candy you call at 800. 8511636. So folks we're gonna paused briefly. Spoke will be right back. For more great advice from Phil look out for gaudy. We'll be right. You're listening to the financial safari news next. It's. In many ways a marriage is a financial enterprise and your bills to trade assets of management and records to keep track car engine and in many marriages one partner handles all the money matters and this may work fine until that's for else press is warning the surviving spouses especially vulnerable fifteen documents and information are hard to find or understandings and a great strategy would be to head all the problems like keeping the financial local which would be accessible to their loved ones in the tunnel floor us. So what is typical conversation get in the way of protecting your loved ones yeah. Cone dot com or local financial coach indoor air Oreo. Go to fundamentals so for a dog call and find your financial rolled out for the future. By visiting financial self glory dogs home. Question this. How do you know when did build upon mutual funds. That the. And it. Okay great questions so without giving specific advice. Let's take a look at it. There are really two types of planning that go one nowadays and and it's becoming ever so clear more and more. Too many folks. Unfortunately there's not enough education out there. You can work would they pass an asset manager and in my professional opinion pass an asset management. Is buying let's say a mutual fund and you can hit you can just take a punch from the above. And you know it it's seven. You have to look at this sequence of returns when did you buy it because I've seen some folks by mutual funds and then all of a sudden the market trots through the floor. Here they are stuck with this eight shared mutual fund that they might have paid up front end down load or commission for. Five and a half percent or whatever it happens to be and gather advisor doesn't want him to sell it because they're concerned and possibly. Finance having legal repercussions. When we take a look at asset management we take a whole entirely. Different approach. We elected tactical asset management. I don't want to sell my client a commission financial product number one. I have to be at fiduciary make my client I'm going to make recommendations to my client then I would make to myself and my family. None of the financial products are front end load or back end loader or any type of load for. That manner. We charge in assets she yearly to men it's a client's account. Will use 101215. Different asset classes. The reason is we need to be able to move clients in and out of asset classes depending on where we are on the economic and business cycle. Extremely important so what am I talking about. Basically. Let's assume worst seeing a collapse in the economy and many advisors and many specialists nowadays. Believe that we have some sort of a bubble growing when equities may be we do may do we don't. I don't claim to be able to read minds or predict the future. But many experts in the area believe that because of the printing of money of governments and putting it into equities. That we're seeing a bubble with a equities now let's assume for a moment that that's true. Well. If for addict peak in that bubble during an economic cycle will have much Roth well the bottom. And then we'll have growth or expansion. And that will reach a peak and then we'll see contraction. Arm maneuvered back down to trot this is a normal economic cycle. You know one of the important things and one of the things that I've learned long time ago is you can make money during every single cycle even a downturn to begin an example. Folks still eat day consume alcohol and death and tobacco products from what we understand. No matter what the cycle is so by the point that are trying to make is there's a time to be in these mutual funds into the equities there's a trying to beyond them there's a time Libyan bonds. There's a time to be out of that there's a time to being commodities and precious metals but try to be out of them. Only eight I tactical asset manager can move you in and out of asset classes based on. Research. Based on proprietary algorithms and software that we used to make sure that your maximizing. And limit your downturn. Many folks who come to me it's safe till Wendy you know went to remove the need the asset into Treasury's cash or what are or what have you. And what we tell them is each client actually seeks their own risk tolerance but when you use. Tactical asset management many different assets classes. You when you're using technology to lose him in and out of different classes based on where we are. In other words when you have a financial advisor that's paying attention daily. To where you are. You're less likely to experience these large losses. I'm not really big on mutual funds nowadays folks aren't we do offer them. But I am very very big on. Actually hands on using research using technology. And making sure we learn at all downturns in every one of our clients' portfolios. Based on their risk tolerance so. Here's a vote for tactical asset management if you're unclear on what it is make an appointment come into our office will be happy to talk with you. If you're an Internet individual go ahead and do your Google but basically it's a hands on approach to active asset management. Phil is offering listeners aid no obligation absolutely free consultation. And take advantage of its fantastic invitation now. Just call Phil Capriati at 800. 8511636. There is nothing to lose so act now while you're thinking about that that's 800. 8511636. Will Phil thanks so much for all the greater voice today travel wonderful week and will talk next dark. Randy you're welcome god bless you and your family and you folks out there and radio land. Have a beautiful week we out we're here for you were phone call away god bless you all. And thanks to everyone listening. We hope that you felt this hopeful that we'll look Wii U what again next week. Right here on the financial support. Currency RA. Information on this for the strength purposes only and does not constitute investment tax advice information has been painful. Sources that are deemed to be reliable what are. Receiving complete this cannot be guaranteed their Peter. We guarantees case only financial strength and claims paying ability you can sweet company. Individuals should thoroughly review the contract specific details of cost income payments of withdrawals from deferred annuities are generally taxable ordinary income in the near near thing.