Retirement Planning - Redefined

For Couples, Retirement Planning Is A Team Sport

Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk. Listen to this episode where we'll explore why it’s so important for couples to have detailed conversations about their finances and retirement futures. We’ll cover exactly what you need to discuss, and how to handle any disagreements.
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
 
Disclaimer:
Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.
 
 
Mark:
Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it's time to talk. So check into this episode where we explore why it's important for couples to have detailed conversations about not only their finance, but their retirement futures and their dreams, this week on Retirement Planning, Redefined.
 
What's going on? Welcome into the podcast. Thanks for hanging out with John, Nick, and myself as we talk investing, finance and retirement. And we're going to go to couples therapy this week here on the podcast a little bit, or maybe we'll make it more manly, I guess, and call it a team sport.
 
However you want to look at it, you want to be on the same page with your spouse, with your loved one when it comes to retirement. I wanted to talk a little bit about that this week, guys, to see how many people generally are on the same page by the time they sit down with professionals like yourselves, financial professionals, or if it's happening a lot in real time, right in front of you. So we'll get into it this week.
 
What's going on, John? How are you bud?
 
John:
Hey, I'm doing good. How are you?
 
Mark:
Doing pretty good, hanging in there. Looking forward to chatting about this a little bit.
 
Nick, I hope you're well.
 
Nick:
All good.
 
Mark:
All good as usual. Well, that's very good.
 
Nick:
Good start to the season for the bills, so I'm happy.
 
Mark:
All right, well there you go.
 
Nick:
It's early. It's early, but...
 
Mark:
My lions, my lions are all right for right now. We'll see. I don't have a lot of hope. 40 years doesn't bode well when you have one good season in 40 years, but we'll see.
 
Nick:
I get it, [inaudible 00:01:33].
 
Mark:
All right, so let's dive into this couple stuff here. Why is it important for couples to work together on their retirement plan? I mean, you come in, somebody sits down for the first time with you guys for a consultation, and they're just not even remotely on the same page. That's got to be a bit more problematic, yeah?
 
Nick:
Yeah. Not being remotely on the same page is tricky. I would almost say we probably, at least for John and I, we probably don't run into it too much where they're completely on separate pages.
 
Mark:
Well, that's good.
 
Nick:
I would say that there tend to be different ways that they think about money and kind of communicate about money. To be honest, that's one of the reasons that I would say that John and I like working together as a team with clients is because oftentimes one of us will kind of pick up more on the vibe that one of the people in the relationship is on, and then vice versa the other way around.
 
And so I'd say it's pretty rare that people in a couple tend to think about finances the same way. Even though they might end up having similar goals on the backside, they kind of attack it a little bit differently. And really it's, I think we joke sometimes, I think at this point we're 80% therapist, 20% financial advisors.
 
Mark:
Right.
 
Nick:
And really it's just trying to get people closer to the same page, and realizing that a lot of the things that they're talking about are pretty similar and they're just going about different ways to attack that.
 
Mark:
Well, John, to expand on that, when somebody sits down for the first time, do you guys, if they haven't really discussed some of those big issues, is it important that they maybe try to knock some of that out before they come in to see an advisor? Or does it not really matter as long as it's getting done?
 
John:
Yeah, I don't think it really matters. I think sometimes they're not even really sure exactly what to be knocking out prior. So to delay meeting with someone just to try to figure out, "Hey, are we on the same page?", I don't think makes sense. I think what tends to happen in our meetings is we'll ask some questions that kind of get them thinking a little differently. Like, "Oh, I didn't think about that." And ultimately, I think what we do when we do our planning, they tend to have some things come out and then they tend to kind of understand where the other one's coming from and that kind of lines up.
 
Mark:
Yeah. Well, I mean, I talk to advisors all across the country and I certainly hear stories often about people saying, one person will say something and the spouse will go, "Since when? I never heard of that."
 
Nick:
It definitely happens sometimes for sure. I would say almost that tends to be more on the lifestyle side of things.
 
Mark:
Okay, all right.
 
Nick:
Versus almost purely financial.
 
Mark:
Like "I want to go scuba diving in every major ocean or something." And the other one's like, "What?"
 
Nick:
Yeah, when the husband pulls, "I want to drive across country in the RV" card, that's where I've seen a lot of the sideway looks where... My parents are a good example, it's like my dad doesn't like to drive to Publix, but then he said he wanted to drive-
 
Mark:
Across the nation.
 
Nick:
... In an RV, because that's going to be more relaxing. And I remind him that a thousand miles is a lot worse than five. So there's things like that absolutely. How to spend that time, or even just the extra time together. I've almost seen it where it tends to be a little bit of a smoother process for couples when one person retires first, and maybe there's a year or two lag, where they kind of have a little bit of a staggering on spending an extra 50 hours a week together, which can be a little bit of a shock.
 
Mark:
Sure, yeah, it's a totally different animal. Yeah.
 
Nick:
Yeah, a totally different ballgame. So I would say from at least my experience with clients, it tends to be more in the lifestyle side of things. What I've seen most often with couples are it's rare that it's a 50/50 input on finances.
 
A lot of times I'll see it where one person might be a little bit more strategic on expenses, and then the other one might be a little bit more focused on the actual investments, things like that. But they end up being kind of having the same goal or outlook, but the lifestyle and how they're going to spend their time in retirement and how much they're willing to spend to do those sorts of things tends to be a little bit different.
 
Mark:
All right, John, well let me throw this one your way. So my wife and I are not usually on the same page when it comes to certain different things in a relationship, like most couples. And when it comes to risk, we are completely different.
 
So how can couples navigate if they are in different places risk-wise? Because let's be honest, I mean the statistics are what they are. Typically, us fellas tend to want to take a little bit more risk, and a lot of times the ladies tend to want to play it a little safer. Not always, but that's kind of the average.
 
So how do you guys handle that and what's some advice there?
 
John:
So we'll do risk tolerances for each client when that comes up. And we we'll find that someone, again, might be more aggressive than the other, so maybe their accounts are invested, maybe a moderate where someone else's, the spouse might be invested conservative. So that, having separate accounts makes that a little bit easier.
 
It becomes more difficult when it's the, a joint account. And what we'll do at that standpoint is we kind of go back to the plan. So a lot of the times it's what type of rate of return are we trying to achieve from the planning standpoint. We kind of have conversations, and we'll try to blend the two of them together.
 
I'd say for the most part, I don't want to speak for Nick, but he could jump in, have never really had this come up as an issue. It's kind of like, "Hey, this is how you want to do it. This is how this other person wants to do it." And for the most part, the spouses are okay with it as long as they're achieving their goals.
 
Mark:
Interesting.
 
Nick:
For the clients that tend to be, for the ones that have a little bit more of that risk appetite, we found through conversation that they have the risk appetite when things are good.
 
Mark:
Sure. Everybody likes it when it's up, right?
 
Nick:
Yeah, for sure. And not necessarily when things are bad. And so we're big fans of almost having, for lack of a better term, like a petty cash drawer or just kind of a smaller investment account that will carve out. So when there are clients that want to have that higher risk appetite, want to take opportunities to really kind of get some big upside.
 
Mark:
So that's your speculative casino type money, right?
 
Nick:
Yep.
 
Mark:
If you will.
 
Nick:
Yup, yup, exactly. And really too, because I would say the majority of our clients are pretty close to retirement or in retirement, they tend to, at least in our experience, be a little bit over that phase with any sort of larger amounts of money. Oftentimes they come to us and they're like, "All right, we had our fun and we're ready to be a little bit more in line on the risk side of things with the investment decisions that we're making." And oftentimes when we have that conversation of, "Hey, if you get an itch, let's have this off to the side and it'll help you make better decisions with the rest of the money." That tends to be kind of a winner for everybody.
 
John:
No, I was going to say, yeah, that's kind of what we reference sometimes as a cave, this is kind of your play account where you want to buy some individual stocks and things like that, where the fluctuation won't really make a big impact overall on your plan. So as Nick mentioned, that kind of satisfies some of the very aggressive clients.
 
Mark:
Okay. Well, so you mentioned the fact a second ago that a lot of your clients tend to be nearing or into retirement, and with a different demographic comes different feelings and mindsets about money.
 
So with that in mind, we tend to find that, which is really weird if you think about it this way, a lot of times you tend to find that in couples, going through the life, building of the life, raising the children, blah, blah, blah, blah, blah, typically the wife tends to budget the money, handle the money, so on and so forth. She's doing all that stuff in the house. But when it comes to retirement, it tends to seem like us guys tend to take the lead there.
 
Is it okay for one person to handle all the financial matters? Or do you guys really prefer that both people have a good understanding, even if it's not your bag, do you still prefer them to have a general, I don't know, 10,000 foot view of what's going on?
 
Nick:
Yes. I would say too, more and more that, again, from our experience, and maybe it's our clientele where you've got a lot of households that are both people work, both have retirement accounts, and although they may make some differences from the perspective of risk in their portfolios and stuff like that, it tends to be a collaborative effort. Again, I would say we have, anytime we do planning, we have clients fill out an expense worksheet. It's rare that they both fill it out. It's usually one of the two that are filling out the expense worksheet.
 
And so it does tend to get kind of broken up a little bit from who focuses on what. But it's definitely important that they're both on the same page and have a good grasp and an understanding. And I would say too is the easiest example of that, and the people that work with us kind of know this is there's one report that we go over with clients, it's like a cashflow. It's in detail, wall of numbers, lots of columns, can be kind of intense. And then there's an area called the decision center, which takes all those columns and it puts it into kind of a graph format and it's more interactive.
 
And I think that's kind of almost the best illustration of the different sides of the brain where one person in the couple sometimes likes the details and likes the column report and they like to, because they can go in on their client side of the portal and go through that and re-review it. And the other one is, "Hey, let's zoom out. Give me the broader picture. Are we good? Are we not good? Give me an idea of a couple of decisions that we need to make moving forward and let's go from there."
 
Mark:
And there's no right or wrong to either one, it's just what is your personal appetite? But I think neither, like if both of you don't have a good understanding, John, that's a recipe for trouble later on too.
 
John:
Yeah, no, I'd agree with that. It's important for both to at least have an idea of what's happening and working as a team, whether one takes a lead and one takes a backseat, we encourage everyone to have a general understanding. Because this past year has been interesting where I've had some clients have some health issues, pass away. And you got to make sure that both pistons are aware of what's happening because you don't want that situation where it's like, "Hey, I don't know where anything is. What do I do?" So [inaudible 00:11:43].
 
Mark:
That's exactly the point, right? Yeah, that's the worst case scenario. And it often, it happens more times than people realize. So you both want to have a decent understanding, even if it's not your thing. And again, no gender roles there. It tends to be the case, but I mean, my wife is way smarter than I am, and she actually deals with, she's very analytical and deals with money and numbers all the time for work. And it's one of those things where when it comes to our retirement, she's like, "I don't want to deal with it. So you deal with it."
 
And it could just be as simple as, "I deal with numbers all the time, I don't want to deal with it yet another way." So no matter what it is, you find a way to make it work, but not having a decent understanding of what you have, and why you have it and who to turn to in the event of a catastrophe, is a recipe for disaster. So obviously if you're working with a financial professional and a team like the guys at PFG Private Wealth, then at least you also have that resource to turn to when something does happen like John just mentioned.
 
So one final question here, I'll let you both kind of jump in and chime in a little bit here. What final piece of advice would you give to couples who are maybe just beginning their retirement planning journey, when it comes to making sure that they both are feeling comfortable?
 
Nick:
I think it depends on what phase they are in life, but in general, I think it's hard to screw it up long-term, if you're saving money. So even if you are very conservatively saving the money and you're not getting much return on your money, that kind of instills an ingrained habit of saving money and being used to living on the rest. That will lead you to better habits and better outcomes.
 
You can always take the next step in, whether it's working with an advisor, whether it's doing research by yourself and then making better and smarter decisions on how you invest that money that you saved. That tends to be kind of the easier part. But the behavior of saving that money first and then going from there, is the number one thing, I think that's important.
 
Mark:
Okay. That's his advice there. What do you about you, John, what do you think?
 
John:
Yeah, it's really similar. You can never go wrong saving. And it's really just kind of the words that just get started. Just get started saving, just get started planning, get started with any of it. Whether you have kids, you want to make sure that estate documents are in place, insurances are in place.
 
So depending on what phase, it's just a matter of getting started with the overall planning, and saving is definitely where you want to be the forefront. Because like Nick said, you can't go wrong. You're never going to be mad looking back saying, "Man, I saved way too much for retirement."
 
Mark:
Right, exactly. Taking the forward steps and doing something to quote the rush song, right? If you choose not to decide, you still have made a choice. So don't make that choice to do nothing. Do something for yourself and your future self and get started today. Make sure that you are planning for retirement and having conversations with your loved ones so that you guys are on the same page.
 
And of course, as always, if you need some help, make sure that you get onto the calendar with qualified professionals like the team at PFG Private Wealth. You can find them online at pfgprivatewealth.com. That's pfgprivatewealth.com to get yourself some time on the calendar to sit down with John and Nick and get started today.
 
This has been Retirement Planning, Redefined. Don't forget to subscribe to the podcast on whatever major podcasting platform app you like to use. They're on all of them. So you can just type in Retirement Planning, Redefined in the search box, or just go to pfgprivatewealth.com.
 
We'll sign off for this week. For John and Nick, I'm your host Mark, and we'll catch you next time.

The Magic 8 Ball’s Guide to Retirement Planning

Remember the thrill of shaking a Magic 8 Ball to get answers to your childhood questions? Would we ace that math test? Would we be famous someday? Well, today, we're bringing a bit of that magic back. But instead of asking about pop quizzes and playground crushes, we’re turning to the Magic 8 Ball for advice on something much more important: your retirement planning!
What would the Magic 8 Ball have to say about these common retirement questions if it had the wisdom of a financial advisor?
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
 
Disclaimer:
Speaker 1:PFG, Private Wealth Management LLC is an SEC registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial advisor and or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance insurance. Products and services are offered and sold through individually licensed and appointed insurance agents.
Speaker 1:
You all remember that thrill of shaking the Magic Eight Ball to get answers to those childhood questions we couldn't wait to find out? Would we ace that math test or be famous someday? All those crazy fun questions we had when we were kids. Well, this week on the podcast, we're going to do the Magic Eight Balls Guide to Retirement Planning with John and Nick here on Retirement Planning Redefined.
What's going on everybody? Welcome into the podcast. Thanks for hanging out with John and Nick and myself as we talk investing, finance, and retirement. And we're going back to our childhood with the Magic Eight Ball. Going to have a little fun with these things and shake it up and see what kind of answers we get for retirement. Then of course, let the guys give us some proper answers just in case the Magic Eight Ball gets it wrong. But guys, what's going on this week? Good to talk with you as always. Nick, how are you buddy?
Nick:
Good, thanks. Just staying busy.
Speaker 1:
Staying busy, rocking and rolling. Very good. John, my friend, how are you?
John:
I'm doing all right. Getting ready for this upcoming storm we have, so.
Speaker 1:
Oh, big fun. Yeah.
John:
Getting to the grocery store quick, so all the crazies don't run me over.
Speaker 1:
Nice. Now you got little ones. Do they still sell the Magic Eight Balls in the store? I think they still make them. Don't they?
John:
They do. I think we had one at one point.
Speaker 1:
Nice.
John:
And it didn't work very well, so anytime they asked a question, it would end up on the side and they're like, what does it say? And I don't know.
Speaker 1:
I can't see it. You got to reshake.
John:
It was definitely something good that entertained them for a little bit.
Speaker 1:
Yeah.
John:
But like any little kid nowadays, it lasted all for about 20 minutes.
Speaker 1:
Oh, yeah. Yeah.
John:
Like, all right,-
Speaker 1:
Well I'm a wee little kid of the 70s, so I thought they were great. That and the Etch A Sketch and the Stretch Armstrong, I was a happy dude, so. But anyway, let's have a little fun with this, this week here and I'll toss you guys out a question. You kind of give us the Magic Eight Ball and your answer to it, or at least what it maybe should be, so to speak. Right. So we'll make it easy to kind of get things started. John, I'll toss this one to you. Should I start saving for retirement now? What's the Magic Eight Ball say?
John:
Magic Eight Ball is going to say yes, definitely. The sooner you can start the better. And that goes for anybody, whether that's you in your 20s. I have some clients that right out of college started and now they're in their late 30s, and when we do reviews occasionally, it's always like, "Hey, really appreciate you kind of getting on me for starting to save," because as life happens, expenses are going up, they have kids and stuff like that, it's harder to save. But when they didn't have too much going on in their early 20s expense wise, they were definitely built up a nest egg, so.
Speaker 1:
Yeah.
John:
If you haven't started at any point, wherever you are, 20, 30, 40, it's good idea to start.
Speaker 1:
Yeah, I mean 50 as well, right? I mean it doesn't make a difference at this point. Waiting yet another day only causes you more problems, right? So should you start now? Definitely. And I'll give you guys kind of a little primer on the Magic Eight Ball. So we kind of looked through some of the stuff. They have, I guess what you'd call the green, kind of the positive answers, right? Stuff like the one John just got there, yes, definitely, most likely, out look good, that kind of stuff. Then they had that kind of middle of the road, nah, not so sure, right? Reply hazy, ask again later, better not tell you now, that kind of thing. And then of course they had the negatives, which was my reply is, no, very doubtful, don't count on it. So on and so forth. So we'll use those answers to kind of kick things off with each one of these episodes and then let the guys expand on it like John just did. All right Nick, so your turn, give it a go. Is a million dollars enough to retire on? What says the Magic Eight Ball?
Nick:
That's definitely a reply hazy, try again answer on that one. A consistent conversation that we have with people, whether it's somebody that we've worked with for a while or somebody that has come to us and we're kind of taking them through the planning process is that everybody's situation is different.
Speaker 1:
Sure.
Nick:
People love to compare things with each other, whether it's cars, houses, finances, whatever. And we try to make sure that people understand that comparing themselves even to a sibling or a neighbor or friend doesn't necessarily make sense. Some of the most common examples that we'll see are people that maybe they have pension plans because of the sort of job that they have.
Speaker 1:
Yeah, they saved a million, but they got a pension versus someone who saved a million and doesn't. That's a dramatically different setup, right?
Nick:
Correct.
Speaker 1:
Yeah.
Nick:
Correct. Yeah. And so assets are important obviously, but really the end game for assets in retirement is to generate income. So ideally people will have the combination of both, but having an arbitrary number like a million dollars is something that doesn't make a whole lot of sense. And I know that recently there's been some kind of articles in the news about, I think we just hit the highest percentage of millionaires in the US.
Speaker 1:
Right.
Nick:
And even from that perspective, dependent upon the situation, again, a million dollars isn't what it used to be. So it really just all depends. We've had clients that have had five or $6 million going into retirement that when we look at their plan, they're going to burn through that in 15 years because they spend too much. And we've had clients that are retired with five or 600,000, but they have their expenses very much in check, they have no debt and they live within their means and their plan looks great.
Speaker 1:
Yeah, there you go. I mean there's three of us here on this podcast and it might take a million for one and 500,000 for the other and two and a half million for the other. Right. It all just depends on where you live, how you live, all those sorts of things. So yeah, reply hazy, try again. And really what it comes down to is get a strategy, get a plan, and get the numbers crunched for your specific situation and then you're going to understand exactly what you need to get to. You're going to have a better outline versus just kind of a shaking the Magic Eight Ball.
And I think the idea behind some of this too was fun. You know how you guys in the industry know this. There seems like there's always advisors out there that have a little crystal ball on their desk and they like to say, "Let me check the crystal ball," when somebody asks them a question and they're like, "Well it doesn't work today." And that's because it's not a sound way of doing things. So we thought we'd take that kind of analogy and apply it to this week's podcast. So back to you, John. Can I rely on social security for my retirement?
John:
Say out look not so good.
Speaker 1:
Right.
John:
Yeah, definitely not what you want to be banking on. It's a good source to have.
Speaker 1:
Sure.
John:
But you do not want it to be your only source.
Speaker 1:
It's big dollars. I mean it can be big dollars for a lot of people. And I think an interesting question, and I put it this way, is I've got a family member, a loved one who totally survives on social security only, but it's not what she wanted, right? So could you do it? Yes. But is it ideal? No.
John:
Yeah, no. I think on average social security covers maybe 30, 40% of someone's retirement income. So you have to look at where's the other money coming from. So just planning on social security I would say is not a very good plan.
Speaker 1:
Very true, very true. Well following that up there, Nick, give us the Magic Eight Ball answer here. Is it wise then to have multiple sources of retirement income?
Nick:
It is absolutely as imperative as you can get to try to have different sources of income. A conversation that we have with people consistently is that from the perspective of planning, the one thing that we know and that we can absolutely count on every single year, year after year, is that there's going to be change. And so anything that you can do to build in options, build in flexibility, allow yourself to adapt and pivot to what's going on is essential. And part of that is income streams, not only diversifying assets, but diversifying income streams.
Speaker 1:
Definitely. Right. So you definitely want to have those. Social security is a big piece of it, but it doesn't need to be the only one. You need to have multiple sources of income streams. All right, John, back to you. Can I expect to have fewer expenses in retirement compared to when I'm working? What's the Magic Eight Ball say?
John:
I'd say don't count on it. Again, I don't know, we've kind of preface this quite a bit and we've even said it today, everyone's different. So we've had some people where expenses have gone up during retirement because they want to vacation more, they want to do more things with the family. So I wouldn't say plan on that necessarily. And the only way to really find out is to do a comprehensive plan, but then there's going to be curveballs that come at you, whether it's health expenses. That tends to not go down as we get older. So maybe something could be dropping off.
Speaker 1:
Right. Right.
John:
But you never know what's going to get added. So do your plan as best you can and try to be as accurate as can. But I wouldn't have that be like the bulletproof, like, hey, my expenses are going to drop so I should be good.
Speaker 1:
Well, that's a great point because a lot of times people say, hey, here's our back of the napkin math. We think if we curtail this a little bit and this a little bit, we can make it work. Right. We can kind of squeak into retirement. But then you get there and you think, I don't want to do that, right? And there's certainly a lot of conversation around regrets that people have when they're talking once they get to retirement and they go, boy, I wish I would've spent more in those early years when my body would've let me go out and do some things that I wanted to. Right. So can I expect fewer expenses? Yeah, probably not, right? Because like you said, things are going to drop off, but other things are going to add and of course don't count on it. I think that was the answer Rhonda Thomas gave me when I asked her to the seventh grade dance, I think she said don't count on it. I think she must have got that from Magic Eight Ball as well.
Nick:
That's stuck with you.
Speaker 1:
Yeah, right. Exactly. It stuck with me. I'm still wounded Rhonda, if you're listening. All right, so let's do the next one here. Should I review my retirement plan annually? Nick, what says the Magic Eight Ball?
Nick:
Without a doubt on that one. Going back to what we talked about earlier, things constantly change. So updating the plan is really important. The most recent example of why that's important has been inflation over the last couple of years. So when we do a plan and we put in an inflation increase every year in expenses, the software still requires us to kind of update those baseline numbers. And so what we found and what we've tried to emphasize to people is that us capturing and updating those baseline numbers every two or three years is really important and gives us a much more accurate projection from the perspective of planning. So,-
Speaker 1:
Gotcha.
Nick:
Those annual reviews are important.
Speaker 1:
Yeah. And that's how you kind of keep track of the expense changes or the income source changes or added a grandchild, want to change this, whatever the case is. So all those annual things are certainly important. Your life's going to change, your plan has to change along with it. All right, John, will my retirement plan be affected by future changes in tax laws? Not to get political, but you have to talk policy and certainly when it comes to taxation, that's going to be part of the conversation. I mean, seems like everything is political these days, but if you're thinking about future changes in tax laws, you're going to have to certainly think along those lines as well. So what says the Magic Eight Ball when it comes to will your plan be affected by it?
John:
Signs point to yes.
Speaker 1:
35 trillion? Maybe. Yeah.
John:
Yeah. So you definitely want to take that into account. I mean if you look at maybe people that retired in the 70s and then all of a sudden the 80s, your social security is getting taxed, you weren't really anticipating that happening and then,-
Speaker 1:
Oh yeah, the IRMAA tax, right? That gets a lot of people blindsided.
John:
Yeah. So you could count on taxes changing. Whether it's going to go up or down, again, we don't have our crystal ball, but we have the Magic Eight Ball here. Something's going to happen and you should be planning for that. One thing you could do when you're running retirement plans is you can have the ability to stress test it, to take a look at it. So definitely plan on it.
Speaker 1:
Yeah, I mean you figure, look, regardless of where your political bent is, we've got a lot of debt and so taxes are going to have to change. And even if it's not this particular administration change, this current election, right, God willing, you live long enough in retirement. If you last 20, 25, 30 years in retirement, you're going to see multiple administrations come and go. And that's going to mean multiple tax law changes because they do that every so often. Right. So the odds of that happening are pretty great. So signs point to yes, you should consider how taxation is going to affect you because it is one of the biggest pieces of your retirement strategy. What is that old saying? It's not what you make, it's what you keep, right? So make sure you're talking with qualified professionals like John and Nick when it comes to dealing with all this stuff. Let's do one or two more and then we'll wrap it up. Nick, let's toss this over to you. Let's see here. Should I focus on paying off debt before increasing retirement contributions?
Nick:
So I would say depending upon the debt, most likely.
Speaker 1:
Okay.
Nick:
From the perspective of consumer debt like credit cards, all that kind of stuff,-
Speaker 1:
Bad debt, right?
Nick:
That can absolutely, it's hard to argue that that's not unimportant. One thing that can be a slippery slope for people is it kind of tends to depend on their behaviors. We've had clients that have been good income earners but have at different times had debt problems. And in certain ways, whenever they pay off the debt, the debt comes back up and then they kind of find themselves not saving at all. So it's oftentimes kind of a balance of both. One of the most common sorts of comparisons from a perspective of debt is mortgage. We found that over, we had a lot of those conversations when interest rates were really low and we kind of emphasized with people to take advantage of those low rates and that's come to be a pretty beneficial sort of decision. So I would say in order, consumer debt for sure, trying to do both consecutively, both at the same time, obviously ideal, and then just kind of working through the plan and prioritizing what makes the most sense and how to deploy the money.
Speaker 1:
Yeah, definitely, right? I mean, debt's going to be a big component of that as well, and certainly getting rid of that, the higher interest stuff is always a good idea. So the final piece then here guys, and John, we'll let you wrap it up since you started it. Should I consider working with a financial professional as I near retirement? This is kind of a layup for you, but I'll give it to you anyway. What do you think?
John:
Appreciate that layup. Answer is yes. As you're getting closer to retirement, it becomes even more important to make sure you're working with someone to update the plan or start a plan and take a look at it. I would say you don't have to wait until you're near retirement. I think the answer is yes at any point.
Speaker 1:
Yeah.
John:
Even my younger clients, they always appreciate having someone they could talk to and bounce some ideas off of, whether it's not always comprehensive planning, but it's someone you could talk to discuss things.
Speaker 1:
Exactly. Because there's so many nuances out there and it just continues to grow and get more complex. So certainly not a bad idea at all to get qualified professionals on your side. So if you need some help, reach out to the team at Pfgprivatewealth.com. That's Pfgprivatewealth.com and don't forget to subscribe to the podcast on Apple and Spotify or whatever platform you like using. It's Retirement Planning Redefined with John and Nick from PFG Private Wealth. And we'll see you next time here on the show and enjoy the Magic Eight Ball. We'll catch you later.
 
Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.
 

Combatting Popular Excuses For Poor Financial Decision-Making

Very often, we see people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing. Let’s talk about why these excuses usually don’t hold water...
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
 
Disclaimer:
Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.
 
 
Marc:
This week on the podcast, we're going to talk about combating popular excuses for poor financial decision-making. Very often we see people who know that they've made some poor financial decisions and they try to explain it away or create excuses as to why they've done that. So we're going to talk about that this week from things the guys have seen and maybe that'll shed some light on your situation right here on Retirement Planning Redefined.
Announcer:
The rules of retirement have changed. No longer can most of us rely on Social Security or a single pension to fund our futures. We're living longer and retirement doesn't just last a handful of years anymore. Instead, you might stay retired for 20 or 30 years and maybe even more.
We need to look at retirement through a new lens with fresh eyes, with a new approach and plan of attack. Here to answer the call are financial advisors John Teixeira and Nick McDevitt of PFG Private Wealth Management, serving you throughout the Tampa Bay area. This podcast is Retirement Planning Redefined, and it starts right now.
Marc:
Hey, everybody, welcome into the podcast with John and Nick from PFG Private Wealth here with me to talk investing, finance, retirement, and hopefully avoiding some of these poor financial decisions that everybody gets into. It doesn't make you a bad person, doesn't mean you did anything wrong. But if we can learn from the mistakes of others, I forget who said that, was it, Einstein, probably a little bit better off than making some of these mistakes ourselves.
And of course, the guys helping many families retire, so they have seen a lot of this stuff and a great resource for you to tap into. So if you've got some questions, make sure you reach out to them at pfgprivatewealth.com. That's pfgprivatewealth.com. What's going on, John? How are you doing this week?
John Teixeira:
Hey, I'm doing all right. I'm doing all right, doing real well. So I think you mentioned the end of the last podcast with new puppy. I don't think we talked beginning, but yeah, new puppy is doing well. My girls are attaching to it quite a bit. It's funny, because if my wife and I go to feed it, they're like, "No, no, no, no, I'll feed it. I don't want you bonding with it."
Marc:
Oh, nice. Okay.
John Teixeira:
They want to make sure the dog's their friend.
Marc:
Their dog.
John Teixeira:
They're pretty excited. It's really cute.
Marc:
Nice. Very cool. Very good. Well, Nick, my friend, how are you doing?
Nick McDevitt:
Pretty good. Pretty good. Speaking of dogs, I was with family this past weekend and my sister-in-law reminded me that I volunteered to take care of one of their dogs when they went out of town soon, and I had totally forgotten. So be on doggy duty for about 10 days, which I'm actually looking forward to, so it'll be fun.
Marc:
That's cool. Yeah, very good. Good stuff. Your sister live far away, or do you have to?
Nick McDevitt:
It's brother and sister-in-law. They're down in Sarasota, so yeah, not too far. The last time I took care of this dog though, it was pretty funny because he's not used to being in a city setting, so he's just used to being in his backyard. There's so many other dogs around, all the scents. He wouldn't pee for almost two days.
Marc:
You're driving him nuts, huh?
Nick McDevitt:
Yeah. Yeah. So I was taking him out every two hours to try to get him to finally go, so I'm hoping this time it's a little bit smoother.
Marc:
There you go. Very good. Little dog stories here to kick things off. Always good. So man's best friend. Well, let's get into some conversations here, guys, about these poor decisions. Hopefully you won't make any poor decisions when it comes to the dogs, but let's talk about some of these from a financial standpoint, guys. I got some classics here I want to share with you, and then you guys give us your take on what you guys see and how you guys react or help folks through these types of things.
So for example, when someone wants to start their social security early at 62, a lot of times the excuses or the explanation is, "Well, they owe me, right? Or I've paid into the system. I want it back before it goes bankrupt," all that stuff we've been hearing the last couple of years.
Nick McDevitt:
Yeah, definitely heard this one or 100 times, but history has shown that if you can afford to wait, one thing that people are noticing, I would say we have less and less clients retiring pre 65, unless there's something that happens, maybe a health situation or loss of a job and they need the income at 62. That's one thing.
Marc:
Well, that's the thing, right? If you're talking about excuses, Nick, if you need it, you need it. But if you're just turning it on because you feel like you want to stick it to the government or whatever, you could be costing yourself a lot of money.
Nick McDevitt:
It has a huge impact over time, especially in the last four or five years where the inflationary raises that have been given for social security have been much higher. People that waited because they get that inflationary raise and people that are collecting get the inflationary raise, but it's compounded when waiting because you get the normal increase plus the inflationary raise.
The amount of benefit for people that have made that decision to wait has been substantially higher. And we've had a lot of people that have clicked over to that 64, 65, 66 and have started to take their benefit or will be. And we look back at those numbers. And to a person, they've all been extremely happy that they waited because the benefit is substantially more.
Marc:
And John, I mean, if you are thinking about turning it on, don't forget that if you decide that you're bored and want to go out and earn some money or something like that, there's going to be limitations there too. There's more than just the haircut that you take from taking it early. There's some other things that go along with that.
John Teixeira:
And that's one of the things. Typically, as you guys already mentioned, when someone brings this up, it's really what do you need it for or why are you taking it? And the big thing is are you still working? And if you are or if you plan to work even part-time and you make above I think it's roughly 20 to 23,000 or so...
Marc:
Around 20, 21. Yeah, somewhere in there.
John Teixeira:
If you make above that, there's what they call a recapture. So they'll take half of it above that amount. So it's definitely something to consider is are you working currently or do you plan to go back to work? But once you hit your full retirement age, you are able to take your social security and not worry about that.
Marc:
Yeah, sky's the limit then, right? You can make as much as you want then.
John Teixeira:
But beforehand, definitely something to consider. And what we typically do for clients on this, and we'll offer it to anyone that's listening, is we can run a social security max strategy, which helps people see it. It's one thing to say, "Hey, I want to take it now." But once they see it, and like Nick mentioned, that compounding is really important with waiting, with the cost of living adjustments that you get.
And especially we talked last time about inflation and how that's gone crazy, so you really want to plan correctly. Once people see it on paper, it tends to slow them down from taking it, but everyone has their different opinions.
Marc:
Yeah, for sure. But again, if you're doing it just because it's like, hey, I want to get it before it runs out of money or something, don't make that excuse. Run the numbers, as John said. Get a stress test maximization on that social security strategy before you turn it on. And then if you need to turn it on, well, certainly turn it on. That's the point. All right, number two, when someone is taking too much risk with their money, we often hear things like, "Well, I'm behind. I'm making up for lost time." We talk sports often on here as well.
If you're thinking about baseball, the home run kings, typically the people that usually hit the most home runs, are also the strikeout leaders because they're swinging for the fence a lot. And so just be careful when you're doing that. Whoever wants to take this one, feel free to jump in here. But if you're behind, that's one thing. A lot of us do feel that way. But I guess the first question I would have is, how do you know you're behind? Is it just a feeling or have you actually gone in and sat down and had your numbers ran?
John Teixeira:
Yeah, this is a really common one. When talking about getting these, I got this a couple of months ago and the person wasn't behind. They felt like they were. But when we started doing the planning, they weren't. But a big thing with this, especially trying to get more aggressive is it's going to take you outside of your risk tolerance. Can't stress enough that you really want to stay in with whatever risk tolerance you have.
Because if the market starts to fluctuate and you can't handle it, so if all of a sudden we have a COVID type year or whatever might happen, the market's down 20, 30% and you start to panic and you go to cash, and then within a month later a rebound, you just missed out on all that upside. One of the first things in investing is understanding your risk tolerance and investing in that type of portfolio so you don't make mistakes.
You really don't want to chase any returns or anything like that and feeling like you got to catch up. Because ultimately if you do that and you're not a risky investor, you're going to end up even more behind.
Nick McDevitt:
And oftentimes too when people are actively making that decision like, "Hey, I'm going to take a little bit more risk," and when you kind of flush it out and you talk about it, they're often under the impression that they will exit at a certain point like, "Oh, I'm just going to wait until I make X amount or I get this amount and then I'll back off."
But when you're in the midst of things going up, it's very difficult to walk away. And trying to time things, having that perception that they can time it is extremely difficult. And the overreaction that tends to happen after that just puts them into a highly volatile situation. Human behavior comes in and just makes it very difficult to be able to even benefit from it, even if it does work out.
Marc:
I mean, getting that risk analysis done to find out, okay, am I behind and how much risk can I take or should I take, feel comfortable with taking? All of that is part of sitting down with a qualified professional to find that stuff out. And I think we all, human nature, a little bit feel like is once you get to 50, I think that switch kicks in and we're thinking, okay, I've got to start thinking about retirement. And boy, I haven't done a whole lot, whether you have or you haven't.
So again, run the numbers, sit down and have that analysis done. That's going to help you understand whether you're behind or not. So let's go to the third one here, John. How about this one for you? When someone has way too much cash, often it's, well, I've been burned, right? Or maybe even more recently right now is, hey, it's a pretty decent rate. With the interest rates rising up, I'm getting a decent rate at the bank, so why not just sit in cash?
And that's fine, but it's also not going to last real long. And you're not going to just automatically get that 5% or whatever that you'll see ads for right now. If you just have money sitting in your savings account, check your savings account. It's not generating that much. You're going to have to talk to the bank about a different product. They're not going to automatically just increase your savings account interest rate.
John Teixeira:
And this goes back to the risk tolerance as well. The first part that you said here of people being wary of the market or they've lost before. So this is what happens, and we've seen clients that lost money in '08 and doing plans for them and introduced them in 2016, 2017, and they were in cash for almost eight years and they'd lost out on some big runs.
So if they were invested properly, it wouldn't have been the issue. So you definitely want to, again, risk tolerance, get the plan down, stay the course, because long-term history has shown us that you will in a portfolio basically beat the cash just sitting in cash all the time.
Marc:
Oh yeah. I mean, it never does. No matter what the interest rate, even people who live through the late '70s, early '80s when interest rates were really high, 12, 13, 15, 16%, it still wasn't beating inflation then. I mean, that's the thing with the interest rates at the bank, they never outpace inflation ever. It's there for that safety portion.
John Teixeira:
Yeah, exactly. And as far as people that are with money on the sidelines and they want to stay in the money market getting some rates, you're right, it's not going to stay like that forever. They're trying to force these rates ultimately down at some point. The thing is going to be the timing of when do you get back in.
So we have some clients that earn that scenario, and we're doing a combination of cash and also dollar cost averaging into the market to give them best of both worlds right now to take advantage of the nice cash that they have, nice interest rate. Again, not just sitting in a savings account in some type of money market, but also trying to take advantage of potential upsides in the stock market.
Marc:
Yeah, for sure. I mean, again, all this stuff we're talking about this week is they sound like a good excuse, but when you really break it down, again, you need to have that analysis before you start rationing away these decisions that you've made. Nick, how about this one for you, my friend?
When someone has no idea what they're invested in, which is often people come in and say, "Hey, here's my stuff, here's what I got," often the excuse is, "Well, finance isn't my thing, or I was told to get this or that, and I don't really know what it's doing for me." And that's certainly not where you want to be. You want to understand what you have and why you have it.
Nick McDevitt:
Having had this conversation many times, one of the things to try to point out to people is that we can't care more about your situation than you do. So we don't necessarily need you to be reading The Wall Street Journal every day. But at the same time, we want there to be a level of engagement. We want there to be questions. And really I think the trend of the last five to 10 years is people realizing that strategy and planning when you zoom out is becoming more and more important than maybe the underlying investments.
Even if you look at a simple example such as target date funds and 401(ks), the tools that are out there make it easier and easier for people to be able to put something on overdrive to a certain extent versus 10 years ago, a default strategy might be a money market fund that back then was paying 1% and people start putting money in. They don't realize their money's not doing anything, where a lot of times the default strategy these days is going to be a target date fund and there's some actively managed things happening inside of that to help them move it along.
But maybe they haven't incorporated in or understand like, "Oh, 401(k)s have Roth options now. Have you started to do that? Or, hey, maybe your company has some discounted stock plan that you can participate in." And if it's a publicly traded company and you're getting a 10 or 15% discount right off the bat, you almost don't even have to do anything. You just need to make a really basic decision to do it. So the level of engagement from a strategy standpoint is an important thing, and the underlying how to get exposure to those markets has become easier with time and technology.
Marc:
Yeah, great point for sure. All right, John, any final thoughts from you on that same one from Nick?
John Teixeira:
Yeah, yeah, to add to that, something we've seen right now what Nick mentioned with the cash or someone sitting in money market not realizing it, we've seen that with annuities as well. A lot of annuities right now, the rates have gone up and the products look pretty attractive. But some client, if you're not looking at your stuff, you could be in an older one where today's rates might be five, six times better than what you're currently getting.
So it's important to take a look at what you have, do a quick snapshot of it and just understand, "Hey, this is where I'm at. Is there anything better I could be doing," which everyone should do at some point.
Marc:
Yeah, for sure. And there's usually little tweaks. Sometimes people think, well, I probably should sit down and talk with a financial professional, but it's going to be this major undertaking or whatever. Not always. Sometimes it could just be little tweaks and whatnot. So go check them out online, pfgprivatewealth.com. That's pfgprivatewealth.com. You can book an appointment right there on the page, top of the page on the right-hand side there. There's lots of tools, tips, and resources.
You can click on the podcast page to check out past episodes or subscribe to us on whatever platform you like using, check out the blog, and so on and so forth. So a lot of good information there at pfgprivatewealth.com. And again, you can subscribe to the podcast on whatever platform you app you like using, Retirement Planning Redefined. Thanks for hanging out with us this week. We always appreciate your time. For John and Nick, I'm your host, Mark, and we'll catch you next time here on the show.
 

Take the Fork: Yogi’s Wisdom on Making Financial Choices

In this episode, we’re diving into some famous words by the one and only Yogi Berra. You might know him for his legendary baseball career, but Yogi was also a goldmine of wisdom. We'll spin some of his classic quotes into financial advice. It's all about viewing things through the right lens—so let's see what financial insights we can uncover from Yogi’s memorable sayings!
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
 
Disclaimer:
Speaker 1:PFG, Private Wealth Management LLC is an SEC registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial advisor and or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance insurance. Products and services are offered and sold through individually licensed and appointed insurance agents.
Marc Killian:In this episode, we're going to dive into some famous words from Yogi Berra. We're right in the heart of baseball season, so it seems fitting to do a little classic wisdom from Yogi and some financial lessons here with the guys. This is Retirement Planning Redefined with John and Nick.
Speaker 3:The rules of retirement have changed. No longer can most of us rely on social security or a single pension to fund our futures. We're living longer and retirement doesn't just last a handful of years anymore. Instead, you might stay retired for 20 or 30 years and maybe even more. We need to look at retirement through a new lens with fresh eyes, with a new approach and plan of attack. Here to answer the call are financial advisors John Teixeira and Nick McDevitt of PFG, Private Wealth Management, serving you throughout the Tampa Bay area. This podcast is Retirement Planning Redefined, and it starts right now.
Marc Killian:Hey, everybody, welcome into the podcast. Thanks for tuning in to the podcast here with John and Nick and myself. And I don't know why I said podcast twice, but I did. Thanks for hanging out with us and we're going to talk about Yogi Berra. We're going to take the fork in the proverbial road, and have a conversation with the guys and just get some financial lessons from some classic Yogi-isms. This guy had some great, great, great quotes through the years. Fantastic baseball player, obviously a legend, but his quotes were pretty good as well. So we're going to talk about that this week here on the podcast. What's going on, Nick? How are you, my friend?
Nick McDevitt:Doing pretty good. Getting over a little bit of a cold, but finally turned the corner.
Marc Killian:Yeah. Okay. I know you're a football fan. Are you a baseball fan as well?
Nick McDevitt:I grew up a big baseball fan. My grandfather... My mom's side of the family is Cuban, so baseball's a huge deal. And I grew up a Mets fan, which is torture, but really kind of phased out of baseball probably over the last maybe seven, eight years, harder to kind of hold the interest.
Marc Killian:Gotcha, okay. All right.
Nick McDevitt:Yeah, but did grow up really enjoying baseball.
Marc Killian:Nice, nice. Well, John, how are you doing, my friend? And what about you? Did you enjoy your baseball growing up or are you a fan?
John Teixeira:More of a basketball and football fan, but no. Growing up in Boston, you kind of automatically get sucked into the Red Sox aura. Growing up, I could understand Nick's pain, but then they kind of pulled through as in my college years. But I will say I'm excited. The Celtics is just won the NBA Championship, so-
Marc Killian:This is true. Again, yeah.
John Teixeira:That's a good thing I'm happy about so.
Marc Killian:Yeah, and they've got quite the team, so there's a good chance you might see them again next year in the run for it as well.
John Teixeira:Yeah, yeah, let's hope so. Let's hope so.
Marc Killian:They're stacked pretty well.
John Teixeira:Marc, real quick question as we talk about football is what do you think of Drake Maye? He was there in North Carolina.
Marc Killian:Yeah, it was interesting. Curious to see how he's going to do. I don't know. I mean, he played pretty well here, so we'll see how it translates. When they go to the NFL, you never know, right? It's a crapshoot. Didn't work out so well for Trubisky when he went to Chicago.
John Teixeira:No, it didn't. No, it didn't.
Marc Killian:So we'll see how it goes for Drake, but let's get into some baseball here. We'll talk about some Yogi Berra Again, this guy had some classic lines here, so this should be a little fun. And really they're kind of fitting not only to just finance, but just our world seems today. Yogi's been gone for a while now, but these things kind of fit with our society and the crazy world that we're living in. So let's jump in. Whoever wants to take this first one here. Pretty apropos considering what we've been facing the last couple of years, when Yogi said a nickel ain't worth a dime anymore. Boy, that's the truth, isn't it? Right now?
John Teixeira:Yeah, that couldn't be any more true than right now in the kind of time we're in. Inflation over the last few years, really, post COVID has just gotten, ramped it up with the supply chain issues and then the influx of cash going in. It's just a double whammy with what's been happening and as it relates to planning, I've seen a lot of clients happen to really pick and choose what they're spending money on because primarily the cost of food. And I could tell you myself personally, I feel like my food bill has doubled, but not 6 or 7%. I feel like certain things have doubled in the last few years. So inflation is a big thing you got to be aware of when you're doing your finances. And then here in Florida, and Nick can speak to this, and what we've seen is the homeowners insurance is outrageous.
Marc Killian:Oh, I bet. Yeah.
Nick McDevitt:Homeowners and car insurance have really been a huge, basically like a rocket ship. As far as expenses, John mentioned the groceries. One of the things that we do from a planning standpoint is, especially in times like this, I think where some people kind of make a mistake is they start to really mess with the inflation rate that they use in the planning instead of just repricing where their expenses are now versus where they were maybe a couple of years ago. But from the standpoint of between groceries, car insurance, homeowners insurance, we have a huge section of clients that those numbers, those three categories specifically have probably doubled in the last three or four years.
Marc Killian:After the hurricane a couple of years ago, I imagine some of that got worse too, yeah?
Nick McDevitt:Yeah, but we have hurricanes every couple of years.
Marc Killian:That one was just obviously pretty massive.
Nick McDevitt:For sure. And the hurricanes have a big impact on the car insurance. So a lot of people-
Marc Killian:Right. That's what I was thinking. Yeah.
Nick McDevitt:... yeah, don't necessarily think about that per se.
Marc Killian:All the flooding and stuff, yeah.
Nick McDevitt:Yeah. Some of the other laws that are in the state of Florida based around insurance make it on the higher side in general, but companies have really ramped those up.
Marc Killian:Oh, I'm sure. Yeah.
Nick McDevitt:I think Citizens, which is kind of the insurer of last resort, which is state-backed, just I think applied and got approved for, I want to say a 14% increase. So there's a lot of pressure on people right now, especially in Florida.
Marc Killian:For sure. All right, well a nickel ain't worth a dime anymore. Yogi had that one, right? How about this one, guys? I mean, you got to love the simplicity of his lines. If you don't know where you're going, you might wind up someplace else. Yeah, I mean if you don't know where you're going, you could end up someplace completely different.
Nick McDevitt:Yeah. It is funny when reading through some of these how apropos they tend to be and how they line up from an industry standpoint where having a plan, having stated goals that you're working towards, having a clear vision of what it is that you want in retirement, make a really huge impact on your habits and overall the probability of having a successful retirement. So these quotes have really kind of stood the test of time.
Marc Killian:Oh, for sure. Yeah. Johnny, he said the future ain't what it used to be. And again, if you think about the world we're living in right now, how many people of a certain age are like, "Man, that could not be more true." But even from a society standpoint, but also even just in what you guys do, it's not what it used to be when it comes to finance and retirement planning, even just a couple of years ago.
John Teixeira:Things have changed drastically. You look at my parents, they worked for the most part at one place, had a pension, retired, and it was pretty easy for them from a retirement standpoint. They had to really keep their expenses in check. But when they retired, it was Social Security, pension, luckily cost of living adjustments on both of those things to keep up with what we discussed there with inflation, but it was much easier. But what's happened throughout the last, I'd say 10, 15 years, maybe 20 years or so, as the companies have been putting the risk onto their employees to say, "Hey, you know what? We're not going to do the pension anymore, but we'll still give you a benefit. But retirement, your investment is now going to be your responsibility."
"While you're working to make sure you're investing the right amount and picking the right options, and then while you retire, now it's on you to figure out what's the best solution for supplementing your retirement income." So it's definitely ain't what it used to be, which is very important to make sure that when you do retire, it's a different game where it's not accumulation. You have to realize that money needs to last throughout your retirement and you have to put together different strategies to make sure that it does do that, not just like you have a pension that's going to guarantee for life so.
Marc Killian:Yeah, all the changes to the Secure Act, both versions, clearly the onus is more and more things have been put saying, "Hey, this is on us to do what we got to do for our futures here." And they're putting some rules in place to kind of help out a little bit, but at the same time, if you're not reading the tea leaves, you're going to get left behind there. And that's why you got to work with a financial professional to really help you get sound advice so that you can be set for retirement. I should have segued it this way because, Nick, if you don't, it's going to be like deja vu all over again, which is another Yogi-ism, which is classic.
Nick McDevitt:Yeah, it's things changing rapidly. It's interesting because there's always kind of the perspective of zoom out. We talk about that a decent amount where from a smaller sample size or even if we look at things from a micro standpoint, yes, the way that the tools in investing change rapidly or have changed quite a bit in the last few years, how AI is coming along and what the impact of that's going to be and those sorts of things.
But when you zoom out, these things are cyclical. So even though the technology may be very new and the way that maybe things react are different than they were before, there's been other times in history where the technology at that point has been new and the way that things react are different. And there's a lot of different quotes out there about how history is really kind of the greatest teacher. And when you zoom out, so many of these things have happened before. The subplots are different, but so many of these different things have happened before. And it kind of goes back to having a good plan, having the ability to adapt to what's going on, kind of not painting yourself in the corner because really the only certainty that we have is change. So it's pretty wild.
Marc Killian:That's a good point. And John, I think for this kind quote was like deja vu all over again. Most people kind of feel that way about the market. It's like, "Oh man, here I go again." Especially if you got burned at any time for any amount, it's like even a little dip here or there. And it gets you a little panic, especially if you are over 50 because you start thinking, "I can't afford to get rocked again." Even though... And the weird thing about the current time that we're in is news is always changing and always causing issues, but sometimes this market kind of just kind of rebounds and you think what's going to be the next thing that does it? And soon as you think it's going to happen, it doesn't happen. So it's very hard to read right now.
John Teixeira:Yeah. Yeah. It is definitely hard to read because people... Just looking at clients, it's, "It is now the right time to put money that's been on the sideline to get back in?" And it's always hard to determine when that is and try to time things. It comes back to the kind of fundamentals of staying the course and not really panicking depending on what's going on. Because like Nick said, there's always going to be something happening. Things may change a little bit, but there's always going to be something happening in the world. So you stay the course, stick to the plan, and you find those people do much better than the ones that kind of jump around based just looking at behavior.
Marc Killian:Okay. Well let's wrap it up here with a final Yogi-ism, for us sports fans of any kind for your team if they're not doing well, it works appropriate for that, because it ain't over till it's over. And that's pretty classic line for any kind of sports mantra. You still got a chance maybe to come back in. I mean, just look at what's going on right now as you guys are in Florida with the Stanley Cup, right? So we're taping this episode here before the final game seven's going to happen, and who would've thought that being up 3-0, Florida would mess up and allow Edmonton to get back in it and tie it up and go to a game seven? So it's not over until it's over, depending on what your viewpoint is, and I guess you could say the same thing from a financial standpoint. If you've made some mistakes, it doesn't mean it's completely over. Get a strategy, start working on it.
Nick McDevitt:We've had kind of conversations recently with people where there's been a good run. COVID was an up and down year, but outside of the market drop in last year, which a lot of people have almost forgot about, things have been good, really post recession, Great Recession. So we're talking 10 plus years at this point, and some people have kind of taken a step back and some of these changes that are happening with the inflation that we talked about and maybe a little bit more volatility, we're in an election year, all these sorts of things. It's important to make sure that you keep updating, try to stay on top of things, don't necessarily just kind of check out. So I think it's important to stay engaged and involved.
John Teixeira:Going through the ups and the downs of planning, talking about the Stanley Cup here, you want to make sure also when you're building a plan, you want to stress test things to understand when things do really get tough, what is your plan going to look like? So we just did this with a few of our clients where we test market downturns. Things have been good for a while. What happens in your plan if all of a sudden we have two years of negative 15, negative 20%? How does your plan look? If it doesn't look good, what are we going to do to adjust it? You can stress test it with taxes, inflation. Just making sure that whatever happens, whatever scenario you run in, you're flexible to adapt to it. And if you currently can adapt, making sure we understand how do we make you adapt.
Nick McDevitt:And even just to kind of add to that, and this ties in with some of the things that we had already talked about. A little perspective is always good from the standpoint of three years ago, four years ago, whenever we were a couple of months into the pandemic, in reality this was an event that most of the people alive had never been through before. Everything changed and then there's still obviously fallout from it, but we got through it. And when you think about it from a planning perspective and markets and all that sort of thing, sometimes taking perspective of what you've actually been through, what you've seen, and the fact that we were able to move through it is really important.
Marc Killian:Yeah, for sure. I mean, when it first started, the market first started dropping, that initial bit there, people were having the reaction that we're going to see it drop 50% like it did in 2008 or '09. It wound up maybe being 30 or so percent. But then it also rebounded within just a couple of months, so a lot faster than people thought. So it is not over till it's over. So these are some good Yogi-isms, and it all kind of works really well with financial planning and strategizing. So if you need some help with that, make sure that you're reaching out to John and Nick. If you're already working with them, that's fantastic.
Make sure you subscribe to the podcast. If you're not, maybe share the podcast with others who might benefit from checking out the message and the conversation. And you can find them online at pfgprivatewealth.com. That's pfgprivatewealth.com. And you can subscribe to Retirement Planning Redefined on Apple or Spotify or whatever platform you like using. Just type in Retirement Planning Redefined or again, visit them on their website for all the tools, tips and resources at pfgprivatewealth.com. Guys, thanks for hanging out. And John, good luck with the new puppy you got.
John Teixeira:Thanks, appreciate it.
Marc Killian:Appreciate it. Nick, hope you're feeling better, my friend. We'll see you next time.
Nick McDevitt:Thank you.
 

Retirement Questions The Baby Boomer Generation Is Asking

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement, we're going to focus on some of the top questions this age group is asking in today's episode. Stay tuned to see what you can learn from John and Nick this week on Retirement Planning Redefined!
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
 
Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.
 
Marc:
Every generation is currently navigating a unique part of retirement planning experience. No matter what generation you're in, there's going to be different questions that you might want to tackle. So on this week's episode, we're going to talk about that from the baby boomer standpoint, here on Retirement Planning Redefined.
 
Welcome to another edition of the podcast, folks. Retirement questions that every generation should be asking themselves is the docket this week, and we're going to touch on the baby boomers. We may come back around to some of the other generations right now, but I think for most of our listening demographic, the boomers are certainly going to be ones that want to pay attention. It's interesting, guys, the boomer term has become polarized. It used to be one thing to say just baby boomers or whatever, but now they get a little offended, I think, with the whole boomer thing. It hasn't gone very well on social media the last couple of years, but either way, we're going to talk about that demographic from 1946 to 1964.
 
It's so funny with these age things, they keep changing it. I was looking at the one for generation X, which is what I am, and now they're saying late '70s when it used to be like '83 or something. So I think they just changed these numbers based on what they want to have happen for conversation pieces. But anyway, we're going to get into that with John and Nick this week. What's going on, John? How you doing, buddy?
 
John:
Doing all right. Actually getting ready for, Nick and I are bringing some Easter baskets to the local children's hospital here. We're going to be handing them out this coming up Friday.
 
Marc:
Oh, very cool.
 
John:
We're excited for that.
 
Marc:
Yeah, very cool. That's nice, you guys are always doing some cool charity things going from around the area, so very, very cool. What's happening, Nick? How are you doing, buddy?
 
Nick:
Good. Staying busy, along the lines of what John was talking about, the group that we're involved in, we're working on a big derby party here in St. Pete, so big event. So that's fun to works the other side of the brain, and then we're just staying busy with... We've got one thing that's been interesting, John and I were talking about it earlier, this area is growing pretty rapidly, and it feels like we've had more clients than ever that are looking to move out of the area and slow down a little bit. So, it's starting to become a little bit of a trend recently, so.
 
Marc:
To move away from Tampa?
 
Nick:
Yeah, yeah. Move away from Tampa or further out to more of the outskirts of the area, but we've had some clients recently like Panhandle, Georgia, North Carolina. The growth here has just been pretty overwhelming.
 
Marc:
Monstrous, yeah.
 
Nick:
Yeah, and-
 
Marc:
There's a lot of states that are that way, right? I mean, there's a number of states where I think people, everyone's flocking from places like New York and California, and it's just like, okay, stop. We can't handle it.
 
Nick:
Yeah, it's interesting because this area, the east coast of Florida has always been like the Atlantic coast south, and then the west coast of Florida where we are has always been a little bit more low-key. Still a decent size, but a little bit more low-key, and it has that feeling like developers and everybody is trying to make it more similar to the East Coast. I think that's kind of pushing some people out, but even because obviously Texas has been a place that's been a popular area for people to move to for some of the similar reasons, whether it's taxes or just how the government runs or whatever their reasoning is. But one of the biggest differences, just reading about Austin, which is I would say Austin's most similar to this area in certain ways from a size perspective and all that, but they've had a huge drop, cost-wise in housing because they've been able to maintain supply. Whereas the housing here is just completely insane at this point, especially in St. Pete.
 
Marc:
I was going to say, across the country, it seems like it's really inventory's low. So, just a lot of people that just aren't selling, well, because the prices of houses through the roof, so you're not selling the one you're in because you know that when you buy another one, it's going to cost you just as much or more. So, it's interesting.
 
Nick:
For sure, that's definitely had an impact. This area specifically because of the influx, there's also been some interesting articles about how much corporate owned, single-family housing there's been. But I mean, you're talking 11, 1,200 square foot houses in St. Pete for 800 and up, [inaudible 00:04:23] how things shift.
 
Marc:
It was on my list, a roundabout way to talk about some different questions that every generation should ask themselves. So housing certainly can apply to any generation. I mean, even folks in our baby boomer conversation today could have been thinking about downsizing or whatever the case is in retirement and that certainly could play into that question. So that's one we tackled without really even setting it up to tackle it. So we'll just jump in and talk about a few more of these things.
 
But again, with everything being so wild right now, it seems like from a financial standpoint all across the spectrum, whether it's inflation, housing costs, food costs, whatever the case is, how do you manage all that? So risks, whatever risks guys, is going to be top of mind, especially if you're a senior. My mom is 82 going on 83, and she's constantly worried about the various different kinds of risks that may affect her at that age. Market volatility, social security, whatever it might be. So let's just start with the market volatility. Whoever wants to take that one.
 
Nick:
Yeah, so from a market volatility standpoint, it's very interesting from the perspective of how things seem to work these days from a market perspective. I don't have the exact numbers, but I know last year, essentially needed to... The majority of the growth in the market, although we had a great year, the majority happened within a seven to 10 day market window. So your chances of if you're not just holding and studying the market, your chances of really getting the returns that you're looking for are very difficult. So volatility, the swings up are substantial and the swings down can be. I think a lot of that has to go, can be attributed to the algorithm based trading and high frequency trading and things like that have an impact on that.
 
Marc:
And if you're a senior, none of that interests you, right? So I mean, that's [inaudible 00:06:18].
 
Nick:
No. No. Yeah, absolutely not. But for a lot of people in that generation, they're used to the returns being more steady throughout a single year or the perception from that perspective at least versus like, hey, if you miss a month and it was a good month, then your returns could be next to nothing. So it's pretty interesting.
 
Marc:
Yeah, managing that risk, for sure.
 
Nick:
Yeah, it goes back to that classic perspective of the asset allocation continues to be as important as ever.
 
Marc:
Yeah, for sure. John, if you think he just mentioned steady income. So if you're a senior, best approach for transitioning from a steady income like your job, for example, to retirement withdrawals, that's usually a massive hurdle for anybody going into retirement but obviously right now, these are the boomers. I just read actually today that we're taping this guys, I think four million people were going to be retiring this week, four million this week.
 
John:
It's a good number.
 
Marc:
Crazy, right? So, how do you deal with that scared-ness of, okay, I had a paycheck last week and now I don't, I got to use my retirement money and turn that into paychecks. That's a big hurdle for people.
 
John:
It's a huge hurdle for people. This is one of the biggest things we see when we're doing retirement planning for clients that are transitioning. It's, I used to work and get my paycheck every biweekly, whatever it is, and now it's gone. There's a fear of spending their money they've been saving all these years. I'll tell you, the best thing to do in our opinion, is to develop a financial plan and a strategy for retirement income. So you really have to put the pen to the paper and determine, okay, what are my expenses? How much do I need? That's going to be the first step. Then after that, it's looking at, hey, what are my income sources? We talked about social security last week, we'll touch on it a little bit more here, but hey, how much is social security going cover? Okay, what other sources do I have? Really evaluating where's the money going to come from? Once most people see it, it provides peace of mind and a little bit of, okay, this is what I'm doing. You got to have the blueprint. Once the blueprint's there, you feel much better about what your approach is.
 
Marc:
Well, we all want to know we got mailbox money coming. We all want to know that when we go out, and I know most of us don't go to the mailbox anymore to get it right, but it's the same idea that when you go open the mailbox, the check is there. That's what you need to know. That's that comfort factor that you need to know. So that's turning these accounts that you've been building up through your working years into this retirement income. So certainly, that is an importantly huge question for baby boomers to ask themselves.
 
We're talking about wealth and building wealth and working through the years. Nick, I'll throw this one at you. I'm going to hop around here a little bit, but passing on wealth to the next generation without sacrificing your own retirement, is also another huge question that boomers are asking themselves because they want to know that they are going to be fine, but a lot of times they want to leave something behind. I just was looking this up real fast. Experts are putting that number between 40 and $100 trillion right now that they're estimating in the great wealth transfer conversation, which is what boomers will be leaving to their kids and grandkids over the next 20 years. $100 trillion. Man, that's crazy money.
 
Nick:
Yeah, it's pretty wild. What's interesting is I think the baby boomer generation has done a good job of accumulating assets and saving.
 
Marc:
Oh yeah, great job.
 
Nick:
There's also, I would say, versus maybe their parents' generation, they spend a little bit more. It's interesting, a lot of the people, I wouldn't even call it half-and-half, maybe around 30, 35% or 40%, leaving money for them is incidental, where their focus is primarily on themselves. A lot of times these are people that have done a good... They've helped the kids get through college, kids have good careers, and-
 
Marc:
Right, we've saved it, it's ours, let's party, right?
 
Nick:
Yep, so they want to travel. Obviously travel is the most popular thing that people tend to want to do. So having that conversation changes things. For those that are highly focused on leaving the money, and what's interesting is where I've seen it happen a little bit more is because people like to, in their mind, it makes it easier for them to segregate money. So we've had a few recently where their retirement plan looks good, their thought process with the money that they have saved and accumulated and leaving it to their kids is incidental like, hey, if there's money there, great, if not, we want to take care of ourselves first. But, they've also inherited money maybe from their parents or a brother or sister, and they say, all right, well this is going to be the money. I consider this found money, and so this will be money that I'll try to leave and pass down. So it's been interesting seeing that thought process.
 
But with the way that current estate tax exemptions are from a tax perspective and avoiding estate taxes, that sort of thing, for most people, that's not an issue. But for those that are, maybe they've got kids that are high-income and they would like to leave them money that has less of an impact from a tax perspective, depending upon their situation, we might look into life insurance options or even converting to Roth options to help them pass on money and not have a major negative impact to their overall plan.
 
Marc:
Yeah, because you want to figure out how to... If you do have it in your mindset to transfer some wealth upon passing, and I think probably the healthy approach that a lot of people take is, we're going to do what we want to do, we're going to be fine, and whatever's left at the end, fine, transfer that over to the kids or grandkids. You want to make sure that you're doing that as efficiently as possible. So some strategizing there is certainly going to go into play.
 
John, I'll throw this back to you, whether it's leaving money behind or even how you set up your social security, because you talked about it a minute ago and readdressing social security. Maximizing social security could impact what you do have left over at the end to leave behind because that's not something you can pass on. So it's a matter of figuring out how you want to structure these things to maximize your benefits and get everything out of it that you can while you're still here.
 
John:
Yeah, yeah, if you're able to maximize your social security and figure out what's best for you, what that ultimately does is you're dipping into your own investments a little bit less because you have that strong social security income stream. So if there's more investments left over, your beneficiaries, whoever your beneficiaries are, will have a bigger balance coming to them. So definitely, we talked about it before, we always stress on it. You don't want to take social security decision lightly. You want to make sure that you're strategizing for your situation on how to maximize those benefits.
 
I believe it was last week that we talked about the cost of living adjustment in social security. So if you delayed yours, people have been getting 6% or 7% increases, and if you were taking yours later, you get a bigger balance. Those 6% or 7% over the past few years have really added up. So, very important to make sure that you take what's best for you in social security and not just take it lightly. I hate to say this, but you don't want to listen to your neighbor on what they did because you'll be surprised how many times we're meeting with people, it's like, my neighbor's doing this, and it's just like, huh, okay, well-
 
Marc:
That's your neighbor, right.
 
John:
What does your neighbor do? Well, they're in tech. It's like, okay, well.
 
Marc:
It's a little bit different, yeah. Well, thinking about that social security conversation, so getting a maximization ran, going through the planning process, going through a strategy session with you guys, and having it stress tested and having that maximization ran will help you see that because that's a great point. Are you riding the horse that brought you, which is your retirement, or the government one? I know technically it's our money, the social security, the government, but it's like figuring out the best balance between those two when you're going to start pulling things from whatever account. So, good stuff right there to think about when you're talking about for generations. Go ahead.
 
John:
One thing Mark, with that. With social security maximization, a lot of people don't realize is there are these calculators that you can look at and say, hey, you put in your numbers, you put in a spouse's number, and it will shoot out, hey, this is the strategy, but it doesn't take into account other factors, as far as, do you have a pension? Things like that. How you want to figure out what's the best strategy is when you look at your social security and how it affects all your other assets and income streams, then you can figure out what the best approach is because when you just look at social security in a vacuum, there's other factors in there that really make a big difference on what the best strategy is. A lot of people will just go online, hey, what's the strategy, maximization strategy, but it doesn't give the overall picture.
 
Marc:
A great point, really good point right there. So let's wrap it up with one final piece here to think about, Nick. Of course, we could go forever on this topic, but we'll just... Some couple of concise points to think about when you're talking about addressing healthcare costs in retirement. Obviously for boomers, this is a huge concern, really for anybody, if you're alive and human right now on the planet. Healthcare is obviously growing out of control, but certainly a big concern when you're elderly.
 
Nick:
Yeah, I think, and this is almost a tiered approach. So the first thing or aspect that needs to be addressed is if you plan to retire before you're eligible for Medicare. So having a plan in place and understanding what those costs could look like. So for the majority of people, if they want to retire before age 65 and they need to get healthcare coverage outside of their former employer, then we tell them to typically budget between $800 and $1,000 a month per person. For most people, that's going to be a huge increase in costs. They might be able to float it and they also might be able to reduce that cost substantially if they have money saved that are non-retirement funds. So non-qualified accounts where we can keep their income on paper down and they might be able to qualify for a subsidy. So that's phase one.
 
Then phase two is, once you are eligible for Medicare at age 65, making sure that we're budgeting somewhere between 4,000 and $5,000 a year and having them talk to a person, and we've got a couple of resources that we're very happy with and we refer people to, because depending upon their overall situation. Again, if they, especially people that are coming from working for a large company that maybe had really good benefits and they're used to paying maybe a couple hundred bucks a month for coverage for themselves, that may actually be an expense that goes up.
 
Then the phase leading into those two things are, are you eligible for a health savings account at work? Are you putting money in? Then that money that is getting put in maybe something that we could use to help mitigate some of these costs and be efficient from a tax perspective. Then also help you cover maybe potential large, actual purely out-of-pocket medical expenses that start to approach and happen down the road when you get to your 70s, 80s, etc, where these things pop up. People live longer, whether it's some sort of acute care or if it's some sort of need for long-term care, which is expensive, but-
 
Marc:
Yeah, crazy 
 
Nick:
Really, the key to that is the overall plan, making sure that we test those numbers out in the plan and that we've got a strategy to approach it.
 
Marc:
Yeah, because if you don't take a strategy into account with that, if you're married and you're a senior and you're like, hey, we're going to just take care of each other because it's just going to be cheaper, it's a wonderful sweet and noble sentiment that has no basis in reality because it's just not smart. It's such a taxing physical thing, a mental thing, to take care of one another without having some sort of help in there. So you've got to plan and strategize for it, whether or not it is daunting to do, yes, but if you don't start having those conversations, it's only going to get worse.
 
I mean, my wife jokes with me all the time. I mean, I'm 52, and she's like, I can't pick you up now, I can't imagine trying to pick you up when you're 72. She's 70, it's just not going to work. So you've got to have a good strategy for healthcare to address the rising cost because it is going to continue to do so. Again, these are some questions for boomers to really think about and ask themselves.
 
If you need some help, if you need to sit down and start that planning session, that strategy conversation because you've been putting it off or you've addressed a few things, not all the things, whatever it looks like, reach out to John and Nick and get yourself onto the calendar at pfgprivatewealth.com. That's pfgprivatewealth.com for a consultation and a strategy session of your own. Don't forget to subscribe to the podcast, Retirement Planning Redefined on Apple, Spotify, Google, YouTube platforms, whatever, you can find us on all those major platforms. Just type into the search box, Retirement Planning Redefined, or again, go to pfgprivatewealth.com. That's going to do it for us this week for John and Nick, I'm your host, Mark. We'll catch you next time here on the podcast.
 
 

Don't Make These Income Planning Mistakes

Are you planning for your retirement with the confidence that you're making all the right moves? In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future.
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
Disclaimer:
PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transcript of Today's Show:
For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/

Money Mistakes You'll Regret and How to Avoid Them

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
Disclaimer:
PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transcript of Today's Show:
For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/

Retirement Planning’s “Hidden” Questions

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. On this episode, we unearth and tackle these hidden, but essential questions about retirement.
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
Disclaimer:
PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transcript of Today's Show:
For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/

Till Debt Do Us Part: Resolving Financial Sources of Tension Between Couples

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
Disclaimer:
PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transcript of Today's Show:
For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/

Mastering Retirement Cash Flow: Understanding Income

Get ready for part two of our Retirement Cash Flow series! This time, we're diving into the income side of the equation. In our first two episodes, we tackled the ins and outs of your expenses in retirement. Now, it's all about understanding the crucial role of income analysis. We'll uncover the secrets of guaranteed income versus the uncertain stuff and shed light on the consequences of retiring without a clear income plan. Don't worry if you're feeling lost - we've got your back with practical solutions and expert guidance. Tune in and take charge of your retirement cash flow!
 
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
Disclaimer:
PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transcript of Today's Show:
For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/