2.24.23: Audio automatically transcribed by Sonix

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

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, Financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to Financial Freedom with your host Safe Money Bob. Get set for a full hour of Financial information and economic news you can't afford to miss. Bob works hard each day to educate Americans like you on how to reach the Financial Freedom they've worked so hard for. And he can help you, too. So now let's start the show. Here's Safe Money Bob

Producer:
Good morning. Hi again, everybody. Welcome to another edition of Financial Freedom. Jim Taboca here. And joining me as always, the Financial expert himself, Safe money, Bob.

Bob Loss:
Hey, Jim, how are we doing?

Producer:
It's great to be here again, Bob. Coming up on today's show, we wrap up our Smart Plan retirement series as we discuss smart lifestyle, smart legacy and smart adjustments, plus ten tips for a happy retirement. We play some right or wrong and we give you Bob's power tip of the week. And a quick reminder, Bob provides comprehensive consultations at no cost to our listeners, and there's absolutely no obligation. So you only work with us If it's best for you, Bob will help you cut unnecessary costs in your IRA or 401. Or any other retirement savings account, as well as helping you maximize your Social Security benefits for you and your spouse. So contact Bob today at (908) 359-2861 or log on to SafeMoneyBob.com. All right, let's get the show started, Bob. Dave Ramsey is the centerpiece of this week's Quote of the week.

Producer:
And now wholesome Financial wisdom. It's time for the quote of the Week.

Producer:
Dave Ramsey says, quote, Financial peace isn't the acquisition of stuff it's learning to live on less than you make. So you can give money back and have money to invest. You can't win until you do this. And that quote comes to us courtesy of American personal finance personality, radio show host, author and businessman Dave Ramsey.

Bob Loss:
Yes, Dave makes a good point. You know, it's not about chasing the Joneses. And I think we've touched on this over the I guess, almost six months now of having a show. You know, you want to you want to live comfortable. You don't want to live above your means. You want to have something left. You know, you want to try to pay yourself first, even during retirement, even putting a little bit aside or leaving some aside that you could use. Very important points. Know So just remember, you want to live comfortable. You want to live within your means. It all starts with a plan. As I always say, people don't plan to fail. They fail to plan.

Producer:
All right. And of course, a reminder, we want you to live a lifestyle in retirement that you enjoy. It's one of the reasons we do this show and give you this information every week. But we also want to make sure that your money outlives you. That's very important and not the other way around. So I encourage all of our listeners on the radio and podcast side to visit the website Save Money Shop.com and give us a call. Schedule a complimentary consultation with Bob. There's no obligation and it gives Bob a chance to learn more about you and how he can help you live that stress free retirement lifestyle that you so richly deserve. So again, visit SafeMoneyBob.com or call 908 3592861. To learn more smart retirement series we'll get to Smart legacy a little bit later But Bob let's first discuss smart lifestyle and smart adjustment in your retirement.

Bob Loss:
Sure, Jim. So before we even get into that, just want to remind everybody, you can always call me at (908) 359-2861. Leave a message 24 seven. One of my staff will get back to you within 24 hours and set up a convenient time for us to have a conversation about your situation and how I can help you further. So let's get right into it now with Smart Lifestyle. So our goal is to help our clients help you with the retirement you work so hard for. You know, we want to get together, have a conversation. That's what it starts with, a conversation, you know, so we can build a smart plan to fund it, you know, everything. Planning, was it preparation eliminates stress, right? So even in retirement, if you can be more prepared, it should eliminate a lot less. You have a lot less stress. You know, if you want to be one of those people that loves to travel abroad during retirement, you know, make sure you have a plan that considers those goals. Some people could care less. They just stay home. They do stuff around the yard. They visit the grandkids, you know, what have you. It's each person is different. Every plan is different. Some people want to travel a lot and it takes a lot more money. So you have to figure that in you know as well as, you know, do I have to fix the car? Do I need new appliances, do my landscaping, get it redone? Does the house need painting? All those things as well are important, you know, because you don't want to outlive your retirement funds.

Bob Loss:
You want to have your funds outlive you. Right? You always want to have leftover maybe a a ton. And depending on how if we work together and we have some planning, you can still have your cake and eat it too, you know, meaning spend more of your money for yourselves, enjoy your life, but also leave a legacy. You know, the happiest people in retirement are those that are living within their means and have income sources they can count on. That's important. Just take that in income sources you can count on not I'm hoping for 12% in the stock market. That's not the right plan. All right. But we can help you navigate, you know, Social Security pensions from perhaps your former employer, maybe a personal pension, you know, that was set up utilizing some of the benefits of an annuity or any other retirement income that you may have. You know, you also want to consider having smart adjustments, right? Nothing static. Life changes, things change. You know, So you should have your portfolio and your retirement plan reviewed annually to ensure you you're tracking your goals, you're trying to meet and track your goals so you don't outlive your money.

Bob Loss:
You don't want to have a year where you take an extra chunk out. Meanwhile, your investments went down per se to 20%. Like some people, That's exactly what happened to them last year. Not my clients, but other people I'm aware of. And that was a big hit. That was a big hit, especially if you're not sitting there with millions of dollars sitting in your in your war chest will call it. So, you know, it's just something to consider. You have to keep tabs on everything. I think once a year is is pretty sufficient. Some people may even want to have a conversation every six months. And a lot of my clients, if they have a major decision like, do I need a new car, do I buy a used one, do I lease one? You know, should I really put that this money into the house? What am I getting out of it? Can we afford it? You know, those are things that we, you know, we help our clients with. So, again, don't don't hesitate to reach out to me at (908) 359-2861 leave a message. I'm going to book a call for you. Convenient time for both of us or visit W-w-w dot SafeMoneyBob.com brought up.

Producer:
A great point there, Bob. A couple of good points about traveling abroad. Again, that costs a lot of money. A lot of people like to do that when they're younger. They're older though. They like to travel to different places, even within the United States. And oftentimes I feel like they think about doing all of that stuff. A plan for it Financially. But you also mentioned in there too, something very important about the little things having to upkeep the house or having to give the money, slip the money to the grandchildren. Right. I mean, do things like that, you have to plan for all of these things, both big and small.

Bob Loss:
It's all part of the it's all part of the process. You know, you want to you definitely want to think of all these things. I mean, you'd be surprised how many people don't think about the refrigerator. It's got to be replaced or the washer dryer. Maybe their powder room needs to be upgraded because it's 30 years old. Carpeting has been worn out by the grandkids and their pets that come to visit frequently. So these are just things you want to consider as well as, am I a big traveler? Do I want to you know, do I like flying places? Do I want to go out of the country or am I the person that just, you know, wants to run a house with my three kids and split it for a couple of weeks down to shore once a year, hang around, you know, your house. And if you're cool with that, that's a whole different ballgame versus, you know, planning on travel and, you know, you know, how much airfare, hotels, you know, inflation. Right? We talked about inflation. How many times now over the last few months.

Bob Loss:
And just all those things really make a big impact, you know, on your Financial security. So, again, the keys here, you know, even with lifestyle, you know, it's just staying within your means. You can if you really work at it and you should hopefully have some time so you can make it a hobby. There's things you can do where you can travel on the cheap by booking things like very flexible bookings, last minute, wait for some place that says it's full to be cancelled. It just cancellations, things like that. It can help, you know, flying. I mean if you're not a big I got to get up at a certain time every day flying really early or flying back, you know, at a later time, your flight expense, you know, the cost of the flights can be substantially less. So there's different, you know, little tricks, I guess we can call them or tips there. Hopefully you can take advantage of them to still travel, maybe the way you want, have the lifestyle you want, but not pay full price for it.

Producer:
By the way, for those listening on the podcast side, outside of the Philadelphia, New Jersey area, when Bob says the shore, he means the I'm in Florida, so we refer to the shore. Quote unquote, so to speak, the shore as the beach.

Bob Loss:
Well, Jersey Shore. So yes, that's right.

Producer:
Bob. Bob is currently looking down at me for saying the beach rather than the shore. How do you as a Financial advisor, though, somebody comes in and says, hey, I want to travel a lot when I'm retired? How do you approach that as a Financial advisor and help them set up their finances for that opportunity to travel more once they do retire?

Bob Loss:
Okay, good question. So what we have to do is we kind of build from the basement up, I like to call it. And what we do is we say, okay, well, how much do we really need to live on? If we don't travel, How much do we really live on? If I really don't want a new car every three months or every three years, I'm sorry, things like that. So we start at the base and we say, okay, well we have X coming in. This is what we know we can have coming in from an income standpoint, Social Security, any particular, you know, hopefully they're lucky enough to have a pension for one that we may or may not be able to draw on. You know, and we have to watch the whole, you know, do we want to burn some of it down, get rid of the RMD requirements or lower them, You know, all these other plans that we talked about over the past few months. So we plan on what has to be paid first, then it's what we have left over. All right. Where do you want to go? What do you want to do? How do you want to go down to Florida? Like, I just had a friend of mine, He just got to Florida for three weeks. It's one of the things they always do every year, like clockwork. So in their situation, they know what it cost them. So they actually, you know, again, plan for it. So you start by as an advisor, I always recommend first thing we've got to cover our bases, right? We've got to cover our living expenses, our food, you know, utilities, you know, keeping a car up, house up, anything needs everything breaks that we're not aware of.

Bob Loss:
We have to take care of that first. And then as far as the travel portion of it, again, you don't have to travel like super extensively in all luxury and so forth. Traveling off, I've talked about this during the holidays, traveling off peak, right, Traveling off peak, flying off peak, trying to still travel to the places you want, but maybe not the exact week you want to do it or month. And if you do that and it's part of a plan and this is how I do it and I've already got I was planning out, planning out our travel when I was probably in my 40s already, just by things I did back then. So I already know, you know, as part of my deal was going to cost me to travel. I have the combinations all figured out already. It's just a question of am I driving there or am I flying and what's that going to look like? But again, I got don't worry, I am not retiring any time soon. I don't know if I ever will. So at this point, no worries there. As far as for the people I work with that I'm going anywhere anytime soon. So just just to say it.

Producer:
All right. Well, great information there, Bob, and again, later in the show. We'll break down smart legacy in your retirement as well. The factors we're discussing today, piggybacking off previous episodes in our Smart Retirement series where we've discussed smart planning, smart inspection, as well as other vital factors in a smart retirement. So if you've missed those previous episodes and this running series that we've been going on here the last couple of weeks, you can listen in podcast form back in the archives on Apple, Google, Spotify or wherever you get your podcasts. Coming up next, ten tips for a Happy retirement. This is Financial Freedom. We're back after this.

Producer:
Helping bring you one step closer to Financial Freedom. You're listening to Financial Freedom with Safe Money

Producer:
Are you concerned about market volatility, rising taxes, economic uncertainty and how could affect your future in retirement? Then tune in to Financial Freedom with Safe Money Bob to learn how you can protect and grow your hard earned money. Financial Freedom Weekends at 8 a.m. right here on Wbcb AM 1490 and 107.3 FM. Protect your hard earned money today and schedule a free consultation now at SafeMoneyBob.com. You're listening to Financial Freedom with Safe Money, Bob.

Producer:
Welcome back to Financial Freedom. Thanks for making us a part of your weekend. Coming up, smart legacy in your retirement as we move forward with our Smart retirement series. Plus, Bob's power tip of the week.

Producer:
It's this week in history.

Producer:
On This Week in History. On this date, February 24th, 1955, American entrepreneur and industrial designer Steve Jobs was born. Jobs was the co-founder of the chairman and CEO of Apple and is recognized as the pioneer of the personal computer revolution in the 1970s and 80 seconds. And he also served jobs, did as a board member of the Walt Disney Company until the time of his death on October 5th, 2011. On this date, February 25th, 1984, Van Halen's hit single, Jump, started a five week run at number one on the US singles chart. The single was released in December of 1983 and eventually became the band's most successful single, Ascending to number one on the US Billboard Top 100 music chart In 2021, Rolling Stone ranked the single at number 177 on their updated list of the 500 Greatest songs of all time. Bob don't know this about you. Are you a Van Halen fan?

Bob Loss:
Uh, pretty much like any hair bands. Uh, anything like the Def Leppard's, the Van Halen's. Uh, let's see what else you got out there. Guns and Guns N Roses. Uh, let's see. Tesla poison. Uh, great white. Um, I know I'm missing some. I said Def Leppard somewhere in there, I think. Um, ac DC. How can I forget them? Yeah, I remember. I mean, I was in high school. I think I was just getting my driver's license when Jim Bob came out. Young Bob Young, Safe Money Bob Yes.

Producer:
And you're playing that song when you got your first car trying to pick up all ladies, right? Right. Exactly. That's what they tell me. That's those are the rumors. Now, I don't know if they're true. I actually like trying to pick up the women with jump in the background. That was.

Bob Loss:
It. I did my stereo in my car was worth more than the car. Um, I kid you not. I kid you not. No, that's great. You know, I got lucky. I grew up around then. I mean, the music was great, you know, we just kind of did our own thing. It just was a whole different world back then growing up. Um, you know, my kids couldn't really experience the way that was, but, you know, a lot of good memories, a lot of good music. And, uh. Definitely remember when that one came out. And I always had their, uh, what was the original album, which wasn't Jump. Jump was later with the, you know, I think that was Sammy Van, was it Sammy Hagar was singing that. I think he was a singer. Yeah. So that's, that's when they moved on.

Producer:
If it's not, people can can correct us by reaching out on GitHub.com There you go or (908) 359-2861.

Bob Loss:
Uh huh. If we're wrong but I think I'm right anyway.

Producer:
And finally, on this date in history, February 26th, 1932, American country music singer and songwriter Johnny Cash was born. Cash is one of the best selling music artists of all time, having sold 90 million records worldwide. His music spanned across country rock and roll and blues genres. Throughout his career, he was nicknamed The Man in Black, Johnny Cash. He passed away in September of 2003. Well, if you haven't heard from your advisor lately and they're telling you to just hang in there despite negative returns, you owe it to yourself to sit down with Bob and see what your plan could be missing. Bob provides consultations at no cost to our listeners, so visit savemoney bob.com and schedule your free consultation today. Okay, Bob. I think it's a good time to disperse some helpful pointers. Top ten Tips for a Happy Retirement.

Bob Loss:
All right. So before I go into that, I just want to mention I always thought Walk the Line was one of Johnny Cash's best songs. And it's simply just think about this. It's 20 years ago this September, so almost 20 years ago, it's when he passed away. It's like, where did the 20 years go? I can tell you where it went. For me, it's like I had no kids then I had now I have two and one's going to be 20 and a couple of weeks. So time flies. Enjoy it while you can. So and that's one of the top ten tips. I just wanted to throw that in there. So here we go. We're going to run them down, not necessarily Segway.

Producer:
By the way. You're really learning this radio thing.

Bob Loss:
Yeah, well, you know, after how many after how many shows? I got to get a little better, don't I Got to be some improvement, right? Practice makes better. Hopefully so. Anyway. So here you go. And we've talked about a lot of these different points over the almost six months. How about that First show was on my 20. Gotta get this right. 28th wedding anniversary. That's what it aired. So anyway. 917 So you don't want to retire until your debts are paid. Now, I say this, however, we have talked about if you have a mortgage that's 2.2% fixed and your payments small and it's not hurting the budget, then that might be a good move to not pay that off. But in general, the less Financial liabilities you have, you know, the better off you are right? And makes your money go farther so you can travel when you want, right? So you want to become Financially literate, like listening to SafeMoneyBob.com subscribing to the podcast. But also I'll give you a little secret here. So there's a I have webinars that I either co-host or all have. I have access to that I provide for free, you know, Financial education. So if you go to SafeMoneyBob.com, you can see there'll be a link to a webinar. It's Who Wants to be a millionaire. It can be for anybody. It's probably geared more towards people in the 30s, 40s, 50s, maybe, but I don't know any 65 year old that doesn't want to be a millionaire if they're not already.

Bob Loss:
So anyway, it's just something there. It's another value trying to provide. My listeners know my audience, all of you out there. So go to the SafeMoneyBob.com. And I think it's there's two links. I think it's the top one. You'll see it going across the home page, but that's just another way to become Financially literate when you see webinar opportunities and a lot of them aren't forever, they don't take like two hours like a lot of them are going to be 45 minutes to an hour. It can't hurt to have a cup of coffee and listen, you know, and a lot of times when you register, there's recordings. You can listen to, again, usually for a limited number of time. So if you do that and you can't make the actual live session, sometimes you get a second chance. So again, in this case, you know a little secret. I think that's an opportunity there, too. So just go to SafeMoneyBob.com and sign up, register for that, and then you can either tune in on another special day in history, February 28th, but not in 2023, 2000, 1967, February 28th. It's my birthday, so you can put me in there with these days in history.

Bob Loss:
Um, but yeah, it's actually my birthday Tuesday night, February 28th, a few days from now, um, 6 p.m.. So just check it out. You want to also plan how you spend your time, Like, who wants to retire and sit around and do nothing? Not me. So if you like golfing. Hey, another quick tip. Not even power, but could be maybe be a ranger at the golf course and really pay little to. Nothing to play. If you like making things, you know, you can have a side hustle where it's just pocket money. You know, you can even have a side hustle with a hobby that you like that makes you enough money so you can travel like you want without affecting your base budget, which of course we could help you work on by. Give me a call at (908) 359-2861 and leaving a message. Someone will book a call with you or go to my website. SafeMoneyBob.com. Taking This is big. Taking advantage of your employee pension plan. Now, what's important here is you want to know how much you give up to provide pension payments to your spouse. All right. And some physicians, some occupations. It's not a lot to have almost the same payment. You're not giving up a lot. In other situations, it can be you're giving up 25% of your it's 10,000 a month. It goes down to 7500 before tax before tax for your spouse to have that 7500.

Bob Loss:
So when you have a pension before you have to elect the payout, you want to think about what else do we have? Can we quote unquote kind of do a pension protection plan, but basically self insure that payment in a way so that you can take the higher payment, especially if the person receiving the pension is really healthy. All right. You know, you obviously want to have a Financial plan, right? We've been talking about all along, like people don't plan to fail. They fail to plan. So you want to have a plan and you want to start your plan as soon as possible because time can help you make up for lost time, actually. Um, and then you want to, like I said, if hobbies and keeping busy, mentally engaged, stay mentally engaged, you want to hang out with people that make you happy, not make you upset. Generally, you know, hobbies that you enjoy. It could make a few dollars out great. Maybe they don't make you money, but they save you money. If they say you like gardening, all of a sudden you've got a garden that you can have going that maybe that saves you money on food that you would normally buy during the winter. And you have it frozen, you know, in your freezer already. You definitely want to will you want to have a will and you definitely want to make sure it's up to date.

Bob Loss:
A lot of wills are written and forgotten about, you know, and it just happens, you know, life happens. You know, you write a will and you have one kid and all of a sudden you had three, and the will is still the same, you know, And you know, was it two children to be determined is still in the will. So you want to look at that and try to have that updated. You know, it has to be every year, but definitely within every few years you want to at least look at it, know where it is. No, it's exactly how you want it and and go from there. And you also you want to live within your means. And we just spoke about that. Dave Ramsey mentions it, I mentioned it. Now, you know, eventually bad things can happen when you live above what if you live above your income? So if your income is 5000 a month and your expenses are 7000 a month, at some point there's going to probably be a problem. And you don't want to just hope it's going to get better. So that's why you want to work with a Financial professional like myself, you know, review what you have, make sure you're on track, make sure you're not you're not depleting too rapidly your nest egg.

Bob Loss:
You know, and again, just mentioned it a few minutes ago, starting to save and invest early is huge. Huge. I think it was a few weeks ago I mentioned you have twins. I'm just going to say boys, one's 19, goes to work, puts away, I think, 2000 a year. And I can't remember it was 8 or 9% return. Just say it's eight. That person's got a million bucks. And he only saved for nine years or eight years from age 19 to age 27. The twin who went to college, didn't go to college, didn't do anything, didn't save any money, didn't whatever that one the brother that person had to save at age 27, that same 2000 a year until age 65 and still didn't quite get to a million with all the other parameters being the same. So again, saving early, being consistent, paying yourself first, all things I touch upon week after week, show after show, and I live on myself, pay myself first every month, every month, multiple times a month. Actually automatic those automatics into different things work out really well and you just got to plan for them. And then number one, without this, nothing else matters. Doesn't take care of your health if you don't have your health. What do you have? I mean, yeah, it's nice to have money. Yeah. You want to have a nice lifestyle? Yeah.

Bob Loss:
You want a nice home, you want nice things. You want to be able to go out to dinner, you want to travel, but you can't. If you don't have good health. What are you what are you going to do? You know, you're going to be stuck. You're going to be stuck. You know, either sitting in a place you don't want to be or being, you know, stuck at your house. Then if you're married and your spouse wants to travel and then she can't or he can't because you're not that healthy. So make it a point as you get older. Again, we talk about Financial health. Well, you know what? In the car you get the car service. Well, get a physical. If you're on meds, get them checked every six months. At least. Make sure nothing's adversely affecting any of your organs that you're taking to make yourself not better, but less likely to have any major issues. Things like that. So again, health is probably definitely number one and you can kind of put all the other ones in different order if you so choose. But yeah, I think health and as I get older, safe money is going to be 56. So as I get older here, I, I notice things that I took for granted when I was a little younger. So now I got to pay attention to them.

Producer:
Yeah. And a quick reminder, if you've missed any part of today's show, go back and listen in podcast form. Apple, Google, Spotify or wherever you get your podcasts. And don't forget, you can listen to the show every Saturday and Sunday live on the radio at 8 a.m. right here on Wbkb. We take a time out. We're back in a moment.

Producer:
You're listening to Financial Freedom with Safe Money, Bob, to schedule your free no obligation consultation, visit SafeMoneyBob.com.

Producer:
Now. With soaring inflation continuing to wreak havoc on everyday budgets, there's never been a more important time to cut costs. But do you know where to begin? I'm Matt McClure with the retirement radio Network. Powered by a life. There is no question costs have been soaring.

Sharon Epperson:
About one third, 34%, say they are worse off Financially this year than a year ago. Almost half, 46%, say they've had to cut household spending due to inflation.

Producer:
Cnbc correspondent Sharon Epperson recently reported on a survey that sheds more light on how inflation has been impacting us all. Even those who earn six figures a year.

Sharon Epperson:
These high earners say the first expenses to go are dining out at restaurants, entertainment outside the home and travel and vacations. More than half also say they'll delay big household purchases.

Producer:
That high inflation has led the Federal Reserve to respond with interest rate hikes. The goal is to increase costs to tamp down demand. Esther George is president of the Kansas City Fed.

Esther George:
Already we've seen the committee's policy actions lead to a very sharp tightening of Financial conditions.

Producer:
But it hasn't done enough yet and costs still keep rising. So what should you do? Well, we have a free resource called 23 retirement cost cutters for 2023. It's full of ideas to help you make the most of every penny. Things like take advantage of senior discounts, eliminate unnecessary subscriptions and cut back on clothing expenses. Look at your.

Sharon Epperson:
Needs and wants. Figure out what's optional and what you can cut out.

Producer:
The last one on the list of 23 retirement cost cutters for 2023 is perhaps the most important. Seek advice from a trusted Financial professional. That's the best way to get in-depth Financial advice in retirement planning that's customized to you and your goals. Just make sure whoever you consult for Financial advice has years of experience and credibility you can verify. So do you know the best way to cut costs in 2023? That's a key question to consider as our budgets get stretched to the max with the retirement radio network powered by AmeriLife. I'm Matt McClure.

Producer:
Got questions? Safe Money Bob is here to help visit SafeMoneyBob.com today.

Producer:
Welcome back. Inside Financial Freedom. You just heard that report from Matt McClure about the 23 cost cutters for 2023. That's our latest tradable report that we're giving away for free. When you book a consultation with Bob, the report is packed with tips and ideas for saving money in our current economic climate. So again, book a complimentary free consultation with Bob, get this tradable report with an abundance of information and get started today on building and optimizing your Financial plans for retirement. Again, SafeMoneyBob.com. Visit the website or call 908 3592861. Let's move forward with the show. Bob, It's time for your Power Tip of the Week.

Producer:
It's time for Safe Money Bob's Power Tip of the week.

Producer:
We discuss a quote from Dave Ramsey earlier in the show. Well, here's Dave talking about picking the right Financial advisor. I would tell you.

Speaker8:
Two things on that. One is prepare yourself by being very comfortable with the idea that this is your money, it's your money, it's your money. There is no reason for you to ever be embarrassed or ashamed or afraid to demand that you understand what's going on with your money. See, what's weird is, is we go into these you know, we go into this guy or this gals office and they've got on a nice tie or a nice dress or whatever, and they have Financial advisors sitting, sitting on their desk and we don't know nothing. And so we feel all intimidated, almost ashamed that we don't know anything. But here's the clue. It's your money. You're in charge of this money. God put you in charge of this money. He didn't put me in charge of it. And he didn't put that guy in charge of it. Put you in charge of it. It's your money.

Producer:
The premise there, Bob, from Dave Ramsey in that clip is that as the client visiting the Financial advisor, you're the one meaning the client that's in charge. And as the Financial advisor, you and this goes to your power tip of the week. Of course you have to gain the trust of your client. That's the main thing when it comes to the client and Financial advisor relationship.

Bob Loss:
Absolutely. So that's a lot of people forget that. And I always tell them, I always say, you're the boss. Like I'm just the instrument to help you get where you want to go. So say I'm speaking with somebody to book a call. We have a conversation and it may not be a referral. Just say somebody from some other they heard me on the radio or watched my podcast or whatever, you know, we'll talk about, well, what is it you need? You want to accomplish? What's bothering you? Like, what's the Financial pain, What's the what's the reason? What was the motivation for you to take, you know, 15, 30 or 60 Minutes, whatever it was, to want to talk to me? So even if it's not me, if it's for somebody else, any advisor when you work with. When you don't work with yet, you talk to me like you're. It's your show. No pun intended. It's your show. It's like it's your hour. You decide you want questions answered. Ask them. And if you still don't understand the answer, ask ask it again. Or say, Could you please clarify in a different manner? A lot of times clients will. Yes. Advisors just. Oh, yeah, I understand. I understand. And people I work with, my current clients. It's never the case.

Bob Loss:
I tell them I'm like, You need to understand at least the basics of what it is we're talking about, what we're considering or what we decided to implement. And that's the one thing I always say is I'm not going to implement anything unless I know that I'm sure you understand what we're talking about, why we think it's a good idea, why we think it may make sense. Everything's comfortable. I say you got to be comfortable to move forward with anyone and you're never forced to work with anybody and you're never forced to keep working with someone if something just doesn't seem right anymore. So the power tip is just, you know, kind of going off of what Dave was saying. You have to realize you're in power, you're in power, you're not. It's not like you're walking in and the advisor is sitting in a chair that's five feet off the ground and you're in a little kid chair at the kindergarten level. Now, it's not like that. You have to have confidence and be willing to learn and understand what they're telling you and take the time to do it because it's your money. So I think that all kind of ties in to the tip of the week. All right.

Producer:
Well, we've got a couple of things to get to. Catch us every Saturday and Sunday. Just a reminder at 8 a.m. on Wbkb or subscribe and listen to the show in podcast form, Apple, Google, Spotify or wherever you get your podcast. Bob, Also, you have an event coming up. It's called Who Wants to Be a Millionaire, an event that you'll be doing virtually with Tom Hegna.

Bob Loss:
All right. So pretty much I think everybody would like to be a millionaire or at least or maybe even a multi millionaire. But so the premise is it's just Tom's going to you know, fortunately I was able to connect with him in a point where, you know, people that I can invite people to his broadcasts and so forth. He's been involved in this whole Financial services industry for longer than myself. He's a little older than me, just provides a lot of tips and reinforces a lot of the things that I've been trying to teach or share educate people with. So it's probably going to run about 45 minutes doesn't cost you anything. I believe if you register, you should have the opportunity to relisten to it. If you don't register, if you don't listen to it that night, then you're kind of out of luck. You have nothing to lose, everything to gain. I would I would recommend if you happen to be maybe a little older and you have adult children or grandkids and 20s, 30s, 40s, that would be a great webinar for them. Again, at least register for it and then you should have some time afterwards to hopefully you'll get a hold of a recording, be available to you and then you can listen to it at your own leisure. A different time and date. But the actual event is going to be on Tuesday 228 again my birthday at 6 p.m. It's just it's all about educating the public. That's it. And that's what the goal is. It's pure value for you, education for you, education for your families. Like I said, depending on how old you are or yourself or your children or your grandkids could be even I have clients that are putting away money.

Bob Loss:
They are tradesmen. We have a shortage of people that do a lot of things we need and this individual just loves. He's mechanical, loves it fixing cars, working on things, you know. So this individual, he started working, I think he was 19 and I already have him putting away not 2000, but 4000 a year. We can advise, we can recommend. You have to decide and make decisions along the way that are best for you. But that's what that whole website or website, the webinars about probably have opportunities for other webinars. It could even be ones I've had in the past that I'll make available again over the coming months. And you know, some may be more of interest to others, you know, some may be more interest to you, but you know, I just figure if we keep providing information for people so you have your you get your Financial literacy that we talked about during one of the, you know, ten things you want to have control of in retirement as best you can. You don't wait till retirement be Financially literate. You actually have a better retirement. The more Financially literate you are when you're the younger you are. But it's never too late to learn either. It's never too soon to learn either. So hopefully all of you want to take advantage of that opportunity can register, listen to, listen to it live, watch it live. And then, you know, hopefully after that you have an opportunity to rewatch it, re listen to it. So just wanted to share that with you.

Producer:
And again, for more information or to sign up, visit savemoney Bob.com. Coming up, the difference between a will and a trust pertaining to your retirement. As we forge ahead with our Smart Retirement series. We're back in a moment. This is Financial Freedom.

Producer:
Guide Questions Safe Money Bob is here to help visit SafeMoneyBob.com today. You're listening to Financial Freedom with Safe Money, Bob. Here's Bob.

Producer:
Welcome back inside this week's Financial Freedom. Thanks for making Bob and I a part of your weekend. And again, catch us every Saturday and Sunday at 8 a.m. right here on 107.3 wbcb. Smart legacy in your retirement. We'll discuss in a moment. But first, let's dive into right or wrong.

Producer:
Come on down as we test your Financial knowledge. In right or wrong.

Producer:
Bob's favorite game, Right or wrong? In case you missed the past couple of episodes, I encourage everybody to go back and listen to the shows in the podcast catalog from the last few weeks. Apple, Google, Spotify, wherever you get your podcasts. Now, this week, we're going to sift through some key points from those shows in the form of our favorite game, right or wrong. So let's get started. Bob, The age at which you must start taking required minimum distributions is 72. Is that right or wrong?

Bob Loss:
Actually there was a sequel to it. So since the Secure Act of 2.0 was signed last December, which was actually, I think originally the first one, the age, the RMDs Begin is now 73. So the types of accounts that are subject to RMDs, again, this is a review, as Jim mentioned, can now continue to grow tax deferred until the year the owner turns 73. So what does that do that let you keep more of it growing. So without pulling it out, it could potentially allow you more time to consider Roth conversions. So if you would like to learn more about planning for RMDs and possibly implementing Roth conversion to avoid them altogether, give us a call. (908) 359-2861. Someone will call you back, set up a call or book an appointment with me or visit us online at w-w-w dot save money Bob.com book 1530 or 60 Minutes, whichever you prefer.

Producer:
All right. Right or wrong, Bob, the rule of 100 is simple. All right, Bob, the rule of 100 is a simple calculation to help one determine how much risk they should be taking inside their portfolio of assets. Is that right or wrong?

Bob Loss:
I will elaborate on that. So you can simply take this is the old rule. It's an old rule. You can simply take 100, subtract your age. So if I'm let's just see, I'm 56. Let's make it easy. Let's see, I'm 55, which I still am technically for another few days. So if I was going to use this rule, 100 -55 leaves me 45. So if I was going to have a piece of my portfolio and a portfolio was in something that could go up and down, such as the stock market, based on this rule, I want to have 45% of it, you know, safe and 55% of it could be either way. It depends how aggressive you are. But basically you want to have a percentage as you get older. The gist of it is this I don't care what percentage you use, you basically want to. Be comfortable with your allocation and if you want to use that rule, it's great. Some people I have people that are probably in their early 50 seconds and they're probably 80, 20, safe, 80, 20, 25%, maybe not safe. And again, that's just because of where they're at in life and how they are. But again, we've been saying this the whole show. You're the boss. So if you want to be more aggressive, you want to be more aggressive as long as you understand the risks of being more aggressive.

Bob Loss:
If you want to be more conservative, you got to understand, too, you know, so you know you aren't if you aren't sure how to properly manage. We just mentioned this, you know, integer risk and savings and retirement. You know, I'm happy to help. Give me a call. Go to SafeMoneyBob.com. You know, if you want to see face to face, you can go to my office or meet somewhere, depending on where you live. That's not too far from either of us, virtually. I've become very good at the last three years. So some people prefer in office. Some people are cool with a phone call, others, you know, don't. They don't mind being on camera, you know, or having a video thing going. So, you know, it's it's okay. Whatever you're most comfortable with. Over the past few years, I've had people that had to come to the office. I had some that were excellent with email mail and phone calls and others that love watching the screen when we're playing on the screen, my assistant and I with different things, just as if we were sitting there at their kitchen table. So don't let that don't let any don't let the way that you may want to move forward or at least learn more with myself or another professional hinder you doing it.

Producer:
All right. One wrong one right So far, Bob, right or wrong, it's too expensive to work with a Financial advisor slash professional and most people are better off managing their own Financial and retirement plans. Is that right or wrong?

Bob Loss:
It's basically okay. Do you do your own taxes? Do you assess your health in your kitchen? Do you draw up all your own legal documents? Do you fix your car because you know how to go in there, take the engine apart and do other things? A lot of times that's not the case. So Financial advisors and professionals actually help you save money and keep more of your hard earned money. I never ask you for a check. A lot of us don't either. You know, you talk to us, you find out what we could do, what's missing, compare to your employer. Cookie cutter investment plan. You know, if you've got target date funds with high fees, you know, it doesn't cost you. And if it did, it will be disclosed before you agree to anything. And it's absolutely supposed to be. So normally it's not going to cost you a dime to have a conversation. So if you can work with a licensed professional, you know, it can help you, your spouse, your family, things someone passed away. You don't want to have all this stuff up in the air and have no idea what's going on. You can't. So we offer complimentary consultations, as Jim has mentioned, our clients, our listeners, you know, referrals I'm receiving from different accountants, CPAs, attorneys, just through other organizations I'm involved with. You know, you're going to have a better opportunity to achieve success working with a professional. All right.

Producer:
And finally, Bob, is this right or wrong? A fixed indexed annuity offers investors protection from market volatility, but still allows them to participate in the gains of an underlying stock market index. Is that right or wrong?

Bob Loss:
That would be correct. But with a fixed indexed annuity. Zero is your hero again, because we mentioned you can have annuities that don't have any fees. So you can enjoy you have the opportunity to enjoy market like gains without risking your money market like risk. You know, if the market loses money, you're going to basically make 0% and zero is your hero. It should have a graphic with like not me, but somebody rolling up their biceps or something that works out. So once you choose to turn on income, you know, annuity, fixed index, immediate, what have you, the annuities provide you with person. It's like a personal pension you can never out loan outlive. So basically this all can be planning like there's we can plan this you can have pieces and again I would say a lot of the information you'll receive potentially on Tuesday's webinar we'll talk about that as well. But let us help you manage your risk inside your retirement plan. You know, shop market for based stuff, money solutions. There's depending on what state you live in, there's different solutions in different states. It's all it doesn't just fit one, one person. No matter where you live, you know, you want to fit based on you and your family's income needs for retirement. You know, these are things that, again, working with a professional. Will help you achieve and it doesn't cost you money. As we mentioned before, to learn more. All right.

Producer:
Moving forward with the show before we get to Smart legacy and your retirement, next week, we examine how to diffuse your retirement tax bomb. You don't want to miss it. So bookmark that show for next weekend. But Bob, let's tie a bow on our Smart retirement series we've been covering here in the last few weeks and breakdown smart legacy in your retirement.

Bob Loss:
Here we go. So smart legacy. You know we're obviously planning for end of our life is really not fun discussions your family nobody really wants to talk about this. You know it's very important to talk to talk about. And those are very hard conversations because you're really thinking about your mortality. I think about this stuff probably too much myself. I'm already thinking about, you know, all right, what happens if this happens or that happens with my own kids and I've planned for it since they were born. So I just mentioned, I think 20 years ago, you know, so you have benefits of estate and legacy planning. You know, you want to insure your assets are passed on to the loved ones in a tax efficient manner. You don't want to just give money to Uncle Sam or to state that you might live in, you know, setting up trusts and wills. This is a way retirees can avoid hefty taxes associated with distribution. You know, of those assets after death. You know, you you want to have your assets distributed where you want and you don't want the family disputing things. You know, who should get this, Who should get that? I've seen it. I've watched it. Fortunately, I've not experienced it majorly. But, you know, you want to provide for your loved ones in the event of your death and provide peace of mind, knowing that it'll provide it so that, you know, it'll be taken care of after you're gone.

Bob Loss:
And that's just, you know, some of the basics here. So we're going into wills and trust real quick here. I know our show is coming to an end soon, so we'll trust our legal documents. But they're different. All right. You know, you manage your personal assets after death, but there's different purposes. So I'm going to try to go over a couple of key points here. You know, a will is a legal document that outlines how your assets should be divided upon your death. Usually assigned to your executor of estate is who normally will know who it is before that person should pass and who should receive any assets. So, you know, whereas a trust is an arrangement that allows a person to transfer their assets to a trustee during their lifetime. So big difference during lifetime versus after death. Trustee is responsible for managing assets and distributing them to beneficiaries Name in the trust. I know, I know all about this because I'm a trustee on a couple of different things for some family. So we've got two big tips for planning your legacy. All right. We just talked about the difference of a will and trust. So we're going to go a little further here. So you have a will. You don't leave your legacy in the hands of the courts or the state. You know, make your list will clear. Clarity is important so your family doesn't have to bear additional, you know, burden, animosity, costs, all that goes with it after you pass away.

Bob Loss:
I mean, generally speaking, it's sad enough when someone passes and they have to deal with all this because things weren't put in place prior. It's not a good way to go, you know, And big way to plan for legacy is to have Roth IRA. I mean, we all know what I feel about overfunded life insurance, but we're going to talk about Roth IRAs and conversions. So funds within the Roth will pass to your beneficiaries tax free. And the growth within the Roth is tax free as well. So don't let your family inherit a tax time bomb. So, Ross, unlike the ten year rule for inherited IRAs, there's no ten years. You have to pull the money out and there's no gains to be paid tax on as well as the money that was written off. When you get the deduction to have it in a qualified plan or IRA. Try to say that fast six times. So a Roth IRA, Roth converter, basically. Why do we want to do that and how it relates to end of life planning? So a Roth IRA is a type of IRA. It allows you to contribute after tax dollars, be key after tax. That's why they grow tax free. The main benefits are from a Roth or in this situation, end of life planning. Right? Tax free withdrawals.

Bob Loss:
You don't pay tax on the money you take out of the account. There's no age limit. Unlike the IRA, there's no age limit for contribution. So if you wanted to put money in a Roth, you could and I'd have some other ideas as to what we could do as well. But that's just one of the tools in the tool belt Biggie here. Mini Power Clip Tip No required. Rmds No required. Minimum distribution like a traditional IRA. So you don't have to start taking distributions. And, you know, at age 72 or age 73 or whatever the RMD is eventually 75, ten years from now, I think it starts. There's obviously potential for compound growth. You know, the money grows interest on that, money grows, the interest on the interest grows and there's no tax to be paid. You know, once you were to take it or leave it as an inheritance to your loved ones, you have flexibility, flexibility. You can withdraw your contributions. Any growth without penalty, no taxes. Just don't do it before 59.5. So with a Roth conversion, if you're eligible, you can convert that traditional IRA. We talked about this show after show into a Roth, which can be beneficial if you expect a higher tax rate or if you just want to eliminate taxes that have to be paid by your beneficiaries to give them in control of the money that they will receive from you. All right.

Producer:
Well, great information today, Bob. And a reminder, there are many benefits and reasons why you should meet with an advisor slash Financial professional like Bob, for example, if you don't have a health care plan in place for you or your spouse's future. There's one reason. Also, if you don't have a formal retirement plan, well, what's it like to work with Bob? He provides comprehensive consultations at no cost to our listeners, and there's absolutely no obligation. So you only work with Bob if it's best for you. So, Bob, one more time, how can people reach out again.

Bob Loss:
If you love going on the computer? W-w-w Dot SafeMoneyBob.com book a 1530 or 60 minute call with me and have time afterward. I can talk longer. It's all good if you'd rather call the office. 908391 8500 and just leave a message 24 seven. One of my associates, team members, staff will get back to you normally within 24 hours or the next business day. If it happens to be on a weekend and set up a time. If you want to leave a message with, you know, best time to call you time slot, you're thinking a couple of options, day time, you know, morning night or generally prefer morning or afternoon. If it had to be in an evening, we can make arrangements for that. But that's basically how you can reach out. And you know, we're here to help. It doesn't cost you anything. Hopefully you're you're learning a lot, you know, by tuning in every week. And I appreciate you tuning in, but that's how you can reach me. It's the easiest way, either one of those methods. And like I said, we're here to help and. We have a meeting. We go through your situation. I come up with some options for you based on what you want to see happen moving forward and you want to implement them. Happy to implement them for you or with you. If you want to take that information and mull it over or sit on it or do whatever with it. It's yours. I'm not going to hold you hostage and keep that those options away from you because, you know, if nothing else, hopefully help teach you something to make your life better.

Producer:
All right. Well, hey, look, it's been fun, as always, Bob, thank you very much. Next week, tax season, it's right around the corner. And Bob and I will deliberate how to diffuse the retirement tax bomb, plus various other tax tips for 2023. So be sure to join us next Saturday and Sunday at 8 a.m. right here on 107.3 Wbkb and subscribe to the podcast catalog on Apple, Google, Spotify or wherever you get your podcasts. Have a great rest of your weekend and we'll talk to you next week.

Producer:
Thanks for listening to Financial Freedom with Safe Money Bob You deserve to work with a Financial and insurance expert who can offer proven strategies for protecting and growing your hard earned money. To schedule your free no obligation consultation, visit SafeMoneyBob.com or pick up the phone and call (908) 359-2861. That's (908) 359-2861.

Producer:
Not affiliated with the United States government. The agency does not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. A life assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness or of the results obtained from the use of this information.

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