10.26.22: Audio automatically transcribed by Sonix

10.26.22: 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 Fiancial 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:
Welcome to Financial Freedom With Safe Money Bob. Thanks for making us a part of your weekend right here on WBCB 107.3 FM and 1490 AM. Show time. A lot of information on the docket today. And if you miss anything, just a quick reminder, you can listen back to the show at any time just by subscribing to our podcast on Apple, Google, Spotify or wherever you get your podcasts. Bob, People can get in touch with you as well. By the way, it's good to have you back. How you doing? And congratulations on that Big Tennessee volunteers win a couple of weeks ago.

Bob Loss:
Well, we're doing great here. Doing great. Here we are. It was probably one of the greatest games I've ever watched. And then having your your kid or your daughter there as a student adds a little more spice to it for me. And in fact, I hadn't beaten Alabama in, like, since 2006, I believe it was. So, yes, that was exciting. So we're still undefeated. We've got Kentucky at home this week. And then we got to go to Athens and play the University of Georgia. Hopefully, we can get through this week and not look past this week because they're going to be tough, too. So we'll see what happens. Maybe we got a shot at the playoffs, but it's exciting. It's exciting. Done a great job, this guy. And just in two years, what the program has become phenomenal. And he's got a five star quarterback coming to replace the guy who might win the Heisman this year.

Producer:
Football Playoff that money that they need, first of all, they got fined. So they need to recoup that money because all of a sudden.

Bob Loss:
100,000 I believe.

Producer:
Correct. They charged onto the field. But they also need to replace the the the upper crossbar.

Bob Loss:
Yeah. I think one of them is in the bottom of the Tennessee River and I don't know if the other one I thought my daughter thought it kind of went walking by her strip in downtown Knoxville. You know and it's exciting as that was. I, I think I shared maybe a few shows ago. But yeah, my son committing to play lacrosse at Ithaca College. He's now he's listed on NJ.com as a commit to play lacrosse Division three, high level Division three. And they're actually going to have a signing ceremony with a couple of his teammates from here in Flemington 100 Central High School. In a couple of weeks that will all be wearing our respective garb for our kids who are going. One's going to Maryland, one's going to Keene, Danny's going to Ithaca College. And as of now, it's the only three I know that have committed from our 23 graduation class to play at the next level. So I've really made just all of them.

Producer:
That's a that's a great thing. And congratulations to your son. He is in, no matter what Division one, two or three, he is indeed in elite company. All right. Well, we've got a lot to get to, Bob, in today's show. So let's first start with our Quote of the week.

Producer:
And now. some financial wisdom. It's time for the Quote of the Week.

Producer:
And this is a good one. You and I talked about this prior to the show starting. This quote comes from Jam Master Jay. I don't know if people know this, but my nickname is Jam Master Jim. Jam Master Jay was an American musician and DJ. Bob, by the way, is smiling on the other side. He's just not laughing. I thought it was a pretty good joke.

Producer:
He was Jam Master Jay was the deejay of the influential hip hop group Run DMC. Bob, you sure you remember them? During the 1980s, Run DMC became one of the biggest hip hop groups and credited with lifting hip hop into mainstream music. So again, this is from Jam Master Jay, and it's a very simple financial quote of the week. He said, To make sure to save for future and keep making money. Pretty simple, right?

Bob Loss:
You would think. You would think, hey, yourself, first make keep making money.

Producer:
Well, we got a lot to get to today, Bob. And first off, before we get to everything that we're going to talk about from the enrollment period to Election Day, voting and doing your proper research, how do people reach out to you to get their closer to their financial freedom?

Bob Loss:
Well, they can always go to SafeMoneyBob.com. You can book an appointment with me there free of charge. Same thing if you want to call my office. 908 359 2861. You can leave a voicemail. 24 seven. And one of my assistants will. Staff will get back with you. Set up a convenient time. That works for both of us. It could be 15 minutes. Could be 30 minutes, could be an hour. Whatever you want it to be. And I can walk you through how you learn about what's bothering you, what your financial pain is. And there's a lot of them out there today. But also share with how we work with our clients and what it would be, what the experience would be like to work with us. And I'll share a little bit of that later in the show. Little step by step, I always know we talk about power clips or power tips, so just I'm here to help you. You just all you have to do is reach out and we'll do everything we can to get you to closer to financial freedom or to financial freedom, hopefully. So a couple of quick reminders. As Jim mentioned, annual enrollment period started October 15th. It runs to December 7th. That's so you can figure out how what you want to do with your Medicare plans. Medigap supplemental. Give us a call. Again, I just provide you the 908 359 2861 or visit us at SafeMoneyBob.com and you can book a call with us there.

Bob Loss:
Another important point I'm actually part of a 500 1c3 nonprofit donate it to it policy versus politics. But I wanted to mention Election Day, so I pretty much been voting since, let's see what was like 18 years old. 1985, maybe 86, 85, 85. So it's important to know and don't just watch the TV, don't see the commercials. It's all. Everybody's just ripping everybody else. Like it makes everybody look like they're just not nice people. Not good people don't care about the country. You know, You want to do your own due diligence, your own research, you know, try to find non subjective sources. And it doesn't it doesn't matter what party. It matters what makes the most sense to you based on what they're pledging is their platform. And then you make a decision as to if that make the most sense to me or does the other person. In that case, you say there's two people. Does that other person's platform make more sense to me? And that's sort of how you want to probably do it. You know, everybody wants to sensationalize everything all the time. And it's just, you know, see what really makes the most sense. You know, you can go to a ballot PDA dot org to learn what candidates and issues are on your ballot this year. It kind of gives you more like what's available and what you have to decide on versus somebody else in a different state or different part of the country or nationally.

Bob Loss:
So. So I want to move on to the overview of this week's show. So we've got a good handful of topics here for you. Hopefully very informative. So obviously, gymnast ran through the quote of the week from Jim M.J. not to be confused with Jim, Master Jim. We'll have a little market update for you. He's laughing. I have a little market update for you, an inflation demonstration, and then try to show you kind of talk about how to eliminate your income gap in 2023, because obviously with whether you're making more money or you have Social Security coming in and you're getting that cost of living increase, which we'll talk about, inflation still running a lot heavier than any increase in, say, Social Security payments. And, you know, just just you've got to really look at everything. So we're also going to have another segment of right or wrong. It seems to be pretty popular. And then I will probably towards the end of the show, I'll have some insights as to little data like usual on This Week in History. And I'm not going to mention anything about that. I'm going to wait until I get to the end and then I'll share what that's all about. So again, here's another here's another quick quote for you, and I'll elaborate a hair. So another quote for the week is I'm proud to pay taxes in the United States. The only thing is I could be just as proud for half the money, meaning pay your taxes, be efficient.

Bob Loss:
Try to have the most efficient plan to limit the amount of tax you pay legally within all the rules. The IRS mega encyclopedia, we'll call it, or thesaurus. But just, you know. Pay your taxes, but don't pay more than you should. Don't pay more than you should. Let's see here. So, you know, I'm going to I'm going to move on to market update. Obviously, the market's been jumping all over the place, so it's going to go over some things here. We're going to go through tax brackets first. So if you recently learned that some tax brackets have changed, pretty much probably most of them, if not all, actually, maybe not so much on the lower end. But basically, if if you don't make over 22,000, you're paying 10%. And if you're making 22 and 89,000 for 50, it's 2200 bucks plus 12% over to 22,000. So the brackets, you just may want to check them out. You can go to like irs.gov or you can even just Google tax brackets or if you want to go through those with me, you could always again, financial freedom with safe money Bob you can always visit SafeMoneyBob.com and book a call with us to go over your situation or you can simply call our office at 908 359 2861 and one of our staff will reach out to you to set up a convenient time for us to have a chat.

Bob Loss:
So I want to talk about the Social Security so everyone realizes, I'm sure that we had a pretty big increase last year, which was almost 6%. So this year they're going to raise the payments for 23, 2023 will raise will be 8.7%. So if you add the two of them up 5.9 and 8.7, it's going to be somewhere around 14.6%. So the good news, your Social Security income benefit is a built in adjustment to help protect your buying power, but only to a point. Because the bad news is inflation is still wreaking havoc on American families, particularly food. You know, I love the government when they do the inflation numbers and then they excluding food and energy like, well, food and energy is pretty much involved in everything that we do. I mean, how do you get the food energy? You got to get to farm equipment. You've got to get it where it's got to go. You've got to keep it stored properly. Also new and used vehicles. My goodness, The car market, it's almost like it's upside down. But you can't find new cars. You can find pre-owned ones, but then you're paying a hefty premium. If you want to buy one, you can't lease them if that's your gig. So it's a little more difficult. And also travel costs. I can tell you the trip to Knoxville when my wife, myself and my son Danny to visit my daughter Alison, that was a pretty hefty price between airfare, car services, food, hotel tickets.

Bob Loss:
Like it was like a small mortgage, pretty much small mortgage payment. But again, it was a great experience, but it was all higher. Much higher. Cost me a lot more than it did last year when we went down there initially just to get her all settled in. So like I said, the good news, your Social Security is up starting next year, almost just under 15% higher. But unfortunately, we're paying a lot more than that for a lot of the things I just mentioned. I'm sure other services as well. So this is part of the reason why I want all our listeners to have a solid and tested plan for protecting and growing their hard earned money. So you can't with everything the way it is, especially now, you really shouldn't go it alone and be a do it yourself or either work closely with the advisor you have. Now reach out to me again. SafeMoneyBob.com, book an appointment so we can talk about everything or call the office. 908 359 2861. And so we'll call you back to set up a convenient time for us to have a call. You know, part of our service here is we will analyze, we'll have a chat first. So we'll have a call. You'll kind of tell me what was your always ask, what was your motivation? You know, So when you call, call Call me today at 908 359 2861 and have one of my staff reached out to you and book a call.

Bob Loss:
We'll go through what's bothering you now. Kind of you can kind of explain where you are, maybe where you were or where you are and where you want to be. Everything makes sense and you want to work with us a little bit more to figure out how we can help you. We would just do a with you. One of my staff would help you complete a client financial questionnaire Cphc we like to call it. And then from there, once we have all your information similar to like filling out a chart when I'm going to the doctor tomorrow, I got my annual physical. So they'll ask you, did anything change from soup to nuts? Everything. Well, I'm a financial doctor, so. The more information I have, the better. I can assist you, my clients. So we would get all that information. I would have it then moved into another model that we use, a lifecycle model. It's like one page, it's interactive. We can adjust it on a second call once we have all the information in there and once that's in there, we can give you a true financial picture. Now, again, go to save money, Bob. I'm going to stop saying the W's. Everybody knows that. So Safe Money bob dot com, book a meeting with me, and we can go from just chatting to full disclosure. As far as just numbers, I don't ever need account numbers or anything like that.

Bob Loss:
It's just numbers. Where is money sitting? It's in my 41k, Is it in my old IRA? Is it in a Roth? It's in a savings, a CD. Do I have any annuities? Are they old? Do I have any life insurance? Is it term? Is there cash value? What do I have in the bank? All the information we would then gather so we could put together. And again, this is all free of charge. I'm not charging you anything now, after the end of the day, say after meeting two or three or whatever it ends up being, you say, You know what, I'm going to sit on this. I don't know. I want to work with you. Whatever it is, whatever it is, I'm not going to keep your lifecycle model from you. I'll give it to you. It'll be a saved version so you can have that. And then if you're working with somebody else, you can go over it with them. You're not working with somebody else, you have a great picture and then you can decide based on that and any suggestions I'll give you. Normally at that point, from what I see, you can then become a client and then we'll be in it with you together, getting you where you want to go for financial freedom. Also, I wanted to mention you need to outpace inflation. I've been harping on it already today in order to protect your borrowing power.

Bob Loss:
And we can help you do just that. So again, you don't have to risk all your money to make money. You can. There's options out there for you, you know, and especially looking at what your bills are, which we've touched upon before. Look at what the bills are. I can tell you, my wife just went to Costco and Shoprite. Shoprite, our supermarket here. And I'm looking at what the numbers were coming out of the bank account. And I'm trying to look at the receipts and see what did we actually get. It was crazy. There were some extra things we had to get, but it wasn't all food. But the food section, the food portion, the cost of the food right now is is crazy. So I can tell you, I've seen probably. 30, 40%, maybe increase in my costs for gasoline. Electric nat gas is going to natural gas is going to go up. You can't even try to lock in a contract because it will be over a dollar a therm. And I think currently all of us are somewhere probably around 30 or 40, 45, $0.50 a therm. And it's just nothing you can do about it. So try to have a sweatshirt on, put the heat a little lower, try to save where you can save, where you can control your savings, try to buy things in there on sale, you know, coupons, all that stuff. This is just extra. This is just extra info to try to help you get through this because it's not over yet.

Bob Loss:
I can promise you that. So I'm going to go over a little sorry to do an inflation demonstration. So let's see, you're going to my notes, my outline. So the consumer price index, this in case you're not aware of this, I'm going to tell you which measures the average change in prices for consumer goods and services. Rose What a surprise. Rose More than expected again in September, still hovering near the highest level since the early eighties. So this is like we're going through something that I guess I was probably about 15 years old, 15 to 17 years old back then. So, you know, I wasn't paying for any gas. I lived on a farm. I mean, I pull the car up, I work X amount of hours and my father let me fill my tank up with gas. And this would have been probably about 1985, 84, 84. So that was in the eighties. The rising cost of living is bad news for workers whose average hourly earnings are down 3% from a year ago. Leaving more Americans living paycheck to paycheck. So imagine you have. A set income and also an everything you have to buy went up. What do you do? You eat less, drive less. Air conditioning is on a hotter number. Pete's on a lower number. What do you do? You know, now 32% of adults say they regularly run out of money between pay periods according to salary and finance.

Bob Loss:
So, again, go to go to SafeMoneyBob.com. Book a call at me or call the office. 908 359 2861. And one of my staff will reach out to you instead of time for us to chat. You don't have to be in it by yourself. We can be in it together. I mean, I share. I'll share. I share on the show and I even share more information when I'm meeting with people, you know, over the course of the week, days, weeks, months, whatever, and all the stuff I'm doing to try to save money with what's good for me should be good for you, as well as all the things that I do with my money. Another little tidbit here. So more than half of working US adults feel as though they are behind on retirement savings. So think about this. If you weren't behind on retirement savings before or if you're drawing, where are you now with the markets? If that's where the majority of your money has been, where are you now? Can you retire? Is your retirement in jeopardy if there's another leg down, which, again, unemployment hasn't really hit yet, So I'm not so sure we're done with this. Know, retracing, we'll call it. What's going on in the stock market, but it's underscoring the hardships of inflated economy. So you're trying to save more. Your investments are down and it costs you more to pay for the necessities that you need.

Bob Loss:
So it's not it's not easy. It's not easy. So. So basically, all these adults we've talked about, about a third say they feel significantly behind, according to the Consumer Financial Services Company's recent report. So, again, I'm here to help you. Financial freedom would save money. Bob, thanks for listening. And I hope you're getting value out of this and giving you a knowledge to use whether you work with me or your current advisers or one of those that likes to do it on your own. Hopefully you're getting value and knowledge out of a show. Appreciate you listening. Again, just I can't harp on it enough. It doesn't cost you any money. All you have to do is spend a little time with me and see if you're on track the way you want to be. If you are, I'll tell you. I had a client here. It's not a power tip. This is a true fact. So kind of client. Last week, we're having a little review, and I've mentioned time to time, depending on how wealthy they are. Some of the money. I'll bring in one of my money managers I work with to complement what we're doing. So at the end of the meeting, he looks at the report. We look at it together. And my client's right. He's just getting involved now. He's like, You have a 99% chance, which is basically 100. You'll never get more than the 99 on any kind of retirement analyzer type of thing of success while leaving your kids and leaving the way you want to.

Bob Loss:
And they just bought a shorehouse. I help them figure out how to get the millions and millions of dollars while living the way they want to. So my clients, I guess the wife in particular, she's like, first she just goes, Thanks, Bob. And her husband's like, Thanks, Bob, because basically I've been working with them for eight, nine years now and gotten them to this point where it was then time to bring in someone for a piece, a piece, small piece of their retirement money that they can be a little more aggressive with and actually have active management on it versus just sitting in some funds in an old world. So I wanted to share that with you because it meant a lot to me. You know, it just proves to me that I'm doing the right thing. I'm helping people know I'm listening to what they want to accomplish. I'm helping them find ways to accomplish it. I mean, these people have found $20,000 a year they were spending on Starbucks and sandwiches for lunch, like way back, probably like seven years ago. Right? Right. In the beginning when we started working together. Oh, by the way, a lot of these people I'm telling you about were referrals from a CPA. So if that gives you any confidence in credibility, it's there. All right. Cpas don't send their clients to people that can't help them.

Producer:
All right. Well, Bob, great job in disseminating all of that information. And again, Bob is here to help Call the man of the hour himself at 908 359 2861 again 908 359 2861. Coming up, we'll play some right or wrong and discuss how to eliminate your income gap in 2023. That's next. Financial freedom with safe money. Bob, we're back after this.

Producer:
Thanks for listening to Financial Freedom with Safe Money Bob, to schedule a free consultation, call Bob at 908 359 2861. That's 908 359 2861.

Producer:
A new payroll tax could be coming to your state. I'm Matt McClure with a Retirement Dot Radio Network powered by Amerilife.

Allison Hoffman:
We have seen a failure as a country to provide comprehensive insurance for long term care.

Producer:
America has a long term care problem, KNPR reports. 70% of people who turn 65 will need some type of long term care, ranging from in-home care to a full time nursing home facility. And the costs can be astronomical. A Genworth study in 2021 found the median cost for home health was more than $61,000 a year. If you want a private room in a nursing home, the median cost there more than $108,000 annually. And Medicare won't cover the costs.

Allison Hoffman:
Medicare pays for short term post-acute care if somebody's been hospitalized or has other kind of short term medical needs. It doesn't pay for the kinds of things that we think about as long term care.

Producer:
Alison Hoffman is a professor of law and deputy Dean at the University of Pennsylvania Kerry School of Law. She tells me relatively few people in this country have long term care insurance. Washington State was the first in the nation to try to bridge that gap.

Allison Hoffman:
And what Washington state has done is it's done a payroll tax point five, 8%, that is for all W-2 workers or full time workers that comes out of their payroll. And then so long as they pay in for a certain number of years, when they have a benefit that they can use for long term care up to a certain amount.

Producer:
But it's not a cure all for the problem.

Allison Hoffman:
It is a little patch. I think the total benefits in Washington state are 36,000 and they increase with inflation over time. But the cost of a nursing home in most states is three times that for over the course of a year. What it is, is the states trying to come up with a tool to fill in some of some of the gaps.

Producer:
Now, states like Pennsylvania, New York and California are looking to Washington's plan to implement their own solutions. Professor Hoffman says taxpayers can opt out of the payroll tax in some cases, such as those who have their own private long term care insurance.

Allison Hoffman:
So why would somebody want to opt out? Well, somebody might want to opt out because they're already contributing dollars towards towards long term care. And they think that that's sufficient. That's enough. But people also might opt out because they don't value it as a form of insurance.

Producer:
So could a program like this be coming to your state? If so, how could it affect your wallet? And what about your own long term care plans for your later years? Those are all important questions to consider as time continues to tick on by With the Retirement Dot Radio Network Powered by AmeriLife, I'm Matt McClure.

Producer:
Are you concerned about market volatility, rising taxes, economic uncertainty, and how it all could affect your future in retirement? Then tune into 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 safe money Bob dot com. SafeMoneyBob.com. Miss part of today's show? Financial freedom with Safe Money Bob is available wherever you listen to podcasts and online at Safe money Bob dot com. SafeMoneyBob.com

Producer:
WBCB 107.3. Welcome back Inside Financial freedom with Safe Money Bob quick reminder our show's air right here on the great WBCB weekends at 8 a.m. All right Bob. Time to get into the second segment of our show today. Let's play some right or wrong.

Producer:
Come on down as we test your financial knowledge in right or wrong.

Producer:
Bob, is this right or wrong? There will be no changes in the tax brackets. You kind of touched on this in the last segment about 2022 to 2023. Again, there will be no changes in the tax brackets from 2022 to 2023. Bob, is that right or wrong?

Bob Loss:
Hmm. Wait for it. Wait for it. Wrong.

Producer:
I'm like, You're like a human buzzer right there for me.

Bob Loss:
Survey says wrong, while seven while the seven brackets have the same percentages, 10%. I'll review them real quick. 10%. 12%. 22%. 24%. 32%. 35%. And 37%. The income. Here's the key. And it's not really a power tip. It's just a fact. The income thresholds within the brackets have changed due to inflation. Makes sense, right? I mean, we'd have to change. It's important to have a tax plan during your retirement years. We touched upon this too many retirement years, which is why we encourage all our listeners and existing clients to have annual financial checkups. This ensures that you're on the right track to meet. You know your goals, their goals and save as much of their hard earned money as possible. So we want to. If you want to keep more of what you make. Again, we went back to this like you want to pay. If you had to pay, it could be 50 bucks. You'd be as proud as anybody versus paying $100 in taxes. Right? You're still paying the taxes. I'm proud to do it. So, anyway, I'm gonna. Go ahead. Let's go with the next. Right or wrong, you.

Producer:
All right. The only ways to reduce your taxable income and get into a lower tax bracket are deducting your mortgage interest and taking advantage of tax credits. Bob. Is that right or wrong? From I'm over to today, over.

Bob Loss:
To 042 so anyone can reduce their taxable income during retirement by taking tax free withdrawals from only two types of tax free investments. Hmm. Anybody remember what those would be? Have you been a listener of the show? I've touched upon.

Producer:
Them. I'm raising my hand, Bob. I'm raising my.

Bob Loss:
Hand. You got it. Jim knows Jim.

Producer:
Do I have it? Do I have an opportunity to redeem myself? I'm all for Tuesday.

Bob Loss:
Why don't you give it a shot?

Producer:
Okay. The two types of tax free investments, Roth IRAs and life insurance.

Bob Loss:
Ding, ding, ding, ding, ding, ding, ding, ding, ding, ding. Go.

Producer:
I like that.

Bob Loss:
Correct. Correct. Correct. Correct. Now, again, I think I touched upon this, but it's not I don't know. Some of you may be new to the show, so I'll tell you so. The tax is the tax chassis of a Roth is very similar to a specifically properly designed, permanent high cash value life insurance policy. That's where it came from. You put the money in. Unlike the life insurance the Roth, you have to have it for five years at least there. And then also, I believe, over 59 and one half, unless you're going to go do any kind of structured payments of our beliefs. 60 months. And again, I'm not a CPA. I did not stay at a Holiday Inn Express last night. I just know a lot about this stuff. So. So those are two differences. But high cash value life insurance permanent with. Nowadays, living benefits aren't even built in. You don't pay for them. So God forbid you got sick, you need somebody to take care of you. You have access to another fund. That's not like spending premiums on long term care insurance. So big difference. Big difference from traditional long term care. You know, it's kind of like you can grow your money. You can leave it to your family tax free.

Bob Loss:
Pennies on the dollar, by the way. You can use it if you need to supplement your income with tax free income. Big key. Also, you have living benefits that might help you pay for some expenses and protect other retirement money that you may have so that your surviving spouse doesn't have or his or her retirement derailed. So if you're interested in generating tax free income during retirement, then I encourage you to again reach out to me. And Smart Money by NBC.com and book an appointment or call the office at 908 359 2861 and from one of my staff will get back with you and set up a time for us to have a chat. And again, SafeMoneyBob.com. It's pretty easy. You hit a couple of buttons and you got me and it's all free of charge. I don't charge anything. I've never charged anything. I figure I always looked at it even when I was younger. And I've been doing this since 1989, and I got trained at MetLife to start. If you understand, are comfortable, emotionally, mentally, physically. It all makes sense to you. And you want to work with me, then you're not writing me a check to do that.

Producer:
I always want to add to. I just want to add to that. I enjoy working with Bob and producing his show every week is what really one of the kindest and one of the most insightful financial advisors out there. And and, and he and he is teaching me a lot here as I go oh, for two during our right and wrong segment I have to get this one right. So I'm under a little pressure.

Bob Loss:
Come on, let's see.

Producer:
You start out over too. There's it's like Tom Brady starts out over to everybody thinks it's time for him to retire for the 30th time. Okay. Number three, here we go. Right or wrong. Or Aaron Rodgers, for that matter. Right, Bob?

Bob Loss:
Right. Got that right. Yeah.

Producer:
I complimented Tennessee in the first segment. I have to kind of rib you a little bit about.

Bob Loss:
Yeah. Yeah. It's been pretty ugly.

Producer:
Been a lot. Kind of an ugly year thus far anyway. Right or wrong, the final one here, Medicare and it is the annual enrollment period. So this is very vital. Might Medicare pays for long term care needs. Bob, is that right or wrong? Darn it. Get em next week, Jimbo.

Bob Loss:
It's all right. It's all right. You'll come back? I guess I get a lot of time. So. Medicare does not cover long term care needs for people who cannot perform everyday, everyday activities on their own. This is why we want everyone to have a smart health plan for a successful retirement. Health care expenses are also very costly and on the rise like everything else. Now is a great time to review your Medicare and any long term care insurance needs. So again, back to what I was talking about. It used to be you pay a premium for a long term care insurance and if you never use it, the money's gone. It's not that benefit. No cash value, no legacy, nothing. If you don't use it now, you don't have to do that anymore. Now there's there's options out there for you. And I've implemented these many times for many clients where you can use specifically designed life insurance policies with specific carriers who have built in long term care type benefits. I call them living benefits to help pay for those costs. Part of it is from the cash value, part of it from the difference between that a death benefit up to a certain percentage. So it's you know, there's a lot of ways to skin a cat, I guess. And I thought I should go around skinning cats.

Bob Loss:
But, you know, that's why it's funny. Why why would I have a show of financial freedom with safe money bob But because Bob can help you get to financial freedom. But not only freedom, protect your nest egg for your loved ones, for your surviving spouse. If, God forbid, one of the biggest derailments of a comfortable retirement is one of the one of the I'll just say one of the spouses or one of the couple called the matriarch and a patriarch. One of them have to go, maybe not even go into a home, maybe not go to a home, maybe have care that they need to have done that their spouse can or is not willing to perform so that they can live a comfortable life during retirement at home versus going to a facility. And normally it's about half the cost to, by the way. There's a power tip for you, half the cost if you must be want to stay home anyway if they can, if they need help with some of the ADLs So activities you do everyday bathing sometimes custodial things like laundry, cooking, like who's going to do all that cleaning? So just realize that there's there's many options out there and to try to figure them all out yourself, there's no reason to do that either with myself or another advisor. But me, I'm free, I'm complimentary.

Bob Loss:
Everything's always complimentary. Which brings me actually to I want to touch upon this again. So I've talked about all this complimentary stuff, compliments for my listeners to the show for a full retirement plan consultation. I'm soup to nuts, some soup to nuts you. It's no cost, no obligation if it works for you. And we can help you and work with us. Work with me, work on my team. Like I said, I have a team. I have teams for many different things. Know whether it be finding the best life insurance policy or what annuities look best or what's the best rates out there for an annuity that pays you a fixed interest rate. I have people helping me do all these things. I'm not just doing it myself. We can also analyze any specific unique financial situation like I have. I run a charity golf and I think I told all of you and those families and I've been talking to them about it already. I'm like, we have to put a plan together, you know, whether it's me or whoever they happen to work with. Maybe already it's like you have to because these kids aren't, you know, who's taking care of them as adults. We're talking, can't walk, can't bathe themselves. A lot of them have cerebral palsy and other other issues. It's you know, these these kids are warriors.

Bob Loss:
You know, the parents are super human. What they do to take care of them. So it's like when they're not there, what happens. So that's a very unique situation. You know, having a having a daughter or a son who will never be able to work, make a living. Get a house, get married, have a kid, all that stuff. Know. So then you're dealing with potentially the state wherever you particularly may live, taking care of them. But hopefully in their case, it's a very unique situation. It could even be, let's say you're younger, like say you're like my age, 55, 56 almost, and you got parents. Well, who's going to what happens to one of the parents if they need help? One passes away and the other one needs nursing care, nursing home or assisted living in their house. Are they going to move in with one of the siblings, myself or my brother or my sister? You know, how is that going to work? So these are all that's very unique situation, but they're out there. I can tell you all kinds of stories from all the years everybody I've worked with. Another thing is to the fees. We've talked about this before today necessarily, but you don't realize how much you're paying in fees for like old for one case, IRAs, brokerage accounts.

Bob Loss:
You know, there's just costs that you can eliminate along with potentially eliminating risk as well. So we can examine that those accounts as well as if you have any annuities. I know some of my listeners have asked me already about all the annuities they have, and I'm like, Well, keep that one. They've called me. I've had a consultation with them and I'm like, Look, keep this one, don't touch it. It's fine. That one. We got to look at that one we got to look at and then we'll see where it goes from there, you know, as we progress together moving forward, you know, as the comfort level grows for myself with, say, yourself or yourself with me, things can evolve. We can also figure out some Social Security planning if you haven't taken it already or if you are, let's look at how much you need to live off of and then see if we can keep your Social Security benefits tax free. So anyway, hopefully you've you're learning things today and again, please call me 908 359 2861. Leave a voicemail and one of my staff will reach out to you to set up a time to have a chat or simply go to SafeMoneyBob.com book A meeting and say Care. You want to book an hour and pick my brain? Go ahead. I'll look at it this way.

Bob Loss:
For anyone I've ever helped, whether they became a client or not, I did them a service. I did a community service act, and it's why I do what I do. You know, people don't understand what to do is it's hard, let me tell you. I mean, I do tons of education for all the things I do. And, you know, things are always evolving, always changing, always moving. Know, obviously tax brackets are changing, not the percentages, but the thresholds, you know, and then you have the cost of ending the COLA increase in Social Security. We have the cost of everything being a lot more, a lot more expensive now, you know, and everything ebbs and flows, you know, we'll get through it. I mean, it's going to be messy probably, and pretty ugly, but we'll get through it. We're United States of America. We'll figure it out. We always do, as long as we stay the course in our founding fathers, I guess, and principles that we've had since 1776. I think I got that right. A little history there. All right. So we went over the offers. Well, I'll tell you. Hmm. Let's see. Where are we here now? We've only got a little bit of time left. Maybe. Jim, should we play a little this week in history? I think we should, Bob.

Producer:
And I think that the This week in history, I have something that's pretty interesting. But before we get to that, I have to ask you about some of these frightening inflation numbers, the cost of candy. My mom texted me actually today and she asked me which candy I think that she should get right. And I went with the Hershey's and I told her Hershey's Three Musketeers. And she said, Well, what about Reese's pieces? I said, Count me out. I'm good. But no matter what candy you may get for Halloween across the spectrum, the cost of candy Bob is up 13% just in time for Halloween. The show airing on the show airing on Saturday and Sunday. So if you're listening on Sunday, Halloween is tomorrow. That cost a candy for you. It was probably a little more expensive than it was last year.

Bob Loss:
I see bags all over the place here. So I guess we're ready. I guess we're ready. The only thing I got to stay away from it. That's the thing. That's right. So anyway, let's see here.

Producer:
What's your take on that, Bob? What what's your take on the Halloween candy and the inflation affecting the cost of Halloween candy going up? And what's your outlook for now, The next holiday coming up, Thanksgiving, having to buy food there. And obviously, the same thing with Christmas and just the whole holiday season in general.

Bob Loss:
Everything we buy, whether it's necessity or not, we'll continue to go up. Especially, you know, with everything, you know, the supply chain issue, which we're kind of getting a little bit through that. But then you also have. You just can't get stuff. And then when you do, it costs them. It costs the goods. It's gone up so much. So much. But if you ever if you go out to eat, for example, there's it got more expensive. Even if you go to a BYOB, which we do, it's still spending what I used to and I used to get a couple of glasses of wine or something. So it's there's no end in sight for now. The only way you'll know we've peaked is most likely. And again, this is just my thought. This is not gospel per se, but I think until you see an interest rate hike stop, which we're not close to that be. Unfortunately, a lot of people losing their jobs. Like the only way the inflation is going to slow down, whether it be Halloween candy going up, turkeys going up. Fixings going up. Christmas gifts or Hanukkah gifts or whichever holiday you like to celebrate the end of December or early January. I don't see any end in sight. I'm preparing. I'm like, batten down, Batten down the hatches. You know? Everybody knows I protected almost all of our wealth, pretty much.

Bob Loss:
And because I practice what I preach. So what I do for myself, if it fits, you know, a piece of that or if it fits your situation, I'm going to recommend it based upon once I see everything and I get your thoughts, what your goals and dreams are. You know, whether you're in retirement or ready or getting near it, or maybe you're younger than me, you know, maybe you're younger. Me I have clients that are 20 something years old, and I've started them with a highly specific high cash value with Living benefits life insurance program, so that they started socking money away. And one situation, if I hadn't done that for this one client and he's only about 25 now, he would have been able to pay his car payment. He went to pay his rent. So that's just one example. But back to Jim's point, with the inflation and my thoughts on it, it's going to get ugly. It's going to get worse before it gets better if that's fathomable. But that's where we're at and that's just the way it's going to be. And that's not just me I listen to. And, you know, you got let's put it this way, I was on a webinar today with an industry leader, helps guys like my advisors, like me, kind of like educate the public in a way and. He was like, well, Jeff Bezos, Elon Musk.

Bob Loss:
Jeff Bezos. Elon Musk. And I think it's Jamie Dimon. I don't know if you guys all know who that is. That's Amazon. And then that's going to be JPMorgan Chase, as Jamie Dimon and obviously Elon Musk is the electric car guy. But yeah, they're all like, batten down the hatches. There's going to be opportunities, though. There's going to be opportunities if you can have some powder left. I call it powder powder and a keg, but just have some ammo left to because going to be opportunities. In the meantime, if you've gotten hit hard, you know, I can I have things I can do to help recover some of that loss. If you had to get out with some of your money because you just can't bear going backwards anymore. We have solutions, so call the office, please. 908 359 2861. You know the drill on that. And then safe money bob dot com booking a call with me. Let's see what's going on. We'll take a look at everything. If you want free of charge, we'll have a lifecycle model put together for you. We can do them pretty quick, like we've been doing them for a while. So it's not. My staff is pretty harsh. I say fluid with these things, but anyways, I think I think we're almost. I think we should get to. Thanks for the question, Jim.

Producer:
Yeah, no problem. And also, Bob, to again, that that was all brought to us from NPR.org and that 13% increase. I'm not sure if you mentioned this is the largest yearly jump in candy prices the CPI is ever recorded. So for just comparison comparison purposes, right. It took nine years from 1997 to 2006 for candy prices to rise 13%. And again, we say that somewhat facetiously. Right. But it gives you a more grandiose scope of things and what's going on when it comes to these frightening inflation figures.

Bob Loss:
Candy? Candy is not a necessity. It's just a luxury. I mean, it's got I like to have a little piece here and there, but I'm just saying some people it's kind of like you got to have that little sweet after you eat. But anyway, well.

Producer:
You know what? I don't know if you're going to dress up or not, Bob, but the price of clothing has jumped 5.5% last year.

Bob Loss:
Lovely. Yes. Yes. No, I. I went to a costume party, so I was. I was Charles Woodson from the last Super Bowl champion Packer team number 21 with a I was going to wear a cheesehead, but I was going to poke people's eyes out cause I'm not that tall, so I didn't bring it. So I put a Tennessee ball hat underneath my Green Bay Packer winter hat because the Vols had just beaten Alabama. It was insane. So I was like, I was just basically a football super fan. That's what I wore. Pair of jeans already own them.

Producer:
You know what? I think it's what a lot of people are who might be listening to this show or the podcast. They're probably football super fans every Sunday or every Saturday for that case.

Bob Loss:
Eagles are Eagles are killing it, man. The Eagles, the local teams are doing well here.

Producer:
And of course, the Eagles. And Bob, of course, is in Flemington, New Jersey. So he is kind of towards the northern end of New Jersey. And yes, the Giants, the Jets, the Yankees are just eliminated, but the Giants and Jets on the

Producer:
It's this week in history.

Producer:
Bob. Let's get to this week in History and on This Week in History. This Day in History in 1965, the historical Saint Louis Gateway Arch is completed. I'm glad we talked a little bit about inflation because I want to ask you a question about connecting the Saint Louis Gateway Arch to inflation. But the 630 foot High Gateway Arch was lifted to commemorate President Thomas Jefferson's Louisiana Purchase of 1803. Now, here's where the inflation comes in Current day, the structure costs less than $15 million to build again in 1965. Around that time, the structure cost less than $15 Million to build and is designed to withstand both earthquakes and high winds. So with inflation now let's play that little game adjusting everything. What would it cost today to build?

Bob Loss:
My gosh, I mean, if we want to go, let's forget the hyperinflation from the eighties and the current situation. If we just went with 3%, I mean, my God, it would have to, I'm going to say. But we've got 67 years since then. Wow. I'm going to go with forget 3%. I bet you. I'm going to go 150 million is my guess. Based on what I know, I don't think is going to be 30 million. I don't think is going to be 50 million. I mean, my God, what are the car costs? Let's talk about that. What did the car cost in 1965? Let's use that. I don't know. I wasn't born yet. I don't know. I don't know what it cost. I know my parents bought a house, I think it was in 64. Why would they pay for it? Like 50,000 and like a town up the street from me here. And that same house is probably worth 450 now, So if you want to use that. So if we go again, I did eight, nine times. Ten times you're looking at 120 to $150. If it's 8 to 10 times the cost of 1965 construction, I'll think about that.

Producer:
Well, for you mentioned a car and just for conversation and reference point purposes, the Chevrolet Impala in 1965 cost this price in $2,020, 25,240. So you do the math.

Bob Loss:
Right? It's crazy.

Producer:
That that according to title Max dot com also this week in history on this date in 1968. A little bit of music for everybody before we let everybody go and sign off from this week's show. Musician Marvin Gaye released his hit single I heard It Through the Grapevine. The song was released eight months prior to his album and shot to number one on the US singles charts. It was Gaye's first number one single, in fact, Legendary Artist in and of Itself.

Bob Loss:
Oh, yeah. Yep. Right. Again, I was one year old, so don't really remember it much, but sure it was on. I'm sure I heard it in a car or something. I just don't remember.

Bob Loss:
Don't forget. Don't forget to subscribe to the podcast as well. Bob Of course, Apple, Google, Spotify, wherever you get your podcasts and join us here every Saturday and Sunday at 8 a.m. on WBCB And Bob, how can people get in touch with you?

Bob Loss:
All right so again, I can help I'll help anyone that wants me to help help you give you a call at 908 359 2861. We'll have someone reach out to you. Set up a convenient time for us to talk again. I'm willing to go an hour if you want. That's fine. If you only talk for half an hour, that's fine too. Just to get a feel for each other. And then from there, if you want to go the next step, I can help you gather information and so forth. We would then come up with a lifecycle model for you. Also go to SafeMoneyBob.com. Book at time. We'll help you out. We'll give you an analysis. You won't spend any money, spend a little time, hopefully learn some more stuff that we provide. And the more things I shouldn't say stuff more things, items, concepts, solutions, what have you I like to use. And if you noticed a lot of case studies by current clients, I've done things for over the years, so I really appreciate everybody tuning in to Financial Freedom with Safe Money Bob. Whatever team you're rooting for this Sunday, good luck to you. Hopefully they'll do well and we'll catch you next time. Bye bye everybody.

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 Safe Money Bob dot com, SafeMoneyBob.com Or pick up the phone and call 908 359 2861. That's 908 359 2861.

Producer:
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