9.29.22: Audio automatically transcribed by Sonix

9.29.22: 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 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.

Bob Loss:
This week, we're going to check out the nine Ways to Live Comfortable or comfortably actually, during retirement. Again, welcome, everybody. I appreciate you all listening out there. Again, I want to remind you that if you want to book a free consultation to see if it makes sense to try to work together, don't hesitate. Go to WW w safe money, Bob. Or if you prefer using a phone you can dial 908 359 2861. You can leave a message 24/7 and one of my staff will get back to you to set up a convenient time for us to have our initial chat for this week's show. We're going to touch on some different things and you'll probably be surprised by some of the nine ways to live comfortably during retirement. So I want to share a little bit as to what what it would be like to work with us, how our clients experience the planning we do for them. So normally I start with an initial 15 minute or 30 minute consultation. It's free of charge. You just get to ask me a few questions. I get to ask you a few questions, get your thoughts, what your goals are, needs and where you want to be down the road. And then from there we can go through what your successful retirement looks like because everybody is different. It's unique to each individual, each family, each couple.

Bob Loss:
So we like to do that and then we like to see what you're doing so far, how that's working out, whether you're enduring some of these stock market gyrations that unfortunately have been going more lower than higher, or if you're more of a safe minded person that likes to grow their money but not worry about most of it or all of it or some of it, we handle people like that as well. You know, the main thing is what do you want to accomplish, what your goals are? The key for us is to hear what it is you want to accomplish and where you want to go. And then we help you get to where you want to go. And that's how we basically work this whole deal here. And the other thing is how are you funding your retirement? Is it through 41k deductions from your payroll, your salary? Is it your self employed? You have to set money aside on your own. Is it all qualified money? Are you going to pay tax and all that money? Do you have any money that would be tax free, whether it be specifically designed, high cash value, life insurance or Roth IRAs, because you decided to pay tax on the on the seed, as I like to say, and not pay tax on the flower.

Bob Loss:
And it all depends on what tax bracket you're in. If you're a high income earner, it may make sense to defer a lot. If you're not in such a high tax bracket, then sometimes it makes sense. I mean, most of my retirement almost exclusively a very small percentage is qualified money, which sounds probably strange because a lot of people have four one KS IRAs. You know, the accountants are always telling them tax deferred, take your tax deduction now. And like sometimes it may not make sense and sometimes you want to have another bucket that isn't taxable. Maybe you don't need that bucket. Maybe you want to leave it to your family, your kids, your wife, your uncle and cousins, nieces, nephews, whatever that has work for you. And we also like to see people. We try to help them create income cashflow. I had a client I can't remember if I mentioned this couple a few weeks ago, but they did buy a shore house. Part of the plan was we I found $5,500 a month of waste. We're talking Starbucks, we're talking lunches out every day just by making those changes. And by no means that they have to do this, but they this couple was able to buy a short house, $900,000 short house on the Jersey Shore. And part of that being able to happen was.

Bob Loss:
The planning we did, I think it was seven or eight years ago. So again, if I can help you in any way, please don't hesitate to call for a free consultation at 900 83592861. Or if you prefer the web and you want to hit buttons, which is kind of cool, you go to WW w safe money box, and then on there you can click schedule a call and we'd be glad to talk to you and see how we can help you. So let's see also, if you haven't heard from your advisor lately and it's not that unusual. It depends on what you have with someone. Is it actively managed money there? You're going to hear from them more often and have more reviews. Is it not actively managed money? Might be once a year. Might be every couple of years. In these times, it's not bad to have a second opinion. So this way it's like another set of eyes. I always like to say. It's like, Well, what are you doing now? Where is that putting you? Are you where you want to be? Or are you having too much risk or not enough? So those are things we can help you with. So moving on. What I'd like to do is give you a quote of the week of financial wisdom.

Producer:
And now for some financial wisdom, it's time for the Quote of the week.

Bob Loss:
We're going with one that basically states, if you want to live a happy life, tie it to a goal and not to people or things. So basically, don't be trying to keep up with the Joneses. It doesn't matter if you're driving a mercedes or a Land Rover or whatever. There's no shame or harm in living within your means or below your means and putting as much money away as you can while still enjoying your life, whether it be through working years, years growing, you know, having your kids grow up empty. Nest retirement. You can find something every day that you like to do, but also try not to spend every dollar you make after tax, of course, because then you'll be sitting here down the road and you won't know what you're going to do. Are you going to keep working? You don't want to do that necessarily unless you enjoy something. I have I have clients that are working in retirement. I do my clients with pensions, clients with no pensions, some that work in retirement because they like it. Few of them will work at a golf course, so they get their golf for free. They are starter. They check people in, you know, go around the course, make sure everybody's moving along and then they get their free golf. So right there, you saved a few thousand bucks a year. You get to do an activity that you like, but it's not taking any money away from your income.

Bob Loss:
All right. So we're going to get to the meat of today's show. Well, there's two pieces of content here, pretty substantial today. So back to the original. Nine ways to live comfortably during retirement. You know, no matter how much you saved, you can move like I live, obviously in New Jersey and it's expensive here, you know, So it's like, all right, where can I move if I wanted to down the road and whether I keep working or not, because I can work from anywhere and. How would that affect what I have to use to live on? Would I have a little higher lifestyle? Would I be able to live more, leave more funds, money to my kids? It's a big thing with me. I know. You know, when I started out, my wife, we really didn't have anything. You know, we had each other. We had our health, and we're working two jobs each. I started my business on my own, like 1995 and summer of 95. You know, So I've been where some of you may have been or currently or hopefully not going towards that direction. And, you know, you stay the course, live within the means you have put. I was always putting money away no matter what. I was still putting money away even when I had to sit there and figure out, all right, what are we buying to eat for the week and how much is going to cost and all that.

Bob Loss:
So so basically, here you want to I know it's tough right now, but you want to stay invested. Hopefully your exposure isn't to the point where you're really getting seen your net worth drop substantially because all of your money is in the market or all your money is in real estate. You never want to have all your money in one thing. You want to have it spread out. All right, that's a power tip. I'll call it. Spread out your assets. Think of a pizza pie and have in plain one part of its meat, part of it's vegetarian. Part of it's something else. So that way you don't get you don't get the impact completely of a market downturn like we're going through right now. And I have no idea where the bottom is. I'm not going to try to predict anything. I don't have a crystal ball. I just know there's a lot of uncertainty right now in the country, in the world, that affects a lot of things that affect the stock market. So I don't know if any of you've done this already, but you may want to implement a Roth IRA conversion before you get too much older. If you're in a lower tax bracket or you have a certain tax bracket you're in, let's just say in your 22% tax bracket, what you can do is what we call bump the bracket.

Bob Loss:
So what does that mean? All right. Well, I make X amount of dollars and I have, say, 40,000 more of income that year that I could take from an IRA. I pay the 22% federal. And depending on what state you're in, the state income that would be at. And then that money is then tax free and you wouldn't have to take it because RMDs generally don't apply to that. And then if you wanted to leave that part of your estate because you didn't need it and you used your other money, you could let it just grow and leave it to your, your errors. So that's another thing you could do Some actually work till they're 67. That's the FRA or full retirement age for a lot of us. I think I'm 67 and change know if you can do that or if you utilize your qualified money meaning your IRA or for one K, the stuff that's taxable to a certain point perhaps when you start taking Social Security, none of that Social Security would be taxed because your other income that is taxable is below the guideline for the government to the current guideline. Obviously, these guys, these politicians can change anything they want, it seems like when they want to. So but as of today, that's something that some of my clients are doing currently. Hopefully you've been able to pay your house off. It doesn't mean you have to.

Bob Loss:
Not everybody has no mortgage in retirement. It just depends what makes the most sense. Again, for people or you downsize to take the equity out of your larger house and get another place to live. And all you're doing is paying your maintenance, taxes, insurance, upkeep, etc.. So again, if you want to book a free consultation with me, feel free to go w ww safe money by abc.com or call if you prefer. 9083592861 and leave a voicemail when convenient time for us to call you back and one of my team will reach out to you to set up a call. Some of you may have this is a another kind of a power tip, I'll call it. Some of you have money saved in the bank. You're basically not making very much of anything and it's taxable. You get a 1099. I know rates have gone up a little bit there, but I can tell you a lot of my clients I look at when I get them or even current clients have been with me for years. You know, I have some that just for some reason money migrates to their bank accounts and I have to always check to see what's in there because they tend to leave too much liquid money making little to nothing. So with recent changes in interest rates, which has drastically affected the lending market, whether it be residential, commercial and I've seen it because I have my mortgage license and I'm also affiliated with some commercial lenders.

Bob Loss:
On the flip side, the fixed index or the fixed index, mostly the fixed multi year guaranty annuity that gets you a certain rate of return. I mean, have we have rates now in the low to mid fours for 3 to 5 years, like go to a bank, show me a CD that is at four and a half percent and it's going to be taxable anyway, even if it was. But. You probably look at more like 2 to 3% of I to take a guess I go and research at bankrate.com. But I just know that over the years, either with a lower rate environment, middle rate environment, higher rate environment insurance company multiyear guaranteed interest annuity with a fixed rate for a certain number of years has generally always been a higher rate of return. It's tax deferred. If you don't need the money, you can roll it into another term of three years, five years, whatever you want to do. You do need the money. You pay tax at that point. But your interest that would have been taxed while you're trying to grow it isn't taxed until you take it. So you have a larger sum of money compounding year after year after year. So that's just a power tip on bank money versus a safe guaranteed type product with insurance companies. And you'll find too many of the banks have their retirement plans with insurance companies.

Bob Loss:
So if they have the money with the insurance companies, probably not a bad idea for you to have some, too. Let's see here also. So if you don't have a pension, obviously I don't because I am basically a self-employed person, just like probably many of you. You can build your own personal pension and never outlive it. There are certain strategies we can use to grow your principal, protect your principal. Some cases it's very similar to market like gains, but you're not risking your money and you're not going backwards. And in some cases you have little or no fees at all. You can choose. I guess it's I want to call a power tip. I'm going to call it a tip. There's a there's a misinformation out there. And I'm not going to mention some of the people I know that put it out there, but. You can grow your money, not pay fees. Not have ongoing fees. Not risk it. At least a portion of it. You can do that. It exists. I've been doing it for years. I've had clients doing these strategies probably since the early 2000s, I would say. And they're all not one phone call in the 2008 crash, not one. Nobody can lose. The money I have with me. You can't go backwards. The way you would go backwards is if you had a product that you choose that didn't earn any interest and you chose a strategy that had a fee to it.

Bob Loss:
But again, you choose. I present the best ideas I have based on your situation. And again, feel free. W w w save money. Bobkoff Book a call with me or call up the office at 9083592861. And one of my team will get back to you to set up a free call to see where you're at and see how we can help you. Again, we talked about this, I think, over the last few weeks. Bonds, you know, you can replace your bonds with some of these insurance company concepts and options. They exist. You can eliminate risk and fees. In some cases taxes, depending on what it's in your money, but you control it. You basically do this. You know, it will help you. You know, my kids were young. They always said, what was daddy do? I said, daddy helps people help themselves. And that's kind of what we do. We help people help themselves. We provide knowledge. We provide assistance if you want it. And we don't charge you anything. I'll never ask you for a check. To me. Also, you want to know your budget. Is it important? This is number eight of the nine ways to live comfortably during retirement. You have to have a budget. You want to know what your fixed costs are. You want to have a slush part of your income that allows you to maybe go out to dinner a couple of times a week, if that's your thing.

Bob Loss:
Play golf. Go fishing. Take trips, vacations, vacations. People don't plan. They don't figure into vacations. Some people like to travel. I even know ways to do that inexpensively because I do it myself. So just more, more value to our clients. So that they can live a better life and not not worry about money. So and lastly, but not lastly, and we talked about this up in the beginning. I kind of hammered it pretty good. Diversification, tax deferred, taxable tax free, some risk. No risk. A little risk. Balance. Have some balance. You know, the old days of planning where it's like percentage is based on your age sometimes don't work so well. You know, if you start pulling money and your investments goes south down. That's not a good thing. So and again, I've seen it. Of course, my people haven't had to experience it. And we've always planned where if we weren't going to grow one part of it and we would take it from somewhere else. So again, complimentary to all the listeners, all my listeners, complimentary full retirement plan consultation. Go through everything we have. We have documentation we use to see your entire picture and we can take that information on my staff, takes the information. It's all confidential. They'll put it into a document. We use a lifecycle model that will show you where you are now and we just keep saving versions of it current two years from here, five years from now, ten years from now, what if I pull from here? What if I pull from there? Can I live off of my Social Security? Say both spouses worked and had high income jobs? Can we live off of Social Security or do we want to spend down our assets in our four one KS? Most likely, yeah.

Bob Loss:
And then or yes, and then use the Social Security and Social Security will grow 8% a year till you get older. You don't have to take it at full retirement age and you try not to take it when you're younger in your full retirement age, unless you really need the money, there's financial hardship. So again, there's no exact science to it. I mean, I've done calculations. It's somewhere between 76 and 78 years old for most people. Do I take it early? Do I not? Do I extend it? Every situation is different, which is why we will do a comprehensive look at everything. Call the office 9083592861. Leave a message. Someone calls you back, you get on my calendar, we have a chat or go to the website. W WW dot safe money Bob dot com and book a call there. Yeah. The big thing people don't realize in their for one case, they pay a lot of fees. There's a lot of fees in there. So if you're fortunate enough and you're over 59 and a half and you have what they call an in-service distribution option.

Bob Loss:
I did this for someone last year, took 80% of their money out of the stock market. And how smart did we look, even though we had no idea at the time what was common. We probably saved in his situation and his wife's 60, 80 grand, something like that from his portfolio that would have went down based on where it was in. So that was a biggie and it was a big deal. So again, you just got to kind of know where everything is going on, what it's doing. How much risk do I have? You know, do I have enough? Am I too young? Am I too old? What am I doing? You know, again, I'll see scenarios where I'm just scratching my head and I'll see if they have advisors. I'll just be like, I don't get it. It's like that. Nobody looked at this for 20 years. Like, insane. Insane. So again, for second opinion, if you have someone you haven't talked to them in a while, you can always go to my website. Ww Safe money Bob look the call or go to call 9083592861 and leave a message and we can get an appointment set up for you that way. All right. So I'm going to play a little game called Right or Wrong. Hopefully you can play along with us. I'm going to say a statement.

Bob Loss:
I'm going to pause. Think to yourself and then I'll tell you the answer. And then hopefully, if you didn't get the answers right, you're going to know the correct answers now. So the S&P is down more than 20% year to date. Investors in fixed index annuities are not down at all. Again, if they did not pick a strategy with a fee associated with it, the worst year is zero. The power of zero sum. Imagine if your money didn't get hit pretty hard. If you happen to be in the stock market, say, in 2008 to 2009 eight state level, and then it was able to appreciate once things kind of got normal again like that would have been amazing. You know how much more money you would have? A ton ton of it. So. So. With with the phrase Zero's your hero. I just touched upon. That principle is protected 100%. The traditional 6040 portfolio, you know, 60% stocks and 40% bonds. You know, it's been tried and true and it is successful. It is. However, how much risk do you want? Less risk do you need? Those are things we'll help you with. So the strategy actually, the 6040 portfolio was developed in 1952, and there's much better options, which we've been talking about with the fixed index annuities, the fixed interest multi multiyear, guaranteed annuities. Again, imagine if you can take some tax burden away, fees away, risk away and still grow your wealth and not worry about it.

Bob Loss:
That's a good deal for at least a portion of most people's portfolios. You can also structure your retirement accounts to deliver tax free income during retirement. Again, you have the Roth, you have over funded life insurance, which I use a lot of very, very good tools to try to control your tax situation because we don't know. It's like being in business with someone. You don't know how much of the ownership percentage is going to be in your business. And then down the road when you want to take your money, they tell you how much they they own. That would be our government and taxation in the future that we don't know what level it will be at. So. You can. Like I said, you could use both Roth IRAs and overfunded life insurance could be indexed, universal life could be overfunded. Whole life could be some kind of hybrid. It's all good. And again, it's 7702. It's in the code. That's this point. You can build up cash value, tax deferred, and depending on how you access that cash value, it could be tax free income all while still having a death benefit, all while having potential living benefits. A lot of things that you can you can definitely utilize to better your situation. So we're going to go to a break and when we come back, we'll touch upon some other areas that I think you'll hopefully find interesting.

Producer:
You're listening to Financial freedom with safe money, Bob. To schedule your free no obligation consultation, visit SafeMoneyBob.com

Producer:
Where's the best place to hang your hat when you retire? I'm Matt McClure with the retirement radio Network Powered by AmeriLife. Whether retirement is just around the corner or several years away. Time is ticking on planning not only your finances for your later years, but where you want to live out your post-retirement life. Personal finance website wallethub recently released its list of best states to retire in 2022.

Jill Gonzalez:
Florida, unsurprisingly, ranked number one, followed by Virginia, Colorado, Delaware and Minnesota.

Producer:
Analyst Jill Gonzalez.

Jill Gonzalez:
The top ten continues with North Dakota, Montana, Utah, Arizona and New Hampshire.

Producer:
So what makes a state one of the best to retire in?

Jill Gonzalez:
The study was based on 47 metrics, including tax friendliness, the elderly population, golf courses per capita and shoreline mileage.

Producer:
As for Florida, which landed the top spot this.

Jill Gonzalez:
Year, Florida excelled in tax friendliness, fellow retirees and things to do, but could use improvement with home health aides per capita.

Producer:
Even though the Sunshine State is number one overall, If finances are your primary concern, you might want to consider a move to Mississippi. It ranked as the state with the lowest overall cost of living. As for tax friendliness, Alaska jumps to the top of the list. But what if you want some culture in your retirement years? New York ranks as the number one state when it comes to the number of museums per capita. The tradeoff there is naturally, the Empire State is one of the most expensive in the country. So where do you want to spend most of your time in retirement? And what factors are most important to you when considering a potential move? Those are key questions to consider as you plan for the future with a retirement radio network powered by a merrill life. I'm Matt McClure.

Producer:
You're listening to Financial Freedom with Safe Money, Bob. Here's Bob.

Bob Loss:
All right. Welcome back, everybody. We're going to take a little break from all this financial information. I'm going to go into a little bit of this week in history. I've got, hopefully a few cool things to share with you and we'll get back into it again so I can provide more value for you and knowledge. And then after that, I have a few more things from back in the day, I guess even before my day.

Producer:
It's this week in history.

Bob Loss:
So anyway, October 1st, October 1st, in 1971, Walt Disney World Resort in Orlando, Florida, opened its doors for the first time. So we're looking at what film is that, 50, 51 years now. I'm doing my math right. 29, 20, 49, 51 years. The property covers 25,000 square feet or acres of land, I'm sorry, 25,000 acres of land, four separate parks. I'm trying to think if I hit them all, I definitely hit at least three of them to Waterparks 31 themed hotel resort hotels, several golf courses and other tainment features. I believe I was at the ESPN zone way back when, kind of mid in the nineties and we did go there frequently for a while. My kids were I guess under under elementary school age so we could travel off peak. Another another tip here impromptu travel off peak to places and you're going to pay a lot less money and I can even touch upon that in future shows like different things you can do. So in 2018, Disney World was the most visited vacation resort in the world, almost 58 million visitors. Imagine that. Hopefully the thing they weren't all there at once. It would have been crazy. So another pop culture fact. October 1st, 1962, Johnny Carson began hosting The Tonight Show, so he'd go on to host his show for 30 years. He retired in 1992. It's been ranked one of the best. Didn't make one of the greatest TV shows of all time in various polls.

Bob Loss:
So pretty cool stuff there. So in 1959, on October 1st, The Twilight Zone made its debut. The show, created by Rod Serling, became a hit in various genres, including fantasy, science fiction, suspense and horror. The original series ran for five seasons from 59, 1959 and 1965. Or as ranked number five on TV Guide's 6060 greatest shows of all time list. So there you have it. So now we're going go back into a little bit more on into the financial world. Let's see someone give you a cost cutting tip. You may do this already. Some do. Some don't realize your local library is a resource or so much you can get from there and it doesn't cost you anything. So you at your local library, you can get free entertainment, different types of media that don't cost a thing in a pandemic. We're pretty much hopefully through that at this point. It's a great place to visit and you can meet people, books, audio, books, movies. You can borrow these things from the library and they don't charge you anything. Just make sure you return them on time. I think that's the only thing they can do, is to charge as far as that that would go. Let's talk about reducing risk during volatile times and we're only knows we're in one of those volatile times. Know you have the bond risk we've touched upon this in past shows, you know, you can use fixed indexed annuities.

Bob Loss:
You can use just multi year guaranteed annuities to offset that interest rate risk. Know what your rate of return is going to be? No. One you can get at your money in here. A quick tip on those. The rates are a little lower, but you can use a multi year guaranteed annuity with a fixed interest rate that's declared when you do the septic contract. You can use that as income. You can take the interest, you're just going to pay tax on it and the rates will probably be a little lower because you're taking the interest and not letting it grow with the rest of your money. So basically no fees. I don't know if I've ever seen a multi year guarantee annuity with a fee. I think they all have pretty much ones I've dealt with over 30 plus years now, zero fees. So that helps a lot. You know, you want you want to have you want to eliminate these erosion, the holes in the bucket, the eroding factors, fees, taxes, volatility, market risk. All those things make a difference. They make a difference. And again, I'm not saying you should put every dollar in those things. What I'm saying is for the right people, a portion. It could be a small portion. It could be a large portion. And I do have some that they don't want any risk and they don't need to take it because they're a pretty good spot. We've gotten them there over many years.

Bob Loss:
A lot of my clients are savers. They don't they just don't spend a lot of money like it's it it's pretty nice seeing how almost every one of my clients, it's like they're very similar, all different in certain ways, but very similar with their habits. So again, just to touch upon some reasons that you would replace your bonds with fixed indexed annuities, which can grow similar to market like returns, don't have to have any fees. And again, we can you can learn more about all of these things I'm talking about and sharing with you my book and a call with me at WW W dot Safe money box or call 9083592861 and leave a message with a convenient time for us to get back to you. And one of our team will set up an appointment over the phone with us. Also, we can do our initial calls, use Google meet. So if you want to see me live, we can screen share. You don't have to be on video. The audio quality is really good because I have probably the worst cell service in the world at my house where I work out of most of the time, unfortunately for me. But yeah, so don't hesitate. You have nothing to lose. Nothing. And then you can ask me specific questions. I'm just given broad brush strokes every week best I can so I can hopefully help you get be in a better spot again, whether we work together or not.

Bob Loss:
Maybe you know someone I can help. I mean, you wouldn't believe how many people get a large inheritance or win the lottery and they it's gone, like in a few years. Not my people. Other people. Because there are people just come looking for money. They're spending habits change their discipline with their money changes. That's not a good mix. So when you ever have if you have a life changing event like something like that, you want to still be prudent. Hopefully you are ready. So again, you want to protect your hard earned assets, get some kind of consistent income. You can actually have an annuity set up where you can still grow your principal based on the strategy you choose. But they also have the option to some some options where you could guarantee an income at some point. And there are options where it costs nothing to have a guaranteed income rider and others. You can enhance that rider at your choice for a fee. So again, there's a what's the mantra I've been saying for every week you choose fees, you choose no fees, you choose taxes, you choose no taxes. You choose a guaranteed rate better than at the bank. And tax deferral, if you so wish that to happen. You know, this is what we do. We eliminate advisory fees, grow money, tax deferred. So if you want this help, if I can help you in any way, call 9083592861.

Bob Loss:
One of my staff will reach out and set up a call so we can review your particular situation. And if more convenient for you, the WWE Safe Money Orbcomm click, click the button to set up a call and then we can have a chat and see where you're at and see how I can help you. I want to provide a couple of things here. Oh, big point here. So depending on where you live, fixed indexed annuities in general have most of them have a ten year lifespan? That's kind of so the insurance company knows you're going to have your money. They can work with it. They know it's not going to go anywhere unless something drastic happens like terminal illness, God forbid, or long term care, depending on the company and the actual contract. But they have something that's kind of developed six, five year, five year fixed indexed annuities, like those are pretty new. Like again, I've been known as one of my 55 years old and 55 and a half, and I started in the business when I was 23 and a half. So 32 years almost into my 33rd, I haven't really seen those type of length of contract options for the consumer rates are good participation rates, which that's a whole nother discussion. If we have a one on one with you are higher because again, interest rates on loans are higher, Interest rates on products that insurance companies offer to the consumer and participation rates are higher as well.

Bob Loss:
So it's a great time to be particularly looking into these type of solutions to add to your portfolio, protect your principal, potentially get rid of fees, potentially defer some taxes. You may not understand, like with a mutual fund per se, there's an expense ratio. What is that? That's an internal cost inside of the mutual fund that is coming out. Like you don't see it, It's in there. So if the fund makes a certain amount of money in that particular year, then it's really a higher amount versus what you will see because they have it's there's cost to manage that money inside of a mutual fund. See. And again, it's always good to have somebody like a co pilot. I like to say it's good to have a co pilot. You know, it's like, do you do your taxes yourself? Most of you, I'm going to say probably not. Who doesn't? A CPA or a tax professional, Do you consult with them? Do you talk about your situation with them? Basically. I would hope so. If you're doing a will, you're an attorney, right? You're not going to legal zoom. Most of you probably aren't. I did not. Actually, I think I have to update my will now. I'm thinking about it. Make sure my everything set up the way it should be. And I recommend everybody. Here's a power tip. Look at everything you have beneficiaries on life insurance, beneficiaries on retirement plans, beneficiaries on any annuities you may have transfer on death.

Bob Loss:
Who's getting your money from banks or brokerages? What's your is your will from like 1985 or is it been updated any time in recent history? Those are things you're going to want to be sure, right? Because I've known of not personally, but stories of executives with. Large sums of money in there for one K. They get divorced and remarried. Somehow the wrong spouse gets the. In this case almost 800,000 from that executive's 401. K. This is a true story. So you want to be sure and all that so you know where your money is going when the time comes on. Everything. Iras, Roth IRAs. Life insurance, annuities for one case. If you haven't retired yet and you happen to have a pension, just be very well aware of what it would mean if you took all the money versus getting a lesser share of it. And then in that situation, depending on how young you are, you could actually take all of it. If you put a properly designed, proper amount life insurance policy in lieu of taking less money in some cases called pension maximization. That's the term. It'll work. It'll really work, and it works well. Anytime you can avoid giving money away, it's a good idea. Probably not to do that. So again, that's what we do for our clients. We try to help them keep more of what they've earned, reduce taxes, reduce risk, reduce fees.

Bob Loss:
Again, if you want to book a call, go to WWE Safe Money by ABC.com. Click, make a make an appointment or get a call together and also call the office. 9083592861. Leave a message. One of my staff will call you back and set up a call. They'll just basically talk to you on the phone. Just so you know how it works. They'll talk to you on the phone as if you were clicking the calendar. Look at my calendar. Know what my schedule is? Because I have what's blocked off, you know, already in there so they know when I'm available. And again, most of these will be phone calls or Google Meet. And it's not it's not hard. So don't be afraid. It's an email with a link. You click on it, you type in like John in there, if that's your first name, and then enter, I believe Is it or join? I'm sorry to join and. Then we let you in and you're right there. And again, you can just be audio. You don't have to be on video. I'll be on video if you want me to be. We can screen share. It's really it's as if I'm sitting at my conference room table with you. Only you're at your home and I'm in my office. At my house. I'm actually at my office. I do have an office. Brick and mortar. Don't use it too much, but it's there.

Bob Loss:
So let me see here. So, you know, I'm going to kind of get off the financial topic for the rest of the show. We have little time left, so I'm going to go into some sports this day in history facts and a couple of them are really cool. Also, I don't know if you were if you listen to my show last week, I was headed to Knoxville, so I went with my wife and son to visit my daughter, who's a sophomore at the University of Tennessee in Knoxville. And they had a big game arrival. A big rival for Tennessee is Florida. Florida has owned us like they have won. They had won 16 of the last 17 times we played. So we played them Saturday, college game day. If anybody knows what that is, ESPN was there. I was there. We were there. Like at game day, if I'm on the camera, I don't know about it. But we were there. We were in the orange section. So we went to that, you know, walk around like Tent City, I call it, and got in the stadium. Tremendous game. We won. I think we're undefeated and ranked eighth in the country now we get a week off and then we get to go. So I am wearing orange. I we can see that because we won that game. It was a great experience. I could see why my daughter really loves it there and it's doing really well.

Producer:
It's this week in history.

Bob Loss:
On this day, October 1st. So on October 1st in 1961, New York Yankees outfielder Roger Maris hits his 61st home run of the year to break Babe Ruth's record of 60. That was set in 1927. So what's going on today? Hmm? Well, isn't there another Yankee? Aaron Judge? He's at 60. Actually, Yankees is nothing good a Yankee fan. So they actually clinched their division yesterday, even though Judge is stuck at 60. They're walking in and they're pitching around him, doing everything they can to avoid him hitting a long one. But I'm pretty confident he'll get a couple more dingers and probably take the record from Roger Maris. It's pretty cool. Judge's mom is in the stands and I think Roger's son is in the stands at the games. So, you know, the actual record know single season. You have Maris at 61, judge at 60, Babe Ruth at 60, Babe Ruth at 59. Mickey Mantle at 54. A-rod, Alex Rodriguez, 54. And Judge, I guess back in 17, gosh, that's five years ago. He had 52. Gehrig had 49. Yeah. There's a lot of these guys. I mean, of course, Mark McGwire had 70 in 1998, and that's a little questionable, I think, on that one with how he had how he had so much strength to hit them all. Not to mention the baseballs were definitely had a little life in them. On September 30th, 1947, the first televised World Series game took place, Brooklyn Dodgers and Yankee, New York Yankees.

Bob Loss:
It was shown on NBC. 3.9 estimated 3.9 million viewers. The Yankees beat the Dodgers that day, 5 to 3 in front of 73,365 people at Yankee Stadium and never made it to the old stadium. I did make it to the new stadium a few times. It's pretty cool setup. You know, if you can go to a game where your team's at weather. Another place is Baltimore. Camden Yards is a great spot to watch a game. I've never been able to go. I have been in the stadium, but there was no game. But a lot of people I know that are Yankee fans or Red Sox fans or Philly fans, whatever fans, they can get to a game in Baltimore and they live close enough to just drive. There they go, because it's supposedly a really good venue. So. So on that note, I guess it's sort of it for the. Pop culture and sports. So, again, you know, take advantage. Take advantage of what I'm able to provide you. It doesn't cost you anything other than some of your time. So I would urge you to call me at 9083592861. Leave a message. Someone will reach out to you. Set up a convenient time for us to have a chat or a Google meet or go to the website. If you like that version, better set up a call button.

Bob Loss:
Www.safemoneybob.com And again, let me review real quick some of the nine ways for a comfortable retirement. Just to recap a little bit here. So you obviously want to stay invested. Don't panic when the market's getting hit pretty hard. The Roth conversion. Figuring out planning when to take Social Security when it makes the most sense for you based on your other financial factors and situation. Possibly having no mortgage or a small mortgage or downsizing. Another cool thing to think about. And again, it may not mean you have to leave or leave the area you live in. You just don't live necessarily in that neighborhood or house you own, that's all. Not letting money be lazy in the bank know, build a personal pension. It's pretty much what I've had to do. I've got multiple personal pensions and trying to earn four and a half percent for five years on your money. And that sounds good to you. Put some of your money in that. No fees, no cost tax deferred. If you don't want to use it in five years, roll it into the same contract with the same carrier. Or maybe there's a better offer out there. We researched that. So you're not just flying solo. We'll know if you stay where you are or if you should move your money to a different carrier because certain carriers like banks, you know, when they see these incentives, they want you to open a CD or something or a money market.

Bob Loss:
They raise the rate to get you to bring the money in temporarily. So that's what happens. So some carriers will have a higher rate than others at certain times because they want to bring in more assets. And here's another key point What all this ensures companies have more assets than liabilities. So if insurance company is worth $100 Billion, the liabilities are going to be somewhere around 90 to 95 billion. So they have more than enough money to take care of any policyholder or contract holder. So you don't have to worry about that. Again, we talked about the bond replacement strategy. This way you don't have interest rate risk, market risk fees potentially knowing your bills. Knowing your budget, you definitely want to know your budget. And I think we also spoke about diversity, you know, diversifying your money, having some like on a pizza pie, like always using a pizza pie. I know I like pizza. So that's why I use pizza pies. So and again, we will provide you no charge. I don't care if it's an hour, half hour or 15 minutes. Even if we have to have a couple of calls, we'll provide a free consultation, complete consultation from fact finding and gathering your data. They're putting together the one page lifecycle model, which will show you where you are now, potentially where you'll be.

Bob Loss:
And we can play around variables of it, like how much will this money grow, What rate will that money grow? Where am I going to take? What am I taking my Social Security, things like that, to help you. And I'll even ask you, like I said before, about the budget, like, what's your budget like? What are your fixed expenses? So you'll have homework. You'll have homework because if you do your homework and share your homework with me and my staff, we can do a lot more for you. It'd be much more effective. It's kind of like going to the doctor if you don't tell him what hurts. How is he going to make you feel better? Or she. So. So anyway, I want to thank everyone for listening in again this week. I'm really enjoying doing these shows. I hope you all feel like you're getting value out of me. I'm truly a person I believe that gives back. You know, I run a charity golf outing, I'm the chair. I'm the chairperson for fundraising at the Flemington Moose Lodge and Hunterdon County Flemington, New Jersey. You know, I've done free webinars constantly trying to just add value even through my newsletter. So at this point, I think we're going to wrap it up. I appreciate you all for listening. Have a great weekend. God bless. And we'll see 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 9083592861. That's 9083592861. 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. Ameren 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.

Producer:
Social Security will get a big cost of living adjustment next year, but there could be some consequences you might not have considered. I'm Matt McClure with the Retirement radio Network. Powered by a Mirror Life. A new report by the Senior Citizens League says Social Security beneficiaries could see a cost of living adjustment or COLA as high as 10.1% next year. The reason? Inflation running at a 40 year high.

Mary Johnson:
This is a very, very unusual and unprecedented pattern of inflation that we're experiencing.

Producer:
Mary Johnson with the nonprofit group told WBTV TV that surveys show inflation has caused about half of Americans to spend their emergency savings, and people are carrying more debt on their credit cards. So the highest jump in Social Security payments since 1981 would be a good thing, right? Well, Johnson says it's better than no increase, but there are some things to be aware of.

Mary Johnson:
In fact, you can get penalized if you think your tax liability is going to be 10% more next year than you're paying now. You can be penalized if you don't send in estimated payments or have more money withheld.

Producer:
She told the TV station. The increase would not be enough to cover a jump in Medicare Part B premiums, which are taken directly out of Social Security checks. And she says higher incomes mean some seniors could no longer be eligible for some other government benefits.

Mary Johnson:
And then a whole 15% were made in eligible because they were their incomes increased over the income limit for food stamps or rental subsidies or the programs in their area.

Producer:
So what should you do? Johnson says prepare now. Talk to a financial adviser to help you get ready ahead of time and contact local nonprofits if you need help paying bills. So are you prepared for the unintended consequences of a larger Social Security check? That's a key question to consider as inflation impacts all our lives. With the retirement radio network powered by a merrill Life, I'm Matt McClure. Fixed annuities, including multi year guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity. Contract guarantees are backed by the financial strength and claims paying ability of the issuer.

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