7/28: The 3 Most Important Things To Consider Before You Retire

Financial Wise Radio
Saturday, July 28th
This week, Suzette covers the three most important things you need to consider - and have a plan for - before you retire.
00:26:38

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Broadcasting from the top thirteen seven these studios. You're listening to a financial wise with your host and Suzanne Blackburn in the three most important things that you need to consider before you retire as a fiduciary. Blackburn is required to work in your best interest. Helping you to own retirement in today's economy. So stay tuned as financial lies brings you an informative approach to your retirement each and every week. And now your host Suzanne Blackburn. Welcome to financial lines I'm Susan Blackburn I'm owner of capstar financial where firmly been around for cash. Over two decades helping people. To manage. And to prepare for retirement. They key here on this segment a to do in this radio station in this show financial lock is now for over five years. And one of the main things I want you to be aware of where an educational firm I loved the way we've built cap Stephanie tell because. My clients know they have certainty. Around what can I taxes are they gonna pay how much income did they need their retirement when they get a turn on Social Security. How is it borrowing K bill is that a tax free distribution taxable distribution. We are constantly doing events so that people in my firm know with certainty what's going on within their retirement. I want you to have that same certainty said today's segment is really about. The three most important thing you need to have answers on in approaching. Retirement you know when you're in your twenties and thirties. You work hand held thirties forties your work in your earning a lot of money you've got a W two you're building a career. Raising families. And there's really expensive times when you first have that damage you know in the kids are in diapers and getting. New outfits every three months and then they hit school aged. And you know then you've got a little breather you know you don't have quite as many aches and expenses as you did when the diapers and all that was going on but. The other thing that happens it's a key time to be saving and so by the time you hit your mid forties and fifties. Even if you're in you're in catch up mode and he didn't do a good job saving when hearing your forties and fifties my goodness we need to start developing. What is your life can look like going forward when you hit sixties and seventies I know that sounds crazy the use that are listening. Having a really good idea of what going forward looks like is gonna help you with the wide power of today. Now what am I talking about sees that you're not make much sense why do you say why are we not gonna spend. Money on that fancy person that expensive cup of coffee because we want to have a great retirement going forward. You know a lot of you guys that are listing in my show right now. I think in wow wish I'd heard this you know ten years ago. But having a good income planned. Determining the amount that you're gonna need in retirement savings is the key. So how we know that what is your lifestyle on spending. Going to be it's a very very vary important question to ask yourself what are you gonna spend. Well if you're like most in Austin nights is spending a lot of money spending probably about what you make. And so what I would challenge you is if you determine on paper. What you need in retirement savings by looking and Montana and month out what you need to live on. It's gonna change a little bit of things that you're doing now your approach. To spending should change. So if you go to my website capstar financial dot com gets so much commentary and so many things you can read about and look at our retirement planning. Also. If you call my office at 5122159030. I can sit down with Q and determine what those items will look like. Will look at what housing costs will be what you're vacations will be you know when you wanna take a vacation. You wanna take a vacation in the first ten to fifteen years of retirement while your body works. Brinkley. You wanna make sure Pineiro walked a Great Wall of China that your legs work correct. So you got to plan. Those kind of expenses. You know wheezing could about a 101000 dollars figure on traveling in retirement. The other thing is are you gonna buy a brand new cars and retirement again and used cars in retirement. Are you going to be a golfer a tennis player are you going to be knitting or are you going to be at the library. Either the active in your church east synagogue. Those are things that we need to take a look at. Because if you are a saver. Like most to be that listen to this station are. You've got a call my office at 5122159. Because hitting those milestones. Is gonna become extremely important that you're saving more and investing differently. Because when you hit those fifty's you can't just have assets in the hot Dodd and growth at all costs. Because if there's a crash and you go damn likely didn't 2008 again. It's very very difficult to rebuild. So that's number one determining the amount he'll need in retirement savings by looking at. A budget of today in keeping on track with your retirement goals. The number two. Is it course taking advantage of the catchup contributions you if you're working right now please be contributing to a 401K. The 401K. Has matching in there also. Looking at a potential rock. If you come into my office 5122159030. Calm he will make an appointment I will help you to determine. What is your wonder their there's going to be a great wonderful number in mind on how much should we be contributing. To a Roth. Are potentially a Roth conversion. Because taxes and literally went on sale. The for the next few years trump did a marginal tax rate reduction. For married filing jointly that's very favorable. And instead of pocketing that savings. When I'm suggesting is why not put that savings to work. Because if the administration changes and we have. Different taxes back on track like they were before it means is there that that means they're going to go back up. So we have a brief wind chill out time he used this marginal tax break. To begin saving in a different way. So that you can be saving a tax free way. We have a way of a setting up tax free assets for life. In organizing that and almost being like a tax free pension. But you've got to come in the office so we can explain that offer today is going to be. Attacks. Free analysis to see how we can get you income for life. And doing an in complained that you got to call my office at 51221598030. And when we come back I'm going to talk TU. About start planning for long term care and you're thinking what's he said I don't wanna start thinking about long term care when and this young. But I'm going to challenge you. And there's a frightening statistic that's happening with the long term care and I'll share that when we come back you'd need to know what's happening. In the long term care space because it's not in your favor. Remember some of you are financial lives. And the arrests are otherwise. And seize up like yeah. Let's talk retirement planning. In today's economy over headlines. It's a date with capstar finance job. This is taking a powerline speed making headlines with power retirement power during capstar financially for retirement planning in today's economy. Suzanne Blackburn has the power house financial planner behind this Clinton learned my job. She might already know her former show financial wise radio on top thirteen seven. Now the power of great financial wisdom to work for you and your retirement future don't wakes up and wanting complimentary but the information is. Kind of risen in valuable joint capstar financial TC August 7 at 12 PM in river place portal and split Ballard. Again next Tuesday August 7 at 12 PM in river place and get it just today I cast our financial dot com and call five point 22159830. To register seating is limited thought today I went you 2.5 nine either eat. Investment advisory. Reduce global financial ride at capital LLC. Welcome back to financial lies with your host and Suzanne Blacksburg. Welcome back to financial wise I'm Susan up Blackburn and owner of capstar financial we've been. Doing financial planning for retiring and people in pre retirees. For gosh over two decades and what this show is all about is an educational forum. For you to get on track to make sure that your making Smart decisions with your retirement assets my phone number is 512. 2159. 65. Fiduciary. What does that mean Diaw. That means that we have to offer the best advice for you first it cannot be bias it cannot be anything hidden. Or all the transactions that you would ever have. All the fees have to be disclosed would you like to know how I get paid I think that's a marine Healy major conversation I have with the York. Financial plan that you have now with our firm we are completely transparent with everything. So where we start. Is with a very good comprehensive. Income plan if something that is a must I do not make any recommendation. For investments. Until we sit down and doing written income planned for you as absolutely complimentary that's my offer. Or today that you have to call my office to get that it's 512. 2159. B thirty are billed to my website at capstar financial dot com. We're talking today. About the three things that you must have in place before you retired the first thing. I talked about was determining the amount of money that you're gonna need in in come for retirement savings it's really looking at your monthly budget. And we get down to bare breasts and it is about finding out what do you going to be spending. In retirement and then you kind of quantify that my thirty years from retirement. And that helps you understand why he need to be saving. As much as you can while you're working. K couple of things that go with that is established saying. Insurance okay I'm gonna talk about long term care insurance and how to fund. A long term care stay when you get into your 70s80s. Whatever age it might be. A status homeownership and really looking I'm also a mortgage broker. And making sure your home ownership. By the time you reach retirement you need to be looking about paying off the house. Or looking that if you're gonna have a long term budget item which is a mortgage. Making sure that makes sense in retirement are you over. And too much house. In retirement where should we live in retirement the other thing would be paying off all high interest debt credit card loans have to go. Consumers that have that you know college education notes those kind of things all of high interest need to go take a really hard look. And your spending habits we talked about that last segment self. Getting strategic about planning for retirement. Usually starts happening around 4550. That's when you need to come meet with someone like me they can give you good retirement planning advice. He'll call my office at 5122159030. With the appointment looks like as we sit down and I really discover. You what are your pieces of the puzzle Libby saved. When he planned to suck working when the circumstances that you have the low debt you have savings. What's your lifestyle gonna look like in retirement. When he investments you have how correlated holiday. Are they all doing exactly the same thing how prepared are you for market crash. For a long term care. Sickness in in a you know when you get older. And what what happened that the spouse dies. Those are kind of the way we shake the tree if you will to make sure your financial house is in order. So this next segment is really looking at long term care more than half. Of Americans age 65. Will need some form of long term care. There's aren't report in 2016. By the Department of Health and Human Services that's not a small thing is a company called gin worst. It's the largest insurer. Of long term care insurance. And they are in financial trouble folks. The reason why they're in financial trouble is because national many people. That are using the benefit that they paid for they weren't cow man they didn't action wearily. You know set at a price. And so they are literally having to raise rates and I'm not kidding you. 304050. Sometimes seven. Many of the year long term care insurance traditional. Long term care insurance is are going up. Sometimes half again. In rightwing you need it when your in your late seventies you get a notices says they're gonna increase rates by 50%. Call my office if you don't believe me 5122159030. I routinely. Get those kind of phone calls. What am I supposed to do she said I'm 78 years old and I just got a notice their raising my rates by. 50% 60% 40%. So with that said what are we gonna do about that will appear in pre retirement that is the time to be planning. There are still many programs available that are traditional. Long term care insurance. Which is basically use it or lose it deal. Where you can buy life insurance that has a long term care writer you can buy annuities that have long term care writers you can get. All kinds of asset classes that are set up. So that if you need and it you have access to funds that you would normally have access to it. It takes in Nantes planning I am in my fifties an ice set this up when I was in my forties. For this type of issue. So don't delay you've got to set piece of things up now. We are the experts in the retirement feel we're always looking for best practices. Like calling our office will advise you. On those traditional programs and the non traditional ones that are more what I call hybrid. They give viewed the benefits that you need when you need them without these crazy rate increases. The other thing that people don't even think about our reverse mortgages. Being a mortgage broker. There are advantages and disadvantages. For both of them for you know any of those types of programs but you need to understand how. Reverse mortgages work. Being a reverse mortgage professional I can advise you on how those programs work. How the line a critic grows. How'd taking a lump sum out it impacts that mortgage. So called my office at 512215. Nine. Having a decision on when you're going to turn on an irrevocable income stream she G dude is 62. Or she G delay. And get the higher monthly amount and we took full retirement age. Well there's still many consequences. To taking and is 62 if you're working. If you take it to 62 and you continue working he makes certain threshold of income. And guess what they turn around and take the benefits that. So you've turned an area multiple income stream on that you're gonna get a lower amount for the rest of your life. And you continue working which means you're gonna pay back. Two dollars for every dollar you that you make our dollar for every two dollar you make. So you're going to miss out. On still much money because you missed out on the 8%. Increases on Social Security on your check by taking it too early. We have the research we are the pros and we can give you the cons on all those financial types of situations. Now the other thing is it a talked about is updating an estate plan. Gay and that's part of putting together a good strategy. None of sickening get out of this alive folks. All of us are going to pass away at some point. And there's something that is waiting for you in the state to Texas and believe me the stated Texas has a plan for you. And it may not be the plan that you want for yourself it's called dying in test state. Having a will is fine but having will just means that your directing. Your Ayers. Through the process. Of probate which is basically like a lawsuit you're gonna go through your stuff. You're titled assets. Are going to have to be proven basically. Who's the next Ayers who's going to be inheriting that and how is it going to go to them. Will appear like most families. You have a strategic way that you want income to go out to people. And that income. Is not necessarily going to be honored if the stated Texas plan is what's implemented for you. I can tell you that you're going to go through an expensive arduous process your Ayers are. When both that he passed away called probate Nolan first spouse dies in an unlimited exemption of assets going to the spouse that's no big deal. But when both of you ago. That is what as a plan that you may not have designed. And I can tell you from settling many many many states in the non legal way. That we do it of helping to advised clients on title assets and housing should go. It may not be a planned one so we work with a very productive legal tar legal farm. That helps us establish. State plans for you and that's something you need to consider so to recap. Having an income plan is which indeed that by calling our office at 5122159030. Paying off high interest debt getting strategic about planning for retirement income. Talking about long term care putting a plan together for that. Strategizing about Social Security when you turn that on. And reviewing and updating your statement cannot stress enough pound witness. Caps are financial we do all that we do all of that you have to come in the office and see us to implement your personal retirement plan it's absolutely complimentary. My phone numbers 512215. Nine. And the rest. Are otherwise I'm season. Let's talk retirement planning. In today's economy a red lines. Today it's capstar finance job this is taking a powerline speed making headlines with power retirement Haller. I'm doing capstar financially for retirement planning in today's economy. Suzanne Blackburn has the power house financial planner behind this Clinton learned workshop. I already know her former show financial ice radio contact in 1970. Now the power of great financial wisdom to work for you and your retirement future don't like seven want to complementing but the information is it. Kind of risen in valuable joint capstar financial Tuesday August 7 at 12 PM in river place are adolescents believe valor. I can't net Steve's day August 7 at 12 PM it river place and get it does today cast our financial dot com been called by 122159830. To register. Seating is limited pop today I went you 2.5 nine either eat. Thank you global financial. Credit capital LLC. Welcome back to a financial lies with your host Suze at Blacksburg. We'll help combat the financial wise and season Blackburn owner of cast happening until our phone number is 512. 2159030. We are retirement. Planners. Experts in the field of helping you design your retirement income plan. Balancing the sheets on making sure you've got the assets the allocations that you need Social Security's been timed properly. You've got a plan for long term care he's got a plan for market corrections so that you don't lose too much money and run out at the end of the rainbow silk. That's what we do it kept our financial mine number again is 512. 215 in 1930 now we have got. A lot of events and we want you to participate. In the events that we have so you can have great sound retirement. So their retirement elevated course that I talk about all the time. On this radio station. Is really thinking about your money in a different way looking at it as an income source for thirty possibly years. So we have this class we're going to be doing in the fall. And you'll need to call the office at 512. 2159. And sign up for our August retirement power hour this workshop. Is going to be Tuesday August 7 from twelve to one over lunch I'll buy you lunch. Assailants. Got. Chips tend them iced tea and cookie okay and what that does it gives you an opportunity to sit. And we're gonna share concepts and ideas around retiring well. Planning well in living well in retirement so bring your concerns and know many view. Are really really worried about a lot of things like. Why is my fixed income stuff going down or why am I losing money in my conservative bucket or I'm not sure if I have enough income are what about long term care. Or what about market corrections. Had a late file for Social Security. All those topics can be discussed. In that power our in my office Tuesday August 7. From twelve to one over lunch and then the September retirement power hour is Tuesday September 11. And from twelve to one over lunch my Andrus is 6500. River place boulevard. I'm right in the center of town I would love to sit down with Q and goes through your. Specific concerns that you have. Around retirement planning we talked about that the break. But many consumers are not really confident. In our global economic. Situation or in there's a lot of uncertainty. Unemployment is really low which is wonderful were all working but how do we save money should be be saving it for a one K should we be saving it in Iraq. Should we be saving an outside in our own 1099 brokerage accounts or savings accounts those of the focuses. Of this power hour of really helping you to design. What is best review. We have a lot of good people that we take care of we've got we just did this huge event at the Round Rock Express. Inherited center was fabulous. Hot dogs and popcorn in baseball mean how can you be that. We had a great time and we have great speakers that come in from time to time you wanna stay close to our website. Capstar financial dot com to see the many events that we have coming up. Until the retirement elevated course so as I said will be planned for. The September month October month in November month I want you to be there what it'll learn. And educate yourself on best practices for you it's not a cookie cutter approach. It's really really strategic planning for your family. So remember when you call me at 512. 2159030. Will be on tap to help you. And discovering your puzzle pieces and putting together in company and that's absolutely complimentary. So calling officer Gload to capstar financial dot com that's capstar. Financial. Dot com and remember. Some of you are financial lives. And the rest. Are otherwise. I'm sees that black. 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