We Are Going to Talk About One of the Leading Investment Banks, and They Dropped Five Critical Concerns That Retirees Are Going to Have to Face in 2025. Stick Around — We Will Reveal Each One and Tell You Exactly How to Tackle Them All.
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Announcer 00:00
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Steve 00:46
Hey, welcome in, everyone. This is On the Money with Secure Money. My name’s Steve, Brian Quaranta is here today. We are going to talk about one of the leading investment banks, and they dropped five critical concerns that retirees are going to have to face in 2025. Stick around— We will reveal each one and tell you exactly how to tackle them all. Brian, it sounds like we got a project.
Brian Quaranta 01:09
We do have a project. And boy, this is a good one to kick off the year with. Steve, we’re gonna talk a lot about these critical concerns when we come back with On the Money with Secure Money.
Announcer 01:30
We believe in better. A better way to invest, a better way to serve you, and a better result. We can help you determine how much risk you’re taking, red flags that could be potential problems for you, how much you’re paying in fees or commissions, potential tax liability, or even how to address Social Security. Call Brian Quaranta and his team at Secure Money Advisors at 800-656-8616 or text keyword, Brian Q to 800-656-8616 we we’ve made it easy, folks. All you have to do is call or text the keyword Brian Q to 800-656-8616
Announcer 02:13
And now on the money,
Brian Quaranta 02:15
Any good retirement plan starts with the foundation,
Announcer 02:19
Asset protection, tax reduction, holistic plan.
Brian Quaranta 02:22
These are the things that start to move you towards having a retirement plan.
Announcer 02:26
Retirement doesn’t have to be complicated.
Brian Quaranta 02:30
You think that’s the difficult part? That’s just getting started!
Announcer 02:34
And now On the Money with Secure Money.
Steve 02:40
And welcome in, everybody. This is On the Money with Secure Money. Brian Quaranta here. My name is Steve. We have got a big show. And again, we’re talking Goldman Sachs, I mean, Goldman Sachs, they’re the biggies, right? I mean, they’re the ones.
Brian Quaranta 02:50
They are the ones. Who’s bigger than them?
Steve 02:52
Nobody.
Brian Quaranta 02:55
No, JP Morgan, are they bigger? I don’t know. Maybe there’s-
Steve 02:58
Maybe, maybe. But anyway, but Goldman Sachs certainly no slouch.
Brian Quaranta 03:03
Certainly no slouch at all.
Steve 03:05
My, in fact, my niece is a VP of Marketing at Goldman Sachs in New York, so it’s a good place.
Brian Quaranta 03:11
Oh, really. Good. Any insider tips?
Steve 03:14
No.
Brian Quaranta 03:15
That’ll get us all thrown in jail,
Steve 03:16
Alright. No, no, nothing like that. No, she’s marketing. What is she.
Brian Quaranta 03:20
Right. Right. Exactly.
Steve 03:22
Updates on Goldman Sachs, and we’re going to dig into some of these things that that they’re talking about.
Brian Quaranta 03:26
Yeah. I mean, this guy at Goldman, Chris Cedar, he’s a senior retirement strategist. This guy recently dropped some info based on a retirement survey and insight report from the bank. And these are the five concerns from Goldman that retirees need to know in this year, and also how you can respond to them. So, let’s look. You want to look at them together?
Steve 03:48
Let’s look at the list. Yeah. So, I like this first one, the financial vortex, not to be confused with the, with the, what is it? The global vortex, or whatever, that winter storm thing is? No, this is your financial vortex.
Brian Quaranta 04:03
Yeah. Well, look, day to day, money concerns, bills, family obligations, caregiving often overshadows savings for retirement. While this vortex is easing slightly, it still makes long-term planning a challenge.
Steve 04:17
Of course it does well, long-term planning, that’s the whole thing. That’s where you come in, Brian, and what you do at Secure Money is you take us through that process so that we don’t have to be challenged, you know, in long term planning,
Brian Quaranta 04:31
Yeah, and, you know, I want to say, because you hear this a lot these days, you got to have a plan. You got to have a plan. Well, you need a strategy too. The plan is, kind of, think about it like- the plan is the roadmap that we’re going to use to get from point A to point B. So, if you and I were taking a trip across the country, we would put together a plan. Here’s going to be our plan of how we get here. We’re going to take, you know, route 80 to route 368, to route 366, and then we’ll arrive at our destination in about five and a half hours. But what happens if there is a detour, a road that’s closed? This is where you’ve got to have a strategy. What’s going to be your strategy when things show up that we didn’t expect? And so, I want to make it very clear to people that it is important to have a plan, but when we look at building a plan, we also want to stress test that plan. Now let me explain to you what stress test means, because it’s really kind of a fancy way of saying we need to look at different scenarios. What happens if we don’t get the rate of return that we were hoping for from the stock market. What happens if you have an unexpected expense that comes up and you have to take a large amount of money out? What happens if tax rates go up? What happens if you have a health event and there’s a large amount of money that needs to go out because at a health event? Well, that’s where the strategy comes in. So, the strategy is, if this happens, these are the strategies that we can use to make our way around this. So, just keep that in mind. When it comes to planning, you need a plan, but you also need a strategy, and that’s the one thing we’ve done really well at Secure Money Advisors. As a matter of fact, if you go to righttrackyourretirement.com you can get a copy of my book. If you haven’t done that yet, please do so. It’s absolutely free. There’s no cost to you. We even pay for the shipping and handling. All you have to do is raise your hand and say, I want this, and we’ll send it out to you. And I’m telling you, folks, this book will give you the peace of mind and security that you deserve going in retirement, and it will lay out a plan for you on how to build a plan around the most important things that we’re all going to need in retirement, which is going to be your income, your tax strategy, your investment strategy, your health care strategy and your estate planning strategy.
Steve 06:54
Sure. Well. And again, folks, if you want to get a head start, I’ll give you a phone number. It’s 800-656-8616 give Brian a call. He’d love to hear from you. And so, we’re talking about the financial vortex. Working longer isn’t always the answer. And I know for a lot of us, that’s what we think. Well, okay, I’m just going to work a few more years and I’ll be okay. Best laid plans, right?
Brian Quaranta 07:14
Right. Yeah. I mean, working longer isn’t always the answer. I mean, half of the workers surveyed by Goldman Sachs retired earlier than planned, usually for reasons, yeah, usually for reasons outside their control. Okay, maybe there was a health reason. Maybe the company was downsizing. Whatever it might be, relying on extra work years can backfire if unforeseen health, job or family issues arise. So, working longer isn’t always the answer. I saw this with my own father. I mean, my own father really, his plan was just to continue to work longer. And I kept saying, look, let’s get a plan in place for you to retire right now. And if you don’t want to, that’s fine, okay? But we at least know that if something happens, we’ve got a plan waiting ready to go, so that you’re going to be fine. And I’ll never forget it was COVID that eventually, you know, caused my father to officially retire. And he said, I’m done. But he said, you know, Brian, I had a lot of peace of mind, knowing that you and I did that hard work putting together that plan, because had we not done that, if I would have came into work and realized that all of this was ending, when I was planning on just working longer, I would have had a lot of stress and anxiety wondering if I was going to be able to make this happen. So, one of the things I tell you, folks, is get a plan in place right now, even if you’re not going to retire. And typically, what happens, Steve, is, when we do that, people will say, Well, I love that. We’ve got this plan in place, but I’m definitely working another five years. But once they see the plan and they actually see that it works, a lot of them will come back a year later and go, can you get me out right now? Yeah, no problem. We can do that.
Steve 08:58
Well, make that call right now, Brian, and let’s make it happen.
Brian Quaranta 09:01
Yeah, folks, I’m telling you go to righttrackyourretirement.com. Get a copy of my book Right Track Your Retirement. It’s a simple guide to help you build a plan that will give you peace of mind and security when it comes to exiting work and entering into retirement.
Steve 09:17
Hey, that sounds fantastic, folks. Our goal here at the show is to help you make the best decisions for you. So, if you do have questions about the kinds of things we’re talking about, how it applies in your own situation, now’s the time to call 800-656-8616 that’s 800-656-8616 quick break for us. We’re coming right back. We’ve got a whole lot more to talk about On the Money with Secure Money and Brian Quaranta right after this.
Brian Quaranta 09:38
Coming up: There’s so much advice out there about money that it’s hard to know what to really do with your retirement cash. Stick with us. We dropped seven serious lessons that retirement planners need to know in the new year, when we come right back with On the Money with Secure Money.
Announcer 09:59
And now On the Money with Secure Money.
Steve 10:08
Hey, we are back On the Money with Secure Money. My name is Steve, Brian Quaranta is here. Brian, of course, is the big guy at Secure Money Advisors. He is also an author, called Right Track Your Retirement. That’s the book, He’s already talked about that. Get your free copy by visiting righttrackyourretirement.com and Brian, well, by the way, happy new year. It’s a big time, huh?
Brian Quaranta 10:27
It is! Happy New Year to you. 2025 is gonna be fantastic, exciting to see what’s gonna happen over the next four years, Steve.
Steve 10:34
It really is. I think everybody’s feeling, you know, fairly good about it, yeah,
Brian Quaranta 10:37
Yeah, yeah, for sure, I definitely would agree with that. So, what is the best advice that you have ever been given?
Steve 10:47
Put a plan together? Yeah. I mean, in my almost eight years doing this, that seems to be the one theme that is constant.
Brian Quaranta 10:54
You know, my grandfather gave me advice one time we were my grandfather had a Kirby vacuum cleaner Store.
Steve 10:59
Oh, I love that!
Brian Quaranta 10:59
Remember Kirby? And I would go to work for him, and at the end of the day, I would go down to the bank with him, and he’d make deposits in the bank. And on the way to the bank, he would always say to me, Brian, you’re going to work hard for your money someday, make sure that you protect the principal so that someday you can live off the interest. And at that time, this is, you know, early to mid-80s. My grandfather was going to the bank, and he was buying bank CDs. But then again, bank CDs were paying like 10, 15% I remember, yeah, at the time, it was a good deal. It was and, you know, we got last year in 2024, I mean, we saw bank CDs get up over 6%, those were pretty good deals too. I mean, so, but that was probably the best advice I’ve been given. So many things to think about when it comes to financial advice, and we’ve got a bunch of quotes here from some very wise people, and they’re all giving timeless advice for retirement planning. So maybe you already know these lessons, but in 2025 it’s a good time to refresh. So, let’s dive into some of these quotes and talk about what they mean for your money. All right.
Steve 12:10
First up. Joe Moore, his quote is “a simple fact is that it’s hard to-“ “A simple fact that it’s hard to learn is that the time to save money is when you have some.”
Brian Quaranta 12:19
Ooh, pay yourself first. There you go. Yeah, whenever you receive income from a paycheck, bonus or even a tax refund, direct a portion immediately in the savings or retirement accounts, you know, and then, more importantly, automate these contributions, if possible, so you’re consistently saving every time you get paid.
Steve 12:39
Well, yeah, absolutely. And I think as we go through some of these quotes, and we’ll see where it leads us the next one, Brian, tell us what it is. It’s from Warren Buffett. I mean, it’s got to be good.
Brian Quaranta 12:50
How about “Do not save what is left after spending, but spend what is left after saving.”
Steve 12:57
Ooh, that’s very good, too.
Brian Quaranta 13:01
That’s very good. That’s right,
Steve 13:03
Easier said than done, though, Brian, right? I mean, that’s, that’s where the discipline comes in.
Brian Quaranta 13:06
Right. Put 10% away before you do anything else. Right? You should always pay yourself first, is what they say, right? Pay yourself absolutely, but, but, you know, basically, we’re prioritizing saving over spending, and, you know, set a targeted savings amount before budgeting out your monthly expenses. So, by spending what’s left after saving you ensure your retirement nest egg grows systematically.
Steve 13:31
Sure. Well, Ernest Haskins, you know that name? I don’t know that name.
Brian Quaranta 13:35
I don’t, we should ask Chat GPT.
Steve 13:38
Well, we should all do that right now. Save a little money each month, and at the end of the year, you’ll be surprised how little you have.
Brian Quaranta 13:44
Yeah, start small, right?
Steve 13:47
You got to do that, right? You got to be small. Start small. If it’s 10 bucks, who cares, right?
Brian Quaranta 13:51
That’s right. You know you can scale up after that. So, begin with small, steady contribution, if that’s all you can manage, but recognize you need to periodically increase those contributions to see meaningful results. This quote humorously highlights how you may need to ramp up savings to meet retirement goals. I like the next one too, from Robert Kiyosaki.
Steve 14:13
Oh, Kiyosaki, that’s a great one, I’m sure.
Brian Quaranta 14:15
Yeah. So, for those of you that don’t know Robert Kiyosaki, He wrote Rich Dad, Poor Dad. He’s written a number of books, but also a big fan of gold. Robert Kiyosaki, he believes in having a hard asset, but he’s a big real estate guy too, but he says, “It’s not about how much money you make, but how much money you keep.” Yeah, that’s right, yes, of course. You know, it’s kind of like our clients aren’t so much concerned about the return on their investment as they are, the return of their investment.
Steve 14:45
Absolutely. And here’s an update for you. Ernest Haskins, American soldier, served in the US Army during the Korean War, captured by enemy forces in 1950 held as a prisoner of war until his release in 1953 following the signing of armistice. For his service Haskins was awarded the Prisoner of War medal and some great quotes on saving money.
Brian Quaranta 15:06
Yeah. Well, there you go. A little bit of trivia this weekend for you folks. So, but this, I think what Robert Kiyosaki is really talking about here is focusing on net savings, right? So, monitor the gap between your income and your expenses. Even high-income earners can fall short for retirement if they spend nearly all they make. Minimize lifestyle inflation and funnel extra funds towards your long-term goals. I see this a lot, Steve, believe it or not. I mean, you know, you see people, high income earners, big homes, cars, but not a whole lot in savings, and because they’re spending money on their lifestyle. And the biggest key to financial success is living below your means, extremely below your means, if you can, and you know there’s- nothing will feel better than seeing your bank accounts go up every single week. And if you can manage your lifestyle in a way that allows the money that you’re earning to increase your bank accounts every single week that you get paid, or every other week that you get paid. It’s a real sense of joy, and especially when you have a targeted plan and one tip I’ll give here, before we go into this next quote, from George Foreman, by the way, is “In order to figure out how much you need to save, you need to figure out how much money you’re gonna need from your investments each year.” So, let’s say you need, I don’t know, $60,000 from your investments. Well, if you take $60,000 and you divide it by 4% it’ll tell you need about $1.5 million saved. So that’s how you should be doing. You should be working backwards. But, uh, okay, George Foreman, and then we got to head out for a break here, folks, and I don’t want you to miss getting a copy of my book. So, George Foreman says “The question isn’t at what age I want to retire, it’s at what income” look at that I was ahead of what I was even talking about here. So again, I mean, what George is really talking about here is exactly where that right? How much money, how much income do you want to have on an annual basis, you know to be able to do the things you want to do, because remember, retirements gonna be no fun if you can’t go do the things you love to do. So again, folks, go to righttrackyourretirement.com. Get a copy of my book while you’re there, you can schedule a time to come into the office and sit down with the team and go through your financial situation at Secure Money Advisors. My promise is this, we’ll never try to sell you anything, because, as a fiduciary, we’re here to work with you, and we’re on your team, and we’re here to help you build a plan that makes sense, and at the end of the end of the day, what you’re going to find when you come into Secure Money Advisors is we all follow the same process. We believe in the protection of your money first and most importantly, and we believe in making sure that you’re going to have an income plan that you cannot outlive, that you cannot run out of money, so that you have the peace of mind and security to go enjoy retirement. So again, righttrackyourretirement.com. Call right now, 800-656-8616, 800-656-8616
Steve 18:06
Quick break. We’re back more On the Money with Secure Money and Brian Quaranta, right after this.
Brian Quaranta
18:11
Coming up, we talk about red, white, and blue American values and how they shape the way we save for retirement. Is the American dream still alive for retirees? Find out when we come back with more On the Money with Secure Money
Announcer 18:31
And now On the Money with Secure Money.
Steve 18:38
We’re back On the Money with Secure Money. Brian Quaranta, here, my name is Steve, having a fun show today. Boy went through some great quotes in the last segment. Went over some, you know, the financial vortex in the first segment. And so now I like where we’re headed. Here, is the American Dream still alive? Well, I want to believe that it is, Brian.
Brian Quaranta 18:57
Yeah, big question here. I mean, how do a core American values shape the way we plan for retirement? Well, first off, we’re very self-reliant, and values like that play a huge role in how we approach saving, investing and ultimately enjoying our golden years, and that’s why we’re diving into the core values that really drive retirement planning in the US and exploring how you can align your financial future with these ideals to secure the retirement you’ve always dreamed of. And given that fidelity reports, Americans need roughly 10 times their salary saved, 10 times their salary saved by retirement age to maintain independence. How does the American value of self-reliance shape retirement planning? So Self Reliance a foundational American principle emphasizes personal responsibility and independence, and that mindset drives many Americans to build the retirement savings through 401Ks and IRAs and other investments like 403Bs, TSP plans, etc. and ensure that they are not financially dependent on others in their later years. And the key here, Steve, is that, look, we’re not getting pensions anymore. So essentially, the reason why you’re saving is because you have to create one for yourself. Okay? It’s the problem that every single one of us have in common. All right, very, very few people out there are going to receive a pension. I mean, there’s only, like, 10% of population. It’s very, very few, but the main reason is to replace your salary. That’s it, so that you know if you if, if you no longer want to have to wake up and go to work every day, you got to find a way that that you’re going to get paid without having to trade your time, because that’s why you’re going to work. You’re trading your time for money. And when you retire, you say, Well, I don’t want to trade my time for money anymore, but you’re still going to need money. So that’s what this savings plan is all about.
Steve 20:51
Right, Brian, and again, you know Nerd Wallet. We all know who they are. They say that only 55% of Americans feel on track for retirement. And what does that say about your book? Right Track Your Retirement? You are On the Money with Secure Money. Boy, look at that. I put it all together.
Brian Quaranta 21:07
Well, I know, you know. I mean, at the end of the day, that’s why I wrote the book, because it’s interesting when you, when you read as many retirement books as I have, Steve, and you read all the information that’s out there about retirement planning. All these books, ultimately, are saying the same thing. They’re just all saying a little bit differently. And if you really break this thing down to the basic fundamentals, it really comes down to having the discipline to put the appropriate amount of money away that you need to put away. It’s consistently saving and investing wisely and not taking unnecessary risk, because at the end of the day, you cannot gamble with money that eventually needs to work for you someday, so you have to make really smart moves with it. And I think that’s everything that this segment of the show is talking about, but more importantly, it’s what Right Track Your Retirement is all about. It really is a guide to help you put together a plan that is conservative in nature, that will give you peace of mind that you won’t run out of money, that will show you how to invest and still grow your money with the least risk possible. It’ll show you how to eliminate taxation from your plan and just approach this retirement strategy with a very conservative money philosophy. And look, if you, if you have the- if you, if you have the desire to take big risk, take big risk with the money that you can afford to lose. That’s the way I look at it. If I’m going to take risk, I have to ask myself, Am I willing to lose this money? If the answer is yes, then go for it. But I will not do that with the foundational money. The foundational money always gets put away first. And that’s people have to have two thought processes there, right? You don’t want to be chasing the meme stocks and, you know, chasing all these, you know, these stocks that have, you know, skyrocket, or Bitcoin or things, because as fast as that stuff goes up, as fast as it can go down. So again, folks go to righttrackyourretirement.com. Get a copy of my book. Schedule time to come in and sit down with the team and go over your financial plan and see if there are some ways that we can help improve what you’re doing. And, more importantly, give you a plan and strategy that will give you the peace of mind you deserve going into retirement and throughout retirement.
Steve 23:37
800-656-8616 That’s the number, folks. 800-656-8616 Well, considering that 71% of Americans view a comfortable retirement as a key part of the American Dream that, according to Gallup. How do we how do we make that happen, Brian?
Brian Quaranta 23:53
Yeah, well, it’s almost like, is that an entitlement? You know that, like, oh, part of the American dream is that I’m going to be retired someday. You know, look, the American Dream is centered around upward mobility, prosperity, financial security naturally extends into retirement. Many Americans see retirement as the ultimate reward for the decades of hard work that they’ve put in. You know, going to work on days that they didn’t want to go to go to work. You know, maybe working with people you didn’t want to work with. But aspiring to a life of comfort and travel and leisure and retirement is often viewed as kind of the final step in achieving this American dream. So, I guess the lesson, Steve is the key to aligning your retirement with the American Dream is early, focused planning by prior by, you know, prioritizing your long term goals and creating a diversified retirement strategy, you can essentially ensure that your golden years will reflect that prosperity if you do it right. You know, the way that I personally manage my own money. I know. That there are certain monies that I put away, especially in annuities, that I know exactly what those annuities are going to produce an income. I know with certainty what my investments are going to produce an income. If you’re investing directly in the stock market, you have no clue what they’re going to be able to do, because you have no idea what the balance of that account is going to be as time goes on. But anyway, folks righttrackyourretirement.com. Get a copy of my book. We send it out to you. It’s absolutely free. All you gotta do is go to righttrackyourretirement.com or call the 800 number that Steve, will get you, and we’ll get you a copy out.
Steve 25:32
800-656-8616 It is just that simple, folks. All right, so let’s see AARP finding that 42% of Americans want to retire early but often face financial constraints. Well, yeah, we all want to retire early, but again, it comes down to what you were talking about earlier. Brian it’s discipline and it’s, it’s, you know, over time that that will be that will prove your retirement successful.
Brian Quaranta 25:55
Yeah, look, I mean, you know, personal freedom and autonomy are core American values. I mean driving many individuals to aim for retirement where they can make independent choices about how and when to retire. However, financial constraints often prevent people from retiring when they want and reflecting a gap between you know what you want to do and financial reality. So, what’s the lesson here? Well, to retire on your own terms and maintain autonomy, you need to take control of your finances early. So again, righttrackyourretirement.com. Go there right now. Get a copy of the book. We’ll send it out to you absolutely free. It’ll be your road map and guide to giving you peace of mind and Security.
Steve 26:36
800-656-8616, 800-656-8616 a fast-moving show. We’re gonna take a break. We got one more segment to go here, On the Money with Secure Money and Brian Quaranta.
Brian Quaranta 26:44
Coming up, we tackle some critical questions from retirees and soon to be retirees just like you when we come right back with On the Money with Secure Money.
Announcer 27:01
And now On the Money with Secure Money.
Steve 27:08
We’re back On the Money with Secure Money. Brian Quaranta is here. My name’s Steve, we have had a great show. And again, we got one more segment to go. And this is one of my favorites, Brian. And I think it is for you too, just because we get a chance to sort of take a pulse of the listeners and what’s going on, what’s on their minds, and what you can do to help them. So, let’s jump in. Let’s do it. Michael, a coworker, recently used the phrase Mega Backdoor Roth IRA. I pretended to understand, but in reality, I was completely confused. I’ve heard you talk about Roth conversions on the show, but a Mega Backdoor Roth IRA, is that even a thing?
Brian Quaranta 27:42
Great question. Yeah, it is. I mean, you know, somebody made up the name, but, but basically, it’s just a- it’s a strategy. So basically, the Mega Backdoor Roth IRA is a strategy used to significantly increase your retirement savings beyond the standard contribution limits of a traditional Roth IRA. So, here’s how it works, in a nutshell, if you will. So, the strategy is it’ll work if you have an- if your employer offers a 401K plan that allows you to make after tax contributions beyond the normal pretax or Roth contribution limits, okay, so Additionally, the plan must permit either in service withdrawals or in plan Roth conversions. So, you know. So basically, if you can make these after-tax contributions, okay, so let’s say you can put in additional after tax contributions with, you know, our 401K plan at Secure Money Advisors allows us. So, let’s say you wanted to put $25,000 in after tax contributions. But you can also then convert that immediately to a Roth, okay, so, but the contribution limits are much higher. So you know, for example, you know, let’s say a 401 K plan, I don’t know, $66,000 for individuals under 50, maybe $75,000 for those 50 and older, the mega backdoor Roth allows you to contribute additional after tax dollars into your 401K, so maybe you get an extra $22,000 $30,000 in there, you know, on top of the $60,000 to $70,000 you put in. So just, just look and see if it’s available from your, you know, from your plan, provider, your 401K, your employer.
Steve 29:29
It seems kind of complicated, and again, I’m sure it is. So again, if you’ve got questions now, just get Brian a call-
Brian Quaranta 29:34
It’s a more advanced- it’s definitely a more advanced strategy, for sure. But again, but that’s all the more reason to give us a call.
Steve 29:37
Come on in, sit down with you. Brian, 800-656-8616 and map it all out if it makes sense, it makes sense, that’s right. All right. And we go. On we go. Andy says, I’m 50 years old. I make 65,000 a year. My company doesn’t offer a 401K plan, but I recently opened a Roth IRA with a contribution of 10% of my paycheck. Now, is this a good investment for me? How much can I expect to make in 10 years when I’m planning to retire?
Brian Quaranta 30:04
Yeah, well, first off, I love the fact that he’s using the Roth here. I mean, if his company is not providing the 401K plan, the next best thing is for him to open up a an IRA account. Then the question is, do I open up a traditional IRA or Roth? I always recommend Roth. Why? Because all the money that you put into it is going to be after tax dollars, but all the growth of that account is going to be tax free. So, you know, compare that to a traditional IRA. Let’s say I put $5,000 into a traditional IRA, I’m going to get a tax deduction, but every year that that account grows from 5000 to 10,000 to 25 maybe do 100,000 when I start pulling that money out, 100% of that account is taxable, whereas if I did that same thing, but I did it in a Roth IRA, and it grew from 5000 to 10,000, 25, to 100,000 now, when I pull that money out, it’s all tax free. So, I like where he’s going with this. Yeah, yeah, Andy, and it’s a good choice, yeah. But again, I- these are things I write about. righttrackyourretirement.com. Go there right now. Get a copy of the book. Call the 800 number, schedule an appointment to sit down and meet with the team, and these are the strategies we can help customize for your particular situation.
Steve 31:14
Fair enough. 800-656-8616, Janet says, My mother in law is 61 says she’s been she’s been safe, she has savings, but nothing invested in the way of employer plans, IRAs and so on. The initial plan has been to live within her means and rely on Social Security. Could she invest in bonds or maybe an index fund? Or is there a structured plan that you might recommend?
Brian Quaranta 31:35
Yeah, look, I mean, if she doesn’t have the employer sponsored plan, the easiest thing, though, is to keep that money as guaranteed as possible, especially with her being 61 she doesn’t really have time to recoup from any big losses, so something like a CD or a treasury bond or even a fixed annuity. Fixed annuities are really great. I mean, they can pay over 5%, they’re tax deferred. She can pull the interest out every single year and use it as an additional source of income. Whereas, if you compare debt to a CD or a bond, you have to wait till they mature in order to access the money. So, if she’s looking to save but also generate income, a fixed annuity could be a great strategy for her.
Steve 32:11
Sounds like she needs to come on in, sit down and talk with you, Brian.
Brian Quaranta 32:13
That’s right, folks, and go to righttrackyourretirement.com. Get a copy of my book again, if you like what you hear on the show here, you’re gonna absolutely love the book, because I dive deep into all the strategies and how you can go about building a plan that will give you that peace of mind and security we all want going into retirement. And remember the investment strategies that got you to where you are right now, that helped you accumulate your money are not the same strategies and techniques that you’re going to use during your retirement years. The strategies and the game plan has to change, because now it’s all about not accumulating your money. It’s about distributing your money and using it as a source of income. But we have to do in a way that you don’t run out of money. And I will tell you the worst day of retirement is not the day that you run out. It’s a day you figure you’re going to run out and there’s nothing you can do to stop it. Don’t let it happen to you. That’s why you need to get a copy of my book righttrackyourretirement.com. Because I teach you how to do this the right way, so that you don’t have to come out of retirement. And by the way, you know, I always say, folks, this is not a dress rehearsal. We don’t get a second chance, so don’t screw it up. Righttrackyourretirement.com. Get a copy of my book, and I promise you won’t screw it up. 800-656-8616, 800-656-8616
Steve 33:18
Brian, as always a pleasure. This’s one of my favorite shows of the week. It goes by so quick, and we have a lot of fun and great information.
Brian Quaranta 33:24
Yeah, Steve, we’ll see you again next week. And Happy New Year to everybody.
Announcer 33:31
Investment Advisory services are offered through Foundations Investment Advisors, LLC an SEC-registered investment advisor. The content provided is intended for information on educational purposes, only the few statements and opinions expressed herein are those of the individual speakers and are not necessarily those of foundations and its affiliates. The information contained herein does not constitute an offer to sell any securities or represent an express or implied opinion or endorsement of any specific investment opportunity offering or issuer. Any discussion of performance or returns is not indicative of future results. Any discussions of specific strategies are for informational purposes only, and have been provided to help determine whether they may be appropriate for your specific situation. If applicable. The primary goal in converting retirement assets into a Roth IRA is to reduce the future tax liability on the distributions you take in retirement or on the distributions of your beneficiaries. Each individual investor situation is different, and any ideas provided may not be appropriate for your particular circumstances. Comments regarding a particular client’s experience may or may not be the same as another client’s experience and is not an indication that any client or prospective client will experience the same or a higher level of future success or performance. Foundations only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability. Nothing here in constitutes a recommendation that any security portfolio of securities or investment strategy is suitable for any specific person, no legal or tax advice is provided. Please review your retirement tax and legacy planning strategies with a legal or tax professional before transacting or implementing any strategy discussed herein. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to investment advisory products, rates and. Guarantees provided by insurance products and annuities are subject to the financial strength of the issuing company, not guaranteed by any bank or the FDIC. This is not endorsed or affiliated with the Social Security Administration, any federal Medicare program, nor any US government agency. If applicable, we do not offer every plan in your area and contacting us at the phone numbers provided herein will direct you to a licensed insurance agent. Any information we provide is limited to those plans we do offer in your area, please contact medicare.gov or one 800 Medicare to get information on all of your options. All rights reserved.
Outro 35:27
Coach P Radio
