It’s Critical to Focus on Your Financial Fitness. But What About Your Physical Fitness? Come Train With Us as We Connect Money to Muscle and Talk About Five Major Exercises That Can Whip Your Physique and Your Portfolio Into Shape.
Announcer 00:00
Investment advisory services are offered through Foundation Investment Advisors, LLC, an SEC, registered investment advisor Brian Quaranta and his guests provide general information, not individually targeted, personalized advice, and are not liable for the usage of information discussed exposure to ideas and financial vehicles should not be considered investment advice or recommendation to buy or sell any of these financial vehicles. This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. 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 securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.
Steve 00:42
Welcome in, everybody. This is On the Money with Secure Money. My name’s Steve, Brian Quaranta is here. Brian, of course, is well, he is an author wrote the book called Right Track Your Retirement and coming up today, it’s critical to focus on your financial fitness. But what about your physical fitness? Come train with us as we connect money to muscle and talk about five major exercises that can whip your physique and your portfolio into shape, sounds like we’ve got a fun show ahead of us. Brian.
Brian Quaranta 01:09
I gotta tell you, Steve, that is one heck of an introduction to a show, and I can’t wait to get into this when we come right back with On the Money with Secure Money.
Announcer 01:22
And Now, On the Money,
Brian Quaranta 01:34
Any good retirement plan starts with the foundations.
Announcer 01:38
Asset protection, tax reduction, holistic planning.
Brian Quaranta 01:42
These are the things that start to move you towards having a retirement plan.
Announcer 01:46
Retirement doesn’t have to be complicated.
Brian Quaranta 01:49
You think that’s the difficult part? That’s just getting started!
Announcer 01:53
And now On the Money with Secure Money.
Steve 01:59
Hey, welcome back, everyone. On the Money with Secure Money. With Secure Money, and Brian Quaranta is here. And Brian, of course, is president of Secure Money Advisors, and he has written a book called Right Track Your Retirement. RightTrackYourRetirement.com. It’s a simple strategy, a planning strategy to help reduce risk, build income and provide peace of mind Brian, and you do it as only you can. How are you? Nice to see you, you know, and all that.
Brian Quaranta 02:22
Yes, I’m doing great. I’m doing great. I’m in, you know, this, this, I was just doing another show, a Monday morning segment that I do on KDKA and I was doing financial tips based around football teams. So today, to be talking about exercising and financial fitness is going to be a lot of fun. So, let’s get right into it.
Steve 02:48
Let’s do it. And so, I mean, we got to take care of ourselves. We know that, but it is interesting to sit down and correlate the connection between finance and fitness more than just the alliteration. So when we break it down. So, we’re going to talk about getting into a plan and brisk walking, slow and steady retirement contributions. That’s it. Brisk walking. I like it. Do it every day.
Brian Quaranta 03:09
Yeah. So, now we’re going to try to take this idea of brisk walking and apply it to why it fits. Yes, why into into financial planning and consistent walking improves your cardiovascular health over time, and similarly, making regular, moderate contributions to retirement accounts, like your 401, K, your IRA steadily builds wealth, and it’s consistency. You know, I used to run all the time, and there’d be mornings I wake up and just like, Man, I don’t want to run today. My knee hurts, my ankle hurts, whatever. About five years ago, I said, Yeah, I’m giving up running and I’m just gonna go for a long walk. Never do I wake up in the morning and say, I can’t go for the walk because it’s that easy. And so is automating your contributions from every paycheck and gradually increasing them as you get raises or bonuses, and it’s the little things that make the biggest difference. And this approach keeps your portfolio on track without overwhelming your monthly budget. And you do it little by little, it makes a- it makes a big, big impact over a longer period, over a long period of time.
Steve 04:17
Well, then again, it’s over time that you really begin to feel what it is that you’re doing and how you’re going to accomplish it, because those- the balance keeps growing. I mean, it’s exciting, really. And you’re right. I agree. I get up every day I got a dog that needs to be walked, and I don’t ever resist. I don’t care if it’s raining, and it’s been cold recently, so, but I’m out there. So, then we’ve got swimming or water aerobics, diversified, low impact portfolio. Well, again, that’s what I think swimming is one of those things where, yeah, it’s easy on the joints, but it still can give you huge benefits.
Brian Quaranta 04:48
Hey, I used to walk past water aerobics all the time when I’d go to the gym and I’d look in there and I said, I mean, are they even getting at work? Oh my gosh. I mean, your body’s so light. And buoyant when you’re in the water. But believe it or not, I mean Swimming and Water aerobics, you got that resistance with the body. I mean, it’s a full body workout, but it puts minimal stress on your joints, you know? I mean, think about my joints hurt it, right? Yeah, my joints hurt so bad when I was running and just as you know, and if you think about this, I mean, just as a diversified portfolio, you know, you spread across equities, bonds and alternative investments, it can reduce market volatility and the impact of market volatility on your nest egg. And so, you know, the financial tip really here is you want a mix of safe and growth-oriented assets to maintain balance and reduce major shocks during market downturns, preserving your capital for the long haul. And the safety part is the most important part, and it’s the most overlooked. And it’s overlooked because the financial industry that I now have been in for the last 25 years does a really poor job, in, in in in providing real safety for clients, they say they’ll provide safety by, you know, putting bonds in a portfolio, or lower conservative mutual funds or ETFs. But in fact, the way that we define risk is, if it can lose money, it’s risky. So, I don’t like this, I guess tiering of risk levels, right? Because TLT, which is the 20-year treasury bond, I think it was 2020 I might get this wrong, 2022 but it lost 20% of its value over the course of the year. A treasury bond, a 20-year treasury bond, you know. So don’t be fooled into thinking that bonds are going to protect you, because they’re not, you know, they’re interest rate sensitive, and that’s like a seesaw. Interest rates go up, your account values go down, and interest rates did go up, you know. And there were a lot of people that lost a lot of money in bonds. Now, likelihood interest rates are coming down, that’s a positive impact. But just keep in mind, you want real safety, something real that’s guaranteed, because the most important thing you have to do is replace that paycheck when you retire.
Steve 07:24
Absolutely and so again, before we run out of time, let’s just touch on cycling. The indoor outdoor doesn’t matter cycling, that’s, you know, momentum, long term growth, very cycling, its kind of motivating, you know, when you start going.
Brian Quaranta 07:37
Yeah, well, cycling gradually builds lower body strength and cardiovascular endurance, I guess, much like a well planned investment strategy that can gain momentum over time. But the financial tip here is you have to focus on long term growth, and one of the simplest ways that you can do that is through ETFs, like the S&P500, the NASDAQ, the Dow, and really, if all you did was buy those streets, ETFs, you would own pretty much every great stock out there. So again, go to RightTrackYourRetirement.com. Folks, you got to get a copy of my book if you haven’t read it yet. Shame on you, because I really lay out the game plan and I give you the blueprint. You literally could read my book and go do my process and system. You could go do yourself. It’s really that simple, but it’s difficult because it’s the simple things that people get wrong and it’s the simple things that people overlook. So, I want you to go to RightTrackYourRetirement.com and get a copy of the book. But I also want you to schedule time to come in and meet with one of our advisors, and let me tell you a little bit about what you can expect when you come in. First off, we’re not there to sell, not there to sell anything. The reason why we’re so good at what we do is because we just clearly show you where you’re at and we don’t say, take our word for it. We actually sit down, and we’ve got these big screens in our office, and we go through the data. We go to your company, the companies that you currently have, we go to the websites. We go out to public financial channels like Yahoo Finance or Google Finance, and we show you the data, so as you’re looking at it, you’re getting informed. And then we show you our plan next to it, and we do the same thing. And now you’ve got the information you need to make a solid decision. And it’s like, well, knowing what you know now, do you want to stay there, or do you want to make a change. And most everybody that comes in wants to make a change, because they finally see where the problem is. And you’ll hear from our clients over and over again. You know, this is the first time that I feel really good about my plan. I’m not stressed anymore. Anyway, go to RightTrackPittsburgh.com folks, get a copy of the book. Schedule an appointment today.
Steve 09:37
Our goal here at the show is to help you make the best decisions for you, and that starts with a phone call. 800-656-8616 if you heard anything that we’re talking about, how it applies to you and you’re wondering, call us 800-656-8616 quick break. We’re back. Lots more On the Money with Secure Money and Brian Quaranta right after this.
Announcer 10:01
And now On the Money with Secure Money.
Steve 10:08
Welcome back. This is On the Money with Secure Money. Brian Quaranta is here. Brian, of course, you will find him at a Secure Money advisor where he is president and CEO. He wrote the book called right track your retirement. That is a great opportunity for you to really get a handle on not only your own financial situation, but also the strategies that that Secure Money Advisors put in place. Brian, this is, this is- things that you’ve done over the years. You’ve put this, these strategies together, and they’re very successful.
Brian Quaranta 10:35
Yeah. Well, look, market downturns are inevitable. I mean, we’re going to go through them, and you got to be prepared for them, but how you respond to them determines your financial future. A lot of people make some, well, I can’t say it any nicer than this. They make some terrible or dumb decisions when we have market volatility, but it also depends on where they are at their point in their life, right? I mean, you see retirees making the, you know, the worst decisions, because there’s a lot riding on it at that point in time, because they don’t have a whole lot of time left. So, you know, our processes are designed to guide retirees and pre-retirees to navigate turbulent times and with a strategy. You know, we can, we can? We can identify the priorities, and today, I think you and I, Steve, will uncover some of these key components of the plan we provide, yeah, from our bucketing strategy to your assets, to cutting expenses and seeking a trusted advisor, which are all important things.
Steve 11:38
Right, And you know, you talk about panicking, I love this line. I don’t panic. I just make rash decisions with a heightened sense of urgency. I love that.
Brian Quaranta 11:48
That’s exactly the truth, and that’s why we really consider ourselves financial counselors, more than anything else, because behavior plays a lot into the success that you’re going to have with the markets.
Steve 12:01
Well, and education plays a key role.
Brian Quaranta 12:06
Education is critical, and you should be making decisions based on education, not something you heard from somebody,
Steve 12:14
Not your- not your panic going, oh my gosh, the market!
Brian Quaranta 12:17
Right, right, right, right. Yeah, you know because, yeah, you know, this is how it typically happens. Markets going down like crazy, you know, you’re worried about it, and all of a sudden, you go to a party over the weekend and somebody says, Oh yeah, you know what? Man, I sold today. Man, I got out. I got out, and I’m gonna get back in, and then, and then that puts you into a panic and go, should I sell? Should I sell? Should I get out? Look, you can’t time the market.
Steve 12:40
You can’t time the market. So why is planning not panicking the first step in market recovery? I mean that. I mean, I guess I understand the logic there.
Brian Quaranta 12:48
Yeah, well, emotional reactions to a financial crisis, you know, like I said, it leads to poor decisions. It’s, you know, you selling assets at the wrong time. You know, in a structured plan and strategy. There’s two parts. There’s the plan, but then there’s the strategy. Let me explain the difference. Okay, the plan is what we lay out to do. The strategy is the decisions that need to be made on a year-to-year basis as the economic environment changes, because there are variables that even with a financial planner, you can’t control, like, tax rates going up, interest rates going up or down, right? You know, political crisis that cause market downturns or recessions. So, a structured plan is based on knowledge and historical context. So, whether it’s a market crash, global events like COVID, COVID 19, we provide you with clarity and focus, sure and, and, and how can retirees create a recovery plan tailored to their unique financial situation? You do it by-
Steve 13:49
That’s where you come to. Beauty is you can do that
Brian Quaranta 13:52
Well, first you go to RightTrackYourRetirement.com you get a copy of my book, but, but, but you need to schedule an appointment too, and don’t procrastinate on it. Don’t kick the can down the road.
Steve 14:02
So, the next question is, what’s the risk versus reward strategy in market recovery? And I mean, this is, you know, it’s a big deal, and I understand the compulsion to want to get some quick returns, especially if you’ve been a little behind on your saving. Mmm, may not be the best direction.
Brian Quaranta 14:21
Yeah. Look, a lot of people do this. And I will tell you right after COVID. I mean, everybody looked like a hero. And I can’t tell you how many people I had come into the office, you know, with their chest out. And, you know, look what I’ve done. Look at, look at the money I have made. I had a guy that bought a company called plug power. He literally went from $200,000 to 5 million in a matter of 11 months. And that’s some scaling right there. Yep. And I told him to sell half of it, to sell half. Of and he says, I think it’s going to continue to go up. And it started coming down. And he kept waiting for it to bounce back, kept waiting for it to bounce back. And he drove that thing all the way down to $6 a share. So, you, literally, you, you, you made it. You’ve won the game, but yet you wanted to continue to play it and this is why it’s very scary with all of these sites now, like Robin Hood and because buying stocks, buying options, like calls and puts, selling calls and puts, there’s, there’s, there’s, it’s, there’s gambling involved here, right? You get that same addiction. You get that same addiction. Mm, hmm, you know. So, I mean, there’s little gains, yeah, you are, and there’s people out there literally going to support groups because they can’t stop trading. And even the best traders become the worst traders at times, but when you’re playing with money you can’t afford to lose, that’s when it gets scary.
Steve 16:06
Yeah, absolutely. So, let’s get into the bucketing strategy we talked about that many times before. And how does that really sort of reinforce our savings and get us through some difficult times?
Brian Quaranta 16:19
Well, in my book, and I believe it’s chapter six, I talk about the bucketing strategy. And I hate to oversimplify it by calling it buckets, but, you know, people tend to understand that, and there’s a lot of advisors that use this terminology with bucketing to try to help illustrate in a very clear way how to allocate the money. And you know, some people talk about three buckets. I’ve simplified it down into two buckets, because there’s only really two buckets that matter. Bucket number one being the money that you set aside that has no risk associated with it. And it does one thing and one thing only, and it provides predictable cash flow. That’s it. Period. Doesn’t matter what the markets are doing, it provides predictable cash flow. That’s the annuity. That’s what I do for myself. That’s what I do for my clients. And if you haven’t done it for yourself, you need to look into it, because you’re getting it wrong. If you’re doing it any other way, I promise you, you’re doing it wrong. Because once you have enough money in that first bucket, right, which we call the Safe Money bucket, that now allows you to take the rest of your money and now you can take real risk with it, right? Buying the S&5100, buying the NASDAQ, whatever it might be, using some active management. But the most important thing you have on that second bucket, which we call the risk bucket, is time again. So essentially, by creating- putting money in that first bucket, you’re creating time for that second bucket to grow. And it’s no longer short-term money, and if it’s not short term money, we can win. So anyway, folks, go to RightTrackYourRetirement.com get a copy of my book. Schedule an appointment.
Steve 17:44
Sounds like a plan. There’s no cost, no obligation. They’ll help you get a better handle on your own financial situation. You’ll find out really important things like How much are your investments really costing you because of fees or commissions? How about tax implications down the line? How much income can you securely generate once you move into retirement? All those questions and more, sit down with Brian and begin to put that plan together. 800-656-8616, 800-656-8616 quick break. We’re back more On the Money with Secure Money and Brian Quaranta right after this.
Brian Quaranta 18:13
Time for some tough love to help get you to retirement, or: six signs you’ll go broke in retirement. Stick around. We’ll break it all down right after this, when we come back with On the Money with Secure Money.
Announcer 18:31
And now On the Money with Secure Money.
Steve 18:38
Welcome back On the Money with Secure Money is the program. Brian Quaranta here. My name is Steve, having a fun show, as we always do. I like getting that last segment. We sort of got into really some, just some good strategy kind of thinking when it comes of, you know, when it comes to putting your plan together. And so, I like what you said, six, six signs you’ll go broke in retirement. Let’s make sure we have none of those signs in our plan, Brian.
Brian Quaranta 19:04
How do we do that? Well, I mean, if you still have unsecured debts, right? I mean, unsecured debts,
Steve 19:11
Yes, I mean, that’s number one, right? I mean, you always say that,
Brian Quaranta 19:13
Yes, right. I mean, you got to get rid of those. Personal Loans tend to have high interest rates, and it really- it drains your retirement savings faster than you realize. You know, there’s a young girl that we help, and she’s a granddaughter of a client of ours, and you know, she just couldn’t stop spending, and she just keeps racking up the credit cards and racking up the credit cards, and, you know, she, you know, she really did a lot of damage to her retirement plan because, you know, she had to use that some of that money that we were accumulating to pay off those debts. We were able to do that because it was non-IRA money. So, we were able. To take it without, you know, getting slammed with penalties and taxes, but at the end of the day, you got to prioritize paying down those debts as quickly as possible.
Steve 20:08
Sure, but again, I don’t know who said this, but credit cards are like snakes. They can be friendly or deadly, depending on how you handle them, right?
Brian Quaranta 20:17
That’s right, yeah, you know. The other thing is, I, you know, I think budget’s an ugly word because I just don’t like the word. I’d rather use the word discipline, because,
Steve 20:28
Better way to say it, yeah, I agree.
Brian Quaranta 20:30
Yeah, you need to be disciplined. And it’s easy to overspend it and lose track of where your money’s going, especially in today’s world. Steve, and the reason is, is because of, you know, automatic deductions from your checking account, I mean, or the fact that anytime you think of something you need, you reach in your pocket, grab your phone, go to Amazon and you order it. And you know, one of the easiest ways that you can prevent yourself from making these quick, compulsive purchases, is to create a purchase list. So, in my in my apple notes on my phone, I created a purchase list. So, when something comes up that I think I want, rather than just go buying it, I put it on the purchase list. And at the end of the month, I look at the purchase list and I decide what needs to go, what needs to stay. And this way, you’re also, you know, you don’t have money flying out at every, every, every day of the month. You get to the end of the month, and that’s when you make the decision of whether or not to buy those anything you’ll you, what you’ll find is that the thing that you thought you wanted to buy at the beginning of the month, you don’t want to do it anymore at the end of the month, you’re like, ah, that’s changed, right?
Steve 21:47
Yeah, of course, things always change. That’s right. And so, when we talk about tough love, we’ve got to get rid of the unsecured debt. Yes, you describe the woman you just described, but somebody you can’t stick to a budget, even though we don’t like the word, it’s a reality that we have to face.
Brian Quaranta 22:05
Yeah, yeah, it sure is. I mean, you just have to realize that this retirement is up to you. You got to get it right. It’s your responsibility to seek out the right advice. And yeah, many people I meet Steve that when they finally become a client, they say, you know, Brian, for years, I would go to my advisor and I would just say, yeah, everything looks good. And we’d go over the performance of the portfolio, and I would walk out, and I would just feel that something wasn’t right, like I don’t have a plan, not doing anything here, and they go, you know, my own regret is we didn’t make a change sooner, because once we understood what a real retirement plan looks like, we couldn’t even imagine going back to what we had. Sure. Yeah, the majority industry really talks to you and or teaches you about accumulation right, where you’re only using stock market investments, and what the majority of the industry does not do is actually help you see the future 25 years from now. Now, if you’re getting charts and graphs, and they’re, you know, giving you projections of what something might look like 25 years from now, hate to tell you folks, but that’s if everything goes right exactly as we planned. Yeah, you know, not everything’s gonna go right, but this, this retirement thing that we call retirement, really what it is financial freedom, where you’re no longer trading your time for money anymore. And I mean, all you got to do is go shopping on the weekends to some of the big box stores, like Home Depot, Lowe’s Walmart, and you can see people there that, I promise you, they didn’t plan to fail. They didn’t plan to be working, you know, in their 70s and 80s, but their plan failed, and you have to have a strategy that’s not going to put you at risk of failure. Because, you know, you really have to think like, what happens if the next 2007, 2008 happens again, and how many people lost half their money, more than half of their money. Some cases, people had to come out of retirement, go back to work. People had to delay retirement. It took a long time for those people recover, and so don’t put yourself in that situation. I mean, get with a good fiduciary firm that has a process, that has a system that can actually articulate that to you and show it to you on paper. And that’s exactly what we do at Secure Money Advisors. And I would tell you to go to RightTrackYourRetirement.com to get a copy of my book. But while you’re there, I want you to schedule an appointment to come in. Nobody from my team’s ever going to sell you anything. We are going to help you solve a problem.
Steve 25:03
800-656-8616 is the number you can call. So, we’re talking about some tough love, things that we have to face. You still pay for dependents, adult children coming back home. That can be that- I just keep reading so many stories about that.
Brian Quaranta 25:16
It’s actually a big problem. Yeah, I just read a story. I just read a story myself on it, and how many people are still working? Were people that had to come out of retirement because they’re still paying for dependence and they’re supporting adult children. We say adult children. We’re talking about children that are in their 50s. Yeah, right. But, and we all love our kids more than anything, and you don’t want to see any of them hurt or fail, but you got to understand, if you’re paying for dependence, it’s almost like you’ve given money to a drug addict. They’re never going to get it until they hit rock bottom. So, you got to fix that. And so, you got to have a plan. You got to have a process, but more importantly, you got to have a strategy. Because when things are moving in the in the economy, changes have to be made. And we can do that for you. At Secure Money Advisors, go to RightTrackYourRetirement.com and get a copy of my book.
Steve 26:17
And that’s why we give you, the listeners, an opportunity to review your individual plans for retirement, you can find out if there’s red flags that might be a problem for you down the line, or you might find how much money you’re actually going to generate once you move into retirement. No cost, no obligation. Make the call today, 800-656-8616 that’s 800-656-8616 another segment to go here On the Money, with Secure Money with Secure Money and Brian Quaranta.
Brian Quaranta 26:43
Yep, it’s that time again to check in with listeners and answer some questions and that and more, 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
Hey, we’re back On the Money with Secure Money. Brian Quaranta, here, I’m Steve, we have been going through a lot of good stuff today, Brian, as we usually do, but man, it just seems to be, you know, we’re kind of firing on all cylinders here, getting folks to retirement.
Brian Quaranta 27:22
We sure are, Steve, and that’s what we’re doing every single weekend with On the Money. And, you know, it’s been a, I don’t know. I think we’re going on six years, maybe being on 3WS here, and WJS and KDKA and our podcast. And, you know, yeah, we people have just said, you know, we love the show, and we appreciate the information that you’re giving. It really helps give them clarity about what they should be doing. And you know, a lot of people said that, you know, once I started listening, I realized that I needed to make some changes. And so, you know, we appreciate all the listeners, and we appreciate all the questions you sent in to us.
Steve 28:00
Yeah, right. Well, then again, well, you and I been doing a show since 2018 kind of beginning of 20- or mid-18, so that’s a good long while.
Brian Quaranta 28:09
Yeah, and you’re much better host than the last host I had.
Steve 28:16
Too long ago. All right. Well, we do have some questions here, Brian. Let’s jump in and see what we can do. We’ve got a- we’ve got a 55-year-old with $400,000 in they’re 401K. They want to retire at 60 but worry that their savings won’t last. And what they’re wondering is, if they should boost contributions now or explore other savings vehicles, how much could additional contributions benefit them in, say, five years?
Brian Quaranta 28:41
Yeah, well, that’s a good question, and it’s probably the biggest worries that everyone has. I was- I was talking, I was telling a story about a client. We’ll just call him Steve, and he said, You know, when he retired, he didn’t realize how nervous he was gonna eventually become, and how much he just started obsessing about what the market was doing every day. And you know, he said, I go to I go to bed at night, and I’m just worried that I’m gonna run out of money, because the markets down today, it’s it changes when you no longer have that paycheck coming in, I’m telling you, emotionally, it changes. You don’t worry. Some of you might out there be going like, I don’t worry about the market. Doesn’t matter. I promise you, you will. Well, that’s the money you need for the next 25-30, years of retirement, right? So, and he said to me, he said, When I listen to your show, it just made sense that the first thing I needed to do was set money aside that was going to replace my paycheck. And this is where people overlook this and they get, here’s the advice they get: You don’t want to use annuities. The guy selling annuities is just going to make a huge commission. We’re fee Only. Did you know that on an annuity you can’t charge someone a reoccurring fee. You can’t charge someone a reoccurring fee on life insurance. But life insurance is so important. Of course, the agent that’s recommending life insurance gets paid a one-time Commission. They never get paid again. And how important is life insurance, especially when you’re younger and you don’t have any savings, right? How many people do I know, that you might know that lost their life in their 40s or 50s, and thank God they had life insurance, their family would have been in a world of- you know, of course. And how many people do you know, and I know that died in their 40s and 50s that didn’t have life insurance, and the wife had to go back to work, right? And so, imagine this. These advisors out there say, Well, I’m fee only, well, if you’re fee only, what that means is you only work with risk investments. That’s the truth. And so, you have to work with somebody that sees both sides. We do life insurance, we do annuities, we do market money, we do Medicare planning, right? I can’t help it that the insurance companies are going to pay us a commission on an annuity. I don’t set the commission right. They do. But what she should be thinking about here, at 55, years old, with $400,000 is the first thing she should be thinking about is how much money is it going to take to replace my paycheck, right? And you’ve got to, you got to understand the annuity products in order to understand how much of that 400,000 needs to be carved off. Then the next question should be, where should I make contributions to? Well, as long as you pull enough money off to protect the- or replace the paycheck, I’m fine with you making contributions to your more contributions to your four 1k or whatever. But if you don’t protect the money first to replace the paycheck, and now you’re making contributions to your 401 k, where your $400,000 is at, and the markets over the next five years don’t perform all those contributions just poof, vanished into thin air, right? All that money you put away. Just happened to me in Bitcoin, right? Yeah, you know, I buy every quarter, $5,000. I put $5,000 in. There was $80,000 in my Bitcoin account. Put $5,000 in. The next day, my account was still worth $80,000 right? But that’s money I can afford to lose, okay? But in this case, we’re talking about someone’s complete life savings. And folks, this is why you have to have a plan. You’ve got to have a strategy. You’ve got to understand these annuity products. You have to understand how important they are. You have to understand how easy they are to understand too, and don’t buy in to the BS, that the only reason someone was selling you an annuity is make a commission. That’s BS. I don’t even know how somebody can call themselves a fiduciary if they don’t recommend other things other than just risk money anyway. I digress, Steve, I get a little passionate about this because I see so many people. I see so many people that buy in to that crap, and they don’t do the research themselves, and they don’t figure it out. And I will tell you, the people that are happiest in retirement are the people that have guaranteed income.
Steve 32:59
Folks take advantage of the opportunity 800-656-8616 gold with the show helping you make the best decisions for you when it comes to retirement. So, if you do have questions, then call us 800-656-8616, 800-656-8616 Brian, wow. Fast paced show today
Brian Quaranta 33:15
Always is, Steve, and I will see you again next week. Folks, thanks so much for tuning in with another episode of On the Money with Secure Money. Remember, protect the money. Your job is to make sure you don’t lose it.
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
