On this week’s episode of On the Money with Secure Money, Brian Quaranta discusses three important things to understand if you plan to work past 70.
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Radio Show Transcript
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. As 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.
Brian Quaranta 00:39
On today’s show, there is a growing number of people that are still working in their 70s. If that’s you, or if you plan to keep working, we’ve got three important things that you need to know about if you’re working over 70, when we come right back with On the Money with Secure Money.
Announcer 00:56
And now On the Money.
Brian Quaranta 00:58
Any good retirement plans starts with the foundation,
Announcer 01:03
asset protection, tax reduction, holistic planning.
Brian Quaranta 01:06
These are the things that start to move you towards having a retirement plan.
Announcer 01:10
Retirement doesn’t have to be complicated.
Brian Quaranta 01:14
You think that’s the difficult part? That’s just getting started!
Announcer 01:18
And now On the Money with Secure Money.
Steve 01:25
Hey, welcome, everybody. This is on the money with secure money. Brian Quaranta is here and President CEO of secure money advisors. He is an author, and the name of the book is Right Track Your Retirement a simple planning strategy to help you reduce risk, build income and provide peace of mind. Oh, you just describe what we all want. Brian, how are you?
Brian Quaranta 01:47
I’m doing great. Steve. That’s yeah, look, I wrote this book. Because after financial planning for 25 years, if you ask most people what they want in retirement, they’ll usually tell you, they just want peace of mind and security. Well, I hate to tell you, but you know, if you got all your money invested in the stock market, you’re not going to have peace of mind security 100% of the time. And there’s just better ways to do it. And I write about it in the book, right track your retirement because most people don’t know whether or not they’re on the right track. They don’t know if they’re doing the right things. If you weren’t doing the right things, when would be a good time to know it. That’s why I wrote right track your retirement. So, if you gotta right track your retirement.com. Again, it’s righttrackyourretirement.com, you can get a copy of my book for free. That’s right, I said free, I literally am going to pay for shipping handling, all you got to do is give us the address of where you want to ship to. And we’ll send it right out to you. I made it a super quick read. And the reason I did is because I wanted to get right to the facts, I wanted to take out all the fluff and talk to you about everything that you need to know about all the strategies of when it comes to retirement everything from your accumulation years, your distribution years how to handle beneficiaries, why buy and hold strategies don’t work, why you got to prepare for the cost of living going up, how deferred annuities might be a great solution to your retirement income, utilizing delayed retirement credits with Social Security and much, much more if you go to right track your retirement.com again, right track your retirement.com you get a copy of my book for free.
Steve 03:11
I like the sound of that, Brian, and again, it’s righttrackyourretirement.com. So, what we’re talking about working in your 70s. Now I know that it’s not all that uncommon, but it certainly isn’t the norm. How are you seeing things, Brian?
Brian Quaranta 03:26
Well, it you know, here you have two different types of folks out there retiring today, those that are ready to retire and those that are not ready but are sometimes being forced out to retire because maybe their company is going through a series of layoffs. This happened to my dad, my dad was working for Sears for 25 years, and they had downsized and they put together a package that basically offered them a buyout of their pensions, and basically all the documents that my dad received said that, you know, if you don’t take this buyout now, we know we can’t promise you it’s gonna be here in two years. So, you know, psychologically that, you know, it’s pretty much somebody let me show you the doors. Can I Right? Yeah, the decisions made for you, right. So, my dad was retired for about a year. And that was right before his 70th birthday. And then he went back to work when he was 71 because he was bored. My dad was the type of guy that really, you know, he didn’t have many hobbies. I mean, he was your typical workaholic. I mean, he enjoyed his work. And that’s great. I mean, that’s what that’s what got him out of bed in the morning. That’s what motivated him. And then A and then he went back to work. He retired again; he went back to work twice. He’s officially retired now at the age of 77. So, and it but it took him a while to really settle in now he’s enjoying spending time with the grandkids and actually do In things with a family, but you know, if you are working in your 70s, it’s either because you want to or because you have to. And unfortunately, I do meet people that have to work in their 70s. Because, you know, maybe they, they went through some challenging times and didn’t plan correctly, or they just don’t have a plan on how to get retired. And, you know, one of the things we do really well as secure money advisors is if you don’t have a plan, get yourself a plan. Because if there’s anything that I’ve learned in 25 years of retirement planning, it’s when you have a plan, you definitely have peace of mind security, but more important, you have clarity. And when you have that clarity, you have the confidence to actually retire and do the things that you want to do. And I think for a lot of people, it’s very scary when they think about retirement because the paychecks gonna stop, and they’re used to saving money all the time. And now they’re going to have to start using their money. And I’m here to tell you folks that if you learn the right strategies and techniques to use your money to start, you get your money to work for you. And that’s what this whole retirement savings was all about. It was all designed so that when you stopped working, the paycheck stopped, you could use the money that you accumulated during your working years to actually replace that paycheck. And if you want to know more about that, call and schedule a time to come in and take advantage of our right track retirement review. It’s something that we do each week for our radio listeners. And the promise I make is that you’re not going to be sold anything. When you come in here, we’re truly going to do a discovery meeting with you. We’re going to find out ultimately what you’re doing, how you currently have things positioned. And if there are ways to improve what you’re currently doing. Just think about this, if I could show you if my team and I could show you how to get more income in retirement, if we could show you how to save on taxes. If we could show you a better investment strategy to handle the volatility that you see in the market so that you’re not worried anymore. Would that be worth 45 minutes of your time with a guarantee from me that you’re not going to be sold anything from any of my team members, when you come to the office, if you want to call the number that Steve gives you and schedule with us today.
Steve 07:07
Sounds great, Brian. And again, that number is super easy. It’s 800-656-8616 800-656-8616. It’s a great opportunity for you to get that financial roadmap put in place once and for all, a practical financial review. So, if you’re listening, just call 800-656-8616. You’ll get that comprehensive financial review; you’ll see where you are today. But more importantly, you’ll find that you now have a roadmap that can help get you to where you need to be 800-656-8616 800-656-8616 and we’re going to take a quick break. We’ll come right back though. We’ll continue our conversation here On the Money with Secure Money. And Brian Quaranta
Brian Quaranta 07:47
One of the biggest fears about retirement is how do you make your money last when we come back? Some strategies that can help you do just that. And we come right back with On the Money with Secure Money.
Announcer 08:03
Are you fighting for financial knowledge? Don’t let that advice be a punch in the gut to your retirement. Take advantage of a complimentary no cost, no-obligation consultation with a local trusted financial coach. Call Brian Quaranta and his team at Secure Money Advisors 800-656-8616, 800-656-8616.
Announcer 08:36
Funny money or not so funny money? This time, we’re talking about funny money.
How much would you have if you doubled a penny each day for one month?
Owl 8:46
One. Two. Three. Three!
Announcer 08:50
No! Much more! Let’s get started and find out. On day 1, you have a penny, day 2 two cents, day three, four cents, day 4 eight, then 16, 32, 64 cents. You see where this is going? We’re doubling each time and by day 15 you have $116.84. Now it really gets crazy. By day 18 you’re at $1,310.72, by day 20 you’re over $5,000, over $167,000 on Day 25; And by day 31 you’re at $10,737,418.23. And it all started with one penny. You may not be able to save at that accelerated level, but it really drives home the value. Do pick up those pennies, even if they’re not heads up. And whatever you’re able to save is more that your retirement coach can work with to craft a great retirement plan for you. For funny money, I’m Dave Perkins.
Steve 10:09
And welcome back, everybody, this is On the Money with Secure Money. And Brian Quaranta. I’m consumer advocate states that oh, Brian, of course, is the CEO of Secure Money’s president and CEO of Secure Money Advisors. And that is the website as well as securemoney.advisors.com Check them out. And of course, the other one gets your free book at righttrackyourretirement.com. So, Brian, I mean, this is going to be an interesting segment, because we all have that fear, oh, my gosh, I’m gonna run out of money. No, I’m not. How do I make sure I don’t? But how do we create that that sort of? I don’t know that that longing, or that lingering income? We need that every month.
Brian Quaranta 10:47
Yeah, yeah. Well, this comes back to what we’re talking about on the last segment, and that’s replacing the paycheck, you got a few fundamental problems with retirement today. You know, if you look at retirement, 30-40 years ago, was a lot simpler because people retired with pensions, about 85% of people retiring today, are not going to get a pension. So that creates a huge problem. Because if you ask most people, if social security is going to be enough for them to live off of most people will tell you, No, it’s not. And so, when you ask them, Well, how do you plan on getting the additional income that you need, they tell you that they’re going to, you know, have to withdrawal it from their retirement accounts. So, and this is where the fear comes in, of running out of money, and how long the money will last, because, you know, my industry has done a very poor job in teaching people how to get their money to work for them. My industry has been hyper focused on telling people how to invest your money, how to diversify it, you know how to buy different asset classes, you know, they teach them what we call the accumulation phase, how to grow their money. But when you retire, and you shift from, you know, your working years to your retired years, the job of your money is no longer to accumulate, the job of the money is to provide you with income. Or another way to look at that is purchasing power, so that you can continue to do all the things that you want to do, go on vacation, spend time with the grandkids, buy your foods at the grocery store that you want to buy, and purchasing power becomes the name of the game. And so, a lot of people are not seeking out the correct advice. And working with people that specialize in this area of income generation and distribution. And it’s secure money advisors. That’s what we’ve dedicated our entire practice to, we focus solely on helping people get retired and stay retired. And we do that by first and most importantly, creating a plan for them. So, and there’s really four things that you have to make sure you have got covered when it comes to this distribution phase or your retirement years. Number one is creating a floor which I’ll talk a little bit about here in a minute, Steve, number two is what we call bucketing your money. Number three is systematic withdrawals. And number four is use accounts sequencing. So, let’s dive into these right now.
Steve 13:16
Let’s do it when you just set it create a floor. What does that mean?
Brian Quaranta 13:19
Well, look at it like this, I mean, some retirement accounts provide guaranteed income. These include Social Security, pensions, and annuities. A flooring strategy involves building up enough guaranteed income to meet your basic needs. That can be done by purchasing annuities or delaying the start of Social Security benefits. For each year, you delay the start of those benefits, you’re going to get an 8% increase on your monthly Social Security income. So, creating a floor and the use of annuities are really great here because annuities can do something that no other financial product can do. They can guarantee and protect your principle, but they can also provide you with a lifetime of income. And when I say lifetime, I mean lifetime it can not only pay for your life, but if you die, it can also pay for your spouse’s life. See, the insurance companies got really smart as they saw this need for retirement solutions. And they created products called fixed annuities, and indexed annuities that will provide a guarantee of income. Now, if you hop online and you Google things, you’ll read a lot of negative press about annuities, but just like anything, it usually is a source that you’re reading, I write about them in depth in my book. So, if you go to righttrackyourretirement.com you can get a copy of my free book, where I teach you how to utilize annuities in retirement and how to use them the right way. And I teach you how to use the right annuities so that you maintain control of your money. If you die, the money goes to your spouse, it’s not locked up with any insurance company. So again, go to righttrackyourretirement.com if you want a copy of my book where I teach you how to you use the annuities. Number two, Steve, you got to bucket your money. And that’s something that you guys have done all along, we use a bucketing strategy. We have a three-bucket approach here for funds that don’t provide guaranteed income such as 401Ks and IRAs. A bucket strategy ensures some money is protected for short-term use, while other money is allowed to grow for long-term use. And if you want to know more about bucketing strategies, again, right track your retirement.com I write about it in my book to where I teach you how to use the bucketing strategy. But you can also go to our website, securemoneyadvisors.com. And you can find out where our next educational events going to be where I actually talk about in-depth, how to use the bucketing strategy. And it’s a very powerful strategy, and not a lot of firms utilize it. It’s nothing that I created. It’s been around for decades. But we use it with a new twist of technology to properly get you to organize your money in a way that you’re able to still take risks, but make sure that you’re protected from market downturns. People need to start to look at their money differently when they retire.
Steve 15:59
Well, again, it comes down to purpose determines placement.
Brian Quaranta 16:03
Yeah, the other thing that people don’t realize is that if you’re going to take risk with your money, you need time for that money to grow. People are taking risk with money that they need right now. That’s like, you know, investing 101 mistake. And people think that it’s okay to risk 100% of your money when you might need that money. Now, money that you need income off of you got to protect at least 10 years’ worth of income, so that your money that’s in the market has at least 10 years to grow. The other thing is to make systematic withdrawals, some seniors treat their retirement accounts like piggy banks withdrawing money whenever they need it. However, a much smarter approach is to make systematic withdrawals of the same amount every single month, quarter or a year. And now you can calculate with a high degree of accuracy how long your money is gonna last. So again, if you go to righttrackyourretirement.com, you can get my book. And in my book, I talk about all these things in detail you don’t want to miss out and it is free. By the way I pay for the shipping and handling, all you have to do is give us your address of where you want to send to but for our listeners, every single week, we keep an opportunity open on our calendars to meet with you. It’s a complimentary appointment. It’s a free appointment, folks, you’re gonna come in, it’s a discovery point where we go over what you’re currently doing. Talk about ways that we can help you look if I can help you increase your income. If I can help you give you more peace of mind Security Retirement, show you how to pay less in taxes, show you a proper investment mix so that you’re protected from market volatility. Is that worth 45 minutes of your time. My guarantee to you is we’re not selling anything, we’re here to help. So, schedule your appointment today. This is not something you want to procrastinate on or kick the can down the road. So call us today for your Right Track Retirement Review
Steve 17:39
800-656-8616. That’s the number to call folks. 800-656-8616. Understand where you stand today, but also get the roadmap that we talked about that can help get you to where you need to be 800-656-8616,
Brian Quaranta 17:55
The year is quickly drawing to a close. So, with that in mind, we’ll outline several retirement planning Mistakes You Should Avoid in December, we’ll also offer some suggestions to help keep you on track when we come right back with On the Money with Secure Money.
Announcer 18:11
He’s letting the clock run out on his social security at age 70 For maximum benefits. And here comes the Roth conversion. He’s got some outstanding coaching with that lifetime income plan. He’s created his own pension as well. And it looks like he’s going to go All! The! Way!
Play your best retirement game, call BrianQ 800-656-8616. Or text BrianQ to 800-656-8616. Call or text BrianQ to 800-656-8616.
Steve 18:45
Then we’re back on the money with secure money. Brian Quaranta. Here I’m consumer advocate, Steve, of course Brian is President CEO of secure money advisors. He is an author, Right Track Your Retirement, and so much more than that. So, Brian, you guys are doing a lot of seminars too, aren’t you? I mean, as the new year gets started?
Brian Quaranta 19:03
Yeah, we do. We have a lot of educational events which you can go to secure money advisors.com Go to our events tab, find out where we’re going to be and schedule to come to one of our events.
Steve 19:15
Yeah, well, and again, folks, it’s that simple. And you know that you’re not selling anything at these events. You’re not doing anything, you’re just sharing information you’re teaching basically, it’s a class.
Brian Quaranta 19:26
Look, I learned a long time ago, you know, doing this for almost 25 years now, I’ve learned that just people need good information. You know, there’s so much noise in the marketplace anymore. I mean, you know, you can sit there and Google for days about you know how to plan for retirement, you’ll get, you know, hundreds and hundreds of opinions of how to do it, what to buy, what not to buy. And, you know, at the end of the day, really, you want to make sure that you’ve got a proven system to work within. And one of the things that we’ve created here at secure money advisors a very Simple, proven system that’s very simple and easy to understand. That’s going to give you a lot of clarity, about when and how you can retire and how you’re going to stay retired. But more importantly, it takes in all of the risk associated with retirement like cost of living going up market volatility, unexpected health events. And when you have a plan like that in place, it really does give you peace of mind. And really, at the end of the day, that’s what we’re all after is to have peace of mind in retirement so we can enjoy the time doing the things we love to do, and more importantly, spending time with the people that we love.
Steve 20:35
Absolutely, Brian. 800-656-8616. Go ahead and get that process started right now. And in the, in the meantime, we will jump into a couple of questions here, Brian, we’re here from Diane. And she’s wondering, it is certainly challenging. She says, I’m trying to decide between two different financial advisors, are there things to ask them beyond the obvious to pick the right one?
Brian Quaranta 21:00
Well, you want to make sure that whoever you pick your money philosophies align, you want to work with people that have the same money beliefs that you do, you know, if you’re someone that doesn’t like to take risk with your money, and the advisor that you’re going to thinks it’s okay to risk your money, I would work try to find an advisor that focuses more on safety. If you’re more of a risk taker, and the advisor you’re talking to is more into safer investments, I would find that advisor that was willing to take more risk. So, find and work with the people that share in the same money beliefs that you do. And work with people that are educators, you want to know it’s one thing to pick your advisor, it’s another thing to find out about their servicing model. And you know how the advisor is going to communicate with you throughout the year. And what that Client Servicing roadmap looks like. Because you do want to work with people that, you know, if the markets change or tax laws change, you’re going to have a white way to find out about those things. You know, it’s secure money visors. That’s why we believe in doing the radio show, we believe in doing the TV show, and we believe in doing all the educational events because not only is that a way for us to share with people that don’t know about us yet about what we do. But it’s also a way for us to continue to educate our current clients on any changes that are going on that they need to know about when it comes to retirement.
Steve 22:32
Absolutely. It’s 800-656-8616. Diane, if you’d like to make that call, let’s shift gears, we’ll go to Norman. He says I’m 64 years old. I’m planning to retire in June of next year, 2023. I have 220,000 and my 401k and about $2,000 per month in real estate income. Is there anything else I shouldn’t be doing before I sign up to retire?
Brian Quaranta 22:54
Yeah. So, he’s 64. planning to retire in June of 2023 220,000. Is 401k and $2,000 a month in real estate? Is there anything else I should do before I sign up for retirement? Well, there’s a lot of unknowns there still, I mean, is he married? You know, is he going to be able to live off of that $2,000 a month and real estate income? Because if he’s not, he’s probably should consider turning on his social security. But, you know, to determine whether or not to turn Social Security on the question would be How’s his health? But there’s a lot more to do there. You know, then then he thinks there’s five key areas normally that you’ve got to focus on number one, and most importantly, is income. And there’s a lot more to your income than just $2,000 a month in real estate income. There’s Social Security, there’s pensions, there’s income from investments, are you going to need to take money from your 401 K? Are you not going to take money from your 401k? How’s your 401k currently invested? Is it all at risk? Does it need to be protected? What are the fees that you’re paying? So, there’s a whole list of things that need to be addressed prior to retirement? Because you don’t want to go to retirement halfcocked? I mean, you want to go in with a well thought out plan.
Steve 24:03
Right? That’s always the best idea. Norman. There you go. It’s 800-656-8616. All right. Chuck has a question. Chuck says I’m 67 years old and retired. I recently inherited $50,000 from a relative and I’m not interested in investing in the stock market. What are some other options to invest?
Brian Quaranta 24:23
Yeah, well, that’s simple. I mean, if you just look at okay, well, do I want to take risk or I don’t want to take risk. If you don’t want to take risk and you don’t want the potential of your money going down. There’s only a few places you can put it. You can put it at the bank. You can buy a checking account, savings account, bank CD, you could buy treasury bonds. You know, you could buy fixed annuities, I mean, fixed annuities are paying anywhere from four to 5% Guaranteed right now. tax deferred, by the way. So, there’s a lot of options right now to invest outside of the stock market. A lot of people just don’t know about them. That’s secure money advisors. It’s one of the main areas that we focus on. So, for our listeners, every single week, we Keep an opportunity open our calendars to meet with you. It’s a complimentary appointment. It’s a free appointment, folks, you’re going to come in, it’s a discovery appointment, we go over what you’re currently doing, talk about ways that we can help you look if I can help you increase your income, if I can help you give you more peace of mind security, retirement, show you how to pay less in taxes, show you a proper investment next so that you’re protected from market volatility. Is that worth 45 minutes of your time, my guarantee to you is we’re not selling anything. We’re here to help. So, schedule your appointment today. This is not something you want to procrastinate on or kick the can down the road. So, call us today for your right track or retirement review.
Steve 25:34
800-656-8616 That’s the number to call folks. 800-656-8616 a comprehensive financial review. And things are going to be explained in a way that you understand, and it makes sense. If you walk out the door with a roadmap that can help, get you to where you need to be in retirement. It’s 800-656-8616 again, 800-656-8616 Brian, it’s always a pleasure to be here. It’s fun to reconnect and just have these conversations information. So good,
Brian Quaranta 26:04
Steve, it was great seeing you again and folks we’ll see you again next week right here with On the Money with Secure Money.
Announcer 26:17
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 use of drip information. Discuss exposure to ideas and financial vehicles should not be considered investment advice or recommendations, 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 stream for only two fixed insurance products did 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.
