To see a full schedule of our TV airtimes, please click here.
*A Roth conversion may not be suitable for your situation. 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. The information provided is to help you determine whether or not a Roth IRA conversion may be appropriate for your particular circumstances. Please review your retirement savings, tax, and legacy planning strategies with your legal/tax advisor to be sure a Roth IRA conversion fits into your planning strategies. All rights reserved.
Video Transcript
Rebecca Powers 00:23
Welcome to this week’s edition of On the Money with Secure Money with Brian Quaranta. Of course, it’s brought to you by secure money advisors. And I’m Rebecca Powers. Thank you for having me with you every week.
Brian Quaranta 00:33
Yes, I love having you, always have good conversation.
Rebecca Powers 00:36
Yeah, you’re very, very good at teaching, making things simple. If you’ve never called this number or gotten a copy of Brian’s book, he points out, he makes it very, very simple and points out five major areas. Let’s just touch on that select to do that every week. What are those five areas? You need to retire right?
Brian Quaranta 00:52
Yeah, great question. So, number one, most importantly, is your income. Because when you stop working, how are you going to pay the bill? How are you going to pay the bills, because your paycheck is going to stop. But bills, taxes and all the things that you want to do? That’s not going to stop? Right? Yeah. Number two is you got to have a good tax plan. Because as you go into retirement, the less taxes you pay, the better your life is going to be. Because taxes will erode your purchasing power over time. And number three is the mix of investments that you choose in retirement because you know, the investments that got you to retirement are not the investments that you typically want to use through retirement. And then four, which a lot of people hate to talk about. But it’s a health event, if you have a health event, right? You have a stroke, you have a heart attack something, how are we going to handle that situation? Should that show up? And then of course, you got to decide what you’re going to do when the good Lord decides to take you home with your estate, right? So, you got the estate planning component of it. So those are the five areas that we talk about every single week, right? And I talk about them in my book. And people really need to understand that if you cover those five key areas. That’s what having a real retirement plan is all about. Exactly. What about a statement with some investments on it? That is just one tiny part of- it’s one tiny part of it. You got it?
Rebecca Powers 02:03
Yeah, So, I think for our friends at home, if you do not have a plan in a binder in writing, and no, every single one of these five areas that Brian talked about, this is you’re the perfect person who needs to come and look at this. Yeah, it’s no obligation, no cost. Plus, you’ll get a copy of the book. You even pay for postage and handling what you do is so sweet. Because usually be like, Okay, it’s free. But we need to $2.95 for shipping in handling.
Brian Quaranta 02:25
Yeah, yeah, no, we literally we literally so we just when you schedule an appointment with us, because we always offer a complimentary right track retirement review on our show. So, when you call in my team is always standing by you schedule the appointment, I send you a copy of my right track book, completely complimentary. And as Rebecca said, I even cover the shipping and handling.
Rebecca Powers 02:46
So, what can they expect that first time when they come in for an appointment? We call it the POS your pile of stuff, bring it don’t be embarrassed, because we’ve said many times, most of us were never taught about finances. So, we’re all in the same boat. Yeah.
Brian Quaranta 02:58
So, number one, most importantly, it’s really just a discovery meeting, what we want to do is just find out kind of what’s going on right now. Where are you currently at, right? And then we can start to analyze what you’re currently doing, and then determine if there’s any changes that need to be made. So, a lot of times people will come in, and they’ll typically tell me Look, you know, we’re getting ready to retire, we don’t have a plan that I’ll hear that often a lot. They will tell me they’re not sure when it’s going to be the best time for them to take Social Security because there’s so much noise in the place on or in the marketplace of when it takes all security, should you take it at 62 Should you delay it, they’ll say that they can’t afford another big market loss because they don’t have the time to recover. Right. A lot of them are retiring without pensions. So, they’ll say, you know, we’re gonna need to take money from our retirement accounts, but we’re not sure how to do it. And we’re actually scared of taking money out because we don’t want to run out of money, which they right. Yeah. And I would say that most people, really, that is their biggest fear, right is running out of money. And so, by understanding where you are, and then us analyzing where you potentially need to go, we can help minimize risk, and potentially maximize return. But more importantly, help you focus on maximizing your Social Security and other income sources. So that you can get the most monthly income possible because in retirement, especially in your early years of retirement, that’s when you’re going to want your income is you’re going to want to get it as high as you can, as safely as you can. Because this is the time that you’re going to want to go do all the things that you promised yourself you were going to do while you were working right you remember those conversations with yourself when I retire? I’m going here when I retire, I’m going to do this. Right, everybody says that. But when retirement comes a lot of people to never take the time to put together a plan, so guess what they never do? They never do anything right?
Rebecca Powers 04:48
Right, that’s what your goals and dreams that first conversation is also, what are your dreams? What are your goals? What would you like to accomplish in the quality of your life? When you talk about you and your 15-member team looking at everything It’s really not me you have years of experience, obviously. But it’s not just from your minds. Yeah. Because of technology, you have these wonderful algorithms that you pay a lot of money for. Yep. So, explain how the numbers do not lie.
Brian Quaranta 05:13
Yeah, well, math doesn’t lie, right? And retirement is actually pretty simple. From a mathematical standpoint. It’s money in and money out. Okay? The problem is, if you’re in the market, you can’t count on money coming in all the time. It’s guesswork, right? Because money might be going out involuntarily. It’s not you taking it out, it’s the market, taking it out, right. So, you got to be very careful in the way that you strategize and organize your money. You know, in chapter two of my book, right track your retirement, I talk about how to properly organize your money in buckets. Because your money has a different job to do in different parts of your life. And you have to tell it, what job to do you have to tell it, what’s your job to do. And if you ask folks, you know, there’s really only four jobs that money can do. It can either grow, it can provide you with income, it can be safe, or it can be liquid. And if I ask folks, what’s your number one priority out of those four, over 90% of people will tell me number one, yeah, and safe. And then they’ll tell me they still want it to grow. And then they still say we want access to it if an emergency comes out? Well-
Rebecca Powers 06:14
And you should, you should do that.
Brian Quaranta 06:15
Absolutely. Absolutely. And you have to have a plan flexible enough that can change when life changes, because life does just pop up every once in a while, and remind you you’re not in control.
Rebecca Powers 06:26
Well, the world is kind of changing a lot to right now. It is it used to be high bonds are low, vice versa, you can always Kevin net. That’s all I mean, let’s talk about this kind of perfect storm of not great for financial,
Brian Quaranta 06:37
worst bond market we’ve seen in 40 plus years, you know, probably worst stock market, we’re gonna see since 2007 2008, maybe even worse, you know, and the really scary part about it is that we have stocks and bonds, which are usually non correlated assets. So that means they move in opposite directions, right? Non correlated means they move in opposite direction. So, stocks are going down, bonds are going up, and vice versa. Okay. Right. Now, the reason why we call it the perfect storm is because they’re correlated, meaning they’re both going down at the same time, right? 20-year treasury bond down to over 20%. And that’s never happened, right? Never happened. Right? So, I mean, when we’re seeing things like this, people cannot hide. And here’s the scary part about retirees. Typically, if you look at a 401 K plan, if you look at how my industry for decades have advised people in as they get closer to retirement, typically they want to see their investments get more conservative, right. So, let’s take a let’s take a simple retirement strategy within a 401k. Okay, most people typically understand a 401k These days, and usually 401 K’s most 401 K’s have put what we call target date funds inside of the 401k is where it will just say, Hey, pick the fund year based on the year that you want to retire. So, if you want to retire in 2030, pick to 2030 retirement fund. And what’s going to happen as you get closer to that 2030 retirement timeframe, that portfolio is going to make itself more and more secure. Well, how’s it going to do that it’s going to shift more of its money to bonds. Now it has to do this by prospectus. That means the fund company has to file with the SEC to say hey, here’s what we’re going to do, regardless of what’s going on. So right now, we’re in the worst bond market, right? These funds by prospectus by law have to make these changes regardless. So even though the bond market is a terrible place to be putting money right now, yeah, those funds are going to go there anyway, because by law, they have to do what they say they were going to do. And most people don’t even understand this about mutual funds. Yeah. And it went by when you buy, you know, any mutual fund in the marketplace, you get a prospectus with it, right. Big, thick book, nobody reads it, they usually throw it out. Right, right. Nobody goes through it. But in that prospectus, it says what that Fund is designed to do. Right? What are they going to be buying? When are they going to be buying it how they’re going to be allocated? Well, let’s suppose that that fund files itself as a biotech fund or a financial fund, well, if it’s a financial fund, right, and it’s gonna buy primarily financial companies, right, and it’s going to stay within that sector. And if that sector is going down, they can’t sell off out of the financial sector and go to a completely different sector. Energy, because by law, they filed that mutual fund to be a financial fund. So, this is why we get cookie cutter phrases from Wall Street that are don’t worry about it. Hang in there. You’re in for the long haul. The mutual fund can’t do anything about it. It’s got to stay there by law, it has to stereo most people do not know that.
Rebecca Powers 09:45
And I never- we’ve done 100 shows, and I did not know that.
Brian Quaranta 09:49
And by the way, I write about that in my book because it’s my one of my biggest gripes about the mutual fund industry is that you’re telling me that if that sector is going south that I can’t even put itself in cash. No, it has to stay like 80% invested at all times. Is there any way anything you can do? Well, I mean, you’re you could have your investment advisor, move it out of there. But if you’re still in there, the fund manager itself isn’t going to be moving anything around. If the chips going down, they’re gonna go down with it.
Rebecca Powers 10:18
So, a friend of mine, she doesn’t live in the state, but she was saying she thought she was diverse. She asked her big box person, am I diverse took him three months to call her back. Yeah, you’re diverse, you’re diverse, you’re diverse. So, I got her to get with an independent where she lives. I sat down like everything. She was diverse. She had seven different stocks, but they were all in the same type of energy. I think, whatever, sector.
Brian Quaranta 10:39
Yeah, yeah, right. Right.
Rebecca Powers 10:42
So, she realized that the independent you weren’t diverse, right? You had seven different things, but they were all on the same sector.
Brian Quaranta 10:49
Yeah. And that’s, by the way, a lot of the programs that we use, will actually quantify this for the client, what’s called overlap, okay. So, you know, you might have eight different mutual funds, and you run it through the software. And I’ll say, hey, based on these eight funds, matter of fact, all eight of these funds own a lot of the same stocks. So, there’s all this overlap. So, from the outside, it looks like you’re diversified. But when you lift up the hood, and look at the edge, and you realize there’s no diversification here, there’s a lot of overlap. But there’s a lot of correlation.
Rebecca Powers 11:21
All right, we want to look under the hood. So, if you want to get that your pen and paper out of your calendar and call this number, Brian, tell them what they can expect when you get in there. Yeah,
Brian Quaranta 11:30
folks, take advantage. Our right track retirement review, we offer it to our viewers, every single week is a complimentary, no obligation review, we’re going to spend about 45 minutes to an hour with you, we’re going to go through the five key areas, we’re going to talk about income, taxes, investments, health care strategies, and estate planning. But you got to do your part, pick up the phone, call us today. I know that it can be intimidating to come to a financial advisor’s office, you’re probably thinking, I don’t want to go in what are they going to sell me, we have nothing to sell you. We are there to help you solve problems as a fiduciary firm, we have to do it to the client’s best interest. And we want to help you get better. We are coaches we are guides. And that’s what we do best. So, call 1-888-382-1298 and schedule your right track retirement review today and stay with us. We’ll be right back. So, everybody can tell you how to invest your money. There’s not a lot of people out there and a lot of firms that can teach you how to use your money. Most people also tell you that they’re scared. And the reason they’re scared is because they’re afraid of running out of money.
Neil Major 12:31
And the last thing you want to do is have a really good job and you’re in your 60s retire and be looking for work again in your late 70s.
Brian Quaranta 12:39
The average person might say, well, a good portfolio would be a good mix of stocks, bonds and mutual funds. A good portfolio is all designed around the five key areas, income, taxes, investments, health care and legacy planning.
Neil Major 12:55
Because we’re not just product pickers here, what we do best here is we build retirement plans.
Brian Quaranta 12:59
9 out of 10 people, when they walk through the door would ask us, we just want to know if we’re on the right track. And I always say if you’re not on the right track, when would be a good time to know it? Probably now.
Neil Major 13:10
People, you know, can actually see a vision once we start to really build out their plan.
Brian Quaranta 13:15
This is about you if you’re not getting what you need. And you feel that when you walk out of the advisor’s office, it’s time to get a second opinion. And you can’t get a second opinion from the person that gave you the first appointment. The difference at secure money advisors as a fiduciary firm, we help you manage the risk bill do come and give you the retirement withdrawal.
Rebecca Powers 13:44
All right, thanks so much for staying with us on the Money with secure money. Brian Quaranta and his wonderful team at secure money advisors, put this show together pays to get in all these different channels throughout our state. And it’s because your passion is not only to inform and educate. But for retirees, why is specifically the retiring years what you enjoy so much?
Brian Quaranta 14:06
Well, that’s where the rubber really meets the road. Yeah, I mean, you know, at the end of the day, the most important decisions are made in those retirement years. You know, the accumulation years are pretty straightforward and simple. I mean, you’re going to try to put as much money away as you can, hopefully your dollar cost averaging every time you get paid from your employer, and you’re depositing money. But as you grow that nest egg, there’s really big decisions that need to be made. And when you get ready to retire, the biggest decision you need to make is number one, when you’re going to retire. Yeah. Number two, when you’re going to take your Social Security. And for most people, are they going to have to take money out of their retirement accounts. And usually, the answer is yes. And the question is if they start pulling that money out, is that money going to last the rest of our lives? But then we have other things other milestones like when you turn 65 You got to think about getting on Medicare and getting a Medicare Supplement. You know, and that’s like alphabet soup. ABCD. Right. I mean, and then you know, and then when you hit 72, you’ve got required minimum distributions. But there’s strategies there that you can utilize in tax savings like, you know, qualified charitable distributions that I can go on and on and on with all the complications and engineering that go play take place in that. And that’s why it’s not as easy as people think it is. No, we don’t think it’s easy when it comes through.
Rebecca Powers 15:22
We don’t think it’s easy. Yeah. 99% of us, I promise, if I asked you all at home, you would say it’s not easy. It’s confusing as heck.
Brian Quaranta 15:29
Well, I should say, I should say not easy, but a lot of people think they can just keep doing the same thing. Right? They think that, they think well, aren’t I just gonna keep investing in so far? Yeah. And then aren’t I just gonna just pull money out when I need it? No, no, no, no, no, no, no, no.
Rebecca Powers 15:42
Let’s talk about compounding loss. And that is another thing that you have in my eyes, too. If you have money set aside and you pull money out of it, it cannot grow during that risk bucket, let’s talk this is very important to understand.
Brian Quaranta 15:55
Yeah. So, I’ll give you a good example, I met with a guy a couple of weeks ago, who is taken out about $30,000 A year from his portfolio, you know, he came in to get a second opinion. And his advisor just keeps telling them, everything’s gonna be fine, right, you’re gonna be fine, you’re gonna be fine, you’ll be fine. His portfolio is down over 25%. So, I mean, he’s down well over $100,000 this year. But on top of it, he’s continuing to take money out. So not only has he lost money because of the market, but he’s compounding the loss by taking money out to live off of, and he’s locking into the losses. So now your portfolio has to work harder to get back to even now, what do I mean by that? So, let’s look at just some basic math. Let’s say I have $100,000. And that $100,000 is invested and it loses 50%? Well, that means it’s going to go down to $50,000. So, you say okay, well, what rate of return if I just lost 50%? What rate of return do I need to do to get back to even we would all think 50? Most people do. But the answer is you’ve got to do 100%. To get back to even because 50% on $50,000 is only $25,000. So, you add that 25,000, that of 50, you’re back to 75. So that means you’re still down 25%. So, when you lose money, right? It doesn’t matter whether you lose 10% 20% 30%, you have to do a larger rate of return to get back to even. So now you put even more pressure on it when you lose and on top of it pull money out now, a Wall Street firm would tell that guy, you should stop taking money this year. Now, how in the world are you going to tell a retiree that only has a Social Security check to stop taking money. Now that’s what Wall Street firms would say is that you either need to lower that withdrawal rate or stop taking it all together. This adviser just keeps telling him he’ll be fine. So, I ran the numbers. And I said, Look, if you continue to grow at this rate, with the average return that you’ve had over the last 10 years, and the recent market correction, you’re going to be out of money in about 18 years. Right now, you’re talking about a 62-year-old guy here, right? So, you know, that’s, you know,
Rebecca Powers 18:01
That’s a frail point in his life is when he’s gonna run out of money, I’d say you’re
Brian Quaranta 18:06
looking at running out of money around 70-80, when really you don’t have the physical capability of going back to work. So, understanding how to manage your cash flow in retirement. But more importantly, how to create your own private pension is really key to having successful retirement because what we have found is that the people that have the most guaranteed income that don’t have to worry about the ups and downs of the market, are the happiest in retirement.
Rebecca Powers 18:28
Yeah. Because you’re not stressed out. You’re not stressed. I call it the pillow test. How do you sleep at night, you know that my husband and I moved a lot of our money from the market over to an annuity. And I know some we’ve talked about that a lot, too. But there are tools out there. And because you’re an independent, you can look at first the individual. Yeah, what our goals and dreams are? Yes. And then you can look at every single product out there, whether it’s insurance, let’s talk a little bit about the option.
Brian Quaranta 18:52
Yeah, so there’s lots of different options on solving the problems for retirement, right. Most people, when you ask them, how they want to go about solving the problem, most of them would tell you that, look, we really can’t afford big market losses. So, the safer we can make this approach the better for us, we really don’t want to roll the dice anymore. Because what’s the worst thing that could happen to a retiree, the worst thing that can happen is they have to go back to work. And unfortunately, I saw people in 2007 2008 that had to go back to work.
Rebecca Powers 19:23
Or sell their house that they raised their children in for 40 years, like, That’s the saddest stories.
Brian Quaranta 19:29
Saddest stories right or where people have to delay retirement. You know, even with this last market correction, you know, you had the COVID market correction, you have this recent market correction. I have talked to people that are considering delaying retirement because somebody convinced them that it was a good idea to keep 100% of their money at risk. Yeah. So, you really got to look at all the options on the table and you have to decide what type of investor Are you because if you are going to be investing in the stock market, what you have to realize is that it is not going to be an account. That is a good idea to start pulling money out of right because if you don’t ever want to touch stock market money, right, you leave and let it grow. That’s long-term money. There’s a reason why they say don’t worry about it hang in there. You’re in it for a long haul. Yeah, that’s because that truly needs to be long haul money, right? But if you need your money right now, that’s, that’s the long haul, right? So how do you how do you create the long haul? Well, you have to carve some money off. And you’ve got to create a pension with it. And there’s a few ways you could do that. You could do what you and your husband did, right. And purchasing an annuity. I’ve done that Personally, myself. So, every year I’ve got money going into the annuity, and eventually when I retire, that’ll be turned on. And I can get a guaranteed income from my life. And if I die, my wife will get a guaranteed income. Now. Any balance that’s left in the account, when we’re both no longer here will be just paid out to our sons? Yeah, very simple, right? Oh, and by the way, I don’t ever lose control that money. So, if I’m taking an income from it, and 10 years later, I decide that I want to leave or five years later, I decide I want to leave, I can take that money, and I could go do something else. But I can guarantee the income by utilizing the annuity, I can also guarantee the principle now that being a financial professional, think about it. I’m a fiduciary, why would I choose that strategy for peace of mind and safety? Right now, the other approach you could take is you could use a dividend paying stock, right? But if you use a dividend paying stock, you’re still going to be subjected to losses. Yeah, but you’ll still get your dividend. Right.
Rebecca Powers 21:25
And with certain annuities, I should go back, you can get a little bit of the gain or some good part of the gain and zero loss. That’s why we did that.
Brian Quaranta 21:33
Yeah, absolutely. Well, you what you’re referring to is the annuity that I own, which is called the indexed annuity. And right, well, there’s fixed and then there’s fixed index. Right? So, you have the one where the market goes up, you make money market goes down, you don’t lose money. Yes, fixed indexed like that. Yeah. So, what fixed index does it says, Look, if you still want to participate in the gains of the market, but you don’t want to participate in the losses? A good index annuity may be right for you. Now, what determines a good indexed annuity? Well, it all depends on what type of return you’re going to get when the market goes up. So, for example, most of them will give you 50 to 60%. So, if the market goes up, 10%, you get half of the return. So, you get 50% of it, that’s 5%
Rebecca Powers 22:13
Way better lose it than losing 30%.
Brian Quaranta 22:17
People go wait a second, I only get 50%? Again, and you go, you don’t need 100% of the gain in retirement, you need to avoid 100% of the losses.
Rebecca Powers 22:24
Keep the money you’ve got. That’s the name of the game. And we’re already almost out of time. So, we need to take a very short break. When we come back, we’re going to talk about how you can save a tremendous amount of money by having a tax plan, what can they expect when they come in?
Brian Quaranta 22:36
That’s right, folks, I want you to take advantage of our right track retirement review. It’s something that we offer to our viewers every single week. And it will give you the clarity and peace of mind that you need going into retirement. But also getting through retirement will cover five key areas with your income taxes, investments, your healthcare strategy, and your estate planning strategy. Call 1-888-382-1298 and schedule your right track retirement review with us today.
Rebecca Powers 23:02
All right, we’re gonna take a very short break, give us a call, we’ll be right back.
Brian Quaranta 23:06
If I can help you increase your income, if I can help you pay less taxes, if I can help you potentially maximize the returns of your investments, while reducing risk reducing fees if I can help you prepare for a health event, or more importantly, when the good Lord decides to take you home to make sure that the money you’ve accumulated over your lifetime goes to your family and to your charities rather than the IRS. Would that be worth the time to come in and get a second opinion.
Rebecca Powers 23:36
Welcome back to On the Money with Secure Money. Just four minutes left on our shows we were just going to touch on taxes. But you opened my eyes of how unbelievably imperative it is to have a tax plan for the rest of your life. If you have a CPA, that is not a plan that’s looking at last year, and they do a great job tax plan. Is that part of what you do and why?
Brian Quaranta 23:56
Yeah. So first off, let’s talk about tax planning strategies. Right? Okay. And it’s secure money advisors. Remember, out of our five key areas, income taxes is number two, right? Because we believe that if you can do some tax planning, and get the IRS out of your life, so that they don’t show up again in the future, that’s going to be a good thing. Yeah. And a lot of times you can do that through what we call Roth conversions. But there’s lots of different tax strategies out there. I mean, you’ve got Roth conversion strategies, you’ve got qualified charitable distributions, you’ve got donor advised funds. I mean, I can go on and on and on. You got tax loss harvesting strategies. All right. Well, let me just as I’m saying, Yeah, most people are going I don’t even know what he’s talking about what I was thinking and, and the thing, the thing and that’s a good thing. Yeah. Well, it’s not a good thing for you. But what the here’s the reason why they don’t know. Because nobody’s teaching. That’s right. Nobody’s teaching them and here’s the thing. I went through this one time with a tax accountant. I was going to the tax accountant, and I was thinking why am I asking questions? Why are they not asking me questions? See, at secure money advisors, we want to ask you all these questions, right. And some of these things might not be a benefit to you. But we’re going to ask you anyway, so that you know of all the strategies, and we’re going to share the strategies with you. It’s your job and our job to decide which ones are going to be best for your situation, though.
Rebecca Powers 25:16
You said about charitable giving. Let’s talk about it, I love my children’s charities. What is the one of the tax? Can I give X amount of year? And give to charity instead of the IRS? Yeah.
Brian Quaranta 25:26
So, one of the simple strategies, you know, that we do a lot, because we have clients that are reaching that 72 mark, where they’ve got those required minimum distributions is the IRS currently allows us to do something called a QCD, which stands for qualified charitable distributions. Okay, I have a lot of clients that give to their church, right? So, every year, they might give, you know, four or $5,000 to their church, and they’re taking that from their checking account or savings account. Well, when they turn 72, you know, there’s still a lot of people that want to give the charity, right. So rather than taking it from their checking account, or savings account, the IRS says, Hey, you got to take this RMD if you’d like to give that money that you normally give to charity through your RMD. But you can do that, and you won’t even be charged taxes to do that. So, let’s say you had to take $10,000 out, right, okay, for your RMD. Okay, normally, you’d have to pay taxes on $10,000. But if you use the QCD, and you said, Okay, well, I normally give $5,000 to my church, and I give it through the RMD. That means $5,000 went to the church through the RMD. I’m not taxed on that, because it went to charity. So, I only have to pay taxes on $5,000 now of my RMD.
Rebecca Powers 26:31
Could you give the whole amount?
Brian Quaranta 26:32
You could give the whole amount.
Rebecca Powers 26:33
I’d rather give it to the woodlands by your house.
Brian Quaranta 26:37
To the camp? Yeah, absolutely. So there’s a lot you can use donor advised funds, right donor advised funds, or where you can give to a fund and then you can give to certain charities or foundations, and that the amount that you’re able to contribute to a donor advised fund is based on your modified gross income, you know, so we have a client this year, that’s going to be given well over $150,000 on a donor advised fund, and they get a tax write off to do that.
Rebecca Powers 27:03
Well, and they’re alive to watch the good, it’s not just, you know, this brought to you by you know, a couple that died 40 years ago. You can do it now. And you can watch the goodness that you’ve been a part of.
Brian Quaranta 27:12
And if you’re charitable, the other great thing about the donor advised fund is that if you pass away, your kids get to now be charitable with that money. So, there’s all kinds of stay within the family. Wow. So now your kids now get used to what give it to charity like So folks, take advantage of our right track retirement review. It is so powerful. It’s going to give you the peace of mind and security that you deserve in retirement. It is going to be a thorough appointment with us. We’re going to go through a lot the five key areas that I always talk about, but you got to do your part. Call us today. 1-888-382-1298 Don’t procrastinate. Pick up the phone. Call us today and schedule 1-888-382-1298
Rebecca Powers 27:50
And thank you so much. We’ll see you again next time.