On the Money with Secure Money: Episode 83

To see a full schedule of our TV airtimes, please click here.

Video Transcript

Rob 00:19

Welcome to On the Money with Secure Money. This is a weekly report. I’m Rob Hurtig. I’m here with my good friend Brian Quaranta. Brian, how are we doing?


Brian Quaranta 00:24

Good. Rob, how are you? A lot of things going on the market right now. Hmm.


Rob 00:27

There’s a ton of stuff going on and stuff. Yes. A pile of stuff. So, we were talking before the show about you’ve been in the business here for about 22 years. That’s right. Yeah. A long time. And yeah, it’s it has been a long time. You’ve seen a lot of different stuff. And I was thinking about 22 years ago, and where that put us, right. Well, we’re does that put us? Tell everybody when you got in the business, it was..?


Brian Quaranta 00:46

Right it the end of, yeah, right at the end of 99. I mean, it was tough, man. I mean, I got into the business, and I saw people losing money right away because of the .com. bust. Yeah, right. And then that carried over in the 2001, 2002, 2003. My first three and a half years in the business, I didn’t see anybody make any money, right?


Rob 01:02

Financial Advisors running from the business at that point, right?


Brian Quaranta 01:05

They were hiding under their desk,


Rob 01:06

Nobody wanted to pick up the phone.


Brian Quaranta 01:07

Nobody wanted to pick up the phone, but they had me picking up the phone because I was the new guy at the firm. You know, and most of the other guys, you know, the guys that have been here for 25 years, were hiding under a desk.


Rob 01:16

You gotta be the bad guy.


Brian Quaranta 01:17

Yeah, I remember taking a call from a guy that, you know, really changed my life and why I believe in what we do today at secure money advisors, but he called the office. And he said, he said, Hey, my name is Sam, I need to get I need to get out of the market today. I cannot lose any more money, why didn’t know what to tell the guy. So, I went back to I went back to the managing partner. And I said, we’ve got a guy on the phone that wants to place a trade wants to get out of the market. And he said, Brian, let me tell you a little bit about the stock market. He says you need to get back on the phone and let this gentleman know that it’s just a paper loss, okay, and that he’s in it for the long haul. Well, like a good employee, I went back, and I said that to this individual. And he said to me something that changed my life. He said, Brian, I’m 75 years old, how much long haul Do you think I’ve got left? And that’s the scary part. When people lose money, they’re losing money at the wrong time, and they don’t have the time to recover.


Rob 02:04

It’s scary. It’s terrifying. It’s terrifying. It’s, you know, part of the problem with this is the standard definition of terms in our field, isn’t there? Right? If you’re an attorney, if you’re a doctor, you say one term, it means the same thing nationwide? Yep. You go to the retail shop on the corner, you know, the one that’s in every town? Yeah, their definition of risk is completely different than what yours is, I would assume?


Brian Quaranta 02:23

Well, we quantify risk as if it can lose money. It’s risky, right? Where other people might say bonds are not risky. I think bonds are risky. Okay, because we’ve seen who would have ever thought that we would be looking at the 20-year treasury bond, right? That’s down almost what 20%. That’s, you know, if you were given advice for somebody to buy a 20-year treasury bond, they would assume that that would be a safe place to put their money and they’ve lost double digit return


Rob 02:48

Well, the 60-40 portfolio was supposed to be bulletproof, right? Because the way that equities and fixed income work, they have an inverse relationship traditionally.


Brian Quaranta 02:56

That’s right.


Rob 02:57

Well, what’s happening right now?


Brian Quaranta 02:58

Well, look at we’ve got we’ve got high inflation, right. We’ve got we’ve got volatility in the market, big volatility in the market. We’ve got every asset class being affected. Yeah, there is no place to hide.


Rob 03:09

You called this the financial perfect storm, so what you dealt with in 99, 2000, 2001, 2002. That was tough. But it was just one risk, just the market drop.


Brian Quaranta 03:19

Just the market drop.


Rob 03:20

Now you mostly four things happening at the same time?


Brian Quaranta 03:22

Yes, you’ve got high inflation, you’ve got volatility, you’ve got rising interest rates. I mean, everything is costing more. And the scary part about that, for most people is most people in retirement, or approaching retirement are going to be on a fixed income. So, if it’s costing them more to go to the grocery store, more to drive to go see their mom or their dad or their grandkids. That’s a problem. A lot of these people don’t have a whole lot of money left over at the end of the month anyway.


Rob 03:45

It’s scary. Where do you cut from at that point, when you’re on a fixed income? Where do you cut because you have to have the necessities, you have to have the gas, that’s right, you have to have the food you gotta eat?


Brian Quaranta 03:52

Well, here’s what’s going to happen. It’s going to force people to have to take withdrawals from their stock portfolios when the portfolios are going down. And that’s a very dangerous thing to do. The biggest mistake people make when they’re when they’re planning for retirement or going into retirement is they pull money out of accounts that are in the stock market. And so now you’ve got the market going down, they’re losing money, because the markets going down and on top of it, they’ve got rising costs. So to offset that cost, they’re going to take more money out of their portfolios, right. This is something we call in our business called sequencing risk, right? This can cause people to run out of money and people will run out of money. I meet these people, Rob,


Rob 04:26

there were told for years that the systematic withdrawal approach three to 4%. That’s right. We asked him forever, right, that 4% rule has gone down every year. It’s what is it now three and a half? 2%?


Brian Quaranta 04:36

Yeah, well, the Wall Street Journal said that if you if you retire at the top of a bull market, right, that there’s a high probability you could run out of money. Matter of fact, the article said that there’s up to a 57% chance that your plan could fail if you retired at the top of a bull market. Why? Because the most likely it’s going to go down and that’s exactly what we’re seeing happening right now.


Rob 04:57

Where you get this false sense of confidence when you get returns and you win, and you win, and you win. And you’ve started to really start to think like, Hey, I’m never gonna lose, right? And then we have all these people doing it themselves. And they’re not professional planners are not financial advisors, right? And most of them leave their wives in the dark. You experienced a lot, right? When the husband comes in, and he’s got the plan. And yeah, he’s gonna take care of everything because he’s the man, right?


Brian Quaranta 05:16

Well, a lot of people were very overconfident, you meet a lot of people that, you know, we’re investing in a lot of cryptocurrency, a lot of individual stocks, they were making a lot of money in tech. I remember meeting a guy a couple years ago, that had quite a couple of million dollars saved. And he was making a lot of money in the stock positions that he was in. And I told him, I said, Look, I think with you being about three years out for retirement, the best thing we could do is protect some of this money and set up a pension for you for the rest of your life that would increase over time. So as cost of living went up, we would have enough cash flow coming in. He said, Brian, why would I want to take my money out of the market right now I’m making so much money. I said, that’s the exact reason why you want to take the money out of market, because you are making money if you made money for the last 12 years. And he said, I just can’t see doing it. Now. He just called me again. And his portfolio has been cut almost by 40%. By 40%!


Rob 06:06

It’s not a win until you take it off the top, right?


Brian Quaranta 06:08

I’ve always said, Rob, if you’ve won the game, why keep playing it?


Rob 06:13

Because you’re getting bad advice is why you keep playing it. So, you’ve been a financial advisor for 22 years. Yeah. What most people don’t know is my background. I’m a consultant. And I work with financial advisors all over the country. And I get it, you know, I’ve got a pretty good view of what’s going on in the world. And, you know, it’s funny, there’s so many people out there that can say this, you can’t cuz you’re the bad guy. You said, right. But there’s so many people that are willing to put their own financial success behind the relationship with their financial advisor, meaning they’re more worried about upsetting their financial advisor and doing what’s right for them. Yeah. Then they are upset. It’s insane breaking relationships. It’s very hard for people to break relationships in a time like this. Yeah, it’s dire, you have to get a second opinion. We haven’t even talked about the legislative risk with the increasing amount of cash we printed. Right?


Brian Quaranta 06:52

Well, Rob, you know, I’ll tell you, that is a big risk. But I’ll tell you why a second opinion is so important. Because typically the advice that people are going to get, okay, the traditional advice to get, and I know this because when I started in the business over 20 years ago, these are cookie cutter, things that I was taught to say at the financial firms, don’t worry about it hang in there. It’s just a paper loss, it’ll come back, right. These are just sound bites to manage emotions. These are not everybody’s strategies. They’re not real strategies. That’s not a plan. This is Hold on. It’s not a plan, hold on is not a plan. And this is why I really would like to see people take advantage of our right track retirement review, because we really lay a lot of this stuff out to people where we can show them how to maximize their income, we can show them how to reduce taxes, we can show them the proper investment mix to have right so that if the markets do continue to be volatile, that they don’t have to be walking around on eggshells wondering whether or not their plan is going to work.


Rob 07:48

What’s happening right now is scary. Each one of those challenges by themselves can derail a retirement plan, we have all four working in unison together right now against us, they’re not working for us or working against us. We always give people ways to fix stuff on their own. This is not something a person can fix on their own. This is not something to do it yourself or can do on their own. Hey, I think we’re at a time here, I think we’re going to commercial break.


Brian Quaranta 08:07

And let me let me just tell you take advantage of the right track retirement review, it’s really going to help you with five key areas income, taxes, investments, health care and legacy planning, we’ll show you how to maximize your time and we’ll show you how to get through these volatile market times, we’ll show you some better approaches that you might not even be aware of all you got to do is call 888-382-1298 or scan the QR code at the bottom and you can schedule an appointment with us. 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 08:43

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 their late 70s.


Brian Quaranta 08:52

The average person might say well, 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 plan.


Neil Major 09:07

It’s we’re not just product pickers here. What we do best here is we build retirement plans.


Brian Quaranta 09:12

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.


Neil Major 09:22

People, you know can actually see a vision once we start to really build out their plan. This is about


Brian Quaranta 09:29

you if you’re not getting what you need, and you feel that when you walk out of the advisors 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 the difference at secure money advisors as a fiduciary firm, we help you manage the risks, build the income and give you the retirement dream.


Rob 09:58

Welcome back to On the Money with Secure Money Weekly Report. I’m Rob Hurtig here with my good friend Brian Quaranta.


Brian Quaranta 10:03

Rob, how are you today?


Rob 10:04

Man, I’m awesome. Good. I’m awesome. I know you are too.


Brian Quaranta 10:07

Very busy though. Yeah, people are worried right now. Yeah, they’ve they’re very worried and they have every right to be you have every right to be because you’re talking about 40 plus years’ worth of work at risk in the market. Right now. I’ve made a lot of people that are just losing a lot of money right now. They’re terrified. You can talk to other people, and they don’t even want to face the reality of what might be happening to their 401 K’s or their retirement accounts. But it’s not a time to stick your head in the sand. This is not a time to kick the can down the road.


Rob 10:31

When you have 14 years of positive reinforcement, right? We’re winning. We’re winning, we’re winning and even in 2020 Yeah, we had some of the most volatile days and markets ever seen. 2000-point swings one way or the other. And we still finished 2020 up. Right, right. All through COVID.


Brian Quaranta 10:44

All through COVID. Yeah, yeah, it was the, you know, it was the injection of all the capital into the market, too. I mean, come on. We had kids that were investing their money that they were getting for college with through the Robin Hood apps or their TD Ameritrade apps, and they were making a ton of money, right, crazy how many people we heard millionaires, how many stories I hear from our clients about their grandson or granddaughter making a million dollars in cryptocurrency? You know, it was just when I saw that happening. I knew we were at the peak. Because when you hear things being that easy, you know, the runs about to break.


Rob 11:17

Like Henry Ford, when he said, You got to get way to get out of the market because a shoe shiner gave him investment advice. Yeah. Right. Like, I know, the market saturated when the guy shining your shoes is giving you investment advice. Spot. Yeah, you know, it’s tough, you know, both money managers, and consumers get this confidence as years go by and they’re winning, winning, winning. It’s almost like they forgot that you can lose at some point. We get guys that are on the on the TV with commercial saying, you know, certain things that we use in the past to make sure we live great retirements that they’re bad, and we hate them. And yeah, don’t have them. Yeah, but you the people that are with that guy right now, wish they had an annuity?


Brian Quaranta 11:55

Yeah, well, annuities are a very important part of planning. I mean, for some cases, you know, not all cases. You know, every everybody’s situation is different. But, you know, you got to remember that the losses will hurt you more than the gains will help you. Right, right. Let me say that again, the losses will hurt you more than the gains will help you. So, and the reason I say that is because when you retire, it’s not about getting 100% of growth of the market, it’s about protecting your downside, and most people don’t hedge by protecting their downside. So, you know, market goes down, they lose 20% 30% 40%, we need accounts that if the market goes up, we can make a little bit of money, right, the market goes down, we don’t lose, right. And the design of these annuity products today will allow us to do that. But they’ll also do something else very important. They will provide us with a guaranteed income stream not only guaranteed for your life but guaranteed for your spouse’s life. And any money in the account will go to your family members, or at any point in time you wanted to take that money out, you could take it out, depending on when you take it out, you could pay some penalties. But at the end of the day, we have ways to protect money today and still get some growth in the market.


Rob 12:56

You’re a fiduciary, the other advisors at your firm or as well, by law, you have to do what’s in the best interest of the client. Right? That’s right. You know, my problem with what happens, you know, in the media, there’s always certain themes that start to get carried away. And yeah, there’s always multiple versions of the story, right, we see it over and over again. Yeah, so this this narrative that annuities are bad. Well, there’s four or five different kinds of annuities. Right, right. Yeah. What I’ve noticed is these people on TV that run these commercials, they are taking the worst parts of every different type of annuity. Yep. And combining them like they’re one organism and they’re not.


Brian Quaranta 13:26

That’s right. They lump it all in together. It’s not a fair analysis, right?


Rob 13:31

I think there’s bad annuities.


Brian Quaranta 13:32

Oh, absolutely.


Rob 13:33

I think there’s good ones. I think those ones are appropriate for people, and ones that aren’t


Brian Quaranta 13:37

Yes. And you got to know in the annuity market, you have to know what you’re looking at in order to purchase the right one, and get the right one that’s going to solve the problems that that you need it to solve.


Rob 13:47

Right, some new accumulation, some new income for life that you cannot live is guaranteed even if you outlive the money that’s there. That’s right payment coming in. So, give me an example of where you would use like an accumulation vehicle.


Brian Quaranta 13:57

Yeah, well, look. So, let’s say you’re getting ready to retire, right? And you know, you’re retiring and the only amount of income that you’re going to have on a guaranteed basis is your Social Security check. Okay, so let’s suppose and this is about 85% of people retiring today, right? Let’s say let’s say that you need an extra $20,000 a year in income, right? Well, you’ve got two choices. You could keep all your money at risk in the market, and you could pull that $20,000 a year out of your investment portfolio, okay. And as long as the market cooperates, you got nothing to worry about taxes don’t go up. No inflation, no market drops, no market drops, most importantly, right. No market drops, most importantly, but if you’re trying to get $20,000 of income out from a stock portfolio, you pull that out and the market is going down like it has been now you’re compounding those losses. And this is what we see where people will spiral and run out of money. They’re not running out of money in the first 10 years of retirement. They’ll run out of money in like 15 to 20 years when they don’t have the physical health to go back to work. You need it the most you when you need it the most vulnerable when you’re the most vulnerable. So, what the annuity does is by carving that money off by carving a portion of your money off and He leads into that guaranteed account. We can provide that income stream of $20,000 a year. Yeah. And even some annuities that $20,000 A year would increase every year. Yeah. Okay, so we can even get increasing income. Now you tell me, would you rather have an account that could run out of money? Or would you rather have an account that wouldn’t run out of money?


Rob 15:18

Well, people over the last 14 years ago, they felt so in love with that account balance. Yes. And they thought that was important. I think what they’re finding out is a paycheck is way more important than that great big account balance. We’ve convinced everybody to operate like we’re all independently wealthy, right? Yeah, the suit like the wealthy do well, you don’t have the money to do it like the wealthy do. That’s right, wake up.


Brian Quaranta 15:36

That’s right. I always say, would you rather have a million dollars in your account? Or would you rather have a guarantee of income of $50,000 coming in here, I would rather have a guarantee of income of $50,000 coming in a year rather than a million dollars sitting in my account that could go down and I could lose it. Yeah, you’re right, Rob, that income is more important than the account balance itself. It’s the monthly income that gives you peace of mind and security in retirement, and really allows you to have the retirement that you always wanted, because nobody wants to be worrying about the pandemonium on Wall Street, when they retire. They want to be spending time with their kids and their grandkids, right and their families and going on vacation, they don’t want to worry about being on vacation on some cruise, and the market just dropped 30% And they’re thinking themselves, we probably shouldn’t spend the money we’re about to spend on this cruise because we’re not gonna have a whole lot left after the market takes it from


Rob 16:24

you actually just made me think of something. So, the prospects, the people you’re meeting with that are coming in, they’re scared. Yeah. A lot of them have lost 20, 30, 40%, in the market, how much of your client’s loss is in index annuities?


Brian Quaranta 16:37

You cannot lose money in those accounts. And even you know that the other good annuity is even something called a fixed annuity where you can get a guaranteed rate of return like an old CD, right, like an old CD where you can get you know, three and a half 4% rate of return, we’ll probably see those rates go up, even more.


Rob 16:50

Oh, I’m watching it day by day, are the interest rates are going up? I’m seeing those yields on the backsides of those clients as well.


Brian Quaranta 16:56

That’s right, Rob, these index annuities are alternative asset classes that are not correlated to the stock market, that’s the most important thing. They’re built off an options portfolio that allows you to take it get this upside gains without the losses. But this is this is why our right track retirement system is so important, because I’ve built this out to cover all of these areas. And I want people to have this information. And folks, if you call in and schedule a time to come in, I’m going to walk you through our right track retirement system, we really have done a good job breaking this down. So, you have a simple, easy to understand plan that’s going to provide you with income and peace of mind in retirement will show you a better approach than just rolling the dice and taking risk. If you’ve won the game, folks, there’s no reason to keep playing it take advantage of the right track retirement analysis, all you got to do is call 1-888-382-1298. Again, that’s 1-888-382-1298 or scan the QR code. 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 18:05

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 their late 70s.


Brian Quaranta 18:14

The average person might say, well, a good portfolio would be a good mix of stocks, bonds and mutual funds. None of them have a good portfolio is all designed around the five key areas income, taxes, investments, health care and legacy planning.


Neil Major 18:28

Because we’re not just product pickers here, what we do best here as we build retirement plans,


Brian Quaranta 18:33

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 do it. Probably now,


Neil Major 18:44

People, you know can actually see a vision once we start to really build out their plan.


Brian Quaranta 18:50

This is about you if you’re not getting what you need. And you feel that when you walk out of the advisors 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 opinion. The difference at secure money advisors as a fiduciary firm, we help you manage the risk, build the income and give you the retirement dream.


Rob 19:20

Welcome back to On the Money with Secure Money Weekly Report. I’m Rob Hurtig. Brian Quaranta.


Brian Quaranta 19:24

Good to see you Rob!


Rob 19:25

Good to see you. Man. We’re having fun. The last segment we talked about this perfect storm of things that are happening in the market yet could really cause problems for those that are either on the cusp of retirement or in retirement.


Brian Quaranta 19:36

Yeah, you’ve got a lot converging right now we do I mean a lot converging is something we’ve really never seen before.


Rob 19:41

It’s scary. It’s terrifying for those that aren’t awake yet. You know, I almost want to reach through the screen and tell them to wake up, just shake them. Wake up. You remember Indiana Jones where he drank the blood and the kid had to burn him with a stick to get him to come back to reality? Man, we need a stick we need a lot of them. We need to burn some people here and bring it back, wake them up.


Brian Quaranta 20:03

Well, you know, people just kind of when times get tough like this, they tend to not want to face reality, and they stick their head in the sand, you know, you’ll hear people say, I don’t even want to go to the mailbox to open up my statements that you cannot be that way during times like this. This is not a time to procrastinate, this is not a time to kick the can down the road. This is a time to actually figure out what adjustments need to be made, so that you don’t have to, if you’re getting ready to retire in the next couple of years, why would you want to ever put yourself in a position to where you may have to delay retirement five to 10 years? Because, you know, you go back to when the tech bubble bursts? You know, it took like, 16 years for people to make some of that money back 16 years. So, what can you ask yourself somebody watching today? Do they have 16 years to wait to recover?


Rob 20:47

What’s the average length of retirement? I mean, that’s gotta be the majority of it. Right?


Brian Quaranta 20:50

Well, the length of retirement now is continuing to increase. That’s one of the biggest problems and challenges we have is that people are living longer, and they’re spending more time in retirement. You know, AARP said that you could spend more time in retirement than you actually didn’t working right about that. Yeah. You know, and that’s a lot of time you think about the monumental task there, where you’ve got, you’ve been accumulating money for, you know, 30 or 35 years, and now you need to live off of it for 30 years.


Rob 21:15

Remember the Time magazine cover that says the first person to live to 150 has been born? If that’s the case, you’re gonna spend a lot of time in retirement.


Brian Quaranta 21:22

And Hallmark did sell the most 100-year-old birthday cards last year,


Rob 21:26

Did they? A lot more centenarians? Right? Yeah, that’s interesting. So, we talked about all these things working together. And now we’re going to talk about it more on a granular level. And I think we’re going to talk about the legislative risk here. Yeah, you called it the greatest trick ever played here.


Brian Quaranta 21:38

The greatest trick ever played, yeah, the Revenue Act of 1978? Right. This is when this is when basically, they said that they were going to create this thing called the 401 K plan. Right. Okay. And the 401 K plan originally was just structured for high highly compensated executives to defer bonuses and stock options. That’s what it was designed to do.


Rob 21:59

But the employers saw it as a chance to take the responsibility of retirement, which was expensive, right? Yeah. And put it off, take them from their shoulders and put it on yours. Let’s talk about retirement look prior to that, because it was pretty good. Nobody failed. You had to be really terrible at retirement back in the 50s 60s 70s, even up to the 80s. Well, that have to fail.


Brian Quaranta 22:15

That’s right. Because we had pensions, right, we had pensions. And when you retired, you had a social security check, and you had a pension check. And that was more than enough for people to live off of. And the way that they offset the cost increasing, right was they would go to the bank, and they would buy a CD because back then CDs were paying between 12 and 15%.


Rob 22:33

There was no reason to take risk with your money, why would you? And you can prove that point, look at the volume of the stock market prior to 1978. It was nonexistent.


Brian Quaranta 22:39

That’s right. Yeah. Well, if you look at when the when the 401k was put into place, I mean, the amount of money that went into the stock market and the mutual funds, it was like a hockey stick, it goes just went straight up.


Rob 22:49

What you mentioned about retirement prior to that we weren’t the same place forever. I think people in the Pittsburgh community can really identify with that. Because of all the steel mills and, and things around here. You worked at the same place forever. When you were done. They had a big party for you. They’ve made you a cake and you walked out with a gold watch. And every two weeks you got to check. That’s right. So why did we abandon that wave retirement? Why did we abandon something that was so good and work so much of the time?


Brian Quaranta 23:09

Yeah, well, employers saw it as a way to actually get rid of that legacy costs, it was a lot cheaper for them to provide a 401 K plan. And rather than providing a pension for the rest of your life, they basically say, Hey, Rob, when you retire, you can take all this money, and you can figure out how to generate that income for the rest of your life. The problem is this most 401 k’s are invested in the market, right, which is completely fine during your accumulation years. But you cannot use once you get to that point where you’re getting ready to retire those same strategies and techniques that you use to accumulate your money. They’re not the same strategies and techniques that you can use to actually distribute your money when you need income. And people have never been taught how to properly build a retirement plan. A lot of people are retiring with investments and investments.


Rob 23:52

They’re like an art collector. They don’t even know what their stuff does. They don’t know it’s done. They come in with can they verbalize what it does for them?


Brian Quaranta 23:57

No, no, most people cannot. Yeah, they most people don’t know how to take everything that they’ve earned and actually get it to start working for them. And to get it start to start working in a way where if the markets became volatile, just like they are now they don’t have to worry, you know, the way we’ve structured our clients, we’re not worried about the market volatility, because we’ve carved enough off to create and protect at least the first 15 to 20 years of retirement, so that any money that we do have at risk, Rob, we have the ability to actually have a longer time horizon on that money.


Rob 24:26

That’s smart. So, what we’ve talked about is a dirty trick, but it’s not even the worst part of it. So, we talked about this, the responsibility means shift it from the employer to the employee, right? Which is a dirty trick, right? It’s why there’s no loyalty anymore. Its why people have 20 jobs over a career. Yes. What’s the dirtiest trick of all, because this?


Brian Quaranta 24:43

Yeah, well, the dirtiest trick at all was the fact that when you made a contribution to your 401k So let’s say you made a $20,000 contribution. You’re allowed to take that off your gross income, right? So if you made $100,000 A year and you made a contribution of $20,000 that means you only had to pay taxes on 80,000 hours. Okay, so that was that was it so it was going to it was going to reduce your taxes. But when that $20,000 went into that 401k, it was going to grow tax deferred. So, if that 20,000 went from 20,000, to 500,000 to a million, that sounds great, but when you pull all of that money out, every dollar you pull out, is you’re gonna have to pay taxes on it. And the reason it’s the dirtiest trick is because they can change the rules in the middle of the game on how much you pay in taxes.


Rob 25:25

We don’t even know what they are. And you look, taxes have been on sale look at a chart of federal tax rates. Yep. Over history, as right taxes have been on sale for the last 40 years. And now we printed all this massive amount of debt. Yeah, guys draw your own conclusion with what you think is going to be taxes are going up or down in the future. Right. Right. And we were talking about taxes here, and we’re talking about there are ways you can mitigate this while you’re working still even into retirement, right? Yep. And we always give people ways to do things on their own. And, you know, other than becoming a CPA or a tax attorney, what can somebody do to fix this on their own? Well,


Brian Quaranta 25:54

our right track Retirement System was all built around fixing these problems. Because I saw these problems from the minute I got into the business. Remember, I got in in ninth grade at the end of 1999. Yeah. So, I saw all these losses happen. I said, This is no way for people retire. This is really gambling. And I’ve always thought to myself, boy, when you’ve won the game, when you’ve had enough, when you’ve saved enough money, why do you continue to roll the dice and take risk with it? Because they’re taking advice from people that get paid a fee or commission to take risk with their money, it’s really easy to tell somebody else to take risk with their money, especially to get paid a fee or commission to do it.


Rob 26:27

This is not a time to be a do it yourself or have a financial advisor where you haven’t double check their work in four or five years, correct?


Brian Quaranta 26:32

That’s right. That’s right. And, folks, I really want you to take advantage of this right track retirement review. We’re going to do a full analysis on your current portfolio. We’re gonna go over five key areas, we’re going to look at your income, we’re going to look at your taxes. We’re going to look at your investment structure. We’ll talk about how to protect yourself from a health care event. And then most importantly, when the good Lord decides to take you home, we’ll show you how to make your family and your charities the largest beneficiaries of your money and not the IRS. This is something you absolutely have to take advantage of. This is not the time to procrastinate or kick the can down the road. Take action on this and schedule the appointment. There’s no cost, there’s no obligation. All you have to do is pick up the phone and call 1-888-382-1298 or scan the QR code.