On the Money with Secure Money: Episode 87

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Video Transcript

Rob 00:19

Welcome to On the Money with Secure Money property here with Brian Quaranta.


Brian Quaranta 00:23

Robert, good to see you. As always, always good to see you.


Rob 00:25

We always have a lot of fun here. Yeah, yeah. Let’s talk about stuff that’s important and timely, right? Yep. We try to do our best job of it. We do you have something here called the hidden tax? I think most people, yeah, most people know what we’re talking about. Yeah. Inflation, right. It’s a tax that you did not sign up for. He didn’t, nobody voted on it. Now you’re paying? Well, they probably did by printing money.


Brian Quaranta 00:44

Yeah. You know, but they call it the stealth tax. Really? Yeah. They call it the stealth tax. I mean, think about it. I mean, look at the numbers here. I mean, first off inflations of 8.9% You know, as of this show here, you know, cost of flights up 33%. Gas 40%. I mean, I’ve got, you know, people watching the show here, and I don’t know about your Facebook feed, but I’ll see a lot of friends taking pictures of the gas pump now because they’re shocked. Right, you know, I had a friend just post a picture that $118 to fill his truck. Yeah, right. But gas up 40% Car Rentals up 8.5% used cars up 35% Energy up 32%. I mean, think about what’s happening here to people. I mean, the average household could spend between 3500 $5,000 more buying this stuff. Right?


Rob 01:25

You know what’s interesting, though, Brian, everything you listed there, it’s either necessity that you have to have,


Brian Quaranta 01:29

They’re consumer staples, right? Yeah.


Rob 01:31

Or it’s bucket list stuff, the stuff that you work so hard for your entire life and the stuff you dream about doing in retirement? Yeah. And you know, just watching this, I care about this stuff. I love what I do. And I care about this stuff. And every day you see, you know, the markets volatile, you see costs going up. And really what that means to people in the audience is you see retirement dreams being eroded in front of our very eyes. Yeah, and people don’t even know it yet. Yeah, their heads are still in the sand


Brian Quaranta 01:54

They are and they need to wake up. Because this is this is not an easy time right now. And this is not the time to keep your head in the sand and kick the can down the road and procrastinate, because if you don’t make adjustments right now, and you don’t evaluate where you’re at, and what type of positions you’re in, or understand the risk level that you’re taking, or how much more your portfolio could potentially go down if the market continues to drop, or how this inflation increase is going to impact your writing. I mean, most people, what we find fundamentally, when we plan, I’ve been planning for, you know, over 20 years, is they don’t have a plan.


Rob 02:24

Right now, they don’t have them set. So how would somebody know if they don’t have a plan? If they can’t dictate exactly what their investments do? You don’t have to know how they work. But if they can’t tell you, when they come in what everything does, would you say that that person has a plan.


Brian Quaranta 02:35

Now, most people don’t know how to get their money to start working for them. See, we all save the accumulated this money so that eventually when you retire, it actually started working for you. Yeah, and 85 to 90% of those people are going to need it to work for them. Because most people are retiring without pensions. So, when you don’t have a pension and the only guaranteed source of income, you’re going to have his social security, most people are going to rely on those retirement savings to generate additional income.


Rob 02:58

So they’re just waiting on their financial advisor to save him.


Brian Quaranta 03:01

Oh, the financial advisor, you know what they tell him, they tell him just pull the money out of the account. So, they keep all their money in one bucket. Right. And they it’s all in the market. And they hope and pray that the market is going to continue to cooperate. And when they call their advisor and they say, you know, I’m really worried we’re continuing to take money out of this. And the advisor says, you know, don’t worry about it, everything’s gonna be fine. Keep doing it. But Rob, I meet people every single year that are running out of money, I meet these folks. And I’ll tell you, the worst day of retirement is not the day you run out. The worst day of retirement is when the day you figure out you’re gonna run out of money. And there’s nothing you can do about heartbreaking. It’s heartbreaking for people. You told me a stat before between segments here. And it was I think, with a 6% inflation rate. Yep. Your income need doubles every 12 years. Yeah, thanks. So, we think about how long people are living in retirement now. Yeah. And think about if you’re on a fixed income, right, if your income need right now is $50,000 a year? Yep. Do you have enough money to last year when that becomes $100,000? A year that you’re having to withdraw from your account? That’s right. Talk about that.


Brian Quaranta 03:59

Yeah, well, when we have inflation, right, things get more and more expensive. And normally, we have an inflation rate. That’s reasonable, right? We’re seeing accelerated inflation. We might even be seeing stagflation where we’ve got high interest rates, right? High costs, but low growth right. So that means portfolios are not going to keep up with what they need. So how are people going to when they see their expenses increase? How are they going to offset those expenses, they’re going to have to make major cuts they may have to reduce they made their sell their homes, go into a you know, a lesser mortgage or go into an apartment or with family to move into with family sell a car and only have one car I mean, there’s going to be sacrifices that people need to make and unfortunately, they’re not getting the advice on how to mitigate these risks as much as they can.


Rob 04:43

You know, we always talk about providing solutions for people that they can do on their own Yeah, I think the day of the do it yourself. You need to not be a do it yourself right now. Yeah, it’s too, It’s too hard.


Brian Quaranta 04:53

Well, look, if you’re a do it yourselfer, and you’ve got time for your portfolio to recover. That’s one thing but if you’re a do it yourselfer, and you’re planning on actually, being the one that actually generates the income for your retirement and you’ve been following some stock journal or some, you know, talking head on TV to get stock advice, you might want to think again, because that’s okay if that’s money that you can roll the dice with. But that’s not money that you’re going to be able to live off of retirement because you’re going to need a lot of things to go right. Right in order for it to work and a lot of people thought for the last 12-14 years that everything was going right, right. You know, how many people did we know in big tech companies that were making money leftover? Right, big time, money? You know, they’re not singing the same tune anymore?


Rob 05:31

That’s right. You’re absolutely right. Thinking you know, talking about do it yourselfers I like to look at houses. Yeah. And you can tell when somebody had flipped a house and is a do it yourselfer? Yeah, it’s not the same quality of his work. That’s right. You can tell when somebody’s not a professional, you probably can tell when somebody has to do it yourself. And they bring their portfolio in.


Brian Quaranta 05:46

Yeah, yeah. And you know, the other thing too, is that, you know, not all advisors are created equal, right? Not all advisors have the extensive training and planning strategies that we do at secure money visor, I might be a little bit biased, right. But I see the work that’s out there and it but it’s no different than contractors, right? I mean, there’s good contractors, bad contractors, you go into a kitchen, this guy does this type of work. This guy does this type of work. Doctors, doctors are the same way. Right?


Rob 06:12

There’s good ones, there’s bad ones, attorneys that just have to find the one that’s right for you.


Brian Quaranta 06:15

What I will say this, I what I find is that a lot of people have hard time making a change, because they’re too worried about the relationship.


Rob 06:21

I would say that what, you know, the way that the quality of life and how we experience retirement is way more important than any relationship with any financial advisor.


Brian Quaranta 06:29

That’s right. I mean, that should be a business relationship with the advisor at the visor is not getting that job done. That advisor should be fired period. Bottom Line.


Rob 06:37

Right, you’ll find your house cleaner, the guy that knows your yard for doing something wrong.


Brian Quaranta 06:41

Yeah, if the lines crooked, or he raised a few spots in the yard.


Rob 06:44

And that’s not even that important, right? It’s not a big deal. That’s right. This is the most vitally important, it’s the hardest relationship to break out.


Brian Quaranta 06:49

Yes, well, a lot of people are intimidated by having those conversations, you know, they’re intimidated by it. And I’ll tell you, you know, people don’t realize that there’s only four things that their money can do for him, it can either provide him with growth, it can provide him with safety, it can provide him with income, or it can be liquid, but it can’t do all four at one time. And too many people keep their money in one bucket, Rob.


Rob 07:07

Well, you always talk about your three-bucket approach, I know what it is, explain to the audience what it is.


Brian Quaranta 07:12

Well, they’re gonna, they’re actually going to get that three-bucket approach. And folks, if you were to call today, the next 10 callers who call in we are going to give you an opportunity to actually see our three-bucket approach to our right track retirement analysis, I want to show you this because nobody is walking you through a strategy like this. I hear from people all the time, I wish somebody would have showed me this, you know, 10 years ago, Brian, we would have been a lot better off. So, for the next 10 callers who call in we are going to give you a complimentary right track retirement review, all you have to do is call 1-888-382-1298 and scan or scan the QR code. But I want you to not kick the can down the road. This is not a time to procrastinate, this economy is moving quick. You need solutions. You need somebody else looking at what you’re doing to make sure that you’re not going to put yourself in harm’s way even more remember, losses will hurt you more than gains will help you right now. It really is all about protecting 30-40 years’ worth of work and making sure you have what you have. So, call that number today and schedule the right track retirement review. It’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 08:32

The last thing you want to do is have a really good job and you’re in your 60s retire, be looking for work again in your late 70s.


Brian Quaranta 08:40

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 08:55

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


Brian Quaranta 09:00

Nine 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 09:11

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


Brian Quaranta 09:16

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 opinion. 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 09:46

Welcome back to On the Money with Secure Money. This is the weekly report. I’m Rob Hurtig. I’m here with my good friend Brian Quaranta. Rob, Good to see you.


Brian Quaranta 09:52

We get to talk about a lot of good stuff here.


Rob 09:54

We always do, man. Yeah, I know. You’re passionate about this. I am T I am yes with their troubling times right now. It’s scary.


Brian Quaranta 09:59

Yeah, well Look, I didn’t grow up with a silver spoon in my mouth. My mom and dad worked very hard for their money. And I just want to see people have good advice. And I’m tired of hearing the advice of don’t worry about it hang in there, you’re in it for the long run, because these are just cookie cutter sound bites that are managing emotions. They’re not solving problems.


Rob 10:14

So we’ve been talking about stuff that’s a little bit scary, maybe even a little bit depressing to others. But this one’s called We’re making history. So, I’m pretty excited about this. Tell me about it.


Brian Quaranta 10:23

Yeah, well look with stock market, worst stock market since 1939, worst bond market since 1989. So, we’re making history and- 82, I should say, worst bond market since 1982, and 40 years worst bond market in the last 70 years. Yeah, we’re starting to the equities market type stuff, man. I mean, this is bad news.


Rob 10:39

I was excited. It’s not. It’s not exciting. Now that we’re gonna talk about something happy.


Brian Quaranta 10:43

I finally, no, no, I mean, you know, look, it’s troubling times for America. I mean, you know, think about everything we’ve gone through with the pandemic. I mean, you know, everything from all the lock downs and not being able to go anywhere, and everybody being isolated, not being able to see family, right, finally coming out of the pandemic, and now we’re dealing with this massive decline in the market and rising inflation. And, you know, I mean, it’s just, it’s tough.


Rob 11:07

Let’s talk about the challenges of both equities and fixed income being down at the same time, because let’s first let’s talk about how that relationship is usually and how it usually works. Yeah. And why we design portfolios the way we do or have historically. Yeah, well,


Brian Quaranta 11:19

you and I always talk about this about the old fashioned 6040 split between stocks and bonds. And the idea behind that was to use what we would consider non correlated assets. I mean, bonds are typically non correlated to stocks, inverse relationship verse. So, if stocks were going down, bonds would be going up, which was a good thing, right. And that would offset or mitigate risk. That’s called hedging in a portfolio, right? Most people don’t know that. That’s hedging risk. Okay. But those hedging models are not working right now. Because you have both asset classes that are non-correlated, going down in value. You know, think about it, even cryptocurrency that was supposed to be a non-correlated asset is going down in value. So, it’s very tough right now for portfolio managers to build a portfolio where they have any hedging built in unless they’re using some type of option strategy.


Rob 12:03

I wouldn’t say they call it a bulletproof strategy. But I think a lot of people thought it was.


Brian Quaranta 12:07

These are, this is how some of the biggest books on Wall Street are built. They’re called parity books. And this is this is that it’s a very simple concept, right? They’re hedging with bonds against the stocks, if stocks started to do poorly, they put more money in the bonds. And that’s how they prevent the portfolio. But when you have both of them going down at the same time, it becomes very difficult for these portfolio managers to manage the risk.


Rob 12:27

So, you and I were looking at some of the long term bond portfolio returns and they’re down 8% to 14 15%. It’s not just small losses they’re having on that side. Most people think, Oh, it’s just a small loss. We’ll take on that side, that safe side.


Brian Quaranta 12:39

Yeah, it’s not how about the 20-year treasury bond? That’s down almost 20%. A 20 Year Treasury? If I came to you as advisor and said, You know, I think what we want to do is protect some of your money, we’ll put it in a 20 year treasury, would you have ever thought that you would lose double digit returns? No!


Rob 12:56

If you actually own the Treasury, you can keep it until duration. That’s right. Your money back? You’re losing money safely because of inflation. Right? Yeah. So, what’s the other option with a bond fund? You don’t have that same luxury, do you, of just holding on?


Brian Quaranta 13:07

No, you don’t. That’s the problem with a bond fund. And this is where most people typically have bonds is within the bond funds are a different animal than a traditional single purchase bond, right? Because if I hold a bond till its maturity, I get my I get my rational mount back that says work in a Bond Fund. There can be losses, you don’t control that maturity on those bonds.


Rob 13:25

Bond funds are created for the masses, the peasants, right? Because, yeah, wealthy people, they have individual line-item bonds.


Brian Quaranta 13:30

They have line item bond, REITs, right. They don’t buy bond funds. So no, no, the only person that buys the bond fund is, you know, your everyday worker that’s investing in a 401 K plan or your everyday Mom and Pop that’s going to a brokerage firm or whatever. And they’re putting them into some type of bond mutual fund, that’s right.


Rob 13:45

So, with a 60-40 split or that inverse relationship, when equities went one way we run the other direction for safety, what does somebody do today?


Brian Quaranta 13:52

Well, you got to think about alternatives, you got to think about alternatives that are not correlated to the market, right? I mean, some of these things that are not correlated to the market are things that have options, strategies built into them that are hedged to where we can get upside potential with no downside risk. And these are places that you need to go people don’t realize there’s other ways to hedge other than just this stock bond mix. We can do it through options, investing too. And that is a very unique approach and hedging. And it works very well, especially during volatile times like this. People don’t also understand that you can make money when the market goes down. It’s called shorting the market. Right, right. And so, people just aren’t open to these things, because they’re usually working with very plain vanilla accounts. And they don’t have that sophistication, because they’re just not seeing the right people.


Rob 14:35

We will talk about how not all financial advisors are created equal, right? Yeah. We always talk about how there’s three phases of retirement accumulation when you’re young, and you’re saving money and socking it away. And you can afford a loss or two right along the way, then you can that preservation stage that retirement redzone where you’re three to five years out from retirement. Yep. What’s the goal there? You just want to want to protect it right.


Brian Quaranta 14:52

You want to preserve right, our clients are more concerned about the return of their money, rather than the return on money. Okay. That’s the most important thing in retirement, right? It’s the most important thing is that you provide yourself with a stream of income and distribution phase, which is the last phases. That’s right. We got accumulation, preservation distribution, right, very important. Financial Advisors are good at those, most financial advisors continue to focus, even in retirement, they’re using accumulation strategies in retirement. You know, when I say they don’t know, or don’t have the tools, what is it? What causes I think it’s a little bit of both. I mean, you know, you know, being in this business growing up in this business, I mean, I was, you know, 22 years old when I got started this business, I’m 46. Now, right, right. I’ve seen a lot over the years, but it’s the training in the industry, the industry has a certain philosophy that it likes to follow, especially at the big box firms, right, there’s a specific model, and you’ve got to follow that model. And, you know, your, your manager at the end of the week is going to ask you about how much XYZ you recommended working with a fiduciary firm. And you’ll see most guys are trying to move out of the big box firms because they don’t want to, they don’t have to come to the table right agenda anymore. But working with a fiduciary, we have to do what’s in your best interest. And we don’t have we don’t we’re not loyal or beholden to any specific company.


Rob 16:04

Well, what you just said, fiduciary and being beholden to the client, not some company, these people that are at these big box firms, the retail firms are on every corner. What most people don’t understand is the majority of them are brokers. Right? That’s right, and a broker gets paid a commission no matter what they sell. That’s right. So, they want to they want as many transactions as possible. That’s right.


Brian Quaranta 16:20

And there’s a few problems with that. Because you don’t know if a change is being made if it’s being made in your best interest, or it’s being made just to transact a commission. Right. The other thing is this. Brokers can’t actively move often, like our portfolios have moved often over the last few months, as the markets have changed. If a broker does that he could get charged with churning. So, this is a lot of times why they say don’t worry about it hang in there, you’re in a place, they’re handcuffed as far as what they can do as far as that activity. Because if there’s too much trading or too much activity, that’s called churning, they get they get themselves in trouble for that.


Rob 16:54

with my mom retired, she said to me, this stuff is confusing. And I could see somebody in the audience. We don’t have a lot of experience with this, right? You say you put money in a way in a 401k. It’s out of mind out of sight, or backwards out of sight out of mind. And what would somebody do today to know, I mean, how would somebody really know?


Brian Quaranta 17:10

Well, they don’t need to be confused anymore, folks. And I don’t want you to be confused, I want you to take advantage our right track retirement review. It truly is designed to help you understand what retirement is how to properly position your retirement assets and make things simple and easy to understand. And it will give you most importantly, peace of mind. So, the next 10 callers who call in right now, we got to give you a complimentary right track retirement review at no cost, no obligation, all you got to do is call 1-888-382-1298. Again, that’s 1-888-382-1298 or scan the QR code at the bottom. 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 17:58

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 18:06

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


Neil Major 18:21

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


Brian Quaranta 18:27

nine 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 18:37

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


Brian Quaranta 18:43

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 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 19:12

Welcome back to On the Money with Secure Money weekly report. I’m Rob Hurtig. Brian Quaranta. Good to see Rob. Good to see you. Man. We’re having fun. 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 19:28

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


Rob 19:34

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 him to wake up just shake him wake up. Yeah, you remember Indiana Jones where he right drank the blood and the kid had to burn him with a stick right to get him to come back to virtual reality. Right, right. I mean, we need to stick we need a lot of we need to burn some people. Bring it back wake him up. Well,


Brian Quaranta 19:55

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 burst? You know, it took like 16 years for people to make some of that money back. 16 years time. Yeah. Ask yourself somebody watching today? Do they have 16 years to wait to recover?


Rob 20:39

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


Brian Quaranta 20:43

there, like the 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, then 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 21:08

the Time magazine cover that says the first person to live to 150 has been born. Yeah, right. If that’s the case, you organist middle and


Brian Quaranta 21:14

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


Rob 21:19

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 a more on a granular level. And I think we’re gonna talk about the legislative risk here. Yeah, you called it the greatest trick ever played here?


Brian Quaranta 21:31

The greatest trick ever played? Yeah. 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 21:51

But the employers saw it as a chance to take the responsibility for retirement, which was expensive, right? Yeah. And put it off, take it from their shoulders and put it on yours. Let’s talk about how retirement looked 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 to fail.


Brian Quaranta 22:07

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 22:25

There was no reason to take risk with your money. Why would you improve that point? Look at the volume of the stock market prior to 1978. It was nonexistent.


Brian Quaranta 22:31

That’s right. Yeah. Well, if you look at when the when the 401k was put in 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 22:41

What you mentioned about retirement prior to that we worked at the same place forever. I think people in the Pittsburgh community can really identify with that. Because of all the steel mills and things around here, you worked at the same place forever. And 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 way of retirement? Why did we abandon something that was so good and work so much of the time?


Brian Quaranta 23:01

Yeah, well, employers saw it as a way to actually get rid of the 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 their 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 23:44

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


Brian Quaranta 23:49

No, no, most people cannot Yeah, 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 24:19

That’s smart. So, what we’ve talked about is a dirty trick, but it’s not even the worst part of it. Now, we talked about the responsibility being shifted from the employer to the employee, right? It’s just a dirty trick, right? It’s why there’s no loyalty anymore. It’s why people will have 20 jobs over a career. Yes. What’s the dirtiest trick of all, ‘cause this…


Brian Quaranta 24:34

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. 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 25:17

We don’t even know what they are in 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 on taxes are going up or down in the future. Right. Right. And we you know, we’re 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?


Brian Quaranta 25:46

Well, 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 at night, right 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 risks 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 if you get paid a fee or commission to do it.


Rob 26:19

This is not a time to be at do it yourself or have a financial advisor where you haven’t double checked their work in four or five years. Correct.


Brian Quaranta 26:24

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 going to 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 healthcare 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.