Retirement You TV: Episode 41

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Video Transcript

Cynthia de Fazio 00:21

And welcome to Retirement You TV. My name is Cynthia De Fazio. I’m joined today by Brian Quaranta. He is president and founder of Secure Money Advisors, as well as Neil Mager senior investment advisor. Brian, how are you? Good to see it.


Brian Quaranta 00:34

Cynthia doing great. See


Cynthia de Fazio 00:35

you. I’m doing great as well. How are you, Neil?


Neil Mager 00:37

I’m doing great. Cynthia, thanks for asking, how are you?


Cynthia de Fazio 00:40

You’re welcome. I’m doing great as well. I’m always so excited for our shows. Because obviously, from one week to the next, we’ve been gaining more viewer questions and more interest. And I know that you’ve been booking a lot of consultations, Brian, what are people asking you right now?


Brian Quaranta 00:55

Well, we hear it all. I mean, but the biggest things I see all the time is, and what people will ask is they’ll say, Look, I’m at a point in my life where I want to retire. I’m not sure when to start collecting my Social Security. I don’t have a pension, I have a 401 K plan. You know, that’s one challenge everybody’s dealing with. I mean, if you look at retirement yesterday versus today, most people 30-40 years ago, retired with a pension. Today, you got 85 90% of the people, not retiring with pensions. So, you know, they’re challenged, because, you know, when you look at their income going into retirement, the only if they’re a married couple, I mean, if you’re single if the situation is completely different, but if you’re a married couple, the only guaranteed sources of married couples going to have is Social Security. So, for most people, Social Security was only designed to replace about 40% of the salary. So where are they going to get the extra money from? They’re going to have to withdraw it from their 401k. And a lot of people just don’t know how to do that. And they want to know how to do that. Sure, of course, without running out of money is the big thing.


Cynthia de Fazio 01:51

That makes sense. Because so many people in the viewing audience, they’re wondering today, if they can retire. We’ve talked about this in the past, Neil, that people will go to the mailbox, they pull out their statements, and they think that’s a plan. But that’s totally different than having a well-designed plan. Looking at statements. Let’s explain the difference.


Neil Mager 02:07

Yeah, absolutely. I mean, you know, you can’t just go, when you’re talking about investment planning, you’re just basically going from point A to point B. And you don’t really know exactly what that means. Unless you go up, you’re pretty happy. If you go down, you’re not so happy when you’re at the mailbox. But really, I mean, secure money advisors, we’ve developed a five key area retirement plan, and that focuses on income planning, number one, because if you’re going to retire, you really have to have that mapped out income. to Brian’s point. We’re seeing people that don’t have pensions nowadays. So, the problem and the challenge is, without these pensions, we have to develop the cashflow. It was a heck of a lot easier when you retired, knew your company was going to pay you X amount of dollars each and every month guaranteed. You know, a lot of people don’t have that now. So, income planning is number one, then is the investment planning. How do we how do we go about, you know, figuring out where your money should be allocated at this point in time, okay, two’s tax planning, or three is tax planning, you know, a lot of expectations, our tax rates are going to increase, and what can we do now to deal with the known rate? So that’s a big interest area for people coming in health care planning, and then legacy planning. So, there’s, there’s five key areas. And if you’re lacking in 123 of those, yeah, you’re not going to have a successful plan. Sure.


Brian Quaranta 03:26

And just to add to that, I mean, I think a lot of people have investments, thinking that it’s a retirement strategy, as you as you kind of said, and what we have to understand is, there’s two phases to retirement. There’s an accumulation phase and a distribution phase. And we talked about it all the time on this show, we talked about it on the radio show, we talked about it at our educational events, which by the way, folks, if you have questions, and we’re going to go over some questions here in a little bit with Cynthia, but if you do have questions and concerns about your situation, go to, go to our events tab and find out where our next event is going to be. We try to do about four or five of them a month. And so, get out and come see us and we dive into a lot of these topics as deep as we can during these educational events. So, you know, I think people are just, they’re, they’re, they’re really at a point to where they need good guidance. And that starts with understanding distribution. Most people understand accumulation, right? You put as much money as way as you can, you try to get the best rate of return. It’s not rocket science, when somebody builds you a portfolio for accumulation. But I think they say, you know, most people don’t die on the way up to Everest, they die on the way down, and you need a guide on the way down. And that’s what secure money advisors here. We’re here to be a guide to get you through that distribution phase, which again, the strategies and techniques to use during the accumulation phase are not the same strategies and techniques that you’re going to use during the distribution phase. And if you don’t understand that there can be a lot of potholes in the road along the way.


Cynthia de Fazio 04:54

Yeah, absolutely. Absolutely. Well, Brian, you alluded to the fact that we had some viewer questions to go through and I would love to spend some time going through those. But I think, Neil, I’m going to bring the first one to you. Are you ready? Yep. Okay. So, Neil, this is a caller from Pittsburgh. And he would like to know, I have an employer sponsored 401 K and a rollover IRA, I have transferred much of the 401 K balance to the IRA. I’m approaching age 72. Under the 401k, I can defer the RMD. So long as I continue to work and maintain ownership interest in the business of less than 5%. May I also defer RMDs? From the IRA?


Neil Mager 05:35

Great question. And you want to make sure you get that RMD done correctly, because there’s a massive penalty if you don’t 50% penalty if you don’t take the correct RMD. So, to answer your question, yes, you can defer the 401 K RMD. But the IRA, you cannot. So, you do have to even though you’re working still contributing, you still have to take your RMD out of your IRA. And like I said, make sure you get that done correctly. Because if you’re supposed to take out $20,000, and you don’t, you’re gonna be looking at $10,000 penalty. Wow,


Brian Quaranta 06:10

Yeah. And RMDs become a big issue in retirement, I really mean, you know, most people, you know, you go back to the before we had these big tax changes, right. And the standard deduction, I think, for a married couple went to about 26,000. But prior to that, you know, people would get a nice deduction for giving to charity a lot of people like to give to their churches, organizations. And what people don’t realize is that we have something called qualified charitable distributions, which the IRS allows us to take the RMD from our retirement plan, and actually give it to a charity and not pay taxes. So people, you know, as people are still giving the charity in their later years, and they’re actually doing it the wrong way today, because they’re taking money out of their IRA accounts, paying taxes on it, and then giving it to charity, when in fact, they could just say, You know what, I’m going to give my RMD or some of my RMD, you don’t need to give the whole thing some of the RMD directly to charity, and they don’t have to pay taxes on that. RMD. That’s fantastic. Yeah, so RMDs are a big challenge in retirement. And there’s really great strategies on ways to maximize and utilize your RMDs to benefit your situation as the best weekend.


Cynthia de Fazio 07:20

Brian, what happens if someone forgets to take their RMD?


Brian Quaranta 07:23

Yeah, well, that’s it to Neil’s point, I mean, totally 50% penalty, big, big mistake, big mistake, and the IRS is not too forgiving on it. I mean, it’s, you know, if you forget, you know, it, like Neil said, I mean, if you’re required to take out 20,000, and you miss that that’s a $10,000 penalty.


Neil Mager 07:42

And oftentimes, what we see is people have different IRAs, throughout the different companies, they have different 401k sitting there. Now, each of those are going to be required to take a distribution. So, you got to get the calculation Correct. From all of those different accounts. That’s why a lot of people, when they come into the office, they’re looking to consolidate some of the accounts. So, they don’t have such a headache,


Brian Quaranta 08:04

right? That’s a big, that’s a big thing. We see account consolidation of


Neil Mager 08:07

gosh, the amount of accounts sometimes people have, it’s just


Brian Quaranta 08:10

if you have a lot of accounts, I mean, don’t, don’t, don’t get down on yourself. I mean, a lot of people have a lot of different accounts. And the idea as you move into retirement is if you can consolidate, it’s going to be better and simpler to manage, especially Yes, when you hit those RMD ages, because to your point, you got to take an RMD from every IRA, now the IRS in the tax law says that you can add them all up and take from one but that can be challenging to get the calculation. Right. So


Cynthia de Fazio 08:37

I guess my question is, are there reminders that are sent out like, Hey, this is your time? Go ahead and take it Do I mean, that’s what I’m wondering?


Brian Quaranta 08:44

Yes and no, okay. Yes. And no, at the end of the day, the IRS will say it’s your responsibility. Now, a lot of financial institutions will send a letter typically, around that age, our office in practice, every single year, we reach out to our clients and let them know about the RMDs. What we like to do, though, is set them up automatically, right, so that we’re every year it’s just being paid out at the same time. Okay.


Neil Mager 09:08

Typically, most of our clients are wanting monthly income, right? So, they’re getting monthly distributions that are satisfying the requirements of distribution. Now, if certain folks don’t need the monthly income, we just set it up automatically for them.


Cynthia de Fazio 09:21

That’s excellent. Thank you both so much, Brian, I know that you and Neil have a very special offer that you would like to present to the viewers at home today. Let’s talk about what that is, and then open the phone lines.


Brian Quaranta 09:30

Well, it’s all about being on the right track. And most people want to know whether or not they’re on the right track. Let me ask if you weren’t on the right track. When would you want to know that? It’s probably better that you know it now than later. And for a lot of people, again, they’re in the accumulation phase when they need to start transitioning to the distribution phase, our right track portfolio review and we’re going to give you a complimentary portfolio analysis at no cost. It’s going to go over five key areas Neil talked about a little bit earlier. It’s going to go over your income, your investments, your taxes, your health care, and your legacy plan. That’s true Retirement Planning. And we conduct a review with our clients every year to make sure every one of those areas is being properly handled. So come in, get a second opinion, get a complimentary portfolio analysis from us. You’ve got to do your part, though, you’ve got to call us 1-888-382-1298. Now we’ve seen other people charge up to $1,000 or more for these features. We’re going to do a complimentary at no cost.


Cynthia de Fazio 10:28

Brian, thank you so much, Neil, thank you so much to the viewers at home, the phone number to call is on your screen. And that number is 888-382-1298. We know you have a lot of questions about how to plan your perfect retirement. Brian and Neil have the answers for you. Now we have to take a very short commercial break, but don’t go anywhere. We do have more viewer questions coming next. It could be your very own. Stay tuned.


Break 10:53

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Cynthia de Fazio 12:27

And welcome back to Retirement You TV, my name is Cynthia De Fazio. I’m joined today by Brian Quaranta. He is president and founder of secure money advisors as well as Neil Mager, senior investment advisor. I love our show today. I love the viewer questions because they’re always so good. They’re so interesting, really diversified. They’re coming from all different directions. So, I don’t want to miss a beat. Neil. I’m gonna guide this next one to you. Are you ready? I’m ready. All right. This is a caller from Butler. He would like to know Neil, I am self-employed with approximately 1.2 million in various IRAs, 401, k’s and a couple of annuities. I also have another 250,000 in liquid savings. I will probably never fully retire. But I fear taking a major hit on my portfolio. I am turning 68 years old, and my wife will turn 65 years old this year. What are some suggestions for allocation and diversification of my portfolio? Wow.


Brian Quaranta 13:22

Holy smokes.


Neil Mager 13:24

That’s a big one.


Brian Quaranta 13:28

What’s his name? Dave?


Cynthia de Fazio 13:29

His name is Jay.


Brian Quaranta 13:30



Neil Mager 13:36

Two questions. Yeah. You know, great question, Jay. I mean, you’re 68 years old, you got a pretty nice savings there you got, you want to continue to work. You know, until as long as health allows, it sounds like okay, and you’re concerned about the market. So, it sounds to me, like, you know, really, if you just got a reasonable rate of return, you’re going to be very, very successful. Now, it sounds like you have money kind of spread out everywhere. You get some annuities you had mentioned, personally, I like annuities, certain kinds of annuities. There’s a lot of them out there. There’s a lot of bad ones, there’s a lot of good ones, just like mutual funds, there’s a lot of good ones, there’s a lot of bad ones. So really, it would definitely take some time to figure out exactly how you should be allocated. But it sounds like you’re on the right track as far as the diversification that you have you got some different IRAs. But you know, what I would want to look at is, you know, what can we do to improve your situation, you know, what we utilize at the office is a lot of investments that rely on algorithms and technology, that might be a way to help protect some of your money, you know, have some downside protection to it. But but you know, what I would advise you to do is call the office and schedule an appointment because it looks like you got a big, long list there.


Brian Quaranta 14:55

I would say to you know, and this is just a rule of thumb this is not advice by any means to get But, you know, is something called the rule of 100. So, a lot of times, people don’t understand how much money should I have protected versus how much I should have at risk. And there’s a rule of thumb out there called the rule of 100, when you take 100, minus your age, so you know, let’s just- Jay’s 68. So, we’ll round them to 70. So basically, you take 100 minus 70, which equals 30. So, what that tells us is that 70% of his money should be protected from market volatility and 30% of his money could be in an aggressive risk portfolio. And this is where we really come up with the bucketing approaches that we talk about all the time, right, we have a now bucket, a soon bucket and a later bucket. That’s all translates to a cash bucket, an income bucket and a growth bucket, is what that really stands for. Right. So, But Jay is more in a distribution phase of life than He is in an accumulation phase. Losses will hurt him more than gains will help him at this point in his life, losses will hurt you, Jay, more than gains will help you at this point in your life. Because again, the commodity that we are all running out of is time that we can’t create more of so in order for us to be diversified correctly. And taking risks, we’ve got to know that there’s got to be time on the risk portfolio. And by setting your portfolio up based around the rule of 100 that can truly help you get the amount protected that you need and keep the amount at risk that you need.


Cynthia de Fazio 16:25

Absolutely. Brian, excellent response. This is a great question. And Neil sorry, I didn’t want to it was your response. And Brian, this is a great question, Brian. And then I love this because it’s from South Hills. This is Brian, what happens if something happens to secure money advisors? What would I do?


Brian Quaranta 16:41

Yeah, it’s a great question. Well, secure money advisors is the financial planning part of it, right? We work with big, strong, safe companies. We use TD Ameritrade we use Vanguard we use fidelity we use big companies nationwide, Prudential you name it. So, if something happened to secure money advisors, your money is not with secure money advisors, your money is with big financial institutions. And that’s the fiduciary responsibility we have, right? We don’t we don’t custodian your money mean, we don’t hold it at secure money via it’s held at other big institutions. So, you’d be just fine. Okay.


Cynthia de Fazio 17:15

Excellent. Thank you so much.


Neil Mager 17:16

I think well, just to continue on that comment. You know, I think one of the things that we hear a lot of is that people are entering into retirement, and they want to make sure that their adviser that they’re working with is going to be there for a long, long time. And I think, you know, a lot of the advisors at the office are in their early 40s. Yeah, we got a long way to go in our career. So, we know, we typically tell folks till death do us part. Working well,


Brian Quaranta 17:38

usually we’ll be around, like, you know, you know, if I’ve got a bad heart, I probably want my heart surgeon to be a little bit younger, I don’t know. But you know, I may why when I’m the around my financial advisor, I want them to be around. But yeah, I think I think there’s a good point there. I mean, we’ve got some longevity left,


Neil Mager 17:54

right, we heard people come in experiencing frustration with the fact that they work with this, this maybe larger firm, and they start gaining some momentum with their advisor and really liked the person that they’re working with. And all of a sudden, that person’s gone, they’re gone.


Brian Quaranta 18:07

Yeah, they’re gone. And that happens a lot. That happens a lot of these bigger institutions. Because a lot of times these advisors get in and into these big institutions, they’re really not, you know, progressing in their career the way that they want to, and they’ll change the advisory firm that they’re with. And all of a sudden, now the client has been moved from this advisor to the next and to Neil’s point, you know, you start to build some momentum with an advisor, you want to keep that momentum there, all of a sudden, you’re switched to somebody that maybe the chemistry is not right, maybe you’re not getting maybe that advisors not able to articulate the planning process. We hear that a lot. A lot of times, people say I’m just so confused by what they’re saying, I’m not I don’t understand, I walk out of there more confused than I do when I walk in. And I will tell you, one of the compliments we get all the time is keep it simple. Keep it simple.


Neil Mager 18:55

It’s so simplistic. It doesn’t have to be that hard. Really. I mean, we just we just want to be able to explain it to you. In layman’s terms, we want you to understand it. We don’t want to talk over you. What are we talking about?


Brian Quaranta 19:10

You know, people make this way more difficult than it needs to be. They try to over sophisticate it, And it’s really, really simple. I mean, we need income and we need growth. And there’s just basic fundamentals to follow. You don’t need to get fancy with it.


Cynthia de Fazio 19:24

Sure. Sure, that makes sense. Well, Brian, I know that you and Neil have a special offer that you want to deliver to the folks at home today. Let’s talk about what that is and then open up the phone lines.


Brian Quaranta 19:32

Yeah, folks, most people want to know if they’re on the right track. And that maybe you. I think the biggest things that we hear often at our practice is I’m not sure when it takes all security, I’m going to need to start withdrawing money from my 401k I’m not sure how to do that. I’m going to need that money for the rest of my life, and I don’t want to run out of that money. And you know, also hear that people were in a position in their life where they can’t afford another big market loss because they just don’t have the time to recover. We’re going to do a complimentary portfolio now. says for you at no cost, but you’ve got to do your part and call 1-888-382-1298. And we’ll get you scheduled to come into the office. We’re located right up in Zelienople. And it’s a great little town and come up, you can have some lunch afterwards or go out for dinner. And we’ll spend about 45 minutes together will give you a lot of clarity and a lot of certainty and peace of mind about what you’re doing and help you determine whether or not you’re on the right track. And if you’re not, we’ll share with you the things that you could do to potentially get yourself on the right track. Don’t think that you have a retirement plan just because you have money, invest in a 401k. That’s an investment strategy. Retirement Planning has five key areas its income investments, taxes, health care and legacy planning. But again, you’ve got to do your part. You’ve got to take the time to schedule call 1-888-382-1298.


Cynthia de Fazio 20:49

Brian, thank you so much, Neil, thank you so much to the viewers at home, the phone number to call is on your screen, that number is 888-382-1298. We do have to take a very short commercial break, but don’t go anywhere. When we come back, we’re gonna have a couple more viewer questions. And again, it could be yours. Stay tuned.


Break 21:06

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Cynthia de Fazio 22:31

And welcome back to retirement you TV. My name is Cynthia De Fazio. I’m joined today by Brian Quaranta. He is president and founder of secure money advisors as well as Neil Mager, senior investment advisor, great joy that we’re having today. We have a very short segment left. So, I just want to go right into the viewer questions. Is that okay? Neil, you are up next? This is a great question, Neil. I’m 55 years old, I’ve been with the same company for about 15 years, I’ve always had a 401k. And I’m taking advantage of the match. But now the company is offering a Roth 401 K, should I be contributing to it as well? And are there any disadvantages?


Neil Mager 23:07

That’s a great question. I mean, you know, a lot of people ask that as they get older and are getting closer to retirement, you know, the Roth IRA is all the rage, right? I mean, so I would recommend, you know, really take a look at how much you have pre-tax, do you need the tax break right now. But a lot of people that I’m dealing with are saying I’d rather deal with the known tax rate right now than what the future holds and the potential increase in taxes. So, getting money to a Roth and allowing it time to accumulate, I think can always be a good decision. Now, whether or not it’s the best decision for you, we’d have to know a little bit more details. But I know a lot of my clients have been moving in that direction.


Brian Quaranta 23:45

Yeah, I mean, especially with the concern of tax rates going up. I mean, if you can get the IRS out of the picture, it’s always a better thing to do. Sure. I mean, you know, you think about these traditional IRA plans and traditional 401k plans. I’m not a big fan of them, because we were, if you think about it, we were promised this tax deduction, so that when our money grew, and we needed it later on in life, and we started withdrawing our money, we’d be in a lower tax bracket, how many clients you have in a lower tax bracket? Not many. So, it was just a bill of goods that we were all sold. So, the sooner you can get the IRS out of the picture. And even if you only had maybe three to five years left of work, and you redirected the money from the traditional contributions to traditional 401 K to the Roth 401 K, at least you’ve got a pot of money that starting to be completely tax free. And again, this goes back to the tax rates, because when we’re doing Cash Flow Planning for people, if we’ve got to generate $1,000 A month or $2,000 a month, let’s just use the example of 1000. And they’re in a 20% tax bracket. We know they’re only going to net 800 bucks afterwards, but all of a sudden tax law changes. Tax rates go up and now that same $1,000 Because they go to a 30% tax rate now only net some $700. So, we have a reduction in income I’m just from taxes alone, add inflation into that now. And it erodes wealth very, very quickly. So, if we can go from taxable money to tax free money, we’re going to be much better off.


Neil Mager 25:12

That’s what I’ve started to experience to a lot of my younger clients are moving in the direction of the Roth, and you know, can be a really great route to take for someone that, you know, maybe is in their first job, go into the Roth portion, because if you’re in your first job, you’re 21-22 years old, and you got 40 plus year to get tax free growth. I mean, what an advantage for those for those types of people who really don’t need the tax break. Yeah, most likely, at that point in their life.


Cynthia de Fazio 25:39

I’m smiling, because I told my daughter to do exactly that. She started her job. And she’s been there about a year and a half, they offered her the Roth 401 K. I said, 100% Sign up for it. Yeah, well, when it comes down to, so we have one more question, I think you’re gonna have time for Brian, this is a great one. And again, it’s going to kind of tie into the Roth. This is a question from South Hills, I have most of my money in a traditional IRA, I’m 66 years old, still working. Is it better to do a conversion to the Roth IRA, and invest? We have about a minute and 50 seconds left.


Brian Quaranta 26:12

I mean, it can be those are tough, those are tough decisions. I mean, 66, all money in a traditional still wants to work should you start to convert depends on how much money you’re making that work. I mean, and it really depends on how much I can convert without getting you to another tax bracket. And it also depends on whether or not people have money to actually pay the taxes. Because what a lot of times, what we don’t want to do is we don’t want to do a conversion to where we’re actually paying taxes on the tax dollars, meaning we’re actually, you know, using the IRA to pay the taxes, a lot of times what we recommend is that you gotta have money on the outside to be able to pay those taxes. Not only that, but you need time to recoup from paying the taxes, so 66, that could be a little bit tight, depending on the situation. So, I would tell you, as we’ve told everybody on this show, need more time to come in and schedule it rather than you have nothing to lose. As a matter of fact, for the next 10 callers, we’re going to give you a complimentary portfolio analysis, but you’ve got to do your part you got to call 1-888-382-1298. We’re going to go over the five key areas that we talked about income investments, taxes, health care and legacy planning, but do your part pick up the following call 1-888-382-1298 and schedule your complimentary portfolio analysis today.


Cynthia de Fazio 27:30

Gentlemen, thank you so much for another amazing show to the viewers at home. Thank you so much for spending time with us. That number to call is 888-382-1298. We know you have questions about how to retire with confidence. Brian and Neil have the answers for you. Again, keep the viewer questions coming. We love to hear from you. Be safe, be happy, be blessed. And we look forward to seeing you back here one week from today. Same time, same location.