Episode Transcript
[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:27] Speaker B: Welcome to Retirement your Way with Amerilife of Central Florida, the show that puts you in control of your financial future. Your hosts, Bradley and Madison Hardin, are a trusted husband and wife team dedicated to helping you design a retirement that fits your lifestyle, your goals, and your vision for the years ahead. From smart income strategies and Social Security planning to protecting your wealth and living life on your own terms, this is the place where financial clarity meets coastal confidence.
Whether you're just entering the retirement red zone or already enjoying your golden years, Bradley and Madison are here to guide you every step of the way. This is retirement your way. Let's build the future you deserve.
[00:01:12] Speaker A: Hello and welcome to another edition of Retirement your Way with the narrow life of Central Florida. Matt McClure here with you, just pushing buttons and making things happen. But the real stars of the show, the ones who bring the information and the insights and all the things each and every time we get together, are Bradley and Madison Hardin with the married life of Central Florida. Hello, you two.
[00:01:35] Speaker C: Hello. How are you?
[00:01:36] Speaker D: Hello, Matt. It's great to see you.
[00:01:37] Speaker A: I love it. Every time we're able to get together here and talk about all things retirement so that, you know, we can educate people about how to make their retirement what they've dreamed of. That's really what you guys do every day, right? I mean, tell, tell the folks kind of what you all do and why the why behind it, right?
[00:01:56] Speaker C: That's correct. We have a combined 17 years of experience helping clients safely navigate retirement. And we just really have built our business through relationships and collaborating together with our clients to build their plans instead of kind of a behind the scenes, smoke and mirrors type approach.
[00:02:14] Speaker D: So, yeah, yeah, and Amerilife, you know, they've been in business for over 50 years and they've really provide the tools for us to be able to educate our clients on what to what is coming in retirement to maybe help avoid some of those mistakes that some others have made.
[00:02:30] Speaker A: Yeah. And that really is, you know, every time we, we get together for, for a new episode of the show, we talk about a lot of those mistakes. And really this time around, we're going to do kind of a rundown of a bunch of different things that people can do to clean up their finances. I mean, we've got several steps to, to help folks do just that. The first one is important to do no matter what time of the year it is. You need to clean up your finances by doing first, reviewing those financial New Year's resolutions. I will say there, there are two, two things that my, my mother in law, God rest her soul, used to always say every new year she's going to be more organized and get her, her money in order. I think that's probably very common for people to have those financial New Year's resolutions. Then you know, you get a few months into the year and you've probably kind of forgotten about it a little bit.
[00:03:24] Speaker D: Right, right. And as Madison has said in previous episodes, if you can track it, you can change it. So anything that you thought you wanted to do for this year as a New Year's resolution, write it down and check back on that plan to see if you've been executing that the way you want it to.
[00:03:41] Speaker C: Right. And it's not too late. We still have some time left in this year to kind of set yourself up for next year if you're not maybe where you thought you were. But like he said, you know, we have to track it so we can make changes along the way.
[00:03:54] Speaker A: Yeah. And maybe even use the new year whenever you know that the calendar rolls over into the, into the next year as a chance to sort of recommit yourself to those things as well. But be mindful of them, of course, throughout the year as you go forward.
Another one that I like here is to clean out your financial junk drawer. I think a lot of people, they're in our house, apartment, wherever you live, you've got the place there probably in the kitchen. It's that one drawer that just accumulates all the stuff. And there's probably some financial stuff in that drawer as well. Right, right.
[00:04:31] Speaker C: And you don't realize how that can just cause you more stress on your mental load. If we're keeping every paper, every mailer, every document, even if they're from older policies or things that aren't even enforced anymore, that's a big thing we, we actually help our clients with is just the organizing and filing of things and then you're ready for tax season when it comes around and things like that.
[00:04:54] Speaker A: Yeah, that's so important too, because you find people are surprised about kind of that aspect of what you do, are able to do for them that, you know, able to kind of help them get organized. Because I feel like a lot of people might just be coming into. Oh, you're just You're a look at my retirement accounts and you're going to, you know, tell me how I might be able to do the things, create income and all of that in retirement, but actually being able to go through taking a look at their current situation and making sure that they understand what they have, I think is so important.
[00:05:23] Speaker D: Right. And sometimes, you know, we stay the junk drawer. However, sometimes we get the junk box. Right. So we've helped clients sort through years of previous statements and accounts and the sense of relief it has when we're done. One of my favorite things to do is make two piles. All right, so, Mrs. Jones, this is going to be our keep pile. This is going to be our trash pile. So not that we're going to throw it in the trash. Well, we'll have it shredded. However, let's take this stack and maybe make it about that high. So something that we like to do.
[00:05:53] Speaker A: Keep the things that you need, not all the things that you've just accumulated over the years. Get rid of the pack rat syndrome a little bit. And another one I know that we've mentioned briefly on a previous episode of the show, but it bears repeating here. And it's a great way to clean up your finances is to pay yourself first, right? Maximize those retirement contributions.
Especially, you know, focusing on, am I getting an employer match? Because if you are, that's just free money, Right?
[00:06:22] Speaker D: And as Madison said, and I think you said previously, there's nothing better than free money. And as my grandfather said, that's a motto I try to live by, is pay yourself first. So in that budget or that expense report, you may or may not have put you on there, you pay me, pay my future self, and you will have a smoother ride in retirement.
[00:06:43] Speaker A: Yeah, that's absolutely right. You've got to make sure. And you're not being, you know, this is me, I guess, my Southern upbringing. I'm like, is that selfish if I'm, if I'm paying, if I'm putting myself in there first? But no, because you're also not only taking care of yourself, you're taking care of future generations. Because you're. If you are setting yourself up for success, then the future generations, they don't have to worry about you, you know, so it's. Right. So it helps all around.
And the thing that I want to encourage you to do if you are listening to the show, is to reach out to Bradley and Madison for an initial consultation. It's absolutely free of any cost or any obligation. Just call them 3869-7796-8438-6977-9684 or go to plan retirement your way dot com.
We're talking a lot today about how to clean up your finances. Right. Your financial picture, it can get messy, as I very well know.
It's not always as, as clean and pretty as you want it to be. But to set yourself up for success in retirement. Right. It kind of needs to be at least checked in on. Get out the broom in the dustpan and clean up some things. We've talked about revisiting those financial New Year's resolutions, cleaning out your financial junk drawer, getting rid of all those papers and maybe old bills or statements that you don't need anymore and then paying yourself first. Right. Maximizing those retirement contributions.
Let's also talk about, you know, beneficiaries making updates of beneficiaries for any, you know, inheritance that you might be leaving or in policies that you might have, particularly life insurance policies. If you have beneficiaries and other types of investments like annuities, that sort of a thing, making sure that those are up to date is super, super important.
[00:08:27] Speaker C: Right. And that's something that we enjoy doing in the sense that we actually create a beneficiary sort of spreadsheet for our clients detailing all of your policies. Who's the beneficiary on them, who to call, kind of just direction, so to speak, in the event something happens that their kids would know who to get in contact with. And that's something that they really appreciate that we kind of take care of that for them and they would just know. Right. Who to call.
[00:08:55] Speaker A: Yeah, I bet. So, right.
[00:08:57] Speaker D: Like outside of the actual, you know, beneficiary form in the policies, you know, that having the family know that they can call their local person. Okay, let's give Bradley Madsen a call. Unfortunately, those calls aren't always good, but at least if we have it detailed and documented of what's supposed to happen, we try to help ease the minds of the family when loss happens.
[00:09:19] Speaker A: Yeah. And that's the thing. And other genotypes of circumstances can happen in life if there's a divorce or if there's a marriage or if there's, you know, any myriad things can happen.
But you just want to make sure that when those big life events happen, that those updates also happen. That's why it's so important to have a professional on your side who can actually work through that with you.
[00:09:39] Speaker C: Right. Oftentimes we find if they were older policies, sometimes people aren't even aware of what those beneficiaries are. So when we come through and do our review, they're a little bit surprised. And so then we can help facilitate the. Make those changes and ensure that things are going to go where they need to go. In the event something happens, which is.
[00:09:59] Speaker A: The important thing, you want to make sure that your wishes are carried out, not what you might have just thought was there. Make sure that it's. It's actually what you think it is or should be.
Then, kind of along the same vein, another step in, in, you know, cleaning up your financial picture here is to dust off your estate plan or establish one if you don't have one already.
And that I think is important. People hear the term kind of estate plan and they think, oh, this is only for the, like the uber rich people who have millions upon millions upon millions. But it's really important for everybody. No matter what your financial picture looks like.
[00:10:35] Speaker D: Right. And no matter the size of your estate, it's important to have some type of plan. And again, when somebody passes away, the first thing you want to do is be able to grieve. And it's a very emotional time. So having a set of professionals that has that plan already documented in your file for that time really eases, again, the mind of the, of the people receiving that estate.
[00:10:59] Speaker A: Yeah, it really does. It. It's just, you know, as we were kind of saying earlier, the best gift that you can give, you know, a future generation is that sort of peace of mind also making a plan for yourself so that they don't have to worry about you at the same time.
One of my favorites in this whole rundown of steps to clean up your finances is checking in with a financial professional for a portfolio review. And as we've kind of gone through the rest of these steps here, we're sort of establishing it. It goes beyond that, but it kind of all starts with that initial meeting, right? That. That sort of initial consultation that, as we say throughout the show, is free of any cost, free of any obligation.
But it's a situation where you can sort of start taking that deep dive into people's financial picture. Right?
[00:11:48] Speaker C: Right. And that's how all of our first meetings start. Like I mentioned previously, it's like when you meet with a doctor for the first time. We've got to get up to speed on what you currently have to figure out if there may be a way that we can help kind of benefit you in ways you haven't thought of. So a big inventory, lots of questions and answers, and figuring out what is in force currently what you may be lacking and see if there's any way that we can add to your overall portfolio.
[00:12:15] Speaker A: Yeah, you got to check the vitals, right. And get, get that baseline of where they are now and then come up with a plan to say, here's where we can go in, in the future.
[00:12:24] Speaker D: And one of my mentors with within Amerilife, he had a phrase and it stuck with me throughout my career is do your actions match your intentions? And what that means is if you think that your portfolio is safe or you've got everything exactly laid out upon our review, we try to see, okay, do your actions match your intentions? Is that the way it's been set up? So again, that that's part of that initial meeting.
[00:12:50] Speaker A: I love that. I love that frame of mind for looking at people's financial picture here. And then I think the last one, we just want to kind of end this portion of the show on a bit of a fun note. The last one here is planning a vacation in advance, if you like. Everybody likes to get away. We were just talking about going on cruises. I've got one coming up not all that long from now. And you know, if you plan in advance, chances are you're going to be able to save quite a bit of money because you know, the farther out from the travel date, the better deal you're likely going to get.
[00:13:21] Speaker D: Right. And knowing that you've got fun ahead normally puts you in a better mood. Like, okay, I only four more months. Three more months. You got that countdown clock. So, yeah, it's definitely something to look forward to.
[00:13:33] Speaker A: I am already smiling thinking about my cruise right now. So, yeah, it's very true. And if you would like to get farther along the path to that retirement that you can have your way, it's the name of the show, after all, retirement your way. We want you to go to Plan Retirement your way dot com. That's Plan retirement your way dot com. There you can set up an initial consultation with Bradley and Madison absolutely free of any cost or any obligation. Now, if the old telephone is more your speed, then just give them a call. And you can do that by picking up the phone and dialing 386-977-9684. That's 386-977-9684. All right. We're going to take a quick break. We'll be right back with much more of Retirement your Way right after this.
[00:14:27] Speaker B: You're listening to Retirement your Way with Amerilife of Central Florida to schedule a no cost, no obligation consultation. Give the team a call at 386-977-9684 or visit planretirementyourway.com Retirement isn't a one size fits all, and neither is your plan. You're back with Retirement your way with AmeriLife of Central Florida.
[00:15:01] Speaker A: Welcome back. This is Retirement your Way with Amerilife of Central Florida. Matt McClure here with you. So glad that you are along with us. And by us, I mean, of course, myself and Bradley and Madison Hardin with Amerilife of Central Florida. It's game time. I know you're always prepared, you're always ready for my, you know, feeble attempt at trying to fool you and make you think that something that is right is wrong and something that is wrong is right.
[00:15:26] Speaker C: Game on.
[00:15:26] Speaker A: It's game on. This is right or wrong, folks. It's our favorite financial game, after all. So we have to play it every time we get together. And that's exactly what we're going to do.
[00:15:38] Speaker B: Come on down as we test your financial knowledge in write or wrong.
[00:15:52] Speaker A: I'm going to present a statement, or actually several statements here. Bradley and Madison are going to see right through me as they always do, and tell me if that statement is right or if it is wrong. I want you to play along as well at home or wherever you happen to be watching us today because I want to test your financial knowledge as well, see if you've been paying attention not only this time around, but the previous episodes and episodes to come as well. All right. Let's do this. Number one in this particular edition of Right or Wrong is this.
There is no product safer than a bank CD when it comes to protecting your money.
[00:16:29] Speaker C: That's wrong. So although CDs at the bank are considered safe, fixed indexed annuities offered through insurance companies are also a safe way to protect your wealth.
[00:16:41] Speaker D: And one of the reasons why is because banks only have a 10% reserve requirement, whereas insurance companies have a 100%.
So we've seen in recent years banks failing because they haven't been able to keep up with the demand of people wanting to withdraw their money. And so we did see some bank failures, whereas insurance companies are required to have 100% of those funds in reserves.
[00:17:07] Speaker A: Yeah, absolutely. So that provides you with a lot of not only peace of mind, but, you know, that literal money, it's going to use the phrase money in the bank, but it's not actually with the bank, it's with the insurance company. Right. It's. And you know that it's going to be there no matter what. And that is just something that I think people can really be, I don't know, comforted by as they go along in their retirement plan. That's a lot of, I think what you all do is bring the comfort, bring reassurance to be safety. Yeah. And that safety so that they know that, that they're covered in this way. So. Yeah, absolutely right.
So that one is. Well, absolutely right in that it was wrong.
Number two in this edition of Right or Wrong then is it's important to pay yourself first and maximize your retirement plan contributions.
[00:17:57] Speaker D: This is right. So again, when we meet with our clients and we go through getting ready for retirement, we look at income and expenses and it's very important to put yourself as one of those expenses because the older you will thank the younger you for paying it forward. And so, and that's something that my grandfather taught me many, many years ago was pay yourself first. So that way when you go to need it, it'll be there for you.
[00:18:24] Speaker A: Yeah. And as you say, future you will thank you.
You know, and try to keep that in mind as you're going through the planning phase. I mean, you know, if you've got, let's say, if you're coming up with a budget, I know it's the, it's four letter word that has more than four letters in it to a lot of people. But it's true if you want to call it something else, call it a spending plan, call it whatever you want. But if you're going through your budget and you, you know, you have the different places that money is going, one of those line items really needs to be you. Right. It's not being selfish.
[00:18:53] Speaker C: Absolutely not. And what you can track, you can change.
And so a lot of times we don't even realize that we probably do have a little bit of extra funding to be able to pay ourselves forward. We're just not allocating it correctly.
[00:19:06] Speaker A: Yeah. And I love that I'm going to get a T shir and on one side it's going to say pay yourself first. On the other side it's going to say what you can track, you can change.
I'm just saying I'll probably owe royalties to both of you for that. But I love both of those statements. So I might actually do that here in the not too distant future. All right, number three, in right or wrong, this time, there is a retirement investment that offers protection from market volatility, but still allows investors to participate in the gains of an underlying stock. Market index.
[00:19:36] Speaker D: That is right. And so one of the advantages of a fixed index annuity is that you have the opportunity to track an index for growth. So, for example, The S&P 500 is a very common way to grow your money. Now, if you were directly in the s and P500, you experience, you know, peaks and valleys. And what that environment does is it gives you the ability to earn a portion of what the S and P earns. But also in those years where the S and P is down, you don't go down with it. And as we say, zero is your hero.
[00:20:10] Speaker A: That's right. It does become your best friend. When the market has a down year like that, you, you have that new floor. You can never have less money in your particular account than you do at that moment. So if there's a down year, you don't suffer that sort of financial whiplash like everybody else is.
[00:20:28] Speaker C: Right. And a common thing we hear is, you know, it's just the market. It goes up, it goes down, it'll come back. And while that may be true in retirement, you may sleep a little better at night knowing that you're not going to be going down when the market does go down.
[00:20:41] Speaker A: Yeah, that's absolutely right. It gives, again, that peace of mind and those, those, you know, reassurances that you have actually some guarantees. A lot of times, you know, the word guarantee is looked on very, very poorly in most financial conversations within the industry because, well, we can't guarantee that. But these, you know, the carriers, the providers of these particular types of retirement plan vehicles, they can actually, you know, have some guarantees that are within these, those vehicles. So it's, it's a different way to go about it, but a more secure way in many, many different ways to go about planning for your retirement. All right, so number four, last one for this time around on Right or wrong, it is too expensive to work with a financial professional, and most people are better off managing their own financial and retirement plans.
[00:21:36] Speaker C: That is wrong. And I would beg to say it may actually cost you more to not work with a financial professional, especially in our case, because there are never any fees associated with our meetings or for our planning or any assistance we give our clients is completely free of fees. So I think in today's time, it would cost you more to not meet with a financial professional.
[00:22:00] Speaker A: And I can't even imagine, you know, how many people you must meet with who don't even know how much they're paying in fees, you know, and to go from that, like whatever that Number is to zero on at least a portion of your portfolio.
That's gotta be just a great thing for a lot of people. So I would encourage you go to planretirementyourway.com that's planretirementyourway.com you can also call Bradley and Madison for that free consultation. 386-977-9684. So we're getting into the home stretch here of retirement your way this time around. Last several minutes of the show, and this is the time where we always like to kind of, you know, wrap things up into a nice, pretty little bow for people. And so I wanted to ask Bradley, Madison, what are some of the main takeaways for you both from this show where we've talked about a lot of different things and mainly really about cleaning up your finances. Several steps there.
[00:22:56] Speaker D: I'd say one of the step that stands out would be to clean out your financial junk drawer. You know, I know you mentioned everybody's got that drawer in the kitchen where it's got the tape measure, the screwdriver, some extra stuff, but not necessarily that, Jord. The one where you're keeping all of those financial documents that you may have been hanging on to for too long. And if that's not something you really feel comfortable going through because you're unsure of what to keep and what to throw away, that's one thing. Madison and I, we actually like to do that. And this is the key pile. This is the get rid of pile. And we'll make it real simple for you.
[00:23:31] Speaker A: Yeah, that's. It's a difficult thing to do, as I know, going through the junk drawer, going through the financial junk drawer. Especially when all those things have piled up over the years and things change over the years and those old documents may or may not be relevant. Speaking of things changing, really, you know, if your beneficiaries need to change, that is one of the other steps that you really need to make sure that. That you're taking care of.
[00:23:58] Speaker C: Right. It sort of goes along with that regular maintenance and second set of eyes on your estate plan. Also making those beneficiary updates. Sometimes children may have moved or been remarried since you originally established the plan. So that's something that we sit down and do with our clients often.
[00:24:15] Speaker A: Yeah, it's like kind of sometimes the little things, too. I feel like that the mundane. Right. That even because you mentioned, like the kids have moved, do I need to tell my financial professional that, well, yeah, you know, during that check. Check in that checkup with you Guys. Yeah, that could be something that could be very important, especially when you're talking about, you know, your beneficiaries. Just make sure that everything is updated, no matter what it might be, even if it seems insignificant.
[00:24:43] Speaker C: Right. Like let us do the paperwork or at least help you with it because we definitely don't mind.
[00:24:47] Speaker A: Yeah, exactly.
[00:24:48] Speaker D: Right. And having retirement your way should be easy and stress free. And that's why you trust the professionals to remember those little things that you may have overlooked since the last time we had a meeting.
[00:25:00] Speaker A: Yeah. And it doesn't have to always be the, you know, the things that may be a little bit uncomfortable to talk about. Like we were talking about estate plans, legacy plans, beneficiaries, all of those things where you have to think of, okay, after I'm gone, these people are going to be my beneficiaries or these people are going to inherit X, Y, Z.
It can be the fun things too. Like, you know, we mentioned earlier, planning a vacation for yourself and planning that vacation in advance so that you can save some money. Because generally speaking, the earlier you plan, the better deal you're going to be able to get.
But that also goes for, you know, when you're in your retirement years, being able to do that, being able to plan and do the things that you want to do is super important. And it's something that I know you guys help people do a lot of.
[00:25:48] Speaker C: Absolutely. Yeah. We just want retirement to be what you hoped for and after all, you did work most of your life to get there. So we want to see you enjoy it.
[00:25:57] Speaker A: Yeah, right.
[00:25:57] Speaker D: And if you're still working, you know, have you circled that day on the calendar? You know, this is the day that I want to retire. Maybe it's near a birthday or the beginning of the year. And so what's nice is once you have that day circled, let's go ahead and pick another day in the next couple of months after that to go on that post retirement trip for you to start enjoying that life that you plan for.
[00:26:20] Speaker A: You have earned it and you deserve it. So go ahead and plan it. Right. That's, that's what it boils down to there. And really, you know, the entire conversation around retirement and around planning is actually having a plan, getting at that plan in place, getting something in writing so that, you know, this is what my retirement is going to look like. And then if any adjustments need to be made along the way, getting those adjustments made. But of course, it all starts with the viewers today scanning that QR code that's on the screen, maybe going to the website, calling the phone number and setting up that initial meeting, that very first consultation, talk about what that whole process looks like.
[00:26:59] Speaker D: So normally when we sit down, it's our goal to get to know you and we also want you to get to know us. So there's going to be a lot of back and forth and we're going to ask a lot of questions to try to figure out what does retirement look like for you and how can we be of help to make sure you're navigating that course properly. And if you think about it, a ship could be headed a certain direction, but if you're just a few degrees off, you're not going to end up where you intended to go.
[00:27:27] Speaker A: Yeah, I mean, as you're talking about, you know, the smallest things sometimes can make the biggest difference, especially over that long term, you might find yourself in a completely different place than you wanted to be if you start off course. So get back on course, folks, and call the professionals who can help you do that. Bradley and Madison Harden with the Maral Life of Central Florida. Go to Plan Retirement your way.com that's Plan Retirement your way.com can also give him a call 386-977-9684. That's 386-977-9684. Well, Bradley and Madison, it has been a pleasure as always to sit down and speak with you once again and we'll do it again next time.
[00:28:07] Speaker C: Thank you, Matt.
[00:28:08] Speaker D: Thank you, Matt.
[00:28:09] Speaker A: And thank you for listening to this edition of Retirement YOUR Way. We'll see you again this same time next week for another episode of the show.
[00:28:16] Speaker B: Thanks for joining us for Retirement your Way with Amerilife of Central Florida. Our goal is to bring clarity and confidence to your retirement journey. Remember, Bradley and Madison Hardin are here to help you create a personalized plan for the future you deserve. If you'd like to schedule a no cost, no obligation consultation, give the team a call at 386-977-9684 or visit planretirementyourway.com and don't forget to tune in next week, same time, same place for more strategies, insights and support to help you live retirement your way. Investment Advisory Services offer through Brookstone Capital Management, LLC, a registered investment advisor. BCM and AmeriLife are separate companies but are affiliated through Common Ownership Insurance. Products and services are not offered through ECM but are offered and sold through individually licensed and appointed agents not affiliated with the United States government. Bradley and Madison Harden do not offer tax or legal advice, consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended to predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not not provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. Amerilife assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information.
