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.
[00:01:11] Speaker A: Hello and welcome once again to another edition of Retirement your Way with Amerilife of Central Florida. Matt McClure here with you alongside Bradley Hardin with Amerilife of Central Florida. Of course, Bradley, how's it going?
[00:01:25] Speaker C: Ah, good morning, Matt. It's going very well. How are you doing today?
[00:01:29] Speaker A: I am doing well as well. We're, you know, we got a lot of stuff to get to here on the show and I'm excited about it because, you know, we're getting as we get more toward the end of the year, we talk a lot about like end of the year kind of topics and, and that kind of thing. And I like this show that we've got coming up here because we're going to talk a lot about some fall cleaning. People think about spring cleaning, but you got to do some fall cleaning as well for your finances. And so we' about doing all that kind of stuff, reviewing, reassessing, rebalancing and making sure that everything is lined up the way you want it to be lined up and that you're working with the right advisor for you in the lining up process. And so we'll talk about all of that stuff. But thank you so much for joining us here for the show this time around. We really do appreciate it. Whether you're listening on the radio in the Daytona Beach, Volusia county area, if you're in Ormond beach, if you're in New Smyrna beach, if you're in any of the beautiful areas there, we really do appreciate it. And I, and, and I say there, but you know, Bradley and Madison are work right here in, in the Daytona Beach Volusia county area all the time. They are local to you. And so yeah, they're, they're right here in your backyard. But they also do the show we also do the show via podcasts. So no matter where you are, you can listen to the show as well. Just search for retirement your way whenever you get your podcasts. And you'll find you can also listen to previous episodes of the show on the website. It is plan retirement your way. Com. That's plan retirement your way dot com. Check us out on YouTube also. Just search for the show there. And you know, I mean, they are here, Bradley and Madison are here to help you clean up your finances for the fall. And all the time, anytime they need cleaning up and keeping them clean here is what they do very, very well for a lot of folks in the, you know, this coastal Florida area. And so they can review your accounts, help you consider the pros and cons of rebalancing, timing the strategies and all of the things. Give them a call, 386-9779-6843-8677-9684 or go to plan retirement your way dot com. All right, Bradley, tell us what is coming up here on the show over this half hour.
[00:03:52] Speaker C: Thank you, Matt. I do appreciate the kickoff there. And we're right here in the heart of football season. So, you know, thanks for the good kickoff. They're going to pass the ball. So today's show is again about that year end review wrapping up. Is it time to rebalance or should I write it out? So is your retirement nest egg on track? We're going to explore that crucial question today.
Another option is another topic would be portfolio tune up. We want to end the year by rebalancing those assets for our retiree clients. And we examine how did your accounts do this year, what it means, how to do it and why it's important for us heading into 2026.
Another thing we talked about it on a recent episode was making sure our beneficiaries are up to date. So that's another topic. Talk some more about tax smarts for rebalancing the secret to simplicity.
So that's consolidating retirement accounts because as we know, too many accounts can mean planning complexity, extra fees and many more headaches. Try to get those streamlined. And Matt, I know we always try to cram a bunch into the show and if we can get to it, a little year in financial house cleaning for retirees.
But another part of the show we always like to do is the financial Wisdom Quote of the week, which comes to us this week from Walt Mossberg.
[00:05:20] Speaker B: And now for some financial wisdom, it's time for the quote of the week.
[00:05:28] Speaker A: Yeah. And I had to look up Walt Mossberg's name when we ran across this quote. I was like, wait a minute, this is a great quote. Who is this guy? And he's a journalist who is still around today. It's not some historical figure, but he's like a tech journalist kind of a guy. Does a lot of great work, actually.
And so this is his quote. I see retirement as just another of these reinventions, another chance to do new things and. And be a new version of myself.
Boy, I love that it's such a positive outlook on retirement because you think about that word, you think about retirement, it's like, oh, it sounds like I'm going to. To retire and just kind of sit around and do nothing. Or, you know, it's kind of almost. There could be negative connotations there, but this is a very positive spin on it. It's like more like reinvention rather than retirement. And I love that.
[00:06:22] Speaker C: Right, I agree. And it gives you a chance to be able to be the retired version of yourself that you kind of worked for. So the reason why you clocked in every day and put the savings away and communicated properly with your spouse or partner about retirement is to be able to, once you get here, do the things that you dreamed of doing once you stopped clocking out.
And as we kind of get into the first segment of the show here, you know, we always want to look at the end of the year as a time to review our plans and, you know, set ourselves up for a successful 2026 and beyond.
So one of the questions that we ask our clients when we do the review and what we try to figure out for them is, is it time to rebalance or should I write it out?
And as the year draws to a close, many retirees and our clients face the question, should they rebalance or stay the course?
So rebalancing a portfolio is a crucial strategy for managing risk and ensuring alignment with financial goals. And it involves periodically adjusting allocations in retirement accounts or reflect changes in asset balance, risk tolerance, financial objectives, or proximity to retirement.
So in a. In a short version, should I realign and be less risky? Should I be more risky? Should I stay where I'm at? How did our accounts do for the. For the last 12 months? And that's going to determine what the path is for next year.
So financial planners often recommend reviewing portfolios annually and making adjustments if those target asset allocation deviates by more than 5 to 10% some other times, to potentially make some adjustments is a life event or a goal change.
And that's, that's kind of where our specialty is, is for those people that are coming up on retirement, maybe they're a few years out, that is a big life event.
And we need to start realigning those accounts and our goals to match that intention of retirement.
Because, you know, Matt, you're not adding to, you won't be adding to these accounts anymore, and you're really just dependent upon market growth risk. How much do I have to take out? And so reviewing these at the end of the year is the best time to do that.
And for retirees, also include the withdrawal lens. So look at the upcoming year's income needs, withdrawal needs.
How much do I have in my cash buckets and my risk tolerance.
So that way we're not going into 2026 without a plan.
And why does it matter? Well, it matters because if you decide to rebalance, you can determine how much and where, which accounts will you use for rebalancing. And if you decide to write it out, set a future review date and a trigger threshold to revisit.
So, you know, if, if this certain part of my account grows by this much, let's revisit it. Or if the markets fall by this much, let's also, let's set that as a trigger. And again, all that does sound complicated, maybe to the, to the average investor, but that's what Madison and I do. We sit down with you, we go through these strategies, we figure out if it's a good time to rebalance or write it out. We set those goals and we set those expectations for the next year.
[00:09:55] Speaker A: Yeah, and that's why it's important for you to work with the financial pros, the people who do this every day. You know, Bradley is a seasoned advisor who has worked with a lot of clients and can really help you break through all of the noise and the wonky terms and all the stuff and break it down kind of in plain English that you can understand.
Madison has been doing this for a long while as well and just is really great at working with folks who, you know, may not necessarily understand all of the ins and outs of it, but want to, and want to understand it again in plain English. And they're also both registered Social Security analysts. So if you want to know how your Social Security kind of fits into the overall picture gets, get those, you know, projections a Very detailed report called an RSSA roadmap. You can get that as well. It really is comprehensive and if you would like to get that process started, all you have to do is give them a call for a free consultation. 386-977-9684 is the number. You can also go to plan retirement your way.com once again, 386-977-9684 or plan retirement your way.com. all right, so let's pull into the garage here and get a little bit of a portfolio tune up for, for our listeners here as we talk about rebalancing at the end of the year. Bradley?
[00:11:24] Speaker C: Yeah, no, and, and so we're going to touch on that. And one thing as, as, as our listeners are tuning in, you know, during these year end reviews or meetings with your advisor, you know we mentioned on a previous show about making sure your goals are in line. So some things to ask your advisor, whether it's your current advisor or questions that I encourage you ask us if we get a chance to meet. I'm gonna, I'm gonna list some of those questions because maybe your goals and your current advisor or may not be in line. And we want to make sure that that communication is, is open.
So some questions to ask and you can literally write these down would be how do you get paid?
Do you operate in a fiduciary capacity at all times?
So Matt, as you know and listeners may not know, I do act as a fiduciary at all times. Just want to throw that in there.
What's your process for building income in retirement?
What's your philosophy on risk management?
How do you incorporate taxes into planning?
Do you offer Social Security analysis?
How often do you review plans?
And what happens if the market drops 20%?
What would our plan be?
So again those are some questions that I'm, I feel free to answer for you folks that we, when we get a chance to meet those may be some questions that you can ask your current advisor to see if your goals and that advisors are in line because again retirement's a big deal and you want to make sure you're working with the right professional.
So back to the tune up Matt. You know I just wanted to put that in there. But back to kind of the tune up in the end of the year rebalancing. Again it's a time of the year to get your self set up for a successful 2026.
So rebalancing simply means returning your portfolio back to your target asset allocation.
When market movements have caused a Drift.
So, you know, maybe equities have done really well this year and bonds not so much. But if you want to stay at a standard 60, 40 allocation, well, if your equities are now 70 to 75% of your portfolio and you've only got 20, 30% over in the other side, that's what we mean when we say rebalance. So we need to pull some equities over, put them back, get your portfolio back to how you want. Now, 60, 40 doesn't necessarily fit everybody.
Again, a lot of clients we meet with, you know, tend to be a little bit more safe than they are risky due to being in retirement and wanting to make that portfolio last.
Some key strategies would be, you know, the most common rebalancing process essentially involves selling your wins.
That is, if the asset has performed well and is potentially overvalued, it's time to take your earnings off the table. Right. So I say that in some of my clients houses just to kind of make it make sense. So if I'm at a casino and I'm gambling and I've got a pile of chips in front of me and I'm up, right, I'm ahead, I'm beating the couch right now. You know, common sense would say, let's pull some of that earnings or some of those winnings off the table, stick them in our pocket, and really go back to what we sat down at the table with. And that's how you can review or view your portfolio is, if we're up, let's go ahead and get some of that off the table and make sure we can't lose any of those earnings. Because eventually, if anyone's been to a casino, the house always wins. And that big stack of chips you had may very likely come crashing down if we, if we hold it out for too long.
[00:15:09] Speaker A: I know, just, just so you know, folks, Bradley knows I just got back from Vegas.
[00:15:13] Speaker C: So, yeah, you know, I was looking straight at you, Matt, when I was talking about taking those winnings off the table. But again, for our clients, it's a simple concept. If you're up, let's get some of that off the table, make it safe, make sure we can't lose it.
Because in a big market downturn, it would really hurt, you know, to say, oh, well, I was up here and now I'm down here and I didn't do any rebalancing with my advisor. And why does it matter right now is because the year end offers operational advantages. You know, many custodians provide full statements Tax year summary data, and you have a clear visibility on how the full year performed.
And also your legacy and time horizon matter more now if you're already retired. This is not just about growth.
It's about sustaining income, protecting capital, mitigating that sequence of returns, risk, and aligning with your plans for the future.
[00:16:11] Speaker A: Yeah, it's so important to do that and do it now, you know, while the calendar is getting ready to turn because it's, you know, it's one of those things where it's like, it's just a good time to do it for the reasons that you mentioned, but it's also a good time to be like, oh, things are, are changing. We're going over into a new year. I need to make sure that all of my finances are still aligned with the, the goals that I've set for myself, whether those goals be, you know, planning for retirement or getting me through retirement as well.
And it's just a great, it's almost like, you know, where they say every time you change every, you know, every six months or whatever, when you change your clocks, you set your clocks back an hour or set them forward an hour, change the batteries in your smoke detectors. I mean, it's just, you know, that's while, while you're at it, do this. And so while you're at it, changing the calendar over from one year to another, do this very important thing as well and get that portfolio review again. If you want to get started in that process, folks, you can just go to Plan Retirement Your Way.com. that's Plan Retirement Your Way.com or give Bradley and Madison Hardin a call at Marilife of Central Florida, 3869-7796-8438-6977, 900684 is that number.
And then, so Bradley, we touched on this last time around, but I wanted to kind of go into a little bit more about why this is so important.
And it's the beneficiary kind of question here.
You want to make sure that those are current because you want to just absolutely know for sure who is going to get what when you're gone.
[00:17:52] Speaker C: Right. I agree. And reviewing and updating your benefit designations for retirement accounts, life insurance and estate planning is a big part of financial planning because you never know when something could happen.
Right. We always plan for longevity, making sure that our portfolios are going to last us a long time. But what happens if something unexpected happens? And you know, once something does happen, if that beneficiary information is incorrect, it is nearly impossible to get that change. You can't. If you pass away and a life insurance beneficiary is the wrong person, well guess what, that person will get the money.
Right? We had a story where it just a quick little, you know, Johnny story would be we had a client who had a, you know, two hundred thousand dollar life insurance policy and it was split 50, 50 between her son and his wife. So she got 50, he got 50.
And when we did the review, I said, okay, well you know, this is supposed to go to him, it's supposed to go to her. And, and she looked at me confused and goes, oh, that's his ex wife, they're not married anymore. And I go, well I'm glad we sure, we sure found that out because have you passed away, his ex wife would have been able to claim that. And there was, there's nothing you can do. So in that initial meeting on the spot, we got on the phone with the company, got the paperwork, filled it out and made those updates. And maybe it's not even about who it is, but maybe their address changed or they got married and they're a different last name, their phone numbers change. And so again, even on all policies accounts, you want to make sure we've got that up to date information.
So you know, when was the last time you checked who will actually receive those benefits if something happened to you?
Many people set it up one time and then forget it. But life changes, like I just said, marriage, divorce, children, a death of beneficiary may render those designations outdated.
So again, ease of transfer of assets, knowing where it's going to go when something happens, you know, removes that anxiety from the portfolio.
So some strategies you can, that we employ would be getting in touch with your retirement plans, if you're still working, making sure that those are up to date through your job.
We also are going to update those on any of your IRAs, your Roth accounts, you know, did somebody get married? Do you have a contingent beneficiary if something happened to the primary?
And then we also explain to those beneficiaries, even while you're still alive, what those tax implications are when they inherit IRAs or Roths, whether they have to distribute that money over 10 years or not. So again, those are some things we work closely with our clients, children and beneficiaries so that they understand.
Next would be your life insurance policy.
Right, that that should be pretty common. You buy a life insurance policy, not generally for yourself, you buy it for somebody else. And if that's not correct, the information's out of date, then the person that you wanted to get it's not going to get it. Like the story I just shared there a moment ago.
And lastly, your annuities and your pensions.
You know, some pensions only allow beneficiary changes before the payments again begin rather, and you want to double check to make to see if your annuities or pensions have a survivor benefit.
So I know when we do a lot of planning, sometimes we use annuities to create income for the recipient and their spouse. So we want to make absolutely sure that when we do that paperwork, the spouse is listed as a joint payee and the beneficiary.
So again, common reasons why that matters is you wouldn't want an ex spouse to inherit assets.
You don't want to have any family contesting it or any legal disputes.
You want to try to avoid probate and administrative hassles.
And if you don't do the tax planning efficiently, you could have higher or unintended taxes to those beneficiaries.
[00:22:11] Speaker A: Yeah, you want to make sure that all of those things are taken care of. The T's are crossed, the I's are dotted. And you know, you may want to make sure that, that things are going to not only the right people, but in the right proportions if you have multiple people who are on that list. And, and, and you know, I was just sitting here thinking, I'm like, okay, how many of the you folks listening know the difference between, you know, per per capita and per stirpes? It's like, you know, you don't have to know these things because Bradley and Madison do. And so they can explain those things to you. Those, as I was saying earlier in plain English, that terminology is just such a great thing to have people who can explain these things like you want them to be explained. So yeah, I mean, if you know who's currently designated as your beneficiary in your retirement account or if you think, you know, you should probably reach out because, you know, if you've got life insurance, you've got your retirement accounts, you've got those other assets, you want to make sure that it goes where you want it to go 3869-779684-37386 rather 977-9684 or go to plan retirement your way.com and book that free consultation and Bradley and Madison will get you all set up for success in retirement and make sure that your assets go where you want them to go. All right. So as we, you know, get toward the end of the Year here. I feel like a lot of people want to focus on obviously, you know, eating the, eating the turkey and, and the ham and all of those things and buying presents and getting presents and doing all the, all the fun stuff. And so they want to keep the financial part, I think, as simple as possible. Right. So I feel like one of the ways that people can kind of get a little bit more simplicity in their lives is that they have a bunch of different retirement accounts. Maybe consider, you know, consolidating those into, you know, fewer accounts so that you've got less stuff in fewer places to keep track of.
[00:24:14] Speaker C: Right, right. I agree. And you know, sometimes we meet people where they've got accounts all over the place. And it reminds me of that portion of your garage that you avoid where you put all your Thanksgiving decorations. All, you know, we can imagine a storage compartment in the garage. Right. So we don't want your retirement plans to feel like that, to be like, oh, I've got so many spread out all over the place. I just want to ignore it and maybe it'll fix itself. Well, it's not. And that's what our planning, you know, and consultations are revolved around helping people is simplify retirement.
Because, you know, some reasons why that matters is we can reduce fees and complex complexity. So if you got accounts over here, over there, who knows what the fees are and you could be overpaying and it's very difficult to manage.
Whereas consolidating and kind of making it simpler is better on your brain. Right. I know when you, you know, spring cleaning or fall cleaning, you clean that stuff up and reorganize it, you feel better.
So just apply that same logic to retirement planning. It's not all about maybe just having one account. Yeah, you need to have separate accounts for different strategies and different implications and goals. But if you've got too many accounts, that can be overwhelming for you and the advisor. For us to be able to make informed decisions, individuals can gain a clearer picture on their savings, making it easier to make informed financial decisions and adjustments as needed.
So again, maybe you've got all 401ks or IRAs mixed in from old companies or different contracts here, different annuities, different life insurance, and you're really spread out. So again, part of that year end review and Getting ready for 2026 is simply just to make your life easier.
So again, consolidating, kind of cleaning up those finances, cleaning up those accounts, updating the beneficiaries, those are all part of that initial consultation and that ongoing advice that we provide and again, local here in Daytona Beach, Ormond, New Smyrna, Port, Orange, Palm coast, again, we are local to you guys and we look forward to helping you guys clean up for the new year and kick off 2026.
[00:26:29] Speaker A: With a bang, making sure that all of those things are updated the like we've been talking about your asset allocation, your beneficiary designations, all the things. And it's funny though, because you, you mentioned the, that, you know, corner in your garage where you don't go. I'm like, oh, that's like an entire wall of my garage where you don't, you, you don't go because it's like, it's a scary thing and it's disorganized and all the things. But hey, once you do that fall cleaning or the spring cleaning or whenever you do your cleaning, you can, it does make you feel better once everything is organized once again. And so it may not be fun in the process, but you can have a team on your side to make it a whole lot easier and a whole lot more pleasant in the process. And that's Bradley and Madison Hardin. They're with Amerilife of Central Florida. And yeah, as Bradley was saying, they are local here to the area. So just give them a call at 386-977-9684 or you can go to plan retirement your way.com once again, that is plan retirement your way.com.
all right. Well, Bradley, that's going to just about do it for this particular edition of the show. But as always, I thank you for everything that you bring to the table each and every week, sir. And we'll do it again next time.
[00:27:40] Speaker C: Sounds good, Matt. And I hope you enjoy the the holiday season and I look forward to our next meeting.
[00:27:46] Speaker A: Absolutely. And we'll look forward to you, the listeners joining us for this next edition of the show.
We'll see you next time around.
[00:27:54] Speaker B: Thanks for joining us for Retirement your 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 provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. Amerilife assumes no luck, 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.
[00:29:26] Speaker A: Registered Investment Advisors and Investment Advisor Representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosures of any conflicts of interest. Please refer to our firm brochure the ADV2A, item 4, for additional information. Bradley Hardin and Amerilife of Central Florida are not affiliated with or endorsed by the Social Security Administration or any other government agency.
