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 C: Hello, and welcome to retirement your way. I'm Matt McClure. Thanks so much for being a part of things this time around. And I'm here, as always, with Bradley and Madison Hardin from Amira Life of Central Florida.
Welcome, welcome, welcome once again.
[00:01:25] Speaker D: Thank you, Matt.
[00:01:26] Speaker E: Yeah, it's great to see you again.
[00:01:27] Speaker C: Really appreciate having you here. And of course, I know our viewers appreciate your wisdom each and every time because we talk about, obviously, retirement and how people can have it their way in retirement. Because, you know, there are a lot of different, different decision points when it comes to making a plan. And I think having guidance is so important for so many people when it comes to retirement. We did a show not long ago that there was a good significant portion. I forgot the number off the top of my head. A good significant portion of the public does not have any help when it comes to planning for retirement. But I know that's what you both are very passionate about and have been doing it for about 17 years now. Combined, right?
[00:02:08] Speaker D: Yeah. Correct. We have a combined almost 20 years of experience helping our clients navigate retirement safely all throughout central Florida.
Yeah.
[00:02:18] Speaker E: And what we pride ourselves on is creating a relationship first and then educating you on what to possibly look out for in retirement. You know, you should be planning vacations, you should be spending time with your family. You should be doing that stuff. But through our experience and meeting other clients, we can show you problems to avoid. So that way, if that problem does come up for you, you. Oh, Bradley. Madison told me this was might happen so we could take a different path.
[00:02:43] Speaker C: Yeah. There are so many things and everybody's situation is different, but at the same time, there are things that come up, you know, very. There's. I wouldn't call them commonplace. There are things that you see, I'm sure, multiple times. And so you can give people a heads up and saying, oh, this is a possible scenario for you based on what we see right now.
Give them a heads up, give them a plan that's going to account for that. That gives people, I'm sure, just a lot of peace of mind going into their retirement years. That really is what it's all about, folks. And today we're actually talking about how you take the money that you have earned and saved over the years and turning it into income, and preferably income that you can never outlive. People might be like, wait a minute, is that actually a thing?
Yeah, guaranteed income that you cannot outlive. That's a real, It's a real thing that you can have in life.
[00:03:35] Speaker F: Right.
[00:03:36] Speaker E: And some of the, the institutions we work with have been doing this for over 100 years.
And so what that means is during the Great Depression, had you, you know, started a plan with them during that time, they would have paid that check every month no matter what. And if something would have been left behind, they would have paid that to your beneficiaries. So this is something that has been around for a long time, but we see gaining a lot of popularity with today's retirees and just how the plans.
[00:04:04] Speaker D: Have evolved to be customizable for every individual in couple, depending on whether you're in need of income now or if you can predict a future need for income or you want to protect your spouse in the event that you pass away early. There are so many different options that probably were as popular as they are now. And so when we first meet with clients, that is one of the first things we talk about is your income now and in the future and what changes to your expenses are going to occur that's going to require a new need for more income. And so that's a big part of our planning.
[00:04:43] Speaker C: Yeah, people love having options. Right. And giving them, you know, say almost. Almost a menu to choose from in a lot of ways is good. And it also goes to the fact that it's not one size fits all. I think a lot of people might have those misconceptions about, oh, if I go to this particular retirement professional, this financial professional, they're going to just sort of sell me a package of whatever they offer to everybody, so I don't really need to go see them.
That's not at all what it comes down to for you all, because as we've been saying here, everybody's situation is unique to them.
And it's that way when it comes to thinking about and planning for income in retirement as well, because everybody's needs are different.
[00:05:26] Speaker D: Right. And thinking about that income needed retirement. In the past, it was just your Social Security. And then if you were lucky enough to have a pension. And, you know, although those things are true, there are other ways to generate income, because as we know, as we get older, our expenses tend to increase, not decrease.
[00:05:46] Speaker F: Right.
[00:05:46] Speaker E: And, you know, a version of that plan, and we try to treat all of our clients, and we do as family. And I have a story about my grandmother, where for the last couple years that my grandfather was alive, he was very sick, and she had to take care of him. And so one of the things that we try to plan for with our clients is called the widow's tax.
So what that means is when one of the spouses passes away, the lower Social Security check is now gone out of that home. And so a lot of people think that my expenses are going to go down. And generally it's the opposite, you know, for my grandmother's sake, because she spent a lot of time at home taking care of my grandfather after he passed away, and she had a chance to grieve. She wanted to go out and travel more and visit more and more. Story I remember is that, you know, my grandmother and I, we went to Epcot here in Orlando, Florida, Central Florida. And that was not something that she would have been able to do while he, you know, was sick and she was taking care of him. So the point I'm making is that your expenses, generally, when you lose a loved one, don't necessarily go down. In most cases, they go up. I know she goes out to eat with her friends more often. She's traveling down to Florida to see the grandkids and great grandkids. And so that's something that we discuss in our meetings. Is. Is that something you were looking for?
[00:07:05] Speaker D: Yeah, and just replacing that lower check that would leave the house if someone were to pass away early. How are you going to make up for that loss of income?
[00:07:15] Speaker C: Yeah, making up that gap that's left behind. And I love the image that I have now mentally, of grandma at Epcot. That is amazing.
You are a good grandson. I was going to say a great grandson, but you're just. You're a grandson, but you're a good one. There we go.
[00:07:30] Speaker G: As always, you can give Bradley and Madison a call 386-977-9684. That's 386-977-9684. You can also visit plan retirement your way.com. that's plan retirement your way.
[00:07:46] Speaker C: Com. Bradley and Madison will be happy to set up an initial appointment with you and a consultation that's free of any cost and any obligation, get you started down the road to a solid retirement. This is Retirement your way. I'm Matt McClure. Really appreciate you being a part of the show today. The biggest part of the show, though, Bradley and Madison Hardin, they are right over here. They're the ones who, you know, just give you all the wisdom that you need to make your retirement something that you can have your way. You know, that's kind of the name of the show. So it's what we do around here. We really do appreciate, though, all of the wisdom that you share.
[00:08:22] Speaker B: It's time for this week's Problem Solver.
[00:08:31] Speaker C: We're going to actually share a particular case that is a real one now that, of course, we've changed the name here, but we're going to protect the identity, protect the innocent. We're going to call them the Smith family. And it really is a great illustration of kind of what we were talking about as far as the income part of this because it was a big concern for them.
But they had a lot of different concerns when it came to their particular retirement plan and kind of where they were headed compared to where they're headed now.
[00:09:03] Speaker F: Right.
[00:09:04] Speaker E: And so we met this couple and when we met them, they were still in phase one of retirement, which is accumulation. So they're still building. He's an active day trader on the market. He likes to manage the family's money.
But the wife had just retired and so now he's retired, she's retired. So now we're kind of going into more of phase two of retirement, which is preparing, planning and preservation.
And so one thing that she did not retire with was a pension check, whereas her company leaned more on contribution plans. So she did retire with a 401k that she then rolled over into her own IRA. So when we met them initially, we had no pension and all of the assets they had, he was day trading and investing actively on the market. And so we started talking a little bit about phase two, which is preserving. And Madison is going to tell you a little bit about what happened next.
[00:10:07] Speaker D: Yeah. And in their scenario, he is a little bit older and his health is not necessarily the best at this point. And so he had a concern about what was going to happen if he passed away? You know, how was she going to be able to manage these funds? Did she want to manage these funds? You know, and to answer that, she did not. You know, she. She did not want the responsibility nor the obligation to manage those things. So that was one area that we found that we could reposition them, so we were able to roll over a portion of their assets. They, luckily, they did have a large amount of funds to work with. And we let him keep managing what he wanted to, to kind of have his fingers in the painting, you know, and then we were able to create a separate pension plan for her.
So the money is safe, it's parked in the garage, so to speak. And whenever she's ready, if he were to pass away, or even before that, whenever they're ready to start that guaranteed income, she just has to make one phone call to either Bradley or myself, and she's going to begin to receive a monthly income check that she can never outlive.
[00:11:19] Speaker F: Right.
[00:11:19] Speaker E: And the vehicle we use is called a fixed indexed annuity.
So it accomplishes a lot of things. Mainly two. Mainly two things that it accomplished was safety. So that money now is no longer invested on the market. Now it can earn with the market appreciation, but if the market declines, it's not going to decline. And secondly, as Madison said, when she's ready to start drawing on that money, she'll be able to use that income and it will pay her for the rest of her life.
So we were able to create that pension plan that her company did not offer her in retirement.
[00:11:59] Speaker C: And that's just a lot of great assurances now that they have for both of their retirement years. And obviously, you know, she. He loved, obviously, doing the. And still does, I'm sure, for that one portion of the investment portfolio, doing the day trading and all of that and kind of playing around with. With stocks and just having fun with it, because that's something that he enjoyed. She obviously did not want to be forced to have to do that because it's not something that she enjoyed. So, you know, making. Making happy marriages as well.
[00:12:32] Speaker D: We satisfied both parties in that group, so that was good.
[00:12:36] Speaker C: They're not certified marriage counselors or anything like that, but they do help with, you know, making marriages.
[00:12:42] Speaker D: The gift with purchase.
[00:12:43] Speaker C: Exactly. Exactly. Free. Free with purchase.
Not only do you get, you know, your complimentary consultation, you got a complimentary, happier marriage.
At least this couple did. And that. And that's a lot of good news for them. And I feel like, you know, this is A scenario that's probably been repeated over and over again, at least not in the, the, you know, exact numbers or in the exact situation where like the husband loves to do all the trading and the wife doesn't. But giving people that peace of mind when they have these questions, when they have the worry, when they have the stress of it, because then that stress can end up costing you more in retirement as well, because that can have a negative impact on your health. And then if you're not healthy, you're, you know, not going to have as much money to spend on the things that you want to spend on because you're having to spend it on healthcare or the doctor's office and. Right. All of those things. So it just covers so many. It seems like it's just one thing, but it covers so many bases.
[00:13:39] Speaker D: Exactly.
[00:13:39] Speaker C: Love that. All right. Well, folks, if you are watching and you would like to take part in one of those initial consultations, maybe something about this scenario spoke to you, maybe you have questions about your retirement situation.
[00:13:52] Speaker G: You can give them a call at 386-977-9684 or you can visit planretirement your way.com that's plan retirement your way.com or, or 386977, 9684.
[00:14:08] Speaker C: Stick around. Much more of retirement your way still to come right after this.
[00:14:12] Speaker B: Hang tight. Bradley and Madison will be back in just a minute to help you keep that retirement plan on track.
[00:14:19] Speaker A: If you're looking to cut back on your spending, look no further than your local Library. I'm Matt McClure with the Retirement Radio Network powered by Amerilife. We all know a free library card can get you access to just about any book you would ever want to read.
[00:14:33] Speaker C: But did you know it's also a.
[00:14:35] Speaker A: Great resource for other free forms of entertainment?
[00:14:38] Speaker H: You can actually save hundreds of dollars every year on a lot of different services.
[00:14:42] Speaker A: Sherry Lowe, also known as the Queen of Free, recently told TV station WTHR about free audiobook programs.
[00:14:50] Speaker H: We think about physical books, but actually audiobooks, not just on CD from the library, but also on apps that you can stream straight from your phone with your library card are so, so easy to use.
[00:15:02] Speaker A: She says you can also get access to free streaming services so you can watch your favorite movie or TV series at no cost. The public library near you may also give you access to free music classes, workshops or other group activities. So did you know your local library could save you a good chunk of change? With the Retirement Radio Network powered by ameraLife, I'm Matt McClure.
[00:15:28] Speaker B: Welcome back.
[00:15:28] Speaker C: This is Retirement you your way with Amerilife of Central Florida. Matt McClure here alongside Bradley and Madison Hardin.
[00:15:39] Speaker B: Come on down as we test your financial knowledge in Right or wrong.
[00:15:53] Speaker C: It is time for us to play Right or wrong. It is our favorite financial game. So are the two of you ready?
[00:15:59] Speaker D: We're ready.
[00:16:00] Speaker E: I'm ready.
[00:16:01] Speaker C: I'm going to explain to the folks exactly how this is going to work because I'm going to try and fool these two with some statements about your financial life. Right. And some. Some concepts that we've been covering here on the show and some stuff that we haven't. But I'm going to present it as if it is just the honest truth, and they're going to see right through me as they do every time and tell me if that statement is right or if it's wrong. That's why the game is called right or wrong. Right. And we keep it pretty simple on that score. But what we want you to do as well is play along with us because we're kind of testing your financial knowledge, see if you've been paying attention during the show so far. All right, so here we go with statement number one, and it is this.
A retiree's Social Security check will likely be enough to cover their monthly expenses in retirement.
[00:16:46] Speaker D: That is wrong.
So Social Security is said to replace about 40% of your working income and more right now it's about $1,900 a month estimated for Americans now. So sadly, that's not going to be enough to cover all of your expenses in retirement.
[00:17:06] Speaker F: Right.
[00:17:06] Speaker E: And you don't want to rely 100% on Social Security. Be Social Security to be your retirement plan. You want to kind of do it your way. And so as part of that initial meeting, we'll go over how much are you currently earning at your job if you're still working, but more importantly, what are your anticipated expenses? And then we work as a collaboration to figure out what's the best plan to be able to pay those expenses and still be able to take those vacations and see your family and do the things you want to do in retirement.
[00:17:36] Speaker C: And you're talking about that like sort of nineteen hundred dollars a month kind of on average, according to some, some recent statistics here.
You know, if that's the average kind of Social Security payment, and that means a lot of people kind of are drawing more, but there are a lot of people who are drawing less than that. And so you want it to be the situation where maybe that's the cherry on top, that nineteen hundred dollars or whatever yours ends up being per month, it's not what you're relying on, as you say, for your complete retirement.
[00:18:07] Speaker D: Right.
[00:18:08] Speaker C: Well, let's go on now to number two then. Since I didn't fool you with number one, let's go to number two, which is when it comes to your IRA, your 401k or other retirement plan, the best strategy is to just set it up, forget about it, and just keep saving.
[00:18:24] Speaker E: That is wrong.
So if you can track it, you can change it. So the theory there is that as you're working and contributing to these dollars, that's going to be what provides you that secure lifestyle in retirement.
And we've had clients many times tell us that because of the news they heard that the market is down, they've neglected to log in simply out of fear. They don't want to see how that it actually affected them and which is not good. You want to know exactly what's going on to be able to have that comfortable retirement.
[00:18:56] Speaker C: And I know that you guys were telling me earlier, before we went on the air here, that you love getting calls from your clients. You know, people who have been with you for a while have had this plan in place that you've come up with, because it's usually, it's very good news when you get a call from them. Because, yeah, if there's been a rocky time in the market, like say, you know, during 2022 and that sort of time period, maybe way on back in 2008 kind of time period, people who were invested in the vehicles that you use, they didn't lose a thing when everybody else was really suffering.
[00:19:31] Speaker D: Right. As we say, zero is your hero. If you see that your account has, you know, it hasn't gained anything. Well, it also hasn't lost. So we only take happy phone calls. And, you know, we sleep better at night. Our clients sleep better at night knowing that their retirement and their assets that they work so hard to accumulate are safe against market fluctuation.
[00:19:52] Speaker C: Better sleep all around. That's always a good thing. All right, number three here, you don't need to work for the government or even have access to a defined benefit plan to create your own personal pension.
[00:20:05] Speaker D: That's correct. So as we know, pensions are only supplied to about one third of Americans in 2024. So we are able to create those personal pensions for our clients when they weren't able to receive one from their employer.
[00:20:23] Speaker E: Yeah, and we've seen a lot of companies start to switch over from those defined benefit plans over to defined contribution plans. So you've got 401k, 403b, you know, 457s. And people don't really know what to do once they retire. You know, they, they know I'm supposed to save and this is my magic day on the calendar. But what do I do as I approach retirement? And so if a pension was not offered to you, you have the ability to create your own. And that is something that we specialize in.
[00:20:53] Speaker C: Yeah. Which is, I think, eye opening probably to a lot of folks who just, you know, don't even know that that's an option for them. And, you know, I mean, giving, giving people options, I think is always a good thing. Because people like choices. This is America. We like our choices.
[00:21:09] Speaker D: We like retirement your way.
[00:21:11] Speaker C: Exactly. This is retirement your way. We want to have our retirement our way. So that, that is just another example of how you can actually do that inside a plan, like the ones that you're able to craft for your clients and working with them, not just telling people what to do, but, but working in conjunction.
[00:21:28] Speaker D: Right. There's no smoke and mirrors with the way that we operate our business. We just try to help, educate, and then collaborate together to create the plan.
[00:21:35] Speaker C: Yeah. No, don't look over here. Don't look over here. No, look over here. Look everywhere.
[00:21:40] Speaker E: Right, exactly.
[00:21:41] Speaker C: We'll work with you to come up with something. I absolutely love that. Transparency. All right, one more here to go in this edition of Right or Wrong. It is too expensive to work with a financial professional and you'll be better off managing your money on your own.
[00:21:56] Speaker E: That is wrong. So we do see that the people that have trusted professionals helping them with retirement have a smoother ride. Now, that's just from the clients that we've helped, and we do look forward to meeting new people to help them create that, you know, five o' clock summer retirement. If that's the way that you want it to be.
[00:22:15] Speaker C: Yeah. And that's the whole thing and the whole reason for the show, really, we'll say it again. Retirement your way. Because whatever you want it to be really is the meat of, you know, the whole point of this, I guess I should say, because we want you to have the retirement that you've always dreamed of. Now here's the thing. If you want to get started along that road to have the retirement that you have always dreamed of, you can.
[00:22:39] Speaker G: Give Bradley and Madison a call. 386-977-9-6684. That's 386-977-9684. You can also visit plan retirement your way.com that's plan retirement your way.
[00:22:55] Speaker C: I know that we've covered a lot of territory so far talking about income, especially in your retirement years, because that's, that's really where the rubber meets the road.
What's kind of the biggest takeaway for, for you both when it comes to this particular topic that we've been covering?
[00:23:12] Speaker D: I think the main takeaway would be that it is great to have that big nest egg, all of your investments growing, working for you. But the income in retirement is really what is going to set the tone of how your retirement experience is.
[00:23:30] Speaker E: Right, I agree. And, and not everybody is fortunate enough to retire with a pension from their company. We've seen a lot of private companies switch to a defined contribution plan like a 401k for a 3B. And so, you know, coming up with ways to create income from those accounts versus just simply taking distributions. And as we talked about in the previous case study is if you don't have that, you have the ability to create your own personal pension, which does promise for as long as you live that will pay you forever. And so it's different because if you were to just have this big nest egg and you are taking money out every month, every year, however you do it, if that is not set up to pay out forever, once you get to zero, it's all gone, there will be nothing else to get from that account.
[00:24:24] Speaker C: And then you would have to rely then solely on, say, Social Security. If all of that money has gone in that investment account, that other type of retirement account, and you could find yourself in a bad way, especially with the prospect of Social Security payments having to be cut in the future. If the, as the Social Security administration itself is saying, look, the, our funds are going to start running dry and we're going to have to do something. And the something right now it looks like it's going to have to maybe be a cut in benefits at some point in the future so that, you know, having that guaranteed income for life takes a lot of that uncertainty just, just off the table.
[00:25:06] Speaker D: Right. And what we see a lot is it can be a split house. You know, one person may kind of have enjoyment in watching the market, tracking the funds, kind of playing with their portfolio in their own way and maybe have more insight on that. And then the other spouse or other person in the home doesn't have that desire to want to manage their own accounts or figure out what the best position is to be in and so in the case study that we talked about on this episode, we were able to ensure that if he were to pass away early, she was just going to be able to make one phone call and keep that income check going for as long as her life, as long as her life progresses into retirement and she can live to be 100, 101. And that paycheck is still going to continue. And not only that, but the account is still earning on the, on the market in the indexes they were chosen. So there may be something left over even after she's lived off that money for her beneficiaries.
[00:26:10] Speaker F: Right.
[00:26:10] Speaker E: And us being a married couple gives a unique, we can give a unique perspective as, you know, here's what we do and here's how we think. Is that something that matches what you guys want to do?
[00:26:19] Speaker C: Yeah. And that I think is very important to emphasize because, you know, as that gives you a unique perspective on your own life, it gives you a unique perspective on your clients lives perhaps as well.
And you know, helps you in being able to come up with a plan while working with them, not against them or just telling them what to do. Talk about kind of that initial, and not only the initial meeting, but kind of the process and the way that you all like to work with people even after the initial meeting as well.
[00:26:53] Speaker F: Right.
[00:26:53] Speaker E: And in that initial meeting, we need to get to know who you are and also give you guys a chance to know who we are.
And so we really just ask some questions, you ask us questions. And we try to get a base of what your retirement goals are, whether it to be a little bit more aggressive or maybe it's leaning more on the side of safety. And we try to make sure that every plan is custom to the clients that we are meeting with. And so that's part of the process when we sit down.
[00:27:20] Speaker F: Yeah.
[00:27:20] Speaker C: And then moving forward, of course, you work together to create that plan based on all of that that you learn.
And then, you know, you sort of do that deep dive that analysis to create the plan and create it with the people that you meet with and that you work with. And folks, if that sounds like something that would be good for you, if it sounds like a relationship that you would like to find yourself in financially, where someone is working with you and for you and not against you, and just telling you what to do, but actually listening to your concerns and your wants and needs and desires for retirement.
[00:27:51] Speaker G: You can give them a call at 386-977-9684 or you can visit plan retirement.
That's planretirementyourway.com or 386-977-9684.
[00:28:07] Speaker C: All right, well, Bradley, Madison, thank you both again so much. Really do appreciate your time.
[00:28:11] Speaker D: Thank you.
[00:28:11] Speaker E: Thank you Matt.
[00:28:12] Speaker C: Thank you. And we'll see you again next time for another edition of Retirement your Way.
[00:28:17] 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 BCM but are offered and sold through individually licensed and appointed agents not affiliated with the United States Government. Bradley and Madison Hardin 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 responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with the guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information.
