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-- one of the top retirement experts in the nation joining us right now -- -- a bastion with one for the money financial.
-- retirement expert is that really true well.
My retirement expert I guess we use expert loosely but I do a lot everything yeah yeah I'm sure your setup.
Yes I -- set up for my retirement trying to help everybody else -- well.
We'll get there every day.
So night -- -- -- for ought yeah at least who have less.
Not not nearly enough I think the last -- -- the less than 10% of Americans are prepared for retirement so why aren't.
You know it's because we're we're we're really society procrastinators.
And we don't really have a date in mind anymore and -- things in the retirement industry are changing faster than.
Any other time in our life when we're talking about pensions and income in Social Security.
Although -- -- I that's all in constant flux so how do you plan for that when.
When the things that he used to be able to count on are no longer there how long do you see us working on average until what they -- go.
You know prepping for many people it's going to be close to seventy years old and I think that I -- think so I was I was really surprised.
We are living longer which is which is -- a good thing I guess and a bad thing.
Right and our -- -- so much more now I mean there are.
We were joking in the break -- -- -- you have a Twitter -- you know -- do with seniors and pretty -- seniors are now all these mobile devices that have Twitter account that all those things expenses and a monthly -- -- you know absolutely.
-- we're talking about six key elements that you found.
Right so we can be sure that we can retire with like five year heads up -- where do you wanna start this what's the top thing.
First I talk about his income and you really have to know what your source of income is going to be because -- scariest thing is to give up a paycheck.
Mean it's one of the scariest things that that -- retiree does this have no longer earning a wage and typically that income come from one of resources Social Security.
A pension or investment income.
But the key is not to be dependent on -- sole income so low income source you have a couple of income sources.
If both spouses artwork -- -- may retire at the same time.
I I like seeing the spouse is retired together because it can cause him to its board yeah when one is a home.
Hello I know I guess yeah and so does every time together they go on trips and -- do those things together go -- grandchildren thing but -- -- a double whammy in terms of how you campaign that's a paycheck and even more important to have a plan right I mean that's why they need to have a plan going into it together.
Okay what are some other tips taxes taxes taxes are a huge one because for seniors retirees who are using Social Security -- some part of their income.
They get taxed at 32000 dollars on there's just over 32000 -- -- -- when -- Social Security becomes taxable.
So that's fifty -- 32.
Thousand dollars dollars Social Security starts to attack at what percent -- well depends on how much they are over but it's 50% of their Social Security becomes taxable so.
Forget about -- 450000.
Low levels you -- a hard time.
Financiers who are too worried about Warren Buffett's secretary because they're paying taxes twice right you and I pay taxes on our Social Security as we contribute now.
And many seniors retirees are paying taxes on a later on the getting tax really on the same dollar twice.
And that happens -- just a very low income level.
-- a couple of 32000 dollars when you advise folks getting ready to retire they surprised by that is that -- -- and in a lot of times I don't see where it is on their tax return but when they see it it bothers them.
They they see that tax coming -- -- -- paying taxes on social security and it really bothers them because they know that that regarding pay tax on that money once before.
One and we have a chat and wanted to -- lady writes in his -- and she says how do you save for retirement when you're living from paycheck to paycheck.
-- rising inflation but not rising -- Yet you stop living paycheck to paycheck and I know that's so hard for Americans because we have to look at those things that we view as necessities.
And decide what we have to putt and and we have very different views on them but you have to cut something out.
You know you have to -- him.
I think -- even if you -- there's not even -- Heidi as you are.
You know we can find something and we can we do in life often when we need that little extra gift for for one of our children.
When we have some it was very important to us we will make the necessary cut but we just don't -- retirement.
As that necessary -- that big of -- assassinated I think it's.
It's so far away I wanna -- -- an emergency surgery and a four year college tuition -- aren't.
Top -- up -- but an emergency happens and somehow we find the money.
So we need to -- retirement as an emergency otherwise we'll be.
All of them with our grandkids in the analyst for -- so you Mac and half.
Million -- -- and the united savings.
The next topic here's investment down pretty product category that's a huge category because there's so many options right but possibly.
There's never been in more polarizing world for retirees to think about as it comes to investments.
I historically low fixed interest rates.
And probably the most incredibly volatile market we've ever seen by and so seniors are forced to choose one extreme -- the other two I rest my savings my wrist my principal.
We're going to let -- sit on the -- at 1%.
And you can see -- they're born with the saying what do I do Y I I don't want to lose my money I don't want to risk it.
And many have written and Everest and that's out Arnold sub prime mortgage mess the tech sector crashing all of -- hurt.
I am a huge fan of very conservative retirees.
Retirement strategies like.
Fixed indexed annuities whether.
Where -- zero market volatility there -- still participate in some index linked returns.
Without the wrestle for long term savings that's a great strategy.
But but certainly I don't think seniors retirees or even people who -- retiring the next five years should be gambling a lot of the money in the market.
That's a tricky topic for a lot of people.
Hard it's very it's a very very sensitive subject.
Anything -- -- parent -- they've got some of their investments some good some bad at all because they're nervous about the fact that they're starting to retire you know.
And in a lot of them fillets -- and I find an educated in the stomach.
States yeah they're they're people don't know where to go and support to find an advisor who works with seniors and retiring in regularly what.
Okay well if you say no but the bottom when -- saw a lot of people out there who specialize in seniors.
And it's such a different time of life they should have an advisor that does know -- -- -- and retirees need.
It about a minute left and wanna get through -- there point eight health -- is the next issue health -- big changes coming up we've just heard some announcements on how Medicare Advantage plans are going to be affected -- -- and 25% of Americans are depending on -- Medicare Advantage programs and so it could go get more expensive and interestingly enough.
I asked clients that -- -- all the time how many -- you would recommend that your child or grandchild.
Become a doctor.
And all of them say no no longer and that's a that's a scary -- so health care is changing for short added estate planning estate planning a big one there are talking about the law we're allowed to represent ourselves and all things legal one of the great things about America.
Unfortunately comes estate planning when it really matters -- -- We're incapacitated.
Right so -- an attorney do it don't know what I'm you don't have an attorney can speak for the can speak for your wishes in your desires.
Once you're all I want Angel at what point -- to get that set up its image you have children -- as you wanna choose who can raise your children if something happens to you.
You should have -- -- plan put in place so.
Thirty plus years yeah where you retire absolutely that's a disaster isn't part of me is what happened -- Montgomery instead of my kids and planet found here in -- -- that family make decisions now for how your family -- decisions if -- family let's say.
Your kids want to live with you want to retire they need to borrow money.
How those conversations with your spouse now so you don't have an answer those questions later also doesn't affect that relationship so dramatically.
I could have gone back to the chat now -- right once again -- we did sorry okay.
Up by county it's time to loosen restrictions on for a -- transfers.
I dispersant plan has more offerings and they need flexibility for growth could easily -- -- yeah I.
Couldn't agree more -- and pistol in service distributions -- in service rollovers where you can opt out of your company's plan.
And sweep out the balance of rollover somewhere where you have more control over that 401K it's still keeps a tax -- -- it's not a taxable event.
But I think workers should have more choices within their retirement accounts because a lot of 401K options people just don't want.
It you know I think -- -- seven beginning.
That people just procrastinate you think that really sums this up because as you're saying all these great point and -- I did my taxes last night.
Well might -- -- long time I felt so overwhelmed I couldn't imagine having to plant that we are out if I can barely get what happened last year.
I know it's just we just put it away if we just heard way and -- -- the worst thing he can do it.
Thanks so much that it Ashton with one for the money and -- Your article your website on our -- -- have an article on foxbusiness.com.
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