585A-BOSS Perfect Storm_Final 1080p/docx

 

Speaker 1 (00:00):

The following program is sponsored by boss retirement solutions.

Speaker 2 (00:05):

Are you recently retired or nearing retirement? You could be walking into a perfect storm of events that could have significant financial consequences for your retirement savings. Hello, I'm Lisa Hart and welcome to retirement solutions, TV, skyrocketing, inflation out of control, government spending rising interest rates and stock market volatility. How will these events impact you and your retirement and what should you do now with your hard earned savings coming up on today's show, we're going to talk about the three biggest threats to your retirement savings today. And some little known strategies that could help protect and grow your nest egg

Speaker 1 (00:46):

Saving for retirement is a great start, but it's what you do with this money. That really matters. How will you reduce your taxes? Generate income, minimize your risk, maximize your social security benefits and more welcome to retirement solutions, TV with Tyson factor and Ryan factor of boss retirement solutions. This is where you can count on straightforward and objective advice about how you can make your money go a lot further in retirement.

Speaker 2 (01:16):

Hello, I'm Lisa, Harton welcome to retirement solutions TV. Today, we are talking about a perfect storm of events that could threaten your financial security in retirement. Joining us on Ryan Thacker and Tyson Thacker from boss retirement solutions. They are published authors with more than two decades of combined financial planning experience, and they are winners of four best of state awards, Ryan and Tyson. It's so great to see you,

Speaker 3 (01:41):

Lisa. It's great to see you too

Speaker 2 (01:45):

Guys. I know we're here to talk about this perfect storm of events that's brewing right now. So let's go ahead and dive right in with the first one. What is that?

Speaker 3 (01:54):

Lisa? The first big threat to everyone is soaring inflation. Now, why is this important to you? Well, Ronald Reagan was once quoted as saying quote, inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a Hitman close quote. Now, most people don't realize it, but when inflation rates are at normal levels of two to 3%, your purchasing power could be cut in half in just 20 years. So even when inflation rates are normal, it's a big problem for retirees. But with inflation rates that have been three or four times higher than normal, this becomes a massive problem, especially for retirees, because it could make your purchasing power deteriorate even faster. Now market watch gives us an example and they say, if you plan to spend $5,000 a month in retirement, when inflation is at 3%, your purchasing power in 10 years would decline to just $3,720 a month. In 20 years, your purchasing power would be only $2,760 a month. Nearly cut in half. Now, prices have gone through the roof on everything we buy, including groceries, gasoline, and utilities, but it doesn't stop. There. Prices are sky high on travel, airfare, rental cars, hotel rooms, plus housing furniture, electronics, and really anything else that you buy right now?

Speaker 2 (03:27):

Yeah, I mean, it really is. And it really seems like this inflation issue just keeps getting worse.

Speaker 3 (03:34):

Absolutely. Lisa, in fact, for months, the government was saying that inflation was just transitory, but that wasn't the case. They didn't act quickly enough and inflation got out of control and now we're all paying the price. Literally. Now some economists, Lisa warned this inflation could be far worse than we know. And here's why if we still measured the CPI, by the same way we did back in 1982, the real inflation rate would be in the mid teens, which would be the highest in our country's history.

Speaker 2 (04:08):

So how would you say inflation affects retirees?

Speaker 3 (04:13):

Great question, Lisa here's the bottom line. Inflation is incredibly dangerous for retirees because you're living on a fixed income, especially at rates this high, you only have so much money to spend every month and the higher prices rise, the less money you have for your necessities. You could soon find yourself forced to make unthinkable decisions between buying food or buying medicine,

Speaker 2 (04:38):

Man. So, I mean, where would you say this is going next?

Speaker 3 (04:41):

Good question. No one knows, but many inflation experts are warning. This could lead to stagflation if it's not already here or worse yet, a recession economists Larry Summers who served as the 71st United States. Secretary of the treasury says that the near term chances of a recession are already over 50% because the fed has allowed itself to get too far behind the curve in battling inflation.

Speaker 2 (05:12):

Now, could you guys explain what stagflation is for many of our viewers who, who may have some questions around that?

Speaker 3 (05:19):

Yes. Great question. Stagflation. Lisa happens when you have high inflation rates and slow economic growth. It's a nasty problem. We haven't experienced since the 1970s or early eighties, but given today's inflation rates coupled with labor shortages and the great resignation we could be in the early stages of stagflation right now. And we all see what's happening with inflation. We know it's a huge problem. So the question is, what are you doing about it? What have you done with your investments to stay two steps ahead of inflation? Well, I'm only asking because if you don't have a plan to fight inflation, you could run through your entire life savings far too soon. Now the good news, Lisa is there are some simple strategies that could help you stay ahead of inflation. So you don't lose your purchasing power in retirement. And that's why in today's show, we want to help you just look at the issues and say, now what can we do about it?

Speaker 3 (06:18):

So Tyson, what are our thoughts here? Yeah, Lisa, here's the number one question we get asked when anybody comes into see us in one of our offices and it's this, do I have enough? They wanna know and they've recognized first off have I saved enough? But even more importantly, what does that look like from an income perspective with inflation, with the gas prices, rising the costs of insurance, the cost of really everything, uh, that we're experiencing right now through inflation, going up and with so many seniors on a fixed budget, they wanna understand how this works. And the great thing about it is that we plan with inflation as part of our boss retirement planning process. That's the great news for you today is we've already included it to help people to have that peace of mind to and through a retirement. You know, I think Lisa, if, if you're looking at an inflation right now, it's easy to see the cost of meat in the grocery store, the, the skyrocketing cost of gas prices. And then you look at even healthcare and what it's costing you every month, um, healthcare costs are out of control. And so what does this mean to you as you watch this, it needs to come down to a strategy, having a strategy to fight inflation. A plan is what gives you confidence as you move forward so that you know exactly where that comes coming from each and every month, so that you can have a chance to fight against inflation regardless of what happens moving forward.

Speaker 2 (07:55):

Wow, guys, that's a lot to take in. I'm sure a lot of people don't consider just how serious the impact of inflation is in retirement, even when it's low. So what could our viewers do in this situation to really help protect themselves?

Speaker 3 (08:10):

Lisa inflation is a huge problem for anyone who's recently retired or nearing retirement, but it's not the only problem. We have other big challenges with our economy, the stock market potential higher taxes and the skyrocketing cost of healthcare. And more. So the big question is how do you grow your nest egg today? For example, if you wanted to add a hundred thousand to your nest egg right now, it would probably take you a long time to save this much money. Or if you invested your money and realize this kind of six-figure gain, it would also come with a lot of risk. But what if I told you that you could add $100,000 to your retirement savings very quickly and you could do it with taking very little investment risk? The good news is, is you can, and the way to do this is by taking advantage of tax planning. And the reason why is because the savings could be tens of thousands, if not hundreds of thousands of dollars. And that's why we've put something together just for you as you're viewing this today so that you can take action. We'll show you exactly how much money you could save in taxes when you retire with our free customized boss, retirement tax savings analysis.

Speaker 2 (09:25):

So guys, can you explain how exactly this works?

Speaker 3 (09:28):

Lisa, I'd be happy to once we get some basic information from you, we determine the tax saving strategies that are best suited for your specific situation. And then we simply sit down and share these strategies with you. So you can see exactly how much money you could save. Now, many advisors don't even offer this as a service or worse yet they charge thousands of dollars for a customized analysis like this, but we're not gonna charge you a dime

Speaker 2 (09:56):

Guys. Thank you. Learn how much money you could save in taxes when you retire with this free retirement tax savings analysis from boss retirement solutions. So if you've saved at least $200,000 for retirement, schedule your free analysis. Now by calling 802 6 0 81 13. Again, there is no cost or obligation, but this opportunity is only available if you call today. So again, that number is 802 6 0 81 13. And when we come back, we're going to share one of the most significant threats to your retirement savings. Today.

Speaker 1 (10:34):

You're watching retirement solutions, TV with Tyson Thacker and Ryan Thacker from boss retirement solutions. This is where you can count on straightforward and objective advice on how you could make the most out of every dollar you've saved for retirement.

Speaker 2 (10:50):

Welcome back. I'm Lisa Hart. And thanks for joining us on retirement solutions TV. Today, we are here to talk about a perfect storm of events that could threaten your financial security in retirement. Joining us are Ryan Thacker and Tyson Thacker from boss retirement solutions. They are published authors with more than two decades of combined financial planning experience, and they are winners of four best of state awards. Ryan Tyson. Thanks again for being here today. I know we're talking about this perfect storm of events facing anyone that's in nearing retirement. So what is this second threat?

Speaker 3 (11:28):

Lisa? The second biggest threat that everyone is concerned about right now is higher taxes. Most people believe that they'll be paying fewer taxes all through retirement. And that makes sense because you're no longer earning a paycheck, but unfortunately that won't be the case for most hardworking Americans. By the time you add up the taxes with your IRA and 401k, your social security benefits and other investment income, you could be paying even more taxes all through retirement and the make matters worse. Our government has spent trillions of dollars in economic stimulus, new infrastructure and social policy bills. Now our national debt has just surpassed a record, $30 trillion in counting, but everyone watching is smart enough to know money doesn't grow on trees. Somebody has to pay for all of this. So what's critical to understand is the government doesn't have money of its own. So the only way to pay down this trillions of dollars in debt is by raising taxes. If you're retired or nearing retirement, these higher taxes couldn't come at a worse time. This could drive up taxes. You'll pay when you withdraw money from your IRA, your 401k, your social security benefits, investment income, and so much more. So the money you are counting on in retirement could end up being a small fraction of what you thought it was going to be.

Speaker 2 (12:57):

Wow. I mean, this could impact the taxes on your income, but would you, there are any other areas that could some trouble

Speaker 3 (13:06):

And you could get hit by higher taxes from a variety of different ways, including higher income taxes, higher capital gains taxes, higher corporate taxes, higher estate taxes, and the list goes on and on. And here's the kicker. Lisa, the government has the power to change the tax laws, however, and whenever they feel like it so they can raise your taxes anytime you want. And you have no say whatsoever,

Speaker 2 (13:34):

Man. I mean, most people believe they don't have any control over their taxes, but you know, I'd say that's not necessarily true now is it?

Speaker 3 (13:41):

You are right. The good news is you have more control over how much you pay in taxes in retirement than at any other time in your life. The majority of Americans all do the same thing. They simply prepare and file their taxes every year on April 15th. But aside from a few deductions that might be able to save you a few bucks what's done is done. And if you wanna save a lot of money in taxes, you have to take advantage of tax planning here. You're looking forward, not backward. And the tax savings could be tens of thousands, if not hundreds of thousands of dollars for you in retirement. So Lisa, this is absolutely a significant part of what you need to do for retirement. And Lisa, what we wanna be clear on is we're not talking about, uh, not paying our fair share. Everybody feels like that.

Speaker 3 (14:31):

They want to take care of, uh, emergency services, education, those types of things. But with the record stimulus, with all of the different pieces that are coming into play, as it relates to taxes, when we go to a public seminar, invariably people raise their hand and say, taxes have gotta go up. So we wanna make sure that no matter what is happening on Capitol hill, back in Washington, that we put the power back in your hands to be able to understand and take control of your own tax situation. So Lisa, when you think about taxes in your own personal economy, the best thing to do is first of all, take a look at where you've saved your money for retirement. For the vast majority of baby boomers, that money is gonna be in IRAs or 401ks. Which what that means is you've put the money in pre-tax it's grown tax-deferred, but the word deferred means we're simply kicking the can down the road.

Speaker 3 (15:32):

And that tax burden is not going away. It's just growing and compounding hopefully along with your money as it's growing and compounding. But when you look at then the point where you need to start taking that money out, this is where the taxes really start to add up. And if there's not a plan or a strategy, you look at things like required, minimum distributions, you're turning on your social security. You may have pension income. And then you add all of those things up together with your investment income. And the effect of that on your taxes is you could be paying far more in taxes than you even realize in retirement Tyson. This is the needle mover that we talk about so many times that this is the area that you really need to pay attention to so that you can minimize those taxes. That's right, Ryan and Lisa has so many of the people listening today. You're given the advice of, don't worry about taxes. They'll take care of themselves. You're gonna be in a much lower tax bracket. It was as we've already expressed. Mm-hmm <affirmative> the reality is we haven't seen that with thousands of people that we've helped to retire over the years.

Speaker 2 (16:34):

That is certainly the goal. So Ryan Tyson, what is the best advice that you could give to our viewers about these higher taxes in retirement?

Speaker 3 (16:43):

Lisa, if you have an IRA or 401k, you want to think of this as your money, but really it's a joint account between you and the IRS, because remember you still have to pay taxes when you withdraw this money from your retirement accounts and it could end up costing you a lot more in taxes on these accounts than you know. Now the good news is there are ways that you could dramatically reduce your taxes in retirement. And that's why we've put together something just for the viewers on the show today. And we would like to invite you to learn how you could reduce your taxes in retirement with a free customized boss, retirement tax savings analysis.

Speaker 2 (17:23):

Now, could you tell us a little bit more about how exactly that'll work,

Speaker 3 (17:26):

Lisa? It's pretty simple. We get some basic information from you. We determine the tax saving strategies that are best suited for your specific situation. And then we simply sit down and freely share these strategies with you. So you can see exactly how much money you could save in your own retirement. Now we're not talking about some obvious deductions here that might help you save a few bucks. These strategies could help you save tens of thousands. If not hundreds of thousands of dollars all through your retirement. Now here's the best news. This customized analysis is free. There's no obligation, but we can only offer this to the qualified viewers who call us today.

Speaker 2 (18:09):

Ryan Tyson, thank you so much for this. Offer everyone at home. You can learn how to reduce your taxes in retirement with this free retirement tax savings analysis from boss retirement solutions. Again, there's no cost or obligation, but this offer is only available if you call today. So if you've saved at least $200,000 for retirement, schedule your free analysis. Now by calling 802 6, 0 81 13. Now all you have to do today is call and leave a message. And again, that number is 802 6 0 81 13. Are you concerned about stock market volatility and how it could impact your investments? Well, you do not want to miss our next segment. We'll be right back.

Speaker 1 (18:55):

Social security, taxes, income and risk. We tackle the toughest challenges facing anyone that's in or nearing retirement today. Welcome back to retirement solutions, TV with Ryan Thacker and Tyson Thacker of boss retirement solution.

Speaker 2 (19:12):

Welcome back I'm Lisa Hart. And thanks for joining us on retirement solutions TV. Today, we are here to talk about a perfect storm of events that could threaten your financial security in retirement. Joining us are Ryan Thacker and Tyson Thacker from boss retirement solutions. They are published authors with more than two decades of combined financial planning experience and they are winners of four best of state awards. Ryan Tyson. Thanks again for being here today. I know we're talking about this perfect storm of events facing anyone that's in nearing retirement. So what is this third threat?

Speaker 3 (19:50):

Lisa? The third threat is continued stock market volatility and why it could be a big challenge to get a decent return in the stock market for the foreseeable future. With the exception of a short stock market correction during the pandemic, this has been the longest bull market in history. The Dow has been on a tear since March 6th, 2009, when it hit a record low of 6,469, but this it's a new day. Isn't it. Today we're facing significant headwinds, including soaring inflation, geopolitical turmoil, rising interest rates with the fed tightening monetary policy. And this has triggered increased stock market volatility. And even the biggest wall street cheerleaders are saying don't expect the same returns you've been getting in the past handful of years, and it's going to get a lot more challenging.

Speaker 2 (20:45):

So I'm sure all of this is making people a little bit nervous.

Speaker 3 (20:50):

Lisa, we see it every day, but the worst thing that you can do during market volatility is panic Excel or make an emotional knee-jerk decision. When you panic Excel, you lock in any losses and miss out on any of the potential gains. When the market does eventually recover. We have been indoctrinated in fact, to believe in buying low and selling high. So when the market falls, we all get nervous. Nobody wants to lose money, but missing out on the gains when the market recovers ends up being a lot worse,

Speaker 2 (21:23):

That makes a lot of sense. So are some people trying to time the market? Would you say with all of this volatility,

Speaker 3 (21:30):

There will always be someone out there trying to time the market, but it's impossible to do this. You're better off establishing an investment strategy that doesn't revolve around getting the timing of the market, right? There's no way to tell when the stock will bottom out or when a stock will reach an all time high. As the saying goes, it's time in the market, not timing the market that counts and by sticking to your long-term investment strategies, a few market fluctuations should be easy to navigate over the long term.

Speaker 2 (22:03):

Absolutely. So what do you say should retirees be worried about market volatility?

Speaker 3 (22:09):

It's natural to worry about volatility. If you retire during a strong economy and a bull market, the wind is at your sales and this could help your money last a lot longer during your retirement years. But according to CNBC, if you retired during a downturn in the stock market or what we call a bear market, the combination of losses to your investments and the need to make withdrawals to pay for your retirement could leave you with two thirds, less money for the rest of your retirement life. This is called sequence of returns risk, and you can't ignore its impact or take it lightly because that's exactly what's happening right now.

Speaker 2 (22:48):

Yeah, absolutely. So what do you say, is there any way to say protect yourself against sequence of returns? Risk?

Speaker 3 (22:55):

One possible strategy is consistently updating and rebalancing. Your portfolio is the best defense against stock market swings. You should update and rebalance your portfolio and the investments in that portfolio every six to 12 months, or if there's any significance shifts in the market, like there is in the recent past as your investments grow or shrink, your asset allocation will become out of balance, which will cause you to your portfolio to be either too aggressive or too conservative. And Lisa, when you look back in time in history, Tyson, there's really some time periods, 2001 in 2008 that really stick out in people's minds when it comes to stock market volatility. Yeah, there's usually those time periods because that's when the market really declined. And, and people felt like, oh my gosh, am I ever going to get those returns back? There was that volatility, then big drops.

Speaker 3 (23:50):

And on average, you need to understand it takes at least five years in a normal market to break. Even when those things happen. The reality is you can take back control of your own retirement by having a plan. It's what we call the boss retirement blueprint. You have the ability to save money, to be able to look at your income, to be able to grow your, your, uh, nest egg efficiently, to save on taxes and then pass it on to those causes or family members you love. You truly can take back all of this and protect your nest egg in a way that you probably didn't realize you could. You know, if you look back at these time periods, um, you see, uh, black Monday in 1987, you see the tech bubble of 2001. You see the great recession of 2008, and then we've been on this market, uh, tear since 2009.

Speaker 3 (24:45):

And these time periods, it's normal and natural to be nervous at what's happening with your different investments. And if you're trying to time the market, you most likely will make mistakes. Because as we talked about earlier, it's impossible to find the exact bottom or the top of the market. And so this is where a disciplined long term, well diversified strategy in your portfolio is key to making sure that you can weather these storms and Tyson. When we talk about the income bucket on the boss, retirement blueprint, why do you retire on income and not based off of market gains? Um, in retirement, the reality is we already talked about that sequence of return risk, where if you retire in an upmarket, you have more money as you're drawing that income out. And when you go into a down market, the money is leaving the bucket at the same time, you're withdrawing even more. And so as a result, we always are going to tell you that we're going plan for at least three income streams all through your retirement years, because one of those could always dry up. The market's gonna always change. And we wanna make sure that you stay in complete control of your retirement

Speaker 2 (25:54):

Guys. That sounds like a sound way to plan for the future. So all of this market volatility, it could have a huge impact on your retirement savings. What is the best council you can give to our viewers today?

Speaker 3 (26:07):

Lisa, there could be strong headwinds ahead for all investors in today's markets. And this could last for quite some time. So trying to grow your nest egg in this environment comes with even more risk. Now, most people wouldn't think of this, but the fastest and safest way you could grow your nest egg right now is by reducing your taxes in retirement. After all the less money you pay to the IRS, the more money you have to spend in retirement, right? That's why we put something together. Lisa, just for the viewers on the show today, we want them to learn how you could dramatically reduce your taxes all through retirement with our free boss retirement tax savings analysis.

Speaker 2 (26:50):

Now, could you explain just a little bit more on how exactly this works?

Speaker 3 (26:54):

Sure. Once we get some basic information from you, we'll determine the tax saving strategies that could be best suited for your specific situation. Then we'll sit down and freely share with you these strategies so that you can see exactly how much money you could save. Now, many advisors charge a few thousand dollars for a customized analysis like this, but we're not going to charge you a dime and there's no strings attached

Speaker 2 (27:20):

Ryan Tyson. That's amazing. Thank you. Learn how you could reduce your taxes in retirement with a retirement tax savings analysis from boss retirement solutions. Now there is no cost or obligation, but again, this offer is only available if you call today. So if you have saved at least $200,000 for retirement, schedule your free analysis. Now by calling 802 6 0 81 13. Again, that number to call is (800) 260-8113. That is all the time that we have for today. Thank you so much for watching retirement solutions, TV with Ryan Facker and Tyson. Facker a boss retirement solutions. We look forward to seeing you all again, next time

Speaker 1 (28:06):

They've helped thousands of families maximize their social security income and they could help you too. If you've saved at least $200,000 and have not filed for social security, schedule your free analysis. Now by calling 802 6 0 81 13, the previous program was sponsored by boss retirement solutions.