Webinar - September 2022

Speaker 1 (00:07):

Welcome everyone. I'm Ryan Thacker. Just want to welcome you to our webinar today, sponsored by Boss Retirement Solutions and Advisors. Today we're talking about the three things you can control that could boost your retirement savings. This is gonna be very, very important stuff here today. And Tyson, I see lots of people logging on, so, you know, while everyone's logging on, uh, let's talk about the things that our attorneys make us say, <laugh>. Um, first of all, they, they tell us that, uh, you wanna make sure that you just look at this disclaimer here. Obviously, we're gonna talk about some information today. This is for informational purposes only. Um, make sure that you don't look at any of this as specific information to you or anyone listening to this. Uh, you always wanna make sure you get the proper legal advice and tax advice from a independent attorney or tax advisor.

Speaker 1 (00:57):

So, uh, Tyson looks like we got a lot of people on here. Let's get started. Yeah, let's introduce ourselves as well, Ryan. Uh, I'm Tyson Thacker, along with my brother Ryan. Uh, people have called us for years, the Retirement Brothers. And, uh, we love being able to share, uh, a lot of great things about retirement. And today is no different. We've got some amazing things prepared for you today. We come from a family of, of seven kids. Uh, our dad was a barber, uh, for over 40 years. And the things that he taught us at the things that we've learned over the years are 20 years plus in financial services. We're gonna really, uh, share with you today and, and, and help you to get to and through retirement. Isn't ironic that our dad's a barber and we don't have any hair <laugh>. I just always think that's interesting.

Speaker 1 (01:42):

You know, you may have heard us on, uh, local media or even national media. Uh, we're fortunate. We love our, our radio show, our TV programs that we have. Our philosophy is good information to, to good people. You can make great decisions. And, uh, Tyson, we also, uh, we've been fortunate, uh, to be awarded best of state for the last three years in a row. Um, these are great things, but it's not what we're most proud of, right? Yeah. What we're most proud of is helping thousands of families retire successfully. And Ryan, it really is the most rewarding thing that we do at our job every single day with a great team behind us, is to help people to, to understand not only the pitfalls, but how to overcome them so they can truly do what they want to do in retirement. You know, Tyson, um, we speak with thousands of of families every year.

Speaker 1 (02:32):

And, um, what we wanna talk about today is what's on everyone's mind. There's so much going on with our country right now, with the economy, and yet so much of what's happening, it feels like it's totally out of your control. There's so many things that you feel like you can't control today, and if you're nearing retirement, this is a big concern. And, um, so that's what we want to talk about today. Yeah. One of these concerns is out of control government spending, Ryan, the government spent trillions of dollars in for economic stimulus for infrastructure, and now we're roughly at 30 trillion in debt, which obviously is a record high. And Forbes recently published an article that said that our debt, if we are on the same track, could be 78 trillion by 2028. And after all, we spent 5 trillion just in the last year on, on some of these things.

Speaker 1 (03:27):

So it's piling up fast. Well, and Tyson people are smart enough to know that money does not grow on trees and somebody has to pay for this. Well, somebody is me and somebody is you and everyone listening to this. Yes. And you know, when you look at this, uh, many people feel like the only option is by raising taxes. And this is a headline from Forbes. Everyone needs to pay attention to this. It's short and sweet. Higher taxes are coming. And we've been expecting this for a while now. And right now what most people don't realize is taxes are lower. They've been in over 40 years and we've had this perfect storm of events and we're gonna have to raise taxes. And unfortunately, we don't believe that taxing the ultra wealthy, the billionaires is gonna be enough. We think that all hardworking Americans are gonna be paying this price, including everyone that's listening to this and me and you, Tyson.

Speaker 1 (04:25):

That's right. And so the next problem is that if you're nearing retirement, there's going to be continued record low interest rates. And what they're doing is they're punishing good savers, returns on traditional, go-to fixed income options like CDs, savings accounts, or even bonds. Well, they're laughable. So what is that gonna do? Well, retirees are searching for higher yields and investing more money in the stock market. And what ends up happening is they're taking a lot more risk than they know, which could be a problem all through retirement. Well, and then while interest rates are lower, inflation is literally going through the roof. In fact, the Wall Street Journal recently reported that quote, Americans should brace themselves for several years of higher inflation than they've seen in decades. End quote. So the longer this continues, the more it looks like inflation is not temporary or transitory like the Fed's talking about.

Speaker 1 (05:22):

And what that means is this gets spelled big trouble, especially for retirees and those people living on a fixed income every month, because inflation, it's around every single area that we're looking from. Transportation to housing, to food items. You just go to the grocery store, you go to the gas pump, and you can see the effects of inflation right now, if we haven't depressed you enough, <laugh> a lot of issues for sure. Uh, the last issue that's out of control right now is the skyrocketing cost of healthcare. It's a huge concern to all baby boomers. In fact, it's one of the main things that people wanna talk about when we have public events. And we're keeping our eye on these projections because one thing that is a problem and continues to be a problem is these costs continue to go up. Look at that. The average couple needs $469,000 for healthcare costs and long-term care that ain't chump change that they need to plan for.

Speaker 1 (06:15):

Ryan, as it relates to this article from Barons, you might as well build a house, right? Build a house with your long-term care. Have a nice house for that, uh, money. So, you know, we know that many of you listening to this call are super busy. And, you know, for those of you who are not able to stay on for the entire time here, what we're gonna be, uh, providing as a solution and a help for you is two reports. Uh, the first one is the Boss Retirement Tax Analysis. Um, this is where we can literally help you look at how do we have a tax plan for our retirement accounts moving forward. That could save you tens of thousands, if not hundreds of thousands of dollars. And then we also have a bonus report, the Boss Retirement Social Security Solution. And if you're not able to stay on the entire time, um, we'd love to have you get these.

Speaker 1 (07:02):

You can get these by calling right now, 8 0 1 6 4 2 46 19, or you can click on the button that you see right there on the screen. Um, if you saved at least $200,000 for retirement, uh, give us a call right now or click on that, uh, screen and make sure that, you know, you need to call today. Um, cuz this is a limited time offer. So, Ryan, we've talked about so many things that are out of our control. Let's start talking about the things that are in our control. We wanna go from overwhelming to answers today. And there are a handful of things that you can control that could dramatically boost your retirement savings. And Ryan, what are these three things that we need to be talking about? They're first taxes, second social security, and third investment risk. We can help you to understand how you can control each of these interns.

Speaker 1 (07:51):

So let's, let's jump into how and, and why we can help people to make this happen. Well, this first one, this shocks a lot of people. And that is you can control how much you pay in taxes in retirement. And in fact, you have more control over how much you pay in taxes in retirement than any other time in your life. And the reason why is because think about it, if your paycheck goes away and now you've got all these different retirement accounts you can control when you turn on your social security, you can control if you have a pension. When you turn that on, you can control when you take withdrawals from your IRAs and 401k. So this gives you an opportunity to control how much you pay in tax in retirement. And Tyson, we see this with families that come in, we visit with all the time, right?

Speaker 1 (08:33):

We do. In fact, we love to share examples. So let's, let's talk about an example today and put yourself in your, in in your shoes here, uh, of this couple. Um, because, uh, so many times as we talk about examples, you do have the opportunity to think about your numbers in your way for your retirement. So, uh, you come in for a first meeting and let's say that you've saved 2.3 million for a retirement, that'd be a pretty great day, right? I think a lot of people on this call will be signed enough to be that couple, right? <laugh>? Absolutely. I'll be the couple that saved 2.3 million for retirement in, in fact, because you've saved 2.3 million, you may even say, I don't even need to come in. I got plenty of money <laugh>. And, and so don't worry about me. I'm gonna be able to be okay through retirement.

Speaker 1 (09:18):

Yep. But you know, here's the, here's where it starts getting a little bit crazy, is when you dive into the conversation about savings. And we do this for thousands of families every single year. What we find is most of you have saved money in your IRAs and 401ks. It could be a TSP or a 4 0 3 [inaudible], any of these pre-tax retirement savings. One big problem with them, you've never paid a dime in taxes. And so if you, this were, were you and you've saved this 2.3 million, you never paid a dime on this 2.3 million net stake, um, then you have to realize that there is a tax tax train bearing down on that account. Well, and that's where I'd say you haven't paid any taxes yet, right? Yeah. But you will <laugh>, you will. And, and then, uh, as you're withdrawing that money, you've gotta recognize that you're pulling out even more to cover the tax bill on the withdrawals.

Speaker 1 (10:08):

So this could force you into a higher tax bracket, which could mean even higher taxes that you're paying all through retirement. So it really becomes a, a thing that you need to understand how you can plan what's gonna be the best for you. And so, um, here's what happens next. Uh, if you are that couple, um, and you wanted to follow through without any tax planning, you'd run outta money far too soon. Uh, in this example, uh, that we're using, let's say you ran outta money at age 73 because of pushing that up into such a higher tax bracket, right? That's not gonna feel very good at 83. It's, it's really not <laugh>. And, and, and so, you know, if you're that couple, you may even fall outta your chair, right? And, and so what, what makes matters worse, right? Well then you look at inflation, the higher taxes that we're talking about.

Speaker 1 (10:57):

And this is where it's that lethal combination of where you could run out of money far too soon. And I think a lot of families think, oh, I've, I've got millions of dollars save for retirement, or I've got this pension from work and I'm gonna be just fine. And they don't realize what is the, what is the overall impact of all these different combinations of a perfect storm coming together. And the bottom line is with these combination of things that come together, this is where people could run outta money far too. Absolutely. So here's the good news is we can help you to implement some tax planning strategies that are gonna help you to save hundreds of thousands of dollars that stays in your pocket and to keep you on your retirement timeline that you wanted to stick to and we're gonna be able to help.

Speaker 1 (11:43):

So, Ryan, how does that work? Well, it comes back to this principle of you can control how much you pay in taxes in retirement. And if you think the taxes are gonna be higher in retirement, this is the time to start doing something about it. The misconception is, many people think they're gonna be paying fewer taxes in retirement because their paycheck went away. But for many hardworking Americans, this is not gonna be the case. And this, when you add up all the taxes on your IRA and 401K and on your social security income and taxes, on your pension taxes, on your investment income, you could be paying far more than you think in taxes. So you need to have a plan to control that. And really, Ryan, there is a huge difference between tax preparation versus tax planning. Tax preparation is all about, uh, being able to look at what you got for your W two s, a few charitable donations, and you file your taxes on TurboTax or maybe you have your C P A or your accountant help you.

Speaker 1 (12:41):

Bottom line is, is you're recording history and as you're recording that history, what's done is done. And uh, so you may save a few bucks, uh, in, in deductions, but we wanna help you to take advantage of tax planning here. You're looking forward, you're looking 10, 20, 30 years even into retirement and helping you to make sure that you put as much money back in your pocket instead of and paying it to the IRS needlessly. Well, and I just want to emphasize this point, Tyson tax planning equals tax savings. And to be clear, we're not talking about simple deductions that might save you a few bucks. We're talking about tens of thousands if not hundreds of thousands of dollars. And when you combine that with the fact that taxes are lower than they've been in 40 years, this is the time right now with trillions of dollars in economic stimulus infrastructure update deals, coupled with our skyrocketing national debt, underfunded Social security and Medicare, we could see big increases in taxes on all hardworking Americans.

Speaker 1 (13:42):

And that could be just around the corner. So lastly, what we wanna emphasize is some of these tax planning opportunities could be expiring soon because our administration is talking about changing them within the year. So you've got this window of opportunity to take advantage of these tax planning strategies. So don't wait because we wanna make sure that we put as much money back in your pocket instead of the irs. Well, and let's talk about the next one here, Tyson, um, this principle that you can control how much you'll receive in social security benefits. And most people don't realize this, but this is the second area where you can control in what you receive in benefits simply by the timing. Yeah. So there was a research study done recently that was published not only by Forbes, but C B s, Bloomberg and others. And here's the bottom line that they found that 96% of Americans lose an average of $111,000 in social security income.

Speaker 1 (14:38):

And it's all because they claim their benefits at the wrong time in the wrong way. Now Ryan, obviously that $111,000, well that could go a long way in retirement. And how you could spend that money, we want that to be put back in your pocket. Well, and there's no doubt, um, that is one of the areas that is a big part of the planning. And you know, this could be one of the biggest financial decisions of your life. And the reason why is because how and when you take your social security, um, it represents literally not only lifetime savings from the very first paycheck that you made as a kid, 12.4% of that paycheck between you and your employer was going into social security. And so the payout of that, um, could be several hundred thousand dollars or even over a million dollars. So this is a big decision that you don't want to take lightly.

Speaker 1 (15:29):

Another important thing to understand is so many people think social security should be taken at face value. In other words, whatever is in your statement, uh, that you can [email protected], you think to yourself, well that represents my lifetime income. And, and so that's just what I'm gonna get. That could be no further from the truth. We want to help you to maximize every dollar outta Social Security. Well, and why do most people miss this? Why are they the 96% of Americans that leave $111,000 is because it's complicated. It's riddled with trap doors and the consequences of claiming your benefits. It's a lot more complicated than you think. And if you make a mistake, that's where you could endlessly lose or needlessly lose, uh, significant amounts of money, tens of thousands if not hundreds of thousands of dollars over your lifetime with Social Security. What does this all boil down to?

Speaker 1 (16:20):

This is not a one size fits all strategy. It's you. A lot of times we have people who come in and say, Hey look, I was talking to my buddy at work and he said that he was gonna wait until age 70. I think that's a pretty good idea because you can get an extra 8% of, um, every year that you, you wait to get your social Security. But that is one of the biggest mistakes people make is that they don't understand that it's a customized strategy's, right? There's 2,728 rules in the Social Security Handbook and you've gotta be able to understand how they apply to you, not somebody else. Well, and Tyson, it's not just, uh, your social security benefit, but it's also taxes, Medicare premiums and any other benefits. Um, and so you're trying to get the biggest check, you're trying to get the most out of, out of social security.

Speaker 1 (17:11):

And because when you file for Social Security, you could unknowingly trigger a mountain of taxes. You could double your Medicare premiums or you could thousands of dollars in benefits every year. That's why it's critical that you look at the biggest, uh, you look at the big picture, you step back, say it's not just about the benefits, but it's about all of this combined in order to get the biggest net net income. It's not how much you're making, it's how much you get to keep in your pocket at the end of the day. Well, Ryan, and so, uh, your strategy is gonna be completely unique to you. There's so many times where we've talked to even siblings that have come in and they assume that their strategies are gonna be the same. Yep. And at the end of the day, those siblings have completely different plans.

Speaker 1 (17:53):

Cuz one of 'em may have a pension, one of 'em may have, uh, a ira, one of them may have a spouse that's passed, one of them may be divorced. There's so many different scenarios as it relates to social security and how it interplays with the rest of your plan. Make sure you understand it's going to be unique to you. And as you can see here, you can do something about it. Absolutely. You can absolutely take action and you don't have to sit back and just be at the mercy of whatever's gonna happen. All right, number three. Um, we want to talk about controlling your investment risk. And this is, uh, an area that, you know, so many people are invested in the stock market right now and we've seen a lot of people continue to even put more money in the stock market cuz there's the fear of missing out and you know, these big gains, you're seeing your neighbors have it.

Speaker 1 (18:42):

And the danger with this is, is it the next, is the next step gonna be a big market correction or a bear market? And um, you know, you think about this, this is not the time to take a 30, 40, 50% loss, right? And all of your retirement savings, if we have a correction and you look at all these different things that are going on, uh, politically, we've got Afghanistan, we've got issues with China, we've got all of these different things going on, and what is the risk of that? And, and, you know, you wanna take control of how much risk you you're taking, right, Tyson? Well, and this came from CBC recently, uh, C N B C recently that Morgan Staley warned that a significant stock market correction is imminent. Now do we know when that's gonna happen? No, but it's been 13 years of a bull market and it feels like that it could be any time because of the way that, how thinly the stock market's being traded.

Speaker 1 (19:36):

But there's a lot of people that feel like it's exactly the opposite. All of this boils down to that we wanna help you to control your own investment risk, right, Ryan? Yeah, Tyson, we did a public event. Um, one of the individuals I was asking, you know, who was retired and one of the individuals racist Hany said, uh, I've been retired for 12 years mm-hmm <affirmative>. And I'm like, oh, well what's it been like? And he said, oh, it's been fantastic. My, I I'm taking out these withdrawals and the market keeps going up and so my portfolio's making more money. And I'm like, well, do you realize that this bull market that we're in has been going up for 13 years? So literally every year that you've been retired, um, it's been a good market, it has been an up market and felt pretty good about it.

Speaker 1 (20:19):

It's not right. No, and I'm, and then so then I asked the question, I said, what would happen if this changed? And he's like, well, that's actually why I'm here. Mm-hmm. <affirmative>, I'm here because I'm concerned that the market's at all time highs and this has been really good for 12 years. But man, if, if I lost a significant amount, if I lost 30, 40, 50% of this money, that would be devastating to me. And so I'm, I'm here, I want to know how to protect and that's why we wanted to talk about this. Absolutely. What are the things that you can control? So we've already talked about that the stock market is at all time, uh, highs. In fact, um, the, it's been such a frothy market that just this year almost, it feels like every day that there's been a new record. Yeah.

Speaker 1 (21:01):

There's been over 50 records broken in the stock market this year. And what many investors just know in their gut, whether they want to admit it to their head or not, is it puts us one day closer to the next market correction or bear market. And because really it is just a matter of not when, but if or if not if, but when. Excuse me. That's exactly right. And when you look at this, um, what that boils down to is people are taking on more risk than they should. And, um, you know, when you talk about 0% interest rates, it's not like you can just stick this money in the bank and get some money cuz you're not getting paid anything. And so this is what's forcing people to search for more of a return. And so people are putting their money in stocks and therefore they're taking more risk.

Speaker 1 (21:46):

And you know, when we have conversations with families about this that we're meeting with for the first time, when we point out to 'em how much risk they're taking, oftentimes they're not comfortable with that much risk at this stage of the game. Well, Ryan, what this gentleman you were talking to in the public event, he didn't know what it was called where he was saying he's worried about losing 20, 30, 40% in the market, but it's what's called sequence of returns risk. And what that means is that, let's say that you retire in the next five years into a down market or a bear market, what's gonna happen to your money? Well, let's use a a concrete example. Let's say you've got a million dollars and let's say three months into your retirement, there's a 40% correction. And, and most bear markets, um, they're called bear markets because they last for a period of time.

Speaker 1 (22:36):

It's not like what we've experienced over the last couple of downturns where literally after a month it's, it's back to where it was or higher. What it means is that you've got months and months and months and months in years as a matter of fact into something where you lose 40%. So now you've only got $600,000 and you're withdrawing money out of that account at the same time. So think about how much more quickly that money could be gone. And again, we don't want you to be 85 years old full of life and flat broke. That's exactly right. And so this is the time. What you need to do is you need to, is it time to update and rebalance your portfolio? This is one of the most overlooked and underrated pillars of retirement planning. It's updating and rebalancing your investments. And this is the one thing that could help protect you from this downside risk.

Speaker 1 (23:26):

And if you look at this every six to 12 months, or every time there's a major shift in the market, this is critical. You can you this, you can control this, be sure that your portfolio matches your appetite for risk. The last thing that we wanna, uh, talk about is that it's not as simple as just looking at a 60 40 or a hundred minus your age as to how much you should have in stocks and bonds. The reality is, is it's a lot more than this mix that you're looking at. Um, because again, this goes back to what we talked about with social security. So many people look at this and say, well, I can do this. This is a one size fits all strategy as it relates to the stock market. And the reality is it's a lot more complex. You need to look at the entire picture and have a true plan instead of some general rule of thumb like the 60 40 rule.

Speaker 1 (24:14):

So let's tie this all together here and look at the three things that you can control that could boost your retirement savings. Um, you know, if we look at all these and compare 'em, what's the, what's the biggest one that we can have? Well, we believe that the fastest and safest way that you could increase your nest egg is by reducing your taxes in retirement. And that's why the purpose of this, if we look at what moves the needle the most, um, we have what we call the Boss Retirement Tax Analysis. And what this does for you is we get some basic information. How, how much are you gonna receive from Social Security? What have you saved in your 401k? What is you've saved in your ira? Um, what have you saved in other, uh, retirement areas? We get that basic information and then we're gonna look at and discover.

Speaker 1 (25:03):

We want to try to uncover any tax saving strategies in your retirement accounts that are best suited for you in your specific situation. And then we have you come back after we've looked at this and we're gonna share with you the strategies that could literally save you tens of thousands, if not hundreds of thousands of dollars in taxes in your retirement accounts. And so you can see what this number looks like. This is the, the Boss Retirement Tax Analysis helps you see what this looks like. And, uh, this could really be a windfall in retirement savings, right, Tyson? That's absolutely right, Ryan. So, uh, that's our offer is first the Boss Retirement Tax Analysis. But we're also gonna give you a free bonus report. We've never done this before in the history of, of Boss Retirement Solutions and Advisors is to give you two different things that you have access to.

Speaker 1 (25:52):

This second one is the Social Security solution. And this analysis, it's going to really help you pinpoint the exact time to get the most income from Social Security, how it's gonna limit how much you're gonna pay in taxes, how we can avoid helping you to pay double Medicare premiums, and also to see if you're eligible for additional benefits that a lot of times add up to thousands of dollars that go into your pocket each and every year through retirement. So that's another really important thing that we can do to help you. All right, everyone's asking, how much is this gonna cost me? That's what everybody always wants to know. You may expect to pay 2000 or more to receive this customized, uh, retirement tax analysis and social security analysis for your specific situation. But here's the good news. With all the craziness going on right now, we are gonna do it for absolutely free.

Speaker 1 (26:41):

It's not gonna cost you 2000. Um, we're gonna do it for free. And so we'd like to invite you to take advantage of this opportunity right now to get your customized Boss Retirement Tax Analysis and the Bonus Boss Retirement Social Security solution. You can do that, uh, by giving us a call right now. If you've saved at least $200,000 for retirement, don't delay right now. This is available for those that are on this webinar right now. Give us a call at (801) 642-4619 or you can simply click right there on the screen. That'll take you to a registration page where someone can get back in touch with you. Schedule a time to meet with one of our advisors. You know, I think when you look at this right now, um, with how much is going on and how you can't control so many different things, we've talked about three areas that you can control, you can control, um, your social security solution.

Speaker 1 (27:34):

You can control how much you pay in taxes by having a tax plan you can control, um, how much risk you're taking by making sure that you understand where you are and retiring successfully. It doesn't happen by accident. It starts with a plan. And these two tools right here are tremendous ways to help you have control in a world that we feel very little control with what's going on with the country and the economy right now. Finally, would just like to say thank you for being on the webinar. We've really enjoyed this time together. We've really enjoyed being able to share some of the crystallized thoughts that we've had that as we have so much we can't control. Ryan, as you just mentioned, we wanna put control back into your hands. It doesn't matter what's happening back, uh, in Washington DC we want to give you your own personal economy that you can control. So give us a call at (801) 642-4619 or simply click on the screen to look for a way to schedule an appointment. And, and by the way, these appointments can be done by Zoom or you can come into our local office. Either way, we're here to help. We're here to serve. We're here to make a huge difference in your retirement and to be, make you help you to have the peace of mind that you deserve. So, 8 0 1 6 4 2 46 19 or simply click on the.