Mike Canete, Maryland, Joe Biden discussed on The Savvy Investor Radio


Go. Glad you're with us, Texas and Florida are the fastest growing states population wise. But what if you like where you live? You no longer have to move just to lower your tax bill and retirement, Mike, and that's going to talk to us about that a little bit later on, And when should you give your adult kids? Their inheritance right now, just right now, just when you catch on her, No, that's advice. Just just give it to a now And that, of course, is my cadet financial planner, estate planning attorney with the Masters degree in taxation who has a lot of experience in this area, and he is here today to help you grow keep and distributor wealth in the most tax efficient manner as he is every weekend. And every time we do the savvy investor radio savvy investor podcast got a lot to talk about today. How are you? I'm doing absolutely wonderful man. I'm uh, I love this 70 year, especially in Maryland. Florida is getting a little bit hot. So you know, spending a little bit more time in Maryland right now, But yeah, it's a great time of year. I love it. Well, that's what we're going to get into that discussion coming up here in the show, because you do have offices in the Baltimore Maryland area, Also in Florida, so lots of great information to help our folks that saved in taxes and perhaps stay wherever it is. That they want to stay living. So let's get into this first and experienced financial advisor will tell you that the number one fear in retirement is Running out of money. Absolutely. It is always the number one thing that people want to bring up now. It's not the first thing they should talk about. Obviously, you know what does retirement look like? Should always be the starting point. But you're right. I mean, the biggest thing everybody was asked us. Do I have enough money? I want to make sure I never run short. I've had a paycheck for the last 40 50 years in my life. I want to make sure I have Paycheck for the next 30 or 40 years of my life, Sure, running out of money is a bad thing. So with that there is a report from the Benefit Research Institute that found that nearly 10% of baby boomers in the highest income group will run short. Of money. Do you see that? Is that pretty accurate from your findings? Well, I think what happens is because most people fail to plan they should plan to fail. And that's I think evidence of it right if you don't have a financial plan if you don't have a retirement plan if your whole plan revolves around, I think and I hope and I expect our I made these assumptions, then you're probably going to fall into that category of Handing out smiley faces at Walmart or the pick at it plan. Hey, I got all this money and I'm just going to pick at and hopefully, alas, well again, hoping for the best, right? I mean, but but that's the problem. I mean, everybody who's successful, I don't care if you're talking sports teams. I don't care if you're talking businesses and for financial planning, everybody who's truly successful in what they do. You have to have a plan of action. Now these plans of actions that you create. It's not like they're etched in stone, right? I mean, they're not permanent, but they give you some guidance to give you some ideas, and and it's amazing how many people come into our offices and have no idea how they're actually going to take money out. I mean, it's it's a typical thing where they come in. They have saved money for the last 2030 40 years of their lives. They have X amount. Let's just Let's just say they have a million dollars saved up and and they sat down and either calculated the numbers are they Googled it, and they talked to some financial guy and they told him Oh, you could take out 4% per year. So think about that. You have a million dollars saved up and adviser tells you or Fidelity tells you or Vanguard website to tell you you could take out 40,000 per year. Think about that a million dollars and you can take out 40,000. Now you budget yourself for 40,000, because that's what the website told you. That's what the financial advisor told you Imagine dying with $2 million. What? You'd be kind of annoyed. You didn't He only spent 4000 all those years. You have all this extra money and No, we joked around about leaving money to your to your heirs and give it to them now, But I think running out of money is bad, but having way way too much money left over. That's not a good thing, either. Especially if you didn't live the retirement that Japan So if you want to have a plan in place, if you want to live the retirement that you have envisioned, give us a college 866597 10 48 66597 10 40. Let Ryan myself and our team let us sit down with you. Let's create those income streams that you and your spouse will never outlive. Let's talk to you about the fees you're paying the risk you're taking. Let's talk about long term care in a state plan. And most importantly, folks, I mean, think about this. Joe Biden is talking about changing taxes. You need to take advantage of the tax brackets that are available to you. Now give us a call 866597 10 40. It's a savvy investor, radio and savvy investor podcast with Mike Canete. Mike, you have a master's degree. And taxation, which is very important. We going to get into that here a little bit later on, But let's talk about those plans because people hear that and they say, Wow, you know, how do I create these plans? And and they they they hear the word plan, but they just don't have it. You know, in black and white and what we do with the people that come into our offices, we sit down with them. And we showed them their options. Look, here's how much you think you want to spend. Here's how to create those income streams. Imagine having a bucket of money that says, Look, no matter what happens to the stock market. We had income. Imagine, haven't been in a position that no matter what happens to the stock market to inflation, we know that no matter what happens, the income needs that we have created for ourselves. Are going to be. There were always going to have money for the roof over our head. We're always going to be able to pay for the food on our table. We're going to be able to pay for insurance, health insurance. We're gonna be able to take care of the car. We're going to be able to have that vacation or whatever it is, you plan for whatever you dreamed about. We want to be able to sit down and create that written plan. And I think that's the most important part is actually having a plan written out in black and white that you can understand not from esoteric assumptions mean we see things all the time, people Ask us all the time and and bring up these statements to say, Look, the Monte Carlo says. We can do this. You know, a Monte Carlo Simulation Monte Carlo calculation. Think about that. Just the term Monte Carlo. That's very nature is a gamble right? And that's what this in first we are going to gamble with your money, and we think the gamble were taken based on the risk reward. We think the gamble is worth it. We think that you know you have a 90% chance of success. We think I mean, heck, if you have 100% chance. The success. It's still a gamble, right and who wants to get on an airplane? Flying to Florida knowing that 86% of the time you're going to get there alive. Who does that, right? I mean, I recognize there's some small chance. Sure the plane goes down, but I want more than an 86% chance that my plan is going to make it. You know what I would really like as a guarantee that no matter what happens, my plane is going to make it to Florida. And if you create that written plan if you sit down with a financial planner, right, you can't sit down with a stockbroker. You can't stick sit down with a financial advisor. You can't sit down with a red Just a representative. Their duty is to sell you some investment that is suitable for you. And I know people talk about fiduciary duties and all that, but you need to have somebody who truly understands how to create those income streams. Shows you the options on how to create those income streams right? Because there's not it's not one size fits all you need to truly understand how to create those income streams. And you need to understand the tax implications of those income streams. Imagine losing 20 to 30% right off the top because the advisor you chose doesn't understand the tax implications of what you're doing. So when we sit down with our clients when we sit down and create those income streams, we showed them exactly how it's going to happen. Look, if you want to buy an annuity, here's Santa Annuity works. Here's how it's going to guarantee your income. You don't want an annuity because you read I hit a new this and you should, too. Okay, fine. Here's how the stock market works in..

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