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 it'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 when you pass under now, That's advice. Just just give it to her Now. That, of course, is Mike Net financial planner estate planning attorney with a master's degree in taxation, who has a lot of experience in this area, and he is here today to help you grow keeping distributor well for the most tax efficient manner as he is every weekend. And every time we do the savvy investor, radio savvy investor podcast get allowed to talk about today. How are you? I'm doing absolutely wonderful man. I'm not. I love the seven year especially in Maryland. Florida is getting 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. 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 to stay living. So let's get into this first. 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. No, it's not the first thing they should talk about. Obviously, you know what is retirement look like should always be the starting point. But you're right. I mean, the biggest thing everybody always asks us. Do I have enough money? I want to make sure I never run short paychecks. The last 40 50 years of my life. I want to make sure I have a paycheck for the next 30 or 40 years of my life you're 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 we involves around, I think and I hope and I expect or 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. I'm just gonna pick at and hopefully less well again, hoping for the best, right? I mean, but that's the problem and everybody who's successful. I don't care if you talk to 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 excited Stone right? I mean, they're not permanent, but they give you some guidance to give you some ideas, 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 a typical thing where they come in. They saved money for the last 2030 40 years of their lives. They have X amount. Let's just let's just say they have, you know a million dollars saved up and And they sat down and calculated the numbers. I googled it, and I 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 up 40,000. Now you budget yourself for 40,000 cause 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 see the only spent for you all those years. You have all this extra money. And I know we joked around about leaving money 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 you plant. So if you want to have a plan in place if you want to live the retirement that you have envisioned give us a holiday. 66597 10 48 66597 10 40 Let Ryan myself in 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 think about this. Joe Biden's 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 had a master's degree in taxation, which is very important 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 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 have 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 gonna be able to pay for the food on our table. We're gonna be able to pay for insurance. Health insurance will be able to take care of the car. We're gonna be able to have that vacation or whatever it is, you plan for whatever you drink about. We want to be able to sit down and create that written planet And I think that's the most important part is actually having a plan written out in black and white. You can understand that from esoteric assumptions. I mean, we see things all the time. People ask us all the time and bring up these statements and say, Look, the Monte Carlo says We could do this. You know, a Monte Carlo Simulation I Monte Carlo calculation. Think about the just The term Monte Carlo. That's very nature is a gamble right? And that's what this and 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 of success, it's still The gamble, right? And who wants to get on an airplane flying to Florida, knowing that 86% of the time you're going to get their life? Who does that, right? I mean, I recognize there's some small chance. Sure, plank us down, But I want more than an 86% chance of 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.