17 Burst results for "Peak Financial Freedom Group"
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"With Jim Files and Dan Ahmed of Peak Financial Freedom Group. Remember if you have any questions or want to get a complimentary review of your financial plan, pick up your cell phone and dial the number pounds to 50 and say, the keyword money again dial pound 2 50 on your cell phone and say the keyword money. Let's turn it back over to Jim and Dan Gym Today we're talking about the concept of opening your eyes to your financial position, and I think a lot of people you know it's hard for them to open their eyes and look what they Have because they're afraid of what they might see. And we understand that our job is to make them feel comfortable opening their eyes, then designed a plan that they can actually read and see. And when someone gets everything in writing, guess what they don't mind Opening their eyes is what we find. Let's talk about something that we see. A lot of people completely closed on the rise. In fact, they squish their eyes together so tight they don't want to look at it because it's a very dark subject and that's long term care. And when you look at long term care as a financial subject is very, very tough to really come up with a really good solution. If you're a consumer because you say, Okay, gosh, I've heard long term care premiums are really expensive. And I heard they keep the premiums keep going up, and I hear that a lot of older people terminate their policies before they need the coverage. And if they if you die, you've lost all those premiums and all those things could definitely be true. You also then look at the statistics that two out of three of us are going to need long term care. The average cost probably somewhere around $7500 a month, So it's something you really can't keep your eyes closed about. So we look at some alternatives. So let's say normal. Long term care doesn't work because the premiums are so high and you're worried you're going to get a 60 80 9100% increase, So we have two different strategies. One is just an old school life insurance policy by an old school, whole life insurance policy that has a long term care writer on it. What that does is it locks in and guarantees your premiums. Can never be increased for as long as you live. It guarantees they can ever get rid of the long term care coverage for as long as you live, and it guarantees that Assad you're paying your premiums that long term care coverage.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"We have another mailbag question Peril. She is over there in Citrus Heights. And she says, the thought of having an actual plan like you guys always talk about on the radio. It really sounds awesome. Everything in writing so we can finally understand our money. We've had advisers over the years and I've never had a written plan. We've done it ourselves at times and, of course, have never had a written plan because we didn't know how to create it ourselves. We have almost $1.9 million saved. Is this enough for an actual plan or do we have to continue to work and save a lot more? Can you please describe again? Exactly what a written plan is. And how this works, Carol. Great question. You're right on track. It is time that you demand a written plan. Without a written plan. It's like building a house without an architect. You have to have a plan in place and the problem out there today in the industry. There's very few firms that actually do written comprehensive plants because unless you have a comprehensive plan in place, you're going to go blindly through life and hope that is going to work out and you ask what is a written plan consist of. Well, I can tell you what are written plants consist of It's a variety of steps that have to be taken place before a plan to put in place. First of all, we have to do a risk analysis for you. We have to determine how much risk you currently have in your portfolio that we have to do a fee analysis for you. Then we have to identify every single objective you and if you're married your husband have and we document those objectives. Then we have to understand how much are you willing to lose in the next market crash? Once we have that information, then we start the process of the plan. The first thing we do is build an income plant Indian. Besides, we do the income plan. What would be next in the process? Once you do the income plan, and that fits someone's objectives, and we have to find out how much tax they're going to pay and what their net income is going to be after taxes. So let's say if we create a plan that generates 100 and $50,000 of income per year, and that's approximately $12,500 of income per month. Gross income before taxes. What are they going to receive net and a lot of people think back to their working days and take Oh my gosh, I only got half of my money Net income each month. Well during retirement. If you're generating $12,500 gross income, you're probably going to net somewhere around $10,000 or a little bit more after taxes. So you end up having maybe close to 80% of what you're going to gross, which makes it easy then to hopefully have a great retirement and that tax analysis is key, because what everybody wants to do? Is create that information. They want to know how much can I spend per month without worrying about my money running out and without having to worry that I'm either overspending or taking a big loss and have to stop spending my money, So we want to help you feel comfortable spending the money without guilt or worry, then we have to do If you're concerned about your beneficiaries, or just concerned about future costs in the future for yourselves, we gotta find out based on conservative numbers. What you can potentially have left later down the road. Whether it's for you for medical costs or long term care costs are big purchases or how much you're going to be able to leave your beneficiaries. If that's important to you, So we want to use conservative numbers. Then we have to tie everything together. And that comes down to writing out anywhere from a 12 to 24 page document, a written document that goes through everything about your money and your plan what you had when you came in to see us what your worries were, what you're trying to accomplish. Then how we're going to create a plan. What are the advantages and disadvantages of that plan where the cost and piece of your new plan or whether the step by steps you're going to have to go by to make sure you have a high probability Your plan's gonna work, And then we read that out loud to you. We sign it, and now you have something. That's a document that shows what you should be able to expect to happen over the next 30 years of your retirement time. If you're listening out there and you have any questions. And want to talk to us about this topic or any other feel free. Just dial pound 2 50 on your cell phone and say the keyword money Pound 2 50 on your cell phone and say the keyword money we look forward to hearing from you. You're listening to the peak Financial freedom. Our with Jim files in Dan Ahmed of Peak Financial Freedom Group. Remember if you have any questions or want to get a complimentary review of your financial plan, pick up your cell phone and dial the number pound 2 50 say the keyword money again dial pound 2 50 on your cell phone and say the keyword money. Let's turn it back over.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"The city's downtown area, two of them critically. They're looking for a suspect You're listening to ABC News. Now checking KGO traffic. A two car crash in, uh Daly City to 80 South Bend, A Hickey Boulevard had closed the two left lanes. They just barely reopened that it had been a temporary sigalert. Still some debris that they're cleaning up from the roadways there. Some ramp closures due to construction. Los Altos to 80 northbound Magdalena onramp Close The page Milan Rampy in Palo Alto to south down to 80 closed until seven A.m. Hayward, the A street off ramp from north Beyond 80, a solo crashed there blocking the left lane, a grass fire burning off of 80 eastbound enrichment. Just before Solano Avenue and a bucket causing problems on 8 80 north Beyond in San Jose at Stevens Creek Boulevard. It is in the middle lane with KGO traffic. I'm Dean Michaels. Following show is paid for by peak Financial Freedom Group LLC. The views, opinions and beliefs expressed are those of Peak Financial Freedom Group LLC and don't necessarily reflect those of the staff management ownership of KGO ksfo, cumulus media or other partners. The following program is a paid promotion sponsored by Peak Financial Freedom Group. Welcome to the Peak Financial Freedom, Our With Jim Files in Dan Ahmed Peak Financial Freedom Group. We know many of the issues you face in retirement. Don't have a black and white answer..
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Is listening to Fox News. Now look a KSFO traffic, checking some of the slow traffic areas right now in Campbell 17 south bound between Camden Avenue in Santa Cruz Avenue. Stopped traffic very slow. 30 minutes to travel that distance. Further south on 17 in the Santa Cruz Mountains, south bound between Summit Road and Laurel Road, be prepared for stop and go Traffic in San Francisco one, the one South bound before Caesar Chavez to right lanes blocked by a two car crash. In the North Bay in Healdsburg, one of one North bound it dry Creek reports of a grass fire burning on the right hand shoulder. Ah, high wind advisory through the Altamont Pass it this time and on the Golden Gate and San Mateo Bridge is on Bart. No service between South Hayward and Union City stations through tomorrow, There's a bus bridge in place. Expect 2025 minute delays. We have KSFO traffic. I'm Mel Baker. Following show is paid for by peak Financial Freedom Group LLC. The views, opinions and beliefs expressed so those of Peak Financial Freedom Group LLC and don't necessarily reflect those of the staff management ownership of KGO ksfo, cumulus media or other partners. The following program is a paid promotion sponsored by Peak Financial Freedom Group. Welcome to the peak financial freedom, Our with Jim Files and Dan honored a peak financial freedom group. Way know many of the issues you're facing retirement.
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Hope here, joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, But Jim and Dan, I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines you have built Structure around how this plan is supposed to happen, and I'm wonder if you could take a couple of minutes today kind of walk us through in more detail. What you're planning process is like what the philosophy is behind the planning process. Walter. We have Ah rules based system that we had here too at our firm, and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow the seven rules, you have a super super high chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by for retirement. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than a 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million, And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to $100,000 lost Now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of things you don't see. We do a full analysis here. We call them the fee analysis we have outside third party resource is we use We take a client portfolio house configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm. They come back, and they tell us the exact thieves. Most clients think they're only paying their financial advisor of the adviser is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, but that's not accurate. Every client it pain, additional fees over fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio, you're probably paying in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work for free. There's lots of people. Lot to computer and big buildings. You're paying another anywhere from 1 to 1.5%, typically with mutual fund fees. Inside those funds of mutual fund managers are buying and selling stocks or bonds to the course of the year. There's an internal trading cost that you don't see. The average internal trading cost of 1.44% annually. So if you add up just those three fees, and there's other fees as well, you could be paying 34 or 5% in fees. Dan What's the third rule that we live by in developing a portfolio number three is you must significantly reduce volatility because volatility will kill the opportunity for you to generate a significant amount of income that's guaranteed to last for as long as you live volatility will on Lee reduce your chances of success to retirement, So that's the goal making Or you don't go up and down the same amount that the stock market's going up and down. We have to overhaul your portfolio to minimize volatilities. How about number four? Jim is to earn a reasonable rate of return. Don't try to hit a home run in retirement. You're now in your sixties or seventies or possibly eighty's just earn a reasonable rate of return. We configure portfolios to make sure that you have an opportunity for growth, but we're about risk mitigation. We're going to de risk your portfolio so that you have less risk in which it means, Yes, you're gonna have probably Ah, lower way to return the new stock market. But it doesn't mean you can't earn a reasonable rate of return because the main goal in retirement is making sure your money is safe. Safety is the most compelling concern you should have in retirement. Don't lose your assets. We give you statistics all the time on these shows, because if you lose half your assets and your down 50%, you actually need 100% ready return just to get back to even you do not want to be in that position. So, Dan, what's the fifth rule? We live by and building a retirement income plan? It's managing taxation, understanding taxation, managing it, most importantly, knowing that you're not probably going to be in a high tax bracket when you retire. Let's say you generated $200,000 of gross income. In retirement. Most people think they're going to get killed with taxes when reality If you live in the state of California, you're going to pay about 18% in total taxes on your 200,000. That's going to be about 12% bedrooms, 6% State tax, not too high of attacks at all, and you're going to do well. You could take us much income is you want and you will not get killed with taxes by understand exactly of the tax code works. How about number six Jim Dandy Sick world we live by is generating income into retirement and a client only has two choices You can either generate what we call maybe income. That's income that's going to be generated off your portfolio interest dividends, growth, etcetera, or they can generate what we call certain income inclines Don't often there, Sam with that meat by certain income. There are financial instruments that we use and developing a portfolio that actually will give you certain income. It's guaranteed for as long as both you and your spouse live even if you live to 120 years of age. That means that that income coming off of that financial instrument is going to be there every single day every single month for as long as you live, it will never go down. It'll only potentially go up in value, depending on the product that we use. And of course you can use maybe income that's income coming off your portfolio. But when we designed an income plan, we're trying to design it specifically to what you're trying to achieve. And if you want a pension income stream Off your assets. There's way to do it, and it's called certain income. So Dan what's the seventh rule that we live by in retirement security, The seventh is the most important rule and that is heavy written retirement income plan. That will then tie everything about your money together. In a document, you will have a retirement income projection. Little show exactly how much income you're going to get every year for as long as you live and each year where each income source comes from. It will include a income tax projection. Little show as you increase your income to live the lifestyle you planned during retirement, How much tax you really pay, and you'll know exactly how much after tax monthly income you have to spend every month The third portion. That plan will be a beneficiary asset transfer analysis. Little show After you've used your ass.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"I want to restore hope here, joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, But Jim and Dan, I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today kind of walk us through in more detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we had here too at our firm and we have seven very specific and exacting rules that we live by. And developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super super high chant of being successful in retirement? And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim Rule number one in our seven rules to live by for retirement. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, and when the market lost over 50% you need to make sure you don't have more than a 5% lost up to a maximum. 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing to your retirement success. The second rule that we live by is what we call minimizing the feet inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see. We do a full analysis here. We call them the fee analysis. We have outside third party resource is we use we take a client portfolio. How it's configured whether stock bond mutual funds or exchange traded funds. We hand this off to the research firm. They come back and tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, But that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio You're probably paying in excess.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"Joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, you have a super super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by for retirement. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We call them the fee analysis we have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm. They come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor comes. The adviser is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, But that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio, you're probably paying in excess of 3% in total fees to have your money manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work for free. There's lots of people. Lots of computer big buildings. You're paying another anywhere from 1 to 1.5%, typically with mutual fund fees. Inside those funds of mutual fund managers are buying and selling stocks or bonds to the course of the year. There's an internal trading cost that you don't see the average internal trading cost is 1.44% annually. So if you add up just so 3 ft. And there's other fees as well. You could be paying 34 or 5% in fees. Dan What's the third rule that we live by In developing a portfolio number three is you must significantly reduce volatility because volatility will kill the opportunity for you to generate a significant amount of income. Things guaranteed to last for as long as you live volatility will on Lee reduce your chances of success to retirement. So that's the goal, making sure you don't go up and down the same amount that the stock market's going up and down. We have to overhaul your portfolio to minimize volatilities. How about number four? Jim is to earn a reasonable rate of return. Don't try to hit a home run in retirement. You're now in your sixties or seventies or possibly eighties. Just earn a reasonable rate of return. We configure portfolios to make sure that you have an opportunity for growth. But we're about risk mitigation. We're going to de risk your portfolio so that you have less risk and what that means. Yes. You're gonna have probably Ah, lower way to return them the stock market, But it doesn't mean you can't earn a reasonable rate of return because the main goal of retirement is making sure your money is safe. Safety is the most compelling concern you should have in retirement. Don't lose your assets. We give you statistics all the time on these shows, because if you lose half your assets and your down 50%, you actually need 100% ready return just to get back to even you do not want to be in that position. So, Dan, what's the fifth rule? We live by and building a retirement income plan? It's managing taxation, understanding taxation, managing it, most importantly, knowing that you're not probably going to be in a high tax bracket when you retire. Let's say you generated $200,000 of gross income in retirement. Most people think they're going to get killed with taxes when in reality If you live in the state of California, you're gonna pay about 18% in total taxes on your 200,000. That's going to be about 12% bedroom 6% State tax, not too high of attacks at all. And you're going to do well, you could take us much income is you want and you will not get killed with taxes by understand exactly of the tax code works. How about number six Jim Dandy, sick world. We live by generating income into retirement and a client only has two choices. Neither generate what we call maybe income. That's income that's going to be generated off your portfolio interest dividends, growth, etcetera, or they can generate what we call certain income and clients don't often there, Sam. With that mean by certain income. There are financial instruments that we use and developing a portfolio that actually will give you certain income. It's guaranteed for as long as both you and your spouse live even if you live to 120 years of age. That means that that income coming off of that financial instrument is going to be there every single day every single month for as long as you live, it will never go down. It'll only potentially go up in value, depending on the product that we use. And of course you can use maybe income that's income coming off your portfolio. But when we designed an income plan, we're trying to design it specifically to what you're trying to achieve. And if you want a pension income stream Off your assets. There's a way to do it, and it's called certain income. So Dan what's the seventh rule that we live by in retirement security. The seventh is the most important rule and that is heavy written retirement income plan that will then tie everything about your money together. In a document, you will have a retirement income projections. It'll show exactly how much income you're going to get every year for as long as you live and each year where each income source comes from. It'll include a income tax projection. Little show as you increase your income to live the lifestyle you plan during retirement, How much tax you really pay, and you'll know exactly how much after tax monthly income you have to spend every month the third portion. That plan will be a beneficiary asset transfer analysis. Little show After you've used your ass that spring come for as long as you live, and after you've earned reasonable rates.
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talked about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by for retirement. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, and when the market lost over 50% You need to make sure you don't have more than a 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We call them the fee analysis we have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm, they come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, But that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio You're probably paying in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work.
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talked about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super High chance of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim Rule number one in our seven rules to live by for retirement. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, and when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We called it a fee analysis We have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm, they come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor of the adviser is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's.
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Want to restore multi your joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by former time security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means as you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, and when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We call them the fee analysis we have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm, they come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor of the adviser is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"I want to restore multiyear, joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by for overtime. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even if instead we can reduce your potential risk down to 5%. The $2 million will still have a loss. But it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to me Take that 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing to your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We called it a fee analysis. We have outside third party resource is.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"Opinions and beliefs expressed are those impurity products and do not necessarily reflect those of staff management ownership of cumulus media or other partners. KGO has the best line of of local tacos to the country. Nikki Maduro in a cagey all morning shows 6 to 10. Mark Thompson 10 to noon that Thurston Noon to three. Chip Franklin 3 to 6 and John Rothman. 69. This is K G O San Francisco, a cumulus stations. From ABC News. I'm James Packer, a new ABC News Ipsos poll finding 69% of Americans approve of the Biden administration's handling of the Corona virus. This as the Biden administration ramps up the vaccine roll out to meet its pledge of 100 million doses in the 1st 100 days, ABC News contributor and infectious disease expert Dr Todd Ellen says. Race against time. We're in the middle of a race vaccination versus increased contagious variance. We need to vaccinate enough people to reach herd immunity before the viral variants mutate nor able toe evade Vaccine induced immunity. And while they may be more contagious doctor she's John Dean of Brown University School of Public Health, says he has not seen proof any of the variance from the United Kingdom, South Africa or other detection Zehr more deadly. There is some preliminary evidence that it may be Alternatively, it could be that the variant hit the UK when their hospitals were overwhelmed. And we know in hospitals get overwhelmed Mortality rates than to rise. NEW reporting today after the New York Times first report alleging former president Trump wanted to replace his acting attorney general, Jeffrey Rosen, and put in someone to assist in his attempt to overturn the election. Washington may be sees Rachel Scott, another report from The Wall Street Journal, saying Trump also tried to push the Justice Department to file its own lawsuit against states directly in the Supreme Court, something his appointees refused to do. Trump seemed, did not address the specific allegations, but he's now headed towards his second impeachment trial. Charged with incitement of insurrection after telling his supporters to March the capital and unrest across Russia. The US State Department condemning the more than 2000 reported arrests after violent clashes between anti government protesters and heavily armed police had various Russian cities. Tens of thousands of protesters taking to the streets just days after Kremlin critic Alexey Navalny returned to Moscow and was taken into custody. You're listening to ABC news. Now checking kgo traffic in San Detail. 11 cell founded popular two car crash. One of the cars is on its roof. Two left lanes are blocked. Traffic is starting to back up there in Oakland, 5 80 westbound over Fruitvale Avenue to car crash there. One of the cars hit a tree and the roof came off. The car car is on the shoulder Emergency cruiser. On the scene. In Nevada 37 he's found at Harvard driver Disabled car partially blocking the roadway. And in San Francisco 80 eastbound just before Seventh Street, a disabled car is blocking the right lane. No chains required on 80 or 50 in the Sierra. Of KGO traffic. I'm Dean Michael's following show is paid for by peak Financial Freedom Group LLC. The views, opinions and beliefs expressed or those of peak Financial Freedom Group LLC and don't necessarily reflect those of the staff management ownership of KGO ksfo, cumulus media or other partners..
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Number zero and 14013. I want her struggle to your joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, but Jim and Dan. I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by former time security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, and when the market lost over 50% You need to make sure you don't have more than a 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We call them the fee analysis we have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm, they come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, but that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio, you're probably paying in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work.
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"Paris climate accord and the World Health Organization. Johnson's priority is forging a new trade deal with the U. S. The back Ice continues after hundreds of National Guard troops were forced to sleep in a parking garage after inauguration Day. The National Guard says it's cutting its forces 26,000 down to 7000 by the end of the month. But as many as 5000 whole brigade will stay through mid March out of concerns. Some protesters might return that historic inauguration date of March forth before 1937 all presidents took office in March over 100 National Guardsmen deployed the Washington tested positive for the coronavirus. Guard blames the Capitol police for the garage nephew. The police denied the accusation. Fox is Lucas Tomlinson and the Detroit Lions and quarterback Matthew Stafford of reportedly mutually agreed to part ways Stafford was the number one draft choice for the Lions in 2009. America is listening. Fox News Taking a look at KSFO Traffic will start in Oakland 8 80 north bound before Hagen Burger, a three car accident, blocking the two right lanes. Traffic backed up to 98th Avenue Woodside 84 westbound near Skyline Boulevard. We have a solo crashed on its roof in the middle of the roadway. Ah flatbed tow truck is on the way to remove it. Slow traffic of the coast Haveman Bay. 92 eastbound between Main Street into 80 is heavy and along the coast for one north bound between the coast Inara and Raina del Mar in San Francisco, the central freeway Maybe North bound between mission and Octavia and South bound traffic slow from South Bend as to the 80 split east, down 80 between the 11 split and lower deck. The bridge is slow and westbound Traffic slow from Harrison Street to seventh with KSFO traffic. I'm Maggie Jones. The following show is paid for by peak Financial Freedom Group LLC. The views, opinions and beliefs expressed oh,.
KGO 810
"peak financial freedom group" Discussed on KGO 810
"Joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, But Jim and Dan, I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines you have built Structure around how this plan is supposed to happen, and I'm wonder if you could take a couple of minutes today kind of walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter. We have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow the seven rules, you have a super super high chance of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim Rule number one in our seven rules to live by for overtime. Security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than a 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million, And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss. But it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain. And it's how then you can get ahead. Suffering. A big loss will be the most devastating thing to your retirement success. The second rule that we live by is what we call minimizing the feet inside your part four Leo. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see. We do a full analysis here. We call them the fee analysis. We have outside third party resource is we use we take a client portfolio. How it's configured whether stock bond mutual funds or exchange traded funds. We hand this off to the research firm. They come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, But that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio You're probably paying in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work for free. There's lots of people. Lots of computers, big buildings, you're paying another anywhere from 1 to 1.5%, typically with mutual fund fees. Inside those funds of mutual fund managers are buying and selling stocks or bonds to the course of the year. There's an internal trading cost that you don't see the average internal trading cost of 1.44% annually. So if you add up just so 3 ft. And there's other fees as well. You could be paying 34 or 5% in fees. Dan What's the third rule that we live by In developing a portfolio number three is you must significantly reduced volatility because volatilities will kill the opportunity for you to generate a significant amount of income. That's guaranteed to last for as long as you live volatility will on Lee reduce your chances of success to retirement. So that's the goal, making sure you don't go up and down the same amount that the stock market's going up and down. We have to overhaul your portfolio to minimize volatilities. How about number four? Jim is to earn a reasonable rate of return. Don't try to hit a home run in retirement. You're now in your sixties or seventies or possibly eighties. Just earn a reasonable rate of return. We configure portfolios to make sure that you have an opportunity for growth. But we're about risk mitigation. We're going to de risk your portfolio so that you have less risk and what that means. Yes. You're gonna have probably Ah, lower way to return than the stock market. But it doesn't mean you can't earn a reasonable rate of return because the main goal in retirement is making sure your money is safe. Safety is the most compelling concern you should have in retirement. Don't lose your assets. We give you statistics all the time on these shows, because if you lose half your assets and your down 50%, you actually need 100% ready return just to get back to even you do not want to be in that position. So, Dan, what's the fifth rule? We live by and building a retirement income plan? It's managing taxation, understanding taxation, managing it, most importantly, knowing that you're not probably going to be in a high tax bracket when you retire. Let's say you generated $200,000 of gross income in retirement. Most people think they're going to get killed with taxes when in reality If you live in the state of California, you're gonna pay about 18% in total taxes on your 200,000. That's going to be about 12% Federal in 6% State tax, Not too high of attacks at all. And you're going to do well, you could take his much income is you want and you will not get killed with taxes by understand exactly how the tax code works. How about number six Jim Dandy, Sick world We live by generating income into retirement and a client only has two choices You can either generate what we call maybe income. That's income that's going to be generated off your portfolio interest dividends, growth, etcetera, or they can generate what we call certain income and clients don't often there, Sam with that meat by certain income. There are financial instruments that we use and developing a portfolio that actually will give you certain income. It's guaranteed for as long as both you and your spouse live even if you live to 120 years of age. That means that that income coming off of that financial instrument is going to be there every single day every single month for as long as you live, it will never go down. It'll only potentially go up in value, depending on the product that we use. And of course you can use maybe income that's income coming off your portfolio. But when we designed an income plan, we're trying to design it specifically to what you're trying to achieve. And if you want a pension income stream off your assets, there's a way to do it, and it's called certain income. So Dan what's the seventh rule that we live by in retirement security, The seventh is the most important rule and that is heavy written retirement income plan. That will then tie everything about your money together in the document, you will have a retirement income projection. Little show exactly how much income you're going to get every year for as long as you live and each year where each income source comes from. It will include a income tax projection. Little show as you increase your income to live the lifestyle you plan during retirement, How much tax you really pay, and you'll know exactly how much after tax monthly income you have to spend every month The third portion. That plan will be a beneficiary asset transfer analysis..
KSFO-AM
"peak financial freedom group" Discussed on KSFO-AM
"I want to storm out here, joined by JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial serving you throughout the Greater Sacramento area with an office in Roseville and So often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it. Armed With the right kind of plan, But Jim and Dan I know that that's easier said than done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, do you have a super Super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by former time security is always avoid large losses using what we call the golden rule of 5 to 10%. But that simply means as you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even if instead we can reduce your potential risk down to 5%. The $2 million will still have a loss, but it will be reduced. From a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing to your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees when you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see We do a full analysis here. We call them. The fee analysis we have outside third party resource is we use we take a client portfolio, how it's configured whether stocks bonds, mutual funds or exchange traded funds. We hand this off to the research firm, they come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, but that's not accurate. Every client it pain, additional fees. Those are feet that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio, you are probably pain in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work for free. There's lots of people. Not to computer and big buildings. You're paying another anywhere from 1 to 1.5%, typically, with mutual fund fees. Inside those funds of mutual fund managers are buying and selling stocks or bonds to the course of the year. There's an internal trading cost that you don't see the average internal trading cost of 1.44% annually. So if you add up just though, three fees, and there's other fees as well, you could be paying 34 or 5% in fees. And what's the third rule that we live by in developing a portfolio number three is you must significantly reduced volatility because volatilities will kill the opportunity for you to generate a significant amount of income that's guaranteed to last for as long as you live volatility will on Lee reduce your chances of success to retirement. So that's the goal, making sure you don't go up and down the same amount that the stock market's going up and down. We have to overhaul your portfolio to minimize volatilities. How about number four? Jim is to earn a reasonable rate of return. Don't try to hit The home run and retirement. You're now in your sixties or seventies or possibly eighty's just earn a reasonable rate of return. We configure portfolios to make sure that you have an opportunity for growth. But we're about risk mitigation. We're going to de risk your portfolio so that you have less risk in which it meets. Yes, you're going to have probably Ah, lower way to return them the stock market, But it doesn't mean you can't earn a reasonable rate of return because the main goal of retirement is making sure your money is safe. Safety is the most compelling concern you should have in retirement. Don't lose your assets. We give you statistics all the time on these shows, because if you lose half your assets and your down 50%, you actually need 100% ready return just to get back to even you do not want to be in that position. So, Dan, what's the fifth rule? We live by and building a retirement income plan? It's managing taxation, understanding taxation, managing it, most importantly, knowing that you're not probably going to be in a high tax bracket when you retire. Let's say you generated $200,000 of gross income in retirement. Most people think they're going to get killed with taxes when in reality If you live in the state of California, you're gonna pay about 18% in total taxes on your 200,000. That's going to be about 12% federal in 6% State tax, not too high of attacks at all, and you're going to do well. You could take us much income is you want and you will not get killed with taxes by understand exactly how the tax code works. Have a number six. Jim and a sick world We live by is generating income into retirement and a client only has two choices You can either generate what we call maybe income. That's income that's going to be generated off your portfolio interest, dividends, growth, etcetera, or they can generate what we call certain income and clients don't often there, Sam with that meat by certain income. There are financial instruments that we use and developing a portfolio that actually will give you certain income. It's guaranteed for as long as both you and your spouse live. Even if you live to 120 years of age. That means that that income coming off of that financial instrument is going to be there every single day every single month for as long as you live, it will never go down..
KGO 810
"peak financial freedom group" Discussed on KGO 810
"By JIM Files and Dan Amit of Peak Financial Freedom Group. They are the co founders of Peak Financial Serving you throughout the Greater Sacramento area with an office in Roseville and so often on the program. We talk about how important it is to have a written plan for retirement and to be well established for your retirement future and go into it armed with the right kind of plan, But Jim and Dan, I know that that's easier, said Then done. It's not a click of the fingers and everything happens. You guys have built guidelines. You have built a structure around how this plan is supposed to happen. And I'm wonder if you could take a couple of minutes today. Gonna walk us through inm or detail. What you're planning process is like what the philosophy is behind the planning process. Walter, we have Ah rules based system that we adhere to at our firm and we have seven very specific and exacting rules that we live by and developing every single financial plan for every single one of her clients. If you follow these seven rules, you have a super super Hi chant of being successful in retirement. And then why don't we talk about the first rule that we live by in developing a full financial plan? Well, Jim rule number one in our seven rules to live by former time security is always avoid large losses using what we call the golden rule of 5 to 10%. Well, that simply means is you must position your portfolio to make sure if we have another market downturn, a major market downturn like 4000 and two or 74,000, And when the market lost over 50% you need to make sure you don't have more than A 5% lost up to a maximum of 10% loss. Because imagine that you have $2 million in your portfolio and you go through one of those big losses and you lose 50%. Your $2 million goes down to a million. And you now must earn 100% on your million to get back up to even If instead we can reduce your potential risk down to 5%, the $2 million will still have a loss, but it will be reduced from a million dollar loss down to 100,000 are lost now, instead of only having a million dollars left in your $2 million portfolio, we have 1.9 million and to make them 1.9 million back up to two million. We only have to earn a 5.3% recovery gain, and it's how then you can get ahead. Suffering. A big loss will be the most devastating thing. To your retirement success. The second rule that we live by is what we call minimizing the fees inside your portfolio. You cannot get out of fees. When you're working in the financial industry. Whether you're managing your money yourself or you have a financial advisor. There are fees. There's a lot of fish. You don't see we do a full analysis here. We called it a fee analysis. We have outside third party resource is we use we take a client portfolio. How it's configured whether stock bond mutual funds or exchange traded funds. We hand this off to the research firm. They come back, and they tell us the exact fees. Most clients think they're only paying their financial advisor to the advisor is only telling them what they're charging them and whether that's 1% or 1.5% of your portfolio value. That's what you think you're paying in fees, but that's not accurate. Every client it pain, additional fees. Those are fees that you don't see inside your portfolio. For example, if you have mutual funds inside your portfolio, you're probably paying in excess of 3% in total fees to have your money. Manage. Yes, you're paying your financial advisor, possibly 1%. But when they're selecting mutual funds of mutual fund companies do not work for free. There's lots of people. Lot to computer and big buildings. You're paying another anywhere from 1 to 1.5%, typically with mutual fund fees. Inside those funds of mutual fund managers are buying and selling stocks or bonds to the course of the year. There's an internal trading cost that you don't see the average internal trading cost of 1.44% annually. So if you add up just though, 3 ft, and there's other fees as well, you could be paying 34 or 5% in fees. And what's the third rule that we live by in developing a portfolio number three is you must significantly reduce volatility because volatilities will kill the opportunity for you to generate a significant amount of income that's guaranteed to last for as long as you live volatility will on Lee reduce your chances of success to retirement. So that's the goal, making sure you don't go up and down the same amount that the stock market's going up and down. We have to overhaul your portfolio to minimize volatilities. How about number four? Jim is to earn a reasonable rate of return. Don't try to hit The home run in retirement. You're now in your sixties or seventies or possibly eighty's just earn a reasonable rate of return. We configure portfolios to make sure that you have an opportunity for growth. But we're about risk mitigation. We're going to de risk your portfolio so that you have less risk and what that means. Yes, you're gonna have probably Ah, lower way to return than the stock market. But it doesn't mean you can't earn a reasonable rate of return because the main goal of retirement is making sure your money is safe. Safety is the most compelling concern you should have in retirement. Don't lose your assets. We give you statistics all the time on these shows, because if you lose half your assets and your down 50%, you actually need 100% ready return just to get back to even you do not want to be in that position. So, Dan, what's the fifth rule? We live by and building a retirement income plan? It's managing taxation, understanding taxation, managing it, most importantly, knowing that you're not probably going to be in a high tax bracket when you retire. Let's say you generated $200,000 of gross income in retirement. Most people they were going to get killed with taxes when in reality If you live in the state of California, you're going to pay about 18% in total taxes on your 200,000. That's going to be about 12% Federal in 6% State tax, not too high of attacks at all, and you're going to do well. You could take us much income is you want and you will not get killed with taxes by understand exactly how the tax code works. Have a number six. Jim 26. Whether we live by is generating income into retirement and a client only has two choices You can either generate what we call maybe income. That's income that's going to be generated off your portfolio interest dividends, growth, etcetera, or they can generate what we call certain income and clients don't often understand what that means By certain income. There are financial instruments that we use and developing a portfolio that actually will give you certain income. It's guaranteed for as long as both you and your spouse live. Even if you live to 120 years of age. That means that that income coming off of that financial instrument is going to be there every single day every single month for as long as you live, it will never go down. It'll only potentially go up in value, depending on the product that we use. And of course you can use maybe income that's income coming off your portfolio. But when we designed an income plan, we're trying to design it specifically to what you're trying to achieve. And if you want a pension income stream off your assets, there's a way to do it, and it's called certain income. So Dan what's the seventh rule that we live by in retirement security, The seventh is the most important rule and that is heavy written retirement income plan. That will then tie everything about your money together. In a document, you will have a retirement income projection. Little show exactly how much income you're going to get every year for as long as you live and each year where each income source comes from. It will include a income tax projection. Little show as you increase your income to live the lifestyle you plan during retirement, How much tax you really pay, and you'll know exactly how much after tax monthly income you have to spend every month The third portion. That plan will be a beneficiary asset transfer Analysis..