WWL>Topics>>Think Tank 1010am Andy Smith, Have you saved enough for retirement

Think Tank 1010am Andy Smith, Have you saved enough for retirement

Mar 15, 2017|

Have you saved enough for retirement? 2 years, that’s the average savings for American retirees.  This hours guest: Andy Smith - Certified Financial Planner/Official on air host of Investing Sense

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Automatically Generated Transcript (may not be 100% accurate)

Welcome back busy day and you'll think tank. Health insurance once again vetoed GOP. Trying to not add to it and pulled down and replace obamacare bug to reply needed to. Do different things to it. And the GOP is running in to aid the big block com protest. That's called the Jules pretty. The role and people are fighting them over their health care plan and then that he had a so we'll talk to blow. And managing director American problem words liberal organization. And talk to an abrupt presumed to have American Enterprise Institute a conservative organization. Try to get both sides about where is this school or anything in the hole is that GOP's. Wood chip Bruges so pour. Not fighting the liberals are homage fighting the wrong people over this health care plan. 11 o'clock couple people love and security industry group community activists. Director of do you French Quarter property owners. We can have talked about to be a changes being proposed. Or verbal tree. Would you believe treaties with drew believed. Barricades to cars and much more will talk about all of those would tend to each in. Its hour. We're we're gonna talk about retirement. Primarily. In an embargo back to open. There are breed hero on a regular basis. Bad one when I've talked people. Outside the studio. We always is that really true we can go to bloom bore. Back in the August 20066. Seen here's the headline. Retirees need a 130000. Dollars just a cover health care. And in bad acts of a misleading headline. Because you get into the guts in the oracle Wimbledon. You know 135000. In the 125. Fell and but couples. Need 206. The downs and permitted care premiums. Although there out of pocket medical expenses. Prescription. Drugs you name it. So of those figures or correct. If you're going. In your plan moving forward arm which few more than a permit Adelaide which. And blaming forward charm and went home leading the view more. Or more importantly if you're getting ready to retire. Allred returner. We get an hour of conversation that I think oh were you find introducing good educational. We're vending Smith certified financial planner official owner host of the best things cents. And there's always rejected the call. Love being here thanks for having me. Again in terms of that you sent me instead of five collected over the months. But one in particular caught my in in the if you were to go into different direction the beginning of the and that's fine. But the score in mind. What and where drug brains beat ideal retirement. And it says are talking to retirement planning books and courses but very true that focus on sending dream. And goal. For retirement. The walked in the were questions. What you do wounded 2000. Hours a year uses been working. If if you've pure mind starting there can be about. Well that I mean this is exactly where we start with clients. You know people come in the first thing that I ask them. Is a what are you'll what do you want to accomplish just in this meeting that. What do you see your life being blank when you finally stopped working and I can't tell you how many people just don't know how to answer that question. I mean even people work for 10203040. Sometimes fifty years. And they just think that they're gonna work till they drop dead there at the office but that's I mean that's not how works so when you finally have somebody in front of you asking look what do you want to do. In retirement wordy wanna go. How do you wanna live do you have kids or grandkids that are around that you wanna be next to do you wanna. You know volunteered he wanted to do these different things people just have never talked themselves. Two to think in terms of of setting goals I mean we always hear about it right used. He sees self help books are these other things you gotta set goals right and on no card carrying your pocket look at it every day. But nobody does that. And so when you finally when you couple that. With this huge huge issue of having a plan for retirement people just think well I'm just an investor do this or this or this. That is not how you get to retirement and what happens is if you're not thinking about setting goals. If you're not thinking about how you wanna live or where you wanna live in retirement. You're gonna blow yourself up. Because you know retirements go last on average around eighteen years. Mostly most people who say that again Richard mows the average retirement. Blasts around eighteen years in the problem is. Most people only have enough money to last two. Of those years. And in often tell people here. Orchard talking about this is from these so much dirty web. A man averaging 65 today which is allotted time did people retire. A liberal on average 84 plus she years a woman PDs export plots years. In those who just averages. One out of every four succeed five year old today. Are you lived France ninety. In orchard talking about can be combined would want to just read. I've got I mean big retirement home. I've got prints that retired and we love to play golf yeah we play one featured towards month. And they've said to me boy when I retire I'm going to be able to play golf from the Barbara Bourn. And they start on 345. Days and week in the and its two days a week in the in the at least once a month. Numerous of them. Weren't tripling on pig just saying. You know it's hard to find people to plea where dude. And against a little or live from wants to win you'd say he's sending dream. And goal it's. You're you're talking about something more than fishing and golf for. Oh absolutely I mean you know. A goal is not beating the S&P 500 a goal. Is not doing better than your coworker. Or your note all brother in law a goal is this is where I wanna live in retirement. A goal is this is how I wanna live in retirement this is how much money I'm gonna need and then what you do is just kind of work backwards from there about. Mean you talk about Social Security a you know before we talked to were talking about Medicare and health care I mean and most people. Only think that they're gonna spend fifty grand. On health care costs all the way through retirement and you talked about that Bloomberg article and that that talked about two and 60000 again this is something that's gonna blow up people's retirement. You're doing the wrong things or Social Security. You do in the wrong things with get ready for health care and how to pay for it. You're not setting goals you have no clue what you're gonna do all the way through retirement it's no wonder. That people are miserable once they stop working because they never thought about it well enough or had somebody in front of them who could talk about it. Well enough to begin. All right take a break and come and organist and the whole low with the Indies Schmidt certified financial planner. Official owner host of the investing cents. It and have your little laid junior listening to this skipped sculptures and 0187. In your during the retirement spectrum definitely gives skull. Everything I read over the years or these type programs that I've done. We're just educated. As to what faces as when we get to retirement we'd think hey. We're words were words of the man were riddled that I need to ten now today. Ended June as doesn't work that way questions comments Gibbs call Jersey juror one lead somebody dubbed. Very very very seldom over the and it's twelve years. Ever receive this polar Prodi jaguar. Opinion poll we have every war and you save them for retirement. A 100% of you say you know. And everything every and say that one of the biggest problems does this country's producing. I don't live with the exact numbers but has something like 65006. And I'm sort of 101000. 65 your rules. A turning sixty and over the next 1415. Years we we got hundreds of thousands of people. Federer hitting retirement age without. Retirement plan. Bad I have to or we're talking inducement of certified financial plan or usual. Or her Holmes of investing cents and and he started out of these Symbian number of things to think about when and caught. Tons of retirement planned books and court some very who brokers and sending dreams and goals. And we get into the yard text of words and we want him catches line. And he. Wind is it time to time. Well that's the 64 million dollar question right there and if it really changes and it depends on every. Bodies. You know everybody's different situation. There is no one size fits all sort of approach as much as some companies want you to think. That that's the case is Simon is as much as some of these investment products that that people are selling you want to think Kate tell us your age. Tell us when you wanna retire we got this magical product for you that's gonna get you all the way there there's no one right answer I I have people. Who at fifty retired I have people who are working and they're 779. Years old that what it comes down to is being honest with yourself. And having some. Some idea some sort of conversation with your spouse and with your family about what you want your life to look like some people just can't sit still. And so they're never gonna retire they're never gonna you know just to begin go out and kind of thoughts around and in clean the lawnmower eight Beijing times a week in and indeed that sort of thing and then there's some people who they cannot weeks. To stop working when it comes down to is being honest with yourself enough to know that you need a plan. It's gonna give you some sort of set of instructions. So that whatever you want that end point to be. You know all the stuff that you gotta be doing right now on day in and day out to be able to get there. It kind of strange question. You you sit down with the cup and there were getting rid of retires you're handling their rumored time. We used say to them blow Q you can do very b.s in her good to go. And they get near retirement and they say. I can't led goal of the security. Of that every two weeks checked. Even though you tell me I'm ready. To do you ever hit that boy do you say that those people. You just need to test drive retirement. And united as funny as it sounds you know take. Yeah this is kind of what we talk about you know around people's birthdays I like spouses to trade roles. So if one spouse. Normally takes care of the bills the other spouse takes care of the house. Around your birthdays switch so that if something happens to you you know what means the union the other person knows what to do when you're not around. Well the same thing can go four for retirement to right so a couple years out. Take a little bit of time figure out what how this is gonna work. So that all of a sudden you're not flippant some switch on some magical day in sand art world I'm retired here we come. And because that's just not gonna work because what happens is people are not ready. They did not play and they did not test drive their retirements and they have no clue what's going on and retirement isn't what you see. Then it is on TV it's not what your friends or co workers tell you that it is. Because if they tell you that it's great they might be lion if they tell you that there have been problems they're probably they're probably having a lot more problems than their talent yet. Because they didn't do what you need to do right now he need to practice. You need to plan he need to know what that retirement is gonna look likes a that you can last that average of eighteen years in retirement. Without without go crazy. Okay and he went when middling who mention. Budget. That scares me you know do you sit down and take a look Kennedy in in the information you reassembling. Now the true closer retirement there's been 7080%. Of current income rule of thumb should breed replete with the real numbers. You have people the goal. And an interim won't see it because of artsy and I don't think I can never retire. I think that that's some other I think that the other thing to aid people just don't budget. If they if they've got a good income they think that they don't need to. If they don't have a good income than they think how could I ever. Hold myself accountable to be doing the things that I need to be doing so that I can save as much as I can for as long as I can't. I'm you know this is the type of stuff that we talk about during meetings this is the type the stuff that we talk about when we. And I go all over and trying to help people with different aspects of their retirement. How to get the most out of Social Security. How to pay for health care how to make budgets how to live within your means all the way you know through an up to retirement. So that once you get to retirement then you can have the retirement that you want and not one that your stock west. Because he didn't do the things right now what I will tell you is this. People leave too much money on the table and social security and they walk away from tens of thousands sometimes hundreds of thousands of dollars that are screwing up there. They don't know how to pay for health care they think that they're gonna pay fifty grand. Where the actual number is closer to 260 grand all the way through retirement so there's two problems there. But then they don't they don't budget they're not ready for retirement all they think is that it's this gold ring that they're running towards. We'll all of a sudden once they get there they just don't know how to carry themselves because they didn't get some help. All along the way. We we literally have only bullet command fifteen go forward Gordon Hughes then would comply with the U. Cereal whole hour or will do you good that you bring to mention Social Security. And do you league lead how much on the table in the Enron may have been robbed you broadly. Start the conversation the problem as is that people think if I get to 62 I'm gonna claim retirement at 62 and I'm gonna be on easy street. If you do that you were walking away from big big money because you're not. You're claiming too early just because you can claim Social Security early doesn't mean that you should. And so what happens is people leave a ton of money on the table then all of a sudden retirement breaks down form because they. They didn't work a little bit longer they didn't have somebody help them optimize. And say look this is your I deal. Social Security strategy that makes sense for you and nobody else but we can talk about that later this is the stuff that we help people with all the time. And people need to get this into their retirement plan. Our idea if you just joined us what your middle age with the U retirement age. We're we're talking about retirement it's not simple it's not just walk away from the man and you've got to have a planned. Andy Smith is an expert. Or continued the compensation for the next hour say whether your thoughts comments questions to use a general 170. Governor Bob yeah. Always stood. It's too bad burn up born and nine years old with a brain week. At that time. You do yours celebrity. And throw like we moved backwards tour young underage drinkers who would bring that knowledge would you. And one of the things you would know that when you're you don't even when you're in middle age should a lot of time and retirement. Is go Lance thing you think. It's it's always it's gonna be OK when I get there. But he adds complicated. And I can assure you that truly had better be prepared when you hit that point. Our president jaguar opinion pulled it be saved and upon retirement 65%. And abuse say no. Absolutely and a booklet that some major problem we get 65 year old it's. The baby boomers. Hitting 65 to 101000 plus he'd day. So we've got a huge amount of people moving into retirement. That are not prepared. Vivendi's slid toward the certified financial planner and official will owner homes still book on investing cents. Indy we've we've talked a broad budget which would choose it when you heard sounds kind of boring blue wind you're. When you actually take a look at it's kinda kind of scary -- I think we've. Got through that. But one of the things you hadn't suffered from budget you've got to think about consolidation. And. Absolutely absolutely you have to figure out. What's going to happen when big parts of my life change you know we go for decades. Getting used to a certain sort of income stream. And we know that it with some exception and with some heartache. For the most part we know that X amount of dollars is gonna come in and out on a somewhat regular basis. When people don't plan for. A change in that. And when they they do send us an incorrect things especially as a relates to Social Security. As people get in there into retirement. What happens is they get stuck with the retirement that they absolutely do not want. Yeah you know when you're working. You talked about how people don't really think a whole lot about retirement. And there's all this other stuff to kind of comes into in Thames into the foreground you've got you got spouses you've got kids got Fam leave that. Yeah living in travel and all these other things. You have to have some things always working for you in the background and if you don't. What happens is you get to turn you know you get to 55 you get to sixty all of a sudden you're sweating bullets. Because you realize how much you have to do in such a little amount of time. It or at funeral mandala to bring in some of the listeners. Kimberly Kimberly yours and would Andy's from there. Good morning and do a side question in my situation and interest in the I'm at it. I'd do out certain amount of money aside for retirement not a great amount of around 300000 right out. And column is on the complete it or they take four in a couple years. They were a couple out in all you do is formal working world and it'll work. Changing and moving around the world. Cried I can't support sure. And that's actually the bigger challenge between now eight buys. And putting more money. Apparently am working and I'm I'm in Tripoli apartment house up insurance is that I'm trying to figure out how many more years. Before perhaps psychic GAAP. Not using my. Earnings. Are the problem becomes health insurance you haven't caught on now. Yeah I do that one of the tools that they use tried to try to help people estimate what their health care costs could be in any number of different environment. It's a website called health pocket dot com. So if you go out to health pocket dot com you can search by plan you can search by a you know that tier level. I you can search by state you can search by cost you can search by coverage all coverage level all of these different things and then what I do is. A lot of times just in the meetings see we take that information and then we start to put that into a plan. That hopefully in your case dirty hands some sort of financial plan that she can insert this data into a I would work with somebody to have a plan that it talks about and addresses all the other things but also includes health insurance but I would get out to that health pocket. Get some raw numbers figure out what is and is not doable in your particular situation. And then just kind of work backwards one of your goals may be this is when I want to start doing this seasonal work will then all of a sudden you have a timetable. If you have a dollar amount need that you know you'd that you have to hit that's a second piece of information that you can kind of work backwards from. And then all you're doing is trying to figure out how much do I need to save right now. How much doing need to spend the last right now and then what needs to happen from an investment perspective in the background. All of that stuff together would give you a little bit clear picture about what the feasibility is of this particular plan a chance. All right end audio and sort of there and have questions comments like Kimberlin. Gibbs coal or thinking about retirement would end these Schmidt who do not cool wage doubled up. Well would you happen to be losing Euro middle Ager ready for retirement Korean. Re in retirement. Alicia Byrd red China I think we don't reveal a couple things do you need to be very concerned about and prepare for a we have good and he's slipped with the certified financial planner of spiritual under hose to invest in cents. India I'll want to go back soon security and for an apartment wrong. Even live pure raw hiding in the owner. And you were earning the maximum. And say you you you don't take some obscurity to seven years old. You're only talking about 30000. Or so a year or you know. The and that's and that's here's the problem. 50%. Of Americans. Rely 100%. On Social Security for their retirement income. So you talk about the number and you know let's say that you wait and wait and wait in you do everything that you think that you're supposed to do and wait until seven need to claim. Well buddy if you didn't figure out how Social Security is going to fit in to everything else that your doing yadier finally get a Social Security. But you have no clue where the rest of your income is coming. And then after it's if it's a lot lasts venue than you thought it was going to be if you if you make mistakes let's say that she claimed earlier than seventy. Well you know a year. You're getting stuck with the retirement you absolutely did not want because you didn't ask some hard questions he didn't have did the chance to talk with somebody ahead of time. To figure out what was gonna be best for your particular situation. Ari born grew to more toward true reported rumor out of time big load fuel and then that's a good good day. You know are really depends I would say of of all the questions that we get on the show. She should I pay off my mortgage or keep investing in my IRA that that one's got to be up there. I would say that it depends on upon your particular situation. It depends upon if you can afford it it depends. You know just how you're going to feel emotionally. If you're able to pay off that debt I would say that the bigger question you should be asking as. What am I gonna do with social security and how my going to paint myself some sort of income how my gonna pay myself a paycheck. All the way through retirement if you have the chance to talk with your advisor you should be you know after this break. Pick up the phone call your advisor get an appointment because you need to figure this out if you don't have one get one. If you need to talk with somebody we're going to be in town here next Tuesday talking about the stuff. So yes you wanna keep in mind should I keep the mortgage or should I pay off the mortgage. But the big question that you have to answer is how am I going to claim Social Security benefits so that I don't screw up. And leave a bunch of money on the table we're going to be talking about this Tuesday if you want a common and and here's some information. But that's the bigger issue did tell me about Jews where you gonna reward when and where the gas so march 21 next Tuesday will be there at the courtyard New Orleans in Covington. We're going to be talking about how to do the best thing for you for Social Security we're going to be talking about. Budgeting and health care we're going to be talking about how to create some sort of income stream. So that you not blowing yourself up in retirement but you know next Tuesday there at the courtyard in Covington. Two good stuff you know if you wanna find out more call the local office there in 957782023. But this is good stuff you're gonna learn a lot our advisors are going to be there but the most important thing is that your going to know what to do for your Social Security. And and no I would imagine all those good presentation. Educational its question and answer to right. Oh absolutely so bring your questions spring statements bring your friends have them bring statements. He gonna be able to talk to life people who were doing the staff Dane in day out for their clients but next Tuesday there at the courtyard in Covington. I give the officer calling get out the financial engines dot com to learn a little bit more but I think that this is going to be a good thing for. Anderson live drive I think a learned something I've appreciated the call and good blog would be with the meeting in Hamburg re do I may have a good week. And you slipped certified financial commander of usual owner holds. Of investing. Cents. Prep jaguar opinion poll have you saved enough for retirement. Crew scary. 67%. Of abuse say new loan. Leonard totally drug group showed the other days had 70%. Of people plows didn't think health care was right eight. Whom interest in times coming up. But yeah. A right. Common objects French Quarter. When you belong barricades he wants and freeze. You want restrictions. On bars she EU wanted to change the burden street. We're gonna be daunting tour and actor best. In the inland community it would talk to these executive director of Dubuque rig property owners. Episodes fusion and much more so this is you nor chance. To get a little consolation. To losing 018. Suddenly doubled up BL. A rub and a what do we call live. You roll. Thing tracked.