Navigating life’s milestones

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president, financial advisor at wealth

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enhancement group.

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One of the nation's largest registered investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Come to the program.

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I'm Chris Boyd.

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I'm here with Jeff Perry and Russ Ball.

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We are all from the AMR team at

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wealth enhancement group and glad to have you

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joining us for another episode of something more.

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Um, it's, uh, the dead of winter.

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We were just talking to Russ and I,

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as we were getting the show started, feels

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like a, it's cold season coming on and,

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uh, not, uh, not as cold where Jeff

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Perry is.

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So hopefully, uh, staying healthy there.

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Um, we are coming to you from our

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studio here in Hyannis and Jeff is coming

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to you from Florida.

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I am, and it's cold here.

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Relatively speaking.

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It's only been in the sixties.

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Oh, geez.

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Hard to hope.

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Yeah.

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This is Arctic.

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I'm to call it the, uh, Arctic front

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or something's named for it.

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Yeah.

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Sleeping statement for, for Florida at least.

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Well, this past week, Florida had record level

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snow in the, uh, big bend and Pensacola

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area.

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Oh, wow.

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My brother on the Gulf of America, the

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Gulf of America, right at the top of

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the Gulf of America.

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Yeah.

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Russ, you were saying, yeah, my brother lives

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in, uh, right, right outside New Orleans and,

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uh, I woke up in the morning, he's,

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uh, texted a picture, walking the dogs in

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the snow.

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Yeah.

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Wow.

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And that's the last thing you'd expect.

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So first time in years in, uh, New

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Orleans, I would snow.

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All right.

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But that's not really what we're going to

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talk about today.

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Sorry.

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I got a, we got a little sidetracked,

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um, changing seasons.

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Um, we are really intending to talk about,

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yeah, changing seasons.

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That's a good, that's a good segue, Jeff.

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Um, changing seasons of life.

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As people go through different phases of their

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planning, we were talking about some recent client

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experiences and having seen them through, uh, the

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range of the, the arc of their financial

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plan.

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I was just saying one of my, um,

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longest clients, uh, just passed away.

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Um, I think really my first client, uh,

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uh, if, I don't know if it was

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my client in insurance, but I had worked

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with them in insurance when I started insurance,

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but my first client, when I started as,

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um, uh, in financial planning and, and working

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with people in investing and, um, in those

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days, um, you know, we were, I was,

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I was a registered rep of a broker

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dealer.

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And so the way we did things was

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we sold a mutual fund and different, you

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know, trying to fill out and figure out

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what was the right mix of funds for

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people to meet their needs.

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And, uh, this family was, uh, my first

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client in that experience and have been with

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me all along the way.

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And, um, uh, across my career and more

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across their experience from going through, um, and

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this particular family, they had won the lottery,

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uh, some, some lottery winnings, not all disclosure,

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not all of our clients win the lottery.

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Yeah, exactly.

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Uh, and they were friends of our family

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and, um, went to my, uh, my dad

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for their estate planning and, uh, now that

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my brother who was friends with their, their

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kids and, um, in any case, it was,

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um, um, a circumstance where they were planning

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for their future and starting on their, their

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path to retirement is, you know, when you

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win that kind of money, you start thinking,

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what should we do?

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You know?

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Um, was, I don't want to get too

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much into detail, but were they clients?

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So they won the lottery.

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Were they clients before they won the lottery?

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Uh, not of mine.

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Um, I think, no, I think that was

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what the catalyst that got started on saying,

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okay, you know, um, given the, their, you

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know, new financial circumstances, how should they think

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about their planning?

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Yeah.

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I got them really focused on their estate

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planning, their financial planning of, you know, various

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types.

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Um, so in those days, uh, the estate

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tax threshold was much lower.

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So there was some concern about having liquidity

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for estate taxes.

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Right.

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So that involved an insurance component.

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There were things about, you know, their, uh,

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cash flows and, you know, income.

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And, um, you know, they thought about, uh,

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spending time in Florida.

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And so they just started all the, you

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know, the planning of, well, how shall they

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do this, what, what will be their priority

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and keeping, uh, uh, kind of, uh, a

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cautious eye they didn't, you know, they wanted

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to have, uh, some risk and some performance,

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but they also want to be very careful

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with the money they had, yes, which is

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not always the case when you hear it,

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uh, yeah, go ahead.

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Lottery winning winners who just fail at it.

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Right.

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They just, usually they're so extravagant or they're

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super generous.

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I'm rich.

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Oh, they make bad investments.

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You know, everyone with a, everyone who didn't

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make it on a shark tank is knocking

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at that door.

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Right.

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Yeah.

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Yeah.

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So, you know, they were very, very careful

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and, um.

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And then, um, you know, over time, you

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know, just the cashflow through retirement and how

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things were going.

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And, uh, along the way, uh, he passed

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and she lived on and, uh, we continued

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to be a resource in helping think about

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things, uh, her care needs changed over time,

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you know, and we talked about a different,

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would you want to do this?

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Would you consider doing that?

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You know?

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Um, so had, had some important conversations, but

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ultimately it was matter of what's preferred, what,

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you know, what, what they want.

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And, uh, so it was good.

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And ultimately, um, just recently, um, um, this

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client passed, but it's, it's the kind of,

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you know, kind of, it's, it's sad when

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I was saying to Russ, that's one of

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the drawbacks of, uh, uh, we work with

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retirees and, um, we see them through, uh,

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the beginning to end.

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And it's, it's, you know, we've, we've had

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a lot of clients that over the years

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and as a consequence, you know, some have

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passed and it's, uh, it's one of the,

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one of the parts of the business that's,

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um, you know, personal, you've, you have a

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connection with all these people and, and, you

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know, you care not to, it's hard not

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to, right.

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Yeah.

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We care about their, their journey, you know,

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and they share so much with you.

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They share their, their fears, their hopes, their

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dreams.

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They share when good things happen, when challenges

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happen.

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Yeah.

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So you become closer to a lot.

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I mean, different, uh, family members passed along

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the way.

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Anyway, you know, you, you, you connected to

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that kind of thing.

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So in any case, um, Uh, this brings

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me to an interesting article.

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I came across that maybe we can, um,

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deviate from the specifics of this, but it's,

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it's, you know, um, uh, kind of related

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to this topic.

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There was an article in, uh, the February

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Kiplinger, uh, uh, article, the cover of the

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magazine talks about, you know, just the very

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issues of retirement, um, getting the right advice

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in retirement and, you know, it has the

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graphic on the top where it's got all

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these street signs pointing in different directions for,

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you know, withdrawal strategies, charitable giving a state

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planning, long-term care, minimizing taxes, social security,

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planning, uh, generating income, creating a budget, all

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these things that, you know, we, we do

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and our routine with the way, how we

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think about working with clients and thinking through

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how shall they, um, how can we help

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them in thinking about the issues they need

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to plan for as they go through their,

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um, retirement journey?

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Chris, let me ask you kind of a

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foundational question based on that.

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When should someone people listening, some are a

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brand new people to the show, a brand

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new to getting their finances in order, some

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are retired, some are wealthy, some are not.

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When should someone consider seeing a financial advisor?

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Like, yeah, uh, now, uh, right.

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You know, I guess the answer, right.

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You know, no, I'm, I'm kind of being

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flippant, but you know, I think as soon

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as possible is, is the best answer.

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Um, that, um, if you're, uh, starting out,

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um, you're better benefited by getting a little,

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uh, advice, a little counsel, Jeff, I mean,

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we've had a number of clients that you've

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done a great job in kind of saying,

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getting them on the right path, thinking about,

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um, how do they either reduce their debt

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load or plan for their cash?

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You know, like set us, how much do

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I set aside?

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How much do I plan for savings and

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investment?

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So on the early end of things, it's

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like as soon as possible.

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Right.

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And, and the challenges, of course, you know,

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and along the way, many stages along the

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way, you say, I just don't have enough,

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right.

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And that's going to be true for lots

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of people, you know, no matter what stage

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of your journey.

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Uh, a lot of times people feel like,

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oh, I'm not sure I have enough to

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be thinking that way.

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And that's really why maybe, because you got

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to prioritize and think about, uh, what should

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or shouldn't I do?

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And, you know, the decisions about how to

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plan for where your money goes.

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And you can't get stuck, right.

269
00:10:29,920 --> 00:10:31,420
I don't have enough, therefore I won't do

270
00:10:31,420 --> 00:10:31,900
anything.

271
00:10:32,680 --> 00:10:32,900
Yeah.

272
00:10:33,240 --> 00:10:35,020
And it can be emotionally draining.

273
00:10:35,020 --> 00:10:37,740
Let's say when you're, when you're upside down

274
00:10:37,740 --> 00:10:39,480
in, in the, you know, things are going

275
00:10:39,480 --> 00:10:41,360
the wrong direction and it's not as though

276
00:10:41,360 --> 00:10:44,120
it's always like an easy fix, you know,

277
00:10:44,140 --> 00:10:46,020
I don't want to make light of things.

278
00:10:46,160 --> 00:10:48,860
On the other hand though, uh, you know,

279
00:10:48,960 --> 00:10:51,660
sometimes fresh eyes can say, well, maybe you

280
00:10:51,660 --> 00:10:52,680
want to consider this.

281
00:10:53,400 --> 00:10:56,900
And sometimes it's, um, it is not easy.

282
00:10:56,960 --> 00:10:58,760
It, you know, it's, it's, it's challenging.

283
00:10:58,760 --> 00:11:03,740
It's difficult, but taking that, uh, difficult path

284
00:11:03,740 --> 00:11:06,780
can get you to the other side more,

285
00:11:06,780 --> 00:11:08,400
uh, rapidly.

286
00:11:08,400 --> 00:11:10,280
And, and I think sometimes it's a little

287
00:11:10,280 --> 00:11:13,380
bit of perspective of, you know, just, well,

288
00:11:13,380 --> 00:11:14,440
let's look at the math.

289
00:11:14,520 --> 00:11:16,560
I mean, this is, this is arithmetic, you

290
00:11:16,560 --> 00:11:17,700
know, like what can we do?

291
00:11:18,300 --> 00:11:20,080
Um, I don't have enough.

292
00:11:20,180 --> 00:11:22,700
Well, maybe we should think about a roommate

293
00:11:22,700 --> 00:11:25,280
or, oh, maybe you want to think about

294
00:11:25,280 --> 00:11:27,360
a cheaper car or, you know, well, maybe

295
00:11:27,360 --> 00:11:29,280
we need to think about a different job,

296
00:11:29,340 --> 00:11:31,300
you know, whatever it is on that early

297
00:11:31,300 --> 00:11:31,580
end.

298
00:11:31,680 --> 00:11:31,840
Right.

299
00:11:32,180 --> 00:11:34,320
There's, there's lots of, you know, things to

300
00:11:34,320 --> 00:11:34,820
consider.

301
00:11:35,100 --> 00:11:37,120
Uh, it's not to say that it's easy,

302
00:11:37,120 --> 00:11:39,500
but there's ways to think about it.

303
00:11:39,560 --> 00:11:39,660
Right.

304
00:11:40,180 --> 00:11:40,420
Yeah.

305
00:11:40,480 --> 00:11:40,660
Go ahead.

306
00:11:40,720 --> 00:11:43,980
I think, especially for younger people, um, just

307
00:11:43,980 --> 00:11:47,140
like taking a step back and actually thinking

308
00:11:47,140 --> 00:11:48,800
about it, like, wow, this is actually a

309
00:11:48,800 --> 00:11:49,180
plan.

310
00:11:49,220 --> 00:11:51,220
It's not just like going, you know, paycheck

311
00:11:51,220 --> 00:11:51,640
to paycheck.

312
00:11:51,760 --> 00:11:53,280
Oh, like, uh, yeah.

313
00:11:53,340 --> 00:11:53,740
Winging it.

314
00:11:53,740 --> 00:11:56,820
And, and it's about creating efficiency and starting

315
00:11:56,820 --> 00:11:58,100
to actually build wealth.

316
00:11:58,220 --> 00:11:59,640
I think that's, those are the discussions I

317
00:11:59,640 --> 00:12:01,300
have with my, my friends as, as their

318
00:12:01,300 --> 00:12:05,800
de facto, uh, advisor, um, is like, there

319
00:12:05,800 --> 00:12:06,800
are a lot of things that they just

320
00:12:06,800 --> 00:12:07,620
haven't really thought about.

321
00:12:07,680 --> 00:12:09,020
And when we look at a financial plan,

322
00:12:09,040 --> 00:12:11,200
we're looking at like your goals, your big

323
00:12:11,200 --> 00:12:11,720
picture goals.

324
00:12:11,780 --> 00:12:14,020
And sometimes that's the place to start where,

325
00:12:14,280 --> 00:12:15,860
uh, a lot of people are thinking about

326
00:12:15,860 --> 00:12:17,640
their goals in five years and 10 years

327
00:12:17,640 --> 00:12:18,680
and 30 years.

328
00:12:18,960 --> 00:12:21,260
So, and, and that can get people excited,

329
00:12:21,480 --> 00:12:21,880
right?

330
00:12:21,880 --> 00:12:27,320
When you're thinking about something, progress ultimately.

331
00:12:27,780 --> 00:12:27,960
Yeah.

332
00:12:28,100 --> 00:12:31,200
There's some small steps towards something that, that

333
00:12:31,200 --> 00:12:34,320
makes you like, it changes the mindset where

334
00:12:34,320 --> 00:12:36,900
it's, it's framed differently instead of framed as

335
00:12:36,900 --> 00:12:41,580
like a sacrifice, uh, it's framed as progress,

336
00:12:41,700 --> 00:12:43,620
working towards opportunity and progress.

337
00:12:43,880 --> 00:12:44,140
Yeah.

338
00:12:44,380 --> 00:12:44,660
Yeah.

339
00:12:44,700 --> 00:12:45,980
So that's a great point.

340
00:12:46,040 --> 00:12:47,520
You know, and then, you know, as, as

341
00:12:47,520 --> 00:12:52,580
things evolve, uh, people's increases and there's greater

342
00:12:52,580 --> 00:12:53,220
opportunity.

343
00:12:53,360 --> 00:12:56,680
And sometimes it's just executing on fundamentals, right?

344
00:12:57,200 --> 00:12:59,480
Um, we know, you know, blocking and tackling

345
00:12:59,480 --> 00:13:00,480
or whatever it is, right.

346
00:13:00,640 --> 00:13:00,820
Yeah.

347
00:13:01,140 --> 00:13:03,560
We know that just keep doing the right

348
00:13:03,560 --> 00:13:07,020
things and, uh, not getting off track by

349
00:13:07,020 --> 00:13:11,320
getting, um, you know, uh, taking, making some

350
00:13:11,320 --> 00:13:12,780
bad decisions along the way.

351
00:13:12,820 --> 00:13:13,060
Right.

352
00:13:13,120 --> 00:13:15,180
You know, bad decisions may be the wrong

353
00:13:15,180 --> 00:13:16,980
way to say it, but the idea of

354
00:13:16,980 --> 00:13:21,100
like getting, getting distracted, overextending, um, that kind

355
00:13:21,100 --> 00:13:23,080
of thing are easy to do along the

356
00:13:23,080 --> 00:13:23,340
way.

357
00:13:23,340 --> 00:13:25,240
So you want to keep on a path

358
00:13:25,240 --> 00:13:28,040
that keeps you in that wealth creation phase

359
00:13:28,040 --> 00:13:30,220
as, as you were talking about it, Ross.

360
00:13:30,340 --> 00:13:33,200
And, you know, I think, um, some of

361
00:13:33,200 --> 00:13:35,120
this is just keep doing the right things,

362
00:13:35,140 --> 00:13:37,560
you know, in, in time is your, is

363
00:13:37,560 --> 00:13:42,220
your, uh, your, your, um, it's your advantage

364
00:13:42,220 --> 00:13:45,300
in this, that given time things compound and

365
00:13:45,300 --> 00:13:48,860
wealth has increased over time and there will

366
00:13:48,860 --> 00:13:51,400
be bumps in the road with markets disrupted.

367
00:13:51,760 --> 00:13:54,020
And these are the inevitabilities of it all,

368
00:13:54,220 --> 00:13:58,480
but, um, uh, don't overextend.

369
00:13:58,560 --> 00:13:59,080
Right.

370
00:13:59,400 --> 00:14:02,620
Um, uh, so, and then, you know, the,

371
00:14:02,700 --> 00:14:05,840
with the buying habits and spending habits and

372
00:14:05,840 --> 00:14:07,620
all of these kinds of things, keeping some

373
00:14:07,620 --> 00:14:11,640
perspective and, and sometimes a planner, um, you

374
00:14:11,640 --> 00:14:14,220
know, we talk about, um, accountability partners when

375
00:14:14,220 --> 00:14:16,000
it comes to coaches and things like this.

376
00:14:16,480 --> 00:14:18,000
Sometimes it's not even, you know, it's not

377
00:14:18,000 --> 00:14:20,480
accountability as much as just like, you know,

378
00:14:20,760 --> 00:14:22,900
keeping you on track, you know, you doing

379
00:14:22,900 --> 00:14:24,720
these things and sometimes it's strategy.

380
00:14:25,040 --> 00:14:27,560
Oh, have you thought about the mega backdoor

381
00:14:27,560 --> 00:14:29,640
Roth or, you know, whatever it might be,

382
00:14:29,640 --> 00:14:32,100
or, you know, and sometimes it's just, um,

383
00:14:32,760 --> 00:14:35,120
uh, you know, thinking about, well, how much

384
00:14:35,120 --> 00:14:36,460
can I afford when I want to do

385
00:14:36,460 --> 00:14:37,020
this goal?

386
00:14:37,020 --> 00:14:39,600
You know, we had a client, uh, not

387
00:14:39,600 --> 00:14:43,200
long ago, uh, by a, a second home.

388
00:14:43,520 --> 00:14:48,360
Um, uh, you know, it's, uh, unexpectedly to

389
00:14:48,360 --> 00:14:51,040
us, but it was something that they, they

390
00:14:51,040 --> 00:14:53,920
saw a lot of value in for, uh,

391
00:14:53,920 --> 00:14:56,940
the possibility of a future retirement home.

392
00:14:57,240 --> 00:15:01,600
Uh, the, the importance of family experience, you

393
00:15:01,600 --> 00:15:02,520
know, they're going to have a lot of

394
00:15:02,520 --> 00:15:03,580
family time there.

395
00:15:04,020 --> 00:15:04,880
Super common goal.

396
00:15:05,340 --> 00:15:05,620
Yeah.

397
00:15:05,620 --> 00:15:07,380
So, I mean, you know, and, and their

398
00:15:07,380 --> 00:15:09,420
income, when we, we kind of went through

399
00:15:09,420 --> 00:15:11,080
it, it was like, yeah, it seems like,

400
00:15:11,120 --> 00:15:12,160
you know, it's going to create equity.

401
00:15:12,160 --> 00:15:13,760
It's going to, it's something you can afford.

402
00:15:14,400 --> 00:15:17,240
Um, it it's, you know, there's a, there's

403
00:15:17,240 --> 00:15:19,180
a value element of it as well.

404
00:15:19,180 --> 00:15:20,160
So it was like, it was kind of

405
00:15:20,160 --> 00:15:22,900
all these, uh, virtues, uh, built in.

406
00:15:23,300 --> 00:15:26,120
Um, now it does add some expenses cause

407
00:15:26,120 --> 00:15:28,500
you got to, you know, utility bills.

408
00:15:30,280 --> 00:15:33,440
But, um, but in this, in this particular

409
00:15:33,440 --> 00:15:35,040
instance, it all seemed like it was a

410
00:15:35,040 --> 00:15:37,400
good, it was good math, you know, but,

411
00:15:37,480 --> 00:15:39,800
um, and then, you know, as we, as

412
00:15:39,800 --> 00:15:42,120
we get later in life, we start thinking

413
00:15:42,120 --> 00:15:43,780
about one of the things that we run

414
00:15:43,780 --> 00:15:46,400
into a lot is people are spending time,

415
00:15:46,400 --> 00:15:52,360
um, racing to the finish line, if you

416
00:15:52,360 --> 00:15:52,660
will.

417
00:15:52,660 --> 00:15:56,140
And they're, they're thinking of retirement, uh, away

418
00:15:56,140 --> 00:15:59,740
from work as, uh, the finish line when

419
00:15:59,740 --> 00:16:02,000
in reality it's, it's its own beginning, right.

420
00:16:02,000 --> 00:16:06,120
But it is a time when people reassess

421
00:16:06,120 --> 00:16:08,520
how much risk do I want in my

422
00:16:08,520 --> 00:16:09,020
portfolio?

423
00:16:09,380 --> 00:16:11,720
Should I be as aggressive as I've been

424
00:16:11,720 --> 00:16:12,420
in the past?

425
00:16:13,260 --> 00:16:15,500
Um, it's a time when then people start

426
00:16:15,500 --> 00:16:17,440
thinking about how am I going to manage

427
00:16:17,440 --> 00:16:18,300
these cashflows?

428
00:16:18,460 --> 00:16:19,640
You know, we talk about all the social

429
00:16:19,640 --> 00:16:23,300
security decisions and, uh, you know, social security

430
00:16:23,300 --> 00:16:25,640
turning on and retirement start don't have to

431
00:16:25,640 --> 00:16:26,500
be the same time.

432
00:16:26,960 --> 00:16:29,120
But, uh, if I'm not turning on social

433
00:16:29,120 --> 00:16:30,880
security, I'm spending too much of my money,

434
00:16:31,100 --> 00:16:32,300
you know, this kind of thing.

435
00:16:32,440 --> 00:16:34,220
Well, on the other hand, that might save

436
00:16:34,220 --> 00:16:36,240
you money over your retirement.

437
00:16:36,620 --> 00:16:38,260
You know, that's a tough one for people

438
00:16:38,260 --> 00:16:40,880
to process, but it really is, but it's,

439
00:16:41,940 --> 00:16:42,340
yeah.

440
00:16:43,120 --> 00:16:45,740
Uh, we talked about pensions, same idea with

441
00:16:45,740 --> 00:16:46,100
pensions.

442
00:16:46,200 --> 00:16:49,200
If you have a pension option, go ahead.

443
00:16:49,280 --> 00:16:50,220
Continue with that.

444
00:16:50,520 --> 00:16:51,280
No, it's the same.

445
00:16:51,420 --> 00:16:53,280
Um, you know, like people struggle about wanting

446
00:16:53,280 --> 00:16:54,780
to take social security or they take it

447
00:16:54,780 --> 00:16:55,740
at the default.

448
00:16:55,900 --> 00:16:57,580
Sometimes it's to take it as soon as

449
00:16:57,580 --> 00:16:58,060
possible.

450
00:16:58,060 --> 00:16:58,520
Right.

451
00:16:58,860 --> 00:17:00,940
Sometimes people have pensions that they can turn

452
00:17:00,940 --> 00:17:03,099
on right away for one benefit or they

453
00:17:03,099 --> 00:17:05,339
can delay it until they reach a certain

454
00:17:05,339 --> 00:17:08,180
age, 65, maybe if they're a government employee

455
00:17:08,180 --> 00:17:10,420
and delaying that.

456
00:17:10,420 --> 00:17:12,599
Um, and especially if they have a long

457
00:17:12,599 --> 00:17:15,660
life expectancy is often a better choice than

458
00:17:15,660 --> 00:17:17,460
just taking it when they can, when they're

459
00:17:17,460 --> 00:17:19,099
accessed, when they have access to it, it

460
00:17:19,099 --> 00:17:22,400
can provide them greater income security and greater

461
00:17:22,400 --> 00:17:25,660
cashflow in retirement while if they're still able

462
00:17:25,660 --> 00:17:28,020
to work, let's say before that 65 and

463
00:17:28,020 --> 00:17:31,620
that's, or use their savings, which is really

464
00:17:31,620 --> 00:17:32,880
counterintuitive for folks.

465
00:17:33,440 --> 00:17:33,600
Yeah.

466
00:17:34,060 --> 00:17:34,380
Yeah.

467
00:17:35,600 --> 00:17:37,860
So, uh, in the end, these are the

468
00:17:37,860 --> 00:17:39,380
things that, you know, part of the planning

469
00:17:39,380 --> 00:17:42,220
can help assess and evaluate, which is the

470
00:17:42,220 --> 00:17:43,020
best way to do this.

471
00:17:43,360 --> 00:17:46,140
But there are other related things, you know,

472
00:17:46,140 --> 00:17:50,120
um, when it comes to, um, this one

473
00:17:50,120 --> 00:17:52,620
is the cashflow, you know, how my withdrawal

474
00:17:52,620 --> 00:17:55,560
strategies, where do I take it from, uh,

475
00:17:55,620 --> 00:17:58,480
sequence, yeah, which, which bucket, if you will,

476
00:17:58,540 --> 00:18:01,820
my retirement account, my Roth account, my taxable

477
00:18:01,820 --> 00:18:04,000
money, you know, where do I draw from

478
00:18:04,000 --> 00:18:06,660
when, you know, um, when it comes to

479
00:18:06,660 --> 00:18:08,040
the portfolio design.

480
00:18:08,040 --> 00:18:10,740
So similarly, where should I put which kind

481
00:18:10,740 --> 00:18:13,500
of risk and so forth sometimes is part

482
00:18:13,500 --> 00:18:14,340
of the equation.

483
00:18:15,000 --> 00:18:18,540
Tax efficiency too, like Roth conversions, um, that

484
00:18:18,540 --> 00:18:18,980
kind of thing.

485
00:18:19,040 --> 00:18:20,760
I think that's a big decision that needs

486
00:18:20,760 --> 00:18:21,100
to be made.

487
00:18:21,260 --> 00:18:22,600
We seem to be talking about that a

488
00:18:22,600 --> 00:18:23,080
lot lately.

489
00:18:23,080 --> 00:18:23,420
Don't we?

490
00:18:25,280 --> 00:18:27,540
Especially with, uh, the thought that maybe the

491
00:18:27,540 --> 00:18:29,820
tax cut and jobs act may be extended,

492
00:18:29,820 --> 00:18:33,000
gives people more of a window perhaps to

493
00:18:33,000 --> 00:18:34,700
entertain that notion of.

494
00:18:35,160 --> 00:18:36,920
Should I do some Roth conversion?

495
00:18:37,040 --> 00:18:39,620
We, we had an interesting conversation yesterday where,

496
00:18:39,700 --> 00:18:41,860
uh, you know, on the one hand, it

497
00:18:41,860 --> 00:18:43,780
was yesterday, maybe the day before, anyway, recently

498
00:18:43,780 --> 00:18:46,280
this week where we were talking about, you

499
00:18:46,280 --> 00:18:48,000
know, on the one hand, uh, you could,

500
00:18:48,080 --> 00:18:50,380
you have this very narrow window within your

501
00:18:50,380 --> 00:18:53,620
tax bracket, uh, to, that you could fill.

502
00:18:54,280 --> 00:18:57,000
Uh, at, at, at when you stop working,

503
00:18:57,240 --> 00:18:59,600
if you were to go into the next

504
00:18:59,600 --> 00:19:04,320
tax bracket, um, it probably makes sense because

505
00:19:04,320 --> 00:19:06,280
you're going to be pushed into that tax

506
00:19:06,280 --> 00:19:11,460
bracket anyway, later on because of distribution requirements.

507
00:19:12,100 --> 00:19:16,000
And, um, by doing, filling that tax bracket,

508
00:19:16,040 --> 00:19:19,500
we were thinking you'd probably actually stay in

509
00:19:19,500 --> 00:19:22,820
that tax bracket and then get lower because

510
00:19:22,820 --> 00:19:27,120
you'd have much less income later on, uh,

511
00:19:27,400 --> 00:19:28,980
that you're over the lifetime.

512
00:19:29,120 --> 00:19:32,360
You'd have less taxable income, uh, by, by

513
00:19:32,360 --> 00:19:34,420
doing some of this planning.

514
00:19:34,720 --> 00:19:37,040
And then the other variable we're thinking about

515
00:19:37,040 --> 00:19:38,900
is, well, if one of you passes before

516
00:19:38,900 --> 00:19:42,240
the other, you know, speaking of tax brackets,

517
00:19:42,480 --> 00:19:46,500
that's exactly that's exactly the tax bracket is

518
00:19:46,500 --> 00:19:47,920
going to be harder to deal with.

519
00:19:48,000 --> 00:19:50,520
You'd be pushed perhaps even to even higher

520
00:19:50,520 --> 00:19:54,180
tax bracket for a single person, whereas this

521
00:19:54,180 --> 00:19:56,040
would keep you in lower tax rates.

522
00:19:56,220 --> 00:19:58,300
So just when you started piling it all

523
00:19:58,300 --> 00:20:00,200
together, it's sort of like, okay, this really

524
00:20:00,200 --> 00:20:02,780
could make sense for you as a strategy

525
00:20:02,780 --> 00:20:03,540
in your circumstance.

526
00:20:03,700 --> 00:20:04,760
Again, it's circumstantial.

527
00:20:05,200 --> 00:20:07,240
Everyone's instances are a little different.

528
00:20:07,640 --> 00:20:09,920
So, uh, but that was a good example

529
00:20:09,920 --> 00:20:11,780
of a, an instance where a little bit

530
00:20:11,780 --> 00:20:14,840
of tax strategy, a little planning could really

531
00:20:14,840 --> 00:20:16,340
make a difference over time.

532
00:20:16,580 --> 00:20:19,740
And then when it comes to legacy, uh,

533
00:20:19,740 --> 00:20:23,680
what their beneficiaries receive, it'll, it'll be materially

534
00:20:23,680 --> 00:20:26,600
better because, you know, when you think about

535
00:20:26,600 --> 00:20:29,280
it, a Roth IRA, if you receive that,

536
00:20:29,340 --> 00:20:31,440
uh, I have 10 years to take it

537
00:20:31,440 --> 00:20:34,760
out, same kind of 10 year rule applies

538
00:20:34,760 --> 00:20:40,380
for that, um, beneficiary, um, inherited IRA, whatever

539
00:20:40,380 --> 00:20:40,960
you want to call that.

540
00:20:40,960 --> 00:20:41,940
In this case is a Roth.

541
00:20:42,580 --> 00:20:45,060
If it's an IRA, it's a traditional IRA.

542
00:20:45,560 --> 00:20:47,460
I've got 10 years to take it out.

543
00:20:47,980 --> 00:20:51,600
I I've probably will have annual distribution requirements

544
00:20:51,600 --> 00:20:52,440
along the way.

545
00:20:53,000 --> 00:20:54,980
And by the 10th year, I've got to

546
00:20:54,980 --> 00:20:55,760
get it all out.

547
00:20:58,420 --> 00:21:00,440
Uh, that could be a big, big tax.

548
00:21:00,580 --> 00:21:03,320
If I don't either way, I'm looking at

549
00:21:03,320 --> 00:21:07,360
probably, you know, more taxable headaches where, um,

550
00:21:07,460 --> 00:21:09,640
for the Roth, I can keep it in

551
00:21:09,640 --> 00:21:12,600
that Roth all till the 10 years and

552
00:21:12,600 --> 00:21:13,340
then take it out.

553
00:21:13,500 --> 00:21:15,860
And there's no tax consequence for the beneficiaries.

554
00:21:16,460 --> 00:21:18,040
So, you know, I mean, no, one's going

555
00:21:18,040 --> 00:21:20,040
to complain whether they get a traditional or

556
00:21:20,040 --> 00:21:20,440
a Roth.

557
00:21:20,500 --> 00:21:21,700
They're going to be thrilled to get that

558
00:21:21,700 --> 00:21:25,160
inheritance, but if they could pick one, but

559
00:21:25,160 --> 00:21:26,100
yeah, if you have the choice.

560
00:21:27,500 --> 00:21:29,400
Um, so in any case, that's one of

561
00:21:29,400 --> 00:21:29,980
those things.

562
00:21:30,200 --> 00:21:33,220
Um, tax planning is another element of this

563
00:21:33,220 --> 00:21:35,000
that we find we're talking more and more

564
00:21:35,000 --> 00:21:40,540
about, um, capital gains, um, as something people

565
00:21:40,540 --> 00:21:43,420
are more and more focused on, we're talking

566
00:21:43,420 --> 00:21:47,040
about, you know, Harvesting capital losses along the

567
00:21:47,040 --> 00:21:49,080
way and trying to come up with strategies

568
00:21:49,080 --> 00:21:52,380
that can help people to navigate some highly

569
00:21:52,380 --> 00:21:56,600
appreciated assets without, you know, having a massive

570
00:21:56,600 --> 00:21:59,820
tax day, you know, which nobody wants to

571
00:21:59,820 --> 00:22:03,080
have that big, a long legacy position suddenly

572
00:22:03,080 --> 00:22:04,220
have a huge tax.

573
00:22:04,820 --> 00:22:07,100
Sometimes there's some strategies we can look to,

574
00:22:07,180 --> 00:22:09,320
to try to navigate that a little bit.

575
00:22:09,480 --> 00:22:11,760
So we've been talking about that too.

576
00:22:12,140 --> 00:22:14,640
It's such a strong sentiment for some people

577
00:22:14,640 --> 00:22:18,900
that they will not sell something that should

578
00:22:18,900 --> 00:22:21,860
be sold because they don't want to pay

579
00:22:21,860 --> 00:22:22,400
the tax.

580
00:22:22,840 --> 00:22:23,020
Yes.

581
00:22:23,460 --> 00:22:23,700
Yes.

582
00:22:24,080 --> 00:22:26,840
Too much risk in the process.

583
00:22:27,320 --> 00:22:29,360
Whatever reason it should be sold.

584
00:22:29,920 --> 00:22:30,160
Yeah.

585
00:22:30,220 --> 00:22:32,580
There it's, you know, it's too much of

586
00:22:32,580 --> 00:22:34,880
your portfolio or the outlook for the company

587
00:22:34,880 --> 00:22:36,440
isn't good, whatever it is.

588
00:22:36,540 --> 00:22:39,220
They just, that's very resistant because they don't

589
00:22:39,220 --> 00:22:40,000
want to pay taxes.

590
00:22:40,240 --> 00:22:42,340
We've had clients say, well, gee, do you

591
00:22:42,340 --> 00:22:43,640
think it'd be better to have it go

592
00:22:43,640 --> 00:22:44,420
down in value?

593
00:22:45,760 --> 00:22:47,000
No, no, no.

594
00:22:47,220 --> 00:22:50,440
That's not paying 25% capital gain tax,

595
00:22:50,520 --> 00:22:52,800
but you still want the, you'd rather have

596
00:22:52,800 --> 00:22:54,020
the gain in that.

597
00:22:54,180 --> 00:22:55,180
At the time, you have to go down

598
00:22:55,180 --> 00:22:56,120
25%.

599
00:22:56,120 --> 00:22:57,080
I'll pay less.

600
00:22:57,480 --> 00:22:58,500
Yeah, exactly.

601
00:22:59,740 --> 00:23:01,960
Not, not as appealing though, in reality.

602
00:23:03,540 --> 00:23:05,660
And then, you know, the other thing that

603
00:23:05,660 --> 00:23:10,040
I found, we, we talk about as part

604
00:23:10,040 --> 00:23:13,260
of our plan for retirees is thinking about

605
00:23:13,260 --> 00:23:16,000
the, what ifs, what if one, somebody dies

606
00:23:16,000 --> 00:23:19,120
sooner than expected and how does that change

607
00:23:19,120 --> 00:23:19,780
cash flows?

608
00:23:19,880 --> 00:23:21,500
How does it, I mean, obviously it has

609
00:23:21,500 --> 00:23:25,460
some impact on, you know, the, the heartbreak

610
00:23:25,460 --> 00:23:29,260
of it all, but the, the, the cash

611
00:23:29,260 --> 00:23:30,340
flows can be affected.

612
00:23:30,340 --> 00:23:32,120
Oh, security.

613
00:23:32,660 --> 00:23:34,340
We lost, exactly.

614
00:23:35,100 --> 00:23:38,820
And then there's also the, you know, yeah,

615
00:23:38,820 --> 00:23:40,440
some expenses change.

616
00:23:40,880 --> 00:23:44,940
You know, maybe, you know, we need to

617
00:23:44,940 --> 00:23:46,480
hire someone to do some of the things

618
00:23:46,480 --> 00:23:48,020
that spouse did.

619
00:23:49,320 --> 00:23:51,360
Maybe it changes where we want to live.

620
00:23:51,720 --> 00:23:51,960
Yeah.

621
00:23:51,980 --> 00:23:53,800
The expenses don't get cut in half.

622
00:23:54,320 --> 00:23:54,600
No.

623
00:23:55,480 --> 00:23:56,620
Yeah, that's right.

624
00:23:56,640 --> 00:23:58,480
We were talking about that recently, but it,

625
00:23:58,580 --> 00:24:00,080
you know, there may be some reduction, but

626
00:24:00,080 --> 00:24:02,560
it's not, there's other increases, right?

627
00:24:02,680 --> 00:24:04,480
And then, you know, you still own the

628
00:24:04,480 --> 00:24:07,920
house, you still have property tax, insurance, utilities.

629
00:24:08,820 --> 00:24:10,720
Those, those aren't going to change really all

630
00:24:10,720 --> 00:24:11,300
that much.

631
00:24:11,420 --> 00:24:13,580
You know, you're still going to have those

632
00:24:13,580 --> 00:24:15,660
expenses that, you know, maybe you have one

633
00:24:15,660 --> 00:24:16,500
car instead of two.

634
00:24:16,660 --> 00:24:16,820
Okay.

635
00:24:16,820 --> 00:24:19,260
That, that changes a little bit, you know,

636
00:24:19,260 --> 00:24:19,980
that kind of thing.

637
00:24:20,120 --> 00:24:22,460
But, but, you know, and there's the whole

638
00:24:22,460 --> 00:24:23,620
issue, like, do I want to, do we

639
00:24:23,620 --> 00:24:24,860
want to, where would you want to live?

640
00:24:24,920 --> 00:24:25,880
Would you stay here?

641
00:24:26,020 --> 00:24:28,000
Would you live closer to other, you know,

642
00:24:28,040 --> 00:24:28,840
family members?

643
00:24:28,840 --> 00:24:31,660
Would, would it, you know, what would there

644
00:24:31,660 --> 00:24:34,040
be the ability to live independently as someone

645
00:24:34,040 --> 00:24:35,040
ages or whatever?

646
00:24:35,880 --> 00:24:39,320
Um, and long-term care becomes one of

647
00:24:39,320 --> 00:24:40,260
those conversations.

648
00:24:41,320 --> 00:24:43,700
Uh, what if, you know, the, what if,

649
00:24:43,780 --> 00:24:44,520
what if, right?

650
00:24:44,640 --> 00:24:45,940
That's the big, what if though, really?

651
00:24:46,100 --> 00:24:49,440
I mean, it can be really, yeah.

652
00:24:49,600 --> 00:24:53,200
It's the one that can really interfere with

653
00:24:53,200 --> 00:24:56,300
someone's perceived plan with what they're going with

654
00:24:56,300 --> 00:24:56,860
their cash.

655
00:24:57,640 --> 00:24:59,840
And then what's the impact on the survivor,

656
00:25:00,140 --> 00:25:00,440
right?

657
00:25:01,140 --> 00:25:05,120
Um, so, you know, um, we run into

658
00:25:05,120 --> 00:25:09,560
people who, um, have absolutely no idea whether

659
00:25:09,560 --> 00:25:11,720
they will or won't have a long-term

660
00:25:11,720 --> 00:25:14,360
care, uh, constant, you know, event.

661
00:25:14,840 --> 00:25:16,780
And we run into other times when it's

662
00:25:16,780 --> 00:25:18,400
kind of clear there is going to be

663
00:25:18,400 --> 00:25:18,780
one.

664
00:25:18,780 --> 00:25:20,240
And so how are we going to deal

665
00:25:20,240 --> 00:25:20,600
with that?

666
00:25:20,660 --> 00:25:22,620
What's let's do some planning.

667
00:25:23,140 --> 00:25:24,500
Well, we do run into clients that say,

668
00:25:24,540 --> 00:25:25,920
we're not going to have this event.

669
00:25:26,820 --> 00:25:27,260
Yeah.

670
00:25:27,520 --> 00:25:29,360
I'm going to take care of, we're going

671
00:25:29,360 --> 00:25:30,440
to take care of each other at home.

672
00:25:30,780 --> 00:25:31,360
That's our plan.

673
00:25:31,500 --> 00:25:32,560
And they're firm about it.

674
00:25:33,220 --> 00:25:33,760
That's true.

675
00:25:33,840 --> 00:25:34,460
That happens.

676
00:25:34,620 --> 00:25:38,220
And as much as they, um, believe that,

677
00:25:38,300 --> 00:25:40,660
and we hope that's the case, it's not

678
00:25:40,660 --> 00:25:41,140
always.

679
00:25:41,880 --> 00:25:43,800
So, you know, usually in that case, I'll

680
00:25:43,800 --> 00:25:46,320
say, well, you know, well, assuming you're, even

681
00:25:46,320 --> 00:25:47,740
you're, if you're at home, if you had

682
00:25:47,740 --> 00:25:50,480
full-time need for full-time care, you

683
00:25:50,480 --> 00:25:52,500
know, those costs are going to be similar

684
00:25:52,500 --> 00:25:54,160
to being in a nursing home.

685
00:25:54,160 --> 00:25:58,360
Uh, you know, sometimes more, but, but you

686
00:25:58,360 --> 00:26:00,400
could, you can kind of still do that

687
00:26:00,400 --> 00:26:02,860
thought exercise about the costs, the full-time

688
00:26:02,860 --> 00:26:05,260
care, wherever it might be.

689
00:26:05,480 --> 00:26:05,580
Right.

690
00:26:07,120 --> 00:26:10,860
Um, so, um, but that needs some thought

691
00:26:10,860 --> 00:26:12,000
and some consideration.

692
00:26:12,000 --> 00:26:15,220
And then, you know, I think we, uh,

693
00:26:15,220 --> 00:26:17,700
we talk about estate planning a little bit,

694
00:26:17,700 --> 00:26:24,260
um, legacy, uh, considerations, um, charitable, you know,

695
00:26:24,380 --> 00:26:24,960
intentions.

696
00:26:25,240 --> 00:26:26,440
How do you want to be remembered?

697
00:26:26,440 --> 00:26:26,780
Right.

698
00:26:27,240 --> 00:26:27,680
Yeah.

699
00:26:28,260 --> 00:26:29,580
I think about that a lot.

700
00:26:29,580 --> 00:26:33,100
And I think, um, you know, it's, it's

701
00:26:33,100 --> 00:26:34,580
one of these things where you think, well,

702
00:26:35,400 --> 00:26:37,600
well, anyone have noticed if, uh, if I'm

703
00:26:37,600 --> 00:26:39,440
gone, you know, uh, that I was here,

704
00:26:39,460 --> 00:26:41,140
will, will the, will the world have been

705
00:26:41,140 --> 00:26:44,520
improved in any way, but, you know, for

706
00:26:44,520 --> 00:26:47,200
my, uh, my role in it, you know,

707
00:26:47,260 --> 00:26:50,420
and, uh, I think people, I think that's

708
00:26:50,420 --> 00:26:52,000
important to some people to think about, you

709
00:26:52,000 --> 00:26:53,680
know, what's, what's my legacy.

710
00:26:53,720 --> 00:26:56,020
Um, and that sometimes that's about family.

711
00:26:56,440 --> 00:26:59,800
Sometimes that's about, um, charitable intentions.

712
00:27:00,320 --> 00:27:02,820
Um, it really differs from person to person.

713
00:27:02,820 --> 00:27:05,520
What, you know, what is their priority about,

714
00:27:05,880 --> 00:27:07,880
you know, when it comes to your financial

715
00:27:07,880 --> 00:27:10,740
plan, then we, we see this, uh, experience

716
00:27:10,740 --> 00:27:15,060
from all angles, you know, from early origins

717
00:27:15,060 --> 00:27:18,860
to, uh, uh, end of life.

718
00:27:19,660 --> 00:27:21,200
It's, it's challenging.

719
00:27:21,560 --> 00:27:24,220
Um, it's not easy for people at any

720
00:27:24,220 --> 00:27:26,820
stage along the way, sometimes to, you know,

721
00:27:26,820 --> 00:27:29,340
really navigate this, um, on their own and

722
00:27:29,340 --> 00:27:32,240
having a helping hand along the way, someone

723
00:27:32,240 --> 00:27:35,880
who's been through it with, um, some experience

724
00:27:35,880 --> 00:27:37,400
can be a real resource.

725
00:27:37,480 --> 00:27:41,120
Sometimes it's a opportunity to challenge your perspectives.

726
00:27:41,120 --> 00:27:42,860
We tend to make assumptions.

727
00:27:43,060 --> 00:27:45,100
A lot of times we get caught in

728
00:27:45,100 --> 00:27:49,540
our own, uh, bubble, you know, what we

729
00:27:49,540 --> 00:27:52,480
see and think about, and sometimes, um, it

730
00:27:52,480 --> 00:27:54,360
can really add value to have a second

731
00:27:54,360 --> 00:27:56,420
set of eyes and what don't, you know,

732
00:27:56,480 --> 00:27:56,740
right.

733
00:27:56,740 --> 00:28:00,680
You know, that old question of what don't

734
00:28:00,680 --> 00:28:02,340
I know about this subject, right?

735
00:28:02,360 --> 00:28:04,340
If you're in your own cocoon and you

736
00:28:04,340 --> 00:28:07,920
think everything's been fine, everything can be fine,

737
00:28:08,040 --> 00:28:09,000
but what don't you know?

738
00:28:09,000 --> 00:28:10,880
Not all rumsfeld, rumsfeld, right.

739
00:28:11,060 --> 00:28:13,660
The known unknowns and the unknown unknowns or

740
00:28:13,660 --> 00:28:15,360
something like that.

741
00:28:15,460 --> 00:28:15,560
Right.

742
00:28:15,560 --> 00:28:17,380
And every part, you know, we do the

743
00:28:17,380 --> 00:28:19,760
same things applies to law and medicine and

744
00:28:19,760 --> 00:28:21,500
all those things.

745
00:28:22,140 --> 00:28:22,380
Yeah.

746
00:28:22,940 --> 00:28:23,200
Yeah.

747
00:28:24,220 --> 00:28:26,120
So if, if we can be a resource,

748
00:28:26,120 --> 00:28:27,140
that's why we're here.

749
00:28:27,260 --> 00:28:29,200
Uh, let us be a resource to you.

750
00:28:29,720 --> 00:28:32,840
And, um, we're happy to be, be able

751
00:28:32,840 --> 00:28:33,740
to help if we can.

752
00:28:34,260 --> 00:28:36,900
Um, we offer a complimentary consultation.

753
00:28:36,900 --> 00:28:40,240
It's available to you just by asking, uh,

754
00:28:40,240 --> 00:28:42,300
reach out to us, uh, either by phone

755
00:28:42,300 --> 00:28:43,760
or by email.

756
00:28:43,960 --> 00:28:46,040
We'll give you that information as we wrap

757
00:28:46,040 --> 00:28:49,000
up the show until next time, everybody keeps

758
00:28:49,000 --> 00:28:50,300
driving for something more.

759
00:28:51,540 --> 00:28:53,860
Thank you for listening to something more with

760
00:28:53,860 --> 00:28:54,600
Chris Boyd.

761
00:28:54,900 --> 00:28:57,020
Call us for help, whether it's for financial

762
00:28:57,020 --> 00:29:00,960
planning or portfolio management, insurance concerns, or those

763
00:29:00,960 --> 00:29:03,000
quality of life issues that make the money

764
00:29:03,000 --> 00:29:04,120
matters matter.

765
00:29:04,340 --> 00:29:05,460
Whatever's on your mind.

766
00:29:05,460 --> 00:29:08,300
Visit us at something more with chrisboyd.com

767
00:29:08,300 --> 00:29:12,520
or call us toll free at 866-771

768
00:29:12,520 --> 00:29:17,420
-8901, or send us your questions to amr

769
00:29:17,420 --> 00:29:20,420
-info at wealthenhancement.com.

770
00:29:20,520 --> 00:29:22,540
You're listening to something more with Chris Boyd,

771
00:29:22,580 --> 00:29:25,160
financial talk show, wealth enhancement, advisory services, and

772
00:29:25,160 --> 00:29:27,280
Jay Christopher Boyd provide investment advice on an

773
00:29:27,280 --> 00:29:29,840
individual basis to clients only proper advice depends

774
00:29:29,840 --> 00:29:31,640
on a complete analysis of all facts and

775
00:29:31,640 --> 00:29:32,220
circumstances.

776
00:29:32,480 --> 00:29:34,280
The information given on this program is general

777
00:29:34,280 --> 00:29:36,320
financial comments and cannot be relied upon as

778
00:29:36,320 --> 00:29:37,900
pertaining to your specific situation.

779
00:29:38,080 --> 00:29:40,060
Wealth Enhancement Group cannot guarantee that using the

780
00:29:40,060 --> 00:29:42,080
information from this show will generate profits or

781
00:29:42,080 --> 00:29:43,180
ensure freedom from loss.

782
00:29:43,400 --> 00:29:45,540
Listeners should consult their own financial advisors or

783
00:29:45,540 --> 00:29:47,660
conduct their own due diligence before making any

784
00:29:47,660 --> 00:29:48,420
financial decisions.