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>>> [ MUSIC ] WELCOME BACK EVERYBODY PLANNING FOR
RETIREMENT ISN'T JUST
SOMETHING TO THINK ABOUT LATER
IN LIFE BECAUSE AT ANY AGE.
HERE WITH TIPS TO RECOUP TIRE
RETIRE SUCCESSFULLY IS CECIL
PICK SO NICE TO SEE YOU, ONE
OF THE THINGS WE WANT TO
EMPHASIZE IS THAT WHEN YOU'RE
TALKING ABOUT RETIREMENT
PLANNING MAY BEGINNING IN YOUR
20s OR 30s AND PROBABLY
SHOULD.
SHOULD.
SHOULD. >> ABSOLUTELY PICK
>> THAT MIGHT ALLOW YOU TO
RETIRE MUCH EARLIER THAN WE
IMAGINE IN THE MID 60s.
>> AND THE WAY YOU WANT TO
RETIRE.
RETIRE.
RETIRE. WHICH I ALSO THINK IS
IMPORTANT.
IMPORTANT. >> WE NEED TO START THINKING
ABOUT A LITTLE BIT EARLIER
THAN WE DO.
>> YOU GOT IT.
I BREAK RETIREMENT PLANNING
INTO STAGES OF OUR AGENTS.
WHEN SOMEONE COMES AND I CAN
HELP THEM WITH KEY THINGS.
IN OUR EARLY YEARS IS WHEN WE
ARE JUST STARTING OUT IS ONE
STAGE.
STAGE.
STAGE. OUR HIGHER EARNING, OUR GOOD
EARNING YEARS, OUR PEAK YEARS,
AND WHEN WE ARE IN RETIREMENT
IS STILL MATTERS TO HAVE A
GOOD RETIREMENT HOW WE ENTER
IN AND STARTED OUT.
>> YOU HAVE TO PLAINTIFF IN
THE BEGINNING.
THE BEGINNING. LET US TALK ABOUT THE EARLY
EARNING YEARS OUT OF SCHOOL,
LAW SCHOOL, WHATEVER, WHAT ARE
YOUR STEPS THERE?
WHAT SHOULD YOU BE DOING?
>> I BREAK IT INTO FIVE THE
FIRST ONE HERE THAT WASN'T
TAUGHT TO ME WAS FIND A CAREER
YOU LOVE.
YOU LOVE.
YOU LOVE. >> [ LAUGHTER ] IT TURNS OUT
TO BE IMPORTANT AND WE DID NOT
THINK SO.
THINK SO.
THINK SO. >> REALLY IS I WAS TOLD TO GET
A JOB, BECOME INDEPENDENT AND
TAKE CARE OF YOURSELF AND THAT
YOU GET THE GOLD STAR FOR
TODAY WE DO FOR A HAPPIER,
HEALTHIER LIFE IS TO PICK A
CAREER THAT WE LOVE BECAUSE
IT'S GOING TO FEEL EVERYTHING
THAT WE WILL TALK ABOUT TODAY
SO THAT IS STEP NUMBER ONE,
NUMBER TWO, THAT EMERGENCY
SAVINGS.
SAVINGS.
SAVINGS. OF COURSE THAT IS FOR
EVERYBODY AT EVERY STAGE BUT
THAT IS ONE OF THE KEY ONES
HERE BECAUSE YOU DON'T HAVE A
PIC YOU HAVE A JOB, NOW THE
EMERGENCY.
EMERGENCY. >> YOU NEED TO MAKE THAT A
PRIORITY BECAUSE YOU DO NOT
THINK ABOUT IT AT THAT AGE, I
DIDN'T.
DIDN'T.
DIDN'T. WHAT EMERGENCY IS GOING TO
HAPPEN TO ME?
I AM BULLETPROOF, I AM 22.
>> YOU KNOW IN CASE WE LOSE
OUR JOB OR NEED A NEW CAR.
THE THIRD ONE IS DISABILITY.
OUR EARNING ABILITY WHEN WE
ARE STARTING OUT, AND MANY
MORE STAGES, IS OUR BIGGEST
ASSET AND WE HAVE TO PROTECT
THAT.
THAT.
THAT. YOUR EMPLOYER MIGHT BE GIVING
YOU DISABILITY AND YOU DO NOT
KNOW ABOUT IT OR MAYBE YOU
HAVE IT AND YOU CAN GET
SHIPLEY, THAT IS SOMETHING TO
PAY ATTENTION TO.
YOU SAY GET YOUR EMPLOYER
MATCHING YOUR RETIREMENT PLAN
BECAUSE IT IS FREE MONEY PICK
>> ABSOLUTELY.
>> ABSOLUTELY. I HAD A CLIENT COME IN THIS
WEEK TO BROADEN HER SON.
BROUGHT IN HER SON.
HIS EMPLOYER HAS GREAT BRAND
OFFENSIVE, SERGEANT TO MAKE
SURE HE GOT ALL THE BENEFITS,
HIS EMPLOYER MATCHES 5%.
I SAID BY COMING HERE TODAY
YOU HAVE A 5% RAISE, GET THAT
EMPLOYER MATCH.
EMPLOYER MATCH. HE WAS THRILLED.
I CALL HIM, HE IS DOING AN
AMAZING JOB I WAS IMPRESSED
WITH HIM.
WITH HIM.
WITH HIM. >> THAT IS AWESOME.
OPEN AN IRA ACCOUNT AND SET UP
AUTOMATIC FUNDING, IS THE
SEPARATE FROM YOUR 401(K)?
>> YES.
>> YES.
>> YES. IT WILL GIVE YOU FLEXIBILITY
WHICH I WILL TALK ABOUT IN
ANOTHER STATE.
ANOTHER STATE. WHEN YOU'RE STARTING OUT
YOU'RE NOT MAKING A LOT OF
MONEY SO YOU QUALIFY FOR A
ROTH WHICH GIVES YOU TAX-
DEFERRED AND TAX-FREE MONEY
THE REST OF YOUR LIFE.
SO THAT IS POWERFUL BECAUSE
THE DATA
THE DATA
THE DATA >> YOU HAVE ALREADY PAID TAXES
ON IT
ON IT
ON IT >>
ON IT >> IT IS AFTER-TAX MONEY PICK
>> AND YOU ARE PROBABLY NOT
PAYING THAT MUCH TAX.
>> YOU DO NOT HAVE TO DO ALL
FIVE OF THESE RIGHT OFF THE
GATE.
GATE.
GATE. GET
GATE. GET THE JOB, GET THE EMERGENCY
MONEY, YOUR DISABILITY AND
PLACE, GET THE FREE MONEY.
>> THEN YOU MOVE INTO
HOPEFULLY YOUR HIGH INCOME
YEARS TOMMY WHAT YOU DO HERE?
>> YOU GOT IT.
THIS IS FROM AN AGE STANDPOINT
YOU ARE ABOUT 30-35, MAYBE A
LITTLE OLDER, THIS IS WHERE
YOU HAVE TO SET YOUR GOALS.
WHEN YOU WANT TO RETIRE?
HOW DO YOU WANT TO RETIRE?
WHAT DO YOU WANT TO DO WHEN
YOU RETIRE?
YOU RETIRE? YOU HAVE TO THINK ABOUT THAT.
WHERE'D YOU WANT TO RETIRE
BECAUSE THAT WILL HELP YOU
DETERMINE HOW MUCH MONEY YOU
NEED IN RETIREMENT AND HOW
MUCH YOU NEED TO SAVE.
SO THAT IS A KEY ONE.
>> THAT DOESN'T MEETING JUST
GET TO THE END AND THINK NOW
WHAT?
WHAT?
WHAT? YOU
WHAT? YOU SAVE LIFE INSURANCE IS
IMPORTANT?
IMPORTANT? A WELL, CONTRIBUTIONS TO YOUR
EMPLOYER RETIREMENT ACCOUNTS
AND THEN REVIEWING YOUR
EMPLOYER BENEFIT PLAN.
THIS IS AGAIN A VERY IMPORTANT
THING WE DO NOT ALWAYS DO WHY
IS THAT SO CRITICAL?
>> THERE ARE SO MANY HIDDEN
BENEFITS WE START OUR FIRST
JOB WE ARE OVERWHELMED.
WE GET ALL OF THIS PAPERWORK,
YOU SET ASIDE BECAUSE WE WANT
TO BE GOOD AT OUR JOB WITH AN
EMPLOYER BENEFIT PLANS I HAVE
SEEN MONEY YOU CAN PUT INTO A
HEALTH SAVINGS ACCOUNT, I HAVE
SEEN MONEY TO PUT INTO A FLEX
SPENDING ACCOUNT TODAY FOR
CHILD CARE OR OTHER THINGS.
THEY HAVE LEGAL HELP.
NUTRITION, THERE ARE JUST SO
MANY BENEFITS.
MANY BENEFITS. >> WE JUST DO NOT LOOK AT TO
MAKE SURE THAT WE CAN LOOK AT.
LET US TALK ABOUT PEAK EARNING
YEARS.
YEARS.
YEARS. >>
YEARS. >> THIS IS WHERE YOU NEED TO
START LOOKING AT YOUR EXPENSES
BECAUSE THERE IS A GAUGE WHERE
YOU SPEND IN RETIREMENT.
WE HAVE HEARD 80% OF YOUR WORK
AND YOUR INCOME OR 100%, IS
ALL YOU ALL YOU NEED TO YOU
WILL YOUR SPENDING IS PROBABLY
YOUR STRONGEST INDICATOR OF
WHAT YOU NEED IN RETIREMENT.
THIS IS THE AGE WHERE WE ARE
GENERALLY OVER 50 SO WHEN YOU
THINK ABOUT HOW WILL I BE
TAKING CARE OF TAKEN CARE OF
IN MY LATER YEARS, THAT IS
SOMETHING YOU NEED TO THINK
ABOUT THE
ABOUT THE
ABOUT THE >> DO YOU WANT LONG-TERM CARE
INSURANCE?
INSURANCE? >> IT DEPENDS.
YOU CAN SET ASIDE ASSETS, YOU
CAN ENSURE FOR IT, THERE ARE
DIFFERENT OPTIONS FOR THAT, A
LOT OF PEOPLE SAY MY CHILDREN
WILL TAKE CARE OF ME.
AND THEN THERE IS MEDICAID.
>> OKAY.
>> OKAY.
>> OKAY. >> SO THAT IS AN IMPORTANT
THING TO.
THING TO.
THING TO. >> CONSIDER --
>> WHEN YOU'RE OVER 50 YOU'RE
ALLOWED TO PUT ANOTHER
THOUSAND DOLLARS INTO YOUR IRA
SO WHEN YOU'RE UNDER 50 YOU
CAN PUT IN 6000, WHEN YOU ARE
OVER 50 NOW YOU GET TO PUT IN
1000 MORE 7000 BUT WITH YOUR
EMPLOYER PLAN YOU PUT IT AN
EXTRA $6000 A YEAR.
>> THAT IS GREAT.
SIGN UP FOR MEDICARE THREE
MONTHS PRIOR TO 65, AGAIN DID
NOT KNOW.
NOT KNOW.
NOT KNOW. >> PEOPLE ARE WORKING LONGER
BUT IF YOU DO NOT SIGN UP FOR
MEDICARE BY 65 THREE MONTHS
BEFORE OR THREE MONTHS AFTER
YOU ARE EXPOSED TO POTENTIALLY
A PERMANENT PENALTY FOR THE
REST OF YOUR LIFE.
SO, YOU WANT TO SIGN UP FOR IT
AND THEN JUST DEFER IT BECAUSE
YOU ARE STILL GETTING YOUR
EMPLOYER'S HEALTH BENEFIT
>> AND REDUCE YOUR DEBT, NOW
YOU ARE IN YOUR PEAK EARNING
YEARS SO YOU ARE PROBABLY
THINKING I AM FLASH I CAN
SPEND ALL THIS MONEY BUT YOU
SAY REDUCE?
SAY REDUCE? >> ABSOLUTELY SO WHEN YOU WALK
INTO RETIREMENT YOU HAVE PAID
MOST OF IT OFF.
I THINK A COMMON GOAL IS WE
WON OUR HOME PAID FOR.
THAT IS A BIG ONE THAT
>> TRY TO BE DEBT FREE.
LIVING IN RETIREMENT.
NOW YOU ARE THERE, IT IS DONE,
BUT YOU ARE ALSO GOING TO DO
WHAT YOU WANT EVERY DAY
HOPEFULLY.
HOPEFULLY. WHAT DO WE DO HERE?
>> THE FIRST THING I THINK IS
HAVE A PLAN.
BELIEVE IT OR NOT SOMETIMES
THE MONEY IS EASIEST.
WHAT YOU WILL DO IN RETIREMENT
IS NOT.
IS NOT.
IS NOT. SO I SAY HAVE A PLAN AND THEN
DO YOUR BIG GOALS SOONER
VERSUS LATER.
VERSUS LATER. TRAVEL, VACATION, YOU NEVER
KNOW.
KNOW.
KNOW. THE
KNOW. THE SECOND THING IS YOU DO NOT
WANT TO OVERSPEND.
THE BIGGEST MISTAKE IN
RETIREMENT IS WE SPEND TOO
MUCH TOO SOON IN HEALTHCARE.
KNOW WHAT IS SUSTAINABLE
WITHDRAWAL STRATEGY IS UNDER
PORTFOLIO THAT BASICALLY SAYS
YOU ESTIMATE HOW MUCH I CAN
TAKE OUT OF MY SAVINGS EVERY
YEAR SO THAT I WON'T RUN OUT
TO PICK
TO PICK
TO PICK >> SO IT WILL GENERATE AND
LAST TO THE END.
YOU HAVE OTHER TIPS HERE AS
WELL INCLUDING REVIEWING YOUR
ESTATE PLAN AND WE WILL PUT
ALL THESE TIPS ONLINE.
>> GREAT, THANK YOU.
>> Reporter: MY PLEASURE.
THIS IS A GREAT WAY TO TAKE
CONTROL OF YOUR LIFE.
>> IF ANYBODY WANTS MASTERY
OVER