loop.
>> It does not look fun, OK?
And a V, thank you so much.
Really appreciate it. A recent stock market volatility may
stock market volatility may
have a little bit nervous about
opening up your 4 O one K
statements. But there are some
things you should be doing.
Are there some things? The
question we’re asking that you
should be doing to protect your money and help us answer that
money and help us answer that
as Ted shells, Lee Retirement
Solutions, vice president, it’s
securian financial. Take.
Good How you doing out there?
What’s happening?
>> Good morning. Good morning. It’s great to be with you
It’s great to be with you
today, Columbus, High quality
audio with the headset. This is
one of the best tombs we’ve had
all week, but only Tuesday,
I want to just too much 10.
Let’s get back to business
here. What should we be doing
in terms of our whether it’s
for one K some of these
retirement accounts that we
just want to keep peaking on
line every single morning.
>> Yeah, well about people when
they see the market kind of
roiling and back and forth, the
volatility they get
rightfully concerned. But we at
least with respect to 4, 1, K
plans are for 3 B plans.
Kind of those retirement plans.
It’s all about the long term.
So it’s best to keep
perspective. Rightfully
concerned when they got volatility. But people really
volatility. But people really
should be thinking about this
with their head, not so much
with their heart because at the
end of the day, when you’re
saving for his retirement and
that might not be for decades. So you’ve got time on your
So you’ve got time on your
side.
>> And timing is really the key
with regard to saving right and
and preparing. I guess the the
philosophy with which you look at, volatility changes if
at, volatility changes if
you’re in your 20’s versus
maybe you’re late 50’s.
>> Couldn’t agree more. That’s
absolutely the case. In fact,
you know, I I’ve got kids that
are in their 20’s and what I tell them, as you know, this
tell them, as you know, this
kind of market in a down market
really might be an opportunity
to invest the most impactful
dollars you ever? Well, and the reason is you want you’re
reason is you want you’re
putting it in and you’re saving
over time. That’s got the
chance to compound. So what
people ought to be doing is
really just making sure they understand when they have to
understand when they have to
you will have to use that
money. What’s your time
horizon? And if you’re in your
20’s or 30’s, you really do
have decades before you have take out money from your 4 O
take out money from your 4 O
one K if you’re nearing
retirement, obviously your time
rises a little shorter and
you’re going want to think
about what the diversification
or the asset mix is is within your portfolio. Maybe a good
your portfolio. Maybe a good
time to talk to a financial
advisor. Lots of tools
available online. Securian dot
com, his retirement calculators
that can help. So there’s a
lot of information out there that you can. You can arm
that you can. You can arm
yourself with.
>> And then as as folks get
into retirement, I mean, it
must change again a little bit. It does well, then honestly,
It does well, then honestly,
at that the size is really
remains the same terms. When am
I going to need this?
Obviously, if you’re in
retirement, there’s a number of things that would come to bear.
things that would come to bear.
Are you taking Social Security?
Do you have assets saved
outside of your retirement Are
you do have a pension? There’s
there’s a number of different pieces to kind of put that
pieces to kind of put that
entire month package together
and again, finding a trusted
adviser, somebody that you speak with to help guide you
speak with to help guide you
through all of those things is
really important because even
though it might seem like in
retirement and I got this pot
of money that I’m going to to
you is which you have to think
is that’s kind of last man told
until I die. you want to be
careful to spend it wisely.
And and there the council of the good advisers really is is
the good advisers really is is
an order, I think because you
might have decades in
retirement before you live.
We’re all living longer and you
might have a long time before, you know, to don’t want to
you know, to don’t want to
outlive your money.
>> you think about the
calculators that that you
mentioned. I mean, that has to
come in pretty handy because at
that point, right, we’re just
projecting how long we’re going to live, how much money we
to live, how much money we
have. And at that point, it’s
just an equation.
>> It again, there’s a number
of different facets to and we
have had a move that are in our country where people used to
country where people used to
rely more on defined benefit
pension plans, whereas now it’s incumbent on us to save.
incumbent on us to save.
And for one K plans and 4, 0,
3 B plans and the like. So when
you’re young get it is early
and often as you can saving
that money is you’re putting time on your side as you’re
time on your side as you’re
approaching retirement,
understanding your time
horizon, understanding your
your risk tolerance and the
assets that you’ve gotten the
diversification to match that
time horizon are all very important. So really does
important. So really does
depend on where you’re at in
your life.
>> You mentioned having kids in
their 20’s. How do you balance
that financial conversation where you’re saying, look,
where you’re saying, look,
we’ve got these time-tested
principles of saving and
investing in their coming
actually hey dad, what about the crypto? Haha. Well, I I
the crypto? Haha. Well, I I
will leave could do to the
experts. I’m no expert in
crypto. And if I don’t
understand, I’m not sure I’m
going to invest in it.
>> So, you know, I certainly would tell my children that
would tell my children that
died is something that and, you
know, those kinds of more
exotic investments in speaking
with an expert again, might be
the right way to go. Ultimately, I think the tide
Ultimately, I think the tide
tried and to strategies for
saving are the best and it is
putting money in a systematic
basis, taking it out of your paycheck and putting in over a
paycheck and putting in over a
long period of time is really
going to help save for
retirement. See that balance
for all.
>> Yeah. Are the kids
receptive? You find it at that
age in their 20’s there
listening. They’re hearing it.
They’re trying. I know it’s not
is not easy to save. The
margins could be Finn when
you’re growing up in the
workplace.
>> Yeah, I find that they it
seems to me that, you know,
making sure that folks are well
grounded in financial education
is something that’s important
to everybody. So there again,
lots of information available
online that you can. You can
look at it from, you know, very
reputable companies like
Securian. We’ve been operating
since 18, 80 in Saint Paul in
the financial services industry. Lots of stuff.
industry. Lots of stuff.
You can go out there and kind
of educate yourself with.
I do find that that folks, once
they get the kind of understand
the basic concepts I’m saving
for retirement, putting in
overtime. Understanding what
your risk tolerance is,
etcetera. they really they
really do kind of start to put
the entire picture together.
>> Ted Schmelz, we really
appreciate your time, sir.
Thanks for the
conversation today. Great to be