Joe Krause 

I think it’s a December edition of roadmap to retirement to Radio Show with David Bazar and Bret Elam am Joe Kraus glad to be with you, and hope you will stay with us for the full hour as we jump back in with updated content, new programming. And sometimes David, I feel as though when we begin to show, it’s new content, but the underlying premise behind the content is still the same. You still need to educate yourself to get a better handle on decisions that you should make. And hopefully, hopefully, this show creates a sense of urgency and perhaps get someone to get in touch. That’s my hope.

 

David Bezar 

Yeah. And we hope, you know, hope the same thing to Joe. And I think we see the justification of that effort. You know, when we get out into the public into the community do our educational workshops, we had five of them this past week, and you know, holiday season, and people are still flooding out. And the conversations are still pretty much the same. People are concerned. And I’m going to be referencing a study that was done by one of the biggest insurance producers in the world, a company called the Allianz Global insurance company. And here in the States, they interviewed 2500 different people, just to kind of get a consensus of what do you think’s happening out there today. And, you know, as we go through that, you’ll see, it’s pretty much the same across the board, right? Even though we hear on TV, this, that and the other thing, people are worried about inflation, people worried about taxes, people are having a difficult time paying their bills today. It’s getting harder now to find the job, if you’re looking for a job where, you know, months, maybe a year ago, it was a free for all was easy. Anybody wanted to work could work. Now it’s starting to we see the jobless claims, you know, all of that type of stuff is just kind of creating a lot of confusion. So, you know, our focus here at Thrive is to create that awareness. We do that in our workshops or webinars to the education. That’s our free assessment, right? We have people come in and visit with us ask all the questions that they want to ask. And then we provide the leadership if and only if people need that, right. We’re here to be a public service, we want to make sure that we are for profit, but there’s a nonprofit mentality in how we provide our education to people. It’s all free. If you need the help, and you want to engage us you let us know that will never go to ask you. I know that sounds a little hokey and but that’s the reality of how we operate. And

 

Joe Krause 

you know what, in a world of uncontrollable where you can’t control when the car market’s going to tank, you can’t control when a gallon of milk is going to be 550. But what you can control is your own ability to be able to live and exist within that environment. I really believe that that’s what you that’s what the team at Thrive does. So well. I don’t want to say you never have to worry. You just have to be aware.

 

David Bezar 

Yeah, absolutely. And yet, people aren’t aware of all the things that they need to think about to navigate retirement successfully. So today, we’re going to go through, we’re going to try to stimulate 10 thought provoking questions that will tie into today’s show.

 

Bret Elam 

Yeah, so first question we’re gonna go through is how has the financial turbulence of 2022 impacted your personal views on retirement preparedness? Next one is and again, this is the study from the alliance of lifetime income. We’re going to find out a lot from there. The second question is with the stock and bond markets, unpredictability is how comfortable are you with your current retirement investment strategy? The next one we’re going to dig into is an important one is if Social Security faced significant reductions or changes, how will it affect your retirement lifestyle and plans? Next one is, how are you mitigating the effects of inflation? That’s a big one hasn’t gone away yet. And then the fifth one we’re gonna go through as given the potential economic downturns is how resilient Do you believe your retirement plan is to a recession? Also, how

 

David Bezar 

would you rate your confidence in the long term solvency of Medicare and the social security system? Big question people have? Do you feel that your current financial advisor has adequately addressed the concept of guaranteed lifetime income in your retirement planning? How about are you balancing the need for investment growth with the desire for financial stability in your retirement strategy? Given the increasing importance of annuities and other guaranteed income sources today? How familiar are you with those types of products and how they perform and how they work? And then lastly, is one of the more thought provoking questions Is it In the event of another market downturn, do you have a contingency plan to help your retirement savings? So we’re going to try to answer those 10 questions throughout the show today, we talked a little bit about our workshops. Look, if you’re at that point where you’re looking to get more aware about what’s happening, you want some additional education, the easiest thing to do is go to our website at Thrive, financial services.com. Or you can text the word plan PLA n to 215-999-3272. Again, that’s 21599 30 to 72. That’ll start a conversation with us. And if you ultimately want to come in for one of the free assessments, that would really be a good kickoff for the new year to make sure that you’re tracking properly. So what we’re going to be talking today on the show is are you set up for retirement, right? Surprisingly, a significant number of folks that we talked with, including those that are really right on the cusp of retirement or newly retired, actually believe that they’re not set up, they actually say that to us. So that’s the takeaway from a recent survey that Bret just mentioned, this is a nonprofit that Bret was talking about, who undertook a really expansive study. And you know, what they were trying to do is seek out the insights of retirement readiness. Some of the responses to these pressing questions might indeed surprise you. In today’s episode, we’re gonna share those very questions with you followed by some collective answers. From the survey participants, our aim to couple the valuable insights of retirement planning, with a sprinkle of fun and there we try to do that, you know, we kid around a little bit. So what I would encourage you stick around gauge on how your own retirement preparedness sentiments will align with your fellow Americans.

 

Bret Elam 

Yeah, you never reflected on the survey questions and findings might leave you pondering about your own retirement path. Again, I’m reading some of the statistics that came out of their lines a lot with our clients, but some of them were surprising as well. But remember, you don’t have to navigate this journey alone. We’re right here, ready to help guide you is give us again, text us the word plan to 215-999-3272 again, text a word plan 215-999-3272. And we can set up that complimentary no obligation retirement prepared review. Again, that’s 215-999-3272. You can also visit our website at Thrive financial services.com. Again, that’s Thrive t h r i v financial services.com. And again, let’s work together to help lay the groundwork for that, that solid financial future that everyone’s looking for. It’s the power of a second opinion. So again, in today’s show, we’re going to be doing more than just exploring these surveys, questions and answers. And again, our aim is to equip you with tangible strategies and invaluable insights to help bolster your retirement preparedness. However, what would you really like for us to do is work what we’d really like to do Sparkman is work along side you, helping you towards those retirement goals and dreams that you’ve thought about for decades. So again, reach out to us, and let’s discuss your aspirations and how we can be of service again, you can text the word plan to 215-999-3272. And

 

Joe Krause 

as we go into our first break here on roadmap to retirement, the radio show you’ll hear messaging for for opportunities next week, to get registered and get educated at one of the upcoming Thrive financial services workshops, to on the 12th to on the 13th get registered go to go to thrive, financial services.com Back in a moment, here are four opportunities for you to get registered and get educated at an upcoming Thrive financial services workshop on Tuesday, December 12, at the Washington Crossing in and also at the spring mill Country Club both on Tuesday, December 12. And then two opportunities on Wednesday, December 13. At Ludwigs grill and oyster bar on the 13th and then at the Medford village Country Club on the 13th starting time for all workshops 6pm Go to thrive financial services.com Get registered get educated. We’ll see you at the workshop who to back here on roadmap to retirement the Radio Show with David bizarre and Bret Elam again that text number text the word plan to 215 Triple 932 72. David over to you. So

 

David Bezar 

let’s talk about some of these key findings out of the survey a survey that was conducted. So one of the findings was if you’re a baby boomer nearing retirement or recently entered This new chapter of life, here’s what you can know, you’re actually in good company. A lot of you probably have actually heard this statistic that every single day, there are 10,000 fellow baby boomers stepping away from their professional lives. And here’s kind of the staggering fact, by next year 2024, this tidal wave actually peaks with a daily count of 12,000, new retirees. I mean, it’s staggering. Every single day 12,000 People are walking into a new chapter of life. And this, and the majority said, I’m not really sure financially, if I’m completely prepared for this. So it’s the year when 2024 is the year when more Americans will celebrate their 65th birthday than ever before in history. So let’s talk about this retirement income planning study that was done. This isn’t just any study, it’s a comprehensive look into the evolving retirement planning scene, diving deep into how attitudes and strategies are actually how feelings are towards retirement are actually changing. The research zoomed in on how Americans lot, perhaps like you are reshaping the retirement saving approaches, they connected with over 2500 individuals, and the people were aged between 45 and 75. And all boasting at least $150,000 in investable assets. So that’s a, that’s a pretty popular segment of the population. Right? That’s a really good representation. So if you’re wondering, how do I stack up? So let’s dive into that a little bit. Right? What we’ll present are many of the same questions that the study pose giving you a chance to see where you stand. And as we journey through the questions and you mull over your responses, you know, we’ll share some insight that we’ve gained. You know, I’ve been in the business now for 35 years as a financial advisor, you know, where I’ve had the privilege of helping to guide folks just like you listening today through that transition into retirement.

 

Bret Elam 

So again, on today’s show, we’re talking about the crisis in retirement income. In the first segment, we talked about the 10, thought provoking questions, and we’re talking about the study that came out from Alliance protected for lifetime income. And again, questions related to what we’re going to go through here today, you want to text the word plan to 215999327 to again 215-999-3272. So let’s dig into our first survey question, which will revolve around a key theme is how did consumers and investors feel about their finances in 2022, and put things into context 2022 was rough for the world. And in fact, it was the rockiest year for global stocks, and most importantly, and bonds in over a decade. And I’ve been again in this field for a while. And and I can tell you, it’s rare to see both bonds and stocks get hit, at the same time, meaning going down. And with the backdrop, it’s only natural to wonder how this turbulence affects people’s confidence in their retirement readiness. Again, now here’s a question to ponder. One that’s central to our confidence, and we look towards retirement is do you believe your savings will last as long as you live? It’s probably the number one concern when we meet people day in and day out. It’s the number one question I have is, will my assets outlive me? It’s what everybody wants to think about and take a moment. How would you respond to that? This isn’t just any question. It could very well be at the heart of our retirement concerns. I just recently came back from Boston and saw a lot of conferences up there about lifetime extension and how technology is advanced within health. And people realizing that they may think at 65 years old, they may only be living another 10 or 20 years, but reality is with all the advancements in technologies and just actual warily today, if you have a couple age 65 A 25% chance that one makes it to the age of 92 and a 25% chance that one makes it to the age of 96. Again, a 50% chance of 90 to a 25% chance of one makes it to 96 and again, do you believe your savings will last as long as you and again for the folks surveyed, the response was quite revealing. A majority 51% To be precise, did not believe their savings would see them through. And this is the confidence that everyone’s looking for. So that leaves only 49% who felt confident that they could avoid the plague. In their nest egg in their lifetime. And that’s a striking statistic right there. Particularly when you think about being potentially the retirees most significant fear. Yeah, that’s, that was a really

 

David Bezar 

pretty thought provoking, right.

 

Joe Krause 

I mean, that’s the I think we are that demo planned, and expected to live shorter. That’s,

 

Bret Elam 

uh, yeah. All the time. Yeah.

 

David Bezar 

We talked to people all the time, and they’re not going to meet you, but you will. How about your parents? Yeah, mom’s talking, you know, 91 years old, my dad died at 89. Okay, so you’ve got a pretty good period of time. And, like Bret said, the worst thing that can happen is, you know, your money runs out before, you know, and I will tell you, it even translates into people that are higher net worth as well, because it’s all relative. And your your expenses are, you know, just higher add zeros or whatever it is. So something really to think about, and, you know, 51%, to be precise, that it’s a fear 49 think that are confident they’ll avoid that situation. Well, the 49, who are confident, probably should get a review to see if that’s factual, right. Alright, so now let’s dive into the other pressing concern that’s been really making headlines for a long time now, and could be possibly weighing on your mind if you’re listening today. And that’s the topic of inflation. And, you know, it’s got a possible domino effect into, is it a soft landing recession? Is it a hard landing recession? Is there going to be a recession at all? So, you know, you know, when our spending power gets squeezed, it really cast shadows over our retirement plan. And I was listening, you know, to CNBC yesterday morning. And one of the things one of the pundits on there was talking about, you know, they’re now starting to see auto loan, delinquencies, going up mortgage delinquencies going up. They’re really worried about the consumer spending, and put inflation on top of that inflation added to longevity. Those are two big headwinds that are out there. Right. So the survey posed a really important question to gauge the pulse on this. Here’s the question, how concerned are you that rising inflation will reduce your spending power in retirement? So I’d really encourage you to take a moment and reflect on that for a second. Right? How would you answer that? You listening right now? How would you answer that question? How concerned are you that rising inflation will reduce your spending power and retirement, meaning it’s going to take more money to live the same exact lifestyle that you have today, one headwind that inflation to the other one being longevity. Now, the results from the survey were actually really telling said a whopping 87% of respondents indicated they were actually either extremely, very, or somewhat worried. So it’s clear that the specter of inflation is actually a looming large in people’s minds. And it’s casting this uncertainty over the comfort and lifestyle that people have kind of envisioned for their retirement. I wonder

 

Joe Krause 

if the number of if the number is 100% of the people listening to this radio show right now? I think it is. Yeah,

 

David Bezar 

I mean, that’s always our curiosity to like when we and this is no disrespect to anybody. But when we do our seminars, and people actually don’t take us up on an offer for a free assessment. It really makes you wonder, right? I mean, like, you know, and some people just come out for the dinners, and we’re 100% okay with that, but you just, hey, why wouldn’t you take up the opportunity? Now, you may think, hey, well, those people are gonna try to sell me something. And I would just say, take the chance and prove it. Let us prove you wrong.

 

Bret Elam 

Yeah, when I think about that, too, it’s like how many clients that we have come in, that have retired now, 510 20 years, and understanding where inflation really hits home, especially if you do have guaranteed sources of income, like a pension, your pension is not moving up with inflation. And my mother retired as a school teacher 20 years ago, her payment has not changed, but yet things cost a heck of a lot more today than they did yesterday. So again, we always need to have that inflation piece in the back of our mind. So continuing on this theme, as the survey also explored concerns about potential economic downturn, something we chat about here a lot. So one question that was posed was How worried are you about a recession dragging the economy down and impacting your retirement income? Again, put yourself in the shoes of the respondents and how do you feel about that? And the survey results are pretty staggering. It says a significant 86% of those surveyed shared that they were either extremely, very or somewhat concerned. Again, especially as you enter retirement, something that we talk about quite a bit it, there’s something that’s called sequence of returns risk. So again, if you are on the cusp of retirement or getting ready to retire is what those inches what your returns are on your portfolio. And those first couple years of retirement really sets the stage for what the rest of life is really going to look like from a financial standpoint. So that 86% figure falls in line with what we see from a lot of people as well. And again, it’s evident that the thought of an economic slump is another cloud on the horizon that many are contemplating into retirement years. You just heard David talk about this, what he heard on CNBC yesterday, just with all the delinquencies, mortgage rates being high credit card, interest rates being 30 plus percent now for everybody delinquencies there as well, again, reality is it’s a rocky road with all this volatility that we’ve seen.

 

David Bezar 

Yeah, so again, probably the first step that makes sense is just texted us the word plan, PLA n to 215-999-3272, or go to our website at Thrive, financial services.com lot of information on the website, there’s a prompt on there that will help you get scheduled for that free assessment. Spend an hour with us, right, just spend one hour. If you feel comfortable enough, bring your information in things like social security statements, tax returns, brokerage accounts, IRAs, and retirement plans, will do the work and do the analysis. It’s really comprehensive. We’ll get back together for another hour, we’ll present all of that. And then if that’s all you need from us, we’ll shake hands and part ways. It all starts again. 215-999-3272 Text the word plan

 

Joe Krause 

roadmap to retirement to radio show back in a moment, here are four opportunities for you to get registered and get educated at an upcoming Thrive financial services workshop on Tuesday, December 12, at the Washington Crossing in, and also at the spring mill Country Club, both on Tuesday, December 12. And then two opportunities on Wednesday, December 13. At Ludwigs drill and oyster bar on the 13th. And then at the Medford village Country Club on the 13th starting time for all workshops 6pm Go to thrive financial services.com Get registered, get educated. We’ll see you at the workshop. This is Philadelphia am 993 Answer. Welcome back everyone to roadmap to retirement, the radio show, thank you very much for tuning in good conversation. Today, take David up on his offer text the word plan to one five triple 932 72. You

 

David Bezar 

know, as we wound up that last segment, Bret was talking about the unpredictable nature of the financial markets. And you know, the survey that was conducted actually didn’t just stop there, they asked some additional questions. One of the questions was, how concerned are you that the trends in the stock and bond markets will actually diminish your potential retirement income, right, because that’s what’s really important when your job income goes away, you need to replace the income on a guaranteed basis. So it’s Social Security. If you’re lucky, you got a pension, then the only other bucket of money you typically have is your investment accounts. And if it’s an unpredictable market, this is what this is what the survey response was 70% of the people surveyed expressed varying levels of worry from extremely to somewhat concerned. Meaning that if the markets get very volatile, it’s going to impact how much income they’re able to draw. So if we reflect back on 22, it’s evident that it was a very challenging year for investors and those keeping, you know, an eye on inflation. That was something that was very much talked about. It’s hardly surprising that such a backdrop and uh, you know, kind of cast a shadow over the sentiments of the people who went through that process, right? They got surveyed in there. Remember, that wasn’t a long time ago. 2022. So how did you feel about it? You know, it’s tough to maintain a sunny outlook on the future. When every day there’s a barrage of less than rosy headlines, you know, that dominated last year. And now just for a moment, imagine if you were reviewing responses from a year when the stock market soared, the economy thrived and inflation fears were put to bed, I bet the results would likely pay in a much brighter picture, you know, really kind of fostering optimism about retirement prospects. But that’s not what we’ll it’s unpredictable what’s going to happen.

 

Bret Elam 

And understanding we’re also emotional beings is such a big piece there. So, but here’s a pivotal reflection point. I’d love for all of our listeners to ponder I’m gonna tell a quick story here is how much do you want your retirement A contentment, your sense of ease your overall confidence to hinge on the stock markets roller coaster unpredictability or the the overall swings in the world, the economy, how much do you want all that relied upon, again, in our conversations with our soon to be or newly retired clients, I often find them clinging to the aggressive investment strategies they adopted in their youth, again, not thinking about that transition again, when retirement was such a distant thought. But what many might not realize is that as we transition into our retirement phase, our financial goals should also under go a transformation as well, again, what we’re looking for is that peace of mind that we’re not going to outlive our dollars again, gone other days when the primary goal was to grow, grow, grow, grow that nest egg. Now, it’s all about preserving it, molding it to a yield that’s consistent giving us that dependable income as opposed to the yo Yos going up and down in the market reminds me of a couple out in Arizona, who was traveling, seeing the beautiful scenery out in the in the Grand Canyon area, they had just passed a gas station. And the couple looked at one another. And they said they had like a quarter tank left and said should we fill up and you know, every male goes out there and says, you know, I know my gauges, we’re not going to run out of gas, we’re good to go. And so on they went. And as they started drive, and they still husband and wife are looking at each other and they’re like, Are you sure we got enough gas, we can just turn around and get it here. And he’s like, I know my gauge is let’s just go and literally for the next hour and a half it was back and forth back and forth, where it was just like we should have just filled up for gas. So then all of a sudden, they pulled into the gas station 150 miles ahead of them. And as they pulled in the gas station attendant said, wasn’t that the most beautiful 150 miles that you just drove through? And the husband and wife looked at each other and said, What, 150 miles? And that’s what it’s like in retirement? Do you want to think about the market being the gas gauge going up and down the unpredictability? Or do you want that peace of mind that you everyone’s looking for in retirement, to enjoy that scenery? Again, take a lot of those chips off the table. And it’ll be interesting as more of these statistics come about as we continue on the segment.

 

David Bezar 

So let’s take a shift here a little bit and talk about a topic that’s on the minds of virtually every retiree or soon to be retiree topic of Social Security and Medicare. Right. Both are pillars of many retirement plans, like I had said earlier, but there’s been a growing debate and concern over how viable are those forms of income and protection? So first off, the survey posed an essential question about the trust people have in the solvency of Social Security. Specifically, respondents were asked about their confidence in Social Security, being around and being capable of providing retirement benefits for your entire lifespan. The feedback Well, 44% of those survey expressed the absolute lack of confidence, saying that they’re not very or not at all confident that Social Security will be there when they need it. Now here, here’s the twist. While there’s clear skepticism about the solvency of Social Security, and its perceived importance has not waned at all, a substantial 73% of the same participants believe that social security will play a crucial or modest role in their retirement income. This highlights kind of the disparity between trust in the system and the reliance on it. So the story is somewhat similar when it comes to Medicare. When people were asked about their confidence and Medicare’s ability to remain solvent and provide benefits, throughout retirement, 34% of the people shared that they’re not very or not at all confident that that’s going to be the

 

Bret Elam 

case. When you start thinking about that that starts painting a very fascinating picture hinting at the unease that many feel about these foundational retirement systems that we all rely on, even as they recognize and rely on their importance. While I remain hopeful we truly do that future modifications to the program will address the funding challenges is that we have a hunch that these adjustments might fall more heavily on younger generations versus those that are retired or on the brink of it again, allowing people time to catch up with those changes. But yet it’s paramount not to take things for granted. Here’s a question, what if, in some unforeseen circumstances, Social Security faces a benefit reduction, that’s when you start here in Houston, we have a problem. Again, that’s where contingency planning becomes impaired. Orton, again, a cornerstone of the work that we do with many of our clients, Reeves revolves around the importance of crafting comprehensive long term retirement income projections. Together, we peer into the potential future challenges, be it inflation, stock market downturns, tax increases, or even these reductions in Social Security benefits, our goal to help understand how these challenges might impact their retirement, and importantly, to map out strategies that can help navigate and mitigate these uncertainties. Again, what are we looking for, it’s to become bullet proof, and it’s running all those different, what if scenarios Am I gonna be able to hold up to it? Again, when it comes to social security, and any other future uncertainties? my guiding principle is simple, yet profound, hope for the best. But always we have to plan for the worst. And again, we have to be rational. We cannot be emotional through this. So again, today’s show, we’re talking about crisis and retirement income. Again, we’re going through 2500 people being surveyed and a lot of the challenges that retirees feel that are on the horizon. And again, my encouragement is to text the word plan to 215-999-3272. Again, text the word plan P L. A n 215-999-3272. take that first step of getting that second opinion. Have Have you taken into consideration all these different puzzle pieces we’ve spoken about today. Nine Edie v answer.com.

 

Joe Krause 

One segment to go today on roadmap to retirement the Radio Show with David Bezar and Bret Elam. David, over to you, sir.

 

David Bezar 

Yeah, Joe, before we hop into the rest of the survey, I do want to comment, you know, I really would encourage people to schedule some time and come out and visit us at one of the workshops for a couple of reasons, right? End of the year, kind of wind everything up, get you prepared for the new year, start thinking about how do I get my plan in for retirement. The other thing is, you know, we go to some wonderful places. I was thinking some great yeah, I was thinking I did a seminar the other night at the Washington Crossing in right on the Delaware River. And it you know, I mean, it’s it’s a building that was built back in the 1700s it’s kind of interesting, because, you know, the floors are tilted, the walls are tilted, but it’s beautiful and the way they’ve got these restaurants in these places decorated for the holidays. It just puts you in a you know, just a nice dinner.

 

Joe Krause 

Good point,

 

David Bezar 

good conversation put you into holiday mode and you know luck with everything that’s going on in the world today. Sometimes you need a little bit of a respite. You know, you need a little bit of a respite. So, why not take us up on that come see us like the William Penn in spring mill Country Club, Washington Crossing in Ludwig’s corner, Ludwig’s corner out in the Exton area,

 

Joe Krause 

spot their love at school and spring mill country crap.

 

David Bezar 

So yeah, well, you know, great stuff out there. So let’s, let’s start winding up the show. We’ve got some good information. We talked about inflation, we talked about market volatility. We talked about Social Security, Medicare, these are all kind of potential headwinds that you got to have put plans in place for. But last thing we want to talk to is let’s walk through some of the survey questions that we’re dealing with investment strategies, the survey, delve deep into, you know, the different tweaks and changes people made to their investment portfolios. And, you know, just to save us from wading through question by question, I think it’s best that we’ll just kind of cut right to the core findings. So first off, a significant 32% of those surveyed made changes to their investment in 2022. And the driving sentiment was caution, over half of them opted for a more conservative shift in their portfolio, perhaps, you know, kind of echoing a broader broader concern about the market and kind of what was happening within the economic landscape. Now, there is a standout figure of 100% of investors who fortified their portfolios with an annuity in 2022 expressed satisfaction with that choice. Now, that is, you know, a very surprising result from a survey question 100% of investors who and this is the word that was at you know, fortified their portfolios with an annuity in 2020 to express satisfaction with that choice. Now, it seems for many people annuities helped offer a sense of stability, admits, you know, kind of that market uncertainty that volatility that was happening. Now, speaking of guaranteed income sources, 43% of consumers aged 45 to 75 I’ve had fortified their income with either a pension or an annuity by the, you know, kind of right where we’re at now in 2023. So it’s very clear that there’s a growing appreciation for these more predictable income streams in retirement. As a matter of fact, Bret, what was that survey back? It was the Harvard Business Review, that was talking about

 

Bret Elam 

2015. And it says, We need to start thinking about our income and not our network, right? Just rain true and how, how, how those principles do not change, right.

 

David Bezar 

And what we’re seeing with this survey is people you know, because of the market vault, and especially for retirees, a lot of people have accumulated the proper amount of investable assets, to live the lifestyle that they want to live throughout retirement. The challenge for them today is just not to lose. It’s a roller coaster, right? And if you know, you know what your high watermark is, and what income can be derived off of that, why would you play with that. But that’s what happens right? Now, when it comes to managing risk, especially concerning how savings is invested to cover essential needs, as opposed to discretionary once the message from consumers is crystal clear. They lean towards lower risk desiring a significant 80% of their retirement savings to be nestled in much more stable type investments. It underscores a collective sentiment, the drive to help ensure the essential expenses that must be met are with money that is well preserved in retirement. Joe, we do a four bucket strategy when we help people set up Where’s income coming from? How do you It’s you really need that type of a plan. You

 

Bret Elam 

know, it’s funny, you sit with a lot of accountants or estate planners to and it’s just the generations that are starting to retire right now are almost the last ones or, or maybe they don’t even have them without that pension and the peace of mind that people have, again, statistics I shared a little bit earlier, a couple age 65 50% Chance well makes it to the age of 92. It’s 27 years that you need to navigate the ups and downs in the yo Yos of the market. And it’s not always going to be a stock market from 2009. To what we just went through, we went through from 2000 to 2010. Market didn’t go up at all. Right now we’re going through a lot of volatility. So why not take some of those chips off the date table? Like David just said, What are you looking for in retirement, it’s that peace of mind.

 

Joe Krause 

And the only thing you can’t do, that you can do when you were younger, is you can’t make it up. You can make mistakes when you’re young, can’t make them when you’re 72 years old on the on the road to 92. I

 

Bret Elam 

don’t care if you’re Jeff Bezos or any of us and one thing you can’t buys time. So it’s so important that again, while we’re markets are where they’re at, do we take some chips off the table to reduce some of that anxiety for some of those bottom lines? Because while the markets roared back, and 2023 I hear it all the time. The s&p is way up as I asked people, do you know why it’s up? Let’s talk about Apple, Google, Amazon, Facebook, Microsoft Tesla in the video, seven stocks out of 500 is what’s driving the s&p 500 meaning the rest of the economy is volatile, those seven stocks so it’s understanding not the whole economy is thriving. And coming back in 2023. It’s really understanding these seven stocks have really propped it up. But again, in today’s show, we’re talking about the crisis in retirement income. And again, we’ve talked about Social Security and Medicare and inflation, the stock market unpredictability ups and downs, and just overall confidence, and everything. And again, my encouragement he heard something in today’s show, is to text us to 215-999-3272. Again, that’s 215-999-3272 text, a word plan, where we can schedule that second opinion session to go through all these what ifs, and are we ready for that? And again, understand it because it’s gonna lead into my last topic here, very important, talking about guaranteed income. Now, if you’ve been nodding your head all along here relating to many of the survey responses we’ve discussed, this final question I’ll bring up is particularly crucial for you. We just heard in the last part that David just went through about how so many people that had purchased an annuity, whether they had a pension or not, how they were 100% satisfied with that? Thought is let’s talk about that question. And it deals with the roles and responsibilities of financial professionals and the question was posed, do you believe financial professionals have a responsibility to introduce a guaranteed lifetime income products to their clients? And the feedback was strikingly clear. 5% of people disagreed. I think people are sick of just being sent down one path and not being been exposed to what all their options are. And it’s the importance of seeing somebody it’s not a product pusher, versus seeing how a particular solution may fit into an overall financial plan to give you that peace of mind of what you’re looking for, again, the vast majority either felt neutral, or were in firm agreement that such products should definitely be on the discussion table. And it’s amazes me day in and day out between our our team here at thrive as how many people meet with part of the Thrive army that’s out there. And people are like, What are you talking about how I can guarantee income, or they have misperceptions on that word annuities? So it’s it’s continuing that theme of awareness, education, and leadership of simply being exposed to all the tools that you have available to you to make a decision of inevitably, what makes the most sense. And again, this suggests a prevailing sentiment among consumers is they expect their advisor to broach the topic of guaranteed lifetime income, seeing it as a valuable pillar in their retirement planning, again, the importance of pulling all these different puzzle pieces together.

 

David Bezar 

Yeah, I’ll tell you that it’s actually kind of surprising, right? Because typically, you know, you hear the word annuity, if it comes out of the mouth of a financial professional, you usually think they’re only focused on, you know, making money or whatever it is, but you know, thrive, we’re fiduciaries and we have to act in the best interest, annuity serve a purpose for certain groups of people that are looking for that guaranteed income type situation. And I’ll tell you, it’s a little surprising Joe, I sat with two prospective clients last week. And, you know, and again, this is, you know, we handle a very wide scope of people, you know, people that have $500,000, and people who have 10s of millions of dollars, and we speak to them exactly the same. We have a strategy. We have a concept, awareness education, right. So it’s always the same conversation. We don’t prejudge, or, you know, be prejudiced in any type situation. But what was surprising is the one prospective client was a divorced woman, not yet 60 years old, who had a net worth liquid net worth of $10 million. And one of the questions that she asked was, I’ve heard a lot about annuities, and I’m concerned about my guaranteed income. 100% of our investments were in equity mutual funds, I need guaranteed income. The second prospective client was a former Vice President of Corporate Finance for Wells Fargo $29 million in assets, already had 10 million of that money in annuities. So don’t shy away from an annuity. Just because of what you hear in the media, it could potentially be a good thing for you depends on the situation. So look, bottom line is folks, we tried to share with you today, this survey and answer some questions. What I would just encourage is just get started, right? take that first step. Text us the word plan to 215999 30 to 72 That’ll start a conversation will provide the awareness will provide the education and if you need the leadership will figure out how to work together on that scenario. It will

 

Joe Krause 

help you become bulletproof. Every once in a while that word pops up and I love to hear it that’s going to do it for this edition of roadmap to retirement the radio show don’t forget to listen to messaging and get registered for one of the upcoming workshops and text the word plan to 215 Triple 932 72 on behalf of David bizarre on the app of brandy lemon on behalf of Karen bizarre. I’m Joe Kraus. See you next time everybody thanks

 

 

for listening to roadmap to retirement the radio show from Thrive financial services. If you’re like most Americans, you have more questions than you do answers about what to do with your retirement savings. If you have a question about your IRA or your 401 K, pension or other tax deferred accounts, if you have a question about reducing taxes, generating income or filing for Social Security, whatever it is, David Caron and Bret are here to help. Often your questions can be answered in a simple phone call. Just call 21579890882157989088. And so you know no statements made during roadmap to retirement the radio show shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional on any such matters. information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investment or investment strategies. investments involve risks and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial adviser and or tax professional before implementing any strategy discussed here. David bizarre Bret Elam and Karen bizarre of Thrive financial services and thrive Capital Management are licensed to offer investment advisory services through Thrive Capital Management LLC. an SEC registered investment advisory firm office headquarters is located in Fort Washington and offices of convenience used exclusively for client meetings and Exton Yardley and Cherry Hill roadmap to retirement the radio show is a paid commercial announcement from Jacob media partners. If you’d like to learn more about the power of the radio our contact Joe Kraus at 267-261-3428. Today’s program has been pre recorded