12.24.22: Audio automatically transcribed by Sonix

12.24.22: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to Your American Retirement with your host, Randy Sams. Get set for a full hour of financial information and economic news affecting your bottom line. Randy works hard each day to educate Americans like you on how to reach the financial freedom they've worked so hard for. And he can help you too. So now let's start the show. Here is your host, Randy Sams.

Randy Sams:
Hey, good afternoon, Central Arkansas. Welcome to Your American Retirement on 101 FM. The Answer where Little Rock comes to talk. I my name is Randy Sams. I will be your host on today's show, CEO, president of SMMG Financial. Folks, thank you for joining us today. I know we're getting close to the end of the year, but I just want to thank all the listeners throughout 2020 to some of the great comments given us. Thumbs up on the podcast phone calls that we received. Folks, we've got a lot of information going into 2023. Folks have had some good questions which have kind of given me some topics that we can focus on going into 2023. But listen, it's been an awesome year for us on the radio. And again, I just want to thank every one of our listeners for joining us. I know it's Saturday afternoons. You've probably got better things to do than to listen to this old Arkansas boy with this accent that I have. Hey, it's a it's a God given Arkansas accent. Thank you, Jesus. But. We love our listeners, we love our clients. We've been able to generate a lot of interest and we've been able to help a lot of folks that have had questions. But folks, again, give us a call. If you have any questions, you listen to the show, you have some concerns. You'd like to be able to have a conversation. You're under no obligation just because you call my number or you leave us your information on the website.

Randy Sams:
You're under no obligation. If I call you back and have a conversation with you. That's what I do, folks. I've been doing this for 36 years. I enjoy helping people. I enjoy working with folks who are getting ready to retire or folks that are in retirement that have questions. What about Medicare? What about Social Security? What about this? Do I have enough funds, folks? That's what we do at SMMG Financial, Your American Retirement. So please give me a call. 866 990 7664. Or go to our website YourAmericanRetirement.com leave us your contact information will be glad to get back in contact with you folks. So again just like I said earlier podcast YouTube, Spotify whatever your favorite podcast provider be, we have our podcast YourAmericanRetirement.com, Just look us up, give us a thumbs up, help us out there, give us a like and tell your friends and your family about it. But folks, we hope you enjoy the show as much as we enjoy putting it together because here's what we do. Our objective for you is this People ask me, Randy, what do you do at SMMG Financial? What is it that Your American Retirement is focused on, folks? We love working with folks, helping our people understand and prepare for a secure retirement, not a risky retirement. We want to take that four letter word away from your retirement. That's called risk. All right. So what I deal with is I'm working with folks right now who have worked, you know, 20 years, 30 years, whatever it might be.

Randy Sams:
And you have a retirement fund that's available. What your objective is right now is to not lose. You want to be able to keep what you have, folks. You don't want to retire and lose any wealth or lose assets. So we've got to remove that risk. What's the number one risk is longevity risk. So I'm going to ask you two questions. How much guaranteed lifetime income do you have? And number two, have you taken the number one risk, the key risk in retirement off the table, which is longevity risk, folks, Because here's what happens. The longer you live, more than likely you're going to see a market crash, kind of like what we saw in 2022. The longer you live, more than likely you're going to have some kind of health issues. All right. Longer you live. If you haven't had the right plan set in place for you, the longer you live, more than likely you might run out of your retirement funds. All right. That's what we do. So, folks, one of the things that I want to do in this first segment for you is this I've got some questions that you should be asking, whether you're asking myself or whether you're asking anybody else that's in retirement planning or a financial planner. Folks, this is what I call starting the retirement income conversation. So if you're in retirement right now and you haven't asked your retirement planner or your financial planner these questions, write them down or give me a call.

Randy Sams:
I'll be glad to send them to you. And that way you'll have the information. Or if you're about to retire, these are the questions that you should be asking. So here's what we got Starting the retirement income conversation. Number one, why is protected monthly income retirement important? Folks? That's pretty much a no brainer there. You don't retire on assets, folks. You retire own guaranteed income. I have yet to meet with a folk in any clients of mine that are. We're having a consultation. It may be our first, second, third meeting. They're going to know that Randy Sams is focused on one thing, and that is setting you up with a guaranteed paycheck. All right, Income you retire own income, not assets. Assets can be lost. Stock market fires, divorces, whatever it might be, can be lost. So protected monthly income is very important. So how much protected or guaranteed lifetime income do you currently have? Number two, how much protected monthly income will I need in retirement? Kind of backs up number one, doesn't it? The easy If we meet, we're able to put together an asset statement for you, show what assets you might have. We can also put together an income statement showing you and your spouse what your current income might be, at what age you decide, Or think about turning on Social Security so we can run an income statement showing you what your income will be once you no longer receive a paycheck.

Randy Sams:
In other words, one of the questions you might be asking yourself, Where am I going to receive a paycheck when I stop receiving a paycheck? When you stop going to work every day, where's that going to come from? That's what we do. We want to make sure you're set up with a guaranteed lifetime income. Number three What if my expected monthly income is less than what I need to last my lifetime? We can take a 401 K, We can take your IRA that you worked so hard to establish and accumulate over the over your working years, folks. And we can take that and put it into an income annuity. Set yourself up with a a self pension is what I call it, a guaranteed pension for the remainder of your life and also for the remainder of your spouse's life. All right. So if you have a if you go in and you say, well, Social Security is not going to be enough to cover my expenses, that's what we need to do. We need to sit down and look at what your expenses might be, and then from there take it and put it into some type of a guaranteed income stream for you that take care of that income gap that you may have, that Social Security is not going to cover what is an annuity? I could go into detail with this, but going quickly, you can give us a call 866 990 7664 or go to YourAmericanRetirement.com.

Randy Sams:
Leave us your information you've got questions on annuities I'd love to be able to talk to you explain to you what annuities are available out there and if folks I don't do any variable annuities so nothing that I do at SMMG Financial is tied to the stock market. All right. I don't do any investments my. Products are all safe money products. Number five. Are there costs associated with guaranteed protected income? The Answer to that is yes. You're paying a a fee. It's a small fee, sometimes less than 1%. To get that guarantee, some of my income annuities have a guaranteed growth. It could be a guaranteed 7% could be guaranteed. 8% could be guaranteed 10%. But you're paying that annual fee to get those guarantees. So you've got to ask yourself, is it is it worth me paying a, say, a 0.95% fee on an annual basis to get a guaranteed lifetime set up for myself and my spouse? All right. So you ask yourself a question. If you're working with a financial planner, an investment advisor, do they charge you a fee, whether your account goes up or whether your account goes down? So there's no guarantees on that fee that you're paying them? We're on a guaranteed lifetime income annuity. If there is a fee, then that fee pays for your guarantee. Number six, what if I need to access my money in an annuity? So if you have your money in annuity, you want to make sure that you're dealing with your a retirement planner or a financial planner that understands what your objectives are.

Randy Sams:
Are you looking for income or are you looking for growth? Or you want to have an annuity that gives you access to a certain percentage of your funds? That's what we can do for you at SMMG Financial. All right. Number seven, can annuities help protect me from investment losses? The Answer to that is yes, folks. Zero is your hero. The annuities that I work with, the annuities that I place my clients into, they are guaranteed to not lose any money. So if the stock market goes way up, you're not going to see a 15 to 20 to 25% increase in your account value. But if the stock market goes way down like it did in 2022, guess what? Zero is your hero. So if the accounts that we have any of the funds in the indexes that we put funds into, if those indexes are negative in 2022, you didn't lose any money. We didn't make anything, but we didn't lose anything. And I've yet to have a phone call with a client in 2022, even though we may not have made any money. They love the fact that they didn't lose any money where all their friends at the coffee shop are crying because they lost 15, 20, 25% of their investment accounts.

Randy Sams:
All right. So number eight, how do I know that my protected income is safe? Folks? That's why you want to deal with Randy Sams at SMMG Financial. We deal with A-rated carriers very financially sound, financially solid carriers. I'm going to do for you just what I would do for myself and my wife. Am I going to put your money into a company that's just started last week in a van out of the Wal Mart parking lot? We're going to deal with companies that are financially sound that have been with us for a long time. And that way, you know your money is safe. The good thing is with an income annuity, folks, those those funds are put into their general accounts and that money is guaranteed. Number nine, Are there other strategies for protected monthly income? Yes, there are. That's why I don't ever talk to someone about putting 100% of your funds into an annuity if you want to. That's great, but it depends on what your objectives are. I'm going to be the first one to tell you take a certain percentage of your retirement account. Let's put that into an annuity, get you some guaranteed lifetime income started, and you can do the rest of it in the stock market or set yourself up with an account. So, folks, hopefully you wrote down those nine questions to ask to start the retirement income conversation. And again Randy Sams YourAmericanRetirement.com 101 FM. The Answer will be right back.

Producer:
Missed part of today. Show Your American Retirement is available wherever you listen to podcasts and online at YourAmericanRetirement.com.

Randy Sams:
Hey, welcome back, folks. Again, Randy Sams, your host, Your American Retirement 101 FM. The Answer we want to thank you again for joining us, listening to us, giving us a lot of good suggestions. Folks, I've had a lot of good feedback from folks. We've had a lot of good contacts. Been able to establish some good clients, good solid clients, some happy clients, folks. That's what I'm about, man. I want you to have a happy retirement. Happy retirement is what we're after. All right? A good, solid, risk free retirement. Now, folks, I'm talking about financially, I can't take away all the risk. We just have to have faith in God and call Randy Sams at SMMG Financial 866 990 7664. And let me put together a great financial plan to take away the risk that you can have that hap happiest of retirement going into 2023. So folks, we're going to look at I've got a study that kind of emphasizes reinforces what we do at SMMG Financial, what I do for my clients. In retirement planning. Why? You're going to hear Randy Sams preach. Guaranteed lifetime income. Folks, I'm a big believer in it. I've got it set up for myself. I haven't turned on my income stream yet because I'm still working. I still plan on working. But at some point in time, I know that I've got one, two, three annuities sitting back there that when I hit that switch myself and my wife, we're going to have guaranteed lifetime income. So what does that do for me and my wife? It gives me peace of mind knowing that no matter what the stock market does, no matter who's in the White House, no matter who's in control of the Senate or the House.

Randy Sams:
That we have that guaranteed lifetime income coming in every month for the rest of my life. And if I pass away first, my wife has the peace knowing that she has that same guaranteed lifetime coming in for the rest of her life. So, yes, we've set ourselves up with a pension, a guaranteed pension. So give me a call. Call Randy. 866 990 7664. Leave your contact information. I'd love to be able to sit down with you folks again. It's a free consultation. There's no obligation. I in no way am I high pressure salesperson Leave me your information on YourAmericanRetirement.com love to get in contact with you. Set a time that's convenient for you, you and your spouse. And let's go over what some of your retirement objectives might be, what some of your retirement questions might be. And let's put together a plan to set you up for that happy and secure retirement. So, folks, I'm going to do a little a little report. I love reports. Like I said, this reinforces to me myself what I do on a daily basis for my clients. This is a study. This is a report that was put together by the Alliance for Lifetime Income and by mechanics. Mechanics is is very big on retirement planning. But this retirement planning is this is protected retirement income and planning report.

Randy Sams:
So is it important? And so they do a study. And folks, these are these are things that, you know, this isn't just me, Randy Sams, talking to you, trying to get you to understand. I'm not trying to sell you anything, folks. I hope I want to help you understand. I want to educate you on why protected income is so important in retirement. All right? And so when I see these reports, man, I love them. I put them in my portfolio to show folks why I believe in it. So this is what we've got, this study. Was they they did an online survey of 2025 consumers. It was conducted by Artemus Strategy Group from April 28 to May 31st this year. So April 28 to May 28th this year. The respondents are four people of ages 45 to age 75. All right, so 45 to 75. So as you can see, there are some folks that are quite a ways away from being retired, but it's still on their mind. What they're interested in when they get to that retirement age and up to age 75. So there are folks that are in retirement right now. All right. So here's what we've got. 35% of the sample is retired. They're either fully retired or they are retired, but working part time. And folks, you know, we've had previous shows where we've talked about when you retire, you're going to retire fully retire. You're just going to go around and travel the world, join the country club, play tennis and play golf, or are you going to retire and still have a part time job? That's part of your retirement plan that we should put together when we sit down.

Randy Sams:
All right. So, again, 2025 consumers between the ages of 45 and 75, 35% of those respondents were retired, either fully retired or number two, they were still working part time. All right. So here's what we got. Half of the consumers. Are more interested in protecting retirement income since the start of the pandemic. All right. And that's that. That shows me. 2020. You guys know what happened? How many people were in a in a panic mode in 2020? Folks, you don't understand how many phone calls I got from clients that were that were grateful that they were able to meet with myself and set up a retirement plan, set up a guaranteed stream of lifetime income for them and their their family for their spouse. Very important because half of the consumers are more interested in protecting retirement income since the start of the pandemic. How many folks in 2020? Lost. Their jobs were laid off and they were living from paycheck to paycheck and they didn't have enough money in their savings account to pay, what, last two months, three months, four months, maybe not even enough to last for a week. Too many people out there are living paycheck to paycheck. But here's what you got. 93%, folks. 93% of the folks were interested.

Randy Sams:
Some of them were just as interested. There was they had an interest. But it wasn't like on the top of their list. It was like number two. Number three, they had an interest in protected lifetime income. But there were 50% were more interested in protecting retirement income than anything else. All right. But if you add 43% were just as interested in protecting 50% more interested in protecting. That's 93% of the respondents were interested in some way or form a fashion in protected income. Now, folks, this is what's upsetting 50% of the consumers on this survey. We're more interested in protecting their words. It was their number one objective is protected income, but only 34% are financial professionals. So you tell me. When you meet with the financial planner, what's their objective? Hmm. Are they working on their retirement or are they working on your retirement? Just a question to ask. So just under half of the consumers believe their savings will last their lifetime. Now, folks, listen to this. In 2021, 55% same survey, 55% of the respondents last year in 2021, said that their savings would last their lifetime. This year in 2022 was a 13% decline. Okay. 48% of the respondents said yes. That's crazy. 48% felt that their retirement savings and sources of income will last their lifetime. But guys, you know what the elephant in the room is? You see how you can flip this around. 52% of the respondents said no. They did not feel they did not believe that their savings would last their lifetime.

Randy Sams:
Folks, to me, that is the elephant in the room. 52% of the respondents. Of the 2025 folks that they. Surveyed. Felt like they did not believe that their savings would last their lifetime. Now, here's something. 74% of those with an annuity believe their retirement savings and sources of income will last for their lifetime. Only 43% of those without an annuity believe their savings and sources of income will last. So, folks, why do I preach annuities? Because 74% of those folks that were surveyed that included in the survey, they agree with Randy Sams. They agree with my philosophy. You need to have an annuity to get you that guaranteed. So 74% of those with an annuity believe their retirement savings and sources of income will last their lifetime guaranteed. Nearly two thirds of consumers worry about their finances several times a month or more. One fourth worry about their finances every day. So, folks, one of the questions that I ask. When I meet with folks. You know, what your objective should be looking at is what? What worries you or concerns you when you go to sleep at night, when you put your head on the pillow and you're in retirement or you're about to be in retirement, you're getting close to retirement, you can see light at the end of the tunnel. What concerns you. Is it running out of money? Nearly two thirds of consumers worry about their finances several times a month or more. And one fourth, folks, 25%, worry about their finances every day.

Randy Sams:
So that means 63% of the respondents worry several times a month or more often. That's that's that's worrisome to me. That's concerning to me. That tells me that we've got some financial planners out there. That what I consider may not be doing their fiduciary responsibility, their fiduciary duties to their clients, and that is to put you as a client. Number one objective is your objectives, not my objectives. Number one objective is to make sure that you feel secure in your retirement, that you're not going to have to worry about running out of money like that survey just showed. All right. Next, seven in ten say they will be able to fund their basic needs in retirement. Only a third will able to be able to fund or fund their wants. Got tongue twisted. Seven in ten say they will be able to fund their basic needs in retirement. Only one third will be able to fund their one. So folks, what we talk about at SMMG Financial is paychecks and play checks. I had a conversation this morning with a gentleman from Texas I've been working with now for a little over a year and he and his wife are set for a pension now. They're not going to retire for a few years from now, but they want to be able to go ahead and set up an income annuity. Why do they need an income annuity? They both have pensions and they're going to turn on Social Security when they retire because we also set up a play check, a play check.

Randy Sams:
So paychecks versus play checks, paychecks, paycheck versus play checks. Let us work with you. Call us 866 990 7664 or go to YourAmericanRetirement.com. Leave us your information. Let's have a discussion. Let's sit down, have a consultation and let's talk about what your retirement looks like. Do you have a good source of guaranteed stream of income, guaranteed lifetime income, Social Security or a pension? If the Answer to that is yes, then maybe what we're going to talk about is let's take some of your pretax dollars, Let's take some of your 401. K, let's take some of your IRA and put that into a guaranteed stream of income annuity, guaranteed lifetime income annuity for you. And let's get you set up for a play check. You want to take that cruise around the world, You want to play golf more than just once a month. You want to play tennis. You want to buy something for your grandkids or your children. That's what we can set up with them for a paycheck or a paycheck. All right. But only one third will be able to fund their wants. So that tells me that people are just retiring on enough funds to do what? Take care of their basic needs, their basic expenses. Nearly a third of those not yet retired believe you have a high or a moderate risk. They will be forced to retire early for a reason beyond their control.

Randy Sams:
So, folks, 31% have a high or moderate risk of having to retire early. Now, if you look at all the people that they that responded from a high risk to a moderate risk to somewhat of a risk, they feel like they have somewhat of a risk. 66% of the respondents feel risk of being forced to retire early. Is it because you're getting too old or is it because they're doing cutbacks? Folks, I'm seeing I'm seeing every day now about financial institutions, about companies that are about to lay off three, four, 5000 people. Nearly one fourth of consumers don't have any kind of financial plan. And another quitter have goals or directions in mind, but not well developed plan. Let me explain that. 28% have a set of goals or a direction in mind, but they don't have a well developed plan. 23% don't have a plan at all. All right. That's 51%, folks. That's what we do. Please give us a call. We find that nearly half of non retired consumers are saving less than 10% of their income annually. So, folks, give us a call. 866 990 7664866 990 7664. Or go to YourAmericanRetirement.com. Leave us your contact information folks let me get up reach out and touch base with you set up that free consultation. Call us, visit the website. Let us sit down, understand what your objectives might be, and put together a happy retirement plan for you. Again, Randy Sams 101 FM. The Answer YourAmericanRetirement.com will be right back.

Producer:
Are you anxious about retirement? Concern that you could outlive your money? Randy Sams is a Little Rock native who has nearly four decades of experience helping hundreds of Arkansans retire with confidence. If you want to get the most out of what you've worked so hard for, or if you're interested in learning how to maximize your Social Security, visit YourAmericanRetirement.com.

Producer:
Remember all of Randy's listeners receive a free financial consultation just for listening to the show. Visit YourAmericanRetirement.com to learn more and schedule an appointment. Thanks for listening to Your American Retirement and subscribing wherever you listen to podcasts.

Randy Sams:
Hey, welcome back. Your American Retirement with Randy Sams on 101 FM. The Answer. Thank you for joining us, folks, on this Saturday afternoon. We really want to reiterate again, folks, we want to we want to emphasize how important it is, what it means to us for each one of you, that taking your time this Saturday afternoon to listen to our program. Folks, you know, we're all about helping people. That's what we we established SMMG Financial back in 2015. We established it based on our mission statement is to help people educate people, help people understand what their options are in retirement before they get to retirement and basically help people work with people to set themselves up for a secure retirement, not a risky retirement. So, folks, that's what we do. Again, give us a call. We'd love to talk to you. Introduce yourself. I'd love to introduce myself to you. Give us a call. 866 990 7664. You're going to hear me say that because, folks, I really do have received a lot of phone calls from listeners just basically telling me how much they enjoy the show, what it means to them, because, you know, we're not into into market ups and downs. We're not into the volatile volatility, we're not into the fluctuations. You know, we we are trying to give you as far as pre-retirees and retirees, those of you who are in retirement right now, we're trying to give you information that will help you make an educated decision on which directions I need to go before I get to retirement or an educated decision when I'm in retirement.

Randy Sams:
Do I need to make some adjustments in what I'm currently doing for my retirement plan? Do I might need to give Randy Sams a call at 866 990 7664 and let's discuss maybe some options that my financial planner not option because, guys, here's what I'm going to ask you. If you're a financial planner. Your investment manager. Call him what you want. If they have not. And did not discuss with you the importance of setting up a guaranteed lifetime income stream. That's why you need to give Randy a call. Give me a call. 8669907664. And let me explain to you the why. But folks, let me get into this. Important reminders, the end of 2022, getting ready to go into 2023, folks, number one. For those of you who are receiving your Social Security retirement benefit, you have an upcoming cost of living adjustment known as COLA for 2023. The increase for 2023 will be 8.7%. This is up from last year's 5.9% COLA, bringing the two year increase to 14.6%. Folks, let me explain this to you. A lot of folks are jumping up and down, man. We're getting 8.7% increase. That's great. But you know why you're getting 8.7% increase is because of interest.

Randy Sams:
If the interest hasn't gone up, the inflation the inflation rate is up above eight. I think it's fallen down to like 7.1 right now, but it's still up. That's the only reason you're getting the COLA. It's not because out of the goodness of their heart, they're giving you an 8.7% increase. It's because they give you that COLA increase, because it's required based on what the inflation is and because the inflation has been so high in 2021 and 2022. That's why you're seeing the 8.7%. All right. Again, this is the government recognizing there has been significant inflation. So we want to help you guys. We want to help our listeners protect yourself from inflation by protecting and growing your portfolio. Folks, we do that. By what? Guaranteed lifetime income. That's right. All right. So you guys have been listening, right? Guaranteed lifetime income will help you. We're going to protect yourself from those inflation bunny beanies out there. All right, here we go. Required minimum distributions. Folks, I don't know if you all saw this, but as of today, when we're doing this show, it looks like the House has passed what is known as the Secure Act 2.0. That's what I'm going to refer to it as. Am I going to go through all the segments? I don't know how many pages it is, but if it's if it's from the government, you know, folks, it's going to be a lot of pages.

Randy Sams:
All I'm going to focus on is what? How it affects your 401. K, All right. How it affects your RMDs and what what is a required minimum distribution or an RMD. Required minimum distributions from employer based retirement plans and traditional individual retirement plans. Iras will be due December 31st for most people age 72 and older. These distributions are taxable. All right. With one exception, you must take your RMD by December 31st. What is the exception when you turn 72? You have until April 1st or the following year to take your RMD and pay taxes on it. So example, if your birthday was in September. And you turned 20 you turned 72 in September of 2022. You can go ahead and take your RMD this year or you can delay it until April 1st of 2023. All right. But when you turn 72 right now at age 72, Congress determined years ago. It would give people a three month grace grace period on their RMD, but you only have to make another RMD by December 31st the same year. What I just say, if you turn 72 in September of 2022, you can delay taking this year's RMD until April 1st of next year 2023. But guess what? You have to turn right back around and take another RMD by December 31st, 2023. All right. So anyway, Congress has determined that that's why we have to take RMDs.

Randy Sams:
They're not going to let you and I accumulate tax deferred income or tax deferred wealth and pass it on to my wife or my spouse or your spouse and then pass that on to your children. So, folks, here's an update. As of this morning, the House has passed Secure Act 2.0. It's got to go to the Senate. So it's not it's not a done deal. But let me just tell you what I see as the biggest impact to your 401. Ks or your IRAs Is this. It raises the age people are required to start withdrawing money RMDs from tax deferred retirement accounts for one case 403 B's. Ira accounts. It raises that age right now. From age 72 to age 75. It also increases retirement saving contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts. So, folks, what does that actually mean? So, you know, I don't I haven't looked at I don't know the meat of it, But here's what happens. You turn age 72 right now. You are required by the IRS to take an RMD. So if this bill passes and it goes through the Senate and they now increase that age from 72 to 75. A lot of people are going to be happy because it gives me another three years to accumulate tax deferred income.

Randy Sams:
Right. Or tax deferred growth. But what happens at age 70? What happens at age 75? See what they don't tell us. And what I haven't seen is what are they going to do to the amount that they now require me to withdraw. So at age 72, right now, on an average, folks, when you hit age 72, if you haven't taken any deductions or withdrawals from your 401. K or your IRA accounts, any of your tax deferred accounts, that percentage that you're required to take is around 3%, maybe a little bit over. All right. So now my question is this. So if they if the government. Out of the goodness of their heart. If they allow us that. 72, 73, 74, and in at age 75. They give us that three year grace period now that we can accumulate some more tax deferred growth. My question is this What is the now what's now going to be the amount when I turn 75? What's the amount that you're now going to require me to start withdrawing? Is that going to be a higher amount than what it would be right now if I took my RMDs at 72? And what amount would I be required to take at age 75 now? So that's one of my questions that I have because, folks. I don't know whether you realize this or not.

Randy Sams:
Whatever the government giveth. The government taketh away. All right, then I'm going to give you something for free. So what I look at is if they're allowing us to increase our RMD age from 72 to 75, are they also going to increase the required minimum distribution percentage? That's a good question to ask. All right. So folks, if you've got a41k, if you've got questions about RMDs, we're going to talk about what happens with your RMDs, you can go to YourAmericanRetirement.com. Leave us your information. I'd love to talk to you about what kind of plan you have, what kind of tax deferred plan you have. Is it an IRA? Is it a 401 K? And let's talk about how we can avoid those RMDs All right. How can we set up tax free withdrawals? Can we take your current amount in your 401 K and place that into a Roth conversion where we convert a certain amount, a certain percentage every year, say over a ten year period, and then at the end of that ten year period, the amount that you've accumulated in that Roth conversion is now tax free. You have tax free income. Because when you have a rough plan, guess what? Rmds are not taxable. You're not required to take RMDs, but when you decide to take an RMD. It's not taxable for you. So that's something that we can talk about also with.

Randy Sams:
Let's look at your 401. K, let's look at what plans you might have and let's look and see if a Roth conversion might help you to get some of that tax free income set up for yourself. We can talk about a Roth conversion. So folks, what happens if you have an O for one K? Same thing, whether you're still working, if you're still working and you are 59 and one half or older, we can do what's known as an in service distribution folks. We can take a percentage. Of your 401k balance or your IRA balance, and we can roll that over into a guaranteed lifetime income annuity and let it continue to grow for you where you've got the peace of mind knowing it's not going to go down, it's just going to go up. I've got guaranteed lifetime income annuities right now, folks that are guaranteed growth of 8% on an annual basis. Some are even higher than that. But if I can put my funds into an account income account that's guaranteeing me 8% compound interest and I'm going to leave it in there for the next 5 to 7 years, guys, that's guaranteed growth. Buy an insurance company. Financially sound insurance company that they're going to do. It's not something that I have to worry about. The stock market, it's guaranteed in the contract to grow over that period of time.

Randy Sams:
So, yes, we can take your current 401. K if you're still working, you can continue to work, you can continue to make contributions to your 401. K and your employer will continue to make those matching contributions. But if you have a41k from a previous employer, folks, we'd love to be able to do the same thing. You can take that from your old 401. K. And you can have I guess you can refer to it as an orphaned 401. K, but I do a lot of lot of things with folks that, you know, they are still working, they're working with another company, but they may have a41k that may have 75 100,000, 150,000. They haven't done anything with it and they want to protect it. And so instead of leaving it in the 401 K or the stock investments, they want to move it over to where they get that guaranteed protection or they're not going to lose anything. And it's going to have that guaranteed growth. Excuse me. So folks that's what we've got for your RMDs. Again, going into 2023, if you are going to be turning age 72. Give us a call. 866 990 7664 or go to the website YourAmericanRetirement.com. Leave us your contact information. Get with us. I'd love to be able to set up a conversation with you. And let's discuss. What are your options, Randi? What are my options if I'm going to retire five years from now and I've got a41k, what are my options? What are my options if I'm going to retire next year? Say my retirement target is June 20, 23.

Randy Sams:
What are my options? What's going to be my best? What's going to be my best option? Let's put some options on the table for you and your spouse. Let's put together a plan based on your objectives, not my objectives, folks. Do a I don't have a cookie cutter plan. In other words, I don't sit down with you and your spouse and put together the same plan that I put together last week with somebody else or yesterday with somebody else. My plans are customized based on what you currently have, what funds we can work with, what are your retirement objectives? How much do you want to cover your wants your needs? Are we looking at a paycheck or are we looking at a paycheck again? Give me a call. 866 990 7664. Or go to the website YourAmericanRetirement.com. Leave us your contact information. I'd love to be able to get out reach out and touch base with you, introduce myself set up a free consultation folks. Thanks for listening. We'll be right back again Randy Sams YourAmericanRetirement.com 101 FM The Answer we're in Little Rock comes to talk.

Producer:
Are you anxious about retirement, concern that you could outlive your money? Randy Sams is a Little Rock native who has nearly four decades of experience helping hundreds of Arkansans retire with confidence. If you want to get the most out of what you've worked so hard for, or if you're interested in learning how to maximize your Social Security, Or visit YourAmericanRetirement.com.

Randy Sams:
Hey welcome back folks. Thanks for joining me. My name is Randy Sams. I am your host Your American Retirement on 101 FM. The Answer we're Little Rock comes to talk, folks. It's been a pleasure speaking having conversations with with you folks that are that are listening. We've been able to establish some really good relationships, be able to set up some new clients that are very happy with the programs that we were able to put together. So again, thank you for joining us. We're looking forward to 2030. You guys have given me some great suggestions on some topics that we want to talk about. We want to address going into 2023, folks. 2022 is is right around the corner. It's over 2023 is right here upon us. So what? We got a few days left in 2022. When you hear this, folks, it's been a great year. I've been able to sit down and work with a lot of folks, helping educate them and helping them set up a happy retirement, a secure retirement, not a retirement. And we want to do the same thing for you. So folks get in contact with us. YourAmericanRetirement.com. Leave us your information or leave us to voicemail. 866 990 7664.

Producer:
And now for some financial wisdom, it's time for the quote of the week.

Randy Sams:
I've got some interesting quotes here. I'm going to give you a couple of quotes. The quote of the week comes from Dr. Seuss talking about the Grinch. So maybe Christmas. This is the Grinch. Maybe Christmas, he thought. Doesn't come from a store. Maybe Christmas perhaps means a little bit more. That was the Grinch, remember? Remember when he started thinking about that? He had already gone down and taken all the gifts and the toys and the trees and everything. Right? He had already taken it and all of a sudden he heard them down there singing because they realized that Christmas wasn't all about gifts. It wasn't all about that stuff. It was about loving each other, right? It's about loving each other. And when that love hit his heart, boom, you saw what happened to him. The Grinch started 11, everybody. So maybe Christmas is a little bit more than just going to the store. Another quote. Some of y'all are going to laugh at this. I did. Some of y'all are going to cry at this. Christmas begins about the 1st of December with an office party in ends when you finally realize what you spent. Around April the 15th of the next year. Right. Some of y'all are going to your Christmas joy when you get that credit card statement in January from what you bought all those toys for all the good little girls and boys, you know, all your family members that you're buying Christmas gifts for right now, if you're using that plastic card, everything's happy right now.

Randy Sams:
You're smiling, they're smiling, they're drinking eggnog, you're drinking eggnog. And then all of a sudden, come January, when you get that credit card bill, what happens? You just lost the joy of Christmas, didn't you? Don't put yourself in that situation again. Use credit cards wisely. You want to use a credit card, That's great. You want to get those reward points. That's great. But when that bill comes in, hopefully you're in a in a position financially to be able to pay that bill off every month and not get yourself into debt. All right, folks, we're in. Oh, the season to be jolly, right? But folks, unfortunately, in the holiday season that we find ourselves in and this is year in, year out, there are folks out there who are unscrupulous. There are folks out there that want to take advantage of you and me, want to take advantage, especially of older folks. All right. Or folks that may not just be aware that they would even have it in their heart to do something like this. So here's what we're going to talk about for just a little bit. Avoid scams this holiday season, folks. While many of us spend the holidays relaxing with friends and family. Some bad actors use the holidays to take advantage of people's good spirits.

Randy Sams:
You know what I'm talking about. You get text messages, you get phone calls. You get emails. Scammers frequently target pre-retirees and retirees sometimes pretending they are from Social Security or another government agency. Okay, So give me an example. People are receiving text messages. Stating that they are from Amazon concerning your Amazon account. Want you to update your Amazon account information, folks. That is a scam. So I'm doing my what is that? My public service announcement for this show. If you receive a text message that says they're from Amazon and they want you to go to Amazon to click on the link and update your Amazon information, don't do it. It's a scam. Do not do it. So they only pretend they're from Social Security or a government agency. They can pretend that they're from a bank or from Amazon or someplace like that. All right. Some frost fraudsters are calling to verify information on your 2023 cost of living adjustment. Remember, we just spoke about that for people who get benefits. So if you're getting your Social Security benefits and you have someone call you to talk about your cost of living adjustment for 2023, remember, this adjustment is automatic and a beneficiary does not need to verify anything. Folks, that's a scam. Don't give them any information over the telephone. Social Security will not ask you to provide information or money to get your benefit increase.

Randy Sams:
So, folks, if you get someone that you speak to and they tell you that they want you to go to Walmart and buy a money card. And then they want you to call them back and give them the numbers that are on that money card. Guess what? It's a scam. Don't do it. Don't do it. So scammers often pressure you to act immediately. So be suspicious of unsolicited phone calls, emails or mailings from people or companies or entities that you don't know. Folks, if they are asking you to give your private information. Your personal information. To them. Don't, don't, don't click on those links. All right. They're scams. If it's legitimate. You'll know it if you have that feeling in your gut that this is not right. You'll know that also. Listen to it. All right. So don't get scammed. We want you to have a happy Christmas. A merry Christmas. All right. Hey, folks, Christmas toys through the decades. This is going to bring back a lot of memories for a lot of folks that listen to this. All right. Listening to me today, Christmas toys. I can remember a lot of these these Christmas toys over the decades, Folks. Listen to this. In 19 tens, the 19 tens teddy bear. The story behind the teddy bear goes like this. It goes back to 1902, when President Theodore Roosevelt refused to shoot a tied up, defenseless black bear during a hunting trip in Mississippi.

Randy Sams:
So after Brooklyn shopkeeper Maurice MacAdam, Mike Tome saw a political cartoon about the incident, he and his wife made a stuffed fabric teddy bear and put it in their shop window, sparking immediate customer interest. So teddy bears from the 19 tens, 1920s yo yos, how many of you all remember yo yos? I mean, y'all ever flip that yo yo up and hit yourself in the head? 1928 Pedro Flores began manufacturing the yo yo in the United States, calling it by its Filipino name. Flores soon sold his toy company to a competitor, Don Duncan, a marketing whiz whose promotional yo yo trade contest that would launch the toy's popularity into the stratosphere. You all remember the Duncan Yo yo. That's what I had. All right. 1930s. Shirley Temple doll. These iconic dolls today sell for thousands of dollars as antiques. 1940s. The slinky, slinky, slinky. You'll remember that. I'm not going to sing the the marketing song, but the slinky. It was basically a cold 80 feet of wire into a two inch spiral. And, you know, you could take it up to the top of the stairs and push it and whoop. And it walked its way down the stairs. Slinky 1950s. Mr. Potato Head How many y'all had of Mr. Potato Head? Sold over 1 million units in 1952. 1960s, Etch A Sketch sold over 600,000 units in 60.

Randy Sams:
This one. All all my girl cousins had this. The Easy-Bake Oven. Sold over 50 500,000 units. My favorite in 1960 was G.I. Joe. Folks, I had all kinds of G.I. Joes, but I loved playing in the backyard with my G.I. Joe. It was an action figure doll. Yes, sir. I blew them up. I had all kinds of toys. 1970s with the Star War actions, over 40 million units sold in 1978. Star Wars still going strong. 1990s. Beanie Babies sold 100 million with McDonald's Happy Meals in two weeks. Beanie Babies. So, folks, I hope you enjoyed this show. Remember, my name is Randy Sams, president CEO, SMMG Financial. Folks, give us a call. 866 990 7664. Go to the website YourAmericanRetirement.com. Leave us your information. Let us sit down, listen to what your objectives are. What are some of the concerns for your retirement? And I'm going to ask you these two questions and we're going to end with these two questions. But ask yourself this question. These questions. Number one, how much guaranteed lifetime income do you currently have? Number two, have you taken the key risk in retirement off the table? And that key risk is longevity. Are you going to outlive your retirement funds? At SMMG Financial We take that risk longevity risk off the table again, folks. Thanks for listening. Randy Sams, Your American Retirement 101 FM where Little Rock comes to talk.

Producer:
Thanks for listening to Your American Retirement. You deserve to work with licensed financial insurance experts who can offer sound strategies for protecting and growing your hard-earned money to schedule your free no obligation consultation. Visit YourAmericanRetirement.com today

Producer:
not affiliated with the United States government. Randy Sams does not offer tax legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or a specific result. All copyrights and trademarks of the property of the respective owners of our life assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or of the results obtained from the use of this information.

Producer:
Are you concerned about market volatility, rising taxes, economic uncertainty, and how it all could affect your future in retirement? Then tune in to Your American Retirement to learn how you can protect and grow your hard-earned money, Your American Retirement every Saturday at 1:00 PM right here on 101.1 FM. The Answer. Protect your hard-earned money today and schedule a free no obligation consultation now at YourAmericanRetirement.com.

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