Spring Cleaning for Your Finances: How to Improve Your Retirement

3.22.24: Audio automatically transcribed by Sonix

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

Speaker1:
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.

Speaker2:
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.

Speaker3:
Well hello again. Good morning, Central Arkansas. I want to welcome you to your American retirement. I want to thank you for joining us this Saturday morning. Hopefully you've got your pens and your papers or your recording devices. You've got your cups of coffee already consumed or however many you might need one, two, three cups to get the brain cells working. But hey, we've got a jam packed show today. I'm excited about it. You know, it's spring cleaning time, right? That's what we're going to talk about on today's show, Spring Cleaning for your finances. So we got a lot of good note taking. I hope you're listening. Got a lot of people that are joining us. I've been speaking to you guys over the last couple of weeks. You all know exactly where we're at. 101.1 FM the answer on Saturday mornings at 10:00. So listen, all my friends and family members in Conway, Faulkner County, all of you all spread across the Leon County, in Benton and Bryant and all over the places. Hey, thank you all for joining us. And remember. Don't forget to check us out on podcast form. Alright, so wherever you get your podcasts, whether that be Apple or Google or Spotify, whichever is your favorite vendor for podcasts, you know you can look us up, American, your American retirement and also visit our YouTube page. You know, we need a little thumbs up. Y'all need to hit that little bell. Subscribe. Youtube page as well.

Speaker3:
Go to youtube.com and again, look for your American retirement and you'll know you'll hit the right spot when you see my smiling face. Just like right now. Okay, now I know you guys on the radio can't see, but I am smiling. Okay, hopefully you can see that through the you can feel it through the microphone on your radio. Okay. But again. Hey, listen. Please don't hesitate to contact me. You know my number (866) 990-7664 is toll free. My direct number (501) 249-2343. Or you can go to your American retirement.com. Leave me your contact information. Because folks listen. We get a lot of good information, show information, show content. Because I'm always asking, what is it that is keeping you up at night for retirement? You may not be in retirement right now, all right? You might be getting close to retirement. The light at the end of the tunnel is getting brighter. It's getting bigger. So you're getting closer to retirement. But do you have everything established? You may be ten years away from retirement. Fantastic. Now's the time to start. So that's why I want you to get in contact with me. Leave me some information. Hey, Randy, this is what I'm concerned about. This is what me and my spouse are concerned about. Maybe health insurance, maybe lifetime income, maybe long term care. Whatever it is, we can cover that with a free consultation. Doesn't cost you a dime. But remember. We want to prepare our clients and our listeners to have a safe and a secure retirement, not a risky retirement by what, educating you.

Speaker3:
And that's what we feel like we do on this show. So folks, again, thanks for joining us. Remember you can contact me anytime. You want to leave me your name, leave me your contact information, and I'll reach out and touch base with you. And we can have a consultation. Or we can just have a conversation over the telephone about what you're concerned about. And from there, if you want to meet, we can meet face to face. Okay. On today's show, we're going to talk about spring cleaning for your finances, how we can help you get organized and thrive in retirement. All right, so seven money moves to make now so you can feel better about your financial future. Now, you know what happens when you go through your house and your wife or your spouse says it's time to do some spring cleaning, that probably means you're going to be taking some stuff out of the house. Or put it into attic or in the basement, wherever? Or are you going to take it down to the goodwill or helping hands or wherever you might want to? So there's some things that you need to go over and look at. That's the same way we're going to look at today, spring cleaning for your finances. All right. So number one. We're going to revisit your financial New Year's resolutions.

Speaker3:
Now, I know all those gym memberships that you guys got for your New Year's resolution. Uh, maybe nobody's even gone to the gym. Maybe you go past the gym, but have you actually utilized that gym membership? Because, you know, we always say, oh, I want to lose £15, or I want to lose £20, or I want to gain some muscle, whatever it happens to be. But for us, we're talking about your finances. Spring cleaning resolutions. So number one, revisit your financial New Year's resolutions. That means your New Year's resolutions in spring provide the perfect if you revisit and you review them in the spring provides the perfect opportunity to restart and make progress towards your financial goals. So I ask you this question how long has it been since you've done a review? It may not be something that you just said we're going to do this year. It may be something that you planned two years ago. How long has it been since you've heard from your financial advisor or your investment advisor? See, we like to do annual reviews with our clients. All right. If you haven't made much progress, it's still early, folks. It's still we're still in March. Okay. Use the spring to hit the reset button and regain momentum. Taking advantage of our complimentary consultations is a great place to start so we can help you reach your goals. You know it doesn't cost you a dime. I get asked all the time, I've got appointments.

Speaker3:
You know, I've had appointments this week and one of the first questions they ask is, Randy, what are your fees? I don't charge fees. All right. Take advantage of my 38 years in this industry. Knowing a lot of people, seeing a lot of products come through and a helping people in five states Arkansas, Tennessee, Mississippi, Louisiana, Texas, Oklahoma, some in Missouri. All right. We don't mind traveling. I consider myself, if y'all remember the old Marcus Welby show, what Marcus Welby do. He made house calls. So that's what I tell people. I am the Marcus Welby of the retirement planning industry. I make house calls, I come to you. You're more comfortable in that setting. All right, now listen to this. Only 8% of people achieve their financial resolutions each year, according to a survey by Fidelity Investments. We want to help you achieve your goals this year. But we can't do that unless what you contact us and you know the numbers, you know the website. All right. Let's look at number two. Clean out your financial junk drawer. This is where I said, you know, if you're doing spring cleaning in your house or your garage, some things are going to have to go. You don't use them. You may have a two by four. You've had it stuck in the garage for 15 years and you thought, oh, well, someday I'll use it. If it's been there for 15 years, you're probably not going to use it.

Speaker3:
But clean out your financial junk. Junk drawer. How do we do that? Spring is the perfect time to clean your financial junk drawer, where you stash your paperwork and statements that need attention. You know, the one that drawer in your office or kitchen that ends up holding all documents you will take care of someday. All right, so wherever you keep your documents, your safety deposit box, you got a safe at your house? I met people before. You know where they kept their important documents, their insurance contracts. They wrapped them in aluminum foil, and they kept them in the freezer. Now, I always asked them, I said, why do you keep them in the freezer? That was the first time I heard somebody say that. Well, they said, if you've ever seen a house fire, guess what? Most of the time, what's still standing, even in a house fire, the refrigerator and all the contents inside that refrigerator. So a lot of people say, hey, we just wrap them up in aluminum foil, put them in a plastic bag, stick them in the freezer. Okay, so that's what they did. Sorting through neglected papers can help ease financial stress. So we need to take the opportunity to shred unnecessary documents. Old tax returns folks. You don't need tax returns from 1983 or 19 90 or 2000, whatever it might be. You need to file your important papers and address any outstanding financial tasks.

Speaker3:
So if you have questions about a document you've received, don't hesitate to call us. We love hearing from our listeners and get their finances in order to help our listeners get their financial house in order. All right, don't forget to organize tax related documents and set up a folder for 2024 tax documents, including receipts and official forms. Consider consulting a tax professional to ensure your withholding the right amount from your paycheck. If you're getting a paycheck from your employer, or if you're self-employed, maybe you're doing quarterly payments. Okay. Maybe you need to increase those, but that's what we look at. So folks, listen, for me personally, you know what I do. So I have a folder right now for 2024. I have two folders. I have all my receipts. And then I have like commission statements or anything of that nature. Any bills that I pay. Those are in another one. All right. So I set up my own 2024 folders for tax purposes. I'll be doing my 2023 taxes here in probably the next couple of weeks. But I've got those folders over here on my desk. You can't see them, but I'm looking at them right now. So folks, look we're going to come right back. We appreciate you joining us this Saturday morning. But we've got some more topics to cover for spring cleaning. For your finances. We're going to cover three, four, five, six and seven, so we'll be right back.

Speaker2:
Thanks for listening to Your American Retirement. If you like what you're hearing, subscribe to our YouTube channel to watch videos from this program and other recent episodes. You. Are you anxious about retirement? Concerned that you could outlive your money? Randy Samms 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, call Randy today at (501) 249-2343. That's (501) 249-2343. Or visit your American retirement.com. Visit your American retirement.com to schedule a free consultation with Randy today. And now back to the show.

Speaker3:
Hey, welcome back to your American retirement on 101.1 FM. The answer where little Rock comes to talk. Please don't forget to check out our YouTube page, visit youtube.com, and search for your American retirement and my smiling face. All right, folks, you know what my great producer. You know what he told me while we were at break? I forgot to do the financial quote of the week. Oh my. For you, please forgive me. So I tell you what, Mr. Jim. Cue up that music for us, please. And let's get the financial wisdom quote of the week.

Speaker4:
And now for some financial wisdom. It's time for the quote of the week.

Speaker3:
All right. Hope y'all are ready. And again, I apologize for not doing this in the first segment. But you know what? We got plenty of time. Financial quote of the week. It comes from Gandhi. You all know who Gandhi is, right? And here's his quote. The future depends on what you do today. Man, that I wish I had a plaque. I need that on the wall. I actually need it engraved on the wall because the future depends on what you do today. And that is given to us by Gandhi. You all know who Gandhi is. Alright? But listen, that's that's what we do. We plan. We plan. So what you do today. You need to plan for the future. What are we concerned about? Long term care? Health issues? Medicare? When do I start Social security? If I'm. If I move something for one k money into a guaranteed lifetime income annuity, how long should I let it grow? So those are all questions that we want to get together and talk to you about. Have that free consultation. That's something that we put together a retirement plan and we want to look at income. But remember. The future depends on what you do today. So what are you doing today to ensure a secure retirement and not a risky retirement? Bingo. I like that. Was that okay? Let's get back to spring cleaning. Seven money moves to make now. So you feel better about your financial future.

Speaker3:
Number three. Pay yourself first by maximizing your retirement contributions so you can contribute to an IRA by April 15th of this year to maximize your 2023 savings. The contribution limit for 2023 is $6,500 if you're under 50 and $7,500 if you're older than 50. All right. Or 50 or older. Both of these limits has increased by $500 for 2024. You do the math, allowing you to save more for retirement this year. So remember, start early and contribute to your IRA for 2024 to take advantage of the compounding effect and allow your savings to grow over time. So that's if you want to contribute to an IRA. Now challenge yourself to contribute more to your workplace for one K plan, which has higher contribution limits of 23,000 in 2024, increasing your contributions gradually can bring you closer to financial independence. And hey, for all of my listeners that are over 50, if you're still working and you contribute to a 401 K, I hope every one of you are doing that. But listen, we've done this. We've done a segment on this in the past, but this little thing called catch up contributions, where the IRS allows those of us who are over 50 years of age. And making contributions to a 401 K. Okay. You can contribute an additional $7,500 to that for one K because you're 50 years of age or older, which makes your total contribution for 2024.

Speaker3:
And it can change going forward. Makes it you can contribute up to $30,500. Now, folks. Why does that make a difference? Well, if you're 50 and you just started the 401 K, if you can add an additional $7,500 for the next ten years, just keeping it level, or let's say $30,500 over the next ten years without any compound interest, that's over $300,000 at age 60. How many of y'all right now listening would love to have a 401 K balance at age 60. Some of y'all at age 65 are older of over 300,000. And that's not even taking into account your investment stock market performance compounding interest over that ten year period. Okay. So take advantage of those 401 K's. And if you're over 50, take advantage of the catch up contribution that they allow us to do. All right. Aim to at least maximize your employer's matching contributions and look for opportunities to increase your contributions over time. Meaning if I have a 401 K and my employer is going to match up to, let's say, 3% of my salary, if I do seven and they do three, that makes a total of 10% contribution, 10% of my salary going into my 401 K. All right. But minimum I should do is three. If they're going to match up to 3%, I should be doing 3% where they will match that and give me 6%. All right.

Speaker3:
So listen, we understand that many of you find managing your 401 S and IRAs to be overwhelming at times, and sometimes even frustrating. So we want you to schedule your no obligation consultation with me today so I can provide you with a complete 400 1KX ray and review to help you make the most of these valuable contributions for your retirement. So remember, you can call me (866) 990-7664 or go to the website Your American retirement.com today. Leave me your information and tell me, Randy, I want to do a 400 and 1KX ray with you. We'll set up that time number for make sure your beneficiaries are named and up to date. Naming beneficiaries is an important step in retirement planning and life insurance policies. Beneficiaries are the individuals who will inherit your assets if you should pass away okay, who are you going to leave that life insurance policy to? What about the annuities? If you pass away, they have a death benefit. You're going to leave that to your spouse, to your kids, to grandkids. So review your current beneficiaries and ensure they align with your current wishes. If you have a former spouse or an unruly child still named as a beneficiary, you may want to update and change the designation. I know a lot of people that have used their will. And the beneficiaries of their will. Um, especially when it comes to children, have changed over the years because some children may not act right.

Speaker3:
Some children. You may understand that if they get a big chunk of money, it may be gone very quickly because they don't know how to handle it. All right. But always do a beneficiary update if you need to change them, make those changes. Now. Number five, dust off your estate plan or establish an estate plan for the first time. Speaking of beneficiaries, it's recommended to review your estate plan annually or whenever a major life event occurs, such as job change, marriage, divorce, or birth of a child or grandchild. Estate planning is not a one time task, folks. It requires regular review and updates to ensure it aligns with your current circumstances and wishes. Things change. You should always update that estate or your will, that estate plan and your will. So remember, take the time to consider if any changes need to be made to your estate plan, including updating beneficiaries. So this ensures that your assets are distributed according to your current intentions. So folks, any wills? How long has it been since you've updated your will? Do you need to make any changes to that? Will do you need to have additions to that will okay. Has your overall wealth increased and you need to redo your estate plan, or are you considering doing any trust there'd be any updates to your trust? Are we going to go revocable or irrevocable? So remember, dust off those estate plans and make an estate plan if you don't have one.

Speaker3:
Number six. Have your entire portfolio reviewed by a licensed professional, i.e. me. Okay, spring is a great time for a checkup to review your investment portfolio and ensure that your asset allocation aligns with your actual financial goals and risk tolerance. Is the retirement plan that we put together? Is it performing like we want it to? Okay. Do we have your funds into an income annuity a growth annuity? Is it performing as we want to do. We need to reallocate some of those funds into different index strategies. Is your income growing like we said it would after the past five years or ten years? Is it time to turn on income? Because remember, over time the mix of investments in your portfolio can drift. So it's important to check if it still reflects your desired allocation. Remember the rule of 100 as you get older. More of your money should be your retirement fund should be invested in what? Safe investments and less in equity. Risky investments. So if you're 75 years old, 75% of your retirement funds should be safe. You don't have to worry about losing it. 25% can still be in the stock market with more volatile risk. Okay, if you're more risk tolerant, then that's great, okay. But you should always review that as you get older. And again, consider taking advantage of a complimentary consultation with us so we can help you review your portfolio, make any decisions or necessary adjustments, and answer your questions.

Speaker3:
So folks, we can also identify opportunities to save money, reduce fees, and optimize your investment strategy. All right. Number seven, very quickly from spring cleaning to spring break, plan your 2025 vacation now and save. Wow. A lot of people have never thought about this, but booking your 2025 vacation in 2024 can lead to cost savings and provide a wider range of options for flights and accommodations. Planning your vacation a year in advance allows you to take advantage of early booking discounts and promotions. Remember to check the expiration date of your passport when planning an international vacation to avoid any last minute complication. Because, folks, a lot of places you go to if your passport is going to expire within six months, they won't let you go in. All right. But take advantage of it today. Take advantage of lower prices today and plan your 2025 vacation now. So, folks, listen, we don't want you to spend your retirement watching the ups and downs of the market. Many people like working with licensed professionals. That's what we do. So we want you to call us (866) 990-7664 or go to the website Your America retirement.com and give us your information. Folks. Listen, we're going to be right back. We're going to be talking about how pensions are making a comeback in retirement planning.

Speaker2:
You're listening to your American retirement. To schedule your free no obligation consultation, visit your American retirement.com.

Speaker1:
Thinking of relocating during retirement. Some places are much more affordable and livable than others. I'm Matt McClure with the Retirement Radio Network powered by Amira Life. Moving to a new city or state in your retirement years can happen for many different reasons. The sort of.

Speaker5:
Cliche was that it's a very true. One was that people moved to be close to their family in retirement. That's still a major reason.

Speaker1:
Andy Markowitz with AARP says money is increasingly becoming a big consideration. He recently told Newsnation.

Speaker5:
More and more surveys are showing that people who are nearing retirement want to find a cheaper place to live, maybe move from an expensive urban or suburban market to somewhere a little more rural, to states with lower taxes, to states that have tax breaks for retirees? So you want to look into things like that.

Speaker1:
Safety can also be an important factor to consider. So if you marry safety and affordability, where do you wind up? Well, Yahoo finance looked at the numbers and the crime stats and found that Bellevue, Nebraska is the safest place you can retire and spend less than 2000 bucks a month rent for a one bedroom apartment. There is less than $900 a month on average. Total expenses less than 1700. Ohio and Texas also feature prominently on the list, specifically Klute and College Station in the Lone Star State. If you'd rather be a Buckeye, look at North Royalton, Willoughby Hills or Parma Heights. Farmington, Michigan rounds out the top seven safest places to retire on less than $2,000 each month. So where do you want to hang your hat in your golden years? It's a key question to consider as we try to stretch our dollars as far as they'll go with the Retirement Radio Network powered by Amira Life. I'm Matt McClure.

Speaker2:
Welcome to Nationwide's Peak ten fixed indexed annuity, designed to help provide guaranteed income for life. Peak ten offers protection against market losses, plus protection for a spouse through a joint option and an immediate 10% penalty free withdrawal. Call us now at (501) 249-2343. That's (501) 249-2343. Guarantees and protections referenced within are subject to the claims paying ability of nationwide life and annuity insurance company nationwide. Peak ten is issued by Nationwide Life and Annuity Insurance Company. Columbus, Ohio. Are you interested in ways to protect and grow your hard earned money? Your American retirement is here to help. Here's Randy Sams.

Speaker3:
Hey, thanks for joining me on this week's edition of Your American Retirement. Be sure to check me out on your podcast version of the show on your favorite podcast provider vendor, Apple, Google, Spotify, or wherever you get your podcasts. Again, you're going to be looking for your American retirement. All right, folks, we're going to talk about pensions in this segment from crisis to renaissance, how pensions are making a comeback in retirement planning. So let me give you a little background. So. And unfortunately, a lot of people that I deal with today and that number can continues to grow. Uh, they don't have pensions. If you remember, I do a little pension story. I go, what was versus what is? So if you remember, say like my parents or my grandparents, uh, if they, you know, lived in a big city or they lived in the city and they had a job, a corporate job at 8 to 5 job, they weren't farmers, but they had an 8 to 5 job that they clocked into. The majority of those employers, those businesses, those companies offered their employees a what's known as a defined benefit plan. That's a pension. In other words, you may work at that company because that's what happens. Back then, people took a job and they didn't bounce around over 5 to 7 years. All right. That's not true. Today. I have a lot of younger folks that we deal with that they stay in a position for ten years, and then they move to another company that may just be keep them more experienced, taking their expertise to someplace else, maybe involve more money, I don't know, but used to when our grandparents or my parents went to work for a company, they stayed there.

Speaker3:
And they retired there. They had that retirement party. They had the cake. They had the celebration and everybody got that gold watch. I know it probably wasn't gold, but what happens was at that time, what did you get? You got a pension, you got a defined benefit. So you knew exactly when you retired in 30 years or at age 60 or 65 or whatever age that was. When you decided to retire, to leave that employer, you had a benefit. Guaranteed benefit that was paid for as long as you live, called a pension. That doesn't happen today, folks. And we'll go over some of these numbers. But listen. As you approach retirement years, it's essential to confront the current state of US retirement system and take proactive states steps to secure your financial future. Recent stock market gains may provide some optimism, but the reality is that the decline of traditional pensions and misguided participation in defined contribution plans, i.e. 401 403 BS, have left many retirees facing financial and sheer insecurity. Folks, I get amazed at the number of people that I've. Have conversations with.

Speaker3:
That they either did not participate in the 401 K or they just recently started, but they're real close to the retirement years. Might be eight years or ten years from now, but just think if you would have started it 20 years ago now, I know some employers didn't offer a 401 K plan when you started, but as soon as they offer it, you should take advantage of it. Okay? You should be taking advantage and max that thing out if you can. So taking it, taking action now and working with a financial professional such as myself, we can help you navigate these challenges and create a solid retirement plan for you that will help you ensure a comfortable and a worry free retirement. What is it that we say? A safe and secure retirement, not a risky retirement. So listen, defined benefit plans or pensions provide retirees with a guaranteed income for life, offering stability and security, in contrast with the uncertainty of defined contribution plans. All right. So which one would you rather have if you if you went to work for an employer, would you rather have a plan, a defined benefit plan that you knew that if you stayed there for 20 years or 30 years, you knew exactly based on a formula, you could calculate what your benefit was going to be for the rest of your life. I like that. Or a defined contribution plan means that now the burden of your retirement income is on your shoulders, your investments.

Speaker3:
Do you know what investments in your 401 K you have your money in right now? What index are they in? Are they in short term long term growth. What is it they inform indexes. See a lot of people don't know that. So that's what makes the uncertainty of a defined contribution plan in the fact that man we love it right now because my 401 K is going up. Ah, but what happened in 2008 or actually a couple of years ago, in 2021, 2022 for one K balances fail. Nobody likes that. Okay, so a recent survey by the National Institute on Retirement Security shows that over 80% of respondents believe all workers should have access to a pension plan to protect their financial independence and self-reliance in retirement. Did you hear that? 80% of those that responded in that survey believe they should have access to a pension plan to protect their financial independence in retirement. We can help you with that. We're going to talk about that. The decline of pension benefits from employers has been perceived by more than three quarters of respondents as making the American dream more elusive, highlighting the need for effective solutions to address the retirement crisis. So, folks. It made it a whole lot easier when you were working and you had a defined benefit plan, a pension, because you had the peace of mind knowing that when you retired, that pension was going to take, let's say it provided 60% of what you were annually making.

Speaker3:
All right. So if you were making 50,000 a year in that job and your pension paid 60% of that, that's 30,000 a year. Then you turn on your Social Security. And Social Security was going to kick in and get you close to 50,000. Probably not get you right up there, but close to it. Okay, so with those two plans, you had guaranteed lifetime income. That's what a pension is. It's a guaranteed lifetime income. That's what Social Security is. It's a guaranteed lifetime income. So they had the peace of mind knowing that. So now people are is that American dream still going to be there because the burden is now on your shoulders. Whether you're making those contributions to the 401 K, whether you're making wise investments in that 401 K, and hopefully you know when to move the money out and move the money in to avoid the ups and the downs of the market. So. Over half of all Americans are facing a financially insecure retirement, according to a recent report by the Senate Health, education, Labor and Pensions Committee. Now, folks, listen. In 1975, almost 30% of the workforce had pension benefits. But today that number has decreased to just 13.5%, so only 13.5% of the workforce. Employers are offering a pension to their employees.

Speaker3:
Okay, so that's where it has all changed. It's gone from. Me working for 25 years at this job that I might like and I might not like. And when I retire, I have that pension plan. But now it's me working at that, this job for 25 years or 30 years, or however long it might be, I've been making contributions to the 401 K. I've been managing it as best as I possibly can, maybe getting some outside input. And I've got a nice little nest egg. So what do we do? So here's what we're able to do. We want to secure your retirement with your own personal pension. Okay. That's what we do at Qmg Financial. We can take your 401 K. And even though your employer doesn't provide you with a pension, a defined benefit plan, we can take that 401 K and create your own personal pension. And this is how fixed indexed annuities provide peace of mind and financial stability. Okay. So you don't need to work for the government or one of few companies still offering pensions to protect your assets and create guaranteed income for the rest of your life. How do we do that? We can use fixed indexed annuities or with today's interest rates. I even use a omega, a multi year guaranteed annuity. That is an annuity that gives us that gives the client a guaranteed interest rate for a certain period of time.

Speaker3:
As an example, I'm working with clients right now. I've already done several of these. I have a company that gives us a ten year guaranteed rate of 5.6%, and they allow you to take that 5.6% out that interest out as an income payment, okay. You don't have to. You can let it grow at 5.6% and to start income later on. But see that's a guaranteed payment. And the good feature is at the end of ten years with that particular annuity, you still have your original investment. All right. So fixed indexed annuities offer pre-retirees and retirees the opportunity to create your own personal pension like income stream. And that's what we're all about. You know that I've always said you do not retire on assets. You retire on income. So these annuities. Often include features such as immediate bonus or a guaranteed minimum interest rate for a certain amount of years, and your principal investment is always 100% protected from market downturns. Zero is your hero. So where we say a guaranteed a minimum interest rate as an example. I have guaranteed lifetime income annuities. I have companies that I work with that guarantee, you and me, since I have one of these also myself, an 8% compound interest over ten year period. All right, folks, that's fantastic. That's guaranteed. Call up your investment advisors. And I'm not slamming I'm not throwing rocks at anybody that that that works in the stock market.

Speaker3:
That's fine. I believe we all we always have our area of expertise. All right. Mine is setting up guaranteed income payments. But call up one of your people that does your investments and say, hey, can you guarantee me 8% compound interest that my investments will grow at 8% over the next ten years? Guaranteed. Plus, give me the peace of mind knowing that I'll never lose a dime. Folks, they're just not out there. The annuity is the only thing that can do that for you. So that's how that guaranteed lifetime with the guaranteed interest rate works. All right. So listen, personal pensions created by fixed indexed annuities offer the potential of additional interest earnings based on the performance of a specific market index such as the S&P 500. So this allows us this allows you and me to experience stock market like benefits without stock market risk. You know, I've used the elevator example in the past. If you're using an indexed annuity. The index. Your money is not in invested in that index. You are getting a participation rate. So as that index goes up, you get a certain percentage of that performance. If that index goes down, you're locked in at the level that you are. So as an example, if I have an index with 100% participation rate and it goes up by 10% and I had $100,000 in my account to start with. I just gained $10,000.

Speaker3:
Now I'm locked in at 110,000. It'll never go down as that. If that index goes down next year, I'm still at 110,000. If it goes up, then I'll increase and lock in at what that new amount is. All right. So. You got to remember, the fixed indexed annuities provide you and me with a level of security and stability, allowing individuals to plan for a consistent income throughout retirement. Folks, it's guaranteed, and we can set it up guaranteed for your life. And we can set it up for guaranteed for the remainder of your spouse's life. So you pass away. That amount you're receiving every month is going to be given to your same amount given to your spouse, as long as he or she lives. Okay. So these personal pensions can serve as a valuable tool for diversifying retirement income sources, reducing reliance on Social Security or other investments. All right. I'm not telling you to take everything out of it. Of your 401 K or retirement funds and put it into one of these, but I would look at it and say, hey. My basic expenses, my monthly expenses. My annual expenses are covered because I set myself up with a personal pension plan through Randy Sams at SMG financial, and I'm glad I did because I've got guaranteed income for the remainder of my life. So folks. Don't go away. We'll be right back. We're going to talk about national debt.

Speaker2:
Missed part of today's show. Your American Retirement is available wherever you listen to podcasts and online at your American retirement.com.

Speaker6:
Ain't never been in my.

Speaker7:
You're listening to your American Retirement on 101.1 FM, where little Rock comes to talk, and if you need assistance with your retirement planning, reach out to Randy. Pick up the phone and give him a call (866) 990-7664. (866) 990-7664 or visit the website. Your American retirement.com building sound financial plans for our listeners of your American Retirement is what Randy does best. Great show so far, by the way. Speaking of which, from Randy, and if you missed any part of today's program, go back into the podcast archives and listen to this and previous shows on Apple, Google, Spotify, or wherever you get your podcast. Just hit that subscribe button. It's very, very easy. All right. Retirement tax strategies for tax season A reminder tax day. Oh that dreaded tax day. It's coming up on April 15th. There are only two types of tax free investments available to Americans. And we can help you with both. When you give Randy a call or schedule your free complimentary consultation online. Again, give Randy a call 866990766 for your American retirement.com. Randy will go over Roth IRAs and life insurance. Municipal bonds are not necessarily tax free and are sometimes subject to federal, state, and local taxes. And they can also impact Medicare costs for high income earners. So if you're concerned about rising taxes, again, give Randy a call (866) 990-7664. Visit the website Your American retirement.com, and get in touch with Randy so he can help build a smart tax plan for you and your family during retirement.

Speaker3:
It's this week in history.

Speaker7:
Before we get back to the final segment of today's show, let's give you a glimpse back in time with This Week in History. On this date, March 24th, 1976, American former football quarterback Peyton Manning was born. Manning is considered one of the greatest quarterbacks of all time. After playing 14 seasons with the Indianapolis Colts and the Denver Broncos, Manning is a two time Super Bowl champion, five time Most Valuable Player, and a member of the Pro Football Hall of Fame. Also on this date, March 25th, 1942, American singer and songwriter Aretha Franklin was born. Franklin, of course, is referred to as the Queen of soul and sold 75 million records, making her one of the highest selling artists of all time. Franklin unfortunately later passed away in August of 2018 at the age of 76. All right, stay there. Randy wants to discuss with you pension options for all how Randy can help you build a personal pension that's coming up. Thanks for listening. Here's Randy.

Speaker3:
Hello, folks. You're listening to your American retirement. Join me every Saturday at 10:00 Am right here on 101.1 FM. The answer where little Rock comes to talk. All right, folks, now listen, national debt is something that I'm hearing a lot of. It's going to affect inflation. It's going to affect prices. Everything. You see that how you're going into retirement. We have to address the national debt.

Speaker4:
The clock is ticking.

Speaker2:
The debt is growing. It's time for your American retirements weekly US debt clock update.

Speaker3:
The national debt is 34.5 trillion. And it just went up after I said that. All right. If you seen that little national debt clock, okay. When I tell you it's 34.5 trillion, it's gone up. And I'll give you the big numbers here in just a second. But to address national debt, the US will likely have to increase taxes or maybe both cut benefits for retirees and other Americans. Folks, they've dipped into that cookie jar called your Social Security. If they had left Social Security alone, we would not have an issue with anybody talking about we're either going to have to increase Social Security withdrawals. As far as you working a higher percentage of your, uh, check every, every year, every month is going to be taken out to go into Social Security or those of you who are on Social Security, we're going to have to reduce your benefits that you get on a monthly basis. Folks, if you're in a situation right now where your Social Security check is all you have as a retirement and you're just barely making it, the last thing you and I want to think about is what them reducing my Social Security check by 20 or 30%, uh uh, that's even scary to think about. But they've taken I guess they've taken advantage of our goodness, I guess, or our, our our faith that they wouldn't do this, but they've utilized that Social Security benefit, okay. For other things, if they take some of the money that they're sending overseas to these countries that hate us and put that money into the Social Security benefit, it would help out a lot.

Speaker3:
Also, if you want to correct it, take all these politicians in Washington, DC off of their retirement plan and put them in the Social Security benefit. Same one that you and I have to deal with participate in, and it would change overnight. Okay. Yeah, that's what I'm saying. All right. Let me get off my soapbox I apologize. No. So excessive government borrowing can borrowing can lead to inflation which erodes the purchasing power of retirees fixed income and savings. Folks. Now listen to this. This is a big number I hope I get it correct. The National debt, the US national debt, $34,521,226,146,135. Now you know what that equates to, folks. The debt per citizen. Now per citizen is $102,632. So how many citizens are there? 370 million. Somewhere in there, somewhere. That right there, 350 million. That's per citizen. But listen to this. The debt per taxpayer if you're paying taxes. And they said, hey, Randy, we want you to write us a check to help pay off this debt. You remember, only about 50 something percent of us are actually paying taxes. So for those of us who are paying taxes, your debt to pay off that national debt $266,500. Okay, guys, that was from Monday, March 18th. You look at it today on Saturday, and I bet that 34.5 trillion has gone up from the number that I just gave to you.

Speaker3:
All right. So that's why it's important that we get together and we plan. We have to put together a retirement plan because we don't want your golden years tarnished by financial stress. You need to be prepared with a solid plan. So give us a call (866) 990-7664 or visit the website Your American retirement.com so you can contact me and schedule a complimentary no obligation consultation. So folks listen, in many cases we're going to be able to save you money in the long term. We're going to address a lot of the risk that you're going to that will occur during your retirement years. We're going to take longevity. We're going to address longevity. We're going to look at long term care guys. We put together a comprehensive retirement plan for you and your spouse. So that way when you hit those retirement years, remember it's a safe and a secure retirement, not a risky retirement. So folks, listen let's close this out. How to spot and avoid scammers okay. With the prevalence of Social Security scams targeting unsuspecting individuals, it is crucial for people to be vigilant and informed in order to protect themselves from fraudsters. By understanding common scam tactics and taking proactive measures, individuals can safeguard their personal information and financial security. So folks, we want you to be aware of these scams. So listen. Be wary of unsolicited calls or emails claiming to be from the Social Security Administration SSA. The SSA will never contact individuals to request personal information or threaten legal action folks.

Speaker3:
They are targeting the elderly, so be wary of unsolicited calls or emails because SSA is never going to contact individuals. Request that personal. Or threaten legal action. We want you to avoid sharing sensitive information such as social security numbers or bank account details over the phone or through email, unless you have initiated the contact and are certain of the recipients identity. So folks, a lot of times, you know, during the Medicare Advantage, open enrollment, you see all the commercials, you still see them going on, but still during that period of time, I get amazed with the number of people that call those toll free numbers just out of the blue, and talk to whoever it is over the telephone, and they talk you into giving all your information, your personal information over the telephone. If I'm doing Medicare, Medicare supplement, which we do, I would tell you to meet face to face. That way you see me, I see you. You've got someone that you can put a you put a face to a name. You've got my phone number. Because if you do an application over the telephone for the toll free number, what makes you think when you have an issue six months from now or two years from now, that you're ever going to be able to get in contact with that same person, you won't be able to do business with a local agent, whether it be myself or someone else, because it's going to give you the peace of mind knowing and the security knowing that you're dealing with an honest person face to face across the table.

Speaker3:
So if you suspect. A social security scam, a social security scam, or a fallen victim to one reported immediately to the Ssa's Office of Inspector General. That's OIG, the SSA office of the Inspector General. By visiting tsa.gov. Hopefully y'all won't have to do that, but that's good information to have. So you need to seek guidance from trusted financial advisors or professionals. If you are unsure about the legitimacy of Social Security related communications or requests, it's better to be cautious. And verify before sharing any personal information. Four P's to watch out for scammers pretend to be from an agency or organization. Scammers say there is a problem or sometimes a prize. Scammers will pressure you to act immediately and scammers will tell you to pay in a specific way. The four P's pretend problem, pressure and pay. So folks, we want you to safeguard your Social Security information. We want you to be able to spot a scam immediately. So folks, listen. I want to thank you for listening to today's show. Your American Retirement on 101.1 FM. The answer? So remember, if you've missed any part of today's show, go back in the podcast archives on Apple, Google, Spotify, or whichever platform you get your podcast. I want you to go out and have a fantastic rest of your Saturday. Have a great week. God bless. Go, hogs! We'll see you next weekend.

Speaker1:
Thanks for listening to your American retirement. You deserve to work with experienced, licensed financial insurance professionals who can offer sound strategies for protecting and growing your hard earned money. To schedule your free, no obligation consultation, visit your American retirement.com today. That's your American retirement.com, 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 specific result. All copyrights and trademarks are the property of their respective owners. A mirror 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 the results obtained from the use of this information.

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