This week, Randy goes in-depth about pensions and helping Americans develop a plan for income streams they can count on during retirement. Plus, Randy stresses the importance of taking steps to prevent a retirement tax bomb in your future.

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Contact Randy Sams & SMMG Financial at (866) 990-7664

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5.3.24: Audio automatically transcribed by Sonix

5.3.24: 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, Central Arkansas. Good morning to all my friends and family in little Rock, Benton Bryant, all the people in Conway, Faulkner County. Hey, thank you for joining us on this Saturday morning. Hey, if you didn't recognize or realize this, this is the first Saturday morning of the month of May. Can you believe it? We're already in May. But, folks, listen, I want to welcome you to your American retirement. Thank you so much for joining me on this Saturday morning. Or you could be listening on Sunday afternoon. Now, folks, we have a jam packed show today we're going to talk about. Y'all have heard that old story. Don't worry. Be happy. Well today's show is don't worry, retire happy. Now I'd sing a little ditty for you, but y'all would, uh, turn the channel. And I don't want there to change the channel. We're going to be talking about building a stable foundation for retirement with pension like income. All right, now, folks, listen, y'all need to get your pens and your paper ready because we got a lot of good notes. We're going to talk about pensions, what they're all about, what happened to them? How many are here today? Why has it switched from the employer more based retirement system to more of an employee responsibility? We got a lot of great information. So listen, in case you happen to miss some of today's show, don't forget to check us out on podcasts.

Speaker3:
All right. We're on Apple. We're on Google, Spotify or wherever you may get your podcasts, wherever your favorite vendor is, you know who to look for. Your American retirement. You'll see us. We have our podcast. And also you can visit our YouTube page as well youtube.com and search for your American Retirement. You'll see my smiling face on there, folks. It's a little bit different on our YouTube page. We don't have the entire show, the entire program. That would be the podcast. The YouTube channel is going to have little snippets, say a 2 to 3 to five minute, uh, segment of the show that we feel like are some of the most important parts that we cover, like in today's show or any previous show. So what that's there for is to, hey, this is what the show is all about. Then boom, you jump over to the podcast provider, remember Apple, Google or Spotify, or you can go to the website, Your American retirement.com, and you can look up and listen to any of our previous shows that we've had over the past couple of years. But again, folks, I want to thank you for joining us. Please don't hesitate to contact me with any of your questions. Believe me, I'm in this business to help folks.

Speaker3:
I'm in this business to educate folks. You know what we do. If you've listened to the show, our company is SMG financial. We are in the business. To help Arkansans, Americans, those who listen to this show on a weekly basis to face. Your major financial issues when you're getting ready to retire, or those of you who are in retirement. Because believe me, we believe in helping people to understand and to prepare for a secure retirement, not a risky retirement. And what is today's show about? Don't worry. Retire happy. So we want to set you up for a hap hap happy retirement again. I'd love to get to meet all of you. Some of you have called and left voicemails. Some of you are going to the website and sent me messages. Certain things that concern you about retirement or you're about to get into retirement. Give me an example. I just had a conversation this morning with a young lady. Who is about to turn 65, and she had a lot of questions concerning Medicare and Social Security. So guess what? We were able to answer some of those questions, but she set up a free consultation for us to be able to get a spend a little bit more time face to face and really get down to the nitty gritty as far as what she's looking for in her retirement.

Speaker3:
But folks, we love hearing from you, listening from you get leaving us any, any messages. We want to discuss how we can help you reach your financial goals. And the only way we can do that is you give us a call (866) 990-7664 or you go to the website Your American Retirement. Leave me your contact information, and we'll get in contact with you and help you build your retirement plan, help you with risk management, any estate planning, and a whole lot more Social Security Medicare folks, we're going to do it all again. Eight, six, 69907664 or go to the website Your American retirement.com. So folks, some of the things we're going to talk about on today's show take steps to prevent a retirement tax bomb. Nobody likes those bombs. They tax bomb. And where did pensions go and why? Pensions provide retirement security. You want to live to 100. We're going to give you that secret. What happens if you want to live to 100? How long is it going to take. What's it going to take to retire. Especially if you live to be 100. But folks, that's some of the things we're going to talk about on today's show. But, you know, all my listeners know that we never start this show without our weekly financial wisdom. Quote of the week. So, Mister Jim, if you'll cue up that music, please.

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

Speaker3:
All right. Thank you. Jim, my producer. He does a great job, folks. He makes me sound smart. He makes me look great. If you go to the podcast or the YouTube channels. Okay, I need all the help I can get. My mama told me that I've got a face made perfect for radio. That's a little radio joke anyway. Financial wisdom. Quote of the week. There you go. This is given to us by Josh Mandel. I believe when hard working citizens have earned their pensions, it's wrong for Washington bureaucrats and politicians to take those pensions away. Amen. Perfect quote of the week for what we're going to be talking about. Once again, I believe when hard working citizens have earned their pensions, it's wrong for Washington bureaucrats and politicians to take their pensions away. Thank you, Mr. Josh Mandel. I agree with that 100%. And folks, we're going to get into that about pensions. But first of all, let's look at take steps to prevent a retirement tax bomb or no tax bomb. Everybody knows we just what is it? This is May just a few weeks ago. Now some of you all do your taxes early. Some of you all may procrastinate like moi. Uh, you know, if I know, I'm going to have to pay, I'm going to wait as long as I possibly can. But April 15th was when your taxes were due. Some of y'all have spoken to y'all have actually done an extension, but taxes are something that we have to look at in retirement.

Speaker3:
So we're going to talk about take steps to prevent a retirement tax bomb. Too often we find I find that people are keeping most of their retirement savings in tax deferred accounts folks. And that's okay. But all of it that's what we want to talk about. You see, your tax deferred accounts, such as a work based or employer based 401 K or even in IRAs, while I'm happy to see that so many are saving for retirement, believe me, I am. What concerns me is the taxes you and I will pay when we finally withdraw that money. Okay, same same is going to happen to me as it's going to happen to you. But luckily for me, I know and I've done a little planning and I've taken care of that. But you see, when you finally withdraw that tax deferred money, it's going to be taxed, that money that you have to spend in retirement. So listen, tax deferred, that means that you haven't paid taxes on that money yet. The government will eventually force you to take that money through required minimum distributions. Those are known as RMDs. Any time you withdraw money from these accounts, you will owe taxes. Here's a tax bomb example. Let's say that you've made it to retirement. Yay! You and your spouse are both in your 60s, and you decide that it's time to go on that bucket list vacation. Maybe it's a trip to Europe. It could be a cruise, or even a great American road trip to visit some of our national parks.

Speaker3:
That's great. The vacation will be three weeks. The budget is $10,000. However, here's the bomb. When you withdraw that money from your tax deferred retirement account, you will owe taxes. For this example, let's say federal tax is 24%, with 24% going to the IRS. Uncle Sam, you only have $7,600 for that $10,000 trip. You need to spend 10,000. That means that you're going to have to withdraw $13,100 to cover both taxes and expenses. So the solution take advantage of tax free investments and implement a Roth conversion. I could spend a whole segment on Roth conversions, so you'll no longer have to have RMDs on that portion of your portfolio, and you can withdraw the money tax free. Meanwhile, the money that remains invested in the account will grow tax free. If you should choose to leave your Roth to a beneficiary after you pass, the money will also be passed down tax free. So if you're interested in maximizing your retirement savings, avoiding that tax bomb, what we can do for you as far as a Roth conversion goes, please get in contact with us. You know, the number (866) 990-7664 or go to the website Your American Retirement. And as always, our consultations are complimentary and there's no obligation. All right folks. We're going to come back and we're going to talk about, for us adults, 1 in 4 US adults and older who aren't yet retired expect to never retire. You're listening to your American retirement on 101.1 FM. The answer?

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.

If you got a problem, don't care what it is. You need a hand, I can assure you.

Speaker2:
Visit your American retirement.com to schedule a free consultation with Randy today. And now back to the show.

Speaker3:
Welcome back to your American retirement on 101.1 FM. The answer where little Rock comes to talk again, don't forget to check out our YouTube page, visit youtube.com and search Your American Retirement. You'll know you're hit the right place when you see my smiling face. All right, folks, 1 in 4 US adults 50 and older who are not yet retired expect to never retire. That comes from an AARP study. That's disheartening, isn't it? Listen, about one quarter of us adults aged 50 and older who are not yet retired. Say they expect to never retire. In other words, they're going to continue to work. And folks, I've met folks like that. You know, people like that. You may be one of those people, okay, 70% are concerned about prices rising faster than their income. And that, again, is from the AARP survey. And here's what it finds. 25% about 1 in 4 have no retirement savings. That's scary. And according to research released Wednesday by the organization that shows how an aging population, America, is worrying more and more about how to make ends meet in retirement. I wonder why it's more expensive to live the day than it was three years ago. We'll show some of the facts here or ten years ago. It's going to be more expensive three years from now. That's called inflation. You see, the data will matter this year. Why? Because you see you have a Democrat candidate, Joe Biden, and a Republican rival, Donald Trump, are trying to win support from older Americans who those older Americans traditionally turn out in high numbers with their policy proposals.

Speaker3:
So Biden's going to try to win your vote. Trump's going to try to win your vote. But folks, let me give you a little hint. So here's some of the things that we're going to we we I look at if you're voting, you got to know that you're you cannot be in a better financial situation today than you were three years ago. All right. I'm sorry. I'm not trying to get political. I'm just telling you the facts. You see, this is a retirement program. I deal with retirement. I deal with people who are getting ready to retire or folks who are in retirement. When I deal with people who are in retirement today, their biggest concern is the fact that this new administration who took over in 2021, everything's exploding. It costs more to live today under the Biden economics. What do they call them? Bidenomics than it did under Trump? I'm just telling you the truth. Three years. Here's examples three years into their presidency. And again, folks, I'm not trying to get political. I'm just giving you the facts because this is a retirement show, and the way you vote is going to affect your retirement and a lot of other people's retirement. All right. The way I vote, it means the same thing. Listen, three years into their presidency. So here we go. Trump. And we look at Biden energy under Trump. Basically we were energy independent under Joe Biden. Energy today is over 38% higher.

Speaker3:
It's increased 38%. Gasoline under Trump was -2%. It had gone down under Biden over. It's up over 47% increase electricity. Trump it was up 3%. Under Biden it's up over 29%. Folks, I could go on and on and on. But groceries compared to Trump in the same period of presidency, Joe Biden is up 21%, AG's 49% milk, 15%. Folks used cars. Everything under Joe Biden is red. It cost more today under bidenomics than it ever did under Trump. For those of you who are thinking about building houses, did you know mortgage rates when Trump took over January 9th, 2017 was at 4.1%. Mortgage rates on January 21st, 2021 when he left office was at 2.8%. That's a change of 32%. Less mortgages went down under Trump. Guess what? Under Mr. Joe Biden on January 21st, 2021, mortgage rates were at 2.8%. Guess what? They were on April 4th, 2020 for 6.8%. That's an increase of 146%. The looming issue that will affect American's ability to retire in the in this financial health of Social Security and Medicare. You see, that's that's something you got to talk about. What are they doing with Social Security and Medicare? The latest annual report from the program's trustees say the financial safety nets for millions of older Americans, those of you who are getting ready to retire or in retirement right now will run short of money. To pay the full benefits within the next decade. That's say, 2020, 2033 to 2034. So you see, that's a looming issue that will affect American's ability to retire.

Speaker3:
And that is the financial health of Social Security and Medicare. Medicare, the government sponsored health insurance that covers 65 million older and disabled people will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031. That's what the report for forecast said. So just two years later, from 2031 to say 2033, Social Security will not have enough cash on hand to pay out full benefits to its 66 million retirees. All right. Let me give you something else to be concerned about. How many millions upon millions of illegal aliens? Yeah, that's right, I'm going to call them illegal immigrants. Illegal aliens in the United States illegally that have come across our borders. How many of them are receiving Medicare benefits? How many of them are getting Social Security benefits that they never paid into? How many of them are getting free housing? You know, folks, I could go on and on and on, but believe me, if you don't believe what happens in November of 2024, how this election, if you can't see what's happening right now in 2024 and it's not going to continue to get better, it's going to get worse. If you continue to allow Bidenomics to take place. We're going to be having issues in retirement. And those folks who are in retirement and people who are getting ready to retirement, that's just the bottom line. It affects your retirement. What is it? Who was it that said that elections have consequences? Remember that.

Speaker3:
Look at your retirement funds and see if you're better off today than you were four years ago. Three years ago. You see, it's time to get serious this year in 2024. This is an election year, and there's already so much uncertainty in this world affecting retirees and pre-retirees. Please don't wait until you're ready to retire to start planning. Folks. I like to meet with people that just turned 59.5 or 60 because it gives us a lot of time to prepare. Why? Because I do a lot of work with annuities that we utilize what's known as compound interest. You see, the secret to compound interest is time. The longer you let compound interest work for you, the better off you are going to be. As an example if you're 60 years old. Just as an example. And you plan on working to 67 or 68 or even maybe even to age 70. If we have an annuity right now that guarantees us 8% compound interest, guaranteed compound for next ten years, and you're guaranteed to not lose a dime. No one can touch that, folks. You can't go to an investment advisor and ask them if they can guarantee you 8% growth, compound growth for the next ten years, and then guarantee you that you'll never lose a penny. They can't do it with a guaranteed lifetime income annuity. And we're going to talk about that in a couple of segments here. We utilize that as a personal pension. But with a guaranteed lifetime income annuity. We can take what money you have in the 401 K some of it, all of it, whatever percentage of it you feel comfortable with, we can take that out of your 4k, guaranteeing you 8% compound interest for the next ten years.

Speaker3:
So basically, if you put in 200,000 at the end of ten years, we're going to be guaranteed no if, ands or buts. It's not a what if. It's a sure thing. We're going to be guaranteed to have over $400,000 waiting for you to take as your retirement income, and if you set it up correctly, you're guaranteed an income that you can never outlive. And we can set it up to where your spouse is also guaranteed that same income for as long as he or she may live after you. All right. So. You got to take advantage of this, folks. Start planning today and please, it's May when you hear this. Today's show. This is the first Saturday in May. The election in 2024 is in November. Please sit down and look at the situation and ask yourself, am I better off today than I was three years ago? And if I vote for the same person that's in office today, do I feel like I'm going to be worse off if they take a if they get the presidency or that administration continues to have the rule of, say, I don't, but that's me personally. All right. Listen again, forgive me for going down that political ramp. We got to get together and we got to have people that we elect in Washington, DC that realize that they have to start focusing on Social Security and Medicare benefits, because, folks, those two issues alone are going to affect every American, those who are getting close to retirement, those who are in retirement, and those of you who may be 15 years off from retirement, is there even going to be Social Security? Again, I'm not trying to scare you.

Speaker3:
What happens if you paid in all these years, and all of a sudden they tell you that because of the funds are now depleted, we can no longer pay you the 100% benefit. You're going to have to live on 75% of that benefit. For some of you, if you're just living on Social Security alone, that 25% reduction is going to have a grave effect on your retirement. The style, your your style and level of happiness. Believe me, how many of you all can take a 25% cut or a 30% cut in your retirement benefits? Right now? I don't think any of you raise your hand up. All right, so we've got to take advantage of that. Please, if you're interested in in us looking at your Social Security or your Medicare, please get in contact with us (866) 990-7664 or go to the website Your American retirement.com. Leave me your contact information and let's set up a free consultation. And let's talk about Social Security benefits. Let's talk about Medicare benefits. All right. The next segment we're going to talk about where did pensions go. Y'all come right back.

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

Speaker5:
Time keeps on slippin, slippin, slippin.

Speaker2:
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Speaker1:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

Speaker2:
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. Please be sure to check out the podcast version of our show on Apple, Google, Spotify, or wherever you may get your podcasts, wherever your favorite podcast vendor might be. So folks, listen. In this segment, we are going to touch base. We're going to start the conversation. Where did pensions go? Americans are looking for income they can count on in retirement, but. Before we jump into that, I'm going to ask you a question and see what you got to understand. You should really be working with a licensed financial advisor. Okay. Retirement planner. That's a financial professional like myself. All right. Now, folks, transparency. I don't do anything that's associated with the stock market. In other words, none of my investments. I don't even call them investments. I call my the products that I work with. They are risk transfer vehicles, risk transfer products. We want to transfer the risk from off of our shoulders and transfer that risk on to an insurance company who has billions and billions more dollars than we ever think about having. All right. But you should really be working with a licensed financial adviser or a financial professional retirement planner such as myself. Qmg financial. See a study from Northwestern Mutual on the attitudes and behaviors of American adults towards money. Found that 71% of them felt their financial planning needed improvement. True, but only 29% work with a financial advisor.

Speaker3:
Guys. Whenever I meet with folks or I talk to people on the telephone, when I ask them very simple questions like, what do you what do you have as far a retirement fund? They may say, I have an IRA, I have a 401 K, or I have a self-directed plan, whatever it might be. But when I ask them certain questions about those plans, something as simple as what's your 401 K balance? Folks, you're going to be surprised. Well, I'm not surprised now, but I was when I first started doing this and asking that question. But the majority of people today that have 401 S or IRAs. Do not know the balance of those plans. That's scary. Because how do you know if you're 401 K or IRA is doing good, or if it's doing bad? How do you know if the advisor that you have your money invested with is doing a good job or a bad job, or you haven't even heard from your advisor in such a long time? All right, you need to be aware of it. But did you realize that on that 71% of the people felt that their financial planning need improvement? I agree with that. You see, research suggests that people who work with a financial advisor, a retirement planner feel more at ease about their finances and could end up with about 15% more money to spend in retirement.

Speaker3:
And folks, remember why I feel like that. You should give us a call, or you should leave us your contact contact information to set up that free consultation. Because my objective, our objective at Qmg Financial is to educate you, to prepare you. To help you understand all the risks that come up in retirement and to prepare you. Help you understand the products we're going to be talking about, because we want to set you up for what, a secure retirement, not a risky retirement. So please don't partner with an advisor whose strategy does not align with you. You see, your overall risk tolerance for your hard earned money is a personal preference. But risk management strategies can vary widely among financial advisors and professionals. Financial professionals. You see, some prefer aggressive stock investments, while others may encourage more safe investments. That would be more. You see, I believe in those safe investments. I call them safe money investments. That can pay you a person a a pension like income. Folks, you do not retire on assets. You retire on income. Ask anybody who's in retirement. They're more concerned about the income they have coming in every month slash every year than they are assets. Of course, those assets, whether they go up or down, may have an effect. On the amount of income they have coming in. That's why I believe in setting people up in safe money, safe investments that provides you with a pension like income.

Speaker3:
You see, you have to look for an advisor whose risk tolerance and strategies used or proposed align with your goals. I call it this. Would you rather work with an advisor who talks about a what if? Or would you rather work with an advisor who talks about a sure thing? You see. Are you looking for someone that can give you an 85 to 90% probability of your plan not running out of money? Or would you rather work with an advisor who can tell you with a 100% certainty that you will not? Outlive your retirement funds. Does that make more sense? I'd rather go with a 100% probability. No. What ifs. Let's do a sure thing. Because. See at SMC financial. We want to make sure. That your retirement fund hits zero not will not hit zero before your blood pressure does. That makes sense I think I messed that up. Listen, we want to make sure that your retirement balance does not hit zero before your blood pressure does. Let's flip that around. We want to make sure that your blood pressure hits zero before your retirement does. So we can provide you with a complimentary consultation and retirement plan. All you got to do is call us (866) 990-7664 or visit the website your American retirement.com to book your consultation. Believe me, we look forward to helping you and reach your safe and happy retirement goals.

Speaker3:
All right. Pensions. We just spoke a little bit about it. We talked about it at the first of the show. We're going to jump right into it, probably the last the remaining of this segment and number segment number four, we're going to talk about pensions. Where did pensions go. Because Americans are looking for income they can count on in retirement. That's right. That's what I do when I meet with folks. Believe me, one of the main conversations that we have is guaranteed lifetime income. So the Congressional Research Service found that defined contribution plans. Those are 41K. Those are retirement plans like 401 KS. Iras that rely on employee contributions are at risk in the market. They began to overcome defined benefit plans pensions in the mid 1980s, you see, and I've got some stats I want to go over with you. So so 401 403 B's IRAs basically in the mid 1980s you started seeing those type of plans start to overtake defined benefit plans, pensions. Folks, whenever our parents and grandparents began work, they stayed with an employer for a long time. They didn't jump around from employer to employer. They went to work at age 18 or 19 or 20 or whatever it might be, 25. And they worked at that employer for the next 30, 40, 45 years. And at age 65, again, I'm using that as the target retirement age back then at age 65, that's when Social Security kicked in.

Speaker3:
But they all didn't all just have to rely on Social Security because they had this little defined benefit plan, a pension plan that their employer provided for them. So they had the retirement party, they got the gold watch. And when they retired, they had their pension. And then they had Social Security help offset because you're not going to retire. On the same money you're making as your employee, as your as your paycheck is today. All right. So ask yourself this. When the paycheck stop, where's the paycheck going to come from? If you don't have a pension, what happens if all you have is your 401 K. We got to set you up with some type of pension. But listen to this, guys. I got this information. You can look it up. You can Google it. This is from the US Labor Department. All right. This is talking about pensions in 1975. I want to show this to you when I mean show it, I'm going to tell it to you over the radio. All right. In 1975. The number of pensions that we had to find benefit plans was 103,346. That was the number of pensions that were round in 1975. In 1975, 401 K's defined contribution plans. There were 207,000 in 1975. Now in 1983. This is when we started seeing some things change.

Speaker3:
But in 1983, the pension plans, they hit their peak. There were 175,143 pension plans, defined benefit plans, and the 401 K plans have risen from 207,000 to 427,705. That was the peak for pension plans 175,000 pension plans. Let's fast forward in 2003. Pension plans had fallen from 175,000 to 47,000. Four one KS have risen as risen had risen from 427,000 to 652,000. So you see the switch. In 1983, pension plans hit their peak. And you can see that for one k defined contribution plans had already started to rise. And they continued to rise to where in in 2003 we had over 650,401 K plans. Again, let's fast forward to 2021. In 2021, there were 46,000 defined benefit plans. Same year 2021 401 KS 718,736. Do you see the difference? So between 1975 and 2021? Pension plans fail. Almost 60,000. So you had 103,000 pension plans in 2021, 46,000 defined contributions, 401 K plans. It jumped from 207,000 in 1975 to over 718,000, so it grew by over 500,000 plans. Do you see that? So see what has happened, folks, is that it has shifted from an employer type provided retirement to an employee, provided retirement. So if you're working for a company that does not have a pension for you as an employee, but it has a 401 K, you better be utilizing that 401 K, because that's going to be your retirement fund. You see right now listen to this.

Speaker3:
Just over half of the baby boomers population. Have 250,000 or less in assets, potentially leading to depleted savings and increased dependence on Social Security, which we don't want. However, as we talked about earlier, the future of Social Security is uncertain as its funds may only sustain full benefits for the next decade, 2033 to 2034. They're saying that the Social Security fund those benefits will be it'll be depleted. So they're going to have to be some changes over this ten year period. But listen, just over half of the baby boomer population has 250,000 or less in assets. That's what you're going to retire on, folks. How long do you think that's going to last? Remember, we're talking about pension plans. We want to be able to set you guys up in a pension, a self-directed pension. What I mean by that, we take that 401 K money that you have, that IRA money, whatever it might be. And we put that into a guaranteed lifetime income annuity. We let it grow at 8%. When you want to turn on that income switch, you've got a lifetime income set up for you and set up for your spouse if we set it up correctly. So, folks, listen, y'all come right back. Because on this last segment we're going to talk about pensions, provide a more secure retirement and give you why. We'll be right back.

Speaker2:
Miss part of today's show. Your American retirement is available wherever you listen to podcasts and online at your American retirement.com. Like what you're hearing. You can watch the show to visit youtube.com and search your American Retirement to watch clips from this program.

Speaker3:
Now you're listening to your American retirement. Join me every Saturday at 10 a.m. and every Sunday at 2 p.m., right here on 101.1 FM. The answer where little Rock comes to talk. So, folks, look, we just got through talking about pensions, why it's important to have the guaranteed income folks. That's what it's all about. You see, when I talk to folks and they ask me this question about, well, I don't think I'll like annuities. And I ask them, well, do you like Social Security? We all like Social Security. Well, guess what Social Security is, folks. That is a guaranteed lifetime income annuity. As long as you live, you're supposed to be receiving that guaranteed income. Remember we talked about what could happen to Social Security in about ten years. But right now, let's just look at it right now. You got that guaranteed income coming in every month. What about a pension? People love pensions. I talk to people all the time that they talk. They say, hey, well, you know, my grandfather or my father had a pension. My mom, my grandma had a pension. But I'm working at an employer right now that doesn't have a pension. You see, what a pension is, is when you turn on that income, it's a guaranteed lifetime income. For those of you who are lucky enough to have a pension, you are one of the lucky few, only about 13%.

Speaker3:
You know what I just talked about? We've got about we've only got about 47,000 pension plans that are available across the country, over 700,401 K plans. That shows you where it's flipped from an employer being. Helping funding your retirement to now it's all on you as the employer or the employee. Shoulders. Okay, so they've transferred the risk from the employer over to you as the employee. But here's what we got to talk about. Pensions will provide you a more secure retirement. So if you want to look at pensions, I also talk about income. You may get bored listening to me on the radio, because I'm going to talk about it today. I talked about it in our shows over the last couple of years, and I'll talk about it on shows going forward, because I believe that you retire on income. It's all about guaranteed lifetime income. Why? Because you have the peace of mind knowing that no matter what happens to the stock market, no matter what happens to anybody, that what they're doing in Washington, D.C.. If you've got a lifetime income. Coming in a guaranteed lifetime income. That income is going to come in every month, month to month to month to month. All right. That's what a pension will provide. See, it provides a more secure retirement. So according to data this is a new research from the National Institute on Retirement Security.

Speaker3:
That's an IRS. This is according to new research done by that institute. A large majority of American women. Are you ladies out there? Hope your ears just perked up. 82% of women American women today say all workers should have a pension. Wouldn't it be great if you could say that that you go to work for a company? No matter which company you go to work for, and they provide you with a pension. But 82% of American women today say all workers should have a pension so they can be independent in retirement, while 75% agree that those with pensions are more likely to have a secure retirement. You know why? Because they've got that guaranteed income coming in, folks. Is it Randy boy you're getting you're slamming us on that. Yep. I'm not slamming. I'm just trying to educate. I'm trying to get it to you to understand that if you are getting close to retirement. I'd really love to talk to you folks who are just now turning 59.5 who are 60, in your early 60s, but you don't plan on retiring for the next few years. Now's the time for us to get together, and let's talk about taking some of that 401 K money, taking some of that IRA money that you have, and we can do a rollover. No tax implications, no penalties whatsoever. And we can put that money into a lifetime, a guaranteed lifetime income annuity, guaranteeing you and me an 8% compound interest.

Speaker3:
No matter what happens, we've got that guaranteed growth and we set ourselves up with a pension. You see more than three fourths. That's called guaranteed income and that's called peace of mind. And that's called a safe and a secure and a happy retirement. I have yet to meet with anybody. When they know that they have guaranteed income coming in. That are upset or worried about what's happening in the stock market. Why? Because they've got guaranteed income. They may have some of their money in the stock market, and it's great when it goes up, it's lousy when it goes down. But their basic expenses, their monthly expenses are taken care of by via guaranteed income, be it through a pension, be it through a portion of Social Security, or be it through a personal pension that we set up through an income annuity. Okay. We get more force of people at 75% say retirement is only getting harder for these reasons. Listen, inflation if you listen to the show earlier I asked and I gave the stats. Facts, not fiction. I gave the stats three years into the presidency of Donald Trump and the presidency of Joe Biden. You see that everything under Joe Biden has gone up? Inflation has kicked in. So. 76% say retirement is getting harder for these reasons. Number one is really one and one a inflation.

Speaker3:
Folks, I don't think inflation is going away, but inflation is running away from us now under this current administration versus the previous administration. Okay. That's just facts. Rising health care costs as we get older this is very important. And it should be taken into consideration when they do your Cola, your cost of living adjustment for your Social Security. Because it cost those of us who were older and may not be in as good of health as we used to be. It's costing us more for health care than it did when we were younger. It's it's going to be a huge expense. I believe what I did in an earlier show if if a, if you are a couple that are in that's in decent health at age 65 for retirement, you're going to need $350,000. Now that's for both of you during retirement, for health care cost, that's going to be your premiums. That's going to be your deductibles. That's going to be your co-pays. And that's going to be your expenses for health care costs. Age 65 or older. So that that's a significant amount and that is not going down. It's going up okay. The third reason 76% say retirement is only getting harder because of this. 58% of those surveyed said lack of pensions. Folks, we just spent a couple of sections talking about or a couple of segments talking about pensions.

Speaker3:
If you do not have a pension, if you're still working and you want to talk further about setting up your own pension, a self pension, a personal pension, you're getting in contact with me. You know, the number (866) 990-7664. Or go to the website Your American retirement.com and say Randy, I need to talk to you. Would love to have a discussion with you on how I and my wife or me and my spouse, my husband, my wife can get together with you and talk about how we can set up our own personal pension because the employer, even though I love my job, my employer doesn't provide me with a pension. How can we set one up for our for ourselves? Good question. Okay, lack of pensions. That's guaranteed income for the rest of your life. And the fourth reason debt. 58% of the people basically say retirement is only getting harder because of debt. It's more expensive to live today. It's more expensive to retire today than it ever has been. And I'm sorry to tell you, you see, women listen to this. Women want action now to safeguard Social Security. I believe we all do. But women specifically because they want to have some type of guaranteed income coming in because they say that that guaranteed income slash a pension independent in retirement is what they say. It equates to nearly all women.

Speaker3:
89% of women say it's important for the next administration to work with Congress to develop a Social Security funding solution, and I agree with that. But whoever it is, they got to work with Congress to get this Social Security and Medicare situation under control. Whatever they have to do, there's going to be some tough decisions. But believe me, those of you who are on Social Security right now, or those of us who are on Medicare, the last thing you're going to want to hear is they're going to have to reduce your benefits, to not hear that. That's going to have to be some tough decisions made in Washington, DC. They can't keep kicking. That can down the road. Okay. So you got questions. Contact me this week (866) 990-7664 or visit the website. Your American retirement.com to schedule your free complimentary consultation. We'll look at your 401 K, we'll look at your IRA and we'll set you up. We'll set you up with your own personal pension plan. Folks, listen, I want to thank you for listening to your American retirement on today's show. If you missed any part of this show, go back. Look at the podcast archives on Apple, Google, Spotify, or whichever platform you get your podcasts. Please go out and make the rest of the day. Saturday a fantastic day. Go out and have a great week. We'll talk to you next week. God bless and go Hawks.

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. Fixed annuities, including multiyear. Guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

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