What America’s Seniors Love (and Regret) About Retirement

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4.5.24: 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. Well, hello again, Central Arkansas. I want to welcome you to today's show. You're listening to your American retirement. My name is Randy Sams. I want to thank you once again for joining us on this Saturday morning. Hope you've had your cup of coffee or hot tea or whatever it is. And you've got your pens and pencils and paper ready to take some good notes. Because, folks, we have a great show set up for you today. Listen, we're going to talk about, you know, this is April, right? This is not an April Fool's joke. April Fool's was a few days ago. But we're going to talk about Tax Guide for Pre-retirees and seniors, the ultimate tax guide for Pre-retirees and seniors. On today's show, we got a lot of great information. Get you prepared. If you haven't already paid your taxes. What you need to do, what you need to look for. But I'm looking forward to putting this information out. Hope you guys! Take a lot of good notes. And hey, don't forget to check us out.

Speaker2:
Check the show on podcast form on Apple, Google, Spotify or wherever you may get your podcasts. And also please visit our YouTube page as well, you know, youtube.com and search for your American retirement and you'll see my smiling face on. Your computer screen or your telephone screen, whatever you get, you go to YouTube and you watch it with, okay, but hey, shout out to all my listeners, all my friends, all my families, all our clients in little Rock, Central Arkansas, Bryant, Benton, Cabot, Conway. I'm leaving out some people I know, but I really do appreciate all the input that you guys give us. You know, we love to hear from our listeners. We always ask, hey, if you've got an idea for a particular show or a segment of the show, because folks, you know, you guys are in retirement, who better knows what we need to talk about on your American retirement show? Then do you guys that are in retirement right now? So a lot of people have sent in suggestions. Basically saying, hey Randy, we're about to get go into retirement, but we're a few months away from retirement, but this is what concerns us. Could you give us some information? Could you do a segment on your show? Yes we do. We take a lot of that and we put that. We put show notes together and we talk about some of the things that are concerning to you, some of the things that may keep you awake at night.

Speaker2:
Guys, remember? You know what? Qmg financial. What are we all about? We are focused on addressing the major financial issues facing retirees and pre-retirees in America today. By helping you, our listeners, helping people understand and prepare for a secure retirement, not a risky retirement, as I like to say, a hap hap happy retirement. So folks, listen. I'd love to meet you and discuss how we can help you reach your financial goals. We can help you with retirement planning or risk management, estate planning, social security benefits, and a whole lot more. Building sound financial plans for our listeners is what we do at your American retirement. So please give us a call (866) 990-7664 or local (501) 249-2343. And also visit our website, your American retirement.com. Leave us your name information. Say, hey Randy, get in contact with me. I'd love to talk to you about whatever that subject might be. All right. Hey, let's kick this show off. You know, we've already spoken about we're going to talk about important tax reminders, retirement tax strategies, retirement regrets. Hey, have you changed jobs? We're going to talk about that in today's show. And also we're going to play that game everybody loves right or wrong. But you know what we can't start the show without you know Mister Jim, my producer, if you'd please start that music financial wisdom quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker2:
All right. Financial wisdom quote of the week is given to us by Mr. Will Rogers. You all know Mr. Will Rogers. I didn't say Roy Rogers. I said Mr. Will Rogers. This is the quote. The only difference. Between death and taxes. Is that death doesn't get worse every time Congress meets. I like that, don't y'all? The only difference between death and taxes is that death doesn't get worse every time Congress meets. And again, that's given to us by Mr. Will Rogers for our financial wisdom. Quote of the week. Alright, let's jump right into today's show. Important tax reminders for retirees. Folks you remember. File by April 15th. Of course, I know a lot of people. They like to do extensions. I don't I'm always I'm doing my taxes as we speak right now. Got all my paperwork laid out, getting all my 1099, everything that I get. So that's what we're going to talk about today for you. Important tax reminders for for retirees. And again folks file by April 15th. All right. Step one gather your documents. You must collect all the necessary documents for filing your taxes, including W-2s 1099 forms, Social Security statements, and any other income related documents. Keep track of your medical expenses, charitable contributions for deductions, and in any other potential deductions. So, folks, you know. If you have a mortgage and you're still paying interest on that mortgage insurance on that mortgage, if you have rental property, you have outside income outside of your regular job or your self employed, you have 1099. You have to do all that.

Speaker2:
You got to make sure that you have everything ready, right? It just makes the process go a lot smoother. Some of y'all may take all your records and all your documents to a someone who you pay to do your taxes or prepare your taxes. Okay, I know if you go to Walmart or some other stores around central Arkansas or wherever you're listening. They have booths set up with people that that's what they do during this tax season is they help you with your taxes. But number one, gather all your documents and make sure that you have everything that you need. Number two determine determine your filing status. Determine whether you should file as an individual. Married filing jointly or married filing separately. Consider consulting with a tax professional to determine the most advantageous filing status for your situation. Now, folks, just for myself, I use, uh, a vendor through the computer. I'm not going to mention the name of. They don't. They don't pay. You know, no reason for me to give them a plug. But I've used it for many, many, many years. And once I get through to or get to a certain point in the taxes, it always does a calculation. And it tells me that if I file a certain way. Maybe filing jointly, married filing jointly or married filing separately. Sometimes it has me do the feds one way, federal taxes one way and the state another way. But that's always important to me. That's why I like them, is because. It always asked me that question, and it shows me that if I follow this particular method, it saves me this amount of money or I get this amount of money back.

Speaker2:
All right. Number three maximize retirement account contributions. If you're still working and contributing to a retirement account, such as a 401 K IRA, ensure that you've maximized your contributions for the tax year. Contributions to these accounts may be tax deductible and provide tax advantages. Hey, are you over 50? You know your Max, you can max out your 401 and your IRA at 23,000 per year. But if you're over 50, you can take advantage of the catch up catch, like catch me if you can catch up contributions of $7,500 max. So that'll turn your $23,000 contribution into 30,500. Take advantage of that if you're over 50. Step number four. Consider required minimum distributions or RMDs. Make sure to take your required minimum distributions from your retirement accounts. Failure to do so may result in stiff penalties. Folks always consult with a tax professional and file your taxes on time. Make sure you file your tax return by the deadline, which is typically April 15th. If you need more time, you can file an extension, but remember that an extension only extends the time to file, not the time to pay any taxes on. Okay, so folks, give us a call (866) 990-7664. Love to talk to you about helping you on some of your tax consequences. But hey come right back. We're going to this next segment. We're going to talk about tax strategies for tax season. We'll be right back. Thanks for listening to.

Speaker4:
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. Fixed indexed annuities can help protect your retirement savings against market ups and downs. Nationwide's peak ten can help protect against market risk and provide guaranteed income for life. Peak ten also has an optional rider that offers an immediate 20% bonus based on your principal. Apply to your income benefit base. 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.

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.

Speaker4:
Visit your American retirement. Com to schedule a free consultation with Randy today and now back to the show.

Speaker2:
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 Your American Retirement. And when you see my smiling face, you know you hit the right spot. Give us a thumbs up. Tell all your friends and family. Hey, I love listening to these people. This guy does a good job. I've been doing it for a long time. Give us a plug. Give us a thumbs up. Thank you so much. All right. Retirement tax strategies for tax season. Reminder again tax day is coming up on April 15th. Now there are only two types of tax free investments available to Americans. And we can help you with both. When you give us a call or schedule a complimentary consultation with us online. Number one Roth IRAs. Number two life insurance. Listen. Roth IRAs. If you want part of your retirement fund, if you diversify, which I think everybody should, you need to think about a Roth IRA. Okay. That allows you to accumulate money that's already been taxed. And when you decide to take it out could be five years from now, ten years from now, 20 years from now. You don't have to worry about RMDs because it's already been taxed. So when you hit 73, you don't have to worry about the government sending you that notice. And hey, you missed your RMD. No, it's a Roth product okay. So any funds that you take out of that Roth are tax free.

Speaker2:
And it grows because you've already paid the taxes. Now a lot of folks say, well, Randy. How do I do a Roth? I've got a 401 K. How can I transfer some of those funds and make part of my 400 1KA portion of my 400 and 1KA Roth? Good question. Let me give you an example. What we do at SMG financial. We do what's known as a Roth conversion. So what we can do with your 401 K funds, we don't have to take it all. We can take a portion of your 401 K funds and we roll. That portion could be 50% just using that as an example. And we put that into an annuity that allows us to take. Free withdrawals on an annual basis of, say, 10%. So let's say your 401 K balance was 400,000, and we took 200,000 of it and put it into an annuity. And the first year we're going to take 10% out and we're going to pay the taxes on that 10%, and we're going to do that for the next ten years. So at the end of ten years, we've transferred what was a qualified plan, qualified money out of that 401 K into the annuity, out of the annuity, paid the taxes on it. And now it's it's a Roth. Okay. And any funds that continue to grow in that account grow tax free. And any funds that you take out you remove it grows tax. You can remove those tax free also. Okay. So you need to give us a call (866) 990-7664.

Speaker2:
Let me go a little bit more in depth with you on how we can take your current 401 K balance. If you're 59.5, we can take your current 401 K balance and put that in part of that funds into a annuity and transfer that and do a Roth conversion with those funds. So that way you diversify and part of your money will be tax free as income when you decide to take it. Life insurance, life insurance. We have to use cash value. Any cash value that accumulates. Folks, over the years, a lot of people have used universal life indexed universal life. Some people use whole life. But when you hit a certain age, remember that cash value, it's grown tax deferred, but you paid taxes on those premiums that you've been paying. So now those funds that are in your cash value, you can remove those also tax free. All right. And also, you know, if you pass away the death benefit on that life insurance policy goes to your beneficiaries. And no taxes are on due on death benefits. So so I believe municipal bonds are not necessarily tax free. Some people feel like they are and are sometimes subject to federal, state and local taxes. They can also impact Medicare costs for high income earners. So I you know, I don't do any bonds. Again, you know, I don't do anything that has to do with the stock market. I believe in less risky investments. That's why you hear me talk. About what? Annuities.

Speaker2:
Because I love annuities. They're safe. Zero is your hero. So if you are concerned about rising taxes, give us a call at (866) 990-7664. Or visit our website, your American retirement.com, and get in touch with us so we can help you build a smart tax plan for you and your family during retirement. You know what? Retirement is some of you all have retirement. Some of y'all are in retirement. Some are looking at retirement down the road. But our objective today, your objective today should be not to lose and take care of your money. So something else to consider. Last minute retirement contributions for 2023. The IRA contribution deadline actually isn't the end of the calendar year, it's the tax filing deadline. So excuse me, you can contribute to an IRA until April 15, 2024 coming up and deduct those contributions from your 2023 taxes. The 2023 contribution limit is $6,500 if you are under age 50 and 7500 if you're 50 or older. All right. Remember that catch up contribution deal. So take advantage of that. So you could also contribute to a Roth IRA. Because this type of IRA doesn't let you deduct your contributions. You won't save on your 2023 income taxes. But. You'll be contributing more money than you can take out tax free when you retire. Okay, so take advantage of that Roth situation. If you have a 401 K and you want to talk to us about doing that Roth conversion to get more information, you know, all you have to do is get in contact with us because, you see, everybody needs a retirement fund, and retirement accounts are the best way to build yours.

Speaker2:
Stay invested. You won't want to take money out early because of early withdrawal penalties. That's why we talk about if you're 59.5 years of age or older and you have a 401 K, even if you still plan on working, we can still take care of that Roth conversion, guaranteed income, annuity, whatever we want to talk about. But there's no penalties to transfer any of those funds out of a qualified plan. Ira 401 K into an annuity, and we can start that Roth conversion for you that way. So okay, folks, now some of y'all that have joined the show in the past, you know, you've heard me talk about different things. And one of the things I've usually spoken about is the three phases of retirement, three phases of retirement. Go. Go years. Slow go years and the no go years. Okay. Go, go years. You want to go every day Saturday, every hour is happy hour. You want to travel. You want to do all the things slow. Go is where you can still do everything you used to do, but you just may not want to. And the no go years is basically when you're not doing anything except maybe sitting on the front or front porch in the rocking chair sipping your iced tea. Okay, but. Retirement. Regrets are what we're going to talk about how America's seniors are feeling. That's why we at SMG, we want to get you prepared for those three phases of retirement.

Speaker2:
And we're going to talk a little bit about that today in this retirement regrets how American seniors are feeling. So what retirees are regretting. According to a recent survey results reported by Thinkadvisor, the largest regret of retirees today is financial. 78% of retirees saying they're sorry they didn't save enough money or prioritize their finances early enough. When's the best time to start? If you haven't started right now. When's the best time to put a plan together? Right now. Okay, but listen to that. 78% of retirees say they are sorry that they didn't save enough money or prioritize their finances earlier or early enough. 52% of retirees regret not prioritize not having prioritized their health earlier in life, but 82% say they are now making their health a top priority. 53% of respondents say they are spending more time exercising in retirement. Folks. That's good. See, one of the things that we talk about when we have our consultation is we're going to talk about health insurance. We're going to talk about long term care. We're going to talk about Medicare, Medicare Advantage, Medicare stuff. Because, folks, a couple age 65 right now, today, you're a health care expenses. If you listen to I believe it was last week's show or the week before last, we gave an example a couple age 65 can expect in health expenses, 350,000 or above could be more if you, depending on what kind of medications you have to take, could be well over 400,000, but that's premiums, co-pays and out of pocket expenses.

Speaker2:
So taking care of yourself today is going to help lower those costs tomorrow. Okay. And 53% of respondents say they are spending more time exercising in retirement. All right. What seniors are loving about retirement. This is the go go stuff. All right 90% of retirees say they actually enjoy being retired. That's good. Remember what we do at Qmg Financial a safe and a secure retirement actually enjoy being retired. 72% of retirees say they feel younger than their current age. That's a blessing. 93% of retirees say they can do things they couldn't while they were still working. Of course, you don't have a job. You don't have that 8 to 5. You can go do things. Every day is Saturday. Every hour is happy hour. Go play pickleball. Go join the country club, go travel. Almost half of retirees surveyed say they have picked up a new hobby pickleball, golf, tennis, bridge. I don't know, whatever it might be, but half of retirees say they have picked up a new hobby. 89% of retirees say it's important to travel in retirement. Again, remember, we want to prepare you for the three phases and what we're talking about now loving retirement, the go go years. We want you to go. 18% of retirees say they volunteer their time and expertise to organizations or causes that are meaningful to them. So, folks, we must prepare for your retirement years. Hey, come right back because we're going to talk about have you changed jobs recently?

Speaker4:
You're listening to your American retirement to schedule your free, no obligation consultation, visit your American retirement.com. 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.

Speaker1:
When it comes to retirement planning, focus more on income than building a big nest egg. I'm Matt McClure with the Retirement Radio Network powered by Amara Life. It may sound counterintuitive, but that big nest egg number you probably have in your head means a lot less than the income you'll have each month in retirement.

Speaker5:
The math has all changed here, but the bottom line is time is your superpower. Save as much as you can.

Speaker1:
Nbc news senior business correspondent Christine Romans recently said on the Today Show that you should not just rely on Social Security in your retirement years.

Speaker5:
Social security alone is not likely to support you in the manner to which you're accustomed, right? You want to wait as long as possible to get that maybe 70. If you wait till you're 70 to collect Social Security, you'll get the biggest check.

Speaker1:
And she says, contribute to your retirement accounts early and often.

Speaker5:
So this is from fidelity. They say at age 30 you should have one time your salary in a retirement account when you're 30. So think about what your salary is at age 30, and that's how much you should have in your entire retirement account. By 50 it should be six. This is where I start to freak out, because I know a lot of people can't and don't do this by age 67, it should be ten times.

Speaker1:
A personal pension. Using a fixed indexed annuity is also a great option for many pre-retirees and retirees to consider. It offers protection from market volatility and a guaranteed stream of income that will last the rest of your life, no matter how long you live. Having a big nest egg may sound nice, but focusing more on income will set you up for success in your golden years. So, do you know where your paychecks and play checks will come from each month when you leave the workforce? That's a key question to consider as you plan for what's ahead with the Retirement Radio Network. Powered by Amira Life. I'm Matt McClure.

Speaker4:
Are you interested in ways to protect and grow your hard earned money? Your American retirement is here to help. Here's Randy Sams.

Speaker2:
Hey, thanks for joining us 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 get your podcast. All right, folks, again, thanks for joining us today. You know, one of the things that we talk about with our consultations and the folks that we're looking at and we we deal with and our clients that have called or listeners that have called. Is there thinking about switching jobs, maybe, uh, getting a job there in retirement, and they're going to talk about switching jobs or looking at switching jobs or. Maybe you're still working. And you're thinking about switching jobs. Here's some little notes that we think you should do when you should consider when you switch employer. So have you changed jobs recently? Here's what you should do when you switch employers. All right. Number one, evaluate your retirement savings progress before making any big decisions. Assess your current retirement savings and determine how switching jobs will impact your overall financial gains. Consider factors such as pension plans, retirement plan contributions, and employer match programs. Very important pension plans. Are you able to Lee? Are you starting a job? Are you looking at a job that has a pension plan where your current employer does it? Something to consider retirement planning contributions? Do they match? Do they have a 401 K? What type of retirement plan do they have? All things you need to consider. So evaluate your retirement savings progress. You have to assess health care benefits.

Speaker2:
Examine the health care benefits offered by your new employer. Ensure that the coverage meets your needs and consider any potential gaps in coverage during the transition period. Health care coverage can cost, and cost can play a big role in many people's job choices. Are you considering leaving a an employer? Maybe it's a small employer who may not offer health benefits, but you have an opportunity to go to a job that gives you more benefits. One of those benefits might be health insurance for you and your family. Big consideration. I know a lot of folks that have made that decision to leave an employer. Because the job that they're looking at offers them health benefits, health insurance for them and their family members. Very important because remember what type of coverage that you have and your cost play a big role in those job choices. So number three review retirement plans. Understand the retirement plans offered by your potential new employer, compare them to your existing plan and determine if the benefits such as vesting schedules and contribution matching, align with your retirement goals. Very important. Those of you who are maybe thinking about changing jobs or you recently changed jobs, I have a lot of folks that I deal with on a weekly basis monthly basis. They call and they ask me, Randy. I changed jobs. Felt it was a better opportunity. But I have an old 401 K. I can't make contributions to that old 401 plan. What do I need to do? Just leave it alone.

Speaker2:
I'm not paying attention to it. So while we can do, we can help you with your old 401 K plans. Now, some of y'all, depending on the amount that you have in your old 401 K, if it's if it's a smaller amount, some of you may consider just taking that old 401 K and rolling it into your new employer's 401 K plan. If it's a larger amount in your 401 K, what you may want to consider. He is. Let's take advantage. If you're 59.5 or older, let's take advantage. Of being able to roll that money into an income annuity and start looking at your future and say, hey, Randy and I misspoke, folks. If if this is an old 401 K, I don't care if you're 55 years of age or you're 52 years of age, or you're you go if you're under 59.5, but this is an old 401 K, we can move that old 401 K money into an income annuity because it's an old it's not your current 401 K. All right. So forgive me for that. But we do a lot of this. We take the old 401 k. Matter of fact I did two of them this week. We took the old 41K money, rolled those funds into an income annuity. Because the folks that I was working with were younger. We had plenty of time to take advantage of that 8% compound interest that the income annuity offers us for that ten year period.

Speaker2:
And at some point in time during that ten year period, if they want to retire sooner than they expect, they can turn on that income stream and it's guaranteed. All right. So give us a call (866) 990-7664 or go to the website Your American retirement.com. Leave us your information and say, hey Randy, I've got an old 401 K, I'd like to talk to you about some options that what I can do with that old 41K. All right. So number four, seek professional advice. Consult with a financial advisor or retirement professional to assess the financial implications of switching jobs. They can provide personalized guidance based on your specific circumstances and help you make an informed decision. Now some of if you take all of the three that we've just spoke about. Retirement savings, progress, health care benefits, retirement plans. We can talk about that when we're putting together a or when we're having a consultation. Because, folks, we want to put you in a better situation, not in a worse situation. So I think y'all are smart enough to realize that if you're going from one employer to this employer who is offering you more benefits, that's always been a key. One of the main keys that I've seen people that why they leave an employer. Nothing wrong with the employer. They don't have any ill feelings toward the employer and it may not be based on they're making more money at their new job. It may just be based on the fact that the new employer is offering them a 401 K, offering them health insurance, which makes a big difference if you have a family and you can get employer sponsored health care guaranteed issue.

Speaker2:
All right. So seek professional advice. And that's what we do at Qmg Financial when we have our consultation. So folks remember you don't need to work for the government or one of the few companies still offering pensions to protect your assets and create guaranteed income for the rest of your life. Simply get in touch with us this week. So we can show you options for creating your own personal pension. No company plan required. Give us a call 866. 9907664 or contact us at our website. Your American retirement.com to get started today, folks. We do a lot of this. Again, like I said, you got an old 401 K. You don't know what to do with it. You're changing jobs or you're just recently changed jobs. Let us work with you to set you up with a personal pension plan. Let's roll that 401 K that old 401 K balance. And let's roll that into a guaranteed lifetime income annuity, giving you a guaranteed 8% compound interest for the next ten year period. And then when you retire, we turn on that income stream and you and your spouse have a guaranteed lifetime income that you and she or he will never outlive. We can set you up with your own pension, own personal pension plan. Just give us a call.

Speaker4:
Come on down as we test your financial knowledge in right or wrong.

Speaker2:
All right. Something that our listeners love. Whenever we do these, we're going to test your financial knowledge. We're going to talk about and do. This is called right or wrong. So let's test your financial knowledge. Number one from a fee perspective ETFs those are exchange traded funds are far superior products compared to mutual funds. Is that right or wrong. Good question Randy. That is right. Etfs or exchange traded funds are much more fee efficient. No. 12 B1 fees and offer the same level of diversification. Another benefit is that ETFs can be traded within a trading day, while mutual funds must be traded between trading days. Confusing isn't it? Meaning you have more control of buy sell prices with ETFs? All right. Again we don't do those. That's just a little trick question I thought I'd throw in there. You know you can't have all the answers all the time right. All right. Question number two right or wrong, if your employer doesn't offer a pension plan, there is no other way for you to create a personal income stream you can never outlive. Clock is ticking. What is your answer that is wrong? Annuities allow anyone to protect and grow your wealth and establish an income stream they can never outlive.

Speaker2:
If you were listening just a few minutes ago, I gave you the example about your old 401 K. Fixed indexed annuities are tied to a stock market index, allowing you to get market like gains without market risk. When it goes up, yours goes up. When it goes down, you stay level, you lock in. So your principal is 100% protected, meaning the worst you can do in a year is zero growth. So if the index goes up, you get a certain percentage of that index growth. If the index goes down, zero is your hero. But here's the good thing. If you started out with 100,000. And you made 10,000 the first year you're locked in at 110,000. If next year the indexes go down, you don't lose anything. You're still sitting at 110,000. Okay. So it's locked in. So all right. Question number three. The only ways to reduce your taxable income and get into a lower tax bracket are deducting your mortgage interest and taking advantage of tax credits.

Speaker6:
A that's.

Speaker2:
Wrong. Anyone can reduce your taxable income during retirement by taking tax free withdrawals from the only two types of tax free investments. Remember earlier in the show? What were they, Roth IRAs and life insurance. So if you're interested in generating tax free income during your retirement, that I would encourage you to schedule a free consultation with us today. It's going to cost you nothing to find out how much you could save on your future taxes. All right, number four. If you choose to take a lump sum on your pension when you retire, you can receive up to a 20% bonus on your money. Lump sum on your payment your pension payment. When you retire, you can receive a 20% bonus on your money. That is correct. This will also help you generate a better return on your money when you invest the lump sum into a fixed indexed annuity. It can also generate a higher income payout during your 30 plus year retirement. Folks, I have an income annuity. Listen to this. They're giving us a 25% bonus, and we have guaranteed 8% compound interest for the next ten years. All right. Do you hear that? Starting out right out of the gate, a 25% bonus on money you put into this annuity, plus 8% guaranteed, 8% compound interest for the next ten years. So folks, you got questions. Contact us this week at (866) 990-7664, or visit your American retirement.com to schedule your complimentary consultation. And 401 K and IRA folks come right back. We're going to talk about the national debt. We're going to update the national debt for you. We'll be right back.

Speaker4:
Missed part of today's show. Your American Retirement is available wherever you listen to podcasts and online at your American retirement.com. 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 (500) 124-9234 three. That's 501 2492343. 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. 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.

Speaker2:
All right. You're listening to your American retirement. Join us every Saturday at 10 a.m. right here on 101.1 FM. The answer where little Rock comes to talk. And, folks, I believe you're going to start. Yeah, I believe it's going to start. We're also going to be heard on Sundays at 2:00. So I need to add that in my show notes. All right. Write it down. Tell your friends Saturday morning at 10:00 and Sunday afternoon at 2:00. So that's Saturdays at ten, Sunday afternoon at 2:00. So after you've gone to church, after you've gone to the restaurant and you guys want to come back and take a little nap, well, just turn on 101.1 FM. The answer, and you'll hear Randy Sams on your American retirement Sundays at 2:00. I believe it starts this weekend. Okay, so check us out tomorrow. All right, folks, let's talk about something that is affecting all of us.

Speaker3:
The clock is ticking.

Speaker4:
The debt is growing. It's time for your American Retirement's weekly US debt clock update.

Speaker2:
And will continue to affect us and our children and our grandchildren and our great grandchildren. Go down the list, okay. As far as you want to go, National debt. So if you've been keeping track over the last, I don't know, 3 or 4 weeks, we've kind of done this in, in in a segment. We've talked about the national debt and you if you've been writing it down. You know that from the time we started talking about this a few weeks ago, to what amount I'm giving you today, the day's amount is higher than it was a few weeks ago. And if I do it next week, it'll be higher next week than it was this week. Why? Because this national debt is getting out of control. It's getting out of hand. But listen, the national debt and this is as of Monday, April 1st. And folks, this is not I wish this wasn't April Fool's joke.

Speaker6:
It's not.

Speaker2:
This is the actual national debt. It's 34.6 trillion to be exact. 34,617,000,000,768. Million 390. $6,313. All right. So it's actually over 34.6 trillion. But that's a crazy amount. So what does that debt add up to for each citizen. Let's just talk about per citizen. It's a $102,894 per person. Can you write that check? Do you want to have to write that check? Most people are going to say, heck no, Randy, I don't want to write that check. That's $102,894 per citizen. What about per taxpayer? Those of you who are paying taxes. That equates to $266,951 for each taxpayer. You say, well, Randy, why is it higher? Well, because unfortunately, folks, only about 50% of us, 51% of us are paying taxes. Yeah. So that's.

Speaker6:
Why you.

Speaker2:
Those of us who pay taxes every year, have to write a check. You see how much of a difference that is? It went from 102,000 to $266,951 per tax payer here in the United States. So. It's crazy. The budget deficit is over $1 trillion, 1,798,659,497,988. Now, folks, if I was talking about my bank account, I would love to have to have all those. I would love to have all those numbers in my bank account. I'm not. I'm talking about the federal budget deficit. And this is the official. The spending is over 6.5 trillion. Okay, so why should we be concerned? Here's why. Americans should be concerned about the level of U.S. national debt, Social Security and Medicare concerns. The national debt can impact the sustainability of social security net programs. Social social safety net programs, excuse me, can impact the sustainability of social safety net programs like Social Security and Medicare, which are crucial for pre-retirees and retirees. So a high national debt can strain these programs, potentially leading to reduced benefits or increased eligibility requirements. Folks, you know, they've been taking our money. If they had left our money alone, we wouldn't be going down this road. But they've used that Social Security. And they've been taking it out. So your Social Security is going to be affected at some point in time. I believe it says that in the year 2034, the Social Security fund, the trust fund will be what it'll be gone.

Speaker2:
So what are we going to do that's affected by the national debt? So all these billions and trillions of dollars that they're sending overseas to people who hate your guts and my guts who don't care about the United States whatsoever. I wonder if the people in Washington, DC or the white House even care about you and me. I won't go down that road. But if they took the trillions of dollars that they're sending overseas and spent it on putting fulfilling these debts, putting it back into Social Security, we'd be talking about a different situation. But Social Security and Medicare concerns are affected by the national debt. How about economic stability and retirement savings that's affected by the national debt? The national debt can impact the overall economic stability, which in turn affects retirement savings and investments. High levels of debt can lead to what inflation, higher interest rates and reduced economic growth, all of which can erode the value of retirement savings. Now, folks, I've had a lot of people. They're happy that the interest rates are higher. As far as your savings account, uh, some of the annuities that that we sell today or we market today, you know, the interest, the guaranteed interest rates are are much, much better than they were two years ago or three years ago. And we don't know what they're going to be two years from now or three years from now.

Speaker2:
But you also have to look at what about the folks that you know, that just four years ago, in March of 2020, mortgage interest was just a little over 3%. Today, under this administration that we have today, it's over 7%. So folks who are trying to buy their first house, young couples that are trying to buy their first house, that difference in that mortgage interest rate can add thousands, hundreds of thousands to their overall payments makes it difficult for them. So the higher interest rates are good for those of us who are getting those payments from like a bank or from an annuity. But those who are paying higher interest on your credit cards are having to pay higher interest for mortgages. That's where this is all affected. All right. And your retirement savings are affected also because of reduced economic growth and inflation, the impact on future generations. Folks, this is what gets me. The national debt has long term implications for future generations. Our children, grandchildren, great grandchildren, including pre-retirees and retirees, children and grandchildren. Just like I said, as the debt grows, it can lead to higher taxes and reduced government spending on essential programs, potentially burdening future generations with financial challenges. So are you concerned about Social Security? So we understand that many of you are worried about Social Security in retirement.

Speaker2:
That's why we want to provide you with a Social Security maximization plan, customized with you and your spouse's benefit information. Give us a call (866) 990-7664 or contact us on our website, your American retirement.com and take advantage of this complimentary offer today. Remember, we love listening or hearing from you, our listeners. So folks. I want to ask you this. Have you heard from your advisor lately? So whether you're looking to optimize your investment portfolio, maximize your Social Security benefits, or create a comprehensive retirement income plan, our team at Qmg Financial is ready to assist you every step of the way. Let us help you with setting up that personal pension plan and income planning. Let us help you with Social Security planning. Let us help you with Medicare. When it's time for your Medicare choices, are you going to go Medicare Advantage or Medicare supplement? So remember, take charge of your retirement and financial future today. And as loyal listeners, we are offering you an exclusive opportunity to schedule a complimentary retirement and financial consultation with our expert team. So, folks, thanks for listening to your American retirement. If you missed any part of today's show, go back in the podcast archives on Apple, Google, Spotify, or whichever platform you get your podcast. Hey, go out, have a great rest of your Saturday. Have a great week. God bless. Go Haugs. We'll talk to 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.

Speaker4:
Are you concerned about market volatility, rising taxes, economic uncertainty and how it all could affect your future in retirement? Then tune in to your American retirement to learn how you can protect and grow your hard earned money. Your American retirement. Every Saturday at 1 p.m. right here on 101.1 FM. The answer protect your hard earned money today and schedule a free, no obligation consultation now at your American retirement.com.

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