Retirement | TBN

Retirement

Watch Retirement
June 12, 2019
27:35

Taking Care of Business

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Retirement

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  • (UPBEAT THEME MUSIC)
  • 00:00:07.010 --> 00:00:11.030
  • - [KELLY WRIGHT] THE IDEA OF RETIREMENT CAN BE SCARY,
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  • ESPECIALLY FOR THOSE WHO DON'T FEEL PREPARED FOR IT.
  • 00:00:13.260 --> 00:00:17.140
  • THERE ARE REAL ISSUES TO BE CONCERNED ABOUT.
  • 00:00:17.160 --> 00:00:20.060
  • - SURVEYS HAVE FOUND THAT ANYWHERE FROM 10% TO 40%
  • 00:00:20.080 --> 00:00:23.130
  • OF BABY BOOMERS HAVE ABSOLUTELY NOTHING IN SAVINGS.
  • 00:00:23.150 --> 00:00:27.020
  • ABSOLUTELY NOTHING.
  • 00:00:27.040 --> 00:00:28.170
  • - MOST PEOPLE DON'T REALIZE THAT MEDICARE DOESN'T PAY
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  • FOR ALL THE EXPENSES.
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  • AND THAT CO-PAYS FOR MEDICARE CAN BE VERY COSTLY.
  • 00:00:33.140 --> 00:00:38.070
  • - MY VIEWS ON SOCIAL SECURITY ARE
  • 00:00:38.090 --> 00:00:41.200
  • I'M NOT GOING TO BENEFIT FROM IT AT ALL,
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  • IT'S GOING TO RUN OUT, IT'S DRIED UP.
  • 00:00:43.270 --> 00:00:48.040
  • - [KELLY] THERE ARE ALSO THINGS PHYSICALLY, FINANCIALLY,
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  • SPIRITUALLY, AND SOCIALLY YOU CAN DO RIGHT NOW
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  • TO HELP YOU REACH YOUR GOALS.
  • 00:00:54.200 --> 00:00:56.280
  • (UPBEAT THEME MUSIC)
  • 00:00:57.000 --> 00:00:59.150
  • - IT'S NEVER TOO LATE TO START RETIREMENT PLANNING.
  • 00:00:59.170 --> 00:01:02.000
  • A LOT OF PEOPLE END UP PROCRASTINATING.
  • 00:01:02.020 --> 00:01:05.020
  • THE LONGER THAT YOU LET YOUR MONEY GO TO WORK INVESTING,
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  • THE LONGER IT HAS TO GROW.
  • 00:01:09.090 --> 00:01:12.010
  • - YOU KNOW, THERE'RE SO MANY THINGS
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  • THAT ARE OUTSIDE OF YOUR CONTROL
  • 00:01:13.020 --> 00:01:14.200
  • BUT TAKING CARE OF YOUR BODY
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  • IS ONE THAT'S WITHIN YOUR CONTROL.
  • 00:01:15.260 --> 00:01:17.040
  • - WHEN YOU GOT PEOPLE AROUND YOU
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  • AND YOU'RE PLUGGED INTO YOUR LORD AND SAVIOR
  • 00:01:18.250 --> 00:01:20.100
  • AND PLUGGED INTO YOUR CHURCH,
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  • AND YOU'RE SPIRITUALLY ABLE TO GET STRONGER
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  • AND TO GET SOME ENERGY,
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  • WE CAN DO MORE THAN WE THINK WE CAN.
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  • - FOR ME A JOB IS A REALLY GOOD THING.
  • 00:01:27.270 --> 00:01:30.070
  • IT PROVIDES A SENSE OF SATISFACTION,
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  • AND IT PROVIDES SOME INCOME.
  • 00:01:34.010 --> 00:01:36.070
  • - [KELLY WRIGHT] FOR SOME OF THE THOUGHT OF RETIREMENT
  • 00:01:36.090 --> 00:01:37.220
  • IS LIGHT YEARS AWAY.
  • 00:01:37.240 --> 00:01:39.260
  • FOR OTHERS, IT'S RIGHT AROUND THE CORNER.
  • 00:01:39.280 --> 00:01:42.250
  • THE QUESTION IS WHAT CAN YOU DO TO PREPARE
  • 00:01:42.270 --> 00:01:45.130
  • FOR YOUR GOLDEN YEARS?
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  • NO MATTER YOUR AGE, WHAT CAN YOU DO RIGHT NOW?
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  • HI EVERYBODY, I'M KELLY WRIGHT.
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  • JOIN ME AS WE EXPLORE THE SUBJECT OF RETIREMENT
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  • BECAUSE TOGETHER, WE'RE TAKING CARE OF BUSINESS.
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  • (UPBEAT DANCE MUSIC)
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  • TAKING CARE OF BUSINESS
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  • TAKING CARE OF BUSINESS
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  • TAKING CARE OF BUSINESS
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  • - [KELLY] THE TERM GOLDEN YEARS WAS COINED IN 1959,
  • 00:02:25.240 --> 00:02:29.180
  • IN AN ADVERTISING CAMPAIGN FOR AMERICA'S FIRST
  • 00:02:29.200 --> 00:02:32.220
  • LARGE SCALE RETIREMENT COMMUNITY.
  • 00:02:32.240 --> 00:02:35.080
  • BEFORE THAT TIME, THE LATTER YEARS OF ONE'S LIFE
  • 00:02:35.100 --> 00:02:38.040
  • WERE SEEN AS LONELY AND OFTEN DEPRESSING.
  • 00:02:38.060 --> 00:02:41.190
  • BUT STARTING IN THE 50S, AND CONTINUING INTO THE 60S AND 70S
  • 00:02:41.210 --> 00:02:45.110
  • WELL, SENIORS EMBRACED THESE YEARS
  • 00:02:45.130 --> 00:02:46.270
  • AS A TIME TO HAVE FUN, AND DO THE THINGS
  • 00:02:46.290 --> 00:02:50.010
  • THEY DIDN'T HAVE TIME TO DO WHEN THEY WERE WORKING.
  • 00:02:50.030 --> 00:02:54.200
  • - RETIREMENT'S A WHOLE LOT DIFFERENT NOW THAN IT USED
  • 00:02:54.220 --> 00:02:57.090
  • TO BE. I THINK PROBABLY THE BIGGEST CHANGE
  • 00:02:57.110 --> 00:02:58.290
  • THAT PEOPLE HAVE TO FACE NOW IS THE FACT THAT
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  • THEIR EMPLOYERS REALLY AREN'T ON BOARD WITH SUPPORTING THEM
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  • AS MUCH AS EMPLOYERS 30, 40, 50 YEARS USED TO BE.
  • 00:03:05.140 --> 00:03:10.010
  • - RETIREMENT DID LOOK VERY DIFFERENT 50 YEARS AGO,
  • 00:03:10.030 --> 00:03:12.140
  • BUT THAT DOESN'T MEAN IT WAS NECESSARILY BETTER OR EASIER.
  • 00:03:12.160 --> 00:03:16.020
  • I THINK WHAT MIGHT SURPRISE A LOT OF PEOPLE
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  • IS THAT THE RETIREMENT AGE WAS ACTUALLY HIGHER
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  • THAN IT IS TODAY.
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  • THE AVERAGE AGE FOR RETIREMENT 50 YEARS AGO WAS 65,
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  • TODAY IT'S 63.
  • 00:03:25.290 --> 00:03:27.210
  • - 50 YEARS AGO, WE SAW WORKING CLASS PEOPLE
  • 00:03:27.230 --> 00:03:31.120
  • WHO NEVER BEFORE COULD EXPECT
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  • TO HAVE A PERIOD OF TIME AFTER THEIR WORK LIVES
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  • TO BE ABLE TO DO WHAT PEOPLE WANT TO DO
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  • WHEN THEY CONTROL THEIR OWN PACE AND CONTENT OF THEIR TIME.
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  • SO PEOPLE COULD EXPECT TO RETIRE,
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  • WHILE THEY WERE STILL HEALTHY,
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  • AND MAINTAIN THEIR LIVING STANDARDS.
  • 00:03:46.280 --> 00:03:50.170
  • - [KELLY] WHEN IT COMES TO RETIREMENT PLANNING,
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  • THERE ARE SO MANY ISSUES ONE COULD EXPLORE.
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  • FIRST UP, LET'S TAKE A LOOK AT THE ISSUE OF DEBT.
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  • ALMOST EVERYONE HAS IT, AND ABSOLUTELY NO ONE WANTS IT.
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  • ALTHOUGH DEBT CAN BE A CHALLENGE FOR TODAY'S RETIREES,
  • 00:04:07.020 --> 00:04:10.070
  • IT IS NOT AN INSURMOUNTABLE OBSTACLE.
  • 00:04:10.090 --> 00:04:14.210
  • - DEBT IS A HUGE PROBLEM FOR RETIREES.
  • 00:04:14.230 --> 00:04:19.040
  • THE PERCENTAGE OF PEOPLE WITH DEBT IN RETIREMENT
  • 00:04:19.060 --> 00:04:21.200
  • AND WHO ARE HEADING INTO RETIREMENT WITH DEBT, HAS GROWN.
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  • A SURVEY RECENTLY FOUND THAT THE AVERAGE AMOUNT OF DEBT
  • 00:04:25.150 --> 00:04:30.150
  • THAT HOUSEHOLDS WITH SOMEONE WHO'S 75 AND OLDER HAS
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  • IS $37.000, THAT'S UP FROM ABOUT $30.000
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  • LESS THAN 10 YEARS AGO.
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  • - DEBT IS A THIEF.
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  • THAT'S EXACTLY HOW I DESCRIBE IT.
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  • WHETHER WE'RE TALKING ABOUT CREDIT CARD DEBT,
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  • CAR LOANS OR STUDENT LOANS,
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  • IT TAKES FROM YOUR MONEY NOW, RIGHT?
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  • IT'S A REQUIREMENT.
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  • I DON'T WANT PEOPLE TO HEAR ME SAY
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  • THAT HEY, IF YOU'VE GOT DEBT, ALL HOPE IS LOST, RIGHT?
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  • NOT AT ALL.
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  • IF YOU'VE GOT DEBT, IT MEANS YOU'RE HUMAN.
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  • WELCOME TO THE HUMAN RACE.
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  • - THE BIGGEST CHALLENGE IS THE DRAMATIC INCREASE
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  • IN THE AMOUNT OF DEBT THAT PEOPLE HAVE
  • 00:05:02.160 --> 00:05:05.070
  • AT AN EARLIER AND EARLIER AGE.
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  • AND PROBABLY THE BIGGEST CONTRIBUTOR TO THAT LATELY
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  • IS STUDENT LOAN DEBT, BECAUSE THE COST OF COLLEGE EDUCATION
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  • HAS BEEN SKYROCKETING.
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  • - THE MAIN REASON I BELIEVE THAT MOST MILLENNIALS
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  • AND PEOPLE MY AGE DON'T HAVE A PLAN IS BECAUSE
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  • THEY'RE THINKING OF NOW.
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  • A LOT OF THEIR PLANS NOW INVOLVES PAYING OFF A CAR LOAN,
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  • STUDENT LOANS, CREDIT CARD DEBT,
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  • AND THAT OFTEN WEIGHS ON YOUR MIND,
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  • AND YOU TEND TO FORGET ABOUT THE FUTURE,
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  • YOU'RE FOCUSING ON THE NOW.
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  • - [KELLY WRIGHT] WITH MORTGAGES, STUDENT LOANS
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  • AND CREDIT CARD DEBT GALORE,
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  • HOW ARE PEOPLE SUPPOSED TO FREE THEMSELVES
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  • AND BEGIN THINKING ABOUT THE FUTURE?
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  • - I THINK ONE OF THE SMARTEST THINGS YOU CAN DO
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  • IF YOU ARE HEADING INTO RETIREMENT
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  • IS TO REALLY WORK ON PAYING DOWN THAT DEBT.
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  • FIND THINGS THAT YOU CAN CUT IN YOUR BUDGET.
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  • YEAH, MAYBE A VACATION IS NICE
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  • BUT HAVING ENOUGH MONEY TO PUT FOOD ON YOUR TABLE
  • 00:06:03.240 --> 00:06:06.090
  • WHEN YOU'RE IN RETIREMENT IS EVEN BETTER.
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  • - SEE A LOT OF PEOPLE THINK GETTING OUT OF DEBT
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  • IS THIS THING THAT CAN HAPPEN OVERNIGHT.
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  • BUT LET'S BE HONEST, YOU'VE TAKEN 10, 12,
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  • MAYBE 15 YEARS OR MORE TO ACCUMULATE THIS DEBT.
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  • DON'T EXPECT TO GET OUT OF DEBT OVERNIGHT,
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  • IT'S GONNA BE A PROCESS.
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  • BUT I WANT YOU TO ATTACK THE SMALLEST DEBT FIRST
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  • BECAUSE GETTING OUT OF DEBT IS NOT ABOUT MATH,
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  • IT'S ABOUT MOMENTUM.
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  • IF YOU ATTACK THE HIGHEST INTEREST RATE FIRST,
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  • AND IT'S A BIG DEBT, IF YOU DON'T SEE PROGRESS,
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  • YOU'RE GOING TO STOP, SO START WITH THE LITTLE DEBT FIRST.
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  • MAKE MINIMUM PAYMENTS ON EVERYTHING ELSE,
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  • THROW ALL EXTRA MONEY YOU HAVE TOWARDS THAT LITTLE DEBT
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  • AND WATCH WHAT HAPPENS.
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  • I'VE SEEN PEOPLE'S EYES LIGHT UP,
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  • BECAUSE THEY SEE THAT DEBT START TO SHRINK
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  • AND EVENTUALLY GO WAY.
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  • AND THEY START TO BELIEVE WHAT I KNOW THAT THEY CAN DO THIS.
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  • AND SO THAT'S THE PROCESS BY WHICH I WANT YOU TO ATTACK IT.
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  • SMALLEST TO BIGGEST, UNTIL YOU GET THEM OUTTA YOUR LIFE.
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  • - [KELLY] THEN THERE'S THE ISSUE OF SOCIAL SECURITY FUNDS
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  • IT'S THE ONE GUARANTEED BIT OF INCOME
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  • RETIREES ARE SUPPOSED TO HAVE.
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  • THE QUESTION IS, WILL IT BE AVAILABLE AT ALL?
  • 00:07:05.200 --> 00:07:09.100
  • - MY VIEWS ON SOCIAL SECURITY ARE
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  • I'M NOT GOING TO BENEFIT FROM IT AT ALL,
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  • IT'S GOING TO RUN OUT, IT'S DRIED UP,
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  • IT'S NOT GOING TO HELP ME.
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  • - I'VE SEEN SURVEYS THAT SOME YOUNG PEOPLE SAID THEY'RE
  • 00:07:19.200 --> 00:07:22.180
  • MORE LIKELY TO SEE AN ALIEN FROM OUTER SPACE
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  • THAN TO GET A SOCIAL SECURITY CHECK.
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  • NOTHING COULD BE FURTHER FROM THE TRUTH.
  • 00:07:27.200 --> 00:07:29.260
  • - I'M CONFIDENT IT'S GONNA BE THERE FOR PEOPLE.
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  • I THINK THAT WHEN CHANGES,
  • 00:07:32.070 --> 00:07:34.230
  • AND YOU KNOW, PEOPLE ARE TALKING ABOUT
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  • POTENTIAL CHANGES TO THE SYSTEM,
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  • FINANCIAL CHALLENGES THAT ARE THERE.
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  • I THINK THAT THE COUNTRY HAS THE WILL TO MAKE SURE
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  • THAT SOCIAL SECURITY AND SOMETHING CLOSE
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  • TO ITS CURRENT FORM
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  • IS STILL GONNA BE AROUND FOR PEOPLE.
  • 00:07:48.280 --> 00:07:50.160
  • - SO HERE'S WHAT'S HAPPENING.
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  • WE PAY FOR 75% OF SOCIAL SECURITY BENEFITS NOW
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  • WITH OUR PAYROLL TAXES.
  • 00:07:57.160 --> 00:07:59.000
  • AND THEN THE REST BETWEEN THAT AND THE PROMISED BENEFIT
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  • ARE BEING PAID OUT OF A TRUST FUND
  • 00:08:02.230 --> 00:08:04.280
  • THAT REALLY CAME INTO BEING AFTER 1983 AMENDMENTS.
  • 00:08:05.000 --> 00:08:09.270
  • THAT TRUST FUND IS GOING,
  • 00:08:09.290 --> 00:08:12.000
  • IS SCHEDULED TO BE DEPLETED IN 2034.
  • 00:08:12.020 --> 00:08:16.050
  • NOW THE QUESTION IS WHAT HAPPENS ONCE THAT TRUST FUND GOES?
  • 00:08:16.070 --> 00:08:20.120
  • DOES THAT MEAN THE PROGRAM IS BANKRUPT?
  • 00:08:20.140 --> 00:08:22.220
  • ABSOLUTELY NOT.
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  • BECAUSE THESE PAYROLL TAXES ARE GOING TO COME IN
  • 00:08:24.040 --> 00:08:27.180
  • YEAR AFTER YEAR AFTER YEAR,
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  • AND THEY CAN PAY FOR 75% OF BENEFITS.
  • 00:08:29.110 --> 00:08:32.210
  • I PERSONALLY DON'T WANNA PAY JUST FOR 75% OF BENEFITS.
  • 00:08:32.230 --> 00:08:36.180
  • I'D LIKE TO SEE CURRENT BENEFIT LEVELS MAINTAINED.
  • 00:08:36.200 --> 00:08:40.070
  • BUT SO EVERYBODY'S GONNA HAVE IT,
  • 00:08:40.090 --> 00:08:42.170
  • THE QUESTION THAT WE'VE GOT TO FIGURE OUT AS A NATION OF
  • 00:08:42.190 --> 00:08:45.100
  • IS WHAT LEVEL DO WE WANT THOSE BENEFITS TO BE?
  • 00:08:45.120 --> 00:08:49.100
  • - [KELLY WRIGHT] MOST EXPERTS AGREE
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  • THAT SOCIAL SECURITY ISN'T GOING AWAY.
  • 00:08:50.260 --> 00:08:54.080
  • IT IS HOWEVER, IMPORTANT TO NOTE THAT SOCIAL SECURITY
  • 00:08:54.100 --> 00:08:58.060
  • SHOULDN'T BE YOUR ENTIRE FINANCIAL RETIREMENT PLAN.
  • 00:08:58.080 --> 00:09:02.130
  • - THE AVERAGE SOCIAL SECURITY BENEFIT CHECK
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  • IS ABOUT $1.400 A MONTH.
  • 00:09:04.170 --> 00:09:06.220
  • THAT'S ABOUT $17.000 A YEAR, THAT'S NOT A LOT.
  • 00:09:06.240 --> 00:09:09.190
  • BUT IF YOU HAVE TWO PEOPLE IN YOUR FAMILY,
  • 00:09:09.210 --> 00:09:12.050
  • YOU'RE ABOUT $34.000.
  • 00:09:12.070 --> 00:09:14.130
  • - THAT'S BELOW THE POVERTY LINE.
  • 00:09:14.150 --> 00:09:16.220
  • AND SO FOR PEOPLE TO SEE THIS AND UNDERSTAND,
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  • TRYING TO JUST RELY ONLY ON SOCIAL SECURITY WON'T BE ENOUGH,
  • 00:09:19.170 --> 00:09:23.270
  • IT WON'T BE ENOUGH FOR YOU TO TAKE CARE OF BASIC NEEDS.
  • 00:09:23.290 --> 00:09:26.120
  • - SO CERTAINLY YOU CAN DO IT.
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  • YOU CAN LIVE ON SOCIAL SECURITY ALONE
  • 00:09:28.030 --> 00:09:30.090
  • BUT YOU MIGHT HAVE TO MAKE SOME SACRIFICES
  • 00:09:30.110 --> 00:09:31.280
  • OR YOU MIGHT HAVE TO BE ADVENTUROUS
  • 00:09:32.000 --> 00:09:33.100
  • AND LIVE OUTSIDE THE UNITED STATES
  • 00:09:33.120 --> 00:09:35.160
  • OR YOU KNOW, HAVE SUPPORT FROM FAMILY MEMBERS.
  • 00:09:35.180 --> 00:09:39.090
  • - [KELLY WRIGHT] OF COURSE, THERE ARE THINGS YOU CAN DO
  • 00:09:39.110 --> 00:09:41.160
  • TO MAXIMIZE YOUR SOCIAL SECURITY CHECK WHEN THE TIME COMES.
  • 00:09:41.180 --> 00:09:47.000
  • - A LOT OF PEOPLE DON'T REALIZE HOW BIG A DECISION
  • 00:09:47.020 --> 00:09:50.010
  • THAT CHOICE ABOUT WHEN TO START GETTING
  • 00:09:50.030 --> 00:09:53.090
  • YOUR SOCIAL SECURITY BENEFITS IS.
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  • IF YOU WERE ABLE TO GET $1.000 A MONTH FROM SOCIAL SECURITY
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  • AT AGE 62.
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  • IF INSTEAD OF THAT YOU DECIDED TO WAIT UNTIL AGE 70,
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  • YOU COULD GET MUCH BIGGER PAYMENTS,
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  • PAYMENTS OF ABOUT $1.750.
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  • 75% HIGHER BENEFITS MONTHLY IN EXCHANGE
  • 00:10:10.140 --> 00:10:14.160
  • FOR WAITING THAT EXTRA EIGHT YEARS.
  • 00:10:14.180 --> 00:10:20.110
  • - [KELLY WRIGHT] ANOTHER ISSUE FACING FUTURE RETIREES
  • 00:10:20.130 --> 00:10:22.240
  • IS THAT MANY HAVEN'T SAVED AS MUCH AS THEY SHOULD HAVE
  • 00:10:22.260 --> 00:10:26.080
  • IF THEY HAVE SAVED AT ALL.
  • 00:10:26.100 --> 00:10:28.140
  • - UNFORTUNATELY, BABY BOOMERS AREN'T DOING A VERY GOOD JOB
  • 00:10:28.160 --> 00:10:30.250
  • OF SAVING ON THEIR OWN FOR RETIREMENT.
  • 00:10:30.270 --> 00:10:33.080
  • SURVEYS HAVE FOUND THAT ANYWHERE FROM 10% TO 40%
  • 00:10:33.100 --> 00:10:36.180
  • OF BABY BOOMERS HAVE ABSOLUTELY NOTHING IN SAVINGS.
  • 00:10:36.200 --> 00:10:40.080
  • ABSOLUTELY NOTHING.
  • 00:10:40.100 --> 00:10:42.190
  • - INVESTING IS SO VERY IMPORTANT.
  • 00:10:42.210 --> 00:10:44.280
  • BEING ABLE TO PUT MONEY ASIDE IN A 401(K) OR A 403(B)
  • 00:10:45.000 --> 00:10:48.020
  • AND ALLOW MONEY'S TWO BEST FRIENDS TO WORK WITH IT.
  • 00:10:48.040 --> 00:10:50.130
  • AND THOSE TWO BEST FRIENDS ARE TIME AND COMPOUND INTEREST.
  • 00:10:50.150 --> 00:10:53.200
  • - BUT WHAT YOU'RE REALLY GONNA HAVE TO DO IS
  • 00:10:53.220 --> 00:10:55.070
  • IF YOU WANT A COMFORTABLE RETIREMENT,
  • 00:10:55.090 --> 00:10:57.010
  • YOU HAVE TO INVEST IN STOCKS.
  • 00:10:57.030 --> 00:10:59.160
  • I KNOW PEOPLE ARE AFRAID OF THE STOCK MARKET,
  • 00:10:59.180 --> 00:11:02.200
  • BECAUSE WE'VE SEEN IT GO UP AND DOWN,
  • 00:11:02.220 --> 00:11:04.160
  • ESPECIALLY IF YOU LIVED THROUGH THE RECESSION,
  • 00:11:04.180 --> 00:11:06.250
  • AND YOU SAW YOUR SAVINGS TUMBLE
  • 00:11:06.270 --> 00:11:09.170
  • BECAUSE THE STOCK MARKET FELL.
  • 00:11:09.190 --> 00:11:12.100
  • BUT OVER TIME, OVER THE LONG RUN STOCKS DO GO UP.
  • 00:11:12.120 --> 00:11:16.260
  • THE ANNUAL RETURN OVER THE LONG TERM IS 10%.
  • 00:11:16.280 --> 00:11:19.080
  • - I'M NOT A FINANCIAL ADVISOR,
  • 00:11:19.100 --> 00:11:20.250
  • BUT I DO BUY THE NOTION THAT YOU INVEST AGGRESSIVELY
  • 00:11:20.270 --> 00:11:24.290
  • WHEN YOU'RE YOUNG AND LESS AGGRESSIVELY WHEN YOU'RE OLDER.
  • 00:11:25.010 --> 00:11:29.080
  • - THERE ARE SOME INVESTMENTS THAT ARE JUST PLAIN BAD.
  • 00:11:29.100 --> 00:11:31.290
  • AND YOU CAN USUALLY TELL THEM BECAUSE
  • 00:11:32.010 --> 00:11:35.220
  • THE ATTRIBUTE THAT THEY MOST OFTEN SHARE
  • 00:11:35.240 --> 00:11:38.000
  • IS THAT THEY'RE EXPENSIVE TO INVEST IN.
  • 00:11:38.020 --> 00:11:40.260
  • - NEVER HESITATE TO GET GUIDANCE.
  • 00:11:40.280 --> 00:11:42.210
  • THAT'S THE ONLY WAY WE CAN GET BETTER.
  • 00:11:42.230 --> 00:11:44.140
  • AND I'LL TELL YOU THIS,
  • 00:11:44.160 --> 00:11:45.210
  • I'VE SEEN PEOPLE GO IN AND SIT DOWN
  • 00:11:45.230 --> 00:11:47.110
  • WITH AN INVESTMENT PROFESSIONAL.
  • 00:11:47.130 --> 00:11:49.150
  • AND I DON'T MEAN A SALESPERSON,
  • 00:11:49.170 --> 00:11:50.270
  • I'M TALKING ABOUT SOMEONE WITH A HEART OF A TEACHER,
  • 00:11:50.290 --> 00:11:52.280
  • SOMEONE THAT WANTS YOU TO BE SUCCESSFUL.
  • 00:11:53.000 --> 00:11:54.270
  • I'VE SEEN PEOPLE GO IN AND SIT DOWN AND HAVE CONVERSATIONS
  • 00:11:54.290 --> 00:11:57.150
  • AND MAKE SMALL TWEAKS IN THEIR 401(K)
  • 00:11:57.170 --> 00:11:59.270
  • THEN LED TO BIG GAINS LATER.
  • 00:11:59.290 --> 00:12:01.230
  • SO I SAY FOR YOUR FAMILY SAKE, EVEN FOR YOUR SAKE,
  • 00:12:01.250 --> 00:12:05.100
  • SITTING DOWN WITH A PROFESSIONAL
  • 00:12:05.120 --> 00:12:06.220
  • IS SOMETHING THAT CAN TRULY HELP YOU.
  • 00:12:06.240 --> 00:12:08.160
  • - IT'S NEVER TOO LATE TO START RETIREMENT PLANNING.
  • 00:12:08.180 --> 00:12:13.000
  • - [KELLY WRIGHT] TURNING NOW TO ANOTHER CONSIDERATION,
  • 00:12:13.020 --> 00:12:15.110
  • SENIORS NEED TO LOOK AT A VERY BIG PIECE
  • 00:12:15.130 --> 00:12:18.110
  • OF THE FINANCIAL PIE, MEDICAL EXPENSES.
  • 00:12:18.130 --> 00:12:23.060
  • - THE OTHER MAJOR CHALLENGE THAT A LOT OF PEOPLE FACE
  • 00:12:23.080 --> 00:12:25.180
  • IS UNFORESEEN ISSUES THAT HAVE BIG COSTS.
  • 00:12:25.200 --> 00:12:29.100
  • AND MOST OFTEN, THAT'S A HEALTH ISSUE
  • 00:12:29.120 --> 00:12:31.150
  • BECAUSE NOT ONLY DO YOU END UP WITH A SITUATION
  • 00:12:31.170 --> 00:12:34.210
  • WHERE YOU HAVE LARGE MEDICAL COSTS,
  • 00:12:34.230 --> 00:12:37.130
  • SOME OF WHICH AREN'T GONNA BE COVERED BY HEALTH INSURANCE
  • 00:12:37.150 --> 00:12:40.030
  • OR OTHER PROGRAMS, BUT YOU ALSO MIGHT BE IN A POSITION
  • 00:12:40.050 --> 00:12:43.170
  • WHERE YOU'RE FORCED TO GIVE UP YOUR MAIN SOURCE OF INCOME.
  • 00:12:43.190 --> 00:12:47.060
  • - FIDELITY INVESTMENTS EVERY YEAR FOR SEVERAL YEARS
  • 00:12:47.080 --> 00:12:50.120
  • HAS LOOKED AT THE COST OF HEALTH CARE IN RETIREMENT.
  • 00:12:50.140 --> 00:12:54.010
  • THIS YEAR, A COUPLE RETIRING AT AGE 65
  • 00:12:54.030 --> 00:12:57.230
  • CAN EXPECT TO HAVE TO SPEND $280.000
  • 00:12:57.250 --> 00:13:02.230
  • FOR HEALTH CARE OVER THE COURSE OF THEIR RETIREMENT.
  • 00:13:02.250 --> 00:13:05.240
  • - SO HEALTH CARE EXPENSES FOR OLDER PEOPLE
  • 00:13:05.260 --> 00:13:08.020
  • ARE SIGNIFICANTLY HIGHER THAN THEY ARE FOR YOUNGER PEOPLE
  • 00:13:08.040 --> 00:13:11.110
  • AND THEY'RE HIGHER FOR THE OLDER OLD
  • 00:13:11.130 --> 00:13:13.290
  • THAN THEY ARE FOR THE PEOPLE NEWLY RETIRED IN THEIR 60S.
  • 00:13:14.010 --> 00:13:18.010
  • ONE MEASURE WE USE IS MEDICARE PREMIUMS
  • 00:13:18.030 --> 00:13:20.260
  • AS A PERCENT OF PEOPLE SOCIAL SECURITY BENEFITS,
  • 00:13:20.280 --> 00:13:23.270
  • AND THAT'S GONE FROM A VERY SMALL NUMBER, UP TO ABOUT 20%.
  • 00:13:23.290 --> 00:13:29.170
  • - MOST PEOPLE DON'T REALIZE THAT
  • 00:13:29.190 --> 00:13:31.180
  • MEDICARE DOESN'T PAY FOR ALL THE EXPENSES, AND THAT
  • 00:13:31.200 --> 00:13:35.250
  • CO-PAYS FOR MEDICARE CAN BE VERY COSTLY.
  • 00:13:35.270 --> 00:13:39.030
  • THE PREMIUMS FOR MEDICARE IS ABOUT $100 PER MONTH.
  • 00:13:39.050 --> 00:13:44.090
  • - IF YOU NEED LONG TERM CARE,
  • 00:13:44.110 --> 00:13:46.290
  • THAT CAN QUICKLY WIPE OUT YOUR SAVINGS.
  • 00:13:47.010 --> 00:13:48.270
  • AND THE THING IS MORE THAN HALF OF AMERICANS
  • 00:13:48.290 --> 00:13:52.090
  • ARE GOING TO NEED LONG TERM CARE
  • 00:13:52.110 --> 00:13:55.050
  • YET LESS THAN A THIRD OF ADULTS WHO ARE 50 AND OVER
  • 00:13:55.070 --> 00:13:59.220
  • HAVE EVEN STARTED SAVING FOR LONG TERM CARE.
  • 00:13:59.240 --> 00:14:02.070
  • - [KELLY] THINKING ABOUT FUTURE MEDICAL PROBLEMS
  • 00:14:02.090 --> 00:14:04.050
  • CAN CAUSE A LOT OF UNNEEDED STRESS ON RETIREES.
  • 00:14:04.070 --> 00:14:08.180
  • THE GOOD NEWS IS THERE ARE THINGS YOU CAN DO RIGHT NOW,
  • 00:14:08.200 --> 00:14:12.250
  • TO HELP YOU KEEP YOUR MEDICAL COSTS LOW IN THE FUTURE.
  • 00:14:12.270 --> 00:14:18.070
  • - ONCE YOU RETIRE AND YOU DECIDE THE LABOR FORCE
  • 00:14:18.090 --> 00:14:20.220
  • IS REALLY NOT FOR YOU ANY LONGER,
  • 00:14:20.240 --> 00:14:23.200
  • STAYING FIT AND HEALTHY KEEPS YOUR MEDICAL EXPENSES LOW.
  • 00:14:23.220 --> 00:14:27.080
  • - PERSONAL EXERCISE AND DIET
  • 00:14:27.100 --> 00:14:29.190
  • SEEMS LIKE STRANGE RETIREMENT ADVICE
  • 00:14:29.210 --> 00:14:33.110
  • BUT IF YOU CAN STAVE OFF COMMON DISEASES
  • 00:14:33.130 --> 00:14:37.050
  • THAT ARE CAUSED BY LIFESTYLE, NOT EXERCISING,
  • 00:14:37.070 --> 00:14:41.000
  • AND HAVING BAD DIETS, THEN DO THAT.
  • 00:14:41.020 --> 00:14:43.230
  • BECAUSE FOR INSTANCE, DIABETES IS A DISEASE
  • 00:14:43.250 --> 00:14:46.270
  • THAT REALLY IS COSTLY AS YOU MOVE INTO YOUR OLD AGE,
  • 00:14:46.290 --> 00:14:50.180
  • AND IT DOESN'T KILL YOU.
  • 00:14:50.200 --> 00:14:52.040
  • - YOU KNOW, THERE SO MANY THINGS THAT ARE OUTSIDE OF
  • 00:14:52.060 --> 00:14:54.260
  • YOUR CONTROL BUT TAKING CARE OF YOUR BODY
  • 00:14:54.280 --> 00:14:55.290
  • IS ONE THAT'S WITHIN YOUR CONTROL.
  • 00:14:56.010 --> 00:14:57.130
  • DON'T GET NEGATIVE ABOUT
  • 00:14:57.150 --> 00:14:58.250
  • WHAT A MESS OUR HEALTHCARE SYSTEM IS.
  • 00:14:58.270 --> 00:15:01.050
  • YEAH, IT'S A MESS, YOU CAN'T CHANGE THAT.
  • 00:15:01.070 --> 00:15:03.120
  • YOU CAN VOTE, YOU CAN DO THINGS LIKE THAT
  • 00:15:03.140 --> 00:15:05.180
  • BUT YOU CAN TAKE CARE OF YOUR BODY, RIGHT?
  • 00:15:05.200 --> 00:15:07.080
  • YOU CAN INCREASE YOUR ODDS OF LIVING A HEALTHY LIFE
  • 00:15:07.100 --> 00:15:10.210
  • WITHOUT BEING DEPENDENT ON THE HEALTHCARE SYSTEM
  • 00:15:10.230 --> 00:15:12.260
  • TO TAKE CARE OF YOU, YOU KNOW FOR YOU.
  • 00:15:12.280 --> 00:15:15.260
  • - LIFE CAN HAPPEN, BUT LOOKING AT IT I THINK WE CAN GO BACK
  • 00:15:15.280 --> 00:15:19.030
  • AND UNDERSTAND THERE ARE THREE THINGS I CAN ALWAYS CONTROL,
  • 00:15:19.050 --> 00:15:21.240
  • MY ATTITUDE, MY RESPONSES AND MY ACTIONS.
  • 00:15:21.260 --> 00:15:25.270
  • - HEALTHCARE CAN COST ABOUT 20% OF YOUR RETIREMENT INCOME.
  • 00:15:25.290 --> 00:15:30.230
  • WHAT IT MEANS IS TAKING CARE OF YOUR HEALTH
  • 00:15:30.250 --> 00:15:33.190
  • AS MUCH AS YOU CAN.
  • 00:15:33.210 --> 00:15:35.160
  • AND THAT'S QUITE A BIT,
  • 00:15:35.180 --> 00:15:36.240
  • YOU PROBABLY CAN LOWER YOUR HEALTH CARE COSTS
  • 00:15:36.260 --> 00:15:38.190
  • BY FIVE TO 10% OF YOUR TAKE HOME PAY.
  • 00:15:38.210 --> 00:15:45.160
  • - [KELLY] WHILE THERE ARE SO MANY THINGS TO BE AWARE OF
  • 00:15:45.180 --> 00:15:47.290
  • LEGAL ISSUES MAY BE THE MOST IMPORTANT MATTER
  • 00:15:48.010 --> 00:15:50.180
  • NEEDED TO BE ADDRESSED FOR ALL RETIREES.
  • 00:15:50.200 --> 00:15:54.120
  • WITHOUT TAKING CARE OF THEM,
  • 00:15:54.140 --> 00:15:56.110
  • YOUR LEGACY GOALS MAY NOT EVEN BE CONSIDERED.
  • 00:15:56.130 --> 00:16:00.070
  • - I THINK THE BIGGEST LEGAL ISSUES THAT MOST PEOPLE
  • 00:16:00.090 --> 00:16:03.190
  • APPROACHING RETIREMENT OR IN RETIREMENT FACE
  • 00:16:03.210 --> 00:16:06.280
  • HAVE TO DO WITH TWO BASIC AREAS.
  • 00:16:07.000 --> 00:16:09.140
  • ONE IS ESTATE PLANNING, AND TWO IS MEDICAL CARE
  • 00:16:09.160 --> 00:16:13.210
  • AND MAKING SURE THAT THEY HAVE SOMEONE IN PLACE TO HELP THEM
  • 00:16:13.230 --> 00:16:17.210
  • IF THEY'RE NOT ABLE TO MAKE THE DECISIONS ON THEIR OWN,
  • 00:16:17.230 --> 00:16:20.190
  • THAT THEY NEED TO MAKE.
  • 00:16:20.210 --> 00:16:21.290
  • - PEOPLE WITH SUBSTANTIAL ASSETS
  • 00:16:22.010 --> 00:16:24.180
  • MAY WANT TO RELY ON FAMILY MEMBERS TO MANAGE THEIR MONEY.
  • 00:16:24.200 --> 00:16:29.280
  • I THINK THAT SHOULD BE DONE WITH CARE,
  • 00:16:30.000 --> 00:16:34.000
  • IT'S PROBABLY BEST TO HAVE A BANK TRUSTEE,
  • 00:16:34.020 --> 00:16:38.020
  • BUT DON'T INVEST IN THEIR ASSETS, OR A LAWYER.
  • 00:16:38.040 --> 00:16:42.050
  • IT CAN SAVE YOUR FAMILY FROM BEING TEMPTED,
  • 00:16:42.070 --> 00:16:45.040
  • IT CAN SAVE YOUR FAMILY FROM BEING GUILTY
  • 00:16:45.060 --> 00:16:48.090
  • THEY'RE NOT MANAGING YOUR MONEY CORRECTLY,
  • 00:16:48.110 --> 00:16:50.060
  • AND IT CAN SAVE YOU FROM YOUR OWN TRUST IN YOUR OWN SHAME.
  • 00:16:50.080 --> 00:16:54.070
  • - SO MANY PEOPLE DON'T EVEN HAVE A SIMPLE WILL SETUP.
  • 00:16:54.090 --> 00:16:57.030
  • FOR PEOPLE WHO HAVE MORE ASSETS IN MIND,
  • 00:16:57.050 --> 00:16:59.280
  • SOMETHING BEYOND A SIMPLE WILL LIKE A REVOCABLE TRUST
  • 00:17:00.020 --> 00:17:03.140
  • THAT CAN HELP PEOPLE AVOID THE BURDEN AND COSTS
  • 00:17:03.160 --> 00:17:07.060
  • OF COURT PROCEEDINGS AFTER SOMEONE PASSES AWAY
  • 00:17:07.080 --> 00:17:10.150
  • CAN BE REALLY BENEFICIAL,
  • 00:17:10.170 --> 00:17:12.010
  • NOT JUST IN TERMS OF MAKING THINGS SIMPLER
  • 00:17:12.030 --> 00:17:15.130
  • BUT ALSO SAVING FAMILY MEMBERS FROM JUST BIG HASSLES
  • 00:17:15.150 --> 00:17:19.120
  • AND PAINFUL EXPERIENCES
  • 00:17:19.140 --> 00:17:22.020
  • IN A TIME WHERE THEY'RE ALREADY GRIEVING.
  • 00:17:22.040 --> 00:17:24.140
  • - YOU SHOULD LOOK AT YOUR WILL EVERY YEAR
  • 00:17:24.160 --> 00:17:27.070
  • AND ASSESS WHETHER OR NOT THE DISTRIBUTION OF ASSETS
  • 00:17:27.090 --> 00:17:30.030
  • OR RIGHTS OR CONNECTIONS ARE RELEVANT FOR YOU
  • 00:17:30.050 --> 00:17:33.080
  • AT THAT MOMENT.
  • 00:17:33.100 --> 00:17:34.260
  • EVERYBODY NO MATTER WHAT THEIR AGE IS
  • 00:17:34.280 --> 00:17:37.210
  • SHOULD REEVALUATE THEIR WILL EVERY YEAR.
  • 00:17:37.230 --> 00:17:40.110
  • - BEFORE THAT COMES UP THOUGH.
  • 00:17:40.130 --> 00:17:42.140
  • A LOT OF PEOPLE RUN INTO SITUATIONS
  • 00:17:42.160 --> 00:17:44.150
  • WHERE THEY NEED MEDICAL CARE,
  • 00:17:44.170 --> 00:17:46.110
  • BUT BECAUSE OF THEIR OWN MEDICAL SITUATION,
  • 00:17:46.130 --> 00:17:49.070
  • THEY'RE NOT ABLE TO REALLY MAKE AN INFORMED DECISION
  • 00:17:49.090 --> 00:17:53.060
  • ABOUT WHAT TYPES OF CARE THEY SHOULD GET,
  • 00:17:53.080 --> 00:17:57.050
  • AND THAT'S WHERE HAVING A DURABLE POWER OF ATTORNEY
  • 00:17:57.070 --> 00:18:00.260
  • FOR HEALTH CARE IS ESSENTIAL.
  • 00:18:00.280 --> 00:18:03.100
  • - WHEN YOU DON'T HAVE THE AGENCY
  • 00:18:03.120 --> 00:18:05.260
  • TO MANAGE YOUR MONEY OR YOUR HEALTH
  • 00:18:05.280 --> 00:18:07.270
  • WHO YOUR DESIGNEE IS, IS VERY IMPORTANT TO DECIDE
  • 00:18:07.290 --> 00:18:12.120
  • WHEN YOU HAVE YOUR HEALTH AND YOU HAVE YOUR COGNITION.
  • 00:18:12.140 --> 00:18:17.140
  • YOUR FINANCIAL POWER OF ATTORNEY
  • 00:18:17.160 --> 00:18:19.170
  • MIGHT GO TO A NEUTRAL THIRD PARTY
  • 00:18:19.190 --> 00:18:21.210
  • AND YOUR HEALTH PROXY SHOULD GO TO A TRUSTED FAMILY MEMBER.
  • 00:18:21.230 --> 00:18:25.290
  • BUT IT'S VERY IMPORTANT TO DO THAT AS SOON AS YOU CAN.
  • 00:18:26.010 --> 00:18:31.280
  • - [KELLY WRIGHT] THERE IS NO NEED TO PUT OFF PLANNING
  • 00:18:32.000 --> 00:18:33.140
  • FOR YOUR LEGAL FUTURE.
  • 00:18:33.160 --> 00:18:35.010
  • AS OUR EXPERTS HAVE ALREADY EXPLAINED,
  • 00:18:35.030 --> 00:18:37.100
  • THESE ISSUES ARE EASIER TO ADDRESS THAN MANY WOULD BELIEVE.
  • 00:18:37.120 --> 00:18:42.070
  • TALKING TO YOUR LAWYER, IT'S NOT SO SCARY.
  • 00:18:42.090 --> 00:18:44.230
  • WHY NOT DO IT TODAY.
  • 00:18:44.250 --> 00:18:47.180
  • YOU SEE IN THIS DIGITAL AGE, CREATING A LEGAL DOSSIER
  • 00:18:47.200 --> 00:18:50.010
  • CAN BE EASILY DONE ONLINE IF NOT IN PERSON.
  • 00:18:50.030 --> 00:18:54.220
  • IT IS IN YOURS AND YOUR LOVED ONES BEST INTEREST
  • 00:18:54.240 --> 00:18:57.160
  • TO MAKE SURE YOUR LEGAL FUTURE IS COVERED.
  • 00:18:57.180 --> 00:19:02.080
  • OH, AND WHO COULD FORGET ABOUT THOSE THINGS CALLED TAXES?
  • 00:19:02.100 --> 00:19:06.150
  • CERTAINLY NOT THE GOVERNMENT.
  • 00:19:06.170 --> 00:19:08.120
  • MANY THE BEST RETIREMENT PLANS HOWEVER,
  • 00:19:08.140 --> 00:19:10.190
  • FAIL TO INCLUDE THE ISSUE OF PAYING YOUR TAXES.
  • 00:19:10.210 --> 00:19:15.240
  • - ONE OF THE BIGGEST OBSTACLES THAT PEOPLE HAVE
  • 00:19:15.260 --> 00:19:19.060
  • IN COMING UP WITH REALISTIC ASSESSMENTS
  • 00:19:19.080 --> 00:19:21.200
  • OF THEIR FINANCIAL PLAN IN RETIREMENT
  • 00:19:21.220 --> 00:19:23.240
  • IS THE IMPACT THAT TAXES HAVE ON IT.
  • 00:19:23.260 --> 00:19:26.030
  • BECAUSE A LOT OF PEOPLE THAT JUST LOOK AT THEIR
  • 00:19:26.050 --> 00:19:28.250
  • FINANCIAL STATEMENTS, THEY'LL SAY,
  • 00:19:28.270 --> 00:19:30.060
  • HEY, I'VE GOT SUCH AND SUCH AMOUNT OF MONEY SAVED UP,
  • 00:19:30.080 --> 00:19:33.010
  • THAT SHOULD BE PLENTY.
  • 00:19:33.030 --> 00:19:34.180
  • THEY FORGET THAT THE IRS IS GONNA BE IN THERE
  • 00:19:34.200 --> 00:19:37.090
  • TO GRAB A PIECE OF THAT.
  • 00:19:37.110 --> 00:19:39.090
  • - WHENEVER YOU'RE TALKING ABOUT A 401(K),
  • 00:19:39.110 --> 00:19:41.230
  • THIS IS MONEY THAT'S PUT IN OUTTA YOUR PAYCHECK
  • 00:19:41.250 --> 00:19:44.080
  • BEFORE IT EVER GOES TO BANK.
  • 00:19:44.100 --> 00:19:45.270
  • SO IT'S DIRECTLY TAKEN OUT OF YOUR CHECK.
  • 00:19:45.290 --> 00:19:48.030
  • SO THAT MEANS YOU'VE NOT PAID ANY TAXES ON IT AT ALL
  • 00:19:48.050 --> 00:19:50.210
  • BUT WHEN YOU START TO TAKE MONEY OUT OF THE 401(K),
  • 00:19:50.230 --> 00:19:53.130
  • AGE 59 AND A HALF IS THE TIME THAT YOU CAN DO THAT
  • 00:19:53.150 --> 00:19:55.160
  • WITHOUT A PENALTY,
  • 00:19:55.180 --> 00:19:56.240
  • YOU'LL HAVE TO PAY SOME TAXES ON THAT MONEY.
  • 00:19:56.260 --> 00:19:59.090
  • AGAIN, THE GOVERNMENT'S GONNA GET THEIR TAXES.
  • 00:19:59.110 --> 00:20:01.090
  • - FOR MOST OF THOSE VEHICLES,
  • 00:20:01.110 --> 00:20:03.100
  • THAT MONEY HAS NEVER BEEN TAXED AT ALL,
  • 00:20:03.120 --> 00:20:05.170
  • THE GOVERNMENT CHARGES ORDINARY INCOME TAX RATES,
  • 00:20:05.190 --> 00:20:08.280
  • WHICH ARE HIGHER THAN WHAT YOU PAY FOR CAPITAL GAINS.
  • 00:20:09.000 --> 00:20:11.240
  • RIGHT NOW THAT CAN TAKE AWAY UP TO 37% OF THAT MONEY.
  • 00:20:11.260 --> 00:20:17.170
  • - [KELLY] IT'S IMPORTANT TO KEEP IN MIND
  • 00:20:17.190 --> 00:20:18.220
  • HOW TAXES AFFECT YOUR RETIREMENT.
  • 00:20:18.240 --> 00:20:21.070
  • KNOW THIS, THOUGH, THERE ARE MANY OPTIONS OUT THERE
  • 00:20:21.090 --> 00:20:24.060
  • TO HELP YOU KEEP MORE OF YOUR HARD-EARNED MONEY
  • 00:20:24.080 --> 00:20:27.050
  • SO THAT YOU CAN ENJOY RETIREMENT.
  • 00:20:27.070 --> 00:20:30.140
  • - THERE ARE WAYS THAT YOU CAN SAVE POST TAX,
  • 00:20:30.160 --> 00:20:33.210
  • THAT MEANS THIS IS AFTER THE MONEY
  • 00:20:33.230 --> 00:20:35.040
  • IS HITTING YOUR BANK ACCOUNT.
  • 00:20:35.060 --> 00:20:36.140
  • SO WHENEVER YOU HEAR OF A ROTH 401(K)
  • 00:20:36.160 --> 00:20:39.120
  • THAT MEANS AFTER TAX, OR ROTH IRA.
  • 00:20:39.140 --> 00:20:42.120
  • ALL ROTH MEANS IS TAX FREE GROWTH,
  • 00:20:42.140 --> 00:20:45.050
  • YOU'VE ALREADY PAID TAXES ON THE MONEY,
  • 00:20:45.070 --> 00:20:46.260
  • SO THE GOVERNMENT CAN'T TAX IT AGAIN.
  • 00:20:46.280 --> 00:20:48.210
  • - THERE ARE RESOURCES, A CPA
  • 00:20:48.230 --> 00:20:50.210
  • OR A CERTIFIED FINANCIAL PROFESSIONAL
  • 00:20:50.230 --> 00:20:52.140
  • TO HELP YOU WITH YOUR TAX PLANNING.
  • 00:20:52.160 --> 00:20:54.060
  • THOSE ARE COMPLICATED AREAS,
  • 00:20:54.080 --> 00:20:56.010
  • AND THERE'S PEOPLE THAT SPECIALIZE IN RETIREMENT SUPPORT
  • 00:20:56.030 --> 00:20:59.260
  • IN EACH ONE OF THOSE AREAS THAT PEOPLE SHOULDN'T BE,
  • 00:20:59.280 --> 00:21:02.170
  • THEY SHOULDN'T HESITATE TO RELY ON 'EM.
  • 00:21:02.190 --> 00:21:04.040
  • - SIT DOWN WITH AN INVESTMENT PROFESSIONAL
  • 00:21:04.060 --> 00:21:05.280
  • TO BE ABLE TO WALK THROUGH AND UNDERSTAND THE RAMIFICATIONS,
  • 00:21:06.000 --> 00:21:09.110
  • THE TAX CONSEQUENCES,
  • 00:21:09.130 --> 00:21:10.200
  • BUT ALSO THE OPPORTUNITY FOR GROWTH FOR LATER.
  • 00:21:10.220 --> 00:21:12.290
  • SO IT'S SO VERY IMPORTANT TO UNDERSTAND THE TOOLS,
  • 00:21:13.010 --> 00:21:15.150
  • SO YOU CAN PICK THE RIGHT ONES.
  • 00:21:15.170 --> 00:21:16.290
  • - [KELLY WRIGHT] FINANCIAL, LEGAL, AND MEDICAL HURDLES
  • 00:21:17.010 --> 00:21:20.020
  • WEIGH HEAVILY ON THE MINDS OF MANY OF TODAY'S RETIREES
  • 00:21:20.040 --> 00:21:23.220
  • AND FUTURE RETIREES.
  • 00:21:23.240 --> 00:21:26.000
  • HOWEVER, THESE ISSUES AREN'T THE ONLY THINGS TO KEEP IN MIND
  • 00:21:26.020 --> 00:21:30.000
  • WHEN YOU'RE PLANNING FOR YOUR RETIREMENT.
  • 00:21:30.020 --> 00:21:32.090
  • LET'S TAKE A LOOK NOW AT THE PERSONAL SIDE OF THINGS.
  • 00:21:32.110 --> 00:21:35.050
  • - YOU KNOW, MOST PEOPLE HEAR RETIREMENT AND THEY THINK,
  • 00:21:35.070 --> 00:21:37.010
  • WELL, I'M JUST SITTING ON THE FRONT PORCH WITH SWEET TEA,
  • 00:21:37.030 --> 00:21:39.150
  • RIGHT, AND ROCKING IN A ROCKING CHAIR.
  • 00:21:39.170 --> 00:21:41.050
  • THAT'S GREAT FOR A LITTLE WHILE, RIGHT?
  • 00:21:41.070 --> 00:21:43.070
  • BUT YOU'VE GOT OTHER THINGS YOU WANNA DO.
  • 00:21:43.090 --> 00:21:45.000
  • - RETIREMENT IS ABOUT FAR MORE THAN FINANCES
  • 00:21:45.020 --> 00:21:48.190
  • AND IN THE REAL WORLD, WHAT IS FAR MORE IMPORTANT
  • 00:21:48.210 --> 00:21:53.080
  • THAN THE MONEY ASPECT IS THE LIFESTYLE ASPECTS OF RETIREMENT
  • 00:21:53.100 --> 00:21:58.080
  • AND MAKING SURE THAT YOU PLAN FOR WHAT YOUR RETIREMENT
  • 00:21:58.100 --> 00:22:01.210
  • IS GONNA BE LIKE, IS IN MANY WAYS MORE IMPORTANT
  • 00:22:01.230 --> 00:22:05.030
  • THAN MAKING SURE THAT YOU HAVE EXACTLY THE AMOUNT OF MONEY
  • 00:22:05.050 --> 00:22:08.160
  • THAT YOU MIGHT WANT.
  • 00:22:08.180 --> 00:22:10.020
  • - I THINK MOST PEOPLE WHEN THEY'RE THINKING
  • 00:22:10.040 --> 00:22:12.110
  • THEY FOCUS ON THE FINANCIAL,
  • 00:22:12.130 --> 00:22:13.200
  • DO I HAVE ENOUGH MONEY?
  • 00:22:13.220 --> 00:22:14.160
  • WHEN CAN I RETIRE?
  • 00:22:14.180 --> 00:22:15.280
  • THAT'S IMPORTANT, I'LL GRANT THAT.
  • 00:22:16.000 --> 00:22:18.150
  • BUT I THINK EQUALLY IMPORTANT IS TO THINK ABOUT
  • 00:22:18.170 --> 00:22:21.270
  • AFTER YOU LEAVE THE WORKPLACE,
  • 00:22:21.290 --> 00:22:23.200
  • AND WHEN YOU ARE FULLY RETIRED,
  • 00:22:23.220 --> 00:22:25.170
  • WHAT IS GONNA GIVE YOU THAT PURPOSE
  • 00:22:25.190 --> 00:22:27.080
  • AND THAT PASSION IN LIFE?
  • 00:22:27.100 --> 00:22:28.200
  • - IT'S IMPORTANT TO BUILD THAT NETWORK AROUND US.
  • 00:22:28.220 --> 00:22:30.280
  • TO HAVE PEOPLE THAT CAN BE THERE
  • 00:22:31.010 --> 00:22:32.060
  • TO ENCOURAGE US ALONG THE WAY
  • 00:22:32.080 --> 00:22:33.270
  • BUT ALSO PICK US UP WHEN WE STUMBLE.
  • 00:22:33.290 --> 00:22:36.040
  • - I THINK ESPECIALLY IN RETIREMENT,
  • 00:22:36.060 --> 00:22:37.230
  • WHEN YOU'VE LOST THOSE NATURAL DAILY RELATIONSHIPS
  • 00:22:37.250 --> 00:22:40.170
  • IN THE OFFICE PLACE,
  • 00:22:40.190 --> 00:22:42.050
  • YOU'VE REALLY GOTTA MAKE A PERSONAL EFFORT
  • 00:22:42.070 --> 00:22:44.060
  • TO BUILD THOSE RELATIONSHIPS.
  • 00:22:44.080 --> 00:22:45.180
  • - IF YOU WORK WITH A BUNCH OF PEOPLE
  • 00:22:45.200 --> 00:22:47.290
  • WHO AREN'T EXACTLY YOUR AGE,
  • 00:22:48.010 --> 00:22:49.150
  • WHO AREN'T GONNA BE RETIRING AT THE SAME TIME,
  • 00:22:49.170 --> 00:22:51.280
  • YOU SORTA HAVE TO FIGURE OUT HOW DO YOU WANT TO,
  • 00:22:52.000 --> 00:22:55.170
  • YOU KNOW, KIND OF WALK THE LINE BETWEEN YOU WANNA RETIRE
  • 00:22:55.190 --> 00:22:58.270
  • BUT YOU MIGHT WANNA KEEP HANGING OUT WITH THOSE PEOPLE TOO,
  • 00:22:58.290 --> 00:23:02.070
  • BECAUSE YOU'VE SPENT SO MUCH OF YOUR LIFE WITH THEM.
  • 00:23:02.090 --> 00:23:05.130
  • - A LOT OF PEOPLE WHEN THEY RETIRE THEY WANNA MOVE AWAY,
  • 00:23:05.150 --> 00:23:07.210
  • LET'S MOVE TO THE MOUNTAINS, LET'S MOVE TO WHEREVER, RIGHT.
  • 00:23:07.230 --> 00:23:10.100
  • BUT THEY DON'T NECESSARILY THINK ABOUT
  • 00:23:10.120 --> 00:23:12.080
  • WHAT A GREAT NETWORK THEY'VE BUILT UP WHERE THEY LIVE.
  • 00:23:12.100 --> 00:23:15.010
  • - IN TERMS OF FULFILLMENT AS A HUMAN BEING
  • 00:23:15.030 --> 00:23:18.060
  • I CAN'T THINK OF ANYTHING MORE IMPORTANT
  • 00:23:18.080 --> 00:23:21.130
  • THAN TO TAKE STOCK OF WHAT YOUR MEANING ON THE PLANET MEANT,
  • 00:23:21.150 --> 00:23:25.140
  • AND WHAT YOU MEANT FOR OTHER PEOPLE.
  • 00:23:25.160 --> 00:23:28.020
  • - SO TO ME, FOCUSING ON THE ETERNAL SPIRITUAL SIDE OF LIFE
  • 00:23:28.040 --> 00:23:32.210
  • IN RETIREMENT, IT'S IMPORTANT,
  • 00:23:32.230 --> 00:23:34.290
  • AND IT'S SOMETHING THAT DOESN'T HAPPEN
  • 00:23:35.010 --> 00:23:36.280
  • IF YOU'RE NOT INTENTIONAL ABOUT IT.
  • 00:23:37.000 --> 00:23:38.150
  • - WHEN YOU GOT PEOPLE AROUND YOU,
  • 00:23:38.170 --> 00:23:40.010
  • AND YOU'RE PLUGGED INTO YOUR LORD AND SAVIOR
  • 00:23:40.030 --> 00:23:41.180
  • AND PLUGGED INTO YOUR CHURCH,
  • 00:23:41.200 --> 00:23:43.030
  • AND YOU'RE SPIRITUALLY ABLE TO GET STRONGER
  • 00:23:43.050 --> 00:23:45.120
  • AND TO GET SOME ENERGY, WE CAN DO MORE THAN WE THINK WE CAN.
  • 00:23:45.140 --> 00:23:49.170
  • - [KELLY] AS IT TURNS OUT, RETIREMENT ISN'T FOR EVERYONE,
  • 00:23:49.190 --> 00:23:52.260
  • AT LEAST AT FIRST.
  • 00:23:52.280 --> 00:23:54.280
  • - GOING BACK TO WORK IN RETIREMENT
  • 00:23:55.000 --> 00:23:56.250
  • ISN'T NECESSARILY A BAD THING.
  • 00:23:56.270 --> 00:23:59.020
  • BECAUSE A LOT OF RETIREES ARE ACTUALLY DISCOVERING
  • 00:23:59.040 --> 00:24:02.110
  • THAT ONCE THEY GET INTO RETIREMENT, THEY'RE BORED,
  • 00:24:02.130 --> 00:24:04.210
  • THEY DON'T FEEL PRODUCTIVE ANYMORE, THEY'RE NOT STIMULATED,
  • 00:24:04.230 --> 00:24:07.020
  • SO THEY'RE GOING BACK TO WORK.
  • 00:24:07.040 --> 00:24:09.030
  • - I WOULD JUST ENCOURAGE PEOPLE TO BE CAREFUL
  • 00:24:09.050 --> 00:24:11.250
  • BUT THERE IS ABSOLUTELY NO REASON THAT AN ENCORE CAREER,
  • 00:24:11.270 --> 00:24:15.040
  • AS LONG AS IT'S WELL THOUGHT OUT,
  • 00:24:15.060 --> 00:24:16.200
  • IS NOT A REALLY GOOD SOLUTION FOR MANY PEOPLE IN RETIREMENT.
  • 00:24:16.220 --> 00:24:20.160
  • - FOR ME A JOB IS A REALLY GOOD THING.
  • 00:24:20.180 --> 00:24:23.000
  • IT PROVIDES A SENSE OF SATISFACTION,
  • 00:24:23.020 --> 00:24:26.050
  • AND IT PROVIDES SOME INCOME.
  • 00:24:26.070 --> 00:24:27.240
  • AND SO WORKING IS
  • 00:24:27.260 --> 00:24:31.060
  • A, IT'S SORT OF LIKE IN SOME WAYS IT'S THE EASY WAY OUT.
  • 00:24:31.080 --> 00:24:35.080
  • AND I THINK IF YOU'RE NOT WORKING,
  • 00:24:35.100 --> 00:24:37.100
  • YOU KIND OF NEED TO DO ALL THAT ON YOUR OWN.
  • 00:24:37.120 --> 00:24:42.090
  • - [KELLY WRIGHT] RETIREMENT IS ABOUT MORE THAN MONEY
  • 00:24:42.110 --> 00:24:44.150
  • AND WORRYING.
  • 00:24:44.170 --> 00:24:45.240
  • IT'S ALSO ABOUT FINDING NEW PASSIONS
  • 00:24:45.260 --> 00:24:47.270
  • OR HAVING TIME TO FOLLOW AN OLD ONE.
  • 00:24:47.290 --> 00:24:51.020
  • IT'S ABOUT MAKING TIME FOR FRIENDS AND FAMILY AND YOURSELF.
  • 00:24:51.040 --> 00:24:56.050
  • NO MATTER WHAT ELSE RETIREMENT MAY BE ABOUT.
  • 00:24:56.070 --> 00:24:58.250
  • KEEP THESE FINAL WORDS IN MIND.
  • 00:24:58.270 --> 00:25:01.210
  • - IF IT'S WORTHWHILE, IF WE CAN SEE THE FINISH LINE,
  • 00:25:01.230 --> 00:25:05.090
  • OR WE UNDERSTAND THAT THE FINISH LINE IS IN THAT DIRECTION.
  • 00:25:05.110 --> 00:25:08.160
  • I THINK WE'RE CAPABLE OF DOING MORE THAN WE THINK.
  • 00:25:08.180 --> 00:25:11.240
  • - WHAT ARE WE DOING THIS FOR, RIGHT?
  • 00:25:11.260 --> 00:25:13.160
  • WE'RE ONLY HERE FOR A LIMITED AMOUNT OF TIME.
  • 00:25:13.180 --> 00:25:15.210
  • LET'S HAVE FUN, RIGHT, ENJOY IT.
  • 00:25:15.230 --> 00:25:17.050
  • AND DON'T GET ALL HUNG UP ON THE NUMBERS
  • 00:25:17.070 --> 00:25:19.150
  • AND THE STRESSES AND THE WORRIES AND ANXIETIES.
  • 00:25:19.170 --> 00:25:22.200
  • ENJOY LIFE, RIGHT?
  • 00:25:22.220 --> 00:25:24.020
  • HAVE FUN, I MEAN, SHAME ON US IF WE GET TO RETIREMENT
  • 00:25:24.040 --> 00:25:27.120
  • WE'VE WORKED ALL THESE YEARS
  • 00:25:27.140 --> 00:25:29.060
  • AND WE SIT ON THE COUCH AND WE'RE MISERABLE.
  • 00:25:29.080 --> 00:25:31.190
  • OF COURSE I WANNA HAVE FUN, WHO DOESN'T WANNA HAVE FUN?
  • 00:25:31.210 --> 00:25:33.260
  • YOU CAN MAKE IT HAPPEN BUT YOU'VE GOTTA BE INTENTIONAL.
  • 00:25:33.280 --> 00:25:37.160
  • - [KELLY] WE HAVE LEARNED THAT THERE ARE PLENTY OF THINGS
  • 00:25:37.180 --> 00:25:39.260
  • THAT AMERICANS CAN DO TO HELP THEMSELVES RETIRE WELL.
  • 00:25:39.280 --> 00:25:44.100
  • - THE NATIONAL INSTITUTE ON RETIREMENT SECURITY
  • 00:25:44.120 --> 00:25:47.270
  • OFFERS EDUCATION PROGRAMS AND RESOURCES TO HELP YOU PREPARE
  • 00:25:47.290 --> 00:25:51.100
  • FOR THIS SEASON OF YOUR LIFE.
  • 00:25:51.120 --> 00:25:53.170
  • YOU CAN GO TO THEIR WEBSITE, NIRSLONLINE.ORG
  • 00:25:53.190 --> 00:25:58.170
  • FOR MORE INFORMATION.
  • 00:25:58.190 --> 00:26:00.080
  • - [KELLY WRIGHT] FOR FINANCIAL ADVICE,
  • 00:26:00.100 --> 00:26:01.240
  • IT'S IMPORTANT FOR YOU TO SEEK THE COUNSEL
  • 00:26:01.260 --> 00:26:04.030
  • OF AN INDEPENDENT QUALIFIED FINANCIAL PLANNER,
  • 00:26:04.050 --> 00:26:06.290
  • WHO HAS THE EDUCATION, EXPERIENCE, KNOWLEDGE AND
  • 00:26:07.010 --> 00:26:10.180
  • CHARACTER TO GUIDE YOUR PERSONAL FINANCIAL NEEDS,
  • 00:26:10.200 --> 00:26:13.160
  • AND SEEK ONE WHO CAN HELP YOU PLAN
  • 00:26:13.180 --> 00:26:15.160
  • FOR BOTH SHORT AND LONG TERM GOALS.
  • 00:26:15.180 --> 00:26:18.060
  • TO DO THAT, WE RECOMMEND
  • 00:26:18.080 --> 00:26:19.220
  • THE NATIONAL ASSOCIATION OF PERSONAL FINANCIAL ADVISORS
  • 00:26:19.240 --> 00:26:22.140
  • OR NAPFA, IT'S A GOOD PLACE TO START.
  • 00:26:22.160 --> 00:26:25.170
  • YOU CAN FIND THEM ON THE WEB AT NAPFA.ORG
  • 00:26:25.190 --> 00:26:28.030
  • OR CALL THEM TOLL FREE AT 1-888-FEE-ONLY
  • 00:26:28.050 --> 00:26:32.260
  • OR EMAIL THEM AT INFO@NAPFA.ORG.
  • 00:26:32.280 --> 00:26:37.220
  • - THE KEY IS TO START INVESTING AND SAVING TODAY.
  • 00:26:37.240 --> 00:26:41.040
  • SPEAK TO THE EXPERTS TO HELP YOU UNDERSTAND
  • 00:26:41.060 --> 00:26:43.240
  • YOUR LEGAL, MEDICAL AND TAX RESPONSIBILITIES.
  • 00:26:43.260 --> 00:26:47.090
  • ALSO PREPARE FOR YOUR FUTURE BY KEEPING YOURSELF IN SHAPE,
  • 00:26:47.110 --> 00:26:51.070
  • SPIRITUALLY, MENTALLY, FINANCIALLY, AND PHYSICALLY.
  • 00:26:51.090 --> 00:26:55.110
  • START RIGHT NOW.
  • 00:26:55.130 --> 00:26:57.180
  • UNTIL NEXT TIME, I'M KELLY WRIGHT,
  • 00:26:57.200 --> 00:26:59.170
  • AND TOGETHER WE'RE TAKING CARE OF BUSINESS.
  • 00:26:59.190 --> 00:27:03.220
  • (UPBEAT THEME MUSIC)
  • 00:27:03.240 --> 00:27:04.230