Retirement
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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,
- 00:00:11.050 --> 00:00:13.240
- 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
- 00:00:28.190 --> 00:00:31.160
- FOR ALL THE EXPENSES.
- 00:00:31.180 --> 00:00:33.120
- 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,
- 00:00:41.220 --> 00:00:43.250
- 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,
- 00:01:05.040 --> 00:01:09.070
- 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
- 00:01:17.060 --> 00:01:18.230
- AND YOU'RE PLUGGED INTO YOUR LORD AND SAVIOR
- 00:01:18.250 --> 00:01:20.100
- AND PLUGGED INTO YOUR CHURCH,
- 00:01:20.120 --> 00:01:21.290
- AND YOU'RE SPIRITUALLY ABLE TO GET STRONGER
- 00:01:22.010 --> 00:01:24.020
- AND TO GET SOME ENERGY,
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- WE CAN DO MORE THAN WE THINK WE CAN.
- 00:01:25.200 --> 00:01:27.250
- - 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.
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- 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
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- 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.
- 00:01:50.220 --> 00:01:51.280
- JOIN ME AS WE EXPLORE THE SUBJECT OF RETIREMENT
- 00:01:52.000 --> 00:01:54.260
- BECAUSE TOGETHER, WE'RE TAKING CARE OF BUSINESS.
- 00:01:54.280 --> 00:02:01.110
- (UPBEAT DANCE MUSIC)
- 00:02:01.130 --> 00:02:09.000
- TAKING CARE OF BUSINESS
- 00:02:09.020 --> 00:02:12.080
- TAKING CARE OF BUSINESS
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- TAKING CARE OF BUSINESS
- 00:02:18.180 --> 00:02:25.220
- - [KELLY] THE TERM GOLDEN YEARS WAS COINED IN 1959,
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- IN AN ADVERTISING CAMPAIGN FOR AMERICA'S FIRST
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- 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
- 00:02:59.010 --> 00:03:01.170
- THEIR EMPLOYERS REALLY AREN'T ON BOARD WITH SUPPORTING THEM
- 00:03:01.190 --> 00:03:05.120
- 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.
- 00:03:21.140 --> 00:03:22.240
- 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
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- 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.
- 00:03:39.140 --> 00:03:43.010
- 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.
- 00:03:55.000 --> 00:04:02.290
- ALMOST EVERYONE HAS IT, AND ABSOLUTELY NO ONE WANTS IT.
- 00:04:03.010 --> 00:04:07.000
- 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
- 00:04:33.140 --> 00:04:36.060
- LESS THAN 10 YEARS AGO.
- 00:04:36.080 --> 00:04:37.260
- - DEBT IS A THIEF.
- 00:04:37.280 --> 00:04:39.110
- 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.
- 00:04:54.020 --> 00:04:55.070
- IF YOU'VE GOT DEBT, IT MEANS YOU'RE HUMAN.
- 00:04:55.090 --> 00:04:56.250
- WELCOME TO THE HUMAN RACE.
- 00:04:56.270 --> 00:04:58.230
- - 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.
- 00:05:05.090 --> 00:05:07.220
- AND PROBABLY THE BIGGEST CONTRIBUTOR TO THAT LATELY
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- IS STUDENT LOAN DEBT, BECAUSE THE COST OF COLLEGE EDUCATION
- 00:05:11.210 --> 00:05:16.080
- HAS BEEN SKYROCKETING.
- 00:05:16.100 --> 00:05:18.240
- - THE MAIN REASON I BELIEVE THAT MOST MILLENNIALS
- 00:05:18.260 --> 00:05:21.050
- AND PEOPLE MY AGE DON'T HAVE A PLAN IS BECAUSE
- 00:05:21.070 --> 00:05:23.120
- 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
- 00:05:46.070 --> 00:05:49.060
- AND BEGIN THINKING ABOUT THE FUTURE?
- 00:05:49.080 --> 00:05:52.090
- - 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.
- 00:05:55.290 --> 00:05:59.010
- FIND THINGS THAT YOU CAN CUT IN YOUR BUDGET.
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- YEAH, MAYBE A VACATION IS NICE
- 00:06:01.070 --> 00:06:03.220
- BUT HAVING ENOUGH MONEY TO PUT FOOD ON YOUR TABLE
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- WHEN YOU'RE IN RETIREMENT IS EVEN BETTER.
- 00:06:06.110 --> 00:06:08.190
- - SEE A LOT OF PEOPLE THINK GETTING OUT OF DEBT
- 00:06:08.210 --> 00:06:10.060
- IS THIS THING THAT CAN HAPPEN OVERNIGHT.
- 00:06:10.080 --> 00:06:12.020
- BUT LET'S BE HONEST, YOU'VE TAKEN 10, 12,
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- MAYBE 15 YEARS OR MORE TO ACCUMULATE THIS DEBT.
- 00:06:14.230 --> 00:06:18.050
- 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.
- 00:07:16.270 --> 00:07:19.180
- - 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.
- 00:07:29.280 --> 00:07:32.050
- I THINK THAT WHEN CHANGES,
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- 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
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- THAT REALLY CAME INTO BEING AFTER 1983 AMENDMENTS.
- 00:08:05.000 --> 00:08:09.270
- THAT TRUST FUND IS GOING,
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- 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?
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- DOES THAT MEAN THE PROGRAM IS BANKRUPT?
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- ABSOLUTELY NOT.
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- BECAUSE THESE PAYROLL TAXES ARE GOING TO COME IN
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- 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.
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- I'D LIKE TO SEE CURRENT BENEFIT LEVELS MAINTAINED.
- 00:08:36.200 --> 00:08:40.070
- BUT SO EVERYBODY'S GONNA HAVE IT,
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- 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.
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- IT IS HOWEVER, IMPORTANT TO NOTE THAT SOCIAL SECURITY
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- 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.
- 00:09:26.140 --> 00:09:28.010
- 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
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- 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
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- THAT CHOICE ABOUT WHEN TO START GETTING
- 00:09:50.030 --> 00:09:53.090
- YOUR SOCIAL SECURITY BENEFITS IS.
- 00:09:53.110 --> 00:09:55.230
- IF YOU WERE ABLE TO GET $1.000 A MONTH FROM SOCIAL SECURITY
- 00:09:55.250 --> 00:10:00.220
- AT AGE 62.
- 00:10:00.240 --> 00:10:02.110
- IF INSTEAD OF THAT YOU DECIDED TO WAIT UNTIL AGE 70,
- 00:10:02.130 --> 00:10:05.180
- YOU COULD GET MUCH BIGGER PAYMENTS,
- 00:10:05.200 --> 00:10:07.070
- PAYMENTS OF ABOUT $1.750.
- 00:10:07.090 --> 00:10:10.120
- 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