Start Preparing For Retirement Now | The Retirement Income Show | Retirement Planning at 55

Welcome to the retirement income show, I’m Mark Elliott alongside Troy Sharpe, the CEO and founder of Oak Harvest Financial Group. Glad you’re with us. Troy is a CERTIFIED FINANCIAL PLANNER™ Professional (CFP®)  and of course, has a tremendous team that is here to help you come up with your plan and strategy for your retirement.

You can always find out more about the Retirement Process process. You can find out more about Troy and the team. Just go to the website, OK, Harvest Financial Group dot com, Harvest Financial Group dot com. And of course, Oak Harvest is located 920 Memorial City, way in Houston, right off I-10 and Bunker Hill, a plus rated

by the Better Business Bureau Houston. So go to the Web site to learn more. Oak Harvest Financial Group dot com. You can always call for any questions you have. Troy talks about a lot of different things on this program every single week 800-882-6434, 800-882-6434.

And I will say this, if Troy talks about something like, wow, I’d like to learn more about that, maybe I’d want to hear the show again, or you can do that just by going to the website. Typically got shows there.

But Troy also has his own YouTube channel. There’s over 100 videos on that now about all things financial and retirement. You subscribe, there’s no cost. Just search for Troy Sharpe and Oak Harvest. Hey, Troy, how’s it going? Good, Mark.

How are you doing? Doing well. And today we’re going to talk a little bit about the preparation for retirement. And then are there really differences from that mindset of preparing for retirement? To the mindset of actually being in retirement?

And so what are some of the challenges? You got a lot to get to today.

So we spend a lot of time, on this show, talking about being in retirement and some of the strategies and how our Retirement Process process, how we’ve customized that to make it a tailored experience for what we found over the years, are our clients most pressing concerns.

But we don’t spend a lot of time helping you understand what are the best steps to take to prepare for retirement so you can have your best retirement once you get there. A lot of times people wait until they’re a week away from retirement or, you know, they’ve been retired for a year or so and they realize,

hey, this is much more than I thought it was. And, I call it a light bulb moment. And this light bulb moment happens for for everyone. It’s just when does the light bulb moment happen? So what the light bulb moment is, it’s when you actually realize, oh, my goodness, every single decision I make in retirement.

Impacts every other aspect of my finances, my income, my taxes, et cetera. It’s understanding that everything is interrelated and it’s so different from the accumulation phase. So many people go into retirement thinking, oh, well, I manage the 401K myself.

I’ve picked these mutual funds. You know, I just keep doing that in retirement. But the retirement phase is so different from the earning years, from the accumulation phase, the earning years are really quite simple. But there are some steps you need to understand or at least prospective you need to have,

in order to make better decisions, to prepare better for when you get to retirement. Because, once you do get to retirement, it’s the first time in your life that you get to decide what goes on your tax return.

And what do I mean by that? Well, when you’re working, most of us, most of you have a salary and that salary minus your deductions, whether you’re contributing to the 401K, your health insurance, et cetera, et cetera, the FICA withholding, that remaining number is what goes on your tax return,. You’re trying to make as much income as possible

in retirement. It’s completely different because you’ll have IRA money or 401K money that should be rolled over. You’ll have non IRA money, which is savings. We call that non-qualified in the business. And then hopefully you have some Roth money where you’ve done a good job preparing to build up that tax free account as well.

But where you take your income from and how much you take from each account, combined with how you invest the non IRA money, because that non IRA money, it generates interest. It generates dividends. If you sell stocks or if you even if you have mutual funds and you don’t sell them, you incur capital gains, you incur taxes

essentially from the interest in dividends and capital gains that that non IRA account turns off. So you have all those aspects going on in retirement and where you place your assets, how you structure your withdrawals, all of that determines what goes on your tax return.

Then you have to decide Social Security. Well, do you take it early, do you take it at full retirement age? Should you defer it? Should one spouse take it sooner and the other spouse take it later? All of a sudden, with that decision,

the light bulb moment comes onuses. Oh, my goodness. If I take Social Security, it does this to my taxes and I’ll have to take less for my income. And then where do I take that income from and how long am I going to live?

And do I have enough income? Do I have enough assets to generate enough income to keep up with inflation? One spouse may live a lot longer than others, a little bit more down the road. You realize that when one spouse passes away, you go from the married filing jointly bracket into the single bracket.

So essentially, you can have about half the income and you fall into that same tax rate. And then health care questions and estate planning questions, those all tie in. Will your assets generate enough income not only to maintain your standard of living, but what about health care expenses later in life?

What if you need long term care? What if one spouse or both spouses need home health care? What about just chores around the house if you’re unable to take care of those things? Life expectancies now for most people are in the in the mid 80s or so.

I just read an article where they actually came down because of COVID. But in all reality, the medicine, technology, treatment options that will become available because of science and the billions of dollars that’s going towards longevity research,

and that funding will almost certainly lead to increased life expectancies over time. So if you’re 55, 60, 65 years old and you’re in good health, in my opinion, you should at least be planning for 90, probably 95, and some of you definitely longer.

The 100 demographic, the age 100 demographic is one of the fastest growing demographics in the world, and it’s expected to increase eightfold over about the next 30 or 40 years. So reaching 100, where 30, 40, 50 years ago, that was very, very, very rare.

Reaching 100 in 20, 30, 40 years is going to be much, much more common, so, when you get older, the healthier you are, of course, the longer you’re expected to live. But you need to have a plan for income.

You need to make sure that your income is increasing. Yes. You won’t be going out. You won’t be doing much. You’ll be sitting around the house. But most likely, you’re going to need income, obviously, for the basic necessities, but for additional health care expenses.

And everyone’s health care situation is different. We have clients right now that have parents. Some of them are paying five, ten thousand dollars a month to help take care of their parents, others 15, 20 thousand dollars a month.

So understanding these costs, they’re real. They are going to continue to increase. So we need to have a plan. And ultimately, without getting too far off track here, the light bulb moment is usually it happens within the first year of retirement.

And this is when people come in and they say, oh, my goodness Troy, I’ve been listening to you for a long time, but I thought I could do this myself. And the light bulb moment happens. It’s like, you know, the cartoons where they have the little bubbly thing that comes up over their head.

The light bulb goes off. It’s that’s the moment when you realize the complexity of retirement and retirement income planning and tax planning and risk management, Health care, estate planning, all of those things tied together, and that’s why we’ve designed the Retirement Process process.

It’s a step by step process driven that we go through. And what it does is it helps answer the big questions and helps you feel comfortable with the answers to, Do you have enough? Can you retire? How long will your money last?

How much income can you take and realistically expect to keep up with inflation? Should we build what we call a GoGo income plan? A GoGo income plan is where we’re spending more money. We’ve specifically designed an income strategy to get you more income in your GoGo years.

When you’re healthy, you’re younger, you’re active, you’re traveling. Maybe that tapers off in seven years, maybe that tapers off in 12 or 15. That depends how old you are when you retire, how much money you have, how much income your assets can support.

And then an overall analysis and then a sensitivity analysis. What I hate to see is when advisors or individuals, they run an average rate of return in retirement. Well, if I averaged seven percent a year, I should be OK.

Well, it’s a completely faulty assumption because you’re never going to make seven percent every single year in retirement. Average rates of return are only useful when you’re in the accumulation phase because you don’t have to take into account distributions from your nest egg in the timing of those distributions, whether they coincide with good years in the market

or down years in the markets. A big, big difference will touch on that in today’s show. But I want to help you prepare better for retirement. And I also want you to understand that you don’t have to wait until one week before you retire to come in and talk to a professional.

That’s. What we see time and time again, obviously we’re able to help when we’re able to put an income plan together, a tax plan together, do the analysis, build the relationship and go from there. But. Those that come see us before they’re a week away from retirement or a month away from retirement, we’re able to help put

these things in play. Some of the strategies we’re going to talk about today as far as what should we be doing with the 401K? Most of you are kind of mindlessly just maxing out the 401k and when you have the perspective of looking back.

Once you’re in retirement, you realize that, oh, my goodness, all of my money is in this tax infested account, when I take it out, it all goes on my tax return. I’m going to have these required minimum distributions later.

Taxes are probably going to be higher later in this country. What am I doing? So I want to help you prepare better for retirement. And we’re going to talk perspective today. We’re going to talk, preparing for retirement, decisions that we can make to better improve our outlook and our probability of success, but also increase our income, reduce

our taxes, and essentially the goal of our Retirement Process process and what we’re going to and what we focus on day in and day out with clients is to achieve that feeling of security, that if something happens to you, your family is going to be OK.

That if you live a very long life, that you’re going to have enough assets to generate the income to maintain your standard of living. We’ve sat with thousands and thousands of people over the years. And the one thing that we know for sure, even though everyone’s situation is different, everyone’s circumstances are unique, so we all have these

basic needs when it comes to retirement, and that’s why the Retirement Process process is so effective for for helping to get the answers to these questions. Do you have enough? Can you retire? How long will your money last?

How much income and where to pull that income from? A big one is how do I pay less tax? Most of you have your money inside the 401k or retirement accounts. And when you have the majority of your nest egg inside this tax infested account, what happens is you end up paying more taxes than you have

to in retirement. And the big question that all of those other questions ultimately lead into is, will my family be OK? If something happens to me will my family be OK? Will I be OK if something happens to my spouse?

1-800-822-6434. That’s the phone number to give us a call. If you’ve listened to the show for years, and I know many of you have stop procrastinating, now is not the time to procrastinate. Retirement’s becoming more complex.

The tax laws are significantly about to change. Whether you’re two years, three years, four years, five years away from retirement, or maybe you’ve been retired and you’ve been listening to the show for a long time and you’re just tired of not having a tax plan.

You’re tired of not having an income strategy. You’re tired of just having stocks and bonds and not having anything going along with that investment portfolio that gives you any sense of faith in a full comprehensive retirement plan.

So give us a call. The phone number is 1-800-822-6434. That’s the first step in the process. We can’t start Retirement Process unless you reach out and give us a call. When you give us a call, you’re going to leave a message.

Frank is going to give you a call back on Monday. Frank’s been with us for a very long time, 10 years now, more than 10 years. Great guy. He’s taking care of his father right now. Frank worked in the retirement industry his entire career, but he’s taking care of his father right now.

So he’s seeing firsthand what some of those end of life expenses are like and what the time consumption is like. And many of you out there have as well. You’re either doing it now or you you anticipate doing it or you have done it in the past.

The point is your money is designed to provide you security. It’s just a just a resource. It’s nothing more. How do we get the most out of that resource? How do we optimize our income, our taxes, our investments, our risk, our health care, our estate plan?

That’s what the Retirement Process process does. But in order to start that process, you do have to reach out. You have to call, leave a message. Frank will call you back on Monday and he’s simply going to have a conversation with you.

OK, this is not a sales pitch. I don’t care if you become a client or not. Honestly, we were at a point in our firm where we don’t take on every single person as a client. We take on people that are serious, that are passionate about retirement, that understand the investments and the income and the taxes.

All of that goes together. But to see if you’re a good fit, to see if we’re a good fit for you, you have to take that first step. You have to reach out. The phone number is 1-800-822-6434.

Visit us on YouTube as well. I have a lot of videos out there on YouTube. As a matter of fact, we’re recording this show right now to put on YouTube. We’re putting them out in segments on the YouTube channel.

And a tremendous response we’re getting. It’s over a hundred appointments a month now from the YouTube videos. So it’s went from, last year we had 100 subscribers, two hundred, five hundred, one thousand, three thousand, five thousand, ten. I think we’re up to fourteen, fifteen thousand subscribers now.

So the YouTube channel is tremendously successful. I know when you compare to some of the other people out there on YouTube, obviously that’s not a lot. But for a financial firm, the message is resonating. We all want to pay less tax.

We want to generate income. We want a full and comprehensive plan, but we want to make sure you’re a good fit for what we do. And you’re all in as far as the investments, the income, the taxes. You want all that in one plan.

And to get that, give us a call. 1-800-822-6434.

So we’re talking about preparing for retirement. We tend to talk about the retired folks and what we need to be prepared for. Maybe you’re 55 and you’re going to retire at 63. You’ve got eight years. Great time to start planning.

So we’re talking about preparing for retirement on the program today. Stay with us, Troy’s just getting started. We got a lot more to come. This is the retirement income show with Troy Sharpe with Oak Harvest Financial Group.

Hey, your friend Sean Hannity here. During these uncertain times, with the market in constant flux, you need a financial professional with a steady hand who can help protect your assets and your important retirement. Now, that’s why it is important that if you’re concerned with your retirement income in particular, you work with someone that is conservative and I

don’t mean conservative in politics, but more importantly, someone who is conservative when it comes to investing, and here in Houston, Troy Sharpe and his team at Oak Harvest Financial Group. Give me a call now, 800-822-6434.

Look, we all want to. Preserve our wealth, but a great first step is to call Troy’s team for a retirement income analysis. That’s 800-822-6434. Call Troy Sharpe and the team at Oak Harvest Financial Group, 800-822-6434

Oak Harvest Investment Services is a registered investment advisory firm. Troy Sharpe is an investment advisor, representative and insurance professional. Investing involves risk, including the possible loss of principal. Sean Hannity has been remunerated and is not a client.