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Glad you’re with us today for the retirement income show. I’m Mark Elliott alongside the CEO and founder of Oak Harvest Financial Group. Also a CERTIFIED FINANCIAL PLANNER™ Professional (CFP®). That is Troy Sharpe. You can find out more about Troy and the team just by going to the website and incredible website.

Tons of information, oakharvestfg.com. Oak Harvest Financial Group. Of course you can always call. You can have a zoom meeting. You can come in and in person, the office located at 920 Memorial City Way right off I-10 and Bunker Hill 1-800-822-6434. If you have questions or concerns, Hey Troy, when can I retire?

Do I have enough? Well, my money lasts as long as I do still. The number one fear of retirees today is a fear of outliving their money. And then a really big one will my loved ones be okay if something happens. It really at the end of the day, we just want to know, are we going to be okay if we pull the plug on working and we ride off into the sunset and have a great retirement for 20, 30, 40 years.

So it’s all about a plan 1-800-822-6434. And you talking about the importance of planning, in the end of the last segment, and I know we’re touching on your, your YouTube videos, cause you’ve got over a hundred videos, just search for Troy sharp Oak harvest on YouTube, and you will find all of these videos you subscribed.

There’s no. That’s a great opportunity for you to further educate yourself about some questions and concerns you may have about the retirement world of financial. You’re getting a lot of traction though, right now on people saying, all right, here’s what I have. What do you think? Can I retire? I mean, it’s kind of the planning process is really getting a lot of hits on YouTube in it.

Yeah, it really is. So what we do is we do hypothetical cases. Let’s call them case studies. So if you’re 58, if you’re 55, if you’re 62 65, anywhere in that pre-retirement or retirement phase, then we talk about this a lot. The light bulb moment, you may have had it. You may not have had. But what the light bulb moment is it’s once you realize, oh my goodness, I’m leaving my savings years, the accumulation phase, and I’m entering the distribution phase.

I’m no longer going to be saving money. Most likely I’m probably going to be spending it down. Then you realize that. I have this IRA. How much should I take out of there? How does that impact my taxes? Am I going to have enough for healthcare expenses later in life? What if I die early? When my spouse and my family be okay, I have this non IRA.

Should I be using that money to pay taxes on Roth conversions and all of a sudden. You get overwhelmed because you realize for the first time you normally that every single decision you make at this stage of life impacts everything else. Nothing is isolated. When it comes to the variables impacted based on the decisions that you make in retirement, nothing is isolated.

It is all interconnected. When you take social security. That impacts what your guaranteed lifetime income will be forever. It impacts your account balances. It impacts your income taxes can impact your Medicare situation. Everything is interrelated. So, that’s the light bulb moment. So Troy, since I’m going to be 62 this year, that means I’m eligible for social security and social security benefits are going to increase for 2022 5.9%, which is the largest.

And payments in 40 years. So, it doesn’t matter if I have any money because now security is going to be so high for me. I’ll be able to retire right now. Probably not. Yeah, probably I guess I’ll keep working. So yeah, I mean, obviously, so they’re, they’re doing a year over year calculation on those, on the social security numbers and.

This year, of course, last year in the middle of the pandemic. So that’s why we’re having this huge increase to those receiving currently receiving social security benefits. If you’ve not yet elected social security, your benefits increase by a predetermined amount based on,how old you are when you choose to elect them, et cetera, et cetera.

But real quick, the part B for Medicare is also going up 7%, , part B for your Medicare premiums. And that is. Correct. And going to take up an 11% or we’ll eat up about 11% that increase in Medicare premiums will eat up about 11% of that overall cost of living adjustment to social security. But getting back to the YouTube videos, the reason I believe they’re gaining traction is because.

People first off, if you’re on YouTube and by the way we record these radio shows for YouTube and we put them out there as well. Big delay on these radio shows though. Cause we’re releasing segments. I believe it’s once a week right now. So you’re getting it live here first, here in Houston. But the reason why is because I believe the people on YouTube, there are a lot of, some of them are.

Where they’re trying to figure out how do I best do this myself so I can save money and paying fees because a lot of, you know, it’s a lot of people just don’t like to pay fees and they look at fees as a cost, as opposed to value provided. And the truth of the matter is many financial advisors and many brokers.

They are a true cost. They don’t really provide a ton of value. And that’s what differentiates a planning type relationship versus a transactional relationship. Um, lots of good advisors out there. Lots of good planners, but lots of very, very bad ones too. And, and, and people who are more concerned with their own pocket books than their clients.

So I get it. I, I do understand, but people are having that light bulb moment and they’re searching retirement planning. They’re searching, you know, can I retire? Do I have enough? So what we’re doing and I encourage you all to go to YouTube. Um, all you have to do is search the title of these videos. We’ve been doing a series on.

Um, I’m 65 with 1.4 million. Can I retire or I’m 63 with 1 million. Can I retire? I’m 60 with a million dollars. Can I, should I do a Roth conversion? Um, I pretty sure I know here in Houston when we check, if you just go to UT. And in the little search bar, if you type in retirement planning, you’ll probably, if you scroll down the little sidebar on the right hand side, you should start to see some of the retirement planning videos that we’re doing.

Um, we’re beginning to identify how to best optimize these videos, make them more visible for people. And what’s really cool about them is what at least what I think is really cool about them is we’re able to highlight. More nuanced aspects of retirement planning and the decisions that need to be made that oftentimes people don’t normally, realize or uncover until they actually retire.

So people are clicking on the videos. YouTube is, is projecting them out. So getting a ton of traction, but some of the most important parts of these videos have to do with taxes. So. Let’s one of the videos may be I’m 63 with 1.4 million. Should I do a Roth conversion? And can I retire? What I’ll do is I’ll get on there and I’ll kind of go through the exact process that we go through when we’re planning for your retirement.

And when we’re, we’re doing that planning with. We’re on that first visit. As I said, we’re just gathering the information, getting to know one another one, another seeing if we’re a good fit. And then on that second meeting, and before that second meeting, we’re doing the analysis and then what you actually experienced on a second visit with our firm is what we’re showing you on these YouTube videos.

These are just hypothetical case studies. And of course, I’m doing them in 20, 30 minutes. Typically, we’re going to spend an hour or two hours. Or, three, four hours over the course of a couple of appointments, getting detailed about your particular situation. But if you go to YouTube and you watch these case studies, you’ll see that a great example is a gentleman I had recently come in.

He was working with, same advisor for many, many years. And the advisor was a good guy and really, truly was looking out for his best interest. And he said, Troy, I just. He’s not every time I talked to him about taxes. He always sends me to the CPA. I go to the CPA, I talked to him about taxes. He just simply takes my documents, files a return.

He’s not doing any planning. He’s not doing any strategic thinking. And I just feel like I’m stuck. And I know all of these dollars in my retirement account, I’m concerned that they’re going to be taxed down the road and I’m not going to get to keep as much as I could otherwise if I have. A relationship with somebody who was actually planning and doing this critical analysis to help make good decision.

So we go through and it’s very similar to what you see on these case studies. Again, if he kept doing it the way that the guy he’s his friend. Now, it’s not just some, some random advisor keep in mind. This guy is actually a good guy. Um, from all I could tell from the conversations, from how the portfolio was structured, he was not taking advantage of this man.

He’s a good financial advisor, but he’s limited in his knowledge, he’s limited in his. Ability to actually provide tax planning because his boss, his boss’s boss, his boss’s boss’s boss’s boss’s boss says, no, you work for our firm. We don’t want to take that liability of actually doing tax planning for four clients.

You send them to the CPA. So I personally, my belief is you cannot be a fiduciary or at least you cannot act a hundred percent in someone’s best interests. Let me say, if you are not looking at taxes, when it comes to me. Income distributions from your retirement accounts or non IRA accounts. Um, obviously tax harvesting, a lot of people in the investment world claim, they’re doing tax planning, but what they’re actually just doing is tax harvesting, which is necessary and which is important, but it’s just such a tiny, tiny part of what needs to be done from a tax planning perspective.

We go through this with them. If he keeps doing it that way, it was over $500,000. He was going to spend in taxes. Um, he did not have to 808 2 2 64 34. If you’d like the team at Oak harvest to kind of give you some guidance when it comes to your retirement, can you retire? When can you retire? You doing the right things?

Do you need to lessen risk or do you need to add a little bit more risk everybody’s situation is different and that’s how Acarbose looks at it. Whomever they’re sitting down with it is all about you. 808 2 2 64 34. Back with more of the retirement income show with Troy Sharpe, the CEO and founder of Oak harvest financial.