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ANNOUNCER: You found it. It’s your safer place for retirement planning. Prepare to be coddled in pure fiduciary goodness with your host and president of Decker Retirement Planning, Mike Decker. This is Safer Retirement Radio. If you’re in or near retirement, listen up and learn about a math-based, principle-based approach to retirement that is designed to help you enjoy a safer retirement. These strategies are to help protect and grow what you’ve saved and live the life you want today. So, grab a pen because your safer path to retirement planning starts now.
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MIKE: Welcome, everyone, to Safer Retirement Radio. I’m Mike Decker.
CLAYTON: And I’m Clayton Bradshaw.
MIKE: Today, we’ve got a packed show for you. Clayton, we’re going to start off with the biggest news. I can’t believe this about gave me a heart attack. 88 percent of retirees are making this financial catastrophe with their retirement plan, and they don’t even know it. I can’t even believe it. We’re going to start the show with that. But later on the show, we’re going to be talking about creating income streams that are stable because right now, the industry’s offering two different options here.
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MIKE: You’ve got your variable income on the four-percent-rule plan, or you’ve got your fixed-for-life, locked-up-for-life income annuities. Both are extremes, and there’s a better way, and we’re going to talk about that today on what you can do now. Also, divide and conquering your assets. We want to help you understand how you can have your cake and eat it too when implemented correctly on a financial plan. And then last but not least, we’re going to be talking about what a distribution plan looks like, how to write your own plan, namely because we want to solve an epidemic that’s happening to retirees right now, and a guessing game that is stimulated by the jargon and semantics of the financial industry.
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MIKE: We want to cut through all the red tape, cut through all the jargon, the smoke and mirrors, and give it to you straight so you can get the transparency that you deserve and enjoy a safer retirement. Clayton, 88 percent of retirees are not doing this. Can you take a stab at a few guesses here of what it might be?
CLAYTON: We’ve got… let’s see. 88 percent. That’s a lot of retirees. I wonder what it is that they could be doing. I don’t know. Is it long-term care?
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MIKE: You know, funny you say that. There’s a lot of propaganda out there saying that retirees need this, and then almost everyone’s going to be in a clinical center, and then they’re going to need support and a caregiver and all sorts of things. That is not it, though. And just because you brought up long-term care, I want to say this. It bears worth repeating. If you can afford long-term care you don’t need it, and if you can’t afford it you really need it. It’s a conundrum. But that’s not what the epidemic is. Do you know what 88 percent of retirees are missing?
CLAYTON: What is it?
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MIKE: A written plan. It’s like, I couldn’t believe this. Only 12 percent of all retirees, according to a study that was done in 2018, says that only 12 percent of retirees have a written plan, as in…
CLAYTON: So, you’re talking like a written retirement plan, right?
MIKE: Yeah, something in writing that you can follow through, and there’s a couple of huge reasons why this is important. One, emotions get in our way. If your retirement’s plan is a simple accumulation strategy and you’re just going to be taking the cream off the top each year, you have a variable income stream, and your emotions are subjected to the success of your retirement. Let me say it differently.
SRR S3 E31_MIXDOWN [00:03:41]
MIKE: Greed keeps people… wait, do you know this phrase? So, let me say it this way. I want to outline it first. Markets go up and markets go down, okay? When markets go down, people, you know, they get scared and they get out of the market. And when the markets go back up, they’re excited. They want to make the money again. But what typically happens is people tend to buy high and then they sell low. It’s why we see a lot of investors who believe they’re savvy make some huge mistakes.
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MIKE: The same goes that greed keeps you in the market longer than you should, because when the markets are going down, “Oh, they’ll recover. They’ll be fine. All is well,” and then by the time you’ve just had it with the sleepless nights, fear then keeps you out of the market when it’s going up. The emotions get in the way. And when you have a written, logical plan, you are able to cut through the emotions and have both parts. Let’s assume that you have a spouse or a lifetime partner.
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MIKE: You have a written ability to articulate best practices on how to proceed forward, ’cause it’s a catastro… I’ll never forget a client. This is back in 2016. The husband did all the finances. They came in and they had a plan, they put it together, and then he passed about two years after his retirement. He worked for Staples his whole career, just salt-of-the-earth guy. He worked on the business side where he’d work and consult with the code and how to build out their office structures, the interior and all the cubicles and stuff like that. Did really well for himself.
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MIKE: And then he died a couple years into his retirement. And of all the grievance the wife had to deal with, the finances were not one of them because they had a written plan.
CLAYTON: And that seems like that would be a new world to come into, that the person you’ve depended on for the bulk of your marriage to handle those kind of things and now they’re gone.
MIKE: Well, can you imagine? We had another client, the dentist from Washington we’ll call him. This dentist from Washington, very successful guy, six months after he retired, he suffered a major stroke and his wife, who had never done the finances, took over and did beautifully because they had a written plan.
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MIKE: And thank goodness he’s not incapacitated anymore. He’s gotten his health back and he’s able to function. But it was about a year’s time where she was handling all the family’s finances, and they had a written plan. Ladies, I’m speaking mostly to you right now because without a written plan it is extremely difficult to put a successful future together, and to wing it with Wall Street is a recipe to be taken advantage of, tunneling it with Wall Street.
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CLAYTON: So, you keep saying written plan. What kind of things should they expect to see on a written plan? ‘Cause in my mind I’m thinking, well, is it just a statement? What kind of things should be on there?
MIKE: So, that’s a great question. How we do it is we use a spreadsheet or a written plan that articulates, down to the month, net of tax, how much they’re going to earn projected and where it’s going to come from different income sources. Clayton, remember we… I want to make this as simple as possible ’cause we only have so much time.
CLAYTON: Sure.
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MIKE: The three principles of retirement planning. You draw income from principal-guaranteed sources. Okay, so, for the first five years you’re drawing your income from this source right here and that’s it. Real simple. Everything else is growing. Kind of like the accumulation phases, you’re building your wealth. And what’s cool is when you take income from a principal-guaranteed account like the lowest earning account, it lets the other accounts offset, or continue to grow and offset, the cost, and so your overall portfolio continues to grow huge.
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MIKE: But the second principle is to diversify by purpose, not by risk. Don’t put all your eggs in one basket. A written plan is saying, okay, these assets right here are doing this for this purpose and will pay income out in these years, and these income plans… We have a client, a new client just came on. We’ve got 550 thousand dollars that is just for inheritance, just for their kids, and that’s their written plan. This is going to grow, these are the investments they’re going to be in, if the markets go down this is how we’re going to act, and this is how we want to pass it to the kids. It’s written down.
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CLAYTON: So, it sounds like what you’re talking about is something that’s forward. It’s forward-thinking versus here’s your booklet of statements, here’s your binder of all your statements, here’s where your money has been, here’s where it is now. But that doesn’t tell you what to do with it in the future.
MIKE: Yeah, I mean, Clayton, have you ever ridden a bike and only looked backwards? I haven’t, but you can imagine what a catastrophe that would be. Without a written plan, that’s essentially what’s happening. And I want to go through a couple of scenarios here because life just throws stuff at you. It just does. But according to the study, here’s a couple of reasons why people decided to retire.
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MIKE: One was “my husband had taken medical retirement and we wanted to do something like travel while he was still able to.” If you’re traveling and the markets are crashing, are you concerned? Are you going to enjoy that? No. But if you have a written plan, all is set in place. And keep in mind you can alter your written plan if there’s a life-changing event. But you have your plans in place so when you’re on your African safari and the markets crash in America it doesn’t really matter to you. It’s okay because your plan is written, and you have the built-in contingency plans for different situations that can happen. It’s a beautiful thing.
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MIKE: Another one, “my grandchildren needed a caregiver while their mom continued to have to work.” So, she retired and helped take care of the grandkids. That’s a very special moment. And there’s other ones. “I had to work, or, I have worked from age 16 to 71 and I said it’s enough. It’s time to enjoy the income that I’ve earned for my lifetime.” The last one I want to mention here is “I was forced into retirement due to workforce reductions.” The next market crash, this is going to be a very big reality for a lot of retirees.
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MIKE: A written plan, if you’re not even retired, a written plan for how you will retire and what it will look like alleviates these pains that could happen and gives you options, making you the hero of your life, making you, I mean, the victor.
CLAYTON: Right, well, and I was looking through some of those quotes that you had, and one of the things that stuck out to me is someone talked about there’s some sickness in their family, but in the quote, she mentioned, “Everything we had planned went up in smoke.” Now, that one stood out to me because she had to retire in her late 40s because her husband got cancer.
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CLAYTON: And so, those are the kinds of things that you have to consider. Have the flexibility in your plan that, if something like that comes up, you can pivot, you can adjust.
MIKE: Can I throw some more context at this? The importance of getting a written plan. Now, folks, if your guy or gal that you work with is not giving you a written plan and you asked for one, there’s a high probability, if the planning wasn’t done foundationally by a written plan, that they’re going to probably just make something up for that need because they don’t want to lose you as a client.
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MIKE: If you start right, you have a high probability of ending right. If you start wrong, you have a low probability of ending right. Approximately one in three retirees retire when they were planned, but the good news is that 56 percent of all retirees retired sooner than planned. And I say good news. I hope that’s good news because I hope it’s not for medical purposes or layoffs. It was “Hey, we’ve earned enough money in this incredible bull market and we can retire now. Let’s just do it. Let’s just enjoy our time.”
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MIKE: And I know just by the numbers not all had a written plan, but good for them for taking the time to retire, because time is our most precious commodity. More than half fully retired from 65 or earlier.
CLAYTON: That’s interesting because I think a lot of people think they’re going to make it into their late 60s, but…
MIKE: Why?
CLAYTON: The stats say that it’s going to be before 65.
MIKE: 65 or earlier and give yourself 15 years of healthy retirement, because around 81 is when the health typically declines rapidly. Now, this is interesting.
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MIKE: Few strongly agree that they have built a large enough nest egg, and this is one of the biggest concerns, Clayton, if you think back on your clients. How many came in and said, “Yep, we’ve got enough assets. We’re good to go.”?
CLAYTON: And those that thought they had enough assets didn’t know what to do with ’em, even if they thought they had saved up enough. But it was the vast majority came in and said, “You know what, we don’t know. We don’t think we have enough.”
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MIKE: Yeah, and then on top of that, Clayton, when you put a written plan in front of them, how did the sentiment change?
CLAYTON: Oh, it was great to see. It was a great conversation because I could see that it was a visible sigh of relief to see “We actually are going to be okay. What we’ve done has been great.” And for the spouse that worked, if there was one that stayed home, there was kind of a pat on the shoulder or a pat on the back and kind of that endearing “Thank you for doing this. Thank you for working so hard. The fruits of our labor are here in front of us and we can actually enjoy what we’ve saved up to do.”
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MIKE: “Pop the champagne. It’s time to celebrate.” Now, this is an interesting one, is that 68 percent of all retirees want to remain in the home they’re currently in, yet it’s common practice, unfortunately, in the financial retirement space to talk about reverse mortgages. No, that is the last resort when you’re in dire straits and everything else has gone wrong. Please, please, please proceed with extreme caution about a reverse mortgage. That’s…
CLAYTON: Oh, those kind of just makes me cringe hearing about it.
MIKE: But here are the thing that people want to do in retirement. Imagine this. Imagine yourself spending more time with family and friends.
SRR S3 E31_MIXDOWN [00:14:21]
MIKE: Imagine yourself pursuing hobbies. Imagine yourself traveling. Those are the things. And where would you travel? Clayton, if you were retired right now, and just out of curiosity, where would you go? Now, keep in mind the first vacation you take in retirement needs to be a week longer than your normal vacation to break up the monotony and kind of reset emotionally this new phase of your life. So, you’re going to spend, let’s say, three weeks somewhere. What are you doing?
CLAYTON: Oh, man, that’s a tough one. But I think I’d like to go to the U.K. and spend some time.
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CLAYTON: We’ve got some heritage from up there, and I think it’d be fun seeing some of those historical sites and kind of seeing where at least my ancestors kind of came from.
MIKE: Yeah, okay, there you go. All you save for retirement, radio listeners, there’s one option for you.
CLAYTON: I mean, I know it’s not the tropical vacation, but I don’t know, that to me seems fun and interesting.
MIKE: It’s better than, what’s that guy in Wisconsin, whoever that went to Africa to hunt exotic animals. It’s so dumb.
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CLAYTON: Yeah, yeah. I don’t know, I’d like to see some of those heritage sites, and so that would be where I would go, anyway.
MIKE: Okay. Now, a last few things here, then we’re going to wrap up this segment, is three in 10 retirees used a financial professional before retiring. That’s 33 percent, okay? But only 12 percent of retirees have a written plan. That means that two-thirds, roughly speaking, of financial professionals are not giving written plans, and a lot of them are not using financial professionals for their retirement. They’re using ’em for accumulation.
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MIKE: So, for those, and it proves my point here, that approximately… well, of those who are using a financial professional, 77 percent are using them to make retirement investment recommendations such as, well, what mutual funds, annuities, stocks, bonds, ETFs, et cetera should I invest in? Here’s what’s interesting. That is an accumulation conversation and it is ludicrous for any retiree to say, “Okay, mister broker XYZ, I need to grow my assets. What should I invest in?” and they’ll say, “Oh, well, you know, invest in stock this and stock that.”
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MIKE: “But you gotta figure out your income. You can pull about four percent, but good luck.” That’s like a doctor saying, “All right, so, you’re fixed, you’re good to go, but you’re going to do your own physical therapy and take care of yourself, and it gets infected, well, good luck. You’re on your own from this point on.” Like, and I know the analogy is somewhat weak, but to expect a retiree to wing it is ludicrous that they work with three or four conflicting financial advisors to have the same outcome.
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CLAYTON: Right, well, and that makes me question, if one-third dealt with a financial advisor but only one in 10 has a written plan, what were those advisors doing the whole time?
MIKE: It’s accumulation, which is a wonderful service if you’re in your 20s, 30s, or 40s and early 50s. But when you’re within five years of retirement at least, writing your plan down is critical. And we’re talking about that later in the show today, but if nothing else, Clayton, if you’re listening right now and you want to work with a professional that specializes in written plans, that’s what we do at Decker Retirement Planning.
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MIKE: The number one reason people come to us is to get a plan that articulates what they want in retirement. It articulates the narrative and the dream that they want in retirement. So, if you want to get one, call us right now. 833-707-3030, and when you call in you’re going to get a friendly voice who’s going to gather some information for you so we can call you on Monday and then schedule a time for you to visit in one of our offices in Washington, in California, or in Utah.
SRR S3 E31_MIXDOWN [00:18:23]
CLAYTON: I mean, imagine this. You wake up, you roll over, you kind of you smack your spouse on the shoulder to see if they’re awake, and you say, “Hey, what day of the week is it? Is it Tuesday?” Your spouse says, “Oh, I don’t know, I think it’s Wednesday.” But guess what? It doesn’t matter because you’re retired, so every day feels like a Saturday and you can get up, you can do whatever it is you want to do that day because you’re retired.
MIKE: Mm-hmm. And here’s what this visit is. It’s a visit, it’s relaxing, it’s a good time.
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MIKE: You come into our office and we want to help understand what you’re looking for to get out of your retirement, and then help you write your plan, including social security optimization. We want you to get the most out of our social security as possible. We want to make sure that we can include the principles that govern proper retirement planning in your written plan that you can… whether you work with us or not, you have the structure, the narrative, that’s able to articulate what you want to do in such a way that, if you’re in the Bahamas jet skiing and we have financial crisis in America, you’re not affected.
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MIKE: You’re okay and you can continue your travel plans, your plans with the family, and you can continue to pursue your hobbies without concern.
CLAYTON: So, what the visit is… and then we’re not going to lock the door, throw the key away.
MIKE: Yeah, this is what it’s not.
CLAYTON: Yeah, it’s not a high-pressure sale situation. You don’t have to bring your checkbook or anything. It’s coming in. Our fiduciaries, they just want to understand what your needs are, what’s important to you, look where the gaps potentially are, and put that written plan together for you.
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CLAYTON: So, if this is something that you’re interested in, give us a call, 833-707-3030. Again, that’s 833-707-3030.
MIKE: Now, Clayton, the biggest part of the written plan, besides, you know, the beautiful colors that we put on there and, you know, your name at the top, is the income streams that you create.
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MIKE: And this is probably one of the biggest parts that get my goat when it comes to income streams, because the traditional broken model, traditional because it’s what most other people are doing, broken because we have evidence that shows it is broken, yet it’s still being trotted out, is the two options of the variable income based on four-percent distributions from your asset allocation, your pie chart.
SRR S3 E31_MIXDOWN [00:20:59]
MIKE: Who in their right mind wants variable income? “Oh, honey, great, we get 60 thousand dollars this year from our assets, plus our social security. We’re about, okay, you know, about 100 thousand total. This is fantastic.” Next year, markets roll over. “Well, we’re 30 thousand dollars less in our income this year, but that’s okay. We’re still retired.” No!
CLAYTON: Yeah, so… gosh. And so, when you say the four-percent rule, it sounds like you’re talking about the rule of thumb that a lot of bankers and brokers have used in the past to just say, all right, this is your total asset base.
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CLAYTON: If you take four percent… and it might be three and a half, it might be four and a half, depends on the person you’re talking to, but about four percent is historically where it’s been. You’re taking that every year.
MIKE: Every year.
CLAYTON: Because regardless of whether you’re at on the stocks or the bonds side of things, historical averages would suggest that you’ll get beat, that four percent will get beat. But what happens when the market crashes?
MIKE: You know what really gets my goat, Clayton, is we’ve sat at financial planning conferences, on the panel, interviewed, and what’s hilarious is the conversations that are happening in the open Q and A after.
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MIKE: You know, it’s usually one of us and then two other professionals, and the big question always comes up. “Is four percent the right metric this year? Is it three percent now? Is it six percent now?” How in the world can this rule change? That’s like saying, okay, I want to get the… football. All right, in this game you can clip, so and you can hit someone in the back and that’s okay, and you can spear with your head. All bets are off. But in the next game you can’t.
SRR S3 E31_MIXDOWN [00:22:45]
MIKE: And then let’s, halfway through the game, change some rules. Like, no, that doesn’t work that way. Retirees need consistency. They need structure. They need stability. The four-percent rule does not offer that, point simple, point blank, just that’s it, that’s it. There’s no debate about this. And what’s so fun is when we come out and explain our knowledge and our research, the other panel typically goes quiet. There’s a hush over the room and people go, “Shoot.” [LAUGH] It’s fun and in all good spirits.
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MIKE: But the other side, the other extreme, are life-locked-up income annuities. Who in their right mind, if you do the math transparently, wants to put their assets into a self-made pension that gets an insurance company rich? Now, I know I’m not saying that very neutrally here, but let me just explain. The average rate of return on cash value for income annuity is around two percent a year. You can get that in money markets or a savings account right now, but a money market savings account is liquid, and an income annuity is not.
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CLAYTON: So, I want to say what you just said again and slightly different, just so our listeners here, again, what you said, ’cause this is very important, please, please listen to this. When taking lifetime income out of an income annuity or a life annuity, when you do that, if you run the numbers out to life expectancy, you might hear… and this is how they’re pitched typically. “Oh, you’re going to get a guaranteed seven or eight percent.”
MIKE: 10 percent bonus!
CLAYTON: “10 percent bonus. You’ll get that bonus. You’ll get that guaranteed percentage.” But what they don’t tell you is that if you run those numbers out to life expectancy, your return is looking to be closer to that of about a savings account.
SRR S3 E31_MIXDOWN [00:24:35]
CLAYTON: Now, we are in a historically low interest rate environment. Trends would suggest that we’re only going to get higher from here on out. So, at 1.8 percent in a historically low interest rate environment on a savings account, it’s probably pretty safe to say that that’s where we’re going to be at for a while, or at least a little higher than that.
MIKE: Yeah, I mean, I don’t think our government’s going to do the negative interest rate gain that Venezuela and Japan and some other countries are doing.
CLAYTON: Right, so…
MIKE: So, where else are we going to go?
CLAYTON: Yeah, and why lock… well, obviously with the tax and the debt that we’ve got…
SRR S3 E31_MIXDOWN [00:25:10]
MIKE: Zero flexibility in the rest of your life. So, if you get one major life crisis event that happens, you are S.O.L.
CLAYTON: Right. You’re locking your money up, you’re not getting the return that you thought you were getting, and I’ve seen it time and time again. We do the calls. If any of our listeners have an annuity or are considering an annuity, please let us take a look at it. We can look at the numbers and see how, and talk you through it, real, plain language, how it’s actually going to perform.
SRR S3 E31_MIXDOWN [00:25:42]
MIKE: Here’s the core principle here. When you have income or when you need income, everyone needs income in retirement, you need to draw it from income or principal-guaranteed sources, not income annuities and not drawing it from a fluctuating rollercoaster account. And, yes, I would even consider bond funds in that category because at all-time-low interest rates, if interest rates go up, bond funds lose money and bond funds are not safe money.
CLAYTON: So, when you say bond funds, you’re talking about mutual funds that are tracking bonds or holding bonds within them?
SRR S3 E31_MIXDOWN [00:26:17]
MIKE: Correct, and they’re being trotted out as safe investments. Well, no, they’re not. They can lose money.
CLAYTON: Right. Yeah, they’re typically brought up as an alternative to being on the equity side, being in the stock market, because it’s been considered a safe invest? I say that with a question mark because right now it’s not a safe investment.
MIKE: It’s not, yeah. So, when it comes to your income, it is up to you how you want to structure it. The markets have an 80 percent chance, roughly speaking, on crashing every seven to eight years. We got lucky in 2015, but we’re due for the next one. It’s just a pattern that goes back for decades.
SRR S3 E31_MIXDOWN [00:26:58]
MIKE: If you want to plan your income for five years, 10 years, 15 years, or 20 years, that’s up to you. And there’s a lot of principal-guaranteed investments that are out there, but don’t lock ’em up in a way to like an income annuity where you’re getting payments for life. That’s not there. It’s going to take a little elbow grease from you, but doing so gives you so much more advantage on what is going on here. And, Clinton, you said you’d do the calls. Here’s a fun little statistic. You do the calls on annuities.
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MIKE: Most annuities seem to be paying around two, three percent. Of the 14-plus thousand annuity variations that exist right now, and we have the database and we scan it regularly so we’re informed when these come in, there’s only about three to five of them that are earning more than four percent. Only three to five of the 14 thousand variations of annuities out there. So, can you understand why we may be a little bit harsh on income annuities?
SRR S3 E31_MIXDOWN [00:28:07]
MIKE: And then the other aspect, the other side of the coin, markets are topping right now. We have an 80 percent chance of another market crash, historically speaking around 80 percent. If all your money’s at risk, is that good for your retirement? And these are the extremes that people plan with. You don’t have to put yourself at this kind of risk. You don’t have to lock yourself up with that kind of inflexibility. You can plan out a certain part of your life, ladder, I don’t care, CDs, bonds that you’re comfortable with, equity indexed accounts, whatever it may be, and so when the markets crash you have time to recover.
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MIKE: God forbid that you have to even recover.
CLAYTON: Well, and the point of this too is so that your income is unaffected when the markets do crash. That’s why that principle exists of drawing income from principal-guaranteed accounts.
MIKE: Mm-hmm.
CLAYTON: So, if you want to learn more about what principal-guaranteed accounts are… I know we’ve kind of used some industry jargon there.
MIKE: And there’s a couple that are paying five to seven percent that most people are not being told about.
CLAYTON: And if you want to learn about these, we can talk through it. We can show you what’s out there, see if they’re a good fit for you and your needs because what your neighbor needs and what your neighbor wants isn’t going to be the same as what you need and what you want.
SRR S3 E31_MIXDOWN [00:29:29]
CLAYTON: Everybody is different, and that’s why a written plan should be different for everyone. So, if you want to learn more about this, give us a call at our number, 833-707-3030. When you call, we’ve got a friendly voice. If you call on the weekend, they’re going to take your information. We’ll get back with you on Monday. We’ll schedule a visit so you can come in, no pressure, and talk to us, and we can show you what that written plan looks like.
MIKE: Now, just imagine this. Just for the sake of conversation, imagine this. Imagine that you’re at a park with your friends and family, just having a good time. The sun is shining. The grass is nice and toasty in between your toes as you’re walking through and you’re playing.
SRR S3 E31_MIXDOWN [00:30:09]
MIKE: Let’s say you’re playing with the grandkids right here, and your friend calls you up and says, “Hey, you know, we’re going on that cruise we talked about years ago. It’s been a while. We’re excited to go. Do you want to go? Sunny day, great idea on the vacation, markets are struggling. But you have a written plan and your income for the next seven or eight years at the very least. It’s guaranteed. You’re good to go. Do you feel comfortable going on that trip? Your written plan says you can. Your finances say you can. Your friends, most of your friends may not, but you and your friend you have your written plan.
SRR S3 E31_MIXDOWN [00:30:46]
MIKE: You planned correctly. You listened to the principles. You can go on that trip. You can take that call and say, “Yeah, you know, let’s do it. Let’s go scuba diving in the Caribbean at Turks and Caicos and Saint Martin and Saint Croix and all the different Virgin Islands,” and have the time of your life.
CLAYTON: And what these visits look like, and we’re really proud of our offices, so when you come in, they’re comfortable, get you a snack, get you a drink. You’ll sit down with the planner. They’re going to review what’s important to you.
SRR S3 E31_MIXDOWN [00:31:18]
CLAYTON: They’re going to find out what you are looking for, because these visits, just as much as you’re trying to find out if your financial planner’s a good fit for you, that’s what we do with our clients as well. We want to make sure that they are a good fit for us. And so, we have an open conversation.
MIKE: Yeah, and I want to be clear. I want to explain what the visit is not. The visit is not a place to make financial decisions. We just met you, for goodness sake. Leave your checkbook at home. It doesn’t cost you a dime. The visits are not high pressure. They’re relaxing. It’s a good time to get clarity and understanding and get a written plan so you can see what’s going on in your retirement, where you stand.
SRR S3 E31_MIXDOWN [00:31:59]
MIKE: And for most people that aren’t retired that come in, we’re showing you how you can retire earlier and still get more money. It’s a beautiful thing.
CLAYTON: Now, if this is what you want, give us a call. You can reach us at 833-707-3030. Again, that’s 833-707-3030.
MIKE: We were just talking, Clayton, about the importance of income stream. It was actually when we first started the show, if you’re just joining us, this is Safer Retirement Radio, we talked about the importance of a written retirement plan.
SRR S3 E31_MIXDOWN [00:32:29]
MIKE: Only 12 percent of retirees have one, yet it is the reason, in my opinion, it is the reason that retirees see success when markets turn over, when life happens, and you get that emergency call that you were dreading your whole life. With a written plan, you’re able to react. We’ve also been talking about creating income streams that are not income annuities that lock you up for life, and they’re not the four-percent rule, which is also known as the variable income play for life, where the markets and whims of Wall Street tell you how you’re going to live. Oh, it’s terrible.
SRR S3 E31_MIXDOWN [00:33:09]
MIKE: But we need to talk about divide and conquer your assets because it is possible to have your cake and eat it too when retirement planning is implemented correctly. Let me explain. And I had this question actually last night. See, there was… and Safer Retirement Radio listeners, you may fall into this category. You may not, but you may. Was talking to a couple just the other night. It was after one of our Ruth’s Chris dinners. We were talking about retirement planning and best practices and the SECURE Act and how retirees’ lives have been changed by the new regulations in Wall Street.
SRR S3 E31_MIXDOWN [00:33:46]
MIKE: And they said, “Look, we’ve got a great guy, I mean, and we go there, and we say, “Hey, here’s what we’re trying to do. Here’s how we feel,” and then he changes different investments and allocates it differently,” and he’s just building their assets and he said, “It’s great, but it’s all at risk, there’s no written plan, and we don’t know how we’re supposed to draw income from it other than coming up and saying, “Hey, we need 10 thousand this month. Is that okay?”.”
SRR S3 E31_MIXDOWN [00:34:12]
MIKE: When we went through the importance of dividing and conquering your assets, the light bulb turned on and they saw clearly how they can organize their retirement, start creating their written plan, and have success. And these are medical professionals that are brilliant but do not understand finance and they openly admitted to it.
CLAYTON: I just don’t think that anybody should ever have to go to their advisor with their fingers crossed, hoping, “Hey, I gotta make this call. Let’s hope that there’s some money there. Let’s hope that our investments are done well enough.”
SRR S3 E31_MIXDOWN [00:34:51]
CLAYTON: Having a written plan allows you to get past that. Now, in the last segment, we talked a little bit about… we talked about principle number one, only drawing income from principal-guaranteed sources.
MIKE: Correct.
CLAYTON: But that doesn’t mean that all of your plan has to be in principal-guaranteed sources.
MIKE: It probably shouldn’t, actually. I don’t want to “should” you into something, but it really shouldn’t be that way because that’s all your eggs in one baskets. Can I give you the conundrum, Clayton? The phrase “you can’t have your cake and eat it too,” the essence of the conundrum retirees face.
SRR S3 E31_MIXDOWN [00:35:26]
MIKE: There are three characteristics of every investment. An investment can grow, an investment can have liquidity, and an investment can have principal protection. The conundrum is you can only pick two.
CLAYTON: Oh, I wish that there was something that gave all three.
MIKE: Yeah, if you can invent it, the world would appreciate it, but it just can’t happen. At least, no one’s figured it out. So, what do you do? Well, most practices of financial professionals they pick two and they build plans around those two.
SRR S3 E31_MIXDOWN [00:35:58]
MIKE: For example, the banker-broker model that uses the four-percent rule that’s, you know, let’s draw income from a variable account, so your income may be variable, or we just hope it works out over the long haul. Sigh, hope, sigh, is that it’s growth and it’s liquid. But we can always move things around. We can always make adjustments. There are some brokers that they got rich in 2008 because they kept moving investments around and kept making the commissions off of those transactions. Is that in your best interest? I would suggest probably not.
SRR S3 E31_MIXDOWN [00:36:30]
MIKE: And then you’ve got your insurance agents pitching, again, the other extreme, these locked-up annuities, these locked-up life income annuities, to where they have growth kind of and they have principal protection, but there’s no liquidity.
CLAYTON: And, yeah, and 90 percent of your money is tied up. You don’t have access to it.
MIKE: But they build their practice around it, and they pitch this and sling it all day long. And then you’ve got there’s not really much of a market here.
SRR S3 E31_MIXDOWN [00:37:00]
MIKE: I mean, the banks do this, and, you know, good for banks because we all need one to put our money somewhere, but they have checking and savings accounts, and you’ve got liquidity and you’ve got principal protection, and hopefully that bank never goes out of business. I think the government would bail out if Chase or Wells Fargo or, you know, these banks would ever go under. But needless to say, okay, principal protection, liquid, we’re talking about a checking account. I don’t think there’s any huge concerns about the stability of your checking account, other than your budget, and that’s on you.
SRR S3 E31_MIXDOWN [00:37:37]
CLAYTON: Yeah, well, and with a savings account, I mean, really, when I’ve talked to folks about this before, it’s been with the intention of put it into an account you don’t look at every day so that it’s there in an emergency, you need a new roof or you need a car repair. Your car breaks down. You’ve gotta maybe get a new car. Those kinds of things come up more often than I think a lot of people want to admit. You think… I mean, a roof you can plan for, but maybe that freak storm blows through and it blows a bunch of your shingles off your roof.
MIKE: Gosh. An ice storm comes through.
CLAYTON: Yeah, I know a couple of our markets have dealt with that lately, Salt Lake, Seattle. We’ve dealt with some ice storms in the last couple of weeks.
SRR S3 E31_MIXDOWN [00:38:17]
CLAYTON: Now, as a quick aside, I’ll tell you a funny story about what just happened to me this morning, actually. Left my house, went for a walk this morning, got about halfway down my driveway, my driveway’s on a slope, slipped, fell, slid all the way down my driveway because of the ice. And these are the kinds of things, I mean…
MIKE: They just happen.
CLAYTON: I know, it’s a funny story and I laughed about it as I kind of grabbed my elbow, walking away in pain. But so, when these kinds of emergencies come up, having emergency cash in a savings account is a great place for it. It has a purpose.
SRR S3 E31_MIXDOWN [00:38:50]
MIKE: You know what’s funny is when they say that the storm’s coming in, milk and eggs near sold out on the grocery stores. Snow storm coming in, milk and eggs sold out the day before. But yet, we’re not treating our retirement plans the same way. Now, Clayton, I said I would give you the secret recipe on how you can have your cake and eat it too. You want to know what?
CLAYTON: Let’s hear it.
MIKE: It’s so simple. It’s probably going to upset some people listening in here. The light bulb typically goes on right here.
SRR S3 E31_MIXDOWN [00:39:21]
MIKE: Depending on the income that you need, the assets that you have, and the age that you are, as in like are you going to have a 30-year retirement, a 20-year retirement, a 40-year retirement, you divide your assets into those different categories. Let’s do the easy one first. About 20, 30 thousand typically goes into a savings account or a money market account. It’s principal protected and it also is liquid for when life just happens, the car breaks down, need a new roof, whatever it is. It’s discretionary and emergency cash, okay? We’ll check that off the list, yeah?
SRR S3 E31_MIXDOWN [00:39:53]
CLAYTON: So, that’s those two points you talked about, of the three of that investment triangle, we’ll call it, you’ve got two of the three points through that aspect.
MIKE: Yeah, not really growing, but it’s there, okay? And 20, 30 thousand typically is not that much of a retirement plan. It’s a small portion of the bigger picture. The remaining assets you’re going to divide up, and it depends on your situation, but you’ve got some assets that are going to have principal protection and growth. Some assets they’re going to have liquidity and growth. Why do you do that? Let me explain.
SRR S3 E31_MIXDOWN [00:40:28]
MIKE: You don’t need all your eggs in one basket. So, let’s map out how much income you want, and then let’s map out your income for the next 20 years and stagger that with diversified principal-guaranteed accounts that will grow. And then what we typically do for our clients is we help distribute those assets to you. We take care of the income for our clients so they just receive the check coming in from a principal-guaranteed source. So, if markets tank or they go sideways or anything happens, they’re not worried because the next 20 years their income is set. I want to point this out, though, this is critical. No principal-guaranteed account that I’ve ever come across with is a lifetime source of income.
SRR S3 E31_MIXDOWN [00:41:06]
MIKE: There is an expiration date on these assets. They’re going to be done however long. If you want to plan income for 10 years or 20 years, at that point then your income is done, so what do you do? Well, the other assets that you have have a longer term horizon. These are the growth and liquid assets, typically stocks, mutual funds, ETFs. These are the ones that have the higher probability of higher growth. They have risk, but you don’t draw income from them. Remember the first principle, draw income from principal-guaranteed sources.
SRR S3 E31_MIXDOWN [00:41:37]
MIKE: These assets are kind of like what your 401(k) was. They’re kind of like what your savings accounts that were invested at your broker or whatever custodian was that kept growing. Over 10 years, if the markets do tank, you’ve got chances to recover. If you want to use a two-sided model, that’s what we use for our practice, that’s designed to make money in up or down markets, it continues to grow. But you don’t need to touch it for at least 10 years. Now, here’s what that means to you. What it means is you’ve got assets over here on one side that are growing rapidly.
SRR S3 E31_MIXDOWN [00:42:11]
MIKE: They’re doing what’s most familiar to you, and that’s growth. Growth, growth, growth.
CLAYTON: Which is like the 401(k)s, right? For somebody that’s in their 30s or 40s, you’ve got that 401(k), you’re still working, so you can…
MIKE: You grow it. That’s it.
CLAYTON: You grow it. And if the market drops, you’re still working. You’re not drawing money out of it.
MIKE: You’re not drawing money out of it. Your income is not affected. It’s the long-term play, because over here on the other side you’ve got, plain and simple, assets that are paying you income and it does not mon… they can grow.
SRR S3 E31_MIXDOWN [00:42:42]
MIKE: For our clients, these assets, the ones that we’ve been recommending, are averaging anywhere from four or five, six, seven percent, depending on what they decide to go with. That’s pretty cool. Principle-guaranteed accounts growing four-plus, four, five, six, seven percent. The beauty of it, though, is it cannot lose money. Your income is set. The fear that your income, that you can outlive your income, or you want to know how much… all that’s gone. There’s no fear on income anymore. Just like your employer paid you a check, we’re making sure that you get that same check and that it is seamless.
SRR S3 E31_MIXDOWN [00:43:20]
MIKE: This is how you can have your cake and eat it, too. You’ve got to divide and conquer with your investments because there is no one-size-fit-all strategy. And if you want all of your investments to be diversified solely by risk, you’re missing the boat. You’ve also gotta diversify by purpose.
CLAYTON: So, if you want to learn more about what this second principle is, diversifying by purpose and not just by risk, give us a call. Our number’s 833-707-3030. We’ve got a friendly voice standing by to answer the phone.
SRR S3 E31_MIXDOWN [00:43:53]
CLAYTON: They’re going to take your information. During the week, during business hours, we’ll get in touch to get an appointment scheduled so that you can come in for a no-pressure sit down with one of our fiduciaries.
MIKE: Just picture this. You’re in a movie theater right now, okay, just by yourself. If you have a spouse or significant other, they’re next to you. Curtains draw and the movie starts and it’s your retirement. What does that look like? And where are you? What are you doing? Are you traveling? Are you pursuing hobbies? Are you with friends or family? What does that look like? Just imagine that for just a moment.
SRR S3 E31_MIXDOWN [00:44:29]
MIKE: Now imagine what is holding you back from getting there. It’s either a written plan or it’s a lack of clarity, which is not your fault. That’s your financial professional’s fault that’s keeping you in the dark of understanding how to get there. And maybe some of you out there that are listening right now have a strategy to get there but no written plan. We’re here. That’s the point of the visit.
SRR S3 E31_MIXDOWN [00:44:58]
MIKE: The visit is here to help give you a written plan, whether you invest with us or not, so you have clarity on how to have a successful retirement regardless of the financial windstorms and catastrophes that may lay ahead.
CLAYTON: So, when you come in, here’s what these visits look like. You come in, the fiduciary, the financial advisor that’s there is going to take your information, going to have a conversation with you about what’s important to you, what it looks like. But you don’t bring your checkbook. No financial decisions are made. This is just to get an understanding, person to person, of what is important to you, what’s important to the planner.
SRR S3 E31_MIXDOWN [00:45:36]
CLAYTON: That way, both of you can work together to build out your ideal plan.
MIKE: Here’s what it’s not, though. Not a high-pressure situation. Not going to lock the door, swallow the key. Not going to get in there and say, “All right, write your check. We’re doing this.” Absolutely not. We’re not going to ask you for account numbers or statements. We’re not going to be asking you for your social security information. We’re not going to be asking you for you to pay us for this visit. We’re not going to be… none of that.
SRR S3 E31_MIXDOWN [00:46:12]
MIKE: There’s no financial decisions made. It is relaxing. It is a good visit, have some nice snacks in there, a couple good beverages, and we can sit down and talk about your hopes, dreams, wants, and needs and understand what you’re trying to get out of your retirement, when you want to get there, and that allows us to then give you the first iteration of a written plan that you can take home and really ponder, “Are we set up for success or do we need to make some adjustments?”
SRR S3 E31_MIXDOWN [00:46:44]
CLAYTON: Well, and maybe you’ve got 99 percent confidence in your current plan, but there’s just that one percent, that nagging feeling that “I just need a second opinion. I just need to make sure that what I’ve got it works for me and is going to hold up.” Come in, come talk to us. We give second opinions and we can confirm that you’re already on your way, if you are.
MIKE: Happy to do that. 833-707-3030. Again, that’s 833-707-3030. You’re listening to Safer Retirement Radio. We’ve been taking about the importance of getting a written plan. Only 12 percent of retirees have a written plan.
SRR S3 E31_MIXDOWN [00:47:22]
MIKE: A lot of people have a, quote, “strategy,” but it’s really centered on an accumulation plan. Let’s get you a written distribution plan to have success for retirement. We were talking about creating income streams, not the locked-for-life income annuities and not the variable income, four-percent strategy. We’re talking about real written strategies to create real income streams so that check is seamless for you. We’ve also been talking about dividing and conquering because when retirement planning’s implemented correctly, when it comes to investments, you can have your cake and eat it too. It just takes a little bit of hard work and elbow grease to get there.
SRR S3 E31_MIXDOWN [00:47:58]
MIKE: Let’s finish up the show, Clayton, on talking about the importance of a distribution plan. This is one form. This is the form that we use as a written plan to give our clients context and clarity to the health and stability of their retirement. Can you… and this is how we’re solving the epidemic retirees are facing right now, which is, number one, fear, “Will I run out of money before I die?” and number two is “Well, how much do I even know? Do I even know how much income I can take from retirement?” Because most of the industry is guessing.
SRR S3 E31_MIXDOWN [00:48:31]
CLAYTON: And, Mike, for me there’s two phases for, I guess, money management. There’s the accumulation phase and that’s where you’re working, you’ve got your 401(k), you’re saving up your money. It’s got the ups and the downs. It’s the rollercoaster. That’s very familiar to people. But then you get into that phase, the distribution phase where, now that you’ve earned it, it’s time to use it.
MIKE: It’s time to use it.
CLAYTON: And using it is going to be different for everybody out there.
SRR S3 E31_MIXDOWN [00:49:01]
CLAYTON: You’ve got some folks that want to use it to spend time with grandkids, others that want to use it to travel, others that want to do volunteer work with it. And there are some that they’re going to live on the lowest income they can, and they’re just going to pass assets on to beneficiaries, but they want to do it in the most effective way possible. Using a distribution plan applies for all of that. It’s how you can effectively use your assets in those later years of your life.
MIKE: Now let’s talk about the anatomy of a distribution plan a little bit, Clayton, ’cause we don’t have time to run the numbers and, frankly, we’ve had a lot of Boeing engineers come to our office because they love the mathematical approach.
SRR S3 E31_MIXDOWN [00:49:38]
MIKE: I mean, they’re engineers, right? They love that. We do the math for everyone listening right now. We don’t expect you to have to use your calculator for this. That’s our job. But I’ve yet to have even a Boeing engineer recreate our plan and get it right. It’s pretty cool what we can do, because it’s complicated on the back end, it’s simple on the front end that you can see, and here’s what we’re doing. Here’s the anatomy. The very left side of it you see your monthly income, net of tax. That’s the most important number. And the big question is are you okay with that?
SRR S3 E31_MIXDOWN [00:50:14]
MIKE: Does that number work for you or does it not? All the rest of it I’ll go through right now, but that’s the number one number on the plan. Can you live off of that net monthly income? If the answer’s yes, you can retire, congratulations. If it’s no, we can then figure out when you can retire to hit your number. Now, here are the other aspects. Social security. If you file too late… or, excuse me, let me say it this way. If you file too early your income may be hurting, but if you file too late you may be hurting your estates. Here’s what I mean by that.
SRR S3 E31_MIXDOWN [00:50:47]
MIKE: Social security optimization is this independent conversation by the industry right now that says, “All right, so, if you’re going to die before 81 file at 62, and if you’re going to live past 81 file at 70. Good talking to you. Now let me sell you this…” fill in the blank. That’s not real optimization because there’s bridged planning that happening. If you are going to retire at 60 years old and you’re going to take your income at 70…
CLAYTON: Your social security income, right?
MIKE: Your social security at 70 but you retire at 60, there’s a 10-year gap. Where is your income going to come from? These are the healthiest years. Do you want to live with less during the healthiest years? Probably not.
SRR S3 E31_MIXDOWN [00:51:27]
MIKE: But it’s dwindling your estate to get there. But if you file at 62, you’re taking less of social security than you could. You’re healthier. You can preserve your estate because there’s less burden on your assets. This is one part of planning that we like to do. Real estate is a big part of it. Our clients that typically have rental real estate as a part of their portfolio, keep their rental real estate. I can’t express that enough. We’re financial professionals. We make money on investing your assets. I mean, that’s what everyone does, right?
SRR S3 E31_MIXDOWN [00:52:04]
MIKE: Yet we are encouraging people to have rental real estate to keep those homes because they’re making them good money.
CLAYTON: Yeah, the real estate market’s been hot. Now, that doesn’t mean all of our listeners should go out and buy a rental or get into real estate.
MIKE: No, if you don’t have experience with it, please proceed with caution.
CLAYTON: Because anybody that I’ve talked to that has done it, there’s myriad headaches that can come along with doing that. So, one of the things that this distribution plan shows you is it shows you each income stream. This is how these are built. It shows you the income streams. It shows you how does your pension fit together with your social security and how do those fit together with the rental.
SRR S3 E31_MIXDOWN [00:52:41]
MIKE: And you can compare. Pension versus lump sum. What’s better? Everyone’s plan is different. And it’s so simple. You do a lump sum, you run the numbers, and then you do a pension and you run the numbers, and then you look at that same number, net income from assets. What’s that number? Which one’s higher? Most people go with that plan and it tends to be a 50-50 split between net income, or, pension versus lump sum, depending on how your company set it up. That’s a pretty cool conversation. I don’t know another practice that’s doing it to this level of detail and that much clarity.
SRR S3 E31_MIXDOWN [00:53:18]
CLAYTON: And so, for the people that I’ve sat down with and I’ve showed ’em the plan and I said, “Listen, here’s all your income streams. Here’s what it totals out for you in retirement. Does this number work for you?” and for the people that said yes, the visible sigh of relief was there. For the people that said no, the plan was then, “Okay, what number do you need? Let’s help you get there.”
MIKE: “Let’s get there.”
CLAYTON: And then we built the plan around. We show people, “All right, your advisor told you you were going to need to work 10 more years.” We did this for a couple once, put a plan together for them and retired them in half that time, getting ’em the number they were looking for because they could see on the distribution plan what they needed.
SRR S3 E31_MIXDOWN [00:53:57]
MIKE: And minimized their downside, as in we help minimized their risk. We reduced it significantly. Because if you’re five years away from retirement and the market does a 40 percent tank, your retirement, if all your assets were at risk, your retirement is going to be delayed about six years for that to fully recover. That’s according to Morningstar’s data on average mutual funds. Is it worth it to you? If it’s not, I would highly encourage you to then give us a call right now, 833-707-3030, ’cause when you call you’re going to get a friendly voice who’s going to gather some information, and then we’re going to call you on Monday to schedule a visit.
SRR S3 E31_MIXDOWN [00:54:35]
MIKE: It’s nice, it’s relaxing, and it’s all about you.
CLAYTON: Now, imagine that you wake up one morning and your spouse leans over and says, “Hey, didn’t we have that thing today? Didn’t we have that errand to run?” and you say, “Well, I think it’s Tuesday. We’re supposed to do that on Thursday. What day of the week is it?” “Well, I thought it was Wednesday.” “Oh, well, you know what, it doesn’t matter because it’s every day is like a Saturday.” You can get up, you can do what you want to. That’s what these principles can allow someone to do when implemented correctly.
SRR S3 E31_MIXDOWN [00:55:11]
MIKE: That’s correct. So, and here’s what the visit is. It’s a visit that doesn’t cost you a dime, to sit down with a fiduciary that’s able to have the conversation with you about what you want to get out of retirement, and then gather some basic information so we can do a social security optimization report so we can build you a safer distribution plan, and we can give you a first iteration of a written plan that gives you the success that you’re looking for in retirement that’s principal based. That simple. A written plan for success for you, your retirement, your loved ones, and all the things that you want to get out of your retirement.
SRR S3 E31_MIXDOWN [00:55:49]
CLAYTON: And here’s what the visit’s not, and I can’t stress this enough. You come in, you’re not going to be told that you have to buy this or this because it is going to be whatever for you. They’re not going to lock the door, throw away the key, and tell you you have to be there until you sign something or pay something or commit to something. That’s not what this is. These are comfortable visits. They’re no pressure. It’s just a matter of understanding each other. We want to understand those that are in front of us, as fiduciaries. We have to, so we want to make sure to gather all the information.
SRR S3 E31_MIXDOWN [00:56:22]
CLAYTON: And just like you want to understand where we’re coming from, we talk about our philosophy. We talk about what it is that we can offer so that you have that full understanding. And then eventually if you decide that that’s what you want and that’s what’s interesting to you, then we can take care of things.
MIKE: Call us right now, 833-707-3030. That number one more time, 833-707-3030. We look forward to visiting with you. Thank you for listening.
SRR S3 E31_MIXDOWN [00:56:53]
MIKE: If you’re just catching the end of the show today, you can always go to deckerretirementplanning.com where we post the show so you can recap it. It’s also transcribed so you can read the show, as well as you can catch this show and any previous show via podcast, iTunes, Google Play, Spotify, iHeart Radio, wherever you get your podcasts and favorite listening devices. And the podcasts are released early on Friday mornings at your convenience. You can also go to deckerretirementplanning.com and subscribe to our newsletter, Safer Retirement Newsletter, and get the ins and outs and tips on how the markets are doing, as well as other important life events and how to handle retirement with best practices from health and nutrition to exercise to taking nice trips and tips on how to save money on those, so much more.
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MIKE: You can get all that at deckerretirementplanning.com. Thanks for tuning into the show. I’m Mike Decker.
CLAYTON: I’m Clayton Bradshaw.
MIKE: And this is Safer Retirement Radio. Next week, we’re going to be talking about taxes. Tax laws changed. Your retirement just changed. How does that affect you? Same time, same place on the radio or via podcast. You can learn more about how your retirement just became better. Thank you.
