If You Plan to Retire Soon – Do These Things First!

7.7.23: Audio automatically transcribed by Sonix

7.7.23: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to The Buckeye Advisor with your host, Woody Bowling. Woody is a fiduciary licensed financial advisor and Medicare expert who always places your needs first. Woody works hard each day to educate Americans like you on how to reach the financial freedom they've worked so hard for. And he can help you, too. So now let's start the show. Here's Woody Bowling. Good morning and welcome to.

Woody Bowling:
Everyone joining us today. Whether you're coming in on the podcast after the fact or you're kind enough to join us at the correct times on the radio. We appreciate you joining us. We are The Buckeye Advisor, and that is myself. The show is named after me, Woody Bowling, The Buckeye Advisor. I have a colleague co-producer I'm going to bring in in just a minute. But before I bring Mr. Matt in, I want to say thanks for joining us. These episodes are airing on the radio 94.5 FM Dayton The Answer. Thanks for listening. From 9 a.m. to 10 a.m. on Saturday and Sunday, we are on at the same times now. Ownership has changed. We are on the same schedule. Love it. Thanks for joining us. Whether you're in Centerville, Springboro, Dayton, Franklin. I've heard from so many of those areas over the last 12 months since we started this. I am so happy and blessed to join you today with another fun filled episode. And of course, fun is this guy's middle name and it's Matt McClure. He is the producer and co-host, and he is based in Atlanta, although we won't hold that against him. Welcome, Matt. How are you today? Hey, I'm.

Producer:
Doing great, Woody. I have to say, though, I do love the Buckeye State, so I've spent quite a bit of time there, you know, got friends and family, at least up in the Cleveland area. So, hey, I am sort of a semi-adopted Buckeye myself.

Woody Bowling:
If you are. I like that logic and adopted Buckeye. I can roll with that. And I think that our listeners will probably be just as happy to hear that that you do have a connection besides me to our state.

Producer:
That's right. I mean, you know, The Buckeye Advisor just just one of my many connections to the to the state of Ohio.

Woody Bowling:
I love it. Well, the rumor is and this is the rumor, Matt, that we have another informational, educational, fun type show about financial stuff, retirement stuff, insurance stuff. We'll probably sprinkle a little bit of that in. And you know, we've been getting great reception from our listeners over the last year, and the rumor is we've got another good show ready for the listeners this week.

Producer:
Yeah, you know, I've heard that rumor too, and I have to say it's the best kind of rumor because it's a positive one and it's a true rumor because we do mean, you know, I can pretty much guarantee we've got another great episode here on hand and Ed, you know, you mentioned, by the way, Woody, the the podcast, of course, you can catch us anytime on the podcast. Wherever you find those podcasts, just go there, search for The Buckeye Advisor and we'll be glad to to go, you know, help you out with any of your financial questions that you might have because we've got more than 50 episodes under our belt now. And so a lot of those questions that you probably have, we've touched on or Answered, at least in some way. So sift through those. That'd be a great thing for you to do. You can also go to the YouTube channel if you go to YouTube, search on the app or go to YouTube.com and search for The Buckeye Advisor, you'll find us there. And of course, all of the links to some great information. Past episodes and all of that are up at TheBuckeyeAdvisor.com and that's advisor with an Or by the way. So that's just one of the many ways that you can get in touch with us and subscribe to the show because you know, I mean that's the thing to do here. You'll be updated every time there's a new episode and you kind of never know what we're going to talk about and what we're going to cover on the show. But it's going to be good. And that's kind of the point of what we try to do here.

Woody Bowling:
Yeah, I think that's the fun about, you know, a couple of points there. Number one, we've been here for over a year. We're not a flash in the pan. We're not here today, gone tomorrow. We're here for the long run. And that's why the radio station, when they changed ownership, they wanted us to keep going and doing what we do. They like our content. They like our program. They know that we're an asset to them for their listeners and, you know. We're here for the long run and we're here to help people because that's where our heart is at and we want them to be the beneficiaries of this information. And I want to encourage people, look, if you've got we've Answered a couple of times over the last month, we've Answered a few individual questions that came over that were sent to me, Woody w o d y at TheBuckeyeAdvisor.com. If you've just got a quick question you want to know about, send the email over. We may talk about it on the air or if you want to talk about it personally. And then we can proceed to, you know, going into a more detailed conversation about your own situation. You can do that as well. Or just give me a call. (937) 974-6201. If I don't Answer on that first, just leave me a message and I'll get back to you very quickly. So, Matt, we're excited. We've got some good stuff. The economy is actually been doing pretty well. Aside from inflation, which is still a bugaboo out there, wages are strong. There's still some uncertainty about whether the Fed's going to raise rates at their next meeting later this month in July. I would be remiss if I didn't mention that Sunday, July 9th, is The Buckeye Advisor's birthday. So listeners, if you want to know my favorite colors, shoe size, any of that stuff, just let me know. Shirt size golf. You know what kind of golf balls I like? Let me know. Email me and I'll send you that. And you're welcome to either do the gift in person or by mail, whichever is more convenient.

Producer:
There you go. Well, happy birthday. My gift to you is is in the mail. Just. Just so you know, if it hasn't arrived yet, it'll be. It'll be there. I promise.

Woody Bowling:
I'll be looking anxiously.

Producer:
Please do. Waiting with bated breath by mailbox. But yeah, we do have some some great stuff to talk about here. Woody will do a little bit of an inflation demonstration coming up, talking about the cost of living adjustment for Social Security. That sort of prediction for 2024. We'll get into an update on household debt, consumer debt reaching a new high here in just the last few weeks. Boy, this is not not great news for, you know, people trying to make it each and every day when, you know, our our wallets are so thin, you know, just stretched so thin and our budgets are stretched so thin here. And also, we're going to have some tips for you if you plan to retire in the next few years. Some tips to help you prepare for that. We'll also do a little bit of this week in history as well. First, though, let's get things kicked off with our Quote of the Week.

Producer:
And now wholesome financial wisdom. It's time for the quote of the week.

Producer:
And our words of wisdom this week come from Bobby Knight, of course, the retired college basketball and Olympic coach known for, let's call it an intense coaching style here, may or may not have thrown a chair or two in his career. Bobby, I love it. It said this one time, quote, The will to succeed is important, but what's more important is the will to prepare. Well, that's so true. And, you know, words of wisdom from somebody who knew really what he was talking about. And he, of course, talked about it in a sports context. But preparation really super key from a financial standpoint as well.

Woody Bowling:
It really is. You know, from his perspective, a three time national champion as a coach. It's hard to dispute that kind of success. A lot of people don't agree with the intensity of his coaching style or probably a lot of people didn't agree with it, especially in the last 20 years, in my opinion. People have gotten softer. They don't take criticism as well, whether it be constructive criticism or whatever. I mean, I'm 57 years old, but, you know, some people today are what I will call super sensitive. But Bobby Knight was not would not be a good coaching style for today. But you can't argue with the success he he really preached being prepared and we preach that as well in our show so it does have a great fit. And him throwing the chair infamously that one time across the that plastic chair across the court. I mean, I could watch that every day in slow motion and just crack up. So, look, financial preparedness is super important whether you're five, seven, ten years away from retirement. It's never too late to change habits. It's never too late to put the accelerator down and try to really drive home across the finish line that last 7 to 10 years if people don't feel like they're quite there yet. But if you've been fortunate enough to be in a 401. K or 403 B for several years and you have an idea already of what that value is today, you know, we can talk about how much that's going to be projecting out to later down the road and how we can help manage that and maybe how much income that can produce down the road for our listener as well.

Woody Bowling:
Because, you know, Matt, Medicare continues to be very super important in all conversations to have or in most of them, whether Medicare is now or down the road for them, for the people I talk with and meet with, but also how much income can I generate down the road? And I think they're listening to our show, whether it's the first time, the 10th time or whatever, and they realize that what we're saying makes sense because income is the denominator. Whether you've got whatever number you've got saved at the end of the road. At some point you want to hold on to as much of that money as you can and you want to create as much income as you can. It's not what you make throughout your investing career. It's what you keep because there's lots of people that have made a lot of money and they've lost as much or more. So that's why, you know, there's a lot of value in what we do. And Bobby Knight is phenomenal. Just, you know, he's one of the all time greats. Yeah. Like him or like him or not.

Producer:
That's. That's absolutely right. You know. Whether you like him or like his style, as you said, you can't argue with that success. Even though sometimes it's, you know, am I watching a basketball game or am I watching, you know, the WWE or something? But, you know, if people are throwing chairs. But yeah, no, absolutely successful and great words of wisdom there from Bobby Knight about being prepared And, you know, preparation really is key. And a lot of the things that we talk about, Woody, as you said, and and I think one of the things that really takes some some preparation ahead of time in planning is making sure that you don't become part of this statistic that we're going to talk about here, and that is household debt surpassing $17 trillion for the very first time. So the total of all household debt in the US surpassing $17 trillion. And this from a recent CNN article saying that, you know, they are continuing to climb to new heights, the debt of each American household. The fresh record high during the first quarter, growing $148 billion, or almost 1% from the fourth quarter of last year. That's according to the Federal Reserve Bank of New York. And it's it's really skyrocketed since the end of 2019. And when we saw, of course, the beginning of Covid in in the first quarter of 2020. $2.9 trillion added since the end of 2019 to household debt. So people are really racking up that that debt and a lot of it high interest debt there, Woody.

Woody Bowling:
Yeah. And you know, that last statistic you read, 2.9 trillion, almost 3 trillion of that since the end of 2019, Covid started three months into 2020. I remember that well, coming back from a vacation. And a week later, the state of Ohio shut down for the first time for 3 or 4 weeks. Um, look, we all know the devastation that Covid left in. So it touched everybody around the world, probably in one way or another. And many people lost loved ones. They also many people have been damaged financially by it, emotionally by it, psychologically by it. There's still people that don't want to go out in public and go to a grocery store or go to a restaurant. I still see people wearing masks occasionally, you know, in the grocery store, which blows me away. But look, you don't want to be one of the folks where this debt has spiraled up 15, 18% in the last three years. We talk about, you know, being careful with your money, getting a budget, you know, don't live beyond your means, pay the higher interest, rate things down first. You know, there are other financial air quote, gurus that talk about that. That's common sense. I mean, you don't have to pay somebody a lot of money to tell you, hey, off your high interest credit card debt first, then move to the next and the next, then get the cars. But look, Matt, sometimes we're going to have to have some debt.

Woody Bowling:
Most of most Americans are not going to go out and pay cash for a home. They're not in that position. That's why mortgage mortgages exist and they are usually mortgages, and cars are the two highest to lowest rate, lowest interest rate items that people can own. And that's an advantage. And you can stretch the payments out over longer terms. God knows when you you know, back in the day when the credit cards were first required to start disclosing, I remember I had a credit card bill that was like $3,000. And this was probably, I don't know how many years ago it was. And they had to show how long it would take if they pay, if you paid the minimum bill or the minimum payment, which was, you know, probably 60, 70 bucks, I mean, it was like a 21 year payback. It was so long, it startled me. I don't know if our listeners look at those bills when they get them, but it's it's comical how long it could take. But, you know, we want people you know, we still talk about having an emergency fund that's super important. You need some liquidity that you can get to because life's going to deal with curve balls. We don't know when those are coming. It can be a home expense, a car expense, whatever. Household budgeting. You know, we talk about that. That's so important. Get that budget set. More importantly, write it down and discuss it with the other members of the household.

Woody Bowling:
Because everybody should be on the same page, whether it's your spouse. Significant other. Boyfriend, girlfriend, whatever. Look, get that budget, put it in writing. Get everybody to buy in on it. And. Where financial sabotage can take place is when there's not open and honest dialogue about it. And you've got one party that's not abiding and they're out doing secret shopping and all that, a secret gambling. I mean, there's people with gambling addictions and every other commercial seems like now is a is a commercial for a fan duel or, you know, Bet MGM or Bet 365. One of these commercials I can think of that are for these gambling operations and a few years ago. These entities were not even allowed to be considered in the same phrase with Major League Baseball and the NBA and NFL and all that. And now they're setting up. Adding offices in the stadiums or right around the corner. It's unbelievable. So avoid those things and also, you know, make regular contributions that are going to be to your savings account 401 403. Bes your investment accounts. Pay yourself first. Work towards building your own retirement goals. And if you need help with that, I'm certainly more than willing and capable to give you some advice to show you some ways and do some projections, you know, on where you can ultimately be financially over the next few years if you're a few years away from retirement.

Producer:
Yeah, that's absolutely a great point there. And if you want folks to kind of get started on that journey, get started on that road, or at least get started with a discussion about it, go to TheBuckeyeAdvisor.com that's The Buckeye Advisor with an or.com. Or you can give Woody Boling a call. (937) 974-6201. That's (937) 974-6201.

Producer:
Want to know where your hard earned money is going. It's time for an inflation demonstration.

Producer:
You know, Social Security recipients are going to get a cost of living adjustment, as happens pretty much every year in 2024. But if you're looking for one as big as we saw in 2023, I don't know that I would hold my breath so much.

Woody Bowling:
No, we wouldn't recommend it because if you're holding your breath, you might not be around for the next episode of The Buckeye Advisor because it's going to be. Yeah, You know, what we're seeing and what we're reading and hearing is, you know, right now they're estimating around 3%, 3.1%. I mean, that's it's a low number compared to last year's, which was ginormous. So and the year before. So, I mean, we've gotten like 15% in the last two years for Social Security recipients, which is great. And they deserve it. But. If true, inflation is still in that 5 to 6% range for so many things. And we've talked about this before, Matt. You know, consumer goods that there are many of those consumer goods prices that have gone up that will never go back down. And that is a difficult thing for many people in their weekly budget and monthly budget to feed their families, to feed themselves. So there there are ramifications long term. I do hope that the Cola is cost of living adjustment is generous this year for Social Security recipients. But you know, really it's kind of a wait and see game. We'll know here in a couple of months, though, right?

Producer:
Yeah, we'll know eventually. You know, as we get closer to the end of the year. And as you said there, Woody, the 2023 increase was 8.7%. That followed a big increase as well from the 2022 year for the cost of living adjustment. That 8.7%, though, you know, don't get used to that because that was the biggest Cola increase in over four decades and it was thanks. They, you know, in part to things like supply chain issues, which really caused consumer prices, as you say, to inflate, which of course, is inflation. But, you know, we've had inflation kind of tamp down a little bit. So the rate of growth in prices has come down. But still mean, you know, we're we're still feeling the effects of it each and every day. And if there's a smaller increase this year, it still makes, you know, makes it harder for people to to make ends meet, especially if you're living on a fixed income and especially if you are someone who is in retirement, who is relying mainly on Social Security as your your source of income.

Woody Bowling:
Yeah, no doubt. And there's a the majority of Americans do rely solely on Social Security to get by in retirement. And you mentioned a little bit ago in for decades. And it's funny, the last couple of years we have revisited the 80s and not only just their music, which I loved 80s music, but in some bad ways. We've had the most number of increases from the Federal Reserve on interest rates since the 80s. We've had the highest rate of inflation since the 80s. So those are some of the things in the 80s that I would prefer not to revisit. And also Milli Vanilli and their giving back their award that they won because they were lip synching. Too bad they weren't around today because they would have been on Tik Tok and they would have been multi-millionaires before they had to give their award back. So. Anyways, we don't want to risk the 80s for everything, but it's been a tough couple of years. People know that you need an adviser, a financial quarterback that can help you through it. If you're coming up on retirement or you've just gone into it, you're into you're into it two, three, 4 or 5 years.

Woody Bowling:
Hey, now's just as good a time as any to get a second opinion on where you're at with Medicare, with, you know, with your investments. How much risk do you have if you have investments and you're concerned about all of them being at risk because your broker tells you that's where they should all be? We've already demonstrated 2022 is a perfect example. And so far this year, the old 6040 model for stocks and bonds is not working anymore. It's broken. We have some great ideas on that. 40% for bonds to replace that. We use fixed indexed annuities that offer some outstanding benefits for clients, including. Zero to low fees, including income for life guaranteed and principal protection. So three great attributes of fixed indexed annuities and surrender charge periods as low as five years. So these are not your father or grandfather's fixed indexed annuities. These are current up to date insurance companies highly rated, all slugging it out, trying to get that business from the public.

Producer:
And that's the thing. I mean, what if you have an annuity maybe that you you know, that you got several years ago or if you looked into annuities several years ago and you said, I don't I don't think this is necessarily for me. I don't like the rate of growth that I can get is not going to be high enough. Whatever. Take a look at them again, because really, as you alluded to, just there, things are changing all the time. And chances are there could be something now out there that wasn't out there a few years ago that really does make sense for you and your situation now.

Woody Bowling:
Yeah, very good chance. I'm talking to people right now that have an annuity that's seven, eight years old. And the difference between now and then and the cap rates that they've experienced over the last few years, those cap rates were set six, seven, eight years ago. When you know, you're talking 2% caps, the S&P goes up ten, 12%. The S&P 500, if that's their index and they got a 2%, 2.5% cap, that's horrible. Let us do an annuity x ray. I'll explain. Any concerns about your current annuity. Even if it's a variable annuity, you're paying 4 or 5% fees minimum. That's a super big drag on your returns in the long run as well as. Market volatility. If your subaccounts are mutual funds, you're subject to day to day market swings. So we're here to help create some solutions, solve some situations. You know, again, we don't charge for those visits, for that consultation. And, you know, once I use that first consultation to really gather information about your situation as a listener, where you stand now, where you want to be in the next few years, you know, that's how I can go back and do my homework and come up with some suggestions and ideas. And then it's up to us to decide if you want to implement those, then I'll help you implement those. And then we're going to follow that plan and still be nimble enough to change it a little bit if we need to down the road.

Producer:
Put that plan in place and then work that plan and make adjustments as needed. As you say there, go to TheBuckeyeAdvisor.com folks. That's The Buckeye Advisor with an or.com. You can also call Woody Boling at (937) 974-6201. Well Woody just about time for us to take our first break of the show here as the first half is coming to a close but got to ask everybody to stick around because two great things coming up in the second half of the show. Number one, we're going to have some tips for you if you are planning to retire in the next few years. Some things to do first before you leave the job. The second thing that I wanted to mention to tease that's coming up is, of course, everyone's favorite part of the show. That's the dad Joke of the Week. And that's also coming up right after this break. Stick around. This is The Buckeye Advisor. Much more to come after this.

Producer:
Thanks for listening to The Buckeye Advisor. If you like what you're hearing, subscribe to our YouTube channel to watch videos from this program and other recent episodes. Missed part of today's show. The Buckeye Advisor is available wherever you listen to podcasts and online at TheBuckeyeAdvisor.com.

Producer:
Welcome back. This is The Buckeye Advisor. I'm Matt McClure and no, I'm not The Buckeye Advisor, but I know the guy. He's actually right here with me. His name is Woody Boling and you can get in touch with him by going to TheBuckeyeAdvisor.com. That's The Buckeye Advisor with an or.com or call Woody at (937) 974-6201. You can do that for an absolutely free of any cost and any obligation consultation you can call him once again the number is (937) 974-6201.

Producer:
The marriage counselor loves them keeps him in business. It's the dad joke of the week.

Producer:
And not only does Woody Boling have the financial advice for you, he's also got the jokes people. Uh, Woody, come on, lay it on us here.

Woody Bowling:
All right, Matt, I don't want to disappoint, although I know I occasionally do. I don't get a lot of negative feedback. But Matt, why did the pony ask for a glass of water?

Producer:
Oh, I mean, he was thirsty, I guess, but no. Why did the pony ask for the glass of water?

Woody Bowling:
That's probably true, but it was because he was a little horse.

Woody Bowling:
Ah, but a bar.

Woody Bowling:
That's the rim shot we need for the dad. Joke of the week. Hope everybody enjoyed that. Roll your eyes. Feel free to share it. No cost, no trademarks. Just enjoy.

Producer:
Yeah, that's it. Just enjoy and have fun.

Woody Bowling:
That's right.

Woody Bowling:
That's all we want. Or don't worry, be happy.

Producer:
That's it. That should be the theme song of the show.

Woody Bowling:
Here, right?

Woody Bowling:
We gotta. We gotta get with that and see what we can work that in.

Producer:
I know. Seriously, let's get some royalties paid and we'll. And we'll do that. Oh, my goodness. All right, so speaking of not worrying and being happy, you know, of course, our our goal around here is to make sure that everybody has a happy retirement, right? I mean, that's that's really what it's all about, like getting your financial house in order, getting a plan in place so that when you do reach your retirement age, you have the income that you need to not only make ends meet, but to have those those paychecks that can become paychecks. Right? So if you're planning to retire in the next few years, you got some things for you to know, some things for you to do first before you call it quits at the old job there. All right. So step one is one that I know, Woody, you are very passionate about and for good reason, and that is meet with a financial advisor.

Woody Bowling:
I agree. And I will say this I like your paychecks to play checks comment. That's I like that Very solid Matthew look meet with the financial advisor with preferably me, The Buckeye Advisor. I'd be doing it for 15 years. I'm a fiduciary advisor. I also like to consider myself to be a hybrid advisor because I'm in the insurance world. I understand all of that types of coverage Medicare, life insurance, health care, in-between jobs, long term care, all these different things that can impact your financial area. And then on the other side of my practice, I'm a financial advisor that is series 65. I've had a six, I've had a 63. I've had all these multiple licenses over the years. Put it this way we're going to find solutions that are a risk based on how comfortable you are with risk. So, look, that's where it starts. It all starts with a meeting. And as you alluded to a few minutes ago when we came out of break, those meetings are free. So it doesn't cost you anything. You still won't let me charge anything for it, but we will keep it free. Because, look, I've got to understand where you stand today, your current financial situation. You got to look at a smart financial plan, and that's going to include a smart risk and a smart, safe strategy. Because because I really believe the clients that I've worked with over the last few years agree with me that part of their retirement savings needs to be protected, not all of it completely protected.

Woody Bowling:
Unless you're 85 years old, then it's a different story then I would recommend most of it being protected. But just depends on the amount of money you know, that you have overall saved. So meet with that advisor, get started with a good assessment of your current financial situation. Income expenses, assets, liabilities. All those items need to be taken into account, ability to really assess that situation. So I understand it. And when I understand the whole situation and I can make proper recommendations, then you know, those recommendations can be taken all at once. They can be taken over time. Maybe it takes maybe it makes sense to convert part of a retirement savings into a Roth IRA, but not all of it this year. Maybe part of it this year, part of it the next two years in 24 and 25. So. And, you know, set realistic goals. You know, if you have this much money saved and there's no way in God's planet that you can expect to have, you know, an ungodly amount saved if it doesn't match the amount of income that it can produce. And I will say this, Matt. We can produce some really good levels of guaranteed income for clients based on lower amounts than they dreamed possible. So everybody's different. And that's the fun thing about what we do. Every situation is different. We're going to start in step one. Getting together, have that first initial consultation conversation is really what it is, and then we're going to go from there, right?

Producer:
Yeah, absolutely right. I mean, that's that's really step one is having that free consultation. And when we say free, I mean we do mean free. It's it's no cost, no obligation to continue on. As you said. What are you you're only going to continue on this sort of journey here if you you know, if it's a mutually agreed upon thing that that it's right for you to work together. If it feels right, if it if it seems like it's going to be a good thing, then you'll continue on. And that's really what it is, what it's all about after that initial consultation. Well, right. Well, then, you know, step number two here, if you plan to retire in the next few years. So after you meet with a financial professional, a financial advisor, like a mr. Woody Bowling, and you can, of course, do that by going to TheBuckeyeAdvisor.com set up that appointment for that free initial consultation there. But number two is make adjustments to your portfolio as necessary mean it's not a as you might remember in the old infomercials set it and forget it you know it's it's not that you don't you're not putting the turkey into the the machine the Ronco machine whatever in the world it was called. And you set it and forget it for hours. And then you come back and you have a wonderfully cooked Thanksgiving meal with all the trimmings. This is not that thing. This is you can set it, but then you got to keep an eye on it. And if it's necessary to make adjustments, you make those adjustments.

Woody Bowling:
Yeah. You couldn't have.

Woody Bowling:
Said it better. I mean, you've got to be flexible. And what worries me is I've run into some do it yourself investors over these last few months, and I can tell you that. There are some smart people. But I also can tell you that when it's a husband and wife couple and the husband takes 100% control of the investment decisions and thinks that they don't need an advisor, maybe for just a small part of what they do, but not for the majority of it. What worries me? My question to the do it yourself ers would be if you die unexpectedly tomorrow or six months from now, what does your wife do? How does she know to follow? What formula? How does she continue to generate those kind of investment returns? Because we don't set it and forget it. Like you just said, you need to make changes. There are going to be things that do well over time, certain segments of the economy and certain that are going to go up and down. It can be cyclical in nature. So you want to be diversified. I've got software that we can plug in your current portfolio. We can do stress tests. You know, like when somebody gets a stress test done on their heart, you know, we want to make sure your your portfolio doesn't have a heart attack, so to speak. Right. So for a lot of people, 2022 was a very, very disruptive year to their retirement plan. Cause if you had all your money in the market or between stocks and or bond mutual funds, you got crushed 20 to 35% in losses, no doubt about it.

Woody Bowling:
And that can change a retirement. Projection date by two, three, four years. And if people just retired at the beginning of 2022 or end of 21 and they started taking withdrawals or, you know, distributions on their income and they're in that decumulation phase, meaning they're starting to draw down on those assets and you lose 25, 30, 35% during that first year and you're taking money out of that account. Man, that has got a super negative long term effect on how long that money can last. So that's why we think be conservative for part of your money, get some guarantees, hugely important guarantees of principal guarantees of income. Those are all things that I can help people with. A Roth conversion might be a super really good idea for you, but it depends. And again, we've got software. We can run those scenarios and tell you what kind of a tax bite it's going to have, whether you do it now all at once or part of it over the next 3 or 4 years. And if you don't want to leave taxes to your kids, that's a great thing to consider a Roth IRA because all your distributions become tax free at that point, as well as if you pass that Roth IRA to the next generation tax free as well. So, hey, you know, mom and dad or grandfathers, grandmothers, you know, a Roth IRA may make complete sense if you've never considered it, but we don't know until you call (937) 974-6201. And we'll give you an honest assessment.

Woody Bowling:
Where are you staying?

Producer:
And you could also go to TheBuckeyeAdvisor.com. That's The Buckeye Advisor. That's advisor with an Or by the way.com and schedule that free consultation and yeah you know what it's not a one size fits all deal so a Roth conversion sounds great and for a lot of people it is a great thing and it makes perfect sense for them. Does it make sense for you in your particular situation? That's the question to ask Mr. Woody Bowling. When you go to that website or call the number. And then step three here, Woody, as we talk about things to do before you retire, if you're planning on that within the next few years, here is to develop an income plan, plan for Social Security and check for income gaps. All of this has to do with that income in retirement. And as you said earlier, you know, that's really what it's it's all about when it comes to your retirement years is how much an income are you going to have and how long is that going to last?

Woody Bowling:
Yeah, a lot of people.

Woody Bowling:
You know, there's people today that still like to own rental rental property, but in retirement, maybe they don't want to spend as much time. You know, a lot of people are blessed with being able to be handyman and they can fix anything and everything on those rental properties that they run into. They have the patience, they have the, you know, the desire to deal with tenants. But look, you know, as you get older and you start looking back and saying, okay, I've got some health issues or my spouse has some health issues, maybe it makes sense to sell that property or 2 or 10 and maybe sell them one at a time over the next 4 or 5, six years and take those capital gains if there are capital gains on the table and take a look at that money and how much cash flow you can create for yourself without the headache of tenants and without the headache of deferred maintenance on a property and property taxes and those expenses, they go along. So there's some real things to consider. You know, Social Security is important. You want to make sure you take that at the best time possible based on your overall health and your overall employment situation and how far along you are in the planning cycle.

Woody Bowling:
Those are all things. And, you know, then we can get you set up on a personal pension and that's the name of the game. How much income can you get with what you've got if you do this, If you sell a property or 2 or 3, how much income can that generate for the rest of your life? Because that's important when you are in retirement, people are looking for safety and guarantees and things above that are just icing on the cake and we can get great returns potentially. On the other part of your money that's invested in market like instruments, we can do that and we do that for clients as well. But we're as a hybrid advisory. That's what I do. I try to measure and throw in everything together and we can see the impacts and work on them all together in a cohesive plan so that you get some security, you get some safety, but you also still have some opportunity to grow.

Producer:
Yeah, and that's finding that balance is really what it comes down to as far as creating that plan. And, you know, the first step, as we said, is is speaking with a financial advisor. Of course, the one that I would recommend is Mr. Woody Bowling, The Buckeye Advisor himself. And you know, when when it comes to that consultation, Woody, the couple of things to emphasize here is that, number one, it is absolutely 100% free of any cost, any obligation. As we say, you know, it's not something where you're going to feel this sort of high pressure situation. I can tell you from having worked with the guy for over a year now, folks, what you see is what you get with Woody. It's not like he's going to all of a sudden go into like, I'm Mr. High Pressure salesman when I'm when I'm sitting down with, you know. No, he's just he's a he's a good guy. He's a straightforward guy, but he's a he's a good guy and not going to try to pressure you into anything. That's my sales pitch for Woody Boling. And I think it's a pretty darn good one because that's that's the kind of person that I know I'd like to work with. And that's why I've worked with him for over a year now.

Woody Bowling:
And I appreciate you.

Woody Bowling:
I really do. It's super nice of you to say that. And you know, it's true what you're saying. You know, and what I want to emphasize to everybody is it's their money and that's the most important part. So regardless of who you work with, the advisor should always respect the fact that it's your money to do with what you want. And it's funny, I talk with people that are now clients when they told their other financial advisor previously that they were considering a fixed indexed annuity as part of their financial picture for retirement to get that guaranteed income and principal protection, their advisor responded this way You're crazy.

Woody Bowling:
Don't do it. Just doesn't make sense for you.

Woody Bowling:
So that advisor didn't have the approach of It's your money. It's something to consider. Or maybe the advisor came back and said, okay, well I've got a variable annuity, but I don't think you should do very much of it. Maybe a very small part because they want all your money in the market all the time. So it's your money, you work hard for it. You deserve an advisor that's going to give you that credit and treat you that way. And with that kind of respect overall, that's what we're about. You know, I'd love to tell people, our listeners, that everything in life is free, But Matt, I would be lying. It's not true. Everything in life is not free. And people need to understand that there are fees in certain situations if you're on the investment side. But if my fee. It gets better as your account grows. That's a fair situation. So as you do better, I do better. If on the other side it doesn't cost you anything for me to do a fixed indexed annuity and the insurance company pays me based on that. That's good for you as well. And if I take a 1% or a 0% fee, depending on the annuity itself, those are all fair because you're getting guarantees from the insurance company in return for that. So everybody pays fees. At some point you pay an interest rate on your mortgage, you pay an interest rate on your car, on your credit card. You pay an annual fee. Sometimes if you have a fancy credit card like an American Express platinum or something, which I'm sure you probably have, Matt, because you're a fancy guy at times. But look, you know, we respect that. We just want to give you value. And ultimately that's the way you should be judged as an advisor is do I provide value? Do I provide the overall service and advice and I help you in multiple areas other than just the money, because there are so many things that tie into the money that affect the money piece. That's why I think, you know, that I bring value to the overall equation.

Producer:
Yeah, absolutely right. And folks, if you would like to schedule that free consultation today, you can call Woody Bowling at 93797462019379746201. You can also go online and reach out there at TheBuckeyeAdvisor.com. Well Woody I love this because you know we talk about about money primarily here on the show and sort of you know getting your financial house in order. Part of that, too, though, and part of kind of you know focusing on on your retirement years is also, you know, staying mentally sharp during during those those times. And so, you know, this is actually from an article in Fortune magazine or Fortune.com that that they published recently talking about good habits to have to help you stay mentally sharp during your retirement years. And we've got three of them here. Number one is super important. And and this is not just in retirement. This is for any age. And it's also super important after these last three and a half or so years where people have felt so disconnected, This is stay connected with your community. So important.

Woody Bowling:
Yeah, right on. I mean, people get isolated, Covid, isolated, millions and millions of people around the globe. As people get older, they still need social contact. They still need to be a part of a community. Look, you can take classes at the local senior center or retirement centers, the YMCA. There's all these things. You know, if you're on a Medicare Advantage plan, you get silver sneakers, silver sneakers, which includes zero cost and thousands and thousands of fitness locations across the country. Do volunteering at your church or a local nonprofit that you support? You know, look up people. Facebook, I think, has been a great connector for people that they run into, people that they went to high school with or college with or maybe they worked with in earlier in their career. You know, reach out to some of those people and reconnect. Now, the caveat, not if you have a spouse and it's your previous girlfriend from high school, that's not a good thing to do. Okay. So that's my caveat. But number two, don't stop moving. I mean, look, exercise is huge. I do it 3 or 4 times a week. I've also played some golf during the warmer weather months. I don't care how old you are, Matt, I think it's a great idea, including my parents that are 82 and 80. I tell them, don't stop moving.

Producer:
Yeah, it's very true. And let me tell you, one of the best things that my mom has done actually over these last couple of years, you know, my my dad passed away early 2022. And my my mom, you know, she's she's had some mobility issues because, you know, she she had a job in her the main part of her career where she was up on her feet all the time. And so she just got developed really bad knees. And so she's had both knees replaced and. All this. So she's had some trouble off and on getting around. And so you know that my dad passing away and kind of spending a lot of time at home and and being in in mourning basically wasn't the best. One of the best things, though, for her and has really helped her physically and emotionally has been physical therapy and getting up and out and doing things and staying physically active. That really did help. Again, not only from that physical health standpoint, but from a mood standpoint, too.

Woody Bowling:
Yeah, for sure.

Woody Bowling:
I mean, undoubtedly, you know, when you're and I know people like this, that that just they're unable physically to be active these days and it can cause depression, mood swings. It's very difficult. And I hate it so much. And, you know, to have people that are in physical pain to the degree that it just pretty much puts them in a chair, they can't do anything. So but, you know, look at pickleball, look at golf, look at tennis, swimming, you know, swimming. Very, very good, low impact exercise that is underrated, I think. I really think it is, you know, cycling, yoga, bowling, all those things. Lots of great ways for people to get active. If you're not active today, try it because it's going to help you socially, emotionally, physically. All those things could be great benefits.

Woody Bowling:
Yeah, We're not.

Producer:
Saying you got to go out and run a marathon or anything. Yeah, for sure. You know, hey, at least be a little bit active.

Woody Bowling:
I'm not going to do that.

Woody Bowling:
That's for sure.

Producer:
You know, you and me both will be avoiding that. Another thing to avoid is stress. And this is a big one too, because stress can really manifest itself in a lot of different ways. It's not just an emotional thing. No.

Woody Bowling:
72% of Americans are feeling stressed out about money. I mean, it's the that study was done by the American Psychological Association's report. So, look, when your money is out of control, it causes stress. We know that. And you don't have to be a family with 2 or 3 young kids at home to feel that you can be 50, 60, 70, 80 with inflation, with all these things that have happened and the feeling of being out of control with so many things with Covid. So we can never promise you a stress free environment, but if you work with me, I'll help you minimize that stress, at least on the insurance and financial side of your life. And we might also have some fun and some laughs along the way. So that's my promise to you. You know, if you do want to chat, please feel free to do so. Reach out to me. You may be happy you did and you may wish you would have done it sooner.

Woody Bowling:
Yeah, that's the thing.

Producer:
Don't don't live with with regrets that you had done something sooner. Go ahead and give Woody that call now, because time time really is of the essence. You know, when we talk about retirement planning and all of that, so much of the consideration for your retirement plan is your time horizon, right? And how much time you have for your investments to grow and for that to to accumulate. Right? So the shorter that time period, the more challenges you might have to overcome. Now, that's not saying if you are a little bit later on in in life that Woody Bowling can't help you overcome those obstacles because he can and, you know, just just take time to explore and see if it's a good match and if it's right for you to work with The Buckeye Advisor. Once again, you can get started on that journey by going to TheBuckeyeAdvisor.com or call Woody Bowling at (937) 974-6201. Well Woody, it looks like as I check the clock here it's just about time for us to wrap it up for another week of The Buckeye Advisor. It has come and gone very, very quickly, but I thank you, sir, for all the great info we've gotten here over this past hour. Out to all of our listeners and look forward to doing it again next time.

Woody Bowling:
Sir Matt, thank you for your time and for your input for guiding us along the way. I think it was another very, very good show. We couldn't be here without the listeners, so Everybody Listening podcast or otherwise on the radio, thank you so much. We want you to come back and join us next week. If you want to listen to a previous episode, go back to the website, TheBuckeyeAdvisor.com or wherever you get podcasts and you can find them all. We have been doing it for a while and we want to continue and we look to see you next week. God bless and have a great week everybody.

Producer:
Thanks for listening to The Buckeye Advisor. You deserve to work with an experienced and licensed expert who will strategically work to protect and grow your hard earned assets to schedule your free no obligation consultation with Woody, visit TheBuckeyeAdvisor.com or pick up the phone and call (937) 974-6201. That's (937) 974-6201.

Producer:
Investment Advisory Services offered through Brookstone Capital Management, LLC, BCM, a registered investment advisor, BCM and The Buckeye Advisor are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Performance cannot be used as an indicator to determine future results.

Producer:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. Registered investment Advisors and Investment Advisor representatives act as fiduciaries for all of our investment management clients, we have an obligation to act in the best interests of our clients and to make full disclosures of any conflicts of interest. If any exist. Refer to our firm brochure the ADV to a page four for additional information. Any comments regarding safe and secure products and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by BWR.

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