Taking Care of Your Family
Taking Care of Your Family

Episode · 10 months ago

Anticipating the "What-if" scenarios of Life

ABOUT THIS EPISODE

The future is unpredictable. Although you cannot predict what's going to happen, you can create a plan that will help you mitigate and endure whatever the future brings. Listen and learn what you can do to anticipate the "What-if" scenarios of life.

And welcome to the taking care of yourfamily podcast with financial experts and number one Amazon, bessellingauthors, George and Angi Politaros. Each episode feature helpful, insize,practical tips and reliable strategies to help make your retirement asenjoyable as possible for the next few minutes enjoyed listening as cohostBethany builtson talks with George and angit about taking care of your family. Eonce again, I am joined at by AndePolitoris, U Teco author of taking here in your family, how to properly planfor retirement without taking unnecessary risks, and you thank you somuch for being with me again. Thank you for having me appreciated so yeah thischapter. We are talking about the watifs in life. It's called the wetistshield and you start this chapter with the traffic story of the titanic, howthey thought that that ship was...

...unsinkable and it was going to be this.You know incredible success, but obviously, as we remember from thehistory books, it was not and unfortunately a lot of people losttheir lives and so in that and kind of story it corresponds with retirement.How a lot of times people enter into retirement. Thinking that nothing isgoing to go wrong and he they hit an iceberg so to speak. I know that you'renot like psychic or anything like this. You can't predict the future, but arethere any key measures that we can take to prepare for some of the unexpectedgames in life? Well, we know, statistically speaking,that ninety five percent of Americans are not prepared in the last five yearsfor their retirement wow. What we need to do each and every one of us, eventhough you may think you are prepared- and you know you have it on a aspreadsheet and you're looking at it. We don't know, what's going to happenfrom day today, it's sort of like the...

...titanic. You know we are a littlearrogant in our beliefs because we think well, I've done this and I'mgoing to be great. But if we have everything in one bucket and somethinghappens to that bucket, where will we be? We could lose fifty percent, I mean Imyself experienced it with my husband, my husband's much older than I am, andin two thousand and eight when the market crash by fifty two percent, myhusband had just about all of our assets in one bucket, so I said to myhusband after that point. We lost, I think forty eight percent of our assetsin one day and it took what thirteen years to get back at our age. We don't have thirteenyears because it's really not thirteen years. It's really twenty six yearsbecause to get back to where you were but ther's thirteen years, you lost inany potential additional growth that you could have made, though, if you hadfive hundred thousand dollars to get back to that five hundred thousanddollars, I've lost all that money. A...

...two hundred a fifty hsand dollar thatcould have earned, and I could have made so thinking them. Oh I havethirteen years, I'm going to be in a great spot. Well, no you're, not in thespot, where you thought you'e going to be. Luckily, you got back where youwere, but does that affect your life? Of course it does and it's we reallymust look at the entire picture and, as George said earlier, when you spoke tohim, you know we use that one hundred rule, you know you should have your ageminus. You know. If I'm sixty five, I can have thirty five percent in riskand sixty five percent I need to protect. I need to make sure that it'sin a safe place and I have no loss same thing with the with the titanic. It wastheir obligation to provide a safe environment and they didn't do sobecause they thought that nothing could happen. Well. Where is that where'sthat written they were so arrogant that they had underneath the whole writtenin God? We trust, meaning that not,...

...even God, could sink this ship well, heshowed them that that was not true and that's how it is with our savings. Wedon't know today the economy. What's going to happen, it's very shaky outthere as much as economist. Tell you that Oh, it's everything's going to begreat. They have no idea, I mean they have no idea, we don't know. If I had acrystal wall, then I wouldn't be sitting in front of you. I te I have everybody in line, givingthem their future. It's really, you know it's e. We try to look at theentire picture, is or DOP to make sure that the customer is protected and nothave everything at risk on the table. Yeah and T. I really is that lifestylethat you want yeah and it sounds like it's really not about living in fear,and you know big gloom, a cloud over your head or anything like that, but itis about just being prepared because life happens, things take you off guardand sometimes the unexpected kind of pops up, and so you need to make surethat you're prepared for those kind of...

...things we've talked a little bit about. Youknow social security and pension, and that kind of thing it sounds like everybody's. You know,financial situation is a little different so for those that areplanning their eqirement around social security or around a tension.What some? What are some mistakes that people could make when doing that fromthe perspective of social security or atension? Well, social security is an other big time when people makethe wrong decision because they everybody says Ol. I'm Sixy t I'm goingto turn on my sacial security when you sit down and you look at the numbersand look at how much of money you're leaving on the table. Some people leadanywhere from two hundred to five hundred thousand dollars on the tableby choosing the wrong time to turn on their social security, and there areapproximately five hundred and sixty seven ways to turn on social security.So again, that's another situation that...

...everybody is different. You know there's a special rule for for this oneit depending on everybody's. You know where they're aut in their life, sosocial security is so important. It could affect you from anywhere fromseven to eight hundred dollars a month, sometimes a thousand dollars a month.That is a huge amount of money when you're in retirement and then ourpensions we know. Basically, in the last fifteen years, there's been amajor change with people's pensions. Companies are not offering pensionsanymore; they cut them back because they're so costly. So what they'redoing is they're offering the four o one case and they're contributing moreto them, but at least when you leave that job they're done with you, so theymake it, they put the burden on the employe or the person to fond theirpension and people. I don't really think that they're aware of howimportant that is for them going into the retirement, so especially the younger ones. I thinkthey're totally oblivious to this,...

...where the older ones, most of themstill have pensions or the large majority of them do, but yourgeneration and the new generation are not going to have pensions. U So youhave to look at everything what you know our income, ar it's our socialsecurity, it's our pension! It's our four O one Kaes everything! That's out there that wehave our TSPS whateveris out there to give us what we look at going intoretirement, to give you as much income as possible coming in the rest of yourlife to let you live the hopefully the same life so that you've led when youwere working. That's the goal, yeah a d! That's what we aim to do so that'sthere's so many different components to make that happen. That's why, when wesit down with the retirement shield and sit down with you, that's what we lookat all different goals that we need to accomplish. If we have hopefully fiveyears to make that happen, that's great! Sometimes we don't. Sometimes we onlyhave months so everybody's a little bit differentyeah. So so speaking of sitting down...

...what about somebody that wants to havean appointment with you, what they? What can they expect from that time ofsitting down with you? Our first appointment is just aboutmeeting getting to know each other. Talking findme out with your hopes anddreams are where your goals are and gathering information. So that's theirfirst visit. Basically, and then we look at your entire picture, we look atyour household expenses. We look at everything that you have and then wedevelop a plan and come back to you and we show you what you have done andwhere you will be, and then we show you what our recommendation is and how youcan achieve that dream. So then your choicees do I want to move forward andmake that dream happen. Or do I want to stay on the path that I've createdbecause by the time you look at, you know what you have created and how weturn things around to your benefit. It's amazing of things that you can docreative ways to make things happen to...

...change your life and your lifestyle.Well, Andie. Thank you. So much for speaking with me again, Ans Yors VECO,author of taking care of your family. How to properly plan for retirementwithout taking unnecessary risks? thith look can be found on Amazons to be sure,go and pick up a copy and yo play so much for talking an you have a greatday. You Tube thanks for listening to the taking careof your family retirement podcast with financial exports and number one Amazonbest, Olin Authors, George and Ange Politaros. You can request a copy oftheir best selling book or schedule A conversation with them about yourfinanial future, but going to thei website genuine financial advisors, com.

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