103. Does Your Retirement Have a Proper Income Plan?

May 6, 2022

Why You Need A Retirement Income Plan

We spend so many years of our lives working to save and accumulate assets to create financial independence for ourselves, but most people don’t realize you must plan on how you will spend during retirement.  Transitioning from accumulation to the preservation and distribution phase can be a challenge.  Do you have the ability to shift your financial mindset from saving to that of income?  Having a custom income plan is critical to long-term success and sustainability throughout retirement. 

To better understand the key risks, listen as Laura and Michael breakdown the elements necessary for a strong income plan. Why it is essential to have a purpose with knowing your retirement number and not just randomly taking income. 

Join us for episode 103 of the Retirement Talk Podcast as we make sure your income plan is constructed to face these retirement risks head on.

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Timestamps (show notes):

1:20 – Background on our topic

3:21 – How the 4% rule started

4:43 – Results of a MetLife study

8:10 – Sequence of distribution

14:11 – Longevity risk

18:14 – Allocations

25:05 – Formulating a process to cover the key risks

28:48 – Our process for determining percentage to withdraw

31:15 – How much are you communicating with advisor?

32:28 – Security concerns

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Review the Transcript:

Ron Stutz:

Welcome to Retirement Talk, The Redefining Wealth Show, your source for financial information, specifically for pre-retirees and retirees. We are here each and every week to help you better navigate during these economic times. We’re here to discuss thoughts and ideas in the field of finance and retirement as well as discuss trending topics that can impact your bottom line. We will break it all down. These discussions can help you make better informed decisions so you can make better financial choices and live the lifestyle you will imagine for retirement. Laura Stover is a register financial consultant and CEO of LS Wealth Management, as well as founder and owner of LS Tax, a consulting firm. She’s been featured in Forbes, CNBC and the Wall Street Journal. I’m Ron Stutz. Our topic of discussion for today is why you need a retirement income plan. All here on Retirement Talk. Now, here are your hosts for Retirement Talk, Laura Stover and certified financial planner, Michael Wallin.

 Laura Stover:

Hello, hello, hello, and welcome to Retirement Talk, The Redefining Wealth Show. Today, our discussion is about your income in retirement. Now a lot of people that I’ve spoken with over the years have done a fabulous job, and I think you would agree Michael, of accumulating their assets, saving for retirement. There’s some always that haven’t done a good job and they want to retire with too little money, but most of the clients we’re working with, they’ve done a beautiful job saving and accumulating. But the advisor they’ve worked with maybe to accumulate all of those funds, maybe as they started thinking about retiring or even just stepping into retirement, really never went over what a written income plan is, they never really did a cashflow analysis, a budget analysis. And factoring in all of the various areas of risk that we’ve identified through the redefining wealth process that will all pull from the income.

 Laura Stover:

Things such as taxation in the future, taxation now, healthcare cost, inflation, a number of factors just are not calculated in. And this is one of the most pivotal and crucial steps that everybody, no matter of your net worth, that you really need to have a grasp on. I know that Johnny Depp trial’s very popular right now and I don’t want to digress but I mean because we have frivolous spending, but we see this happen. Some people I’ve had retired pilots retire relatively young and they’ve have a comfortable nest egg, but the habit, “Oh, I need $12,000 for this. Oh, I need $27,000 for that.” And before you know it, they are systematically taking too much income out of their account and they’re wondering where their money went? You have to have a certain amount going back in if you’re having X amount coming out.

 Laura Stover:

So today’s discussion is around, there’s an old rule in this industry called the 4% rule. And our topic is, is this valid today the 4% rule in the economic environment that we’re in? Before we get into that, let’s also give a little background here in terms of how things relate to the 4% rule. And it came about from an advisor actually and I hope I pronounce his last name correctly here. William Bengen. Did I say that right, Michael? Bengen.

Michael Wallin:

I’m going with William Bengen because I’m not sure how to pronounce it either.

 Laura Stover:

Well, the Southern accent and the Midwest accent between the two of us we’re going to call him Mr. William Bengen. And in 1994, he looked back over the arc of the investment history. He said, “Look, people are withdrawing money from the retirement portfolios in,” he called it, “A willynilly haphazard way.” In fact, back in the day, the way they figured out what sustainable distribution rates were from retirement portfolios, they’d look at whatever the going rate in the market was at the time, so let’s say the S&P 500 over the previous 30 years was 7%, then they would say 7% now is the sustainable rate that you could withdraw from your portfolio. Now you may be thinking that’s a long time ago, it’s outdated thinking. Well, as recently as 2005, Mr. Tom Hegna, someone that we both esteem a very knowledgeable authority in our industry, someone we could call an expert, he has done a lot of research. He wrote a great book called, Paychecks and Playchecks.

 Laura Stover:

And MetLife did a study where they asked retirees what they thought was a sustainable distribution rate from their retirement assets? So in other words, what percentage of their total retirement portfolio starting day one of retirement could they withdraw to keep up with inflation and never run out of money before they die? And they probably didn’t have inflation rates like we’re seeing today. And out of that study, 40% of the people said they could withdraw 10%. I will pause there. I think we have the background. So a lot of our listeners have heard, “Oh, I can draw 4% for my portfolio.” That’s how they calculated things when Mr. Bengen kind of came up with this 4% withdrawal rule. But 40% of the people surveyed said that they could withdraw oh easily 10%. I mean, and that was for the duration of how long they’re in retirement. But we have people living longer than ever today and I’m going to defer over to my certified financial planner, Mr. Wallin. What say you?

Michael Wallin:

Well Laura, first of all, this is one where I really believe we have to unpack it because there is a lot of dominoes that are around this one piece and you really have to understand how these elements are interdependent of one another. So when we look at assets, and we deal with clients every day that’ll come in and they’ll say, “Well, I’ve saved a million dollars.” Now a million dollars is a lot of money. A million dollars at age 80 is a lot more money than a million dollars is at 40. Now you’d say, “Well, a million’s a million.” Well it is except for when are you going to be dependent upon it? And if you’re taking money, if you’re age 40 and you’re drawing money out of a million dollars it is not going to give you the lifestyle that if you started at age 80 and you started distributing money out of it at age 80, your lifestyle’s going to be much different at that time.

Michael Wallin:

A million dollars later in life has a lot more buying power than a million dollars does early in life. Now, Wade Pfau, again, a professor, an academia in our industry that we both love to read his articles, his research is impeccable. Wade actually debunked the 4% and actually came in that it is noted today under 3% is the safe money withdrawal rate. So if you have a million and you say, “How much could I comfortably take in cash out of this?” 3% of a million dollars is $30,000 a year. So if you’re 40 years old and your expenses in life are much higher than when you get into your retirement, then a 3% distribution may not get you there, but if you’re 80 and a lot of your expenses are reduced, your lifestyle may be reduced at that time, 30,000 may be a sustainable amount of income.

Michael Wallin:

So I think it’s very relevant. That’s the first piece that we would unpack is when you’re looking at an income plan, what is the duration that this asset is going to need to be sustainable for your dependency from it? The other part is when we are looking, and Laura, you and I’ve done many, many town hall meetings and you’ve heard me say this several times, if we were sitting there and we wanted to make a three egg omelet, and I always ask a individual that’s in the crowd, how did your mom in the kitchen teach you to make a three egg omelet? And you open up the carton, what is the sequence of distribution that needs to come out of that carton of eggs? And I always get this very bewildered look, and they’ll say, “Nobody’s ever told me, it’s random, I just reach in there and take out what I need.”

Michael Wallin:

Well, that works for making a three egg omelet, but it does not work when you’re looking at distribution for income in retirement. There is a sequence of how money should be distributed because if you don’t take it in the right order, you may end up costing yourself way more money in taxes, inefficiency in the investment accounts that you’re having. I had a client come in last year and ask for a distribution, their income could sustain a little bit more taxable income. And they said, “Well, I want to take the money out of my Roth.” And I was like, “Why do you want to take money out of your Roth when you have a IRA that’s still over here and yet your standard deduction allowed for more income that would have no taxation. Why would you take money from your Roth that is tax free when you have a standard deduction that still allowed you an allowance of taking money out of the IRA that would still be tax free?”

Michael Wallin:

And it comes down to education. I think many times clients just don’t understand it. And the clients that come back and answer a survey saying that 40% of them said that they’d take 10% and it’d be okay, somebody needs to educate them. Mathematically, if you’re going to live and you know that you’ve only got three or four years of life left, 10% is an adequate distribution. If you are thinking it’s going to take you 30 years or your money needs to last you 30 years in retirement, you cannot distribute 10% a year. There is no investment strategy that’s going to yield you that kind of sustainable return to offset a 10% distribution.

 Laura Stover:

That’s a good point. And boy, you made me hungry with the omelet portion of that, I haven’t had time to really eat today. But to your point, now Dr. Wade Pfau, he’s a professor at the American College, he the innovator behind the Retirement Income Certified Professional Designation, he teaches the classes, Princeton PhD, his credentials are impeccable. And to your point, if we’re just taking money at random, and maybe the market’s great for a number or of years when we’re doing this. Oh, at some point, if there’s not a solid consistency of distribution, we’ll have what’s called a negative sequence of return, we could retire quite comfortably, but we could have the impact of a negative sequence of return risk.

 Laura Stover:

If we have what he refers to in his book as a spending shock, if we have various emergencies or unexpected expenditures, yes, it’s going to potentially cost us more, but with a well crafted plan and what we want to do through the framework that we’re working with clients who are redefining wealth process we want to allow for that thus plan for that, plan for the death of a spouse and taxes going up when you’re now a single filer and you’re losing a deduction and so forth. So all of these things are vitally important to factor into the income plan.

 Laura Stover:

And back to looking at this concept of the 4% rule, you’d like to think we learn from errors, that history has been a good teacher to us, but that’s simply has not been the case. More or less Americans are not real education to your point on a sustainable withdrawal rate. And I mentioned Johnny Depp earlier, how can you have earnings of over 650 million in your lifetime and literally squander it away? And you may laugh and think, “Wow, if I had 650 million, I would never be wasting it on scattering someone’s ashes across the sea for $30,000 and $500 bottles of wine for everybody and all of the frivolous expenditures.” But big and small accounts, we see this happening. And finally his business manager had a discussion and that you have to put people on a budget.

 Laura Stover:

His lifestyle may be larger than most people’s ever would be but he still needs to maintain a budget. And it’s important to him, not for himself, but to have that money for his children. And so squandering in a way and bad decisions is also something that a lot of people do have to face. If we look at computer modeling, demonstrating a 4% sustainable rate. In other words, you have the million dollars starting today, one of retirement, and you want to keep up with inflation over time. While the most you could ever take 4% or 40,000, then you adjust that 40,000 for inflation over time. Then over a 30 year retirement, there was something like a 90% likelihood when they ran these Monte Carlo simulations that your money would last until the end of that 30 year period. That’s the way that it was standard back when this rule was invented to combat what they call the longevity risk.

 Laura Stover:

Let’s talk about longevity risk, that risk that you would run out money before you run out of life. And how that could actually very much be impactful when you’re looking at the sustainability, if you are in fact, relying on a 4% withdrawal or higher, why that might not be 100% probability that your money could last until death?

Michael Wallin:

Laura, what I would say to the two questions that you posed in that. One is every retiree has to change their mindset as they start moving into this different chapter of their life. When you’re in your accumulation years, and you talk about Johnny Depp, how does he get to a point where he spends money like that? And you’re like, “Nobody else would spend money like that. Why would a person spend?” Well it’s because in his occupation, he could spend 30,000 because if he made a movie and made $20 million, well, what happens when you’re no longer making movies? Now, all of a sudden your dependency has moved away from your earning ability and you’ve engaged your accumulated assets and now they’re working 100% for you, and you’re 100% dependent upon what the return is. So as people go into retirement, they have to transition from the accumulation mindset to a preservation and income mindset.

Michael Wallin:

Now, as it relates to the sustainability, and you start looking at how this sequence of returns impacts people, it is called triple compounding in reverse. So imagine if we had a million dollars in retirement, we had a correction in the market, so the market shrinks by 10%. So now we’re sitting with $900,000 of account value today. Well, we haven’t sold any positions, all that has changed is the price of our underlying holdings went down and corrected, but we’re still holding the same position. So if we don’t sell any of them, the market expands back, our value comes back up.

Michael Wallin:

But if let’s say I was dependent upon taking a 5% distribution or $50,000 out of this account. So we had a 10% correction. We went from a million to 900,000, but then I took $50,000 in a distribution, that means I had to sell those positions, I had to realize those losses and generate that income out. Well, I have now dropped down. So when the market comes back, I have less positions, I have less underlying holdings when expands back to get back to my previous account value. And that’s the reason why, if you go into a long two year, three year draw down of the market like we saw in ’99, 2000, 2001, we had a long period of a recession correction going on in the market and people were continuing to draw money down, then they actually dropped a large amount of their account value based upon that willynilly distribution.

Michael Wallin:

And so you really need to diversify, and we talk about this on almost every episode, but I’m going to believe that there’s probably new listeners this week and they haven’t heard the previous episodes so I’m going to say it again, money you’re going to be dependent upon for your income needs to be in one tranche, and I look at that of a time period of zero to three years. And then you look at a time period of four to seven years out before you would be dependent on that portion of asset for income. When you start diversifying your holdings into tranches of when you’re going to be dependent upon it, gives you a higher probability of success. You can take a lot more risk on money that you’re not going to need for 10 years, then you can on the money you’re going to be dependent on for the next zero to three years.

 Laura Stover:

So the next point here, and I think you unpacked that well Michael, if we want money essentially to last 40 years or beyond and you’re kind of sunk into the 4% rule, let’s talk about when William Bengen kind of came out with this thesis about the 4% rule. Well, it was back in the early ’90s when he formulated the 4% rule. So I remember he was using a stock bond mix and most broker dealer firms do this today, a 60/40 equity to fixed income mix, that’s kind of a standard recipe with most firms. And that’s a static, what we refer to as a static allocation. So you’d have 60% of your portfolio in stocks, 40% in bonds. Well back then, bonds were cranking out about 6.6 in the early nineties and bonds were doing extremely well and that was the rate of return that he used in that 40% portion of the bond portfolio.

 Laura Stover:

So here’s the problem. In today’s post recession world, and post pandemic, stocks are doing great until 2022, we’ve seen a little volatility, but for the most part they’ve done great. Bonds have not done well. Bonds are only at 2.2% or less, they’ve actually had some negative yield here in the last month. So in today’s environment, everybody across the board, whether it’s Vanguard, economists, retirement experts, they’re all revising this 4% roll downward and saying that if you still want to have a high likelihood of having your money last through life expectancy or in other words, successfully combat and successfully neutralize that longevity risk from your retirement portfolio, you can know longer take out 4%. If you take out 4%, the probability that your money lasts until you die, it drops dramatically. And that’s primarily a function of where bond returns are these days.

 Laura Stover:

Now to deviate from here, I think we always guarantee income. I always have in my practice on more guaranteed types of investments for that income portion, for the income portion. Dr. Roger Ibbanson also did a very good study, I think it was around 2016 and the right type of annuity, which is backed by an insurance carrier with a good income writer it can guarantee a sustainable income, that it doesn’t matter what the market does. So for the income portion, that’s one way to combat changing tides that the market has because certain things are in fit and out of favor of various periods of time. Thoughts?

Michael Wallin:

Yeah, you’re using the products the way they’re designed. There’s a plethora of products that are in the financial industry. The problem oftentimes is that individuals will utilize those products or go into the investing or allocation into them when it doesn’t really fit the way that product was designed. We see this quite often when we have individuals that are insurance only agents and they meet with the client in a contracting market, the solution becomes every dollar you have should go into an annuity. And as we’ve stated many time, we are not opposed to annuities, we’re just opposed to using annuities at the wrong time. And it’s the same thing for the investment world. When you have the brokers out there that they’re one dimensional and they tell their clients, “Hey, everything needs to be in the market, you’ve got to have a diversified 60/40 portfolio.”

Michael Wallin:

That may not be the best solution either. I mean, if you think about it, if equities are in favor, do you want 40% of your holdings allocated to bonds? That means you’ve got something that’s dragging your returns. Or if the market’s correcting and you got 60% in the equities, do you want 60% dropping faster than the 40% can make a correction? So that balance, though it may have worked in the ’90s, I think it’s very noteworthy to bring up the point that a lot of retirees in the ’90s also had pensions. They had guaranteed structured income that was created from their employers and that, in alignment with their social security, really took the burden off of how their investment portfolio worked because the dependency level wasn’t there.

Michael Wallin:

That’s much different than we are now 30 years removed from that time period where 75% of the clients we’re talking with today do not have a pension. They have a 401k that came out of the 1974 ERISA Plans, and it’s a contributory plan. Whatever they have today is based upon how they allocated it for 40 years and this is what they have to work with. No reset buttons on that 40 year timeline.

 Laura Stover:

So today the lunch for the investor working with a balance, working with an advisor that has a defined process, they’re just pushing products and products and features are the first thing coming off of their lips, I would be looking elsewhere. You’re listening to Retirement Talk, we’ll take a quick break and be right back.

Ron Stutz:

We hope you’re enjoying this episode of retirement talk. I want to offer you an opportunity to take advantage and look a little deeper at your specific situation. Receive a complimentary retirement income plan. Income, not assets, as the essential ingredient you’ll need for a sustainable retirement. Receive a complimentary link during a personal 15 minute strategy call with Laura and Michael. You will receive access to our proprietary life arc planning system. This will allow you to begin to create your financial blueprint and understand the dimensions involved for a comprehensive custom retirement plan.

Ron Stutz:

This process will help you address this six key retirement risks and build a rock solid income plan around them. We will also provide you with a tax analysis, as well as an in depth financial x-ray of your current situation. This will provide you with a deep understanding of exactly where you are and if you’re on the right financial path. Lastly, we put together a no obligation income plan custom made just for you. Go to redefiningwealth.info, click schedule review. We walk through our three step redefining wealth process. Limited times available. Go to redefiningwealth.info, schedule your strategy session virtually by phone or in person. Let the LS team assist you.

 Laura Stover:

A rock solid income plan begins with a process. Having balance within your retirement portfolio has to be formulated, in my view, from a process and a framework that covers the six risks that I’ve identified over the 22 years. And Michael, what are you 28, 30 years in this industry? How long?

Michael Wallin:

September will be 30 years.

 Laura Stover:

30 plus 22, between the two of us, that’s 52 years. Wow. We started when we were 10 I do see the gray beard coming out. You had a busy week, and hopefully when we are going to be bringing the show to some video in the very near future, and you’ll get to see his pretty face and some weeks he shaves, but some weeks he doesn’t because he is very busy as I am as well. And so I guess you could pick on me if I don’t get my hair color on, I show my grays here and yours is on your face. But a balance, the six risk that we have identified in our combined 52 years of working with clients and really being good stewards of learning and evolving as times changed, times are very different now than when we both came into this industry.

 Laura Stover:

And these six risks are there no matter what amount of assets you’ve accumulated, and that is having an investment plan so that you have balance within the growth portions of the portfolio, that’s not putting all the eggs in one basket. Having processes for monies, as you always say Michael, that you’re not dependent upon today but that can have a balance and a variety of investment tools to grow because people are living longer than ever. That’s not true for everybody, but as a whole, as a society, we are living much, much longer. So Having that investment management, not losing capital during times of extreme downturns, these are little bumps that we haven’t seen for a while so we’ve been very spoiled with a robust bull market for some time. And then having that income plan. Pensions are a thing of the past, like an eight track tape as you mentioned earlier on the first segment, we need to solve for income.

 Laura Stover:

Then thirdly, we need to solve for liquidity. What amount do we need in those emergency funds? Should it be longer than six months anymore? I know those that had 12 months it boded well during the 2020 year and the pandemic and things were shut down and maybe you are a business owner. Cash flow is very important. Also having a healthcare plan. Healthcare is still a very debatable topic, we have many other things we’re talking about now but those costs are constantly escalating. And as we age, it’s not cheaper is it Michael to, I mean, it’s costs us more with maintenance of the old body going for more exams, having tests, managing things, because we are living longer if we’re proactive with our health. But those costs are constantly going up.

 Laura Stover:

Then taxes. We know the cost of taxes are going up. Even if nothing changes, it’s going to sunset come 2026, the current tax code is going to revert back and sunset back to 2017 levels. We’ve had shows about that. And then of course the estate planning component, all of that is a framework that you must plan around because it’s all interrelated. And in order for any percentage to be withdrawn from a portfolio, you really need to start with a process.

 Laura Stover:

We start with step one, the life arc planning system. This is where you have an opportunity, and we’re making it available to our listeners a link that I’ll send you and I’ll show you how to walk through the process. You can create a blueprint for your retirement income plan, and this works immensely well because it’s all about income. You get a blueprint and you can see exactly the inflation factor, the cash flow, and then determine what is the withdrawal rate at what point in time are you going to need. I cannot speak highly enough about this and I’m going to let you kind of explain the life arc planning system a little more fully Michael.

Michael Wallin:

Because none of us are immune to those factors that you mentioned Laura out in society today, rising food cost, expenses, all of a sudden we’re transitioning from earned income to our investment income for cash flow and other areas that we’re dependent. We have so many plates in the air that is spinning, it is unfortunate that many advisors out there today still use archaic processes, of using static documents, of gathering information. And how are they able to go back and review those? We live in the technology world today. You should be working with an advisor that has embraced artificial intelligence, that has a digital framework that allows you to properly communicate as life events change.

Michael Wallin:

That’s what life arc plan does. It is a digital framework, it’s a data gathering system that allows the client to work directly with the advisor as things are in life events or changing in their life, they can simply log into the software, they can enter the information in calculations are done immediately for them. So you can see the impact. And that then is communicated directly to the advisor so changes, if necessary to a current strategy, can be made much quicker. And that what we’re trying to get to now, we’ve got probably 50,000 listeners to the podcast for this episode.

 Laura Stover:

Actually it’s 65,000.

Michael Wallin:

65.

 Laura Stover:

And growing.

Michael Wallin:

See, it’s just been growing every week. So when we’re looking at that number of people, I would challenge every one of you to say, “How often does my advisor communicate with me? Are they in touch with me?” And so if you’re only meeting with your advisor once a year or every two years or maybe you hadn’t talked to them since you originally set up your strategy, your investment plan, but not your [inaudible 00:31:37].

 Laura Stover:

And COVID’s lasting a lot longer than it should be, right?

Michael Wallin:

Absolutely. If you’re looking at that, has any life events happened personally for you that your advisor probably should have been made aware of ’cause would the strategy possibly have changed since post pandemic, post-COVID? I think so. I think there’s probably a lot of adjustments that has needed to be made, but people have invested their dollars but they’ve really never built a plan, they have never seen how the plan and the investment strategy joined together. Well, life arc plan allows individuals to be able to do that and to streamline that communication process with the advisors. And that’s the reason why we use life arc as the cornerstone of our data gathering and communication because it establishes a greater rapport and a greater relationship and a deeper trust with our clientele

 Laura Stover:

And some of the security questions. There’s a few clients, let’s cover that real quick. I mean, we’re in a world where that’s a valid concern but let’s talk real quick about steps for security. We work with clients all over the country and thank goodness we had this technology when the pandemic took place. We didn’t miss a beat because of the technology that we’re utilizing and staying in touch with everybody. But the security questions real quick.

Michael Wallin:

Yeah. Security, it is a platform that has security when information is sitting as well as when information is in motion. So we have met all the standards, it is continuing to be increased around those security measures. There’s never a, “Oh, check that box off security is complete.” There is focus of always keeping data up to date. We do not collect certain information that would be used against a client. We do capture information that the general information that a person would have, wishes, desires, goals, fears, those types of things. And then dollar amounts, but we don’t capture account numbers or social security numbers, those things that would be pirated or we would have individuals wanting to attack our information. We don’t need that information actually, but we are constantly building that out, we have integration with many different firms out there that are industry leaders and we have integration with them. And so our standard of security meets all their standards as well.

 Laura Stover:

So having solutions to the six key risks that we all will face at some point in time, having a balance within the portfolio and having a process that you go through, I’ll make the life arc link available to anyone that wants to walk through our entire process. You have to walk through the process so that you understand how to take advantage of putting your blueprint together. And this is information that you’ll have at your disposal. We’ll take that a couple of steps further once we collect that information and work with you on understanding what’s important to you and understanding your unique numbers and situation and will also dive deep and do an evaluation so that you know how much risk is in your portfolio, what are you paying in fees, what’s your tax consequences is in the future?

 Laura Stover:

Maybe you just did your tax returns this year but how does your tax outlook look going forward? What’s your capital gain situation? A lot of things that we can look at to make sure that pillar of your redefining wealth plan is in proper balance and making sure that you have the income, most importantly, that you need to last as long as you do. Thank you for listening to Retirement Talk.

Ron Stutz:

Redefining Wealth is a registered trademark of LS Wealth Management. Take advantage of a complimentary plan. Know where you stand regardless of the market, walk through the redefining wealth process and have a clear picture of the key risks you likely will face. Achieve a deeper understanding of how to properly plan for these risks with the Redefining Wealth Framework. Schedule a strategy session today by going to redefining wealth.info. Redefining Wealth as a registered trademark of LS Wealth Management. Investing involves risk, including the potential loss of principle. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This show is intended for informational purposes only, it is not intended to used as a sole basis for financial decisions nor should it be construed as advice designed to meet the particular needs of an individual situation.

Ron Stutz:

LS Wealth Management LLC is not permitted to offer, and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by US government or any governmental agency. The information and opinions contained here end provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by LS Wealth Management LLC. Investment advisory services offered through optimize advisory services and SEC registered investment advisor. LS Wealth Management is a separate entity.

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