Managing Financial Anxiety with Author and Filmmaker Laura Morton

11.17.23: Audio automatically transcribed by Sonix

11.17.23: 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 Money Matters with Mike, with your host, Mike Zaino. Get set for a full hour of financial information and economic news affecting your bottom line. Mike 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 Mike Zaino.

Mike Zaino:
What's up, what's up, what's up? It's Mike Zaino coming to you from Fort Mill, South Carolina. Happy Saturday people. What a great time to be alive in these United States of America. Money Matters with Mike is a show designed to arm you with information and give you plenty of meat on the bone to chew on each and every week. And today we are absolutely bringing the heat in. On today's show, we're going to talk about how to build a retirement that lasts in spite of some Turkey Day troubles. With inflation's impact on Thanksgiving and we're going to introduce you to a special guest speaker that you absolutely will not want to miss. And as always, I have the distinct honor and privilege of being joined by the one and only my co-host and producer extraordinaire, Mr. Matt McClure. Matt, how are you doing today, buddy?

Producer:
I'm doing great, Mike. I am looking forward to that guest coming up here in a few. I mean, I think she is going to be great and have a lot of great things to say. Yes. You know, we talk a lot about stress and anxiety and how money creates that. A lot of times people and I think she's going to be able to shed a lot of light on that and how people can deal with it.

Mike Zaino:
Absolutely. And if she even just is able to touch one person, one of our listeners, it is well worth having her on the show. I'm, you know, I will introduce her when we get there. But I mean, her her list of accolades is nothing short of astounding.

Producer:
Yeah, it really, really is. When you look at the resume, it is impressive. So she she knows what she's talking about. But hey, wanted to just say thank you to everybody who is listening today, whether you're listening here on the radio on, or you are listening to the podcast. Yeah, you can pick us up wherever you listen to podcasts. Just subscribe like us, leave us a comment there. We would really, really appreciate it. You can also go to YouTube, the YouTube channel. Just Search for Money Matters with Mike on YouTube and you'll find video highlights and including very soon. I know some highlights from this episode and our conversation that's going to be coming up in just a little bit here. We'll also have all of the past episodes of the show available for you at Money Matters with Mic.com, that is, Money Matters with Mic.com all spelled out, all one word and you can find us there as well. So pretty much anywhere you want to go online, you can find us. We're we're not hiding. We're out there, you know, with bright lights flashing, saying, hey, here we are. So if you can't find us, you got issues. Yeah.

Mike Zaino:
If you can't find us, you're not looking.

Producer:
That's right, that's right. Get some glasses. But anyway. And you know, Mike, I can't. Honestly, as we start off the show today, I think I've lost count about how many times I've said this over the past, I don't know, week or two. I can't believe Thanksgiving is almost here. The year seems to have just flown by. I guess that as we get older it gets that way. But I am very thankful to be a part of this. I am very thankful to be able to share the information that we share each and every week. And I know that our, our listeners are very thankful for for you and all of the expertise that you bring, as I am as well. Yeah.

Mike Zaino:
Well, I mean, the listeners are the reason that we do what we do, right? So we we are absolutely in gratitude for our listeners as well as our clients who listen to our radio show and our podcast. We're especially thankful that the market this year has recovered from the down year that it experienced in 2022, because we know how challenging economic volatility can be, especially for those who are preparing for retirement. So, you know, last year the S&P was down almost 20%. Um, this year it's up about 15% so far, which still means you're down 10% from where you were last year. But we're thankful that it has come back, right. We are especially thankful for investment options that can provide people with protection for their retirement, including a personal pension. Even if you don't have one available through your employer, you're still able to create your own personal pension because of the options that we can provide with that, money matters. With Mike, we are thankful that there are still two types of tax free investments that we can utilize for our clients and whether that.

Mike Zaino:
Some life insurance or the establishment of a Roth IRA. And in the weeks that we have left in 2023, we're going to be talking about building momentum into the new year and how you can make 2024 your best year yet. When it comes to preparing for retirement. So the first question I ask is, do you have vision? And above that a smart vision for your future retirement. So the holidays are a phenomenal time to sit down with your spouse, with your family, really talk about what you want for your future retirement as far as what it's going to look like. Okay, the first step in planning a successful retirement is deciding what exactly that dream looks like to you. And if you have questions and if you are ready to get started with a free retirement plan and consultation, just go to Money Matters with Mike.com. Give me a call (704) 560-1573. Email me Mike at Money Matters with Mike.com. However you get in contact with me if you have questions that need to be answered, I'm the guy to ask.

Producer:
That's absolutely right. You know you've got questions. Mike's got answers. And that's that's our mantra around here. He's the guy that I go to. You know when I have questions like that. So you should as well folks. And we do have some important reminders here before we kind of get into into the the meat of the show and then our, our meat on the bone segment coming up here in a few minutes. Just a couple of reminders, because it is still the Medicare annual enrollment period that runs through December 7th. And so we're really kind of, you know, on the back half of it here, Mike. And people really got to take a look at their Medicare coverage and determine if they want to or need to change that coverage could save them a good chunk of change. It could.

Mike Zaino:
And it amazes me how lazy people are. And I hope you guys don't get mad at me for calling you out. But you know, if I'm speaking to you, it's probably because it resonates, right? But by reevaluating your plan each and every single year, you'll likely find that you can save some money on your Medicare expenses. And if I asked all of my listeners to raise their hand, how many of you like paying more? I don't think many of you are going to raise your hand. So savvy retirees do a Medicare coverage check each and every year, just in case they have the opportunity to save some extra money, especially when inflation and the cost of goods and the cost of services and the cost of living in general is higher. Every penny counts. And this is a great way that you can save some money. So again, that open enrollment ends December 7th. If you have any questions on how we might be able to help you with Medicare again, visit the website, give me a call and don't delay act today. I hate that because it sounds so cheesy, but it does make sense, right? You know you've only got a few more days to deal with this.

Producer:
Yeah, I mean, really it is down to the wire here. And also, you know, be careful as it gets down to the wire. People are going to be fast and furious with the scams as well. So you got to watch out for scammers out there, unsolicited contacts. If you did not reach out to someone, if they reached out to you completely out of the blue. Be careful when it comes to those unsolicited calls, emails, even door to door visits offering Medicare related services and protect that Medicare card and that Medicare number. Don't share those with anybody you don't absolutely trust, or you know someone who you are absolutely sure needs that information, right? But then 100% and then also, Mike, another little reminder here for the listeners as we get close to the end of the year, required minimum distributions. Boy, if you if you know what they are, you're you probably just cursed at the radio. But talk about that, Mike. You got until the end of the year to take that RMD for 2023.

Mike Zaino:
Yeah. And again that's quickly approaching. We're talking about how fast this year is flying by. Well December 31st is the deadline for taking your required minimum distribution. And if you don't know what that is or if you haven't had to take one yet, if you haven't turned 73 yet, then when you turn 73, as it stands now, you'll have to take some money out of your tax deferred money. So a 401 K, an IRA, a 403 B, any employer sponsored plan like that. And that's just so the government can collect their taxes. Isn't that nice of them? Well, you know, we do this proactively with all of our clients to help them plan any annual distributions in an efficient manner, because missing the deadline could result in significant penalties, the largest penalty in the IRS arsenal, by the way. So be sure to mark your calendars and. Prioritize this very, very, very important financial task before it is too late. So if you had already turned okay, either 70.5 before they, the secure act changed it to 72 back in 2019, or the Secure act again, that changed it to 72. So if you hadn't already started taking your required distributions, just remember December 31st. And don't forget those distributions are taxable.

Producer:
And that's the whole reason for them, as you said is so that Uncle Sam can collect his taxes. So there we go. And if you've got any questions about that folks don't hesitate to reach out. Money matters with Mic.com is the website and then the phone number 704 5601573. We're going to talk more about Turkey Day trouble when it comes to inflation here in just a little bit. We've also got some news about Americans living longer. But how in the world are you paying for it? A lot more to come in the show as well as as time goes on. First though, let's get our conversations started for the week, shall we? With our quote of the week.

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

Producer:
So this week's words of wisdom come from Jim Rohn, who was a renowned entrepreneur, author, motivational speaker who died back in 2009. These words still ring true today, and I think will for a long, long time. Jim Rohn said this once. Quote. To solve any problem, here are three questions to ask yourself. First, what could I do? Second, what could I read? And third, who could I ask? Very important questions there, Mike.

Producer:
Hungry for something to chew on. Here's some meat on the bone.

Mike Zaino:
So when we talk about the question, who could you ask? We have a special guest star today for our meat on the bone segment. And it's a woman who is is is very, very, very well known. Her name is Laura Morton. And she's not only a mental health advocate, but she's also a New York Times best selling author and documentary director. She has authored over 60 books and has a staggering 21 New York Times bestsellers with a wide range of celebrities, including Jennifer Hudson, Al Roker, Deborah Roberts, Justin Bieber, the Jonas Brothers, Susan Lucci, Joan Lunden, Melissa Etheridge, Katherine Schwarzenegger, Kathy Ireland and Danica Patrick, just to name a few. She is also written bestselling books with John Maxwell, Bob Parsons, Dave Liniger, as well as Glenn Stearns. Laura co-directed, produced, and wrote the award winning documentary Anxious Nation, her first feature focusing on the crisis of anxiety in America and especially its impact on our youth and their families, which is available for streaming on Amazon, Google Play, and Apple TV. So we are honored to have her as a guest on our show today. And Laura, welcome to the show.

Laura Morton:
Oh, thank you so much for that introduction. I'm very humbled by that. It's always weird to hear all of that in one place.

Producer:
Well, it's great to have you here, Laura. And I know that, you know, when we're running down the the list of names that that you have have worked with and, and have authored books with and and it's just it's staggering. So thank you for spending some time with us. And I wanted to talk, you know, specifically because in in this show in Money Matters with Mike, we often will talk about how money woes and money worries can create a lot of anxiety for people. I mean, it's, you know, the leading cause of divorce. It's, you know, something that is very anxiety ridden. When people talk, people either don't like talking about money or they hide their money worries from even their spouse, that kind of thing. Your film focuses on really the anxiety issue for younger people. I know that your daughter is someone who is featured in the film, which I thought was very brave of her to to be featured. Talk about sort of your experience in dealing with someone that close to you who has struggled with so much anxiety?

Laura Morton:
Sure. Well, thank you for for asking. My daughter is the reason I made the film. I just I felt like I was failing as a parent. I just thought that that everything that I was trying to figure out, she just wasn't seeming to get any better. And, you know, there was a day in my office in 2018 where I just felt very alone. I thought what was happening in our home was only happening in our home. And so I put a post on Facebook, Kids in Anxiety, who's dealing with it? And remember, this was 2018. We just weren't talking about mental health the way that we're talking about it today. But the response that I got was pretty spectacular and shocking because it didn't just come from my and I'm quoting Facebook friends. It came from people that I knew well, people that I had dinner with recently, and we had never talked about what was happening with our kids. So I'm a storyteller by trade. I thought there had to be something going on here. I wanted to know if we were more anxious or just more aware of it. I wanted to know why. And more importantly and most importantly, I wanted to understand what to do about it. And I think so often as parents, we you know, you mentioned like we don't like to talk about our financial woes. We really don't like to talk about our mental health woes. Right? We don't like to talk about the anxiety that comes with all of that. So the stress that it can put on a relationship is significant. But when you have that stress that trickles down, your kids feel it. And whether you think you're, you know, shielding it and, you know, keeping it from them, they absolutely can feel that feeling coming off of you, all of that anxiety that you're carrying with you. And for many, it turns into depression because it goes untreated. So I think it's really interesting to talk about that correlation.

Mike Zaino:
Yeah, I know personally, you know, I can speak for my family has dealt with anxiety in the past, whether it was for the health challenges that we went through, whether it was, you know, because of our kids and everything that they have gone through. I have a 22 and almost 27 year old daughter, and they've both battled with, you know, anxiety throughout their lives. And I do think that they experience things a lot differently than we, you know, experience things when we were that age. So, you know, the documentary that you put together was was revelatory in bringing that to light. And I do, you know, as a father, I appreciate that as well. But, you know, you say that that the anxiety crisis is going on in the United States has reached epidemic levels in the past few years. What do you think are maybe some of those contributing factors to the anxiety spikes that are happening as we speak? Literally.

Laura Morton:
Absolutely. So let me put it into perspective for you. If you had a high school of a thousand students, okay, and 450 of them are saying that they're persistently sad and hopeless, 200 are saying they've considered suicide and 100 have actually tried. If we don't consider that a crisis, then we really need to rethink what is a crisis. People love to go for the low-hanging fruit, that it's our devices. It's, you know, social media. And there's no question that there's correlation and causation. Right. But there's a there's a distinction between correlation and causation. I think it's much bigger than that. I think that we live in a very lonely and isolated and disconnected world these days. And, you know, I think it's really important to understand that so often anxiety can be generational. It can be situational. So right before I hopped on this call with you guys today, I was on a call with a woman who lived in Colorado and her her son was at the Stem High School when there was a shooter. And, you know, our kids are going through he was in the hallway when when it happened. And I was going through all of the different things that our kids are dealing with today. Right? Our kids are worried about global warming. They're worried about, you know, the state of politics they're worried about. There are so many things. Was that all around when we were younger? Yeah, you know for sure. But I don't think that it felt as big as it feels today.

Laura Morton:
And I think that our kids are responding naturally to a lot of really unnatural circumstances. Active shooter drills in schools is not a that shouldn't be a normalized experience for our kids. And, you know, being afraid to go to a shopping mall or a movie theater because you might, or a nightclub because, you know, some or bowling alley. You know, think about it. And it's just the the angst of that now is the way that our kids move through the world. And yet I think it's really interesting because I think there are some really great things that can come from social media. I think that there are, you know, so it's not all bad. I'm actually, you know, not like one of these parents that thinks that we just have to obliterate it. I do think that we have to hold the company is the social media companies and the platforms to a better standard. You know, currently they're protected under section 230 of the Communications Decency Act, which says that they're not liable for any third party posting on their platforms. So, you know, and this has gone to the Supreme Court numerous times where it's been upheld. This is a law that was put into place in 1996. It predates any one of these platforms. So I think it's really, you know, an opportunity for tech to self-regulate. And that's what I have a problem with. I think that tech shouldn't be allowed to self regulate any more than big tobacco or big pharma.

Mike Zaino:
Kind of, you know, pivoting a little on that. Obviously the younger demographic are definitely getting hit and probably the hardest. But, you know, according to research, a surprising statistic, at least to me, was that the senior citizen community levels were also on the rise. And what might you attribute that to?

Laura Morton:
Oh, I mean, so the biggest surprise audience that we've had for Anxious Nation has been grandparents. And so, listen, I think they're lonely. I think that what's interesting when you bring that statistic up is that our kids, actually 72% of our kids identify as being lonelier than senior citizens. Okay. But our senior citizens have, you know, gone through the 2008 housing crisis. So maybe they were set up a little better financially before that crisis. And now we're finding themselves not able to retire in the way that they wanted to. I think they're incredibly lonely. I think they don't understand legitimately don't understand what's going on with their generations, you know, that that are coming up behind them, their kids and their grandkids. So I think that there's a lot that probably contributes to that loneliness, but it's absolutely there. Look, we live in a world now where we primarily communicate through our devices, our phones, text messaging. Right? So picking up the phone and calling someone, going and seeing somebody in person just doesn't happen nearly as much anymore. My daughter communicates with her grandparents on FaceTime. That's just not the same as quality time together. And we've lost that connection among our families. We've lost that connection among our communities. And we were never meant to be singular. We were meant to be plural.

Producer:
Yeah. Meant to be together. Especially as as family units like that. Like, no matter what your family looks like, you're meant to be together. And as we approach the holiday season, of course, that's a great reminder as well. And one of the one of the great things I think about the film is that you you don't just kind of lay out the problem right, of anxiety and explain it, which is obviously a very important part of this discussion. But you also talk about how a lot of these, these kids, these teens, these young adults are able to cope every day and especially like going back to your daughter. I mean, you know, how she kind of is able to to deal with the anxiety. And I remember her making a comment that it doesn't go away, but you just sort of learn to deal with it and just and, and cope for a lack of a better term. How would you say that translates to the maybe the older population who are retired, planning to retire and are in that situation, that we were that very lonely situation that we were just talking about?

Laura Morton:
Sure. I think it's you know, I think it's very similar, regardless of your age. Right? I think that when you isolate, that's a breeding ground for all of these other feelings. And so whether you're a teenager that just never comes out of your bedroom or you're a senior who just doesn't leave the house, right. So I think what you're left with are your thoughts that begin to spin and spin and spin. And so what I think is the most important takeaway from the film, and it's the tagline from our film is that that anxiety is just energy. Right? So what do we do with that energy? We can learn to harness anxious energy and use it for good. So if you're a senior and you're feeling anxious, you're feeling lonely, you're feeling disconnected. Go take an art class. Learn to paint. You know, take take that energy and pour it into something creative. Maybe learn to play the piano. Maybe you always wanted to learn, you know. You know, a musical instrument. There are so many things that you can do when you connect to nature. It's so good for the mind, right.

Mike Zaino:
That does that does it for me for sure. Yeah.

Laura Morton:
It's so good for the mind. So taking a walk if you have a pet, our pets are really, you know, great ways for us to love and feel loved and to have that warm, you know, that warm, fuzzy feeling that we all need. And so I think it's really important that that you understand two things. One, isolation is the breeding ground. So don't you know if you can don't isolate. Right. And to understand what anxiety really is, it's energy and where it's in our DNA. We were meant to be anxious in the right circumstances. It's the fight or flight response. So, you know, if you're getting that icky gut feeling that's that's supposed to be there, right? If you're walking to your car at night and you just don't feel safe, whatever it is, I think it's so important to understand that you can take that energy. And we see it all the time. We see it in athletes. Look, pickleball has become really popular for for, you know, seniors. And that's a great way to connect and have community. So get out and do something, you know. And if you can understand those two things and you can take that energy and you can repurpose it, I think that you'll be less anxious for sure.

Mike Zaino:
And I can just confide in you, if you don't mind. I may be able to get something out of this, you know, being being a little stingy. That's something I have personally never dealt with, like, never. But my entire family does. And my mom, my daughters, my wife at times. And it's hard for me to to comfort them or to because I don't understand it. And unless I've gone through it, it's just I'm a guy and it's much more difficult for me to, you know, be that sounding board or that, you know, shoulder to cry on type of person. So because, you know, just like I've never been nauseous a day in my life, I have no idea what that feels like. Yeah. So when somebody says they have an upset stomach, I'm like, okay, you know, take some Tums, I don't know.

Laura Morton:
It's pretty common. Thank you for sharing that with me. It's pretty common to feel that way. You know, I will share with you that I didn't get what my daughter's anxiety was. And I say it in the film, you know, the end of the film. I say I didn't understand it, and I didn't understand that there were things that I was doing that was actually adding to the problem, because I always thought I was coming from this very loving, caring place. And in my effort to, you know, shield her, I was actually making things worse. But I think it's so important, first of all, that you can even say that is a huge step, right? And secondly, if the film does anything, I think it'll give you a little understanding and empathy for for. Here's what I didn't know. I really didn't understand that what my daughter was feeling was very real to her, even if I thought it was ridiculous. Right? Right, right. And there were lots of things that I thought were ridiculous. There were lots of things I thought, oh, she's being manipulative. She just doesn't want to do this. And it took me a long time to understand that what she was feeling was legit.

Laura Morton:
Right? It's how she processed, and I had to take a step back and go, you know, I don't think it's fair that I put my expectations on her. I have to honor and understand. Wow. Right. Yeah. And and really, you know, embrace. Who she is, not who I want her to be. That was my biggest takeaway in making the movie, period, because I didn't come from a anxious background. I'm probably more anxious today than I've ever been. Make them make a documentary about anxiety and you'll have a little anxiety, right? But it was a big takeaway for me, and it's been a game changer in our relationship and in her anxiety. She still struggles. Yeah. You know, she's almost 16. You know, the new ratcheted up anxiety in our house is that she's taking driver's ed. Um, yeah, but been there, done that. Um, but yeah, I mean, you know, it doesn't really go away. What we can hope for is that we we reach into that toolbox, and, you know, we'll be able to manage it when it when it shows up.

Mike Zaino:
And I think that goes for, you know, obviously our children, but also our parents as they age and, you know, especially if if one of them passes and the survivor is there by themselves a lot and they're in a house by themselves alone a lot, and you know, that that physical connection that you were talking about, I really do think makes a huge difference. It's harder because today's families are spread out much more than I think back in the day. Um, but, you know, we don't write letters anymore either, because we have.

Laura Morton:
Right?

Mike Zaino:
Because we have all the devices. But I remember as a child living in Germany, you know, we used to look forward to getting letters. And it was it was our connection to home. So, I mean, maybe that's one of the answers.

Laura Morton:
You know, I love that that you said that because I am a letter writer, because I still understand one. The connection of pen to paper is good for you, right? But the the connection when somebody opens that letter is good for them. So I really love that. Yeah. And you know and that's why I wanted to say like that isolation doesn't care if you're 75 or 7. Right. And neither does anxiety. It's just it is an equal opportunity offender. And so it's it's really great that you guys are bringing a light to this, to your audience. I'm so grateful for for your time and for allowing me to speak.

Mike Zaino:
How impactful is that? I hope our listeners have been able to take something away from that. Anxious nation is the name of the documentary. You can find it on the web at anxious Nation.com. Laura, thank you so much for being a guest on today's show.

Laura Morton:
Thanks, Mike. I really appreciate it. Matt. Great to meet both of you.

Producer:
Thank you so much, Laura. Great having you and wish all the best and hope to talk to you again soon.

Laura Morton:
Awesome. Thank you.

Producer:
Well she was absolutely terrific Mike. And just some wonderful you know we often start out always start out really our show in the first part of it with words of wisdom in the form of just, you know, a singular quote she brought it for, you know, however, however long we just talked to her, just absolutely fantastic.

Mike Zaino:
Yeah, she she was definitely spitting some wisdom out there, some truth as well. And I know that I can't be the only one, and she can't be the only one out there that deals with this stuff inside of a family dynamic, whether it's your immediate family, whether it's your extended family. So I really hope that people check out Anxious Nation and go to the website Anxious Nation.com. And because if it just helps one person, you know, we've done our job and hopefully you can play a part in that as well in your family if it impacts you in that way.

Producer:
Yeah, 100%. And especially as I said a little bit earlier, it's, you know, during this time where we're spending a lot of time with family and friends, hopefully we are spending a lot of time with family and friends. It really highlights that need for that togetherness and and a lot of understanding too, because, you know, you might have as, as you shared Mike. And as she also shared that, you know, you might have family members who are dealing with anxiety, you might either a not know it or b not understand it. And it's really going to help a lot of people to to understand what others are going through. Well, actually right here, Mike is a good spot for us to take a quick break. So let's do that and we'll be back and continue our conversation talking about some Turkey Day troubles on the other side.

Producer:
If money is on your mind, you're in the right place. This is Money Matters with Mike. Goodbye. Are you concerned about market volatility, rising taxes, economic uncertainty and how it could all affect your future in retirement? Then tune in to Money Matters with Mike to learn how you can protect and grow your hard earned money. Money Matters with Mike every Saturday at 9 a.m., right here on FM 100.1 and Am 1340. Schedule a free, no obligation consultation now at Money Matters with Mike.com.

Producer:
Our banking fees sucking extra money from your wallet. I'm Matt McClure with the Retirement Radio Network powered by Amara Life. Loan interest in bank fees can drain money out of your retirement bucket, so it's important to be aware of and budget for these fees. Personal finance website NerdWallet reports banking fees alone can cost many consumers $300,000 over their lifetime. One of the fees that catches consumers off guard the most is the account maintenance fee. On a lot of checking accounts, you'll pay it every month unless you maintain a minimum balance. Kimberly Palmer with NerdWallet recently told Nbcla. There's also another solution.

Producer:
Most powerful move that consumers can make is just to find a new bank.

Producer:
Overdraft fees can also be hefty. Many banks charge 35 bucks or more per transaction, Palmer says. These can really add up, especially if you end up paying the fee on several small transactions. So what can you do?

Producer:
You might prefer to have your transaction declined, then get surprised with that overdraft fee.

Producer:
Atm fees and charges to receive paper statements or others to watch out for. To avoid them, use only your bank's ATMs and elect to have digital statements emailed to you. Each month. 401 K and IRA fees are sometimes the trickiest things.

Producer:
You have to scroll all the way down. It's in fine print, and so people just don't realize what these fees are and how they add up.

Producer:
So do you really know what you're paying in bank fees? It's a key question to consider, and it's one of the 23 retirement cost cutters for 2023 with the Retirement Radio Network powered by a mirror life. I'm Matt McClure.

Producer:
You're listening to Money Matters with Mike. Listen closely because money matters.

Producer:
Welcome back to Money Matters with Mike. I am Matt McClure, the co-host of Money Matters with Mike here with the man of the hour himself, Mr. Mike, Zaino and Mike, we were just talking about, you know, gathering with family and friends for the holidays. It kind of bouncing off of our conversation a few minutes ago with Laura Morton about anxiety and, you know, not really realizing the anxiety, perhaps, that our friends, our relatives, our loved ones in general are going through each and every day coming.

Mike Zaino:
Into the holidays. You know, we're about to have Thanksgiving, we're about to have Christmas, and a lot of people are anxious about money. Right. And so, you know, we're going to talk about going into some Turkey day troubles and how inflation will actually impact your Thanksgiving feast. So, Matt, we have a lot to say about that, right?

Producer:
We absolutely do. This is an Advantage Solutions survey. And USA today also reported on this. According to the Bureau of Labor Statistics, grocery prices are up nearly 17% over the last two years. Most of that, you might guess, and you would be correct, was between last year. So so between 20 and 2022 that went up 13%. And then this year the inflation rate for food at home, which is the category for groceries, was up 2.4%. So a lot less than last year. But still if you combine those two years, you're still paying 17% more than you were two years ago. And that's a good chunk of change when it comes to, you know, putting food on your Thanksgiving table. It is, I mean.

Mike Zaino:
Because all of us, at least, you know, that's my favorite holiday is Thanksgiving. Just because of everybody getting together and giving thanks and more importantly, the food. Right? I mean, that's why we get together is for the food. And so, you know, russet potatoes, the cost of them right now, they're at an all time high of 14% up from a year ago. And same thing with sweet potatoes. They're up 4% in the last 12 months. Green beans canned green beans are up almost 9%. And then you can't have turkey without cranberry sauce, right? Well, cranberries have increased 60% if you get the canned variety. And so a savings tip is to buy fresh cranberries because they'll cost about 20% less. Um, but also there's rising prices in pumpkin. You know, for people making pumpkin pies, they're up about 30%. And then beer and wine are also more expensive this year as well, up 5.3 and 1.2%. Respectively. So, you know, 50% half of the people that were surveys said that inflation is going to alter their Thanksgiving food spending. And among that group, nearly 60%, six and were actually six and ten, said that they anticipate spending more money compared to last year.

Producer:
Yeah. I mean, if you're going to have the same menu that you normally do at Thanksgiving, which I guess we all do, we have our traditions in our in our families. And, you know, we kind of have the same meal each year and we all look forward to it. If you do that this year, you are definitely going to be spending spending more. And we printed out, you know, some of these statistics here from this survey that we're referencing. And it's got this big, you know, they made it nice and pretty which.

Mike Zaino:
Is gorgeous.

Producer:
With big picture of the pumpkin pie. And I'm sitting here like now I'm hungry.

Mike Zaino:
Yeah I'd love a slice of that you know. But you know 50% said that inflation is going to impact their spending plans, which means that 50% said that it not going to affect their spending plans. It just means they're spending more.

Producer:
Yeah. Exactly. That's that's right. Or cutting back on their their Thanksgiving meal and then maybe spending roughly the same amount of money as they did last year, something like that. And you know, a lot of people say no.

Mike Zaino:
Seconds for you.

Producer:
Exactly. I mean, it's like you get you get half a portion and that's it now, but and you're thankful for it. Right. But, you know, I mean, a lot of people, about 28% plan to spend more, but by the same amount. So they kind of fall into that, that category. They're planning to spend about the same but likely buy less. That's about a quarter of people as well. So yeah, I mean, it is it's having its impact. And it's one of those things, Mike, whether it's it's having those an impact, whether you sort of realize it or not. When you go to the grocery store, it's almost like, okay, I'm going down the aisles and I'm buying up all the stuff that, you know, putting it all in my cart that I usually get. And then you get to the register and that's when you really realize, wait a minute, this is a bigger bill than last year.

Mike Zaino:
Yeah, I've told the story before. I've always been. A couple of years ago, my wife does the grocery shopping. Every once in a while, she'll ask me to, you know, pick up a few things. And I remember distinctly had like eight things on in my in my cart. Right. Eight things. That's it. And I went there and I brought a, had $100 bill in my wallet because I had won a bet and somebody gave me, you know, paid up on the bet. And I went to go pay for these groceries, and it was $118. And I'm like, dang it, you know, and had to had to swipe my plastic there. But it doesn't matter whether it's, it's Thanksgiving or whether it's Christmas, whether it's Hanukkah, whether it's New York, New Year's Eve or whatever holidays that you're going to partake in this year, inflation is definitely going to impact.

Producer:
It definitely, definitely is. And you know, Mike, we often talk about this sort of dynamic as well that that people are living longer. And this is a, you know, something to be thankful for, right? I mean your your loved ones are around for longer. You get to spend more time with them and more years with them. It also, though, presents a problem for a lot of people because okay, we're living longer, but how in the world or are we going to pay for it? And some very interesting numbers to discuss as we as we talk about this. Mike.

Mike Zaino:
Yeah, the one that was staggering to me is the fact that one in every two, which is 50% half of the five year olds alive today, are now going to live to see 100. And that's according to researchers at Stanford University's Center on Longevity. Mean a lot of smart people go out to Stanford, right? So most people expect to surpass the average American's life expectancy of 77. But if you think that you might live to be 80, 90 or even 100, guess what, folks? You're going to need to prepare for it. And the biggest challenge is having enough income and savings to live on during your golden years. So if you live or excuse me, if you retire at 65 and you live to be 100, that is three and a half decades of of income that you're going to need, 35 years worth of income, that you are going to need to save, to be able to exist and live off of and factoring in the rising cost of living.

Producer:
Yeah, and that's the right way to think about it, too, Mike, is is having that much income that's going to last that amount of time because it's much more about the income than it is about having that big lump sum of money. I mean, although, you know, having a having a big pot of money, boy, that's great. But how do you plan on drawing that down in retirement and not outliving that money? That is the question. And it presents a problem for a lot of people.

Mike Zaino:
It does. And when you really break it down into the number of decades you're living, and then imagine that you're not working, you're not earning a. Page and you have to live off of whatever your investments are or God forbid, whatever the money in the bank is. Hopefully you've invested and your money's not just sitting in a bank earning you peanuts. But I mean, when you put it in terms of years that you're going to need that money to live off of without earning an income, it can be quite daunting for some folks to recognize the fact that, oh crap, I'm behind. I need to get my ducks in a row and start really, really, really preparing for retirement. Because that's what it takes preparation to make sure that you, you know, get where you want to go. I mean, the retirement costs for food alone. Okay. The most recent Bureau of Labor Statistics Consumer expenditure Survey estimated that food at home spending for the 65 and older age group is $4,800. Okay. And based on the monthly estimates, which does not include eating out, we're talking about 35 years of food would cost you $168,000. And, you know, not for nothing. I eat a lot more than $4,800 worth of food a year.

Producer:
You owe me both with that, you know, grocery bill that you were just talking about a minute ago. I feel like, you know, just 2 or 3 trips is all it's going to take because you've only had eight things in your car at that time. But, you know, I mean, one of the biggest costs, probably the biggest cost for for a lot of people, health care, you know, I mean, because Medicare only covers so much.

Mike Zaino:
So, Matt, you're right. Medicare only covers so much. So total annual health care spending, including insurance premiums and other related costs, is over $7,500 for people over the age of 65, as far as their estimates. So based on the actual figure of 4 or $7540 per year, 35 years of health care is going to cost at least $263,900, and that's per person. Okay. But to be safe, you should plan for higher health care costs.

Producer:
Yeah, absolutely. And that's what we want you to do is to be safe, plan for the what ifs in life, the knowns and the unknowns in your future. Housing costs also huge. The expenditure survey found that housing costs are on average $20,300 a year for people over 65. And, you know, I mean that based on that average, 35 years of housing is going to cost you $817,000 if you stay in your home. But then, you know, it's also important to consider the costs of long term care, right? Because a lot of people will end up in a long term care or assisted living facility. Right.

Mike Zaino:
And some people may say, well, that's not going to apply to me because, you know, I'm living at home. My home is paid off, right? So that's going to be fairly inexpensive. But they're not counting on, God forbid, they have to have assisted living in home health care even or full blown nursing care. And then on top of that, you have discretionary spending, incidental spending. You know, the BLS found that you need to allow for another $14,500 a year between transportation, entertainment and a variety of other costs, including eating out okay and buying clothes. And that means that 35 years of discretionary and incidental spending is going to cost another $507,000. So you know the total costs of living to 100. If you add in 35 years of food, that's going to cost 168 grand, 35 years of health care, that's going to cost almost 264 grand. 35 years of housing may or may not cost you 870 or 17 grand, and then 35 years of incidentals, another half million a little over. We're talking about an estimated average cost of $1.75 million just to live to age 100. So that's a lot of money.

Producer:
Yeah, it really is. And, you know, there are a lot of wild cards in there, especially for, you know, as we were talking about long term care. So you really do have to make sure that you have a retirement plan that is going to stand the test of time. Super, super important to do that. And, you know, you might have some holes in your retirement plan that you don't even necessarily realize are there, that you don't see, which really brings into focus one thing for me, and that is you really need that second set of eyes on your plan, because either A you don't have a plan or B you've got a plan that's not working for you. If you're in one of those scenarios especially, or if you think you've got a plan that's working for you, there could be a plan that's going to work better. Just go to Money Matters with Mike.com. That's. Money Matters with Mike. All one word.com or call 704 5601573 and you'll get a free analysis of your situation. Mike will walk you through all of the possibilities. See what is possible if you work with them. That is worth so much, but it's not going to cost you one single penny to get. And some of the things I know, Mike, that you're going to talk about with folks is okay here. Here's a hole that you've got in your retirement plan, and here is how to fill that hole that could cost you a lot of money. And we've got some tips to share on that score now. Yeah.

Mike Zaino:
You know, to me it's amazing that people don't have a plan to actually draw down on their retirement savings. You know, they've been so focused on the accumulation phase that they have neglected. They've failed to have a plan for the withdrawal, the preservation and distribution phases. And they're not alone. In fact, a recent Yahoo finance survey found that 46% of Pre-retirees, as well as over a quarter of actual retirees, don't have any withdrawal strategy. And so for them, as a starting point, you might consider the 4% rule, which is a very loose and simple guideline in which you don't take any more than 4% of your portfolio each year, and then you can kind of adjust it every year thereafter by the prior year's inflation rate. So again, that's not a hard and fast rule. And you may want to take out less than 4% initially, especially if you're trying to plan for a 35 year retirement just to be conservative. Or if you've waited until your mid 70s before you start drawing down, you might be able to take a little bit more, right? But you know, there are more efficient ways to generate the income that you need to live on during retirement. And we can help you with that. Okay. And if that's something that resonates with you, if you'd like to learn more, just give me a call (704) 560-1573 or go to the website at Money Matters with Mike.com, or fill out an email. Mike at Money Matters with Mike.com. Again, many ways to get a hold of me. And if if you if you can't figure out how to get a hold of me then I feel for you.

Producer:
Yeah, exactly. The information is everywhere, including just out of Mike Zaino's mouth at this very moment. But, you know, another thing we talk about, too, Mike, a lot is getting to the guarantees that is so important. When you are planning for your retirement, you've got to have that certainty built into your retirement plan.

Mike Zaino:
Yeah. So to help create more certainty in your retirement plan, you might consider maximizing your Social Security benefit, especially if you are somebody who is healthy and you have longevity in your family tree. Okay, claiming benefits as early as possible at age 62 will permanently reduce your monthly check by up to 30%. Then, if you wait until your full retirement age, which is 67 for those born in 1960 or later. Okay, that's my full retirement age and many of our listeners, they may be 65, 66, 66 and some months or 67, but every year you postpone benefits beyond your full retirement age. Your payout actually gets an 8% compound interest boost until you are 70 years of age. So make sure that you get an estimate of your future benefit by giving us a call and asking us for your free Social Security maximization report. Okay. And then to further improve your certainty in retirement, you can absolutely strengthen your income plan by investing a portion of your portfolio in a fixed indexed annuity to establish a personal pension and generate a lifetime income stream that cannot be outlived. In fact, Forbes just recently published an article written by a very good friend of ours on the show, a gentleman by the name of Ford Stokes. We've offered his books before for free on the show and how annuities, fixed indexed annuities are replacing, you know, bonds in people's portfolios. So if that's something that you're interested about, because we've talked about it numerous times before on the show, but if a, if a publication like Forbes is actually putting this out there, then you know, it's got merit, right, folks? Okay. So make sure that if that's you and you want to improve your certainty in retirement as far as never outliving your money, you give me a call (704) 560-1573 or go to the website or email me. And we will absolutely make sure that you have a plan and that you're taken care of. And you can sleep at night in confidence. It's knowing that your money will never die before you pass away.

Producer:
Yeah, you're not going to outlive it. It's going to outlive you. In other words, having was it. A friend of mine said one time was like, the perfect plan is that you write a check to the Undertaker and it bounces, right. So so there you go. That's what you want to plan for.

Mike Zaino:
That's actually funny.

Producer:
Absolutely. So yeah.

Mike Zaino:
Unless he doesn't bury you at that point I know.

Producer:
Right? I mean, maybe hopefully he doesn't try to cash it until you're already in the ground. Another thing that you got to plan for is we mentioned a little bit earlier long term care. You got to plan for that. It's one of those things you might never need. And God willing you, you won't. You know, you won't wind up in a nursing home. You'll be able to live at home for the rest of your life. But so many people will be having to rely on long term care, and Medicare does not pay for it. We just went through those those costs a little bit ago, and it's not covered in Medicare.

Mike Zaino:
It is not. And in 13% of people actually think that it is. So, you know, whether you're spending 62 grand for an in-home health aide, whether you're spending $54,000, you know, for assisted living or whether you're spending over $108,000 for a private room in a nursing home. And by the way, those numbers were from 2021, a survey by Genworth Financial. So those are already almost three years old as far as the numbers. Which means guess what, folks, those prices have gone up. You definitely want to be prepared. And then on top of that you need to invest to help limit inflation's impact on your retirement. So when ask for the biggest financial surprise in retirement, 53% of retirees, they cited the fact that inflation is much, much higher than what they expected. And retirees generally shift to a more conservative portfolio over time. All right. But now we're seeing that retirees, because of inflation, might actually need to take on more risk in the by investing in the stock market or similar equity investments to help keep up with inflation. So bottom line is, folks, get that second opinion that Matt had mentioned earlier because, you know, if you were, God forbid, diagnosed with the C-word, you're probably going to get a second set of eyes on you, right? Maybe even a third, fourth or fifth set of eyes. So why would you do that with your money? You don't want, I should say, you want to make sure that you don't have financial cancer. Okay. And the way to do that is by working with a financial professional who can make all the difference. If you want to be on that right track and avoid costly mistakes that you know, guess what, folks? They surprise you in retirement and that's not the time to be surprised.

Producer:
You want to make sure that you have a plan that is going to make sure and take care of that, right. That's going to that's going to take care of any surprises that might come your way, because you got a plan for the what ifs in life and just go to Money Matters with Mike.com or call (704) 560-1573 to get that second opinion. Well Mike, that is going to do it for our time together this week sir. I think like this year this show has flown by. But thank you once again for everything that you have brought to the table once again this week. And we'll do it again next time, sir.

Mike Zaino:
Yep. Matt, thank you again. I really want to thank Ms.. Laura Morton. I mean, her her guest appearance on the show was greatly appreciated. And most of all, I want to thank our listeners heading into Thanksgiving week. I am just so grateful for each and every single one of you, and I hope you appreciate and take time to appreciate everything that you have. We live in the United States of America, the greatest nation on the face of the planet. Happy Thanksgiving, folks, and I'll talk to you again next week.

Producer:
Thanks for listening to Money Matters with Mike. You deserve to work with a financial and insurance expert who can offer strategies for protecting and growing your hard earned money. To schedule your free, no obligation consultation, visit Money Matters with Mike.com or pick up the phone and call 704 560 1573. That's 704 560 1573.

Producer:
Not affiliated with the United States government. Mike Zaino does not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or a specific result. All copyrights and trademarks are the property of their respective owners. Amara Life assumes no responsibility or liability for the content of this message. The. Information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information.

Producer:
Is it possible for your turkey to be inflation proof? I'm Jim Tarabella here for the Retirement Radio network powered by AmeriLife, according to a recent study by Wells Fargo. The pace of inflation may be slowing down, but this year's Thanksgiving dinner could still prove pricey. Trevor Ault of ABC news explains further some products still have rising price tags ham at an all time high, with a price of $4.56 a pound in September, it's up 5% from last year and canned cranberries are up 60%. Meanwhile, a recent report by Advantage Solutions net states 50% of Thanksgiving food shoppers say inflation will alter their spending. 59% plan on spending more this year in 2023. But as ABC News Becky Worley reports, grocery stores across the country are using a counter strategy to help you save money.

Becky Worley:
But grocery stores are indeed trying some new marketing campaigns, which could result in a super inexpensive dinner and maybe even a free bird.

Producer:
Shoprite supermarket, for example, is giving away a free turkey to shoppers who buy at least $400 of food. For giant supermarket shoppers, 400 membership points can be redeemed for a free turkey up to £20. Target is getting into the act as well, after announcing it will be serving a Thanksgiving meal basket feed for for under $25, including a turkey at less than $1 per pound. Thanksgiving and inflation may be antagonists of one another, but thanks to some smart thinking and strategizing, you can have a worry free dinner and a full plate of turkey for Thanksgiving for the Retirement Radio Network. Powered by AmeriLife

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.

Sonix is the world’s most advanced automated transcription, translation, and subtitling platform. Fast, accurate, and affordable.

Automatically convert your mp3 files to text (txt file), Microsoft Word (docx file), and SubRip Subtitle (srt file) in minutes.

Sonix has many features that you'd love including collaboration tools, advanced search, automatic transcription software, secure transcription and file storage, and easily transcribe your Zoom meetings. Try Sonix for free today.