Peace of Mind Through Preparation: Organize Your Retirement Plan Today

MMWM 3-28-25 Full Show.mp3: Audio automatically transcribed by Sonix

MMWM 3-28-25 Full Show.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
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.

Speaker2:
Welcome to Money Matters with Mike, with your host, Mike Zeno. 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 Zeno.

Speaker3:
What's up people? Welcome to the show where we dive into the strategies, the insights and tools you need in order to secure a confident and stress free financial future. I'm Mike Zeno, and my mission is to help you protect your nest egg, outsmart retirement risks, and live the life that you've worked so hard to achieve. Whether you're nearing retirement or already enjoying it, We're here to guide you along every step of the way. And boy, do we have a ton of great information for you on today's show. We're going to discuss why now is the perfect time for spring cleaning your finances, plus how to put a plan in writing and plan for your retirement. 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 today, sir?

Speaker1:
I'm doing great, Mike. I hope that you are as well. I know it's busy times for you. So, uh. Yeah, I mean, it's it's, um, you know, I'm not staying. Probably quite as busy as you are these days, but I'm. I'm fairly, you know, fairly busy. Uh, not quite enough to tear my hair out, but. Hey.

Speaker3:
Yeah, well, my my hair is not yet falling out, but it's definitely getting a little thinner. I think I need to maybe get maybe get some nutrafol or go to Turkey and get some hair replacement. That's a joke, folks. I'm not going to Turkey to get hair replacement. I'm just laughing at a buddy of mine out loud because he was actually seriously considering that. And I'm like, dude, just shave your head.

Speaker1:
There you go. I mean, and we've seen the horror stories of people going to Turkey anyway, so that's it exactly. Oh my goodness. Well, anyway, thank you so much for joining us here for this edition of Money Matters with Mike. Really do appreciate it. And yeah, we're going to do a lot of spring cleaning, but not the not the physical kind, the financial kind this week. So we'll get to all of that. But we want to say, of course, if you're on the radio listening to us in the Carolinas, really do appreciate your time, you know, taking time out of your day to listen to us or, you know, just flipping on the radio whenever you're in the car, maybe doing some errands this weekend or whatever it is that you might be doing. We really, really do appreciate it because without you, we don't have a show here. Um, also want to say that the show is also available as a podcast. And so no matter where you are in the world, you can listen to us there. Just go to your favorite podcast app and search for Money Matters with Mike. And you can also listen to previous episodes of the show on Money Matters with Mike comm. We've got video highlights on YouTube. We've got, uh, regular posts and video highlights. Also on Facebook. So interact with Mike there. All you have to do is search for money matters with Mike on those platforms. And don't hesitate to reach out with questions as well, because Mike, that's, uh, that's what you do. You help people and you answer questions for them each and every day.

Speaker3:
I do, Matt, and I do for you out in listener land. If you have a question, you can call me, you can text me, you can email me, you can you can message me on socials. You can message me on our contact us page however you want your questions asked, I'll be more than happy to answer them. We love meeting folks and discussing how we can turn their retirement dreams and goals into reality. And no matter what it is about your retirement, whether it's retirement planning, whether it's risk management, whether it's estate planning, uh, we can do that and a whole lot more because. Building sound financial plans, folks. That is what we do best.

Speaker1:
That's right. And you just go to. Money matters with Mike comm to get started along that road. It's money matters with Mike comm or. You can give Mike a call 7045601573704560 1573. All right. So we do have some steps to organize your financial life for 2025 and beyond. Coming up, when we do a little bit of spring cleaning for your finances, we're also going to talk about how. People are preparing for retirement and what it is like when you work with Mike Zeno and you know. Get your plan in place, because it could seem like an overwhelming task for you to do on your own. And. It very likely is. So working with someone who is a professional who does this each and every day for. People from all walks of life and all different, you know, stages of life in all different sort of, you know, um, financial places in their lives is really paramount. So we're going to talk about that as well. And of course, we'll repeat the number and the website as we go throughout. So you can reach out to Mike Zeno and get help for yourself. But first let's do some get getting some inspiration, I should say, for our conversations this week. And it we'll do that with the quote of the week.

Speaker4:
And now for some financial wisdom, it's time for the quote of the week.

Speaker1:
And this week's quote comes from Benjamin Franklin, who, you know, if you don't know who Benjamin Franklin is, I don't know what to tell you. But Benjamin Franklin said this one time, for every minute spent organizing, an hour is earned. For every minute spent in organizing, an hour is earned. And I you know, I really do. Because organizing may not seem like the most fun task or anything like that, like up front. And you may feel like this is going to take forever or whatever, but the time that you save on the back end is really worth it.

Speaker3:
Yeah, we talk in the military a lot about the seven P's being proper prior planning, preventing pitifully poor performance. Right. Well, when it comes to retirement planning, old Ben's quote, uh, speaks directly to the value of preparation. Every moment that you invest in organizing your financial future, whether those moments are structuring your income, managing your assets, or planning for healthcare, that's going to save both you and your loved ones countless hours of stress, uh, confusion, uncertainty. All those things will be eliminated down the road.

Speaker2:
Hungry for something to chew on? Here's some meat on the bone.

Speaker3:
Think about it this way, okay? Imagine entering retirement without any clear plan in place, you would most likely spend valuable time scrambling to figure out how you were going to cover your expenses, uh, what you were going to do with your savings, maybe how to handle taxes or even how to afford healthcare. And that lack of organization will lead you to making very costly mistakes. It will often cause lost opportunities and quite frankly, Benjamin Franklin, unnecessary headaches. Right? But when you take the time now to get organized, whether that's by creating a spending plan, structuring some guaranteed income sources for your retirement, or putting an estate plan in place so that your your desires are known for your entire family, you are essentially buying back time in the future, time that you would otherwise waste on worry, on problem solving, or trying to undo maybe some poor decisions that you have made previously. And so a well organized retirement plan means knowing exactly where your income will come from each and every single month, so that you don't ever have to guess. It means having a tax efficient withdrawal strategy so that you don't give more of your hard earned money to the IRS each and every single year. You only give them strictly what is necessary. It means structuring your assets to protect against any type of market turndown so that you can enjoy peace of mind instead of stressful situations. It means planning for healthcare, planning for potential long term care so that your family is not left scrambling. And it means keeping your legal documents, your wills, your trusts, your beneficiary forms up to date so that your loved ones are not burdened with a mess. And the more time that you put into organizing your retirement before you actually need it, the more time that you'll have to actually enjoy it without all of those worries weighing you down. In short, every hour that you spend organizing now is an hour of freedom and security gained in the future. And after all, right, isn't that what a happy and stress free retirement is all about? Matt?

Speaker1:
100% correct there. I mean, it's just really, you know, the last thing that you want to be worrying about in, in your retirement years is, boy, do I have enough money to do this. Am I going to outlive my money? Um, are the, you know, things that I want to do? Am I going to be able to do them because of my financial situation? Have I prepared for this, that or the other? Well, if you do that ahead of time, like you were just saying, it really is so much better and such a better situation and gives you the priceless thing that we always talk about, which is peace of mind. And you really, you know, you can't put a price tag on that. So that's that's absolutely great. Um, and so, you know, as we talk about organization here, um, you know, one of the it's kind of a couple of a couple of things we're going to actually talk about. Um, New Year's resolutions momentarily because that's that's kind of at the top of this, but it just made me think of one of the more common New Year's resolutions other than, like, losing weight or getting financially fit. Um, is to be more organized, right? So those New Year's resolutions have largely gone by the wayside by the time we get to, you know, March, April. But, um, you know, the gyms, they were very crowded the first couple of weeks of January, and now it's like crickets in there. But, um, you know, one of the things that we want to talk about here, as we do begin this whole spring cleaning for your finances discussion, and it's all really about helping you feel better about your future and, you know, future. You, uh, you know, hugging you instead of slapping you in the face. But, um, number one is revisiting those financial New Year's resolutions because do you even remember what your New Year's resolution was at the beginning of the year? Right. I mean, you got to go back and revisit that.

Speaker3:
Lord, I hope so.

Speaker1:
You. You and me both.

Speaker3:
If you haven't made any or much progress on your financial goals for the year, guess what, folks? It's still early. We're about to finish first quarter, which means you still have 75% of the year in order to hit the reset you know button and use spring as the catalyst to regain momentum and take advantage of our complimentary consultations. Folks, that's a great place to start so that we can help you reach your financial goals.

Speaker1:
Yeah. That's right. And you know, only 8% of people achieve their financial resolutions each year, according to a survey by Fidelity Investments. And you know, Mike, you are really all about helping people achieve those goals. Um, this year, as you said, you know, we've only got gone through, uh, quarter of the year. So just about not even, you know, here very shortly. We will have gone through the first quarter of the year, but it's, um, you know, there is time to right that ship and get get yourself back on the right path. So if you would love to do that, folks, if you feel like your ship has gone off course financially speaking or financially planning retirement planning, speaking, get in touch with Mike Zeno because give him a call (704) 560-1573. You can go online to Money Matters with mike.com as well. And one of the things Mike, you know we're talking about spring cleaning. If you have and I know mine is right as I walk in the kitchen. Um there is one drawer that has just kind of always been that junk drawer that just collects stuff. You know, I mean, there are pens and there's like a roll of tape and some scissors in there and stuff that you might, you know, actually need every once in a while. And then there's just a bunch of junk that, um, I don't really know what it is and needs to be cleaned out. And hey, it's spring. Why not? But, you know, you got to clean out your financial junk drawer this year as well, right?

Speaker3:
Absolutely. And spring is the perfect time to clean out your financial junk drawer. I actually have a a system and I get every two weeks I have a recurring alarm and it's a very annoying alarm, so it makes me actually pay attention to it. Um, to go out and and go through all of the things that I deemed as something I would get to later. And I have a stack on my desk, and after two weeks, that stack gets pretty deep. And so once every two weeks I go through that and do the one, well, you know, that junk drawer where you stash all your paperwork, all the statements that need attention? Um, the one that's either in your office or in your kitchen. It ends up holding all of the documents that you're going to take care of someday. Right. Okay. Sorting through those neglected papers can help ease any financial stress that you might have, from simply ignoring them and taking the opportunity to shred unnecessary documents, file the important ones, and address any outstanding financial tasks is just going to help you overall with your financial state of mind and put you in a much easier place. If you have questions about any document that you've received, don't hesitate to pick up a phone and give me a call. We love. I love helping customers, you know, and listeners get their finances in order. And then because we are about to step into April, everybody's favorite time of the year. Not right. Do not forget to organize all of your tax related documents and set up a folder for your 2025 tax documents, including any receipts that you may need to submit, as well as any official forms.

Speaker1:
That's right. I mean, I just as you were talking there, Mike, I could hear my mom's voice in the back of my head saying, just because you ignore something doesn't mean that it goes away. So it's such a great reminder this time of year as we're talking about spring cleaning, just to really get things in order that you may have just sort of shoved to the side or shoved in that financial junk drawer, or left in that pile on your desk like you were talking about, where, you know, you've got the stuff that piles up, but you have that system where you take care of it every other week. Well, maybe, you know, work something out like that. You know, if if your New Year's resolution was to get more organized, there's a good way to start and just make sure you're like Mike Zeno and set that annoying alarm so it makes you do it.

Speaker3:
Um, I tell you what, if I did not set that alarm, trust me, it would get out of hand very, very quickly and things would fall by the wayside. Things that required attention but just weren't urgent. They were important, but they weren't urgent. So it allowed me to, you know, prioritize when I would get to them. And if I just let them go, I would never get to them. And that would cause undue financial stress for me personally.

Speaker1:
Yeah. That's right. I mean, I, I sort of live and die by the calendar and by alerts on my phone and by, you know, alarms that I set and all that kind of thing too. It really, really does help.

Speaker3:
Um, we don't just talk the talk. We walk the walk, folks.

Speaker1:
That's right. Yeah. You got to. And this, uh, this line of work. Um, and so number three, Mike, I think is something really important that people need to keep in mind because, you know, as, as you often say, if you don't do what we're about to talk about, you're telling me that you don't like free money. Um, maximize your retirement contributions, right? Especially if you get an employer match. And that's really what we're talking about there with the with the free money thing is get that employer match at least max that out. Right.

Speaker3:
Yeah. Pay yourself first, folks. Learn how to do that. And you can contribute to an IRA by April 15th of 2025 to actually maximize your 2024 savings. And so by starting earlier in the year, though, and doing it regularly, you're going to take advantage of the compounding effect, which is going to allow your savings to grow even more over time. So I'm going to challenge each and every single one of our listeners to contribute more this year, even if it's 1 or 2% more. More this year to your workplace 401 plan, which has higher contribution limits. If you're you know, if you're young, you can do what, $23,500, I think. And then if you're over 50 or older, you can do up to 31,000. And there's even there's even an extra like a super catch up contribution that you can do if you're a few different years, you know, in your early 60s and plan for that. So I'm going to challenge you to do those things, because it will bring you closer to financial independence and allow you to have many, many more choices in retirement, because that is what it is all about in retirement. And then if you're not doing at least enough to match what your employer is willing to contribute, you, sir or ma'am do not like free money.

Speaker3:
And I do not get that. It's the best kind of money in the world, right? Free money. The second best type is tax free money. Well, they're not going to give you tax free money unless you do a Roth or invest in life insurance. So by maximizing the at a minimum, the what your employee is willing to contribute, that is going to give you opportunity. Anytime you can look for opportunities to increase your contributions over time, that's just really, really sound financial planning. What does that mean? If you get a cost of living adjustment, if you get a pay raise, instead of taking that home, bump up your retirement savings. You're already used to living off of what you've been bringing home anyway. That's what that means. And we understand, folks, that many of you find managing your 401 K or your IRA like ridiculously overwhelming and probably couldn't even tell me what you're invested in. But if you seek professional financial guidance in doing these things, studies have shown that those who do seek professional help, their balances far outperform those who just, you know, ignore it.

Speaker1:
Right. And again, don't ignore it because it doesn't go away. If you ignore it, it's still there. And it's still going to be something that you're going to have to tackle at some point. So tackle it now and make your life easier, right? So go to Money Matters with Mike comm. Money matters with Mike all spelled out. Com that's the website. Use the contact page and get in touch with Mike. Ask him your questions or schedule that free consultation. It's free of any cost and any obligation. You can also give him a call at 7045601573704560 1573. That is the number. And number four here on our list of things you can do to do a little spring cleaning for your finances is making sure that your beneficiaries are named, and most importantly, that those beneficiaries are up to date.

Speaker3:
Yes, folks, life happens to us, right? People are born. People die. People get married, people get divorced. The last thing you would want if you pass away. Is an ex getting the money that you had intended for the rest of your family? So naming beneficiaries, whether that's on a life insurance policy, whether that's on a 401 K or employer sponsored plan, an IRA, a bank account, like all the different beneficiary forms that you have, a lot of people don't know that beneficiary forms supersede even a will or a trust. Whatever is written on your beneficiary forms, folks, that's who is going to end up inheriting your assets if you should pass away. So make sure that you review your current beneficiaries and make sure that they align with your current wishes. All right. If you have a former spouse still named as a beneficiary, you might want to update and change that designation.

Speaker1:
Yeah, I would, I would think so. Unless you you know, you haven't remarried and you got along well with your former spouse. I don't know, but you might want to do that. If that is still the case. Just make sure that, you know, as those life changes happen, you update those beneficiaries to make sure that things still align with your wishes. And kind of along those same lines here is to, you know, we're talking about, you know, end of life and inheritance and all of that dust off your estate plan or, you know, if you don't have one, establish an estate plan for the very first time.

Speaker3:
Yeah. You know, exactly. Speaking of beneficiaries, right. It is recommended to review your estate plan at least every year, or especially whenever a major life event occurs, like all those things that I just, you know, mentioned birth of a child, marriage, divorce, a job change, all of these things can alter the plans that you have, uh, moving forward. So estate planning is not a just a one time task. It does require regular review and regular updates to ensure that your plan itself aligns with your current circumstances as well as your current wishes. And then you want to make sure that you take the time to consider if any changes need to be made, including updating your beneficiaries. Okay. And that'll assure or ensure that your assets are distributed according to your current intentions.

Speaker1:
Yeah. And the number six thing that we want to mention here, when we're talking about spring cleaning for your finances, I think is, you know, kind of saving the best for last here and really important for folks, especially if you have not done this yet ever in your life. And that is to have your entire portfolio. No matter how much money you have, your entire portfolio reviewed by a licensed professional. I just happen to know a guy.

Speaker3:
And folks, I don't care whether you have $10,000 or $10 million, right? I put my pants on the same way you do, and you're going to get the same Mike Zunino, whether you're the janitor or the CEO. All right. Spring is a great time for a checkup to review your investment portfolio, as well as ensure that your asset allocation aligns with your actual financial goals and your risk tolerance. Okay. How has the recent market volatility made you feel, folks? Right. Over time, the mix of investments in your portfolio can actually drift some. So that is why it is important to check to see that it still reflects what your desired allocation is. Because typically as you age and get into and through retirement, you can't afford to take quite as much risk, right? So consider taking advantage of a complimentary consultation so that we can help you review your portfolio. We can make any necessary adjustments. And most importantly, we can answer each and every single one of your questions. I don't care how many times you ask me the same question, I'll take the time to frame answers in different ways so that you understand why I'm recommending what I am recommending. And then we can also help you identify other opportunities to save money, to reduce fees and to optimize your overall investment strategy.

Speaker1:
Yeah, that's what you want is the most, you know, getting getting the most bang for your buck, right? And making sure that your money is working as hard for you as you have worked for it over the years. And you know, you don't want your retirement years tarnished by financial stress. Um, you're going to need to be prepared with a solid plan. So I would encourage you right now to give Mike Zeno a call. Uh, (704) 560-1573. 7045 60 1573. Also go to Money Matters with mike.com. And you know, I mean, Mike, if you're kind of sitting there and you've been watching the ups and downs of the market, which if you know, it's been that roller coaster lately, people really need more, I think peace of mind and I feel like working with a professional like yourself can really help give them some peace of mind and say, look, here's the reality of the situation. Markets go up, markets go down. But where are your assets right now and are you protected enough against it?

Speaker3:
Yeah, and I think it really just depends too, on how deep your pockets are. Right. Because people with much, much deeper pockets, they're not as concerned with market volatility because I've seen some people that can, you know, can afford to lose a quarter of $1 million. And you know what? They still have over $1 million. And they're not as concerned with market volatility. It's the people that, you know have a couple hundred thousand dollars to their name. Um, those are the ones who need to be especially, um, watchful. And rather than you watching the ups and downs, you know, a lot of folks like working with a financial professional who can look out for your best interest and make sure that perhaps you only participate in gains and none of the losses. Right? In most cases, consulting with a professional can actually save you money in the long term, and it definitely helps with your peace of mind when thinking about retirement, knowing that you have a plan that's going to help avoid all of the risks that faced most retirees, right? So whether you're looking to optimize your investment portfolio to maximize your Social Security benefits, or to just create or restructure a comprehensive retirement income plan, our team is ready to assist every single step along the way.

Speaker1:
And money matters with Mike. Com is the website to go to. That's Money Matters with Mike. Com or call (700) 456-0157 three. Well just a couple of minutes left in the show here Mike. And you mentioned risks that face all retirees. Run down kind of the main list of of, um things that that people do face those risks that retirees and pre-retirees face these days.

Speaker3:
Yeah. So obviously we've seen a lot of market risk. All right. Over the past, uh, I'd say since February. Okay. Your portfolio is going to be affected by changes in the market and being prepared for volatility and being prepared for uncertainty, um, can just help alleviate any market related stress. Interest rate risk, right? Changes of interest rates can have significant effects on families in America. As far as, uh, you know, how it affects the economy as a whole. And then we have this thing called inflation that is closely tied to interest rates. And that's why they have a kind of an inverse correlation. As inflation continues to rise, our spending power decreases. And when planning for retirement, you have to consider how important it is to make sure that inflation is accounted for inside your plan. Well another one what if the government changes the rules on us? That's called public policy. And that can affect everything from taxes and retirement to accounting rules to contribution limits. And retirees really need to pay close attention to policies related to pension plans, social security benefits, healthcare coverage. Right? Being aware of all of those changes in law and then knowing how to use them to your advantage is just going to set you up for success. And I cannot, um, you know, end this, this, this show today without talking about two really, really big risks in the that one is sequence of returns. Right. We don't know when the market's going to do well or when the market is going to drop. And your retirement funds could take a massive hit if the market experiences a downturn in the early part of retirement. And while you can't necessarily plan for it, you can change what you contribute to and use guaranteed income strategies to help combat that specific issue. And then of course, you have the longevity risk, right? We are living longer than ever, which means that your retirement savings has to last longer than ever. So make sure that you are planning for your money to outlive you and not the other way around that.

Speaker1:
And get that plan started. Just go to Money Matters with Mike. Com. Well, that's going to do it for this edition of the show. Mike. But thank you for each and everything you always bring to the table sir. And we'll do it again next week.

Speaker3:
Matt, thank you for what you bring to the table. But most importantly, thanks to each and every single one of our listeners, whether you're listening live on the radio or whether you're working out on listening to podcast or taking a walk in the woods, right. If you learned anything today, share us on on social, share us on on Facebook. Tag money matters with Mike. The more people we get the message to, the more people get educated and the better financial decisions everybody makes. Whatever you're doing this weekend, I hope you enjoy it to its fullest extent and as always, make it a great day.

Speaker2:
Thanks for listening to Money Matters with Mike. You deserve to work with a licensed financial and insurance professional 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 704560 1573. That's (704) 560-1573. Not affiliated with the United States government. Mike Zeno 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.

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