Tips to help your finances last as long as you do

When it comes to investing, retirement taxes, healthcare and estate planning, the decisions you make today can greatly affect the quality of life for you and your loved ones tomorrow. What you need is straight and unbiased information on the most important issues you'll face when planning for your retirement and financial future. Good news, you found the retirement blueprint with Grant Door House. Grant is the founder of Door House retirement services. And he's been guiding people financially and into retirement for nearly 20 years. So get ready for an hour of the most comprehensive financial information on the radio. It's time for the retirement blueprint. And now here are your hosts grant Door House and Jeff Shea. Thank you so much. And welcome to the retirement blueprint, the show that gives you the straight talk and honest answers you need to reach your wealth management and retirement goals through Smart Investing and careful planning. On today's show. We're going to be talking about tips to help your finances last also how to rebalance from within your IRA. Then we'll go on to discuss 10 Essentials for retirement and then transitioning from work life to retirement. It's not all about the money. My name is Jeff shade, and I'm just here to ask the questions. But of course the words of wisdom and solid advice come from Grant door out founder and wealth advisor of door out retirement services right here in Omaha grant, how're you doing this Saturday morning? I'm doing wonderful. I'm glad to be here with you, Jeff. And I can't wait to talk about these topics. But first off, I actually wanted to point out you mentioned in one of our previous shows about pumpkin spice and put it in everything. I was having dinner with my family last night they brought up the bread and pumpkin butter. Oh my gosh, pumpkin spice butter was the most bizarre thing but you are correct on everything now, daddy is crazy. It's just a fad kind of a thing. But they don't think about maybe everybody doesn't like pumpkin spice and everything. Yeah, putting pumpkin in. And that's the thing. I don't really want pumpkin spice butter right before I ordered a stake. Well, anyway, it is a sign certainly the Fall is here. And it's become a tradition. Now you know, the leaves fall there's a little frost on the pumpkin, there's a nip in the air, and it's pumpkin spice everything. I didn't know what they're gonna come up with next. But anyway, I love this time of year because I do like the seasons changing. And as I said, the leaves falling are pretty but I do not like to rake them. So anyway, you got to take the good with the bad. Anyways, you said grant, we've got a lot to talk about on today's show a limited amount of time to talk about that. So let's dive in. It's going to be a very important show for our listeners today. And the first thing I want to talk about is tips to help your finances last, you know, retirees and retirement savers commonly fear one thing and that is outliving their money. And the key often comes down to how you protect your income streams and sources and whatever might pose a risk to it. However, there are still some measures you can take to protect your finances. So let's cover how best to reduce the risk of outliving your retirement savings. So let's start with those risks. First grant, what would you say is the number one risk that we want to watch out for? Well, that first one that you had mentioned already was the economic downturn, we'll think about not just macro, not just our nation, but think of micro think in your life, what would happen as you're in your 60s? I actually I've talked with people recently. And what if you have a conversation with your boss, and your boss says, Hey, here's the deal. You are 62 and or 61. And you know what we're going to have to actually move on, or you're going to have I had this one a couple of weeks ago, someone called me up and said, Hey, I was planning on retiring three years from now. But my boss just said, Hey, you can either retire now or we're going to force you to retire now. So you you choose which way that's something that happens more often than not, because think about it. You've been there probably for 1015 20 3040 years, actually, this one, I believe she was 38 years at this company. And if all of a sudden they say hey, you have to move on prior to you being ready. Well, now what are we going to do to bridge that gap? Because if their retirement goal was three years from now, and they're forced to today, what are we going to do to bridge that gap? That is a huge thing that can happen nearing retirement. Yeah. And age discrimination, obviously, is illegal. But it does happen every day. And I have seen this time and time again, where they've said, you know, listen, you either retire or we're going to retire you. So as you said, that's a very important point is that you not only have to look at what the market and the economy is doing, but what's going to happen to you on an individual basis. And that is stopping working before you're ready to stop working and having a plan that if things do go awry, that you can rebound from that. So the first risk is economic downturn, what would you say is a solution to that? Well, that's actually with this client. I actually met with them and we put a plan together actually just to discuss, okay, what are we going to do over the next couple of years for them to actually make it okay, so, you know, looking at a budget of okay, this is where our spend is, this is what we have to have for a budget. So going out and finding a job where maybe she's not going to make $100,000 anymore, but maybe making 40 or 50 or 60,000 depending on what their lifestyle is. That's going to be that bridge for that particular situation. It might work out for everyone out there. That's listening To this to do the exact same thing, I would encourage you just to go through a very honest discussion with yourself and maybe your financial advisor that, hey, this is where we have to be on a monthly basis, because that's where you're going to get it. Is this client they brought in this is how much short we are without her income. Okay, how are we going to bridge that gap, then? Is it going to be from retirement savings? Do we have enough to do that? Or do we have to go out and find a job for that next three or four years? Yeah, and you could take Social Security early. If you're at least 62, you could take that. But that is not the optimal solution to this particular problem. I think the solution is to plan for the worst and hope for the best. We're talking about risks that impact your retirement longevity. The next one, I would think is inflation and inflation was going down. But it's going back up again, Grant, yeah, that's been a battle for the last couple years, you know, we see the interest rates rising and everything, and some people are excited, because now we can actually get a decent interest rate in a CD or in a money market account or an online savings. And that's all great. And that's fine and dandy. But the reason that that's happening is because inflation has to get under control. And one way that they're going to do that is raising the interest rates. So it's a big, big cost for people in retirement. And if you're not actually planning for inflation, throughout retirement, getting to retirement and saying, Hey, I need X amount of dollars for this retirement spend that I have whatever it is, it might be 60,000, it might be $120,000, or anywhere in between maybe even more, but if you're saying you know what, I'm gonna live on that. And then you're not factoring in inflation, I think you're making a big mistake, I think you're just ignoring something that's going to cause problems later on. And that might cause you to in your 70s either have to get a job, or you may run out of money earlier than you thought. And we've been lucky before COVID. I mean, inflation was running a little north of 2%. I mean, back in the Jimmy Carter years before you were born, I mean, it was in double digits when you do these retirement plans, and we consider what it was during the Carter years and the 2%, what sort of inflation figure do you factor in that you think will be comfortable, I encourage people to look at at least two to 3%, I run a lot of people's plans at two and a half percent that looks really good long term, because you're gonna see some times that we have four or 5%. And that is a real thing. But you also have to factor in what a senior is going to spend money on versus what the actual inflation numbers are. And a lot of times when you see the inflation like this past year, you see the inflation numbers that were high, however, the seniors weren't actually spending as much on those things. So when you saw the Social Security increase, seniors actually got ahead. And that was a very beneficial thing, because I believe that their Social Security increase was a little over 8%. But what they're spending money on was actually less than that, I think it was just under 7%. If I remember the numbers accurately, so you don't have to say, You know what, hey, we had 8% increase, we gotta have that every year, that's not going to be the case long term. That's my opinion, at least I don't think that we have to factor in four or 5% inflation every year. It's a very cyclical economy, very cyclical environment, where it's going to swing back, you know, as that pendulum swings out to a crazy number on inflation, it'll swing back, they'll get it back under control, I believe. Yeah. And we most recently had inflation, it was south of 4%. But now it's over 4%. Again. So it is certainly not something that is going to be easy to attain, and you were talking about the inflation or cost of living adjustments for Social Security, we call that cola. It was around 8.7%. Last year, it is forecasted this year, and that number is going to come out later in October, but it's forecasted that it's going to be somewhere in the vicinity of 3.2%. So still 3.2% is not quite 4%. So still very important to plan for inflation risk. Next one, of course, is risk impacting retirement longevity, big time, and that's healthcare and long term care costs. Yeah, that's one of the two largest expenses, people are going to experience in retirement outside of taxes, you have taxes and health care. And if you're not planning for a long term care expense, I think that that's a that's a big mistake. That's a big hole that we're not filling. Because if you look now, an individual actually reaches age 65, there's better than a 70% chance that they utilize Long Term Care in some way, shape, or form. Now, that doesn't mean that you're going to experience a skilled nursing facility and full blown nursing care like my grandpa or my grandma experience, this could be assisted living, this could be home health care, these are things that we want to plan for. Because the majority of the time, we can get a lot of the care taken care of if we just plan for it. We don't want it to catch us by surprise is what I'm saying. We have to make sure that we have a bucket of money, we have a plan that's actually going to pay for these expenses on a monthly basis, if they ever do arise, which based on the numbers is going to happen more often than not, and the chances of someone needing long term care are really pretty good once you reach the age of 65 or so. And we all know the long term care is not inexpensive and you could get a long term care policy but of course they're not cracked up to be exactly what you want them to be. Because just when you need him is when the premiums sometimes go out of reach for you. So health care and long term care cost is another risk that could impact your retirement longevity planning for that is so important. The final one here is unexpected cost. I think we have all had something happened to us a home or a car gets damaged unexpectedly. But do you build in a fund for things that could happen? Yeah, that's the emergency fund that goes into a bucket that I would look at is between zero and two years, I may need this and I will need this in the next two years. Well, what if that car breaks down in six months, and I don't have that money there. Or what if we have a hailstorm that your insurance doesn't cover all of the roof replacement or siding replacement or fill in the blank, there's a whole host of things that you have to have that emergency fund set up for so that if the unexpected happens, you have the money to pay for it. So you don't have to potentially go into your retirement portfolio and drain that earlier than necessary. We're talking about risks impacting your retirement longevity with grantor how to door out retirement services. In the beginning grant, we talked about individual economic downturn, but what about market downturn? I mean, that is a really big one. Absolutely. That is because we you start looking at the sequence of returns that you're going to have in retirement, that's where we come back to a lot of times people are following the 4% rule. That's kind of an industry standard that whatever you retire with, take 4% of that you can index it for inflation even and you should be okay. Because over time, you know, you should be making seven or eight or nine even more percent in the market. Well, what happens if we have a market downturn at the exact wrong time? Let's say someone retires the first of next year in 2024? Do we know beyond the shadow of a doubt that we won't have one or two or three years of market downturn like we had in the early 2000s? So with 2000 2001 2002, do we know that that's not going to happen? We absolutely don't we can't say that for the next couple of years, we might be able to forecast a pretty good projection for the next three or six or even 12 months. But we're not looking at a retirement for three or six or 12 months, we're looking at a retirement that could last up to 30 years. So that market downturn is a massive risk that people need to take into consideration and how they are positioned to deal with a market downturn. If and when it happens, I can almost guarantee you we will have a market downturn in the next 20 years. I just don't know exactly when it's going to happen or how often it's going to happen. So positioning someone properly that they can continue to have that retirement income even if the market does have an unexpected downturn. That's absolutely key and absolutely necessary for every retirement plan to be better positioned to have a better experience through those market downturns that they don't have to go back to work. If you're just joining us we're talking with Grant door Howard here of door hot retirement services in Omaha we're talking about risk impacting retirement longevity. We've talked about economic downturn market downturn, inflation, health care, long term care costs and unexpected costs. If you have questions about how to mitigate these risks, we invite you to get in touch with us and get your piece in retirement blueprint with Grant It's no cost it is no obligation whatsoever. It's about a 15 minute conversation. I mean he'll get to know you your situation your goals, your needs, and then talk to you about solutions that will help you get to and through retirement or retirement in which you not only survived but you're also thrive and again no cost no obligation. There's no judgment for this piece in retirement blueprint. How do you get it it's quite simple. You can call right now if you want 402-281-0750 402-281-0750 What have you got to lose? It is a 15 minute conversation. As I said no cost and no obligation whatsoever. You can also request your plan online at Door House retirement services.com that is d o r h o u t retirement services.com. One more strategies to support the quality of life you want for 30 plus years stick around. There's more retirement blueprint with grantor out in just a moment. You can't start a trip you've never taken without a plan. And you can't start your retirement journey without a comprehensive plan to get there safely to request your no cost no obligation door Howard retirement roadmap call 402-281-0750 or requested online at door howled retirement services.com Now back to more of retirement blueprint with Grant door out and Jeff shade. We're so glad you could join us here every week for the retirement blueprint on Newstalk 1290 coil and we've got a great show going right now once again if you have not caught the first part of our show, we're a podcast go to wherever you get your podcast search for the retirement blueprint with Grant dork out you'll find this show and all of our past shows so you can stay on top of your wealth and your journey towards retirement. In this section grant I want to talk about how to rebalance from within your IRA. But before we do that, I want to talk about the fact that you know going into the break the last break I talked about how people can get their peace in retirement blueprint so I wanted to Talk about a couple of things what piece in retirement is and then about the book that our listeners can get. So first of all backer your business card, I've got a right here in front of me P E, A C E piece in retirement, what does that actually mean? Yeah, we talked about that last week as well. I like to talk about this every week. So people know what to expect. Because that piece in retirement, that's not just a slogan or anything that that brings me back to a time when I was six years old. And I was in the backseat of my parents card and telling my parents how rich I thought we were. And that was, that wasn't a monetary thing, because that wasn't necessarily true. But it was the piece that I felt that I want every single retiree that we work with two fields. So how we do that, as we put together five different plans, the P actually starts for protected income, how are we going to generate an income plan that we can go through retirement and rely that we know where every paycheck is going to come for the rest of our lives? That's the first part getting the income plan started. The second one is, how are we going to actually interact with taxes? We got to have an efficient tax strategy, how are we going to do that inside of someone that might have a lot of money that's in 401, K's or IRAs that we're going to talk about here in just a little bit. The third thing is a and that's accumulation, how are we going to be invested in the market in a responsible way that's going to allow us to sleep at night through retirement and if the market goes down, or if we see a bad report, or if we see some news headline that it's not going to make us freak out in retirement and have undue or unnecessary stress through our retirement journey. And then the fourth thing is complete control of health care. We just talked about that a little bit, looking at a health care costs that we can't foresee. But we can predict with some reasonable amount of certainty that we're going to have some sort of health care costs, whether it be in the home or in a nursing home in retirement, we have to plan for that. And then II as a state, how are we going to pass these things that we've accumulated on to the churches, the charities or kids or grandkids wherever we want this money to go? How are we going to get it there in the most efficient way possible, putting together those five plans is the peace and retirement that we talked about. So that's the summary the peace and retirement blueprint. And once again, for our listeners, no cost, no obligation for this whatsoever? It's just a 15 minute conversation, you can have it in person, if you want doesn't have to be 15 minutes grant, I mean, people can ask you a few more questions if they want, right? Absolutely right. The on call, we could do a zoom call, we can meet with them in person, however they want to, it's totally fine by me. Right? It just takes as long as it takes to get your questions answered. And again, as I said, there's no cost to this. And most importantly, there is no obligation. I mean, here at Door House Retirement Services, we only want to work with people who want to work with us, and we find that most people do. But if you say no, it's okay, we've made another friend there. So again, no cost, no obligation, the number to get your peace and retirement blueprint, you can call right now, if you want, it's going to be 402-281-0750 402-281-0750. You can also request it online at Door House retirement services.com. And grant, I understand for everybody who does call and make that appointment that we have a book we can give them and it's called Modern retirement strategies. Tell me a little bit more about this book. Yeah, so that's a book I did a couple years ago with several other different financial advisors. And you'll see that on there. It's a compilation of financial advisors and industry experts that we actually put that book together. And we give that to people, there's a lot of different information around your investment around retiring around even political environment, things to actually look at and consider when you're actually thinking about your money and your retirement. So that's the bundle there, you not only get the 15 minute conversation or however long you need, but you also get the book modern retirement strategies. And again, there is no cost. And again, I want to point out to you that nobody's going to you know, shine a light in your eyes and encourage you to sign on the dotted line, there is no obligation whatsoever. This is strictly informational. And we're really glad to do it for you once again to get yours 402-281-0750. It's 402-281-0750. If you want to call right now you can do that. Simply leave her information. And Lisa, give me a call back on Monday and schedule a time for you to get in and talk to grant you can also do it at Door House retirement services.com Dr. h o u t retirement services.com. All right, Grant, let's talk about our topic here how to rebalance from within your IRA. First of all, Ira individual retirement account. So grant, where do we start with this topic? Yeah. So when you're starting to think about how am I going to rebalance my IRA, you got to think about the strategy behind it. Which bucket Am I actually discussing? Because that's the way I think about everyone's retirement plan as I have money that's in that zero to two year timeframe. That'd be more of our emergency funds or the income we're going to need in that timeframe, or is this money that's in the three to five year bucket? Maybe a more moderate type of an allocation or is it five to 10? Or is it 10 year plus where you might be getting a little bit more growth or, or even aggressive growth and every single one of those is going to be different? How do we want this to be moving? Is it in a passive way where we just rebalanced to make sure that the model maintains its integrity or do we want it more in a tactical style, where it's actively trying to Trade in trying to beat market performance of an underlying benchmark. Which way are we going to actually be investing? It's going to change the way that we're going to rebalance in a changing economy. So grant, what are some of the factors that would cause you to want to rebalance from within your IRA, you did talk about a changing economy. But are there others? Oh, absolutely, if if we have a certain sector, let's say, I can take any sector, I'm just going to take sector A, if it drastically outperformed Sector B, in a specific timeframe, whether it be three or six months or 12 months, we may want to actually get out of that one sector sector a that actually outperformed during that timeframe. And we may want to have more balance over towards Sector B, whether it be a growth or a value or something like that. Or maybe maybe it's a large cap growth and maybe small cap growth, maybe they're outperforming each other in a specific timeframe. So you may want to have some exposure to say Sector B, like I said that was underperforming, compared to Sector a because typically you're going to see over time that we're going to see the pendulum swinging back to where another sector is going to be in favor. In the next timeframe, we can't predict that that's why you would say in that style, it'd be more of a passive style investment where we have X amount of ETFs, or stocks or mutual funds, or whatever it may be, we have those and then we know that we need X amount in each one of them, in order for that model to maintain its integrity. If we get out of balance where one of them is outperforming the rest of them, then we would actually have that automatically just rebalanced out of that one that outperformed. And then we would spread it and rebalance that across the rest of them. Correct for people who have some level of flexibility with their IRAs. What types of investments should they look to rebalance to? Yeah, well, it depends on if they're nearing retirement, if they're nearing or in retirement, you may want to consider rebalancing out of some segment of market risk. And you can utilize, you know, you could use CDs, certificates of deposit, you can use annuities, you can use savings accounts, you could have some sort of bond investment or bond ladder that can take some of the potential risk out of your portfolio in a specified period of time, you may want to look at that, again from that bucketing strategy from zero to two years, three to five years, and five to 10 or 10 years plus, which 1am I balancing in if I'm going to have rebalancing inside of a 10 year plus, I'm not going to be looking at CDs or annuities. Personally, I'd be more looking at how am I going to rebalance that inside of our ETFs or stocks or mutual funds or bonds? How am I going to rebalance in there because I have a much longer timeframe in that particular bucket grant for those who are stuck with an inflexible 401k portfolio that doesn't meet your financial needs right now, what are some of the options that they have? What are some of the things that they can do? Oh, yeah, inside of your 401 K, you can completely rebalance that you can do it very easily inside of some of these target retirement date funds. If you have those available. If you don't have those available, then I would encourage people to actually get with their financial advisor, I can actually do that for people as well, we will analyze what's inside of that 401k. And we can actually even manage that for them where we get alerts and we actually have that 401k, maybe we want to de risk it because we're within one or two or three years of retirement. So we want to get some of that risk off the table. But we have to keep it inside of the 401k. So we can't actually get the level of certainty we really want. But we could actually add in some of the stable value accounts or the guaranteed or the money market accounts that are inside of them, that we can start de risking that before someone retires. If they have to keep the 401k at that employers 401k Until the day they retire, we can help them with that up until retirement to when you can actually implement a full plan. If it's an inflexible 401k. There are a lot of 401k is that are flexible, though, but you got to be mindful of your age and your need for accessibility. For instance, if someone may need money when they're 57, well, they may even though they may be able to take money out of their 401k or transfer it out they may not want to because they may need to access some of that money. And there's ways that you can actually utilize that 401k That you can't access an IRA prior to 59 and a half grand for most people listening to us they have either an IRA or a 401 K they may have both of those. How often should you look to rebalance on average, I would look at least three or six months depending on which ones it is most of our passive investments, you're not going to see them rebalance or trade more than six times maybe seven times per year. Of course, there's going to be times when it only rebalances once a year, and there's also going to be times where maybe rebalance is 10 times per year. But I would say on average looking at it every three months would be sufficient. If you're just joining us this is the retirement blueprint with Grant door Hangout. My name is Jeff shade and if you want to hear the show again, don't worry. We're also a podcast. Just go to wherever you get your podcasts and search for the retirement blue Brent with Grant door out you're going to get this show along with past shows so that you can stay on top of your wealth and your retirement planning. And once again, we talked about rebalancing within your 401 K or your IRA. If you do have questions about that you want to sit down with Grant once again, we're offering the peace and retirement blueprint at no cost and no obligation whatsoever to get yours call 402-281-0750 402-281-0750. Again, just a casual conversation between you and granted get your questions answered, and there is no obligation This is strictly informational. And if you do call and you make that appointment, we will also be glad to send you out grants book modern retirement strategies at no cost and no obligation. So you get two things there the conversation with Grant and modern retirement strategies. 402-281-0758 You can also request your piece in retirement blueprint online at door out retirement services.com. That's Dr. H. o u t. Retirement services.com. One more talk about sustaining your wealth and thriving and a retirement that could last 30 plus years. Stay tuned for more retirement blueprint with grab door out after this. Ready to climb a mountain of financial know how good he does. It's time for more retirement blueprint with your financial Sherpas grant Dora and Jeff shade grant, we talked about a lot on the show today, we've talked about tips to help your finances last also how to rebalance from within your IRA. Again, if people are just joining us, we're a podcast, you can hear that part of the show where you're gonna hear this whole show over again by going to wherever you get your podcasts and searching for the retirement blueprint with Grant door how and once again, if you'd like to talk to grant, that number to call is 402-281-0750 402-281-0750. For your 15 Minute complimentary piece in retirement blueprint, we will also send you out grants book modern retirement strategies. In this section grant, I want to talk about 10 Essentials for retirement. The problem here is that too many people have just one essential like a stock bond portfolio and they hope it solves all the problems that they may face in retirement. So what is the first essential that you want to talk about in this particular segment, lifestyle lifestyle plan? It's very simple. I used to do some college classes where the first thing that I would bring up for these retirees and pre retirees that we would do these college classes with is you have to figure out how are you going to fill 2600 hours? Because that is about what you're going to have when you retire that you have to fill that time do we have hobbies? Do we have charities that we want to be involved with? Do we have enough grandkids stuff? Whether it be taking care of grandkids or going to grandkids ballgames that can keep us busy so that we're not just sitting at home watching grass grow? That's exactly right. And too many people think though, that's what I'm going to do in retirement. But you know, watching the grass grow gets old over a period of time playing too, you can play too much golf granted, you actually realize that you can get too much of that. I think I can be as good as me. So my frustration level would get that I would not want to play golf every single day, even though there's a lot of people that think that they want to Yeah, there's a lot of people that do, I just wouldn't be one of those people that would be able to do every day at this point. Well, as much as you love golf. And I know that you had a birthday this past week. And that's how you spent it was playing golf, but also spending little time with your family, which is great. But yeah, it can get old, especially if it is frustrating. So a lifestyle plan. It's figuring out what you want to do with your life and what your legacy is going to be and having a purpose in life. And I saw something that was interesting. The other day, I'm gonna try to paraphrase this somehow I was reading about this and he was talking about once you are gone, whether you're not, you're going to be remembered when you think about your grandparents, you probably remember them but your great grandparents, you may not have met them whatsoever. And you know, they just fade off into oblivion if they have contributed nothing to society. So if you want to be remembered, I think that would be a good goal in retirement is to do something so that your legacy carries on whether it's forming a scholarship, or whether it's contributing to the good of your church or you know, whatever it is do something so that you have a purpose in life. Find charities that you want to get involved with. Maybe you've got a hobby grant, do you have a hobby that you have always wanted to spend a little more time doing, but you've just been too busy? Well, part of it is actually golf. I've spent I've spent a lot of time, you know, in the last 15 years since we started having kids a lot of time focusing on what they're doing. And you know, I used to play softball, but then my kids started playing baseball. So I wanted to be more involved with that my son and I we were actually talking about this last week when I was golfing with him and he said oh yeah, I golf every day. If I was retired, we were actually talking about retirees and pre retirees my 15 year old saying, yeah, if I was retired, I just golf every single day. And that's that's a novel concept. But then there's other things that either get in the way or that take priority over those but I really like taking care of the property that we live at and I'd like to be able to spend some More time actually out there, but you know, too busy at the office. So those will be a couple of things, I would like to be golfing a little bit more, I would like to actually be doing more landscaping stuff and just I just enjoy being outside and taking care of that. But at this point, we just don't have as much time as we would want to. But that's okay. We do as good as we can, I guess what would you say the next one is Grant, I would say it's an estate plan. You know, if you you alluded to this just a little bit ago about, you know, a lot of people don't even know who their great grandparents were, I honestly, I can't even think of what their names are. I don't know that I've ever been told what my great grandparents are so. So looking at, you know, we have a significant impact on our immediate family, obviously, our kids and our grandkids, but looking at what are we going to do to actually have a lasting estate plan where you're, you're going to impact your family tree in a different way. And that's not meaning that you have to leave them tons of money or build up this massive nest egg or anything like that. You alluded to? Well, what about a scholarship fund, I actually met with a local nonprofit organization that if someone wants to set up a scholarship fund for something that they're passionate about, whether it be for their school, or their church, or a charity, or just some organization that they really are just passionate about helping people with, you can set those up with as little as 500, or $5,000. I was told this past week, I was shocked to find out that it was that low. And there's organizations that can help you do that. So if there's things that you are passionate about, you can make that part of your estate plan more so than just passing on your assets efficiently to your kids, grandkids, churches and charities. But how can we have a lasting impact and a lasting effect in our community right here in Omaha. And it doesn't have to be monetarily, necessarily, when I think about my uncle, who decided that he would invent a folding boat of all things back in the 50s. And so he did that landlocked Ohio, but he did do that. And there's a little history museum and the town that I come from, and there are his folding boats, and you know, some of the tools that he used to do that. So he's left that legacy. And also when we were kids, he built us these bobsleds, which were like no others that we could sled down the hill with, and those are still in our family. So it doesn't have to be a monetary thing for you to to leave a legacy. We're talking about 10 Essentials for retirement, we've talked about a lifestyle plan, having a purpose, also an estate plan. The next one has to do with insurance, and it is an umbrella policy grant, what is an umbrella policy? And why should we have one? I think everyone needs to have one of these. I have one for my family, I have a 15 year old that he just started driving. Well, that now he's going to be 16 Actually, pretty soon. And you know, what happens if he gets in an accident and someone is injured, and you know, maybe not his fault, but that doesn't always matter. You know, there's all kinds of things that can happen at our houses, or I was actually reading an article last week about there was a person that got sued for giving CPR. Oh, wow. And then I read another one that it was not only sued for giving CPR, but giving CPR to a person's mom at a hospital, oh, my goodness, and they were suing over these things, we are in an increasingly litigious society. And it's just the way that it is that we have to protect ourselves in every way possible. Even if you think man, this could never happen, that's absolutely crazy. Well, it doesn't have to be a sane thing for someone to actually sue. They could say, Hey, I was wronged in some way, and you may be found liable. So having a umbrella policy that might be able to cover those types of costs that you you're not going to anticipate you don't want to have that affect your retirement on something that you couldn't anticipate, predict or control. And I just think that everyone needs to have that umbrella policy. It's just it just makes good common sense, in my opinion, and law schools are spitting out lawyers at an unprecedented rate, they've got to have something to do there. So an umbrella policy is certainly something that you should have as one of the 10 Essentials for retirement. Next one, of course, we've talked about this many times we'll touch on it here is to have a comprehensive health plan. Yeah, it's more than just the long term care that we discussed earlier. But how are we going to have Medicare? What are our options? Do we have employer based options? Do we have something that that we could continue for the rest of our life that's going to fit your needs better than a Medicare plan? Or if it is Medicare? Well, do we have Medicare Parts A and B along with a Medicare supplement and then have a prescription drug plan on a Part D plan? Is that going to make most sense? Or is it going to be better for someone to have a Part C of Medicare, which is an advantage program, which could be a lower cost in terms of premium, but you may have higher out of pocket costs? Well, is that going to make more sense having an advantage plan with a prescription drug plan? Everyone's going to be different. We know that but we do have a time every fall which is actually right now, October 15 to December 7, where we can reassess some of those Advantage programs or the prescription drug plans. You have to have that comprehensive plan not only from the Medicare and the Advantage Program And the prescription drug plans. But yes, then, of course, we touched on it earlier today already, the long term care plan, how are we going to pay for more comprehensive care if it's ever needed in our home? Grant, we're halfway through our 10 Essentials for retirement, we talked about a lifestyle plan, purpose in life and estate plan and umbrella policy and a health care plan. Next one is a CPA, a certified public accountant. Yeah, I think everyone should have a CPA, you could have a tax preparer, and that could be sufficient for you. But having a CPA, look at everything for you in a comprehensive way, I believe is very, very important that it's believed that for most people that taxes are going to be one of the largest, if not the largest expense someone has in retirement, that could be true. But with proper tax planning, it could be actually mitigated, and we could have a comprehensive retirement plan in which we don't have taxes to be the highest type of tax that we're going to have. We have to keep in mind if you're actually dealing with CPAs. If he's dealing with your stuff in February, for the previous year, the damage has already been done. So having your CPA actually work with your financial advisor having a plan so that we make sure that the damage is already done, and there's nothing we can do about last year. That's a very important part as well. We like to work with our clients CPAs make sure that we get them in the best spot moving forward for the following year. And people sometimes think of a CPA grant is a person who prepares taxes, that is something that they do, and a lot of CPAs are looking through the rearview mirror. But I think in this conversation, we're talking about a CPA who's looking through the windshield, and they're looking ahead to find opportunities for you to mitigate your taxes. So CPA, very important. Next one is a multi market portfolio. Oh, yeah, absolutely. You have to be invested in different areas. You can't just say, hey, you know what, I'm gonna have individual stock, and I'm gonna be invested in XYZ stock. Or let's say it's apple, someone loves Apple, right here in Omaha, a lot of people love Berkshire. So hey, I'm going to be really heavily invested in just Berkshire, I've met with plenty of people that I've seen, their portfolio is actually close to 50%, Berkshire B stock well, that that's a pretty significant amount in one individual stock. And I'm not picking on Berkshire, that's a that's a phenomenal company, phenomenal stock. However, being that lopsided is really, really risky, just because we don't know what to expect in that one individual stock. So you have to take into consideration all the different sectors that you can invest in if you're just dealing with the stock market. But then also what investments can we be in that may be out of the stock market utilizing potentially an annuity, potentially life insurance as an asset, how are we going to have these interact in a properly structured and balanced portfolio is more so than just hey, you know what, I'm going to buy XYZ ETF and it doesn't matter which one it is, I'm not going to just buy that one, and then set it and forget it. And we're good to go. We have to have all types of different markets, whether it be emerging markets, or advanced markets, or whether it be a global portfolio or international or domestic. There's all kinds of different ways I could talk for an hour on the different areas, but you have to have a multi market portfolio not just be invested in large cap growth stocks, we're talking about the 10 Essentials for retirement with Grant door out of door hot retirement services right here in Omaha, we're up to number eight grant and that is an advisor with access to alternatives and insurance products. Oh, absolutely. You have to in order to be a comprehensive financial advisor, and actually, in my opinion, fulfill my fiduciary duty, I have to be able to access pretty much everything I have to be able to access alternatives like structured notes, I believe that's a key. If you haven't heard of a structured note the way that it can utilize certain markets and follow s&p 500 or the Dow or anything like that, following these different indexes, but actually mitigating some of the potential risk is a very, very positive things for a lot of people. But also insurance, utilizing insurance products as an asset class is very key as well. If we have someone that says, Hey, An annuity is always wrong for all people, I don't believe that can be true, because if it was true, then it wouldn't even be available if it was always bad. And I want people to understand that and hear that. Because if someone also says if this is always right for all people, if someone says that about an annuity or the stock market or a mutual fund or an ETF, if they say that about any of those things, you have to step back and say well, why would they say this thing is always wrong for all people? I don't think that that can be possible, otherwise, those things wouldn't be there. If someone's at a dinner seminar here in Omaha, and they hear someone say, hey, the stock market is always bad. How can that be true? It's not true. Just like insurance products are not always bad. They're always not perfect either. It is there is no perfect product. There is no perfect investment. What I believe is that with proper planning, utilizing these alternatives and insurance products, you could have a near perfect plan and that's what we really strive to do for people grant up to number nine here in our 10 Essentials for retirement. And this is charitable gifting a charitable gifting plan. Yeah. How are you going to get this money to a church or charity? Do we have a lot of non qualified assets? Do we have a lot of qualified assets? Are we going to leave our non qualified assets to a charity and give our IRAs to our kids? Does that make sense from a taxation perspective? Or does it make more sense to actually take our RMD and have it sent directly to whatever charity or church we want to give that money to? Does that make more sense in your plan? And what we do for people is we actually analyze we look at their income tax return, and we see if there's any opportunities that people are missing, and then we may put together a charitable gifting plan that that could have some additional tax efficiencies for them, and granted our 10 Essentials for retirement. This is my favorite. It's the cherry on top of all of this. Oh, boy, when you get to retirement, take an extended vacation. Oh, yeah, absolutely. Plan that and celebrate it. I have a client of mine that he actually went to Portugal. And he went for about three weeks. And he just unwound and got away from the monotony that he was experiencing. And this trip was something that they looked forward to for a long time. And I encourage a lot of people, whether it be Portugal, Spain, Europe, go to a bunch of different places in Europe, take a Viking cruise, go to Ireland, do all of these things. It might be a three week, it might be a month, it might be two months, I had one client, he actually he jumped on a sailboat with his brother in Seattle, and he sailed to Hawaii with his brother and his brother, his extended vacation on this sailboat was over a year old around the world. Now, that's something I think that that's great for people to actually get that really long vacation in something that they've never done. Celebrate your retirement. You've earned it. Yeah, I think that's a budget item that I would put in my retirement plan at least five years before retirement is to you know, put aside an amount of money maybe 30 $40,000. And take that trip of lifetime when you retire. You don't know how long retirements gonna last or you know, none of us know how long we're going to live. But you know, I really think having something like that to look forward to is going to help you I think mentally prepare for retirement. We've been talking about the 10 Essentials for retirement with Grant door house we have talked about a lifestyle plan a purpose in retirement and estate plan and umbrella insurance policy a health care plan, a certified public accountant, a CPA, multi market portfolio advisor with access to alternatives and insurance like door hot Retirement Services, a comprehensive retirement planner, also a charitable gifting plan and an extended vacation. If you'd like to sit down with Grant and talk about what's on your bucket list and make a plan for that we're offering you RPS in retirement blueprint at no cost and no obligation to get yours 402-281-0750 about a 15 minute conversation with grant you can go longer if you want again, no cost no obligation, no judgment a chance for you to get your questions answered to put you on a path to retirement or retirement which you not only survive, but to thrive once you get it's 402-281-0750. And if you call make that appointment, we will send you out grants book modern retirement strategies at no cost and no obligation. You can also request your piece in retirement blueprint at Door House retirement services.com. That's Dr. H. o u t retirement services.com. One more straight talk and honest answers about your wealth management and retirement journey. Stay with us. There's more retirement blueprint with Grant door out here. We're back with more strategies for a successful retirement. This is the retirement blueprint. Once again, here's grant door out and Jeff shade. Thank you so much for joining us and making this a part of your weekend as a retirement blueprint, of course with Grant Jorhat. Once again, our number for questions, comments, anything you want to talk about 4022810 Something pithy, 402-281-0750. In this part of our program grant, I want to talk about the non financial side of retirement, I mean, retirements, a significant life transition, and it can bring about various psychological challenges for individuals. So I want to talk about some of their key challenges that retirees may face. The first one is really a loss of identity. I think most people when you ask them, Well, who are you? They will say, Well, I'm an accountant, and I'm a doctor, I run a trucking company or something like that. But do you really think that's who you are, who you were born to be? Yeah, exactly. That loss of identity is a big one. I've had a lot of people over the years that have said, Gosh, you know what, I wake up and I have no purpose. And I think that that was due to a lack of planning before you retire for the couple years of leading up to retirement, you have to be putting together a plan of that transition after you do that big long vacation that we just talked about. What are we going to do? How are we going to fill those days? Because what we don't want to do is we don't want to get into retirement three or six or 12 months and wake up and say gosh, I don't have a purpose anymore. What are we going to do? And to me There's a myriad of ways that you could do it. You could get involved with the church, you could get involved with a charity, you could get involved with kids programs you could get involved with, at risk people in our community, whether whether it be from kids standpoint or, or any area, you might be the one that says, You know what I want to golf two days a week, I was actually just talking to my son about this my 15 year old when he said, Hey, you know what, if I was retired, I'd golf every single day. And I said, Well, that might get a little monotonous. If you do the exact same thing every single day, you may want to say, You know what, I'm gonna golf two days a week, I'm gonna have golf leagues on these days. But then you know what, I have things with my grandkids that I can either take care of my grandkids on these two days. And then I want to work with this church, or this charity, or, or any organization that we're passionate about, we have to have those things so that we can maintain our identity as not just as myself a financial adviser, we're more than that. What are we doing in our community, I'm a father, I'm a husband, I work with my charity, I work with this church, or whatever it is, those things will keep you driving, and then you're going to get to a situation where like, my dad, who's 82 years old, we were talking about this off the air. Well, he's not an old person, he's 82. And he is still an active individual that, that he he's vibrant, he's full of life, and he's 82. On the flip side, if we don't actually properly structure, things going into retirement, we can have someone that's 70 years old, and they they've lost that purpose, and that really will age people and who you were at work is yesterday, and reliving the past, of course, can be insatiable doesn't bring about satisfaction. So who will you be in retirement? Are you an artist? Are you a musician? Are you a golfer? Are you are you a gardener? Who do you want to be in retirement loss of identity, that is something that you do not want to have happen to us? So think about that, of course, financial concerns, you want to think about that? I said we wouldn't talk about finances in this part of this. But the next one is social isolation. I mean, the workplace often provides a social network, and you've really got to combat that social isolation, don't you? Oh, absolutely. There's, there's a lot of people actually, if you look at at women in particular, their sphere in their circle actually will dictate a lot of their happiness. So if you have all of that happiness wrapped up in the individuals that you work with, talk with them about how you're going to keep being together after you retire. That's a huge thing. Where if you are if you're a man, well, how am I going to interact with my friends? Whether they're be at work or not? How am I going to interact with them outside of that work environment? Are they going to be the Monday night or the Thursday night golf partner? Are they going to be the one that I actually volunteer with on a Saturday morning at a soup kitchen during this time of year? When we start getting into the holidays? Are we going to do those things together? How are we going to keep maintaining that friendship and what we need is interacting with each other versus just sitting at home watching grass grow, and then all of a sudden, well, we're not working with them anymore. So we don't see them every day. We have to be very, very proactive in those things. And that will help your retirement I guarantee you it will help your happiness in retirement if you maintain those relationships. We're talking with Gregg shorthand here of door hot retirement services in Omaha about transitioning from working to retirement. The next one is a lack of structure. You know, when I was working regularly, and at least in a different job than this, I would get up every morning, the same time do the same thing. I the same routine, drove the same route, did the same thing. Work came home and did the same thing. And then I did it over and over again. You know, it's kind of hard to go from that structure to an unstructured life. Oh, absolutely. It's kind of interesting when you when you say this one lack of structure. I have people actually my my wife's grandparents, when they were in retirement before her grandpa passed away. They had very structured amount of times that they would go to the doctor every single week whether they needed to or not, he was a former military man. He's like, this is what we do. On Tuesday, we go to the doctor, whether there's anything wrong with them or not, they would go to the doctor. Now that's questionable whether or not that was a healthy thing to do. But having a certain structure is a beneficial thing. Whether it be if if you go to church or going to church on Sunday, this is what we do on Sunday. We have our Sunday routine. Maybe Maybe I have a Monday night golf league like I do. Am I really into football this time of year? Okay, well, I have football Monday night, I have football Thursday night, I have football Sunday afternoon and evening. Well, that's taking up those timeframes. And I'm just saying those things as an example. I'm not saying if you're going into retirement, you're gonna come talk to grant where you got to be a football fan and watch football Monday nights, Thursday nights and Sundays, all of those things, but that's just gives you an example of if you're into those things, have some structure around it. It is beneficial to have that but then have your days where it's just like you know what, I don't know what I'm going to do any Wednesday or I'm going to do any Friday. I have no idea. I'm just going to wake up and I'm going to do you know what Whatever comes to mind that I've just really feel like doing it that day, whether it be cutting the grass or working in gardening or going to a movie, it really doesn't matter, have those days where it's just fly by the seat of your pants and just do whatever you want. Those are ways that you can actually generate that structure that you're used to, but in a more fun way. And the last one, I want to talk about Grande and transitioning from work to retirement is relationship strains. I mean, when you think about it, your lovely wife, Erica, I mean, she's doing what she does every day at home, you're working there at the office. But imagine for her if you were home every day, and you were around her 24 hours a day. I mean, you may have a little bit of adjusting to do. Oh, absolutely. You will I actually when I lived in Sioux Falls years ago, there was actually one of the insurance agents that went into an insurance agency that I that I worked through for some Medicare things. She was older, she was in her 70s. And I had asked Jim, well, how long she had been in insurance. He said only a few years and she was 70 years old. I said, Okay, well, why would she choose 68 years old as an age that she wanted to start selling insurance. He said, Well, her husband retired, our husband retired, and they were at home all day together. And that wasn't working out so well. So what they did, this was a very interesting one, they actually had it where she got her insurance license, he would drive her to her appointments, he would read a book while she was in her appointments, and then she would come out and they'd be in the car between the appointments she'd run a couple of appointments per day. And it was a way that they got through that relational strain so that they didn't argue all day because that's where they were at. And they ended up having a situation where, hey, this is a really good balance. They didn't need the money. It was just that she could interact with other people. He could interact with her in a different way so that they actually didn't have those relational strains and that worked for them. You have to work through that before you get to retirement. Otherwise, you're gonna have some possible growing pains in your retirement journey. We're talking about transitioning from working to retirement with grand doors out of door hot retirement services right here in Omaha. Once again, we're offering this piece in retirement blueprint plan which may talk about transitioning from working through retirement, the non financial side of retirement if you'd like your as no cost no obligation for that the number to call 402-281-0750 it's 402-281-0750 no cost, no obligation, no judgment. If you call and request your plan. We'll be sending you out grants book modern retirement strategies. Again, it's a chance for you to sit down with Grant about a 15 minute conversation you can go longer if you want and get your questions answered to put you on a path to retirement or retirement which you not only survive but you also thrive and again is not going to cost you a dime. 402-281-0750 You can also request it online at door out retirement services.com That is Dr. H O ut retirement services.com. Grant. We're out of time for this week. I want to thank you for your time but most of all, I want to thank the fine people here of the Greater Omaha area for joining us for grad door hot I'm Jeff shade get out have a great weekend. We'll talk again next week with another edition of the retirement blueprint right here on Newstalk 1290 coil. The opinions voiced in the retirement blueprint with Grant Door House are for general information and are not intended to provide specific advice or recommendations for any individual examples provided are hypothetical and for illustrative purposes only. No strategy ensures success or protects against loss investing in an alternative investment may only be suitable for persons who are able to assume the risk of losing a portion or all of their entire investment to determine what may be appropriate for you consult with your attorney, accountant, financial or tax advisor prior to investing all indices are unmanaged and may not be invested into directly the performance of any index is not indicative of the performance of any investment and does not consider the effects of inflation and the fees and expenses associated with investing investment advisory services offered through CWM LLC an SEC registered investment advisor Jeff shade and show guests are not affiliated with CWM llc.