Also in this playlist...
This transcript is automatically generated
Hi everybody welcome back okay we're talking retirement because there's so much that you need to know and prepare for at at an early to set for -- retirement age let's say five years -- player officially ready to retire.
That's when -- feel really stressed out because -- say oh my gosh I never did all the things that I should do so -- springer with.
Springer financial advisors knew oversee 200 million dollars in retirement assets you have about 300 clients.
And you have some great tips on how we can be better for for Perry.
And I did one of the biggest tips is you have to realize that the economy has changed so much since the previous generation -- the -- want that.
I know you -- -- the whole idea is the economy's changed so much in the last twenty or thirty years.
It's it's a cycle we know that people spend more money coming in their thirties and forties -- we have the baby boomers in the eighty's and ninety's pushing.
The economy forward without -- spenders we lose that the spenders of the baby boomers are long gone the generation is changed now the baby boomers 92 million people.
-- and massive savings -- they don't have the money to push the economy forward.
So people need to understand that it's not like it was people have the same amount of money to -- and and we are spending slows down at the average age of about 4848 very clearly peak around 48 -- -- peak spending typically it's when our children go -- the college.
Not the colleges -- but let's face it we spend a little bit -- we drive less we don't.
They must put that film as we do that college Delray can spend dime after that like so expensive.
And like you I think for four years it comes to just turned 250000.
Lessons to any University of Arizona right now so I know -- itself and it sent sent.
OK so what are some other tips that -- -- you would suggest understanding the economy and then you have here investing for need it not.
For -- -- -- need not for greed that is so important as you plan for retirement for so many people used to.
Simply putting their money uniform when Caylee and all right -- stocks and they're so used to putting it in the market not paying any attention.
Instead of working out exactly what you need -- in the eighty's and ninety's.
Today's investor was younger they just put the market and that -- retirement planning just letting their money fly -- and now you've got to consider the specific situations everything changes.
If you don't need all the risk of the markets and don't take it so most people just need a five or six or 7% return.
Year after year steady instead -- Then don't take the risk to the market risk losing and thirty or forty or fifty.
Where do you find that after 6% annual return well it's specifics it's hard to -- because you want a balanced portfolio in the right investments based on.
Where the economy is right now of course you don't wanna go to -- right now there are a number of income producing -- stocks ETFs emerging markets have some.
Areas where they're like local currencies we can go to the bond there is.
Some -- some areas of the economy are still booming and technology -- you look for active and passive manner eat what we do for our clients were trying to find.
Value with active and passive management.
That wins by not losing try to get a reasonable upside and without the breakdowns and -- Of the changing economy I mean you know you sustain a little bit of money and be able to buy a house -- and that's -- the case anymore now know that house and maybe now -- just starting to be worth anywhere near where -- paid.
Four and this is the only generation the last 2030 years were housing was actually announced it.
Before that our parents house as they went up 123%.
They never made big money it's -- the last 2030 years were real estate and housing because the baby boom.
Which I write about in in my book facing glass how to triumphant finish market had which I write about that the generation pushed.
That which was a forcing of assets and needed more and more houses which created housing -- an asset and now those baby boomers are going to nursing homes they're dying.
They don't know no longer need those house and -- home is not going to be enough to -- I want to talk about an elder care issue at first if we can just a packed house so you're saying now it's not considered an asset or it still -- -- it's not a NASA to retire with some of this generation is so used to.
How many people you know that we site.
I'll buy a house in ten or twenty years -- triple a courtroom woman -- sell me and you retire without money how many people how many retirees got -- doing that and I see that in my workshops seminars when I speak to groups.
Many many people thought have bought my house for 500000 -- -- for two million dollars when I retire.
And of course at the half for a third of what it was because they -- But you don't think that and let's say five years that could start to meet Casey and -- -- because it's generational its demographics.
This entire generation the largest segment of the population the baby boomers which pushed the housing market.
Forward for the last 2030 years is pastor home buying state.
My sons off to college no matter what they could make interest rates to zero I'm not buying a bigger house I don't need a bigger house.
Any baby boomers are in the same situation and packed and unfortunately your son probably isn't buying house but not -- yet another phrase you know that I can't -- -- Let's hope -- either for the summer -- -- -- -- -- just.
But keep the ideas -- the next generation that's gonna push this economy is called the echo boomers they're the kids of the baby boomers.
They're the large enough generation now and not until around 2020 to 23.
Does that generation really have enough books to push this economy forward to the next -- how old is an -- -- are more or less from the port from 82 to nine before a -- So they're just starting to spend money that typically people spend money around 3031 on the start buying homes and they peak around 48 years old.
Okay and I wrote this time I want to make sure I get it straight because this astonish me.
It's estimated at eighty to 90% of your wealth can be spent in your final.
Thirty months on this earth so elder -- is such an issue.
For many people it's not only their own elder care but they're also taking parent has their parents were -- -- are living longer.
That's the difference in our parents and grandparents generation.
People die quickly and I got much younger than die quickly now we have medical advances which keep you alive longer and longer nursing home care of six to 101000 dollars a month.
So eighty to 90% of your wealth can be evaporated.
So the idea is that people need to plan for these things -- retirement -- -- -- is important.
Don't yourself you wanna be a burden your children I don't -- -- be a burden to -- to my children nobody does and you don't wanna see your wealth get evaporated you have to take steps to plan.
Help your parents if -- -- -- because.
A lot of it goes away at the.
The last couple years we have a lot of -- -- an -- son and I have to say you were one and fifteen who gave.
Advice I noticed some changes in the economy with naming -- -- -- facing -- how to triumph in the Daimler's market ahead kick spender thank you so much things have ended.
Filter by section