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Sam -- a partner and the CEO of reveal I'm playing severe wealth -- -- financial advisement firm to help retirees outlook management all of that.
And you say there -- three secrets to worry free retirement I'm sure there's probably more like 300 we Lincoln only spoke -- like had he thinks -- specially since it's front and editing -- number one.
Secret number one stay active you know you retire.
You're going a hundred miles an hour until age 6567.
-- you retire and then you have the opportunity to sit back and -- you toes in the sand a watch TV every day out that much fun and I idea right.
So we have some clients that a very active and a lot of fun at them ballroom dancing and a look at my mother issues.
Nine she remembered that she's actually going to be 92 and -- action and she's like the living proof of some of the same active.
Living in -- time and -- just last week I called her.
It was like for -- again and answer.
You know maybe she's in the -- call about ten minutes later than any answer get a little worried got a little -- call back -- 430 in my corner because mom.
Finally she picks up the phone -- -- where you've been.
I went 40 a walk around the block -- -- you know -- the block isn't that doesn't take you happen I -- -- I -- around four times -- -- she's going to be 91 she's active she's productive.
She is a good nuclear a -- so that's part of that's not the financial side.
That they say happy excited and you perhaps release the stress by standard and -- -- say make.
Well actually let me backtrack a little that you have a motto you say rule number one and number two rule number one just don't lose the money and -- -- is something you want these.
A day so how do you number to make sure you don't run out of money how -- you not lose money you know I think in today's world.
You know there -- -- person.
That isn't worried about that and you know Russia -- -- Bloomberg maybe you know -- worry about that but most of my clients.
Worry about running on -- -- you know you you you look at.
How do you know if you or how can you best -- -- he might be running out of money.
You know if you had imaginary figure in your head of what you should have to cover you in your golden years.
How do you make sure that that's not in my -- now miked up my baby number of but it might not mean any -- you know that's that's part of.
Problem we've all been taught to focus on that big number in hand and you look at you know have you ever gone -- Social Security testament.
I have -- -- hotel issue doesn't tell you how much money you have there -- this is when you're 65.
2000 dollars a year for the rest of your life.
There was a study just done by the Department of Labor just recently.
They sent out 700 inquiries.
To get some feedback and instead maybe what we should do we have maybe what we should do was make employers.
When he sent out -- 401K stating rather than just saying.
Here you know your 420000.
Dollars maybe there should be -- -- -- -- -- -- you take 2000 dollars a month.
This is how long it's gonna -- because you think about it retire at.
You're ready to go maybe -- household budget is 4000 dollars a month.
Maybe you have Social Security 2000 dollars a month no pension no -- going come -- you know dividend income so.
What's the problem the problem is -- -- too grand a month.
And and when paychecks coming and it's easy going down yeah atomic fan you know having -- -- had not happened is a pretty nice thing and they don't really invest someone else and just our problem but for.
Folks in our generation that's probably a thing of the past.
And look back in history.
You know Social Security was invented I think when late thirties and the first -- was was distributed 1940.
The problem at that time was that the average female.
Life expectancy was like 6162.
Today I think it's 8182.
-- and now -- living so much on.
Well so the Labor Department suggested that companies when they -- for a -- -- -- study that's either so that's not happening now I have not been very helpful it it would be nice thing.
And we have a real literally the perfect storm I can think about it you have low interest rates and -- would we have -- and money and actually nothing right you have a very volatile economy stock market and in so it's not like the old days you can.
By blue chip stocks and you know the war -- lose money and you'll be fine when you retire not -- Not the case you can't take that -- and put it into a five year CD in the -- the interest and clearly not the case.
And then the third thing is really.
You know you get you live longer and you run out of money so I think I think that's a huge worry if there's anything that.
Probably some -- with all the people I see.
Running -- -- my.
And if you want to be happy in retirement which is the goal.
-- know money doesn't buy happiness but the national security does -- harassment make sure you don't -- now and number three hairs protect your family.
If you need some long term care which is in nursing home.
Which act as any family knows who of course -- these matters.
Expense -- long term care insurance sleep crazy expensive.
There's numbers told that show your final.
Months in life can seriously.
Stuck here and -- I saw that.
So I don't know the exact numbers but -- you can spend your life savings in the last three years ago lifetime now sunny prep.
Well you know there's no one right answer -- My partners in turning we have a law firm we do a lot of emergency planning widows and trust but at times people come to us to you know -- -- -- -- protect my house and it took me.
Thirty years to pay -- this house on the -- and -- my children and so sometimes we use trust without him and then there are many times people come to us and -- you know.
-- 75 I'm widowed.
I have four great kids and I don't want to be a burden to them.
So you know I live in this rental partner and I just have some money so you to protect the -- and there's different ways to do that.
Long term care insurance is one way -- we've always always explore that idea with clients -- really expensive to.
To maintain it seems very vivid to me that everybody at a very early he should probably state that the financial advising all their ducks in -- -- -- To -- consider all bases saying cover all bases.
When -- -- -- though not thinking about long term care though that's the play now that you are speaking about your nine year old mother I remember my grandmother's ninetieth birthday.
And her older sister was there I just thought about that for a moment while I now after lap.
My nine year old Graham and his older sisters here.
My mother had her ninety -- -- I think there was three people -- over the 800 hey you know.
Unbelievable I think and handing me this simple answer here is we're not and your attack in -- sixties.
That's that's up for debate and I think that others simple.
Sad fact the current state of the economy that will probably not starting careers and I think -- Maurice everybody now.
All right Sam -- great to -- -- CEO would be you know and -- was set up on the screen.
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