The current market is unpredictable and inflation is high. Avoid common mistakes made about retirement as Ashley Patterson and Don Spini of DNA Wealth Partners join us to discuss risk-free strategies to create reliable lifetime income payments.
Find out more at https://dnawealthpartners.com/
Find out more at https://dnawealthpartners.com/
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LifestyleTranscript
00:00 (upbeat music)
00:02 You wanna retire, hit the golf course,
00:05 spoil those grandkids, maybe travel,
00:08 but an unpredictable market and rising healthcare costs
00:11 could cramp your future style.
00:14 Ashley Patterson and Don Sweeney from DNA Wealth Partners
00:17 are here with tips to retire well.
00:19 I'm so glad you guys are here.
00:21 - We are too. - Thank you.
00:22 - Welcome. - Thank you.
00:23 - And it's never too early to start thinking about this.
00:26 - No, and it's kinda cliche to say,
00:27 either the earlier you start, the better it is,
00:29 but, Teresa, for most people, retirement is scary,
00:32 they don't know what's going on.
00:33 And even if you're young, it's like,
00:34 we don't know what's gonna happen.
00:36 Retirement can be very simple
00:37 if you get the right kind of help.
00:38 It's not that difficult.
00:41 - No, absolutely, and depending on where you are
00:43 and any age, we definitely have help.
00:45 So I would say most of our clients
00:47 are anywhere between five years out from retiring
00:49 or fully retired.
00:51 However, we work with a lot of family members of our clients
00:55 and so the discipline of saving,
00:57 you can never start too early is, of course, what we say.
00:59 - It seems like there's a sweet spot
01:00 because you don't wanna be too risky with your investments,
01:03 but you don't wanna leave cash sitting there not earning.
01:06 So how do you find that sweet spot
01:08 for somebody looking toward retirement?
01:10 - There are certain accounts out there that are,
01:12 I guess they're unknown.
01:14 They don't need to be unknown.
01:15 They're very popular if you know how to get them,
01:17 but most people won't see them
01:18 because they give you protected growth,
01:20 they give you forever income,
01:22 they give you long-term care,
01:24 but the problem is, Teresa, there's no fees on those,
01:26 so they're hard to find.
01:27 Now, that's what we do for our clients
01:29 and as fiduciaries, that's in their best interest.
01:31 But if you're not seeing this, you don't know it exists,
01:33 but it makes retirement real simple.
01:35 Income, protected growth, and long-term care
01:37 all in one place.
01:38 So, again, seek help, ask your advisors,
01:40 seek help because it is out there.
01:43 - Rising healthcare costs are a major concern for retirees.
01:47 We were talking during the commercial,
01:49 my dad's almost 80 and every time he has a co-pay,
01:51 it's $30.
01:53 That's an amount he has to think about.
01:55 - It adds up.
01:57 You know, all of our plans that we work on
01:59 are going to have bookends, right?
02:00 And the very end of that retirement plan
02:03 is always going to account for healthcare costs.
02:06 I think that's one of the biggest mistakes people can make
02:08 is they think about, okay,
02:10 what's my monthly income need to be?
02:11 What does the travel look like?
02:12 What are the emergency expenses that I need
02:15 to have in those accounts?
02:16 But they don't necessarily properly plan
02:18 for healthcare costs,
02:19 which, of course, are rising every single year.
02:22 And Don has a, you know, close story.
02:23 - My dad's 96.
02:24 - Hey, dad.
02:25 He's still going.
02:26 - He's watching.
02:27 What's his name?
02:28 - Stan.
02:28 - Stan, Stan Feeney? - Stan, he's a world champion
02:29 rodeo cowboy back in the '50s, right?
02:31 - No kidding. - Still going.
02:32 But here's the thing.
02:33 He lives with me,
02:34 but growing old is not covered by Medicare.
02:37 People don't get that.
02:37 There's a lot of expenses we have for him.
02:39 He's pretty healthy at 96,
02:41 but we pay out of pocket a lot of money.
02:43 It's not covered by Medicare.
02:44 It's not covered by the VA.
02:46 You have to have a plan for that.
02:47 You have to have cash set aside for that.
02:49 These accounts that we're talking about,
02:51 they help you prepare for that
02:52 because they grow without any loss
02:54 and there's plenty of money at the end of life.
02:56 But a lot of times people don't get,
02:57 they think Medicare and the VA,
02:58 they're gonna come and help me because I'm old.
03:00 They're not gonna do that.
03:00 - Or I have a supplement plan,
03:01 so I'm covered or that's covered by that.
03:04 I think what we do is we help people prepare for that
03:08 so there's not a shock and awe
03:09 and there's not a burden on family members too.
03:11 That can create a lot of issue inside a family, right?
03:15 Making sure that grandpa's taken care of
03:17 or what are we gonna do?
03:17 So we want to alleviate that
03:19 for as many families as possible.
03:20 - You're exactly right 'cause I always say,
03:22 I have a trust fund.
03:23 My dad trusts that I will fund him.
03:25 That's right. - That's right, exactly.
03:27 - And that can be a burden.
03:29 - Right. - That can be.
03:30 - Yep. - That's why he's gonna
03:31 live in my shed.
03:31 He's fine.
03:32 He's a hardy guy, not like Stan.
03:35 - He's tough.
03:36 He is tough. - Wow.
03:37 - Yeah, yeah.
03:37 - And he's a veteran as well?
03:39 - Veteran, World War II.
03:41 So and there's a lot of these guys out there
03:42 that they're still alive.
03:43 And another thing too, we looked for help for him,
03:46 you know, that in-home care.
03:47 It wasn't available.
03:48 And we're fortunate that we can afford it,
03:51 but you've got to plan,
03:52 you've got to get way out in front of that
03:53 because he's a hero,
03:55 but there just, there aren't resources,
03:57 aren't cash resources to help these folks.
03:59 So they either, you know, have to,
04:00 they need care from a caregiver in home,
04:03 but it's very expensive.
04:04 - Unfortunately, the VA isn't the net
04:06 that we'd all hope it would be.
04:08 - Correct. - Oh, 100%.
04:09 So before we let you go,
04:11 what is something that folks can do today
04:13 who are watching this to help ensure
04:15 that their future is a little bit more stable?
04:18 - I think taking that first step, getting educated.
04:20 You know, we talk about this every weekend on the radio.
04:22 We've got our show, we're on two different stations.
04:25 We're on 960, The Patriot at 9 a.m.
04:28 We're also on at 11 a.m. with The Patriot,
04:31 and then we're on KFYI at noon.
04:33 So we talk about all of these topics.
04:34 We also talk about Stan.
04:35 He's probably getting sick of us using him
04:37 for so many examples,
04:38 but I think just beginning the conversation,
04:41 it can help dispel a lot of myths for people.
04:43 - Yeah, there's basically only three things
04:45 you need to do for retirement,
04:46 and you can think about these right now.
04:48 Prepare for income, prepare for principal protection,
04:51 and long-term care.
04:52 All that can be handled real quick and real easy,
04:54 but those are the three foundations
04:55 for most of us retirement.
04:56 - Thank you so much for all you're doing to help folks,
05:00 and for all the great advice.
05:01 Stick around.
05:02 We have more of the Arizona Daily Mix right after the break.
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