Retirement Talk with Eric KeKearney in Cape Coral, FL. Eric KeKearney is an author, a radio host, a fiduciary and Southwest Florida’s premier investment advisor.
Creating income in an uncertain economy. You know, the number one concern in retirement for people is that they’re going to run out of money. We have social security, but most retirees need much more than social security. Let’s cover a number of ways to create and maintain a reliable stream of income. First off, let’s talk about strategic income strategies.
The interesting thing about income planning is there’s not a lot of people that do it. There’s not a lot of people that have been shown any kind of income plan, which blows me away. We don’t want to lose the standard of living that we have, but yet there’s a lot of people who are terrified about running out of money in retirement.
There possibly could be two very difficult days in retirement. The one day that you know that you’re going to run out of money and the day that you actually do run out of money. Each day is just as bad. And maybe the day knowing that you are going to run out of money is probably worse, just anticipating when that’s actually going to happen.
That’s unacceptable to me. We’re constantly running an income plan over and over and over again, based on market conditions, based on interest rate changes, everything. We’re developing sophisticated income strategies for people all the way up to age 100.
We had a client come in a couple weeks ago and she’s like, that’s great, Eric, but my mom’s 101.
So we ended up running hers up to 105, which is very possible.
What I find interesting about this year is when our clients get sick, they want a very long and thorough analysis of their health, but they don’t necessarily have that with their wealth. They go in, they’re like, here’s my products, my tools, my investments, please fix this.
And a lot of advisors are just grateful to take over your portfolio. That’s not us. If somebody calls and says, “Hey, Eric, what was your rate of return last year?” I know right away that more than likely they’re not a good candidate as a client for us. We’re just as picky about choosing our clients as they should be choosing us.
And when we take on a client, we expect to take on that client for a lifetime. We have to build a sustainable strategy that’s going to get them from A to B and then also get over all of the financial hurdles that can happen.
This booklet that you created, it’s called your complete guide to retirement income. You can go to Eric’s website, https://www.retirementwealthllc.com/. And download this completely complimentary. There are actually some places within the booklet that you can write down your own retirement goals and objectives in regards to what your personal goals are, your lifestyle, what your monthly expenditures are.
If the client is lucky enough, we’ve created a tax-free income stream for them as well. But what happens is when the markets go into their volatility, I’m able to turn off their growth portfolios and go over to the fixed income that didn’t get hit. And all of a sudden, my clients continue to be able to still take out their income, even in a very difficult market.
We have clients that come into us and say, Eric, we’ve decided to work with you. Here’s my money. You know what my goals and objectives are. You know what my lifestyle is. I don’t care about what the market does, you do what you do. We’ve put them through that full financial plan that led them into the income plan.
We know what their purpose is, purpose determines placement. So where everybody else’s hyper focusing on their investments. I want to know how we’re going to be able to pay for it. And I’ve got all these crazy markets. I’ve got world economies that are plunging domestic markets that are plunging businesses that are closing. We’re printing money left and right. 8 trillion added to the deficit. Right? So the problem is, is that we have to worry about your own income portfolio. And we’re where we’re going to get that from when people see the multiple streams of income that we’re building, they sit back in the chair and they’re like, Eric. I’ve never seen that before.
So the biggest thing that we’re doing for our clients is knowing that the markets are going to do what they do. They go up, they go down, they go sideways. We still have to provide that income for them no matter what. And that’s one of the biggest reasons people come to your retirement wealth advisors.
We’ve it’s, this is a very complicated process and they need a professional to help them through this. And when the market are as volatile as they are, people want guidance. Are you having people call you just saying Eric help me people, new clients that you would be taking on? Oh yeah. I mean, there’s people that say, Eric, we saw you on TV.
We heard you’re on the radio. We need to come in and there’s a lot of people that are coming in and they’re saying, look, thanks for getting us in so soon we really feel like we need a different direction. And so again, this year it’s been very difficult. The, I think the common denominator is there is no communication from their current advisor.
And so while these markets are plunging, nobody’s at the wheel. And so that’s unacceptable. The one thing is, is that I’ve been dedicated to financial planning for over 20 years. Now. I grew up in this business with my mom. She owned two tax works offices, and I understood what it was like at a very young age to actually handle someone’s money through my mom.
And, and so I understand the awesome responsibility that we have, but we reach out to our clients. We send them updated videos, straight from the office saying, look, we hear you. We’re here for you. We’re not. And so we get emails all the time. We get, uh, phone calls all the time, thanking us for what we’re doing.
Thank you so much for staying in touch. This is what clients want right now. They want accountability. They want to know that someone’s at the wheel and they’re actually paying attention to what’s going on. And Eric, I want to let our viewers know. Eric has offices throughout Southwest Florida. He has an office in Bonita Springs, Cape coral, Punta go.
And Sarasota. Yeah. So it’s very convenient when you call in today that you can set an appointment to come in and talk with Eric and his team. I think this will be a good time to go to a break, but we want to open up the phone lines, the numbers +1 800-779-1942. Eric has a wonderful complimentary offer for all of our viewers, actually the first 10 that are very serious about their retirement.
When they call in today. Eric, can you tell them what that is please? Sure. If you’ve never had a portfolio recovery strategy, you’re looking for a written financial plan or your real need of a second opinion. Give us a call today. We’re going to take the next 10 callers who have saved at least $500,000 for retire.
And what this will consist of is simply taking the guesswork out of financial planning. We’re going to run all the reports, the fee reports, the Morningstar reports, tax analysis, maybe a volatility analysis. Let’s see where that plan takes. You let’s see where that plan leads. You let’s get you reacquainted with your portfolio.
And again, without any obligation, if you are interested in your very own income plan, we’ll show you proven strategies and techniques. To turbocharge your retirement income, ensure we’re going to take all the guesswork outta financial planning. So give us a call. 1 807 7 9 19 42. Please stay with us. We’ll have more creating income in an uncertain economy with Eric Kearney.
When we come back, what does your retirement look like? Is it filled with travel, spending time with family uninterrupted rounds at the golf course? Or are you too worried to even think about your hopes and dreams? Questions about your retirement are normal. So come into our office, sit down with us and let us help you find those answers.
Eric and his team can answer your questions with a complimentary review of your retirement and income plan. And it all starts with getting to know you. We specialize in helping people, just like you prepare for the retirement that they’ve always dreamed of. They’ll do exactly that by going over your current strategy to expose the weaknesses that may exist in your retirement portfolio.
Plus they’ll explain potential risks and possible strategies to you in easy to understand terms and help get you reacquainted with your portfolio and income. What I enjoy most about retirement planning is sitting down with you and having real conversations about your retirement dreams and goals. Once they understand your retirement goals, objectives, and dreams, they’ll work to custom, build a retirement plan to help ensure that you cannot outlive your income in retirement.
Retirement. Doesn’t have to be scary. Let us help you retire confidently because every dream needs a. Call Eric today and schedule your visit. You only retire once, so let’s get it right the first time.
Thanks for staying with us. We’re back with retirement. Talk with Eric Kearney. Eric, before our break, we were talking about creating income in an uncertain economy. let’s continue on with that conversation. Next on the list is how does fixed income play a role in the portfolio? Tell me a little bit about that, please.
So fixed income, everybody. When the mul markets get tumultuous, there’s a lot of people that say, I want to go in bonds, but this isn’t your father’s bond market. And so you have anemic yields right now that are being generated in a lot of bonds and in a lot of fixed income areas. So you’ve gotta be very delicate about where you’re putting this money and people want to make.
Quick decisions of where to put their money. And so when the negative thoughts start to go through our head and the world is coming to an end, there’s a lot of people out there who just start to really panic. You can’t do that. You have to put a strategy together, requirements of a strategy, really go.
Number one, you have to have an identifiable goal. Number two, a method to attain that goal. Number three, the methods and competencies to be able to sustain that strategy. So you want to have resources and the competencies to be able to get through any kind of strategy. So instead of hyper focusing on one thing and thinking, okay, this is going to fix my problem.
I can show you where it’s going to actually generate. Three additional problems. So when people think that they’re going to solve one big issue, it creates other issues. And the thing is, is that you literally have to go through the entire plan and say, what is your long term plan? Well, I don’t want to run out of money.
Got it. I don’t want you to either, but let’s create a sustainable plan. Let’s use resources. Let’s make sure that we’re competent in doing that and get you through this. And that’s where people sit back and they’re like, okay, Eric, let’s do it that way. Because a lot of times our irrational decisions that we make become very financially detrimental to us down the road.
And we’re pointing that out to people. I’m not afraid. Not to take over that client’s portfolio for weeks or a month. It’s not going to make a big difference in the world. I would rather know all about you, your goals, your specific objectives. How are we going to get over hurdles? How are we going to give you alternative routes to get all through retirement before I take on your money?
That’s the last part. That’s the easy part. Once I understand what you’re trying to accomplish, and I’m applying the competencies and I have all the resources to be able to do that because I am an independent advisor. I have a fiduciary responsibility. I have to figure out what you need first. So if you don’t want out, if you don’t want to run out of money, which is the main concern for a lot of people, I’ve gotta utilize fixed income, but I have to figure out how it plays a.
In your overall portfolio, Eric, you touched on something just a minute ago. The fact that you’re an independent fiduciary advisor, tell our viewers exactly what that means. So everybody’s looking for a fiduciary right now because based on law and license, we have to put our clients’ best interest. First.
I also think that as an independent. We don’t have any proprietary products. And so the thing is, is that I just have to find a sufficient retirement, uh, product or tool or investment. That’s going to suit your needs. That’s in your best interest. So when we build up the financial plan, it’s going to kick out a lot of different options.
I’m not going to that client and saying, here’s your portfolio. I’m going to them. And I’m like, what do you think about this one? What do you think about this one? I’m giving them options and letting them choose the options that they actually. So the bottom line is, is that by being a fiduciary, by being an independent, we are at the top of the food chain when it comes to investment advisors.
And that’s what I really like because now all of a sudden, when things get tumultuous, that’s who people are seeking out. Well, they need guidance. And again, you provide accountability to your clients. and at retirement wealth, I’ve seen how you work with people and it’s just amazing. They appreciate you.
And that’s why they come to you. Yeah, this year, I mean, we have been so busy. All four of our offices are booked. Um, we are slammed, but the, the interesting thing about this is. That when all of a sudden the markets started to sour. The first thing that I did was reach out to my planning department and say, look, we need to take care of all of our current clients.
The reason that we did that was we updated all of their financial plans. We updated all their income plans. We made sure that they were out of harm’s way. Then once that was done, we knew that there’d be a ton of people calling us and emailing us saying, Eric, we need to come in. And that’s exactly what we’ve seen.
So my first priority is always our current clients because when the markets start to fall apart, we know that there’s a lot of people out there that are financially hurting and we’re going to be busy. So I think that again, we have to be very proactive with our clients taking care of their needs, knowing that the door’s going to be banged, um, getting banged down and people are going to be coming through the front door saying.
Please help me. And that has ranked true since day one. Yeah. Well, Eric, it’s evidenced by the clients that you have and their respect for you and the respect you have for them. Eric, next on our list, we’re going to talk about dividend paying stocks. should those be a part of a retirement income?
Always because the. What the markets do is what the markets do. They go up, they go down, but there’s three guarantees, Wendy, that I bet you didn’t know that happened. Oh, I kind of do . You’ve tried to do, you’ve been with me long enough. So to the viewers, we’re guaranteed that the market’s going to go up. We’re guaranteed that the market’s going to go down and we’re also guaranteed that the market’s going to go sideways.
So when we build those multiple streams of income, and by the way, the average millionaire has seven different streams of income. We are creating on purpose, very specifically, different streams of income. So when the markets go up, we make money. When the markets go sideways, we know that we have income that’s being generated in there.
And when the markets go down, we’re pulling from that fixed income. This is very specifically set. On purpose to get through any kind of market and again, in a bull market, sometimes you didn’t use any of the fixed income, but all of a sudden, when the markets get tumultuous, like last December of 18, we were able to turn off our growth portfolios, go to that fixed income.
There’s nothing sexy about the fixed income, except when the market’s tank, then all of a sudden people really appreciate it. They start to understand, okay, Eric, now I understand your, your. Thinking. And so when we build that custom portfolio, it’s built specifically for that client’s needs, and it’s like having a very large diversified toolbox.
We can go in there and use different tools. And oddly enough, when the markets are soaring, People are saying, why do I have this fixed income when the markets are taking? They’re like, Hey Eric, I really like that fixed income. okay. So it depends on, you know, what day it is in the market, whether they like or dislike anything in there.
But they’re understanding now the longer that they work with me. Okay, Eric, you got this, like I’m going to shut my mouth. Right. And the thing is, is. We have to be responsible for that. So when they have a question, I have to be able to back it up. This is why we went into that product. And they’re like, okay, I totally understand now, because like I said, we hear it in a meeting and then we walk out the front door and we’re like, uh, that was kind of overwhelming, right?
We don’t want to be overwhelming, but we want to educate that client as we go, because this is a tough enough thing for a lot of people turning over their life savings to us. So we want to make sure that they understand that there is a process. We do have a strategy and we’re very capable of doing this.
What we’re going to do is we’re going to run all the reports for you. The fee reports, the Morningstar reports. We’re going to do a tax analysis, maybe a volatility. Let’s see where it goes. Let’s see where that plan leads. You let’s get you reacquainted with your portfolio. And again, without any obligation, if you are interested in your very own income plan, we’ll show you proven strategies and techniques to turbocharge your retirement income.
In short, we want to take all the guesswork outta financial planning. So give us a call. +1 800-779-1942. The phones are ringing. Be patient you’ll get through. We will be right back with more retirement. Talk with Eric car. What does your retirement look like? Is it filled with travel, spending time with family uninterrupted rounds at the golf course?
Or are you too worried to even think about your hopes and dreams? Questions about your retirement are normal. So come into our office, sit down with us and let us help you find those answers. Eric and his team can answer your questions with a complimentary review of your retirement and income plan. And it all starts with getting to know you, we specialize in helping people, just like you prepare for the retirement that they’ve always dreamed of.
They’ll do exactly that. Like going over your current strategy to expose the weaknesses that may exist in your retirement portfolio. Plus they’ll explain potential risks and possible strategies to you and easy to understand terms. And help get you reacquainted with your portfolio and income strategy.
What I enjoy most about retirement planning is sitting down with you and having real conversations about your retirement dreams and goals. Once they understand your retirement goals, objectives, and dreams. They’ll work to custom, build a retirement plan to help ensure that you cannot outlive your income in retirement.
Retirement. Doesn’t have to be scary. Let us help you retire confidently because every dream needs a plan. Call Eric today and schedule your visit. You only retire. So let’s get it right the first time.
Thanks for joining us again on retirement. Talk with Eric Kearney, Eric and I have been talking about creating income in an uncertain economy. Eric’s been very interesting so far. Got lots of information for our viewers. We’re going to just move on down the line. And the next one we’re going to talk about is adding a tax advantaged portfolio.
We’ve talked about taxes in retirement a lot, right? So what can you tell me about adding a tax advantaged portfolio? So there’s a lot of clients that come in and they’re like, Eric, I’m in a huge taxable situation, shame on your past advisors. And we see people that are coming in with a massive tax position, and nobody told them five, 10, or even 15 years ago.
Hey, look, you’re going to be in a highly taxable situation. You need to correct that right now. Unfortunately, there’s a lot of advisors out there that don’t want to do tax planning. They don’t know how. They don’t want the liability of it or their company does not allow it. And people don’t realize how limited some advisors in this profession are of applying resources to their clients.
They don’t realize. I didn’t know that you couldn’t offer that to me. So when they come into us, they’re like, Eric, I had no idea, you know, I’ve been dealing with this person. I like ’em. I trust them. You know, we’ve said that before. Cause I, I like and trust my barber too. Right. but people are realizing.
Maybe I’ve graduated from my advisor’s capabilities. Maybe I’ve graduated from his, um, how many, uh, different products he offers or don’t offer for that matter. And so by minimizing your taxes, you’re typically usually boosting your actual income because you’re paying less taxes when it comes to tax planning, you need two things.
Time and money. And a lot of times, by the time that people come into me, they don’t have enough time to really create a sustainable strategy. And so I kind of tell ’em that right off the bat, I’m like that ship is kind of sailed. We can do some other things for, you know, generational wealth transfer, but you know, for you, that’s going to kind of be an issue.
Which leads to another problem, because remember I said earlier, a lot of people want to go into one product. Typically that creates other problems. When all of a sudden you’re in a highly taxable situation. Now you actually have to have a higher rate of return so that you don’t. Deteriorate the principle of your portfolio.
And so now all of a sudden we have to take on more risk for that client to pay for the higher taxes that they’re in and believe it or not, Wendy, it’s actually very stressful to that client, you know? And so there’s a lot of people that are hyper focusing. On tax planning now, especially with a secure act, that’s coming down the pike.
So right now with a secure act, we, we, we were talking about that six months before it even came into fruition, but essentially what’s happening is the stretch. IRA is going to be a thing of the past. The one caveat of the whole secure act that a lot of people don’t realize is that the stretch IRA is going to go away.
And this is a really big deal because for years, I’ve had baby boomers say to me, they call in after my radio show or the TV show, Eric, I’m convinced that the government is going to steal my four. And so now all of a sudden we’re seeing, okay, they’re not going to steal your 401k, but they’re going to tax the hell out of it.
So that’s something that we gotta pay attention to Eric. This is a, this is something I want to ask you because I know a lot of our, it’s sort of a newer term for me at least, um, sequence of returns. How do you explain that to your clients? And can you explain that to our viewers right now, sequence of returns?
Risk is just another risk that we have to be careful of. How you’re withdrawing your monies from your accounts and which accounts are being drawn from , there’s a lot of, uh, advisors that understand accumulation, not a lot of advisors that understand de accumulation. So you gotta be careful. Well, and another thing that we’ve discussed on numerous shows when you’re creating income in this uncertain economy and creating income at any time.
Withdrawing income from appreciated assets only. Yeah. How do you do that for people? You gotta withdraw from appreciated assets. Otherwise you’re going to start depleting that portfolio. So super critical to be able to do that. Yeah. Well, Eric has, before we were talking, you have offices in four places in Southwest Florida, Bonita Springs, Cape Coral, Punta Gorda and Sarasota. It’s very convenient. He can meet you at any of those offices. Anyone that’s closest to your home, Eric and his team would be happy to meet you there.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Eric Kearney Advisor, LLC, Retirement Wealth Advisors, LLC and their affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.