The Maiden Voyage Into Retirement

In this first episode of the Retirement Playbook, John Croze and John Goodhue discuss what this show is all about, how much it costs to be YOU in retirement, the right time to file for social security, and avoiding running out of money in retirement. For your complimentary review of your retirement plan, call 906-523-9030. 

What is The Retirement Playbook?

Each week John Croze and John Goodhue of APO Financial give you the straight talk and honest answers you need to understand the complexities of retirement planning. John Croze uses his 30 years of teaching math and science, as well as football coaching experience, to help you learn about your retirement options. John Goodhue, Founder and CEO of APO Financial uses his many years of experience and law background to tell you what you need to know to have a satisfying retirement. There's a different set of topics every week, so get ready to learn!

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 straightforward and unbiased information on the most important issues you'll face when planning for your retirement. Good news. You found the retirement playbook sponsored by APL financial. So get ready for an hour of the most comprehensive financial information on the radio. It's time for the retirement playbook. And now, here are your hosts, John Crowes, John, good you and Jeff shade. Good morning and welcome to the retirement playbook, 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 who we are what this show is all about and how this may be a different kind of financial talk show than you've ever heard before. We'll also be getting your thinking about how much it cost to be you in retirement then we'll be talking about the right time to file for Social Security. And finally, we're going to discuss strategies to avoid running out of money in retirement. 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 John Crowe's wealth advisor at APO financial right here in Lauria Michigan. John, how you doing this morning? I am doing awesome. And I'm thoroughly enjoying this moment. And I'm going to reiterate like I said, this is going to be a financial show like no other because that's the my first one ever. Well, I'm glad to hear that I'm really excited about being on the radio with you to coach crows here. And our show is called the retirement playbook. And we're gonna explain to people why it's the retirement playbook in just a moment. But we do have another person on the line with us an old friend of mine. I've known him for years and years. He's a fine guy. He's John Goodhue, from APO financial. John, how are you this morning? I am doing great. Thanks, Jeff. It's good to be talking to you again. Yeah, it's good to talk to you once again. So let's break it down for folks. First of all about this particular radio show, I want to start a little bit with APO financial, John Goodhue. Can you give me the background of APO financial, so I want the people listening to us to understand who it really is behind coach crows and the office right here locally? Sure. So APO financial is based in the Denver Colorado area, you can tell I've taught kind of funny because I'm from Kentucky, so I'm not from out here. Even I've been here 30 years. So we focus 100% on retirement planning. And so we've been doing this for about 15 years, we do it in a comprehensive situation. So basically, we're covering everything that can go wrong in retirement, we're looking at those as risks. And we're trying to eliminate those and reduce those in everybody's life. And so it's really a full one stop shop retirement planning approach. What as far as I see it, there are two types of financial planners, John, and one has a comprehensive plan. And like you said, the other is limited scope. And I think a lot of financial advisors out there, unfortunately, a limited scope. They can talk about stocks, bonds, and annuities, maybe a little life insurance. And that is it. Can you explain a little bit more about the services that we offer here at APO financial, that makes you a comprehensive financial planner? Yes. So what we did was my background is I used to practice law, and the Securities and financial services area. So what I did was I used to bind, so a lot of businesses. And so when I started this company, I looked at retirement planning, just like I did back when I used to buy and sell businesses. And it was really a risk identification model. So identify the risks. And then let's see how we eliminate those and how we reduce them. And so I took that model went to all the research institutions in the US that have been doing Retirement Research for 50 or 60 years. And I said, basically, what are the identified risks that you've identified in retirement overall, those periods of time, and then all this data came back, and when I all parsed it out, and I put it in little, little nice buckets, there, five areas. And so those five areas cover every risk you possibly can in retirement. So the first area is really you need to protect your assets. Because you're going into retirement, you know, you need to limit your risk, and you limit volatility, and you need to get out of the situation, when stock markets really take a hit, you take a hit, we don't do that. We actually protect people's money. Number two, you need an income plan. Basically, an income plan is your roadmap to how you're going to get through retirement safely. And without an income plan. I don't know how anybody gets through retirement safely, then most people just guess now they hope they're going to be okay, that's not a good plan. The third bucket that we kind of address is Medicare and long term care and in maybe bridging the gap on health care, because you need both of those because Medicare's a huge part of your retirement and then long term care, you really need to address that. Unfortunately, most people don't and there's really nine different ways to address long term care. And so we look at all of those for people then we talk about in do tax planning. So taxes in retirement are really a big problem for a lot of people. And so what we do is we do real tax planning to help reduce those and even eliminate those over the rest of your life.
so that things like social security may not be taxable. You might not have in Medicare income adjustments. There's just lots of reasons for that. And I don't know about anybody else, but unless you can tell me how taxes are gonna go down in the rest of our lifetime? No, yeah, I can't figure that one either. So doing tax planning now is a really smart thing goes as they raise taxes over time, every time they raise taxes, you're taking a hit right to what you're going to get out of your money. And so, you know, let's don't do that. Let's be smart about that. And then we do also financial estate planning, we make sure that everybody has their full estate plan in place, because it's very, very important to have all those documents done. So in those five areas, those are the five areas that we address with people and that for us is a comprehensive plan. Okay, so the five pillars are we talking about here they are protection and income plan, Medicare long term care, health care will bunch that into one of course tax planning and point John $32 trillion in debt and rising at this point, I don't think taxes are gonna go down to pay for that. So I'm with you on that. We'll be covering tax planning on this show, of course. And then of course, estate planning. So that's APO financial, that's the backbone there that is sort of the mothership, so to speak. But our new office, of course, is right here in Lorien, Michigan, and as I introduced in the beginning there, Coach John crows, and I call him coach crows, because he's so well known as the football coach in this area. So Coach crows, tell us a little bit more about your background. Well, my background is I'm a copper country person by roots. Both my parents were born and raised in the copper country and all four of my grandparents were raised in the copper country. My dad was a holding grad of 1963 Mom graduated in 1964. My grandpa crows was a Hancock native born and raised in Hancock and had the standard gas station in downtown Houghton for 37 years. Graham accros was born and raised in the street or ambled town right up here in Calumet. And she was the source of all information on a West Houghton side. As she was a housewife and raised my dad and three other aunts and uncles, my grandpa friends was $1 bave. Native, his family are farmers and his skill set was your he worked in the local sawmills for his career. And he was a jack of all trades. But more specifically, he was a he was an expert at sharpening the saws and grammar. Franz was a Chassell native, and she worked for MTU food service at the mob for 30 plus years and retired from there. And so then I was born and raised in Ishpeming came up to Michigan Tech for my education. And as I finished up my education at Michigan Tech, I became a teacher and coach at Calumet. And I just finished up my 30 year career there as a teacher, coach and coach have a lot of things other than football, basketball Track Field quizbowl, too. So I got a lot of roots here in the copper country. And I feel it's a great privilege to be here and opportunity to talk to the entire copper country. And I also think it's great to have two people like you giants in this field, teaching us what you know. Well, I think the takeaway there, John, is that you go back generations in this part of the country. And certainly you can relate to what's important to this part of the country too. And I think that's very important in a financial planner is that they understand you your hopes, your goals and your dreams and your visions for retirement. So let's talk about the reason that you John crows decided to do a radio show, you've been an educator for most of your life. I mean, this really is no different than teaching school. It's just that you're teaching people every Saturday about retirement planning. Yeah, you know, and that's a deep answer right there because it starts with you know, why would I leave teaching because I love teaching and coaching. I love helping I love working with people and I love the copper country and and I had a great job and but as I was winding down on my 30 years, they're always in the back of my mind was since I was a mathematics major out of Michigan Tech. I wanted to get into the industry and get out of education and try something in the industry you're using my math degree and I got introduced to John last winter and we started talking about an opportunity to work for him and John came up with the idea of opening an office up here and and I jumped at it and so we decided to have the business up here and there the radio is a great way to reach out to everyone in the copper country and let them know what we're up to even though most people know who I am they don't necessarily know all about me. Most of them know me as a you're the coach and so that's great way to get to know me and are great way to get to know John and APO financial and the products that they offer. I love that everything he does is data driven because I just fit right into my math background and what I tried to teach kids forever and ever as because that's not make these emotional decisions. Let's make our decisions as data driven decisions because especially in today's society, it just seems like everyone is so so much more emotional in their decision making when
There's so much data to be had to help you with your decisions. And last but not least, I love the opportunity to educate the listening area about retirement and retirement planning and be there to help people that want to learn more outside of the radio show. Our show is called the retirement playbook with Coach John Crowes. Here on 920. W MPL. And we're joined by Coach crows and of course, John Goodhue. At APO financial John, what do you find that clients are most interested in when they come into you at APO financial and you know, sort of what they're going to be asking coach John, about here? What's really important you think, on people's minds these days when it comes to retirement planning? Oh, that's an easy one. It's what I always talk about with everybody. Because I think it's the number one question on everybody's mind. I don't care who you are. I don't care what situation you're in. I just think that people that I talked to over 15 years, Madonna will be talking to is this, they have one question on their mind. Are we going to be okay, right? That's the question. And that's a monster concern. Because I think people, people really don't know that they're going to be okay, they hope they're going to be okay. They don't know that they've saved enough. They don't know that they're going to be able to have enough money. They don't know if they're gonna if they're going to run out of money or not. They're concerned about, you know, what about health care? What if I don't have that covered that could really destroy my retirement? They just don't have answers. And so that's what we do. We provide answers to that question. Our goal, really, with all of our clients is to be able for them to answer that question, are we going to be okay with 100% certainty so that they never have to worry anymore? Because stress kills people? Oh, yeah. Our doctor, our doctors tell us that Right. Right. So why don't we Why don't you marry up your financial life with your what the doctors are telling you de stress that life so that you know you're going to be okay. So that's what we do? Really, we just do it in a in more of a comprehensive nature? Because that's how you answer that question. Exactly. And I'm really proud to be here with people to educate and inform with Coach crows every week here. And I want to point out something too. In the beginning of the show, I pointed out that this is a different type of a financial talk show, I think there are so many financial talk shows out there that are really just selling a particular product. And it's really a one size fits all thing. That is not what this show is all about. And that is not what APO financial is all about. I've got a little note in front of me that I look at all the time. It's not a sales pitch. This is simply a conversation. It's an educational opportunity for people each and every Saturday morning at 11am. To tune in to us right here and get the information that they need to know to make an educated decision so that they can have retirement, which they not only survive, but we want them to thrive in retirement. So if you're interested in a retirement that could last 2030 years you're interested in whether or not you're going to be okay, you're interested in not running out of money. You're interested in tax minimization, you want to know how to pay for Medicare Long Term Care, the nursing home all of that you are in the right place. Now, what is our offer here on the radio today for anyone who wants to call today or you can call Monday anytime you want? We're going to be giving away a retirement playbook review. What is the playbook review? Well, it's a chance for you to sit down with Coach crows and talk about what your goals dreams hopes are in retirement ask that question. Am I going to be okay in retirement it's just an opportunity at no cost and no obligation for you to be put on a path for a successful retirement as I've said retirement in which you not only survive, but you also thrive again, no cost no obligation for this whatsoever. Also, there's no judgment you don't have to have millions upon millions upon millions of dollars to work with John crows here at APO financial or John good you all you've got to be is willing to sit down and create a path towards a successful retirement. Once again, that number to call to get your no cost no obligation plan. It's going to be 9065 to 390 30. Write that number down 9065 to 390 30. No cost no obligation. You can also request your retirement playbook online at apo financial.com. That's a p o financial.com. wants more strategies to support the quality of life you want for 30 plus years. Don't go away. There's more retirement playbook from APO financial in just a moment.
You can't start a journey 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 retirement playbook review, call 906-523-9030 or requested online at apo financial.com. Now back to more of the retirement playbook with John groves, John Goodhue and Jeff shade. We're so happy you decided to join us here for the retirement playbook. We're here for you every week for your fiscal fitness and your financial education. We're with John Crowes here of APO financial and also John good you have APO fan
Angela, we're talking about the brand new office right here in lariam. For APO, John Cruz, where is that office located? It is on Third Street of lariam, which is also the same place as Tony's country kitchen. All right, and so yeah, not only can you come and visit us, but I'm gonna stop by ponies and pick up a pasty or two, you got us cookies. Cookies are amazing too. And the office right here and Laurie in Michigan, of course is right downtown, the number to call 906-523-9030 If you got questions, 926-523-9030. And if you're just joining us, if you call that number, we'll set you up with a complimentary retirement playbook review with Coach John. And you can also get it to apo financial.com. And if I'm not mistaken, John crows and John Goodhue, we got a book that will give people for stopping in right, we share do we actually have a lot of books so that they can stop in when they can take their pick. But the one one of the ones I love the most is what I call we call it our bucket list book. Okay. And so I've kind of always asked people do you have a bucket list, I mean, written down bucket list, and always amazed that most people don't. And they've got ideas of things they want to do in retirement, but they really don't have it written down, they really haven't thought that much about it. So we created a bucket list book, it helps them kind of think through it helps them have a record of it. And then what I find when people do that, they will end up having like big things on their bucket list. They'll have small things on their bucket list. They have medium things on their bucket list, but it really helps him start thinking through the process of what am I going to do really in retirement? What's it really going to look like? What are the things I really, really, truly want to do? And so we give that to everybody, if you come and see us absolutely give you our bucket list book. And that plays into our conversation here today. And that is how much does it cost to be you in retirement. And as you said, I mean, you've been a financial planner for most of your career. And Coach crows, of course, have been a football coach and an educator. But when you get in retirement, all of that is behind you. And you really got to figure out who you are and how you're going to pay for who you are. And you know, some people, they just want to sit on the back porch and watch the grass grow. Whereas others, maybe you want to travel the world. And that's who you are going to be in retirement. And as we've discussed before, in the past here, John Goodhue. They're the Go Go years, the no go years, and there are this logo years, not necessarily in that order. But we're going to be talking about that in future shows. But right now, I want to expand on exactly what does it mean to be you in retirement? When you sit down and have these conversations? How do you figure out who someone is? Well, it's really just having a conversation with people. It's amazing that you know, you ask people questions, especially about themselves, which I'm just I'm always fascinated because people are so fascinating. People have done so many things. Every week I meet somebody that are more than someone, somebody's that just are having a have an amazing life. And so I just want to know, who are you? What's that look like? What have you accomplished, and people will talk to you and about themselves, what they what they say that the sweetest words in the world are your first name and your last name to people. And so just ask questions. That's what we do. Because we really, truly want to get to know who people are, because that's really the only way we can really help them. And once you figure out who someone is and what their goals are for retirement, then you take a look at that bucket list, as you said, but then you've got to assign dollar values to these bucket list and find out a plan to pay for these coach crows. Can you elaborate on that a little bit, some of the examples of some things that people maybe want to do in retirement, this part of the country, you know, I think, just start off on the bucket list. I think for myself, and I think a lot of people are like this as you make this list. And you look at it as this unattainable list, but it sure would be nice to be able to do this stuff, you know, and I think for a lot of people out here, one of the bucket list items is to be able to escape the winters up here and go down and be what we call snowbirds and go and spend your winters in Florida or Arizona or Alabama and get on the Gulf Coast there. But you know, it doesn't have to be unattainable. And all it needs is a little bit of planning, you know, and I think as I look back at myself, it doesn't have to be planning of your own being. And that's what we're here for. That's what I'm here for. That's what APO is here for and come on in and talk to us and share us your dreams. And we'll figure out what we can do to help you attain those. So we'll find a way for you to pay for those things on the bucket list. And John Goodhue, you and I have known each other for years now I want you to tell the story of when clients come in sometimes and you ask them what's on their bucket list and they say wealthy I would like to go to Europe, but I could never afford that. And I remember Didn't you used to give people like brochures to different parts of the world or something like that. And they would say I can never afford that. Then they come back in and they find out that they could well yeah, we kind of all of our advisors kind of moonlight as travel agents.
We don't get paid for it. But it's true. I mean, people we get to know what people want to do and you know, there's always the top two or three things that
People have been thinking about for, you know, 1520 30 years, and they just really don't think they can really do it. And when it's travel related, that's really fun. So I'll meet with people. And I'll say once like, somebody becomes a client, I'll say, okay, when are you going to do that number one big trip to Europe that you've been wanting to do. And they might be, you know, live in live in a small town in Italy for a month than right, you know, integrate yourself and when Italian maybe before you go, those kinds of things? And I'll say, okay, when are you going to do that? And so we're going to meet maybe Elka. We're gonna meet next month. So today, what I want you to do, I want you to go on the internet, print out some pictures, show me what it looks like, and then I want you to price it out for me. And they'll tell me, you know, absolutely, I'll get it done. I say, well, that's your homework between now and then. And when they walk out the door, I know they're not going to do it. I guess I just I just know, you know, human nature. Yeah. Yeah, I know, they're not gonna do it. So we'll do it. And so I'll go out, I'll print up the pictures of what I think it looks like the location, they're going to go, how they're going to get there. And then I'll price it out. And I put the price on a great big little numbers on a piece of paper. And so I'll have that in a folder. So when they walk back in the house, okay, hey, you know, did you get to that homework we talked about about that? Number one thing? Oh, no, you know, the grandkids got in the way and I had to go to the doctor and yada, yada.
Okay, Coach crows knows those excuses for not doing homework. There you go. Yeah. John knows all those. John's heard them all? Oh, yeah. And so I've got this in a folder. And I'll say, Well, you know, I'll pull the pictures out first and say, Well, is this what you're talking about? And so I'll I'll slide the pictures over. And they'll say, Well, yeah, that's, that's what I'm talking about. And that's the location I want to go to. And then I'll push across the pricing on this big piece of paper. And I go, that's what it's going to cost you to do this. And they'll go, oh, we can never afford that. And I'll say, Well, you know what, I have figured out how you can afford that. And you can do it. And you can do it whenever you want to. And it's not going to affect you negatively for the rest of your life. Well, let me show you how. And boy people light up. And I mean, some people start crying. It's really very emotional. But that's what you do. If that's what our firm does. We show people how they can do the things that they probably thought they never could do. And we do it safely and in a way that will never affect them negatively for the rest of their lives. And many times most of the time, you certainly are the bearer of good news. And as you said, it is so rewarding. When people walk out of there, like they're walking on air, their dreams have been realized. I mean, this is just one of the many reasons why you should call APO financial and get your financial review, because you could be possibly missing out on things that you think that you can't do. But indeed you can do. So I'm gonna give that number once again, 906-523-9030 right here in Laurium 906-523-9030. If you'd like to sit down and have a conversation about your retirement roadmap and your retirement playbook, no cost, no obligation for that, once again, 906-523-9030 You can call right now leave your information, Laura, give me a call back on Monday and set up a conversation between you and John. So let's continue our conversation here about what it means to be you and retirement retirement really, I think comes in three different categories. In the beginning, there are the gogo years, then there are the slow go years, and there are the no go years. So let's talk about those and funding each of those they have that's my favorite thing. Because um, you know, people they retire, they've got, you know, they're still healthy, they got five to seven, eight years, those are the Go Go years. And that's when people ought to be doing the big things on their bucket list, especially if it's if it's you know, travel are related, and then you you start slowing down, we've all seen our parents do it. And so we slow down for the next five or six, seven years, those are the slow go years, you probably do in the middle things on your bucket list, you may not be taking big trips anymore. And then eventually when we get a little bit older, we're gonna get to the point, it's no go the only place people are going to go to the doctor. Right, right, right. And so what I tell people is you better be planning for your go go years and your slow go years long before you get to your no go years, or it's never going to happen. Exactly. And planning for that certainly does involve taking a look at what these things cost. And it's not the same for the gogo years, the slow go years, and the no go years. John, I would imagine in the gogo years, it's going to cost a little bit more because maybe you do want to take those European trips, that's going to cost more than maybe the slow go years. And then when you get to the no go years health expenses, I would think goes up. Is it sort of a bell shaped curve, or am I wrong about that? Nobody has that. They call it the retirement smile. If you look at it, it's like you retire. And so the first several years, your go go years, your expenses go up, because you know what you're traveling, you're taking bigger trips, and then you come back home, you've done that you've done your big stuff. You start getting into your middle stuff, and so your expenses kind of start going down. So that's where the smile starts happening. Then a few years into your slow go years, you kind of start realizing that you know what I'm running out of time you
If I'm going to do some other things, I better get going. And so your expenses go up again. And that's where the smile comes from. And so just figuring out how you fund those things. And that's really where income planning comes in with an income plan. Now we can determine how do we front end load your income for during your gogo years, for example, the so that, you know, when you're 95 years old, you don't need the same amount of money generally, is if you're 65, and 75, because you're not doing the big things. And so that's what the planning model will let you do. That's what it'll show you a picture of the rest of your life like you've never seen it before. It'll answer like all these questions, and it also will lay out these are the things you're going to be able to do in retirement, and the really, everybody's different. So it's all tailored to you. What do you want to do? And it's so important to have an income plan to support the things that you need to pay for in retirement. And as you said, is it you know, this is not just a straight line, as you said, it's sort of a smile shaped thing where you're going to be spending more money in the gogo years, maybe you go to Europe. I mean, you want to go to Europe during the CoCo years, because Europe is not really plumbed for wheelchairs, and walkers and so forth. And then you're going to have your slow go years where maybe you go to the kids games, they're across the country, that sort of thing. And then you have health care expenses later on in life, but still an income plan that takes into consideration all these things is super, super important. And it all comes down to that big question, am I going to be okay, in retirement, one of our listeners cannot say unequivocally yes to that particular question. We invite you to get in and sit down with John crows, Coach crows, as we call him and get your complimentary retirement playbook. It's just a friendly conversation between you and John to figure out if you're on the right path to retirement, or if you're on a path to run out of money. When would you like to know that you're going to run out of money in retirement? Would it be when you get to retirement? Or would it be now when you have an opportunity to do something about it once again, no cost, no obligation make that call today? 906-523-9030. It's right here in lariam. It's not going to cost you a dime. There's no obligation whatsoever. Take advantage of this opportunity right now to call 906-523-9030 and get yourself on the path to a retirement which you not only survived but you also thrive. And if you call today, we're also going to be giving you the bucket list book, we've got the bucket list book, we got a lot of books, what we really love this bucket list book, write down your bucket list items, and we'll show you a plan for action. As I started my bucket. I got a bucket list book here just within the last couple of days and I started filling that sucker out and enjoyed it and I got a good buddy of mine. That's all he talks about for about two years now is he can't wait to retire and this is gonna fit right into the gogo years. Instead of traveling. He wants to buy a shrimp boat and go shrimp and
he doesn't know how he's gonna do it. So that's gonna be me and him working together so he can go and be a shrimper. I think I'm gonna be his first mate as it says so we'll see how that goes. Yeah, truly like the Tom Hanks movie, but with
something like Forrest Gump here. I'll be I'll be his lieutenant. Well, life is what is a like a box of cherries. You never know when you're gonna get a good one or a bad one. But nevertheless, we can try to make your dreams come true with your bucket list again, call that number 906-523-9030. You can also request your plan online at a p o financial.com.
One more talk about sustaining your wealth and thriving and a retirement that could last 30 plus years. Stay tuned for more retirement playbook from abo. Financial after this.
Ready to score a touchdown with your retirement plan.
Good. You're listening to the retirement playbook. And now back to the show with your coaches. John rose, John, good you and Jeff shade. We so appreciate you joining us here on Saturday morning for the retirement playbook with Coach John crows and John Goodhue. Here of APO financial want to remind you we have a brand new office right here in Laurium to get you through retirement give you an opportunity to sit down and ask your questions about whether or not you're going to be okay in retirement. And in this segment, we're going to be talking about when to take Social Security very, very important question once again, the number to call to get your retirement play book, no cost no obligation for that 9065 to 390 30. It's 506-923-9030. And you'll also get the bucket list book going to be a fun book for you to fill out the things on your bucket list and then we'll figure out a plan to pay for those. In this segment we're going to be talking about when to take Social Security. Now John, could you I've heard that if you want the maximum Social Security benefit that you should wait until 70. What do you think about that? Well, you know, in a perfect world in a vacuum that gets you the most right but the world is not perfect and it's not a vacuum. It really depends on your situation and it can be advantageous for you in some circumstances to take it earlier.
Now I'm not I don't particularly like taking it before full retirement age. And for most people full retirement age is 66 to 67. Because you're taking such a big cut, you're, they're gonna take 25 to 30% of your Social Security off the table. So you lose that you also lose the cost of living adjustments on that 25 or 30%, that you gave up compounded every year for the rest of your life. And that's a lot of money. So that's a big decision. I always tell people with you got to take it to pay your bills before your full retirement age, I get it. That's what you have to do. But if you don't, that's a big mistake. But taking it at 70 isn't always necessarily the right answer either. And so it really depends on what your other income, your other assets and what you're trying to accomplish in retirement. So John, I have heard that most people take it at age 62, simply because it's available to them. But I think another factor, if you take it at age 62, and you're still working, I mean, that could be a big, big problem. No, it can be a monster problem. Matter of fact, this happens before your full retirement age, like this year, you can only make about $19,800. And if you make any more than that, they're going to every for every $2 you make, they're gonna take $1 of Social Security away from you. So if you've got a decent income, you're not gonna be able to take your Social Security before full retirement age. Now, after full retirement age, you can make as much as you want and get all of your social security, that's not a problem. So those are some of the reasons why you may want to wait until after age 62 to take Social Security. But let's say that you're not going to have a long lifespan to John. I mean, that's a reason why you may want to take it at age 62. If you can predict something like that. Yeah, I mean, that's exactly right. If if going into Social Security, your health is really not very good, then that plays a factor in all of it. And you've you've got to make a decision of you know, if you truly are not doing well, okay, you probably don't want to wait till 70 If you're 62. Now, that could be a reason to take it early. But all things considered with most people, that's usually a mistake to take it early. And how about those people who say, Well, I'm gonna take it at 62, because I'm gonna get it while it's still there. You know, Social Security is not going to be around, it's not well funded at this point. And it's just going to go away completely. What would you say to those people, that's not going to happen, they'll pay us our Social Security, even if they have to pay it in inflated dollars, right. And just think about it. So security, if you take some security away from people, I don't care if you're Democrat, Republican, Independent, a Martian, we're all going to be ticked off. And we're all going to take our votes away from those people. And that's all they care about, right? They care about getting reelected, they care about votes. And so they're going to pay us our Social Security. Now, for people that are maybe let young 45 and younger, like our kids and grandkids, they're going to hurt them the I believe that they will have a adjustment for that group of people that they're not going to get the same Social Security that people that are maybe 55 and older are going to get right in the Social Security Administration, if they did, nothing is expected to run out sometime after 2030. But as you said, if you are at retirement age or closed right now, probably you're not going to see any change whatsoever. But if you're younger, I mean, instead of full retirement age being between 66 and 67, Akufo to 68. It could go to 69. There any number of ways to fix this, and I have a faith that they're going to be able to fix this we're talking about when to take Social Security with Coach John Crow's here at APO financials office and Lorien. And also John good youth there at APO financial at the mothership out there in Denver, Colorado. So let's talk about full retirement age. Again, most people between 66 and 67, I think actually, it's everyone between 66 and 67 is going to be their full retirement age. Let's say that someone is 65 years of age right now, it's going to be somewhere around 66 and eight months. So once again, if we get to that age, and we take Social Security, we're gonna get our full benefits, but it's not going to be the most that we could get. Why would someone want to take it at age 66 to 67, the FRA versus waiting until age 70? Well, the number one reason is they might need it, right. That'd be the most logical thing. Another one is that well think of it this way, if you don't have any other income sources, for example, and Social Security is gonna be your primary. And if you wait till 70, that means you're going to have to pull money out of your retirement accounts. So you're, you're gonna start depleting your retirement accounts. So if you take it at 67, you don't have to pull so much out of your retirement accounts, which means the money that you're not pulling out of your retirement accounts as an opportunity for a long time to grow, right. And so what you can find out is, and this is where income planning comes into, you might see that if you take it at 67 in your particular situation, like when you're 85 years old, you actually might have more money because the money that you didn't take out of your retirement accounts during that three or four period your time group and so that's something to look at, but again, everything's dependent on people and everything we do is tailored to
to people and their particular situation, and also between full retirement age and age 70, you're gonna get some pretty hefty increases if you wait until 70. Is it John, like 8% or so per year that you get between full retirement age and 70. That is, is called the delayed credit. So you get an 8% a year guaranteed increase in your income for the rest of your life, right. And then they you have to add the cost of living adjustments on top of it, they've been pretty big, right. And so if you, you have to add your cost of living adjustments on top of your delayed credits between your full retirement age and 70. So 8% is lat last year, the cost of living adjustment was about 5.8%. So this year, it was 8%. So that was 16%. In one year, right next year, they're projecting a little over 3% plus, but 8% Delayed credit. Now we're at 11%. So for three years here, we've been in double digits increases in that your income and Social Security, that's huge. When I was looking through and doing some research on Social Security, one of the stats that kind of jumped out at me was, and I think this just came from like an APO sources. If you don't make the right decision on your social security, your risk losing hundreds of 1000s of dollars, and my math teacher and me kind of went hundreds of 1000s of dollars, no way.
Next thing, you know, I'm starting to pull a pencil out and throw some numbers around. And like if you're gonna take Social Security for 2030 years, and it's a difference of 1000 bucks a year, all of a sudden, is it's definitely 200 to $300,000 over the course of your lifetime that you're missing out on, that is a lot of money to be left on the table to just because somebody doesn't have education about when it takes Social Security. We're talking with Coach John crows have APO financial here in lariam. And also John Goodhue, of APO financial in Denver, let's talk about the final age, it is age 70 to take Social Security. Now you don't get any more if you wait until after age 7070 is going to be your max age to take it why would someone not want to take it at 70? And why would someone wants to take it at 70? Well wait till 70 The simple answer is you get more money, right? And you've just delayed it. One of the things that we look at is if I've got a couple of for example, and let's say the husband as the higher of Social Security, and they're pretty close in age. So I kind of look at it this way, because men we die first, if you haven't figured that out, I think I've come to that realization, John, unfortunately, we do. And you know, it's over 80% of the time. So if that's the case, and if the husband's Social Security is higher than the wife Social Security, but when the husband dies, the wife is going to lose whatever she was getting, but she's going to take over what her husband was getting. And so it's kind of like the life insurance policy for the wife, the survivor that pays for the rest of her life. And so it's it's a it's a survivorship question. And it's really something you should look at, because then that's an additional reason that you might wait till somebody might wait till 70. And also remember, Social Security is tax how much of your Social Security income is tax? Well, it depends. And that's a conversation we're going to be having on a future show. We've been talking with John Crowes and John Goodhue, here about when to take Social Security and John Goodhue. I'm gonna let you go right now because even though it is Saturday, I know you're always working even on the weekends, and you've got some clients waiting. So I'm going to tell people how they can get in touch with John crows at APO financial, and then we'll continue our show. If you haven't optimized your social security while considering your entire plan. Then listen up because this is for you, John, and I invite you to call us so that you can schedule a 30 minute consultation so that you can optimize your overall retirement income and not just social security, that number to call 906-523-9030 906-523-9030 for your complimentary consultation, your retirement playbook, not going to cost you a dime. There's no cost and no obligation for that. If you'd like to maximize Social Security and take a look at some other maybe possible holes in your retirement plan that could prevent you from having a good retirement that could last almost 30 years, then call 906-523-9030 for your complimentary retirement playbook. We'll also be giving you our bucket list book at no cost again 906-523-9030 You can also request your plan online at a p o financial.com. That is a P OE financial.com One more straight talk and honest answers about your wealth management and retirement journey. Stay with us there's more retirement playbook from a PEO financial here on am 920 and FM one Oh 7.3 W MPL talk that bridges the gap.
We're back with more strategies for retirement in which you not only survive, but thrive. This is the retirement playbook from Aveo financial. Once again, here's John crows and Jeff shade. We certainly do appreciate you joining us here each and every week on 920 and one Oh 7.3 FM W MP
Elba talk that bridges the gap. Our program, of course is called the retirement playbook with John Crowes. We've got an office for you a brand new office right here in Lauria Michigan. And John, we have had a great conversation with John Goodhue. But John Goodhue has left us because he's busy dealing with clients even on the weekend. Yes, I'm busy dude, I must say. And I just love the fact that this is called the financial playbook. What a great name for it. But I'm so happy that I met up with John and that He's given me the opportunity to work with APO and for him to come on the radio show and explain what APO is about what he's about is so important to the people that have copper country to understand what a giant in the industry he is, and that he's offering and fell in love with the place this summer when he came up and visited, and that he's offering his products up here is amazing, I truly appreciate and honored to work for him. And it's very obvious when you listen to Him and hear him talk. And that's why it was important for him to be well, I thought it was important for him to be on the radio show today so that the people out there, people in the copper country can see what kind of product we are gonna give them. And it's always about the client first. Yeah, and I want to explore that a little bit, of course, a few financial great resource and a great asset to the community here in lariam. And once again, listening to the program. Today, you're hearing the voice of John crows, he heads up the office right here at APO financial downtown Lauria 906-523-9030. If you'd like to get in and sit down with John and talk about your path towards a successful retirement come in, and you have your conversation with John, we'll also give you that bucket list book that we talked about earlier in the program. Now, we said early in the program, maybe you've missed part of the program, I want to remind you that we're also a podcast, if you want to hear this show, all you've got to do is go to wherever you get your podcast and search for the retirement playbook with John crows, you'll find this show and we have other shows, you'll hear all of our past shows there so that you can stay on top of growing your wealth and planning for your retirement. John, I wanted to talk a little bit more in this segment about how you do business at APO financial here in Lorien. And for the fine people of the copper country here, you're held to what's called the fiduciary standard. Why is that important to our listeners, it's so important. And prior to me getting involved in their site, I would have had no idea what fiduciary meant. I heard John mentioned it a couple of times. And as I did my training and started digging into this, and I realized that's probably the most important thing that that we do here at APO. And what that is, is everything we do is putting the client first its legal obligation for us to do that. Although I think most of the people in the community around here and all that as a 30 year teacher and coach that that's what I did, because I felt that that was my obligation. It was my selfless service, I always worked hard to make sure my students and athletes are getting the best possible experience and education, I always put my students players team school first. And I'm going to do that same thing as an agent of APO financial. And part of it is because it is my obligation and my fiduciary standard obligation, but part of it and the biggest part of it is because I believe in that's what's important is putting the client first and getting to know and I'm going to get to know you and I'm going to find out what's important for you, I want to help you fill in that bucket list and more importantly on help you attain the bucket list and and make sure that those become actual experiences for you. So I think the takeaway here is that being held to the fiduciary standard certainly means that you have to do what's best for your clients, you have to put your client's interests above yours. But I think more importantly, I want people to understand that even if that were not the law, you would do it anyway, morally, because you're basically giving the same advice to the clients here in Lorien, as you would be giving to your sister, your brother, your mother, father, your cousin, that sort of thing, because it's almost like family at APO financial. And of course, I want the people to come in and talk with John crows, because really, really he does offer some services and has the opportunities to help you prepare for a much, much better retirement. John, I want to talk about a question here that I think most people ask when they come in for the first consultation. Of course, John good, who said one of the first questions is, am I going to be okay, but I think the second question is, how can I not run out of money in retirement? And I think people fear that even more than death. Can you imagine being alive John be 7080 90 years of age and being totally broke? No, I can't imagine that. People do worry about that. One of the stats I came across was that 67% of the people fear running out of money in retirement is a bigger fear for them than death 67% fear of running out of money or as was a bigger issue than their fear of death. And when you think about the amount of money that you have, and you really try to make a plan for that to last the rest of your life. You have got to figure in inflation as well. I mean, right now inflation is probably I'm gonna say somewhere
around the 4% range, it was 2% for a great long period of time, then it got up into double digits here within the last 12 months. But inflation I mean, that's really, really important when designing a retirement plan, isn't it? Yes, it is. You don't think of it because you're living in the moment. And as I started doing my learning, by educating myself on all the different plans and things that you can do your vehicles for investment, and boy, that inflation risk was foremost out front, something to think about, and you go holy car, like, you know, $5,000, a month that you get right now is not going to be the same $5,000 that you get a month in 20 years from now. Right? So inflation, I like to call it the silent killer. But that is one of the factors that you figure in not running out of money in retirement, can you give me an example, John, have some other factors that people would want to consider, or that you can help people with to avoid running out of money? You know, I've been a teacher that I am and spending a lot of time sitting in that classroom and teaching exponential growth and investing. And that starting early, and just having that time getting started putting your money in a place where the law of exponential growth can affect your money greatly. Not a lot of people are probably sitting there at my age going well, what if I didn't start already, while the best time is to start right now. And any amount of time is, is a great amount of time to start letting that exponential growth and compound interest help you. And I've always said that I think really the best time to start is yesterday. But the second best time to your point there is to do it today, it's really not too late. I mean, what's going to happen if you don't do anything, you're more than likely going to be running out of money, but it is an opportunity for you to prevent that from happening. And also, I would think that creating a budget I mean, that's very, very important in determining whether or not you're going to run out of money. You don't that's part of helping you out with your gogo years is making sure that you have money, and that you've set your money up. And do I have enough money to get through the rest of my lifetime? And how much money do I have in these gogo years to go out and accomplish my bucket list items. And also its withdrawal rates. I mean, I've heard about this 4% rule. And I don't know that it really holds water as much as it used to. But really, I think figuring out how much money you can realistically take from your investments. Withdrawal rates is also very important. Can you comment on that, you know, if we come up with a plan on what your withdrawal rate is, and that's not what you want, and we start taking off money withdrawing money at a larger sum than that, then there's a situation where you're gonna run out of money within your retirement. And a wise man once told me, John that when your outgo exceeds your income, your upkeep becomes your downfall. And that can be certainly something that is going to derail a retirement plan. We're talking with John Crow's here of APO financial with a new office right here in Lauria Michigan. And we're talking about how not to run out of money in retirement. And after all, John, I mean, if you decide that, hey, I need $5,000 A month to live and it's 3000 or $4,000 a month, you really got two choices, one of which is to reduce your expenses or increase your income. Now, if you can't reduce your expenses, maybe you've still got a mortgage, you've got expenses that just don't go away health insurance or any number of things to let's say that you still have credit card payments or loans, things like that, we would suggest that you do not have those going into retirement. But if you do have those, and you can't adjust those the only other answer, John, as far as I'm concerned, how do you get more money? Well, you just got to go back to work. And that's not something that we want you to do. That's, that's why we retired in the first place. Right? You don't want to retire and then have to unretire and go back to worrying. Imagine a kick in the butt. That would be Yeah, can you imagine John, they called you and said, well, coach, guess what? You're 60 Some years of age, we got to get you back here at school because you got to go to work again. I mean, I think you would really enjoy because you did love coaching your students.
But I'd probably be grinding my teeth.
heck did I do to get back into this? Yeah, well, another thing too, is, you know, as we talked about Social Security, you can delay Social Security benefits there any number of ways that you can avoid running out of money in retirement, it's just a matter of getting in and sitting down. Now, John, you taught math, I mean, this is really I'm gonna say not quite math, it's just simple arithmetic, you're gonna write down your outgo and your income and see what the difference is. I would imagine that's probably a very simplistic starting point. It's a great starting point. And you don't really need to go much further than that. Several addition, subtraction. And that's one thing I found when I was going through my trying to learn all this stuff and pass the licensing test. And people a lot of comments would be like, Oh, you'll be able to understand all the math and it's actually very easy math of most of it is simple addition, subtraction, and maybe a few multiplications and divisions in there. But it's not much more than that. But I think when you start slapping all the different terms in the vocabulary, people's eyes kind of gloss over and it's a simple arithmetic. You want to have more income than expenses.
Exactly. And of course, very simplistically, that is a budget. I mean, you don't have to be a math genius to figure this out. I want people to do a little homework for us here. And I want them to sit down. This is something that I've done for years and years, that has helped me tremendously. But sit down. And I want you to make a category for each and every one of your expenses, what you have now and then project what those expenses are going to be in retirement, I think you'll be very surprised. You may eat a little less, but probably you won't, you'll probably pay more for health care, you may not be, you know, driving your car as much, but you're still going to drive it, there's so many expenses that you're going to have an retirement that you still have when you're working. So you're going to total all those things up. Then in the other column, you're going to put down your income and retirement how much you have from Social Security. Not many people have pensions these days. But if you do have a pension, they're put that down and what you're asking if you're lucky. Yeah, if you have a pension, consider yourself lucky. But if you don't have a pension, as I said, just put down all your sources of income. And again, if your expenses exceed your income, then your upkeep is going to be your downfall. And we've got to make some changes there. And of course, John, I know that you there as the teacher at APO financial can help people figure this out. We're talking with John crows of APO financial here with a brand new office in downtown Lorien. Once again, here is the offer for this week. This is our maiden voyage on our radio show. This week, we're feeling generous, we're going to be giving you no costume obligation or retirement playbook to get yours call 906-523-9030. It's just a simple, no ties on conversation between you and John to figure out where you are in this retirement journey. And if we can help make it better. We certainly want to do that for you. Again, no cost no obligation. Why wouldn't you call this number 906-523-9030 To request your retirement playbook. And again, we will give you free of charge our bucket list book you'll find this very fun book to fill out the things on your bucket list and in will figure out a way to pay for those. You can also request your retirement playbook online at apo financial.com. It is a p o financial.com. John, I'd had a ball with you this morning. I think it was a success. What do you think about our maiden voyage here in the radio? I can't believe it's over already. Time flies when you're having fun, right? What do you what do you say we do this next week? You want to join me here next week? Saturday morning. 11 Sounds like a date to me it that's right and do another show men that are out there listening right now. Let's see if we can give you a hug. I'm gonna give you some homework now. And that's the recruit a few more listeners. There you go. We want to we want to educate the whole listening area on retirement planning and financial business. That's right, well, a few financial a great resource and we welcome you to the community here. For John crows. I'm Jeff shade, and also John Goodhue. Thank you so much for joining us. We're out of time for this week. Have a great weekend in this great part of the country that we live in. We'll talk to you again next week with another edition of the retirement playbook right here on 920. And one Oh 7.3 FM W MPL talk bridges the gap. The opinions voiced on the retirement playbook from ATO financial are for general information only and are not intended to provide specific advice or recommendations for any individual past performance is not a guarantee of future results. All indices are unmanaged and may not be invested into directly. investing involves risk including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you. Consult with your attorney, accountant, financial or tax advisor prior to investing