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KMBZ>Audio & Video on Demand>>The Radio Dish 12.13.13 Segment 3

The Radio Dish 12.13.13 Segment 3

Dec 13, 2013|

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Automatically Generated Transcript (may not be 100% accurate)

It's the radio dish and see no evil hear no evil speak no evil. You've got to admit two out of three ain't bad. You can go to Vegas it is many -- icy lake Mary McKenna and you at the radio dish dot com. Jillian Christina I no one question -- and I can't we met with you vote was about retirement income. Wait have really no clue. As determining how much we really need. Darcy it's interesting you say I remember that day and honestly that is the biggest question that most people post and they continued attacks there one thing I -- back to animus. When this a million dollars. Not million dollars when it's a 401K. Or an iron rain. People -- about taxation and it's clear. And it's gonna get higher and higher Wi -- when it comes in retirement goals. That was when the first thing she sent him and asked me what do you guys wanna do you retire where you want to have your money go. That's probably sometimes can be one of the hardest things to cancer. Well the first thing you want to determine and how much do you wanna spend during retirement. A lot of people don't know. What that figure is but I know a lot of people don't wanna spend any less than they're spending right now so just as a rough a -- and it throw some figures. So for an individual that would like 6500. Gross per month and retirement income. It's 360 fines. And they have a million dollars in their portfolio. And they're receiving 2000 a month from Social Security that money's only gonna last them to age 86 and that's a scary. Million dollars sounds like a lot of money that we need even when you integrate pat are you you add Social Security into that he doesn't -- because we have to throw in inflation. OK so why it steps do we need to take to determine if we're gonna be able to meet the income goals and that the timeline. A retirement. Mean I wanna know can I retire at its that I want to in his and money can and cannot last and so I don't I don't know what's that Steven began the first step -- mentioned earlier is to determine how much you wanna spend the second would be to make -- guesstimate on what your longevity will be how long statistically do. How does your clean rare and start with those figures might people don't use that have -- beyond 8587. And I'm doing my income calculations say -- five. -- that can happen as you don't have enough money you're still alive. So our plans when we -- and can protections for people. Always assumed that they well have money through their age of 95 and -- we're told differently. We also used in an inflation factor of 4%. And inflation has been less it's been more covered and he says the constant factor. Because we all know that things are gonna continue to cost another strategy is a lot of people no longer health pensions through their employer. There are investment structures out there that the individual can set up to create their own personal pension essentially creating an income stream that they will not outlive. OK if -- realize that I'm not gonna meet my goals we I figured out this is what's gonna happen but something he you know comes about maybe pockets like -- may -- something happens to me. Something I can be doing it should be doing to help protect my assets well the first thing that we see some people don't take advantage of a company managed to borrowing K. A company sponsored retirement plan throwing away free money. If you need to pay in 6% to get 3% -- 6%. Because you're you know you're gonna get tech company managed. And that's very important along those lines you know right now people seem to be afraid to put money in financial institutions. What do you say to them about putting money into financial institutions. So most likely come back to the Great Depression times and people want -- to their mattresses again there's a lot. If things to consider when looking towards -- what companies to invest with what types of investments to make. The first things I think it consumers should consider are their looking at a company what are those credit ratings of that company and there is a multitude of credit ratings you can look at and -- you can look at why she can look at Standard and Poor's and you can find there is an online you can speak with hear financial planner and have them provide that information TU. If you're dealing with insurance products. If the firm fails. Then the value of your talent at that time is covered by SIPC insurance. They can go through these fears that your house with your financial planners talk through them. We talked extensively with our clients about any type of investment and the risk related. Before we move forward and that would be my comfort level. Lot of people look at and still think about CDs -- think about -- -- -- about money markets there's obviously other places that we should be looking up and putting their money there are other investment structures are where you can get a Karen he net interest rate payment to use that outside of the CD market. There are so many financial. Investment strategies out there that it really is important to keep. The -- of that in the current markets things are changing every day so meet with an advisor to find out what is available when there's so much cash that's been on the sidelines people are. Nervous about what to do where to put it in US economy can take a turn I -- but he knows no one has a crystal ball one of the things that happened when my husband's grandmother weighs in her nineties she had a reverse mortgage and we hear a lot of things. About that we hear about people continue to have a mortgage later on in their retirement years is your position on that is that a a good way to plan for retirement or her what what are your thoughts. I don't believe that -- -- a variety of products out there for a variety of needs at different times in people's lives to date we've not recommended a reverse mortgage to anyone and that is a client of ours that doesn't mean that down the road that situation when present itself what we like to think about doing. During that years are working and trying to have paid down that market -- -- we we were all raised. Get down that mortgage head off don't retire with the markets. When you're borrowing money today at -- between three and 4%. And you're making money at 56%. There it's a lot different than when it was in the seventies when interest rates were you know very very high. And so. Not necessarily do we like to see you try to pay off that mortgage and paying more every month. We'd rather see them money in and great sized emergency fund. Or having enough money that you will be able to retire. You cannot within your investment when -- pay off your home there will be no more mortgage payments. However that -- doesn't really represents. Anything that's going to pay here and did. Still provides your tax deduction albeit small during the years that you are paying off the mortgage so even if I'm retired and I have an income coming in having a mortgage isn't necessarily. Detrimental to me -- is still be beneficial to me absolutely you know we look at the income projections the fixed expenses that you have how much that you are going to need every month. Honestly factor there's and you retain their liquidity has Christine mentioned once you sign saying -- 250000. Dollars in your mortgage. It's in your house familiar gonna realize that is if you selling your home and -- planned to living your home that asset is going to be passed on to someone else you really can't use that. A lot of people depend on their home equity. Line of credit as a source for an emergency fund well when you retiring you no longer held that job your mortgage institution -- you think mean not approve -- get that equity line anymore but he's got questions advanced financial solutions is a place that you need to come Christine alarmist Julian Smith it'll tell you a great deal of information. And -- -- I love the fact that I get -- chance to sit down and skewed questions in we meet all the time I -- fat we want -- you claim nautilus -- greeting you with this every ninety days. We know it. Three things are guaranteed to happen. The market will change tacks follow -- change in your life will change. As long as we're keeping up on all the matters in your life. There's not going to be surprised since we're always gonna have our pulse on your life and what's going on. One thing Gillian Smith and Christina -- advanced financial solutions they've got the answers for you. -- a -- phone number is 816. 9312668. That is 8169312668. Super super ladies coming up would get -- Hollywood blames began a super lady Kristen -- will join us here in just a couple of minutes. And -- -- For someone who has everything you know he's only against running again for Christmas can't we get the perfect gift idea perfect gift idea and it's not expensive. All feel the sense of Christ it's -- Darcy Mary and you. So come on back to -- additional --

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