On This Episode You'll Discover:
- What Smart Technology is and how it could dramatically help your financial life.
- The 3 key systems that we use everyday to help our clients and how you can benefit to.
- How to Stress Test your portfolio to make sure you can survive in both Good and Sour Markets.
- How to exactly figure out if you run the risk of running out of money during retirement or not.
Resources In Today's Episode:
- Schedule Your Complimentary On The Money 5-Step Retirement Review by calling 1.800.245.0546
- Check out our website: Group 10 Financial/
- Follow us on Facebook
- Follow us on Twitter
Speaker 1:0:01This is the on the money podcast with Jerry and Nick royer broadcasting nationwide. Jerry and nick are consumer advocates, authors and TV news contributors to NBC and ABC Stations. Their nationally syndicated radio show reaches coast to coast every week. Jerry and nick will show you how to make sure you live a confident retirement lifestyle with more simplicity at less worry. You are listening to the on the money podcast with Jerry and Nick Royer.
Speaker 2:0:34Thanks for joining us for another on the money podcast with Jerry and Nick Royer. This is mark Elliott with the retirement news network and I'm here of course with Jerry and Nick Royer, registered financial consultant and the founders of group 10 financial or retirement wealth advisory firm that's been helping client families coast to coast for over 52 years. They're the creators of the on the money retirement blueprint, which is a five step process designed to help you live a confident retirement lifestyle. You know, one of the things that I think is really interesting, Jerry, and I think nick, you, you guys can touch on this, is because Jerry, when you got into this business, my guess is you couldn't just pull out your phone and go on the Internet would be my guest. Nick certainly can do that. I mean with technology. You talk about technology using yesteryear, technology to plan for retirement in today's world might not be the best scenario, but you guys certainly because your father and son obviously, I mean Jerry, your experiences starting this company to where it is because come now, it's way different than nick's. You've probably experienced in this business. Yeah, I would agree. I think there's been a lot of changes and go back 50 years ago and I look at how simple
Speaker 3:1:41things were. You could talk to people with a legal pad. That was your tool that you had a legal pad, and I can remember my very first calculator, but did it. It was amazing. Things. It added, subtracted, multiplied and divided was made by a company called Phoenix and I paid a thousand dollars for debt calculator back in 1966. That, let's put that in perspective though. So a thousand dollars calculator. How much was that cow? How much was your house back in? Nineteen 66. 14,000. So it was so one of your house went into your calculator, but it was a tool. You had to have it right was a tool and it was absolutely amazing to be able to go in and you know, and workout simple interest and do it right in front of clients and then you didn't have to do it with mental, you could do it a lot quicker.
Speaker 3:2:36And so I, I think of technology we could still kill fish with a spear and some people do. I remember that movie with Tom Hanks. What was it cast away and that's all he had was a spear. He had to take a stick and sharpen the end and that's how he hunted. But I mean, you think about how we hunt today. It's a heck of a lot different than what it was back then. Technology changed, kind of reminds me of that ride at Disney that my dad loves to go. I in my daughter actually sell the product. Yeah, that's what we're talking about. A carousel of progress that came out. When did that come out? It was back in the six days. Well, whenever Disney opened down here and uh, but it showed everything from one. It's a great story. If anybody goes to Disney, that's, well to me it explains all the things that have happened and they keep updating it now that are showing the digital and all these, but even then it's basically a ride.
Speaker 3:3:28You sit down and it pulls you around this carousel and it shows you progress through time. It shows you how they used to cool refrigerators, have a block of ice, a well watered a pumps, all that different stuff and it carries you forward and how progress happened and how we had to change along with progress. And that's what I think about when I think about technology and you think, think about yesteryear. I think about that. I think about that nostalgic ride at Disney world where you have that type of stuff and as a result, financial planning, there's technology changes as well that, uh, we have to move with just, just like anything else.
Speaker 2:4:05So, and I'm guessing though the world of financial planning has gone through those same types of changes. So let's go back in time a little bit. You know, Jerry, you talked about yours was the yellow legal pad, the yellow legal pad that we can think about it. You had to write things down all the time and I think that's really an interesting part of what you guys do and where it's come. Because Nick, you can think about now what's happened in maybe the last five years in the investment in the insurance world. I mean things are changing all the time and you know, Jerry, you think about your early clients, they did not worry about the stock market day after day, minute by minute. Like we can now on our smartphones. We can follow that. Well, back then it was like you got your annual statement and said, Oh, I guess we did. Okay. This year, something that was, that's the way it was. It wasn't 24 slash seven and that scares the bejesus out of. A lot of people were in this high tech world that we live in today. I can remember as a kid, I can't go
Speaker 3:5:00all the way back to the days where you cranked up the phone to NASA for the operator, but I can remember when it was ten cents to make a phone call in a payphone and it was a phone. That was it. It was the phone. Then they came out with the cell phone. That was a bag. It looked like carrying a backpack around. And now look at the phone. The phone's replaced a camera. It's replaced the light. It's replaced the gps, all these things. And it's still called what? A phone. Right. Well, but I use it for a heck of a lot more than just a phone. Yeah, it's amazing. It's lash light, stopwatch alarm, gps face time as what I did on a abby's birthday party because I couldn't be there. They, they went back to Illinois to celebrate her birthday, um, with, with my wife's side of the family who comes from Peoria, Illinois, and I was able to face time in and actually watch it as if I was there.
Speaker 3:5:51Now it's not the same, but it's still pretty cool when you think about what it was, what technology used to be, here's this phone that we're using for many more things and just dialing out. If you think about financial planning, that has evolved as well. We can't possibly do things like we did in the seventies, the eighties or the nineties. We use a lot of what we call smart technology in our office, which is basically technology that makes financial planning much more sophisticated than ever before. And there's a bunch of different ways that we use this smart technology. One of the ones that's been around for a while now has smart technology for social security maximization.
Speaker 4:6:30You know, it's been around a while for us, but there's a lot of people that walk I guess, door nick that don't know how.
Speaker 3:6:37I guess I should, I guess I should say that it's been around for a couple of years, but it doesn't really get much press, right? Yeah, and most people don't know it exists, so they don't use it.
Speaker 4:6:47There's like over 2000 rules with social security and earns over 500 ways to claim it. Think about that. Most people think of claiming social security at 62, 66 70. There's actually over 500 ways to claim you can't do that map in your head. Guys can't get your phoenix calculator. No, I don't even think but. But what social security smart technology does is it goes through hundreds of scenarios and gives you top combinations to get every penny that you've worked over 90,000 hours of your light into pay into to get everything you can out of it. Yeah.
Speaker 3:7:26It's basically take your statements, dump it in here and let the system kind of say, okay, here's your 500 choices and we're going to itemize it by number one to $500 in order of what's going to pay you the most out of your lifetime.
Speaker 4:7:40So we can sit down with you and show you out of all those 500, perhaps the top three choices, and then the ball's in your court. You decide which is going to work best for you,
Speaker 3:7:50right? You can give us a call at 800, 69. One, three, three, seven, two. I'm going to give that number here in a second. But basically what we can do is a social security maximization strategy using this smart technology. Because let's face it, if you can get more money out of social security, that's going to be less money that you have to take out of your retirement savings. And that's something that everybody benefits from. I'd rather my money come out of the government's pocket and have to come out of my own, my own pocket. So here's that number again folks. Eight hundred six, nine, one, three, three, seven, two. That's 800, six, nine, 1:33 72. And you can also text, easy retired. That's e and the letter z. The last letter in the alphabet. Easy retire to 30 1:30 1:31. So that's easy. Retired to 30 1:30 1:31,
Speaker 4:8:40you can get in touch with us that way as well, and then we have smart technology number two, and that is stress testing your portfolio. Now this is really new. Yeah. What it basically does is if you go to a hospital, they put you on a stress test. They want to find out what
Speaker 3:8:56you're capable of doing or if you have a weak link, what can be done today? The figure they put those leads on you that jump on the treadmill. They say go and then we're trying to find out if you have some problems. This became really vogue after the 2008 market crash where we sought a market go down 30, 40, 50 percent. In some cases, the government basically came back and said, how do we not know this was gonna happen? We should have been able to know that these banks were. What was it called? Too Big to fail, so we should have known that. And so the government came out with stress testing the banks basically saying, okay, if another 2008 thing happens, where all these other stressors happen, what's going to happen to the bank banking to stay solvent? Is it going to go belly up?
Speaker 3:9:39And that same technology is now available to us where we can take a portfolio and put exactly what you have in this stress testing smart technology. And it will tell us what happens if the interest rates go up, what happens if the market goes down? What happens if the market goes up? What happens if this happens? What happens with that happens? Um, I've even seen some of our smart technology go as far as to be able to say what happens if China and we have trade problems and that furthers on what, uh, what ends up happening? So we've seen a lot of that. That's a cool technology. I think that everybody should have a stress test done on her portfolio. So again, you can give us a call at 800, six, nine, one, three, three, seven, two. And we can do that portfolio stress test on your money and see what could happen to your money in the next market downturn.
Speaker 3:10:26So again, that number is 869, 1:33 72. Glad you're with us today for on the money with Jerry and Nick Royer with group 10 financial. I'm mark Elliott. We're talking about today's smart technology. It's much different than that thousand dollars calculator that Jerry had to buy. Now you go to bed down Emma. Now you just go to the smartphone and you go to the apps and you get that calculator for free and just add that app onto your phone. You know, this final smart technology. We're going to talk about the financial simulation and I think you guys think of it as well as the movie sully. And we think of the, you know, the pilot where he landed the plane on the water and when they were doing all of their tests, simulations, they're like, well, he had time to get the plane to go to the airport.
Speaker 3:11:10Well, they forgot that he had to take some time to figure out what in the world was going on in the first place and that what he did was actually incredible. Uh, it was crazy watching that movie. I never knew all the behind the scenes story and that was the, the, I guess they weren't saying financial simulation, but that was the airplane simulation that they're, all the scenarios were a little bit different. Yeah. He did the very first thing you're supposed to do and you have a problem on an airplane and that is fly a plane, you know, and he had all this knowledge in the back of his brain. He just, he flew the plane, he landed it and everybody survived. And that's an amazing story. Yeah. But if you think about financial simulation, so he had to go through numerous simulations to know how to fly a plane through all different sort of certain circumstances.
Speaker 3:11:55And the same thing as there's financial simulations. It's a smart technology that we use where, you know, usually financial planning in the past was done by a spreadsheet. I can remember being a kid and dad would have these spreadsheets that would, you would, that would show, uh, the, the performance of a portfolio over time. But here was the problem with that and I think you knew that back then is it only showed like, here's what happens if the investments do four percent each and every year, four percent, four percent, four percent, four percent, four percent. And that's only one scenario, right? Because it might do two percent, it might do six percent, you know, there's going to be downstairs and there's going to be up years, but the say four percent is going to happen each and every year is not a very prudent thing to suggest.
Speaker 3:12:39So we have a smart technology that we call financial simulation and it basically runs 10,000 different scenarios based on where your money is to determine what the chances are of your money lasting as long as you do is. So kind of give you an example. One of the questions that we get from, uh, uh, people is, am I going to run out of money during retirement? And I had a husband and wife come in a couple of weeks ago and we plugged all their information in and it ran 10,000 scenarios. And what it came back with is if they wanted to live to 95, that they needed their money to last 95 years old at a 62 percent chance that their money lasting. Now going back to that plane example, if somebody said, I have a 62 percent chance of landing this plane, I'd probably take a parachute, take my chances, and jump out.
Speaker 3:13:22But through optimization, what we were able to do with them is take them from 62 percent optimize their investments, their social security, their taxes, and take them from a 62 percent chance of success to a 91 percent chance that their money lasts as long as they do. And that's amazing. That's a meaningful difference. But technology wasn't there in the past where we could do that. So good financial planning is really all about using smart technology to put the odds in your favor. And we've been talking about social security, technology and stress testing technology and financial simulating a technology like this can help put you on the right track and retirement and all you have to do is give us a call right now. We'll use this technology to put your retirement on the right path. There's no obligation, there's no cost for this initial review if you have at least $200,000 saved for retirement and what you can expect when you visit with his folks, his first, we'll put your current situation through our proprietary stress test.
Speaker 3:14:20It's an actual x ray that will tell us the problems you had, the hidden things you might not know exist. And what could happen if there's another market correction. Next thing is we'll do a tax analysis show how you could possibly stop paying unnecessary taxes, keep more of your money in your pocket where it should be. Finally, we'll create for you a durable retirement income plan to help give you a lifetime income you need so you can spend with confidence, retirement. Get your pens ready because in a minute we'll give you a number to call. So folks, it doesn't matter if you've done no planning at all or maybe you've done some planning for retirement, but you aren't sure how to make it all work or if you've done a bunch of planning, but you just wanted to make sure you aren't missing something. You want to make sure that you are in fact on the right track, this complimentary on the money. Five step retirement review is for you, but you have to give us a call right now or you can text us as well
Speaker 2:15:18for is 806 nine, 1:33 72 and Jerry, nick and their team are offering you an opportunity to get this retirement blueprint done at no cost to you, but you have to call now to take advantage of this. Schedule Your own complimentary on the money. Five step retirement review. That number again is 806 nine, 1:33 72. And Nick said that you also can text. So you text the word easy. Retire 2:30, 1:30, 1:31. That's easy. Retire. So the letter e, letter Z, easy retire. Two 30 1:30 1:31, and this is not some cookie cutter approach. It's a truly customized roadmap to your retirement, but you got to call now 869. One 33 72 or you can text easy retire to 30 1:30 1:31.
Speaker 1:16:07So for Jerry and Nick Royer, I'm mark Elliott. Thanks for joining us again and we'll talk to you next time on the money podcast with Jerry and Nick Reuter. You've been listening to the on the money podcast with Jerry and nick royer every week. Catch new episodes to discover the latest retirement strategies and tips for retiring well from Jerry and net. To learn more about how to create a retirement blueprint to help you have total confidence in your retirement or visit them email@example.com. That's group one, zero financial.com.