Mike Milligan and Gary discuss how to protect retirement savings from inflation, taxes, and living too long. They explain longevity risk, the gap between running out of money and running out of life, and how guaranteed lifetime income annuities can bridge it. They also cover the HALO tool for projecting medical costs and strategies like Roth conversions to reduce lifetime taxes.
Be one of a kind with Mike's Plan.
Welcome to the One of a Kind Show Daily with your host, Mike Milligan. It is Wednesday, November 26th. We are going to— many of us are going to be rushing around today getting that last-minute can of cranberry or that ingredient for that family recipe, or shutting it down after lunch today to welcome family and friends in the town for, for that Thanksgiving time. You know, we're going to give you some pre-Thanksgiving financial planning today because, you know, when most of us picture retirement, we imagine long mornings. That's how this segment starts that Gary and I recently had on the One of a Kind Financial Show Daily. I want you to listen for what retirement is and what it can be. Until then, be one of a kind.
You know, most of us picture retirement, we imagine long Mornings with the paper, maybe some golf. Yeah, of course. Maybe a little travel, not worrying about inflation, tax brackets, or whatever accidentally trigger a Medicare penalty because you forgot to read page 47 of some government brochure. But here we are. The good news is the real solutions are very stressors that come with today's retirement. And today we're talking about them with a little clarity, a little strategy, and maybe just a touch of humor to keep things human. Here's the first one. Is my nest egg actually just a nest without the egg? That doesn't sound good at all.
Yeah, many retirees feel like they did the right things. They saved, they invested, they paid off their mortgage, only to find out that their retirement number isn't stretching quite like it used to. Inflation, taxes, and longer lifespans are the triple threat. It's like showing up to a potluck with a casserole dish And realizing someone already ate it. That's really good.
Yeah, yeah, not good. How about this? I save for retirement but not for a $6,000 root canal.
Well, healthcare costs in retirement are like the plot twist in a bad soap opera. You never know when one's coming, but it's usually expensive. From, uh, from Medicare Part B premiums to long-term care expenses, health is one of the biggest blind spots people have headed into retirement.
So what are the strategies to plan for healthcare without, you know, turning every sneeze into a financial crisis, Mike?
Well, in my experience in working with, uh, retirees, especially people over 65, uh, doctors love you. They want to see you so often, you know, uh, every— what, what was in your working years, one appointment a year turns into one appointment a month. It's pretty much, you know, so, so, so what you have— you have to, you have to know, right, what the future costs are going to be. We use a tool called HALO. It's the Health Analysis and Longevity Optimizer. A company called Genevity uses this. It's been endorsed by many great financial planning companies as a tool that projects out your future cost of healthcare. And when you have that cost projected out, then you know, then we know how much of your assets we need to set aside for that future, or we have to go insure that. We have to get better health insurance, better long-term care insurance. We have to make sure that you don't end up, like we said in the promo, as your adult child's roommate.
Mm-hmm.
Right, absolutely. The show is the one-of-a-kind financial show. I want you to get that one-of-a-kind financial plan that Mike's going to talk about in just a couple of minutes. 800-748-1838. That's the number to call, 800-748-1838, or text the word IDEAS to 600-700. Do it right now while you're thinking about it. The slots do fill up quickly during the show. The number again, 800-748-1838, or text the word IDEAS to 600-700. What if I live to 100, but my money only makes it to 82? That's a big problem.
Longevity is the blessing we forget to plan for. Thanks to modern medicine and kale smoothies, people are living longer than ever, and outliving their money is no joke. Gary, uh, one of the things people don't realize about financial instruments or financial tools or products is that life insurance is the tool you use for mortality risk. Mortality is dying too soon.
Yep.
Right? Uh, and your family depending on you for your income. So you buy life insurance to protect your family against them running out of money. An annuity, a guaranteed lifetime income annuity, is what you buy to protect against longevity risk. Because if you have an annuity, once the principal goes away, once it goes to zero, The income checks keep going. That's what mortality credits are. See, with a guaranteed income annuity, you get the print, you get your principal back, you get interest, but when it goes to zero, the, the insurance company continues to pay your income for life. And if you never want to run out of money, you have to incorporate some form of guaranteed lifetime income into your overall plan.
Right. By the way, I've never had a kale smoothie. Have you?
No, no.
Why would I do that? I know. All right, Mike, tell us about the one-of-a-kind financial plan that you do for our listeners.
Yeah, I'm happy to, Gary. Guys, when you call in, when you text in, we want to talk to you and find out what makes you tick. A financial plan should be about you. And if you have never had a relationship where you have the ability to redo your backyard because your financial planner tells you to redo your kitchen, to go on that trip, to spend more time with your grandkids, to take your grandkids on vacation?
Well, you need the One of a Kind Financial Plan.
The One of a Kind Financial Plan looks to reduce lifetime taxes through a method called income smoothing. And we also use Roth conversions and RMD plans to do that. We use— we do retirement income planning because the last thing you want to be is 100 years old, with your money, only having a life expectancy of 82, like we talked about. You want an investment plan that makes sure that you are taking the level of risk you need to, and we smooth out, uh, market mood swings. And then we do long-term care planning and legacy planning, because those 2 things are end-of-life necessities that tells your family you love them. Gary, we build one-of-a-kind financial plans for our listeners who call in Because I believe everybody is one of a kind and they should live a one of a kind life.
800-748-1838, 800-748-1838, or text the word ideas to 600-700.
Thank you again for listening to the One of a Kind Financial Show Daily. I've been your host, Mike Milligan. If you enjoyed the segment that you just listened to, I invite you to connect with us on Amazon. Google The One of a Kind Financial Plan. It's a bestselling book in the personal tax category, and I invite you to do that. If you feel like you need more education when it comes to your own personal financial planning, we have a course that's offered through Old Dominion University in Norfolk, Virginia. It's offered virtually, and it's a self-paced course called Personal Financial Planning that I helped develop and I teach. It is 6 sessions, 90 minutes each, and full of recordings for you that you can start and stop based on what you need. It goes through the psychology and philosophy of money, the cash management, budgeting, and debt management. We talk about insurance, whether it's property and casually, like your homeowners, autos, renters, to the type of insurances you work on at, or you need to replace the biggest asset you have, which is your income. Then we move over and talk about— do a real big investment dive into the difference between mutual funds and ETFs. We go all the way from crypto down to individual stocks and bonds from an academic standpoint. Then we look at retirement planning, tax planning, long-term care, and legacy, ultimately with the idea that you You can build a one-of-a-kind financial plan for yourself. Ultimately though, what it does is it equips you with knowledge that if you're ever in a conversation with a financial advisor or a financial planner, you know the questions to ask. So I invite you to reach out to us. You can go to mikemilligan.com under the Educate tab and see how to register for that. We also put some resources behind that on school.com in our private closed group where you can ask questions and learn more. As always, just remember that I am an investment advisory rep, not only with One Oak Financial, but also Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, Mike Milligan LLC, and Advisory Alpha LLC are unaffiliated entities, and thus all opinions expressed by me and Gary on the One of a Kind Financial Show and me on the One of a Kind Financial Show Daily are purely my opinions and does not reflect investment advice. Please consult with a licensed financial professional before making any decisions. Till next time, this has been Mike Milligan.
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