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April 22, 2023 - Stew Peters Show
29:22
Scriptures And Wallstreet: The #1 Retirement Mistake
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Thank you.
Thank you.
I really wanted to talk about the number one retirement mistake that everyone just kind of overlooks.
And as we get into this topic, let us remind you...
That the mainstream media is avoiding this.
No one's talking about this.
And as a corporate financial advisor I can honestly say They don't even teach this in financial planning, in financial brokerage houses, financial planning firms.
They have a recent because, look, the fact of the matter is the number one retirement mistake is when do you take Social Security?
Quite frankly, you should ask your advisor, when should I take Social Security?
They might stutter.
They might say, I don't know.
And I don't know what is worse.
So, what is the number one mistake in retirement?
Like I said, it is...
It's not buying silver and gold or securing your retirement by buying green money or protecting it.
That would be a secondary mistake or issue.
That is a concern, not a mistake.
The number one mistake, not concern, is actually finding out about Social Security and when you should take it.
The reason why I say that is because Social Security is running down.
Social Security is running down.
As you got all these Luciferians and the Democrats and Yellen and Jerome Powell printing money and arguing about the debt ceiling, all that basically means is that you can have this pandemic, you can have this world war, you can have this scandemic, you can have this inoculation, you could have...
We're on tariffs.
You could have all these distractions, but you know what's a guarantee?
It's taxes.
All of this stuff that's been happening, the pandemics, scandemics, from the HIV breakout from the 1980s to the shingles outbreak, they never resolved that one.
There's been a lot of pandemics, guys.
If you look at the course of the most recent 40, 60 years, there have been over 27 pandemics.
And what I can say is like haircut funerals and taxes, they are guaranteed.
So what do we do?
What is the mistake?
How do we discuss this?
Like, what's the plan of action?
You guys know, I always want to talk about the problem, but also want to give you a solution.
We are not fear mongers here.
We are consultants.
We are speaking truth.
We are speaking wisdom.
Acknowledging that we're not perfect.
We're just a vessel.
But we want to get the message out that Social Security is literally running out right now as we speak.
And when you take Social Security, you are actually joining a welfare program.
You're joining a welfare program.
Don't forget that.
Social Security was founded early with FDR, with Franklin Roosevelt.
Franklin Roosevelt said, I want to create a wellness program.
A financial wellness program.
A welfare program, sorry.
A welfare program that will pay people when they're 65 years old tax-free.
So he hired...
Life insurance companies, because they're tax-free, he hired life insurance and contracted them to pay out dividends on behalf of the United States.
And what particularly happened was Franklin Roosevelt died, Congress came together, and they changed everything.
They said, we like this welfare program for our senior citizens, but we've got to add some rules and regulation.
So they brought it in-house and they called it Social Security Administration.
And Franklin Roosevelt obviously died and he was turning his grave.
But it was never designed to be a hidden tax trap.
Today, they've added rules and regulations.
They've added full retirement age stipulations.
So basically, if you don't know what full retirement age is, go to ssa.gov.
Or you can do an internet search on earnings test retirement and put in your birth date.
And basically most of you that are listening to this, it's going to be 67.
So the government will determine when and how you need to take Social Security.
And if you wait before full retirement age, they'll determine when you're full retired age.
But if you do take it before then...
You are going to be penalized.
For every $2 you take over the amounts of $21,210, you will be penalized 50%.
For every $2 you take, they're going to penalize you one.
This is before full retirement age.
So the number one retirement mistake is everybody saves into a 401k, IRA, what have you.
Oh, man.
And then you hit Social Security.
And then right when you hit Social Security, they financially inoculate you.
And it's terrible.
And so you call your advisor and it's nothing but crickets.
So that's because they don't know.
They don't teach this stuff in broker's houses.
They don't teach this when you're a stockbroker.
They don't teach this when you're an advisor.
If the advisors don't know, how in the heck are you not going to know?
Are you going to research this boring topic on your own?
Well, the fact of the matter is financial advisors don't get paid to study Social Security, so therefore you don't know it.
But if you're a fiduciary and you give a damn about your clients, you're actually going to do a little more than extra to make sure that your client doesn't get hurt.
And so, when you have Social Security, guys, just know, before your full retirement age, whatever that is, you have to look it up.
You cannot make over $21,210,000 in year 2023, this year.
Now, the scary part is your 401Ks, your IRAs, your 403Bs, your SEP IRAs, everything but a Roth IRA that's qualified counts as ordinary income.
So you may think about your pensions.
Yes, your pension counts as income.
Now, if you're a federal employee, you can argue you have passive income.
What's scary is the government can dictate real estate if it's passive income or ordinary income.
They like playing around with those words and they can simply do that as they keep on printing money Do you really trust the government to consider real estate as passive income?
If they ever do that ordinary income, I'm sorry, ordinary income, then that counts towards the calculation of that earnings test of $21,210.
So what happens if you don't take Social Security before full retirement age?
Well, it gets a little easier.
You can now take up to $50,000 a year in 2023.
And you only get penalized 33% if you go over that $50,000 mark.
Mind you, the monies from your 401k and IRA, when you opened those accounts up 20-30 years ago, you shook the hands with the government and partnered with them saying, you're okay with getting taxed on this money later down the road at whatever ordinary income tax brackets there is.
So this is why I say you have to be careful with your 401Ks and IRAs and when you pull the money out.
Because if you're not aware of the Social Security's earning assessment, if you take Social Security before full retirement age, you're financially inoculated.
So in my opinion, from my experience, from listening to all the calls and all the emails and all the seminars I've done and just thousands of thousands of interviews, This is the number one mistake in retirement is when do you take Social Security?
About 80% of the U.S. population has filed to their detriment, meaning mathematically the government won.
And I know many of you are like, well, I'm going to take it at 62 because Social Security is not going to be around.
I'd rather have money than no money at all because it's going to be gone by the time I take full retirement.
If that's you, hey, I respect that opinion.
But just know the fact is if you take money out of your 401Ks, IRAs, You're going to be financially inoculated.
You will pay 50% any amount over $21,210.
It's very, very important that you understand that.
Now, if you go to freedomlawschool.com and hire Paymon to help you with not paying taxes and having a game plan for that, call him.
See what his opinion is at freedomlawschool.com.
I can't advise that, obviously, I'm not a tax expert and I can't give tax advice, but you can at least get a second opinion on what he thinks.
I know he's helped a lot of people before.
But when it comes to Social Security, guys, you have to understand that your 401Ks and IRAs and all your retirement accounts go hand in hand.
These are government-written contracts.
These are government written contracts.
You got to know the rules.
So in a perfect world scenario, you would want to take Social Security after full retirement age.
So many of you will be 66 or 67.
And then you can start attacking your 401Ks and IRAs or you can after 59 and a half you can start taking money out of your 401Ks and IRAs.
But just don't take Social Security till your full retirement age.
So this is the way you avoid the trap from Social Security.
This is the way that you can keep most of your money.
Now, what is the withdrawal rule?
Well, the withdrawal rule used to be 4%.
Like, you shouldn't really take more than 4%.
But with JoeBot inflation in hand right now, I would recommend 5% or 6% if you have safe money that is protected that will give you insurance when the market does collapse.
And let me tell you, the market doesn't look good this year.
So you want to have safe money options for you to protect you.
And for those of you that have over a quarter million dollars in an IRA, you may want to give us a call so we can teach you about tax-free income strategies, how we can utilize insurance money to help you pay for the taxes so you don't have to pay the taxes.
We can just borrow against death benefits and life insurance accounts.
So that you can get tax free income.
For those of you that don't want those programs, we simply just want to keep it safe.
Take your four or five percent free withdrawals and get that five to ten percent growth so you're really never even touching your principal.
And you could do that after 59 and a half, and then once you're full retirement age, now you stick your hand in the honey jar and start plucking that Social Security income, and it really won't affect you.
So there are strategies.
You just have to give us a call.
We're going to tailor everything around your needs and everything that you want and your wills.
Basically, your investment objective.
We want to tailor everything for you.
Keep God first.
Keep our America first retirement planning process.
We want to teach you the ABCs, the yellow, red, and green money system that we have to help protect you from the financial inoculations, from the financial storms, from the liberal left that literally is printing money so much, trying to be like a Zimbabwe.
They're going to tax the hell out of you guys.
That is guaranteed.
Do something about it.
Do something.
Give us a call.
813-448-3446.
Be proactive.
You only get one shot at retirement.
You only get one shot.
And if you're in red money, you're going to lose money.
And you're going to be a sorry sucker because it's too late in the game to try to recoup it.
And it goes more than that.
Now the banks are almost toxic right now.
The banks don't have your money.
They have to keep on lending and lending the Pete and Rob Paul story.
You guys get that.
We want to get your money out of the banks.
We don't trust the big banks.
The FDIC is shambles.
The inflation is rigged.
Everything is stacked against us.
You need a covenant process to help protect you with your retirement so that you're not financially inoculated with Social Security.
This is why I say everybody is so scared about the stock market collapsing and the dollar crashing when there is the absolute truth.
And it's coming to you like a freight train.
And that is taxes.
It is coming faster than you can think.
And this is how the government will steal your money.
They'll do it through taxation.
Unknown taxation.
And they change it every single year, guys.
I can't even keep up with it.
I have an in-house CPA that helps me with all this stuff.
I can't remember all this stuff.
I'm too busy.
In meetings and in phones and looking at statements and dealing with the world of wealth management and now truth and all the corruptions, pushing that away.
I'm so busy doing that, focusing on that because that's what I enjoy doing.
I'm pretty daggone good at it.
I can't focus on the tax.
And if you have an advisor that's doing tax planning, he's the financial advisor, he's the stock jockey, and next thing you know, he's coaching Little Leeds baseball and he's waiting tables and he's the daggone janitor.
Like he's doing everything and then he's going to screw up and he's going to screw up your retirement.
So be very, very careful on the guys that are tax guys as well as wealth management guys.
I keep those separate.
I believe in both of them and you need to have both of them.
And this is why proactive retirement planning is very essential in this day and age because it's not just protecting your monies from a financial collapse.
Or a shrinking dollar or a failing dollar.
It's more than that.
It is the tax planning.
It's the proactive planning.
It's the financial inoculations.
It's the market withdrawals.
It's the standard deviations.
It's the income planning.
It is the various type of cycles that we go through.
Can your portfolio stand another Hurricane Maria?
Can your portfolio stand 100 bank bailouts?
Can your portfolio withstand rising interest rates?
Can your portfolio withstand a failing stock market for the rest of your retirement life?
These are real questions that you have to be prepared for.
So when you have your money diversified through covenants like precious metals, having an insurance contract, having tactical money management that can get in and out of the market for liquidity purposes, this is why I can't not stress enough that you need to be diversified.
And then it's even tough because all these companies are woke.
So now we have to deal with this problem and then secondly deal with companies that honor God, that are here in America, that only want to invest in America, that are not ESG, that don't believe in chopping off your penises and calling you a woman and promoting them a woman of the year.
We can't stand those companies.
But yet, in the same breath, we're supporting them.
I've been guilty of it too.
But we need to create awareness.
So, this is very difficult, guys.
It's very difficult.
We're in challenging times, but I'm confident.
I'm absolutely confident.
We will beat the resistance.
We are the resistance and we will beat them.
We will fight.
We will honor God.
We will honor American companies that promote God, country, and family and that are not afraid to speak about it.
Dude, I could care less about your feelings.
I'm here to protect your money.
Unapologetically.
Take it for what it's worth.
So, rant over, but I just can't stress enough.
Social Security, be very careful with it.
Be very, very careful with it.
This is not conspiracy theory.
This is actual law.
Look it up.
Earnings test.
What is my earnings test?
Your 401k, your IRA, your SEP IRA, your 403Bs, your 457s.
All that, when you pull it out, is ordinary income.
And if you take ordinary income before your full retirement age...
You will be paying a penalty.
And that penalty is not friendly.
We are just more than a financial firm.
We're called to do great things.
We want to do what's right in the eyes of God, and we want to promote God-fearing companies.
If you haven't had a chance, you need to carry cash.
Carry cash.
Use cash when you're going out and shopping.
And because the government wants to go to CBDSC, so speaking of Social Security and the lower welfare programs, actually, I believe that they're going to use a FedNow program, the federal digital system, for the people that are more vulnerable right now.
I can totally see them say, hey, this is a safe and effective situation.
Merchant payment processing system, but you need to sign up for a digital wallet if you want to get paid.
I really believe they're going to go after Social Security holders right now, beneficiaries, and make them go digital, or else they won't get their Social Security payments.
They're going to go after the vulnerable first, and they're going to try to create this system, say, oh, man, look how safe it is and effective.
They're going to use COVID-like jab language to promote this.
And really, in reality, just like most banks, when you sign a privacy notice, if you are not aligning yourself with the company values, like a switch, they can cut you off and say, you know what?
Your behavioral is not to our company standards.
We don't want to support customers like that.
Oh, you were near January 6th at the coffee shop proposing to your girlfriend?
Switch.
You drove by I-95 near the Capitol when Trump said, meet me over there at the Capitol?
Switch.
Oh, you said something on social media about brain chips?
Don't you know that we're trying to go completely mark of the beast?
Switch.
You were in church doing what?
Switch.
You have guns?
Switch.
Switch.
This is how they control you, through the money.
They're going to control you through the money.
So we'll talk more and more about this CBDSC. It's all there to trace you and track you.
I really believe Social Security will eventually start to be CBDSC-like digital.
So we'll worry about that bridge when we get there.
But I just want to let you know that Social Security is your number one retirement problem.
Is if you take it too early and you're not understanding your 401ks and IRAs that you signed up for are now a tax bomb.
You think they're going to give you tax credit every single year and investing in your retirement?
Of course, they feel that that's their money.
That's why you are a participant and not an account owner.
So be very, very careful, guys, when it comes to this stuff.
Also, I want to talk about one of my favorite sponsors, SwitchMyProductsUSA.com.
Don't do business with woke people.
All these companies are going woke.
They're pushing the LGBT movement.
And look at Bud Lights out there.
I don't drink beer.
I don't drink alcohol.
But...
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I was, but the water that I'm on has literally healed me from it and all the hockey that I play.
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Switch My Products USA. Check them out.
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You don't have to buy anything from there.
There is a process there.
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They'll make you watch a little 20-minute webinar on a tour of the actual store.
If you like it, great.
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All the proceeds help our store.
I'm sorry, help our podcast.
Stay on.
Stay on board.
It's not cheap, these podcasts.
But we want to continue to give you the truth, regardless if your feelings are hurt or their feelings are hurt.
We are here to be salt and light.
We are here to shed light into the dark world, especially when it comes to Wall Street.
And pray for me.
I'm actually going to be coming out with a documentary.
Lauren, Ed, and the whole documentary team are going to be helping me with that.
I'm really, really excited about it.
That's going to be so dope, man.
But before I go, this weekend I'm actually going to Boston.
I've got to catch a flight.
My son has an ice hockey tournament, hopefully.
They will win a game.
And let's see how many times he gets in a penalty box this weekend.
But I'll let you know on the next podcast how it goes.
Romans 828.
And we know...
That for those who love God, all things work for good for those who are called according to His purpose.
I'll repeat that.
Romans 8, 28.
And we know that for those who love God, all things, not some things, all things, all things work together for good for those who are called according to His purpose.
I don't know how those atheists do it.
Like, how do you live life without God's Holy Spirit, God's discernment, God's grace?
How do you live life without it?
So just base in that, like, if you love God, he is going to take care of you.
If you love God, he creates all things.
He says all things work together for the greater good.
Like, that is a blessing.
That is a huge blessing.
There's no need to fear.
There's no need to 2 Timothy 1.7.
For He has not given you the spirit of fear, but love, power, and sound mind.
Go out there.
Piss off some freaking demons every single day.
Live in the Word.
Be with God.
When we die, He's going to ask you, When was the last time you spoke to me?
What'd you do for me?
I didn't even know you.
You don't want to hear those words, guys.
Like, get on your knees.
Confess that He is Lord.
Ask Him in your heart.
Spend time with Him.
Be real with Him.
He wants to help you.
He has plans not to harm you, but to prosper you.
This platform is for Him.
This is not for me.
This is for Him.
Regardless of what people have told me in my face, at the end of the day, there's people that listen to this show and they're asking me about God.
They're asking me Hey, I accepted Christ and it does work.
I feel a new renewing of my mind.
Romans 12, 12.
I feel a renewing of my mind because I've asked Christ into my heart.
As you get growth in your life, there's no one that has grown in the comfort zone, by the way, but as you go closer and closer to your personal growth, it all leads to the cross.
You can't do life without the cross.
You can't do your money without Without the cross.
And our life is just a vapor guys.
So this book This book that I spoke on my previous podcast with Skylar, The Law of Rewards by Randy Alcorn, it literally talks about depositing treasures in heaven.
Now, that's a completely different mind shift, and we're going to dive deep into that, but I just wanted to leave you with that awesome scripture, encourage you, because there's a lot of...
There's a lot of uncertainty going on right now, and I think most of us need to go back to the Scriptures.
Romans 8, 28, And we know for those who love God, all things work together for good for those who are called according to His purpose.
So if we're in God's grace and we're doing what God puts in our heart, He already guarantees us that He is going to take care of us.
With that being said, guys, thank you for your time.
I'm sorry about a short podcast, but I got just so much content I want to share with you.
And it's going to be real.
It's going to be raw.
Don't forget about my sponsors.
SwitchMyProductsUSA.com, AmericaFirstWater.com, and AmericaFirstRetirementPlan.com.
Also, if you want us to look at your portfolio, I appreciate you guys coming in.
We've had a few clients come in this week.
Right off the podcast, go to CortezWM.com and book your appointment or consultation virtually or telephonically or in person.
CortezWM.com.
We love helping God-fearing patriots decide what is right for you.
And no pressure at all, we are consultants and we want to make sure you're doing good.
So God bless you and we will be talking soon.
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