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June 13, 2023 - Stew Peters Show
48:33
LIVE @ 5PM ET: Scriptures & Wallstreet: 8 Common Retirement Mistakes
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Thank you.
Hey, guys.
I hope you are doing well.
It is the week of June 13th.
Tomorrow is Flag Day, a beautiful American Flag Day.
The week of Flag Day is my dad's birthday.
Happy birthday to you, pops.
Love you.
Thank you for being a man of God, a man of character, and fighting for our country.
I'm actually recording this because I'm going to be gone in Dallas at a men's conference with Rise Up Kings.
Helping men transform into basically a God-fearing radical change for these men in a militant way.
A bunch of CEOs get together a few times a year, actually, and they go through a refinery process.
It's a massive transformation.
I do not get paid at all to promote them, but it's a great ministry for men that are seeking to be driven by their God-driven potential.
With that being said, I wanted to simply talk about a very basic conversation that I think we need to get back to the roots on what really is important and and what I mean by that I'm talking about your retirement so this podcast is simply just going to be I know this is scriptures on Wall Street and we want to put everything on the cross but we also want to give you a We want to give you
great financial sense and what's really going on in truth and clarity.
So what we're going to talk about is the confusion that's going on and the common mistakes because of the FUD, the fear, uncertainty, and doubt, the confusion that is out right now.
Guys, we are in a very weird time.
You turn on the media and I listen to the media because I have to.
I have to know what they're saying so I could either act proactive and defensive or agree and decide to move forward with what is really going on based on what I've learned from my experience.
I just know that everyone is just simply confused.
And that is normal.
When you got a lot of distractions, they're trying to arrest Trump.
Now, Rhino DeSantis, he needs to stay his butt here in Florida, and I hope he does.
He does not need to be running for president right now.
It's not his time.
But we get all this distraction.
Then you have Jerome Powell saying, Inflation is cooling off.
May is cooling off.
And so the stock market, you're going to see a stock market Just rally.
Probably this week and next week.
It's going to rally.
Do not be fooled, guys.
This is what we call a massive hit-fake.
So what you need to understand is the volatility index.
The volatility index is a measurement of fear and greed.
Now, we have a stock market that's been stagnant.
It is up, obviously, a year to date from...
From a massive sell-off of last year.
So yes, it's going to bounce back up.
But what's interesting is the volatility index.
The correlation between the two is very, very powerful.
So typically when you have a lower stock market and an extremely low volatility index, you are going to see a rally.
Now there's people saying that the bear market is already done.
You heard me right.
They're saying the bear market is already done.
All the talking heads on Yahoo Finance, on Bloomberg and CNBC and a lot of asset managers, especially the woke ones, saying that the stock market is going to rally and the bear market is done.
This doesn't mean you take your whole retirement and throw it in red money.
At the end of the day, the definition of red money is simply no principal protection.
Your money is at risk.
That is stocks, bonds, mutual funds, ETFs, crypto, gold, precious metals, ETFs, the whole nine.
Anything that goes up and down in value is considered red money.
So you just don't take all your retirement money and shove it in red money and say, all right, we're going to be fine because the stock market's going up.
It doesn't work that way.
Maybe in Warren Buffett days it does.
Warren Buffet, he said that cryptocurrency is not going to end well in the next five to ten years.
I'll tell you who's not going to end well, him.
I don't even think he's going to live another five to ten years.
The guy is old as sin.
And guess what?
He's going to die.
We all are going to perish.
But the younger generations, when they receive the massive wealth that is about to happen from the baby boomers, we're talking trillions of dollars, they're not buying the American dollar.
They're buying digital assets.
Facebook world, meta world, the artificial intelligence will create a new world order.
And they're going to reluctantly be naive and invest in it whether they like it or not.
And that involves cryptocurrency.
So I'm not saying you got to go out and buy cryptocurrency.
I'm just letting you know my opinion of what I see.
And Warren Buffett didn't have AI when he made his billions of dollars.
I don't know.
But if you're listening to Warren Buffett, that's my opinion.
Fight me, prove me wrong.
And I know you have a lot more money than me and you're a lot wiser, but this is just common sense.
Anyways, going back to my topic here, the common mistakes in retirement.
Number one is going to be Social Security.
Taking it too early.
What I mean by that is, I know you are thinking, well Social Security is not going to even be there by the time I retire.
And you know, that might be true.
That might be true.
But in reality, the fund is depleting.
I agree with you there.
The fund is depleting.
I totally get it.
But no sitting president.
No sitting president.
You saw what they did with the big banks.
They just bailed them out.
After they'd said...
They're not going to bail out.
In 2010, they said the Dodd-Frank Act will enable bail-ins.
But yet, Janet Yellen went ahead and bailed them out.
Signature Bank.
First Republic Bank.
Silicon Valley Bank.
And that's what they did.
They bailed them out.
So the definition of what the government says is completely different from what you and I think.
We don't even know.
They want to change the definition of a recession.
So here's what I just read before I actually started writing for this podcast.
They...
The media...
Bloomberg, Yahoo, CNBC, all the woke media...
They're literally saying that we're going to see a stock market rise and then we're going to see a small, mild contraction in 2024.
They're saying the stock market's going to go up and then it's going to come back down Q4 this year and then it's going to really tank in 2024.
This is what they're saying.
Oh, and it will only be a mild recession.
Mild recession.
What the heck is a mild recession?
What the heck is a mild recession?
It's either a recession or not.
They want to change what a woman is.
It's nothing for them to change what a recession is.
The recession, what I've learned at Southeastern University, the Christian business school I went to in Lakeland, Florida, they taught me and also went to Liberty University as well.
I transferred out.
They taught me That a recession is two negative quarters of GDP. Now let me know if I'm wrong, I will gladly hand in my bachelors.
They can have it back.
Oh wait.
Does Sally Mae get to give me my money back?
Probably not.
But they keep on changing the definition of recession.
So we have this recession.
That wants to be changed.
What's next?
The changing of a depression?
What is next?
Well, I'll tell you what.
They're already telling us what inflation should be.
But naturally, organically, fundamentally speaking, that doesn't even matter to them because they want a pre-programmed project paperclip in our brains that inflation should be 5%.
Oh, by the way, they will take food and petroleum out of that calculation.
They won't use that because it's too inflated, so it messes up the other consumer staples in the CPI index.
So forget about it.
So yeah, 5%.
Whatever happened to 2.5%, 3%?
Are we becoming a Zimbabwe?
Do you guys remember Zimbabwe?
The inflation was over 1,000%.
And a million dollars could not even buy a loaf of bread.
A million dollars and there's Zimbabwe currency.
So just like Venezuela they started just throwing the money on the streets.
I'll tell you what you got to be really careful for that no one's talking about is the deflation.
Deflation is a huge thing man.
Deflation is pretty scary.
So let me tell you real quick about deflation.
I was too young.
I was too young to know what this is and I had to do some research on it.
But basically...
I heard about deflation because hyperinflation was something that they were telling us 16 years ago.
No, about 17 years ago when I started in the industry.
Hyperinflation, low interest rates, and the bonds are going to lose value.
They said that 16 years ago.
And sure as heck, guess what happened last year?
Bond market crashed 28%.
The bonds, the AAA bonds are terrible.
And then boom, next thing you know, rising interest rates.
And those bondholders got caught with their pants down.
And banks went belly up like an 08.
A lesson that I've learned in 2008.
So, what I was saying is that deflation is a big thing.
So, what happens is...
Let's just say I have...
I don't have anything...
I have this beautiful pen.
This work of art.
And even though this is a cheap pen, but let's just say this pen is valued at $50.
And I wanted to save and save and save for this pen because I really like the way it wrote and I really needed it and also I wanted to give it a gift to one of my employees.
Well, I go to the store and I buy this pen or I wanted to buy this pen.
The pin basically is still there.
I want to have the ability to get a discount.
So let's just use this cell phone as an example.
When it comes to deflation, imagine if Imagine if I owned an electronics store and I sold cell phones and this phone was $1,000.
Well, in times of deflation, the currency is actually going down.
The actual hyperinflation is going down.
So, I buy this and all of a sudden prices are getting lower and it may sound a great thing for everyone.
It sounds a great thing.
So if I own the cell phone store or electronic store, and I spend, it cost me $900 to buy the cell phone.
And I'm trying to sell it for, let's just say, 15% more.
So I'm trying to sell it for $1,050, let's just say.
Or let's just keep it simple.
Let's just say I'm trying to make $100 off the cell phone, so I sell it for $1,000.
My cost is $900.
They're way more than that as you guys know.
So what deflation means is I still got to pay the $900 and prices are screeching down.
And I sell it for $850 because the $15 or $1,500 iPhone is now worth $900 but my cost is $900 and I have to sell it for $850 because that's what the competition is doing.
So what really happens is the consumer, they actually hoard their money.
They don't want to spend it because they see prices dramatically dropping so much and you might think it's great for the consumer But what it really does, it hurts, guess what?
It hurts the business owner, which 97% of all of America, it is employed by a small business owner.
So we have small business owners getting hurt.
They're not supplying jobs to the marketplace.
We have a massive, massive layoff like you would never see, like a plague.
And then secondly, what really happens is since they don't have jobs, they were hoarding their cash when they did.
Now they don't have the ability to have discretionary income or even to buy anything.
So now you see...
Businesses hurting because no one's spending money and deflation is a massive way to wipe out any economy.
So falling prices is at risk here because they're hyping everything up.
Do we really trust the Fed to keep the checks and balances on the rising interest rates?
And now what we have to be very very cautious is those falling prices.
So deflation is a terrible thing.
No one's really talking about that.
But this podcast, we're simply just talking about common mistakes by retirees.
And I'm sorry for going off on a different tangent there.
But number one mistake is taking Social Security too early.
There's something called full retirement age.
You need to know what that is.
On ssa.gov, you can find out what it is.
But basically, depending on your birth date, You want to retire when you're full retirement age, because if you retire before the age that the government defines you fully retired, you can be penalized 50% if you make over $21,000 in 2023.
So be very careful.
And yes, money coming out of your IRA is considered ordinary income.
So they do mean 401Ks, traditional IRAs, every single retirement account, even non-qualified annuities, is ordinary income.
So be very careful when you take Social Security.
If you take it at 62, 63, any time before your full retirement age, you will be penalized.
This is how they're able to keep Social Security.
Because people do not know.
What's the Bible say?
My people suffer from a what?
From a lack of knowledge.
So I'm telling you, that is the number one mistake.
84% of people fall to their detriment.
So I want to make sure that you as a listener, that you understand that, yes, I need to take Social Security at full retirement age.
Now if you have a health issue and you're not really...
Working or you don't have a lot of IRAs, then take Social Security early.
That makes sense.
But I can't give advice on a podcast.
Actually, let me say my disclosure here.
This podcast is for educational purposes only, and this is not investment advice.
Please seek financial help from a licensed financial advisor.
We are more than happy to assist you.
If you like investment advice, contact us.
813-448-3446 or visit our website at CortezWM.com You can book an appointment with us or you can scan the QR code on the bottom here of your screen or you can email us at info at CortezWM.com The links will be on the description and thank you for that.
Number two mistake, not automating your savings.
My kids 529 plans completely automated for them.
My wife's and I's savings automated every single month.
Just a lot of things are automated.
If you're still trying to write a check or do an old school way of writing a check every time you get paid, Man, I don't know how you do it, but that is very, very tough to do.
Automate your savings.
You'll keep on retiring out of sight, out of mind.
20, 30 years from now, boom.
You got a half a million bucks because you decided to save a few hundred dollars a month.
Good for you.
That's how you build nest eggs.
That's how you become disciplined.
You don't really have emotions about it.
You just dollar cost averaging save into a fund.
If you need help doing that, we set those up every single day at my firm.
Give us a call.
We're here to help.
813-448-3446.
The number three mistake that I see with clients is the ECP. Not having one.
What is the ECP? Also known as a rainy day fund.
Things happen.
Cancer happens.
Death happens.
Situations happens.
Divorce happens.
Kids run out happens.
They break their crowns or they break their teeth or tires fall off.
Roof leaks.
Farms get broken down.
AC units happen.
I mean, trips to Europe happen or family emergencies happen.
That should not affect your retirement.
You should have a fund set aside just for emergencies.
6 to 12 months worth.
Don't invest.
If you don't have 6 to 12 months in reserves, you're not an investing client right now.
Build up those reserves.
Build up those reserves, guys.
And I don't want to sound like Dave Ramsey, but I don't even care for him.
And I haven't really said much about him, but...
Truth be told, he's getting sued for $150 million because he was misrepresenting a timeshare program that he said he didn't want or he didn't want to give advice.
But I don't know how that's going to go down.
but the guy actually charges advisors like me and other professionals to be in his marketing program.
So, yeah, it's my opinion that even in the financial advisor community, he is not a very trustworthy guy.
Just be careful, guys.
That's all I got to say.
Just be careful.
So, ECP. Emergency cash position, 612 months of reserves, then you can be...
You can fit the suitability of actually investing in a fund that will be automated.
But don't worry about investing.
We get a lot of calls saying, oh, well, what can I save into $100, $200, $300 a month?
And if that's all you can afford, Then you need to focus on just having a side fund for emergencies.
Then you can save.
The fourth mistake that I've witnessed is taking too much risk and fees.
The number one The number one asset of fees is variable products.
Variable package products.
Inside of those would be variable annuities.
Now, I love annuities.
They're great for defense.
In a principle protected environment, or I'm sorry, in a volatile environment, you want to have principle protection.
Variable annuities are extremely dangerous because they invest in mutual funds which is my number two most expensive investment.
Mutual funds typically are about one and a half to two percent.
Now fees aren't bad if you know what they are but these no load funds that you see from Fidelity or even TD Ameritrade or Charles Schwab They got operating expenses inside of them.
So don't get tricked into, oh yeah, they're no load.
Yeah, they are cool because you're not paying a share.
Or heck, the B-share or even a C-share.
A-share, you basically, if it's $100,000 or less, you're going to be charged $5.75 typically.
A B-share is a CDSC charge, a contingent deferred sales charge.
Basically, they have a surrender schedule.
So if you sell out in the first 12 months, you're going to pay the full-blown $5.75.
The second year goes like $4.75.
The third year, 3.75.
The second year, 2.75.
And the last year, 1.75.
Typically, that's how it works.
It did when I used to be a broker.
And we used to call them killer bees when I was a stock broker.
Yeah, the killer bees.
Killer bees.
And...
Yeah, you would have to wait five years for a B share to turn into an A share.
So don't buy those.
You want to be able to fluctuate in inside of different mutual funds if that's what you want to do with red money funds.
The other thing that people don't realize is there are some outfits out there that still push UITs, Unit Investment Trust.
UITs are very tempting because They're almost free to get in, but they have what's called a CDSC, a deferred sales charge.
When you sell out of a UIT, it's a basket of stocks that they've already done their research in.
This is also known as a closed-in fund.
A closed-in fund is they've basically done all their research, and regardless of what the market's doing, They're not going to sell out of these stocks and investments or whatever's inside of it.
You're going to keep it for the duration of that time.
Typically, they're two-year holds.
They can be 24 to 35-month holds.
They are 100% liquid if you want to sell out of it.
Typically, a broker makes about 4% to 6% when they sell you one.
I used to offer those all the time because I thought It was a cheap way for or a most affordable way for a client to get a big name money manager and man was I wrong.
So none of my clients own UITs because you can't get out of them and they're not proactively managed and with the volatility way it is, you're going to need some proactive management.
So be careful with UITs.
ETFs.
I use ETFs for our yellow money and managers.
ETFs do have operating expenses, but you need to know what they are.
Typical ETFs are less than 50 basis points.
0.25 to 50 basis points.
Some are even actually 11 basis points.
Also, gold and silver.
I personally invest in precious metals.
I used to not believe in them because they were so overly hyped.
But what you need to know is with your precious metals is they do charge a concession.
They charge a lot.
A lot of the big, big precious metal dealers are charging 22% to 25% to buy it and then to sell it.
It is predatorial and there is no one other than the FBI and the FBI doesn't care about suitability.
They just are too busy worried about who's stealing money.
But to charge you 25% on your precious metals to me is predatorial and I have to sound alarm guys.
Be very careful.
Do not get emotionally caught up in buying precious metals because you don't like Joe Biden or the stock markets going down when that's a natural cycle.
Please call 888-747-3309.
Do not get hurt.
Our friends at Cornerstone will take care of you and they will beat anybody's price.
You heard me right.
And ask them.
Ask them.
These guys are showing me this price and you're showing me what now?
Compare the two.
They will beat it.
And so their number is again, 888-747-3309.
That's Cornerstone Asset Metals.
Give them a call.
They're a Christian based company.
I personally buy my own stash from them.
Once again, I don't invest everything in precious metals because it's just an asset.
It is just a hedge.
That's all it is.
It's not a retirement vehicle.
I do not buy it inside of IRAs and 401ks because the government owns all IRAs and 401ks.
So that's just my take.
If you're going to buy precious metals, I prefer to have it in my home, in my safe, with my guns and birth certificates and other precious documents.
But that is between you and your spouse and what you want to do.
There are depositories.
Even if you have precious metal IRAs, call Cornerstone because what I'm finding out with these precious metals IRAs is that the IRA disclosures that you're signing are literally detrimental with the shipping cost.
So they may say, oh, we're going to give you $10,000 or $20,000 in free silver.
Man, that's because they're charging the heck out of you.
So let them see your IRA disclosures.
Let them know what you have.
Call them.
At a very minimum, you can just get your IRAs transferred over so that you have the ability to liquidate it at a cheaper cost.
So, I pray that you find it in your heart to call them.
We do get a little credit for helping you, so let them know that we sent you.
Anyways, the fifth major problem in retirement is standard deviation.
What is standard deviation?
Well, I can spend a whole segment, but I won't bore you with the details.
I can spend a whole segment on standard deviation.
Standard deviation is simply a metric that measures the risk of the volatility you're willing to take to get a certain return.
So what that means when it comes to retirement is...
You want to make sure that you have a lower standard deviation and a higher return.
So you want low risk, high return.
Somewhere in the epsilon, right?
Which is very hard to do.
We specialize in that.
We're not perfect, but we have some investments that have very low standard deviations and decent returns.
And they've been the same.
I call them anti-volatile funds.
If you're okay with yellow money or even red money, Then those are great for you.
So what is standard deviation?
So anything over 12 is going to be high.
The stock market, just to give you an example, is a 15.
You see the S&P 500 move the way it does violently at times.
And sometimes it's in this consolidation period where it's just stagnant.
And Steady Eddie.
So the S&P 500 has standard deviation.
When I look at many portfolios that call in and they send us their statements to info at CortezWM.com, Man, I'm doing the Scanalytics.
I'm looking at the Morningstars.
I'm looking at all these things, all these stocks.
If you have a basket of stocks, you probably have a standard deviation of 20.
I mean, the correlation is incredible, especially when I pull in the heat maps, the alphas, the betas, and I put it all into the computer and scan it.
What are you doing with a standard deviation of 18?
And then your average return is like four and a half after fees.
So you're taking all this risk and paying all these fees, unknown fees by the way, and you're not making anything.
So be very careful with the standard deviation.
That's a huge mistake.
People don't even know, like advisors don't even know what their standard deviations are on their funds.
So ask your advisor, what's my standard deviation?
Because your goal is you should be under a 10.
And this is why we use green money because green money standard deviation is zero.
There's no risk.
And if you're going to be in yellow, our funds typically are less than 12.
Heck, I even got funds that have a standard deviation of three and a half.
Pretty amazing.
And they're alternative real estate funds, by the way.
So they do not move with the stock market, but they pay a yield on average anywhere from 6% to 8%.
Not bad.
Not bad.
Again, it's not killing it, but there's really not a lot of movement and volatility.
So standard deviation is one thing that you need to know in retirement.
Number six, I say a mistake is the emotions.
Letting politics distract us about our retirement.
Look, we get it.
We get it.
We don't like the rhinos.
We don't like Hillary.
We don't like Biden.
And we can't stand this LGBT June month when it's Father's Day this Sunday.
We understand the woke agenda is here to destroy, devour, and kill.
We understand that.
But keep focus.
America is still worth fighting for, guys.
Do not give up on America, please.
Do not forget your roots, why we're here in the first place.
Those troops died for a reason.
So, don't let the Biden politics...
Yes, the guy is abysmal.
He can't even stand.
He can't even do anything right.
We get that.
But, America is bigger than Biden's puppet.
Okay?
America is bigger than this administration.
Okay?
Now is not the time to back away from America.
Now is the time to pray and be steadfast about our country.
We need God's help.
We need more than just a revival.
We need His grace.
And God will put His hand back on America if we do what?
If we turn from our wicked ways, fall on our knees, repent, seek His face, and then He will heal our land.
So we have to remember that and be a good steward of our money by not letting the emotions of the things that We can't stand.
Affect our ability to focus on the prize.
America is prosperous.
There's no backup, guys.
Where are we going to move to?
Saudi Arabia?
If America doesn't work out, where are we going to move to?
Canada?
This is it.
This is it.
Put your big boy panties on.
And...
Buckle up!
You know?
It's the red, white, and blue, man.
You gotta...
You gotta hug this cactus.
This is what our troops fought for.
So don't let politics...
Decipher.
I mean, yes.
It has an impact.
But don't let it run...
To the ground.
This is tough for me because I'm the financial advisor of the network.
I've been here since the start.
And I've even had to correct Stu many times.
I'm like, Stu, that's not true.
I'm going to stay level.
I'm going to stay...
Look, you guys know where my heart is at.
But I'm going to be non-biased when I call it the way it is.
And at the end of the day, I believe in capitalism.
I believe in red, white, and blue.
I believe in a spirit of enterprise.
And that will organically grow the small business owner.
I believe in that 110%.
But what I don't believe in is negativity and FUD and fear and certainty and doubt.
Being timid because 2nd Timothy 1 7 says for I have not given you the spirit of fear but of love power and sound mind we are supposed to be conquerors more than conquerors because of the blood of of His Holy Spirit the blood of Christ is in our veins Like, if we're going to get emotional, let's be emotional about the cross.
Let's be intimate with the cross.
Let's not hate on this guy, even though I'm the number one guilty person of that.
This guy doesn't...
This guy isn't what we stand for.
And honestly, it's not even Biden.
It was Obama that started all this.
This woke agenda.
It was disgusting.
He was the one doing the whole gay parade stuff and showing up and just really, really saying, I want to change.
And he did.
He really meant that.
Look at his now.
People don't even know it's Flag Day this week.
Flag Day has been bastardized by...
By a fake rainbow that has six colors.
God's rainbow has seven.
So if you want to know the difference, just count the colors in the flag.
And God's promise has seven colors because that's God's number.
Six is 666 and that is Satan.
But...
My father's birthday is on Flag Day.
And...
I'm just grateful and proud that my father is a warrior for the kingdom and for the U.S. as well.
Okay, before I go on a different tangent, number seven mistake.
Too much money in the bank.
A lot of clients call and they're like, hey Carlos, I don't know what to do.
Well, you definitely don't want money in the bank.
Have you not paid attention for the past year?
What I've been saying about the bank runs and the FDIC and And the stock KRE, the index KRE, like regionals are down 30%.
The banks are not safe like they used to.
Depository banks, even big banks are losing their butts on deposits.
People are just afraid of the banks.
You're better off There are banking alternatives for your store of value needs, for your saving needs.
You no longer have to save in a bank.
You need to have a liquid fund that is not backed by the FDIC. We can provide that for you.
So number seven problem is too much money in the bank.
And last but not least, the number eight, the last problem, and I say this for last because people don't think about this one, but number eight is long-term care.
What is your biggest fear in retirement?
I will ask you.
I used to say that when I speak in front of hundreds of people.
What is your biggest fear in retirement?
Everybody raise their hand.
Running out of money!
Taxes!
And then like five minutes into it, I'm looking for one simple answer.
And someone always gets it right.
It may take me like five, ten minutes to get it, but it's always healthcare.
The failure to plan for healthcare.
We all know somebody that fell and broke their hip or got some type of cancer.
They ended up in a hospital, chemo, boom.
They either died and they literally spent their life savings trying to live and leaving their kids nothing.
We've all heard this story.
I'm not here to pitch you on long-term care insurance, but there has to be a plan for long-term care.
There has to be a plan.
Whether it's money set aside for it, maybe you carve 10% out for a rising interest rate account that can pay for a long-term care situation.
But as you get into retirement, you want to think of How am I going to be taken care of?
That is a real big thing.
A real big concern.
There are programs we have where you don't have to dump a lot of money into to have adequate long-term care.
Even a great living benefit index universal life policy with living benefits...
If you're using an IRA conversion strategy, the 7702, this could be your long-term care.
Now you can purchase a principal-protected life insurance account that has ability to give you long-term care while you're alive.
Not just that, but home health care or two of six ADLs.
The other thing with long-term care, for those of you that do have it, It's not popular anymore, and it's a dying, dying breed of business, so to speak, because no insurance company wants to be in a long-term care space because they don't want to deal with the customer service issues.
And the reason why I bring that up is because there's two types of long-term care.
There's indemnity and refundable.
Imagine you're 80 years old and you're in an LTC facility or a skilled nursing home.
You have to save all your receipts and become an accountant or have a family member become an accountant at the end of the month saying, hey, was that expense qualified?
Save the receipt.
We're going to scan it in and they're going to reimburse us back.
And so a lot of these long-term plans that were affordable and you got like $250,000 in benefit, they're refundable plans.
So you have to be an accountant.
We don't like those.
We like indemnity.
No matter what happens, as long as you're sick, you're getting paid that monthly stipend.
So if you have a long-term care policy, call your provider and ask if is it refundable or indemnity?
That is one way you can find if you have a good one or bad one.
Not a lot of people have them anymore because they have been commingled into annuities and they've also been automatically embedded into life insurance policies now.
The newer ones have living benefits, long-term care included.
Those are some great ones.
And it doesn't matter if it's variable, whole life, fixed index, universal life.
You can get long-term care inside of life policies now.
So there's no need to pay for long-term care insurance.
It is a dying breed, but I just wanted, for the sake of this podcast, I just wanted to...
Bring that up.
This is my top eight mistakes in retirement.
I hope you enjoy this podcast.
I love you guys.
I appreciate it.
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Guys, I appreciate it.
Thank you so much for everything.
Love you all.
And I hope you enjoyed this podcast.
Hopefully it was edifying.
And before I forget, I'm pulling out my phone here so I can share my verse.
I don't know if any of you have been attacked spiritually, but lately I've been sensing and discerning a form of depression.
Not me, but just I'm sensing that some of our listeners and calls are going through a lot of anxiety and depression because maybe they don't know what to do with their finances.
Maybe they're getting attacked because their daughter told them something or there's a split in marriage.
There's so much hurt out there.
So, in order to fight some hurt, I just wanted to share Psalms 34, 18.
The Lord is close to the brokenhearted.
He rescues those whose spirits are crushed.
So for those of you that have been hurt, maybe a spouse has cheated on you, maybe a business partner backstabbed you, maybe your best friend disowned you, maybe your parents disowned you, your spirit is crushed.
But God reminds us in Psalms that the Lord is close to the brokenhearted.
Please seek His face.
Ask Him to your heart.
Allow Him to minister to you.
Spend that quiet time with Him because there's no way we can live this life without Him.
Seek His face and all these things will be added on to you.
It is my prayer that you spend time with Him daily.
And once you do, your life will change.
Physically, as well as spiritually, and financially.
And emotionally.
Well, God bless you guys, and I hope you enjoyed this simple podcast.
And give us a call, 813-448-3446, or visit us at CortezWM.com.
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