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Jan. 18, 2024 - Stew Peters Show
41:47
Iowa Caucus Concerned About Retirements
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Thank you.
Thank you.
I hope you're doing well.
I just wanted to introduce myself to you guys because we're getting a lot of new listeners.
We're on different networks now, and our channel is growing.
Follow us on Scriptures in Wall Street.
We have a new channel.
You can see us there.
I do go live time to time.
I do share some...
Some intimate moments on the guitar as I love to worship.
You guys know I love to worship.
I'm one of the worship leaders at my local church here.
And it's good to connect with God that way through song, like David has.
Today's discussion is going to be about retirement questions.
So we get a lot of phone calls.
We get a lot of worries and issues.
And panic calls like, hey, how much do I need to retire?
Or when should I take Social Security?
Those are some major questions that we love to answer for you.
But before I do, let me say my disclosure here.
Again, I am licensed advisor.
I am securities licensed.
Everything on this podcast today is not, should not be taken as investment advice.
If you need investment advice, give us a call, 813-448-3446, or go to corteswm.com.
You can also email me at info at corteswm directly.
It even goes to my phone.
So if you need to get in contact with me, you can do that as well.
But more importantly, everything that I discuss today on this podcast should be for information and educational purposes only.
So just a little favor.
I'm in dad role today.
Dad and mom role.
My wife is out sick.
I think she's got the bio weapon.
She's sick with COVID. With the COVID flu, I would say.
It's been going around like crazy here in Tampa.
My son has it and I believe I may have it.
So, I feel fine.
I'm loaded up on ivermectin H and hydrochloroquine as well as Z-Stack and some other vitamin C's and zinc.
So, I feel fine.
Like, if I have it, I have it.
No big deal.
I'm not going to fear.
You guys remember, I will share my testimony when I had COVID back in 2020.
It was a nightmare.
Literally, I got rose demivir.
I had ivermectom in my pocket in the hospital, and I did use that.
But God is good.
It's actually part of my testimony, which I've been suppressing.
I haven't been talking about it.
I feel that I need to discuss that at the right time.
I don't want to feel rushed, and I will...
Talk about my testimony when I'm ready.
But for now, I just want to talk about retirement.
Like I always do.
We're not going to get into the foreign affairs that are out right now.
I don't want to preach hate.
I don't want to annihilate one group and then try to gain another group.
That's not my heart.
It's never been.
I just simply want to talk about retirement and what does that look like For many people, it's a scary situation.
Right now, it's really scary because more than ever, we have never seen so much withdrawals from a 401k.
You guys know, I've said this so many times, you don't own your 401k.
I've been called a liar on Twitter, on Stu's last post.
Hey, this guy is a Jewish person.
How is a Puerto Rican guy a Jewish person?
Get the freak out of here, man.
So the trolls are, like, insane right now.
Like, it's hilarious.
But the question, when to take Social Security...
There has been a huge emphasis on taking it at 62.
I just want to make sure that you guys understand what does that mean if you take it at 62?
Well, first and foremost, there's an earnings limit.
You see, Social Security is a welfare program.
It was invented by HDR. HDR is...
I'm sorry, HDR. FDR. I'm thinking of something else.
FDR. Franklin Roosevelt, right?
Basically came out with Social Security and it was a welfare program.
When it did come out, it was never supposed to be taxed.
Well, what happened was he passed away and the government said, hey, this welfare program, we need to find a way to actually pay for it.
And so what they did, they created something called the Social Security Administration and they put all these rules and regulations Kind of like the Klaus Schwab.
Klaus Schwab, you will die poor and be happy about it, basically.
Basically, what they did is they made a bunch of rules and regulations.
What does that look like?
Well, fast forward to 2024.
They put earnings tests.
They put stoplights and speed limits and speed bumps on how much you can make.
And it's all geared towards business owners.
It's not even geared to regular civilians.
So you see a lot of these entrepreneurs, a lot of business owners, they're the ones that get the benefit for the taxes.
But early retirement, we're seeing more people wanting to retire at the age of 62.
And because they're retiring at the age of 62, there's something called an earnings test.
Now keep in mind, IRA withdrawals from your IRAs, other than a Roth, this includes SEP IRAs, this includes 401Ks, this includes any qualified retirement account.
Qualified basically means that the IRS has qualified and deemed that account...
To be ordinary income.
Again, the government feels that they own half of your money or all of your money because you've never paid taxes on this money.
So when you own a 401k, actually you don't own a 401k, it's called employer-sponsored program.
The employer controls everything.
You're just a beneficiary of it.
When you roll over your 401k, you're relinquishing the employer's ownership parental rights, call it.
Big Daddy doesn't allow to make changes on your behalf.
So when you are an ERISA-based plan, as far as a 401k, the ERISA laws are written by the Department of Labor.
You are in the matrix, so to speak.
You are a participant.
When you open up your 401k statement...
You simply are given an ID. A participant ID. You're not given an account owner or account number.
You're given a participant group ID number.
And then under that is a plan ID. All this verbiage basically means that they own your 401k and you're just a beneficiary.
Very similar to when you deposit your money in the bank You're relinquishing the rights to that money.
The bank literally could do whatever they want.
They have behavior clauses.
There's even social media clauses where if you are acting like a domestic terrorist and going against the grain or whatever they deem you as, they could freeze your accounts and you've got to pay an attorney to get your own money out.
Absolutely crazy.
They also have contracts inside of your own private checking account.
Excuse me.
They even have language where...
Where they can take your money for whatever reason, for the better good of the financial institution.
It's called a bank bail-in.
They have language in there where you cannot do large cash withdrawals.
So if you call your bank and say, hey, I need to take $10,000 out, they would appreciate if you do call them because then they can They can borrow from a sister branch and have the money readily available.
So if you do have a big bank or a regional bank that's really big into commercial real estate lending, definitely call ahead if you're trying to get cash.
But if you just walk up to a bank and say, hey, I need 10 grand, they may not have that.
The banks only keep about 1-3% of your money in reserves.
And that's literally the general rule to have an FDIC insurance.
I wanted to basically let you know that if you decide to retire at 62, the earnings limit for 2024 is $22,320.
What does that mean?
It means you're working and collecting, right?
So you're getting a job, you're 62 years old, you turn on Social Security, and you make your $60,000 a year.
As soon as you make over $22,320, The government will allow you to take Social Security while you're working and before your full retirement age, typically 66 or 67 or anywhere in between.
But if you're not as of that full retirement age, we call it FRA, then they're going to penalize you literally 50% of any monies after $22,320.
This also includes withdrawals from your 401k IRAs.
This is why the government keeps on printing and printing and printing and printing money.
Because they know that you don't know this.
You don't study this.
There is no retirement planning school.
Your HR department doesn't do a good job of telling you that, hey, you don't own the 401k.
Oh, and by the way, you're building a tax bond because we don't even know what the taxes are going to be come 20, 30 years from now if Jesus hasn't come and gotten his people yet.
So you've got to prepare for rising, rising taxes.
This is the crave with converting your 401ks and IRAs into a tax-free bucket.
We typically like to do that over a five-year process.
Now, most people have done backdoor Roth IRAs.
I don't really like those as much because you have to pay the taxes on it.
And the government still owns Roth IRAs.
All they said is, you don't owe any taxes.
The government says you don't owe any taxes after paying taxes.
Do you really trust that?
Raise your hand if you trust the provisions in the Roth 401k.
The government says you'll never have to pay taxes on this money.
You're Gucci with that.
You're A-OK. Sign me up.
Raise your hand.
You see what I'm saying?
They still own the Roth 401k, the Roth IRA. They still own it.
You're halfway there.
So many are just like reconsidering early retirement.
It's a trending thing right now.
But the trending thing right now is people are losing money in their 401ks.
They're losing money.
They're taking withdrawals early like in their 40s and their 50s.
They can't even keep up with inflation.
They are spending so much money on credit cards.
Like, credit card debt is in the billions right now, and Americans can't afford it.
This income gap that the average American has is ridiculous.
Going out to eat for a family of six, it's over $200 most of the time.
Going to the grocery stores just to buy basic milk and eggs and bread and...
Canned foods?
Steaks?
You're looking at $250.
It is wild.
And I'm in Florida.
I can't imagine what it is in New York or California.
I say all this.
I'm not running for office anytime soon.
But one thing I do know that would literally jolt the economy...
Is if we open up our fuel lines and cater to fossil fuels.
You cannot have your Tesla.
You cannot have your vegan products.
You can't have even all these woke companies.
You can't even have all this stuff if you don't have fossil fuels.
Fossil fuels is the backbone.
It's the offensive and defensive line of America.
You cut off fossil fuels, you are in it to fail.
And look what our economy has been doing.
The stock market is fake.
It's being pumped up by institutions, manipulations like you wouldn't believe.
I see it all.
I have my scanner here.
I'm going to talk about that here in a minute.
But they're printing money.
The banking system is not as safe as sound as they talk about it.
Yellen gets out there and says, oh yeah, we're stronger than ever and we're safe and sound.
They're saying that because they don't want you to bank run their money and buy gold like what they're doing or buying insurance on their money or investing and buying stock options on the next failure while they clean house like Nancy Pelosi's husband.
As a matter of fact, these politicians, they have to fill out a report That they bought X amount of securities.
Dude, these guys, they make, what, the congressman, they make $150,000 a year, but yet they got millions.
I'm talking about millions in portfolios.
And they just happen to buy the right amount of stocks at the right time.
And they never fill out their form.
They have 45 days to fill out their known transaction report.
And they get a slap in the wrist.
Like, their fines are legit $1,000 for a $5 million portfolio.
I did a podcast on this, like, mid-last year.
It was mind-boggling, the research I found.
Like, they just, they do not report their earnings.
Because they're freaking in it.
They're freaking in it.
You know, so...
These politicians, man, they make more money doing their side deals and their backhand deals than obviously your taxpayer money that's funding their salary.
So, retirement questions.
When can I take Social Security?
How do I take Social Security?
What is the earnings test limit?
The things you need to learn about your 401ks and IRAs is that that is ordinary income.
And when you take Social Security before 66 or your full retirement age, you are going to get smacked in the face if you go over $22,320.
It is a 50% penalty over that threshold.
So you can make as much as you want, but you are going to be paying for prisons, public libraries, and potholes at your expense.
Someone's got to pay for them.
And this is how they do it through the hard-working retirees of America.
The second thing is when you are 66, 67, there's something called the FRA limit.
Now, this bumps up to a reasonable...
For 2024, it's $59,520.
So what that basically means is you can work, you can collect, or you can save a lot of money and pull up to close to $60,000 a year and take Social Security.
This is why people...
Are literally making more money retiring properly than they ever have before.
It's very common for a retiree to make six figures because they are past full retirement age.
They saved a few bucks.
They're pulling money out of their IRAs.
And they have pensions, some of them.
And they just waited.
So if you don't want to pay penalties, the quick answer is just wait until full retirement age.
It is a welfare program.
So you paid into it.
And all these illegals that are coming up, they're not paying into this.
So we gotta figure something out with this border.
But what I find interesting is we had this Iowa caucus, right?
This Iowa caucus.
And look at this graphic here.
The number one topic.
And this is people just...
They're voting for the Vivit guy.
They're voting for Haley.
They're voting for DeSantis.
Voting for Trump.
Just a mixed bag.
They all agree that the economy is the number one issue.
And this is why I'm saying it goes back to fossil fuels.
You cannot have a financial system without diesel trucks.
You can't have a warehouse without diesel trucks.
You can't have economy without diesel trucks.
You can't have a podcast without diesel trucks.
Everything that you see here has hit a truck.
We have to take care of our linemen.
We have to take care of our truckers.
We have to take care of our military, our border.
Hello?
Yes, we've got to take care of our teachers.
I mean, when is the left going to understand this?
But yet, these Democrats are still moving to Texas.
They're still moving to Florida and pushing this garbage.
They are just wanting a one world government.
How stupid could you be?
I just don't get it.
I just don't get it.
Capitalism is the antidote for all this stuff.
It is the remedy, the cure.
It is the cure for all this.
Fossil fuels is, if I was in office, I would be screaming to the top of my lungs, fossil fuels, fossil fuels, fossil fuels, taking care of business owners because they employ over 85% of all of America.
And if we don't have fossil fuels, then you're hurting businesses.
So the other issue with retirement is sustainable investing.
What does that mean?
Well, I like to say 5%.
So we build, build, build.
And it used to be a 4% rule.
I'm bumping up to 5% because of inflation and you just don't know.
But when you have a safe money contract, also known as green money, yes, we use high growth index annuities for this, you have an account that compounds.
And since we have some smart contracts, smart beta AI indices that know when to go to treasuries, that know when to go to S&P, the NASDAQ, And back to commodities.
Like you have these four corridors that really that's all you need with a smart index.
And then you have an insurance contract that overlays it.
Guys, we're able to generate 10 to 15% in these contracts year by year.
It's not guaranteed.
But high, high, high single digits.
And even low double digits.
So when you have an account that literally compounds every single year, $100,000 20 years from now is projected to be over $4.2 million.
You take that $4 million, you live off 5%.
You are literally clocking $200,000 in interest.
That's my personal retirement plan.
My wife and I, we put $100,000 away in one of these safe money contracts.
And we're not going to touch it for 20 years.
I'm 40 years old.
My wife and I are 40.
And we want to just be able to have a retirement plan that we don't even have to think about it.
And yeah, we'll just live off the interest.
You can have that interest.
You can have the same type of program We just got to do an evaluation to make sure it's right for you.
Just give us a call at 813-448-3446 or book your 15 minute, 20 minute consultation with us.
No cost, no obligation at CortezWM.com.
Now, if you do call, and if you are watching our podcast, we get calls from people that have been listening for two years, and they just decide to call, which is great.
We love that.
But if you do call, I am offering for a limited time right now a copy of my book to say thank you for giving us the opportunity to speak to you.
Like I said, just go to CortezWM.com.
Let us know where you heard this from, and we would really appreciate this.
No strings attached.
I will send this to you.
I would even sign it.
And I just appreciate it.
It's my gift to America.
It's my gift to all of our clients.
It's my gift to all of our listeners.
So yeah, get your copy.
I got literally $1,000.
Actually, is it $1,000?
Yeah.
I spent like $3,000 on $1,000 books.
Or $2,700 on $1,000 books.
So I'm just giving it away.
I don't care about the money.
I just want to give good perspective out.
And it's not for everybody.
Now, if you're a Democrat, you're not going to like it.
If you don't like God, country, and family, you're not going to like my book.
And that's okay.
I don't cater to you.
So, 5%, if you have, let's just say, if you have a few hundred grand, if you live off 5%, I would recommend that just taking 5% out and not going over that, that would be a good withdrawal plan for your nest egg.
You have Social Security on top of that, just keep in mind, the money that you pull away from your 401k as IRAs are going to count as ordinary income.
We also need to be very careful as we go into 2024, for those of you retiring this year or planning to retire, the AI, artificial intelligence, be very, very leery of AI because they have the ability.
AI has ability.
They don't have a moral compass.
They have the ability to go to ESG. They have the ability to fund woke companies that literally are going against the same people you're trying to avoid.
Like, this is the problem I have with gold and silver.
I like gold and silver, but just know that you're walking into an index that's controlled by corporate manipulation.
There's even been scandals of JPMorgan Chase.
They got caught spoofing and...
They're federally locked up for manipulating and basically lying in the gold markets.
So it's very, very dangerous to have gold because of the volatility and try to trade it.
So be very careful.
We recommend that you give us a call if you want a reputable precious metals dealer.
We use Cornerstone.
And that is a really, really good company because they're faith-based and they're not out to pull a fast one on you and charge you 20, 30, 40% sales charges like some gold companies do.
But yeah, be very leery about the AI. So if you have a 401k, I would ask your provider to say, hey, where is ESG in my portfolios?
Am I invested in ESG? Is AI pushing my money into ESG or any woke companies?
And you may not have a lot of options.
We did start a new service called 401khelpusa.com You can go to 401khelpusa.com For a small nominal fee, we can give you advice on what to do with your 401k.
You don't even have to leave your employer.
You don't have to do anything.
We simply just want to give you advice on your 401k.
So go to 401khelpusa.com I did a little video and there's a little guide there you can download and set an appointment up and we can have a conversation for you there.
The other problem with retirement, believe it or not, you may not guess this, but it's really, really...
It's really important.
And it's like the big elephant in the room that really no one talks about.
Everybody talks about return.
Everybody talks about, oh man, I bought Tesla, I bought Nvidia, and I'm up 400% over the past 14 months.
Everybody wants to talk about stocks and how sexy their returns are or how much they lost and how miserable they are.
Everybody wants to talk about that.
But the one thing that people fail to talk about in retirement is healthcare.
The number one problem in retirement is healthcare.
The number one concern is Is, you guessed it, failure to plan properly.
Number two is taxes.
Number three is running out of money.
So, there's a difference between a concern and a problem.
Number one, actual problem is not running out of money.
It's actually failure to plan for a catastrophic event like healthcare.
So, what are some options there?
I mean, don't you guys like Obamacare?
Isn't that going to take care of me?
What about Medicaid?
Look, if you can afford to go to Medicaid, I highly recommend it.
I think Medicaid, you need a single, you have one home.
You can't have an IRA worth more than $130,000.
You can only have one car, one laptop.
A lot of wealthy people do do this.
They'll just go to Medicaid.
They'll put everything in a trust.
They own nothing.
Of course, there's a five-year look back, but you could simply hire a state planner.
We have a great estate planner.
They can do magic for you where you can apply for Medicaid if you have Wealth.
But one thing you can't do typically is just say, I'm going to penny sell all my assets to my children.
Only get a penny because there's a look back.
And they'll count that as you owning the asset and you will not get approved for Medicaid.
So the other option is long-term care.
But most people don't want to buy long-term care either because they're too old.
It's too expensive.
Interest rates are skyrocketed.
And you lose it if you don't use it.
So if you're paying $200, $300, $400, $500 a month and you never use it, you've lost all those premiums.
But now, with some insurance contracts, you can buy an income rider where it covers your income, your future income, will cover two of six ADLs, toileting, bathing, dressing, continence, driving, transportation.
Things of that nature.
If you just trigger two of six of those ADLs, then you have the right to claim long-term care with some of these insurance contracts.
We offer those.
I can't give a blanket recommendation.
I'm just letting you know, hey, there are some tools that we can use that you don't have to take a pee and urine test or a blood test if there is some underlying conditions you're worried about.
Or maybe you had a bunch of knee replacements or surgeries that you can't even get approved.
Whatever it is, just give us a call.
We'll walk you through it.
And what I would recommend is that we just carve out a portion, a very small portion of For the future expense of long-term care.
You may never ever touch it.
It may not be for growth purposes.
It's just set aside for a bucket of money for long-term care expenses because that is guaranteed.
That's coming.
50% of all Floridians have some type of long-term care need, home health care need.
Home health care in Pinellas County near Tampa, Florida and Clearwater, Florida is over $9,000 a month.
That's a lot of stinking dough.
And the average stay in a long-term care facility is over two and a half years.
So for many, you're going to spend close to $300,000 if you're staying.
You've got to prepare for $300,000, basically.
Or for many, it is 2.5% on average before you pass away, is the average.
So a lot of people don't know that.
So some retirement...
and pitfalls is that earnings test I was telling you about with Social Security.
Social Security is a welfare program, but be very careful with the 401ks and IRAs.
Once you start pulling them out, you are going to get hit majorly in penalties and taxes if you decide to take Social Security before full retirement age.
You have sustainable investing, which basically means that you got to be careful with your 401ks, your IRAs, all your retirement savings.
Don't take out more than 5% a year.
Put yourself on an income plan.
Get rid of those crazy expenses.
By now, if you're retiring, you should hopefully have a good nut on your principal taken out and you only owe a few more years on your mortgage.
And you should have cars that are paid off.
You should just have very low expenses.
And that way you can live off 5% of whatever you saved.
Now for the 40 and 50 year olds, the X generation, now is the time to start saving aggressively while the market, before the market starts taking off election year.
This will be a year where they probably will pump up the market 20-30%.
It also could go down another 20-30%.
So you got to be prepared for either way.
You got to keep on investing, investing, investing and buying low and selling high and not get emotional.
But you got to start saving somewhere and really, really take advantage of the financial markets.
So be on a lookout as AI takes over everything.
They have no moral compass.
You'll see them being involved in your 401k and in the financial world.
Heck, they even have Project Bluebeam right now where they're trying to make a false second coming of Jesus to try to trick Christians into another type of psyop.
The government loves psyops, right?
So healthcare, really, really big issue here.
We have solutions for healthcare, but give us a call, 813-448-3446.
You don't have to understand any of this stuff.
It's not your job to understand any of this stuff.
It's our job to teach you.
All you got to do is give us a call at 813-448-3446.
My staff is out this week, so this week I have an answering service.
But just leave a message.
Or email us at info at corteswm.com or book an appointment online, corteswm.com.
Again, that was CortezWM.com.
If you have a 401k, just simply go to 401khelpusa.com and we will help you with your 401ks as well.
Again, you don't have to leave your employer.
We just give you advice on your 401ks.
Awesome new service that we're providing.
And my scripture today...
Well, as Ruth replied to her mother-in-law, Naomi, don't urge me to leave you or to turn back from you.
Where you go, I will go.
Where you stay, I will stay.
Your people will be my people, and your God, my God.
Ruth 1.16.
So, I love that because, you know, this is a great wedding verse, a marriage verse.
I just love that because it shows the character of what godly love is.
Like, we need to stick together.
And God never turns His back on us.
And so what Ruth, in my opinion, Ruth was saying that she blessed us with loyalty and honor.
It's my hope that we have more grace towards each other.
That we learn loyalty with each other.
The golden rule, just do unto others as others do unto you.
You want people to treat you with love and honor.
We don't see that in the church these days.
We don't even see that in many friendships.
People are quick to judge.
People are quick to have Facebook warrior syndrome, right?
Online, they get online.
They'll say all these things online, but when you show up to them face-to-face, they're like, oop!
Quiet.
Quiet.
I mean, I get trolls every time Stu posts an advertisement for me.
I got the other day that I was a Jewish rabbi.
I said, what?
What Jewish rabbi?
His name is Carlos Cortez.
Please let me know.
You can't get more Spanish than that.
And don't even ask for what my middle name is, by the way.
So...
Anyways, I wanted to end this podcast.
So five years ago, I forgot the name of the song.
I think it's Chris Tomlin.
It is Chris Tomlin's song.
It's one of my favorite songs by him.
I just don't know the name of it.
I just know the chorus.
I'm almost 300 pounds in this video.
I was fat.
I was miserable.
But I lost a lot of weight.
Got my health back on track.
I was watching the kids run around and I just felt the need to sing this song.
And you hear the kids in my background, but I just love this song.
So I wanted to share this worship song with you.
I'm out of here, guys.
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So, awesome guys.
God bless you and I'm out of here.
Bye-bye.
Bye-bye.
Jesus, Jesus.
Who walks on the water's Who speaks to the sea?
Who stands in the fire beside me He rose like a lion He bled as a lamb He carries my healing In His hand Oh Jesus There is no one There is no one like you, Jesus.
As you walk on the waters, Who stands in the fire beside me.
He roars like a lion.
He bled as a lamb.
He carries my healing incense.
Oh Jesus.
There is no one like you, Jesus.
Jesus.
There is no one like you, Jesus.
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