Episode 179 - The Top 3 Benefits of a Taxable Brokerage Account

Transcript

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Alex Collins, ChFC, CFP: Hello, everybody! Welcome back to Beer and Money. I am Ryan Burklo and I'm. Alex. Collins.

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Ryan Burklo: And on today's episode. We're going to be talking about. What are the top? 3 desires? Wants

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Ryan Burklo: that retirees have

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Ryan Burklo: that they wish they had prior to retirement.

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Alex Collins, ChFC, CFP: Yeah, this is a it's a fun topic. It's definitely worth digging into, and something that

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Alex Collins, ChFC, CFP: it, it. It always amazes me

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Alex Collins, ChFC, CFP: How many times we go through this, these exact same things with folks, and the difference between when they are still working.

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Alex Collins, ChFC, CFP: and when they have fully retired.

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Ryan Burklo: So before we dive into that, though out what are we drinking today?

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Alex Collins, ChFC, CFP: Today we are drinking drop top amber ale

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Alex Collins, ChFC, CFP: this is an amber style beer from Widmore Brothers brewing down in Oregon clocks in at 5.3%

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Alex Collins, ChFC, CFP: and a whopping 18

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Alex Collins, ChFC, CFP: I use

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Alex Collins, ChFC, CFP: for those of you who listen to us

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Ryan Burklo: often, and they're like what Ipa or Ryan and I's going to talk about today. Ha!

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Ryan Burklo: We are drinking in amber.

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and

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Alex Collins, ChFC, CFP: I craft beer like ambers, where my introduction to craft beer.

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Alex Collins, ChFC, CFP: This is one of my favorites. I I love this beer.

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Ryan Burklo: Yeah,

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Ryan Burklo: embryos are.

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Ryan Burklo: I? I guess I still enjoy them.

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Ryan Burklo: you know the below Ipas for the most part for me, but I still enjoy the amber ales. This one's a solid one, right. If I were to rank this out of out of 10 bottle caps, I probably give this a solid 8.

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Alex Collins, ChFC, CFP: Yeah, this is a 9 for me. I I think this is again. So much of it is just brings me back to the days of days past.

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Alex Collins, ChFC, CFP: drinking in college and and what not, after after long shifts

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Ryan Burklo: at solid drinkable beer, right? Not too heavy, obviously so. Check them out widmer Woodener Brothers drop top amber ale is the name of the beer.

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Alex Collins, ChFC, CFP: Yeah, nice, nice, good multi

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Alex Collins, ChFC, CFP: multi-profile.

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Ryan Burklo: So let's dive into this it's interesting, right? So you and I, you know we have the pleasure of working with people that have retired, or pre like just about to retire, and then go into retirement.

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Ryan Burklo: We also work with people that tend to be in their like early forties, maybe late thirties that have families that are starting to. You know they want to have conversations around like retirement, planning to say at a high level.

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Ryan Burklo: And

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Ryan Burklo: when you think about our

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Ryan Burklo: lifespan.

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Ryan Burklo: I think when you're in your, you know, early fortys like like we are like we're in the

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Ryan Burklo: the prime working years from an from a Really, when your income starts to take off.

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Ryan Burklo: But you also have this.

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Ryan Burklo: Well, my kids are getting older, and college savings is important.

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Ryan Burklo: You've got this this retirement planning that you're like. Well, I need to make sure. I'm still doing that, because retirement is is no longer so far away that I can't even fathom it. But it's still far enough away. That's like Well, it's not top priority.

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Alex Collins, ChFC, CFP: but and so ultimately everything winds up, being kind of tied for top priority.

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Alex Collins, ChFC, CFP: and a lot of the folks that are.

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Alex Collins, ChFC, CFP: you know, mid thirtys to mid fortys like really have a They struggle with trying to prioritize this stuff.

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Alex Collins, ChFC, CFP: figuring out, okay, what is the top priority.

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Ryan Burklo: And then you talk when we talk to retirees a lot of times we're we're we're asking like, hey, what are your goals? What what is it you want? What is it you've been wanting that you can finally have one?

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Ryan Burklo: What! What? What are your values? They all come down to a lot of like the 3 things we're going to talk about today, and I I think you can. Actually.

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Ryan Burklo: you can have these 3 things prior to retirement

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Ryan Burklo: if you, if you set yourself up

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Ryan Burklo: financially. And what I mean by that is not like You've already got a bunch of money sitting in on the side. It's more of you have the plan of attack where you can have the focus. Be on these 3 areas.

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Alex Collins, ChFC, CFP: Well, I'm: I'm. Reminded of a a very famous quote.

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Alex Collins, ChFC, CFP: I've seen it attributed to many people.

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Alex Collins, ChFC, CFP: but the the quote, I I believe Einstein is the

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Alex Collins, ChFC, CFP: the person I've seen is attributed to the most

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Alex Collins, ChFC, CFP: is the ultimate and complexity

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Alex Collins, ChFC, CFP: is simplicity.

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Ryan Burklo: Yeah.

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Ryan Burklo: And

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Ryan Burklo: that will go through all 3 areas here, right? So like, let's let's kind of dive into here the the number one area.

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Ryan Burklo: not the number one in terms of order, priority, but number one in this conversation is.

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Ryan Burklo: they want to simplify their finances.

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Ryan Burklo: and I think that's most people that are working right now, and most people that Aren't working right. Just most people in in general

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Ryan Burklo: want their finances simplified because

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Ryan Burklo: we have so many different logins, so many different right financial institutions. We work with it. Can. We might have so many different retirement plans. It's hard to to simplify things

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Alex Collins, ChFC, CFP: one and with, as we get older.

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Alex Collins, ChFC, CFP: the desire to

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Alex Collins, ChFC, CFP: have things be more complex

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Alex Collins, ChFC, CFP: is so incredibly limited, like people want to go ahead and make it simple.

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Alex Collins, ChFC, CFP: easy to understand.

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Alex Collins, ChFC, CFP: And my I

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Alex Collins, ChFC, CFP: I'm. Reminded of of a television commercial

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Alex Collins, ChFC, CFP: came on years ago of just like hitting the easy button.

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Alex Collins, ChFC, CFP: I want to know

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Alex Collins, ChFC, CFP: what the plan is, and make it simple.

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Alex Collins, ChFC, CFP: And so there's some easy ways that we can go ahead and go about doing this, while at the same time still maintaining

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Alex Collins, ChFC, CFP: a well-diversified.

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Alex Collins, ChFC, CFP: robust, complex plan.

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Alex Collins, ChFC, CFP: That is simple and easy to understand.

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Ryan Burklo: but I think they want it simplified because they don't want to have to worry about. Did I do what I needed to do?

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Ryan Burklo: Right? The more simple it is, the more and the more automatic it is, the easier it is to live your life and not have to worry about.

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Ryan Burklo: You know, financial topic, a B or C.

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Alex Collins, ChFC, CFP: Yeah. And and so if if you're okay kind of launching into. How do we go about

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Alex Collins, ChFC, CFP: solving this for clients?

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Alex Collins, ChFC, CFP: Now, ultimately we kind of come back. Come out this from a couple of different approaches one.

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Alex Collins, ChFC, CFP: We want to have some amount of guaranteed income

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Alex Collins, ChFC, CFP: like we can go ahead and ignore the

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Alex Collins, ChFC, CFP: how we get guaranteed income. It's a little bit different for each client, but have some amount of guaranteed income where it does not matter what the market is doing.

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Alex Collins, ChFC, CFP: We have a guaranteed paycheck in retirement

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Alex Collins, ChFC, CFP: from our investment accounts

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Alex Collins, ChFC, CFP: every month

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Alex Collins, ChFC, CFP: does not matter what the market's doing. Market could go through the roof market could go through the floor.

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Alex Collins, ChFC, CFP: We still receive our paycheck.

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Ryan Burklo: but most people want that, because I mean, think about your working years. You know, most people

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Ryan Burklo: collect a paycheck where every 2 weeks or once a month. However, your price cycle that you're you are accustomed to that paycheck. That income came into your your checking account

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Ryan Burklo: when I, when you transition into retirement.

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Ryan Burklo: It's no longer someone else giving you the paycheck. It's now your own assets, and that that can be a struggle. Having that mindset shift which to your point

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Ryan Burklo: when you can create that income like that. That's that's what people want. It simplifies their finances.

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Alex Collins, ChFC, CFP: One of the most difficult things

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Alex Collins, ChFC, CFP: in finance to accomplish

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Alex Collins, ChFC, CFP: is taking a static

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Alex Collins, ChFC, CFP: income from an inherently variable asset.

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Yep.

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Alex Collins, ChFC, CFP: And so, having some sort of structure that provides guaranteed income.

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Alex Collins, ChFC, CFP: solves a bunch of these issues, and like

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Alex Collins, ChFC, CFP: we're going to ignore what that is

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Alex Collins, ChFC, CFP: folks really want to know reach out to us. Well, happy, you know, if you really want to.

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Alex Collins, ChFC, CFP: you know. Send us some notes, and we'll. We'll tackle it in a future podcast.

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Alex Collins, ChFC, CFP: But

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Alex Collins, ChFC, CFP: having guaranteed income

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Alex Collins, ChFC, CFP: through whatever source

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Alex Collins, ChFC, CFP: is part of that.

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Alex Collins, ChFC, CFP: the next step is really having. The

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Alex Collins, ChFC, CFP: 2 different places that we can pull money from.

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Alex Collins, ChFC, CFP: One is dollars that are in the market.

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Alex Collins, ChFC, CFP: and one is dollars that are out of the market.

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Alex Collins, ChFC, CFP: and being able to just look at it once a year and go. We want to pull it from the in the market

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Alex Collins, ChFC, CFP: great.

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Alex Collins, ChFC, CFP: Take withdrawal.

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Alex Collins, ChFC, CFP: We want to take it from out of the market

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Alex Collins, ChFC, CFP: because the market didn't do well, or whatever the case may be. Okay great, we take it from the out of the market account.

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Alex Collins, ChFC, CFP: and we've got flexibility

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Alex Collins, ChFC, CFP: to be able to move money back and forth between the 2.

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Alex Collins, ChFC, CFP: But now we have both

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Alex Collins, ChFC, CFP: market-based assets that will have a better long-term rate of return.

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Alex Collins, ChFC, CFP: We have promise based assets that

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Alex Collins, ChFC, CFP: that we can use

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Alex Collins, ChFC, CFP: during

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Alex Collins, ChFC, CFP: downturns in the market like what we've experienced during

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Alex Collins, ChFC, CFP: 2,022.

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Ryan Burklo: Yeah, it.

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Ryan Burklo: I mean, really, you want different different sounds of money to to your point with with that that that that's coming into the court, the door that you can count on really what we're saying in in the second part is really just having liquidity

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Ryan Burklo: for flexibility.

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Alex Collins, ChFC, CFP: Yeah, and a lot of people don't realize that

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Ryan Burklo: if you were getting to retirement and you were just kind of taking that interest, only approach that we've spoken about several times in this podcast.

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Ryan Burklo: The liquidity isn't as isn't really as a parent, because

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Ryan Burklo: if you need all of that money to scrape off the interest to turn on the income. Well, that means if you took more money out

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Ryan Burklo: now, you may have lowered

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Ryan Burklo: what you can count on into the future.

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Alex Collins, ChFC, CFP: You're going to be short in future years.

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Ryan Burklo: And so, yeah, that liquidity and flexibility mixed with

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Ryan Burklo: some guaranteed sorts of income is a huge stress relief, and

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Ryan Burklo: it's simple.

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Alex Collins, ChFC, CFP: Well, and it also massively alleviates

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Alex Collins, ChFC, CFP: having to deal with or worry about

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Alex Collins, ChFC, CFP: what's going on in the market.

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Alex Collins, ChFC, CFP: and we have a bad year.

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Alex Collins, ChFC, CFP: Great we don't pull out of our market-based assets.

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Alex Collins, ChFC, CFP: and it becomes a simple and easy discussion to have

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Alex Collins, ChFC, CFP: and very easy. And just here's how we do it.

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Ryan Burklo: and this doesn't happen

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Ryan Burklo: the day you retire.

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Ryan Burklo: Correct. I think too many people are like. Well, I understand what Ryan and Alex are saying, but i'm 40. I don't need to worry about that today.

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Alex Collins, ChFC, CFP: Well, let's plan with the end in mind, and build it towards the future.

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Alex Collins, ChFC, CFP: Create the future that you want to have.

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Alex Collins, ChFC, CFP: So if you want to be

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Alex Collins, ChFC, CFP: 60 in the market and 40 out of the market at retirement

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Alex Collins, ChFC, CFP: Great.

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Alex Collins, ChFC, CFP: and let's say that you're 80 in the market and 20 out of the market

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Alex Collins, ChFC, CFP: great.

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Alex Collins, ChFC, CFP: We need to build a map on how we're getting to there over time, because the the more that we take really big

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Alex Collins, ChFC, CFP: steps towards changing that

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Alex Collins, ChFC, CFP: going from 80, 20 to 70, 30,

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Alex Collins, ChFC, CFP: like. Okay, that's a 10% swing

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Alex Collins, ChFC, CFP: in terms of what we're doing, and if we do that all at once.

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Alex Collins, ChFC, CFP: we just exposed ourselves to a ton of market risk

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Alex Collins, ChFC, CFP: market timing risk

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Ryan Burklo: which again

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Ryan Burklo: going back to what people want, simplifying their finances that would not simplify stuff.

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Alex Collins, ChFC, CFP: No, it adds more variables and more complexity

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Ryan Burklo: which takes us to to number 2. Here, Alex. Right. So the number 2 want. The retirees

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Ryan Burklo: have is, and I think many, just many Americans actually want. This is

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Ryan Burklo: they. They just don't realize it until they sit down and and look at what they truly value, and it's owning less things.

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Alex Collins, ChFC, CFP: Yeah.

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Alex Collins, ChFC, CFP: hey, there's a a movie quote

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Alex Collins, ChFC, CFP: that i'm reminded of that that says

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Alex Collins, ChFC, CFP: the things that you own end up owning you

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Alex Collins, ChFC, CFP: and so many retirees.

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Alex Collins, ChFC, CFP: Talk about, man! I wish I hadn't bought

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Alex Collins, ChFC, CFP: X. Whatever that is.

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Alex Collins, ChFC, CFP: How do I downsize, or how do I?

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Alex Collins, ChFC, CFP: How do I get rid of stuff?

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Ryan Burklo: And it goes back to You know you and I have spoken about

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Ryan Burklo: values. What is it you really value?

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Ryan Burklo: And too often

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Ryan Burklo: like, I hate to pick on people, but I've already seen it occurring

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Ryan Burklo: because of the pandemic.

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Ryan Burklo: Rvs became a very popular thing.

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Alex Collins, ChFC, CFP: Yes, they did.

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Ryan Burklo: I mean so much so that, like

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Ryan Burklo: the Rv. Dealerships are running out of stock which who've ever heard of Rv. Dealerships running out of stock right?

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Ryan Burklo: And

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Ryan Burklo: so they became so popular. Price went up right everything that occurred.

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Ryan Burklo: I mean. I've got 5 people off the top of my head that all have said that they bought an Rv. In the last 3 years.

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Ryan Burklo: and all of them want to get rid of it at this point.

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Alex Collins, ChFC, CFP: Yeah, I mean what I can think of a couple of clients that had previously bought are these that just absolutely love it.

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Alex Collins, ChFC, CFP: But at the same time like

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Alex Collins, ChFC, CFP: it. Try to wade into these things slowly, like instead of going and dropping a significant chunk of change, whether it's 5 figures or 6 figures or well into 6 figures.

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Alex Collins, ChFC, CFP: Rent one for a month, and see if you enjoy it

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Alex Collins, ChFC, CFP: like.

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Alex Collins, ChFC, CFP: Figure out lower-cost ways of of trying to see if this even appeals to you.

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Ryan Burklo: it's what you value. We're not saying to not buy an Rv. Let me be clear about that.

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Ryan Burklo: like if if that's what you and your family they really enjoy doing, and you see yourself and join doing this. And you've experienced that like you've like proof. Is there

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Alex Collins, ChFC, CFP: fine, awesome.

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Ryan Burklo: But if you, if you've never tried it like I said, I've got these 5 people. They're like, yeah, I I bought the things that it sounded great in the moment I wanted out of my house because of the pen, right they all of the things that came out.

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Ryan Burklo: And now they're all like. Well now that the now that they are no longer they can go and go to different vacations, or they feel comfortable going to these different vacations. Now they're not using the Rv. And quite frankly, they really didn't enjoy it that much.

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Alex Collins, ChFC, CFP: Yeah.

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Alex Collins, ChFC, CFP: I maybe they did. Maybe they didn't.

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Alex Collins, ChFC, CFP: But yeah, I mean it's it's a desire to own less things, and have

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Alex Collins, ChFC, CFP: less

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Alex Collins, ChFC, CFP: strings tied to you

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Alex Collins, ChFC, CFP: of like feeling required to go. Do x whatever that is, whether it's an Rv. Or a time share or for some people like they bought a golf membership because it was something that they could go do and be outdoors, and then they figured out that they don't really like golf.

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Ryan Burklo: So the the takeaway is

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Ryan Burklo: have like, understand what you value and what you truly enjoy.

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Ryan Burklo: especially when it comes to major purchases

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Ryan Burklo: like golf membership. Isn't cheap our vs. Aren't cheap

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Ryan Burklo: right? So just have that value proposition with you and your spouse like be on the same page. And oftentimes, if you and your spouse have had this conversation prior.

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Ryan Burklo: one of the spouses might call out the other spouse and say, is this really what we value

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Ryan Burklo: rather than in the moment

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Ryan Burklo: it's sounding exciting

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Alex Collins, ChFC, CFP: and try it out.

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Ryan Burklo: So

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Ryan Burklo: that's number 2, and then what takes us to Number 3,

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Ryan Burklo: and I think everyone this has been a a transition, especially just with gift giving. And just I mean, I think, American society.

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Ryan Burklo: it's focus on experience in their loved ones.

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Alex Collins, ChFC, CFP: Yeah, I mean, I've there are a couple of clients that I've got who, like one of them, was talking about like the the gift that their parents gave them for Christmas

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Alex Collins, ChFC, CFP: was plane tickets to come see them.

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Alex Collins, ChFC, CFP: because it was

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Alex Collins, ChFC, CFP: really flip and expensive

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Alex Collins, ChFC, CFP: for a family of 4 to fly across the country.

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Alex Collins, ChFC, CFP: It would have been way less expensive, for

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Alex Collins, ChFC, CFP: you know the parent

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Alex Collins, ChFC, CFP: to fly out, but because they're older

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Alex Collins, ChFC, CFP: it made more sense to fly the younger family out.

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Alex Collins, ChFC, CFP: And instead of

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Alex Collins, ChFC, CFP: you know, the the parent, basically the grandparent in this case paid for the kids, the the parents to come out to see them at Christmas.

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Alex Collins, ChFC, CFP: Another example is a client built into their retirement plan

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Alex Collins, ChFC, CFP: that they want to spend 5 to 10 K. A year

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Alex Collins, ChFC, CFP: on vacations, not on themselves.

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Alex Collins, ChFC, CFP: but on the ability to go ahead and take their kids and their kids kids. They

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Alex Collins, ChFC, CFP: with them.

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Alex Collins, ChFC, CFP: They knew that that. during their, you know

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Alex Collins, ChFC, CFP: early years, when the kids are young.

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Alex Collins, ChFC, CFP: money is tight.

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Alex Collins, ChFC, CFP: And so what they valued was the ability to spend time

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Alex Collins, ChFC, CFP: with their kids and their grandkids.

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Alex Collins, ChFC, CFP: and so they wanted to just be able to take that burden

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Alex Collins, ChFC, CFP: off of the parents.

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Alex Collins, ChFC, CFP: their kids

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Alex Collins, ChFC, CFP: and say, hey, we're going to go take a vacation, and this is what we're going to do if you want to come

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Alex Collins, ChFC, CFP: Great!

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Ryan Burklo: I I think this is

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Ryan Burklo: so. When you think of retirees right in in the traditional stereotypical sense. Right? This is when you have money.

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Ryan Burklo: Yeah, right? Because obviously you couldn't retire. If you didn't have the money stashed away right

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Ryan Burklo: so they've got the money which you know people listening that are pre retiree. They might be saying, Well, they've got the money to be able to do what you just said.

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Ryan Burklo: And I I just have the person that's thinking that just

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Ryan Burklo: for a moment

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Ryan Burklo: stop and ask yourself, okay?

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Ryan Burklo: Well, maybe you don't have

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Ryan Burklo: the retiree money like money sitting on the sideline, or in the forward K, or wherever it's sitting. It doesn't really matter. The money is there.

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Ryan Burklo: You have income coming in the door, and you're most likely

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Ryan Burklo: buying, maybe gifts for your kids for birthdays

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Ryan Burklo: or right you're you're you're buying stuff.

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Ryan Burklo: and you could take a step back and say, okay, maybe the stuff

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Ryan Burklo: my kids don't actually care about her. I don't actually care about, or my spouse doesn't actually care about.

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Ryan Burklo: Maybe. Instead, we go to the bowling alley

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Ryan Burklo: as a family, and we go bowling like that's an experience

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Ryan Burklo: right? I I think too many people they think of like. Oh, well, what Alice just said is.

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Ryan Burklo: you know, like my grandparents, just spent $20,000 for the entire family to go on a Disney vacation right like. I think that's what they heard. And while that's true, and that's exactly what retirees love to do.

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Ryan Burklo: We can do that today. We don't have to be retired to focus on experiences.

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Alex Collins, ChFC, CFP: Yeah, I mean. So, for example, like one of the things that you could do is, instead of giving more stuff.

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Alex Collins, ChFC, CFP: I give a season pass to go skiing or give

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Alex Collins, ChFC, CFP: like a punch card to go golfing, or.

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Alex Collins, ChFC, CFP: you know, give multiple different concerts to go with your family or your loved one.

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Alex Collins, ChFC, CFP: you know experiences wind up being some of the best gifts. I can guarantee you that some of my favorite gifts that that heather my wife has ever given me.

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Alex Collins, ChFC, CFP: It was like random stuff like

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Alex Collins, ChFC, CFP: going to a glass blowing class together.

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Alex Collins, ChFC, CFP: I

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Alex Collins, ChFC, CFP: I would never have bought that for myself.

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Alex Collins, ChFC, CFP: And that was amazing.

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Ryan Burklo: Yeah, I mean, I think you and I have recorded an episode on this specific topic where

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Ryan Burklo: I remember one gift as a kid that really

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Ryan Burklo: like I I truly remember.

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Ryan Burklo: The rest of the stuff I remember is all different trips or different experiences of I had with my parents and my my brothers.

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Ryan Burklo: I think the same is true for most I I think there, there's always one gift that we all wanted that we all remember, like, you know, let's just call what it is.

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Ryan Burklo: But that's one gift at how many I was given.

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Alex Collins, ChFC, CFP: Oh, yeah.

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Ryan Burklo: And so if we can transition and let's just and and transition it to well

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Ryan Burklo: instead of and to your point, instead of buying the Optimus prime

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Ryan Burklo: that because it's a truck into the base, which, by the way, it's great guess. By the way, Favorite gift. Thank you, Mom and Dad

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Ryan Burklo: in the Gi Joe Gift. But so I guess I have 2 guests

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Ryan Burklo: the rest of the time

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Ryan Burklo: to your point, like the ski trips that we used to take.

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Ryan Burklo: I remember

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Ryan Burklo: a lot of them.

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Alex Collins, ChFC, CFP: Oh, yeah, I can actually like, remember the specific days that we were on the mountain.

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Ryan Burklo: not just like in 1,987 we went to Vale.

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Ryan Burklo: No, I remember 1,987 going to veil skiing down my first black diamond falling, and then my Dad going ahead of me, laughing at me, him falling and seeing the camera fly up, seeing his skis fly up like if I could have captured this on video, we would have won that American fun of this videos show, which, by the way, still on. I don't know if you knew that, Alex.

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Alex Collins, ChFC, CFP: I did I came across it, and my daughter absolutely loves that stuff. So it's been kind of fun to rediscover and re-explore that

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Ryan Burklo: day, not just even the trip. But that day.

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Ryan Burklo: and I think that's true with a lot of things.

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Alex Collins, ChFC, CFP: Yeah. My My family used to go on a cross-country skiing trip over in Leavenworth every year.

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Alex Collins, ChFC, CFP: and I vividly remember one year

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Alex Collins, ChFC, CFP: my my dad was already out in the car, and, like wearing to go, and my sister and my Mom and I.

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Alex Collins, ChFC, CFP: We're sitting in the hotel room.

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Alex Collins, ChFC, CFP: and

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Alex Collins, ChFC, CFP: Barney, the dinosaur, came on, and the 3 of us looked at each other.

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Alex Collins, ChFC, CFP: And we're like, is this real.

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Alex Collins, ChFC, CFP: This can't possibly be real. Somebody's got to be just pulling somebody's chain on this.

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Alex Collins, ChFC, CFP: and and so like that was just one of the memories from that trip of just remembering the first time that I saw Barney, the dinosaur, and it burned into my memory, I I still vividly remember like

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Alex Collins, ChFC, CFP: what room. We were! In what hotel we were in, like what the what the track was like on the cross-country skiing that day like. It was just crazy.

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Ryan Burklo: So th these experiences. We've beaten the dead horse, I think, Alex. Here, but we got to sharing our memories right focusing on experience. Doesn't have to be this 2350,000 trip

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Ryan Burklo: with your family. It's it's a date in the mountains. It's the day to the bowling all right. It's a data top golf I guess nowadays right, and that time is still spent with the loved ones, which is, is the key that we all want.

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Alex Collins, ChFC, CFP: Yeah, it was it?

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Alex Collins, ChFC, CFP: It's thinking through and figuring out like, okay, what would the family enjoy doing.

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Alex Collins, ChFC, CFP: or what would I enjoy inflicting upon the family, as some people think about it?

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Ryan Burklo: The

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Ryan Burklo: that actually does make me really smile when I get to inflict joy on my family.

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Ryan Burklo: So, hey, hey, clerk, I don't know if I should go sliding down that they're real nice. Clark real nice.

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Ryan Burklo: So in in summary the right, the the top 3 wants retirees have that they wish they had prior.

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Ryan Burklo: and I think

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Ryan Burklo: many people today that Aren't retired want. These same 3 are simplifying finances, owning less things

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Ryan Burklo: and focusing on experiences and their loved ones.

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Ryan Burklo: And to do that.

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Ryan Burklo: You have to take action, and we've had given several actual tips

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Ryan Burklo: to do this.

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Ryan Burklo: which takes us to the question of the day Ox.

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Alex Collins, ChFC, CFP: Our question today is, what would you want to focus on

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Alex Collins, ChFC, CFP: now today.

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Alex Collins, ChFC, CFP: instead of waiting until your retirement years

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Ryan Burklo: So head over to beer and money net, and at the top of the page was a contact. Us Page. That's a spot for you to actually answer that question.

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Ryan Burklo: Or if any questions came up from this that we didn't address, or you would like for us to address. That's also a great spot to email us and let us know your thoughts.

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Ryan Burklo: The whole purpose of this podcast is to talk about beer, which Alex and I truly enjoy.

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Ryan Burklo: as well as to talk about money and to provide actionable steps

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Ryan Burklo: for you to be better with it, so that you can live the life that you want.

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Ryan Burklo: We hope this episode was valuable for you, and is always Mr. Collins

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Alex Collins, ChFC, CFP: cheers.

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Quantified Financial Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. This material is intended for general public use. By providing this content, Park Avenue Securities LLC is not undertaking to provide investment advice or a recommendation for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial representative for guidance and information that is specific to your individual situation.

Ryan & Alex are Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS). OSJ: 200 Market Street Ste. 1850, Portland OR 97201 Ph 503-221-1226. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representatives of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly-owned subsidiary of Guardian. Quantified Financial Partners is not an affiliate or subsidiary of PAS or Guardian. Ryan Burklo, AR Insurance License # 15319412, CA Insurance License # 0K24924, Alexander Collins AR Insurance License # 7264699, CA Insurance License # 0H24806. #2022-147998 Exp 12/2024

Episode 179 - The Top 3 Benefits of a Taxable Brokerage Account

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