seven years of my past firm and taking a package retirement package from fully knowing it was not going to retire really could add to the fortune retired so you learn what what can you do so i actually took this time after doing some research and so forth to say you know what this is now my time for many of us who have children who are just starting college you know some kid people maybe and you know sisters or kids are grown this is our time to really enjoy the second half of our life or the second act of our lives so what i started to do was just do some research about what to do and stumbled upon this whole concept at the time of the new and retirement program for baby boomers and the second act of your life as well as keeping those paths in the right right so today or we have a special guest that's going to help us with you know give us some more insight in depth into finances so i just wanted to read a little bit  about this to statistics much of what we read about regarding the financial status of baby boomers transitioning into life two point no is a little bit disturbing so the insured retirement institute provides an annual update of retirement preparedness and especially for the baby boomers vibration and they cite like thirty five million baby boomers lack about you know reaching out to people who are networking with a mutual contact introduce me to them and i know vince is probably going to talk about the first time i talk about my wife is why i don't like talking about money passion for personal investing and just like you i got downsized right sized region they are more it sold whatever acme whatever the word is right you're out of work and your and you're looking for another job fortunately for me through my networking i was always able to the other job but i decided in two thousand to get licensed in order to become financial advisor so i got my licenses in two thousand and one and then in two thousand and three went full time and a verse interesting side note if you were to look at my high school yearbook my now that's amazing yeah so what are some say tragedies that you can offer to people that have little or no savings in their life two point zero fades boomers that haven't haven't saved keep buying your lottery tickets no environment but i mean if you really haven't saved much you know you're going to be in a tough spot as long as you have some time left the first thing i'll say is you need to become a super saver looking around to find a way to put as much away as you possibly can because you only have a short period of time and the best way to do some of that depending on where you're working is and take advantage of the different retirement plans that either your company may have or investing in the visual retirement account the more you can put away  time you have to compound the interest gains along the way the better off you're going to be and then of course these next few tips would be the same for anybody you need to cut expenses right you need to possibly think about downsizing certainly in retirement you may need to think about you know part time employment or even full time employment or delaying retirement altogether until you're at a point where you're comfortable enough between what investments you have so security any pensions you may have coming to you that you feel you'll be able to whatever that catch up period was on top of my four hundred one k yes once you turn fifty you can put in additional six thousand dollars in a four one k plan and you also put another thousand dollars into a traditional or roth ira assuming you qualify to be able to use those  right right so some if some if they had some savings and they had they've had a little bad what is some advice that you can offer to increase you know what how can they make the most of it well the first thing again is to try and maximize those benefits and particularly you have a four one k plan if you can max out like you were doing jackie that's true if it but the very least you want to do particularly if your employer doesn't he matching right way if you can to max out but one of things i will say one of things you really need to do when you start to get to the fifty's fifty five sixty is how much do i need in retirement that's a question i get very often from from clients so you really need to sit down and i mean there's a lot of on line software tools you can use you know where you come to finance a financial professional like me you know for some help in order to put those numbers together because some people may forget you know some baby boomers certainly the earlier might still be qualify for pensions at some other company is i know myself personally i do have to pensions come from one of the organizations i work it would be much but you know you want to make sure you get that in what is my social security going to look like what other investments do i have you know kind of put that all together so you have an idea of what you're going to need and then you can sort of work backwards and say ok i need to put away more and maybe i'm ok right and then from there you know if you can maximize your contributions you want to do that and then one of the thing i something on that that's not in our question that's ok money if you didn't make like you know the stock market has gone crazy in the last a while if you have made like as a baby boomer if you've made a little bit of money there would you does this make sense to take some of that and actually put instead of you know in this aggressive fund put that in a more secure and fund like we arranged a distribution does that make sense you should always be adjusting allocation i mean regardless of what stage you are in your life should really be looking at your investments at the very least on an annual basis ok and from there to your point as you get older yes your investment should become more conservative because you don't want to take a chance this is true so where's that where's that fine balance you know what i'm saying because i think what you're saying now maybe ten years five years ago it made sense but because it wasn't i low in march of two thousand and nine and i know it's lost a sister through the end of february of this year the market was up three hundred fourteen percent since that point in time so i always leave you lost some money you know and i left it alone you're you're there are still investments you can you can get that are more conservative and give a slightly better return without getting into specifics i mean there are things you can do to maximize your returns without necessarily putting in a quote unquote passbook savings account which is like investing in real estate for example or some other alternative to the stock market there are alternative investments period i mean there's several different types of alternative vestments obviously real estates another one you know real estate i mean if you look at it as an asset class by it does it make sense let's say it's a husband or wife does it make sense for them to combine that money and put it into into one place so it gets like it compounds fast her that doesn't make well first off you can't combine retirement accounts that's why they refer to as all individual retirement accounts ok but i mean you know again you can you can possibly be a little more aggressive with one and a little less with the other you know you balance out your allocation doesn't necessarily have to be together you can still other so you know you have a little time with one use one versus the you know i'm source yeah and then the other thing too is you know what tax deferred and investments you might have and how you might want to use those as you get into retirement because roth iras the money comes out tax free as long as you wait until you're over fifty nine and half so it's nice to have two buckets of money one that's a tax free bucket and one that's a taxable bucket you make those decisions based on your tax bracket at that particular point in time w or before taxes because if you're in a high tax bracket then it's a lot of taxes coming out as opposed to when you get into a lower tax bracket but one of the things that i like to do to people is like if i was going to do a seminar on taxes for say and you say to people raise you how many people think taxes are going down you don't usually see too many hands oh i think it's just ok so does it make some sense even at a later age to put some money in a roth if if you qualify then maybe it does because then at least later on again you have those two different you have to look at all i mean because in your early years of retirement might not actually be in a lower tax bracket my kind of being the same price right so now you have the option and at seventy and a half uncle sam  require you to draw from your other your taxable investments because they want they want better they want your cut so it's seventy and a half you have to start pulling those star wars the the rovs dollars if you can do them you don't ever have to take them out because there's no benefit from that in point government right ok i see so people that do have some sort of savings is there any other advice you have other than cutting of the things that came up in our discussions was you know when you retire you know statistics that we're going to live in those twenty thirty years are harat right so how do i make my money last twenty or thirty years so you know i use my mom a lot because my mom is ninety two should be ninety three in in july and she didn't she's in good health she can still get around i mean you know she's not taking trips to europe anymore things of that nature which is well that's part of my go out on my point of so find you retire at sixty five or  seventy you want to do a lot of stuff i want to rally what you think i want to run this journey change so there's two things so at that point in time eighty five ninety are you still going to be doing that sort of stuff the answer is probably no so i don't need that much money for that but the flipside is want to look at those there's a number of different products out there now to help protect yourself particularly if you have acid right and that's one of the things that we do what my husband i did and we did this more so because my dad when he was in the hospital and i realize it's i'm going you know he's going to be in a nursing home whenever i have flexibility in my job to go back and forth and always be there but we did long term care because we said you know we can't the pid that our kids will have that because you have money well well the longer you wait the higher the premiums are going to be period i mean you know the longer you wait now i'm myself personally i had a policy i mean when i was forty ok now the recommendation is normally around sixty you're going to start looking at it long term care but there are but there's newer hybrid products out there now that combine life insurance with long term care that might make more sense for most people meaning you can actually use some of that death benefit as a long term care while you're still alive now obviously the death benefit gets reduced right but at least you know you can take care your parents or whatever and there might be something left for air some might not be it just depends on the certain some of the risk for products out there that can do that versus pure long term care insurance which is very for most people a lot of times parents don't want to tell their kids what's going to show right they don't want them in the how much they have especially if they do have some assets they may not want them to know so that's that's a tough when you try and get the children involved particularly with older clients if you can we how can we make this a more fun topic to talk about because it is a very serious thing that we shouldn't be ignoring no you shouldn't be and you probably hit a a key point earlier when you said you know your father most people don't get it sometimes until that happens right and unfortunately lot of times and it's it is truly all right to really do anything of any any real consequence but  but you know you just don't know if you're going to be the one that gets an extra twenty or thirty years or not another clown i asked to wait sixty two i mean you just don't know you so don't know right so you really need to try to address those with your your adult children you want to make sure they're capable  are there like two or three major concerns that you let your clients you know i think the biggest one we just touched on is health care ok the second one is just the overall cost of living in general but i do jersey taxes never seem to go down right so those two things then right now and we brought it up earlier market's been very strong for eight years well you know you know there's a possibility of a correction yeah yeah some point in the future i have no idea when i know right but you know people are concerned the market's been very strong for a while obviously there's been a bump since the election we'll see how long that that sustains but you know sooner or later the market corrects whether that's next year five years from now i have no right you know that's a concern of people right now and then probably the last one to bring it up as i don't know if it's a concern but something that boomers should look out for is a lot of boomers have sort of mortgaged their future to pay college tuition costs for those are ok ok that's a big one i mean i just had a client come in the other day and tell me this we're going to boston college for his daughter was over seventy thousand dollars a year yeah and we're going to give him thirty but he said that's still forty the me which is a big number for somebody right so  viewers it just seems that there's more and more of a need for people to really find someone like you absolutely does you guys have you know you know the market you know what's coming you know the answer is you have the experience so to seek someone bit that can grow for thirty or forty years it's going to be a lot better than waiting twenty years before you start making those investments so you really if you start early  out but it's big you know because really when you have long term for that to compound over time is huge you know the want to take advantage of the retirement plans if you have them especially if there's matches there's tax deferral was a lot of four one k plans now actually offer a roth component of your four one k plans ok and certainly for the younger people i mean i would take advantage to get more often because they may not qualify on a regular basis outside of the four one k plan i think because there are income limits you have to me before you can be under certain income limits in order to contribute to a roth but in the four one k plan you can still contribute to the roth component so they should do that the other one is stay away from debt as much as you can i mean a granted they may come out of school with with key ones you know other than that don't chase returns you know make a make solid investments based on whatever your time horizon is if you're young you have a long time horizon to be more aggressive than somebody that's fifty or sixty years old is looking to retire in the what you're going to need yet i think that's the case i think that you know i want you yes and then also you know if you do want to transition into something else from talking about life to that oh well maybe that's the time to look at that you're going to be a little short of worry need to be maybe i can