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Well, I mean, AI is
obviously changing, changing our worlds, and

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uh, changing our worlds fast.
We could probably comprehend. You know,

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AIS is obviously interesting. You know, I still wouldn't use it to to

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really create a retirement plan for myself. Again, it's it's it's going to

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be some one of those things.
It's going to give you more of a

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of a cookie cutter type of type
of bancer versus something that's completely customizable to

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you in your situation and what you
what you want your legacy to be.

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You're listening to Carrie Letz's Financial Survival
Network, where you get valuable information you

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just can't find anywhere else to thrive
in today's trying times. You need the

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Financial Survival Network now more than ever. Go to Financial Survivalnetwork dot com and

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get your free newsletter and gift.
Financial Survival Network now more than ever.

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And welcome you are listening to and
watching the Financial Survival Network. I'm your

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host, Carrie Lutts. Well.
Two fears in life. Well, one

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main fear that I have and I'm
sure many of you out there do as

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well, and that is that your
money is not going to outlive you or

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outlast you. You're going to outlast
your money. And that is a nightmare

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because what do you do then go
back to your kids. Last thing you

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want to do, because they'll put
the screws to you. You know,

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they're going to be controlling your life. And of course retirement, you know

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the concept of retirement. You work
twenty five thirty years for the same company

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and then they give you a gold
watch and send you on your way,

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and then you retire. And so
many of you out there no people who

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passed on in like a matter of
months after their retirement. So, hey,

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I'm in my sixties now. Retirement
has absolutely no allure to me whatsoever.

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It had more of an allure Eric, than when I was forty then

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when I hit sixty. So good
figure. Eric Mangold is with us,

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founder of Argency Wealth Management and in
my birth state, New Jersey. Eric,

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it's great to have you on the
show. So what of this retirement

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thing. We got this article from
CEO Larry Fink Black Rock say in time

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to rethink it. Is that just
a question that he wants to raise the

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retirement age and all that to put
down on the social security deficit. What's

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up with that? Yeah, Kerry, thanks for hosting me Glad to be

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here. Yeah, So Blackrock CEO
Larry Fink came out and said, I

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think people really start to need to
rethink retiring at age sixty five because,

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like you said, who's really retiring
at sixty five now? And was that

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just the date that everybody did it
or is it just is there some significance

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outside of when you know, that's
what medicare gets kicked on, like why

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is it sixty five? You know, and we're living longer too, so

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is sixty five early to date?
And for more and more people doesn't seem

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like it is? Right? Yeah, for sure. You know, I

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don't think I'm unique by any means. I think that the drudgery of work

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where our parents' generation perhaps led them
to want to escape it. Many of

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you out there your parents were in
that situation. But now it's chained work.

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Not that it's necessarily more important part
of our lives, but the role

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that it plays I think has been
recognized as something way beyond just actually putting

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in your nine to five and getting
a paycheck. There's social aspects to it,

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there's a mental acuity aspects. And
you know, my best friend he

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retired like three or four years ago, takes care of his grandchildren, travels

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and all that. And I thought
about it for a while and I just

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said, there's no way I can
do this. I can't do it.

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Eric. I mean, the BBC
came out with a study about twelve years

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ago, ten twelve years ago that
said that people that retire and don't have

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a game plan they did, the
rate of depression increases by forty percent within

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like six months. So it's you
know, retirement kind of sounds all great,

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like, oh, I'm not going
to work anymore, We're not going

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to work anymore, but that honeymoon
doesn't last all that long, and you

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know, one two months of not
working and you're like, Okay, this

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is great, this is great.
You did all the home projects that have

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been you know, on the honeydew
list forever. You took care of those,

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You took care of the Martinez by
the by the dock and everything.

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But now it's like, all right, what's what's going to make me happy?

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And sitting around is not going to
do it for most people. Yeah,

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I think a good rule of retirement. And this is what I did

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when I moved to Florida, is
I don't drink. I don't have any

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alcohol until the sun goes down,
except sometimes on the weekend for brunch or

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something. But I'll never drink if
the is out. And you know,

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the other thing is what do you
do when you're retired and you don't have

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that plan? You wind up watching
a lot of news and nothing will make

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you more depressed than watching the news. So I never watched news on television.

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I'll only read it because you know, a lot of it's manipulation,

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gas lighting and all that. So
all right, but some people have to

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retire for health reasons, family reasons, take care of a loved one who

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needs there needs them to be a
caregiver. So for those people, what

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do you advise? Well, I
think that in those cases, and those

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happen a lot as well, is
what is the plan? I mean,

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the folks that are caregivers, they're
really lies their activity, right, they're

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a caregiver. They're not sitting around
and then trying to figure out that it's

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eleven o'clock on a Tuesday, what
am I going to do today? Now?

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Their full time job is taking care
of a loved one and that's what's

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keeping them keeping them active. I
mean, it's not the most positive vironment,

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but it's certainly keeping them active.
But I think for anyone that's really

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considering retiring and not working at all
really needs to have a plan. And

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what that plan really needs is going
to be is Okay, what do they

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want retirement to look like? What
do they want them what do they want

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their money to do? And what
do they need their money to do?

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And what I mean by that is
Okay, they obviously want their money to

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last, they want their money to
grow, they want their money to be

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there when they need it. And
then what do they wanted to do?

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Is it travel the world? Is
it you start start the side hustle.

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More people who are retired, they
have opest post age sixty five are starting

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these side pit hustles now because you
know why they can. The environment is

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great for the side hustle. So
a lot of people are retiring, maybe

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stopping working at sixty to start the
side hustle. But anyway, for those

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people that need to retire, having
a plan. If the boy Scouts say

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the best time to have the map
is before you enter the woods, and

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I think that really applies to retirement
too, because you got to have your

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plan. It's not a DIY project. You know, you got to map

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it out, all right, So
what's the best way to do this?

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I mean, I hear what you're
saying, but I don't really know how

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to do it. I think,
you know, if you can break it

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down into really there's there's seven pieces
of it. The first first piece is

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obviously, have a plan, got
to have again, time to have the

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map before you get in the woods. The second piece is going to be

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how do you maximize your Social Security
benefits? And there is, yes,

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a ton of talk, a ton
of gloom, doom and gloom about is

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the money going to be there or
the benefits going to be paid? But

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let's just take that off the table
for a second and just say that they

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are going to be paid. You
know, how do you maximize the benefits?

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And you know people can start collecting
at age sixty two, but is

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that really when you know you're going
to start to need the money? Because

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remember, social Security continues to grow. The longer you wait, the more

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you get. And that's a paycheck
that keeps coming into your checking account every

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single month, whether the market goes
up, down or sideways. So maximizing

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social Security is a great is great. Step two, Step three, and

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we're certainly seeing this a tremendous amount, is the hybrid retirement where you stopped

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working for the company that you maybe
stayed for when you're until you're sixty five,

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but then you pick up some extra
hours. A lot of substitute teachers,

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a lot of adjunct professors can go
in a couple three days of a

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week and really kind of create their
own schedule, stay active and bring in

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a few extra dollars. Because the
more dollars you're able to bring in by

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working a few more years excuse me, into retirement is going to have a

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dramatic effect on how much longer your
money will last. Okay, and I

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think step four is going to be
you got to protect your money from inflation.

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And obviously that's a hot button topic
right now. I mean, everybody

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keeps talking about when rates are going
to get cut, Rates are going to

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get cut in every single number,
and that's that's tracking in that we've seen

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over the last months, few months
it's been going on. So I don't

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see a rate cut really anytime soon
right now, because of the fact that

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the economy is still overheating and interest
rates are already high, and I just

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don't think they can bring them down. So how do you protect your assets

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from inflation? And you should have
a bucket of assets that are going to

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be protected from inflation. Okay,
so inflation proofing your investments. I mean,

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I hear a lot of people talk
about it, but I don't really

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hear a lot of people with really
good ways of doing it. I like

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to use a call a bucket strategy, where you have a bucket of money

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that's going to be your guaranteed sources
of income. This actually is step five,

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and I'll answer step four the answer
your question on stuff four too.

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But step five is how are you
securing your guaranteed sources of income, whether

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that's Social Security, whether that's pensions, whether there's are annuity strategies, real

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estate. What are your guaranteed sources
of income? And you want your guaranteed

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sources of income in this first bucket
to really take care of most of your

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expenses, if not all, of
your fixed expenses. If you're carrying a

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mortgage, pay those off utilities,
grow streams, dry cleaning, your travel,

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your entertainment, your fund of things. Now you want those, you

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want those expenses covered, and the
second bucket is where you're able to have

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those funds, those assets in investments
that are designed to grow and designed to

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grow and actually keep help keep pace
of inflation. And when whether we're talking

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about traditional stock, a bond and
mutual fund and investments ETFs or going into

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the alternative investment space, but that
second bucket of money needs to outpace at

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least or or at least keep pace, if not outpace inflation. So it's

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kind of a one two punch.
Secure your guarante, secure all your expenses,

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guaranteed sources of income, and then
have your second bucket of money keep

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pace or out based inflation. Right, all right, so all right,

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what's the best way. What do
you think is the best inflation heads out

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there? I think it's something that
is constantly evolving. I mean, there's

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going to be Obviously you see a
lot of articles and about some traditional stock

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and bond investing in mutual funds,
but also into alternative investments, whether that

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might be real estate, whether that
might be private equity, hedge funds,

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credit lending. There's a lot of
different flavors of alternative investments. And you

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know, we do a lot of
due diligence on our side to make sure

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that our suite of alternative investments are
really have really been been vetted, and

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because what we want to make sure
that they can do is in twenty twenty

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two is a great year as an
example of this, because in twenty twenty

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two, in the stock market and
the bond market we're both getting cloppwered.

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There are a lot of alternative investments
that we're still giving positive returns, so

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they can sometimes be speed breaks as
part of your portfolio. So if the

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market happens to go down, your
stock investments aren't going up, the alternative

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investments can still give you a positive
return. So I think it is a

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mix of some stocks and bonds as
well as layering and alternative investments to help

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not only grow your assets, but
if certain sectors are down or certain asset

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classes are down, you're going to
have other asset classes in your portfolio that

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are going up. Okay, So
some diversification here. What about these the

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flavor of the day? You know
which one? Now? Right? Heyeeks,

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like there's well, I mean AI
is obviously changing changing our worlds and

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changing our worlds fast. We could
probably comprehend, you know, AIS is

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obviously interesting. You know, I
still wouldn't use it to to really create

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a retirement plan for myself. Again, it's it's it's going to be some

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one of those things. It's going
to give you more of a of a

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cookie cutter type of type of bancer
versus something that's completely customizable to you in

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your situation and what your what you
want your legacy to be. Okay,

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so it's the flavor of the day, and maybe in Vidia is going to

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infinity. But look what's happened at
Tesla recently, so we know about how

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that works, right, Yeah,
And Tesla came out in the news today

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that said they had to lay off
I think they're laying off at about ten

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thousand employees, which is something that
they, yeah, never wanted to do.

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So you know, it's funny how
those flavors of the day they changed

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quickly. Yeah, isn't that interesting? Today's hero is Tomorrow's the one?

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Right? Well, yeah, I
thought you were going to ask you about

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crypto. Well, crypto too,
So you know, crypto is hitting mainstream

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now. We got ETFs, we've
got funds, we got options, futures.

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Do we want to be in crypto? I typically say that you don't

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want it as a foundation of your
overall investment investment portfolio, and if you

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want to, I take it almost
like the going to the casino night money.

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And you know a lot of people
go to the casino night and they

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say, you know, I've got
one hundred dollars and once that's gone,

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you know, I'm done gambled for
the night. And that's kind of how

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I look at crypto, because it
has had some positive times, but I

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look at it as something I just
I just don't have that confidence to put

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a significant portion of a portfolio into
crypto. Okay, well I buy that.

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I buy it, so not a
significant portion, but is five percent

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Okay? I think that's something that
could be safe. It's not something you

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want to have if if it does
go down, does it totally derail your

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retirement plan? I mean, really, no investment that you should own should

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really if they go down, they
should not be derailing your your overall retirement

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plan. Okay, So crypto,
precious metals, same type of thing,

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same type of thing. To hear
a lot a lot of news, a

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lot of advertisements for gold. I
mean, again, is this something to

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is this something to put put a
portion of your portfolio in, maybe a

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small portion of it. You know, I think it's something that's it's again,

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it's not going to be something that's
going to break the overall strategy.

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It's going to be something that it's
more more speculative for sure. Okay,

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so speculatively more of a traditional guy, Carrie, more a traditional type of

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guy. Yeah, Well, you
know, like traditionally, what happens,

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the sheep get shorn, that get
slaughtered, right. Well, I think

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that's also where I come in with
the alternatives, the alternative sleeve, because

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those are things that there's a wide
variety of alternatives. Not all of them

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are good, and obviously they have
to be vetted very very carefully. But

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I think the alternative space is something
that's been growing significantly, and for that

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reason because you know, traditional that
that traditional stock and bond investment of the

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sixty to forty portfolio just hasn't been
getting it done like it used to be

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able to. Right, Okay,
So things have changed, right, definitely.

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So if somebody's sitting down and they're
like getting close to their sixties,

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and you know, they've saved,
they've got some savings, maybe not enough

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maybe not enough investments. What are
three things that you think they can do?

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You could say the first thing I
would have. I mean, obviously,

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and coming from a financial professional standpoint, they should find a financial professional

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that they trust and have them build
out a retirement projection and say, okay,

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if we're on if we're on this
path and we stay on this path,

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in terms of how much we're saving, how much we're investing, you

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know, a reasonable rate of return
over the next ten to fifteen years.

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What does our and also understand our
expenses and put an inflation rise in that

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on the expenses as well. What
does retirement really look like? How much

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money is going to come in the
day come in day one of our retirement?

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And am I happy about that?
Or am I scared about that?

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But if I know now, if
I know in my fifties what my retirement

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projections could look like when I'm sixty
five, I have time to make changes,

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time to change things up, time
to make things better for myself.

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Because I always say to people,
you know, retirement is not a duo.

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It's not a DIOI type of project. But it's not a dueover type

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of situation. You know, when
we were growing up and we're playing hide

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and seek and somebody, you know, when you're eight or nine years old,

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is bending the roles. You know
you always said, okay, well

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you kind of bend the roles in
that one. Let's do a do over,

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you know, when you start the
game over again. Retirement's not like

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that. Whenever you decide to pull
the trigger in a retirement, what you

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have is what you have. There
isn't a due over and say, I

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wish you did this ten or twenty
years ago. So the earlier you can

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diagnose what your retirement may look like
and understand is that something that's attractive to

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you, it's going to be really
really beneficial for your future. Again,

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time to have the map is before
you enter the woods. If you can

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get an diagnosis on your retirement in
your fifties or fifteen years earlier, you

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have plenty of time to make some
changes and make retirement look the way that

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you want it to look. All
right, well I buy it the sooner

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the better. And ounce of prevention
is worth pound a cure, right,

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Yeah? And what was pat and
saying? You know, gallon of sweat

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says it, or a pint of
sweat saves a gallon of blood type of

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thing. Maybe that's not kind of
negative for a time of pods, for

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a time of conversation, but it's
so true. You know. It's like

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or warned is forearmed, right yep. So so we need to take all

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these things into into account. When
people think, am I putting enough away

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in retirement? Don't you think that
everybody could put ten percent more into retirement

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than you're doing now. I think
one of the biggest things that is tough

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to understand is when people think,
Okay, I'm maxed out my formal Okay,

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I'm going to be fine. And
I think the problem is is that

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for many of the people that we
talk to, and this isn't just ultra

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high net worth people, right,
but a lot of the people that we

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talked to, the formal case simply
not going to be enough. You have

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to do it saving on the outside
of the four oh one K four key,

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nothing wrong, nothing wrong with it, right, but it may not

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be enough. And again it goes
back to projecting how much you're going to

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have saved by the time you retire, because what we're finding that what we

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have found is that the four on
K is probably not going to be enough,

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you have to do something else.
So I think so I think a

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lot of people can save more than
they they're saving, and I think they

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can save more than they're saving without
it taking a bite out of their lifestyle.

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You know, they don't want to
have to say, Okay, I'm

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not going to be able to go
on vacation this year because I'm saving for

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retirement. You know, while that
sometimes is a rare case, more times

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than not, it's it's something that
saving a little bit more is not going

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to take a bite out of your
lifestyle to the point where you're going to

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feel it all right. So I
guess people you want to know how you

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can connect and get to know Erica. Where do we find you out these

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days? So you can head over
to my website. It's Emangold dot com,

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ww W dot Emailgold dot com.
I do work a lot of medical

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professionals, but I always say to
people eat it. When people say how

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do we work with you? You
know, do is there a minimum or

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things like that, I always say, I want to work with people that

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are respectful of our relationship and are
fun to work with and what and actually

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want my help. So while I
do work with a lot of medical professionals.

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I'm not going to shy away from
somebody because if they ask me for

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my help, I'm going to try
to give it to them. But emailgold

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dot com is my website. That's
where you can learn a little bit more

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about me, what I try to
do for my clients, and also connect

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if you'd like to connect. All
right, excellent, Well the links in

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00:20:36,480 --> 00:20:41,880
the show notes to this interview on
Financial Survival Network dot com. Make sure

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00:20:41,920 --> 00:20:44,279
when you go there you sign up
for your free newsletter. If you've got

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00:20:44,279 --> 00:20:49,000
a question for Eric myself, email
kl at Carrie luds dot com. Eric

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appreciate you coming on and thank you
Carrie so great, Thank you very much,

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Thanks for listening to Carrie Lutz's Financial
Survival Network. Your solution to today

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00:21:00,400 --> 00:21:04,839
trying times. For the latest,
go to Financial Survivalnetwork dot com. Financial

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00:21:04,920 --> 00:21:08,079
Survival Network now more than ever,