Spooked by the Markets? Here’s How to Keep Your Money Safe!

10.27.23: Audio automatically transcribed by Sonix

10.27.23: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Producer:
Welcome to Safe Money Masters with Greg Castle. Get ready for a full hour of financial information and economic news you can't afford to miss. Greg works hard each and every day to help hard working Americans like you navigate challenges and reach the financial freedom they desire and deserve. So now let's start the show. Here's Greg Castle.

Greg Castle:
Hello and welcome to Safe Money Masters, where our main goal is to help you, our listeners, become masters of your money and teach you how to keep it safe. Now we're having a terrific Tuesday or terrific Tuesday on this Hallow's Eve, better known as Halloween, I'm Greg Castle. I'll be your host, along with my co-host and executive producer, Matt McClure. You know, Matt, last week our program was full of useful information. And on this trick or treat version of our show, you know, we can't offer you any candy, but we still offer our listeners a couple of useful treats. As you know, there are a number of documents that go into an estate plan. So two of those documents are very important. Documents are powers of attorney. One is a medical power of attorney, which gives someone the power to direct your medical care should something happen to you and you can't direct it yourself. And the other is a durable power of attorney, and that allows someone to handle a multitude of different things for you. Now, if you would like us to prepare those two documents for you absolutely free, then shoot me an email at Greg at SafeMoneyMasters.com. And by the way, there's no catch. There's also no cost. Now, Matt, here we are once again on another horrific or terror Rific Tuesday lineup. So why don't you tell our listeners what they can expect to hear today show?

Producer:
Well, try not to scare you too much there, folks. The terror will mostly be tonight, although we do have some some great Halloween things, themed things coming up here on the show and some things that we will discuss. Of course, we'll start out with our quote of the week in just a moment. That's going to be what we use to sort of springboard into our conversations today. Go over a little bit about why Greg hosts this show each and every week. It's a super important thing and something really to cover so that you know why we're here in the first place, folks. And you can also, by the way, find us online as a podcast. Wherever you get your podcast, just search for Safe Money Masters there also game of Trick or treats. It's a little bit of a of a spoof on right or wrong, the game that we play here. And so we'll help you learn more about the facts and myths surrounding Halloween. Smart, safe alternatives to bank CDs and why you think that we why we think rather that you should look beyond those bank CD products.

Producer:
Protect and grow how fixed indexed annuities play a role in many retirement plans, and a vital one at that, especially providing an income for life as well. The value of a personal pension will do a bit of an inflation demonstration and some reminders to keep up with, and then we'll close out, as we always do with this week in history. A lot to get to here, but wanted to say first, folks, if you have been listening to the show because you are interested in improving your own financial situation and hopefully, fingers crossed, the ability to retire someday, let Castle Financial Solutions help you with some one on one attention. All you got to do is give them a call 813430 7100. You can also visit the website. It is SafeMoneyMasters.com. They'd be happy to meet with you personally and provide some customized guidance on how to make your situation better. Some solutions based on your specific financial needs. All right, Greg, I think it's time we get started off with our quote of the week.

Producer:
And now wholesome financial wisdom. It's time for the quote of the week.

Greg Castle:
Thanks, Matt with. This week's quote comes from William Arthur Ward, a renowned American writer who once said, opportunities are like sunrises. If you wait too long, you miss them. Any comments on that, man?

Producer:
Yeah. You know, from somebody who's maybe overslept once or twice in my life, that is something that hits home because, yeah, you know, if you if you waste time, if you sleep in any of those things, you could miss those opportunities or those sunrises in your life. It's, you know, the powerful words there.

Greg Castle:
Yeah. And exactly how that relates to to the world of finance and and retirement planning is also true. You know, it's one of those things that if you just like sleeping too late, you miss a sunrise, you know, waiting too long to get started on funding your retirement plan can also create a lot of issues as well. So you don't want to miss those opportunities. And no matter how young you happen to be or how old you happen to be, there's always solutions that can help you maximize your opportunities in retirement. And, you know, we would love to be able to help you out with that.

Producer:
And by the way, William Arthur Ward, in addition to being a renowned American writer, was also a teacher and motivational speaker, best known for his inspirational quotes and writings, which makes him perfect for our quote of the week, of course, and those have left a lasting impact on people around the world. His words often focus on personal development, leadership, the importance of embracing your full potential, and really, really great words there from him to get us started off today.

Producer:
And met. You know, before we get into today's topics, I'd like to take just a minute to remind our listeners to be extra careful if you're out and about this evening. Now, remember that tonight will be full of ghost goblins and superheroes and princesses roaming our local neighborhoods in search of tasty treats. So let's be sure to make tonight safe for our youngsters who are out having fun and also driving their parents crazy. Yeah, as Matt said, you can catch us every Tuesday evening at 6 p.m. on Moneytalk 1010 and on your local stations, 92.1 and 103.1. And again, if you happen to miss one of those episodes, we'd love for you to catch the replay as SafeMoneyMasters.com or wherever you listen to your favorite podcast. So you can also check out some of our entries into YouTube channel and subscribe to see weekly highlights and and any special content we put out there. And if you have any questions or comments, we'd love to hear from you. So feel free to email me personally at Greg at Safe Money, Masters.com or you can give me a call at 813430 7100.

Producer:
Well, Greg, you know, just sort of teed this up at the beginning, and this is a great thing that kind of goes hand in hand with the way that you like to start the show every time, and giving kind of a brief description of why the show is even here to begin with. But let's dive a little bit deeper into that. And because we want people to know that if this is your time out there, folks listening to Safe Money Masters, we're going to talk here for just a minute about why the show is here serving the greater Tampa Saint Pete area each and every week. Greg, you are, of course, the mastermind behind Safe Money Masters, so I will leave it to you, sir.

Producer:
Masterminds selling a devious plan for Halloween here.

Producer:
That's right, that's right. Well, you got me going. You should have worn your devious mastermind Halloween costume.

Producer:
I actually have some things out there somewhere, but, um, you know. Anyway, so. So why do we host this show for you each week? Number one, we want to educate retirees and pre-retirees, which is probably the bulk of our our listening base. So by providing valuable information and insights, you know, helping them make informed decisions about their financial future, we understand that, you know, knowledge is power, and we don't want our listeners or clients to ever feel powerless when it comes to retirement. So this also includes staying current with the latest developments, you know, trends, best practices in retirement planning. And as you know, the financial world keeps moving along and we don't want our listeners to be left behind. So a second reason why we host this show is that we want to address retirement challenges. Challenges that retirees and pre-retirees often encounter while offering smart strategies and strategies are very, very important and also solutions to help navigate these obstacles. A third reason why we host this show is that we want to empower smart financial decision making by our share, by sharing our knowledge and expertise, as well as examples of how we're helping listeners and clients every week. And also, you know, through the, you know, the weekly mailbag when we have those episodes on, you know, we get a chance to answer questions that our clients actually have and give those back. Um, we want to promote financial literacy. A lot of people really don't have a lot of knowledge when it comes to what's going on in finances. The best knowledge they have is the water cooler talk they hear, you know, at work. And those people that are giving you that advice typically aren't licensed to give that advice.

Producer:
And if something happens to give you bad advice, there's no recourse for you other than to suffer the consequences of that bad advice you listen to at the water cooler. So and when it comes to promoting financial literacy, you know, because so many people feel like financial freedom is simply out of reach, you know, we're here to answer your questions and help you understand what you need to do in order to reach your own retirement goals, not somebody else's. And I guess I guess another reason why that, you know, we host this show is that we want to serve serve you as your trusted guide. You know, we want to be your resource for questions and and helping you manage the complexities of preparing and and thriving in retirement. So again, to be able to get some of the advice and be able to let us help you and get the latest trends and knowledge that's out there. As I said earlier, you can catch us every Tuesday evening at 6 p.m. on Monday, talk 1010, and also in your local FM stations, 92.1 and 103.1 up north. And again, if you happen to miss an episode, you can always go to Safe Money, Masters.com and or wherever you happen to listen to your favorite podcast and catch an episode. So you have any comments or questions for us. We'd love to hear from you! You know, feel free to email me personally at Greg at SafeMoneyMasters.com. Again, that's Greg at SafeMoneyMasters.com. Or you can give me a call at (813) 430-7100. Again, that's 813430 7100.

Producer:
And a reminder here for you folks to keep in mind, which is a good thing for a reminder to do, is that Medicare's annual enrollment period has begun. It began just a little while back. Now, maybe a couple of weeks ago here. And it continues through December 7th. Now, the thing is, and the reason that we want to remind you of this and continue to do so, is that by reevaluating your plan each and every year, you're probably going to find that you can save money on some, at least some of your Medicare expenses. You know, savvy retirees are going to do a Medicare coverage check each and every year, just in case they have the opportunity to save extra money. And we know you're listening to this show after all that, you are savvy. So hey, do that and save yourself a little extra a little extra dough perhaps. And if you have questions about Medicare options when you are planning for retirement, let Greg and his team at Castle Financial Solutions Group help you navigate that. You know, it can be really overwhelming and confusing. The options that are abounding for your Medicare, they can help you navigate it all. Just give them a call. Once again, that number 813430 7100. You can send an email to Greg at SafeMoneyMasters.com. And then don't forget as well, we're offering those medical and durable powers of attorney absolutely free for listeners. All right. So do that. And you can use those methods of contact to request those.

Producer:
All right. Greg, it's time for us to play. Not right or wrong, but trick or treat. So we thought it would be kind of a nice thing to kind of deviate from the periodic game that we play called right or wrong, and explore some facts and myths about Halloween, this wonderful autumn holiday that we are experiencing. So I'll ask Greg a question. He'll let us know if we have been tricked by a myth or treat us with the facts. All right, Greg, here we go with number one in trick or treat. Some Halloween rituals used to be geared toward finding a husband. Is that a trick or a treat?

Producer:
You know, it's a wild one. This is actually a fact, so it's a treat. You know, during the 18th century, single ladies devised Halloween traditions that were supposed to help them meet their romantic match. You know, according to History.com, we'll research this last night. You know, women used to throw apple peels over their shoulder, hoping to see their future husband's initials in the pattern they made when they landed. That'd be a strange apple peel. Anyway, you know, when bobbing for apples at parties, the winner would supposedly marry first. It's kind of like catching the bouquet at a wedding. And spookily, they even used to stand in a dark room holding a candle in front of a mirror to look for their future husband's face to appear in the glass.

Producer:
Well, that. Yes, all interesting ways to find a husband. Let me tell you, speed dating has come a long way.

Producer:
Guess, you know that might have been better than some of the internet methods. Or, you know, certainly better than going to a. What is it? A carryover disco or something, right? Yeah.

Producer:
No, this is true. I mean, yeah, a lot of those apps and stuff that are out there, they could, you know, maybe we should start an app called bobbing for apples or something. And that would be the new dating app. Who knows. All right, so that one was a treat. Let's see what we get with number two. Halloween is a satanic holiday boy I've heard that one a lot in my life. But is that a trick or is it a treat?

Producer:
You know, I guess we've all heard that at some point. And the fact is, this is actually a myth. So it's a trick. You know, it turns out that that not that's not really where the concept of Halloween stems from. Their Halloween can be traced back to many religious traditions, including the Christian All Hallows Eve and the Celtic celebration of Samhain, which means basically summer's end and was held for a three day period at the end of the harvest season. Coming from a family of farmers, I remember not so much that so much, but I remember when harvest was done you would always throw a party. So I guess this dates back or is a carryover from that. And the festivals and festivals would include large bonfires to cleanse the land and and say farewell to the year's harvest while preparing for the cold winter months ahead.

Producer:
Wow. Yeah. And it's interesting because a lot of people I feel like, you know, if they don't like something, they'll just say, oh, that's that's satanic. That's of the devil, that's this, that's that, and call, you know, call it names and all that stuff without actually knowing the origins of it. And so there you go. Education is what we're about here, whether it's about Halloween or about your finances. Number three now Halloween is the second largest commercial holiday in the country. Might be a little bit hard to believe. So is that a trick or a treat?

Producer:
I think we know that Christmas is probably number one. And, you know, sort of a toss up, I guess, between 4th of July and what Easter. And the reality is, though, this is actually a fact. So it's just the truth. So it's a treat. You know, only Christmas rakes in more dough than Halloween. You know, consumers spend approximately this is hard to believe $9 billion a year on Halloween. Wow. That's according to the National Retail Federation. And, you know, spending was down a bit in 2020 because of Covid 19 pandemic. But Americans still forked over $8 billion overall during 2020 during Covid, and that was an average of $92 per person.

Producer:
Is spending a lot on costumes and Halloween candy and decorations and the whole deal. And it is a big deal. You know, people think that, oh, it's just the kids doing the trick or treating and all that. But adults have our costume parties and stuff too. So it's not just the kiddos.

Producer:
You know. It's just seem like get tricked every year when it comes to buying Halloween candy. Because, you know, I remember a few years ago we lived in Nashville, Tennessee, and apparently we were in the the go to place for, for buses and, and everybody to come through. So we could have bought 100 and something dollars worth of candy. And within the first hour we were out. So Karen had to go back to the store and buy another $100 worth of candy. And we still ran out before the night was over. They had to get the porch light out that we moved down here. And of course, you know, over the last few years, for safety reasons and other things, you know, a lot of public places have have offered a trick, basically opportunity for kids to come in and and do their trick or treating there as special events for them. So it's you don't see quite as many as you used to see in a lot of cases. Still, a lot of candy is bought. But, you know, we bought we bought about $60 worth last year in the house we're in now. And I think we had three people come by. So I've been eating candy all year long. Right, right.

Producer:
And and you wonder why the doctor gives you that look when you walk in the door.

Producer:
Triglycerides. What do you mean, triglycerides?

Producer:
I know, I know of no such thing. Oh, goodness. All right, so that is true. People do spend a whole lot of money. Second to only Christmas on Halloween. Well, number four, Halloween started as a costume contest. Is that one a trick or treat?

Producer:
You know, that would be really easy to believe. But, you know, all the costumes that are out there and this is one of those that sort of. It depends kind of answer, but overall it's basically a myth. So it's a trick. You know, given our cultural low of Halloween costumes, you know, both for adults and kids, I've got my costume. Um, you know, it's easy to see where this rumor comes from. You know, people originally started wearing costumes to confuse the spirits. In some cultures, it was believed that, you know, the veil between our world and the spirit world was at its thinnest during Halloween. Because of this, you know, people fear the presence of evil visiting them and to hide themselves from the spirits and have protection from them. You know, they would dress up in disguises. The thought was that an evil spirit couldn't find a person if he was disguised as an evil spirit himself. So, you know, this has since morphed into a day to to flaunt any and all costumes.

Producer:
Not just the scary kind. I bet you know some of the biggest this year. Probably, you know, the, the Barbie costumes because that big movie and all that. And as you said earlier, the superheroes are always big. So yeah, it's not just a scary thing. It's any and all. As you say.

Producer:
Princesses, vampires, vampires are always big. Oh yeah. Matter of fact, I have a I have a really intense. What we would call is a jacked up, you know, vampire outfit. I had a dentist years ago when I was chairman of a haunted house back in Nashville, and had a dentist as part of our group. And for all the folks that needed fangs, he actually created porcelain fangs for us. Oh, wow. So so it actually, it looked like our teeth. You put it on your bicuspids there and and just, you know, just and ready to go. But yeah, I mean, you know, we we all I will say all many of us, even though we're, we're, you know, retirement age or whatever, we still like to get into all the fun sometimes. So. Oh, yeah, costumes are costumes are fun.

Producer:
That's right. I'm all about it. I'm all about the fun. Okay, so here is number five. And this is one that I didn't know and actually had not heard. But I find this very interesting. This is number five. Harry Houdini, the famous escape artist, of course, died on Halloween in 1926. Is that one a trick or a treat?

Greg Castle:
You know, it would only be appropriate, wouldn't it? So the fact is that it is true. It's a fact. So it's a treat. You know, the famous magician that we all know is an illusionist and entertainer, you know, died from, you know, I think it was a peritonitis, you know, caused by a ruptured appendix. And however, you know, as as befits a man of mystery, multiple contradictory reports did service at the time. Some say a band of angry spiritualists poisoned him. You know, others said that, you know, it was a student punching him in the stomach, you know, with his permission. And that caused his appendix to burst. Whatever happened, you know, we can all agree that dying on Halloween was very on brand for Harry. Harry Houdini. And ironically, it's sort of interesting. He and his wife had a pact. I didn't realize this. I just happened as I was driving down to Miami from from Tampa for a workshop I had to conduct. I was listening to, uh, what is it, Radio Classics, and just just flipping through the channels and ran across. This was a it was an actual recording. Uh, of a seance. A big, big, big, huge event that was worldwide and apparently was on the radio. And Harry Houdini's wife or, you know, widow was on there. They had a pact, apparently, that, um, you know, whichever died first would try to contact the other, you know, from the beyond. And so every year on Halloween, they conducted a seance, or she conducted a seance to find out this was the final one. It was like 30, 30 something years after he had passed away. And she she basically declared on the show that, you know, this is, you know, apparently you can't reach back to, you know, the the living world from the dead world. So that would be the last place that she would have. So it was pretty interesting.

Producer:
Wow. Yeah. I never knew about that either. That's that's kind of wild. All right, well, we got some tricks and some treats in there and learned a lot actually about Halloween. So a lot of fun here on the old show on on All Hallows Eve. And boy that's you know, you learn something every day. And I'm glad that we got to kind of mix things up for the, for the holiday. All right. So you know, Greg, most of the time what we do spend our time talking about here is of course money. It is safe money masters. After all, that's the name of the show. And so the safe part of that is, you know, something that we're going to talk about now, you know, safe alternatives to bank CDs is a is a great topic to really talk about and think about, especially right now during times of, you know, rising interest rates, that sort of thing. People will see a lot of the the interest rates that they can get on a bank CD and think, oh my gosh, this is amazing, fantastic and wonderful. And, you know, maybe be be drawn in by that. But at the same time, a lot of people are really concerned about the market downturn over the last three months. That is something that will have people flocking toward safety. Bank CDs are often thought about as being one of the safest vehicles out there for your money. So yeah, I mean, it's it's kind of a very appropriate topic on this very scary day when so many people are scared because of that market turmoil.

Producer:
Yeah, exactly. You know, we all consider bank CDs to be safe, but bear in mind, a number of banks have failed lately. We'll cover that shortly. But when it comes to. Well, you know, having your money in the markets, for example, the S&P 500, which is one of the strongest indicators of the markets. It's fallen about 7.5% since its most recent peak in late July. So, you know, if you you likely received your, your, your Q3 or your the end of the third quarter account statements recently, and like so many others, we know you're concerned about losing your hard earned money to heavy stock market exposure. Third quarter was not kind for most people. You know, it's important to protect a portion of retirement savings as you get older, simply because as you age, you have less time to make up any significant losses. And once you once you leave the workplace and retire, you know, you begin to you begin your accumulation phase as you start drawing down your assets to receive the income you need to live on in retirement. Which means that protecting what you do have is really going to be key to the type of retirement you're going to have. So as we advocate here on this show, Safe Money Masters, we always want to provide safe money alternatives to anything that's out there, especially the markets and even even bank CDs. There are better alternatives than bank CDs lately.

Producer:
Yeah, it's very true. And and you know, I've mentioned a few minutes ago those rising interest rates and all that and how it could really suck people in. But so when we talk about those safe alternatives to bank CDs, the thing that we're mainly talking about here is annuities, a couple of different types of annuities that we've talked about in the past, you know, as alternatives to bank CDs. One being a mega multi year guaranteed annuity today. Let's look at the fixed indexed annuities specifically though. And a lot of this does apply to omegas as well. But the fixed indexed annuity is kind of where we want to focus as this alternative. Now the first aspect of this that we want to cover are financial reserve requirements, because we want to help the listeners really understand what happens to that money when they place their savings into bank CDs.

Producer:
You know. You know. Whenever that you deposit money in a bank, including bank CDs. The banks only require to keep 10% of your money in reserves. And this is basically the Federal Reserve requirement. And that means that the remaining 90% is used for other bank operations, including loans that are made to other customers and other things that they do. In comparison, the highly rated insurance companies that issue fixed indexed annuities, which is another retirement tool for safe money protection, are required to keep 100% of the dollars you give them in reserves. So let me ask you, our listeners, you know, where would you rather place your hard earned retirement savings with a bank that has a 10% reserve requirement, or a highly rated insurance company with 100% reserve requirement?

Producer:
I mean, I know what I would answer that question with, but I will let the listeners answer for themselves as well. Which one of those sounds better? Okay, so tax implications when we're comparing bank CDs versus fixed indexed annuities because there are some some big differences there that people need to know about.

Producer:
You know, when your money's in a bank CD, you're required to pay taxes each year on any interest earned. You're going to get basically a 1099 for that interest that's earned. In comparison, you know, with an FIA or fixed indexed annuity, your investments tax deferred, similar to a 401 K or 403 B or TSP. You only pay taxes once you start withdrawals.

Producer:
So there's some advantages there with that fixed indexed annuity. And another thing you mentioned, Greg, is to be cautious. You know, with bank CDs because of those failures of banks that we experienced earlier in the year. We went through a shocking time to the financial system back in March. And it really is still, you know, got people thinking, you know, that we want to rush toward safety. But at the same time, you know, bank CDs are just that. They're certificates, certificates of deposit at the bank. And so if the bank fails, it's like, it's like, what do you do? But this is, you know, this is something that's on people's minds because of very recent things that happened.

Producer:
Yeah. You know, we've heard about Silicon Valley Bank that failed on March 10th, and that was the 16th largest bank in the United States at the time of its failure. It was also the largest bank by deposits the Silicon Valley. So before I get into the other bank failures that are here, a couple more, you got to bear in mind that you know what causes a bank to fail. Number one, it's usually poor management. But number two is that because of that, you'll have basically a run on the bank because you go to a bank and want your money back from the accounts, they have to pay you until the deposits they have on hand. Remember that 10% until that 10% that they have is actually exhausted, at which point the FDIC normally comes in, closes the bank, or shuts operations for the bank to the check and see what's going on. And then, you know, if you're the ones that's out of luck and you have more than the allowed amount in your bank accounts, which normally $250,000, we'll talk about that in a minute. More than $250,000 in a bank, which is the insurance limit.

Producer:
The rest of that money is gone. It's lost. You can't get it back. So some other bank failures besides Silicon Valley Bank, which was the one that, you know, most people are familiar with. You've also got signature Bank that failed. Also on March 10th, a signature bank was a New York based full service commercial bank, which failed. And when customers spooked by the sudden collapse of Silicone Valley Bank, withdrew more than 10 billion in deposits. And then some of the bailout efforts. The bailout efforts actually happened pretty quickly. On March 16th, 11 of the biggest banks in the country announced a 30 billion bailout package for First Republic Bank in an effort to prevent the California based bank from becoming the third bank to fail in less than a week. You know, the collapse of the Silicon Valley Bank and signature Bank were the second and third largest bank failures in US history. And historically, if you look at the 20 largest bank failures in US history, ten of them happened between 2008 and 2010. So pretty recent history.

Producer:
Yeah, definitely. And and, you know, kind of no matter what you do a bit of a warning here, a big warning for people who, you know, have a big sum of money to put away into a bank, don't hold more than $250,000 in any bank at a given time. And why is that? Why is that something that people want to avoid?

Producer:
Well, you know, first of all, you want to make sure and verify that any bank that you use is FDIC insured. Most are. You know, the Federal Deposit Insurance Corporation insures deposits up to $250,000 per depositor, you know, per insured bank. So do not. This is this is a cautionary tale. Time and time again, do not hold more than $250,000 in deposits at one bank at any time, because anything over that could be lost in a bank failure. And as we've seen, if the big banks can fail, you know, you better believe that some of the smaller regional banks are also could be on the block.

Producer:
Yeah, absolutely. With a with a rush on those deposits, then, you know, you kind of never know what could happen. So you got to just make sure and proceed with caution no matter what you're going to do. And speaking of proceeding with caution, inflation has been on people's minds here. But, you know, protection from inflation is something that are that's something that these two types of investment vehicles, this fixed indexed annuity and the bank CD, they. Address in different ways. Guess I should say. And by that I mean kind of one doesn't really address it. And one really can help you keep up with inflation.

Producer:
Yeah. You know, while bank CDs do offer some predictable returns, you know, many retirees are looking for both protection and growth. This is because inflation has been eating away at America's buying power for most of the last four decades, and has picked up in a bad way since 2020. Bear in mind last year, in 2022, inflation exceeded 9%. And another thing is that, you know, fixed indexed annuities allow investors to track performance of a stock market index without subjecting their hard earned money to the stock market risk. So mafias even have attractive features like bonuses and guaranteed simple interest roll ups. And we'll talk about that a little bit later on. We'll just give you an example of one of the many carriers that are out there.

Producer:
Yeah, definitely always helps to do that. And we'll do it in a bit. But you know, talk about more I guess, in a more general way. First, how people can build a safe money retirement plan with fixed indexed annuities.

Producer:
Of fixed indexed annuities or insurance contracts that provide a guaranteed income stream for your retirement. They're seen as an alternative to bank CDs or traditional bonds, and provide a way for investors to protect their retirement savings from market volatility. Efas are designed to provide protection from market downturns while still providing growth potential. And again, a growth potential without the risk of a downside is pretty important. And so are the main benefits include, you know, as I mentioned, protection from market volatility. Efas provide protection from from from that volatility. And since the annuity is linked to the performance of an underlying stock market index, the income is not directly affected by short term market fluctuations, for that matter, even long term market fluctuations. For example, in the stock market downturn or the housing bubble of 2007 2008, the market dropped a little over 50% altogether. And guess how many? Guess how many owners lost money? And that answer would be zero. Nobody lost money. You're that big market downturn. So efas are a great alternative to products that have volatility going to, for example, market investments. You know, this makes them an attractive option for investors who are looking for steady and reliable income stream and growth. And speaking of growth, you get tax deferred growth. So, you know, this means that any earnings on the annuity are not subject to taxes until withdrawals are made.

Producer:
Yeah. And that's a big thing too. They're also a lifetime income stream is something you know we talk about the importance of thinking about income rather than that one big nest egg number. Right. And so, you know, you don't have to worry about breaking your budget and really can enjoy the retirement income that you can count on and never outlive. That's another one of the big, big bonuses, big positives when you're looking at a fixed indexed annuity.

Producer:
You know, in the opinion of this financial adviser, professional strategist, whatever you want to call me, uh, uh, you know, advisor fixed indexed annuities are suitable for up to 70% of your portfolio and say, up to. And again, it depends. Everybody's situation is different. There's no one size fits all. You should probably have never have all of your money. 70% of more than 70% of your money actually in any one product is included. So, you know, if you come to us and take a look at what you've got, we'll decide if there's any appropriate amount that you should, you know, put in there. We'll make a recommendation. If you act on the recommendation, we're we'd love to help you. Uh, you know, it's always your decision. It's your money. So, you know, typically our clients are using fees for roughly, you know, 25 to 50% of their retirement savings, while the rest is allocated to smart risk investments that provide, you know, further opportunity for additional growth. And again, that portion that 20 to 50%, you know, that's that's typical. There are some clients that use more. Some use a little bit less. But I would say that range is pretty pretty spot on for for. Our market.

Producer:
And if you want to get in touch with Greg not only to talk about fixed indexed annuities, to discuss how you can make your particular situation even better in your retirement. You can also call Greg to receive a free report on creating a safe money retirement. Now, that report is going to provide you with some additional detailed information. A lot of it actually, as well as some tips for getting started. So schedule your complimentary consultation with Greg. Receive that report. You can do so by giving him a call at 813430 7100. That's (813) 430-7100. You can also shoot him an email. Just do that at Greg at SafeMoneyMasters.com. Once again, that's Greg at SafeMoneyMasters.com. Now, we often, you know, when we talk about the fixed indexed annuity, we often mention it as being, you know, you're building your own personal pension and that really is what it is, you know, because it's that guaranteed income for life, much like the pensions of old, I guess, that companies used to to offer. And here's something to think about for listeners today, folks. If you don't think that having your own personal pension is important, look at how important it is to workers out there across the country, in different companies and for different industries and things like that. All right. Why they are, how they respond when companies say we're going to take it away. So a number of recent examples just from this year really demonstrate employees demand for pensions and workplace benefits.

Producer:
Yeah. You know, the Teamsters union is threatening to strike against trucking giant yellow after the company missed health care and pension payments. See what else? The autoworkers used to have lifelong health care and pension income. And, of course, they want it back. So the recent strikes between, you know, against Ford and some of the other Ford and GM, some of the other big automakers, some think the thing negotiations are beginning to try and get things settled. But, you know, a lot of that discussion over the health, over the contract negotiations boiled down to, you know, pension and health care even more than wages at this point. And also, if you take a look nationwide or correctional worldwide, you know, garbage pile ups is as the French strike nationwide over pension change. Las Vegas hospitality workers overwhelmingly you know, permit union to call strike against hotels and casinos. And an overwhelming 99.47% of flight attendants represented by the labor union voted to authorize a strike. And then, you know, the Portland Association of Teachers strike would start, you know, tomorrow, November 1st, unless an agreement with the school district is reached before then and also did a federal workshop in Miami last week. And. They actually, you know, we looked online and we found that there was proposals in Congress that would basically take away future employees pension. They'll convert everything to a 401 K or the TSP plan, as opposed to having them have the defined contribution plan, which is better known as a pension. It wouldn't affect current workers, apparently. But you know, later on, there are a number of other factors as well that would also impact federal employees retirement plans. Some of those are current, and you will know what those are. If you're a federal employee, give me a call and I'll read you off the laundry list. It's some some of those things. You'll like some of those things you won't depending on your level within the organization.

Producer:
Yeah. And if you want to give Greg a call and talk about that folks. 813430 7100. Once again is that number. All right. So we teased this earlier. So now it is time to talk about that example of one particular fixed indexed annuity. That could be right for some people in their particular situation. And this again is just an example of the many different products that are out there from from highly rated insurers, highly rated carriers. And this one that we'll discuss right now, Greg, is the nationwide peak ten fixed indexed annuity.

Producer:
Yeah. You know, at last count, there were more than 77 carriers, you know, that were licensed in the state of Florida. Some of those are sub par carriers. But, you know, a number of really good. And one of those, you know, eight plus rated carriers is actually a company known as nationwide. Nationwide is on your side. Anyway.

Producer:
Very nice. Very nice.

Producer:
That was almost as good as you know. Manning does that. Yeah. You know, it's true. You know, good old, good old Peyton. Not quite. Not quite as good as as the country singer does it. But, you know, it was. It was close anyway. So I'm going to give you an example of a fixed indexed annuity that's currently being offered by nationwide. It's an A-plus rated carrier, as I mentioned. And that's by three major credit agencies that rate insurance products and Moody's, S&P and the Better Business Bureau. So here's some of the here's some of the details of the nationwide pick ten. That's really attractive to a lot of my clients. And and actually applies nationwide at this point. The nationwide pick ten is offering a 20% bonus on the amount that you put into the annuity. An example would be that if you were to place $300,000 in the annuity, your account value would start at $360,000. That's a pretty, pretty sizable bonus at $60,000. Know Nationwide Peaked is also offering an 8% simple interest roll up every year that you defer turning on income, which means basically that for every year that you, you know, let your money sit in the annuity and you don't turn on the income. And by the way, you can turn an income after the first year for every year that you let it sit. And they're basically you'd get you would basically get an 8% simple interest roll up or a simple interest credit every year that you defer, you know, turning on income.

Producer:
The nationwide pick ten also is offering a 335% participation rate in the BNP Paribas Global H factor Index. By the way, each each each particular annuity has a number of different options or strategies for you to select from. And you can mix and match any and all of those things. But, you know, for example, one of the better ones for the nationwide pick ten is the Barabbas Global H factor index. And it's basically a stock market index that tracks a global healthcare markets. And you know what? That, you know, simple terms. You know what that means. The 10%, the 335% participation rate. What that really means is that if the index should go up 10%, you would receive a 32.5% credit, minus a 1% spread, which means basically, instead of getting 32.5%, you're going to get basically 31.5, which I wouldn't complain about 31.5% interest. And also if the index doesn't go up, the worst you can do for that year. For example, if the market actually crashes, you're still going to get an 8% simple interest roll up for every year you defer to an old income. If the market stays down for three years in a row and you have eternal income, yet you're going to get credited 8% in a down market. So you really can't complain about that.

Producer:
Yeah. I mean, what would what would you rather have in a down market scenario losing, you know, whatever the market loses, let's say it's has a really bad year, goes down 20%, something like that. Would you rather have that or would you rather be up 8%? That one's a pretty easy one to to answer. And if you have questions, if you're looking to reduce your investment risk during times like these, give Greg a call and his team as well. You can call him at 813430 7100. They really do help their clients and listeners to this show make informed financial decisions and make choices that leave them their money safe and secure all around. So very, very good stuff there. All right, Greg, now, I understand before we get to this week in history and before the show is history coming up here in just a few, you have some exciting news to share with the listeners about a recent movie project that you have co-produced. Now, I, you know, hopefully, you know, you'll you'll introduce me to Steven Spielberg or something. You know, I'm just hoping that that's going to be the case. But tell tell our listeners a little about this film.

Producer:
Yeah. You know, a couple of years ago, I was a contributing producer to a documentary called The Baby Boomer Dilemma. Some of you may have seen it. I've shown it a couple of theaters around here.

Producer:
Oh, yeah, I've I've seen it. I've. I was actually very, very impressed by the film myself. Yeah.

Producer:
Now that was a very small contributing producer. So not enough to really make the credits, but I helped get the movie made anyway. The movie was intended to be about the future of Social Security, the state of the economy, and the erosion of America's pension plans. But unintentionally, it made a strong case about the importance of having a portion of your retirement savings in an annuity. This was not scripted. This was just based on the interviews with all the different experts. And the movie movies have been a huge success. You know, it has interviews with seven Ph.D.s, and that includes two Nobel Prize winning economists. It's also had a sitting congressman and an interview with the the man who is credited with being the father of the 401 K. So when this group came to me with an opportunity that, you know, to get involved with this new movie project, you know, I decided to step up from being a contributing producer and, and, and being unaccredited to actually co-producing this project and being able to get some of the credit. The movie is called The Retirement Deception. It's going to have a motion Picture Association rating of PG, due to some minor language spoken at by some of the folks that were being interviewed in this particular movie the team produced. The movie traveled thousands of miles back and forth across the country to interview dozens of real people who have used the income generated from their annuities to secure a worryfree retirement. So, you know, I'm traveling to Salt Lake City, Utah tomorrow to attend the movie premiere and walk the red carpet and got my tux all ready. It's all clean. So I'm excited about this.

Producer:
That's awesome. That sounds great. And yeah, I can't wait to see you're going to have to share pictures of you on the on the red carpet. And, you know, getting getting interviewed by, you know, the the reporters out there and stuff. You know, that'll be fun though. Seriously, it's it sounds like just a ton of fun and a big, big moment. So I do not blame you for being excited. And I'm sure our listeners are getting excited about it as well. And folks, you know, if you want to be one of the very first to see the movie once it's been released, just send Greg an email, Greg, at SafeMoneyMasters.com. And you can get a free copy of the movie. Greg's going to place you on his waiting list and send you a link to download the movie once it becomes available there for download as well. So a lot of great, great news there. So, you know, thank you for for having a hand in making the baby boomer dilemma a success and a bigger hand in the retirement deception. Hopefully that one will be an even bigger success and move to really educate people about retirement and retirement planning. I'm looking forward to seeing it.

Producer:
Near the retirement, the education of our listeners and people in general. Goes back to financial literacy. The reasons why we do this show to begin with. That's one of the big reasons to get involved with projects like this is to help you understand real life examples of, and what the experts have to say about some of the things we talk about with safe money, which is basically, you know, in our case, we talk a lot about annuities, other products as well. But, you know, one of our favorite products are safe money or portion of your money is always going to be recommended into some some type of annuity, whether it be a multi year guaranteed annuity or a fixed indexed annuity, or basically a fixed annuity, depending on whatever your preference is going to be and whatever your situation happens to be.

Producer:
It's this week in history. Check out what happened on this date and at least one other date in our history from this week. We'll start on this very day, October 31st. It's more than just Halloween. Some other big things happened.

Producer:
Yeah, they did actually, on this date, you know, Halloween. And in 1941, the Mount Rushmore National Memorial in the Black Hills of South Dakota was completed. Near the colossal sculpture features the heads, as we all have seen time and time again in pictures. It's got George Washington, Thomas Jefferson, Theodore Roosevelt, Abraham Lincoln. They haven't yet put Trump on there. I don't know why he wants his picture on there. He wants his head carved into the thing.

Producer:
He keeps talking about it.

Producer:
He made a big plug for it for a while there. And then in 1864, one of our states was adopted. Nevada became the 36th state of the United States. Abraham Lincoln actually was there for the ceremony for that. And then tomorrow, November 1st, 1997. You know, a couple of couple of film premieres on this date. You know, one was James Cameron's Titanic, which had its first public screening at the Tokyo International Film Festival on the state. Another was one of my favorite movies from from old 1967 film called. It's a classic called Cool Hand Luke. It opened up in American theaters and became especially known for Paul Newman's performance in one of his most iconic anti-hero roles. And the scene that that turned me off to boiled eggs was the one where he ate, like 50 something eggs in a period of time, and I just can't imagine what one of his belts or things came out of. The other actually smelled like, you know, putting all those eggs. So every time I see that, it's just I can I cannot eat a boiled egg anymore. Just turn me off to him.

Producer:
I guess that'll do it.

Producer:
It'll do it. Birthdays today. You know, you got sir Peter Jackson turns 61 today. He's a film director. And of course, we know him from the Lord of the rings trilogy in New Zealand. Born. Rob Schneider is 59, is an American actor and comedian. Of course, he was a Saturday Night Live alumni. Jane Pauley, who we've all seen on TV screens at some point over the past. She's 66 years old today, she's a TV anchor woman and also a commentator and a number of shows. And, you know, one of the another commentator was, you know, Dan Rather, who is still around with us. He's 91 today. He's a journalist, anchor and commentator. And then one of our fallen actors that we all know and love from shows that I used to watch as a child, um, Michael Landon would have been 82 today. Of course, he was the actor, and I remember him well from from Bonanza and and little House on the Prairie. And then today is some special days. Number one, you've got National Door Bell Day, which is appropriate. You've got National Magic Day also appropriate. You got National Knock Knock Joke Day, then you got National Caramel Apple Day. And of course, nationwide. Today is Halloween. So man, I'll tell you what, I'm going to go and learn a knock knock joke so I can use what knock on doors tonight I'm going to ring a few doorbells. I'm going to put on my vampire costume, Dracula costume with my fangs and and do some magic. And then I'm hoping that somebody's going to put one of those caramel apples in my in my Halloween bag. So with all that said, I think it's probably time we wrap things up for the day.

Greg Castle:
Yeah, I think so. I got to go get my teeth ready for those caramel apples. Let me tell you, that's going to be a that'll be a chore. But Greg. Yeah. Thank you sir, so much for all that you bring to the table each and every week. And we'll do it again next time.

Greg Castle:
Now. Look forward to it. We'll see you after Halloween on the same bat time, same bat channel. See you next week, folks. Have a great week.

Producer:
Thanks for listening to Safe Money Masters with Greg Cassel. You deserve to work with a financial expert who has a track record of helping clients exceed their financial goals by implementing safe and proven strategies. To schedule your free, no obligation consultation with Greg. Visit SafeMoneyMasters.com. Not affiliated with the United States government. Greg Cassel does not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. A pro-life assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information.

Producer:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. Any bonuses mentioned may be subject to additional restrictions and regulations based on the offering. Annuity company you may not receive the bonuses if the contract is fully surrendered, or if traditional annuitization payments are taken, and if the policy is partially surrendered, it could result in a partial loss of bonuses. Because these are bonus annuities, they may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus feature. Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

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