Are You Ignoring the Warning Signs?

[00:00:00] Speaker A: 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. [00:00:18] Speaker B: This is another Money Show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their inc. Reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correjo and JR Rochford. [00:00:42] Speaker C: Here we are, your hosts, Anthony Correo and JR Rochford, taking a break from our day to day as financial advisors with Rochford and Associates, a fully independent fourth generation family office right here in the greater Phoenix area to bring you information you may not find on those other financial radio shows. We're aware the last thing you need is another money show, but we appreciate you being here today. So how do you want to start? [00:01:05] Speaker A: Why don't we get the shout outs out of the way first? So yes, thank you for being with us. I mean I, I know I say this every week, but we have so much to get to so I may rush through some of these things a little bit more than usual. And, and you know what the, the thing when we bring you articles and so forth, we Sam taught us a long time ago, make sure we cite the sources. If I read something, make sure we give you what, what publication or what video, what date and we want you to let us know, reach out to us, email us or call us and we'll email you an article if it piques your interest. But some of them I don't spend enough time on, that might be the case today. They're just, they're usually what I consider to be very important or I wouldn't have it ready for the show. So send us your fan email. Don't, don't forget we did part of our shout outs. We asked you last week to let us know if you like the format of the show, if you want us to go more financial, if you want us to leave it alone. We also are nearing our next renewal date, so we want your feedback on if we should keep going. I mean we, you know, when we tell people we're a different animal, we're a show on current events and how they're likely to affect your future, your finances, your kids, your grandkids. This is not everybody's cup of tea. This is Not a hour long infomercial. So it's not what you're used to for a financial show. So the another money show is somewhat tongue in cheek. Anyway, we're getting ready to renew. We want your feedback. Do you enjoy listening to us? I mean, whether you come in the office and make an appointment or not, we still want to know if you're out there. We want to know if you're listening. We had a few people reach out to this week. We had a call from a guy named Charles. Thank you so much. We had an email from a woman named Gail and that, that's valuable to us. I did get a couple texts from people that I've, I've corresponded with a couple times and so far it's been positive. They like the show the way it is. We just, we, we have the financial knowledge to switch this to one of the other shows. You know, we can talk about IRAs and Roth conversions. Speaking of which, before I finish the shout out, it's nice having ADD and OCD because I can jump around like nothing. So real quick question for the irs. If, if you guys are listening, all of you are all 88 or whatever thousand people. If you're listening to us, I have a question. So now it's 2026 and people can still fund the Roth for 2025. Here's a piece of financial wizardry you may need to know. You can still fund your 2025 Roth up until April 15th. So, and if you do so for 2025, you can put in, let's see here, looks like, let's say you're over 50 because most of the people we work with are. You can put in $7,000 plus a catch up of one. Stop me if I'm wrong here, Anthony. I'm flying blind. So I believe you can put in $8,000 between now and April 15, but going into 2016, which you can also fund right now, so the first part of the year you can overlap your funding. And this is true on traditional deductible. So on your Roth bank, your Roth, if you want to fund for 2026 now too, you, you can put in 7500. And this is what throws me off IRS, if you're listening, the catch up provision is going to $1,100. So I used to always question why you use 59 and a half as retirement age to eliminate the 10% penalty on your distributions. And then you got to 70 and a half before you had to take distributions through RMD. Finally, now they've it's 73 now. It's due to go up to 75, I believe, in the upcoming years. So. But what is with this 1100? So you can put in 77,500 for 20, 26 and you can put another 1100. IRS make the math simple for people. It'll be okay for us. I mean, the more you put in, you know, the better. We'll help you manage it. So. But, but I mean, why the extra hundred dollars? I don't know, Just, just a weird observation to me. Anyway, so reach out to us and we will help you fund your 20, 25 IR IRA. We will help you get it deductible if you need a little break in your taxes or do a Roth, which we love. Let's see. Anything. I, I guess I'm going to, with the shout outs. Just keep reaching out to us. We need to know you're there because we really do, you know, this is going on four years, so we really do need to make some decisions here in the next, I don't know, five, six weeks, whatever it is. So let us know you're there and whether it's good or bad, we, we really like your feedback. So thank you so much. I know I, you know, kind of got on somebody last week a little bit that, that doesn't enjoy the show. I, we still know you're listening and that's important to us. So I, I think you should come in, see what we actually do financially. So let's see here. I guess I'm going to get right into the, the world. I guess that's the most important thing. Anthony. Sam, I know I'm the one that you trust to glean things out of the news cycles, but are you hearing that we might be soon. You're not in the right way, Sam. Anthony, you. Do you know who we're about to go to where. [00:06:18] Speaker C: I never know if you're actually talking to me or if it's a rhetorical question. [00:06:21] Speaker A: So I, Okay, I'm actually, I'm, I'm talking to you right now. I mean, do you know that we're on the. I have no idea stage is set one in some of the stuff you should just. As a citizen of the United States, but really for the radio show, part of why I do most of the talking is because I do all of the, the research I do. And I'm not slamming you. You do all the financial stuff, you know, way more than me. I mean, you know, the show has been my baby. The office has been yours, so. But I mean, we are potentially today, as we record is 19 February. By the time you hear this, we may be at another war with Iran. And I know this past year we had the bunker busters, you know, sounds like a DQ treat. We had the bunker buster parfait last year. So. But, you know, I guess this war, I'm not sure the whole basis of it. I know that we heard, you know, Trump said stop killing your own people, that's a problem. But we're not the world's police anymore. We can't afford it. If you're killing your own people, shame on you. But what are we going to do about it over here? But apparently the nuclear, you know, the nuclear capabilities of Iran, they want to be a nuclear power and they know that if we go to full blown war, they have China and Russia that would lean more on their side than ours. So maybe they feel emboldened by the fact that, you know, those two nations would, would join in. I don't know. But I've made fun of the fact that we've been in World War III for years. When, you know, when you're in different nations and you actually are supplying money and weaponry and boots on the ground, you're at war. And it's around the world. So maybe if we go to full blown war with Iran, which I'm hearing this morning is due to take place within the next 10 to 14 days. And I, and by the way, if you're, if you watch Trump at all, you know, he does stuff like that, you know, he does stuff and people take him seriously and then we'll probably be at war this weekend. You know, he, you know, people are watching this hand. You guys were talking about playing chess when I came onto the studio this morning, and people call Trump's maneuvers 5D chess. It's like, you know, so anyway, the thing with Iran, it's very likely we have half of our military over there, you know, the F16s and the aircraft carriers, I mean, it certainly looks like things are going to pop off. And Anthony, part of the reason you need to be watching this, this could tank the market. The market's been on a tear. March 9th, we'll be on our 17th anniversary of the end of the last recession. We are in a boom, bust, boom cycle. And right now we've had the longest boom that I've ever seen and we need a bust. Have you noticed that the busts keep getting bigger? Do you like a big bust, Anthony? Sam, is that something you enjoy? The busts keep Getting bigger. The tech bubble was a pretty good correction. 2008 was way worse. So 2026, if that is when the next correction finally arrives. When we hit Dow 50, there was a milestone. Maybe you can feel free to retract a bit. It might be a whopper. It might be the size of 2008 and 2000 combined. I don't know. I don't have a crystal ball. We can tell you. Our show tells you to be prepared and not scared. Our show guides you to be proactive and not reactive. So if you've had a joyous run up in your 401k and you think you should be aware and awake and nimble and, and maybe have an exit strategy, have a strategy to dollar cost average, safer, whatever that may look like for you, whatever's in your best interest. Sit with Anthony. Sit. Come in our office, see what we really do for a living and not just here on the, on the weekends. So. But anyway, Iran might be a big deal. And you know what? Our attention span in this country is so short. I mean, what's going on with Venezuela right now? I know, I read this week about Cuba. Garbage is piling up again and they're having a problem with the gas and oil. But what? Maduro from Venezuela, that was all over the news a few weeks ago. Is he still in New York? You know, is he. What's going on? Russia and Ukraine, we spent billions of dollars in Ukraine, our tax dollars. And We're a nation that's 38 trillion in debt, so we don't have it anyway, but we spent it. So is Ukraine and Russia still a thing? When's the last time you heard about it? Israel and Palestine. Israel's right near Iran and Israel is very ready to have Iran, you know, taken down a notch. So that'll be interesting. Are they still fighting with Hamas? Palestine, Is that still a thing? Tariffs. When's the last time you heard about tariffs? You know, speaking of financial matters, I looked at the jobs numbers this morning. Pretty strong. The unemployment numbers were great. So less chance of a interest rate reduction. By the way, if you're a Jerome Powell fan, you're probably not as likely to get an interest rate reduction next month anyway. So our attention is bad things. Things come and go so fast. The only thing that doesn't seem to go Nancy Guthrie. That's still a big deal. You know, even Epstein News is in and out of the news right now. And by the way, I mean, if there is a heaven or hell, if there, if there is karma, if there Is God, if there are things out there that are bigger than us. Oh, my gosh. I mean, I hope that mess. It's way out of my wheelhouse, but I hope that mess one day everybody pays for their, Their dis. Indiscretions or sin or whatever, you know, what's the dude from. The dude. What's the dude from over in England? Prince Charles, whoever is. Apparently he's going to jail. His brother said, good, let the justice system handle him. So I don't know. Our attention span is bad. Couple things, as long as I'm on geopolitics before I get to any articles and so forth. Munich, Germany and Anthony, if you have not heard of what's going on in Iran, I trust you haven't heard about what's going on in Munich, Germany. But they had. There was a bunch of speeches on the 13th, which was last Friday. Ooh, that was scary. Friday the 13th through the 15th, they had the MSC 2026. That's the Munich Security Conference. And what that is, it's global leaders get together to keep us all alive and keep us playing nice together. The Munich thing, this is the 62nd year. So it's been going on for a long time. You know, we have Davos, we have the Bilderberg Group, we have all these big. A lot of very smart people get together and they, they, they, you know, make sure their world's going the way they want it to. So. But this one was a little bit more interesting than usual because we are going into a midterm election year. So we had Marco Rubio there. He did a speech, the ones. If you get a chance to look into some clips from, from the Munich Security Conference, look up AOC and Gavin Newsom. I find those two particularly interesting. There were no surprises in the stuff that, that Rubio said. You know, you like him or you hate him. It's usually just depends on what side of the political eye you're on. I get that. But when you look at, when you look at some of the other side of the aisle from him, aoc, it's just gold. I mean, you have to hear what this woman said on the world. This is potentially our president one day, Newsom or aoc And I don't care if it's a, if it's a R or a D behind their name. It's just that it's gold how little these people know about the world. So we'll see what happens. I'm gonna go into Canada just for a second. I don't want to Take a lot of time with this, but I'm watching it. The frequency seems to be increasing. There was a school shooting a little over a week ago. Actually it was on the 10th of February at Tumblr Ridge in British Columbia. It was a trans shooter, Jesse Van Roostelier Rustalaar, 18 years old, which is kind of young to be shooting up things. Killed her mother, killed her half brother and went to the school, killed six people, injured 27 others, then killed herself. And I read about it, I was going to bring it up last week and I thought, no, really, that's way outside of our scope of what's important here. But in a way it's not because again, I'm going to be a conspiracy theorist and tie in the fact that it's an election year, it's the midterms this year. And the midterms are very crucial. What's the thing I say, Anthony, every two years this is the most important election of your lifetime. And what's so funny, it is. So the midterms are this year. So I kind of, when I read about Canada, I thought, well, that'll come to the United States too. Between now and the end of this year we're going to see shootings. Sure. As you know what, it's not going [00:14:55] Speaker C: to come to the United States. It's already here. We have massive amounts of school shootings. [00:15:01] Speaker A: Yes, you're correct. I should say it a different way. We're going to get a few additional in the media ones to distract us from what's going on. To make sure we know that the right side of the aisle wants to keep your kids safe, not the wrong side. We're going to get all the people that don't want to worry about psychotropic drugs and whether there's any mental illness behind these things. We're just going to come back and say we need to get AR15s off the street, out of the hands. You know, the problem is they always get them out of the people that don't shoot anybody. But it just, you know, I mean, sure enough, as I'm thinking that within the last week there's another one just On Monday the 17th in Pawtucket, Rhode Island, 56 year old Robert Dorgan killed his ex wife Rhonda. His son Aiden injured three others, then he killed himself. He claimed that criticism of transgenderism is why we go berserk. That's his quote, why we go berserk. You go berserk because you're absolutely mentally crazy. Let me, I don't Care if you're a man or a woman or a man that wants to be a woman or a woman that wants to be a man. I mean, you may have stuff to deal with there. There may be a lot of issues. I can tell you no sane person kills other people. Maybe in the military, when you're in the battlefield, when you're a combat veteran, that's different. When you're at an ice skating rink or at a school and you shoot people, you got bigger issues. And, I mean, I will not go the conspiracy route of MK Ultra and any kind of setup behind those things. But I will tell you that everything's fragile. And you know what my solution to you, since we will never tackle medical mental illness, we will never tackle the root problems, we will just go after the tool used. I can tell you if you get the proper training and you're inclined to be okay having a weapon. Get yourself trained. I mean, get yourself where. If you go to church, you make sure there's an armed guard by the door or you have a weapon with you, because anywhere at any time right now, you are potentially unsafe. And it just. I don't know. Again, you see why that's not necessarily in the financial realm, but it is important. You know, maybe the show is more about life advice than financial advice, and that's okay. So let's see here. What should I hit next? I want to make sure I don't miss any of the important stuff before I get to the articles. I did hear a commercial. I'm going to. I'm going to intertwine some financial stuff today. I heard a commercial this morning. I love this. I hope it's okay to say their name. It's an insurance company, but their. Their ad says Big Lou, they say, called Big Lou. And the commercials are creative. They're funny. They're like, you know, Big Lou's like you. He's on meds, too. And it's this morning. I just. I don't know. I mean, I'm listening this commercial, and I'm like, big Lou's like you. He's almost dead, too. If you are here in this commercial, you're like, oh, man, I've got heart problems and diabetes and all this stuff. I need insurance. Reach out to us. We don't have a lot of time on this show to tell you all of the stuff we do. But, you know, don't just call Big Lou, call us. We are. Our office is fully independent. We can shop rates for you. We can help you with your term insurance. We have carriers that do guaranteed issue. We have all kinds of stuff. If you need to do large estate planning cases, we are great at that. We can do generational wealth transfer through life insurance. That's a lot of the, a lot of the wealthy people have learned that trick. You know, somebody without a lot of means. Oh, you're going to try to sell me life insurance? I'm not trying to sell you anything. I might try to help you get ahead in life or better your situation or improve the trajectory of the wealth in your family. So reach out to us. And thanks, Big Lou, for giving me a laugh this morning because your commercials are amazing. So let's see here. We today I want to get into banks. So I will warn you when we go in the second half of the show, a lot of it's going to be on banks. And there's a reason I want to hit that again today. But I think this is a good breaking point where I do one of our Festivus Report items, if that's okay. So if you're new with us, we decided to take Rand Paul's annual Festivus Report. Instead of tackling the highlights in one episode, we're going to just give you one or two a week until they run out. So this one is kind of amateur numbers. The amount wasted is $141,517. You know, don't forget, even these small numbers, they do add up, especially to a country that's 38 trillion in debt. Did I mention that? So USDA community food projects Competitive Grant Program is meant to do something simple. Help low income families access real food by funding projects like farmers markets, food distribution and community nutrition programs. Congress authorized it so communities could meet basic food needs, reduce food insecurity and support local farmers naturally. USDA sent $141,517 to the Farm Training Collective NYC for a project built around QTBI POC farmers, an acronym so long it needs its own glossary. So the money instead of I don't want to speculate here, but anyway it's going to QT bipoc. According to the proposal, this initiative will co design a resilient and equitable food system for low income QT BIPOC communities which they define as queer, trans, lesbian, gay, bisexual, pansexual, asexual, intersex, gender, non conforming, non, non, binary, two spirit and basically anyone else they can fit under the umbrella. It raises the question, how does one find culturally relevant foods for a two spirit individual living in the Bronx okay, take with that what you will, but I think it's. Again, is our government really, really that dumb? I mean, you know, I've yelled for years. I don't know, Anthony, if you and I are on the same side of this, but with the Food Snap program, the food stamps that I saw when I was a kid that are now on a credit card, I don't like that. I can buy Taco Bell with that. I don't like that. I can go to CVS and buy M&M's with that. And yes, it's true, you can in most situations. They're trying to tighten it down. I just, I always thought you should be able to buy bread, milk, cheese, eggs, peanut butter, you know, all kinds of staples, but not fast food. Not lobster, not caviar. Well, maybe lobster and caviar. They're seafood. I don't know. So I think it's just so much needs to be fixed with our financial structure. And I'm not sure who, how, I'm not sure how it's going to get changed. So you, Sam and Anthony, your generation can sort it out because I am old and almost dead. So we'll see what happens. One other thing, I'm going to actually start getting the articles because this segues nicely. One other thing that you guys have to sort out. Here's an article from msn.com on the 17th of February. Social Security's main trust fund faces depletion in 2032, triggering benefit cuts. You know, this is 2026. This is 2026. So I mean, that's six years. That's going to go fast. Anthony, this summer you will have been in the office for eight years. So this is kind of shocking how fast time is going. So let me just read a little bit of this article and then obviously, feel free to let us know and we'll send it to you or guide you to it. A critical trust fund that helps finance Social Security benefits is on track to reach insolvency in 2032 when automatic benefits cuts would occur without action from Congress. That's why I wanted to read this article. We all know Medicare, Medicaid, Social Security. We all know they're stressed, they're broke, they're going to change. We know that. But this article is different because it says all you have to do is keep doing what you're doing. Politicians, if you're listening, I know it's not popular to fix it because you probably would have to change things. You probably would have to make some cuts. But I Can tell you right now what you're doing is pretty chicken, you know what? But all you have to do is do nothing and it's going to change. So the nonpartisan Congressional Budget Office released its 10 year budget and economic outlook which projected that Social Security's old age and survivors insurance, the OASI fund will be. Switch the page Bob Seeger. Depleted in 2032 as spending outpaces the trust fund's income. With the gap growing over time. Social Security benefits are funded by payroll tax receipts along with the OASI trust fund. And once the trust fund is tapped out, the federal government would only be able to pay out benefits that it receives from payroll taxes under law, meaning benefits would face cuts without act by Congress. I have been warning people for over 20 years that you better start understanding fixed, perhaps annuities if it's appropriate for you. You may start understanding multiple sources of income one day. You may have to understand having an hsa. You may have to do all these smart financial things because the government is broke and getting broke. And I've been shouting it for over 20 years. Anthony, you've heard it in person for over eight years. I told you when you were young, do your Roth ira. Make sure you do things to help your future because it's going to come faster than you know and it still is. I have been warning people that it is so broke, it is so over. It's been raided, it's underfunded. You know, 10,000 baby boomers on average are retiring a day. They have been for 20 years. It's a system that is not going to make it for the long haul. It's a miracle it's made it this far. So I've been warning people they're going to have to take a three pronged approach. They're going to have to raise the age. They're going to say we're all in this together. You know, of course the politicians are not in this system. I hope you know that the people that we elect to manage the system are not in the system. Just so you know, that same thing with health care system. So we. I've been telling people for over 20 years they're going to raise the age they're going to raise it to instead of being able to take Social Security at 62 or oh, we got to take a break. I do want to finish my thought right after the break, but I didn't realize how fast this hour went. We will be right back. If you'd like to reach out to us, we would really love to meet you. We'd really love to hear your opinions on the show. We'd like to be a second opinion on your finances. Give us a call at 623-523-0444. Again, that's 623-52-3-0444 or email us at team another money show.com questions, feedback, set an appointment, do all that stuff with us. We'd love to meet you and make sure you check out our YouTube channel. So our YouTube channel is wonderful. Thank you so much, Shelby. It's hard for me to find time to have content, so Shelby has bailed us out and she's put new stuff up. So go to YouTube and look up another money show and thank you for being here as always. We'll be right back. [00:26:48] Speaker B: Well, J.R. and Anthony need a quick breather. So refill that coffee and get ready to level up your wallet. This is another Money Show. [00:27:01] Speaker C: Have you ever made a dumb financial decision you wish you could take back? Are you worried one wrong move in retirement could wipe away all your years of hard work and savings? What if I told you it doesn't have to be like that? If you had a financial mishap during your working career, you at least knew that you had paychecks coming in to replenish that money. So why should your retirement be any different? Most companies stopped offering pensions decades ago, but what no one tells you is you can find fund lifelong pensions yourself. I'm Anthony Correo, co host of another Money show airing Saturdays at noon on 9 60, the patriot and the fourth generation of financial advisors at Rochford and Associates in Sun City. Give yourself the peace of mind of having income you can never outlive in retirement by adding a pension as a part of your retirement plan. Assets come and go. Income is forever. Reach out to us at 63-523-0444 or find us on the web at anothermoneyshow.com and let us help you plan for your lifetime income in retirement. [00:27:59] Speaker B: Welcome back to Another Money Show. To schedule your free no obligation consultation with JR and Anthony, visit anothermoneyshow.com or call 623-523-0444. [00:28:14] Speaker A: Welcome back to Another Money Show. Thank you so much much for being with us. You know we greatly appreciate it. We always say we're little fish in a big pond, so we we value your support and thanks. Let me finish up the Social Security thing here real quick. I've been warning people for over 20 years they're going to have to take a three prong approach, they're going to have to raise the age instead of you being able to take it as early as 62 or your full retirement age, which is whatever, 66 and 11 months or whatever, or waiting to 70 to max it out. They're going to say that those, they're going to go away. They're going to say it's either going to be 70 or 75 to start and then maybe they'll have tiered, maybe they won't, but it's going to change. It's too broke not to second tier because that won't be enough to save. It is. And this is going to be over the years. This will affect you guys, Anthony and Nick, not me. I just said Nick. We're just talking about Nick in Japan. I meant you, Sam. I meant you, my favorite son, not Nick in Japan. So we're the second prong approach. You know, right now younger workers are putting in like 7.2 or 6.25%, I think it is out of your paycheck. They're going to have to double that. You're going to have to put in 12% or higher. And then the last and the most scary, you know, the third prong is the scariest to me because we work in Sun City where we do have clients on a true fixed income. They're going to have to lower your benefit. And Anthony, you've been seeing it, you've been hearing the scuttlebutt about it for the eight years you've been in the office. They're talking about 23, 24%. So they're going to have to lower people's payments and that's shocking, especially in light of the last decade, the way inflation's gone, the way gas prices have gone. So they're going to cut your pay according to this article. The first thing they're going to do is nothing. So there's going to be a pay cut by default. They're going to cut your pay. And this article saying about 20, they're saying 7% in 2032 and then jumping up in 2033-36 to an average of 28% per year. Pay cut on your Social Security that you put into your entire work and life. And Anthony, you said you found the numbers from 24 to 25. [00:30:26] Speaker C: I look up the OASI and DI trust fund trustees report, annual report every year and it's within the first few pages. It's the overview and it says long term and short term goals. But I'll just, I'll read you what their solutions are. So you have your estimated three prong approach. Here is what the trustees Three prong approaches a permanent payroll tax rate increase from 3.65% to 16.5%. [00:31:00] Speaker A: Holy. [00:31:01] Speaker C: And that's to make up what is it the the 75 year lifespan. If we're going to be solvent for 75 years, we're going to have to increase our payroll tax by 3.65% up to 16.05%. Scheduled benefits would have to either be reduced or amount equivalent to an immediate impermanent reduction of 22.4% applied to all current and future beneficiaries affected in January 2025. And that's saying people on Social Security right now and anybody else in the future, if we're going to Stay solvent for 75 years, dropping all of those payments by 22.4%. Well now let's say you're grandfathered in. What do they do now with all futures? They say buy or by 26.8% if the reductions were applied only to those who became initially eligible for benefits in 2025 or later. So it's 22.4% across the board to stay solvent or if you haven't been lucky enough to be grandfathered in, 26.8%. So and if you are someone who is close to retirement age, or let's say you are of retirement age and you want to hold off till age 70 to get Social Security because it pays out more. Quick reminder, I mean you already kind of know where we stand on, you know, just the fact that it's insolvent and what are the odds that they're going to cut the benefits across the board versus the cutting benefits just for future. You know, I'd imagine people are going to be a lot more upset if they're already taking it versus those that haven't received it yet. So we do think, you know, being grandfathered in will probably be a greater benefit. But let's just talk about the math portion of it. If you take it at 70, it's obviously significantly higher than taking at 62. However, you're missing eight years of payments. And just to make the math easy, like I've done before, assuming you spend all that money, all that Social Security coming in, you're not actually reinvestment. So you're your return on your investment itself is 0%. Even with that, with the increase at age 70 versus 62 and those eight years of payments you'd be missing, your return on investment is around age 80 meaning that if you live past 80, it would have made more sense for you to turn it on at 70. However, what are you going to spend your money on at 80? [00:33:40] Speaker A: Doctors. [00:33:41] Speaker C: If you're still out there traveling and taking cruises and partying up, you know, good for you. Maybe that, that changes our answer, but that is not what we're seeing in Sun City. You're going to enjoy your retirement. You're going to do all your travel while you're younger. So get that money while you can. Enjoy it and enjoy it because towards the end of life it just goes to doctor's bills. [00:34:00] Speaker A: So like Tom Hegner taught us in the seminars we went to of his, when you first retire, it's the go go years. You're spending time with your grandkids, you're golfing, you're on the move, you're taking a cruise. Then you get into your 80s and it's the slow go years. Now you're going to a bunch of doctors, you're not cruising anymore. Then you get into your 90s and it's the no go years. Then we're talking about what did you do for long term care planning if that need arises, what did you do for your final expense policy? Did you call J.R. and Anthony or Big Lou? So yeah, no, it's shocking. And basically what you said from the government numbers, their own findings to what I'm saying, it's the same thing. It's, it's just laid out differently. It's saying, you know, I mean, and who do you trust more, me or the government? So I'm not from the government and I'm not here to help. So trust me, the government can change those rules. But shoot, I mean, what you're talking about, that OAS, whatever thing from 3 something to 16, but that's shocking. That means the system is going to be a real different animal in the upcoming years. And I still think we can get out two more years and they can say, sorry, you know, the war in Iran costs too much. We're going to have to reduce benefits now we're going to have to raise the age. Now they can make my three prong approach or the government's two and a half prong approach change overnight. So act accordingly. Do some deep soul searching on when you want to take it. Make sure if you delay the age you don't get hit by a bus. You know, a lot of people have to take it. They don't have the extra income, they don't have the extra money they need it for. Foods and med and stuff. So we can brainstorm with you if you wish. We need to move on. I've got several articles and I need to have some time saved for the banks. Sam, if you can kind of watch me and let me know when I have at least 10 minutes left. I would love to hit the banks for a while, but I want to hit a couple quick things. One of the things this morning I was, as I do every morning, I was looking in on silver and gold and cryptocurrencies. You know, bitcoin. Just October time frame, bitcoin was about $124,000 a coin. So you could have bought your own air for 124 grand. It's at 66 this morning. When I looked in, it's literally almost half off. Those of you that were buying it was riding up. Why aren't you buying it now? Why when it's half what it was just about, I don't know, six. I'm not good with numbers or math. Six months ago you wanted it. Now that it's 66, you're not buying it. We buy low, sell high. Only works if you have the stomach and discipline. Luckily, even with AI coming at us like a freight train, you and I, Anthony, are always going to have a job because there's a big difference between information and advice. So we want people, we want people to buy low, sell high. People have mastered buy high, sell low, have the buzz about silver. Just a few Fridays ago when it went over $100 an ounce for the first time in history, the buzz was heavy. Now that silver is that. I don't know, I forgot what it was this morning. 70 bucks or whatever. 70? Yeah, yeah. And now it's quiet, there's crickets. Like what the heck is wrong with people? If you thought silver was a good deal at 100, maybe you should start dollar cost averaging in now. Maybe you, maybe it's a better deal at 70 than it was 100 for you, I don't know. We cannot give specific recommendations on this hour but I can tell you generally we see people doing things backwards. I, you know, when I was in Iran earlier, I will tell you something funny, something else that I heard right around the same time I heard the term insurance commercial during the news break of my favorite, my favorite station, 960, the Patriot, that the top of the hour at 10 o' clock the story was on Trump's board of Peace. I expect Anthony or Nick, you probably have not heard of this, but you need to look into it. We have A new Board of peace. Is this going to replace NATO and. I don't know. The U.N. i don't know. But we have a new Board of peace. It's about 20 world leaders. Trump invites them. It is due to grow. So the board of Peace meeting is literally going on as we record this and the Board of Peace. And then the very next news item was how the stage is set for the war with Iran. They were talking about the war, the Secretary of War, Pete Exeath and Ray to go to Iran. So just the irony of the board of Peace versus the entire globe being in some sort of conflict stage, it's not lost on me, kids. But I don't know. One last thing and then I will really, I really will hit an article or two. Jay, my youngest son, I don't bring him up often on the show because he's 21. He's not really in tune to the world and it's news. So Jay said yesterday he was grumbling about gas prices. He said, I just got gas a couple weeks ago and it was 299, it was under $3 and I got gas today. This was Yesterday, this was the 18th of February, and it was like $3.40 something cents. And he's, he's complaining. And I said, well, Jay, first of all, there's a couple things you need to know. One thing, the oil prices far in advance, they buy the barrels of oil, they do all this stuff. It's like, you know, 30, 60, 90 days out. So you would think when, when oil rises, it would take 30, 60, 90 days to see the price of the pump go up. It's not how it works. When barrels of oil go up the next day, the gas prices go up. It goes down slow, it goes up fast. It's kind of like money. It's like the stock market that takes the escalator up and the elevator down. Money goes up so much slower than it goes down. Same thing with gas prices. So I have said forever. I have said since I've been in this job, if your gas prices are steady or going down and your 401k is steady or going up, you don't ask why, you don't care why, you don't need to know why. You're just happy. You don't care about it. Jay hasn't said anything about gas in quite a long time. And then yesterday he was like, oh, this sucks. So, you know, watch. If the geopolitics change and your 401k starts plummeting like 2008 combined with 2000. Be ready. So. But I just thought it was interesting that Jay's observation was something sucks. What is it? Moving on. There's one article I believe I sent you the article, Anthony, last week. This was from fox news on February 15th. And I want people to look this article up. There's two articles I just won't have time to dig into too much. But I would encourage you to look it up or have us send it to you. It was funny because one of our very most loyal listeners, a friend and a client named Kevin, Kevin sent me the article the night that I sent it to you, Anthony. I found the article in the morning and then Kevin sent it that night. Kevin has feedback every single week on the show. We brainstorm, we talk. He gives us feedback every single week. He rarely sends articles. So I'm like, huh, I better make sure I get to this one this week. So, Kevin, if you're listening, thank you so much. So the title is Wall street could seize your retirement savings in the next financial crash. And it's perfectly legal, Man. I highlighted a lot of this, but I'm just going to read a little bit of it because I really have to move on. Today, recessions and stock market crashes are inevitable, not the 17 years that just preceded. As I said, in a market based economy. But few Americans realize that their investments face risks greater than falling stock prices. Because of a largely unknown legal change, millions of Americans could temporarily or even permanently lose their retirement and other investment savings in the next major financial crash. All while too big to fail. Wall street firms and banks are protected as usual. Too big to fail. You know what's the tarp? The Troubled Asset Relief Program. We pick and choose who gets to survive. Gm, I'm looking at you. That might sound like a wild conspiracy theory, but the danger is real and well documented. Beginning in the 1970s, at the request of a powerful Wall street and banking institution, state lawmakers quietly adopted a series of changes to the Uniform Commercial Code, a body of law enacted in all 50 states. These changes effectively allowed financial institutions to reassign direct ownership of most securities away from the individual investors, including those holding retirement accounts and traditional brokerage accounts. I bet if you ever read a prospectus cover to cover. I bet if you ever read your application to open up a stock account, I bet it's scarier than you think. Under the revised legal framework, direct ownership of securities such as stocks and bonds was centralized within a single financial institution controlled by by Wall Street's largest firms and banks. The depository trust company. So when you're resting, look up the DTC and see what you think. I'm going to stop reading here because I really encourage you to look up this article or reach out to us and we'll forward it to you again. It was on fox news on the 15th of February and the title is Wall street could seize your retirement savings and in the next financial crash. And it's perfectly legal. So important stuff there. I was not aware of it. So when I find something I'm not aware of, I love that. Got an article from one of our listeners and friends up in the Snowflake area named Leon. Leon sent me an article from Headline USA. It says here US added nearly $700 billion to the national debt in four months. I will only read one paragraph, although I highlighted this whole thing too. The US government added 696 billion to the national debt over the past four months, borrowing 94 billion in the month of January alone. The Congressional Budget Office reports The number further heightens the risk that America will experience some sort of financial crisis unless deficits are tamed. President of the Committee for Responsible Federal Budget Maya McGinnis warned yeah, I've got more numbers, blah blah blah. I will just tell you we're broke and getting broker and sooner or later the train is going to stop or slow down. We talked last week about China telling banks to cut treasury holdings. So I've got an article on that this week, but I already told you about it. We have about 10 minutes left, so I'm going to get to what I haven't talked about at length in a long time. But I should. I should probably talk about this every other week. I found an article on Reuters and This was on February 13th US bank regulators move Closer to Proposing New Basal Rules for Large Banks US bank regulators appear to be moving closer to proposing a new version of the so called Basel endgame rules dictating how large banks must measure their risk according to regulatory filings posted this week. The submissions, which refer to rules on the regulatory Capital and standardized approach for risk weighted assets, do not include any details on the plans nor timing. Of course not. There was no submission posted by the Federal Reserve, which also shares responsibility for writing Basel rules. Spokespeople for the three agencies did not respond to requests for comment or declined to comment. Good for you. Fed Vice Chair Supervision Supervision or for Supervision? Michelle Bowman, who leads the central bank's regulatory work, has said previously the agencies are working to propose a new set of rules by early 2026. Let me sum this up for you. The government is saying people are not. You can't get the American dreams, dad, you can't get home. We need to lower interest rates. We need to loosen up the lending standards of the banks. So the government wants the banks to have less reporting and regulation. So if you, if you look at everything going on, I'm going to give you the big picture view of what's going on at your bank. And again I've shouted this for over 20, 20 years but I think everything is getting closer to some potential pitfalls. So I need to bring it up. So banks, I'm going to give you banks 101. The banks and this is the important part, the banks have no money. I mean, will something give? I don't know. I mean, can they have no money forever? I don't know. I mean I've watched the last 17 years of the financial markets. Even during the biggest black swan in history being Covid it, nothing can stop the Teflon Dow. It's just impossible. It's down today. So buy today Sam, because tomorrow it'll be up. So it's insane. Banks have no money. Do I think the banks are going to default in record numbers this year and close their doors? I'm at the last few years. I'd say it's a coin toss. I'd say it's a 50, 50 chance, not a 90% chance that it won't happen. Which I thought for years I thought, yeah, it's unlikely but you need to know about it. You need to watch the signs. You know, I mean I would say this country, it's very, we're in a very precarious position. We're in such unchartered territory, you at least better know. So if first come, first serve is a good strategy, you are part of the first served. So basically we're on a fractional reserve system. What that means is the government makes the banks keep money in reserves. Just so if there's a modern day run on the banks and they don't close their doors and then the FDIC has to bail out the depositors, you know, with their, with their whopping their reserve fund up to 250,000 per account. So the problem in good times, the reserve requirement from the government to the banks is 10%. So every dollar that goes into a bank they can take 90% of it and put it into mortgage backed securities, you know, reverse mortgages, mortgages, credit cards, business loans, derivatives, whatever they want. Okay, so that's, that's flawed to begin with. But it seems to have worked for 100 years. So okay, I'll buy it. But in March of 2020, so almost six years today, under Covid, they brought the reserve requirement down to zero. Think about how scary that is. That means every single dollar you put into your bank, your cd, your money market, your high yield check and your regular check and your savings, they can do whatever they want with it and you agree to it by having that bank account. The only way not to agree with whatever they want to do, you have to close your bank account. You know, we're all on E statements. You don't see it anymore, but trust me, you are a unsecured depositor to your credit union or Bank. Anyway, 2010, something interesting happened. The Dodd Frank regulations, remember Barney Fwank, the Dodd Frank regulations, they, they put in, I mean to make it official that we could have a bail in in this country. And I can tell you the world knows what a bail in this country just doesn't seem to know. I mean if you look at Spain, Italy, they've had partial bail ins. Venezuela is a great example. Yemen, Greece, Lebanon, Cyprus, these countries have had bail ins. You may want to familiarize yourself with the term. Anyway, the FDIC in November of 22, Anthony and I brought this to you. They had like a three hour meeting and they said that we have to be careful what the public learns about bail ins because they're not smart enough to understand it. They could panic and pull their money from the bank. Oh, you think so? Anyway, and I know time is of the essence today, so I'm going to move on. But what I want you to do is look at how much you keep in the bank and I want you to understand what the fractional reserve system means. And then I want you to familiarize yourself with the term bail in and see if you think it's a possibility in this country. I want to move on to the FDIC for a second. I would love you to go on your computer to fdic.gov. go in the upper right corner there's a search bar. Type in statistics at a glance. Once that gets pulled up, the third step, go to FDIC historical trends PDF and open it up. There's going to be a chart. If you're old like me, you have to have your reading glasses on or enlarge it. Scroll to the bottom of the chart and look on the left hand side for dif. That's the depositor insurance fund. It is currently. And this is the number at the end of September 25th I'm not sure why the December numbers aren't out yet. As of September 25, it's 1.4%. So you feel safe because you don't have massive amount of money in your bank account. Your coverage from the FDIC insurance is 1.4%. The last time I talked about it, it was 1.3. Those were the June numbers. So I just. I want you to know the $250,000, you know, FDIC insurance fund means nothing if it's ever needed, because they don't have it. They have 1.4% currently, so. And by the way, we bring you problems. So you're aware we're not asking you to run out to the bank and grab all your money. We're asking you not to be blindsided if and. Or when this happens. So. But what are some of your alternatives? You can put some physical cash at home. You can literally take some cash, put it at home. You can familiarize yourself with, with insurance companies. If you're a CD person, we've got a CD alternative anywhere from one year to 20, I believe we have access to that pays similar rates, if not more in general than the banks, but they're 100% guaranteed instead of 1.4%. So we have solutions. We can meet with you and Talk about prepping 101. You may want to take some of that cash, put it into hard assets, and I'm talking literal hard assets like food and water, alcohol and tobacco for barter reasons, even if you don't smoke or drink. Guns and ammo, a tower garden. We haven't talked about that in a while. So the world is so uncertain. And I have to remember these articles we bring to you every week are important. They're fun. Hopefully they're entertaining and educational. But we are very, very fragile. So once in a while, I have to get on my soapbox and remind you that things are not as they appear. And the stock market may not go up forever and the banks may not stay open forever. Ooh, that was a lot of work. Something you need to know about financial advisors, financial advising. You know, in general, the industry is about sales. Second to that, probably psychology. It's not necessarily financial so much. But in our office, we have Anthony, who is a recovering engineer. He's very smart. He can help you with the math part of this job. I can help you with my experience of almost three decades. I can help you with storytelling and big picture on the history of things, and then Anthony can help you with what to do about it. So reach out to us. With that said, I am out of breath and out of time. Anthony, it's all yours. [00:53:44] Speaker C: All right, let me find that paper that I read off every week. Then that's the end of today's show. If you like what you heard, have questions on any of the topics today, or you want to sit down with us, review, review your personal financial situation, you can reach us@team anothermoneyshow.com find us on the web anothermoneyshow.com findus on YouTube. Look up guess what? Anothermoney show.com give us a call. 623-523-0444. That number again is 623-523-0444. There's no minimums. There's no cost for appointments. There's nothing to lose by getting a second opinion on your financial situation. We'll see you again next Saturday at 5am and noon right here on 960 the Patriot. [00:54:36] Speaker B: Thanks for listening to another Money show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets. To schedule your free no obligation consultation visit visit anothermoneyshow.com investment advisory services offered through Brookstone Capital Management LLC, BCM, a registered investment advisor. BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results. [00:55:15] Speaker A: Fixed annuities, including multi year 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. [00:55:30] Speaker B: At Rochford and Associates we know you've worked hard to earn your money and you've worked even harder to save it. When it comes to wealth management and Planning for retirement, J.R. rochford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran owned firm for more than 25 years. Give us a call now at 623-523-0444. That's 623-523-0444.