4.21.23: Audio automatically transcribed by Sonix

4.21.23: 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 with Gerry James. Get ready for a full hour of financial information and economic news you can't afford to miss. Gerry 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 Gerry James.

Producer:
Hi again, everybody, and welcome to another edition of Safe Money with Gerry James back this week with a brand new episode. And we are thrilled to be here. Thank you for making us our part of your weekend, our program, our show. We appreciate the support in the early parts of our show. The first few weeks of our program. All right. Coming up, why do retirees love 100% reserve requirement? We'll explain. Plus, are you prepared for health expenses in retirement? A major budget line for retirees. We'll discuss that as we move throughout the show as well. And a reminder, you can listen to our program each and every week, Mondays and Wednesdays, and also in podcast form, Apple, Google, Spotify, or of course, wherever you get your podcasts. So let me introduce the man of the hour, the financial expert himself, Gerry James.

Gerry James:
Hey, good to be here. And glad we're tuned in and ready to go.

Producer:
And now wholesome financial wisdom.

Producer:
It's time for the Quote of the Week.

Producer:
And Warren Buffett said, quote, risk comes from not knowing what you are doing. So I guess to put it in layman's terms, if you don't understand the stock market or you don't understand investing and you invest in the wrong product or you invest in the wrong stock, you're going to lose money. So that's bad risk. But there is some good risk that comes along with your finances, too.

Gerry James:
Well, you know, the the thing that I see all the time working with a lot of doctors, lawyers, professional people and even laypeople, you know, blue collar workers is they focus on what they're good at, whether it's a plumber, whether it's a carpenter, doctor, you name it, they focus what they're you know, what their skill set is revolved around. And, you know, you can't be great at everything and you can't know everything. And what I have focused on the last 12 years plus is finance and how to invest money safely without the possibility of losses. And that is what I do. And excuse me, the other thing that Warren Buffett says is rule number one is never lose money. And rule number two is go back to rule number one, Never lose money. Sure. Yeah, I take that quite literally. Yeah.

Producer:
And again, this is you spelled it out there perfectly. If there's ever a reason to to see a financial advisor like yourself, like Gerry James, it's because you can't be good at everything. And there are ins and outs of financial information and things in there with your retirement accounts, your 401 seconds, whatever the case may be, that you may not know and probably don't know because it's not your expertise. And that is James expertise.

Gerry James:
Yeah. Um, you know, the thing that's crazy is most people have no idea what they're paying, even in fees to their broker annually, whether they win or whether they lose. A lot of these fees range between one and 3%. And if you times that over 20 years, while you have your account with your broker, those fees are very substantial. So let's just take, for instance, $100,000. If you're paying just 1.5% fees on that $100,000. Um, and you know, that's $1,500 a year that you're paying to your broker, whether your account is up or down. Folks, we're going into a tumultuous time right now. In my opinion. All the forecasting is indicating that we're going to go into a deep drop in the market in your 401. K's and your IRAs are going to suffer that drop. If you are 55, 60 years old or older, you don't have time to make up for that substantial drop. So when you're young, the market always comes back and eventually you make up the downturns in the market. And overall, 20, 30 year period of time, the market has done about 910% annually.

Gerry James:
Um, what I propose to do when you reach retirement age or close to it five years before and or especially five years after is, you can't afford to take any drop in your 401. K IRA retirement account at all because if you do, it will have a devastating effect on your retirement income. I am an income specialist. I show you how to avoid completely a drop in your retirement income. I give you a set. I'll show you. I'll illustrate to you with guarantees, a set amount of income that you will be paid for the rest of your life. And we that's a contractual guarantee with the money that you have and you will earn a reasonable rate of return and have this income guaranteed for the rest of your life. That's what I do. That's how I work with both annuities and indexed universal life accounts. And so come and see me and I'll show you exactly how I illustrate that out and what the guarantees are. Give me a call and we will show you how to protect your retirement savings for the rest of your life.

Producer:
Yeah, and again, that phone number to call (904) 349-7977. And we will be talking later on in the show about why people keep their money protected by 100% reserve requirement for that retirement mean increased security protection against bank failures. We'll get into all of that later on in the show. But let's kick off our program today and talking about these line items in your retirement, one of them being health expenses. I mean, there's no other way around it. Major health expenses. They're going to come up later on in your life. And according to a study by Fidelity Investments, a 65 year old couple retired. Hiring this decade, Gerry will need an average of $300,000 to cover health care expenses throughout their retirement. This estimate includes premiums for Medicare Part B and Part D, as well as out-of-pocket expenses for things like deductibles, copays and prescription drugs.

Gerry James:
Yeah, these are substantial. And everybody likes to think, well, that's not me. I'm not the average person. I'm more healthier, whatever, you know, whatever you may think. But overall, that $300,000 is real. And I see it all the time. My sister, anybody out there that would like a referral to her, you can call me and I can give you that referral and let you talk to her directly. But she she tells me all the time how catastrophic some of these health care costs are to retirees and especially those that are living on a fixed income. So I try to guide people with their retirement income into vehicles that will help with those expenses. There are annuities that have long term care riders on them. If you're confined into a situation where you need help and you need to go into a long term care facility, you need in a long term care policy to navigate you into that facility. Because if, you know, Social Security just doesn't do that and you know, if you need assistance, well, you better have something in place because running out of money in our society is brutal. Believe me. At the end of the day, the government does not care about you. You're a line item expense. So you have to take control of your own finance. And, you know, for safety and security purposes, you need to try to navigate yourself into the best health care situations that you can because these health issues do come up.

Producer:
Well, you know, they're people 65 years or older, Gerry. They spend and this is sort of astounding when you really think about it. But it is true. They spend an average of 7030, so a little bit over $7,000 a year on health care. That according to the Bureau of Labor Statistics. And that number is expected to rise due to inflation and pressure on the health care system for millions of soon to be retirees. Remember last week we talked about how you could retire on $700,000 and you made a point and illustrated how you can do that. And it is possible. But you have to keep in mind that these health care expenses, they're going to be rising $300,000 plus, of course, inflation. And that pressure, as we mentioned, on the health care system, this is a big expense that you also have to keep in mind 100%.

Gerry James:
This is one of the main reasons that I've decided to run for Senate in our state is to get a hold of the catastrophic health care costs and everything associated with the monstrosity called Obamacare. And whenever you have a government takeover of any system and take it out of the private sector, your costs will always rise. The the waste, fraud and abuse will always go up. Folks, we have to basically try to navigate ourselves back to a health care system that is outside of government control. And so we can control these costs, we can get these costs to come down, and that's through the competitive marketplace. We in my opinion, Obamacare has been a disaster. And you can see that in the rising health care costs across the board, not only with seniors, but, you know, with just working families. When I was young, my health care costs were paying for health insurance. First of all, you know, I really didn't even concern myself with health insurance because I was young and vibrant and what not. But I mean, I was paying $100 or $200 a month for that same coverage that I was getting in a competitive marketplace. Now it's probably 8 or $900 a month going through Obamacare and what they call Affordable Care Act, ACA, which is I mean, they always use these acronyms. And it's it's a disguise. It's it's it's just always not what it is supposed to be. And they fool people. And so this is a this is a problem and we have to navigate around it the best we can until we can fix it as a society, fix it and get back to sanity with our with our health care system.

Producer:
And again, Gerry could help you plan for these health care expenses that you may have to deal with later on in your life. So give Gerry a call today. (904) 349-7977. All right. We've come up against our first break. Good information there, Gerry, in that first segment. All right. Coming up, smart, safe planning. This is Safe Money with Gerry James. We're back in a moment.

Producer:
You're listening to Save Money with Gerry James. To schedule your free no obligation consultation with Gerry, visit SafeMoneyWithGerryJames.com.

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You're listening to Safe Money with Gerry James.

Producer:
Welcome back to this week's edition of Safe Money with Gerry James. Much thanks, as always, for making our show a part of your weekend routine. And if you're a new listener, first, thanks for checking us out. And second, make sure to check out our podcast catalog available on Apple, Google, Spotify or wherever you get your podcasts. Coming up, why retirees love a 100% reserve requirement. Plus, Gerry's financial tip of the week. All right. Before we move on with the show, I do want to let everybody know the benefits we provide our listeners, one of them being full retirement consultations at no cost to our listeners. So you only work with Gerry if it's best for you. Gerry will help you analyze your financial situation, cut unnecessary costs in your IRA or 401 K or any other retirement savings account and help you with Social Security planning and your Medicare. Remember, it's your money, your money, and it matters to you. So if it matters to you, it certainly matters to Gerry. All right, Let's discuss, Gerry the lost decade and how that has affected retirees. The term lost decade. For those who don't know, it's often referred to as that period of time between January 1st, 2000 and December 31st, 2009, during which the stock market experienced a significant downturn.

Gerry James:
Yeah, and I think that we're heading into that significant downturn again. So we might be experiencing coming up shortly another lost decade or more. Um, when you're talking about a negative return in that decade of 9.1% over that the course of that decade, that's pretty devastating for retirement accounts. Now if you were fortunate, you had a good broker or a good advisor that navigated you through that and your losses weren't that catastrophic. But one thing I can guarantee you, with a fixed indexed annuity, your losses would have not been near that and you would have made substantial gains during that decade and the fixed indexed annuity would have outperformed the S&P. I have a chart back here that that talks exactly about that and I can provide that chart in an email to anybody that would like to view it. Just call me at (904) 349-7977 or go to my website SafeMoneyManager.com Leave me an email address and I will email you a couple of different charts to let you know exactly what the lost decade was and how to navigate yourself through that without the possibility of those losses.

Gerry James:
And I'll show you exactly how I protect money. Remember, it's not how much money you save, it's how much you can keep and and and keep for retirement in your in and never lose. So just never lose money and always remember try to keep your your balances once you make money with an annuity say you make you have $100,000 investment and you make 10% on that investment that year. Now your new balance is $110,000. So once you make $110,000, you can never lose that that balance. So you will always have that balance from the starting point. Now the next year, you might not make as much. You might make 2% on that $110,000. But if the but the market goes into to decline 30%, you're guaranteed never to lose or never to go down below that $110,000. So that's the beauty with a fixed indexed annuity where other investments, even bonds or what have you can lose. So that's how I protect people's money and show them guaranteed income for the rest of their life.

Producer:
You know, on the outline this week, I highlighted in red some of the statistics from that lost decade period. Again, January 1st, 2000 to December 31st, 2009, the S&P 500. Gerry, I just want to lay this on you again. The S&P 500, which is an index of 500 large cap stocks, had a negative return of 9.1% over the course of that aforementioned decade. Now, the Nasdaq, which is an index of primarily technology related stocks. So anything technology you think of back then and today, that's the Nasdaq. They had a negative return of 44.2% over the course of that decade. The average inflation rate, the average annual inflation rate during the lost decade was 2.5%. Those numbers are. Wow. Yeah, they're devastating. A better term. Wow.

Gerry James:
Yeah, they're devastating, too. And had a lot of people that came to me and seen me that were that had lost a lot of money during that time and especially in tech stocks. But, you know, we've experienced here a run up, you know, since 2011 into, you know, 2020. And most people's portfolio, if they were well managed, gained a pretty good chunk of money during that time. My position is if you have that money, let's move that so that you don't have a possibility of going back into a lost decade situation, which I fear that we're going into now and keep that money, keep your, you know, keep the balance of that money, make a reasonable return without the possibility of losses.

Producer:
Yeah. And again, for those out there listening to this and thinking back to that decade that that lost decade and as Gerry has mentioned and is illustrated in this segment, had a significant impact on those retirees, particularly those who have invested heavily in the stock market. I mean, you saw Gerry portfolio values drop, mentioned that difficulty generating income, just simple things like that. Retirees who are relying on systematically withdrawing from their investments to support their retirement had to make significant adjustments to their spending, to their lifestyle during that lost decade. And again, the longevity risk, I mean, those are the three big factors that we talked about when we discussed the lost decade.

Gerry James:
Yeah. And the one thing that's beautiful with what I do is you can't outlive your money. Um, so, you know, potentially the longer you live, the more you make in your investment. Um, and that's through mortality risks. You know, mortality returns, really. So that's how an annuity works. When you invest in an annuity, they give you certain guarantees and your average male life span is 82.7 years. So you take your actuaries that work with insurance companies and they calculate that out and they give you a certain payment on your investment, depending on how old you are for the rest of your life. Well, if you live past the actuarial date of an average male's death and the females different, obviously you're actually making more money the longer you live. And there's a lot of people now that live well into their 90s. And if you're in reasonably good health, you can live a long time. So the one thing as I state all the time is you do not want to run out of money. It's a brutal situation. As you get older, then you're subject to tapping into your family or last resort. The government and the government will not take care of you. It's brutal.

Producer:
Well, yeah, And to your point, too, with people living longer, what are the odds of living to 80? This according to Business insider.com. About two thirds of people of the population at least in the US will live past 80 and one third past 90. And on the female side almost 1 in 10 girls born now. And this is a study from a few years ago. So last decade, around 2014, 2015 will live past the age of 100. So the people now, my generation, you know, people in their 20 seconds, people in their 30 seconds, people in their 40 seconds, you're living longer and you have to financially plan for that.

Gerry James:
Yeah, absolutely. You know, planning is the most important thing that you can do. The reason people fail is because they don't have a plan. And so, you know, we try to assess the entire situation and where people are at with their finances and some, you know, don't have a lot and some have a large amount that come and see me. But with every everybody's every individual's different and. And I basically I'm an income specialist, so I will tell them exactly what they can expect for the rest of their life based on what they have. And, you know, that's the thing about most advisors, their accumulation might, you know, their whole focus is on accumulation. Well, when you get to be 55, 60, 65 years old and you're looking for retirement, you have to start to shift that focus onto income because you can if you have a couple bad years in your in the market and your focus was on accumulation in your your retirement years, then all of a sudden that can be devastating to your overall income going forward for the rest of your life.

Gerry James:
And you can run out of income fast. And I've seen this happen with people where they thought based on their investments, that they were going to pull out 5% of their portion polio a year and it was going to last them for 30 years and they would be fine. But all of a sudden, you know, a market downturn happens and they no longer have that nest egg that they had built up. And a lot of people have to go back to work. And that's that's brutal at you know, I see it all the time where I go into Publix or one of these grocery stores and God bless, some people just like to work and but others have to. And you know, I wouldn't want to be the, you know, shopping cart attendant at 85 years old because I had to work. And, you know, so we want to try to avoid all that and get into a solid financial income spending plan so that you know, that you have money guaranteed for the rest of your life.

Producer:
Yeah. And again, a quick reminder, give Gerry a call today. He can help you out with all of this, with all of this planning. (904) 349-7977. Again (904) 349-7977. And if you missed any part of today's show, go back and listen in podcast form Apple, Google, Spotify or wherever you get your podcasts and you can listen to the show every week on the radio side on Mondays and Wednesdays. Save money with Gerry James on WFOY right there in beautiful Saint Augustine. Do call it Saint Augustine in August or is it Saint Augustine? There's a Saint Augustine in New Jersey, right? Right.

Producer:
Saint Augustine, Palm Coast.

Gerry James:
And one of the most beautiful places, if not the most beautiful place in Florida and proud to represent this area in in running for the Senate again, District seven state Senate had a successful run the last time that I tried it. And I'm going to try again and get that seat to represent our community and give us common sense concerns. Give leadership in the Senate. We have, unfortunately, more of a unit party now than a actual conservative representation of a party. And they keep pushing out these bills that are the same old, same old, and they capitulate with what I consider to be the very left wing of the Democratic Party. And folks, we got to get some common sense back into our our politic. And even in Florida, which is one of the best states that we can have in terms of financial freedom and freedom in general, we have to protect our community and state and get us away from, you know, the corporate interests that are trying to control our vote.

Producer:
Yeah. And so, again, Saint Augustine, Florida, not to be confused with Saint Augustine, New Jersey. Right. Not to be confused. This is safe money with Gerry James. Stay there.

Producer:
You're listening to Safe Money with Gerry James.

Producer:
Miss part of today's show. Save money with Gerry James is available wherever you get your podcasts and online at SafeMoneyWithGerryJames.com.

Producer:
Welcome back Inside this week's edition of Safe Money with Gerry James. Coming up, why retirees love a 100% reserve requirement. Stick with us for that. By the way, you just heard that report about cutting back on cable. That's part of our 23 cost cutters for 2023 series, a tradeable report that's available when you book a free consultation with Gerry. The report is packed with tips and ideas for saving money in our current economic climate. And we're also giving away another tradable report, our most recent to date, which is detailing the bank failure from a month ago and what it means for consumers and retirees. So book a complimentary consultation with Gerry, get these tradeable reports with an abundance of information and get started on building and optimizing your financial plans for retirement. All right, Gerry, let's get into your financial tip of the week.

Gerry James:
Yeah, well, the thing that, again, I get back to is never lose money. And then you go back to rule number one, never lose money. And then rule number two is go back to rule number one. And we have to, you know, kind of really get into a situation, especially coming into our retirement years where we protect our retirement income from losing money. Um, I would say that. You know, as we get older, we have to navigate through certain things like mortgages and all of our our costs, our basic costs. We want to have a fund set aside to cover those costs, and then we want to have our retirement income set aside for our basic retirement living expenses. I mean, the expenses we want to have basically on hand and so we can cover those all the time. And with a fixed indexed annuity, we want to have for our basically our our ancillary costs that we are enjoyment of income that we have to that we're going to get every month from that that particular investment so that we want to have solid we want to have secure and we want to have fixed and that that's what I do and that's what I show you how to, you know, to basically cover.

Producer:
Yeah. And again, give Gerry a call today. (904) 349-7977. What can people expect when they sit down with you for the first time? You know, sitting down to get it second third time. Okay. But what about the first time they meet with you? What can people expect?

Gerry James:
Well, you just take a look at what their investments are in right now. So take a look at their overall portfolio and see what income they have coming in currently, if they're still working or if they have, they're collecting off of their retirement investments yet. And then I make suggestions on how they can move if if they're good, if they're solid, maybe I'll tell them, I like what you're doing. And this is a you know, you're on a good path. But if they're at risk, then, you know, I'll basically show them how to get out of risk and show them how to secure a retirement income. So it's steady for the rest of their life. So they can dependent on they can depend on an income. I am an income specialist. This is what I do. And so I basically show them how to navigate that retirement savings to last the rest of their life.

Producer:
Really quick before we go to break, I wrote this down from last segment. You made a great point about people having to go back to work part time because maybe their nest egg doesn't hold as much value as it once did. People have to keep in mind that when they work Gerry part time, that has financial implications on their Social Security as well. Let's go through that a little bit.

Gerry James:
Yeah, Um, I've had a lot of people that can't make it on their Social Security anymore because of the inflation and they have very little retirement. But what they don't realize is that when you start working and that goes against the you can only work so much before they start to decrease your Social Security income or it's taxable. So you have to really get with an income planning specialist to know what those numbers are and how to navigate and where the thresholds are that you can't exceed if you're on if you're already taking Social Security. And then the other thing is that people don't realize is when to take Social Security, right? You know, if they if they take it too soon, they're basically sacrificing long term income. And, you know, every year that you let Social Security go from 62 and you delay it, you're basically getting a 7 to 8% bump every year. And so that's a pretty good bump. That's basically that's outpacing or staying within the inflationary bump that we're seeing right now from the Biden administration and all the current policies set forth. So until we can get our inflation back down to two and 3%, um, you know, it's probably a good idea to delay as long as you possibly can taking Social Security so that you're keeping up, at least with inflation, the income, the investments that I put people into, some of them have guarantees of.

Gerry James:
Right now I have a fixed guarantee of 5% or a little over 5% and and a long term guarantee of a indexed guarantee of 6.5%. And that's on their income account value. So, you know, we can keep up with inflation. Hopefully it's you know, it's a much better option than putting your money in a CD or keeping it at risk in the market. Because if you know, the worst thing is making nothing at all, I mean, losing money. I mean, the second worst thing is just, you know, having your income be eaten up by inflation, your savings being eaten up by inflation. We want to avoid both of those and try to keep pace with inflation and grow your money a little bit and then have a solid plan for taking income when you need it that'll last the rest of your life.

Producer:
Yeah, and again, we want our listeners and clients to understand current events that are happening in this economy and financial system. This is all part of it. So if you have any questions or if you're looking to reduce your investment risk during times like these, please visit the website or give Gerry a call. Again, that phone number (904) 349-7977. You can visit SafeMoneyWithGerryJames.com or SafeMoneyManager.com as well All right Gerry helps his clients and listeners make informed financial decisions We've talked about that and we just discussed what he'll. Us with you, talk with you in that that first meeting between you and him and help you make those choices that leave you your money safe and secure. So it's very important again, visit SafeMoneyManager.com. All right. Coming up next, building your dream retirement scenario.

Producer:
Money questions, Money answers. You're listening to Safe Money with Gerry James. What are you concerned about? Market volatility, rising taxes from the Biden administration and how it all could affect your financial future. Then tune in to Safe Money with Gerry James to learn how you can protect and grow your hard earned money. Safe Money with Gerry James Mondays and Wednesdays at 6 p.m. right here on 102.1 FM. WFOY. Protect your hard earned money today and get started on your own personal pension plan at SafeMoneyWithGerryJames.com.

Producer:
Welcome back Inside Safe Money with Gerry James. Thanks for making Gerry and I a part of your weekend. Hey, don't forget to check out our YouTube page, visit YouTube.com and search Safe Money with Gerry James. Go back in the podcast archives as well and take a listen to previous shows. Apple, Google, Spotify, or of course, wherever you get your podcasts.

Producer:
It's this week in history.

Producer:
All right. This week in history, Here we go. On April 22nd. On this date, 1937, retired American actor and filmmaker Jack Nicholson was born. Nicholson, widely regarded as one of the greatest male actors of the 20th century, has received numerous accolades throughout his five decades long career, including three Academy Awards. Here are some of his memorable films. Don't know if you're a huge fan. Gerry of Jack Nicholson. I feel like Here's Johnny, my father. Well, okay, so my father was a huge fan of or is a huge fan of Jack Nicholson. His favorite movie is The Shining. That's where that line comes from. Uh, that's my personal favorite of his. My father also likes and I don't know how you feel about this one Flew Over the Cuckoo's Nest that came out in 1975. Batman. I don't know, Maybe A Few Good Men. I think a lot of people like. And of course, The Bucket List in that movie in 2007 with Morgan Freeman. But I think the first two that we mentioned there, The Shining and One Flew Over the Cuckoo's Nest, probably are his two best.

Gerry James:
Well, A Few Good Men is hard to beat. That was that was my personal favorite. But I like I like Jack Nicholson's character. It's always seems to be on point and very solid. So it's really he's one of my favorite actors.

Producer:
Yeah, he really gets into the character. Well, and every movie that I mentioned there, he fits that main, that main character. You don't. In other words, you don't really typecast him like you would with some other actors and a certain role with him. It's just he's so dynamic and he has so much depth to his to his acting.

Gerry James:
Yeah, well, very good.

Producer:
On this day two, 2005, again, on the pop culture side of things, April 22nd, the first video was posted on YouTube. The 18 second clip, Me at the Zoo, shows the website co-founder Jawed Karim at the San Diego Zoo. It can still be watched today on YouTube, In fact, 18 years later and today, as we speak to you, YouTube is the second most used search engine after Google, which, by the way, you can search save money with Gerry james.com and watch previous clips from previous episodes.

Gerry James:
It's amazing just 18 years ago how far technology has come. I mean, it seems like we've had, you know, YouTube and Google forever now. Yeah. Really? Yeah. I mean, I remember when I used to have to, you know, call people from a payphone. So way back in the day when I had a, you know, had a call that I had to make.

Producer:
I remember still that the house phone when you hook up the house and in fact I am old enough to remember when you had to dial you to get on the Internet. You needed to use dial up and go through that annoying sound to get onto the Internet. Truth.

Gerry James:
Yeah. And you know, all of the all the advances that we have, many are good, but some of them are not necessarily so good, especially the advances of our government and the constant encroachment on our freedoms. Boy, wish we could go back to basically just reset our entire government in and basically delete all the laws that have been passed since 1970 or whatever. For the for the most part, certainly we have to keep up with technology so there are necessary laws that govern the Internet and govern other things. But boy, I think we're just over legislated and overlord now in this country. It's and that's one of the reasons that I'm running for state Senate District seven in Florida to shrink the size and scope of government and get us back to sanity.

Producer:
It will be interesting going forward in the future to see how the government, both on the state level, local level, national level, more so I guess state level and national level, how they will legislate AI and all of this new technology chatgpt all of this new advancement in. Technology. How are they going to legislate that? I think that's going to be very interesting and there's going to be a lot of questions, more questions, I think, than answers, Gerry, that come about through artificial intelligence and how it's legislated over the next five years.

Gerry James:
Yeah. And you know, what we're going to have to have is good common sense leadership when it comes to that. And, you know, we have to go back to our fundamental freedoms first, and we have to be governed by the Constitution. And unless we have fundamentally sound leadership, that's not pie in the sky leadership thinking that we can have a, you know, a a system that takes care of everybody. And in every situation, I think that we're in for many, much more of a devastating situation in our country going forward. We have to get away from just trying to be God and give people get back to individual responsibility. This is a this is a big, big deal because ultimately governments, you know, we've seen it throughout our history. Governments have have killed many hundreds and hundreds of millions of people. And, you know, we we like not to think about that. But you can go back to the Stalin regime, Pol Pot, you name it. When governments turn socialized and they start to control people's lives and bad things happen. So we have to keep that in mind and thank God we have a constitution. But we do need strong conservative leadership to and with common sense to control things like Chet and and some of these AI schemes that are coming coming down the pipe. I mean, they're coming and we have to learn and we have to know how to control them with with force if necessary.

Producer:
Yeah, yeah, I agree 100%. I mean, it's it's all kind of coming ahead at this point. Everything seems to be covered or could be almost covered by artificial intelligence, whether it's using people's voices and whether it's enhancing pictures and videos and coming up with little things. It's it's crazy to think about, certainly. I mean, it's not when everybody everybody always thought, well, why aren't why aren't there flying cars? Right, Gerry? Why aren't there this? Why aren't there that and why aren't we living in Jetsons times, so to speak? This is our our type of Jetsons, if you will. Right. I mean, here we are. You know, we all communicate with each other via computer or iPhone or galaxy, whichever, whichever phone smartphone you may have and things like that. It's technology is great, is really crazy. And it's it's at times it's great and it's cool. But other times it you it needs to be legislated and 100% I don't think there's any doubt about that.

Gerry James:
Yeah and you know again my premise is we start to eliminate the waste, fraud and abuse and start to shrink our government. But but focus on things like this with common sense and try to control the things that need to be controlled and that will benefit humanity and our and our fellow man and give them more freedom instead of less freedom.

Producer:
Yeah. All right. Moving on with the final segment of today's show. Why people keep their money protected by 100% reserve requirement for their retirement. A couple of reasons, Gerry. Increased security, protection against bank failures. Peace of mind. Those are just some of the things that are very important and why people keep their money protected by that 100% reserve requirement for their planned retirement.

Gerry James:
Yeah, this is really important. You know, banks are required to keep on reserve 10% of the deposits and they can loan out up to 90% of their, you know, the money that they have on deposit, You know, when. When a bank starts to go into default, they have 100, 110% of money loaned out. That and that is not backed. So, you know, that's where, you know, we're Silicon Valley Bank that just collapsed. You know, they lean on the investor. The investors lean on the FDIC to control their deposits or to recoup their deposits. You know, that's, to me, a bad idea. We we should have things in set in place, such as insurance companies that have 100% reserve or more in most cases more. All the companies that I deal with have up to 200% in reserve. When people put their money, say, $100,000 with nationwide insurance, nationwide insurance or nationwide financial has probably three times that in reserve or more. So your money is a lot more secure in that environment when all those all that money is on reserve, then it is with, in my opinion, a bank that is overextended. Now, not all all banks are overextended. And the banking system in this country is still I mean, there's some instability there depending on the institution that you're using. You know, I've read up to I've read articles here this last week that up to 200 banks are, you know, there's trouble. But, you know, I don't know if it's that many.

Gerry James:
I don't know if it's 20. Um, you know, I haven't got into that enough. I just know what's required of banks just to have 10% of reserves on hand, whereas a, you know, an insurance company is completely different, a financial, you know, a financial institution like nationwide, you know, as I said before, has probably three, 3 or 4 times that. So in that isn't even a requirement. A state requirement is to have, I think, a dollar to for every dollar that they've taken that they've taken in. So you always have a guaranteed reserve with the companies that I'm dealing with that your your money isn't going to be lost and there's guarantees set forth. And the other nice thing is what I do is that I make sure that there are guarantees that you will have money to last for the rest of your life based on what you invest with them. So I plan out an income stream that lasts for the rest of your life, and I think that's the number one thing that people should look at when it comes to retirement, because running out of money is brutal. I can I can attest to that based on clients that I've seen have that situation happen to them that that I didn't deal with previously. That came to me after they started running out of money. So we have to avoid that at all costs.

Producer:
Yeah. Again, that gives people the peace of mind that value stability, security as they get older. I mean, people are concerned about many factors from ongoing inflation, rising taxes, global supply chain concerns. Yeah, smart retirees, Gerry. They want to get to the guarantees so they can enjoy their retirement without concern for what may be happening in that market or the financial system. And you're the guy to do it.

Gerry James:
Yeah, call it sleep insurance, you know? Yeah, rest easier. And you know, it's it's proven that people that have a set income for the rest of their lives that know that they have this income have a lot less systematic stress in their life and they actually live longer. It's just you know, I mean if you're worried about, you know, where your next meal is coming from or how you're going to pay the rent or your taxes or whatever, that's a lot of stress. And you do not want to be in the situation that you're relying on family's friends or some other outside entity to meet your expenses just to live. So we help you with that and make sure that you have a comfortable retirement based on the amount of money that you have set aside for that.

Producer:
All right. And again, Gerry, one more time, how can people reach out?

Gerry James:
It's SafeMoneyManager.com 904 349 7977. If you want to reach me um at. Financial is my email, but you can get that through SafeMoneyManager.com. Email me. I can send you to all my listeners by the way that request it. I'll send you a movie if that basically depicts exactly how I work and exactly what to avoid in retirement called the baby boomer dilemma. And it's I helped fund this movie and it was really because I seen a need out there for the misinformation that was that's being put forth about annuities. And there are five different kinds of annuities and I do not deal at all with one of them. And that's a variable annuity. Variable annuity you can lose money in. And unfortunately, this is the annuity that all of these financial advisor brokers bring up and they bring up a variable annuity because you can lose money in a variable annuity. The annuities that I deal with, which are fixed indexed or an indexed, a fixed annuity or a straight annuity, you know, or an interest bearing only annuity, those are the kind of annuities that I deal with and you cannot lose money. They have a zero floor and you will make reasonable gains with them or a fixed gain with no possibility of losses whatsoever. So get ahold of me anytime at (904) 349-7978 or go to SafeMoneyManager.com and schedule an appointment with me. I will be glad to sit down at no cost. No charge to you. Look at your portfolio. See I need to look at your statements and see what your statements say and then based on that, make recommendations on where to put your money and how to make your money last for the rest of your life.

Producer:
All right. And again, if you missed any part of today's show, please subscribe to the podcast catalog on Apple, Google, Spotify or wherever you get your podcasts. Thanks again for listening to this week's show Safe Money with Gerry James, and we will talk to you next week.

Producer:
Thanks for listening to Safe Money with Gerry James. 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 Gerry . Visit SafeMoneyWithGerryJames.com not affiliated with the United States government.

Producer:
Gerry James 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. Amateur 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 of the results obtained from the use of this information.

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