Alright! Here we go, Personal Pension Radio.

Just a week or so before Christmas,

Hanukkah, whatever great holiday thing you are celebrating, I hope you are having a
fantastic time wherever you are in the world. Hello out there in podcast land, probably in
a car, on a Peloton bike walking, running, taking the dog for a ride, who knows. Love that
you are listening and I really appreciate all of the feedback and getting lots of emails, I
love the reviews on iTunes and on iHeartmedia and all that great stuff. So, thank you so
much. Yes,you heard it, I am the income engineer broadcasting from the personal pension
radio workshop here in Southern California. The workshop is actually my wood shop, my
project shop. I am in full blown project mode for Christmas, woodworking gifts. So I
have decided that I would make basically 4 or 5 gifts for who knows who at this point,
I just start making them and get all excited because the weather's cold and the sauna starts
flying and next thing you know I am making Christmas presents for people I haven't
officially identified and then one of them is my mom for sure and the rest we'll see,
maybe I'll have to do a lottery of folks that I love the most (laughing). Now, my mission
is that retirement dream is to deliver that retirement dream that wallstreet promised and
wallstreet never quite close the loop on retirement income planning, that is the key,
retirement income planning. Just this week I talked to number of people,  3, 4 different
people and they all have this accumulation mindset that is just ingrained into our
thinking, thanks to the marketing machine that is banks on wallstreet that the solution the
marketing machine says the solution to retirement income is save or invest more money,
save or invest more money, that's the solution, wrong, that is part of the strategy that
leads to maximum retirement income. Retirement income economics are completely
different than accumulation economics. So, that's where my specialty came from, that's
where my registered trademark as the income engineer came from. It was born out of this
idea that a product does not fix retirement income, optimizing retirement income does not
happen with investments or life insurance or 401Ks, it doesn't happen with anyone of
those things. It happens with an integrated approach that will include everything
including reverse mortgage potentially, roth IRAs, life insurance, 401K, investments, all
of those things balance correctly means that you can actually have a light at the end of
that retirement tunnel. So that you can know you've got an option. Now, I want to jump
in my usual disclosure because I am going to get right to it today, got a lot to cover, you
saw the title of this episode "Key steps to Retirement Income Planning", that sounds like
a pretty deep dive, it is. So, we are depthling in to get right into it. Now, my disclosure,
somebody ask me about this "Why do you have so many disclosures?" Well I only have
really technically 2 disclosures, I put one in the middle actually technically at the
beginning of the show and then I have one at the end that my wonderful British friend
that I found on Fiver recorded for me several years ago. The reason I have disclosures is
because I am a licensed, regualted, certified financial planner and investment adviser
representative and a licensed life insurance adviser on top of all of that, I am a paralegal.
So, I have lots of oversight, I am legit basically, that is why I have disclosures. I am not a
financial entertainer, someone who is able to just say whatever the heck they want,
whenever they want about whatever topic in the financial world or legal world that they
want to because they operate on their free speech. Now, I believe strongly in free speech,
however, it does bug the holy heck out of me that folks like you know my friend Dave
and others are able to throw financial advise and in some cases they throw out legal
advise, I can't believe the legal profession allow such a thing but that they throw out legal
advise and financial advise a state planning advise, charitable advise, all of this stuff and
they do it all under freedom of speech. They have no regulatory oversight, no licensing,
no real you know background in that area that qualifies them to give out that advise and
yet there they are giving out the advise. So, the answer, long answer to why I have 2
different disclosures is that I am a certified financial planner professional, I am not an
attorney, I am not a CPA. As cool as all that might be, please don't act on things that you
hear on my show as if you are hearing advises for you and your specific situation,
especially don't act on things that you hear from financial entertainers on radio, podcast,
TV. Please meet with a qualified financial planner and yes virtually right my hand is
raised both hands are raised. I would love to be that financial planner, I work with folks
and meet with folks all over the country through the miracles of technology, we can do
Zoom Meetings, phone meetings, Facebook chats, I work with folks all over the place.
You can get in touch with me always Kraig@kraigstrom.com, quick shout out to Lilian in
Virginia, Merry Christmas out there Lilian! Lilian and I had an opportunity to chat
recently, she's a listener out there in Virginia and love the questions. Lilian you have a
fantastic story and I'd love to chat with you again, I look forward to it, really appreciate
it, hello out there in Virginia. Now, my deal of the week, this is the just about 10 days to
Christmas, the 10-day mark to Christmas 2019, so, deal of the week is kind of out the
door, not really for me. I still bargain hunt, I bargain hunt all the time. The reason that my
podcast is actually late getting out, I generally trying to have a podcast episode every
week and a half to two weeks that seems to be my flow lately and the reason that it's late
is that my iPad 3, yes you heard me right, I am recording this podcast on my iPad 3, that's
what like 400 years ago in iPad land, right? So, iPad 3 stopped working with my podcast
studio app, it stopped working, I tried update the app, of course the app doesn't exist
anymore and the new version doesn't work with the iPad 3. So, I had to go through a
complete backup and figure out how to get my iPad to backup with my windows 10
software, it was a bit of a drama. The good news is I was able to backdate the software on
my computer so that it would update my iPad so that I was then able to clean off my
podcast studio app and wham-o! for free, with little extra work, I am still working on my
iPad 3 and it's working perfectly. So, that is my deal of the week, before you jump out to
best buy, to go replace that piece of tech or to again you heard me a long time ago, my
TV went out of the fritz and I fixed my discount TV with a $60 part on Amazon and
I refixed it myself and sure enough that TV still working hanging on the wall, I didn't
need to buy a brand new TV for about $60, I fixed it in less than 20 minutes, it was
awesome. So, my iPad still running, that is my deal of the week, before you go out and
just spend money on something, double check, see? If you might actually be able to fix it.

Now, segment 1, watch your step. Last time, I shared a story just a course about how not
to get sucked in to the retail hype, right? Take a step back from Google and from all of
the crazy retail in the Amazons and everything and remember not to lose your mind as
you pull your wallet to pay for something. Please, take a quick look around, you just need
to Google it, right? Google's going to hit you with advertising everywhere, left, right,
center. Amazon's going to hit you left, right, center but if you just take a quick minute,
just take a quick look, I did that just recently, I was in the store that I'd never been in
before, I went in to tractor's supply, I've never been in there before and I was grabbing a
product and why not? I whipped out my phone, I zapped it on my Amazon app just out of
curiosity. My Google, I just looked it up on Google and Google polls up the prices on
dozens of different websites and stores and actually the price attractors was really good. I
grabbed it, bought it out the door, I double checked, it took me all of 20 seconds really to
check the price to make sure that I wasn't drastically over paying. So, please take a
moment, preserve maybe 20, 30% of your cash sometimes if you actually take a quick
double check. Now, in the watch your step segment, this is an area that I started in the
show longtime ago, when I really first started, I wanted to give you hopefully information
to help you take a step back from just life in general and make sure that you are not again
missing things that could be risky for you, missing things that you really should be
paying attention to or watching out for, so, hence, watch your step. This time I do want to
touch on asset protection and it made me think of this that in a holiday times we have lots
of people often times coming over to our house, it could be the UPS driver, the FedEx
driver, the Polestar worker, it could have friends, family, parties, gatherings, all of those
things happening coming to your house, please understand that every single time
someone comes to your front door that is a potential liability, I know what's not holiday
Christmas friendly to think about people coming to your front door as a liability but I do
want you to realize that every time somebody comes to your door or crosses your
threshold or goes in your backyard to Mova lawn, that is a huge potential liability. That is
asset protection awareness, folks please pay attention to this, this is actually I'm going to
share a quick true story, nobody imagines these things can ever ever happen to them,
I talked to folks and I asked "So, why is it that you only have $2 Million on your
Umbrella liability insurance?, right?" And I asked this question actually of someone
recently, they ran a very very productive company that make a lot of money in their
company, it's very very valuable and they had $2 Million of Umbrella liability on their
home. And I said "Why is it that you only have $2Million of Umbrella when you are
running a $50 Million company? $2 million is a personal umbrella coverage and they run
a $50 million company and guess who owns the $50 million company? Yeah! They do!
They own the $50 million company personally but they have $2 million of coverage on
their umbrella policy and you know what the basic answer was? They figured there's no
way they would ever get sued for more than $2Million, no way! That's what we think, we
are just normal human beings, we think that is impossible, there's no way we are going to
get sued for more than $2 million or $3 million. Generally, people get as much insurance
as they think"oh! that's as much as it will ever be, you know, we'll never get sued for that
much." Absolutely true story of clients at our law firm who had thought that way, they
thought that exact same way that normal human beings think, "Ah! We won't get sued for
that much". We were successful in convincing them to build out all of their insurance
protection properly to build out their legal protections properly and sadly, something
happened at one of their rental properties, they had rental properties, they had a tenant
where something terrible happened. A small child was injured, terribly injured by a piece
of shelving that gave way and a large television set fell on the child, this had nothing to
do with our client, our client purchased the house, the house already had shelving, there's
no way to know that the shelving was defective, you can't know all of these things, there's
just no way to know it, the shelf cave way terribly injured the young girl. The legal
judgement and in the civil case against our client was $25 million, these are just average
folks, $25 million judgement because that little girl is permanently injured. Thank
goodness this client of ours was properly protected, they will not lose their livelihood,
they will not lose all of their assets that they have saved and worked so hard for. It is a
terrible, terrible story, I share it with you, yes! to be dramatic to say if you have not had
an asset protection review with someone like myself that focuses on this as a significant
priority in the financial planning process, I am raising my hand, send me an email,
Kragi@kraigstrom.com. Alright. Now, I want to visit something today that I looked back
on my podcast, this is 218 episode and I looked back on my podcast and I was just
thinking through some things and I realized just one of the people that really inspires me
still today in my thinking and in the way that I approach retirement income planning is
Dr. Wade D. Pfau, Dr. Wade Pfau is an economist, he is actually a head of faculty at the
American College, you can also find him at Retirementresearcher.com. I was thinking
back on Dr. Pfau and his name was Wade, Dr. Wade Pfau, he is actually been
interviewed by me on this podcast early on, if you ever want to listen to 2 of those
interviews, you can go back and search for Dr. Pfau. He has been interviewed by me on
this podcast twice. So, as I reminisced back over the podcast, kind of that year-end
thinking in process, I thought and I went back and I looked at Dr. Pfau's just tons and
tons of material and information  and this one article that he had written caught my eye
and I thought as a tribute and just a page tribute to Dr. Pfau that I would just share some
of the highlights of his article, revisiting the key pillars of retirement income. So, the
name of the article is Revisiting the Key Pillars of Retirement Income from Dr. Wade
Pfau. You can actually find this and many other articles, books, reports written by Dr.
Pfau at Retirementresearcher.com. So,Dr. Pfau starts off by saying this, again the key
pillars of retirement income which is again what inspires me in my specialty is a
retirement income planner. Number 1, play the long game, a retirement income should be
based, an income plan should be based on planning to live rather than planning to die.
When I read this I though backed "this is oh gosh! 17 years ago I met a new client in a
Retirement community and I referenced to gentleman sitting out on the porch across the
street, as I was meeting with this new client, I've mentioned this gentleman who seemed
to be very friendly, he had waved at me when I came in and he said, the client said "Oh
yes! That's Bob!" "Oh! Okay, well what's Bob's story?" He seems to be pretty happy" and
my client said "I don't know how Bob is so dang happy". About 10 years ago, he was
diagnosed with cancer, I said "wow! that's terrible." She said "Yeah! He was given less
than 2 years to live maybe even a year" And I said "wow! then well he made it a long
way" and she said "yeah! but he spent all of his money, he gave his money away, he
spent it". He had plan to die and now lives on a meager existence of barely existence a
barely getting by I mean with his increasing space rent at his senior living mobile home
park. okay? Plan to live, play the long game. Dr. Pfau goes on to say this "there are many
efficiencies that can be gained from a long term focus". That's a key, the long term focus.
When you plan to live longer, right? You want to make sure that you are developing  a
plan then incorporates the efficiencies that would not be realized until later. That is so
important folks, right? You've got to make sure that you have a long term approach
because not taking such a long term efficiency approving actions, right? Improving
efficiencies, making sure that you are using your assets properly and in a strategy that
puts everything together. We'll lead you to a reduced standard of living in the future.
Now, Dr. Pfau says that some strategies that he has discussed and mentioned focus on
building long term plans over excepting short term expediences. Things like delaying the
start of social security maybe hear this purchasing a single premium immediate annuity,
what the heck is that? A single premium immediate annuity is an annuity from an
insurance company an annuity by the way the definition is a series of systematic and
equal payments over a set period of time. That's what an annuity is, and by the way,
social security by definition is an annuity payment. Pensions from government agencies
and companies, pensions are an annuity payment, those are annuity payments. In this case
Dr. Pfau references starting social security benefits a little later, using a single premium
immediate annuity, right? to pay to actually give you income today to cover living
expenses. How about paying a bit more on taxes today in order to enjoy more tax
beneficial income in the future, how about making home renovations and living
arrangements with the idea of supporting hear this, aging in place, I had someone asked
me recently "What about this reverse mortgage thing? Could we get reverse mortgage on
our house today?" And I said "Yes you could but I personally believe that would be a bad
idea because you heard Dr. Pfau says that I referenced just a moment ago, aging in place.
Reverse mortgages should only be set up in my opinion on your forever home, what is a
forever home? It is a single storey home that has a level entry that you can get your
Rascal scooter in the front door or in the garage through the garage, right? I'm serious,
think about this, if you are 85 years old, do you really want a 15 step walk up? Do you
want a big giant house with a backyard? and a pool? and landscaping and things that you
can get you can fall on a hole somewhere in the backyard when your hip gives out? Of
course not! Aging in place is about making the right home decision, right? Getting the
right real estate is important, right? That's important. Now, Dr. Pfau goes on to say
another pillar of retirement income planning is "Don't leave money on the table". The
holy grail! He says of retirement income planning is finding strategies that enhanced
retirement efficiency, he defines efficiency such that if one strategy simultaneously
allows for more lifetime spending and/or a greater legacy value for assets relative to
another then it is more efficient, hear that again. The holy grail of retirement income
planning is finding strategies that enhance retirement efficiency defined by, right?
Efficiencies such that one strategy simultaneously allows for more lifetime spending
and/or greater legacy value for assets relative to another, that is more efficient, makes
total sense, right? Take out any marketing hype that makes total sense and that is what I
personally believe, love that. Efficiency does have to be defined from the perspective of
how long one lives, okay? That's a key take away. Now, another pillar, "Use reasonable
expectations for portfolio returns", use reasonable expectations for portfolio returns. A
key lesson for long term financial planning is that you should not expect to earn the
average historical market returns for your portfolio, I've got to throw them in there as my
last podcast for 2019, this is where Dave Ramsey falls big time! You can not go into
retirement income planning scenarios using some ridiculous 8-12% average rate of return
over blah blah blah time. That is completely wrong and Professor Dr. Wade Pfau says, a
key lesson for long term financial planning is that you should not expect to earn the
average historical market returns for your portfolio, the average is just that, half the time
it is more than half the time, it is less beyond this we have been experiencing a period of
historically low interest rates which unfortunately provides a clear suggestion that at least
investment returns are going to be lower in the future, this has important ramifications for
those who have retired, right? And Dr. Pfau goes on to say this as well, at the very least,
dismiss any retirement projection based on 8-12% returns as the reality is likely much
less when you account for volatility and inflation, the desire to develop a plan that will
work more than half a time, okay? That is so important. Now, the next pillar, "be careful
about plans that only work with high market returns". So, I am going to stop here and
give you an example, someone was sharing a life insurance pitch that they received
recently and for those who are new to the show, I am a huge life insurance fan, I think
that properly designed cash value life insurance is an awesome component to an overall
plan, an overall financial plan I think properly done, cash value life insurance is
excellent. Now, this person had actually been pitched a type of life insurance that I am
not a big fan of and they were pitched if this insurance with this great market rate of
return participation it was awesome and my suggestion immediately was, go back and
request a lower projected return. Lower projected return in that same product looks very
different, of course it will because of all the other miscellaneous things included but Dr.
Pfau says, "be careful about plans that only work with a high market return". The natural
mathematical formula that applies to retirement planning is that higher assumed future
market returns imply higher sustainable spending rates. That's not true folks, you can't
rely on that stuff in retirement income scenarios, it is so important, with income scenarios
are very very different for a retirees, the fundamental nature of risk is the threat that poor
market returns trigger a permanently lower standard of living. Retirees must decide how
much risk to their lifestyle they are willing to accept, folks, that is the conversation right
there is well you've got to be prepared and the only way to do so is to get rid of any
retirement income plan that is projecting high rates of return, it's just not something you
want to bet your longevity on. Final few points from Dr. Pfau, build an integrated
strategy to manage various retirement risks. Retirement risk include longevity and
unknown planning horizon, market volatility, macro economic risk, what the heck is that?
Well, that is just the bigger economy, right? That's Saudi Arabia, you know mess on with
the oil supply, inflation, spending shocks that can derail your budget. Each of these risk
must be managed by combining different income tools with different relative strengths
and weaknesses for addressing each risk, Dr. Pfau says this, and you've heard me say it
"there's no single solution that can cover every risk, though some financial products have
been marketed that way". That's what I've said thousand times and a hundreds of times on
this show, there's no single product that fixes the retirement income scenario but there are
people who are pitching it. Ugh! This is the answer, you've got to invest in a diversified
basket of investment and that's your answer. No it's not. It is not. You have to have an
integrated approach to manage various risks. Another pillar from Dr. Pfau, "approach
retirement income tools with the diagnostic view". Diagnostic meaning, you don't care it
is what it is, it's a financial tool. The financial services profession, and I'm going to read
this from Dr. Pfau because I really love the fact that this is a PhD economist who
specializes in retirement income economics and it's not just little o'Kraig who doesn't
have a PhD but he does have a certified financial planner, charter financial consultant,
paralegal and 21 years of experience, still there's something cool about having a PhD
completely back you up. Dr. Pfau says this, "Approach the income tools with the
diagnostic view, the financial services profession is generally divided between 2 camps,
those focusing on investment solutions and those focusing on insurance solutions, both
sides have their adherence to you know who sees their role from the other side, right?
They both see their role on the other side from each other and back and forth but Dr. Pfau
says that hi research shows that the most efficient retirement strategies require an
integration of both investments and insurance, it is potentially harmful to dismiss subsets
of retirement income tools without a thorough investigation of their proported role. In this
regard, it is wrong to describe the stock market as a casino or to lump single premium
immediate annuities together with every other type of annuity to not have a better
understanding of different annuity products, and  it's wrong to dismiss reverse mortgages
without any further consideration. Remember what he said in the beginning of this pillar,
be product agnostic for the 2 camps, in the profession, it is natural to accuse the opposite
camp of having conflicts of interest that biased their advise but each side must reflect on
whether their own conflict colors their advise. So, think about this, he says, "On the
insurance side, the natural conflict is that an insurance agent receives commissions for
selling insurance products and only needs to meet a requirement that their suggestions are
suitable for the client. On the investment side, those charging a percentage of assets they
manage naturally wish to make the investment portfolio as large as possible, which is not
necessarily in the best interest of their clients who are seeking lifetime income.
Meanwhile, those charging hourly fees for planning advise naturally do not wish to make
the recommendation so simple that it foregoes the need forward going planning
relationship, it is important to overcome these hurdles. To rely carefully what the math
and research shows. Folks, that right there, hear that, it is important to overcome this
hurdles to rely carefully on what the math and research shows. This requires starting from
a fundamentally agnostic position that is where I reside as a financial planner. I'm
agnostic, I talk about reverse mortgage, life insurance, investments, all of these things
because they all have a role, you can not have a maximum lifestyle income plan without
integrated approach. I don't simply get paid fees, I don't simply get paid a percentage of
investment management, I don't simply get commissions on products, I can do it all and
I believe it's necessary that if i'm going to get a maximum income plan put together, it's
got to be  integrated, you've got to have it all together. Now, finally, I'm going to go on
with the last couple of points here. Build a balance sheet, start with a household balance
sheet, Dr. Pfau says. Retirement plan involves more than just financial assets, you've got
understand your income strategy. Now, I'm going to give it my twist and by the way, if
you'd like a link to this entire article, just send me an email Kraig@kraigstrom.com, I'll
shoot you back the link directly to Dr. Pfau's article at his website. Actually this was at
adviser times but I'll send you a link to the article and you can actually read all of it
because I'm not going to go through every single section but Dr. Pfau says, "Start with a
balance sheet". Now, here's my simple take on it, you've got to understand your income
assets versus your legacy assets versus your liquidity assets. Liquidity assets are not
income assets, liquidity assets are assets that are help for emergencies and opportunities.
Income assets are things like individual retirement accounts and 401Ks and things like
that. Those are income assets, assets that are set to be taking income from, your liquidity
and cash on hand does not count. If you do not have a reverse mortgage, your house that
you live in regardless how valuable it is, is not on your income asset side of your balance
sheet. But Dr. Pfau says build a balance sheet, make sure that you understand what's your
income assets are, what your various home equities are, what your liabilities are, your
fixed expenses, travel expenses, contingent expenses, go through that for sure. Now,
double check yourself as well in the area of this pillar. Distinguish between technical
liquidity and true liquidity. Remember what I said, liquid assets, right? Liquid assets, its
an important distinctship, you have to understand that the implication from the household
balance sheet view is that the nature of liquidity and retirement income plan must be
carefully thought of. In a sense, an investment portfolio is a liquid asset, however, some
of it is liquidity, yeah! But it might be an illusion because if you have an investment
account that is generating income, you really don't want to tap that as a liquidity asset
because that'll affect your income. Clients are free to reallocate their assets in any way
they wish but assets are not truly liquid in an investment portfolio because they must be
preserved to meet spending goals, so if you have income assets set up in an investment
portfolio, they are not truly liquid because you need those to be there for the income plan.
True liquidity emerges when there are access assets remaining after specifically setting
aside what is needed to meet all of the household liabilities, this distinction is important
because there could be a case, right? when you are trying to tie up part of one's assets in
something in liquid. So, let's think about this, let's say you are trying to tie up your assets
in something that's a liquid such as a single premium immediate annuity, Dr. Pfau says,
this may allow for the household liabilities to be covered more cheaply than could be
done when all assets are positioned to provide technical liquidity, right? An investment
account is technically liquid, right? But if you put that money into something that is
completely a liquid, for example, a single premium immediate annuity, something that
pays a guaranteed income that would cover household liabilities as an expenses, in simple
terms, a single premium immediate annuity pulls risk by the insurance company and
allows lifetime spending to be met at a cost of 20 years of spending objective, right? Let's
say that you've got 20 years of a spending objective while you can't cover that same level
of income with a typical investment account because risk pulling in single premium
immediate annuities, this by the way is not a single premium immediate annuity
commercial. Dr. Pfau just happens to reference them because in my opinion I think, they
are one of those financial tools that gets a bad wrap that people have these preconceived
notions, right? They are agnostic, they said "oh! I've heard negative things about that."
Well, yeah! That's the marketing machine that is Wallstreet that doesn't like these
products. So, there is some negative news out there from our friends like Ken Fisher and
people like that and our friends like big Dave. So, this is not a commercial for single
premium immediate annuities but it is so important to hear Dr. Pfau, a PhD economist,
specializing in retirement income saying, "hey! when you look at a single premium
immediate annuity, you are getting a risk pulling financial tool because risk pulling and
mortality credits allow you to set aside less to cover your spending goals, there's now
greater true liquidity. Remember technical equity, you might have a bunch of money in
an investment account that you wan to draw income from but is not truly liquid because
you can't really take money out of it because it'll hurt your income plan. True liquidity is
money that is available that doesn't affect your life, you can spend it, you can consume it
because single premium immediate annuities through insurance companies use mortality
credits and pull large numbers of people in one big risk pull. You can set aside less to
cover your spending goals and now end up with greater true liquidity and therefore more
to cover other unexpected contingencies. Well that would jeopardizing your core
spending needs, liquidity as it is, traditionally defined in the securities market is of little
value as a distinct goal in long term retirement income planning. That final line from this
section is important to repeat, liquidity as it is traditionally defined in securities markets,
Wall Street is of little value as a distinct goal in long term retirement income planning,
you must have true liquidity, actual, real liquidity and one of the ways you can do that is
by using a financial tool that requires less of your money to generate the income to cover
fixed expenses for example so that more of your money can be left out as truly liquid.
The bottom line Dr. Pfau says, retirement income planning is a relatively new field that
differs from traditional wealth accumulation. The combined impact of retirement risks is
that retirees experience reduced capacity to bear financial market risk once they have
retired. They also must meet spending goals by taking distributions from their asset base.
This calls for more integrated strategies that take into consideration the 8 key pillars that
Dr. Pfau presented. Alright, that is awesome.
Now, of course I didn't cover the whole thing, I would love if you send me an email
kraig@kraigstrom.com and ask for just in the subject line, "Pillars" just say "Pillars" or
"Dr. Pfau report" and I'll send you back the pillars retirement income planning, the link to
the complete article, read it folks. Please have an open mind, make sure that you come in
to your retirement income decisions with an agnostic perspective, if you come in with a
biased perspective, you basically shooting yourself in the income foot. You will leave
income on the table, you will leave legacy on the table, you will see leave certain things
on the table because you are only getting one side of the retirement income equation that
Wall Street side is going to cut you short. Please send me an email
kraig@kraigstrom.com , I'll send you back that link. Now, that's going to wrap it up
today, have a Merry Christmas, hope you are having a happy Hanukkah, happy festivas,
happy whatever holiday you are celebrating, be safe, have a great time with family, I will
talk to you again in the New Year. Take Care.