Cloud's Retirement Chat: Recent Episodes
Thomas Cloud Jr., Tommy Cloud
At Third Act Retirement Planning, we guide our clients into three critical areas that we believe will make their retirement the most amazing time of their lives - their finances, their health, and their relationship with the Lord. Our clients come to us with concerns that frequently include: Will I have enough to retire? Am I taking the right kinds and amount of risk? How do I make the right choices to maximize my retirement? How can I make retirement the most rewarding phase of life?
Tommy Cloud is an independent advisor, abides by the fiduciary standard, and is relationship focused. His all-inclusive approach includes being easily accessible and offering valuing for his clients. In Cloud's Retirement Chat, these values will come through as we provide you with relevant, important information about your financial future.
Key Talking Points of Episode:
- Socialistic traits in the tax changes that Joe Biden is making
- The $94 trillion world economy as it relates to socialism
Magical Quotes from the Episode:
“My energy is best spent on me, making sure that me and my family, work, job, spiritual, emotional health, physical wellbeing is in maximum shape, and then worrying about the affairs of the country afterwards.”
“As inflation hits, we can be paid more money, but not any more real amount of money and be pushed into a very real higher tax bracket.”
Connect with Tommy:
Website: https://thirdactretirement.com/
Call: 1-800-917-5016 or 770-971-2888 to set up a free call
In this episode, Tommy shares the essence of paying attention to taxes and having a diversified portifolio on non-correlated assets.
Listen in for an informative learning experience.
Key Talking Points of the Episode
- Second key to retirement income distribution: pay attention to taxes.
- What is crypto tax debt and its similarity/difference with stock tax.
- Third key to retirement income distribution: have a well-diversified portfolio with non-correlated assets.
- Tommy's parting sort.
Standout Quotes from The Episode:
"I think that people have to understand what bracket they're in. If they're not planning well, they can pay an extra 10% on distributions."
"Diversify your wealth seven or eight ways because you don't know what danger may fall upon the earth."
"You are not diversifying if you buy Microsoft stock, Home Depot stock, and Procter Gamble. That is called company diversification."
Connect With Tommy:
Website: https://thirdactretirement.com/
Call: 1-800-917-5016 or 770-971-2888 to set up a free call
Key Talking Points of the Episode
- What is a fiduciary?
- The first key to retirement income distribution: setting a budget for retirement expenses.
- Why do people resist creating a budget
- Understand what soft offers are
Standout Quotes from The Episode:
"As you're talking about retirement income distribution, the very basic thing you need to know is what expenses you are going to have when you retire."
"Getting older, retirement, money, and looking at the end of life that kind of humbling puts things in perspective which makes people pride more pliant to good advice."
Connect With Tommy:
Website: https://thirdactretirement.com/
Call: 1-800-917-5016 or 770-971-2888 to set up a free call
Key Talking Points of the Episode
- Wise ways to approach the key areas of spending in retirement
- Do you listen to your gut?
- An example of people doing the most with their money emotionally
- Grocery spending
- Putting up some guardrails
Standout Quotes from the Episode:
"It's hard for people to be happy and have confidence to look people in the eye on a consistent basis when they're walking around with secrets."
Resources Mentioned in the Episode:
The Millionaire Next Door- Thomas J. Stanley
Connect with Tommy:
Website: https://thirdactretirement.com/
Call: 1-800-917-5016 or 770-971-2888 to set up a free call
Key Talking Points of the Episode:
- The different types of incomes people can experience in retirement
- Understanding the annuities
- What’s the best place to invest $1.3 million as far as precious metals go?
- How to diversify in real estate without having to take up a lot of management and repair costs
- Straightforward option for people might be generating income from just selling stocks
- What does Tommy bring to the table?
Standout Quotes from the Episode:
“There’s a reason why people do the things that they do.”
“Real estate along with the stock market are inflationary asset classes along with commodities.”
“I do not recommend gold stocks. Gold stocks are more volatile than technology stocks.”
“You need to know how your financial advisor is being compensated before you buy an annuity.”
Connect with Tommy Cloud:
Website: https://thirdactretirement.com/
Blog: https://thirdactretirement.com/blog
LinkedIn: https://www.linkedin.com/in/thomas-cloud-jr-cfp-r-chfc-r-aams-r-81b2122/
Listen in and hear Tommy Cloud’s thoughts on this subject.
Key Talking Points of the Episode:
- Brett’s date with a movie star
- Is the stock market going to crash?
- advice for near term retirement people
Standout Quotes from the Episode:
“Spread out your wealth, don’t just put it in the stock market.”
“You can’t pay 35 times a company’s earnings and expect it to stay like that.”
“If you shoot enough half court shots, one of them is going to fall.”
Connect with Tommy Cloud:
Website: https://thirdactretirement.com/
Blog: https://thirdactretirement.com/blog
LinkedIn:
https://www.linkedin.com/in/thomas-cloud-jr-cfp-r-chfc-r-aams-r-81b2122/
Key Talking Points of the Episode:
- Is a million dollars enough to retire?
- How interruptions in our family domestic marriage make a significant impact on our money
- How Tommy helps couples in ensuring they have enough money in their old age
- What makes Tommy the best person to advise his clients and stand out from the rest of the financial planners?
Standout Quotes from the Episode:
“You don’t want to ever get in a situation where you have put your spouse at a point where they can’t go back, and they must go forward.”
“Assets have to serve a purpose.”
“We are in a place where diversification is going to be important.”
Connect with Tommy:
Website: https://calendly.com/thomascloud/retirement-ready-success-call
Call: 1-800-917-5016 or 770-971-2888 to set up a call
Are you ready to learn? Listen to this episode.
Key Talking Points of the Episode:
[01:22] Finding a financial planner that you can trust
[10:30] What are the best types of investment for a retiree or someone about to retire?
[20:06] |How Tommy establishes trust with his clients
Standout Quotes from the Episode:
“Trust is an interesting thing with people. You’re trusting flawed beings. It’s hard for people to be consistent over a lifetime.”
“A lot of times the slow, steady and simple wins the race. All the ambitious and aggressive can be disastrous and destructive of peace.”
“Diversification is the best long-term strategy with most of our money.”
Connect with Thomas Cloud:
LinkedIn: https://www.linkedin.com/in/thomas-cl...
Website: https://www.thirdactretirement.com/
Key Talking Points of the Episode:
[00:59] What inspired Tommy to write the article” Will Hyper Inflation Happen and Will it Affect my Retirement?”
[01:46] Why are people leveraging tenses of inflation and hyperinflation?
[03:38] The most reliable hedges against inflation
[08:55] Inflation hedge to money printing
[15:27] Personally managing retirement accounts versus letting a professional handle the accounts
SET UP A CALL OR WATCH MY FREE VIDEO
Also I encourage you to watch my free retirement video: https://go.thirdactretirement.com/strategy
If you're getting ready to decide on what type of IRA to start or a 401(k), you're more than welcome to schedule a call with me at no cost and obligation, and I can go over with you what may be best for your situation. Just click on the button to schedule a 20-minute call, and it'll be my pleasure to go over this with you. Click here and schedule it now: https://calendly.com/thomascloud/retirement-ready-success-call. Also, we will perform an audit on your portfolio (greater than $500,000) and review that with you as well at no cost or obligation what so ever.
Annuities are often part of an individual's retirement strategy. Today, Tommy Cloud of Third Act Retirement breaks down the different types of annuities, and more importantly, if they are a good idea in retirement. Types of annuities include:
Variable
Variable Indexed
Equity Indexed
Single Premium Deferred
Single Premium Immediate
After explaining the different types of annuities, Tommy explains the fee structures, and how most times, higher cost does not mean better returns.
More: https://thirdactretirement.com/blog/annuities-retirement-good-idea-strategy
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation, Retirement Ready success call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016
With recent market volatility, many clients have come to Tommy Cloud at Third Act Retirement, asking about gold and silver.
This summer marks 50 years since the US Dollar came off the gold standard, in August of 1971. Today gold is one of the most traded investments in the world, with daily volume around $145 Billion. It's only surpassed by the S&P 500 and US Treasuries...but not by much.
Silver, although more closely correlated to the markets than gold, has been a consideration as of late because of its role in technology.
Today, we break down the numbers of gold and silver over the years. Once again it comes back to King Solomon: diversification.
More: https://thirdactretirement.com/blog/gold-silver-good-retirement-investment
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation, Retirement Ready success call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016
King Solomon wrote, "In an abundance of counselors, there is victory."
It's important, in all areas of your life, to have trusted counsel from experts in various fields. This may be a doctor, an attorney, even a lawn care expert. And this is especially true for a financial advisor. Too often, people take a "Do It Yourself" approach in an effort to save money. This doesn't usually end well, particular in the case of financial advice.
Tommy Cloud and Jon Gay explore that dynamic in today's episode of Cloud's Retirement Chat, and Tommy also explains his analogy of the decision you make when you have that first beer, or when you strike up a conversation with that pretty girl at a party.
More: https://thirdactretirement.com/blog/how-to-best-plan-for-retirement
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation, Retirement Ready success call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016
King Solomon, the richest man who ever lived, talked about the importance of diversity. And diversity is the best way to invest for retirement.
In today's episode we cover:
- Correlation to the S&P 500
- Bonds
- Economic vs Price Inflation
- Expenses - not what you think!
More: https://thirdactretirement.com/blog/how-best-invest-retirement
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation, Retirement Ready success call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016
In the second of our two-part series, Tommy Cloud of Third Act Retirement breaks down different methods to pay less taxes in retirement. In today's episode we cover:
- Bunching Property Taxes
- Roth IRA Contributions
- Tax Loss Harvesting
- Annuities for Tax Deferral
For more, see this article on the Third Act Retirement Website:
https://thirdactretirement.com/blog/pay-less-taxes-in-retirement-part-2
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
In the first of our two-part series, Tommy Cloud of Third Act Retirement breaks down different methods to pay less taxes in retirement. In today's episode we cover:
- HSA High Deductible Insurance Plans
- Keeping Your Income Low for Social Security Calculations
- Roth Conversions
- Bunching Charitable Contributions
For more, see this article on the Third Act Retirement Website:
https://thirdactretirement.com/blog/pay-less-taxes-part-1
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
How much do I need to retire comfortably? That is, quite literally in many cases, the million dollar question clients always ask Thomas Cloud. Now, the word comfortable means many things to may different people, but as you consider your retirement, it's important to look at three main areas.
- Expenses
- Income
- Assets.
In today's podcast, we will look at each of the areas, and how they interact - as they relate to retirement planning.
For more, see this article on the Third Act Retirement Website:
https://thirdactretirement.com/blog/how-much-need-retire-comfortably
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
When a client begins a relationship with a financial advisor, they focus on the initial setup meetings, but don't always think about regular meetings.
When Tommy Cloud and Third Act Retirement bring in a new client with a Retirement Ready Success Call, you can expect a series of meetings to set up the relationship. But with most clients, we will usually meet 3 times per year. We'll review everything from your overall portfolio to your tax liability.
Ultimately, every client's needs are different. It's worth having a conversation whenever anything changes in your financial situation. This could include receiving an inheritance or any other windfall, making a major purchase, or even withdrawing retirement assets.
For more, see this article on the Third Act Retirement Website:
https://thirdactretirement.com/blog/often-talk-financial-advisor
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
In our last podcast, we discussed when to retire. Today, we are covering how to retire - with three ways to retire early. Tommy and Jon break down each of them:
- Save what you're making now
- Lower your expenses in retirement
- Develop a plan for retirement income
And what the heck does all of this have to do with football?
For more on today's episode, read Tommy's blog on this topic: https://thirdactretirement.com/blog/retire-early-3-ways
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
Today, Tommy Cloud and Jon Gay discuss the best time to retire. Now, everyone's individual situation is different, but most people come into the office at Third Act Retirement with these kinds of questions:
- Do I have enough money to retire?
- When should I retire?
- When should I stop working?
- What do you think is the best time for me to retire?
- How much longer do I have to work?
Often Tommy will have questions for those clients, such as:
- How old are you now?
- How much money do you have saved currently?
- What will your Social Security income be?
- What type of retirement do you want to have?
- What is going to be your budget during retirement?
- How long do you anticipate living? What's the longevity in your family?
- What are your goals during retirement?
- How much do you plan on traveling?
- What kind of house are you going to live in, and what kind of car will you drive?
- How often are you going to eat out?
- Are you going to be a member of a country club?
In today's podcast, we walk through the factors that go into answering one of the most important questions of your life: when to retire. Tommy shares examples from clients all across the spectrum to help get you thinking about how to answer this question for yourself.
For more on this topic, read more in Tommy's blog here: https://thirdactretirement.com/blog/best-time-retire
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
In our previous episode, we covered 14 common mistakes people make when it comes to retirement planning. Today, we will look at 5 strategies to help avoid those mistakes, including:
- Stop Trying to Plan For This Process Yourself
- Creating a Will With An Attorney
- Tax Planning
- Creating a Financial and a Retirement Plan
- Making Sure You Have an Investment Allocation and Strategy That Suits You and Your Goals Well
For more info on today's episode, read Tommy's blog. https://thirdactretirement.com/blog/common-retirement-planning-problems
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
People often come into Thomas Cloud's office with one of several fairly common problems, and they’re almost all caused by not having a plan. So, as we look at some of these frequent retirement-planning problems, most of them can be solved simply by creating a plan. Here are 14 common problems that we often see with people facing retirement:
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They're do it yourself-ers.
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High investment and advisory fees.
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Poor asset allocation and lack of diversification with investments.
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Paying more taxes than they should.
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Spending more than their budget will allow.
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Not knowing what their budget should be based on their income.
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Not knowing how to use insurance properly.
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Not having an updated will, or not having a will at all.
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Not having their investments well-positioned for the next market crash.
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No idea what their portfolio did in 2002 and 2008 when the stock markets went down dramatically.
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No non-correlated asset classes to the US/Global stock markets, and they do not know how to calculate the proper withdrawal rate from their portfolio during retirement.
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Not having a good idea as to how long it would take their investments to recover if we have another recession or market drop.
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Not reviewing their retirement or financial plan regularly.
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A lack of peace of mind. This is worst and has the most harmful impact on people, I have found.
In our next episode, we will cover 5 strategies to avoid these mistakes in retirement.
For more info on today's episode, read Tommy's blog. https://thirdactretirement.com/blog/common-retirement-planning-problems
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
In our second episode, Tommy Cloud rejoins Jon Gay to continue the discussion about financial advisors. We break down the fees and how advisors are paid.
We walk through fee-based vs commission advisors, using some hard numbers and different types of mutual funds as examples. Tommy also explains the worlds of variable annuities and life insurance.
Sure, trips to Hawaii are a nice job perk for commissioned advisors, but Tommy believes in the fee-only system, which means advisors are held to the fiduciary standard and must act in their clients' best interest.
Finding an advisor is an awful lot like dating. And Tommy has a worksheet on his website that you can bring with you to an appointment to make sure all of your questions are answered. https://static.twentyoverten.com/5aa0095bc8f5cd2c20b6f275/kHodme0bpOUG/2015CompensationandFeeDeclaration.pdf
For more on today's episode, check out Tommy's blog about this topic. https://thirdactretirement.com/blog/no-fee-vs-fee-only-financial
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.
In our first episode, Tommy Cloud and Jon Gay break down the different types of advisors, including no fee and fee only.
No fee advisors can be compensated in many different ways, including by bonuses and commissions paid by the companies they sell for. Fee only advisors are held to a fiduciary standard, which requires them to act in their clients' financial best interest.
Tommy talks a little bit about his history as an advisor, having worked in both roles, and why it was important to him that he hold himself to a fiduciary standard and act in his client's best interest, despite the temptation to make money in other ways. This removes many conflicts of interest.
We also touch questions you should ask a financial advisor when evaluating whether or not to have a relationship with them. Tommy even has a downloadable form that can help with this process. https://static.twentyoverten.com/5aa0095bc8f5cd2c20b6f275/kHodme0bpOUG/2015CompensationandFeeDeclaration.pdf
For more on today's episode, check out Tommy's blog about this topic. https://thirdactretirement.com/blog/no-fee-vs-fee-only-financial
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.