KHTS Radio Santa Clarita Radio – Santa Clarita News
Hosts: Arif Halaby & Jeff Girard
Guest: Logan Halaby
Hour #1 – Rules of Retirement Planning
Total Financial Solutions Safer Money Hour, with host Arif Halaby, President & CEO of Total Financial Solutions airs every Tuesday from Noon to 2pm on Santa Clarita’s Hometown Station, KHTS AM-1220.
Rules of Retirement Planning – February 2, 2016
On this episode of TFS Safer Money Hour, Arif invites special guest son Logan Halaby to discuss how to build wealth in order to be best prepared for retirement and enjoyment of your life. Arif gives several tips for how to limit your spending and how to hold on to investments long-term that will be beneficial in the future that might not seem so great in the present.
Hour 1 – Life insurance, stocks, other insurance policies, cash value plans, passive incomes, and annuities.
At age 59 1/2 the IRS waves all penalties on your retirement accounts.
What happens at age 62? That’s the time you can begin to take out social security.
What happens at 70 1/2? You cannot defer taking payments out past that specific time. You must start collecting your payments. If you don’t take out what is required you can be charged a 50% penalty.
“Make sure you open your mail.” – Arif Halaby
“If you go over historically, rich people have always made the rules.” – Arif Halaby
“You are somewhere, and your money is making money somewhere else.” – Arif Halaby on passive income
Passive incomes should be a target goal of anyone planning and saving for retirement, so that when you do retire you have incomes coming in from different arenas (rental properties, etc).
“Annuities are a conversation, or a contract between you and a bank or company.” – Arif Halaby on annuities
Annuities, like a CD, have a fixed amount of interest every year.
- Fixed annuities – These are annuities with fixed payments. The insurance company guarantees a fixed return on the initial investment. Fixed annuities are not regulated by the SEC.
- Variable annuities – Registered products that are regulated by the SEC in the United States of America. They allow direct investment into various funds that are specially created for Variable annuities. Typically the insurance company guarantees a certain death benefit or lifetime withdrawal benefits.
- Equity-indexed annuities– Annuities with payments linked to an index. Typically the minimum payment will be 0% and the maximum will be predetermined. The performance of an index determines whether the minimum, the maximum or something in between is credited to the customer.
