In our ninth and final episode of our series for members of the Florida Retirement System, Steve Gordon once again hosts our very own John Curry. We discuss an aspect of retirement that is necessary for absolutely everyone approaching this stage of their life to consider, mindset, and dive into how to successfully execute John’s Secure Retirement Method.
We chat about the real motivations behind retirement, as well as:
The spectrum of reasons why someone heads into retirement
The four freedoms John continuously seeks
Suspending belief and judgment in order to learn
Managing client behavior for the long-term benefits
And more
Mentioned in this episode:
Call the Tallassee Office at 850-562-3000
John’s website: https://johnhcurry.com/
Transcript
Steve Gordon: Welcome to John H. Curry's Secure Retirement Podcast. My name is Steve Gordon, I am your host for the day. And this is the final episode in a continuing series that we've been doing. It's actually the ninth episode that we had done for members of the Florida Retirement System. And we've gone through lots of different areas of concern for FRS members. So if you've missed any of those, you definitely want to go back and listen to them. You can do that at johnhcurry.com and click the podcast link up at the top. And you can find all of those episodes plus all of John's podcast episodes. And I really encourage you to listen to them not just for these topics, but but you know, they're really episodes there that I think are you'll find very inspiring about people who are doing amazing things in retirement. And so John, welcome. Glad to be here. I'm happy to soon turn the reins of the podcast back over to you. But it's been fun to turn the tables on you a little bit.
John Curry: It's been fun. And especially since we've been sitting across the table from each other instead of doing it on zoom or some other video conferencing. So it's been nice.
Steve: That's right. Well, we've covered a lot through this series, we've talked about the FRS pension. We've talked about deferred comp, we went through all the pension options. We talked about 403b plan, and an even when we had a whole episode, we had a whole episode on what age to retire.
John: Yes.
Steve: And I'll be honest, at age 49, I actually learned a lot from that. Because I got a little ways to go. We talked about DROP. I know that's a big concern for for folks who are in the Florida Retirement System. And then we really hit the big three at the end, we talked about Medicare, Social Security, and Required Minimum Distributions. And and those really apply to everyone. But I know those are, those are the topics that you get just tremendous number of questions on from from all kinds of folks. So today, what I'm hoping that we're able to accomplish here is really to put a bow on the whole thing.
So folks, if you missed any of those specific topics, and they're concerning you, go back and and listen to those episodes, you can do that, again, johnhcurry.com, click the podcast link at the top. And you'll find all the episodes there. And yet today, I think we ought to just kind of give an overview. But I think we ought to start our wrap up here where we began the whole series, John, and that's talking about mindset.
John: I love that topic. You know, we you and I discuss this a lot when we're together. So let me see tell you what I see when people come to see me. For planning, I'll see one of the spectrum is somebody who is angry at work. I'll hear things like I can't stand the people I work with that can't stand the job I've got, I can't wait to get out of there. The other end of the spectrum people who come as I love the people I work with, I love what I do. I don't really want to retire. But I know at this point in my life, there's some other things I want to pursue. So what's the difference? The differences are mindset.
See, the first person is running away from something. And sometimes I'll tell them, it appears to me that you're running away from something not running to something. The second person is running to something they're embracing something new, something challenging they want to do, maybe is volunteering at the church. Maybe it's teaching a class at some school or something. Think of a guy right now who retired and now he's teaching part time out a TCC. So what are you, why are you retiring?
And I like to talk about the Four Freedoms apply to me that I love, relationship freedom, time freedom, money freedom, and location freedom. To me, that's a mindset. Because if I know that those everything I do, and I mean everything, you know this about me, everything goes through that filter. What's the relationship we have? Do I want to have a relationship? Am I willing to put in the time to nurture that relationship? Is this somebody I want to allow to have my time and access? And if not, why would I do that? So if you're going to retire, and just sit on the front porch and do nothing like my dad did for a few years, then that's a mindset. I don't be around people, live by myself, just with my spouse.
And there's nothing wrong with that. And if you do that, and maybe you don't need as much money or other resources. If you're like other people I know who retire and they're constantly taking a cruise, taking vacations, then you will need more money in retirement, won't you?
Steve: Absolutely. Well, you just touched on something reminded me of something one of our mentors, says. And it's the distinction between freedom from or freedom to.
John: Yes.
Steve: What are you? What are you really being motivated by? And I think, I think that's important for people to really stop and pause and think about. You know, am I right now motivated? And I think throughout life, we all are motivated by both at different times.
John: Totally agree.
Steve: So are you really being driven by trying to get free from something and you mentioned job or, you know, you hate what you do, or whatever you know you're running from. Or do you have a bigger vision for what you want your life to look like? And are you looking for freedom to do that? And to me, that's the first fundamental question is to really you, and I use the phrase question our answers, right, I always ask you, when you question my answers, you asked me the same thing. That's almost really kind of the first thing you need somebody to do is in their own mind, question their own answer, and, and stop and think what's driving me here.
John: As you know, over the years, I have hired various coaches. I discovered that when I get the most value is when I, what'd I tell you when, we started this series about the podcast and helping to get a second book published. I said, I'm in your hands. Correct?
Steve: You did.
John: So I have to be willing to trust, have confidence in the person across the table from me and put myself in their hands. Now I have the right that if I don't agree. So Steve, I don't agree with that. Can we tweak that. And I think it's the same thing with your retirement planning, whether it's me or someone else, just find somebody you can work with. And be willing to say, I'm going to suspend judgment. I don't understand all this stuff. Don't act like you do. Because you don't. I'm still learning. I learn every day.
You know, just getting ready to do these podcasts. Going back to the Social Security website, the FRS website, Medicare. IRS's website, I probably have about nine hours. In addition to what we've done, just going back and making sure everything is up to speed. And I learned something new every time. But to me, that's a mindset. It's the mindset of am I willing to open up, suspend belief, suspend judgment and just learn? Some people can't do it, I'll have people come in, they'll fight me all the way. And when I was younger, I would deal with that and just try to work through. And now I simply say, look, this isn't going to work. I don't have the time, nor the desire to argue with you. And do what do you call it and you get to hands on to every arm wrestle?
Yeah, I've got too many people who want me to argue with you if you don't want me. So what's the mindset? I thought of another thing too, that I use a lot is fear versus love. Or you do things out of fear or out of love. And today our country's is there's a lot of fear. There's a lot of anger, a lot of resentment. And so what are you gonna focus on, you will focus on the fear or the people you love. Going back to relationship, then I like to think in terms of money, people are being told, well, you got to have X amount of money when you retire. No you don't, no don't you don't. It's more important to have a monthly guaranteed reliable income stream that comes in every month for the rest of your life. I have that.
Steve: Wasn't that why most of us are trying to build that mountain of cash and hit that number that we're all told on those cute little commercials that we're supposed to have?
John: Well, no. People have been so damn brainwashed. So they think that if I if I have a million dollars in this retirement account, it's gonna take care of me forever. And I'll ask the question, tell me about your distribution plan. Anyone can teach you how to save the money. That's easy. You don't need me for that. Just sign up for your 401k, deferred comp, 403b and put money in. That's great. You've done a fantastic job. You got 100,000 200,000 a million, whatever it is. Now, what do you do? How do you make this money last you for the rest of your life and your spouse's life? And then when you both die, which will happen, who gets it? How do they get it? When do they get it? All of a sudden, people go, I have no idea. I haven't a thought of it? Well, I have. I've done it for myself. And I've done it for literally 1000s of people over the years.
Steve: So we talked a little bit about mindset. You know, we've gone through all these topics that the goal of all of this of the planning that you do you know that you've kind of encapsulated in what you call the secure retirement method is to to take people from wherever they are, you know, and you can't always change somebody's incoming circumstance, because they've done what they've done wherever they are in life. But really, it's, it's to look at their goals, look at their mindset, what do they want to achieve? And then sort of take what they have and try and create that life that they want to fund the life that they want. To the extent that it's possible with the resources they have, is that a fair way of stating it?
John: Precisely. What do you have? How far will it go? So I asked people, why don't we just see what you've got, first of all, but you're talking about my process. The secure retirement method.
Steve: Well, I want to come back around to that in just a second. But I want to get folk folks kind of clear on why this, this is all so important. It's because you're sitting there, whether you're, you know, maybe you're listening to this, and and, you know, I'm 49. And so I'm not at the point where I think about retirement every day, you know, because I got teenage kids still, maybe you're listening to this, at that stage, maybe you're a little younger, maybe you're a lot closer to retirement, and this is got your attention all the time, maybe at two o'clock in the morning, you're laying there doing math on the ceiling, trying to figure out how it's all gonna work.
John: Or maybe you've already retired and you've been retired three, four or five years, and you're going oops, I need a do over. So we get that too.
Steve: So all of this is, John, I think it's all so critically important for people to be thinking about, but as we've said, on a number of these episodes, it's complicated. Like we live, we've done, what, nine, maybe 10 hours of recordings. I don't know a lot. And we've covered, this is the ninth episode. So we've covered eight topics before today. And I said several times through this, I've got a technical background, it gives me a headache.
You know, the the picture I keep having in my mind is somebody taking a jigsaw puzzle, dumping it on the table, taking away the picture on the box. So you can't see that and maybe thrown in pieces from another puzzle. Right? Just to confuse you. Right? So it's, it's not easy. And I think one of the things that that folks need to appreciate no matter who they work with, is you need somebody that has a process to sort all that out. So I want to talk a little bit about your you mentioned your process, I want to talk a little bit about your process, you call it the secure retirement method. You've kind of designed this over the years to take into account all of these crazy puzzle pieces. And you've got the picture on the box.
John: Correct.
Steve: So talk us through the the secure retirement method and your process and how you help folks sort all this stuff out.
John: Well, let me first talk about why it came to be. I got tired of having to recreate the wheel every time. So somebody would come in. Next thing I got two or three hours invested and nothing accomplished. So I say, okay, it all started back in 1982. When I started after my brother died, and my brother in law died, I was frustrated because I was trying to find how to get planning done for people. That's where it started. And then over time, I actually put more, I call it a formality into the process.
So now it's pretty simple. I focus on four steps. Number one is what I call a vision session, what's your vision of retirement. We've talked about that several times. The discovery session where we determine what you have, what's working, what's not working. And then we'll take a look at the strategy session. That's where we start looking for the strategies or financial solutions. And then the implementation session, that's where you've got to take action. In the final analysis, you've got to take action. If you don't have a will, you got to see an attorney get a well drafted. Durable power of attorney. If you don't have health insurance, or if you need to change a beneficiary, someone has to implement and take action. If there are financial products that you need, then we put on a financial product hat and talk about different products, what they do what they don't do.
And I talked before about the good, the bad and the ugly. And when I'm going through this, I tell people, we're going to look at everything, the good, the bad, and the ugly. And I'm going to lay it out there in front of you. Now what you do with it is up to you. When we get done, you will have a written report that lays out everything we've talked about. And there's only four things you can do with this data. You can ignore it, throw it in the trash can. Do it by yourself, go to a competitor or work with us. Now, once we've done the planning, you're free to do whatever you want.
Steve: So you've really simplified the whole thing. I mean, you've got it's these four steps.
John: Yeah, but it's taken me many, many years to get there. And 1000s and 1000s of interviews to get to the point of doing that. But yeah, finally, and I don't deviate much. Now if you come in and you've got a hot topic. I'll address that. But I'll say, timeout. If we're going to engage, we got to do the whole process. And some people's, I just want to buy a product, I want to buy XYZ mutual fund or insurance. Fine, I'll do that for you. But if we do that you're missing out, because you're not getting the whole thing. But if you're, if you're adamant about it, I'll help you. As long as I'm not hurting you. I'll turn down business, if it's if if I know it's not right for you, I don't want that. I don't want that burden. Well, at this point in my life, I don't have to do it.
Steve: Yeah. And I think that's key. That's really key. So one of the things that I always appreciate about, you know, people who have studied something for a very long time, is that they, they begin to see all the commonalities. And so you may think, Well, my situation is different, you know, how, how is John's process can fit my situation. And, you know, I get clients come to me, we, you know, you know, john, I help companies with marketing, and everybody thinks their situation is different.
But I've been doing it long enough, that I know that, that if we follow the process, you're going to get the ideal outcome. You know, because I know that the steps of the process lead us there. And that's kind of the advantage of working with somebody who's, who's really, you know, honed their their skills over time. Talk a little bit, you talked about the four different sessions, give us a little preview of if I come and meet with you for the vision session, what does that look like?
John: Well, the first question I'm going to ask you is, I want you to think ahead to the day you retire. Whenever that is five years, 10 years, 15 years, looking back, what has to happen along the way for you to be happy in retirement? And I'll have people look at me and go I have no idea. Well, we probably should start there. Because if you don't have some clarity on what you want to do in retirement, what I call the your vision of retirement, does it really matter? How much money you've got? How much time you got? If you don't have any idea what to do with the time and money? Shouldn't we start there? Tell me about your interest. What do you like to do? Love to travel, like doing this, and then they'll start opening up. So start pulling things out. Because believe it or not, there are a lot of people who they don't have a clue what they're gonna do in retirement.
My dad was that way. He retired at 62 died at age 85. I was worried about in the first few years of retirement, he did nothing. He would go hunting and go fishing, come back home sit in front of television all day. And one of my uncle's got him involved when they went to Cherokee, North Carolina on a trip and they started doing two three of those a year. But why do you want to retire? You know, for me, you know this about me, one of the definitions of retire is to withdraw from. If you're enjoying what you're doing, you're getting paid to do it, and you're having fun doing it, why would you quit? So I encourage people don't just quit, maybe retire from the Florida Retirement System from the state or university system wherever you're working.
But maybe you should pursue other things. Maybe there are things you want to do, that you've never done. And that's where I love the podcast we're doing because I'm sharing stories of people who retired, they did not retire from the social network or the environment. They're still being productive. People ask me when I'm going to retire one, but on paper, I'm retired. But as long as I'm relevant, and people want me, and I'm having fun, I'll keep doing it. As long as I'm healthy and can do it.
Steve: I love that. And I really, you've you really kind of encapsulated this whole thing where we started with with mindset. So you know, for folks who are listening to this, and, and I mean, the natural. I think the natural reaction for a lot of people is that look, this is just too complicated. I'm just gonna put it off. What what's at risk?
John: Lifestyle. Your family's lifestyle. One of the saddest things I see. You see somebody who's got a good chunk of money, maybe it's their DROP account, which for most people represents the largest chunk of cash they'll ever have in their hands. And I'll see them make decisions with that. Like, I want to buy a brand new motorhome. So I'm gonna take the money, lump sum, pay all the taxes, and go buy a motor home, or buy a second home without analyzing other ways of doing it. So they lose all the money to taxation, and they lose the growth on that money. Economists call it opportunity cost. So I pay $60,000 in taxes, I didn't just lose $60,000 I lost all the earnings I could have earned and that money had it been invested. So I see that.
Then I'll see people who make decisions that works for them because they're aggressive, but upon their death, then the spouse is left with very little to take care of themselves. I see people taking retirement option with the pensions, that's probably not the one they should have taken. But the key thing, the risk is, number one, your lifestyle could suffer. Now, the outside risks are taxation, inflation, interest rate risk, stock market risk. They're suffering, we financial advisors call it sequence of return risk, if I'm taking money out of my retirement accounts, and the markets doing great, okay. But what happens if you have 2000, 2001, 2002, three years in a row back to back losses, and you're taking money out? That was such a big issue that Congress even acted, Congress changed the distribution amounts from from your retirement accounts, required minimums, they went from a factor of 16 to 27. To take some of that pressure off.
And then fast forward 2008. If you have money in stock market, S&P 500 was down 38%. 38 points. Excuse me, 38%. So now you're in a position of where holy cow, I got through this, I came back, and then I lost money. And all of us had that. I mean, if you were invested, you lost some money. And it came back, if you had staying power. Sadly, though, another risk is running away. People who lost money, sometimes they panic, and they move the money over to a checking account or money market account or a savings account or a CD, and it's not in the game. So the one word I come up with is behavior. The key word is behavior. I don't, I don't manage money, per se. I manage people's behavior. I listen to you about what you want, and then I help you go do the things necessary to get it done. If you engage with me, and we work together. And I want to be clear on something there.
One of our mentors talks about there's 7 billion people on the planet. I don't need all 7 billion people on the planet. And the only people I care about are the ones who have decided that they won't be in their world. I will work my fanny off to take care of that person. Any critics criticize all the want. Doesn't matter to me. But my people and you've heard me talk about my flock, I have an obligation to protect each and every one that wants me. And I will fight for you. I will fight with you. But when you give up, I give up. That's my mindset. As long as you want help, my team and I will help.
Steve: John, for folks who are listening to this, and maybe they've listened to other episodes in the series. And they they're at a place where maybe they don't know what to do next. What would you recommend that the folks do as a next step?
John: Well, I think the next step is if you've liked what you've heard, and you like to have a conversation, we start with a telephone appointment. Low key, no pressure, no hassle. And we just we just talk. We find out our real fit, should we get together? And if if so then we either get together face to face, or we do it by computer and online. And you can see my screen, we walk through it that way. And we go to work. Had two new people come in last week who said hey, we're ready to go. But in both cases, I started with a telephone appointment. And they can do that with me or someone else on my team.
Steve: Okay. And so what's the best way for them to get on your calendar?
John: The best way is to call my office in Tallahassee. 850-562-3000. 850-562-3000. Or they go to my website, johnhcurry.com. johnhcurry.com.
Steve: Perfect. You know, John, we started this episode off with mindset. I think getting getting these issues solved begins with getting clarity, getting, you know, getting your mind clear and focused on what you want. And, and so you've given them that that clear next step. And folks, I encourage you to go back and you know and listen to these episodes. I encourage you to have that phone conversation with John, you know, and see if it's a fit, and see if he can provide the kind of help that you need. Now, John, you work with folks, not just here in Tallahassee, but all over the state of Florida and in other states as well, is as that right?
John: That's correct. And it doesn't matter if you're listening to this and you are not a member of the Florida Retirement System, or have family members that aren't in FRS. Doesn't matter. Social Security, RMDs, Medicare all that stuff applies to every person who's working. And we just want to do a series that we know that FRS members have to face. And I deal with that every day. So, but anyone would benefit from and the truth is the younger, the better, you've been kidding about as young as you are not worried about social security and all that stuff too far in advance.
But if I can get in front of someone who are in their 40s, or 50s, and get them on a path, when they get to retirement, it's gonna be so much better. And you know, the beauty of my work, Steve? I know for I'm 67 be 68 in just a few months, December 9, and know that the work I've done, people will benefit long after I'm dead. That's my legacy. There will be people that will benefit 30, 40, 50 years into the future from work that I've been doing.
Steve: I love it. Well, this has been fun. Thank you for allowing me to hijack the podcast and interview you through all this.
John: You're welcome. Thank you for doing it. It's been fun.
Steve: It's been a pleasure. So folks, if you're catching this and you missed the other episodes, or you just want to go back and find them, you can go to johnhcurry.com/podcast. Or go to johnhcurry.com there on the homepage and click the podcast link at the top. And you can also find these on your favorite podcast app. So if you're an iPhone user, you can find it on Apple podcasts if you use an iPhone or any other platform, Spotify, Google podcasts, whatever your favorite podcast app is, you will find it there. And you certainly can listen on John's website. So John, thank you again, give everybody the phone number if they want to stop and call and book an appointment. Where do they get you?
John: 850-562-3000.
Steve: Excellent. Thank you my friend. Thank you for everybody listening. We'll see you in the next episode.
John: Thank you.
Voiceover: If you'd like to know more about John Curry's services, you can request a complimentary information package by visiting johnhcurry.com/podcast again that is johnhcurry.com/podcast or you can call his office at 850-562-3000 again that is 850-562-3000. John H Curry chartered life underwriter, chartered financial consultant, accredited estate planner, masters in science and financial services, certified in long term care, registered representative and financial advisor Park Avenue Securities LLC. Securities, products and services and advisory services are offered through Park Avenue securities a registered broker dealer and investment advisor. Park Avenue Securities is a wholly owned subsidiary of Guardian, North Florida Financial Corporation is not an affiliate or subsidiary of Park Avenue securities. Park Avenue Securities is a member of FINRA and SIPC. This material is intended for general public use by providing this material we are not undertaking to provide investment advice or any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. All investments contain risk and may lose value. Past performance is not a guarantee of future results. Guardian, its subsidiaries, agents or employees do not provide legal tax or accounting advice. Please consult with your attorney, accountant and/or tax advisor for advice concerning your particular circumstances. Not affiliated with the Florida Retirement System. The Living Balance Sheet and the Living Balance Sheet logo are registered service marks of The Guardian Life Insurance Company of America New York, New York Copyright 2005 to 2020. This podcast is for informational purposes only. Guest speakers and their firms are not affiliated with or endorsed by Park Avenue Securities or Guardian and opinions stated are their own.
2020-113401. Expires February 2023