Financial Planning with Roy Wagner, CFP®

April 13, 2020 UK Federal Credit Union Episode 1
Financial Planning with Roy Wagner, CFP®
Show Notes

Podcast Outline:

The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

1.     Brief Bio

a.  How did you get started in Financial Planning? Why?
 i.  Econ Degree from EKU, Studied and got licensed in 2010, got registered with CUSO and came to work at the UKFCU in 2012, passed CFP in 2017.  
ii.  Before becoming an advisor I worked in different fields but that was during the recession around 2008.  I worked two different positions non-financial planning related that were cut due to the poor economy.  During that time I lead a short course about baby steps and getting out of debt at a local church and really enjoyed helping people through that process and decided to pursue that as a career.  I found a local advisor by reaching out to him and asking if he would help me pursue the career and he helped me become a licensed and eventually hired me to his team. 

b. What do you enjoy most about being a financial advisor?
i.  Helping people reach their goals and ease concerns about retirement planning.

c. What do you like most about the Credit Union?

i.     Best services, people really enjoy working here. 

2.     Retirement Planning Steps – How does someone build a retirement plan? 

a.     Know what you are spending, create a budget. 
i. Look at changes in costs, healthcare, travel, food

b.     Look at income sources

i.     Pensions – Life or Joint Life

ii.     Social Security

1.     Will that be around in the future?

a. Brief discussion that in the early 2030s it is projected not enough is going to be paid in to pay out so a few options exist such as raising the tax rate from 12.4% to a higher amount, increasing the amount of income that is taxed, raising the retirement age, or means testing are on the table.  

b. I believe it will be around and should be considered for retirement planning but it will likely be different.

c. Remember that when one spouse dies and both get a benefit, the higher of the two remain. 

c.  Look at your nest egg.

i.  Best way is to run a Monte Carlo simulation with financial planning software that we offer through our CFS investment program with UKFCU.
ii. Other options would be to take your annual need and multiply that by 25, so if you need $100,000 per year, you would need $2.5 Million and that would give you a number where you can draw 4% out per year.  This can provide an estimate of what you might need.
iii.  It’s important to know an expected return will be, so if you are putting all of your funds in CD’s, right now you can’t get 4%. So evaluate your risk in your investments. 

d.     What are you going to do after retirement? 

e.     The best route is to come in for a full financial plan that is complimentary through our CFS investment program. We take all of this info and put it in our planning software and create a comprehensive plan that you can take home and read over, as well as create some hypothetical scenarios.

3.     How do people reach you?

a.     They can call the credit union and ask for me, or email or my direct line is (859) 264-4106.

4.     What is the typical person who meets with you like?

a.     Usually I see quite of UK employees just being located at the UKFCU. But usually it’s someone who really would like the help of an advisor for guidance to know when they can retire.