Advertise on podcast: More Living with Jim Brogan

Show Notes On Mount Everest, nearly 80% of deaths occur on the descent—not the climb. Jim Brogan uses that sobering contrast to explain why retirement can be riskier than building wealth: spending down savings brings new pressures, from market downturns to inflation and the fear of outliving your money. He lays out a practical way to estimate your retirement income gap, protect near-term spending without giving up long-term growth, and make room for family support and charitable giving. The episode also explores a potentially valuable tax-planning window between retirement and the age when required minimum distributions begin. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:46 Hello, East Tennessee on this crisp, cool third Saturday in October. Thank you for tuning in. This is more living with Jim Brogan where it's all about living the best years of your life your way. This is Newstalk 987. And today I just kind of want to talk about and focus in on when, when do you know you're ready to retire? How can you be confident? Or maybe you're there, but you're just not sure how to put it all together so you feel like you're where you need to be. Speaker 2 00:01:20 But now what? and this is a big, big question that a lot of people that I, that I talk to have is knowing how to make that transition from drawing a paycheck to no longer drawing a paycheck. The biggest retirement challenge for many individuals is not accumulating enough money. It's learning how to use that wealth that you've already built. So you may feel like you've you've gotten to the finish line or or maybe you're already retired. Either way, how can you feel confident in what you're doing? the first thing that I think is important to understand is I like to talk about the mountain of your financial life. So let's let's think about Mount Everest for a minute. Mount Everest, tallest mountain in the world. When I ask who's the first person that climbed Mount Everest? The first and most commonly associated with that is a man named, Sir Edmund Hillary. And many of you have heard that name. And my response to that would be, well, we don't know that he's the first to make it to the top. Speaker 2 00:02:35 He's the first one that made it down alive. And many times when we get you get to the top of the mountain, you feel like that's your retirement phase, and you kind of plant your flag in the ground and you feel like you've, you've you've reached the summit, you've crossed the finish line, whatever analogy you want to use. But the reality is you still have to get down the mountain and. Going down the mountain, then coming up the mountain. let's look at these two phases of life that when you're going up the mountain, that is the accumulation phase. That is when you're saving and accumulating money, you're growing your money. Now, what happens if you fall down? Then you tighten up your bootstraps and you start back up the mountain. It could be losing a job. It could be seeing a 3,540% market downturn. Whatever the case may be, you you tighten up your bootstraps and you start back up the mountain. You get to the top. And when you start coming down the mountain, that's the the the distribution phase of life, the income phase, that's when you start spending money from your life savings. Speaker 2 00:03:49 It can be much more, much more damaging when you fall down the mountain. Going down the mountain. you know, in our Mount Everest analogy, almost 80% of the deaths that have happened on Mount Everest over the years have been coming down the mountain, going not going up the mountain. So, you know, many of you maybe spent your whole career working towards financial independence, but you still don't feel comfortable retiring. And why is that? And I think a lot of that is understanding the different pressures and stresses that are put on the nest egg and putting together a plan in place to deal with those challenges. Also, it feels different. You know, you're when you go from saving money to spending money, that is just a huge emotional change and mental change in your whole approach. You know, many of us have been taught our whole lives by our parents and our grandparents. Save, save, save. But but then when you stop drawing a paycheck, Now it's time to spend that money. Speaker 2 00:04:57 And it can feel uncomfortable. We don't know when life is going to end, and we don't want to have life left. At the end of the money and have the money run out. And you know, when I teach classes through the area, you know, at Pella City State and the University of Tennessee, and I ask people what their greatest financial concern is, and it doesn't really matter. I have found whether somebody has 3 or 400,000 or 3 or 4 million or even 8 or $10 million. Their biggest concern normally is, is running out of money, you know, having life left at the end of the money. And it's because we don't. It's such a big mental challenge to move from saving, saving, saving to now it's time to spend. So how can you determine whether what you've accumulated is enough to support your retirement lifestyle. And I think the first thing you have to understand is how much you're spending and getting getting your arms around, how much money, what your lifestyle looks like does not have to be as difficult as you might think. Speaker 2 00:06:13 a lot of times I think it paralyzes some people because you don't, you know, you don't want to do this line item, budget and track where every single dollar is going. And I know when we're younger, we do that, when we get older and we get, you know, we get in that last ten years before retirement, you know, we're making our best. You know, usually you're that those are your peak earning years. You know, you have categories and things like that but you don't track. Many people don't track to the penny. And if you don't do that and and it is very, very good to track those things. By the way, I'm not saying you shouldn't do that. The problem is, people come into our office and it's very, very unusual that people really have their arms around what they're spending and in what different areas. And so one way you can get your arms around that without doing too detailed of a budget is just look at how much money is hitting your checking account every month from your paycheck. Speaker 2 00:07:15 You know, it really doesn't mean a lot. If you tell me, Jim, I make X number of dollars, a year's my salary. You know, let's say salary and bonuses. You make $130,000. Well, by the time you take taxes out, by the time you pay payroll tax, you know, 7.65% of every paycheck you're paying payroll tax. That's mainly going to Social Security. That is not a federal income tax. So that's a big, big chunk that's coming out of your paycheck. You have your health insurance deductions. Any other employee benefits. usually in your peak earning years, your last ten years from retirement. You're saving large amounts in your 401 K. Those are coming out of your paycheck. So look at what's actually hitting your bank account. How much is it. And then what's happening month to month is your is your bank account growing. Is it shrinking. You know, over the course of the year what happens with those bank account balances? Now you may have some one off expenses that you're not going to have in retirement. Speaker 2 00:08:25 You also want to think about things like, you know, will you have your house paid off? Will you have a mortgage payment? If you have a mortgage payment now and you don't have a mortgage payment in retirement, then you know that's going to make things a lot easier from a cash flow perspective. You also have to budget for your medical expenses, you know, for even once you're 65 and you're on Medicare, you've got a budget for Medicare premiums, you've got a budget for supplemental plans or Medicare Advantage. And then you'll have utilization costs. So you have to budget for all those things in an income plan. But you have to figure out ultimately how much money are you going to need to spend to have the lifestyle that you want. And then once you have an idea of what that number looks like, then you have to know, you know what your income, what what income can you actually count on? And Social Security would be the most common answer. You might be getting a pension. Speaker 2 00:09:23 fewer and fewer people are getting pensions now. you might have rental income if you own rental property or whatever it is, but whatever those income sources are, you no longer are going to have a paycheck from work. So you simply have to look at what your spending is, let's say, you know, let's pick some round numbers. Let's say you're you're spending about $9,000 a month, 8500 to 9000 a month. So 9000 a month is 108,000 a year. now you got to consider. So let's say you're between 100, 110,000 a year. You also have to budget for income tax. You don't need to budget nearly as much as you might think, but you may determine your retirement income. Need is 125,000 gross of tax. Then you put everything down on paper. You look at Social Security, look at pensions, you look at the other things rental income. You look at all that stuff. Let's say it adds up to

Show Notes A burst of pickleball can rupture an Achilles tendon—especially when someone jumps into the sport without building up gradually. Physical therapist Andy Baxter joins Jim Brogan to explain how to return to activity safely, tell ordinary soreness from pain that needs attention, and keep strength and balance as we age. Baxter also shares a humbling moment from new fatherhood: getting up from the floor while holding his crawling daughter made him realize he needed to work on his own strength. Hear why rest isn’t always the answer for tendon pain, why calf work can help protect balance and the Achilles, and how a short walk or a few chair stands can be a sensible start. Automatically Transcribed With Podsqueeze Speaker 1 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Jim Brogan 00:00:46 Good morning, East Tennessee. Welcome to More Living with Jim Brogan, where it's all about living the best years of your life, your way as you listen to Newstalk 987 w Sky. And today we're talking about something that can have a huge impact on quality of life as we get older. Our ability to keep moving. So important. I know I've seen in my own family as people age when they lose their mobility. Jim Brogan 00:01:16 This particularly happened with my father, when he got into his mid to late 70s and into his early 80s. When you lose that mobility, it really can just, just has a cascading effect. You know, you can have retirement plans, travel plans, golf trips. You can have time with the grandkids all mapped up. But being physically able to enjoy those things is a pretty dang important part of the conversation. So joining me today is Andy Baxter. He's a physical therapist, owner of studio PT here in Knoxville, an old friend of mine, and he earned his doctorate in physical therapy from UTC and has spent years helping people recover from injuries, improve their movement and stay active. He's also quite the the athlete, his background himself. He competed in cross country and track at the University of Tennessee. Good morning Andy. Welcome to More living. Andy Baxter 00:02:12 Good morning Jim. Good to see you. Jim Brogan 00:02:14 It's great to have you. And you were at UT, but prior to that, you're at Belmont, right? Andy Baxter 00:02:19 Yeah. Andy Baxter 00:02:19 Just where your youngest is at. Where my youngest is at. Jim Brogan 00:02:22 Yeah. And you transferred. how long were you at Belmont? Andy Baxter 00:02:25 I was at Belmont for a year and a half. So I was fortunate to be on a couple, Atlantic Sun championship teams. We won a couple cross-country conference championships, and then I decided I want to be closer to home and run at a bigger university. So transfer to UT in the middle of my sophomore year. Jim Brogan 00:02:41 And you're on the championship team? Andy Baxter 00:02:44 Yeah, the 2007 SEC Track and Field Championship team. We were fourth at nationals as well, but, that's awesome. Yeah. So we'll get to be a part of Champions Weekend next year. they do. UT hosts a Champions weekend for teams that were a SEC or NCAA champ every ten, 20, 25, 30 years. So it'll be our 20th, reunion next year for that. Jim Brogan 00:03:07 Well, and I've been at the Knoxville Marathon, not as a runner. it seemed like I was there for the half. Or maybe it wasn't the Knoxville one. Jim Brogan 00:03:17 Maybe it was another one. But I remember seeing you running that and I thought, Holy cow, I would have never, ever, ever been able to run like that. Andy Baxter 00:03:25 Yeah, that was the five K if I remember when you guys came out, was. Jim Brogan 00:03:29 It five. Andy Baxter 00:03:29 K. Jim Brogan 00:03:30 And Tony. Andy Baxter 00:03:30 Tony Tony Cosey yeah that was our big we had a big bet on who was going to win between Cosey and I. Cosey was an Olympian much much faster than I was back in the day. But I ended up eking him out and winning the bet. So, yeah. Jim Brogan 00:03:42 You had the, He's a little older than you are, right? Andy Baxter 00:03:44 Yeah, he's got a he's got a decade on. Jim Brogan 00:03:46 He's got a decade. Andy Baxter 00:03:47 Oh yeah. Jim Brogan 00:03:48 So it's a five K. Well, I'm exaggerating then. so before we get into physical therapy at sale, tell us a little bit about your background. When did you decide to start focusing on physical therapy, movement, body health, those kinds of things? Andy Baxter 00:04:03 Yeah. Andy Baxter 00:04:04 So growing up here in Knoxville, I went to Farragut High School where I had some success in running. and then obviously in college had some success in running in a sport like running, which is so repetitive, and the intensity and the volume in which we did in high school and college, that just naturally comes with some injuries along the way. So I got to know a few physical therapists along the way and learned a ton from them, and just really thought it was an interesting, idea of how to stay healthy and even even improve performance along the way so that that kind of piqued my interest. I studied kinesiology at UT, which is kind of a nice segue into, the physical therapy school like pathway. and then ended up taking a few years off after undergrad and then went to graduate school and three years of that. And then I've been practicing. Now I think I'm on my 14th year, so, That's awesome. Yeah, yeah, it's been a it's been wild. Jim Brogan 00:04:58 You know, as we age, it's, I mean, I, I, we were talking off air. Jim Brogan 00:05:03 I just turned 57, so, you know, which I'm kind of the age of most of our listeners at this point, I guess. but, you know, as you know, I'm not a runner as you, as a, you know, you know, 12, 13 years ago, I started swimming a good bit and, swam in some five KS. And, what I couldn't believe is because you were talking about running, you know, can be hard on the knees, the ankles, the joints. Swimming, you know, is such a healthy exercise. But, man, it works your shoulders. And I when I was a kid growing up swimming competitively, I never really thought this is working my shoulders like this. But man, when you get up in your 40s and 50s, it's amazing where you feel stuff that you didn't feel earlier. Andy Baxter 00:05:51 Oh yeah, yeah, things change as we get as we get older, it's, Let's get through this, like. I mean, we know that muscles get a little bit weaker or they're harder to manage as we get older. Andy Baxter 00:06:01 Cartilage is a little harder to manage. And then collagen synthesis, which kind of helps make up our tendons. takes a bit of a hit as we get older. And that that doesn't mean that we should stop doing things. I think it just means that we need to be more intentional with our, our decision making process in doing the things like when we were down in Tampa Bay, when you swam that five K, you wouldn't have done that often. Nothing. You took a lot of, you know, training and practice. Yeah, yeah. So that's as much preparing your cardiovascular system as it is your, you know, musculoskeletal system to be able to handle the rigors of that, that long swim that you did or or race that you're going to run. Jim Brogan 00:06:37 So I mentioned I'm 57. You know, a lot of our listeners are 50, 60, even 70. What are some of the biggest physical changes you typically see as people move through those decades? Andy Baxter 00:06:48 Yeah. Again, so that, you know, muscles we tend to see without use atrophy of muscles, which I think is as important as anything. Andy Baxter 00:06:57 And I think you see it more and more now in in the mainstream. I guess media is that, you know, strength training and resistance training and trying to gain muscle as we get older, as we get into our 40s, 50s and 60s is as important as anything we can do to kind of reverse some of the effects of that muscle weakening. Jim Brogan 00:07:19 As important as the cardiovascular. Andy Baxter 00:07:21 100%. Yeah, yeah. I mean, general guidelines, if you look at like the American College of Sports Medicine would be somewhere along, if you're doing two days a week of resistance training, you're probably checking that box enough. But, again, you can't just jump right into it. You need to have, you know, a little bit of a introduction to it, start really, really gently and then gradually work your way up into it. And that's where going to see a physical therapist or a really good personal trainer can be really nice to help you get into that process. Jim Brogan 00:07:48 Well, yeah, let's talk about that. Jim Brogan 00:07:50 That, you know, that it's hard to get started if you haven't been doing it. you know, I mentioned swimming. I mean, I kind of got out of the water regularly back when the Covid happened because all the gyms, all the pools closed. And, man, I hadn't been able to regularly. I mean, I've swum some over the, over the last five years, but it's just been hard to get back. So it's hard to get that, you know, get over that hump. So for those listening at home, maybe not been real active. How'd he get started? Andy Baxter 00:08:19 Yeah. So I when I'm telling people, you know, I relate most things back to running when I'm telling people to return to an activity that they want to do. I'll, I'll typically start by saying, hey, pick

Show Notes A Medicare premium can rise because of a one-time property sale—and the increase may show up two years later. On More Living with Jim Brogan, Jim and Medicare specialist Steve Sitton explain how that income look-back works, when retirement qualifies you to appeal a higher premium, and why a capital gain usually doesn’t. They also unpack the HSA rule that can catch people off guard: Medicare Part A may be backdated six months, so contributions may need to stop earlier than expected. Plus, learn how to bridge the health-insurance gap before 65 and why switching from Medicare Advantage to a Medigap plan can require medical underwriting. Automatically Transcribed With Podsqueeze Speaker 1 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Jim Brogan 00:00:46 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. As you listen to Newstalk 9087 and we're getting closer to the end of the year, Medicare becomes an especially important topic for many retirees and those approaching retirement. If you have ever tried to navigate Medicare on your own, you know there can be a lot to understand. Jim Brogan 00:01:11 There's different enrollment periods, different parts of Medicare to supplement coverage, prescription drug plans, and many of the decisions that can affect both your health care and your wallet. So that's why today we're bringing in an expert to help us make sense of it all. Joining me today is Steve Sitton with Tennessee Insurance Services. TIS he's been on the show with us before. He's been a great resource when it comes to Medicare and health insurance. And he's here to walk us through what you need to know, what changes to be aware of, and some of the common questions he hears from people as they make their Medicare decisions. Good morning, Steve, and welcome back to the show. Speaker 3 00:01:49 Good morning. Thank you for having me. Jim Brogan 00:01:51 It's great to have you. do we have your mic on? Try that again. Hey, there. There we go. There we go. All right. Great to have you. Let's start with the basics. Well, first let's talk about your background a little bit. You've been at TIS how long? Steve Sitton 00:02:06 I've just. Steve Sitton 00:02:07 Just started my 15th year with T's. Jim Brogan 00:02:10 And what led you to tis into specializing in health insurance, Medicare, these kinds of things. Steve Sitton 00:02:17 Well, I started with t s just as I was finishing my college degree and wanted to start a career where I could help people. And so, Medicare, I didn't start out with the intention of really doing Medicare. But as I began the world of insurance, there's a lot of questions. There's a lot of people who need help with Medicare and approaching that retirement age. And it really was just a perfect niche for me and for my personality to be able to help people navigate those things, help them to calm their fears and their anxieties related to how do I prepare for retirement and make sure that I have insurance that's going to help with the future needs as I get older. Jim Brogan 00:02:59 Yeah, and we'll get into all the challenges. I mean, we're certainly going to dive into Medicare. We'll also talk about those issues where, you know, people retire before they're 65 and there's a gap there in their health insurance. Jim Brogan 00:03:11 And what do they do. But let's start with the basics of Medicare 101. When someone first becomes eligible for Medicare, which typically would be 65 years old, right? Steve Sitton 00:03:21 That's correct. Yeah. Most people would become eligible at age 65. You do have some individuals who get Medicare early. If they were to have to go on Social Security disability after 24 payments of Social Security disability, they're going to automatically be enrolled in Medicare prior to age 65. There's some other health conditions that would make someone eligible for Medicare early, such as end stage renal disease. Jim Brogan 00:03:45 Okay. Of course, most people listening 65 is kind of what they think about unless there's a qualified disability. to talk about the different components of Medicare. Let's just let's just break it down very simply. There's a BDC. Just give us a little bit of a breakdown of the basic components of Medicare. Steve Sitton 00:04:07 Yeah. So when I think of the basics of Medicare I think of original Medicare. So this is Medicare Parts A and part B. So Medicare Part A is covering your inpatient hospitalization. Steve Sitton 00:04:19 It's covering inpatient skilled nursing services. It's your hospitalization coverages. for most individuals if they've been working, if you have ten years of service or 40 quarters cumulatively of work, then you have prepaid for your part, a premium. So Medicare Part A for most people is prepaid. A common misconception you hear is Medicare is free. It isn't free. We prepaid our Medicare Part A premiums. Medicare Part B is a totally different component. It covers your outpatient services. So medical benefits. Think your primary care physician and your specialists could. Jim Brogan 00:04:58 Diagnostic tests in outpatient services, things like. Steve Sitton 00:05:02 That. Exactly. Yes. And so Medicare Part B. When we enroll in that, there is a premium that people would pay for Medicare Part B. Jim Brogan 00:05:10 Right. And we're going to get into that later. The the premium can depend on your income. It is means tested. But we'll get to that a little bit later. we hear terms like original Medicare. I think that was the term you actually said. And then you hear Medicare Advantage Medigap part D. Jim Brogan 00:05:26 Can you explain the differences. So original Medicare is part A and B, but I guess that leaves some holes right. That doesn't cover everything. And so talk about the other things that come in. Steve Sitton 00:05:36 It does. So original Medicare A and B that's really your starting point. So everyone needs if you're going to pick up those other coverages that you mentioned you start with Medicare A and B. From there there's essentially two options or two paths that people can choose to go down. And so you can choose to add on Medicare supplement coverage. A Medicare supplement, also commonly called a meta gap policy, is going to fill in the gaps of original Medicare. So original Medicare remains the primary insurance providers. Build Medicare your you're able to see any doctor or facility or provider that accepts original Medicare. Your supplement comes in and helps pick up the expenses that Medicare didn't cover 100%. Jim Brogan 00:06:23 And what is the difference in Medigap and Medicare Advantage? Steve Sitton 00:06:26 So when we enroll in a Medicare Advantage plan, we're purchasing insurance from a private insurance company who becomes the administrator of your hospital, your medical, and your drug coverage. Steve Sitton 00:06:38 So they're going to manage your Medicare coverage for you. So instead of Medicare processing your claims and then referring it out to a secondary insurance, when we enroll in an advantage plan, we enroll with a private insurance company. They are a network based product, and your providers are only going to build that Medicare Advantage plan. So it's a network based product that's going to handle everything for you. Jim Brogan 00:07:01 And then how does that contrast with the Medigap? Steve Sitton 00:07:03 With a medigap you're a it's a non network based product. So in a Medicare supplement you can see any doctor any hospital nationwide that takes Medicare where when we go with an advantage plan you're able to see the providers and the facilities that are in network with your facility or your excuse, not your facility, but your health insurance that you've picked. So they're network based products. So you have depending upon the plan you pick, you've got in and out of network benefits where some plans only offer in-network benefits. Jim Brogan 00:07:34 So Medicare Advantage or excuse me, the Medicare Advantage is a little more restrictive on the network. Jim Brogan 00:07:39 That's right. Probably less expensive. Steve Sitton 00:07:41 It is. Yeah. The monthly premiums are typically less expensive when you enroll in an advantage plan, but you're a little more restricted in how you can use that coverage. Jim Brogan 00:07:49 What about traveling? Steve Sitton 00:07:50 So with Medicare Advantage plans, you have coverage for the emergency room nationwide. So if you're on vacation and things like that, you've got you've got coverage for emergencies. But other than an emergency situation, you want to make sure you're using providers who are in network. And it depends upon the plan you pick whether or not that coverage would travel with you outside of your home, your home base, or your home location. Jim Brogan 00:08:14 Okay. And we're going to hopefully a little bit later, we'll get into when you want to switch back and forth. You have to be really careful, that you don't make a mistake on that kind of thing. And we'll get into that. And then there's part D that fills in the drug coverage. Right. Steve Sitton 00:08:29 That's right. So Medicare Part D is going to help people with their pres

Show Notes A steady 401(k) contribution can turn a market drop into an opportunity—but in retirement, selling investments during that same downturn can lock in losses. Jim Brogan explains why that difference matters, how to rebalance without overreacting to short-term market swings, and what the new 2025 catch-up limits mean for savers ages 60–63. He also clears up a common misconception about the “big beautiful bill”: it did not change how Social Security benefits are taxed. The episode wraps with year-end tax strategies, including charitable IRA distributions and Roth conversions. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:46 And hello, East Tennessee and welcome to More Living with Jim Brogan, where it's all about living the best years of your life. Your way to Newstalk 987. Wochit. Where as we move into August, we're almost halfway through the third quarter of 2025. It's really quite hard to believe. I think as we get kind of closer to the middle of the third quarter, it's a perfect time to pause and evaluate your financial progress for 2025. Speaker 2 00:01:16 Just like an annual physical keeps you healthy. A quarterly financial checkup can help ensure that your money is working as hard as you are. You know, there's been a lot of market volatility this year. There are new retirement contribution limits. There are changing tax landscapes. Of course, we just had the big beautiful bill. I think a third thorough third quarter review is more important than ever. So in today's show, I'm going to guide you through a systematic approach to reviewing your financial goals, optimizing your investment portfolio, managing your retirement contributions, and implementing smart tax strategies. So whether you're ahead of schedule or need to make adjustments, I hope this show in this quarterly review will help you finish the year strong and set yourself up for long term financial success. So we're going to talk about four major things today. We're going to talk about goal assessment and progress tracking. Are you on track for 2025. We're going to talk about portfolio rebalancing and adjusting your investments for quarter for success and exploding into 2026. We're going to talk about retirement account optimization, maximizing the new catch up contribution limits, and also tax planning and social security strategy, and preparing for year end strategies. Speaker 2 00:02:37 So we'll answer common questions about quarterly financial reviews and how to monitor and track your progress. So let's kind of dive in. You know, the most successful investors don't just set goals. They regularly review them and adjust them. As we as we move deeper into Q3, it's crucial to assess whether you're on track to meet your 2025 financial objectives, or if you need to kind of reassess and adjust. A recent NerdWallet study reveals some eye opening statistics about how Americans are doing with their 2025 financial goals. So let's kind of look at that and see what can we learn from this. Many Americans set financial goals for 2025, but many are not on track to achieve them. Only 24% of Americans have contributed to a retirement account in 2025. And that's alarming to me because retirement account contributions are really, in my view, the number one way to create and generate wealth. as you strive to be financially independent. 6% of Americans have actually paused their contributions to their retirement accounts this year. 28%. So I'm a little over 1 in 4 Americans set investing goals for 2025. Speaker 2 00:04:03 Not a great number in only 19%. Set specific retirement goals. Now there are some barriers like what what what what are some reasons for some of this. And I think there are some barriers that keep people from setting and assessing their goals on a regular basis. I think according to this NerdWallet study, 15% of Americans with retirement goals cite not knowing what investments to choose, and it kind of goes along with that. I think paralysis by analysis or analysis paralysis. I think sometimes it prevents us from starting. We're not sure where to start. Even in a 401 plan, you know, you may have only 12 or 15 investment options. But, you know, for for someone that doesn't follow investing regularly or track that stuff. It may be overwhelming to. To think about how do I go about doing this? Certainly unexpected expenses can derail your plans. Do you have emergency funds? What are you doing with debt repayment? you know, certainly competing financial priorities can make goal achievement difficult. You know, if you're trying to retire some consumer debt and you're contributing to a retirement account, how do you prioritize one or the other? So we'll talk about that today. Speaker 2 00:05:31 So I think one thing is to, you know, if things are never going to be perfect, things are going to come up. We need flexibility in our financial plan. We need margin in our financial plan. If you have a budget that accounts for every single penny and there's no room for any margin for free spending, those kinds of things. Then it's not realistic. You have to have margin in your life. You have to have margin in so many ways. Okay. But but part of that is in your budgeting. I think saving consistently to your retirement accounts, even small amounts, can really help you build long term wealth. So I think even if you're repaying debt and you have some high consumer debt, or you're trying to pay off a car at 6% loan, I think you should never stop contributing to your retirement accounts if you can help it. at a minimum, you should be putting into a retirement account a 400 1KA 400 3BA 401. You should be putting in whatever your employer will match, even if it'll only match $0.25 on the dollar, that's still a 25% return. Speaker 2 00:06:49 That's free money. And so we should all be doing that. So what were your employer match? Make sure you're setting aside as much towards that as you possibly can. because it's again, it's free money. And then when you have unexpected costs, I think you just have to regroup and adjust your plan. But that's where you should have some margin. Having an emergency fund, having some margin in your budget for some things that can come up. Now, if you're just really underwater, I think that you can consider, there non-profit credit counseling can sometimes be a help for you. now, when we look at investment and home goals, 10% of Americans set goals to buy a home in 2025. Now, that's compared to less than 2% of people who actually purchased a home last year. And of course, today's interest rate environment and home inventories are creating, You know, a slowdown in real estate home purchases. 24% of homeowners have set home renovation goals. And I think when it comes to long term investments, how should market volatility affect your long term retirement investing? And this is something we talk about a lot. Speaker 2 00:08:15 Market volatility when you are regularly contributing to your retirement accounts or whatever investment accounts you may have. Mark you get to profit from market volatility because if you're adding money every paycheck with market volatility, inevitably there's going to be markets that are sharply spiking down. Think about what happened in April. There was a time in April where from the previous market high. And I believe it was February. The S\&P 500 was up off over 18%. So that week, if you were having a paycheck and you had payroll deduction going into your 401, then you were buying while the market was down. And when you're doing that over time, it actually lowers your average cost per share. If you're buying a mutual fund at $10 a share and then it goes to $8 and then it goes to $11, and then it goes back to $9, and you're constantly buying, the data. And the research has shown that over longer periods of time, you will reduce your cost per share. Your average share price of what you buy for that share. Speaker 2 00:09:32 And that means whatever it's worth. Now, if your cost was lower, that means your profit is higher. Right? So in other words, it has been proven to boost returns. so, you know, when things look really bad, and markets are correcting in a significant way. The last thing you should be doing is stopping your routine investments. If anything, we should be looking at how we can maybe invest more, but we definitely don't want to stop that. And sometimes I see people do that because human emotion can be a very powerful enemy of successful investing. And when when markets are sharply down, that's where our emotion can sometimes get the best of us. And we sometimes make poor financial decisions. Likewise, when markets are way up, sometimes we make poor decisions the other way and we buy into things that maybe we shouldn't be. Now, please don't misunderstand me. I'm not saying don't be investing in the market because it's at an all time high, because, you know, that's as of today. Speaker 2 00:10:38 But where is it going to be in 3 or 4 months? Markets where all time highs the end of May. And if you hadn't kept investing in June and July or you had pulled investment out, You would have missed out on nice growth in June and July. Now, seas

Show Notes In this episode, host Jim Brogan interviews Adam Cook, Chief Development and Public Affairs Officer at Dolly Parton Children's Hospital. They discuss the historic partnership between the hospital and Dolly Parton, exploring her profound legacy and global impact. Adam highlights the hospital's nearly 90-year history as Tennessee's only independent freestanding children's hospital, serving predominantly rural communities. The conversation covers expanding programs, including oncology, pediatric residency, and behavioral health initiatives. Adam also emphasizes the ongoing need for community support through donations and volunteering, with upcoming events like a tribute text-to-give campaign and the annual Fantasy of Trees fundraiser.here Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to For Living with Jim Brogan, where it's all about living the best years in your of your life, your ways. You listen to Newstalk 987 wonky. And you know, for nearly 90 years Children's Hospital has provided specialized, family centered care to children throughout East Tennessee and beyond. And of course, now it has its historic partnership with Dolly Parton. Speaker 2 00:01:11 So the hospital has entered into a new, exciting chapter. And of course, with her recent passing, I thought it was a great opportunity to talk a little bit more about her legacy and how she's impacting, Dolly Parton's children's Hospital. we are today honored to have Adam Cook with us in studio. He is chief development and public affairs officer at Dolly Parton Children's Hospital. And today, he's going to share what her involvement means for the hospital in our East Tennessee community. So highlight some of the important programs that donor support makes possible, and really explain how you, as a listener, can become involved. Talk about Dolly Parton's legacy. We'll also discuss charitable giving opportunities and how to be smart about how we give to maximize impact. So good morning, Adam. Welcome to More Living. Great to have you back with us. Adam Cook 00:02:05 Thank you. Good morning. Happy to be here. Speaker 2 00:02:07 Absolutely. So, first, before we dive too much into into Dolly's impact, let's talk about your role. tell us exactly what you do as chief development and public affairs officer. Adam Cook 00:02:20 Yeah, it's a long title. what I'm blessed to do is be out in the community constantly talking about and waving the flag of Dolly Parton Children's Hospital. For folks that are interested in providing philanthropic gifts, we want to always tell the story of the hospital. So that's our marketing in a communication piece. I get to oversee government relations and work with local, state and national elected officials and talk about issues that are important to to children and families and health care across Tennessee. And then finally, we have a fantastic network of over 350 volunteers that really keep our doors open. They come regularly with a smile on their face. Do everything from checking patients in to wayfinding. Our hospital, values those volunteers. I get to work with them as well. Speaker 2 00:03:07 Well, the impact that children's has made over the years has been quite incredible. A lot of people, I don't think, really realize how, how great it is to have Children's Hospital right here in Knoxville. Now, you entered into this new era becoming Dolly Parton Children's Hospital. Speaker 2 00:03:24 How did this historic partnership come together? Adam Cook 00:03:28 Well, it is historic, and even today, I'm still pinching myself that we have that name. as you know, children's hospitals have been around for nearly 90 years. We are the state's only independent, freestanding children's hospital. There's only 31 across the country and one in Knoxville. Yeah. Awesome. So we were blessed to be able to look for partners in this region that are like minded to offer our mission, vision and values are taking care of children regardless of ability to pay. We see about 63% Medicaid population in a very rural part of Tennessee. So we started. Speaker 2 00:04:04 That's a big number, 63%. Adam Cook 00:04:06 It's a big number, and it costs nearly over $1 million a day to keep the hospital doors open at Dolly children's. So when you couple that with Medicaid payments, that's why our nonprofit status is so important. Because regardless of ability to pay, you walk through our doors, you'll receive care, expert care. World class care. And now we say with our Dolly Parton connection. Adam Cook 00:04:26 World class care. With with love and compassion. So we were blessed to look for folks in this region that were like minded to what our mission and vision and values have always been. And as we started talking, Dolly Parton's name just kept coming up, and they had been partners with us in the past, but it was really an opportunity for us to revisit a partnership with them. Talk about the like mindedness that she has around children and families and and rural communities where she grew up and what we were trying to achieve at Children's Hospital. And the more we talked about their interests, they really aligned with our interest. And as you start getting like minded in your thinking, then you start talking about goals and vision. And that's when the opportunity came about for a this collaboration that is unlike any other. It's transformational to our community, our region, and we're blessed to be a part of it with Dolly Parton. Speaker 2 00:05:21 Yeah. Talk about the impact of working with her and her team and their passion for the community, as many of the things, even the rural communities and then impacting kids. Adam Cook 00:05:33 Dolly Parton's team is phenomenal. from day one, they have emulated what I've always thought of Dolly Parton kind, generous, thoughtful, driven towards a goal. they have worked hand in hand with us along the way through conversation, through finalization of this collaboration, even now upon her death. Ways that we can continue to partner. This is a legacy that Dolly Parton Children's Hospital vows proudly to continue to shine her light, in East Tennessee and beyond. They've been wonderful to work with. She was a fantastic delight, as you would expect. I've never met someone that has been that was so gracious, so kind, and was always interested in what was going on at the hospital. She was always sharing the importance of this collaboration with us. And, she made you feel, heard. She made you feel important. And we knew that that she was and will continue to be the right partner for us at Dolly children's. Speaker 2 00:06:44 You know, we one of the things that was really, really eye opening to me through this whole process recently with her passing is, I mean, we know at least a lot of most of us know in East Tennessee the impact that she's had. Speaker 2 00:06:59 To see how much she's impacted people all over the world, not just the country. I mean, it's unbelievable. Some of the things that we've seen online because of just how special of a person she was and how she gave back and how she her perspective on life. She all she wanted to do was be a star. And then she so much appreciated it. And then she gave back so much. it was just very eye opening to me to see that impact. And then of course, UT is wearing the sticker on the back of the helmet. I mean, the legacy is just amazing. Adam Cook 00:07:34 One of the things that excited me the most in the role that I have is when we started having these conversations, it was quickly shared with us. She wants to be known. Of course, she's well known. And like you said around the world about her philanthropy and her love of humanity and her love for children. And, you know, I've grown up listening to Dolly Parton. Everyone has their own Dolly Parton story, but it really hit home with me because as we were chatting with their team and with the dolly, they say, well, with this collaboration, we'll come a halo effect, where she goes, light goes, and I believe that. Adam Cook 00:08:07 But as we were sharing this information back in February with our board of directors, we have a fantastic pediatric, physician, Doctor Quintero, who works with cystic fibrosis, fibrosis patients and things like that from the country of Colombia. And she raised her hand. She said, I just got to tell you a personal story, and I know she'll let me share this, she said. As a teenage girl growing up in the country of Colombia, when my friends and I would get together, we would listen to Dolly Parton records. Speaker 2 00:08:35 Wow. Adam Cook 00:08:36 And that hit me then. Yes, to your point, Jim, she is such a jewel to this East Tennessee region, but she is all around the world. I think she was the most recognized individual internationally even this past year. So to be able to say she's our our gal from this part of the country, and now she's part of Children's Hospital. It's Dolly Parton Children's hospital. It's something that we are blessed with and are excited about for decades to come. Speaker 2 00:09:03 It really is. And, you know, you and your leadership is really emphasized that it's a lot more

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan welcomes Hamilton Morales, a Social Security strategist with 25 years of experience, to break down the complexities of Social Security. They discuss when to claim benefits, how spousal, ex-spouse, and widow benefits work, and the impact of taxes and employment on payments. Hamilton emphasizes treating Social Security as an income asset and stresses the importance of a personalized retirement income plan. The episode also covers Medicare's IRMAA surcharges and clarifies misconceptions about recent legislative changes affecting Social Security taxation. Automatically Transcribed With Podsqueeze Speaker 1 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life, your way as you listen to Newstalk 987 Sky. And for many retirees, Social Security represents one of the few sources of income that you can count on for the rest of your life, but deciding when to claim understanding how your benefits are calculated. Speaker 2 00:01:11 Coordinating benefits between spouses. How to understanding how ex-spouse benefits work both with ex-spouse benefits and widow benefits, and knowing how income taxes are continued employment may affect your checks can make Social Security far more complicated than it at first appears on the surface, so the decisions you make surrounding Social Security can have consequences that can last for decades. We see statistics most people don't claim at the optimal time. I want to kind of dive into what does that really mean? Because because we don't know when we're going to die. Right. And so that affects all this. But how can how can these rules apply to your individual retirement strategy. It really is so important. So today our guest is Hamilton Morales. Hamilton is going to help us break down Social Security and clear up some common misconceptions, and discuss what individuals and couples should be thinking about as they approach retirement. Hamilton is a senior vice president with Financial Independence Group. He is a social security strategist. he's been in the industry for 25 years now. He's been both a producer, a financial planner, an investment specialist, and a wealth preservation consultant, someone I've known for, I guess. Speaker 2 00:02:30 Hamilton. What's it been? I've known you for about 14 years now. Speaker 3 00:02:34 That sounds about right. Speaker 2 00:02:36 Good morning. Hamilton. Welcome to your living. Tell. How are you doing today? Speaker 3 00:02:40 I'm doing great. And it's great to hear your voice. Jim. I hope you're doing well. Speaker 2 00:02:45 I am Hamilton. you know, you you've been in the industry for about 25 years. So how did you decide to focus on being the Social Security guy? Speaker 3 00:02:56 Yeah. So interesting story there in the the company that I work for we we help and support independent financial advisors and we try to do that in many different ways. And one of the ways that we wanted to do that is by helping financial advisors to help their clients with Social Security, because quite honestly, where do people go? You know, you could pick up the phone and call Social Security, but, if anybody has ever tried to do that, I hope you have a whole lot of time on your hands, and you're not even sure if you're going to get the right answers or not. Speaker 3 00:03:31 And so most people don't know where to go. And most financial advisors don't have a good working knowledge of how Social Security works. And so, about 11 years ago, I dove into Social Security and went through all the training and, became a national Social Security advisor and all these different things. So I could be that person that people like you can go to when they need answers to tough Social Security questions. Speaker 2 00:04:01 And you talked about calling Social Security. They're actually forbidden by law to provide advice. And a lot of people don't realize that they can give you they can answer questions, they can give you facts, but they cannot give advice. Right? Speaker 3 00:04:14 Yeah. Well, not only that, if you and here's here's what people don't understand if you don't ask the question correctly. So you may want an answer to something, but you ask it in such a way that's going to give you a different answer. Social security can't ask you. Well, do you really mean this or are you trying to get, you know, they can't have this conversation with you. Speaker 3 00:04:39 They can just only answer the question that you asked. Whereas with me or you, we can kind of dive in a little bit more and say, okay, well, what do you what do you really want to know? And let's go from there to make sure we give you the right answer. Speaker 2 00:04:55 Absolutely. let's, let's let's start big picture. Hamilton. there continues to be a lot of concern about the long term financial health of Social Security. And I don't want to spend too much time on this because we don't have a crystal ball. We don't know the future. how someone that is approaching retirement, how how do you advise them to approach those concerns when making a claiming decision? And should the possibility of future changes influence whether someone claims earlier? Speaker 3 00:05:26 Yeah. Great question. So twofold on that. Number one, I think everybody all your listeners have heard the term or the saying too big to fail. Well, Social Security is too big to fail. It is one of the largest, pieces of the federal budget. Speaker 3 00:05:44 And so for the federal government to allow that to collapse, I just don't see it happening now. What does that mean? Well, that means there's got to be some changes. When will those changes happen? Well, they better happen by 2033 or 2032, right? So for people who are looking at cleaning now, what I would tell them is first and foremost, this is the most important thing is you must have an income plan in place or to be working on an income plan, because how can you know for sure when the best time to turn Social Security on is for you in your particular situation? If you don't have a plan in place, you just can't. And so whatever that plan says, that's when you turn it on. And I would not give much thought to what's going to happen in the future, because typically the way these things work, once you have your your benefits turn on those people are going to be grandfathered in and you're not going to see much, if any changes for people who are already taking Social Security. Speaker 3 00:06:50 Those of us that are going to be taking it on later, that it's going to affect. Speaker 2 00:06:55 Yeah. One of the things I like to say Hamilton and you know, I don't know if you'll agree with this, but I you know, I think if somebody is over 60 years old, they're pretty safe. And I don't think they should be making election decisions based on concerns about Social Security viability in the future. I think if you're between 50 and 60, which I am, I think, we're kind of in this zone where maybe, you know, we may see some changes. We may not. Now, if you're under 50, I think there's probably going to be some fundamental changes. But even somebody like my daughter, who just got her MBA a year and a half ago and is working now, she's 26, I believe some level of Social Security will be available for her. It just may look different. What are your thoughts with what I just said. Speaker 3 00:07:42 Man? I think you hit the nail on the head and I completely agree. Speaker 3 00:07:45 I think those of us that are between 50 and 59, we just don't know. We're. Yeah, we're in that limbo stage. Those that are younger than that, I think they're going to see the big changes. things like, increased in full retirement age. I fully believe it's going to go to 70. The question is at what? What year are they going to be looking moving forward? Who's it going to affect? Yeah, absolutely. You know Jim, here's the biggest thing. And nothing against baby boomers love the baby boomers right. but unfortunately fortunately unfortunately depending on you look at it that the big issue right now because we have what what's the statistic like 10,000 baby boomers a day that are retiring. Okay, here's the issue. You've got these 10,000 a day that are retiring. We don't have enough people entering the workforce as they are exiting the workforce to, to to deal with that. And right now we're at a 3 to 1 ratio so that we have three workers paying into Social Security for every one person who's taking the benefit. Speaker 3 00:09:00 That is going to quickly go to 2 to 1 because of how many baby boomers that are retiring every day, versus how many people are going into the workforce paying into the system. So it's it's it's fairly bleak. Something's got to happen for sure. Speaker 2 00:09:16 Yeah. Back when Social Security is interesting, you bring that up back when Social Security was passed and it and it really started, they started cutting checks in 1940. It was like 42 to 1 or 43 to 1. So in other words, every one beneficiary taking Social Security, you had 40/40 people paying into the system. Now, as you said, it's it's it's less than 3

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan interviews Charlie Daniel, a legendary editorial cartoonist whose six-decade career with Knoxville newspapers produced over 20,000 cartoons. Charlie shares stories about discovering his passion for cartooning, his time in the U.S. Marines, and creating the beloved comic strip Rosie's Diner. Now 94, he stays active by swimming four days a week and cherishing time with great-grandchildren. The episode also features a "Dollars and Cents" segment discussing the differences between wills and living trusts, highlighting the importance of proper estate planning and beneficiary designations. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:03 You're tuned in to More Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Speaker 2 00:00:48 Hello, East Tennessee, and welcome to All Living with Jim Brogan, where it's all about living the best years of your life your way. You're listening to Newstalk 987. And you know, even though caricature, art and satire have existed all throughout human history, our modern notion of political cartoons only began to appear in 18th century Europe. Humor and satire in the form of editorial cartoons have long been used to convey what is happening, both in the community and the political landscape. Speaker 2 00:01:20 Knoxville legend Charlie Daniel is known for his work as an editorial cartoonist for over six decades. His editorial cartoons have been a commentary on what is happening in the world by capturing a moment in time, whether public, political or social, steeped in humor and satire. And, you know, I grew up in Knoxville, been here all my life. And as a kid growing up, I always loved. And then even as an adult, I kept, well, even more so as an adult because I understood the humor a little bit better. But it was always a highlight to see his cartoons. He was born in Richmond, Virginia. He grew up in Weldon, North Carolina. He was a private in the U.S. Marines. Thank you for your service, sir. And studied political science at the University of North Carolina, where he began drawing the daily Tar Heel campus newspaper in 1955. Charlie was hired by the Knoxville Journal in 1958, and thus began his profession as an editorial cartoonist, and when the journal closed in 1992, he did move over and was hired by the Knoxville News Sentinel, where he remained until retiring in early 2019. Speaker 2 00:02:28 Sir, it's a great honor to have you. Welcome to More Living. Charlie Daniel 00:02:32 Well, thank you, Jim. It's great. Great to be here. Speaker 2 00:02:34 It's great to have you. As I say, I remember, you know, all really almost all of my life. Flipping to the section of the paper looking for the comic strip as a kid, of course, you know, it was peanuts. Archie. Beetle Bailey were there to start my day. First off, Charlie, how did you get interested initially in drawing cartoons? Charlie Daniel 00:02:57 Oh, it's a God thing. It was just, And like you, I love the funny papers, and and I like to copy them. And that was my heart training with copying, Krazy Kat and Little Abner and Dick Tracy. And so it's just the opposite. Cartoonists are born. Not made. I always thought so. Speaker 2 00:03:20 So you, as a kid, just would start imitating and drawing those. Oh, yeah. Those same cartoons. Charlie Daniel 00:03:25 Definitely. Speaker 2 00:03:26 That's great. what is the difference? Talk to us about the difference between a regular cartoon or a comic strip versus an editorial cartoon. Charlie Daniel 00:03:37 Well, I personally think they all make, a social commentary. You know, Schulz was fantastic on making social commentary with peanuts, and he surreptitiously got, religion snuck in, and then he was fantastic. So I I don't, I don't I don't really see a great difference between them. Speaker 2 00:04:01 There's always a sliver even in the. Even in the what we would think of as the comic strip. Charlie Daniel 00:04:07 When. When I was in college, Pogo and Little Abner was totally social commentary. And, you know, I, I was greatly influenced by Walt Kelly and and Pogo. I, I came nowhere close to imitating his his great artistic style. I was more, in the line of, Schultz and and and Herriman and Krazy Kat. That kind of odd. But, I love the social commentary that that Walt Kelly did with with peanuts. Speaker 2 00:04:45 Absolutely. How in a typical week, how many cartoons would you typically draw, and then how many of those would actually make it to print? Charlie Daniel 00:04:56 I would usually do 3 or 4 ideas a day because there was so much going on. Charlie Daniel 00:05:03 You know, you look at the paper and, and you're just making comments about whatever's going on. And then I would, go in and and show them to the editor and we'd pick one the run the next day. So I, we figured out that I had actually published about well over 20,000 cartoons and, they they had the most of them. I had the UT library in there. I gave, whatever cartoons were left that hadn't already given away. I gave to UT library and they had digitizing them. So you can go online and and go back to 1958 and see some not too well drawn Cartoons, but. Speaker 2 00:05:57 Well, it's amazing. So if you drew 4 or 5 a day, you were in basically you got with your editor and you picked one of them. So what happened to all the others? Did you save all those others or did they end up in the trash bin? Charlie Daniel 00:06:11 Oh, I recycled them. Oh. Oh, yeah. They would be in the pile the next day too. Charlie Daniel 00:06:17 So basically the ones I like. Speaker 2 00:06:19 So editorial cartoons, they, they do have a certain look. And you said you mentioned yours is kind of your style is from the artistic side, a little bit more like Schulz. but it's a way to communicate what is happening in the community and in the world. What initially drew you to the newspapers? Was it was it literally the comic strips when you were a kid? Is that what really drew you in? Charlie Daniel 00:06:45 Oh. Oh, yeah. And then and then when I, I went in the Marines and I got out and got married and went back to, Chapel Hill. And, we moved in next door to a guy working his way through med school. His name was Jim Kiley, and one of the jobs he has was with the Daily Tar Heel. And he. He saw the doodles I kept doing because whenever I picked up a pen or pencil, I automatically start drawing. And so he took me down to the Daily Tar Heel, and they said if I would draw cartoons, they would run them. Charlie Daniel 00:07:28 And so the guy I was, I was in business school at the time. And then I decided, if I was going to draw, political cartoons, I maybe ought to know something. So I switched to, political science. And so the next three years, I drew cartoon for the Daily Tar Heel and and studied political science. Speaker 2 00:07:55 And it's not just artistic ability. I mean, you've really got to have a shrewd, you know, to do satire. Charlie Daniel 00:08:01 Oh. Speaker 2 00:08:02 Really? Charlie Daniel 00:08:03 Yeah. Yeah. I, I was I was once told by a cartoonist that the drawing is 10% and the idea is 90%. Speaker 2 00:08:12 Absolutely. Charlie Daniel 00:08:13 So, you know, if, if you've got great ideas and you draw sick people, it works. So. Speaker 2 00:08:20 Absolutely. I agree with that. Now as a freshman. Well, some people may not know about you as a freshman at North Carolina. You were you played football. Charlie Daniel 00:08:28 I originally went to Carolina on a football scholarship. And, you were supposed to keep your grades up to level A, and my grades were level C, and so I was I was getting drafted. Charlie Daniel 00:08:45 And so, this this marine gunny sergeant came in to the, induction Santa looking for a few good men. And my ego said, here I am. And the next thing I knew, I was a I was a marine and still I am so. Speaker 2 00:09:04 But in football you played offensive line. Charlie Daniel 00:09:07 I was very offensive lineman. Speaker 2 00:09:10 Yeah. You don't look. You don't look. Charlie Daniel 00:09:12 I was £195. Speaker 2 00:09:14 Offensive guard. Charlie Daniel 00:09:15 Yeah. Speaker 2 00:09:16 Yeah. Charlie Daniel 00:09:16 And I was good. Yeah. Speaker 2 00:09:19 You were crafty. Charlie Daniel 00:09:20 Yeah. Well back, back then, you know, gods were, about £200 or something and tackled the war 240 and now chilies are 240, so, Speaker 2 00:09:34 Yeah. Yeah, it is, it's it's amazing. but you had to be crafty, though, at 195 and, of course. What did they say? Low man wins. Charlie Daniel 00:09:43 Yeah, well, I was quick, too, you know. Speaker 2 00:09:45 I'll be. Charlie Daniel 00:09:46 It. Yeah. See, when I, I was good at the senior in high school, I went to Fort King and Military Academy to play football, and then I went a post-graduate year to play more football, and that's when I got scholarship offers from all over and I went to USC. Speaker 2 00:10:07 So after the freshman year, you got drafted, went to the Marine Corps. How long did you serve in the Marine Corps? Charlie Daniel 00:10:12 two years. Two. Speaker 2 00:10:13 And then you came back and went back to North Carolina? Charlie Daniel 00:10:15 Yeah, came back and got married

In this episode of More Living with Jim Brogan, financial advisor Jim Brogan shares practical strategies for navigating economic uncertainty in retirement. He covers the importance of maintaining a liquid emergency fund, recommending at least $20,000 or 5–10% of total assets in cash. Jim also emphasizes budgeting, tracking spending, and diversifying investments based on time horizons. Additional topics include managing debt—particularly mortgages and credit cards—and proactive tax planning, including Roth conversions. His overarching message: thoughtful preparation builds financial resilience, helping retirees maintain stability and peace of mind regardless of market conditions. utomatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Speaker 2 00:00:46 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. You're listening to Newstalk 987 Waukee. And today I want to talk a little bit about uncertainty And you know, how can we plan for uncertainty? Uncertainty is a regular way of life. Especially when it comes to the economy in our and particularly the markets. Speaker 2 00:01:12 How do we plan for this to create a better financial future? You know, it's really become a new normal in today's economic landscape. We've had certainly market volatility. There are continued inflationary concerns. There are shifting job markets. And it has many people questioning their financial security. Recent economic indicators have sparked discussions about a potential recession, with market fluctuations and expert predictions making headlines. What do we make of that and where do we need to be cautious with how we interpret that? You know, whether a recession materializes or not. Building financial resilience is essential for navigating uncertain times. So by implementing strategic financial habits and making informed decisions. You can protect yourself from economic downturns while positioning yourself for growth when opportunity arises. So let's explore some practical strategies to reset your financial foundation, strengthen your economic resilience, and create a more secure future regardless of what the economy throws your way. So you know, today we're going to talk about recession ready strategies. How how do you prepare for financial uncertainty. We're going to talk about smart borrowing. Speaker 2 00:02:32 How do we manage debt before retirement and during retirement. And we'll talk about some tax planning tips. And how does that relate to things like Medicare premium and Social Security taxation. How's all that stuff connected in retirement? So let's dive in. Preparing for financial uncertainty and economic downturns. You know, it's interesting because a lot of the data out there, when we see survey data, how do you feel about the economy? You know, a lot of people seem to be very worried. we would call that soft data. You know, getting people's perceptions and opinions. We know investor sentiment is kind of low right now. We also know economic. When we look at economic indicators over time, things like, you know, consumer sentiment, really actually working an inverse relationship to what markets do. So usually when in other words, usually when consumer sentiment is low, usually it's followed by periods of economic prosperity and stock market growth. Now that doesn't mean that's what's going to happen this time. But we are seeing hard data support that consumer spending is strong. Speaker 2 00:03:55 Companies are making money. Now, it is true that the wealthiest are driving a lot of that economic growth. So there there are things to be thinking about, but how likely is it and what are the realities of recession? So first let's look at the data. Some of this soft data, as I mentioned it in our in a recent survey from a firm, a firm called a firm, it shows that 86% of respondents feel economic uncertainty, and 58%, however, do not think that the US will avoid recession. So in other words, the bulk of Americans think we are going to see a recession and they're driving those beliefs are driving. Half of those who took part in that poll to save cash for emergencies. And most people think that the uncertainty will last for the next ten months. And they're taking steps. Things like avoiding credit card interest. Focusing on elements of their finances that they control rather than external factors. So it's almost like Americans of all ages are actually adopting the kind of strict controls of their finances that retirees on a fixed income do all the time. Speaker 2 00:05:19 With a strong focus on avoiding surprise fees on purchases, controlling costs, wanting certainty on the timing and the amount of their bills. And so there's a lot of wisdom to be learned, I think, in considering. You know, how you prepare for retirement, even if you're 15, 20 years from retirement, you know, if you have a fixed income, how can you batten down the hatches, so to speak, and prepare for economic uncertainty? So let's go through a few essentials. One is the, of course, the emergency fund. Now in our working years, we call it an emergency fund. I like to call it rainy day money. You know, especially in retirement, because the purpose is a little bit different. You know, when you're in your working life, you're planning for emergencies. Like if you were to get laid off, you know, you're looking at, you know what? If earned income goes away for some period of time. When you're retired, you're earned. You you have no earned income. Speaker 2 00:06:23 And retirement is all about creating income certainty. Certainly Social Security is part of that. Investment income is part of that. How we structure investments to support income. The point is we're not worried about, you know, well, what if I get laid off and I have to look for new employment? We're planning for being permanently unemployed when we're retired and replacing our earned income with unearned income, which is what all these other income sources are in retirement. So when we're in our working years, you know, a good rule of thumb, you'll hear having at least having 3 to 6 months of living expenses in emergency cash. And I think those are pretty good numbers. I certainly would towards six months, especially if you're a dual income family. and if you're a single income household, frankly, you should really have more, because certainly a dual income has more margin. Usually, if one of you gets laid off, you should include some non-discretionary expenses in your calculations for your living expenses. I mean, you're going to, you know, you are going to tighten your budget, but you're, you know, you still have to you're still probably going to eat out some. Speaker 2 00:07:45 You're probably still going to, you know, drive and do different things. You may to take more, you know, more affordable Vacations and things like that. but you definitely are going to cut back. now, when you're, when you're retired. You know, I don't like thinking of it as how many months of expenses because you're not worried about losing or losing earned income. I like to think of it as a percentage of your total assets, and you're in specifically your investment assets. And a good rule of thumb is 5 to 10%. You know, 5% would be ideal. you know, if it's 5% of your life savings, you know, that's not a huge amount of money to be sitting in liquid investment alternatives, cash equivalents, that you can get to at any time. And cash equivalents. Now, you can get around 4% interest on high yield savings, government money markets, things like that. But a good rule of thumb 5%. If you have to go up to ten because you have a lower investment base. Speaker 2 00:08:57 I mean, I think every retiree ought to have probably 20,000 in emergency cash reserves. So I think of it in those kinds of terms. Likewise, if you've got a high net worth, it's okay to have 3 or 4% in cash reserves. Just make sure you're you're you are earning around 4%. It's not just all sitting there at a bank making absolutely nothing. Talk to your bank or your credit union. What do they offer in terms of high yield savings? Now this is a a little bit of a sticking point for me with banks because if they have high yield savings you can make around 4%. You know, why aren't they telling you about that? Why do you have to ask about it in order to find out about it? But bottom line is there is some simplicity with having your high yield savings, your emergency fund at wherever your banking relationship is. Now, the reality is there are some great resources. You know, online there are more and more proliferation of FDIC insured banks that are that don't have brick and mortar stores, their online banks there, as I say, they're FDIC insured, and you can easily move money back and forth between the online bank and your local bank or credit union. Speaker 2 00:10:23 So all of those things are are easy to do. One good resource for that is bank rate. Again, Bankrate.com. It'll tell you kind of what's going on around the country with interest rates, CD rates, treasuries, borrowing rates on mortgages and things like that. So that's a good resource. But the bottom line is

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan welcomes Alicia Barnett, Senior Vice President of the Care Planning Department at Financial Independence Group, to discuss long-term care planning. With nearly 30 years of experience, Alicia explains what long-term care involves, common misconceptions, and its emotional impact on families. The conversation covers care costs, Medicare and Medicaid limitations, and planning options including asset-based policies. Both emphasize that proactive planning protects not only finances but also family relationships, with Alicia noting that long-term care can tear families apart rather than bring them together. utomatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 987, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way as you tune in to Newstalk 987. And today I'm going to talk about something that many families know they should plan for, but often we put it off until we forced. We're forced to deal with it, and that is having a true need for long term care. Speaker 2 00:01:10 What is long term care? What? What qualifies as it? How much can it cost? Who pays for it? And most importantly, how can you prepare now rather than having to make difficult decisions during a crisis today? Joining me is a long time friend of mine, Alicia Barnett. Alicia is senior vice president and care planning department for Financial Independence Group, a national company over in Charlotte, North Carolina. she's actually been into our office to speak with our clients, for client events. And she brings valuable experience and insight into long term care and the options available to individuals and families. Really one of the best I've ever heard talking about the needs and how to how to plan for those needs. Alicia. Good morning. Welcome to More Living. It's great to have you with us again. Alicia Barnett 00:02:02 Good morning Jim. Happy to be here. Speaker 2 00:02:05 Hope everything's going well over in Charlotte. Are you in Charlotte right now? Alicia Barnett 00:02:10 Sure am, yes, sir. Speaker 2 00:02:11 Okay, great. Well, before we dive in, tell our listeners a little about yourself and what led you to kind of focus on and the long term care space? Alicia Barnett 00:02:21 Absolutely, Jim, long term care is a passion of mine. Alicia Barnett 00:02:24 I've been in the industry for 29 years. my dad was in the health insurance business, and I always said I would never follow in his footsteps. But here I am, 29 years later. I have seen, family members, my own personal family members go through unexpected care needs. And it really drove me to want to try to help other people, because most people aren't prepared for the unexpected health care needs and the unexpected long term care event. And it's really been my passion to go out and help clients and financial professionals really figure out how to mitigate the risk when it comes to long term care planning. Speaker 2 00:03:04 You know, it's the landscape to me has changed a lot over the last 25 years, I know. And the reason I'm saying 25 years is that was when my parents were hitting 70. And back then, you know, a lot of people just wanted to avoid it, you know? My father was the same way it was. Well, Jim, I'm not I'm not going to need that. Speaker 2 00:03:26 I think that we it's gotten to the point where we all have been impacted by somebody we know and love, that has been impacted by the need for long term care. So do you deal with that as much as more anymore? As much anymore? Or is it more, you know, how do we everybody understands it's a real risk. And how do we plan for this? Speaker 4 00:03:47 I think a lot of people still think it won't happen to them, even though, certainly they've had experiences. And I think we're hearing more and more about long term care events within our own personal families, especially being in the sandwich generations. As an example, right now, my mom's 82, but I have 19 year old twin boys, so I'm seeing it firsthand with my mother. when you get old enough, you can sometimes become frail and need assistance. And I, you know, I'm in my prime working years. I'm sending my kids off to college and trying to, you know, manage both of those activities. Speaker 4 00:04:24 And I think we're seeing that all across the country. and, of course, 70% of us are going to need some type of care, and 1 in 5 will need care for five or more years. So it's front and center right now. I truly believe people are seeing it, and more and more are trying to plan against that risk and make sure their families don't go through what I've experienced in my lifetime. Speaker 2 00:04:46 Well, in our experience that as well, with both my parents, when my kids were right around, when my oldest child, was in middle school and then when my youngest child got into writers around high school and into college, each of them independently needed long term care. the 1 in 5 that need care for five or more years. I'm going to come back around to that because I think that's really worth diving into. But before we do, Alicia, when people hear the word or the term long term care, what exactly does that mean? Speaker 4 00:05:21 Well, usually the first thing people think of as nursing home, but that's not it at all. Speaker 4 00:05:25 It's it's about really needing assistance one day with your activities, a daily living. And that would be things like bathing and dressing and just getting around, transferring and moving one from one place to the other. Eating constant consonants and toileting. So it's really about having someone come in and help us when those things start to disappear, when we actually need care. Speaker 2 00:05:50 We cannot do those functions all on our own. Speaker 4 00:05:54 Oh absolutely not. Speaker 2 00:05:55 So what are some of the most common misconceptions or myth that you see when it comes to long term care? Speaker 4 00:06:02 I think the really the biggest myth or misconception is my family will take care of me. And I've always said this when I talk about long term care, as long term care doesn't bring families together at tears, families apart. And I say this jokingly when I talk about the myth of or misconception of my family will take care of me well. Do they? Do they know that? And again, it's kind of a joke, but. But it's not. Most people think that their family will step in. Speaker 4 00:06:30 And we love our parents, right? So we probably will. But typically it's the oldest child and closest proximity. if you're married, your spouse may take care of you, or maybe they feel obligated to, or their financial situation will dictate it. And you know that's better than anyone. But taking care of the chronically ill can make you chronically ill. So my mother took care of my stepdad for eight months a few years ago, and it nearly put her in the hospital. And of course, now she's not married. My my dad passed away. And if she needs assistance, it's going to be me. I live an hour away. I have an older brother who's ten minutes away, a sister who lives in the mountains, and she's about 4.5 hours away, and a little brother who's around five hours. Well, she got sick. And of course, I went down every day for two weeks to make sure my mom was okay, to make sure, you know, she had food and I could put my arms around her and give her a big hug. Speaker 4 00:07:27 Just, you know, be there for her during that illness. you know, ask me, Jim, how many times my older brother, who lived ten minutes away, went to go help mom? Zero times, you know, and I and I, you know, if he was here, he might throw a water bottle at me. But the truth is, typically one person takes on more more of the, the, the assistance than other. And it causes, it causes strife in the family. Right. You know, again, it doesn't bring families together. It tears families apart. what's what's it going to look like when we're sitting at the dinner table? When I'm actually taking care of mom? There might be some resentment there. It's really all about the family first and and the finances second, if that makes sense. Speaker 2 00:08:09 Well, well. And you just said you're. You know what you said about your brother. You said he'd throw a bottle at you. Well, water bottle. I know you're tongue in cheek, but but it it can tear families apart. Speaker 2 00:08:20 what typically causes someone to need. Like, does this usually happen from a major medical event, or does it usually happen gradually? Speaker 4 00:08:30 I you know, that's a loaded question. I think most of us know that if we live long enough, we might become frail and need care. So yes, you have things like strokes and, you know, medical events that may cause you to need assistance. But really, what we're seeing is we're we're living longer. We're living longer, healthier lives. And what that means is, if we live long enough, Eventually our bodies are going to give out. So it's more of a gradual thing, in my opinion, and in the most part. And certainly we're seeing a lot more cognitive issues. And, you know, in fact, 12, 12.7 million Americans are living

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan welcomes Andrew Henderson, owner of Fitness Together in Knoxville, to discuss practical fitness strategies for adults, particularly retirees. Andrew shares insights on building lasting fitness habits, debunking myths like needing hour-long workouts, and emphasizing strength training, consistent movement, and proper sleep. He encourages listeners to start small, find enjoyable activities, and prioritize internal health markers over scale numbers. The conversation highlights how physical fitness directly supports independence, confidence, and overall quality of life—reinforcing Jim's core message that good health is essential to truly enjoying retirement. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Jim Brogan 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life, your way. As you listen to Newstalk 987 w KCRW. You know, we all know we should exercise more. We should eat a little bit better, get more sleep, and take better care of ourselves. But knowing it and actually doing it are two very different things. Jim Brogan 00:01:11 And you know, your health is your wealth. So today we're going to make fitness simple. No crazy diets, no impossible workout routines, and no guilt, just practical advice that can help you feel stronger, have more energy, stay active as you get older, and hopefully enjoy life a whole lot more, which is really the central theme of this show. Living the best years of your life your way. Our guest today is my good friend Andrew Henderson. He is the owner of Fitness Together here in Knoxville. We're going to talk about what really works when it comes to getting healthy, and just as importantly, how to make it last. Andrew, it's great to have you with us. Thank you for coming in for calling in today. Andrew Henderson 00:01:55 Good morning Jim. Thanks for having me. Jim Brogan 00:01:57 Yes, sir. Andrew. Tell us a little bit about your story and your background. How did you get into fitness and and talk about starting up fitness together? I guess it's been what, 20 years? Almost. Andrew Henderson 00:02:10 Yeah. next year will be 20 years for the North Shore location. And the Farragut location was actually opened up 20 years, this year. So. Yep. It's been it's been a long ride. I can't believe it's been that that long, but, So, yeah, to answer your question, Jim, you know, I came to Knoxville, probably 30 years ago or so to start grad school, and, I was a starving graduate student and, took a little weekend class and personal training and started just by putting flyers up around campus and training people at the rec center or at apartment gyms and, you know, got hired on by a local gym and spent ten years there. I found that I really liked helping people. That's why I originally came to the sports psychology program, was to help others. But I found that personal training and fitness was really a way that I could do it in a hands on way for people who were already motivated to make a change. And so I've been the personal trainer for over 30 years now, and, it's about on how to do and, you know, I'm really fortunate. Andrew Henderson 00:03:14 We've got four studios, close to 20 trainers, over 300 clients in Knoxville. And, it's been a blessing. Jim Brogan 00:03:22 Well, you say it's the only thing you know how to do. I'd say you know how to run a business, too. Andrew Henderson 00:03:27 Yeah, well, I learned I learned that along the way, for sure, with some help. so. Yeah, you know, but I think because I had the background in training, I kind of knew how to look for other talented trainers and helped them develop. And, so, yeah, it's all part of the package for sure. Jim Brogan 00:03:45 So after working with so many different people over all these years, Andrew, what have you learned about why some people succeed at getting healthy while others struggle? Andrew Henderson 00:03:56 Well, that's a great question. I think a lot of it has to do with how mentally committed they are to to truly becoming healthy and realizing that shortcuts don't work in the long run. and also, I think having the support system around them, you know, having a family that encourages them, having a accountability. Andrew Henderson 00:04:18 Accountability. but but really understanding that, you know, the time and money that they spend in their fitness is truly an investment to add on quality and years to their lives. it's a certain mindset where if we can help them to create the habit of exercise and the discipline to do it on the days that they don't want to do it. those are the people who really get the most out of the program and who really are able to flip that switch and make that lifelong change. Jim Brogan 00:04:46 Andrew, what do you think most people get wrong about fitness? Multiple Speakers 00:04:53 I think some people. Andrew Henderson 00:04:55 Think it's something that they, they, they need to. To do for a certain amount of time they need to lose £20. Rather than they need to become a healthier person who exercises for the rest of their life. I think they look at the short term goal rather than understanding. They have to change their who they are as a person. In some ways, they have to become a person who exercises and eats healthy in order to lose the £20 and not gain it. Andrew Henderson 00:05:22 And more importantly, you know, be healthy for life. I think some people get fixated on on fads and gimmicks that come and go, rather than really buckling down and committing to to do the things that that we know work in the long run. Jim Brogan 00:05:36 You know, you mentioned the scale. I want to lose X number of pounds. Should we stop making the scale? The star of the fitness conversation. Andrew Henderson 00:05:45 Yeah, absolutely. I think, you know, there is an argument to be made that people who are overweight have higher risks for certain diseases, and we don't want that. But I think sometimes people get so hung up on the number on the scale that, they get discouraged too quickly if the number doesn't move. I think we look at things like blood pressure, body composition. blood lipid profiles, really true health indicators. Whereas the number on the scale can fluctuate up or down just 2 or £3 in a week due to water weight, due to, you know, time of the month for certain women. Andrew Henderson 00:06:22 So, you know, the number moves up and down on the scale. but what what we really need to focus on is the internal health. lean muscle mass, strength, flexibility, your heart health, your lungs, all the things that are going to allow you to be a healthy weight, to have to come first before we worry about the weight itself. Jim Brogan 00:06:42 I think that's extremely. Well. Say it. I mean, we know we have a in the United States. We have an obesity epidemic, but it's the other things. The focus just on the scale can really lead us and can lead to things like food disorders and all kinds of things. And and we'll get into fitness here before long, here in our next segment. But how do you know? How does someone know when being a little out of shape is actually starting to affect your quality of life? Multiple Speakers 00:07:14 I think, you know. Andrew Henderson 00:07:15 Because you're no longer able to do or no longer enjoy the things that you used to do. You know, for example, we have some clients who play tennis. Andrew Henderson 00:07:25 And so, you know, when they're so sore that they can't play the store for a week after they play a couple of matches of tennis, that's not good because they're less likely to want to do it again. Or people who are out of breath now by going up and down the stairs. So those are little signs, you know, maybe maybe your jeans don't fit anymore. so you don't feel quite as good in your clothing, and I think it can kind of turn into I think sometimes people get discouraged by that. And they. And then it becomes a bigger problem. I think that the key is to hey, if you are an extra £10, let's let's nip that in the bud. If you are out of breath when you're going up and down the stairs and that's not normal, let's do something about it now before it becomes a bigger problem. Don't don't let don't let it snowball. Jim Brogan 00:08:09 Andrew, when we talk about fitness, you know, the federal physical activity guidelines recommend that adults aim for 150 to 300 minutes of moderate aerobic activity per week, plus muscle strengthening activity at least two days per week. Jim Brogan 00:08:25 And that sounds like a lot. But when you really break it down, 150 minutes is roughly 22 minutes a day. So, Andrew, if 20 or 25 minutes a day can make a meaningful difference, why do we get why do so many of us still believe we need an hour in the gym? Multiple Speakers 00:08:45 I think I think people are. Andrew Henderson 00:08:49 To their own fault, perfectionists. They feel like it has to be the perfect workout. They have to get everything done. I think part of it's that I think part of it is, education. People still don't do the math. They think 150 minutes a week, but they don't

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan interviews outgoing Knox County Mayor Glenn Jacobs, who reflects on his eight-year tenure. Jacobs highlights key accomplishments, including job creation, major economic development projects, and maintaining low property taxes. He discusses priorities like infrastructure, smart growth through the Advance Knox initiative, school improvements, and balancing public safety with privacy concerns around Flock cameras. Jacobs also addresses fiscal challenges facing his successor. The episode concludes with Jim Brogan's financial advice segment, emphasizing the importance of long-term investing and not reacting to market volatility. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. This is Newstalk 987, and I'm thrilled to be joined today by Knox County Mayor Glenn In Jacob's. We'll talk about the responsibility of the mayor's office as he finishes up his last month as Knox County mayor. We'll talk about his experiences, what's going on in Knox County, what many of the opportunities are, and many of the challenges that go with that as we move forward here in Knoxville. Speaker 2 00:01:19 good morning, Mayor Jacobs. Welcome to More Living. Glenn Jacobs 00:01:23 Good morning, Jen. Thanks for having me on. Speaker 2 00:01:25 It's great to have you. Mayor Jacobs, what has been the most rewarding part of serving as Knox County mayor? Glenn Jacobs 00:01:34 The most rewarding part is having that feeling that you've been a small part of something constructive. you know, I think about, for instance, the green heck deal with the biggest manufacturing economic development project in county history and being part of that, of keeping taxes low so that people can keep more money in their pocket. some of the stuff that has happened surrounding the school system. Education, literacy. Encouraging skilled trades. All of those things. it's give me that feeling that you've been part of something that's going to make a difference in people's lives. Obviously very small parts. There's a lot of other folks doing that work as well in a bigger way. But nevertheless, that's really cool. Speaker 2 00:02:22 Yeah, I think that's a great word that you're recognizing other people. as we get into this interview, I do want to get into some of the things that are going on with growth and low taxation and things like that. Speaker 2 00:02:32 First, I do want to ask you, mayor, what have you learned about leadership since becoming mayor? Glenn Jacobs 00:02:41 You have to lead by example and also be a servant leader. something that struck me as one day I was in a bad mood, and I came to the office and I realized that everybody knew that I was in a bad mood. And they take their cues off of me, so I always have to have to, you know, be projected. I think things are good. and I can't show that I'm upset about something or mad about something or down about something, because that has an impact on everybody's mood and therefore their productivity. And also, I consider leadership, especially after this. Really, servant leadership is the only thing that works. And what I mean by that is not only am I a public service servant in a sense that I'm serving the people of Knox County, but, you know, as mayor, I don't go out and mow the grass. I don't fill the potholes. I don't do many of the things that we associate with local government. Glenn Jacobs 00:03:32 It's the people on the ground that do that. And one of my primary responsibilities is to ensure that they have the tools and the ability to do their job. Speaker 2 00:03:43 Mayor. Glenn Jacobs 00:03:45 In a way, I'm serving them in that respect. Speaker 2 00:03:48 Absolutely. How how would you how have you been able to stay connected to the needs and concerns of of Knox County residents in your tenure? Glenn Jacobs 00:03:56 Yeah. for that's one of the really advantageous things about local government, I think when especially when you get to the federal government and your district is so big and you spend so much time saying, Washington, D.C., you know, it's it's a little bit more difficult because you just removed whereas in this case, I'm immersed, absolutely immersed in everything going on. So whether it's talking with people, whether it's looking at the news, whether it's folks calling in. All of those things keep you as mayor and as other local officials very much connected what's going on in the local community? In fact, that's for me personally. That's sort of been one of the things that's been most neat about this job is I've learned a lot of stuff that otherwise I never would have known if I hadn't been in this position. Speaker 2 00:04:42 Knox County growth over your eight years, Mayor Jacobs has really been exceptional, and we've been able to do that without raising property taxes. Advance Knox has been one of your major legacy initiatives. What are some of the biggest priorities in Knoxville right now as we move forward? Glenn Jacobs 00:05:00 Well, obviously infrastructure is a big one. The what we're trying to do is Advance Knox, and that will continue at the next mayor. We still have the Unified Development Ordinance, which is more down into the nuts and bolts of land use. But one of the one of the things that we're really trying to do is ensure that we're making better use of existing, existing infrastructure. What we've done in the past, because of our zoning and land use policies, it really encouraged urban sprawl, which results in higher infrastructure costs because it means more miles of road that we have to not only build, but also maintain. And all of those things. So what we're trying to do is really funnel residential growth into the arteries that already exist, the four lane state routes, so that we don't have to keep on building roads all over the place, like like we've done in the past, as well as encouraging Retail out in the county. Glenn Jacobs 00:05:56 Our former zoning did not allow for retail businesses in many parts of the county. And so you look at a place like Hardin Valley where we have all this urban sprawl. But because of the zoning, we also couldn't have services out there that people like restaurants, just stores, all those sorts of things. So really, when I was talking about a town town center model, that's what it is, is having more out in the the county. not only do people have to not have to drive as much, which has an impact on congestion, but also it helps the county with sales tax receipts as well as higher property taxes from commercial businesses. So a lot of what went into advanced Knox is actually the thought of if we can utilize our infrastructure better, encourage retail out in areas of the county that currently can't, don't have it, that would have a big impact on our fiscal situation going forward. And we saw that with the consultants who we worked with to develop the advanced NOx plan, there was about a $8 million swing. Glenn Jacobs 00:07:05 I think, between doing things that we currently are and doing things the way that we decided to do for the positive, by the way. So yeah, infrastructure, it's the biggest issue, I think, on everyone's mind. And that's not just in Knox County, that's really across the state and across the country. Another one is how do we take advantage of the innovation economy, all the things happening in Oak Ridge that has an impact on us, not only say with nuclear energy, but also things like computational science, just the entire innovation sector. One of the I mentioned greentech earlier, you know, the reason I'm so excited about greentech is that's going to provide economic opportunity for people on the east side of the county that didn't exist before. So it's the same thing that we look across the country. I think that everyone deals with. You know, everyone wants, they want safe neighborhoods. They want good roads, and they want good schools. And it's no different in Knox County. Speaker 2 00:08:03 Is it kind of threading a needle a little bit between that line, between growth and expansion versus recognizing residential areas? And how do you walk that tightrope? Glenn Jacobs 00:08:15 Well, yeah, that's what it is. Glenn Jacobs 00:08:17 And that's what Vance Knox was all about, was really trying to ensure that we kept the character of our community intact, while also accommodating the growth that's happening here. that we're a great place to live. And that's why the growth is happening. You know, if no one's telling people, hey, or forcing folks to move here, they're doing it on their own accord because we're a great place. And as much as that can sometimes cause issues and challenges, I look at other parts of the country that have real problems, and those places in the country are the places that people are trying to get out of to come to places like Knox County, Tennessee. Speaker 2 00:08:57 We're visiting with Knox County Mayor Glenn Jacobs as he wraps up his eight years in office. And we're talking about some of the great growth initiatives that

Show Notes In this episode of "More Living with Jim Brogan," host Jim Brogan welcomes Tamara Faye, owner of Aging Family Partners, to discuss the challenges of aging and caregiving. They cover physical and cognitive decline, legal preparedness, and care options ranging from assisted living to hospice. Tamara emphasizes the importance of family communication, caregiver self-care, and early planning. Local Knoxville resources, including senior centers and the Area Agency on Aging, are highlighted. Jim also addresses financial planning for retirement, empowering listeners to navigate aging with dignity and independence. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 9087, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:46 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. This is Newstalk 987 Waukee. Americans today are living longer than ever before. The average life expectancy. Is 80 years old. But now that's for a newborn. You know, if you're 65 today, it's it's more than likely you're going to live to be 90 or into your 90s. Speaker 2 00:01:13 And as we age, we also have increased at health and self-care challenges. It's estimated that 70% of Americans 65 and older will need long term care at some point in their lives. That means a married couple has, right at a 50% likelihood that you'll both need long term care. And by definition, that means you need help. You cannot live independently for more than 90 days. Who's going to give this care? How long will we need it, and how are we going to pay for it? What do we need to do to prepare for care in our later years? What do we need to be looking at as we age? Our guest today is Tamara Faye. She is the owner of Aging Family Partners, which is a Knoxville agency that works with people to help find resources and develop plans to aid in caregiving as we age. Tamara started her career as a licensed physical therapist and went on to work in nursing homes as a licensed nursing home administrator and a certified dementia practitioner. Good morning, Tamara. Speaker 2 00:02:16 It's great to have you with us. Thanks for coming on. Tamara Faye 00:02:18 Good morning Jim. Good morning. Speaker 2 00:02:21 Absolutely. Now that's interesting, your journey because you started as a physical therapist. So how did you transition into the elder care world? Like what led to that in your interest in pursuing elder care? Tamara Faye 00:02:36 My grandmother, my grandmother, my maternal grandmother, I was 18 years old, and I said, I'm going to take on the world and I'm going to be a beautician. And she says, no, you're not. And she says, they work really long hours. They have to stand on their feet with their arms up in the air. She says you have to have your own following. And then she says, what if you ever get married? And heaven forbid, you have children and you and your husband divorced. Or maybe he passes away. How will you ever take care of your family with those long hours? So she says, I just had my first total knee replacement. I think you'd be great at getting people better after those type of surgeries. Tamara Faye 00:03:16 And then I became a physical therapist assistant, which then led into becoming a physical therapist and on down the line. So it was my maternal grandmother that knew that when you're 18, you don't know everything. And I never left for years after that. Speaker 2 00:03:33 Yeah, well, that's for sure. now, how did you eventually start aging family partners? Tamara Faye 00:03:40 it was about almost four years ago. I'm middle aged. I'm 59 right now, but I started to have friends and family members who were calling me because their aging loved ones were starting to have falls and fractures, open heart surgeries, needing some type of care down the road that normally people don't really consider or know. And I always said to my husband, you know what? People are going to need me when there's some type of negative happening in their lives. And I hung up for my sister Amal, because her father was enduring a great deal of medical complications, and she was going to have to have him go to a nursing facility. And being a nursing home administrator, myself and a physical therapist, I was able to help her walk through those nuances that she needed to be aware of, to be best prepared on behalf of her family and her dad. Tamara Faye 00:04:34 And as soon as I hung up the phone, my husband said, this is what you need to do is you need to help people navigate the complexities of aging because we don't know how to do that. And I said, well, I guess I don't fix my own car and I don't do my own taxes. I will be more than happy to help navigate families through this very challenging time called aging. Speaker 2 00:04:55 Yeah. And it sounds like from here in your story and your interest and all that, it sounds like it truly is a passion and a and a life journey for you. Tamara Faye 00:05:04 Yeah. Yes, yes. I always said the good Lord did not give me the ability to think beautifully like my mother or be able to dance. But I sure can love little old people. And I want everyone to know about as we age. We need to recognize that these people that are aging have never been 70 before. They've never been 80 before. We have never been middle aged before, and it's very hard to go through that, that aging journey and expect everyone to be perfect every time. Tamara Faye 00:05:38 my my yearning for everyone to know is as you're sitting around a dinner table sometime in a very short period of time, you could be sitting around an assisted living table. You could be sitting around a table at a nursing home, at an activity. In a very quick moment, our life will change forever. And I want people to be prepared. That they have all that they need in order to live their best life now, and be planned for the future, so that they can still continue to live with their preferences and what they had dictated as their plan. Speaker 2 00:06:11 That's a great word to merit a little bit about. Let's start with some of the physical limitations. of course, I've had you know, I'm good friends with Don Steiner, who used to be the host of around the House. And of course, she helped, you know, aging in place some of the things to have in place. But let's start with your physical limitations. And then, of course, I want to get into the mental. Speaker 2 00:06:31 But can you start with how that starts to evolve and what we experience as we age? Tamara Faye 00:06:37 Well, over time, we start to experience just a breakdown in all of our different systems. And whether it's the systems we can see, such as our ability to walk, our ability to lift, to carry, to drive a car. it's really the internal systems that also start to break down. So as we get older, we get stiffer. It's harder for us to move. We start to have arthritis. So our stability and walking and balancing and carrying groceries, getting up and down from a chair, being able to be reactionary because our reactions start to change. And so being able to press on the brake, being able to, you know, sit on the floor and play with a grandchild and get back up. We have weaker muscles. Our metabolism starts to slow down. Our blood flow isn't as strong as it used to be, so that can lead to more difficulty in being able to run and and play with our grandchildren, being able to even walk around the allotment. Tamara Faye 00:07:39 So we have weaker bones. And so we need to be aware of fractures. currently, 1 in 4 people over the age of 65 will fall every year and 37% of those people will have some type of significant injury. So I want people to realize that as our bodies start to naturally break down, we need to be aware of what that impact will be. Speaker 2 00:08:06 Now we can do some things to counter that, right as we still can. I mean, our movement is so important. What can we be doing before we get to that point? Tamara Faye 00:08:15 I if I could say anything, it would be. Stay active. Not everybody is an exerciser, and I'm not here as a physical therapist to tell everybody they need to be exercising. But just moving the way that you would normally move. If you are sore some day, you have pain some day. Make sure you're getting up and you're moving. Whether you walk up and down your stairs at home, or whether you just walk around the block, do something that you love. Tamara Faye 00:08:42 I have a very dear friend that loves pickleball. I know that's like a really, really big thing. just staying active if you like to swim. If you simply want to go walk around the mall. Anything that you normally do, whether you're lifting groceries, whether you're playing with grandchildren, the first thing is not an aggressive exercise program, but it is continuing to move and have a purpose to your movement every day. Many people volunteer. Many people go to church. Many people go visit other friends that are maybe unable to leave their home. Whatever it is, is leaving an active lifestyle. Doing something that gives you purpose and pleasure every day will help keep you going. Speaker 2 00:09:25 Yeah, I couldn't agree more. You mentioned the. You know, we get stiffer, our bones g

Show Notes In this episode of More Living with Jim Brogan, host Jim Brogan welcomes Dr. Lynne Parker, AI expert and former White House science policy official, to discuss artificial intelligence's growing impact on everyday life. They explore AI's real capabilities versus common misconceptions, its role in healthcare and education, job transformation concerns, privacy risks, and the importance of human oversight. The episode also features a "Dollars and Cents" segment warning retirees about sequence-of-returns risk, illustrated through a story of two brothers with vastly different retirement outcomes despite identical savings strategies. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:03 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 987, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because more living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. This is Newstalk 987 Waukee. And today we're going to discuss the rapid growth of artificial intelligence, how it's already changing the way we live. The opportunities and the challenges it presents. We're welcoming into the studio Doctor Lynne Parker. Speaker 2 00:01:09 She is associate vice chancellor at the University of Tennessee. She's also a globally recognized leader in artificial intelligence and robotics. She previously, just until recently, served as principal deputy director of the white House Office of Science and Technology Policy. Good morning, Doctor Parker. Lynne Parker 00:01:29 Good morning. It's a pleasure to be here. Speaker 2 00:01:31 It's great to have you with us. Now, how did you evolve into an expert on artificial intelligence? I guess when you. You got your PhD at, I saw that earlier at MIT. MIT? That's right. And it was in robotics stuff. Lynne Parker 00:01:48 That's right. Robotics and AI. Speaker 2 00:01:50 And then, so so how did you become so fascinated in the world of artificial intelligence? Lynne Parker 00:01:57 You know, I've been working in AI really since I graduated from my undergraduate degree. For me, it's all about how can you solve fascinating problems in ways that humans would solve them, but using software so that it's much more efficient? Or maybe it solves the problems in a much better way. And so I started when I was working on my master's degree at UT, and I had a robotics in AI class, and it was my first introduction. Lynne Parker 00:02:25 And I'm just I love to see how you can create software that can be smart, like people, and it's an incredibly challenging task, but it's created a whole career for me, and it's certainly been moving in a very fast area. Speaker 2 00:02:43 Well, and we had you on a few years ago, and I guess the best way to probably summarize the change between now and then is there's been a lot of change. Lynne Parker 00:02:53 Yeah, absolutely. They're AI almost every week. There's some new tools, some new capability that we're all talking about very fast moving. Speaker 2 00:03:02 So let's let's start with the basics. For for those that are just really not terribly familiar. First off, define artificial intelligence for us. Lynne Parker 00:03:13 So artificial intelligence is software that can do tasks that traditionally we've always thought of as requiring human capabilities. That's a very short definition that most people will agree on. Speaker 2 00:03:27 That's interesting. The software part of that, but kind of along those lines, what are some ways that AI is affecting our everyday lives in ways that most people maybe don't even realize? Lynne Parker 00:03:41 Yeah. Lynne Parker 00:03:42 So AI has been around for many decades, and it's only in the last, say, 3 or 4 years that it has become commonplace for your everyday person. And the big difference there was back in 2022 when you know ChatGPT was released, and that then gave people the recognition that you could actually use these AI technologies to solve almost any kind of practical problem in almost any domain. And so this is now impacting nearly every sector of our society, from health care to education to manufacturing. in retail, you can just name any kind of discipline. And it's something that AI is is impacting. Speaker 2 00:04:30 You know, that's one of the things that I was thinking you mentioned, it's it's for decades because we think of AI as somewhat of a recent thing. And that was what jumped out at me when we were just discussing your you got your PhD at MIT. That was in 1994, and you said it was in robotics and artificial intelligence, and we don't think of AI as being around in 1994. Lynne Parker 00:04:56 That's right. Lynne Parker 00:04:56 So the early foundations for what we call algorithms, or how these AI systems think, those have been around a very long time. What has changed is that in the last decade or so, we have become a very data intensive economy. That means we're keeping records of lots of data, and that's what drives these AI systems. To be able to solve problems is that they are looking at data of past systems. They're looking for patterns. That's what AI is really good at is pattern recognition. And because we now have fast computers and we have lots of data, we've effectively digitized the world. We've now given those algorithms that have been around for decades that computation and the information they need to find those patterns, and then those patterns can be used by us people solving important problems in ways that that are very efficient. Speaker 2 00:05:52 What has surprised you the most about the public's response to AI. Lynne Parker 00:05:57 You know, I think early on. in terms of the more recent capabilities with the chat bots and these new tools that have been coming out since 2022, I think, people have responded initially with surprise that AI could be so capable. Lynne Parker 00:06:14 You have a conversation with a chat bot, and it really does sound like a person, and it really does seem very smart. That conversation has evolved over the last few years, and and now there is more of a conversation about fear and. Speaker 2 00:06:30 Well, that was a nice question. I mean, it's kind of scary. Lynne Parker 00:06:33 Yeah, a lot of people are afraid of it. I think part of it is a fear of the unknown. There is a lot of hype, though. And and so now, you know, we have a lot of conversations about data centers, for instance. And let's put a moratorium on data centers for a while. But, the AI tools that we all use, even on our phone, are, driven by the need to process data. And so there are a lot of complicating factors that make it a complex conversation around AI. You know, the fear of having a noisy data center or the fear of AI, knowing too much about me invading my privacy, or the hype around AI, getting rid of all the jobs or taking over the world. Speaker 2 00:07:18 So it's all. Speaker 4 00:07:19 Of those things. Speaker 2 00:07:20 Yeah it is. AI today is intelligent, as people often assume. Or is there still a gap between perception and reality? Lynne Parker 00:07:29 There's really a gap. I think there is the perception that AI understands in the way that humans understand, but it really doesn't. It really doesn't understand. It's looking at statistics, it's looking at patterns. It's repeating in very good English or very good language skills, information that it has discovered through those patterns. but it doesn't have a real understanding of how the world works in a way that you and I do. And so that gives people the perception that AI is as smart as a human, but that deep understanding is still not there. Speaker 2 00:08:06 Yeah, I mean AI. and we'll get into this in our next segment, I want to talk about some of the opportunities, but also some of the challenges with it. It needs human my view it needs human. It needs human oversight very, very much. Is that a safe thing to say? Lynne Parker 00:08:21 It is. Lynne Parker 00:08:22 And I think if AI as a tool to help people. Speaker 2 00:08:25 I think that's a great. Speaker 4 00:08:26 Way to talk about it. Lynne Parker 00:08:27 So it's not us necessarily just overseeing AI, but it's us using AI in an appropriate way to help us do what we want to do. Speaker 2 00:08:35 Yeah, you see more and more we see it in the medical community with doctor appointments. we use digital note takers. A lot of people now in business use digital note takers. But, you know, it's not perfect. It doesn't get everything dead on. It can't. There are certain types of emotion or feelings and things that just cannot quite capture, like the tone of a conversation. Is that right? Lynne Parker 00:08:59 That's that's exactly right. And I think the phase that we're in right now with using AI is understanding what it's really good at and making sure that we're leveraging it in those areas, that it does a very good job, but then being cautious in those areas where AI is not really ready for prime. Speaker 2 00:09:18 Time understanding where the limitations are. Speaker 4 00:09:20 Right. Speaker 2 00:09:21 So what excites you the most about the future possibilities of AI? Lynne Parker 00:09:26 Well, as I mentioned, it is touching every sector, but I think the sector that makes me the most excited is in health

Show Notes In this episode of More Living with Jim Brogan, broadcast on Newstalk 987 WOKI, financial educator Jim Brogan explores the challenges and opportunities of sudden wealth, including lottery winnings, inheritances, and business sales. He discusses the $124 trillion Great Wealth Transfer expected over the next 22 years and highlights common pitfalls such as overspending, poor tax planning, and family conflicts. Jim emphasizes assembling a trusted team of professionals, understanding the three stages of wealth—creating, protecting, and transferring—and the importance of comprehensive financial planning to ensure wealth creates freedom, security, and a lasting legacy. Automatically Transcribed With Podsqueeze Jim Brogan 00:00:02 You're tuned into more Living with Jim Brogan, broadcast live from the Brogan Financial studios at Newstalk 987, where old fashioned values, expert knowledge and genuine understanding come together to give you the retirement straight talk you deserve. Jim's a former National Advisor of the year recipient and a financial educator, and he's here today to talk about how you can live out the best years of your life. Jim and the Brogan financial team have been helping retirees and retirees across the southeast for over 20 years in their pursuit of financial independence. You can reach them during the week at 865862 6800. So sit back, relax and get ready to learn because More living with Jim Brogan starts now. Speaker 2 00:00:45 Hello East Tennessee, welcome to More Living with Jim Brogan, where it's all about living the best years of your life your way. This is Newstalk 987. 98.7 W Oki and the great wealth transfer is one of the biggest financial stories of our generation. Approximately $124 trillion is expected to change hands in the United States between now and 2048, so that's 22 years, $124 trillion. Speaker 2 00:01:20 105 trillion of that is expected to pass to heirs, and almost 19 trillion is expected to go to charities. Meanwhile, the power Paul Jackpot, as of a couple of days ago was at 457 million. and the Mega millions jackpot was at 604 million. And on the 604 million, the cash value option is 266 million. A lot of wealth. And we also hear stories about how people earn millions and still end up going broke, while others quietly build wealth at last for generations. You know, the difference isn't how they made the money, it's how they managed it. So growing wealth, growing money requires opportunity and discipline. Keeping money requires even more discipline. Income and wealth are not the same things. And that's why you hear about many professional athletes, entertainers and entrepreneurs that earn enormous incomes. But they fail to preserve wealth. Retirement marks a major shift from accumulation to stewardship. So I think, you know, it's it's kind of fun to think about. Let's talk about in this first segment, let's talk about the lottery stuff. Speaker 2 00:02:48 It's kind of fun to talk about. you know, when we think of the lottery or we think about inheriting wealth from our parents, or we think about selling a business or cashing in some stock options. Sudden wealth can create unexpected challenges. Many people who come into wealth suddenly have struggled with taxes, with overspending, money, strained relationships. That's one of the biggest lawsuits, poor investments and financial mismanagement. Some have even declared bankruptcy after either earning or inheriting or winning millions of dollars. So, you know, experts consistently recommend resisting the urge to make immediate decisions. So we just need to understand when we're dealing with wealth, we need a trusted team of professionals. We need an attorney. We need a CPA. We need a financial advisor. We need somebody to be a financial quarterback of all that, to create a comprehensive strategy. Now, when it comes to the lottery, we have decisions about lump sum versus annuity payments. We have tax planning, charitable giving or you how can you protect your privacy? We have estate planning, long term investing. Speaker 2 00:04:11 All of these things deserve careful consideration, as does inheriting significant wealth. So let's just talk a little bit about this. there's a widely there's a widely quoted statistic that 70% of lottery winners go broke. And again, I'm going to draw a parallel with this great wealth transfer of $124 trillion over the next 22 years. because there are a lot of similarities. the 70% of lottery winners do not go broke. That that is not the correct Statistic. now what we do see is when we look at family wealth, 70% of family wealth disappears by the second generation. So if my parents have family wealth and it's significant and, and and then I inherit that the statistics say 70% of the time, by the time it gets to my kids, the second generation, down from my parents, it's going to disappear and 90% disappears by the third generation, which would be my kids or my parents grandchildren or. Yeah, their, their or excuse me, my grandkids. And the reason isn't necessarily bad investing. It's poor preparation. Speaker 2 00:05:40 You know, money doesn't solve money problems if the habits that created those problems stay the same. And so we have to think about things like lifestyle inflation. How do we manage our expenses? You know, this is a big thing when we're creating and growing wealth is not letting lifestyle inflation creep in too much. And I deal with this when I meet with people in their 40s and 50s quite often because they they start making very, very good amounts of money. But if they allow themselves to significantly increase their lifestyle, then it creates a situation where they need that much more money to be able to be financially secure. Likewise, if you come into a good bit of money, whether it's through an inheritance, selling stock options, a lottery, whatever it is, it's dealing with that money and creating a sound plan for how to deal with that. We also see a lot of emotional spending, I think. Family conflict is a big issue that that many people deal with when they inherit wealth or receive wealth. Speaker 2 00:06:58 there's there's a big lack of financial education. So if you think about the mistakes people make. I think one is you've got to assemble professional team. And I really think you need a point person that can coordinate everything. You've got to think about tax planning. You know, if you're inheriting a lot of wealth or it might not be a lot, it may just be. So what are the tax implications? You know, if if you if I'm inheriting an investment account that my parents owned. You know, there's a step up in tax basis at death. So in other words, I don't have to worry about capital gains tax. when my parents pass away, my kids don't have to worry about capital gains tax on assets I own when I pass away. If I have a piece of property that I paid $300,000 for it, for it, it's worth a million. they don't have to pay tax on the gain from 300,000 to 1 million. Their tax basis steps up to a million at my death under current law. Speaker 2 00:08:04 Now, may that change in the future. It might. Congress has talked about that with some of our budget shortfalls that step up in tax basis may change, but as of right now, that's an important consideration when you do tax planning and estate planning. Likewise. If I inherit an IRA from my parents, IRAs 401 is 403 BES. Those are monies that largely have never been taxed for income tax. And if you don't pay the income tax on that money, somebody is going to have to pay the income tax. And that would be the beneficiary. And the beneficiary is taxed at their rate as ordinary income coming out of a retirement account. So understanding how to deal with the tax ramifications if you're getting winnings. I mentioned the Powerball and the Mega million. You know those monies are taxed. And it's it's interesting that let's use Mega million as an example. And nobody won last night. I did look that up this morning as I was preparing for the show. But going into last night, the jackpot was 604 million. Speaker 2 00:09:14 But that's if you take the annuity over 30 years. If you take a lump sum instead of 604 million, it's 266 million. So it's less than half. And then, of course, that 266 million would be taxed for federal income tax. if you took all of that money. certainly if you did additional charitable planning, you know, maybe you could set up, you know, with that kind of wealth, you could set up a a charitable trust. You could set up a family foundation. There's all kinds of things you could do to shelter some of that wealth. But the biggest issue here is understanding the tax ramifications of receiving a windfall of any sort. And then how much? Or excuse me, how should you handle requests from family and friends? Too often we see relationships between family and friends deteriorate when there's a sudden windfall. We know the stories. We hear the stories of it tearing families apart. When there's a decent amount of wealth that's being inherited, if things are not planned carefully, and if you're not communicating those plans and involving everyone in those plans, to some degree, at least, with education and knowledge, you know, to involve your kids in estate planning conversations does not mean that you have to tell them exactly how much you own, where it is, all those things. Speaker 2 00:10:49 You can talk in generalities. You can talk about the difference in inheriting a retirement account asset that's going to be fully taxed as ordinary income versus a capital asset like a house, real estate, a stock, a mutual fund that's that's grown, that's not in a retirement account that has no tax implications from an income or capital gains tax perspective. Now, with the estate tax the exemption now being over 15 million per person, you know, we don't see that affecting a lot of people and a married couple. You know, if you have