About Randy Russell: Have you ever wondered, “Have I saved enough for retirement?” or “What will I actually have left AFTER taxes?”
Hi, my name is Randy Russell. My wife Ronda worked as a nurse for Salina Regional Health Center for 35 years. Many of which was as the ENT Team Leader in the OR. Every quarter, we would get her 401k statement and it would say things like:
IF you continue to contribute the amount you are currently contributing and IF the hospital continues to contribute the amount that they have been contributing and IF the stock market averages 8% growth per year you MIGHT receive $_____/month when you retire. This information is strictly HYPOTHETICAL and is NOT guaranteed. It is based on limited factors and ASSUMPTIONS that MAY help you determine your retirement readiness.
When asked at what age they were using as a retirement age to receive $_____/month, no one could answer that question. I personally don’t care for words such as, IF, MIGHT, MAY, ASSUMPTIONS, and HYPOTHETICAL. We felt that there had to be a better plan.
In 2018, at the age of 54, Ronda retired from SRHC. With my knowledge and proper tools, we now know that she will always have a monthly check coming in forever and that she can RELAX and have a COMFORTABLE, TAX-FREE and STRESS-FREE retirement, no matter what the world throws at us. Those are words that I like to hear. I believe in customizing a plan to fit each retiree’s needs. Everyone’s needs are different.
Many times, the first question I get is: How much do I need to retire? My answer is: It depends. Are you going to sit around the house all day and maybe do a little gardening or are you going to travel to far off places, collect antique cars, or visit family all over the world?
The second question usually is: What can expect my healthcare costs to be? This one is easier because there is information available (Fidelity) that suggests a 65 year old couple will pay on average $295,000 in healthcare costs over their lifetime. Here’s the shocker. That number DOESN’T include Nursing Home costs.
The #1 thing you have to do in retirement is have a plan of some sort for Long Term Care costs. Currently, here around Salina, we are looking at $100,000/year PER PERSON.
If you want to hear me away from the office, you can hear me every Monday through Friday on KSAL radio during the Dave Ramsey show from 2pm-4pm.
In my 20+ years of helping HUNDREDS of retirees, I have found that DOCTORS, NURSES and HEALTHCARE providers put in very long hours and have very stressful jobs. They don’t have a lot of extra time.
The one thing that I feel that I do differently than others is that I use MATH and SCIENCE to plan a person’s retirement. Not emotions or trends. I also give away many FREE resources to EDUCATE and INFORM my clients, such as books and DVD’s. I focus a lot of my attention on what will you have left AFTER taxes. It is never too late to look at Roth IRA CONVERSIONS. (Not to be confused with CONTRIBUTIONS). With the help of YOUR tax professional, I focus on CONVERTING as much money to a TAX FREE retirement as possible. Which means, you are done paying taxes on this money. In short, “Do you want to be in control of how much taxes and when you pay these taxes OR do you want Uncle Sam to dictate to you the amount of tax and when you will pay them? I highly recommend watching “The Power of Zero” DVD. (Check out my blogs)
Get educated and have a successful retirement, because you only retire once!
A little about my interests and favorite things to do:
I enjoy grilling, golfing, fishing, snorkeling, and traveling. I also like to watch baseball, football and golf. My favorite place to travel is Cozumel, Mexico. My favorite performers are the Eagles, Billy Joel, George Strait and Kenny Chesney.
As I said, I like to watch football, and I am a proud sponsor of our Salina Liberty football team. I even try to recruit players for the team when I can.
I have been a member of NAIFA (National Association of Insurance & Financial Advisors) since 2005.
I was NAIFA-Heartland (KS) President from 2012-2013 and again from 2018-2020. NAIFA members work hard to educate the public about different products that affect your retirement. NAIFA-Heartland members also give back to the community each year by offering a high school Senior a college scholarship to help with their education. (Reach out to me if you would like to learn more)
Solutions for Life
1923 S. Ohio
Salina, KS 67401
Solutions for Life Insurance Agency is located in Salina Kansas and licensed in Kansas and Texas.
About SFL: We are an Independent Insurance agency that represents all of the top insurance companies. Solutions For Life currently consists of three insurance agents: Randy Russell, Salina, KS., Bob Reynolds, Salina, KS., and Jerry Makison, St. Joseph, MO.
EACH of us has over 20 years’ experience when it comes to helping retirees plan for things such as Medicare, Income replacement, maximizing Social Security, Dental, Life Insurance and Long Term Care. “We solve problems. We take the worries out of retirement.”
We also have available a team of 3 lawyers and 2 CPAs that we work with in case you need a will, a trust or have a tax question that needs an answer to things such as Roth IRA conversions.