October 25, 2025 • 24 mins
This week on Safe Money Strategies, Kelly Kelly and her son William share some joyful family news from William’s acceptance to Bryant University to celebrating fifteen years with Kelly Financial advisor Greg Murray. The conversation turns heartfelt as they reflect on community, faith, and the people who lift us up in difficult times.
Plus, Mike Doucette and Greg Workman share a real-life retirement case, showing how one couple turned years of hard work and real estate into steady income they can count on. Mary Madeline Kelly and Greg Murray break down the basics of trusts - when to set one up and how it can bring clarity and peace of mind for your family. Kelly and William return later in the hour to discuss how to build a holiday budget that protects your retirement while keeping the joy in the season. The show closes with timeless wisdom from the late Bill Kelly - words that continue to inspire families across New England.
Make Safe Money Strategies part of your Saturday night tradition. Have questions or want to schedule a complimentary consultation? Call 888-800-1881 or email kelly@kellyfinancial.org.
Plus, Mike Doucette and Greg Workman share a real-life retirement case, showing how one couple turned years of hard work and real estate into steady income they can count on. Mary Madeline Kelly and Greg Murray break down the basics of trusts - when to set one up and how it can bring clarity and peace of mind for your family. Kelly and William return later in the hour to discuss how to build a holiday budget that protects your retirement while keeping the joy in the season. The show closes with timeless wisdom from the late Bill Kelly - words that continue to inspire families across New England.
Make Safe Money Strategies part of your Saturday night tradition. Have questions or want to schedule a complimentary consultation? Call 888-800-1881 or email kelly@kellyfinancial.org.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Good evening and welcome to Safe Money Strategies right here
on WBZ News Radio. I'm Kelly Kelly, founder of Kelly
Financial Services, and your host tonight. I'm so glad you're
with us. Every Saturday night at nine pm, we bring
you real conversations about retirement, resilience and protecting the life
(00:27):
you've worked so hard to build. We're a proud, family
run firm based right here in New England, and for
over twenty two years, we've helped thousands of families plan
for the next chapter with clarity and confidence. You may
know us from our two decades on the AM airwaves,
and now we're thrilled to bring that same trusted voice
(00:50):
to WBZ. This show is about more than just money.
It's about peace of mind purpose in making smart decisions
that support the people you love. Each week, I'm joined
by my children, William Kelly Junior and Mary Madeline Kelly,
along with our incredible team of fiduciary advisors. Together, we
(01:11):
share practical strategies, personal stories, and a few laughs along
the way. We'll cover everything from inflation and taxes to
income planning, market trends, and how to leave a lasting legacy.
Because retirement isn't. The end of the story is the
beginning of a new one. So if you're winding down
(01:32):
for the evening, pour something relaxing, settle in and spend
a little time with us. You're in good company and
we're glad you're here. This is Safe Money Strategies where family, finance,
and your future come together.
Speaker 2 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred twenty and one
or go to Kelly Financial dot org.
Speaker 3 (01:58):
That's Kelly a financial dot Org.
Speaker 1 (02:07):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call for every
young It's where I sit down with my son, William
Kelly Junior and we talk about life, what's going on
in the world, and our family and what really matters
(02:29):
most when you're planning for the future. Sometimes it's light,
sometimes is thoughtful, but as always real good evening. William,
how are you.
Speaker 2 (02:40):
There's been some big news lately, and in fact I
just learned this news. I would say maybe three minutes ago,
just as we were about to start our conversation, I
asked you, could you for me the photos and videos
from the event we had at iHeart last week. Could
you send them to my outlook because I don't have
my company email on my phone for security. And so
(03:00):
I go to my outlook and I see the Top
and Ladies and Gentlemen the first.
Speaker 3 (03:06):
Email I see.
Speaker 2 (03:07):
I'm not sure if you guys know, but Bryant University
is an incredible school that I plan on attending in
the near future, and they have some great programs that
specifically tailor to what I do as an entrepreneur, and
great campus.
Speaker 3 (03:21):
I like being in Rhode Island.
Speaker 2 (03:23):
I'm good with it, right, So I open the email,
I go to the portal, I log in, and I
see William congratulations here at Bryant University.
Speaker 3 (03:32):
We are pleased to welcome you on campus.
Speaker 4 (03:35):
And Lafe will hugely top school.
Speaker 2 (03:38):
It was my top school, and they said, we're very
pleased to see your academic transcript and your extracurricular activities.
Speaker 3 (03:45):
So I guess writing a book was a good idea.
Speaker 2 (03:47):
Mom, and Ladies and Gentlemen that'll be out in the
relative near future and I am so excited the proof
will be done. You know, if you really are rushing
to read the book, and I know some of you are,
I want to make it easy for those. I mean.
At the same time, you know, especially for prospects and listeners,
I don't want to have you guys pay for it.
(04:07):
I'll prefer to give it to you guys. But if
you'd like to buy an ebook version will be available
on Amazon. That'll be a lot quicker than ordering on
Amazon or waiting for us to mail it to you.
But again, don't spend money if you don't want to.
I'm not pressure. Don't take that as pressure.
Speaker 1 (04:22):
Yeah, well, we are investing in the first run Kelly
Financial Lists. So for any of you out there listening
and our clients, of course, wait what, William will be
signing and mailing them.
Speaker 3 (04:34):
That's right, Yeah, that's completely.
Speaker 1 (04:36):
You will be busy because we've got a big list.
Speaker 4 (04:39):
Yes we do.
Speaker 3 (04:40):
But you know what, I'm totally absolutely will and then
after that I'll be selling the book. And I'm just
very excited.
Speaker 2 (04:48):
I'm unbelievably grateful for all the support I've received, especially
at the iHeart event now, which just incredible.
Speaker 1 (04:53):
Oh, William that was. That was and then last Saturday
night we had dinner with Greg Murray and his significant
other celebrating his fifteen years with Kelly Financial.
Speaker 3 (05:06):
Somebody else was there. This is very now, ladies and gentlemen.
Speaker 1 (05:09):
Yeah, he's a.
Speaker 3 (05:09):
Kelly family secret.
Speaker 2 (05:10):
This is kind of in the back area, you know,
we're like scooting to the back of the house where
nobody can hear us. So Mary Madaline has a new boyfriend.
And this guy, he's a fine guy. I like him.
You know, he's a chemical engineer. He's a chemist and
an engineer. He's getting his PhD.
Speaker 4 (05:27):
Brilliant guy.
Speaker 3 (05:28):
And he comes to dinner and listen, ladies and gentlemen,
I don't want to knock on what here.
Speaker 1 (05:34):
I have no idea what you're going to say. William.
Speaker 2 (05:37):
He knows how to annoy my sister like I do.
And I don't know if this means anything. Ladies and gentlemen.
I'm sure some of you have siblings and you know
the importance of pushing their buttons, the importance of because
you can't let them have it easy. If you let
them have it easy, how are they going to do
well in life?
Speaker 3 (05:54):
Right there?
Speaker 2 (05:55):
You need to be constant sources of adversity as siblings,
especially younger brothers, very important.
Speaker 3 (06:02):
But this gentleman, we'll call him Timmy.
Speaker 2 (06:05):
Timmy knows just the right buttons to push in double trouble.
He knows how to coordinate with me to push Mary
Madaline's buttons. And Mary Madaline she's tough, but she is crackable.
She's an egg that is crackable. And we had a
fun dinner and jokes aside. Greg Garry, congratulations and most importantly,
(06:28):
thank you for your service of fifteen years. Dad is
smiling down from heaven.
Speaker 1 (06:33):
It's been a joy watching him grow. I feel like
he was like a kid when we hired him, and
to witness his dedication to Kelly Financial and his growth
as a man. It was a wonderful evening.
Speaker 4 (06:48):
We had great food.
Speaker 2 (06:49):
Yes, oh yeah, so great news in the college realm
great news and Kelly Financial realm great news and everything,
and so Johnson and Wales. Actually they're going to call
me right after this and they want to kind of
talk and get to know me a little bit better.
Speaker 3 (07:03):
And yeah, I'm still looking at my options.
Speaker 1 (07:05):
Absolutely, I have a little more time before you totally.
Speaker 2 (07:09):
Yeah, I'm excited so I want to wrap the segment
up and remember it to somebody that I've actually grown
up with and his family. He is a younger brother
of a very good friend of mine and classmate of
mine who recently passed away at the high school that
I had attended. His family, of course, is in grief
and it was very unexpected, but the entire community has
(07:30):
come together for that family and in prayer for his soul.
I asked to please take a second and if you
don't mind praying for the soul of this gentleman who
had passed away. He was a beautiful person. He was
extremely humble, loved everybody, brilliant In fact, you could go
in and he would start speaking fluent Spanish if he
wanted to trip you up a little bit. Had a
(07:53):
great sense of style, he was always stylish. He just
was a great guy.
Speaker 1 (07:57):
Yeah, he really was.
Speaker 2 (07:58):
And just such a humble, warm person. And it's a
very deep loss in this community. But I have to
say I went to his wake and the amount of
people who came was astonishing, and folks that I have
not seen in probably over six eight years, and a
lot of folks that came to my dad's funeral it's
(08:19):
a tight community. We're blessed to have our communities. We
really are. I think we take it for granted sometimes
because we see them every day. But it's important that
we stay active in them, that we plant our feet
in them, and that we truly tend to them, because
we're all here for each other at the end of
the day, and it's one of the most important things
(08:40):
that we have in life, obviously, besides God. So keep
your community closed. Please pray for this gentleman's soul. I'd
appreciate that, and the family would especially appreciate it too.
Speaker 1 (08:52):
Amen, William, do keep us on your dial. We've got
a lot of great content coming your way. Might do
Said and Greg work and share a real life case
of a couple preparing for retirement, turning years of hard work, savings,
and real estate into steady income they can count on. Mary,
Madeline Kelly and Greg Murray will be breaking down the
(09:14):
basics of trust, how they work, when to set one up,
and why they can bring clarity and peace of mind
for your family. I will be back with William. We
will share how to build a holiday budget that keeps
your retirement on track while still enjoying the season with family,
and of course we'll close the hour with some wedding
(09:35):
wisdom from the late Bill Kelly. His words continue to
inspire and guide us. That's a wrap for forever. Young.
Thank you for listening, and William, thank you for joining me.
We'll be back with more content. I love you, Honey,
I love you too.
Speaker 2 (09:50):
Mart Call us today at eight hundred and eighty one
or visit us online at Kellyfinancial dot org to schedule
your comp eplementary retirement income analysis.
Speaker 5 (10:09):
Welcome back to Safe Money Strategies, the show where we
help you, protect, grow, and distribute y'all wealth.
Speaker 4 (10:15):
Wisely in retirement.
Speaker 5 (10:16):
I'm Mike Ducet, chief operating officer at Kelly Financial Services,
and joining me as always is Greg Workman, investment advisor
here at Kelly.
Speaker 3 (10:26):
I'm Mike.
Speaker 4 (10:26):
Good to be back.
Speaker 3 (10:27):
You know.
Speaker 6 (10:28):
One of the most common challenges that we hear from
people approaching retirement is I've saved and invested, but how
do I actually turn what I have into income that
I can count on throughout retirement?
Speaker 5 (10:42):
Exactly. Accumulating assets is one skill set. Turning them into reliable,
tax efficient income, well, that's a completely different challenge, and
that's what Joe and Maria wanted to help with when
they came in right.
Speaker 6 (10:54):
Joe is sixty two, a self employed general contractor. Over
the years, he's done well, building up about six hundred
and fifty thousand and a step Ira. Maria is fifty
nine and works as a teacher's aid. She stayed home
for many years to raise the couple's two kids, who
are now adults and financially independent.
Speaker 5 (11:14):
And that's an important milestone for a lot of families.
When the kids are off on their own, it's time
to refocus on your own retirement.
Speaker 4 (11:22):
Pitcher Absolutely.
Speaker 6 (11:23):
Joe and Maria have also invested in real estate. They
owned three rental properties in South Boston. The mortgages are
still active, but the rents cover those payments. There's not
much leftover cash flow yet, but the equity they've built
is significant.
Speaker 5 (11:39):
They also plan to sell their primary home in Twksbury
and move into one of those selfy condos when they retire.
They'll continue renting the other two units for income, and
one of their goals is to eventually leave those investment
properties to their kids.
Speaker 6 (11:53):
So we've got multiple moving pieces. The sep Ira a
small four h three b rental properties home equity and
about three hundred and fifty thousand in cash just sitting
at the bank earning next to nothing exactly.
Speaker 5 (12:06):
The question was simple but important. How do we make
all of this work together so we can retire comfortably
and not worry about running out of money.
Speaker 6 (12:14):
That's where income planning comes in. We start by estimating
what they'll actually need each month in retirement, including healthcare costs,
travel taxes, maintenance on the rentals, and then build an
income plan that covers those essentials with predictable, reliable sources.
Speaker 5 (12:33):
And what a lot of listeners don't realize is you
can't rely solely on one bucket of money. You have
to coordinate multiple streams social Security, retirement accounts, home sale proceeds,
and maybe even part time income in those early years.
Speaker 6 (12:47):
That's right. Joe and Maria's plan layers their income sources
over the course of time. The sep IRA provides structured withdrawals,
the rental properties cover a portion of monthly expenses, and
the event vitual sale of their home gives them liquidity
to fill in any gaps along the way.
Speaker 5 (13:04):
We also discussed timing. Maria would love to retire before
age sixty five. But that means buying private health insurance.
The cost of that can really add up, sometimes ten
thousand to fifteen thousand per year per person, depending on coverage.
Speaker 6 (13:19):
Exactly. That's why planning the sequence of retirement events matters
so much. Sometimes working just one more year or adjusting
how you drawed down from your assets can save thousands
in healthcare costs and or taxes.
Speaker 5 (13:35):
The goal isn't just to retire, it's to retire with confidence,
and confidence comes from knowing that your income is sustainable
no matter what happens in the market. Interest rates are
even life's surprises, and that's what Joe.
Speaker 6 (13:47):
And Maria were after clarity. Once they saw how their
assets could be converted into income and how those pieces
fit together, they felt a lot more comfortable about the
retirement timeline.
Speaker 5 (13:59):
Once we had the income foundation built, we shifted focus
to one of the most important and often overlooked parts
of retirement planning.
Speaker 4 (14:06):
Tax efficiency.
Speaker 6 (14:07):
Absolutely, for many retirees, taxes are their single largest expense,
and what a lot of people don't realize is that
every dollar you take from certain accounts can have a
ripple effect not just on your tax bracket, but also
on how much of your Social Security is taxed, and
even how much you pay for Medicare premiums.
Speaker 5 (14:28):
Joe's set ira is tax deferred, which means every withdrawal
will be taxed as ordinary income. If they're not careful,
taking too much in any giving year could push them
into a higher bracket or caused part of this social
security benefits to become taxable down the line.
Speaker 6 (14:43):
So one of the strategies we discussed was doing partial
wrath conversions. The idea is to move a portion of
the sep ira into a wroth ira over several years,
ideally during their early retirement window, before required minimum distributions
kicking and before both are drawing from Social Security.
Speaker 5 (15:03):
By doing that gradually, they can take advantage of lower
tax rates today, reduce future rmds, and create a pool
of tax free income they can use later in retirement.
It's a smart way to diversify from a tax standpoint exactly.
Speaker 6 (15:17):
We also reviewed that three hundred and fifty thousand sitting
in the bank. It's good to have cash for emergencies
and near term expenses, but with interest rates going lower
and inflation still a factor, that money was effectively losing
purchasing power. Each and every year.
Speaker 5 (15:34):
So we recommended moving part of it into tax efficient
investments that offer both growth and liquidity, things that can
outpace inflation but still accessible if needed.
Speaker 6 (15:44):
And for the rest, we looked at short term vehicles
that can provide a safe, guaranteed yield better than what
the bank was offering while keeping their cash position intact.
Speaker 5 (15:54):
The broader takeaway for our listeners is this retirement isn't
just about how much you earn.
Speaker 4 (15:59):
It's about how much you keep after taxes.
Speaker 5 (16:02):
Properly sequencing withdrawals from tax deferred, taxable, and tax free
accounts can make a big difference in long term sustainability.
Speaker 6 (16:09):
And that's what we're helping Joe and Maria with, spreading
out withdrawals, layering income sources, and managing tax brackets over
time so that their money lasts as long as they do.
Speaker 5 (16:20):
You're listening to Safe Money Strategies with Mike Ducett and
Greg Workman. If you're listening and thinking that sounds a
lot like my situation, we'd love to help you.
Speaker 6 (16:28):
Request your complementary Safe Money Strategies workbook. It's a simple,
step by step guide that walks you through income planning,
tax efficiency, and how to protect what you've worked so
hard to build.
Speaker 5 (16:41):
Visit Kellyfinancial dot org or call our office to get
your workbook, and when we come back in part two,
we'll dive into social security timing for couples and how
to coordinate investments and real estate for long term income
and legacy.
Speaker 4 (16:54):
Stick around, you won't want to miss it.
Speaker 1 (16:59):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred and
(17:21):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back to
safe money Strategies. I'm here with my son, William Junior.
If you're just joining us, welcome. If you've been with
(17:42):
us since the top of the hour, is great to
have you back. This evening, we're talking about seasonal spending smarts.
How to keep the joy of fall in the holidays
without letting the budget spin out of control.
Speaker 2 (17:56):
This is the time of the year when excitement meets anxiety.
The calendar fills up, the invitations arrive, and the retail
countdown clocks start blinking. People feel pull to make everything perfect, flights,
gifts to core meals, experiences, and those pulls add up.
Speaker 1 (18:13):
And retirees on fixed incomes fill this pressure the most.
You want to bless your family, keep traditions alive, maybe
hosts the big dinner again. But emotion plus marketing can
be a dangerous combination. Sales banners promise one day only,
shipping timers tick down, and suddenly logic gives way to impulse.
Speaker 2 (18:38):
That's the holiday spending trap. It rarely looks like one
giant mistake. It usually is a series of small yes decisions.
Upgrade the seats out of the rush, shipping one more
stocking stuff for that quietly push you past your plan and.
Speaker 1 (18:51):
We rationalize it with is just once a year, but
one exceptional season can throw off an entire year withdrawal plan.
If you're drawing retirement income, those unplanned dollars aren't just dollars,
their future growth. You've given up exactly. Think of it
(19:12):
as an invisible cost. One more last minute flight or
cater dessert isn't only the sticker price, it's the opportunity
cost of money that could have stayed invested. Do that
a few years in a row, and it becomes a
pattern that stresses the plan. Let's talk about the common
mistakes we see. First, no real holiday budget. Folks plan
(19:32):
gifts loosely, but forget the big categories travel, food, hospitality, shipping,
charitable giving. Second, using credit as a bridge points can
be useful, but they are not free if you carry
a balance into January.
Speaker 2 (19:51):
Third, over committing the calendar. Every party, every pageant, every
fundraiser sounds wonderful, but every yes has a doll dollar tach.
Narrow to what has the most meaning. Then give yourself
permission to say no without guilt.
Speaker 1 (20:06):
Fourth, convenient spending, late shopping, last minute airfare, premium seating,
pre made planters, and boutique decors feel like time savers,
but they're actually budgetbusters. Planning and patience. Those two habits
beat inflation more reliably than any coupine code.
Speaker 3 (20:28):
Let's reframe generosity.
Speaker 2 (20:30):
The heart behind the holiday is presence, not just presents.
Grandkids don't measure your love and line items. They remember
that you were there, unrushed and fully engaged.
Speaker 1 (20:40):
That's right, So what do we do about it? Start
a look back, pull last year's statements in total, what
you actually spent across the categories. That becomes your ceiling,
not your starting point. If it was a stretch triment,
if it was sustainable, cap it and come in.
Speaker 3 (21:01):
Then pre decide your categories.
Speaker 2 (21:03):
For example, gifts, food, decre travel, hospitality, and giving. Assign
dollars to each not just a lum sum. Specificity is
your friend because it eliminates wiggle room while you're standing
in the aisle with a cart.
Speaker 1 (21:16):
I also like guardrails that reduce stress. Shop earlier to
swap urgency for options, use a simple tracker paper or
app to record each purchase the moment it happens, and
build in a Paul's rule, wait twenty four hours on
any item over say fifty dollars or one hundred. Most
(21:40):
urges fade with time.
Speaker 2 (21:42):
And when you do spend, be intentional. If flying, consider
off peaked days. If hosting, make it a pot luck
with the theme people love bringing a signature dish. If gifting,
consider experiences, letters or photo books that carry meaning without
the markup.
Speaker 1 (21:59):
Another practice. Guardrail is a future me test before you buy.
Imagine opening your credit card statement in January. If that
line item would make future you sigh, skip it or
scale down small choices today protect your piece tomorrow.
Speaker 2 (22:19):
I like that, and build a cushion for the forgotten
items tape, cards, batteries, extra chairs, parking fees. A tiny
miscellaneous line prevents that last minute scramble from wrecking the plant.
Speaker 1 (22:30):
This is also where a fiduciary advisor adds value. We
help you calculate how much discretionary spending fits safely inside
your income plan and which account is smartest to draw
from cash reserve, taxable or IRA, so you stay tax
aware and efficient.
Speaker 2 (22:51):
Sometimes the best service and advisor provides is perspective, separating
a motion from math. If the numbers don't support an
extra trip this year, I'll tell you and then help
craft an alternative that still delivers memory and meeting.
Speaker 1 (23:04):
Okay. Two quick examples. Example one, A couple plan to
fly kids in on peak days. By moving the trip
one day earlier and one day later, they saved enough
to cover all the holiday groceries. An example two, a
host swamped a cater dessert bar for a family bakeoff,
(23:26):
same joy, one third, cost twice the laughter.
Speaker 2 (23:30):
Those swaps preserve what matters, and they're repeatable. Once a
family experience is simpler, everyone wonders why you ever did
it the hard way.
Speaker 1 (23:38):
Joyful giving should not come with financial strain. Smart stewardship
protects your peace of mind and your legacy. And if
you're unsure where your guardrails should be, we have a
simple resource to help.
Speaker 2 (23:52):
Ask for our complimentary investors guide Will your money last
as long as you do? It explains how small overspending
moments compound across years, how to evaluate your withdrawal rate,
and how to keep your plan on track through the holidays.
Speaker 1 (24:05):
To request your free copy and schedule a year end
income review, call eight eight eight eight hundred eighteen eighty
one or visit Kellyfinancial dot org. A fifteen minute conversation
could save you months of stress.
Speaker 2 (24:22):
Protect the nest ex so your giving spirit does notlive
your savings well.
Speaker 1 (24:26):
Take a short break. When we return, we'll show you
step by step how to build a holiday budget that
protects your retirement and keeps the season joyful. Stay with us.
Speaker 2 (24:41):
Save money strategies with Kelly. Kelly and her team call
Kelly Financial at eighty eight eight hundred twenty one, or
go to Kelly Financial dot org. That's Kelly at Kelly
Financial dot org.
Good evening and welcome to Safe Money Strategies right here
on WBZ News Radio. I'm Kelly Kelly, founder of Kelly
Financial Services, and your host tonight. I'm so glad you're
with us. Every Saturday night at nine pm, we bring
you real conversations about retirement, resilience and protecting the life
(00:27):
you've worked so hard to build. We're a proud, family
run firm based right here in New England, and for
over twenty two years, we've helped thousands of families plan
for the next chapter with clarity and confidence. You may
know us from our two decades on the AM airwaves,
and now we're thrilled to bring that same trusted voice
(00:50):
to WBZ. This show is about more than just money.
It's about peace of mind purpose in making smart decisions
that support the people you love. Each week, I'm joined
by my children, William Kelly Junior and Mary Madeline Kelly,
along with our incredible team of fiduciary advisors. Together, we
(01:11):
share practical strategies, personal stories, and a few laughs along
the way. We'll cover everything from inflation and taxes to
income planning, market trends, and how to leave a lasting legacy.
Because retirement isn't. The end of the story is the
beginning of a new one. So if you're winding down
(01:32):
for the evening, pour something relaxing, settle in and spend
a little time with us. You're in good company and
we're glad you're here. This is Safe Money Strategies where family, finance,
and your future come together.
Speaker 2 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred twenty and one
or go to Kelly Financial dot org.
Speaker 3 (01:58):
That's Kelly a financial dot Org.
Speaker 1 (02:07):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call for every
young It's where I sit down with my son, William
Kelly Junior and we talk about life, what's going on
in the world, and our family and what really matters
(02:29):
most when you're planning for the future. Sometimes it's light,
sometimes is thoughtful, but as always real good evening. William,
how are you.
Speaker 2 (02:40):
There's been some big news lately, and in fact I
just learned this news. I would say maybe three minutes ago,
just as we were about to start our conversation, I
asked you, could you for me the photos and videos
from the event we had at iHeart last week. Could
you send them to my outlook because I don't have
my company email on my phone for security. And so
(03:00):
I go to my outlook and I see the Top
and Ladies and Gentlemen the first.
Speaker 3 (03:06):
Email I see.
Speaker 2 (03:07):
I'm not sure if you guys know, but Bryant University
is an incredible school that I plan on attending in
the near future, and they have some great programs that
specifically tailor to what I do as an entrepreneur, and
great campus.
Speaker 3 (03:21):
I like being in Rhode Island.
Speaker 2 (03:23):
I'm good with it, right, So I open the email,
I go to the portal, I log in, and I
see William congratulations here at Bryant University.
Speaker 3 (03:32):
We are pleased to welcome you on campus.
Speaker 4 (03:35):
And Lafe will hugely top school.
Speaker 2 (03:38):
It was my top school, and they said, we're very
pleased to see your academic transcript and your extracurricular activities.
Speaker 3 (03:45):
So I guess writing a book was a good idea.
Speaker 2 (03:47):
Mom, and Ladies and Gentlemen that'll be out in the
relative near future and I am so excited the proof
will be done. You know, if you really are rushing
to read the book, and I know some of you are,
I want to make it easy for those. I mean.
At the same time, you know, especially for prospects and listeners,
I don't want to have you guys pay for it.
(04:07):
I'll prefer to give it to you guys. But if
you'd like to buy an ebook version will be available
on Amazon. That'll be a lot quicker than ordering on
Amazon or waiting for us to mail it to you.
But again, don't spend money if you don't want to.
I'm not pressure. Don't take that as pressure.
Speaker 1 (04:22):
Yeah, well, we are investing in the first run Kelly
Financial Lists. So for any of you out there listening
and our clients, of course, wait what, William will be
signing and mailing them.
Speaker 3 (04:34):
That's right, Yeah, that's completely.
Speaker 1 (04:36):
You will be busy because we've got a big list.
Speaker 4 (04:39):
Yes we do.
Speaker 3 (04:40):
But you know what, I'm totally absolutely will and then
after that I'll be selling the book. And I'm just
very excited.
Speaker 2 (04:48):
I'm unbelievably grateful for all the support I've received, especially
at the iHeart event now, which just incredible.
Speaker 1 (04:53):
Oh, William that was. That was and then last Saturday
night we had dinner with Greg Murray and his significant
other celebrating his fifteen years with Kelly Financial.
Speaker 3 (05:06):
Somebody else was there. This is very now, ladies and gentlemen.
Speaker 1 (05:09):
Yeah, he's a.
Speaker 3 (05:09):
Kelly family secret.
Speaker 2 (05:10):
This is kind of in the back area, you know,
we're like scooting to the back of the house where
nobody can hear us. So Mary Madaline has a new boyfriend.
And this guy, he's a fine guy. I like him.
You know, he's a chemical engineer. He's a chemist and
an engineer. He's getting his PhD.
Speaker 4 (05:27):
Brilliant guy.
Speaker 3 (05:28):
And he comes to dinner and listen, ladies and gentlemen,
I don't want to knock on what here.
Speaker 1 (05:34):
I have no idea what you're going to say. William.
Speaker 2 (05:37):
He knows how to annoy my sister like I do.
And I don't know if this means anything. Ladies and gentlemen.
I'm sure some of you have siblings and you know
the importance of pushing their buttons, the importance of because
you can't let them have it easy. If you let
them have it easy, how are they going to do
well in life?
Speaker 3 (05:54):
Right there?
Speaker 2 (05:55):
You need to be constant sources of adversity as siblings,
especially younger brothers, very important.
Speaker 3 (06:02):
But this gentleman, we'll call him Timmy.
Speaker 2 (06:05):
Timmy knows just the right buttons to push in double trouble.
He knows how to coordinate with me to push Mary
Madaline's buttons. And Mary Madaline she's tough, but she is crackable.
She's an egg that is crackable. And we had a
fun dinner and jokes aside. Greg Garry, congratulations and most importantly,
(06:28):
thank you for your service of fifteen years. Dad is
smiling down from heaven.
Speaker 1 (06:33):
It's been a joy watching him grow. I feel like
he was like a kid when we hired him, and
to witness his dedication to Kelly Financial and his growth
as a man. It was a wonderful evening.
Speaker 4 (06:48):
We had great food.
Speaker 2 (06:49):
Yes, oh yeah, so great news in the college realm
great news and Kelly Financial realm great news and everything,
and so Johnson and Wales. Actually they're going to call
me right after this and they want to kind of
talk and get to know me a little bit better.
Speaker 3 (07:03):
And yeah, I'm still looking at my options.
Speaker 1 (07:05):
Absolutely, I have a little more time before you totally.
Speaker 2 (07:09):
Yeah, I'm excited so I want to wrap the segment
up and remember it to somebody that I've actually grown
up with and his family. He is a younger brother
of a very good friend of mine and classmate of
mine who recently passed away at the high school that
I had attended. His family, of course, is in grief
and it was very unexpected, but the entire community has
(07:30):
come together for that family and in prayer for his soul.
I asked to please take a second and if you
don't mind praying for the soul of this gentleman who
had passed away. He was a beautiful person. He was
extremely humble, loved everybody, brilliant In fact, you could go
in and he would start speaking fluent Spanish if he
wanted to trip you up a little bit. Had a
(07:53):
great sense of style, he was always stylish. He just
was a great guy.
Speaker 1 (07:57):
Yeah, he really was.
Speaker 2 (07:58):
And just such a humble, warm person. And it's a
very deep loss in this community. But I have to
say I went to his wake and the amount of
people who came was astonishing, and folks that I have
not seen in probably over six eight years, and a
lot of folks that came to my dad's funeral it's
(08:19):
a tight community. We're blessed to have our communities. We
really are. I think we take it for granted sometimes
because we see them every day. But it's important that
we stay active in them, that we plant our feet
in them, and that we truly tend to them, because
we're all here for each other at the end of
the day, and it's one of the most important things
(08:40):
that we have in life, obviously, besides God. So keep
your community closed. Please pray for this gentleman's soul. I'd
appreciate that, and the family would especially appreciate it too.
Speaker 1 (08:52):
Amen, William, do keep us on your dial. We've got
a lot of great content coming your way. Might do
Said and Greg work and share a real life case
of a couple preparing for retirement, turning years of hard work, savings,
and real estate into steady income they can count on. Mary,
Madeline Kelly and Greg Murray will be breaking down the
(09:14):
basics of trust, how they work, when to set one up,
and why they can bring clarity and peace of mind
for your family. I will be back with William. We
will share how to build a holiday budget that keeps
your retirement on track while still enjoying the season with family,
and of course we'll close the hour with some wedding
(09:35):
wisdom from the late Bill Kelly. His words continue to
inspire and guide us. That's a wrap for forever. Young.
Thank you for listening, and William, thank you for joining me.
We'll be back with more content. I love you, Honey,
I love you too.
Speaker 2 (09:50):
Mart Call us today at eight hundred and eighty one
or visit us online at Kellyfinancial dot org to schedule
your comp eplementary retirement income analysis.
Speaker 5 (10:09):
Welcome back to Safe Money Strategies, the show where we
help you, protect, grow, and distribute y'all wealth.
Speaker 4 (10:15):
Wisely in retirement.
Speaker 5 (10:16):
I'm Mike Ducet, chief operating officer at Kelly Financial Services,
and joining me as always is Greg Workman, investment advisor
here at Kelly.
Speaker 3 (10:26):
I'm Mike.
Speaker 4 (10:26):
Good to be back.
Speaker 3 (10:27):
You know.
Speaker 6 (10:28):
One of the most common challenges that we hear from
people approaching retirement is I've saved and invested, but how
do I actually turn what I have into income that
I can count on throughout retirement?
Speaker 5 (10:42):
Exactly. Accumulating assets is one skill set. Turning them into reliable,
tax efficient income, well, that's a completely different challenge, and
that's what Joe and Maria wanted to help with when
they came in right.
Speaker 6 (10:54):
Joe is sixty two, a self employed general contractor. Over
the years, he's done well, building up about six hundred
and fifty thousand and a step Ira. Maria is fifty
nine and works as a teacher's aid. She stayed home
for many years to raise the couple's two kids, who
are now adults and financially independent.
Speaker 5 (11:14):
And that's an important milestone for a lot of families.
When the kids are off on their own, it's time
to refocus on your own retirement.
Speaker 4 (11:22):
Pitcher Absolutely.
Speaker 6 (11:23):
Joe and Maria have also invested in real estate. They
owned three rental properties in South Boston. The mortgages are
still active, but the rents cover those payments. There's not
much leftover cash flow yet, but the equity they've built
is significant.
Speaker 5 (11:39):
They also plan to sell their primary home in Twksbury
and move into one of those selfy condos when they retire.
They'll continue renting the other two units for income, and
one of their goals is to eventually leave those investment
properties to their kids.
Speaker 6 (11:53):
So we've got multiple moving pieces. The sep Ira a
small four h three b rental properties home equity and
about three hundred and fifty thousand in cash just sitting
at the bank earning next to nothing exactly.
Speaker 5 (12:06):
The question was simple but important. How do we make
all of this work together so we can retire comfortably
and not worry about running out of money.
Speaker 6 (12:14):
That's where income planning comes in. We start by estimating
what they'll actually need each month in retirement, including healthcare costs,
travel taxes, maintenance on the rentals, and then build an
income plan that covers those essentials with predictable, reliable sources.
Speaker 5 (12:33):
And what a lot of listeners don't realize is you
can't rely solely on one bucket of money. You have
to coordinate multiple streams social Security, retirement accounts, home sale proceeds,
and maybe even part time income in those early years.
Speaker 6 (12:47):
That's right. Joe and Maria's plan layers their income sources
over the course of time. The sep IRA provides structured withdrawals,
the rental properties cover a portion of monthly expenses, and
the event vitual sale of their home gives them liquidity
to fill in any gaps along the way.
Speaker 5 (13:04):
We also discussed timing. Maria would love to retire before
age sixty five. But that means buying private health insurance.
The cost of that can really add up, sometimes ten
thousand to fifteen thousand per year per person, depending on coverage.
Speaker 6 (13:19):
Exactly. That's why planning the sequence of retirement events matters
so much. Sometimes working just one more year or adjusting
how you drawed down from your assets can save thousands
in healthcare costs and or taxes.
Speaker 5 (13:35):
The goal isn't just to retire, it's to retire with confidence,
and confidence comes from knowing that your income is sustainable
no matter what happens in the market. Interest rates are
even life's surprises, and that's what Joe.
Speaker 6 (13:47):
And Maria were after clarity. Once they saw how their
assets could be converted into income and how those pieces
fit together, they felt a lot more comfortable about the
retirement timeline.
Speaker 5 (13:59):
Once we had the income foundation built, we shifted focus
to one of the most important and often overlooked parts
of retirement planning.
Speaker 4 (14:06):
Tax efficiency.
Speaker 6 (14:07):
Absolutely, for many retirees, taxes are their single largest expense,
and what a lot of people don't realize is that
every dollar you take from certain accounts can have a
ripple effect not just on your tax bracket, but also
on how much of your Social Security is taxed, and
even how much you pay for Medicare premiums.
Speaker 5 (14:28):
Joe's set ira is tax deferred, which means every withdrawal
will be taxed as ordinary income. If they're not careful,
taking too much in any giving year could push them
into a higher bracket or caused part of this social
security benefits to become taxable down the line.
Speaker 6 (14:43):
So one of the strategies we discussed was doing partial
wrath conversions. The idea is to move a portion of
the sep ira into a wroth ira over several years,
ideally during their early retirement window, before required minimum distributions
kicking and before both are drawing from Social Security.
Speaker 5 (15:03):
By doing that gradually, they can take advantage of lower
tax rates today, reduce future rmds, and create a pool
of tax free income they can use later in retirement.
It's a smart way to diversify from a tax standpoint exactly.
Speaker 6 (15:17):
We also reviewed that three hundred and fifty thousand sitting
in the bank. It's good to have cash for emergencies
and near term expenses, but with interest rates going lower
and inflation still a factor, that money was effectively losing
purchasing power. Each and every year.
Speaker 5 (15:34):
So we recommended moving part of it into tax efficient
investments that offer both growth and liquidity, things that can
outpace inflation but still accessible if needed.
Speaker 6 (15:44):
And for the rest, we looked at short term vehicles
that can provide a safe, guaranteed yield better than what
the bank was offering while keeping their cash position intact.
Speaker 5 (15:54):
The broader takeaway for our listeners is this retirement isn't
just about how much you earn.
Speaker 4 (15:59):
It's about how much you keep after taxes.
Speaker 5 (16:02):
Properly sequencing withdrawals from tax deferred, taxable, and tax free
accounts can make a big difference in long term sustainability.
Speaker 6 (16:09):
And that's what we're helping Joe and Maria with, spreading
out withdrawals, layering income sources, and managing tax brackets over
time so that their money lasts as long as they do.
Speaker 5 (16:20):
You're listening to Safe Money Strategies with Mike Ducett and
Greg Workman. If you're listening and thinking that sounds a
lot like my situation, we'd love to help you.
Speaker 6 (16:28):
Request your complementary Safe Money Strategies workbook. It's a simple,
step by step guide that walks you through income planning,
tax efficiency, and how to protect what you've worked so
hard to build.
Speaker 5 (16:41):
Visit Kellyfinancial dot org or call our office to get
your workbook, and when we come back in part two,
we'll dive into social security timing for couples and how
to coordinate investments and real estate for long term income
and legacy.
Speaker 4 (16:54):
Stick around, you won't want to miss it.
Speaker 1 (16:59):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred and
(17:21):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back to
safe money Strategies. I'm here with my son, William Junior.
If you're just joining us, welcome. If you've been with
(17:42):
us since the top of the hour, is great to
have you back. This evening, we're talking about seasonal spending smarts.
How to keep the joy of fall in the holidays
without letting the budget spin out of control.
Speaker 2 (17:56):
This is the time of the year when excitement meets anxiety.
The calendar fills up, the invitations arrive, and the retail
countdown clocks start blinking. People feel pull to make everything perfect, flights,
gifts to core meals, experiences, and those pulls add up.
Speaker 1 (18:13):
And retirees on fixed incomes fill this pressure the most.
You want to bless your family, keep traditions alive, maybe
hosts the big dinner again. But emotion plus marketing can
be a dangerous combination. Sales banners promise one day only,
shipping timers tick down, and suddenly logic gives way to impulse.
Speaker 2 (18:38):
That's the holiday spending trap. It rarely looks like one
giant mistake. It usually is a series of small yes decisions.
Upgrade the seats out of the rush, shipping one more
stocking stuff for that quietly push you past your plan and.
Speaker 1 (18:51):
We rationalize it with is just once a year, but
one exceptional season can throw off an entire year withdrawal plan.
If you're drawing retirement income, those unplanned dollars aren't just dollars,
their future growth. You've given up exactly. Think of it
(19:12):
as an invisible cost. One more last minute flight or
cater dessert isn't only the sticker price, it's the opportunity
cost of money that could have stayed invested. Do that
a few years in a row, and it becomes a
pattern that stresses the plan. Let's talk about the common
mistakes we see. First, no real holiday budget. Folks plan
(19:32):
gifts loosely, but forget the big categories travel, food, hospitality, shipping,
charitable giving. Second, using credit as a bridge points can
be useful, but they are not free if you carry
a balance into January.
Speaker 2 (19:51):
Third, over committing the calendar. Every party, every pageant, every
fundraiser sounds wonderful, but every yes has a doll dollar tach.
Narrow to what has the most meaning. Then give yourself
permission to say no without guilt.
Speaker 1 (20:06):
Fourth, convenient spending, late shopping, last minute airfare, premium seating,
pre made planters, and boutique decors feel like time savers,
but they're actually budgetbusters. Planning and patience. Those two habits
beat inflation more reliably than any coupine code.
Speaker 3 (20:28):
Let's reframe generosity.
Speaker 2 (20:30):
The heart behind the holiday is presence, not just presents.
Grandkids don't measure your love and line items. They remember
that you were there, unrushed and fully engaged.
Speaker 1 (20:40):
That's right, So what do we do about it? Start
a look back, pull last year's statements in total, what
you actually spent across the categories. That becomes your ceiling,
not your starting point. If it was a stretch triment,
if it was sustainable, cap it and come in.
Speaker 3 (21:01):
Then pre decide your categories.
Speaker 2 (21:03):
For example, gifts, food, decre travel, hospitality, and giving. Assign
dollars to each not just a lum sum. Specificity is
your friend because it eliminates wiggle room while you're standing
in the aisle with a cart.
Speaker 1 (21:16):
I also like guardrails that reduce stress. Shop earlier to
swap urgency for options, use a simple tracker paper or
app to record each purchase the moment it happens, and
build in a Paul's rule, wait twenty four hours on
any item over say fifty dollars or one hundred. Most
(21:40):
urges fade with time.
Speaker 2 (21:42):
And when you do spend, be intentional. If flying, consider
off peaked days. If hosting, make it a pot luck
with the theme people love bringing a signature dish. If gifting,
consider experiences, letters or photo books that carry meaning without
the markup.
Speaker 1 (21:59):
Another practice. Guardrail is a future me test before you buy.
Imagine opening your credit card statement in January. If that
line item would make future you sigh, skip it or
scale down small choices today protect your piece tomorrow.
Speaker 2 (22:19):
I like that, and build a cushion for the forgotten
items tape, cards, batteries, extra chairs, parking fees. A tiny
miscellaneous line prevents that last minute scramble from wrecking the plant.
Speaker 1 (22:30):
This is also where a fiduciary advisor adds value. We
help you calculate how much discretionary spending fits safely inside
your income plan and which account is smartest to draw
from cash reserve, taxable or IRA, so you stay tax
aware and efficient.
Speaker 2 (22:51):
Sometimes the best service and advisor provides is perspective, separating
a motion from math. If the numbers don't support an
extra trip this year, I'll tell you and then help
craft an alternative that still delivers memory and meeting.
Speaker 1 (23:04):
Okay. Two quick examples. Example one, A couple plan to
fly kids in on peak days. By moving the trip
one day earlier and one day later, they saved enough
to cover all the holiday groceries. An example two, a
host swamped a cater dessert bar for a family bakeoff,
(23:26):
same joy, one third, cost twice the laughter.
Speaker 2 (23:30):
Those swaps preserve what matters, and they're repeatable. Once a
family experience is simpler, everyone wonders why you ever did
it the hard way.
Speaker 1 (23:38):
Joyful giving should not come with financial strain. Smart stewardship
protects your peace of mind and your legacy. And if
you're unsure where your guardrails should be, we have a
simple resource to help.
Speaker 2 (23:52):
Ask for our complimentary investors guide Will your money last
as long as you do? It explains how small overspending
moments compound across years, how to evaluate your withdrawal rate,
and how to keep your plan on track through the holidays.
Speaker 1 (24:05):
To request your free copy and schedule a year end
income review, call eight eight eight eight hundred eighteen eighty
one or visit Kellyfinancial dot org. A fifteen minute conversation
could save you months of stress.
Speaker 2 (24:22):
Protect the nest ex so your giving spirit does notlive
your savings well.
Speaker 1 (24:26):
Take a short break. When we return, we'll show you
step by step how to build a holiday budget that
protects your retirement and keeps the season joyful. Stay with us.
Speaker 2 (24:41):
Save money strategies with Kelly. Kelly and her team call
Kelly Financial at eighty eight eight hundred twenty one, or
go to Kelly Financial dot org. That's Kelly at Kelly
Financial dot org.
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