September 20, 2025 • 24 mins
Kelly and William Kelly open this week’s Forever Young with heartfelt gratitude for the clients they consider family, celebrating the values of faith and community that remain at the core of Kelly Financial Services. William shares a moving tribute to the late Charlie Kirk, reflecting on his impact on young generations and the call for unity and critical thinking across divides.
Our advisors follow with important insights:
● Six Social Security changes coming in 2026 and how to prepare.
● Artificial intelligence and the infrastructure shaping new opportunities for investors.
● Why life insurance is more than coverage - it can be a powerful tool for liquidity, protection, and legacy.
The hour closes with the timeless wit and wisdom of the late Bill Kelly, whose words continue to inspire across generations.
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
Our advisors follow with important insights:
● Six Social Security changes coming in 2026 and how to prepare.
● Artificial intelligence and the infrastructure shaping new opportunities for investors.
● Why life insurance is more than coverage - it can be a powerful tool for liquidity, protection, and legacy.
The hour closes with the timeless wit and wisdom of the late Bill Kelly, whose words continue to inspire across generations.
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
Mark as Played
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.
Speaker 2 (00:46):
And now we're thrilled to bring.
Speaker 1 (00:48):
That same trusted voice 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
(01:09):
fiduciary advisors. Together, we share practical strategies, personal stories.
Speaker 2 (01:14):
And a few laughs along the way.
Speaker 1 (01:17):
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 for
the evening, pour something relaxing, settle in and spend a little.
Speaker 2 (01:37):
Time with us.
Speaker 1 (01:38):
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 3 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at Kelly Financial dot org.
Speaker 1 (02:08):
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 Forever 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,
(02:28):
in our family, and what really matters most when you're
planning for the future. Sometimes it's light, sometimes it's thoughtful,
but it's always real. Good evening, William, how are you?
Speaker 4 (02:40):
I'm fine, Mom and yourself.
Speaker 2 (02:41):
I'm doing great, William.
Speaker 3 (02:43):
Well, I'm happy you're doing well, and I know for
sure that it's been a busy week and we have
a lot to talk about today, So why don't you
start us off?
Speaker 1 (02:51):
Well, we've recently we're able to spend some time with
some clients' true and how much fun was that, William?
Speaker 3 (03:00):
Yes, ma'am, I think we're gonna Before we had our
conversation or started our conversation today, Mom and I said
we need to brag on our clients a little bit, absolutely,
because we and we have had multiple conversations about this.
We have the best clients in the world.
Speaker 4 (03:15):
And that's not bar none.
Speaker 3 (03:17):
Yes, ma'am, that's not marketing, that is the truth, because
I don't think we could ask for more faith driven clients,
more good people. I mean, just so many incredible qualities
that you cannot replicate.
Speaker 4 (03:33):
I mean, I know, and.
Speaker 1 (03:34):
They love their families and they love getting together.
Speaker 3 (03:38):
But it ties into what we care about as a
business because at Kelly Financial, one of the core things,
especially that we emphasized after Dad passed away, was family value.
And I mean a lot of businesses do tout that,
but then it's like kind of obvious that either they
are or they aren't. You can tell you can see
past that, but we truly pride ourselves in that. And
(03:59):
I think Dad, when Dad was alive, it was kind
of subconscious, like we didn't have to say it out
loud because we already knew it. I mean, we went
to events and it'd be a million families, you know
what I mean, And we'd meet all kinds of people
from all walks of life, and it's a people business.
Speaker 4 (04:15):
Absolutely, we're so blessed.
Speaker 2 (04:16):
I know, think about it.
Speaker 1 (04:19):
You and Mary Madeline both were involved since you were
so young, right, So it was kind.
Speaker 3 (04:23):
Of just like seeing a bunch of you know, uncles
and cousins and aunts.
Speaker 1 (04:28):
No, I know, it's such a beautiful thing. I want
to say thank you to our clients. You are beautiful people.
Speaker 3 (04:34):
Yeah, I'm here, thank you very much for everything you've
done for my family.
Speaker 2 (04:37):
So I agreed.
Speaker 4 (04:39):
Well.
Speaker 3 (04:39):
In other news, just the previous Friday that we just passed,
I had done my second column with Jeff Kooner, and
instead of dedicating it to my book, I decided to
dedicate it to the late Charlie Kirk And the tribute
that I read was essentially the same tribute that doctor
Grace read on her show, the Conversation with Stephen and Grace,
(05:00):
and she unfortunately there were so many calls coming in
that she couldn't read the whole entire thing, which I mean,
I don't blame her, but she was able to read
the main parts, and she really encouraged me to publish it,
and so I'm going to try to reach out to
the Boston Broadside and see if I can publish it.
Speaker 2 (05:17):
That's a great idea, William.
Speaker 4 (05:19):
I agree.
Speaker 3 (05:19):
I think there's nothing better I can do more productive
in the publishing realm than published that tribute, or at
least if it's inappropriate, not inappropriate, but inappropriate for a
newspaper retype something that would be appropriate for a newspaper
column or an online section in honor of Charlie.
Speaker 4 (05:36):
So that was absolutely worth it.
Speaker 3 (05:38):
I just realized we haven't really talked about Charlie because
I mean, it happened after our last conversation last week.
Speaker 1 (05:44):
All I know is, William, you have been talking about
this person since you were what thirteen years old?
Speaker 4 (05:50):
Correct?
Speaker 2 (05:51):
And that's how I heard about him through you. Yes, ma'am,
you have always been so impressed with him.
Speaker 4 (05:57):
I've never not been.
Speaker 3 (05:59):
Maybe i've disagreed with certain things he said, but not in.
Speaker 4 (06:02):
The anger way.
Speaker 3 (06:03):
Charlie encouraged all of us to critically think, and I
learned it from men like him, and so I'm forever
grateful for men like him for entering me into politics.
The number one place in that realm is Jeff. Jeff
Kooner entered me into politics, and he didn't push me.
He didn't push me to any side, nor did you,
nor Dad. It was do your own research, critically, think yourself.
(06:27):
Here is the evidence, here is the material. Now you
need to base a thought off of that. Essentially, it's
like this is why this person did something wrong, or
this is why this would be good for the economy,
or this Having that as a young man is irreplaceable.
I mean, the last time someone had that kind of
impact on a young generation, I really think it's probably
(06:50):
someone like John F.
Speaker 4 (06:51):
Kennedy.
Speaker 3 (06:52):
And what JFK did was show that young people can
do it too, into politics and gave a name to
Catholics and politics as well, because before then, I think
every president was a Protestant. And if you want to
do well in politics, at least at the federal level,
you had to be a Protestant, and don't get me wrong,
I love Protestants.
Speaker 4 (07:11):
They're amazing people.
Speaker 3 (07:12):
But back then it was much different because America fundamentally
is a Protestant nation.
Speaker 4 (07:17):
So having a.
Speaker 3 (07:18):
Catholic come and do it, and a young man.
Speaker 4 (07:20):
Too, is incredible.
Speaker 3 (07:22):
So Charlie Kirk was thirty one when he passed away,
Ladies and gentlemen, gone way too soon. And he has
a loving wife and he has two beautiful children.
Speaker 4 (07:32):
And I think a lot of people, whether they are
left or.
Speaker 3 (07:37):
Right, because I'm not just seeing this on the right side,
but I'm also seeing this on the left side. People
are realizing we need to come together and we need
to unite. And I think that's the most christ Like
thing you can do, is realize we need to call
for peace now because things just not real.
Speaker 4 (07:54):
I think that's beautiful.
Speaker 3 (07:55):
And I think that despite the bad people who appear
malicious and you know, celebrate his death, Ladies and gentlemen.
Speaker 4 (08:02):
That's the Internet.
Speaker 3 (08:03):
You're going to find people like that. No matter where
you go, you're always going to find an outlier. Okay,
those people are already losing their jobs. By the way,
there's a database of forty thousand people who celebrated Charlie
Kirk's death with their employer information so that people can
reach out through their employer and fire them. Wow, yep,
because we're not taking any prisoners. This isn't the right,
(08:24):
isn't taking any prisoners. This is good versus evil.
Speaker 2 (08:28):
How could anyone celebrate anyone's death.
Speaker 4 (08:30):
I don't understand.
Speaker 3 (08:32):
Charlie Kirk was just a Christian who debated college students
and encouraged everyone to critically think, and he always treated
his opponents with love and grace. Always he did it
with the best intentions. Ladies and gentlemen.
Speaker 4 (08:47):
That's a fact.
Speaker 3 (08:48):
I mean, if you don't believe me, then that's fine.
Go and watch his videos yourself and you'll find out
you'll understand what I mean.
Speaker 4 (08:57):
So I think, Charlie Kirk, you're an amazing man.
Speaker 3 (09:00):
I didn't mean to get two political ladies and gentlemen,
but you know, my heart compelled me to.
Speaker 4 (09:05):
Thanks for listening to me.
Speaker 1 (09:06):
What Amen, William, I learned a few things myself this evening,
So I appreciate your thoughtful words and your research that
you do. Do Keep us on your dial. We've got
a lot of great content coming your way. Mike, do
set and Greg Workman will break down the six important
social security changes coming in twenty twenty six and the
(09:29):
strategies you need to know to prepare. Mary, Madeline Kelly
and Greg Murray will discuss how artificial intelligence and the
infrastructure behind it are shaping new opportunities for investors. I
will be back with William. We will take a closer
look at life insurance and retirement and why it's more
than just coverage. It can be a powerful tool for liquidity,
(09:54):
protection and legacy. And of course we'll close the hour
with some wit and wisdom from the Bill Kelly. His
words continue to inspire and guide us. That's a wrap
for forever young. Thank you for listening, William, thank you
for joining me. We'll be back with more content.
Speaker 2 (10:12):
I love you, Honey, I love you, tomaw.
Speaker 3 (10:19):
Call us today at eight eight hundred and eighty one
or visit us online at Kelly Financial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (10:31):
I'm Kelly Kelly from Kelly Financial. Whether you're in your forties, fifties,
or sixties, financial advice is important when it comes to
preserving your nest egg. We have a free investor guide
called Designing your fiscal house to weather the elements, which
highlights the steps needed to build a balanced portfolio. For
the guide, call eight eight eight eight hundred eighteen eighty
(10:53):
one or email Kelly at Kellyfinancial dot org.
Speaker 2 (10:57):
We're Kelly Financial. Come retime, you're with us?
Speaker 5 (11:05):
Welcome back to another episode of Safe Money Strategies. I'm
Mike Ducett, chief operating officer here at Kelly Financial, and
with me, as always is my colleague and investment advisor,
Greg Workman. Greg, how are you tonight?
Speaker 4 (11:18):
Doing great? Mike?
Speaker 6 (11:19):
And I am excited about this evening's topic because social
security is such a critical part of retirement for so
many Americans, and there are some important changes coming in
twenty twenty six that folks really need to understand absolutely.
Speaker 5 (11:33):
And before we dive in, let me remind our listeners
at Kelly Financial, we're a fiduciary. That means our job
and our legal obligation is to put your best interests first.
Not all financial professionals can say that, but for us,
it's the foundation of everything we do.
Speaker 6 (11:48):
That's right, Mike, And part of putting clients first is
starting with a written financial plan, investments, tax strategies, and yes,
social security decisions. Those all come out after the plan
is in place. That way you're not guessing. You can
see how all the pieces of the retirement plan really
fit together exactly.
Speaker 5 (12:09):
And that's why we created our Safe Money Strategies workbook.
It helps you start to build that plan, to think
through your goals into model out scenarios. If you'd like
a complimentary copy, or if you'd like to meet with
us for a no pressure, no obligation retirement review, just
reach out. Now let's get into it, greg. Social security
is the foundation of income for many retirees, and in
(12:31):
twenty twenty six, there are six key changes coming that
people need to prepare for right.
Speaker 6 (12:38):
And the thing about these changes is that they don't
just affect one group of people. Whether you are already retired,
about to retire, or still a decade away, these updates
can affect how much you receive, when you should claim,
and how your overall retirement income plan works.
Speaker 5 (12:56):
So tonight we'll cover each of these six changes. We'll
explain what's happening, the risks or mistakes people might make,
and most importantly, the strategies to help you adapt. Let's
start with COLA, the cost of living adjustment greg what's
projected for twenty twenty six.
Speaker 6 (13:13):
The Social Security Administration hasn't finalized it yet, but current
estimates put the twenty twenty six cost of living adjustment
around two point seven percent. That means, if you're receiving
two thousand a month in benefits, you might see about
a fifty four dollars monthly increase around six hundred and
(13:33):
forty eight dollars per year.
Speaker 5 (13:35):
That sounds good, but here's the catch. Medicare pot B
premiums are also projected to rise sharply in twenty twenty six,
possibly by eleven percent or more. For many retirees, that
Medicare increase will eat up much, if not all, of
their cost of living adjustment exactly.
Speaker 6 (13:52):
And here's the planning lesson. Don't rely on the cost
of living adjustment alone to protect you from inflation.
Speaker 3 (14:00):
Too.
Speaker 6 (14:00):
Many people think, well, social Security, it adjusts every year,
so I'm safe. But in reality, those adjustments often lag
behind real inflation, and healthcare costs in particular rise faster
than those costs of living adjustments from Social Security.
Speaker 4 (14:17):
So what's the strategy.
Speaker 5 (14:18):
Build inflation protection into your broader retirement income plan. That
might mean allocating part of your portfolio to growth assets
that historically outpace inflation. It might mean building a cash
reserve for health care costs, or it might mean planning
ROTH conversions early so that future Medicare SARCH charges, which
are based on taxable income, don't hit you as hard.
Speaker 6 (14:39):
That's right. The takeaway cola helps, but it's not enough
on its own.
Speaker 5 (14:45):
Next change, in twenty twenty six, the full Retirement Age
FRI officially moves to sixty seven for anyone born in
nineteen sixty or later. That's the final step in a
process that's been phasing in for years.
Speaker 6 (14:59):
And this matters a lot. If you claim benefits at
age sixty two, which is the earliest age you can claim,
you were locking in a reduction of up to thirty
percent compared to waiting until age sixty seven. That reduction
is permanent.
Speaker 5 (15:15):
And many people make the mistake of grabbing benefits at
sixty two just because they can, But the decision affects
not only their lifetime income, but also spousal and survivor benefits.
Speaker 6 (15:26):
Right, If you're the higher earner in your household, claiming
early could mean that your spouse has a significantly reduced
survivor benefit down the road. That is something many people
don't consider when they file.
Speaker 5 (15:41):
So here's the strategy. Just don't default to sixty two.
Run the numbers, look at your health, your life expectancy,
your spouse's benefit, and your other income sources. Sometimes it
makes sense to claim early, but often waiting even beyond
sixty seven to age seventy can be the smarter move.
Speaker 6 (15:59):
And that's what the plan comes in. We can show
you how your income looks if you claim at sixty two,
sixty seven or full retirement age are all the way
to age seventy where you max out your retirement benefit,
and we can help you make some informed choices around
when to file.
Speaker 5 (16:16):
Change number three. The maximum amount of earning subject to
Social Security payroll tax what's called the wage base. It's
rising to one hundred and eighty three thousand, six hundred
in twenty twenty six.
Speaker 6 (16:28):
That means higher earners will pay more into the system.
If you make above that threshold, you could pay an
extra four hundred and sixty five or so in payroll
taxes each and every year.
Speaker 5 (16:39):
Now, most retirees won't be affected directly by this, but
here's the planning angle. Higher contributions today for current workers
can mean slightly higher future benefits because your benefit calculation
is based on your highest thirty five years of earnings.
Speaker 6 (16:54):
And for business owners or self employed folks, it's important
to plan for that extra payroll tax. If you're close
to retirement and considering restructuring how you take income factor
this change into your strategy.
Speaker 5 (17:07):
We've covered three of the six social Security changes coming
in twenty twenty six, cost of living adjustment, full retirement age,
and the taxable wage cap.
Speaker 4 (17:16):
When we come back, we'll dive.
Speaker 5 (17:18):
Into the other three, the higher earnings thresholds for working retirees,
the updated work credit requirements, and of course the big one,
the long term solvency of the Social Security Trust Fund.
But before we go to break, I want to remind
you if you'd like to see how these changes could
affect your retirement, we'd love to send you a copy
of our Safe Money Strategies workbook. It's free and it's
(17:39):
a great starting point for building your plan, Or if
you prefer to sit down with us directly, we offer
a complementary no pressure retirement review. We'll talk about your
social security, your four oh one K, your savings, and
how it all fits together. There's no cost and no obligation.
Speaker 4 (17:55):
Stick with us. We'll be right back.
Speaker 1 (18:00):
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
(18:22):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
Speaker 2 (18:26):
We're Kelly Financial. Come retire with us.
Speaker 4 (18:32):
Welcome back to save Monny Strategies.
Speaker 3 (18:34):
I'm William Kelly Junior here with my mom, Kelly Kelly
every Saturday and we sit down together and talk about
financial questions that really matter.
Speaker 1 (18:43):
That's right at Kelly Financial, where family first and financial
advisor second. Our mission every week is to take complicated
retirement topics and break them down into plane English with
strategies that people can actually use.
Speaker 3 (18:59):
This evening, we're digging into life insurance in retirement and
it's a great topic because September is Life Insurance Awareness Month.
Retirement changes so much your paycheck, your routine, your priorities,
but most people don't realize how retirement changes their life insurance.
Speaker 1 (19:15):
One of the first surprises people face when they retire
is that their group life insurance from work does not
follow them into retirement. It usually ends the day you
stop working, and if you have not set up your
own policy, you could suddenly find yourself without coverage at
(19:35):
the very stage in life where getting new coverage can
be much more expensive.
Speaker 3 (19:41):
And that's why understanding the type of policy you own
is so important, whether it's term, whole life, or group coverage,
because they all behave differently once you retire.
Speaker 1 (19:52):
And here's what we remind our clients. Life insurance isn't
just an expense, it's an asset. It belongs on the
same list as your stocks, your bonds, and retirement accounts.
Is protection, but it can also be an opportunity.
Speaker 3 (20:08):
Many people assume once the paycheck stops, the need for
insurance stops too, but think about this. The average funeral
today costs more than ten thousand dollars. That doesn't even
include medical bills or probate costs that can place a
huge burden on a family.
Speaker 1 (20:23):
And William is not just about the cost of a funeral.
Families often don't realize how quickly expenses can pile up.
There could be outstanding credit cards, medical bills, or even
just that everyday expenses like mortgage payments or utilities that
still need to be covered while everything is being sorted
(20:45):
out exactly.
Speaker 4 (20:46):
And life insurance solves that problem.
Speaker 3 (20:48):
It provides liquidity right away, money that doesn't get tied
up in court or requires selling assets. It arrives quickly,
tax free, and gives family breathing room.
Speaker 1 (20:57):
For some retirees, a small policy can be enough to
cover those final expenses, while others may use it to
replace lost income, for example, a pension ends at death.
Speaker 4 (21:10):
Let's look at a couple of examples.
Speaker 3 (21:11):
Picture a retiree he owns a vacation home. It's valuable,
but it's not liquid. If that retiree passes away, the
family might feel forced to sell the property just to
cover taxes or state costs. But with life insurance in place,
the family can hold on to that home.
Speaker 1 (21:26):
And there's the opposite example, the retiree whose pension disappears
when they pass away. In that case, a life insurance
policy can create income for the surviving spouse. So again
it is not one size fits all. The role of
life insurance depends on your specific situation.
Speaker 3 (21:47):
In today's policies are so much more flexible than they
used to be. Many include living benefits, meaning you can
access a portion of the death benefit while you're still
alive if you face chronic illness or long term care needs.
Speaker 1 (22:00):
US palls on that point because it really is a
big deal. Years ago, life insurance was viewed strictly as
a death benefit. Today it can actually be a part
of your retirement plan while you're alive, giving you more
choices and peace of mind.
Speaker 3 (22:18):
They can also grow cash value tax deferred, and in
some cases you can even take tax free loans against
that value. So it's not just about the death benefits anymore.
It's about having options in retirement.
Speaker 1 (22:29):
Unfortunately, too many retirees let their policies lapse because they think.
Speaker 2 (22:35):
I don't need this anymore.
Speaker 1 (22:37):
But dropping coverage without a plan can create real financial
stress for families later.
Speaker 3 (22:43):
On, and that's where having the right advisor comes in.
At Kelly Financial, we always remind people your insurance decisions
shouldn't be made in a vacuum. They should fit into
your bigger retirement picture.
Speaker 1 (22:54):
For example, if you're taking required minimum distributions from an
IRO that you don't need for income, you could reposition
some of those dollars into permanent life insurance. That single
move can turn taxable withdrawals into tax free benefits for
your family and also give you living benefits for long
(23:18):
term care if needed.
Speaker 3 (23:20):
That's such a powerful strategy because instead of just letting
those r and ds be a tax burden, you're turning
them into something that benefits both you and your loved ones.
And for many retirees, it feels good to know that
their money is working in more than one way.
Speaker 1 (23:33):
And that's exactly why we put together a resource for
our listeners.
Speaker 3 (23:37):
Yes, we created a free investor guide called Purchasing Life
Insurance with your Qualified Funds.
Speaker 4 (23:42):
What you need to know.
Speaker 3 (23:43):
It explains how to use a portion of your retirement
accounts to create liquidity, add tax diversification, and leave a
more efficient legacy for your loved ones.
Speaker 1 (23:52):
You can request your free copy and schedule a complementary
consultation with our team by calling eight eight eight hundred
eighteen eighty one or emailing Kelly at Kellyfinancial dot org.
Speaker 3 (24:07):
This is information every retiree should have and it's available
at no costs.
Speaker 1 (24:12):
That's all the time we have for this part of
the conversation. Do stay with us because when we come back,
we'll take a closer look at the different types of
policies and retirement and how today's modern benefits make life
insurance more flexible than ever.
Speaker 3 (24:29):
You're listening to Safe Money Strategies on WBZ News Radio.
Speaker 4 (24:33):
We'll be right back after the break.
Speaker 3 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
eight 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.
Speaker 2 (00:46):
And now we're thrilled to bring.
Speaker 1 (00:48):
That same trusted voice 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
(01:09):
fiduciary advisors. Together, we share practical strategies, personal stories.
Speaker 2 (01:14):
And a few laughs along the way.
Speaker 1 (01:17):
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 for
the evening, pour something relaxing, settle in and spend a little.
Speaker 2 (01:37):
Time with us.
Speaker 1 (01:38):
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 3 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at Kelly Financial dot org.
Speaker 1 (02:08):
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 Forever 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,
(02:28):
in our family, and what really matters most when you're
planning for the future. Sometimes it's light, sometimes it's thoughtful,
but it's always real. Good evening, William, how are you?
Speaker 4 (02:40):
I'm fine, Mom and yourself.
Speaker 2 (02:41):
I'm doing great, William.
Speaker 3 (02:43):
Well, I'm happy you're doing well, and I know for
sure that it's been a busy week and we have
a lot to talk about today, So why don't you
start us off?
Speaker 1 (02:51):
Well, we've recently we're able to spend some time with
some clients' true and how much fun was that, William?
Speaker 3 (03:00):
Yes, ma'am, I think we're gonna Before we had our
conversation or started our conversation today, Mom and I said
we need to brag on our clients a little bit, absolutely,
because we and we have had multiple conversations about this.
We have the best clients in the world.
Speaker 4 (03:15):
And that's not bar none.
Speaker 3 (03:17):
Yes, ma'am, that's not marketing, that is the truth, because
I don't think we could ask for more faith driven clients,
more good people. I mean, just so many incredible qualities
that you cannot replicate.
Speaker 4 (03:33):
I mean, I know, and.
Speaker 1 (03:34):
They love their families and they love getting together.
Speaker 3 (03:38):
But it ties into what we care about as a
business because at Kelly Financial, one of the core things,
especially that we emphasized after Dad passed away, was family value.
And I mean a lot of businesses do tout that,
but then it's like kind of obvious that either they
are or they aren't. You can tell you can see
past that, but we truly pride ourselves in that. And
(03:59):
I think Dad, when Dad was alive, it was kind
of subconscious, like we didn't have to say it out
loud because we already knew it. I mean, we went
to events and it'd be a million families, you know
what I mean, And we'd meet all kinds of people
from all walks of life, and it's a people business.
Speaker 4 (04:15):
Absolutely, we're so blessed.
Speaker 2 (04:16):
I know, think about it.
Speaker 1 (04:19):
You and Mary Madeline both were involved since you were
so young, right, So it was kind.
Speaker 3 (04:23):
Of just like seeing a bunch of you know, uncles
and cousins and aunts.
Speaker 1 (04:28):
No, I know, it's such a beautiful thing. I want
to say thank you to our clients. You are beautiful people.
Speaker 3 (04:34):
Yeah, I'm here, thank you very much for everything you've
done for my family.
Speaker 2 (04:37):
So I agreed.
Speaker 4 (04:39):
Well.
Speaker 3 (04:39):
In other news, just the previous Friday that we just passed,
I had done my second column with Jeff Kooner, and
instead of dedicating it to my book, I decided to
dedicate it to the late Charlie Kirk And the tribute
that I read was essentially the same tribute that doctor
Grace read on her show, the Conversation with Stephen and Grace,
(05:00):
and she unfortunately there were so many calls coming in
that she couldn't read the whole entire thing, which I mean,
I don't blame her, but she was able to read
the main parts, and she really encouraged me to publish it,
and so I'm going to try to reach out to
the Boston Broadside and see if I can publish it.
Speaker 2 (05:17):
That's a great idea, William.
Speaker 4 (05:19):
I agree.
Speaker 3 (05:19):
I think there's nothing better I can do more productive
in the publishing realm than published that tribute, or at
least if it's inappropriate, not inappropriate, but inappropriate for a
newspaper retype something that would be appropriate for a newspaper
column or an online section in honor of Charlie.
Speaker 4 (05:36):
So that was absolutely worth it.
Speaker 3 (05:38):
I just realized we haven't really talked about Charlie because
I mean, it happened after our last conversation last week.
Speaker 1 (05:44):
All I know is, William, you have been talking about
this person since you were what thirteen years old?
Speaker 4 (05:50):
Correct?
Speaker 2 (05:51):
And that's how I heard about him through you. Yes, ma'am,
you have always been so impressed with him.
Speaker 4 (05:57):
I've never not been.
Speaker 3 (05:59):
Maybe i've disagreed with certain things he said, but not in.
Speaker 4 (06:02):
The anger way.
Speaker 3 (06:03):
Charlie encouraged all of us to critically think, and I
learned it from men like him, and so I'm forever
grateful for men like him for entering me into politics.
The number one place in that realm is Jeff. Jeff
Kooner entered me into politics, and he didn't push me.
He didn't push me to any side, nor did you,
nor Dad. It was do your own research, critically, think yourself.
(06:27):
Here is the evidence, here is the material. Now you
need to base a thought off of that. Essentially, it's
like this is why this person did something wrong, or
this is why this would be good for the economy,
or this Having that as a young man is irreplaceable.
I mean, the last time someone had that kind of
impact on a young generation, I really think it's probably
(06:50):
someone like John F.
Speaker 4 (06:51):
Kennedy.
Speaker 3 (06:52):
And what JFK did was show that young people can
do it too, into politics and gave a name to
Catholics and politics as well, because before then, I think
every president was a Protestant. And if you want to
do well in politics, at least at the federal level,
you had to be a Protestant, and don't get me wrong,
I love Protestants.
Speaker 4 (07:11):
They're amazing people.
Speaker 3 (07:12):
But back then it was much different because America fundamentally
is a Protestant nation.
Speaker 4 (07:17):
So having a.
Speaker 3 (07:18):
Catholic come and do it, and a young man.
Speaker 4 (07:20):
Too, is incredible.
Speaker 3 (07:22):
So Charlie Kirk was thirty one when he passed away,
Ladies and gentlemen, gone way too soon. And he has
a loving wife and he has two beautiful children.
Speaker 4 (07:32):
And I think a lot of people, whether they are
left or.
Speaker 3 (07:37):
Right, because I'm not just seeing this on the right side,
but I'm also seeing this on the left side. People
are realizing we need to come together and we need
to unite. And I think that's the most christ Like
thing you can do, is realize we need to call
for peace now because things just not real.
Speaker 4 (07:54):
I think that's beautiful.
Speaker 3 (07:55):
And I think that despite the bad people who appear
malicious and you know, celebrate his death, Ladies and gentlemen.
Speaker 4 (08:02):
That's the Internet.
Speaker 3 (08:03):
You're going to find people like that. No matter where
you go, you're always going to find an outlier. Okay,
those people are already losing their jobs. By the way,
there's a database of forty thousand people who celebrated Charlie
Kirk's death with their employer information so that people can
reach out through their employer and fire them. Wow, yep,
because we're not taking any prisoners. This isn't the right,
(08:24):
isn't taking any prisoners. This is good versus evil.
Speaker 2 (08:28):
How could anyone celebrate anyone's death.
Speaker 4 (08:30):
I don't understand.
Speaker 3 (08:32):
Charlie Kirk was just a Christian who debated college students
and encouraged everyone to critically think, and he always treated
his opponents with love and grace. Always he did it
with the best intentions. Ladies and gentlemen.
Speaker 4 (08:47):
That's a fact.
Speaker 3 (08:48):
I mean, if you don't believe me, then that's fine.
Go and watch his videos yourself and you'll find out
you'll understand what I mean.
Speaker 4 (08:57):
So I think, Charlie Kirk, you're an amazing man.
Speaker 3 (09:00):
I didn't mean to get two political ladies and gentlemen,
but you know, my heart compelled me to.
Speaker 4 (09:05):
Thanks for listening to me.
Speaker 1 (09:06):
What Amen, William, I learned a few things myself this evening,
So I appreciate your thoughtful words and your research that
you do. Do Keep us on your dial. We've got
a lot of great content coming your way. Mike, do
set and Greg Workman will break down the six important
social security changes coming in twenty twenty six and the
(09:29):
strategies you need to know to prepare. Mary, Madeline Kelly
and Greg Murray will discuss how artificial intelligence and the
infrastructure behind it are shaping new opportunities for investors. I
will be back with William. We will take a closer
look at life insurance and retirement and why it's more
than just coverage. It can be a powerful tool for liquidity,
(09:54):
protection and legacy. And of course we'll close the hour
with some wit and wisdom from the Bill Kelly. His
words continue to inspire and guide us. That's a wrap
for forever young. Thank you for listening, William, thank you
for joining me. We'll be back with more content.
Speaker 2 (10:12):
I love you, Honey, I love you, tomaw.
Speaker 3 (10:19):
Call us today at eight eight hundred and eighty one
or visit us online at Kelly Financial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (10:31):
I'm Kelly Kelly from Kelly Financial. Whether you're in your forties, fifties,
or sixties, financial advice is important when it comes to
preserving your nest egg. We have a free investor guide
called Designing your fiscal house to weather the elements, which
highlights the steps needed to build a balanced portfolio. For
the guide, call eight eight eight eight hundred eighteen eighty
(10:53):
one or email Kelly at Kellyfinancial dot org.
Speaker 2 (10:57):
We're Kelly Financial. Come retime, you're with us?
Speaker 5 (11:05):
Welcome back to another episode of Safe Money Strategies. I'm
Mike Ducett, chief operating officer here at Kelly Financial, and
with me, as always is my colleague and investment advisor,
Greg Workman. Greg, how are you tonight?
Speaker 4 (11:18):
Doing great? Mike?
Speaker 6 (11:19):
And I am excited about this evening's topic because social
security is such a critical part of retirement for so
many Americans, and there are some important changes coming in
twenty twenty six that folks really need to understand absolutely.
Speaker 5 (11:33):
And before we dive in, let me remind our listeners
at Kelly Financial, we're a fiduciary. That means our job
and our legal obligation is to put your best interests first.
Not all financial professionals can say that, but for us,
it's the foundation of everything we do.
Speaker 6 (11:48):
That's right, Mike, And part of putting clients first is
starting with a written financial plan, investments, tax strategies, and yes,
social security decisions. Those all come out after the plan
is in place. That way you're not guessing. You can
see how all the pieces of the retirement plan really
fit together exactly.
Speaker 5 (12:09):
And that's why we created our Safe Money Strategies workbook.
It helps you start to build that plan, to think
through your goals into model out scenarios. If you'd like
a complimentary copy, or if you'd like to meet with
us for a no pressure, no obligation retirement review, just
reach out. Now let's get into it, greg. Social security
is the foundation of income for many retirees, and in
(12:31):
twenty twenty six, there are six key changes coming that
people need to prepare for right.
Speaker 6 (12:38):
And the thing about these changes is that they don't
just affect one group of people. Whether you are already retired,
about to retire, or still a decade away, these updates
can affect how much you receive, when you should claim,
and how your overall retirement income plan works.
Speaker 5 (12:56):
So tonight we'll cover each of these six changes. We'll
explain what's happening, the risks or mistakes people might make,
and most importantly, the strategies to help you adapt. Let's
start with COLA, the cost of living adjustment greg what's
projected for twenty twenty six.
Speaker 6 (13:13):
The Social Security Administration hasn't finalized it yet, but current
estimates put the twenty twenty six cost of living adjustment
around two point seven percent. That means, if you're receiving
two thousand a month in benefits, you might see about
a fifty four dollars monthly increase around six hundred and
(13:33):
forty eight dollars per year.
Speaker 5 (13:35):
That sounds good, but here's the catch. Medicare pot B
premiums are also projected to rise sharply in twenty twenty six,
possibly by eleven percent or more. For many retirees, that
Medicare increase will eat up much, if not all, of
their cost of living adjustment exactly.
Speaker 6 (13:52):
And here's the planning lesson. Don't rely on the cost
of living adjustment alone to protect you from inflation.
Speaker 3 (14:00):
Too.
Speaker 6 (14:00):
Many people think, well, social Security, it adjusts every year,
so I'm safe. But in reality, those adjustments often lag
behind real inflation, and healthcare costs in particular rise faster
than those costs of living adjustments from Social Security.
Speaker 4 (14:17):
So what's the strategy.
Speaker 5 (14:18):
Build inflation protection into your broader retirement income plan. That
might mean allocating part of your portfolio to growth assets
that historically outpace inflation. It might mean building a cash
reserve for health care costs, or it might mean planning
ROTH conversions early so that future Medicare SARCH charges, which
are based on taxable income, don't hit you as hard.
Speaker 6 (14:39):
That's right. The takeaway cola helps, but it's not enough
on its own.
Speaker 5 (14:45):
Next change, in twenty twenty six, the full Retirement Age
FRI officially moves to sixty seven for anyone born in
nineteen sixty or later. That's the final step in a
process that's been phasing in for years.
Speaker 6 (14:59):
And this matters a lot. If you claim benefits at
age sixty two, which is the earliest age you can claim,
you were locking in a reduction of up to thirty
percent compared to waiting until age sixty seven. That reduction
is permanent.
Speaker 5 (15:15):
And many people make the mistake of grabbing benefits at
sixty two just because they can, But the decision affects
not only their lifetime income, but also spousal and survivor benefits.
Speaker 6 (15:26):
Right, If you're the higher earner in your household, claiming
early could mean that your spouse has a significantly reduced
survivor benefit down the road. That is something many people
don't consider when they file.
Speaker 5 (15:41):
So here's the strategy. Just don't default to sixty two.
Run the numbers, look at your health, your life expectancy,
your spouse's benefit, and your other income sources. Sometimes it
makes sense to claim early, but often waiting even beyond
sixty seven to age seventy can be the smarter move.
Speaker 6 (15:59):
And that's what the plan comes in. We can show
you how your income looks if you claim at sixty two,
sixty seven or full retirement age are all the way
to age seventy where you max out your retirement benefit,
and we can help you make some informed choices around
when to file.
Speaker 5 (16:16):
Change number three. The maximum amount of earning subject to
Social Security payroll tax what's called the wage base. It's
rising to one hundred and eighty three thousand, six hundred
in twenty twenty six.
Speaker 6 (16:28):
That means higher earners will pay more into the system.
If you make above that threshold, you could pay an
extra four hundred and sixty five or so in payroll
taxes each and every year.
Speaker 5 (16:39):
Now, most retirees won't be affected directly by this, but
here's the planning angle. Higher contributions today for current workers
can mean slightly higher future benefits because your benefit calculation
is based on your highest thirty five years of earnings.
Speaker 6 (16:54):
And for business owners or self employed folks, it's important
to plan for that extra payroll tax. If you're close
to retirement and considering restructuring how you take income factor
this change into your strategy.
Speaker 5 (17:07):
We've covered three of the six social Security changes coming
in twenty twenty six, cost of living adjustment, full retirement age,
and the taxable wage cap.
Speaker 4 (17:16):
When we come back, we'll dive.
Speaker 5 (17:18):
Into the other three, the higher earnings thresholds for working retirees,
the updated work credit requirements, and of course the big one,
the long term solvency of the Social Security Trust Fund.
But before we go to break, I want to remind
you if you'd like to see how these changes could
affect your retirement, we'd love to send you a copy
of our Safe Money Strategies workbook. It's free and it's
(17:39):
a great starting point for building your plan, Or if
you prefer to sit down with us directly, we offer
a complementary no pressure retirement review. We'll talk about your
social security, your four oh one K, your savings, and
how it all fits together. There's no cost and no obligation.
Speaker 4 (17:55):
Stick with us. We'll be right back.
Speaker 1 (18:00):
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
(18:22):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
Speaker 2 (18:26):
We're Kelly Financial. Come retire with us.
Speaker 4 (18:32):
Welcome back to save Monny Strategies.
Speaker 3 (18:34):
I'm William Kelly Junior here with my mom, Kelly Kelly
every Saturday and we sit down together and talk about
financial questions that really matter.
Speaker 1 (18:43):
That's right at Kelly Financial, where family first and financial
advisor second. Our mission every week is to take complicated
retirement topics and break them down into plane English with
strategies that people can actually use.
Speaker 3 (18:59):
This evening, we're digging into life insurance in retirement and
it's a great topic because September is Life Insurance Awareness Month.
Retirement changes so much your paycheck, your routine, your priorities,
but most people don't realize how retirement changes their life insurance.
Speaker 1 (19:15):
One of the first surprises people face when they retire
is that their group life insurance from work does not
follow them into retirement. It usually ends the day you
stop working, and if you have not set up your
own policy, you could suddenly find yourself without coverage at
(19:35):
the very stage in life where getting new coverage can
be much more expensive.
Speaker 3 (19:41):
And that's why understanding the type of policy you own
is so important, whether it's term, whole life, or group coverage,
because they all behave differently once you retire.
Speaker 1 (19:52):
And here's what we remind our clients. Life insurance isn't
just an expense, it's an asset. It belongs on the
same list as your stocks, your bonds, and retirement accounts.
Is protection, but it can also be an opportunity.
Speaker 3 (20:08):
Many people assume once the paycheck stops, the need for
insurance stops too, but think about this. The average funeral
today costs more than ten thousand dollars. That doesn't even
include medical bills or probate costs that can place a
huge burden on a family.
Speaker 1 (20:23):
And William is not just about the cost of a funeral.
Families often don't realize how quickly expenses can pile up.
There could be outstanding credit cards, medical bills, or even
just that everyday expenses like mortgage payments or utilities that
still need to be covered while everything is being sorted
(20:45):
out exactly.
Speaker 4 (20:46):
And life insurance solves that problem.
Speaker 3 (20:48):
It provides liquidity right away, money that doesn't get tied
up in court or requires selling assets. It arrives quickly,
tax free, and gives family breathing room.
Speaker 1 (20:57):
For some retirees, a small policy can be enough to
cover those final expenses, while others may use it to
replace lost income, for example, a pension ends at death.
Speaker 4 (21:10):
Let's look at a couple of examples.
Speaker 3 (21:11):
Picture a retiree he owns a vacation home. It's valuable,
but it's not liquid. If that retiree passes away, the
family might feel forced to sell the property just to
cover taxes or state costs. But with life insurance in place,
the family can hold on to that home.
Speaker 1 (21:26):
And there's the opposite example, the retiree whose pension disappears
when they pass away. In that case, a life insurance
policy can create income for the surviving spouse. So again
it is not one size fits all. The role of
life insurance depends on your specific situation.
Speaker 3 (21:47):
In today's policies are so much more flexible than they
used to be. Many include living benefits, meaning you can
access a portion of the death benefit while you're still
alive if you face chronic illness or long term care needs.
Speaker 1 (22:00):
US palls on that point because it really is a
big deal. Years ago, life insurance was viewed strictly as
a death benefit. Today it can actually be a part
of your retirement plan while you're alive, giving you more
choices and peace of mind.
Speaker 3 (22:18):
They can also grow cash value tax deferred, and in
some cases you can even take tax free loans against
that value. So it's not just about the death benefits anymore.
It's about having options in retirement.
Speaker 1 (22:29):
Unfortunately, too many retirees let their policies lapse because they think.
Speaker 2 (22:35):
I don't need this anymore.
Speaker 1 (22:37):
But dropping coverage without a plan can create real financial
stress for families later.
Speaker 3 (22:43):
On, and that's where having the right advisor comes in.
At Kelly Financial, we always remind people your insurance decisions
shouldn't be made in a vacuum. They should fit into
your bigger retirement picture.
Speaker 1 (22:54):
For example, if you're taking required minimum distributions from an
IRO that you don't need for income, you could reposition
some of those dollars into permanent life insurance. That single
move can turn taxable withdrawals into tax free benefits for
your family and also give you living benefits for long
(23:18):
term care if needed.
Speaker 3 (23:20):
That's such a powerful strategy because instead of just letting
those r and ds be a tax burden, you're turning
them into something that benefits both you and your loved ones.
And for many retirees, it feels good to know that
their money is working in more than one way.
Speaker 1 (23:33):
And that's exactly why we put together a resource for
our listeners.
Speaker 3 (23:37):
Yes, we created a free investor guide called Purchasing Life
Insurance with your Qualified Funds.
Speaker 4 (23:42):
What you need to know.
Speaker 3 (23:43):
It explains how to use a portion of your retirement
accounts to create liquidity, add tax diversification, and leave a
more efficient legacy for your loved ones.
Speaker 1 (23:52):
You can request your free copy and schedule a complementary
consultation with our team by calling eight eight eight hundred
eighteen eighty one or emailing Kelly at Kellyfinancial dot org.
Speaker 3 (24:07):
This is information every retiree should have and it's available
at no costs.
Speaker 1 (24:12):
That's all the time we have for this part of
the conversation. Do stay with us because when we come back,
we'll take a closer look at the different types of
policies and retirement and how today's modern benefits make life
insurance more flexible than ever.
Speaker 3 (24:29):
You're listening to Safe Money Strategies on WBZ News Radio.
Speaker 4 (24:33):
We'll be right back after the break.
Speaker 3 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
eight one, or go to Kelly Financial dot org. That's
Kelly at Kelly Financial dot org.
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