November 15, 2025 • 24 mins
This week on Safe Money Strategies, Kelly Kelly and her son William Kelly Jr. open Forever Young with reflections on life’s miracles and challenges and the choice we each have to live with purpose, faith, and connection. William shares exciting news about committing to Bryant University, while Kelly celebrates this milestone as both a mother and mentor.
Later, Kelly and William return to discuss the realities of the sandwich generation, balancing support for aging parents while guiding the next generation toward financial independence.
Then, Mike Doucette and Greg Workman break down smart income strategies for retirees navigating inflation and year-end planning. Mary Madeline Kelly and Greg Murray discuss the outlook for cash, what savers should know as interest rates begin to drop and how to position liquid assets wisely.
Finally, Bill Kelly reminds us what truly matters, from our first breath to our last, in a heartfelt reflection on family, love, and the timeless lessons from Bailey Brook Farm.
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.
See omnystudio.com/listener for privacy information.
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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 incomplanning,
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
(01:32):
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 your team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at 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 the part of the show we call Forever Young
is 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 most
(02:31):
when you're planning for the future. Sometimes is light, sometimes
is thoughtful, but it's always real.
Speaker 3 (02:38):
Good evening.
Speaker 1 (02:39):
William, how are you mom?
Speaker 2 (02:40):
I'm fantastic.
Speaker 3 (02:41):
How are you I'm doing just dandy. That's great.
Speaker 2 (02:45):
So I've officially committed to Bryant University ladies and gentlemen,
and I am going on a scholarship. I'll be studying
entrepreneurialship there and I am so excited. Their Business college
is fantastic. Fidelity who is just right next door at
the gym's today, I actually met a gentleman who works
in that building. They have donated one of their buildings
(03:06):
to Bryant and so Briant has this whole building dedicated
to the College of Business.
Speaker 1 (03:10):
It's beautiful, it is, it is amazing.
Speaker 2 (03:13):
It truly is wonderful. So I'm so excited to utilize it.
It's you know, entrepreneurialship is pretty new. There's an AI minor.
I might take that, and I heard there's a little
more to come on the down low, you know, potentially
a major in AI, but which is super cool. So
Briant University is they are new with the times, They
keep up to date with everything, and they just seem
(03:35):
like genuine people and that's rare to find.
Speaker 1 (03:37):
They put on a great open house.
Speaker 3 (03:39):
They truly did. It's so professional.
Speaker 2 (03:42):
The people there are so professional. Yes, it just makes
me so I feel like I'm in.
Speaker 1 (03:46):
My zone when I'm William. It's like I could like
feel it, like I was just.
Speaker 3 (03:53):
So happy, you know what I mean. And I've toured
other colleges and they're meant for different people, you know
what I mean, Brian is not everybody you apply.
Speaker 1 (04:00):
I did some really good colleges, but this was the
one you wanted, That's true.
Speaker 3 (04:03):
And I genuinely think we were.
Speaker 1 (04:05):
Waiting on this open house. I just wanted I wanted
to see it in action.
Speaker 2 (04:10):
I'm going to say this, I would pick Brian over Harvard.
I genuinely mean that, just because they have what I need.
Speaker 4 (04:16):
It's perfect.
Speaker 2 (04:17):
So I'm very, very very lucky to have been accepted,
and I'm very grateful for the scholarship. Thank you Brian
University for that.
Speaker 1 (04:25):
And yeah, maybe Mom says thank you as well.
Speaker 2 (04:29):
Oh yeah, we're all happy. Yes, I just I'm so
enamored by the business college there. I'm just enamored by
just how focused they are on the student and their
career and they're just such a business school and it's
just exactly what I want.
Speaker 3 (04:44):
So I'm very grateful, Thank you, Brian, and thanks Mom.
Speaker 1 (04:48):
Well, it'll be it'll be great watching you move forward
succeed there and yeah.
Speaker 2 (04:56):
So we figured this out at the open house, like
you mentioned, and we had walked in and they really
put on a great service. The current president, Ross Gatel
I think is his full name. I hope I said
his last name correctly. But Ross is a great speaker.
Just he just seems like a great guy. We were
talking about it the other day.
Speaker 1 (05:13):
Remember the first time we visited, we were lost.
Speaker 3 (05:17):
So we drive into Brian. I've never seen this campus
in my life.
Speaker 1 (05:20):
This was like in August.
Speaker 2 (05:22):
Yeah, and I see this, you know, this middle aged man,
curly hair, you know, dressed in a nice suit and tie.
And I say, sir, could you direct me to the
Entrepreneurial building or whatever it was called? And he points
right behind me. He says, right over there, right behind yours,
And thank you very much. I appreciate it a little.
Speaker 3 (05:36):
Do we know that was the president of the school.
Speaker 1 (05:39):
So you figured it out?
Speaker 2 (05:41):
Yeah, I know.
Speaker 3 (05:41):
I just saw his face.
Speaker 4 (05:42):
I'm like, holy crapmam.
Speaker 3 (05:43):
We spoke to the president. But he's so friendly, super humble.
He's a humble guy.
Speaker 2 (05:48):
That's what I like about him. It's not a grant
focused school, so they're not trying to just like basically
launder money, just in a legal way. They just they
most of their money comes to tuition and they really
just focus on the student and they have so much
entrepreneurial opportunities and it's just my type of school.
Speaker 3 (06:04):
So enough on that.
Speaker 2 (06:05):
My book is coming out, baby, The book is rolling.
We got people printing them. We have hundreds of copies
on the way.
Speaker 3 (06:13):
It's on Amazon.
Speaker 2 (06:15):
Ladies and gentlemen, only the good invest young find it
on Amazon nineteen ninety five. And then there will be
a kindle version that will be coming up. And when
that comes out, that should be around ten dollars or
nine to ninety nine if I'm correct. So if you
just want to read on your kindle or your iPad,
you'll save a bit of money there.
Speaker 3 (06:33):
And I am just so happy this is finally out.
Speaker 2 (06:37):
I can I know, I know.
Speaker 1 (06:39):
And those of you listening, if you want a copy
and you are one of our listeners, give us a call.
We will be more than happy to send you a
copy out. William will sign the book for you.
Speaker 4 (06:49):
I will.
Speaker 3 (06:50):
If you'd like me to sign, let me know, just ask.
Speaker 2 (06:52):
Yeah.
Speaker 1 (06:52):
Kelly Financial, we invested in the first run and we
are providing for clients for listeners. Friends, it's like a
great thing.
Speaker 2 (07:03):
And and Burlington and Braintree around December sixth I will
be doing signings, yes, waiting in the books.
Speaker 3 (07:09):
So if you have any questions, just let me know.
Speaker 1 (07:12):
Right, we will be as our Toy Drive and we'll
be accepting unwrapped children's toys.
Speaker 2 (07:19):
Charity is a little more important, yes, but I'm very
excited about this. Yeah, so Toy Drive, bring some toys.
They'll be going out to kids and need who need
toys this Christmas. You know, make sure they're good quality,
or go out and buy some and uh, go ahead
and donate and then come get your free book talk
to me the author, and I'll want to sign them
(07:40):
for you.
Speaker 1 (07:43):
Ready, Yes, yes, our team will be split up in
both offices.
Speaker 2 (07:49):
Anybody come so I will. Yeah, so we'll see how
many has left. Mary, Madeline and I are there. They
should all be gone. But jokes aside, I think it'll
be a lot of fun. Yes, today, completely unrelated to
these important things.
Speaker 3 (08:07):
I go over to you know, hang out with Marshall.
I want a pet, Marshall.
Speaker 2 (08:10):
He's just kind of hanging out on the carpet and
you know, I love my cat to death. So you know,
I like to pick him up, cuddle with him. I
don't know if he likes it that much.
Speaker 3 (08:19):
You like to drive him crazy, to drive a little
crazy sometimes, But I love my cat.
Speaker 2 (08:23):
You know, i'd probably take a bullet for him on ironically,
And I see he's looking down on something on the carpet,
and you know, it's it's pouring rain outside, and so
I look down and I look under his head and
he's staring at this wasp on the carpet.
Speaker 3 (08:38):
It was on the rug in the living room.
Speaker 1 (08:42):
Oh okay, oh okay.
Speaker 2 (08:43):
So the wash wasn't flying, he was just crawling, and
so it was like, okay, his wings are probably wet
or damaged. And so I go get a cup, and
so we have a new pet. His name is George
the Wasp.
Speaker 3 (08:55):
He's just hanging out in this cup right now.
Speaker 1 (08:57):
How long is he gonna He's got it's a gloss
upside down with a plate on the bottom.
Speaker 2 (09:04):
And I mean, you know, you want to call animal cruelty,
go ahead, But wasps are not good.
Speaker 3 (09:09):
They don't do good things.
Speaker 2 (09:10):
So I think I don't know, maybe I'll release them,
or maybe I'll let him kind of gently pass away
in the cup and go on to wasp heaven.
Speaker 1 (09:18):
You're always a kid.
Speaker 3 (09:19):
I think he'll go to You're always a kid.
Speaker 2 (09:23):
But I could throw him in the freezer and no.
So this is what they do is they tie a
rope around them and they so you freeze them. You
tie a rope around them, and then they wake up,
and then you.
Speaker 3 (09:34):
Have a little wasp on a rope. It's a real thing.
No way, I've done it with a fly once.
Speaker 4 (09:39):
You have not? Yeah, I have.
Speaker 3 (09:41):
But his wings are weak. So you freeze it. But
you don't want to freeze it to gull are you pull?
Speaker 4 (09:48):
Are you?
Speaker 3 (09:49):
I'm not a real thing. So you don't freeze it
with you freeze no, no, no, So.
Speaker 2 (09:55):
You freeze it for like sixty minutes the bug and
and then you don't want to freeze it too long
because then.
Speaker 3 (10:01):
It will pass away, it'll die.
Speaker 2 (10:02):
Okay, okay, you don't want to kill it. You want
to freeze it just to it falls asleep. Once it
falls asleep, then you quickly tie it with a little
small string and then you hold it onto the string
and you have.
Speaker 3 (10:13):
A little pet on a leash. I'm not kidding. This
is a real thing. Ladies and gentlemen.
Speaker 2 (10:19):
If you catch any bees, any wasp and he flies,
put him in the freezer for like, just look it up,
Google it. Don't take my word for it. I think
it's an hour, but it could be longer, could be shorter.
Get a small little piece of string and you got
give it to your grandkids. Your grandkids will love it.
They'll be like, this is awesome. I got a pet bee.
I've been wanting this and the parents are like, thank god,
we don't have to get a dog. This is fine.
Speaker 3 (10:41):
You could take it for a walks. Just keep it,
keep it at arm's length because it might try to
sing you. But yeah, I know, have fun with it.
Speaker 1 (10:50):
I have no words. Do keep us on your dial.
We've got a lot of great content coming your way.
Mike do Set and Greg Workman. We'll explain how smart
you're in planning for required minimum distributions can simplify your accounts,
cut tax stress, and bring more confidence for your retirement income.
(11:11):
Mary Madeline Kelly and Greg Murray will share timely strategies
for making your cash work smarter, from municipal bonds to
tax efficient income solutions. As interest rates come down, I
will be back with William and we will talk about
the Sandwich generation, how to protect your future while you're
(11:32):
still helping everyone else. And of course we'll close the
hour with some wit and 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
great content. I love you, Honey, I love you.
Speaker 3 (11:53):
Too, Mamma.
Speaker 2 (11:59):
Call us today at eight eight eight hundred and twenty
eighty one or visit us online at Kellyfinancial dot org
to schedule your complimentary retirement income analysis.
Speaker 1 (12:11):
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
(12:34):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 5 (12:44):
Welcome back to Save Money Strategies, the show where we
talk about protecting, growing and enjoying your retirement savings. Mike,
you said here with Greg Workman.
Speaker 4 (12:53):
Always good to be here, Mike. Tonight, we're diving into
a topic that nearly every retire we will face. At
some point we're required minimum distributions or rmds, and how
to handle them without the stress.
Speaker 2 (13:05):
That's right.
Speaker 5 (13:06):
If you turned seventy three this year or are approaching
that age, the IRS expects you to start taking money
out of your retirement accounts, whether you need it or not,
and the rules can be confusing.
Speaker 4 (13:17):
They really can. Rmds apply to most tax deferred retirement accounts,
including traditional iras, sep iras, simple iras, and four to
one k's from previous employers. One key difference. For iras,
you can calculate your total RMD and take it from
(13:39):
one or several accounts, but for four to one k's
each accounts, RMD must be calculated and withdrawn separately.
Speaker 5 (13:48):
And here's a big point retirees often miss. The RMD
isn't optional once you reach seventy three, withdrawals are required.
Missing an RMD or taking the wrong amount result in
steep penalties. The IRS can assess a penalty equal to
fifty percent of the amount you should have withdrawn, but
didn't exactly.
Speaker 4 (14:08):
Some clients call us and ask, I'm retired, I don't
need this money. Can I skip the R and D. Unfortunately,
the IRS doesn't care if you don't need the money.
That's why it is critical to understand the rules and
to plan.
Speaker 5 (14:24):
Ahead to make this rail. Let's talk about a client
named Nancy. She turned seventy three in May and has
several old four oh one ks and iras from past jobs.
She's retired, living primarily on source security and came to
us feeling stressed and unsure about what to do.
Speaker 4 (14:40):
And it wasn't just about the numbers. Nancy's previous advisor
retired and she wasn't comfortable with the new advisor taking
over the business. She wanted guidance on how much to
take from which accounts and in what order, while also
making sure she wasn't over paying taxes or take making
unnecessary risk.
Speaker 5 (15:01):
Many retirees face similar situations. They have multiple accounts at
different firms, each with its own reporting schedule, paperwork and forms.
It can get confusing quickly.
Speaker 4 (15:11):
While we are not CPAs and don't calculate RMD's ourselves,
we help clients like Nancy by contacting each firm to
confirm the reported RMD number. Most firms send a form
fifty four to ninety eight showing year end balances, which
is used to calculate the RMD. We make sure all
(15:33):
accounts are accounted for and that nothing slips through the cracks.
Speaker 5 (15:37):
Once we gather the RMD figures, we help clients interpret them.
We look at which accounts are most tax efficient to
withdraw from first, whether consolidating accounts could simplify the process,
and how it drawers fit into the bigger picture of
retirement income. That's where planning rarely adds value, helping you
make informed decisions instead of guessing, and.
Speaker 4 (15:57):
That clarity alone reduces stress. Yes, Knowing exactly what's required,
where it comes from, and how it fits into your
overall plan allows retirees to make strategic choices instead of
reactive ones.
Speaker 5 (16:11):
While reviewing Nancy's accounts, we noticed another issue. Her investments
were still positioned like she was in.
Speaker 2 (16:17):
Her late fifties.
Speaker 5 (16:18):
She had a heavy allocation in growth stocks and some
higher risk mutual funds. That's fine when you're working, but
once urmds start, market volatility becomes a bigger concern.
Speaker 4 (16:28):
This is where sequencing risk comes in. That is the
risk that a market downturn happens right when you need
to take a withdrawal. For instance, if Nancy needed fifty
thousand dollars this year and her portfolio dropped twenty percent
right before the withdrawal, that could significantly impact her long
(16:49):
term retirement income.
Speaker 5 (16:50):
To manage that, we recommended dialing back the risk in
part of her portfolio and repositioning assets into more conservative
income generating investments. It's not about eliminating growth entirely, but
protecting the portion that funds near term income.
Speaker 4 (17:06):
We also discussed account consolidation. Nancy had multiple four oh
one K accounts and iras scattered across different companies. Consolidating
accounts can simplify tracking, reduce fees, and allow for a
coordinated investment and withdrawal strategy.
Speaker 5 (17:26):
For example, instead of juggling five statements and tracking five
different rmds, consolidating into fewer accounts lets you see the
full pitcher. It also makes rebalancing easier and allows a
more intentional approach to withdrawals.
Speaker 4 (17:39):
Beyond the numbers, consolidation can reduce stress. Clients feel more
confident when they have fewer moving parts and a clear
plan for how money will be withdrawn and invested year
in and year out.
Speaker 5 (17:54):
Nancy's biggest relief was having a clare withdrawal strategy before
meeting with us, wired about taking too little and facing penalties,
or taking too much and risking running out of money later.
Speaker 4 (18:05):
Once we laid out the plan, here's what to withdraw
this year, here's where it's coming from, and here's how
the rest of the portfolio is invested. You could see
the weight lift off her shoulders.
Speaker 5 (18:17):
And that's why rmds aren't just a tax rule. They're
part of a larger retirement strategy. They affect taxes, portfolio longevity,
investment risk, and even Medicare premiums if income spikes.
Speaker 4 (18:29):
Understanding our mds, consolidating accounts, adjusting risk, and having a
clear strategy can make a huge difference in your confidence
and peace of mind.
Speaker 5 (18:40):
Greg and I need to take a short break. When
we return, will cover six practical steps to make your
retirement income more efficient and less stressful, including another client
story and actionable strategies you can implement today.
Speaker 1 (18:56):
I'm Kelly Kelly from Kelly Financial. Retirement is a time
to enjoy the fruits of your labor, but is also
a period when financial stability becomes more critical than ever,
so seeking expert financial advice is essential regardless of your age.
Professional guidance insureds your assets are allocated wisely, helping your
(19:17):
money last as long as you need it. The advisors
at Kelly Financial will help you take charge of your
financial future and preserve your hard earned wealth to enable
you to focus on the retirement you've dreamed of. We
have a free investor guide called designing your Fiscal House
to Weather the Elements, which highlights the steps needed to
(19:38):
build a balanced portfolio. For the guide and a free
consultation with a Kelly advisor, call eight eight eight eight
hundred eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back to
save money Strategies. Kelly joined by my son, William Kelly Junior.
(20:04):
We're so glad you're with us tonight as we talk
about a stage that many families know well, the one
where you're still helping loved ones from both directions even
after retirement.
Speaker 2 (20:15):
That's right, mom. The term sandwich generation usually describes people
who are caring for aging parents while still supporting children.
But lately we're seeing more retirees land right in the middle,
helping adult kids who are trying to get their footing,
and at the same time stepping in for their own
parents who need more care exactly.
Speaker 1 (20:34):
Retirement was once thought of as this clear line you
stop working, slowed down, and finally enjoy life. But now
for so many people, retirement looks more like a continuation
of giving. It can be deeply rewarding but also incredibly
demanding financially, emotionally, and physically.
Speaker 2 (20:55):
I think what surprises people the most is how much
that sense of responsibility follows them into retirement. You think
you're finally going to exhale, and then real life shows up.
Maybe a child loses a job, moves home or needs
help with tuition, or maybe an elderly parent suddenly needs
daily care or help with their bills, and.
Speaker 1 (21:14):
Those situations can change overnight. A family member's health turns,
or your adult child gets caught between jobs, and all
of a sudden, you're back in full support mode. Most
people want to help, of course, but what we see
is that they rarely stop to consider how it affects
their long term.
Speaker 2 (21:34):
Plan, and the truth is helping can quietly alter retirement.
Math studies show that nearly half of parents continue to
provide financial assistance to adult children, sometimes well into those
children's thirties or even forties. It might start small, a
little help with rent, groceries or car payment, but it
can easily grow into something much larger.
Speaker 1 (21:54):
We've seen that too. Clients will say, oh, it's just temporary,
but then a year later is still happening. Before long,
those little contributions become part of your monthly budget, and
they start eating into what you set aside for travel, hobbies,
or even essential expenses.
Speaker 2 (22:13):
And it's not just the kids. Many retirees are also
helping aging parents, paying for prescriptions, some health care or
is this a living Those are real costs, and they
often appear when you're already living on a fixed income.
Speaker 1 (22:26):
Exactly, and even beyond the dollars is the time and
emotional energy. People underestimate how much energy caregiving requires. Many
retirees say it feels like they've taken on another full
time job, but now there's no paycheck attached.
Speaker 2 (22:45):
So true, and that's why this kind of planning isn't
just financial, it's emotional too. You have to protect your
time and your peace of mind just as much as.
Speaker 1 (22:53):
Your money, which brings us to something important. Planning ahead,
a fiduciary advisor can and help model these dual support scenarios.
They'll build in a family support budget separate from your
essential retirement needs, so you know exactly how much you
can afford to help without compromising your stability.
Speaker 2 (23:15):
That's one of my favorite parts about what we do.
We walk clients through setting guardrails, figuring out how much
they can safely give, when to say not right now,
and how to create boundaries that still feel loving because
boundaries don't mean you care less. They mean you're thinking
long term.
Speaker 1 (23:30):
Right, you're protecting yourself so you can keep showing up
for others later. And the communication peace is huge. Having
those family conversations early before a crisis makes all the difference.
Speaker 2 (23:44):
It does. When expectations are clear, everyone knows what's possible
and what isn't. It reduces guilt and prevents resentment on
both sides.
Speaker 1 (23:51):
And let's not forget helping others is one of life's
greatest joys. Doing it wisely ensures you can keep doing
it for years to come is not about saying no,
It's about saying yes in a way the sustainable, and.
Speaker 2 (24:07):
That's the heart of tonight's topic, protecting yourself while still
being the support your family relies on. To help, we
offer a complimentary resource called the Retirement Income Planning Checklist.
It walks you through ten key steps organize your retirement strategy,
including planning for longevity, health care, inflation, and even multi
generational living.
Speaker 1 (24:25):
Coming up, we'll continue the conversation with real strategies to
protect your future while you protect theirs. Stay with us
you're listening to Safe Money Strategies on WBZ.
Speaker 2 (24:40):
Safe Money Strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight eight hundred 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 incomplanning,
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
(01:32):
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 your team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at 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 the part of the show we call Forever Young
is 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 most
(02:31):
when you're planning for the future. Sometimes is light, sometimes
is thoughtful, but it's always real.
Speaker 3 (02:38):
Good evening.
Speaker 1 (02:39):
William, how are you mom?
Speaker 2 (02:40):
I'm fantastic.
Speaker 3 (02:41):
How are you I'm doing just dandy. That's great.
Speaker 2 (02:45):
So I've officially committed to Bryant University ladies and gentlemen,
and I am going on a scholarship. I'll be studying
entrepreneurialship there and I am so excited. Their Business college
is fantastic. Fidelity who is just right next door at
the gym's today, I actually met a gentleman who works
in that building. They have donated one of their buildings
(03:06):
to Bryant and so Briant has this whole building dedicated
to the College of Business.
Speaker 1 (03:10):
It's beautiful, it is, it is amazing.
Speaker 2 (03:13):
It truly is wonderful. So I'm so excited to utilize it.
It's you know, entrepreneurialship is pretty new. There's an AI minor.
I might take that, and I heard there's a little
more to come on the down low, you know, potentially
a major in AI, but which is super cool. So
Briant University is they are new with the times, They
keep up to date with everything, and they just seem
(03:35):
like genuine people and that's rare to find.
Speaker 1 (03:37):
They put on a great open house.
Speaker 3 (03:39):
They truly did. It's so professional.
Speaker 2 (03:42):
The people there are so professional. Yes, it just makes
me so I feel like I'm in.
Speaker 1 (03:46):
My zone when I'm William. It's like I could like
feel it, like I was just.
Speaker 3 (03:53):
So happy, you know what I mean. And I've toured
other colleges and they're meant for different people, you know
what I mean, Brian is not everybody you apply.
Speaker 1 (04:00):
I did some really good colleges, but this was the
one you wanted, That's true.
Speaker 3 (04:03):
And I genuinely think we were.
Speaker 1 (04:05):
Waiting on this open house. I just wanted I wanted
to see it in action.
Speaker 2 (04:10):
I'm going to say this, I would pick Brian over Harvard.
I genuinely mean that, just because they have what I need.
Speaker 4 (04:16):
It's perfect.
Speaker 2 (04:17):
So I'm very, very very lucky to have been accepted,
and I'm very grateful for the scholarship. Thank you Brian
University for that.
Speaker 1 (04:25):
And yeah, maybe Mom says thank you as well.
Speaker 2 (04:29):
Oh yeah, we're all happy. Yes, I just I'm so
enamored by the business college there. I'm just enamored by
just how focused they are on the student and their
career and they're just such a business school and it's
just exactly what I want.
Speaker 3 (04:44):
So I'm very grateful, Thank you, Brian, and thanks Mom.
Speaker 1 (04:48):
Well, it'll be it'll be great watching you move forward
succeed there and yeah.
Speaker 2 (04:56):
So we figured this out at the open house, like
you mentioned, and we had walked in and they really
put on a great service. The current president, Ross Gatel
I think is his full name. I hope I said
his last name correctly. But Ross is a great speaker.
Just he just seems like a great guy. We were
talking about it the other day.
Speaker 1 (05:13):
Remember the first time we visited, we were lost.
Speaker 3 (05:17):
So we drive into Brian. I've never seen this campus
in my life.
Speaker 1 (05:20):
This was like in August.
Speaker 2 (05:22):
Yeah, and I see this, you know, this middle aged man,
curly hair, you know, dressed in a nice suit and tie.
And I say, sir, could you direct me to the
Entrepreneurial building or whatever it was called? And he points
right behind me. He says, right over there, right behind yours,
And thank you very much. I appreciate it a little.
Speaker 3 (05:36):
Do we know that was the president of the school.
Speaker 1 (05:39):
So you figured it out?
Speaker 2 (05:41):
Yeah, I know.
Speaker 3 (05:41):
I just saw his face.
Speaker 4 (05:42):
I'm like, holy crapmam.
Speaker 3 (05:43):
We spoke to the president. But he's so friendly, super humble.
He's a humble guy.
Speaker 2 (05:48):
That's what I like about him. It's not a grant
focused school, so they're not trying to just like basically
launder money, just in a legal way. They just they
most of their money comes to tuition and they really
just focus on the student and they have so much
entrepreneurial opportunities and it's just my type of school.
Speaker 3 (06:04):
So enough on that.
Speaker 2 (06:05):
My book is coming out, baby, The book is rolling.
We got people printing them. We have hundreds of copies
on the way.
Speaker 3 (06:13):
It's on Amazon.
Speaker 2 (06:15):
Ladies and gentlemen, only the good invest young find it
on Amazon nineteen ninety five. And then there will be
a kindle version that will be coming up. And when
that comes out, that should be around ten dollars or
nine to ninety nine if I'm correct. So if you
just want to read on your kindle or your iPad,
you'll save a bit of money there.
Speaker 3 (06:33):
And I am just so happy this is finally out.
Speaker 2 (06:37):
I can I know, I know.
Speaker 1 (06:39):
And those of you listening, if you want a copy
and you are one of our listeners, give us a call.
We will be more than happy to send you a
copy out. William will sign the book for you.
Speaker 4 (06:49):
I will.
Speaker 3 (06:50):
If you'd like me to sign, let me know, just ask.
Speaker 2 (06:52):
Yeah.
Speaker 1 (06:52):
Kelly Financial, we invested in the first run and we
are providing for clients for listeners. Friends, it's like a
great thing.
Speaker 2 (07:03):
And and Burlington and Braintree around December sixth I will
be doing signings, yes, waiting in the books.
Speaker 3 (07:09):
So if you have any questions, just let me know.
Speaker 1 (07:12):
Right, we will be as our Toy Drive and we'll
be accepting unwrapped children's toys.
Speaker 2 (07:19):
Charity is a little more important, yes, but I'm very
excited about this. Yeah, so Toy Drive, bring some toys.
They'll be going out to kids and need who need
toys this Christmas. You know, make sure they're good quality,
or go out and buy some and uh, go ahead
and donate and then come get your free book talk
to me the author, and I'll want to sign them
(07:40):
for you.
Speaker 1 (07:43):
Ready, Yes, yes, our team will be split up in
both offices.
Speaker 2 (07:49):
Anybody come so I will. Yeah, so we'll see how
many has left. Mary, Madeline and I are there. They
should all be gone. But jokes aside, I think it'll
be a lot of fun. Yes, today, completely unrelated to
these important things.
Speaker 3 (08:07):
I go over to you know, hang out with Marshall.
I want a pet, Marshall.
Speaker 2 (08:10):
He's just kind of hanging out on the carpet and
you know, I love my cat to death. So you know,
I like to pick him up, cuddle with him. I
don't know if he likes it that much.
Speaker 3 (08:19):
You like to drive him crazy, to drive a little
crazy sometimes, But I love my cat.
Speaker 2 (08:23):
You know, i'd probably take a bullet for him on ironically,
And I see he's looking down on something on the carpet,
and you know, it's it's pouring rain outside, and so
I look down and I look under his head and
he's staring at this wasp on the carpet.
Speaker 3 (08:38):
It was on the rug in the living room.
Speaker 1 (08:42):
Oh okay, oh okay.
Speaker 2 (08:43):
So the wash wasn't flying, he was just crawling, and
so it was like, okay, his wings are probably wet
or damaged. And so I go get a cup, and
so we have a new pet. His name is George
the Wasp.
Speaker 3 (08:55):
He's just hanging out in this cup right now.
Speaker 1 (08:57):
How long is he gonna He's got it's a gloss
upside down with a plate on the bottom.
Speaker 2 (09:04):
And I mean, you know, you want to call animal cruelty,
go ahead, But wasps are not good.
Speaker 3 (09:09):
They don't do good things.
Speaker 2 (09:10):
So I think I don't know, maybe I'll release them,
or maybe I'll let him kind of gently pass away
in the cup and go on to wasp heaven.
Speaker 1 (09:18):
You're always a kid.
Speaker 3 (09:19):
I think he'll go to You're always a kid.
Speaker 2 (09:23):
But I could throw him in the freezer and no.
So this is what they do is they tie a
rope around them and they so you freeze them. You
tie a rope around them, and then they wake up,
and then you.
Speaker 3 (09:34):
Have a little wasp on a rope. It's a real thing.
No way, I've done it with a fly once.
Speaker 4 (09:39):
You have not? Yeah, I have.
Speaker 3 (09:41):
But his wings are weak. So you freeze it. But
you don't want to freeze it to gull are you pull?
Speaker 4 (09:48):
Are you?
Speaker 3 (09:49):
I'm not a real thing. So you don't freeze it
with you freeze no, no, no, So.
Speaker 2 (09:55):
You freeze it for like sixty minutes the bug and
and then you don't want to freeze it too long
because then.
Speaker 3 (10:01):
It will pass away, it'll die.
Speaker 2 (10:02):
Okay, okay, you don't want to kill it. You want
to freeze it just to it falls asleep. Once it
falls asleep, then you quickly tie it with a little
small string and then you hold it onto the string
and you have.
Speaker 3 (10:13):
A little pet on a leash. I'm not kidding. This
is a real thing. Ladies and gentlemen.
Speaker 2 (10:19):
If you catch any bees, any wasp and he flies,
put him in the freezer for like, just look it up,
Google it. Don't take my word for it. I think
it's an hour, but it could be longer, could be shorter.
Get a small little piece of string and you got
give it to your grandkids. Your grandkids will love it.
They'll be like, this is awesome. I got a pet bee.
I've been wanting this and the parents are like, thank god,
we don't have to get a dog. This is fine.
Speaker 3 (10:41):
You could take it for a walks. Just keep it,
keep it at arm's length because it might try to
sing you. But yeah, I know, have fun with it.
Speaker 1 (10:50):
I have no words. Do keep us on your dial.
We've got a lot of great content coming your way.
Mike do Set and Greg Workman. We'll explain how smart
you're in planning for required minimum distributions can simplify your accounts,
cut tax stress, and bring more confidence for your retirement income.
(11:11):
Mary Madeline Kelly and Greg Murray will share timely strategies
for making your cash work smarter, from municipal bonds to
tax efficient income solutions. As interest rates come down, I
will be back with William and we will talk about
the Sandwich generation, how to protect your future while you're
(11:32):
still helping everyone else. And of course we'll close the
hour with some wit and 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
great content. I love you, Honey, I love you.
Speaker 3 (11:53):
Too, Mamma.
Speaker 2 (11:59):
Call us today at eight eight eight hundred and twenty
eighty one or visit us online at Kellyfinancial dot org
to schedule your complimentary retirement income analysis.
Speaker 1 (12:11):
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
(12:34):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 5 (12:44):
Welcome back to Save Money Strategies, the show where we
talk about protecting, growing and enjoying your retirement savings. Mike,
you said here with Greg Workman.
Speaker 4 (12:53):
Always good to be here, Mike. Tonight, we're diving into
a topic that nearly every retire we will face. At
some point we're required minimum distributions or rmds, and how
to handle them without the stress.
Speaker 2 (13:05):
That's right.
Speaker 5 (13:06):
If you turned seventy three this year or are approaching
that age, the IRS expects you to start taking money
out of your retirement accounts, whether you need it or not,
and the rules can be confusing.
Speaker 4 (13:17):
They really can. Rmds apply to most tax deferred retirement accounts,
including traditional iras, sep iras, simple iras, and four to
one k's from previous employers. One key difference. For iras,
you can calculate your total RMD and take it from
(13:39):
one or several accounts, but for four to one k's
each accounts, RMD must be calculated and withdrawn separately.
Speaker 5 (13:48):
And here's a big point retirees often miss. The RMD
isn't optional once you reach seventy three, withdrawals are required.
Missing an RMD or taking the wrong amount result in
steep penalties. The IRS can assess a penalty equal to
fifty percent of the amount you should have withdrawn, but
didn't exactly.
Speaker 4 (14:08):
Some clients call us and ask, I'm retired, I don't
need this money. Can I skip the R and D. Unfortunately,
the IRS doesn't care if you don't need the money.
That's why it is critical to understand the rules and
to plan.
Speaker 5 (14:24):
Ahead to make this rail. Let's talk about a client
named Nancy. She turned seventy three in May and has
several old four oh one ks and iras from past jobs.
She's retired, living primarily on source security and came to
us feeling stressed and unsure about what to do.
Speaker 4 (14:40):
And it wasn't just about the numbers. Nancy's previous advisor
retired and she wasn't comfortable with the new advisor taking
over the business. She wanted guidance on how much to
take from which accounts and in what order, while also
making sure she wasn't over paying taxes or take making
unnecessary risk.
Speaker 5 (15:01):
Many retirees face similar situations. They have multiple accounts at
different firms, each with its own reporting schedule, paperwork and forms.
It can get confusing quickly.
Speaker 4 (15:11):
While we are not CPAs and don't calculate RMD's ourselves,
we help clients like Nancy by contacting each firm to
confirm the reported RMD number. Most firms send a form
fifty four to ninety eight showing year end balances, which
is used to calculate the RMD. We make sure all
(15:33):
accounts are accounted for and that nothing slips through the cracks.
Speaker 5 (15:37):
Once we gather the RMD figures, we help clients interpret them.
We look at which accounts are most tax efficient to
withdraw from first, whether consolidating accounts could simplify the process,
and how it drawers fit into the bigger picture of
retirement income. That's where planning rarely adds value, helping you
make informed decisions instead of guessing, and.
Speaker 4 (15:57):
That clarity alone reduces stress. Yes, Knowing exactly what's required,
where it comes from, and how it fits into your
overall plan allows retirees to make strategic choices instead of
reactive ones.
Speaker 5 (16:11):
While reviewing Nancy's accounts, we noticed another issue. Her investments
were still positioned like she was in.
Speaker 2 (16:17):
Her late fifties.
Speaker 5 (16:18):
She had a heavy allocation in growth stocks and some
higher risk mutual funds. That's fine when you're working, but
once urmds start, market volatility becomes a bigger concern.
Speaker 4 (16:28):
This is where sequencing risk comes in. That is the
risk that a market downturn happens right when you need
to take a withdrawal. For instance, if Nancy needed fifty
thousand dollars this year and her portfolio dropped twenty percent
right before the withdrawal, that could significantly impact her long
(16:49):
term retirement income.
Speaker 5 (16:50):
To manage that, we recommended dialing back the risk in
part of her portfolio and repositioning assets into more conservative
income generating investments. It's not about eliminating growth entirely, but
protecting the portion that funds near term income.
Speaker 4 (17:06):
We also discussed account consolidation. Nancy had multiple four oh
one K accounts and iras scattered across different companies. Consolidating
accounts can simplify tracking, reduce fees, and allow for a
coordinated investment and withdrawal strategy.
Speaker 5 (17:26):
For example, instead of juggling five statements and tracking five
different rmds, consolidating into fewer accounts lets you see the
full pitcher. It also makes rebalancing easier and allows a
more intentional approach to withdrawals.
Speaker 4 (17:39):
Beyond the numbers, consolidation can reduce stress. Clients feel more
confident when they have fewer moving parts and a clear
plan for how money will be withdrawn and invested year
in and year out.
Speaker 5 (17:54):
Nancy's biggest relief was having a clare withdrawal strategy before
meeting with us, wired about taking too little and facing penalties,
or taking too much and risking running out of money later.
Speaker 4 (18:05):
Once we laid out the plan, here's what to withdraw
this year, here's where it's coming from, and here's how
the rest of the portfolio is invested. You could see
the weight lift off her shoulders.
Speaker 5 (18:17):
And that's why rmds aren't just a tax rule. They're
part of a larger retirement strategy. They affect taxes, portfolio longevity,
investment risk, and even Medicare premiums if income spikes.
Speaker 4 (18:29):
Understanding our mds, consolidating accounts, adjusting risk, and having a
clear strategy can make a huge difference in your confidence
and peace of mind.
Speaker 5 (18:40):
Greg and I need to take a short break. When
we return, will cover six practical steps to make your
retirement income more efficient and less stressful, including another client
story and actionable strategies you can implement today.
Speaker 1 (18:56):
I'm Kelly Kelly from Kelly Financial. Retirement is a time
to enjoy the fruits of your labor, but is also
a period when financial stability becomes more critical than ever,
so seeking expert financial advice is essential regardless of your age.
Professional guidance insureds your assets are allocated wisely, helping your
(19:17):
money last as long as you need it. The advisors
at Kelly Financial will help you take charge of your
financial future and preserve your hard earned wealth to enable
you to focus on the retirement you've dreamed of. We
have a free investor guide called designing your Fiscal House
to Weather the Elements, which highlights the steps needed to
(19:38):
build a balanced portfolio. For the guide and a free
consultation with a Kelly advisor, call eight eight eight eight
hundred eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back to
save money Strategies. Kelly joined by my son, William Kelly Junior.
(20:04):
We're so glad you're with us tonight as we talk
about a stage that many families know well, the one
where you're still helping loved ones from both directions even
after retirement.
Speaker 2 (20:15):
That's right, mom. The term sandwich generation usually describes people
who are caring for aging parents while still supporting children.
But lately we're seeing more retirees land right in the middle,
helping adult kids who are trying to get their footing,
and at the same time stepping in for their own
parents who need more care exactly.
Speaker 1 (20:34):
Retirement was once thought of as this clear line you
stop working, slowed down, and finally enjoy life. But now
for so many people, retirement looks more like a continuation
of giving. It can be deeply rewarding but also incredibly
demanding financially, emotionally, and physically.
Speaker 2 (20:55):
I think what surprises people the most is how much
that sense of responsibility follows them into retirement. You think
you're finally going to exhale, and then real life shows up.
Maybe a child loses a job, moves home or needs
help with tuition, or maybe an elderly parent suddenly needs
daily care or help with their bills, and.
Speaker 1 (21:14):
Those situations can change overnight. A family member's health turns,
or your adult child gets caught between jobs, and all
of a sudden, you're back in full support mode. Most
people want to help, of course, but what we see
is that they rarely stop to consider how it affects
their long term.
Speaker 2 (21:34):
Plan, and the truth is helping can quietly alter retirement.
Math studies show that nearly half of parents continue to
provide financial assistance to adult children, sometimes well into those
children's thirties or even forties. It might start small, a
little help with rent, groceries or car payment, but it
can easily grow into something much larger.
Speaker 1 (21:54):
We've seen that too. Clients will say, oh, it's just temporary,
but then a year later is still happening. Before long,
those little contributions become part of your monthly budget, and
they start eating into what you set aside for travel, hobbies,
or even essential expenses.
Speaker 2 (22:13):
And it's not just the kids. Many retirees are also
helping aging parents, paying for prescriptions, some health care or
is this a living Those are real costs, and they
often appear when you're already living on a fixed income.
Speaker 1 (22:26):
Exactly, and even beyond the dollars is the time and
emotional energy. People underestimate how much energy caregiving requires. Many
retirees say it feels like they've taken on another full
time job, but now there's no paycheck attached.
Speaker 2 (22:45):
So true, and that's why this kind of planning isn't
just financial, it's emotional too. You have to protect your
time and your peace of mind just as much as.
Speaker 1 (22:53):
Your money, which brings us to something important. Planning ahead,
a fiduciary advisor can and help model these dual support scenarios.
They'll build in a family support budget separate from your
essential retirement needs, so you know exactly how much you
can afford to help without compromising your stability.
Speaker 2 (23:15):
That's one of my favorite parts about what we do.
We walk clients through setting guardrails, figuring out how much
they can safely give, when to say not right now,
and how to create boundaries that still feel loving because
boundaries don't mean you care less. They mean you're thinking
long term.
Speaker 1 (23:30):
Right, you're protecting yourself so you can keep showing up
for others later. And the communication peace is huge. Having
those family conversations early before a crisis makes all the difference.
Speaker 2 (23:44):
It does. When expectations are clear, everyone knows what's possible
and what isn't. It reduces guilt and prevents resentment on
both sides.
Speaker 1 (23:51):
And let's not forget helping others is one of life's
greatest joys. Doing it wisely ensures you can keep doing
it for years to come is not about saying no,
It's about saying yes in a way the sustainable, and.
Speaker 2 (24:07):
That's the heart of tonight's topic, protecting yourself while still
being the support your family relies on. To help, we
offer a complimentary resource called the Retirement Income Planning Checklist.
It walks you through ten key steps organize your retirement strategy,
including planning for longevity, health care, inflation, and even multi
generational living.
Speaker 1 (24:25):
Coming up, we'll continue the conversation with real strategies to
protect your future while you protect theirs. Stay with us
you're listening to Safe Money Strategies on WBZ.
Speaker 2 (24:40):
Safe Money Strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight eight hundred one or go
to Kelly Financial dot org. That's Kelly at Kelly Financial
dot org.
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