November 29, 2025 • 27 mins
This week on Safe Money Strategies, Kelly Kelly opens the hour with a special Forever Young conversation alongside her son, William Kelly Jr. Together, they reflect on Thanksgiving, the importance of family, and slowing down during the holiday season. William also shares that his book, Only the Good Invest Young, is now available on Amazon and already receiving strong feedback. Kelly invites listeners to the Kelly Financial Holiday Drop-By & Toy Drive on Saturday, December 6 at both the Burlington and Braintree offices, encouraging the community to bring a new, unwrapped toy and help spread holiday cheer.
Later in the program, Mike Doucette and Greg Workman break down what your Thanksgiving table may reveal about rising costs, the Federal Reserve, and inflation’s impact on families and retirees.
Mary Madeline Kelly and Greg Murray walk listeners through a critical year-end task reviewing beneficiary designations to ensure accounts are aligned and loved ones are protected.
Kelly and William return to close the hour with reminders about managing emotional spending, staying alert to cyber threats, and protecting both your heart and your finances this holiday season. The program concludes with meaningful Wit and Wisdom from Bill Kelly.
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 (00:00):
Discover safe money strategies with Kelly Kelly and her team.
Call Kelly Financial at eighty eight eight hundred one eighty
one or visit Kelly Financial dot org.
Speaker 2 (00:15):
Hello, this is Greg Murray, Senior vice president and Chief
Compliance Officer at Kelly Financial Services. Joining me this evening
is Mary Madeline Kelly, one of our wealth advisors. How
are you doing tonight?
Speaker 3 (00:25):
Hi?
Speaker 4 (00:25):
Greg? I am great. We're deep into the holiday season now,
as we just finished Thanksgiving, and I swear every weekend
there's something going on. It's the busiest but coziest time
of the year and the perfect time to wrap up
all those loose ends before January hits.
Speaker 2 (00:41):
Absolutely, it's the season for gatherings, but also the season
for getting things organized. And speaking of tying up loose ends,
tonight's topic is something we talk about every year because
it is so important reviewing your beneficiary designations before year end.
Speaker 4 (00:55):
Yes, and this is one of those tasks that maybe
takes five minutes but can save your family years of headaches.
Yet it's also one of the most overlooked parts of
financial planning.
Speaker 5 (01:05):
That's right.
Speaker 2 (01:05):
Many people assume that if they have a will that
will control everything. When they pass away, but in reality,
the beneficiary is listed on your retirement accounts, insurance policies, annuities,
and even some bank accounts override.
Speaker 4 (01:17):
Your will exactly. If your beneficiary forum says the money
goes to a specific person, that's who gets it, even
if your will says something different. We've seen situations where
someone forgot to update an old four oh one K
or insurance policy and it's still listed in expouse and
unfortunately there's nothing the family can do after the person passes.
Speaker 2 (01:36):
It's heartbreaking and totally avoidable. That's why checking your beneficiaries
each year, especially at the end of the year, is
one of the smartest steps you can take.
Speaker 4 (01:44):
And it's not just about correcting mistakes. Life changes. People
get married, divorced, have children or grandchildren, or even lose
loved ones. Your beneficiary designation should reflect your current wishes,
not your situation from twenty years ago.
Speaker 2 (01:59):
Another common issue is leaving someone off by accident. You
might have a new grandchild you want to include, or
maybe you plan to split assets between your kids but
forgot to update the percentages. These little oversights can create
big problems later.
Speaker 4 (02:11):
And here's another one we see people don't list contingent beneficiaries.
That's your backup option. If something happens to your primary
beneficiary and you don't have a secondary listed, that asset
may end up going through probate, which.
Speaker 2 (02:23):
Means delays costs in everything becoming public record not ideal.
Speaker 4 (02:28):
For most families, and reviewing your beneficiaries isn't just smart
estate planning, it's also smart retirement planning. For example, inherited
iras follow very specific rules. Naming a spouse versus naming
children can be completely changed how those funds are taxed.
Speaker 5 (02:43):
That's a great point.
Speaker 2 (02:44):
A spouse who inherits a retirement account often has more
flexibility they can roll it into their own IRA, but
kids or other non spouse beneficiaries usually have to withdraw
the entire amount within ten years.
Speaker 4 (02:56):
Right, and that has huge tax implications. So making sure
you've name the right beneficiary can impact how much of
your hard earned savings actually stays in the family and
how much goes to the irs.
Speaker 2 (03:07):
And this is exactly why now, at the end of
the year is the perfect time to do a quick review.
Most people are already thinking about taxes, deadlines, contributions, and
year end planning, so adding a beneficiary check to the
list just makes sense.
Speaker 4 (03:20):
Plus it's so easy. You just log into your accounts,
your four oh one K, your iras, your life insurance
and make sure everything matches your current wishes. If you're unsure,
we can help you pull all of your accounts together
and review those designations with you.
Speaker 2 (03:33):
Absolutely Sometimes the biggest value we bring is simply helping
people organize everything, making sure nothing falls through the cracks.
Speaker 4 (03:39):
So to summarize for our listeners, reviewing your beneficiaries is
important because your beneficiary designations override your will, life changes,
and your accounts should reflect that. Missing or outdated beneficiaries
can cause probate issues and the right beneficiary structure can
save your family huge tax bills.
Speaker 2 (03:57):
Perfect summary and the best part, this is one of
the the quickest, easiest things you can do to protect
your family financially exactly.
Speaker 4 (04:04):
And it brings such peace of mind. You never want
your loved ones to be stuck sorting through outdated paperwork
or dealing with unnecessary stress, especially during a difficult time.
Speaker 2 (04:13):
That's why year end is the perfect moment for a
quick review, and if you'd like help doing that, come
speak with us at Kelly Financial We'll make sure everything
is up to date and aligned with their broader retirement.
Speaker 4 (04:22):
And estate plan, because planning isn't just about growing your money,
it's also about protecting it and making sure it goes
exactly where you want it to.
Speaker 2 (04:30):
Well said, Well, that's going to wrap things up. Thank
you for your time tonight, Mary Madeline.
Speaker 4 (04:33):
Thank you, Greg. Have a great rest of your weekend.
Speaker 1 (04:38):
Safe money strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight eight hundred and twenty one
or go to Kelly Financial dot org.
Speaker 6 (04:49):
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
(05:11):
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
(05:32):
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
(05:52):
safe money Strategies. I'm Kelly Kelly here with my son William,
and today we're continuing our conversation about staying safe, smart,
and financially grounded this holiday season. You know, one of
the sneakiest problems during the holidays is what I call
holiday creep. Is not usually one big purchase that causes
(06:16):
the damage, is the dozens of small ones, the little extras,
the just one more items that quietly adds up a
coffee here, stocking stuff or their decoration. You didn't plan
on that extra gift because you felt guilty or pressured
before you even realize it. Your budget is blown and
(06:38):
your financial confidence with it. And they see this happen
most with parents and grandparents, the pressure to give more,
to say yes, to make everything perfect, to show love
through spending. But the truth is emotional buying almost always
leaves to financial regret later on, and regret does not
(06:59):
belong in your retirement plan.
Speaker 1 (07:01):
And here's the real danger. Emotional spending isn't just about money,
It's about vulnerability. When people get emotionally triggered, they let
their guard down, and that's exactly what today's cyber criminals
are counting on. What really changed the game in twenty
twenty five is how powerful AI driven scams have become.
Now we're seeing fake tracking pages that look identical to
(07:23):
real ones, deep fake customer service voices that sound completely legitimate,
AI generated emails that mimic companies almost flawlessly. They're pretending
to be ups, Amazon, PayPal, banks, you name it, and
copying their logos, their tone, their language.
Speaker 5 (07:40):
It's not sloppy work anymore.
Speaker 1 (07:42):
It's polished, sophisticated and incredibly convincing. And the scary part,
criminals don't have to work harder. They work smarter and
faster now using automation to target thousands of people at once.
Speaker 6 (07:55):
And when your guard is already down because of stress, emotion, fatigue,
or distraction, that's when people click the wrong link. Identity
theft doesn't just ruin your holiday, it can derail your
entire financial future. And sometimes criminals don't always strike right away.
(08:15):
They wait, They observe, they gather data, they test small transactions,
they build a profile, and then when you least expect it,
they move.
Speaker 1 (08:26):
That's why one of the smartest things you can do
this season is ground your spending decisions and your retirement plan.
Start with something simple but powerful. Pull your bank statement
for the last sixty to ninety days. Look at what
you actually spent, not what you think you spent. Factor
in everything restaurants, Amazon subscriptions, extra gas, coffee, runs, inPulse purchases.
(08:49):
Then build your holiday budget based on reality, not a guess.
When you can see the numbers clearly in black and white,
it becomes much easier to say, Okay, this is what
I can responsibly spend, and this.
Speaker 5 (09:00):
Is where I draw the line.
Speaker 1 (09:02):
And honestly, some of the most meaningful gifts don't come
from a store. Time, memories, traditions, shared moments. That's what
people remember, not receipts.
Speaker 6 (09:12):
A holiday budget doesn't limit your joy, it protects your future.
And another huge piece of that protection is knowing how
to recognize danger before it reaches you. At Kelly Financial,
we don't just focus on investments. We help our clients
strengthen their spending mindset, their digital awareness, and their long
(09:33):
term protection strategies all in one place. That's why we
created our Cybersecurity Investor Guide. In this guide, we share
six powerful strategies to help you stay safe, make yourself
a hard target, understand your digital footprint, protect your family
from scams, secure your home and devices, carefully vet anyone
(09:58):
with access to your space. Information travel safely, physically and digitally.
Is written in clear, easy to understand language for real
families living real lives. No technical jargon, no fear tactics,
just practical smart steps you can use immediately. So as
we wrap up today, here's what we really want you
(10:21):
to hear. You don't have to overspend to show love,
you don't have to feel pressured by advertisements or promotions,
and you absolutely do not have to fall for manipulation,
whether it comes from a store or from a scammer.
This season is about being intentional, being present, being wise,
(10:43):
and making decisions today that your future, self and your
family will thank you for. If you'd like a free
copy of our guide, Cybersecurity Self Awareness for your self
Protection is available through our office, give us a call
at eight eight eight a one hundred eighteen eighty one
or email Kelly at Kellyfinancial dot org. Is a simple
(11:08):
but powerful step toward a safer, more secure future.
Speaker 1 (11:12):
And this isn't just about you. It's about the people
you love. Your spouse, your children, your grandchildren, your parents.
Speaker 5 (11:20):
One mistake, one click, one.
Speaker 1 (11:22):
Stolen password can affect an entire family. That's why we
always say we protect your money in the market and
help you.
Speaker 5 (11:29):
Protect it at home.
Speaker 1 (11:31):
When you pair this guy with a financial review, you're
creating true three hundred and sixty degree protection for yourself
and the next generation. Spend with intention, protect with vigilance,
and plan for a stronger future.
Speaker 6 (11:42):
From all of us at Kelly Financial, we wish you
a safe, secure, and truly joyful holiday season.
Speaker 1 (11:55):
Safe Money Strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight one or go to Kelly
Financial dot org. That's Kelly at Kelly Financial dot org.
Speaker 5 (12:10):
Welcome back to Safe Money Strategies. I'm Mike d Said
with me as always is Greg Workman. We hope you're
enjoying your Thanksgiving weekend, maybe sneaking in that leftover turkey
sandwich right now. Thanks for sticking with us.
Speaker 3 (12:22):
Hey, I had one this morning for breakfast, no shame,
And since we're all probably still recovering from way too
much food and way too many people in our houses,
we're going to pivot into something that I think ties
in nicely, financial stress. Because you and I were joking
on part one. The holidays bring joy, but they also
bring spending, and then January arrives with that first credit card.
Speaker 5 (12:47):
Bill exactly, and ironically, we've recently seen several surveys Kiplinger's
Bank write Creditcarma, all pointing to an increase in financial
stress this year. Even though inflation is cooling and wages
have risen, people still fail financially squeezed, and honestly that
failing isn't irrational. Yes, inflation has moderated, but prices didn't
(13:08):
go back down. They simply rose more slowly. So households
are still dealing with the cumulative effect of three years
of elevated costs.
Speaker 3 (13:16):
Right every Thanksgiving table has someone saying, wow, groceries are expensive,
and that's not wrong. Prices are still up about twenty
percent cumulatively from pre pandemic levels.
Speaker 5 (13:29):
When your grocery bill.
Speaker 3 (13:31):
And your utility bill and your homeowners insurance all climb together.
Even a mild increase in comfort on the inflation front
doesn't magically remove pressure.
Speaker 5 (13:42):
So let's talk about why stress levels are up and
how that ties into retirement planning, because that's really where
we help people the most. There are three big factors.
Number One, sticky prices costs didn't fall even after inflation cooled. Two,
high borrowing costs. Even with the September and our October
rate cuts, borrowing is still significantly more expensive than three
(14:04):
years ago in third market volatility. People see the headlines
in the Worr period, and we see that.
Speaker 3 (14:11):
In our office. People walk in with good incomes, good
savings habits, but still feel like they're not progressing in
the way that they expected. And we always tell them
the key distinction is this, uncertainty leads to anxiety. Planning
leads to confidence. When you don't have a written income
retirement plan, every headline feels like a threat. When you
(14:33):
do have a written plan, the same headline becomes just
another piece of information.
Speaker 5 (14:38):
Let me share a recent example. We'll call them Tom
and Ellen, both in their early sixties, longtime listeners who
finally came in this fall after hearing one of our
shows on inflation, they said something I think many listeners
will relate to, We're doing fine, but it doesn't feel
like we're doing fine. Their mortgage rate was low, they
had good savings, their kids were grown, but between grocery bills,
(14:59):
travel and helping an aging parent, they felt like money
went out faster than ever.
Speaker 3 (15:03):
And when we looked at their accounts, they were doing fine,
but they didn't have a written retirement income plan. Their
investments were scattered across multiple old four H one ks
and four H three b's iras brokerage accounts, but there
was no set system, no structure, no tax plan, no
income plan, just accumulation across the board exactly.
Speaker 5 (15:27):
They were living in what we call the accumulation mindset,
even though they were only a few years away from retirement.
That's where anxiety comes from when your life stage changes
but your financial strategy doesn't. So what did we do?
First Off, we consolidated their accounts into a coordinated strategy,
not into one account, but into one plan. There's a difference. Second,
(15:47):
we created an inflation adjusted income plan. We mapped out
income streams for thirty years, stress tested against different inflation
and market scenarios. Thirdly, we structured investments for the new
rate environment, not chasing returns, but aligning investments with purpose.
We had a safety bucket, an income bucket, growth bucket.
Fourth we built a tax plan. This is where they
(16:10):
were losing the most money without realizing it. Roth conversions, RMD, planning,
charitable strategies. They had none of it in place.
Speaker 3 (16:17):
And here's the most important part. When they left, they
didn't have more money, they had more clarity. And clarity
is what reduces.
Speaker 5 (16:26):
Stress absolutely, and this is where the workbook comes in.
The Safe Money Strategies Workbook helps people organize their finances
the same way we did for Tom and Ellen, at
least at the starting level.
Speaker 3 (16:37):
Now, we mentioned in part one that Wall Street loves
cheap money. Lower rates mean companies can borrow for less,
consumers can borrow for less, and that typically boosts spending
an investment across the economy. But we should make something
very clear. Rate cuts don't solve all problems. They simply
shift where the opportunities are. Here's how we are looking
(17:02):
at twenty twenty six as it relates to stocks. Lower
rates mean higher valuations become easier to justify corporate borrowing
is cheaper. Growth sectors often outperform in this environment. It
doesn't guarantee a ball market, but it does put the
odds in its favor. Now, when it comes to bonds,
(17:23):
this is important. Bonds love falling interest rates because prices
rise when yields fall. People who have been frustrated with
bond returns and for good reason, over the past three years,
may finally see those returns return to their portfolio. Income stability,
risk offset, predictability. That's what you want as a bond buyer.
(17:47):
Here's the big shift. Cash is no longer going to
pay five percent like it did earlier in the rate cycle.
If rates continue trending down towards the end of twenty
twenty five and twenty twenty six, those five percent yields
will surely retreat. They already have started to, so holding
too much cash may become a drag on your total
(18:11):
return once again.
Speaker 5 (18:12):
This is why the rate environment matters for retirement planning.
The decisions you made two years ago when inflation was
high and rates were skyrocketing may not be the right decisions.
Speaker 6 (18:22):
Now.
Speaker 5 (18:22):
Planning is dynamic. It must adjust. You can't build a
retirement plan and then stuff it in a drawer.
Speaker 3 (18:28):
And that is exactly why we created our Safe Money
Strategies Workbook. It helps you answer questions like do I
have too much cash? Am I positioned correctly for lower rates?
Will inflation derail my plans? Am I taking too much
or too little risk? Will my income last thirty years
(18:49):
or more? Are my taxes going to explode once I
hit RMD or required minimum distribution age?
Speaker 5 (18:57):
And the best part, it's simple, no financial jargon, just
a structured guide to help you understand where you stand
and what needs attention.
Speaker 3 (19:05):
If you're listening right now and you've been feeling even
a small amount of financial stress or uncertainty, or if
you just want an additional level of clarity heading into
twenty twenty six, pick up the phone and request your
Safe Money Strategies Workbook. There's no cost and no obligation.
It's simply a resource to help you get organized and
(19:28):
understand whether your retirement is positioned properly for the new
rate environment or not. With that, I'm Greg Workman.
Speaker 5 (19:36):
And I'm Mike you said, join us next week for
more Safe Money Strategies. Call us today at.
Speaker 1 (19:43):
Eight eight, eight hundred and twenty eight eighty one or
visit us online at Kellyfinancial dot org to schedule your
complimentary retirement income analysis.
Speaker 6 (19:53):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legal 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 eighteen
(20:15):
eighty one or email Kelly at Kellyfinancial dot org. We're
Kelly Financial. Come retire with us.
Speaker 7 (20:23):
Ready to enjoy your golden years without worry. At Kelly Financial,
we know retirement planning can be overwhelming. With more than
twenty two years of experience, our friendly team of advisors
makes it easy and stress free. Trust us to help
you create a secure and enjoyable future. For a free
initial retirement consultation, call eight eight eight eight hundred eighteen
(20:45):
eighty one or email Kelly at Kellyfinancial dot org. We're
Kelly Financial. Come retire with us.
Speaker 6 (20:53):
As we enter the heart of the holiday season, we're
reminded that some of life's greatest lessons are learned not
from screams, but from family, simple traditions and moments shared
around the table. In this week's Wit and Wisdom of
Bill Kelly, Bill takes us back to icy winter mornings,
(21:14):
a grandfather's guidance, childhood memories, and the values that shaped
a lifetime. It's a powerful reminder that no matter how
much the world changes, the heart of home and family
stays the same. And now here's Bill Kelly.
Speaker 8 (21:33):
I awoke three years ago on a cold January morning,
turned to the large window and gazed out over the ocean.
The digital thermometer read minus eight degrees outdoors and seventy
two degrees indoors. I glanced behind me, and there in
the king sized bed was my five year old son,
(21:54):
William Kelly Junior, fast asleep. The landscape was barely visible.
It was five forty five a m. And the sun
had not yet risen. My mind flashed back to my
five year old self on bailey Brook Farm in the winter,
with the temperature approaching eight degrees below zero. I had
to get up quite early with my grandfather, Tim Murphy.
(22:17):
All of the outdoor pipes were frozen, so we had
to carry the water in pails down to the hen coops.
That meant opening the bulkhead door that led to the basement,
then filling buckets with water and walking them down to
the coops. At age five, I used a rusty, old
tin beach bucket and was happy to do my part
to assist. During the holiday season, and generally on Christmas Eve,
(22:41):
Graham would hand me an envelope. When I was nine
years old, there would be two dollars in that envelope.
By the time I was entering college, the Christmas envelope
had twenty five dollars in it. How I waited for
that envelope Each year gramp and I would sit at
the table late at night. As he handed it to me,
he would ask me to review you the past year
and preview the year ahead. What were my goals? What
(23:05):
was I thinking? Where was I headed? The more things change,
the more they remain the same. One Thanksgiving, when I
was about seven, Uncle Earle came over to the house.
We'd just purchased a brand new twenty five inch Zenith television.
It was huge, weighing about two hundred pounds, and when
you turned it on you could hear the whine while
(23:26):
all the tubes warmed up, then all of a sudden,
boom and there was your picture. Back then, everyone was
talking about the size of their televisions. It was like
talking about the size of your engine. Television was called
the idiot box. That was one of Mom's favorite terms.
She would ask, does the idiot box run this house?
And as a nine year old kid, I would think
(23:49):
that it pretty much did run the house. For me.
It was my favorite place to be on Saturday morning,
and I used to want to say to her, do
we have to call it the idiot box? Ma'am? All
I know is I look forward to watching the Cisco
Kid Hop Along, Cassidy and Howdy Duty every Saturday morning,
and none of those characters was an idiot to me.
(24:10):
The importance of the holidays back then impressed me most.
We had so many people come to see us at home.
For our part, we visited friends regularly and rotated where
we would spend certain holidays, especially Thanksgiving and Christmas. Every
year we'd have a summer picnic down by the beach
or in a park near Cranston. There would be close
(24:30):
to eighty people, twenty two cousins, twenty aunts, twenty uncles
and more. We would even invite other friends of the family,
all great people. Every one would come. Those were the days.
Those were definitely the days. But these are the days too,
because we're living longer and enjoying it more. We seven
children had paper roots starting at age eight or nine.
(24:53):
On those routes, we got to know people and were
able to work and produce. By doing that, we learned things.
When I was nine, I got a Huffy bike with
dual baskets on the back from my paper route. To me,
a Huffy bike was just about the coolest thing a
kid could ever have. I used to polish it the
way you'd polish the finest sports car on earth. To me,
(25:16):
that bike was everything. I can remember as if it
were yesterday, making sure the gears were oiled and the
brakes worked. Imagine riding down a snowy street on a
three speed Huffy bike in the middle of winter with
one hundred and fourteen newspapers to deliver. The headlamp was
run by a generator that was powered bi pedaling, so
(25:36):
every time you stopped, the headlamp would go out. I
had a reflector, of course, but it was very difficult
to stop on ice with a Huffy the bike would
start to slide out from under me, and I would
have to try to land on the ground upright as
the bicycle gave way beneath me. That was my largest
problem in trying to get all those newspapers delivered in
the middle of winter. It was an interesting life at
(25:58):
bailey Brook Farm. The way we live, the things we did,
the things we saw, and the people who came in
and out of our lives were all very interesting and
all very sweet. I don't know how those times could
ever be replicated or reclaimed. Maybe heaven is going back
to the loveliest time you experienced as a child and
reliving it over and over again. It would certainly feel
(26:20):
like heaven to me if someday someone said, that's what
it is, Bill, and we'll see you there.
Speaker 1 (26:32):
Discover safe money Strategies with Kelly Kelly and her team
called Kelly Financial at eighty eight eight hundred one eighty
one or visit Kelly Financial dot org.
Speaker 3 (26:52):
All opinions expressed by the host guests for employees of
Kelly Financial Services are solely their own and do not
reflect the opinions of Kelly Financial Services.
Speaker 7 (26:58):
Information has been obtained from susse Is deemed to be reliable,
but their accuracy and completeness cannot be guaranteed.
Speaker 1 (27:03):
The information provided as general in nature and is not
intended to be specific, investment, tax, or legal advice.
Speaker 7 (27:07):
It is always advisable to consult a professional before making
a financial decision.
Discover safe money strategies with Kelly Kelly and her team.
Call Kelly Financial at eighty eight eight hundred one eighty
one or visit Kelly Financial dot org.
Speaker 2 (00:15):
Hello, this is Greg Murray, Senior vice president and Chief
Compliance Officer at Kelly Financial Services. Joining me this evening
is Mary Madeline Kelly, one of our wealth advisors. How
are you doing tonight?
Speaker 3 (00:25):
Hi?
Speaker 4 (00:25):
Greg? I am great. We're deep into the holiday season now,
as we just finished Thanksgiving, and I swear every weekend
there's something going on. It's the busiest but coziest time
of the year and the perfect time to wrap up
all those loose ends before January hits.
Speaker 2 (00:41):
Absolutely, it's the season for gatherings, but also the season
for getting things organized. And speaking of tying up loose ends,
tonight's topic is something we talk about every year because
it is so important reviewing your beneficiary designations before year end.
Speaker 4 (00:55):
Yes, and this is one of those tasks that maybe
takes five minutes but can save your family years of headaches.
Yet it's also one of the most overlooked parts of
financial planning.
Speaker 5 (01:05):
That's right.
Speaker 2 (01:05):
Many people assume that if they have a will that
will control everything. When they pass away, but in reality,
the beneficiary is listed on your retirement accounts, insurance policies, annuities,
and even some bank accounts override.
Speaker 4 (01:17):
Your will exactly. If your beneficiary forum says the money
goes to a specific person, that's who gets it, even
if your will says something different. We've seen situations where
someone forgot to update an old four oh one K
or insurance policy and it's still listed in expouse and
unfortunately there's nothing the family can do after the person passes.
Speaker 2 (01:36):
It's heartbreaking and totally avoidable. That's why checking your beneficiaries
each year, especially at the end of the year, is
one of the smartest steps you can take.
Speaker 4 (01:44):
And it's not just about correcting mistakes. Life changes. People
get married, divorced, have children or grandchildren, or even lose
loved ones. Your beneficiary designation should reflect your current wishes,
not your situation from twenty years ago.
Speaker 2 (01:59):
Another common issue is leaving someone off by accident. You
might have a new grandchild you want to include, or
maybe you plan to split assets between your kids but
forgot to update the percentages. These little oversights can create
big problems later.
Speaker 4 (02:11):
And here's another one we see people don't list contingent beneficiaries.
That's your backup option. If something happens to your primary
beneficiary and you don't have a secondary listed, that asset
may end up going through probate, which.
Speaker 2 (02:23):
Means delays costs in everything becoming public record not ideal.
Speaker 4 (02:28):
For most families, and reviewing your beneficiaries isn't just smart
estate planning, it's also smart retirement planning. For example, inherited
iras follow very specific rules. Naming a spouse versus naming
children can be completely changed how those funds are taxed.
Speaker 5 (02:43):
That's a great point.
Speaker 2 (02:44):
A spouse who inherits a retirement account often has more
flexibility they can roll it into their own IRA, but
kids or other non spouse beneficiaries usually have to withdraw
the entire amount within ten years.
Speaker 4 (02:56):
Right, and that has huge tax implications. So making sure
you've name the right beneficiary can impact how much of
your hard earned savings actually stays in the family and
how much goes to the irs.
Speaker 2 (03:07):
And this is exactly why now, at the end of
the year is the perfect time to do a quick review.
Most people are already thinking about taxes, deadlines, contributions, and
year end planning, so adding a beneficiary check to the
list just makes sense.
Speaker 4 (03:20):
Plus it's so easy. You just log into your accounts,
your four oh one K, your iras, your life insurance
and make sure everything matches your current wishes. If you're unsure,
we can help you pull all of your accounts together
and review those designations with you.
Speaker 2 (03:33):
Absolutely Sometimes the biggest value we bring is simply helping
people organize everything, making sure nothing falls through the cracks.
Speaker 4 (03:39):
So to summarize for our listeners, reviewing your beneficiaries is
important because your beneficiary designations override your will, life changes,
and your accounts should reflect that. Missing or outdated beneficiaries
can cause probate issues and the right beneficiary structure can
save your family huge tax bills.
Speaker 2 (03:57):
Perfect summary and the best part, this is one of
the the quickest, easiest things you can do to protect
your family financially exactly.
Speaker 4 (04:04):
And it brings such peace of mind. You never want
your loved ones to be stuck sorting through outdated paperwork
or dealing with unnecessary stress, especially during a difficult time.
Speaker 2 (04:13):
That's why year end is the perfect moment for a
quick review, and if you'd like help doing that, come
speak with us at Kelly Financial We'll make sure everything
is up to date and aligned with their broader retirement.
Speaker 4 (04:22):
And estate plan, because planning isn't just about growing your money,
it's also about protecting it and making sure it goes
exactly where you want it to.
Speaker 2 (04:30):
Well said, Well, that's going to wrap things up. Thank
you for your time tonight, Mary Madeline.
Speaker 4 (04:33):
Thank you, Greg. Have a great rest of your weekend.
Speaker 1 (04:38):
Safe money strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight eight hundred and twenty one
or go to Kelly Financial dot org.
Speaker 6 (04:49):
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
(05:11):
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
(05:32):
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
(05:52):
safe money Strategies. I'm Kelly Kelly here with my son William,
and today we're continuing our conversation about staying safe, smart,
and financially grounded this holiday season. You know, one of
the sneakiest problems during the holidays is what I call
holiday creep. Is not usually one big purchase that causes
(06:16):
the damage, is the dozens of small ones, the little extras,
the just one more items that quietly adds up a
coffee here, stocking stuff or their decoration. You didn't plan
on that extra gift because you felt guilty or pressured
before you even realize it. Your budget is blown and
(06:38):
your financial confidence with it. And they see this happen
most with parents and grandparents, the pressure to give more,
to say yes, to make everything perfect, to show love
through spending. But the truth is emotional buying almost always
leaves to financial regret later on, and regret does not
(06:59):
belong in your retirement plan.
Speaker 1 (07:01):
And here's the real danger. Emotional spending isn't just about money,
It's about vulnerability. When people get emotionally triggered, they let
their guard down, and that's exactly what today's cyber criminals
are counting on. What really changed the game in twenty
twenty five is how powerful AI driven scams have become.
Now we're seeing fake tracking pages that look identical to
(07:23):
real ones, deep fake customer service voices that sound completely legitimate,
AI generated emails that mimic companies almost flawlessly. They're pretending
to be ups, Amazon, PayPal, banks, you name it, and
copying their logos, their tone, their language.
Speaker 5 (07:40):
It's not sloppy work anymore.
Speaker 1 (07:42):
It's polished, sophisticated and incredibly convincing. And the scary part,
criminals don't have to work harder. They work smarter and
faster now using automation to target thousands of people at once.
Speaker 6 (07:55):
And when your guard is already down because of stress, emotion, fatigue,
or distraction, that's when people click the wrong link. Identity
theft doesn't just ruin your holiday, it can derail your
entire financial future. And sometimes criminals don't always strike right away.
(08:15):
They wait, They observe, they gather data, they test small transactions,
they build a profile, and then when you least expect it,
they move.
Speaker 1 (08:26):
That's why one of the smartest things you can do
this season is ground your spending decisions and your retirement plan.
Start with something simple but powerful. Pull your bank statement
for the last sixty to ninety days. Look at what
you actually spent, not what you think you spent. Factor
in everything restaurants, Amazon subscriptions, extra gas, coffee, runs, inPulse purchases.
(08:49):
Then build your holiday budget based on reality, not a guess.
When you can see the numbers clearly in black and white,
it becomes much easier to say, Okay, this is what
I can responsibly spend, and this.
Speaker 5 (09:00):
Is where I draw the line.
Speaker 1 (09:02):
And honestly, some of the most meaningful gifts don't come
from a store. Time, memories, traditions, shared moments. That's what
people remember, not receipts.
Speaker 6 (09:12):
A holiday budget doesn't limit your joy, it protects your future.
And another huge piece of that protection is knowing how
to recognize danger before it reaches you. At Kelly Financial,
we don't just focus on investments. We help our clients
strengthen their spending mindset, their digital awareness, and their long
(09:33):
term protection strategies all in one place. That's why we
created our Cybersecurity Investor Guide. In this guide, we share
six powerful strategies to help you stay safe, make yourself
a hard target, understand your digital footprint, protect your family
from scams, secure your home and devices, carefully vet anyone
(09:58):
with access to your space. Information travel safely, physically and digitally.
Is written in clear, easy to understand language for real
families living real lives. No technical jargon, no fear tactics,
just practical smart steps you can use immediately. So as
we wrap up today, here's what we really want you
(10:21):
to hear. You don't have to overspend to show love,
you don't have to feel pressured by advertisements or promotions,
and you absolutely do not have to fall for manipulation,
whether it comes from a store or from a scammer.
This season is about being intentional, being present, being wise,
(10:43):
and making decisions today that your future, self and your
family will thank you for. If you'd like a free
copy of our guide, Cybersecurity Self Awareness for your self
Protection is available through our office, give us a call
at eight eight eight a one hundred eighteen eighty one
or email Kelly at Kellyfinancial dot org. Is a simple
(11:08):
but powerful step toward a safer, more secure future.
Speaker 1 (11:12):
And this isn't just about you. It's about the people
you love. Your spouse, your children, your grandchildren, your parents.
Speaker 5 (11:20):
One mistake, one click, one.
Speaker 1 (11:22):
Stolen password can affect an entire family. That's why we
always say we protect your money in the market and
help you.
Speaker 5 (11:29):
Protect it at home.
Speaker 1 (11:31):
When you pair this guy with a financial review, you're
creating true three hundred and sixty degree protection for yourself
and the next generation. Spend with intention, protect with vigilance,
and plan for a stronger future.
Speaker 6 (11:42):
From all of us at Kelly Financial, we wish you
a safe, secure, and truly joyful holiday season.
Speaker 1 (11:55):
Safe Money Strategies with Kelly Kelly and her team. Call
Kelly Financial at eighty eight one or go to Kelly
Financial dot org. That's Kelly at Kelly Financial dot org.
Speaker 5 (12:10):
Welcome back to Safe Money Strategies. I'm Mike d Said
with me as always is Greg Workman. We hope you're
enjoying your Thanksgiving weekend, maybe sneaking in that leftover turkey
sandwich right now. Thanks for sticking with us.
Speaker 3 (12:22):
Hey, I had one this morning for breakfast, no shame,
And since we're all probably still recovering from way too
much food and way too many people in our houses,
we're going to pivot into something that I think ties
in nicely, financial stress. Because you and I were joking
on part one. The holidays bring joy, but they also
bring spending, and then January arrives with that first credit card.
Speaker 5 (12:47):
Bill exactly, and ironically, we've recently seen several surveys Kiplinger's
Bank write Creditcarma, all pointing to an increase in financial
stress this year. Even though inflation is cooling and wages
have risen, people still fail financially squeezed, and honestly that
failing isn't irrational. Yes, inflation has moderated, but prices didn't
(13:08):
go back down. They simply rose more slowly. So households
are still dealing with the cumulative effect of three years
of elevated costs.
Speaker 3 (13:16):
Right every Thanksgiving table has someone saying, wow, groceries are expensive,
and that's not wrong. Prices are still up about twenty
percent cumulatively from pre pandemic levels.
Speaker 5 (13:29):
When your grocery bill.
Speaker 3 (13:31):
And your utility bill and your homeowners insurance all climb together.
Even a mild increase in comfort on the inflation front
doesn't magically remove pressure.
Speaker 5 (13:42):
So let's talk about why stress levels are up and
how that ties into retirement planning, because that's really where
we help people the most. There are three big factors.
Number One, sticky prices costs didn't fall even after inflation cooled. Two,
high borrowing costs. Even with the September and our October
rate cuts, borrowing is still significantly more expensive than three
(14:04):
years ago in third market volatility. People see the headlines
in the Worr period, and we see that.
Speaker 3 (14:11):
In our office. People walk in with good incomes, good
savings habits, but still feel like they're not progressing in
the way that they expected. And we always tell them
the key distinction is this, uncertainty leads to anxiety. Planning
leads to confidence. When you don't have a written income
retirement plan, every headline feels like a threat. When you
(14:33):
do have a written plan, the same headline becomes just
another piece of information.
Speaker 5 (14:38):
Let me share a recent example. We'll call them Tom
and Ellen, both in their early sixties, longtime listeners who
finally came in this fall after hearing one of our
shows on inflation, they said something I think many listeners
will relate to, We're doing fine, but it doesn't feel
like we're doing fine. Their mortgage rate was low, they
had good savings, their kids were grown, but between grocery bills,
(14:59):
travel and helping an aging parent, they felt like money
went out faster than ever.
Speaker 3 (15:03):
And when we looked at their accounts, they were doing fine,
but they didn't have a written retirement income plan. Their
investments were scattered across multiple old four H one ks
and four H three b's iras brokerage accounts, but there
was no set system, no structure, no tax plan, no
income plan, just accumulation across the board exactly.
Speaker 5 (15:27):
They were living in what we call the accumulation mindset,
even though they were only a few years away from retirement.
That's where anxiety comes from when your life stage changes
but your financial strategy doesn't. So what did we do?
First Off, we consolidated their accounts into a coordinated strategy,
not into one account, but into one plan. There's a difference. Second,
(15:47):
we created an inflation adjusted income plan. We mapped out
income streams for thirty years, stress tested against different inflation
and market scenarios. Thirdly, we structured investments for the new
rate environment, not chasing returns, but aligning investments with purpose.
We had a safety bucket, an income bucket, growth bucket.
Fourth we built a tax plan. This is where they
(16:10):
were losing the most money without realizing it. Roth conversions, RMD, planning,
charitable strategies. They had none of it in place.
Speaker 3 (16:17):
And here's the most important part. When they left, they
didn't have more money, they had more clarity. And clarity
is what reduces.
Speaker 5 (16:26):
Stress absolutely, and this is where the workbook comes in.
The Safe Money Strategies Workbook helps people organize their finances
the same way we did for Tom and Ellen, at
least at the starting level.
Speaker 3 (16:37):
Now, we mentioned in part one that Wall Street loves
cheap money. Lower rates mean companies can borrow for less,
consumers can borrow for less, and that typically boosts spending
an investment across the economy. But we should make something
very clear. Rate cuts don't solve all problems. They simply
shift where the opportunities are. Here's how we are looking
(17:02):
at twenty twenty six as it relates to stocks. Lower
rates mean higher valuations become easier to justify corporate borrowing
is cheaper. Growth sectors often outperform in this environment. It
doesn't guarantee a ball market, but it does put the
odds in its favor. Now, when it comes to bonds,
(17:23):
this is important. Bonds love falling interest rates because prices
rise when yields fall. People who have been frustrated with
bond returns and for good reason, over the past three years,
may finally see those returns return to their portfolio. Income stability,
risk offset, predictability. That's what you want as a bond buyer.
(17:47):
Here's the big shift. Cash is no longer going to
pay five percent like it did earlier in the rate cycle.
If rates continue trending down towards the end of twenty
twenty five and twenty twenty six, those five percent yields
will surely retreat. They already have started to, so holding
too much cash may become a drag on your total
(18:11):
return once again.
Speaker 5 (18:12):
This is why the rate environment matters for retirement planning.
The decisions you made two years ago when inflation was
high and rates were skyrocketing may not be the right decisions.
Speaker 6 (18:22):
Now.
Speaker 5 (18:22):
Planning is dynamic. It must adjust. You can't build a
retirement plan and then stuff it in a drawer.
Speaker 3 (18:28):
And that is exactly why we created our Safe Money
Strategies Workbook. It helps you answer questions like do I
have too much cash? Am I positioned correctly for lower rates?
Will inflation derail my plans? Am I taking too much
or too little risk? Will my income last thirty years
(18:49):
or more? Are my taxes going to explode once I
hit RMD or required minimum distribution age?
Speaker 5 (18:57):
And the best part, it's simple, no financial jargon, just
a structured guide to help you understand where you stand
and what needs attention.
Speaker 3 (19:05):
If you're listening right now and you've been feeling even
a small amount of financial stress or uncertainty, or if
you just want an additional level of clarity heading into
twenty twenty six, pick up the phone and request your
Safe Money Strategies Workbook. There's no cost and no obligation.
It's simply a resource to help you get organized and
(19:28):
understand whether your retirement is positioned properly for the new
rate environment or not. With that, I'm Greg Workman.
Speaker 5 (19:36):
And I'm Mike you said, join us next week for
more Safe Money Strategies. Call us today at.
Speaker 1 (19:43):
Eight eight, eight hundred and twenty eight eighty one or
visit us online at Kellyfinancial dot org to schedule your
complimentary retirement income analysis.
Speaker 6 (19:53):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legal 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 eighteen
(20:15):
eighty one or email Kelly at Kellyfinancial dot org. We're
Kelly Financial. Come retire with us.
Speaker 7 (20:23):
Ready to enjoy your golden years without worry. At Kelly Financial,
we know retirement planning can be overwhelming. With more than
twenty two years of experience, our friendly team of advisors
makes it easy and stress free. Trust us to help
you create a secure and enjoyable future. For a free
initial retirement consultation, call eight eight eight eight hundred eighteen
(20:45):
eighty one or email Kelly at Kellyfinancial dot org. We're
Kelly Financial. Come retire with us.
Speaker 6 (20:53):
As we enter the heart of the holiday season, we're
reminded that some of life's greatest lessons are learned not
from screams, but from family, simple traditions and moments shared
around the table. In this week's Wit and Wisdom of
Bill Kelly, Bill takes us back to icy winter mornings,
(21:14):
a grandfather's guidance, childhood memories, and the values that shaped
a lifetime. It's a powerful reminder that no matter how
much the world changes, the heart of home and family
stays the same. And now here's Bill Kelly.
Speaker 8 (21:33):
I awoke three years ago on a cold January morning,
turned to the large window and gazed out over the ocean.
The digital thermometer read minus eight degrees outdoors and seventy
two degrees indoors. I glanced behind me, and there in
the king sized bed was my five year old son,
(21:54):
William Kelly Junior, fast asleep. The landscape was barely visible.
It was five forty five a m. And the sun
had not yet risen. My mind flashed back to my
five year old self on bailey Brook Farm in the winter,
with the temperature approaching eight degrees below zero. I had
to get up quite early with my grandfather, Tim Murphy.
(22:17):
All of the outdoor pipes were frozen, so we had
to carry the water in pails down to the hen coops.
That meant opening the bulkhead door that led to the basement,
then filling buckets with water and walking them down to
the coops. At age five, I used a rusty, old
tin beach bucket and was happy to do my part
to assist. During the holiday season, and generally on Christmas Eve,
(22:41):
Graham would hand me an envelope. When I was nine
years old, there would be two dollars in that envelope.
By the time I was entering college, the Christmas envelope
had twenty five dollars in it. How I waited for
that envelope Each year gramp and I would sit at
the table late at night. As he handed it to me,
he would ask me to review you the past year
and preview the year ahead. What were my goals? What
(23:05):
was I thinking? Where was I headed? The more things change,
the more they remain the same. One Thanksgiving, when I
was about seven, Uncle Earle came over to the house.
We'd just purchased a brand new twenty five inch Zenith television.
It was huge, weighing about two hundred pounds, and when
you turned it on you could hear the whine while
(23:26):
all the tubes warmed up, then all of a sudden,
boom and there was your picture. Back then, everyone was
talking about the size of their televisions. It was like
talking about the size of your engine. Television was called
the idiot box. That was one of Mom's favorite terms.
She would ask, does the idiot box run this house?
And as a nine year old kid, I would think
(23:49):
that it pretty much did run the house. For me.
It was my favorite place to be on Saturday morning,
and I used to want to say to her, do
we have to call it the idiot box? Ma'am? All
I know is I look forward to watching the Cisco
Kid Hop Along, Cassidy and Howdy Duty every Saturday morning,
and none of those characters was an idiot to me.
(24:10):
The importance of the holidays back then impressed me most.
We had so many people come to see us at home.
For our part, we visited friends regularly and rotated where
we would spend certain holidays, especially Thanksgiving and Christmas. Every
year we'd have a summer picnic down by the beach
or in a park near Cranston. There would be close
(24:30):
to eighty people, twenty two cousins, twenty aunts, twenty uncles
and more. We would even invite other friends of the family,
all great people. Every one would come. Those were the days.
Those were definitely the days. But these are the days too,
because we're living longer and enjoying it more. We seven
children had paper roots starting at age eight or nine.
(24:53):
On those routes, we got to know people and were
able to work and produce. By doing that, we learned things.
When I was nine, I got a Huffy bike with
dual baskets on the back from my paper route. To me,
a Huffy bike was just about the coolest thing a
kid could ever have. I used to polish it the
way you'd polish the finest sports car on earth. To me,
(25:16):
that bike was everything. I can remember as if it
were yesterday, making sure the gears were oiled and the
brakes worked. Imagine riding down a snowy street on a
three speed Huffy bike in the middle of winter with
one hundred and fourteen newspapers to deliver. The headlamp was
run by a generator that was powered bi pedaling, so
(25:36):
every time you stopped, the headlamp would go out. I
had a reflector, of course, but it was very difficult
to stop on ice with a Huffy the bike would
start to slide out from under me, and I would
have to try to land on the ground upright as
the bicycle gave way beneath me. That was my largest
problem in trying to get all those newspapers delivered in
the middle of winter. It was an interesting life at
(25:58):
bailey Brook Farm. The way we live, the things we did,
the things we saw, and the people who came in
and out of our lives were all very interesting and
all very sweet. I don't know how those times could
ever be replicated or reclaimed. Maybe heaven is going back
to the loveliest time you experienced as a child and
reliving it over and over again. It would certainly feel
(26:20):
like heaven to me if someday someone said, that's what
it is, Bill, and we'll see you there.
Speaker 1 (26:32):
Discover safe money Strategies with Kelly Kelly and her team
called Kelly Financial at eighty eight eight hundred one eighty
one or visit Kelly Financial dot org.
Speaker 3 (26:52):
All opinions expressed by the host guests for employees of
Kelly Financial Services are solely their own and do not
reflect the opinions of Kelly Financial Services.
Speaker 7 (26:58):
Information has been obtained from susse Is deemed to be reliable,
but their accuracy and completeness cannot be guaranteed.
Speaker 1 (27:03):
The information provided as general in nature and is not
intended to be specific, investment, tax, or legal advice.
Speaker 7 (27:07):
It is always advisable to consult a professional before making
a financial decision.
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