September 13, 2025 • 24 mins
This week on Safe Money Strategies, Kelly and William Kelly sit down for a heartfelt Forever
Young conversation about William’s first book, Only the Good Invest Young. Written for Gen
Z but designed to spark dialogue across generations, the book blends practical financial
lessons with golden nuggets of wisdom from successful entrepreneurs and leaders William
personally interviewed. It’s a guide for young adults stepping into the world of money, but
also a resource parents and grandparents can share with their families to start real
conversations about financial choices that last a lifetime.
From there, the program turns to retirement fundamentals, including smart 401(k) rollover
strategies, and then into life’s most important protections - the need for powers of attorney
and healthcare proxies. The hour closes with Bill Kelly’s enduring wit and wisdom,
reminding us that financial planning is about more than money - it’s about family,
preparedness, and legacy.
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
Young conversation about William’s first book, Only the Good Invest Young. Written for Gen
Z but designed to spark dialogue across generations, the book blends practical financial
lessons with golden nuggets of wisdom from successful entrepreneurs and leaders William
personally interviewed. It’s a guide for young adults stepping into the world of money, but
also a resource parents and grandparents can share with their families to start real
conversations about financial choices that last a lifetime.
From there, the program turns to retirement fundamentals, including smart 401(k) rollover
strategies, and then into life’s most important protections - the need for powers of attorney
and healthcare proxies. The hour closes with Bill Kelly’s enduring wit and wisdom,
reminding us that financial planning is about more than money - it’s about family,
preparedness, and legacy.
Make Safe Money Strategies part of your Saturday night tradition.
Have questions or want to schedule a complimentary consultation? Call 888-800-1881 or email kelly@kellyfinancial.org
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Good evening and welcome to Safe Money Strategies right here
on WBZ News Radio. I'm Kelly Kelly, founder of Kelly
Financial Services, and your host tonight. I'm so glad you're
with us. Every Saturday night at nine pm, we bring
you real conversations about retirement, resilience and protecting the life
(00:27):
you've worked so hard to build. We're a proud, family
run firm based right here in New England, and for
over twenty two years, we've helped thousands of families plan
for the next chapter with clarity and confidence. You may
know us from our two decades on the AM airwaves,
and now we're thrilled to bring that same trusted voice
(00:50):
to WBZ. This show is about more than just money.
It's about peace of mind purpose in making smart decisions
that support the people you love. Each week, I'm joined
by my children, William Kelly Junior and Mary Madeline Kelly,
along with our incredible team of fiduciary advisors. Together, we
(01:11):
share practical strategies, personal stories, and a few laughs along
the way. We'll cover everything from inflation and taxes to
income planning, market trends, and how to leave a lasting legacy.
Because retirement isn't The end of the story is the
beginning of a new one. So if you're winding down
(01:32):
for the evening, pour something relaxing, settle in and spend
a little time with us. You're in good company and
we're glad you're here. This is Safe Money Strategies where family, finance,
and your future come together.
Speaker 2 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at Kelly Financial dot org.
Speaker 1 (02:07):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call 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,
in our family, and what really matters most when you're
(02:30):
planning for the future. Sometimes is light, sometimes it is thoughtful,
but it's always real. Good evening, William, how are you.
Speaker 2 (02:38):
I'm fine, Mom, and yourself.
Speaker 1 (02:39):
I'm doing great.
Speaker 2 (02:40):
That's great. So ladies and gentlemen, if you miss the
call in on Friday, you may be unfamiliar where all
this hype is and why there's all this commotion going on.
And Ladies and Gentlemen, I have been working diligently on
this project which I have been hinting out for the
past six months.
Speaker 1 (03:02):
More than six months, William, probably since January.
Speaker 2 (03:06):
Oh my gosh, wow, I'm kidding. This project, Ladies and Gentlemen,
is my first book, Only The Good invest Young, where
I tackle every single question and concern of the younger
generation when it comes to finance and financial topics. And
I have just about a chapter for everything that I
could possibly theorize every single issue from I don't know,
(03:32):
doubling down on your retirement accounts or managing debt, to
speculation versus investing, compound interest, you name it, Ladies and Gentlemen.
And then just to top it off, I decided not
to just leave it there, but I decided, Okay, I
think anybody can get this information from me right this
(03:52):
you know it's valuable, But I want to add more
value to this book. So I decided to interview roughly
twenty people that I know personally who are very, very
successful people, and not just successful in the money side,
but also successful in the life side, if you know
what I mean, and the career and the passion side
as well. I wanted to interview the most successful entrepreneurs, communicators,
(04:17):
people who are just perfect at their craft. And I
compiled some incredible people and the outpour I got, ladies
and gentlemen, was I'll use insanity as the word and
the most positive context possible. I mean, some people, I
asked for a very specific amount of information because I
didn't want to waste people's time, but I wanted to
(04:38):
get a good golden nugget of wisdom. Some people who
honestly were very generous at their time, considering their place
and you in their place of work. They went above
and beyond. And other people kept it short and simple
and it was perfect how it was so in my opinion,
Ladies and gentlemen, I think, if even though this is
(05:01):
meant for my generation, even though it's meant for gen z,
it's still good advice for you and you can pass
us along to your kids or your grandkids. And that's
kind of the goal we had in mind, was, Hey,
this is a book for everybody. Obviously, the Niches. You know,
folks aged eighteen to twenty eight, but you can be
in your thirties and forties and this is still good information,
or your sixties and seventies exactly. It is for anyone, exactly,
(05:24):
and it's.
Speaker 1 (05:25):
A great opener for grandparents, parents to use this book
in conversation with their children grandchildren. Yes, ma'am, I think
it's a wonderful guide. I agree, and Kelly Financial will
we will have a nice collection or a nice big
shipment of these books in the near future, and we
(05:49):
will be giving them to our clients who are interested
in callers who reach out to us. So the supplies,
I know they will go.
Speaker 2 (05:59):
Fast, Yes, ma'am, they will, and it will be a
good thing. It will be a very good thing. I'm
so excited to hand these out. Expect them to be here,
you know, early fall. It would be a way before Christmas,
but ideally we could have it early October, but there's
a chance of ladies and gentlemen that might not happen.
I'd like to get some book signings done so I
can shake hands with people and kind of hear some
(06:20):
of their thoughts and you know, what they hope to
see and what they hoped to read in this book.
And then I can't wait to shake hands again and
to hear what people thought of the book after they've
read it. Absolutely, and I can't wait to speak on it.
Speaker 1 (06:33):
You get a great job, William.
Speaker 2 (06:35):
Thank you very much. Mom. I there were some days
where I think I spent at least sixteen hours just
on the computer.
Speaker 1 (06:41):
You the first, the first read that I took. I mean,
you blew me away. You blew me away. I you know,
I knew it was going to be good, but I
mean it took me back a little bit, to be honest.
Speaker 2 (06:57):
You did.
Speaker 1 (06:58):
You put everything into it?
Speaker 2 (07:00):
Thanks Mom. Why I wouldn't want to settle. I wouldn't
want to put nothing into it. I would feel like
I'd be doing a dissurface to my generation if I
if I didn't give it one hundred and five percent.
You know, That's what I was taught to do. My
wrestling coach was always adamant about that. Dad was always
adamant about that. If I'm going to give something of
value to people, I'm going to give it everything and
then some.
Speaker 1 (07:20):
Because oh, he's definitely smiling down William.
Speaker 2 (07:22):
Thanks Mom, I appreciate that a.
Speaker 1 (07:25):
Lot based on yesterday. We had a huge outpour. Well,
we had a lot of calls from clients and listeners
who want the book. They want your book, William, So
our list has started and.
Speaker 2 (07:40):
Is looking good. I'm so excited, ladies and gentlemen. Thank
you so much for your support. I can't wait to
speak on this. I can't wait to meet you guys.
I really am just ecstatic that this book and me
in the hands of folks now. It just blows me
away because all I want to do is help, to
be honest, That's the whole goal of this book is
to help change someone. That's all I want to do.
(08:02):
So if it does, ladies and gentlemen, if it changes
your life, your grandchild's life, your child's life, please let
me know so.
Speaker 1 (08:10):
Well, that's a good reason. Education is never bad.
Speaker 2 (08:14):
No knowledge is power.
Speaker 1 (08:15):
Absolutely, do keep us on your dial. We've got a
lot of great content coming your way. Mike Ducett and
Greg Workman will break down the smart choices you can
make with your four to oh one K from rollovers
to retirement. Mary Madeline Kelly and Greg Murray will discuss
the importance of a power of attorney and health care
(08:36):
proxy I will be back with William to talk more
about his exciting book Only the Good and Vest Young,
sharing smart strategies for gen Z and really for anyone
who wants to build wealth the right way.
Speaker 2 (08:51):
And of course we'll close.
Speaker 1 (08:52):
The hour with some wit and wisdom from the late
Bill Kelly. His words continue to inspire and guide us
app for forever Young. Thank you for listening, William, thank
you for joining me. We'll be back with more content.
I love you, Honey, I love you too.
Speaker 3 (09:07):
Mom.
Speaker 2 (09:11):
Call us today at eight eight hundred and twenty eighty
one or visit us online at Kellyfinancial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (09:23):
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
(09:46):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 4 (09:56):
Welcome everyone to another episode of Safe Money strategies. I'm
Mike Ducett, chief operating officer at Kelly Financial, and with me,
as always is my colleague, investment advisor Greg Workman. Greg,
how are you tonight?
Speaker 2 (10:09):
Doing great?
Speaker 5 (10:09):
As always, Mike, Always good to be here and always
good to talk about the strategies that can help people
feel more confident about their retirement.
Speaker 4 (10:19):
Exactly, and that's what our show is all about. Each
week we talk about planning, investing, and making sure you
are prepared for retirement, not just in terms of dollars
and cents, but in terms of confidence, peace of mind,
and a clear path forward. Now, Greg, one thing we
always stress at Kelly Financial is that we are for douciaries.
That's not just a fancy title, it's an important responsibility.
Speaker 5 (10:41):
That's right, Mike. Being a fiduciary means we're legally and
ethically obligated to put our clients' best interests first. Unfortunately,
not every financial professional can say that. Some operate under
a suitability standard, which only requires that a recommendation be
quote unquote suitable, not necessarily the best option for the client.
(11:05):
We think there's a big difference.
Speaker 4 (11:08):
Here, and when people are choosing who to work with
the difference can be critical. At Kelly Financial, our first
priority is helping people build a written financial plan.
Speaker 3 (11:17):
Before we talk investments, Before we dive into four oh
one k's or iras.
Speaker 4 (11:22):
Or social security strategies, we start with the plan, right.
Speaker 5 (11:26):
The written plan is like a roadmap. Without it, you're
just hoping you'll end up in the right place. With it,
you can actually see how your retirement might out, unfold,
test different scenarios, and make better informed decisions exactly.
Speaker 4 (11:42):
And that's why we created our planning workbook, which is
called fittingly Enough Safe Money Strategies. It helps folks walk
through the process, identify their goals, and start putting the
pieces together. Tonight, we're going to spend some time talking
about four to oh one K options. This is a
topic that comes up constantly because so many people have
a four to oh one K through work and eventually
(12:03):
they either leave that job or retire.
Speaker 3 (12:06):
And need to decide what to do with the account.
Speaker 5 (12:08):
Yes, and there are a lot of choices there, some good,
some not so good, And if you don't know the rules, taxes,
or the timing involved, you could leave a significant amount
of money on the table or get hit with costly penalties.
Speaker 4 (12:25):
That's why tonight's conversation is going to be valuable. But
before we dive in, I want to remind our listeners
that if you'd like to get a copy of our
Safe Money Strategies workbook, or if you'd rather skip ahead
and talk directly about your four to oh one K,
we're happy to sit down with you for a complementary,
no obligation meeting. You can request the workbook or you
can schedule a four to oh one K review. Either way,
(12:47):
no pressure, no obligation. Greg, Let's start with the big
picture before we drill down into four oh one K's
when people come to see us, what's usually on their minds.
Speaker 5 (12:57):
Most of the time, they're worried about whether they'll have
enough to retire comfortably. They might have multiple accounts four
to one case, iras, brokerage accounts, or maybe some money
in the bank, but they don't have a clear sense
of how those pieces fit together.
Speaker 4 (13:14):
Right, and that's where the written plan comes in. It's
not just about having money saved, it's about knowing how
to use that money in retirement. How much income can
you generate, how long will it last, what happens if
the market goes down, or if inflation rises, or if
you have unexpected health expenses, and.
Speaker 5 (13:31):
Those are exactly the kinds of scenarios we model out.
Will show you what retirement looks like if you retire
at sixty five, sixty two, or wait all the way
until seventy. Well, look at what happens if you downsize
your home or if you delay taking your Social Security benefit.
And once people see the numbers, it gives them a
(13:53):
lot of clarity and peace of mind.
Speaker 4 (13:55):
It's like turning the lights on in a dock room. Suddenly,
instead of guessing, you can see where you're going.
Speaker 5 (14:00):
And the reason we emphasize this is because a lot
of people get hung up on the investments. First. They
want to know should I buy this fund? Should I
be in stocks and bonds? What about gold? What about cryptocurrency?
But if you don't have the plan in place, those
are just disconnected pieces exactly.
Speaker 4 (14:21):
That's why our process always starts with planning. The investments
come after we understand your goals, your income needs, and
your risk tolerance. Okay, let's pivot now into four oh
one ks.
Speaker 3 (14:32):
Greg.
Speaker 4 (14:32):
This is one of the most common questions we hear.
I just left my job what do I do with
my four oh one K?
Speaker 5 (14:38):
Yes, it comes up all the time. People may change
jobs multiple times in their career, and each time they
have a decision to make about that four to oh
one K or employer sponsored plan. The good news is
you do have options. The tricky part is knowing which
one is best for you.
Speaker 3 (14:59):
So let's stop at the beginning.
Speaker 4 (15:00):
If someone leaves a job, whether it's voluntary or not,
what are they entitled to in their four oh one K.
Speaker 5 (15:07):
You're entitled to your vested balance. Now that includes all
of your contributions where they're pretext, after tax or WROTH,
plus the investment earnings on these amounts, and it includes
your employer contributions that have vested according to the plans. Schedule.
Speaker 3 (15:25):
Investing is an important concept.
Speaker 4 (15:26):
Some plans use what's called cliff vesting, where after three
years you're one hundred percent vested. Others use grade investing
where you gain twenty percent per year and reach full
vesting after six years. And of course some plans vest immediately. Actually,
that's probably the most common option that we see in
four oh one ks, is immediate vesting exactly.
Speaker 5 (15:48):
The key point is if you leave before you're fully vested,
you may forfeit some of those employer contributions, so timing
can matter. If you're just a few months away from
being fully vested, it may make sense to hold on
a bit longer if you can.
Speaker 3 (16:07):
That's a great point.
Speaker 4 (16:08):
So once you leave and you are vested, the next
question is what do I do with this money? And
one thing we always caution against is spending it.
Speaker 5 (16:16):
Yes, that lump sum can look awfully tempting, especially if
you're in between jobs, but if you take a distribution,
you will pay income tax on the taxable portion, and
if you're under age fifty five, you may also face
a ten percent early withdrawal penalty.
Speaker 4 (16:34):
And that can be a very expensive mistake. So what
are the alternatives?
Speaker 5 (16:38):
Well, if your vested balance is more than seven thousand dollars,
you usually have three main options. First, leave it in
your former employer's plan. Second, roll it over to your
new employers for a one K plan if allowed, or
third roll it into an IRA an end digital retirement account.
(17:02):
Each has pros and cons and the right choice depends
on the ins and outs of your situation.
Speaker 4 (17:08):
We need to take a quick break, but when we
come back, Greg and I will walk through the pros
and cons of rolling to an IRA versus rolling to
a new employer's plan, and some of the rules you
need to be aware of, like required distributions and ROTH conversions.
Before we step away, I want to remind you if
you'd like a copy of our Safe Money Strategies workbook.
Speaker 3 (17:28):
Just reach out.
Speaker 4 (17:29):
It's free, it's educational, and it can help you start
building your retirement roadmap. Or if you'd like to skip
ahead and talk directly about your four to oh one K,
We're happy to meet with you for a complementary review.
Speaker 3 (17:41):
Again, no cost, no pressure, no obligation. Stay with us.
We'll be right back.
Speaker 1 (17:49):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred and
(18:11):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us. Welcome to Safe
Money Strategies. I'm Kelly Kelly, and I'm here with my son,
William Kelly Junior. We're especially excited today because William has
(18:34):
been working on something brand new. If you were listening
to Jeff Kooner's show yesterday morning, you may have heard
him tease it. William was live on the air sharing
some of the story, and today we get to talk
about it together.
Speaker 2 (18:50):
That's right, thanks mom. The project is my first book.
It's called Only the Good invest Young. I wrote it
for mind Generation gen Z, but it's also for parents
and grandpa parents. It's a resource that families can share
across generations. You can read a chapter, then hand it
to a son, daughter, or grandchild and use it to
start a real conversation about money.
Speaker 1 (19:11):
And that's what makes it so valuable. It isn't just
a heavy textbook. It's approachable, it's easy to understand, and
it's full of ideas that matter. It's the kind of
book I wish I had when I was starting out,
because the truth is, most of us don't get much
financial education in school. We learn the hard way by
(19:34):
trial and error, and those errors can be quite expensive.
Speaker 2 (19:40):
Exactly, my goal was to make financial education feel less
like homework, and more like a roadmap. The book is
full of everyday examples, first jobs, paychecks, credit cards, rent,
even the temptation to spend everything you make. I wanted
to explain how small steps, if you start early, can
change your entire financial future. Of then, people wait until
(20:01):
they hit a wall student loans, credit card debt, lifestyle costs,
and by then it feels overwhelming. I wanted to give
people tools to avoid those traps before they happen.
Speaker 1 (20:11):
One thing I noticed as I read your early drafts
was just how personal the stories are. You're not just
lecturing your sharing your own experiences, what you've seen with friends,
and even lessons passed down from your dad and your grandfather.
Speaker 2 (20:27):
Yes, because money is never just numbers. It's always tied
to people, to choices and to stories. I talk about
growing up in this business, hearing dad's voice in the radio,
and now getting to work with you and Mary Madeline.
I share what it felt like to get my first paycheck,
what I did right, and also what I almost did wrong.
The point is anyone can learn from those real moments.
Speaker 1 (20:46):
That makes the book relatable. You've got practical sections too.
For example, you outline what you call the starter system
the three things every young adult should put in place
right away. I think it's great because it's simple enough
that anyone can do it, but powerful enough to make
a lasting difference.
Speaker 2 (21:08):
Yes. Step one is to automate a little bit of savings,
even if it's just twenty five dollars a paycheck. Step
two is to avoid high interest debt. Don't let credit
cards control you. Step three is to take advantage of
any match if your employer offers one. If you only
do those three things in your twenties, you'll be ahead
of most people by the time you're in your thirties.
(21:28):
The key is to start, even if it feels small.
Speaker 1 (21:31):
I also like the chapter where you talk about peers.
Gen Z leans on each other. They share ideas, they
trade ideas online, they warn each other about mistakes, and
they celebrate wins. Your book is designed to fit right
into that ecosystem.
Speaker 2 (21:50):
That's true. If you scroll through TikTok or Reddi, you'll
see finance conversations everywhere. Some of it is good advice,
some of it not so much. My hope is that
this book can become a steady of one, something people
can share with confidence, knowing it's based on real strategies,
not height. It's short, practical, and designed to be talked about.
Speaker 1 (22:07):
Another theme you bring up is momentum. You say it's
not about being perfect, it's about getting moving, and I
think that's really important for everyone to hear, no matter
their age.
Speaker 2 (22:20):
Absolutely, if you wait for the perfect time or the
perfect market, you'll wait forever. The perfect is the enemy
of good. Momentum matters more. Put a little into savings
this week. Contribute something to a roth if you're eligible,
even if it feels tiny, the act of starting is powerful.
Then you build more from there.
Speaker 1 (22:38):
And this really isn't just for twenty somethings. A lot
of parents and grandparents listening today have been looking for
ways to open up the conversation with the younger generation.
This book gives you that chance. You can hand it
to them and say, here, read this first, let's talk later.
Speaker 2 (22:57):
Yes, it creates an entry point. Families want to talk
talk about money, but they don't always know how to begin.
A short book with examples, checklists and questions make it
less intimidating. You don't need to know everything yourself. You
just need to be willing to start the dialogue.
Speaker 1 (23:12):
And it's the right season two, we're heading in to
fall back to school new routines, and soon the holidays
is the time of the year when families are together,
and that makes it perfect for these conversations exactly.
Speaker 2 (23:28):
The book will be available this fall before Thanksgiving. We'll
be offering complimentary copies to our clients and also to
any of our radio listeners who request one. That way,
people can have it in hand as the year winds
down and they can start fresh in the new year
with a stronger plan.
Speaker 1 (23:42):
So our dear listeners, you'll be hearing more about William's
book over the next several weeks. It's called Only the
Good invest Young, is designed to help young adults take control,
and it's also designed to help parents and grandparents share
financial wisdom in a way that sticks.
Speaker 2 (24:03):
And we'll be here to keep the conversation going because
information is powerful, but applying it in your own life
that's where change happens, and our team at Kelly Financial
Services is here to walk with you every step of
the way.
Speaker 1 (24:15):
Stay with us. In our next segment, we'll go deeper
into some of the strategies. William outlines, things like the
Trinity of retirement accounts in a practical first ninety Days
checklist you'll want to share with your family. You're listening
to safe Money Strategies, We'll be right back.
Speaker 2 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty eight one,
or go to Kelly Financial dot org. That's Kelly at
Kelly financial dot org
Good evening and welcome to Safe Money Strategies right here
on WBZ News Radio. I'm Kelly Kelly, founder of Kelly
Financial Services, and your host tonight. I'm so glad you're
with us. Every Saturday night at nine pm, we bring
you real conversations about retirement, resilience and protecting the life
(00:27):
you've worked so hard to build. We're a proud, family
run firm based right here in New England, and for
over twenty two years, we've helped thousands of families plan
for the next chapter with clarity and confidence. You may
know us from our two decades on the AM airwaves,
and now we're thrilled to bring that same trusted voice
(00:50):
to WBZ. This show is about more than just money.
It's about peace of mind purpose in making smart decisions
that support the people you love. Each week, I'm joined
by my children, William Kelly Junior and Mary Madeline Kelly,
along with our incredible team of fiduciary advisors. Together, we
(01:11):
share practical strategies, personal stories, and a few laughs along
the way. We'll cover everything from inflation and taxes to
income planning, market trends, and how to leave a lasting legacy.
Because retirement isn't The end of the story is the
beginning of a new one. So if you're winding down
(01:32):
for the evening, pour something relaxing, settle in and spend
a little time with us. You're in good company and
we're glad you're here. This is Safe Money Strategies where family, finance,
and your future come together.
Speaker 2 (01:50):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty and
one or go to Kelly Financial dot org. That's Kelly
at Kelly Financial dot org.
Speaker 1 (02:07):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call 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,
in our family, and what really matters most when you're
(02:30):
planning for the future. Sometimes is light, sometimes it is thoughtful,
but it's always real. Good evening, William, how are you.
Speaker 2 (02:38):
I'm fine, Mom, and yourself.
Speaker 1 (02:39):
I'm doing great.
Speaker 2 (02:40):
That's great. So ladies and gentlemen, if you miss the
call in on Friday, you may be unfamiliar where all
this hype is and why there's all this commotion going on.
And Ladies and Gentlemen, I have been working diligently on
this project which I have been hinting out for the
past six months.
Speaker 1 (03:02):
More than six months, William, probably since January.
Speaker 2 (03:06):
Oh my gosh, wow, I'm kidding. This project, Ladies and Gentlemen,
is my first book, Only The Good invest Young, where
I tackle every single question and concern of the younger
generation when it comes to finance and financial topics. And
I have just about a chapter for everything that I
could possibly theorize every single issue from I don't know,
(03:32):
doubling down on your retirement accounts or managing debt, to
speculation versus investing, compound interest, you name it, Ladies and Gentlemen.
And then just to top it off, I decided not
to just leave it there, but I decided, Okay, I
think anybody can get this information from me right this
(03:52):
you know it's valuable, But I want to add more
value to this book. So I decided to interview roughly
twenty people that I know personally who are very, very
successful people, and not just successful in the money side,
but also successful in the life side, if you know
what I mean, and the career and the passion side
as well. I wanted to interview the most successful entrepreneurs, communicators,
(04:17):
people who are just perfect at their craft. And I
compiled some incredible people and the outpour I got, ladies
and gentlemen, was I'll use insanity as the word and
the most positive context possible. I mean, some people, I
asked for a very specific amount of information because I
didn't want to waste people's time, but I wanted to
(04:38):
get a good golden nugget of wisdom. Some people who
honestly were very generous at their time, considering their place
and you in their place of work. They went above
and beyond. And other people kept it short and simple
and it was perfect how it was so in my opinion,
Ladies and gentlemen, I think, if even though this is
(05:01):
meant for my generation, even though it's meant for gen z,
it's still good advice for you and you can pass
us along to your kids or your grandkids. And that's
kind of the goal we had in mind, was, Hey,
this is a book for everybody. Obviously, the Niches. You know,
folks aged eighteen to twenty eight, but you can be
in your thirties and forties and this is still good information,
or your sixties and seventies exactly. It is for anyone, exactly,
(05:24):
and it's.
Speaker 1 (05:25):
A great opener for grandparents, parents to use this book
in conversation with their children grandchildren. Yes, ma'am, I think
it's a wonderful guide. I agree, and Kelly Financial will
we will have a nice collection or a nice big
shipment of these books in the near future, and we
(05:49):
will be giving them to our clients who are interested
in callers who reach out to us. So the supplies,
I know they will go.
Speaker 2 (05:59):
Fast, Yes, ma'am, they will, and it will be a
good thing. It will be a very good thing. I'm
so excited to hand these out. Expect them to be here,
you know, early fall. It would be a way before Christmas,
but ideally we could have it early October, but there's
a chance of ladies and gentlemen that might not happen.
I'd like to get some book signings done so I
can shake hands with people and kind of hear some
(06:20):
of their thoughts and you know, what they hope to
see and what they hoped to read in this book.
And then I can't wait to shake hands again and
to hear what people thought of the book after they've
read it. Absolutely, and I can't wait to speak on it.
Speaker 1 (06:33):
You get a great job, William.
Speaker 2 (06:35):
Thank you very much. Mom. I there were some days
where I think I spent at least sixteen hours just
on the computer.
Speaker 1 (06:41):
You the first, the first read that I took. I mean,
you blew me away. You blew me away. I you know,
I knew it was going to be good, but I
mean it took me back a little bit, to be honest.
Speaker 2 (06:57):
You did.
Speaker 1 (06:58):
You put everything into it?
Speaker 2 (07:00):
Thanks Mom. Why I wouldn't want to settle. I wouldn't
want to put nothing into it. I would feel like
I'd be doing a dissurface to my generation if I
if I didn't give it one hundred and five percent.
You know, That's what I was taught to do. My
wrestling coach was always adamant about that. Dad was always
adamant about that. If I'm going to give something of
value to people, I'm going to give it everything and
then some.
Speaker 1 (07:20):
Because oh, he's definitely smiling down William.
Speaker 2 (07:22):
Thanks Mom, I appreciate that a.
Speaker 1 (07:25):
Lot based on yesterday. We had a huge outpour. Well,
we had a lot of calls from clients and listeners
who want the book. They want your book, William, So
our list has started and.
Speaker 2 (07:40):
Is looking good. I'm so excited, ladies and gentlemen. Thank
you so much for your support. I can't wait to
speak on this. I can't wait to meet you guys.
I really am just ecstatic that this book and me
in the hands of folks now. It just blows me
away because all I want to do is help, to
be honest, That's the whole goal of this book is
to help change someone. That's all I want to do.
(08:02):
So if it does, ladies and gentlemen, if it changes
your life, your grandchild's life, your child's life, please let
me know so.
Speaker 1 (08:10):
Well, that's a good reason. Education is never bad.
Speaker 2 (08:14):
No knowledge is power.
Speaker 1 (08:15):
Absolutely, do keep us on your dial. We've got a
lot of great content coming your way. Mike Ducett and
Greg Workman will break down the smart choices you can
make with your four to oh one K from rollovers
to retirement. Mary Madeline Kelly and Greg Murray will discuss
the importance of a power of attorney and health care
(08:36):
proxy I will be back with William to talk more
about his exciting book Only the Good and Vest Young,
sharing smart strategies for gen Z and really for anyone
who wants to build wealth the right way.
Speaker 2 (08:51):
And of course we'll close.
Speaker 1 (08:52):
The hour with some wit and wisdom from the late
Bill Kelly. His words continue to inspire and guide us
app for forever Young. Thank you for listening, William, thank
you for joining me. We'll be back with more content.
I love you, Honey, I love you too.
Speaker 3 (09:07):
Mom.
Speaker 2 (09:11):
Call us today at eight eight hundred and twenty eighty
one or visit us online at Kellyfinancial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (09:23):
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
(09:46):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 4 (09:56):
Welcome everyone to another episode of Safe Money strategies. I'm
Mike Ducett, chief operating officer at Kelly Financial, and with me,
as always is my colleague, investment advisor Greg Workman. Greg,
how are you tonight?
Speaker 2 (10:09):
Doing great?
Speaker 5 (10:09):
As always, Mike, Always good to be here and always
good to talk about the strategies that can help people
feel more confident about their retirement.
Speaker 4 (10:19):
Exactly, and that's what our show is all about. Each
week we talk about planning, investing, and making sure you
are prepared for retirement, not just in terms of dollars
and cents, but in terms of confidence, peace of mind,
and a clear path forward. Now, Greg, one thing we
always stress at Kelly Financial is that we are for douciaries.
That's not just a fancy title, it's an important responsibility.
Speaker 5 (10:41):
That's right, Mike. Being a fiduciary means we're legally and
ethically obligated to put our clients' best interests first. Unfortunately,
not every financial professional can say that. Some operate under
a suitability standard, which only requires that a recommendation be
quote unquote suitable, not necessarily the best option for the client.
(11:05):
We think there's a big difference.
Speaker 4 (11:08):
Here, and when people are choosing who to work with
the difference can be critical. At Kelly Financial, our first
priority is helping people build a written financial plan.
Speaker 3 (11:17):
Before we talk investments, Before we dive into four oh
one k's or iras.
Speaker 4 (11:22):
Or social security strategies, we start with the plan, right.
Speaker 5 (11:26):
The written plan is like a roadmap. Without it, you're
just hoping you'll end up in the right place. With it,
you can actually see how your retirement might out, unfold,
test different scenarios, and make better informed decisions exactly.
Speaker 4 (11:42):
And that's why we created our planning workbook, which is
called fittingly Enough Safe Money Strategies. It helps folks walk
through the process, identify their goals, and start putting the
pieces together. Tonight, we're going to spend some time talking
about four to oh one K options. This is a
topic that comes up constantly because so many people have
a four to oh one K through work and eventually
(12:03):
they either leave that job or retire.
Speaker 3 (12:06):
And need to decide what to do with the account.
Speaker 5 (12:08):
Yes, and there are a lot of choices there, some good,
some not so good, And if you don't know the rules, taxes,
or the timing involved, you could leave a significant amount
of money on the table or get hit with costly penalties.
Speaker 4 (12:25):
That's why tonight's conversation is going to be valuable. But
before we dive in, I want to remind our listeners
that if you'd like to get a copy of our
Safe Money Strategies workbook, or if you'd rather skip ahead
and talk directly about your four to oh one K,
we're happy to sit down with you for a complementary,
no obligation meeting. You can request the workbook or you
can schedule a four to oh one K review. Either way,
(12:47):
no pressure, no obligation. Greg, Let's start with the big
picture before we drill down into four oh one K's
when people come to see us, what's usually on their minds.
Speaker 5 (12:57):
Most of the time, they're worried about whether they'll have
enough to retire comfortably. They might have multiple accounts four
to one case, iras, brokerage accounts, or maybe some money
in the bank, but they don't have a clear sense
of how those pieces fit together.
Speaker 4 (13:14):
Right, and that's where the written plan comes in. It's
not just about having money saved, it's about knowing how
to use that money in retirement. How much income can
you generate, how long will it last, what happens if
the market goes down, or if inflation rises, or if
you have unexpected health expenses, and.
Speaker 5 (13:31):
Those are exactly the kinds of scenarios we model out.
Will show you what retirement looks like if you retire
at sixty five, sixty two, or wait all the way
until seventy. Well, look at what happens if you downsize
your home or if you delay taking your Social Security benefit.
And once people see the numbers, it gives them a
(13:53):
lot of clarity and peace of mind.
Speaker 4 (13:55):
It's like turning the lights on in a dock room. Suddenly,
instead of guessing, you can see where you're going.
Speaker 5 (14:00):
And the reason we emphasize this is because a lot
of people get hung up on the investments. First. They
want to know should I buy this fund? Should I
be in stocks and bonds? What about gold? What about cryptocurrency?
But if you don't have the plan in place, those
are just disconnected pieces exactly.
Speaker 4 (14:21):
That's why our process always starts with planning. The investments
come after we understand your goals, your income needs, and
your risk tolerance. Okay, let's pivot now into four oh
one ks.
Speaker 3 (14:32):
Greg.
Speaker 4 (14:32):
This is one of the most common questions we hear.
I just left my job what do I do with
my four oh one K?
Speaker 5 (14:38):
Yes, it comes up all the time. People may change
jobs multiple times in their career, and each time they
have a decision to make about that four to oh
one K or employer sponsored plan. The good news is
you do have options. The tricky part is knowing which
one is best for you.
Speaker 3 (14:59):
So let's stop at the beginning.
Speaker 4 (15:00):
If someone leaves a job, whether it's voluntary or not,
what are they entitled to in their four oh one K.
Speaker 5 (15:07):
You're entitled to your vested balance. Now that includes all
of your contributions where they're pretext, after tax or WROTH,
plus the investment earnings on these amounts, and it includes
your employer contributions that have vested according to the plans. Schedule.
Speaker 3 (15:25):
Investing is an important concept.
Speaker 4 (15:26):
Some plans use what's called cliff vesting, where after three
years you're one hundred percent vested. Others use grade investing
where you gain twenty percent per year and reach full
vesting after six years. And of course some plans vest immediately. Actually,
that's probably the most common option that we see in
four oh one ks, is immediate vesting exactly.
Speaker 5 (15:48):
The key point is if you leave before you're fully vested,
you may forfeit some of those employer contributions, so timing
can matter. If you're just a few months away from
being fully vested, it may make sense to hold on
a bit longer if you can.
Speaker 3 (16:07):
That's a great point.
Speaker 4 (16:08):
So once you leave and you are vested, the next
question is what do I do with this money? And
one thing we always caution against is spending it.
Speaker 5 (16:16):
Yes, that lump sum can look awfully tempting, especially if
you're in between jobs, but if you take a distribution,
you will pay income tax on the taxable portion, and
if you're under age fifty five, you may also face
a ten percent early withdrawal penalty.
Speaker 4 (16:34):
And that can be a very expensive mistake. So what
are the alternatives?
Speaker 5 (16:38):
Well, if your vested balance is more than seven thousand dollars,
you usually have three main options. First, leave it in
your former employer's plan. Second, roll it over to your
new employers for a one K plan if allowed, or
third roll it into an IRA an end digital retirement account.
(17:02):
Each has pros and cons and the right choice depends
on the ins and outs of your situation.
Speaker 4 (17:08):
We need to take a quick break, but when we
come back, Greg and I will walk through the pros
and cons of rolling to an IRA versus rolling to
a new employer's plan, and some of the rules you
need to be aware of, like required distributions and ROTH conversions.
Before we step away, I want to remind you if
you'd like a copy of our Safe Money Strategies workbook.
Speaker 3 (17:28):
Just reach out.
Speaker 4 (17:29):
It's free, it's educational, and it can help you start
building your retirement roadmap. Or if you'd like to skip
ahead and talk directly about your four to oh one K,
We're happy to meet with you for a complementary review.
Speaker 3 (17:41):
Again, no cost, no pressure, no obligation. Stay with us.
We'll be right back.
Speaker 1 (17:49):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiduciary? In other words, are they legally required to
act in your best interest? My complimentary book, Retire Your Fear,
Plan Your Future, explains what a fiduciary is and will
help you understand if an advisor is really putting you first.
For the book, call eight eight eight eight hundred and
(18:11):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us. Welcome to Safe
Money Strategies. I'm Kelly Kelly, and I'm here with my son,
William Kelly Junior. We're especially excited today because William has
(18:34):
been working on something brand new. If you were listening
to Jeff Kooner's show yesterday morning, you may have heard
him tease it. William was live on the air sharing
some of the story, and today we get to talk
about it together.
Speaker 2 (18:50):
That's right, thanks mom. The project is my first book.
It's called Only the Good invest Young. I wrote it
for mind Generation gen Z, but it's also for parents
and grandpa parents. It's a resource that families can share
across generations. You can read a chapter, then hand it
to a son, daughter, or grandchild and use it to
start a real conversation about money.
Speaker 1 (19:11):
And that's what makes it so valuable. It isn't just
a heavy textbook. It's approachable, it's easy to understand, and
it's full of ideas that matter. It's the kind of
book I wish I had when I was starting out,
because the truth is, most of us don't get much
financial education in school. We learn the hard way by
(19:34):
trial and error, and those errors can be quite expensive.
Speaker 2 (19:40):
Exactly, my goal was to make financial education feel less
like homework, and more like a roadmap. The book is
full of everyday examples, first jobs, paychecks, credit cards, rent,
even the temptation to spend everything you make. I wanted
to explain how small steps, if you start early, can
change your entire financial future. Of then, people wait until
(20:01):
they hit a wall student loans, credit card debt, lifestyle costs,
and by then it feels overwhelming. I wanted to give
people tools to avoid those traps before they happen.
Speaker 1 (20:11):
One thing I noticed as I read your early drafts
was just how personal the stories are. You're not just
lecturing your sharing your own experiences, what you've seen with friends,
and even lessons passed down from your dad and your grandfather.
Speaker 2 (20:27):
Yes, because money is never just numbers. It's always tied
to people, to choices and to stories. I talk about
growing up in this business, hearing dad's voice in the radio,
and now getting to work with you and Mary Madeline.
I share what it felt like to get my first paycheck,
what I did right, and also what I almost did wrong.
The point is anyone can learn from those real moments.
Speaker 1 (20:46):
That makes the book relatable. You've got practical sections too.
For example, you outline what you call the starter system
the three things every young adult should put in place
right away. I think it's great because it's simple enough
that anyone can do it, but powerful enough to make
a lasting difference.
Speaker 2 (21:08):
Yes. Step one is to automate a little bit of savings,
even if it's just twenty five dollars a paycheck. Step
two is to avoid high interest debt. Don't let credit
cards control you. Step three is to take advantage of
any match if your employer offers one. If you only
do those three things in your twenties, you'll be ahead
of most people by the time you're in your thirties.
(21:28):
The key is to start, even if it feels small.
Speaker 1 (21:31):
I also like the chapter where you talk about peers.
Gen Z leans on each other. They share ideas, they
trade ideas online, they warn each other about mistakes, and
they celebrate wins. Your book is designed to fit right
into that ecosystem.
Speaker 2 (21:50):
That's true. If you scroll through TikTok or Reddi, you'll
see finance conversations everywhere. Some of it is good advice,
some of it not so much. My hope is that
this book can become a steady of one, something people
can share with confidence, knowing it's based on real strategies,
not height. It's short, practical, and designed to be talked about.
Speaker 1 (22:07):
Another theme you bring up is momentum. You say it's
not about being perfect, it's about getting moving, and I
think that's really important for everyone to hear, no matter
their age.
Speaker 2 (22:20):
Absolutely, if you wait for the perfect time or the
perfect market, you'll wait forever. The perfect is the enemy
of good. Momentum matters more. Put a little into savings
this week. Contribute something to a roth if you're eligible,
even if it feels tiny, the act of starting is powerful.
Then you build more from there.
Speaker 1 (22:38):
And this really isn't just for twenty somethings. A lot
of parents and grandparents listening today have been looking for
ways to open up the conversation with the younger generation.
This book gives you that chance. You can hand it
to them and say, here, read this first, let's talk later.
Speaker 2 (22:57):
Yes, it creates an entry point. Families want to talk
talk about money, but they don't always know how to begin.
A short book with examples, checklists and questions make it
less intimidating. You don't need to know everything yourself. You
just need to be willing to start the dialogue.
Speaker 1 (23:12):
And it's the right season two, we're heading in to
fall back to school new routines, and soon the holidays
is the time of the year when families are together,
and that makes it perfect for these conversations exactly.
Speaker 2 (23:28):
The book will be available this fall before Thanksgiving. We'll
be offering complimentary copies to our clients and also to
any of our radio listeners who request one. That way,
people can have it in hand as the year winds
down and they can start fresh in the new year
with a stronger plan.
Speaker 1 (23:42):
So our dear listeners, you'll be hearing more about William's
book over the next several weeks. It's called Only the
Good invest Young, is designed to help young adults take control,
and it's also designed to help parents and grandparents share
financial wisdom in a way that sticks.
Speaker 2 (24:03):
And we'll be here to keep the conversation going because
information is powerful, but applying it in your own life
that's where change happens, and our team at Kelly Financial
Services is here to walk with you every step of
the way.
Speaker 1 (24:15):
Stay with us. In our next segment, we'll go deeper
into some of the strategies. William outlines, things like the
Trinity of retirement accounts in a practical first ninety Days
checklist you'll want to share with your family. You're listening
to safe Money Strategies, We'll be right back.
Speaker 2 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
Kelly Financial at eighty eight eight hundred and twenty eight one,
or go to Kelly Financial dot org. That's Kelly at
Kelly financial dot org
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