November 8, 2025 • 24 mins
This week on Safe Money Strategies, Kelly and her son William Kelly celebrate strength,service, and the power to stand tall on every level. They open the hour with Forever Young, sharing William’s record-breaking weekend where he deadlifted 601 pounds, setting eight new state records and a state championship, and reflecting on the honor of joining iHeartMedia’s live DAV Radiothon to support Disabled American Veterans. From there, Kelly and William explore what it means to thrive independently in their discussion, “When We Become Me”, how to live alone with confidence, clarity, and a sense of purpose, both financially and personally. Next, Mike Doucette and Greg Workman cover smart year-end income strategies to help retirees navigate inflation and prepare wisely for 2026. Then, Mary Madeline Kelly and Greg Murray outline the five biggest RMD mistakes retirees should avoid before December 31st. The hour concludes with another timeless reflection from The Wit and Wisdom of Bill Kelly, celebrating legacy, gratitude, and family values that never fade.
Make Safe Money Strategies part of your Saturday night tradition. Have questions or want to schedule a complimentary consultation? Call 888-800-1881 or email kelly@kellyfinancial.org.
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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 boys
(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
InCom 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 ll financial dot org.
Speaker 1 (02:08):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son, William Kelly
Junior and we talk about life, what's going on in
the world, and our family and what really matters most
(02:31):
when you're planning for the future. Sometimes it's light, sometimes
is thoughtful, but it's always real. Good evening. William, how
are you, mom?
Speaker 3 (02:41):
I'm fantastic, Thank you for asking, and I'm sitting here
in our recording studio and I'm looking at order confirmation
for him, for William Kelly. Do you know what that means?
Do you want to tell the listeners?
Speaker 1 (02:52):
It means the book has been published and is going
to print.
Speaker 3 (02:57):
Yeah, baby, So we're very excited for that. It's been
a very eventful week, has it not.
Speaker 1 (03:03):
Yes, it has.
Speaker 3 (03:05):
So I'm sure some of you remember that last Saturday
I spoke about my powerlifting competition, and you know, I'm
not gonna lie. I was a little nervous going up
to it. It turned out that it was a really
good day. So in the morning you get there for
rules briefing and then it's squat time, and so you
start with your squat. You have three attempts. The highest
lift I got was five hundred and twelve pounds good lift,
(03:27):
state record. Then for the bench press, I didn't make
my third attempt. I made my second attempt, which was
three fifteen three hundred and fifteen pounds, also a state record.
And then finally for the deadlifts. I am a deadlift specialist.
For those who are not familiar with the deadlift, the
weight is on the ground, the bar bell is on
the ground with the plates attached, and your goal is
(03:50):
to lift it up and lock out your hips. So
you basically you bend down and you lift it up
standing straight. You don't bend down with a curved back.
You bend down with a straight back. You lift with
your knees and all of that. So with proper form
you can do it safely. And I got six hundred pounds,
ladies and gentlemen, and I set a sid record and
I'm a second time state champion again.
Speaker 1 (04:12):
Congratulations, thank you very much. And I think it was
six hundred and one pounds.
Speaker 3 (04:17):
Thank you for correcting me. So that was six hundred
and one pounds.
Speaker 1 (04:21):
You said you were going to try for the six hundred.
I looked at your trainers and said, is this safe?
That was the first thing out of my mouth.
Speaker 3 (04:31):
And one of them, one of the people who are there,
one of our friends, He goes, I don't know, we're
gonna find out well.
Speaker 1 (04:38):
And the other one said, he's been training for this,
he's ready.
Speaker 3 (04:41):
It was a wonderful day. I made a lot of
friends and over in general fitness of Fall River. Fantastic people,
great community. I got to wrap Bullfrog Fit. That was great.
That's the gym where I'd like to work at for
a part time job and as a powerlifting trainer. And
so part of this was also kind of building rapport.
You know. I wanted to go out and compete and
(05:03):
kind of stamp my name a little bit more into
the parerlating community. And all the refs were saying, Yeah,
you're coming back, You're coming back, that's a fact. And
so I've just been so blessed to have this sport
introduced to me. I'm so blessed to just you know,
have amazing people by my side. I would say that
the support did fifty percent of the lifting. The other
(05:25):
fifty percent was the training and hard work and the muscles.
So I really am blessed to have this type of
family and to have this type of you know, this community.
Speaker 1 (05:34):
It's just we're all very proud of you.
Speaker 3 (05:36):
Thank you very much. And as we know, the dav
event had just happened. That was a wonderful time. It
was great to see Jeff. It was good to represent
Kelly Financial Services. So I had to leave at five
point forty five and make it to iHeart Studios in
one piece and awake, and I did it.
Speaker 1 (05:52):
Somehow, Yes you did.
Speaker 3 (05:54):
That was a lot of fun. It was great shore everybody.
And finally, today's the day where I go to Bryant
open house. Ladies and gentlemen, I'm going to college to
get more knowledge. We're going to Bryant's open house tonight.
We're going to check out the school a little bit closer,
you know, probably meet some students and you know, we'll
see what type of thing they have going on there.
(06:15):
But honestly, all in all, I've applied to a bunch
of different schools, good schools. I think Bryant University is
a place I want to go. I feel like I'm
locked in there. But you know what, before we you know,
put like a down payment or anything like that, I
think we need to go and check it out.
Speaker 1 (06:29):
Yes, yes, so, yes.
Speaker 3 (06:31):
Which we already have. We've gone on a tour. But
it'd be good to be there at a different time
of the year and to kind of see it while
it's in busy season where everybody's so yeah, that'll be
much better. Yeah, and uh, I'm for you, thank you,
And ladies and gentlemen. My mom is going to go
work out. She's going to start training at the gym
where I want to work. The amazing community over there
(06:53):
is going to take her in with open arms, and
mom is going to start training. Are you excited?
Speaker 1 (06:57):
I am excited.
Speaker 3 (06:58):
This is going to be a change to me, be
a lifestyle change. Yes, it can be different. Yes, So,
ladies and gentlemen. During the weekdays. This week, I had
done some shadow hours and I'd worked with some older
clients and these folks were in their late seventies, mid eighties.
And these people are going to the gym and they're
doing functional training. They're doing squats, they're doing overhead presses,
(07:21):
they're using machines, and four to six months previous, they
couldn't even sit down and get back up independently. And
now they're doing all these things.
Speaker 4 (07:31):
Wow.
Speaker 3 (07:31):
And so you know there's more to living. Extremely seeing
it firsthand. Extremely these people at this gym, they don't
just take into account the exercise, but they also take
into account the lifestyle, the nutrition, and they live it themselves.
Like I have to do a trainer test, I have
to do a physical fitness test, which is very intense.
I have to do a full comprehensive test. So I
(07:53):
have to understand material. I have to understand how to
put someone in a deficit. I need to understand programming, nutrition,
the major mind so groups in the body, and the
scientific names how they work. So it's a lot and
I have to learn and I can't get a single
thing wrong. I have to do everything correct on the
comprehensive test and I cannot fail anything on the fitness
(08:13):
test or else to have to start all the way
over and wait three months.
Speaker 1 (08:16):
Wow.
Speaker 3 (08:17):
So it's just like taking the Series sixty five. You
got to wait. He has a high standard for the
people who work there. It's very high. So I can
see that it's cool.
Speaker 1 (08:25):
I can Yes, that does not surprise me though. Well, William,
you are working towards being the full package on the
finance side, the health side, I mean full package, baby,
Thank you.
Speaker 3 (08:44):
I've still got a lot of work to do. I
got a lot of work to do in my company's
got a lot of work to do with my powerlifting.
I got some records. I want to go national. I
want to break some national records if I can get
up there.
Speaker 1 (08:54):
So I don't know, know, Well, you're wise with your time.
You spend a lot of time on Kelly Financial and
you amaze me.
Speaker 3 (09:02):
Thank you, well you made me so you half the credit.
Speaker 1 (09:07):
Well thank you, William. Of course, yeah, do keep us
on your dial. We've got a lot of great content
coming your way. Mike do Set and Greg Workman will
share how to turn required distributions into charitable giving, and
how to ease financial stress and retirement. Mary, Madeline Kelly
and Greg Murray will tackle the RMD season head on
(09:29):
sharing smart year in strategies to help you avoid costly
mistakes and make the most of your retirement income. I
will be back with William and we will talk about confidence, clarity,
and living solo with strength, from housing and budgeting to
purposeful planning for the road ahead. And of course we'll
(09:50):
close the hour with some wit and wisdom from the
late Bill Kelly. His words continue to inspire and guide us.
That's a wrap for or forever young. Thank you for listening,
and William, thank you for joining me. We'll be back
with more great content. I love you, Honey, I.
Speaker 3 (10:07):
Love you too.
Speaker 2 (10:07):
BA Call us today at eight hundred and eighty one
or visit us online at Kelly Financial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (10:26):
I'm Kelly Kelly from Kelly Financial. Whether you're in your forties, fifties,
or sixties. Financial advice is important when it comes to
preserving your nest egg. We have a free investor guide
called designing your Fiscal House to Weather the Elements, which
highlights the steps needed to build a balanced portfolio. For
the guide, call eight eight eight eight hundred eighteen eighty
(10:49):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 5 (11:00):
Welcome back to Safe Money Strategies, the show where we
talk about building retirement plans that work just as hard
as you do. I'm Mike Duscett, chief operating officer at
Kelly Financial Services.
Speaker 4 (11:10):
And I'm Greg Workman, investment advisor here at Kelly Financial. Mike,
we're going to talk about something that's both financially smart
and personally rewarding. Qualified charitable distributions or qcds.
Speaker 5 (11:23):
That's right, Greg. This time of the year, we get
a lot of questions from clients about charitable giving and
tax strategies, and one tool that tends to get overlooked
but can make a huge difference is the QCD.
Speaker 4 (11:34):
For listeners who may not have heard the term before,
a qualified charitable distribution is a way for individuals age
seventy and a half or older to give directly from
their IRA to a charity without that money ever being
counted as taxable income.
Speaker 5 (11:51):
Exactly, and that last part is key. Normally, once you
reach age seventy three, the IRS requires you to start
taking required minimum distributions or rmds from your IRA. Even
if you don't need the money, you have to take it,
and it's taxable, right.
Speaker 4 (12:07):
So for some retirees, those r and ds can push
them into a higher tax bracket. They can even trigger
phase outs on deductions or cause more of your Social
Security income to become taxable.
Speaker 5 (12:20):
But with a QCD, instead of taking the distribution yourself,
you can have up to one hundred eight thousand per
year go directly to a qualified charity. That means you
satisfy your RMD but avoid the tax hit because the
money never passes through your hands.
Speaker 4 (12:35):
And that one hundred and eight thousand dollars limit is
per person, not per account, So if you and your
spouse both have IRA accounts, you can each make qcds
up to that limit, potentially donating a combined two hundred
and sixteen thousand in a single year.
Speaker 5 (12:53):
Now, Greg, let's break down how this works in practice.
The IRA custodian say Fidelity, Schwab or who whoever hold
your account, can send the money straight to the charity,
either electronically or by mailing a check.
Speaker 4 (13:05):
And it's important that the transfer goes directly from the
IRA to the charity. If the funds come to you
first and then you write a check to the charity,
it does not count as a QCD and it becomes
taxable income exactly.
Speaker 5 (13:21):
And timing matters too. Just like an R and D,
the distribution has to be completed by December thirty first
for it to count toward that year's requirement. So if
you're thinking about doing one for twenty twenty five, don't
wait until last week of December to start the process.
Speaker 4 (13:36):
Now, let's talk about eligibility. Who can actually do this? Well,
you have to be at least seventy and a half
years old at the time the distribution is made. That's
not the year you turned seventy and a half, it's
literally after you reach that age.
Speaker 5 (13:51):
And qcds can be made from traditional iras, inherited iras,
or even certain inactive step or simple iras. Those are
employer plan that no longer receive contributions. But you can't
do qcds from active employer plans like four to oh
one KS or active steps.
Speaker 4 (14:08):
Another key point is that qcds only work with qualified
charities organizations recognized by the IRS under Section five oh
one C three, So that includes most public charities, religious organizations,
and educational institutions.
Speaker 5 (14:26):
But not everything that looks like a charity qualifies. You
can't make a QCD to donor advised funds, private foundations,
or supporting organizations. You also can't use a QCD to
buy something from a charity auction or pay a golf outing.
Speaker 4 (14:42):
That's right, you can't receive anything of value in return
for your donation. If you get a dinner, tickets, or
merchandise in exchange, that portion does not qualify.
Speaker 5 (14:53):
Let's touch on one of the biggest reasons people use qcds.
It's about managing your taxable income. Even if you get
your charity already, doing it through a QCD can keep
your adjusted gross income lower. That's important because a lower
AGI can affect everything from Medicare premiums to the taxation
of Social Security benefits.
Speaker 4 (15:13):
And for retirees who don't itemize their deductions anymore, since
the standard deduction increased after the twenty seventeen tax law.
A QCD can be especially valuable. You get the benefit
of charitable giving without the need to itemize.
Speaker 5 (15:29):
That's a great point. A lot of retirees give generously
but don't see a tax benefit because their standard deduction
is higher than their total itemized deductions. With a QCD,
the money doesn't show up as income in the first place,
so you get a direct benefit.
Speaker 4 (15:43):
Another advantage is that making qcds can gradually reduce the
size of your IRA. That means your required minimum distributions
in future years may also be smaller.
Speaker 5 (15:55):
It's like a double benefit. You're supporting causes you care about,
and your using your long term tax burden on your
retirement accounts.
Speaker 4 (16:03):
But as always, there are some limitations to keep in mind.
You can make a QCD larger than your R and
D for the year, but you can't carry the extra
amount forward to future years.
Speaker 5 (16:16):
And you can't double dip on tax benefits. If you
make a QCD, you can't also claim it as a
charitable deduction. You're already getting the tax benefit by keeping
it out of your income.
Speaker 4 (16:26):
Another important distinction is between federal and state tax treatment.
Most states follow federal rules, but not all, so it's
worth checking with your tax preparer to confirm how your
state handles qualified charitable distributions.
Speaker 5 (16:43):
And while the process sounds simple, Greg, you and I
both know this is one of those areas where the
details matter. A wrong step like taking the distribution into
your checking account, can make the whole transaction taxable.
Speaker 4 (16:55):
That's why we always tell our clients coordinate with your
financial advisor, your IRA custodian, and your tax professional before
initiating a QCD.
Speaker 5 (17:05):
Exactly done correctly, it's one of the most tax efficient
ways to give, and as Fidelli pointed out in their article,
it can allow people to make larger gifts than they
could through regular cash donations because those AGI limits on
charitable deductions don't apply here.
Speaker 4 (17:19):
So if you're seventy and a half in older and
you don't need all the income from your IRA, but
you're passionate about supporting certain causes, a QCD might be
one of the smartest moves you can make before year end.
Speaker 5 (17:32):
When we come back after the break, we'll switch gears
and focus on a recent Kiplinger study that found stresses
on the rise for many retirees.
Speaker 3 (17:40):
Stick with us.
Speaker 5 (17:40):
If you're listening to Safe Money Strategies with Mike you
Said and Greg Workman, we'll be right back.
Speaker 1 (17:47):
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
(18:09):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us. When we becomes me,
everything changes your day's, your decisions, and even your sense
of who you are. I'm Kelly Kelly, and this is
(18:31):
Safe Money Strategies. I'm here with my son, William Kelly Junior,
and today we're talking about how your retirement plan and
your outlook can shift when you find yourself on your own. Mom.
Speaker 3 (18:45):
That's such a powerful topic and I think a lot
of listeners can relate. Maybe they've lost a spouse, maybe
they're divorced, or maybe they've just lived independently for years,
but it's true being on your own in retirement can
feel different, both emotionally and financially.
Speaker 1 (18:58):
Absolutely. I can speak from experience. When Bill passed away
eight years ago, I was fifty five years old. I
went from running a business with my husband to managing
that same business alone and raising two children. William, you
(19:19):
were only eleven years old, and it was a season
of change that tested everything I knew about planning, about purpose,
and about faith. What I learned is that when life
shifts suddenly, it's not just your income that changes, it's
your identity. You go from we to me, and that
(19:43):
can shake even the most organized person.
Speaker 3 (19:47):
Yes, and I've watched you rebuild them, not overnight, but
step by step. And that's what I hope people take
away from today's show. Whether you're widow, divorced, or single
by choice, you can find stability again. It just takes
a plan and courage to face what's next.
Speaker 1 (20:01):
That's exactly right. A twenty twenty five Fidelity study showed
that sixty seven percent of Americans say their confidence in
retirement planning has dropped. And that's a sign of how
much uncertainty people feel right now. But the good news
is planning restores control, It gives you a sense of direction. Again,
(20:27):
you can't plan for what you won't face, but once
you face it, you really can plan for anything.
Speaker 3 (20:35):
So where does someone start if they've always had a
spouse handled the financial side, Because I know that's a
reality for a lot of couples.
Speaker 1 (20:41):
It is many women and men to have deferred those
long term financial decisions to their partner. But once you're
on your own, that's the time to step forward and
take ownership. Confidence grows when you understand where your income
will come from social security, pensions, savings, or investments. Start
(21:05):
by making a simple list. Write down what's coming in
and what's going out each month. Is not about perfection,
is about awareness.
Speaker 3 (21:15):
That's good advice. And I saw a smart Asset study
from twenty twenty four that said forty percent of women
who work with a financial advisor feel very prepared for retirement.
That's a big difference compared to those trying to go
it alone. So guidance really does matter.
Speaker 1 (21:29):
It does, and so does mindset. You know, money anxiety
often hide something deeper, grief, guilt, or just fear of
getting it wrong. I encourage people to ask themselves a
simple question, am I avoiding assuming or acting only one
(21:49):
of those leads to progress. You don't have to be fearless,
you just have to take the next right step.
Speaker 3 (21:56):
I love that line, the next right step. It reminds
me of how planning isn't just about numbers. It's about
getting your footing back emotionally exactly.
Speaker 1 (22:04):
It's about rebuilding confidence, and faith plays a big role
in that. For me, faith turned fear into focus. Once
fear gives way to faith, planning becomes an act of courage.
And that's true whether you're creating a new budget, updating beneficiaries,
(22:25):
or just sitting down with an advisor for the first
time since your spouse passed away.
Speaker 3 (22:30):
Right, and it's never too late to do that. Even
small steps like reviewing account ownerships, automatic payments, or updating
your financial calendar for the year can make a big difference.
Speaker 1 (22:39):
They really can. In fact, the more you organize, the
freer you'll feel. A recent nationwide study found that forty
six percent of single investors believe they'll need six hundred
thousand dollars to retire, but only eighteen percent have saved.
That's why planning early and planning realistically matters so much.
(23:05):
And that's where an advisor comes in. A good advisor
acts as a coach, not a controller. They listen before
they calculate, and they help you translate emotion into strategy
things like income, longevity, survivor benefits, and tax smart withdrawals.
Speaker 3 (23:24):
It's like having a second set of eyes, or maybe
a steady hint when you're trying to navigate new territory.
Speaker 1 (23:29):
That's right. When life changes, so should your plan, and
that's where our team steps in. If you're navigating retirement
on your own, maybe for the first time, my book
Retire Your Fear, Plan Your Future was written for you.
I devoted entire sections to real life transitions like widowhood,
(23:53):
gray divorce, and funding your own retirement. Each chapter offers
practical steps to help you steady your emotions, find your footing,
and replace fear with focus. And remember, stepping into retirement
alone doesn't mean standing alone without knowledge, courage, and good counsel.
(24:14):
Your future is yours to shape and you're listening to
safe money strategies on WBZ. For more than twenty two years,
Kelly Financial Services has been helping New England families protect
what matters most. Call us at eight eight eight eight
hundred eighteen eighty one or visit Kellyfinancial dot org. We'll
(24:37):
be right back after this.
Speaker 2 (24:40):
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. 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 boys
(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
InCom 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 ll financial dot org.
Speaker 1 (02:08):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son, William Kelly
Junior and we talk about life, what's going on in
the world, and our family and what really matters most
(02:31):
when you're planning for the future. Sometimes it's light, sometimes
is thoughtful, but it's always real. Good evening. William, how
are you, mom?
Speaker 3 (02:41):
I'm fantastic, Thank you for asking, and I'm sitting here
in our recording studio and I'm looking at order confirmation
for him, for William Kelly. Do you know what that means?
Do you want to tell the listeners?
Speaker 1 (02:52):
It means the book has been published and is going
to print.
Speaker 3 (02:57):
Yeah, baby, So we're very excited for that. It's been
a very eventful week, has it not.
Speaker 1 (03:03):
Yes, it has.
Speaker 3 (03:05):
So I'm sure some of you remember that last Saturday
I spoke about my powerlifting competition, and you know, I'm
not gonna lie. I was a little nervous going up
to it. It turned out that it was a really
good day. So in the morning you get there for
rules briefing and then it's squat time, and so you
start with your squat. You have three attempts. The highest
lift I got was five hundred and twelve pounds good lift,
(03:27):
state record. Then for the bench press, I didn't make
my third attempt. I made my second attempt, which was
three fifteen three hundred and fifteen pounds, also a state record.
And then finally for the deadlifts. I am a deadlift specialist.
For those who are not familiar with the deadlift, the
weight is on the ground, the bar bell is on
the ground with the plates attached, and your goal is
(03:50):
to lift it up and lock out your hips. So
you basically you bend down and you lift it up
standing straight. You don't bend down with a curved back.
You bend down with a straight back. You lift with
your knees and all of that. So with proper form
you can do it safely. And I got six hundred pounds,
ladies and gentlemen, and I set a sid record and
I'm a second time state champion again.
Speaker 1 (04:12):
Congratulations, thank you very much. And I think it was
six hundred and one pounds.
Speaker 3 (04:17):
Thank you for correcting me. So that was six hundred
and one pounds.
Speaker 1 (04:21):
You said you were going to try for the six hundred.
I looked at your trainers and said, is this safe?
That was the first thing out of my mouth.
Speaker 3 (04:31):
And one of them, one of the people who are there,
one of our friends, He goes, I don't know, we're
gonna find out well.
Speaker 1 (04:38):
And the other one said, he's been training for this,
he's ready.
Speaker 3 (04:41):
It was a wonderful day. I made a lot of
friends and over in general fitness of Fall River. Fantastic people,
great community. I got to wrap Bullfrog Fit. That was great.
That's the gym where I'd like to work at for
a part time job and as a powerlifting trainer. And
so part of this was also kind of building rapport.
You know. I wanted to go out and compete and
(05:03):
kind of stamp my name a little bit more into
the parerlating community. And all the refs were saying, Yeah,
you're coming back, You're coming back, that's a fact. And
so I've just been so blessed to have this sport
introduced to me. I'm so blessed to just you know,
have amazing people by my side. I would say that
the support did fifty percent of the lifting. The other
(05:25):
fifty percent was the training and hard work and the muscles.
So I really am blessed to have this type of
family and to have this type of you know, this community.
Speaker 1 (05:34):
It's just we're all very proud of you.
Speaker 3 (05:36):
Thank you very much. And as we know, the dav
event had just happened. That was a wonderful time. It
was great to see Jeff. It was good to represent
Kelly Financial Services. So I had to leave at five
point forty five and make it to iHeart Studios in
one piece and awake, and I did it.
Speaker 1 (05:52):
Somehow, Yes you did.
Speaker 3 (05:54):
That was a lot of fun. It was great shore everybody.
And finally, today's the day where I go to Bryant
open house. Ladies and gentlemen, I'm going to college to
get more knowledge. We're going to Bryant's open house tonight.
We're going to check out the school a little bit closer,
you know, probably meet some students and you know, we'll
see what type of thing they have going on there.
(06:15):
But honestly, all in all, I've applied to a bunch
of different schools, good schools. I think Bryant University is
a place I want to go. I feel like I'm
locked in there. But you know what, before we you know,
put like a down payment or anything like that, I
think we need to go and check it out.
Speaker 1 (06:29):
Yes, yes, so, yes.
Speaker 3 (06:31):
Which we already have. We've gone on a tour. But
it'd be good to be there at a different time
of the year and to kind of see it while
it's in busy season where everybody's so yeah, that'll be
much better. Yeah, and uh, I'm for you, thank you,
And ladies and gentlemen. My mom is going to go
work out. She's going to start training at the gym
where I want to work. The amazing community over there
(06:53):
is going to take her in with open arms, and
mom is going to start training. Are you excited?
Speaker 1 (06:57):
I am excited.
Speaker 3 (06:58):
This is going to be a change to me, be
a lifestyle change. Yes, it can be different. Yes, So,
ladies and gentlemen. During the weekdays. This week, I had
done some shadow hours and I'd worked with some older
clients and these folks were in their late seventies, mid eighties.
And these people are going to the gym and they're
doing functional training. They're doing squats, they're doing overhead presses,
(07:21):
they're using machines, and four to six months previous, they
couldn't even sit down and get back up independently. And
now they're doing all these things.
Speaker 4 (07:31):
Wow.
Speaker 3 (07:31):
And so you know there's more to living. Extremely seeing
it firsthand. Extremely these people at this gym, they don't
just take into account the exercise, but they also take
into account the lifestyle, the nutrition, and they live it themselves.
Like I have to do a trainer test, I have
to do a physical fitness test, which is very intense.
I have to do a full comprehensive test. So I
(07:53):
have to understand material. I have to understand how to
put someone in a deficit. I need to understand programming, nutrition,
the major mind so groups in the body, and the
scientific names how they work. So it's a lot and
I have to learn and I can't get a single
thing wrong. I have to do everything correct on the
comprehensive test and I cannot fail anything on the fitness
(08:13):
test or else to have to start all the way
over and wait three months.
Speaker 1 (08:16):
Wow.
Speaker 3 (08:17):
So it's just like taking the Series sixty five. You
got to wait. He has a high standard for the
people who work there. It's very high. So I can
see that it's cool.
Speaker 1 (08:25):
I can Yes, that does not surprise me though. Well, William,
you are working towards being the full package on the
finance side, the health side, I mean full package, baby,
Thank you.
Speaker 3 (08:44):
I've still got a lot of work to do. I
got a lot of work to do in my company's
got a lot of work to do with my powerlifting.
I got some records. I want to go national. I
want to break some national records if I can get
up there.
Speaker 1 (08:54):
So I don't know, know, Well, you're wise with your time.
You spend a lot of time on Kelly Financial and
you amaze me.
Speaker 3 (09:02):
Thank you, well you made me so you half the credit.
Speaker 1 (09:07):
Well thank you, William. Of course, yeah, do keep us
on your dial. We've got a lot of great content
coming your way. Mike do Set and Greg Workman will
share how to turn required distributions into charitable giving, and
how to ease financial stress and retirement. Mary, Madeline Kelly
and Greg Murray will tackle the RMD season head on
(09:29):
sharing smart year in strategies to help you avoid costly
mistakes and make the most of your retirement income. I
will be back with William and we will talk about confidence, clarity,
and living solo with strength, from housing and budgeting to
purposeful planning for the road ahead. And of course we'll
(09:50):
close the hour with some wit and wisdom from the
late Bill Kelly. His words continue to inspire and guide us.
That's a wrap for or forever young. Thank you for listening,
and William, thank you for joining me. We'll be back
with more great content. I love you, Honey, I.
Speaker 3 (10:07):
Love you too.
Speaker 2 (10:07):
BA Call us today at eight hundred and eighty one
or visit us online at Kelly Financial dot org to
schedule your complimentary retirement income analysis.
Speaker 1 (10:26):
I'm Kelly Kelly from Kelly Financial. Whether you're in your forties, fifties,
or sixties. Financial advice is important when it comes to
preserving your nest egg. We have a free investor guide
called designing your Fiscal House to Weather the Elements, which
highlights the steps needed to build a balanced portfolio. For
the guide, call eight eight eight eight hundred eighteen eighty
(10:49):
one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.
Come retire with us.
Speaker 5 (11:00):
Welcome back to Safe Money Strategies, the show where we
talk about building retirement plans that work just as hard
as you do. I'm Mike Duscett, chief operating officer at
Kelly Financial Services.
Speaker 4 (11:10):
And I'm Greg Workman, investment advisor here at Kelly Financial. Mike,
we're going to talk about something that's both financially smart
and personally rewarding. Qualified charitable distributions or qcds.
Speaker 5 (11:23):
That's right, Greg. This time of the year, we get
a lot of questions from clients about charitable giving and
tax strategies, and one tool that tends to get overlooked
but can make a huge difference is the QCD.
Speaker 4 (11:34):
For listeners who may not have heard the term before,
a qualified charitable distribution is a way for individuals age
seventy and a half or older to give directly from
their IRA to a charity without that money ever being
counted as taxable income.
Speaker 5 (11:51):
Exactly, and that last part is key. Normally, once you
reach age seventy three, the IRS requires you to start
taking required minimum distributions or rmds from your IRA. Even
if you don't need the money, you have to take it,
and it's taxable, right.
Speaker 4 (12:07):
So for some retirees, those r and ds can push
them into a higher tax bracket. They can even trigger
phase outs on deductions or cause more of your Social
Security income to become taxable.
Speaker 5 (12:20):
But with a QCD, instead of taking the distribution yourself,
you can have up to one hundred eight thousand per
year go directly to a qualified charity. That means you
satisfy your RMD but avoid the tax hit because the
money never passes through your hands.
Speaker 4 (12:35):
And that one hundred and eight thousand dollars limit is
per person, not per account, So if you and your
spouse both have IRA accounts, you can each make qcds
up to that limit, potentially donating a combined two hundred
and sixteen thousand in a single year.
Speaker 5 (12:53):
Now, Greg, let's break down how this works in practice.
The IRA custodian say Fidelity, Schwab or who whoever hold
your account, can send the money straight to the charity,
either electronically or by mailing a check.
Speaker 4 (13:05):
And it's important that the transfer goes directly from the
IRA to the charity. If the funds come to you
first and then you write a check to the charity,
it does not count as a QCD and it becomes
taxable income exactly.
Speaker 5 (13:21):
And timing matters too. Just like an R and D,
the distribution has to be completed by December thirty first
for it to count toward that year's requirement. So if
you're thinking about doing one for twenty twenty five, don't
wait until last week of December to start the process.
Speaker 4 (13:36):
Now, let's talk about eligibility. Who can actually do this? Well,
you have to be at least seventy and a half
years old at the time the distribution is made. That's
not the year you turned seventy and a half, it's
literally after you reach that age.
Speaker 5 (13:51):
And qcds can be made from traditional iras, inherited iras,
or even certain inactive step or simple iras. Those are
employer plan that no longer receive contributions. But you can't
do qcds from active employer plans like four to oh
one KS or active steps.
Speaker 4 (14:08):
Another key point is that qcds only work with qualified
charities organizations recognized by the IRS under Section five oh
one C three, So that includes most public charities, religious organizations,
and educational institutions.
Speaker 5 (14:26):
But not everything that looks like a charity qualifies. You
can't make a QCD to donor advised funds, private foundations,
or supporting organizations. You also can't use a QCD to
buy something from a charity auction or pay a golf outing.
Speaker 4 (14:42):
That's right, you can't receive anything of value in return
for your donation. If you get a dinner, tickets, or
merchandise in exchange, that portion does not qualify.
Speaker 5 (14:53):
Let's touch on one of the biggest reasons people use qcds.
It's about managing your taxable income. Even if you get
your charity already, doing it through a QCD can keep
your adjusted gross income lower. That's important because a lower
AGI can affect everything from Medicare premiums to the taxation
of Social Security benefits.
Speaker 4 (15:13):
And for retirees who don't itemize their deductions anymore, since
the standard deduction increased after the twenty seventeen tax law.
A QCD can be especially valuable. You get the benefit
of charitable giving without the need to itemize.
Speaker 5 (15:29):
That's a great point. A lot of retirees give generously
but don't see a tax benefit because their standard deduction
is higher than their total itemized deductions. With a QCD,
the money doesn't show up as income in the first place,
so you get a direct benefit.
Speaker 4 (15:43):
Another advantage is that making qcds can gradually reduce the
size of your IRA. That means your required minimum distributions
in future years may also be smaller.
Speaker 5 (15:55):
It's like a double benefit. You're supporting causes you care about,
and your using your long term tax burden on your
retirement accounts.
Speaker 4 (16:03):
But as always, there are some limitations to keep in mind.
You can make a QCD larger than your R and
D for the year, but you can't carry the extra
amount forward to future years.
Speaker 5 (16:16):
And you can't double dip on tax benefits. If you
make a QCD, you can't also claim it as a
charitable deduction. You're already getting the tax benefit by keeping
it out of your income.
Speaker 4 (16:26):
Another important distinction is between federal and state tax treatment.
Most states follow federal rules, but not all, so it's
worth checking with your tax preparer to confirm how your
state handles qualified charitable distributions.
Speaker 5 (16:43):
And while the process sounds simple, Greg, you and I
both know this is one of those areas where the
details matter. A wrong step like taking the distribution into
your checking account, can make the whole transaction taxable.
Speaker 4 (16:55):
That's why we always tell our clients coordinate with your
financial advisor, your IRA custodian, and your tax professional before
initiating a QCD.
Speaker 5 (17:05):
Exactly done correctly, it's one of the most tax efficient
ways to give, and as Fidelli pointed out in their article,
it can allow people to make larger gifts than they
could through regular cash donations because those AGI limits on
charitable deductions don't apply here.
Speaker 4 (17:19):
So if you're seventy and a half in older and
you don't need all the income from your IRA, but
you're passionate about supporting certain causes, a QCD might be
one of the smartest moves you can make before year end.
Speaker 5 (17:32):
When we come back after the break, we'll switch gears
and focus on a recent Kiplinger study that found stresses
on the rise for many retirees.
Speaker 3 (17:40):
Stick with us.
Speaker 5 (17:40):
If you're listening to Safe Money Strategies with Mike you
Said and Greg Workman, we'll be right back.
Speaker 1 (17:47):
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
(18:09):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us. When we becomes me,
everything changes your day's, your decisions, and even your sense
of who you are. I'm Kelly Kelly, and this is
(18:31):
Safe Money Strategies. I'm here with my son, William Kelly Junior,
and today we're talking about how your retirement plan and
your outlook can shift when you find yourself on your own. Mom.
Speaker 3 (18:45):
That's such a powerful topic and I think a lot
of listeners can relate. Maybe they've lost a spouse, maybe
they're divorced, or maybe they've just lived independently for years,
but it's true being on your own in retirement can
feel different, both emotionally and financially.
Speaker 1 (18:58):
Absolutely. I can speak from experience. When Bill passed away
eight years ago, I was fifty five years old. I
went from running a business with my husband to managing
that same business alone and raising two children. William, you
(19:19):
were only eleven years old, and it was a season
of change that tested everything I knew about planning, about purpose,
and about faith. What I learned is that when life
shifts suddenly, it's not just your income that changes, it's
your identity. You go from we to me, and that
(19:43):
can shake even the most organized person.
Speaker 3 (19:47):
Yes, and I've watched you rebuild them, not overnight, but
step by step. And that's what I hope people take
away from today's show. Whether you're widow, divorced, or single
by choice, you can find stability again. It just takes
a plan and courage to face what's next.
Speaker 1 (20:01):
That's exactly right. A twenty twenty five Fidelity study showed
that sixty seven percent of Americans say their confidence in
retirement planning has dropped. And that's a sign of how
much uncertainty people feel right now. But the good news
is planning restores control, It gives you a sense of direction. Again,
(20:27):
you can't plan for what you won't face, but once
you face it, you really can plan for anything.
Speaker 3 (20:35):
So where does someone start if they've always had a
spouse handled the financial side, Because I know that's a
reality for a lot of couples.
Speaker 1 (20:41):
It is many women and men to have deferred those
long term financial decisions to their partner. But once you're
on your own, that's the time to step forward and
take ownership. Confidence grows when you understand where your income
will come from social security, pensions, savings, or investments. Start
(21:05):
by making a simple list. Write down what's coming in
and what's going out each month. Is not about perfection,
is about awareness.
Speaker 3 (21:15):
That's good advice. And I saw a smart Asset study
from twenty twenty four that said forty percent of women
who work with a financial advisor feel very prepared for retirement.
That's a big difference compared to those trying to go
it alone. So guidance really does matter.
Speaker 1 (21:29):
It does, and so does mindset. You know, money anxiety
often hide something deeper, grief, guilt, or just fear of
getting it wrong. I encourage people to ask themselves a
simple question, am I avoiding assuming or acting only one
(21:49):
of those leads to progress. You don't have to be fearless,
you just have to take the next right step.
Speaker 3 (21:56):
I love that line, the next right step. It reminds
me of how planning isn't just about numbers. It's about
getting your footing back emotionally exactly.
Speaker 1 (22:04):
It's about rebuilding confidence, and faith plays a big role
in that. For me, faith turned fear into focus. Once
fear gives way to faith, planning becomes an act of courage.
And that's true whether you're creating a new budget, updating beneficiaries,
(22:25):
or just sitting down with an advisor for the first
time since your spouse passed away.
Speaker 3 (22:30):
Right, and it's never too late to do that. Even
small steps like reviewing account ownerships, automatic payments, or updating
your financial calendar for the year can make a big difference.
Speaker 1 (22:39):
They really can. In fact, the more you organize, the
freer you'll feel. A recent nationwide study found that forty
six percent of single investors believe they'll need six hundred
thousand dollars to retire, but only eighteen percent have saved.
That's why planning early and planning realistically matters so much.
(23:05):
And that's where an advisor comes in. A good advisor
acts as a coach, not a controller. They listen before
they calculate, and they help you translate emotion into strategy
things like income, longevity, survivor benefits, and tax smart withdrawals.
Speaker 3 (23:24):
It's like having a second set of eyes, or maybe
a steady hint when you're trying to navigate new territory.
Speaker 1 (23:29):
That's right. When life changes, so should your plan, and
that's where our team steps in. If you're navigating retirement
on your own, maybe for the first time, my book
Retire Your Fear, Plan Your Future was written for you.
I devoted entire sections to real life transitions like widowhood,
(23:53):
gray divorce, and funding your own retirement. Each chapter offers
practical steps to help you steady your emotions, find your footing,
and replace fear with focus. And remember, stepping into retirement
alone doesn't mean standing alone without knowledge, courage, and good counsel.
(24:14):
Your future is yours to shape and you're listening to
safe money strategies on WBZ. For more than twenty two years,
Kelly Financial Services has been helping New England families protect
what matters most. Call us at eight eight eight eight
hundred eighteen eighty one or visit Kellyfinancial dot org. We'll
(24:37):
be right back after this.
Speaker 2 (24:40):
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. That's Kelly at
Kelly Financial dot org.
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