August 23, 2025 • 24 mins
On this week’s Safe Money Strategies, Kelly Kelly and her son William open with a real conversation about
family, health, and staying strong as summer winds down. Then our fiduciary advisors cover the strategies that
matter most from weighing Roth IRAs against 401(k)s to navigating today’s markets, protecting income, and
weaving financial security into a lasting family legacy. The hour closes, as always, with timeless wit and
wisdom from the late Bill Kelly.
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
family, health, and staying strong as summer winds down. Then our fiduciary advisors cover the strategies that
matter most from weighing Roth IRAs against 401(k)s to navigating today’s markets, protecting income, and
weaving financial security into a lasting family legacy. The hour closes, as always, with timeless wit and
wisdom from the late Bill Kelly.
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.
It's where I sit down with my son, William Kelly Junior,
and we talk about life, what's going on in the world,
(02:30):
in our family, and what really matters most when you're
planning for the future. Sometimes is light, sometimes is thoughtful,
but it's always real. Good evening, William, how are.
Speaker 2 (02:42):
You good evening?
Speaker 3 (02:44):
Mom?
Speaker 2 (02:44):
It's very good to be with you this evening, and
it's been a very successful week. We've gotten a lot
of things done, and I think I want to share
a little bit about what we've done. So my life
has just been continuing powerlifting. My training life has been
really good and that respect. On the athletic side, Georgia
(03:06):
has been doing really well athletically. She recently had an injury,
but she's getting past it. Ladies and gentlemen. She was injured.
I think she pulled a muscle in her leg. But
luckily she's a very tough girl, as she is a
smart girl, and she is recovered. Slow the rankings down,
It did slower rankings down, but you know, we'd rather
rest and recover and then come back.
Speaker 1 (03:26):
Absolutely absolutely.
Speaker 2 (03:29):
As the season kind of comes to a close of
the summer, I'm sure a lot of youse went. My
mom is an example. I ask I'm dreading it.
Speaker 1 (03:40):
I'm not dreading it.
Speaker 2 (03:41):
She knows what I'm going to say too, because we
talked about this before starting the show. And as the
summer comes to a close, we need to close the pool,
and especially whenever early fall comes around, and you know, as.
Speaker 1 (03:53):
You push it till the end.
Speaker 2 (03:55):
Yeah, oh yeah, So we need to change the form
of exercise that we're do it. Luckily, Ladies and gentlemen,
there's a place very close to where we live, and
they work with all kinds of people at all ages.
And in fact, the coach that will be coaching my
mom was also my pre K teacher who lives in
(04:20):
my father's childhood home. What are the chances, ladies and gentlemen,
every pretty awesome? It is absolutely awesome. Everything's coming full circle.
I think that's a blessing. I think God had to
do that. I think that was God's plan. And my
mom will be lifting weights with her son in the
same will. Now she will not be lifting free weights
(04:40):
like I do. She'll have to ease up to it
with machines and everything forced into this. She doesn't have
an option. Ladies and gentlemen, call that parental abuse. I
don't care. Is that parental.
Speaker 1 (04:52):
Let me give you all a little more context here.
So William is he brought home the brochures. Has been
talking about this.
Speaker 2 (05:02):
For months, months, forever, years, maybe I think a year.
Speaker 1 (05:07):
Maybe.
Speaker 2 (05:08):
I've been in communication with my preschool teacher. She has
we'll call her Oh. That's her code name for her
privacy so Oh, and I have been in conversations back
and forth and oh, you're.
Speaker 1 (05:20):
When you were like four years old, you called her missus.
Speaker 2 (05:23):
Oh that's true, but we're not going to say missus
oh because you know, but you know, we we would
go back and forth and I would say, Hey, I
want to nudge my mom, you know, to kind of
like work out with you. And you guys are kind
of very similar conditions. You guys are both kind of
like you got both similar age, you know, both similar
(05:44):
types of people. And she also had a knee surgery
like you. So it's like she has kind of been
through some of the same things. And she is kind
she gets your body, she gets you, which is awesome.
And I think it's really cool that they're really close
by and it's a whole community of people. But ladies
(06:04):
and gentlemen, what I'm trying to say is, you know,
if you can't swim, or if you can't walk outside,
find another form of exercise, because walking, walking is really important.
Walk as much as you can. People who stand for
at least twelve hours a day, they protect their brain
so unbelievably much compared.
Speaker 1 (06:25):
To what about people who, like, let's just say, people
who get on a cybex. They get on a treadmill.
Speaker 2 (06:30):
People who get on a cybex or a treadmill, that's good,
but it's not enough. That's cardiovascular, or a bike a
biationary only cardiovascular. You need to focus on strength training
and muscle building because that actually prevents and helps with
certain conditions such as diabetes, insulin resistance, blood sugar spikes.
(06:52):
Because the more muscle you have absorbs more more glucose,
more sugar. It prevents cancer. Doesn't completely prevent cancer, but
it's strong. It is. One of the best preventative measures
you can ever take to prevent a cancer is muscle mass.
One of the best preventative measures you can take to
surviving cancer is muscle mass. That's a scientific, verifiable fact.
(07:14):
I feel free to look up what I'm saying. I'm
not trying to lie to anybody here. Strength training and
muscle building are some of the best things you can do,
and you can start at any age. And if you can't,
say do a back swat a deadlift for a bench
press with freeway, I understand that that may be seen
as extreme to some. There are other barriers of entry
(07:35):
or other methods of entry, like machines, what about bands.
Bands are good, but they don't challenge you in the
way that weights do because bands are too easy, and
then they become too easy and there's no point. So
I mean, obviously, seek a health professional, seek a fitness trainer.
That is the best thing you can do, ladies and gentlemen.
(07:56):
But the science is coming out that weight training is
one of the best things you can do for your body.
And if you're and if it won't hurt you, and
if it's okay for you to do and it's appropriate,
I really, I really mean this with the best intention. Obviously,
if if you truly can't do it, there are other
forms of exercises, don't worry about it. But if you're
able to do it, I highly recommend you get into
weight training. I've seen it now my powerlifting competition whenever
(08:20):
I became a state record holder, there was a gentleman
named Paul with a big bushy beer kind of looked
like Santa Claus and I remember him. He had a
little bit of a potbelly. Yeah, he was very sad
to like he and honestly great, great, really really pleasure
to meet him. Nice guy, and he was seventy four
(08:40):
years old. And ladies and gentlemen, I'll tell you how
much he lifted. He deadlifted I think over four hundred pounds,
or at least close to. He backsquatted, I think three
hundred and eighty five pounds, and he bench pressed over
two hundred pounds at the age of seventy four. And
I asked him, I said, Paul, how long have you
been doing this? And he said, I started in my sixties.
There you go. You think that there it's impossible, ladies
(09:02):
and gentlemen, but truthfully, it's not. If you do it properly,
you do it safely. Over time, as long as you
keep challenging yourself and getting stronger and stronger, you'll end
up achieving some great results. So I'm getting my mom started.
Speaker 1 (09:15):
Honestly, William, I do not see me going into a
gym in weight training.
Speaker 2 (09:20):
I just I cannot visualize.
Speaker 1 (09:22):
I'm going to be completely transparent, honest with you, and.
Speaker 2 (09:26):
We're going to change that image.
Speaker 1 (09:28):
We will see.
Speaker 2 (09:29):
I was the same way when I started weightlifting. I
didn't see myself going into a gym because I was
a small kid. I was one hundred and forty five pounds.
Ladies and gentlemen, and I was a skinny kid, and
I was as thin as paper at that time of
my life, and I just didn't see myself working out
with the big dogs type of thing. The gym is
(09:50):
not about how you look. It's only about you. It's
a tool. It is a tool that you use to
craft your own body. And it's also it can be
a culture if you'd like it too. But if you
I get to be a private experience, you can you
can just put on headphones and ignore everybody and be cordial.
And I think there's been a lot of misinterpretation. I
think there's been a lot of fads. I think there's
been a lot of taboo things like women don't have
(10:11):
to work out, or shouldn't. Women absolutely should work out,
They absolutely should weightlift. Absolutely, it's like that exactly.
Speaker 1 (10:19):
No, I agree about the working out, and I'm just
not sure about.
Speaker 2 (10:26):
The weight training because it's been considered taboo. But the
science says otherwise. So I recommend ladies and gentlemen, you
go on Google and do some searching yourself, but come
to your own conclusions about it. Truthfully, I recommend because
when you look it up and see the science yourself,
you'll be like, oh wow, he has a point. So
I think the feeling of I don't belong here is temporary.
(10:47):
I don't know why I've been so resistant. I've seen
how it can change people's lives. Exercise is an amazing thing,
and it wakes your brain up, It gives you energy,
it releases endorphins. Your quality of life gets better. Strength
training in particular is one of the most successful things.
And I think cardiovascular like running, walking, cycling, cybex all
(11:08):
that stuff, like elliptical, those have their place in a
different respective field like heart health and longevity and all
that stuff. Well, strength training also causes longevity as well,
so they work hand in hand and they achieve different goals.
So it's really dependent on what you're This is kind
of like finance. It's depending on what your goals are
and what kind of agenda you need to set up
and what kind of plane you have for your body. Mom,
(11:31):
you have no choice. You're going to the gym with me.
Speaker 1 (11:33):
You're gonna have a lot of well, yeah, well, I've
been resistant for quite a while and we'll see. My
days of swimming is you know, four to five months.
Speaker 2 (11:44):
I think you'll love it, and that's it. I think
you'll choose. I think you'll definitely.
Speaker 1 (11:48):
Want I get a lot of steps in every day,
which is good. I'm not on board yet, but we'll see.
You know, maybe I'll give it a shot. Do keep
us on your dial. We've got a lot of great
content coming your way. Mike dust and Greg Workman will
explain why working in retirement isn't just about income, It's
(12:08):
about purpose and peace of mind. Mary, Madeline Kelly and
Greg Murray will clear the confusion on roth versus four
A one K which one makes the most sense for you.
I will be back with William and together we'll talk
about weaving financial security and family memories into a legacy
(12:29):
that lasts for generations. And of course we'll close the
hour with some wit and wisdom from the late Bill Kelly.
His words continue to inspire and guide us. That's a
wrap for forever, Young Thank you for listening, and William,
thank you.
Speaker 2 (12:46):
For joining me.
Speaker 1 (12:47):
I love you, Honey, I love you Mom.
Speaker 2 (12:52):
Call us today at eight eight hundred and twenty eighty
one or visit us online at Kellyfinancial dot org to
schedule your compliment Retirement income Analysis.
Speaker 4 (13:08):
Welcome back to safe Money Strategies the weekend show where
we help you take control of your financial future and
approach retirement with clarity and confidence. I'm Mike Ducett, chief
operating officer here at Kelly Financial Services.
Speaker 5 (13:22):
And I'm Greg Workman, investment advisor at Kelly Financial. It's
always a pleasure to be here with you, Mike, and
I think Tonic's topic is going to resonate with a
lot of our listeners.
Speaker 3 (13:33):
No question, Greg.
Speaker 4 (13:35):
Tonight we're talking about something that we see more and
more in our office, people either planning to work during
retirement or at least seriously considering it. And we're not
just talking about necessity. A lot of folks want to work.
They want to stay active, keep busy, and yes, supplement
their retirement income.
Speaker 5 (13:55):
Exactly the traditional view of retirement, where you stop working
completely the day you turn sixty five and sail off
into the sunset, Well, that's changing. Today's retirees are living longer,
staying healthier, and approaching retirement as more of a transition
rather than an endpoint.
Speaker 3 (14:12):
Right.
Speaker 4 (14:13):
In many cases, working during retirement can be a really
smart financial move, but it's not without its trade offs
and define print, especially when it comes to Social Security taxes.
Speaker 3 (14:24):
Pensions, and healthcare.
Speaker 5 (14:26):
So tonight we're going to unpack all of that, the pros,
the cons and the questions you should be asking if
you're considering working during your retirement years.
Speaker 4 (14:36):
Let's start with the most obvious question, why would someone
even want to work in retirement?
Speaker 5 (14:42):
Well, the obvious answer is financial. Even if you've saved diligently,
adding a little earned income in retirement can give your
portfolio more time to grow and reduce the pressure on
your savings.
Speaker 2 (14:57):
For a lot of people, it's not.
Speaker 5 (14:59):
About making six figures again, it's about creating flexibility and
peace of mind.
Speaker 4 (15:05):
Absolutely. And let's look at a hypothetical example. Suppose you
retire with a nest.
Speaker 3 (15:10):
Egg of one million.
Speaker 4 (15:11):
You want to maintain eighty percent of your pre retirement income.
So in this example, that's about one hundred and twenty
thousand a year. That's ten thousand per month.
Speaker 5 (15:21):
Now let's say you're receiving two thousand a month from
Social Security. That means you'll need to withdraw eight thousand
a month from your savings to meet your income needs.
Speaker 4 (15:31):
At that withdrawal rate, and assuming a six percent annual return,
your one million could last about sixteen years, which might
not be long enough if you're retiring in your early
to mid sixties.
Speaker 5 (15:43):
But if you decide to work part time and bring
in just three thousand a month for a few years,
maybe as a consultant, freelancer, or working in a field
that you enjoy, that changes the math entirely.
Speaker 4 (15:57):
Now you're only withdrawing five thousand a month instead of eight.
With that adjustment, your savings might stretch twenty one or
even twenty six years, depending how long you continue earning
that income.
Speaker 3 (16:08):
That's a big deal.
Speaker 5 (16:09):
And of course these are just examples. They don't account
for inflation, taxes, or fees, but they highlight the core
idea working just a few extra hours or even part time,
can dramatically reduce your retraal rate and extend longevity of
your portfolio.
Speaker 4 (16:26):
And beyond the dollars and cents, A lot of folks
tell us they simply.
Speaker 3 (16:30):
Aren't ready to stop working altogether.
Speaker 4 (16:32):
They like staying active, having a routine, connecting with people.
In some cases, they find a whole second act.
Speaker 2 (16:38):
I think that's something.
Speaker 5 (16:40):
More and more people are realizing retirement isn't just a
financial event. It is a lifestyle change, and for some
it can be a tough transition.
Speaker 3 (16:49):
Very true.
Speaker 4 (16:50):
We've had clients who retire on a Friday, take the
weekend off, and by Tuesday they're asking themselves what now.
Speaker 3 (16:57):
It's not uncommon.
Speaker 5 (16:58):
Working even part time can give people structure, purpose, and
a sense of community, and it doesn't have to be
what they did before. We've had clients who became part
time teachers, volunteers, golf course rangers, even starting a small
business they always dreamed about.
Speaker 3 (17:16):
Right.
Speaker 4 (17:17):
One client of mine worked in it for over thirty
five years, then in retirement, started working two days a
week at a local wine shop just for fun. Totally
different pace, totally different environment, and he loves it, says
it gives him a reason to get up and interact
with people.
Speaker 5 (17:32):
That kind of story isn't unusual anymore. People are living
longer and they're healthier. Working during retirement isn't a fallback anymore.
Speaker 2 (17:41):
It's a part of the plan.
Speaker 4 (17:43):
Now, let's talk about some of the fine print, and
let's start with social security, because this is where a
lot of people get tripped up.
Speaker 5 (17:49):
Yeah, there are a lot of rules and they aren't
always intuitive, So let's keep it simple. If you've already
reached full retirement age typically between sixty and age sixty seven,
depending upon the year of your birth. You can work
and earn as much as you want. Your benefit will
not be reduced.
Speaker 4 (18:08):
But if you start collecting benefits before full retirement age
and keep working, then your earnings can temporarily reduce your
Social Security payments.
Speaker 5 (18:19):
In twenty twenty five, if you're under your year leading
up to full retirement age, you can earn up to
twenty three four hundred dollars without penalty.
Speaker 3 (18:29):
If you earn more.
Speaker 5 (18:31):
Than that, Social Security will withhold one dollar in benefits
for every two dollars you earn over the limit.
Speaker 3 (18:37):
Greg and I need to take a quick break.
Speaker 4 (18:39):
Still ahead, we're going to walk through the impact on pensions, taxes,
and healthcare coverage, three big areas that could affect your
retirement bottom line.
Speaker 3 (18:49):
So stick around. We'll be right back after this quick break.
Speaker 1 (18:55):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiducia? 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
(19:17):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us.
Speaker 2 (19:29):
We're back with safe money strategies. If you were with
us earlier, Mom and I kicked off the hour with
Forever Young and now we want to shift gears into
a topic that's close to home for so many families.
Speaker 1 (19:39):
Yes, and if you're just tuning in, welcome. Every week
we talk about retirement, legacy and protecting what matters most.
Today's topic is not an easy one, but it's one
every family needs to face. Dementia and legacy planning.
Speaker 2 (19:58):
The statistics are io opening. Almost one in three seniors
may face some form of dementia. That reality makes planning
not just important but urgent.
Speaker 1 (20:07):
And dementia does not show up overnight. It begins with
subtle signs forgetting appointments, struggling with familiar task, sudden mood changes,
maybe a loved one seems more suspicious or withdrawn. Those
early changes are often when families first realize something is different.
Speaker 2 (20:29):
And that's also when families still have the chance to
plant while their loved one can participate in decisions exactly.
Speaker 1 (20:36):
That window of time is critical is when independence may
still be possible, but is also the right moment for
honest conversations and putting important documents in place with clarity
and love.
Speaker 2 (20:52):
Because a diagnosis doesn't just affect emotions, it creates immediate responsibilities,
healthcare decisions have to be addressed right away.
Speaker 1 (21:01):
That starts with a living will and a durable power
of attorney for healthcare. These documents make sure that if
you can't speak for yourself, someone you can trust can
speak for you. Then there are documents like post and
most those stand for physician orders for life sustaining treatment
(21:22):
and medical orders for life sustaining treatment in plain English.
These spell out your wishes for things like resuscitation, intubation,
organ donation, and other end of life care.
Speaker 2 (21:37):
Those decisions aren't easy, but writing them down removes a
huge burden from loved ones. They won't be left guessing
or arguing about what you would have wanted.
Speaker 1 (21:46):
Alongside medical directives, families also need to tackle financial planning.
That means a durable power of attorney for finances, a will,
and in many cases, a living trust.
Speaker 2 (22:01):
And here's the key. These documents must be signed while
the person is still legally competent, while they still understand
value and communicate their choices.
Speaker 1 (22:10):
Time is of the essence, because once that window closes
is too late. Without those documents, people are left with
no choice but to petition the court for guardianship, and
that process is not only expensive and time consuming, it's
emotionally draining.
Speaker 2 (22:29):
In other words, good preparation acts like insurance. It protects
your loved ones from the unnecessary chaos.
Speaker 1 (22:34):
And it also ensures that you, not the courts, not
the state, decide who manages your assets, who makes your
health care decisions, and what kind of care you'll receive,
And don't forget HIPPA releases. Without them, even your closest
family members may be blocked from accessing vital medical information.
Speaker 2 (22:57):
At Kelly Financial, our advisors walk families through this kind
and preparation every day. We don't just run numbers. We
help model financial plans that consider care costs, benefits, and
how to transfer your state with as much efficiency and
compassion as possible.
Speaker 1 (23:11):
Because it's not just about protecting money, it's about protecting values.
We want to know the kind of legacy you want
to leave behind. Then we design a plan to safeguard
that legacy.
Speaker 2 (23:25):
Whether it's concerns about memory loss, preserving assets, or simply
preparing for the unknown, there is a path forward.
Speaker 1 (23:31):
And we've seen how the right plan can turn fear
into peace of mind. When families take the time to plan,
they find clarity instead of confusion, and comfort instead of conflict.
Speaker 2 (23:44):
If this is resonating with you, don't wait. We put
together a free investor guide called the Greatest Gift. Outline
your wishes within a state plan. It walks you through
the medical, legal, and emotional decisions that matter the most.
Speaker 1 (23:56):
From wills and trust to medical directives and tech smart giving.
This guide helps you protect your loved ones, preserve harmony,
and make decisions while you still can and when dementia
is part of the picture. Early planning can be the
single most important gift you can give.
Speaker 2 (24:17):
We're going to take a short pause here, but don't
go anywhere. We'll be right back to continue this conversation.
In our next segment, we'll talk about legacy, what it means,
how to preserve it, and how to involve your family
and something lasting.
Speaker 1 (24:30):
You're listening to safe money strategies, stay with us. We'll
be back in just a moment.
Speaker 2 (24:41):
Safe Money Strategies with Kelly. Kelly and her team called
Kelly Financial at eighty eight eight hundred one or go
to Kelly Financial dot org. That's Kelly at Kelly Financial
dot org.
Good evening and welcome to Safe Money Strategies right here
on WBZ News Radio. I'm Kelly Kelly, founder of Kelly
Financial Services, and your host tonight. I'm so glad you're
with us. Every Saturday night at nine pm, we bring
you real conversations about retirement, resilience and protecting the life
(00:27):
you've worked so hard to build. We're a proud, family
run firm based right here in New England, and for
over twenty two years, we've helped thousands of families plan
for the next chapter with clarity and confidence. You may
know us from our two decades on the AM airwaves,
and now we're thrilled to bring that same trusted voice
(00:50):
to WBZ. This show is about more than just money.
It's about peace of mind purpose in making smart decisions
that support the people you love. Each week, I'm joined
by my children, William Kelly Junior and Mary Madeline Kelly,
along with our incredible team of fiduciary advisors. Together, we
(01:11):
share practical strategies, personal stories, and a few laughs along
the way. We'll cover everything from inflation and taxes to
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.
It's where I sit down with my son, William Kelly Junior,
and we talk about life, what's going on in the world,
(02:30):
in our family, and what really matters most when you're
planning for the future. Sometimes is light, sometimes is thoughtful,
but it's always real. Good evening, William, how are.
Speaker 2 (02:42):
You good evening?
Speaker 3 (02:44):
Mom?
Speaker 2 (02:44):
It's very good to be with you this evening, and
it's been a very successful week. We've gotten a lot
of things done, and I think I want to share
a little bit about what we've done. So my life
has just been continuing powerlifting. My training life has been
really good and that respect. On the athletic side, Georgia
(03:06):
has been doing really well athletically. She recently had an injury,
but she's getting past it. Ladies and gentlemen. She was injured.
I think she pulled a muscle in her leg. But
luckily she's a very tough girl, as she is a
smart girl, and she is recovered. Slow the rankings down,
It did slower rankings down, but you know, we'd rather
rest and recover and then come back.
Speaker 1 (03:26):
Absolutely absolutely.
Speaker 2 (03:29):
As the season kind of comes to a close of
the summer, I'm sure a lot of youse went. My
mom is an example. I ask I'm dreading it.
Speaker 1 (03:40):
I'm not dreading it.
Speaker 2 (03:41):
She knows what I'm going to say too, because we
talked about this before starting the show. And as the
summer comes to a close, we need to close the pool,
and especially whenever early fall comes around, and you know, as.
Speaker 1 (03:53):
You push it till the end.
Speaker 2 (03:55):
Yeah, oh yeah, So we need to change the form
of exercise that we're do it. Luckily, Ladies and gentlemen,
there's a place very close to where we live, and
they work with all kinds of people at all ages.
And in fact, the coach that will be coaching my
mom was also my pre K teacher who lives in
(04:20):
my father's childhood home. What are the chances, ladies and gentlemen,
every pretty awesome? It is absolutely awesome. Everything's coming full circle.
I think that's a blessing. I think God had to
do that. I think that was God's plan. And my
mom will be lifting weights with her son in the
same will. Now she will not be lifting free weights
(04:40):
like I do. She'll have to ease up to it
with machines and everything forced into this. She doesn't have
an option. Ladies and gentlemen, call that parental abuse. I
don't care. Is that parental.
Speaker 1 (04:52):
Let me give you all a little more context here.
So William is he brought home the brochures. Has been
talking about this.
Speaker 2 (05:02):
For months, months, forever, years, maybe I think a year.
Speaker 1 (05:07):
Maybe.
Speaker 2 (05:08):
I've been in communication with my preschool teacher. She has
we'll call her Oh. That's her code name for her
privacy so Oh, and I have been in conversations back
and forth and oh, you're.
Speaker 1 (05:20):
When you were like four years old, you called her missus.
Speaker 2 (05:23):
Oh that's true, but we're not going to say missus
oh because you know, but you know, we we would
go back and forth and I would say, Hey, I
want to nudge my mom, you know, to kind of
like work out with you. And you guys are kind
of very similar conditions. You guys are both kind of
like you got both similar age, you know, both similar
(05:44):
types of people. And she also had a knee surgery
like you. So it's like she has kind of been
through some of the same things. And she is kind
she gets your body, she gets you, which is awesome.
And I think it's really cool that they're really close
by and it's a whole community of people. But ladies
(06:04):
and gentlemen, what I'm trying to say is, you know,
if you can't swim, or if you can't walk outside,
find another form of exercise, because walking, walking is really important.
Walk as much as you can. People who stand for
at least twelve hours a day, they protect their brain
so unbelievably much compared.
Speaker 1 (06:25):
To what about people who, like, let's just say, people
who get on a cybex. They get on a treadmill.
Speaker 2 (06:30):
People who get on a cybex or a treadmill, that's good,
but it's not enough. That's cardiovascular, or a bike a
biationary only cardiovascular. You need to focus on strength training
and muscle building because that actually prevents and helps with
certain conditions such as diabetes, insulin resistance, blood sugar spikes.
(06:52):
Because the more muscle you have absorbs more more glucose,
more sugar. It prevents cancer. Doesn't completely prevent cancer, but
it's strong. It is. One of the best preventative measures
you can ever take to prevent a cancer is muscle mass.
One of the best preventative measures you can take to
surviving cancer is muscle mass. That's a scientific, verifiable fact.
(07:14):
I feel free to look up what I'm saying. I'm
not trying to lie to anybody here. Strength training and
muscle building are some of the best things you can do,
and you can start at any age. And if you can't,
say do a back swat a deadlift for a bench
press with freeway, I understand that that may be seen
as extreme to some. There are other barriers of entry
(07:35):
or other methods of entry, like machines, what about bands.
Bands are good, but they don't challenge you in the
way that weights do because bands are too easy, and
then they become too easy and there's no point. So
I mean, obviously, seek a health professional, seek a fitness trainer.
That is the best thing you can do, ladies and gentlemen.
(07:56):
But the science is coming out that weight training is
one of the best things you can do for your body.
And if you're and if it won't hurt you, and
if it's okay for you to do and it's appropriate,
I really, I really mean this with the best intention. Obviously,
if if you truly can't do it, there are other
forms of exercises, don't worry about it. But if you're
able to do it, I highly recommend you get into
weight training. I've seen it now my powerlifting competition whenever
(08:20):
I became a state record holder, there was a gentleman
named Paul with a big bushy beer kind of looked
like Santa Claus and I remember him. He had a
little bit of a potbelly. Yeah, he was very sad
to like he and honestly great, great, really really pleasure
to meet him. Nice guy, and he was seventy four
(08:40):
years old. And ladies and gentlemen, I'll tell you how
much he lifted. He deadlifted I think over four hundred pounds,
or at least close to. He backsquatted, I think three
hundred and eighty five pounds, and he bench pressed over
two hundred pounds at the age of seventy four. And
I asked him, I said, Paul, how long have you
been doing this? And he said, I started in my sixties.
There you go. You think that there it's impossible, ladies
(09:02):
and gentlemen, but truthfully, it's not. If you do it properly,
you do it safely. Over time, as long as you
keep challenging yourself and getting stronger and stronger, you'll end
up achieving some great results. So I'm getting my mom started.
Speaker 1 (09:15):
Honestly, William, I do not see me going into a
gym in weight training.
Speaker 2 (09:20):
I just I cannot visualize.
Speaker 1 (09:22):
I'm going to be completely transparent, honest with you, and.
Speaker 2 (09:26):
We're going to change that image.
Speaker 1 (09:28):
We will see.
Speaker 2 (09:29):
I was the same way when I started weightlifting. I
didn't see myself going into a gym because I was
a small kid. I was one hundred and forty five pounds.
Ladies and gentlemen, and I was a skinny kid, and
I was as thin as paper at that time of
my life, and I just didn't see myself working out
with the big dogs type of thing. The gym is
(09:50):
not about how you look. It's only about you. It's
a tool. It is a tool that you use to
craft your own body. And it's also it can be
a culture if you'd like it too. But if you
I get to be a private experience, you can you
can just put on headphones and ignore everybody and be cordial.
And I think there's been a lot of misinterpretation. I
think there's been a lot of fads. I think there's
been a lot of taboo things like women don't have
(10:11):
to work out, or shouldn't. Women absolutely should work out,
They absolutely should weightlift. Absolutely, it's like that exactly.
Speaker 1 (10:19):
No, I agree about the working out, and I'm just
not sure about.
Speaker 2 (10:26):
The weight training because it's been considered taboo. But the
science says otherwise. So I recommend ladies and gentlemen, you
go on Google and do some searching yourself, but come
to your own conclusions about it. Truthfully, I recommend because
when you look it up and see the science yourself,
you'll be like, oh wow, he has a point. So
I think the feeling of I don't belong here is temporary.
(10:47):
I don't know why I've been so resistant. I've seen
how it can change people's lives. Exercise is an amazing thing,
and it wakes your brain up, It gives you energy,
it releases endorphins. Your quality of life gets better. Strength
training in particular is one of the most successful things.
And I think cardiovascular like running, walking, cycling, cybex all
(11:08):
that stuff, like elliptical, those have their place in a
different respective field like heart health and longevity and all
that stuff. Well, strength training also causes longevity as well,
so they work hand in hand and they achieve different goals.
So it's really dependent on what you're This is kind
of like finance. It's depending on what your goals are
and what kind of agenda you need to set up
and what kind of plane you have for your body. Mom,
(11:31):
you have no choice. You're going to the gym with me.
Speaker 1 (11:33):
You're gonna have a lot of well, yeah, well, I've
been resistant for quite a while and we'll see. My
days of swimming is you know, four to five months.
Speaker 2 (11:44):
I think you'll love it, and that's it. I think
you'll choose. I think you'll definitely.
Speaker 1 (11:48):
Want I get a lot of steps in every day,
which is good. I'm not on board yet, but we'll see.
You know, maybe I'll give it a shot. Do keep
us on your dial. We've got a lot of great
content coming your way. Mike dust and Greg Workman will
explain why working in retirement isn't just about income, It's
(12:08):
about purpose and peace of mind. Mary, Madeline Kelly and
Greg Murray will clear the confusion on roth versus four
A one K which one makes the most sense for you.
I will be back with William and together we'll talk
about weaving financial security and family memories into a legacy
(12:29):
that lasts for generations. And of course we'll close the
hour with some wit and wisdom from the late Bill Kelly.
His words continue to inspire and guide us. That's a
wrap for forever, Young Thank you for listening, and William,
thank you.
Speaker 2 (12:46):
For joining me.
Speaker 1 (12:47):
I love you, Honey, I love you Mom.
Speaker 2 (12:52):
Call us today at eight eight hundred and twenty eighty
one or visit us online at Kellyfinancial dot org to
schedule your compliment Retirement income Analysis.
Speaker 4 (13:08):
Welcome back to safe Money Strategies the weekend show where
we help you take control of your financial future and
approach retirement with clarity and confidence. I'm Mike Ducett, chief
operating officer here at Kelly Financial Services.
Speaker 5 (13:22):
And I'm Greg Workman, investment advisor at Kelly Financial. It's
always a pleasure to be here with you, Mike, and
I think Tonic's topic is going to resonate with a
lot of our listeners.
Speaker 3 (13:33):
No question, Greg.
Speaker 4 (13:35):
Tonight we're talking about something that we see more and
more in our office, people either planning to work during
retirement or at least seriously considering it. And we're not
just talking about necessity. A lot of folks want to work.
They want to stay active, keep busy, and yes, supplement
their retirement income.
Speaker 5 (13:55):
Exactly the traditional view of retirement, where you stop working
completely the day you turn sixty five and sail off
into the sunset, Well, that's changing. Today's retirees are living longer,
staying healthier, and approaching retirement as more of a transition
rather than an endpoint.
Speaker 3 (14:12):
Right.
Speaker 4 (14:13):
In many cases, working during retirement can be a really
smart financial move, but it's not without its trade offs
and define print, especially when it comes to Social Security taxes.
Speaker 3 (14:24):
Pensions, and healthcare.
Speaker 5 (14:26):
So tonight we're going to unpack all of that, the pros,
the cons and the questions you should be asking if
you're considering working during your retirement years.
Speaker 4 (14:36):
Let's start with the most obvious question, why would someone
even want to work in retirement?
Speaker 5 (14:42):
Well, the obvious answer is financial. Even if you've saved diligently,
adding a little earned income in retirement can give your
portfolio more time to grow and reduce the pressure on
your savings.
Speaker 2 (14:57):
For a lot of people, it's not.
Speaker 5 (14:59):
About making six figures again, it's about creating flexibility and
peace of mind.
Speaker 4 (15:05):
Absolutely. And let's look at a hypothetical example. Suppose you
retire with a nest.
Speaker 3 (15:10):
Egg of one million.
Speaker 4 (15:11):
You want to maintain eighty percent of your pre retirement income.
So in this example, that's about one hundred and twenty
thousand a year. That's ten thousand per month.
Speaker 5 (15:21):
Now let's say you're receiving two thousand a month from
Social Security. That means you'll need to withdraw eight thousand
a month from your savings to meet your income needs.
Speaker 4 (15:31):
At that withdrawal rate, and assuming a six percent annual return,
your one million could last about sixteen years, which might
not be long enough if you're retiring in your early
to mid sixties.
Speaker 5 (15:43):
But if you decide to work part time and bring
in just three thousand a month for a few years,
maybe as a consultant, freelancer, or working in a field
that you enjoy, that changes the math entirely.
Speaker 4 (15:57):
Now you're only withdrawing five thousand a month instead of eight.
With that adjustment, your savings might stretch twenty one or
even twenty six years, depending how long you continue earning
that income.
Speaker 3 (16:08):
That's a big deal.
Speaker 5 (16:09):
And of course these are just examples. They don't account
for inflation, taxes, or fees, but they highlight the core
idea working just a few extra hours or even part time,
can dramatically reduce your retraal rate and extend longevity of
your portfolio.
Speaker 4 (16:26):
And beyond the dollars and cents, A lot of folks
tell us they simply.
Speaker 3 (16:30):
Aren't ready to stop working altogether.
Speaker 4 (16:32):
They like staying active, having a routine, connecting with people.
In some cases, they find a whole second act.
Speaker 2 (16:38):
I think that's something.
Speaker 5 (16:40):
More and more people are realizing retirement isn't just a
financial event. It is a lifestyle change, and for some
it can be a tough transition.
Speaker 3 (16:49):
Very true.
Speaker 4 (16:50):
We've had clients who retire on a Friday, take the
weekend off, and by Tuesday they're asking themselves what now.
Speaker 3 (16:57):
It's not uncommon.
Speaker 5 (16:58):
Working even part time can give people structure, purpose, and
a sense of community, and it doesn't have to be
what they did before. We've had clients who became part
time teachers, volunteers, golf course rangers, even starting a small
business they always dreamed about.
Speaker 3 (17:16):
Right.
Speaker 4 (17:17):
One client of mine worked in it for over thirty
five years, then in retirement, started working two days a
week at a local wine shop just for fun. Totally
different pace, totally different environment, and he loves it, says
it gives him a reason to get up and interact
with people.
Speaker 5 (17:32):
That kind of story isn't unusual anymore. People are living
longer and they're healthier. Working during retirement isn't a fallback anymore.
Speaker 2 (17:41):
It's a part of the plan.
Speaker 4 (17:43):
Now, let's talk about some of the fine print, and
let's start with social security, because this is where a
lot of people get tripped up.
Speaker 5 (17:49):
Yeah, there are a lot of rules and they aren't
always intuitive, So let's keep it simple. If you've already
reached full retirement age typically between sixty and age sixty seven,
depending upon the year of your birth. You can work
and earn as much as you want. Your benefit will
not be reduced.
Speaker 4 (18:08):
But if you start collecting benefits before full retirement age
and keep working, then your earnings can temporarily reduce your
Social Security payments.
Speaker 5 (18:19):
In twenty twenty five, if you're under your year leading
up to full retirement age, you can earn up to
twenty three four hundred dollars without penalty.
Speaker 3 (18:29):
If you earn more.
Speaker 5 (18:31):
Than that, Social Security will withhold one dollar in benefits
for every two dollars you earn over the limit.
Speaker 3 (18:37):
Greg and I need to take a quick break.
Speaker 4 (18:39):
Still ahead, we're going to walk through the impact on pensions, taxes,
and healthcare coverage, three big areas that could affect your
retirement bottom line.
Speaker 3 (18:49):
So stick around. We'll be right back after this quick break.
Speaker 1 (18:55):
I'm Kelly Kelly from Kelly Financial. Is your financial advisor
a fiducia? 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
(19:17):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us.
Speaker 2 (19:29):
We're back with safe money strategies. If you were with
us earlier, Mom and I kicked off the hour with
Forever Young and now we want to shift gears into
a topic that's close to home for so many families.
Speaker 1 (19:39):
Yes, and if you're just tuning in, welcome. Every week
we talk about retirement, legacy and protecting what matters most.
Today's topic is not an easy one, but it's one
every family needs to face. Dementia and legacy planning.
Speaker 2 (19:58):
The statistics are io opening. Almost one in three seniors
may face some form of dementia. That reality makes planning
not just important but urgent.
Speaker 1 (20:07):
And dementia does not show up overnight. It begins with
subtle signs forgetting appointments, struggling with familiar task, sudden mood changes,
maybe a loved one seems more suspicious or withdrawn. Those
early changes are often when families first realize something is different.
Speaker 2 (20:29):
And that's also when families still have the chance to
plant while their loved one can participate in decisions exactly.
Speaker 1 (20:36):
That window of time is critical is when independence may
still be possible, but is also the right moment for
honest conversations and putting important documents in place with clarity
and love.
Speaker 2 (20:52):
Because a diagnosis doesn't just affect emotions, it creates immediate responsibilities,
healthcare decisions have to be addressed right away.
Speaker 1 (21:01):
That starts with a living will and a durable power
of attorney for healthcare. These documents make sure that if
you can't speak for yourself, someone you can trust can
speak for you. Then there are documents like post and
most those stand for physician orders for life sustaining treatment
(21:22):
and medical orders for life sustaining treatment in plain English.
These spell out your wishes for things like resuscitation, intubation,
organ donation, and other end of life care.
Speaker 2 (21:37):
Those decisions aren't easy, but writing them down removes a
huge burden from loved ones. They won't be left guessing
or arguing about what you would have wanted.
Speaker 1 (21:46):
Alongside medical directives, families also need to tackle financial planning.
That means a durable power of attorney for finances, a will,
and in many cases, a living trust.
Speaker 2 (22:01):
And here's the key. These documents must be signed while
the person is still legally competent, while they still understand
value and communicate their choices.
Speaker 1 (22:10):
Time is of the essence, because once that window closes
is too late. Without those documents, people are left with
no choice but to petition the court for guardianship, and
that process is not only expensive and time consuming, it's
emotionally draining.
Speaker 2 (22:29):
In other words, good preparation acts like insurance. It protects
your loved ones from the unnecessary chaos.
Speaker 1 (22:34):
And it also ensures that you, not the courts, not
the state, decide who manages your assets, who makes your
health care decisions, and what kind of care you'll receive,
And don't forget HIPPA releases. Without them, even your closest
family members may be blocked from accessing vital medical information.
Speaker 2 (22:57):
At Kelly Financial, our advisors walk families through this kind
and preparation every day. We don't just run numbers. We
help model financial plans that consider care costs, benefits, and
how to transfer your state with as much efficiency and
compassion as possible.
Speaker 1 (23:11):
Because it's not just about protecting money, it's about protecting values.
We want to know the kind of legacy you want
to leave behind. Then we design a plan to safeguard
that legacy.
Speaker 2 (23:25):
Whether it's concerns about memory loss, preserving assets, or simply
preparing for the unknown, there is a path forward.
Speaker 1 (23:31):
And we've seen how the right plan can turn fear
into peace of mind. When families take the time to plan,
they find clarity instead of confusion, and comfort instead of conflict.
Speaker 2 (23:44):
If this is resonating with you, don't wait. We put
together a free investor guide called the Greatest Gift. Outline
your wishes within a state plan. It walks you through
the medical, legal, and emotional decisions that matter the most.
Speaker 1 (23:56):
From wills and trust to medical directives and tech smart giving.
This guide helps you protect your loved ones, preserve harmony,
and make decisions while you still can and when dementia
is part of the picture. Early planning can be the
single most important gift you can give.
Speaker 2 (24:17):
We're going to take a short pause here, but don't
go anywhere. We'll be right back to continue this conversation.
In our next segment, we'll talk about legacy, what it means,
how to preserve it, and how to involve your family
and something lasting.
Speaker 1 (24:30):
You're listening to safe money strategies, stay with us. We'll
be back in just a moment.
Speaker 2 (24:41):
Safe Money Strategies with Kelly. Kelly and her team called
Kelly Financial at eighty eight eight hundred one or go
to Kelly Financial dot org. That's Kelly at Kelly Financial
dot org.
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