August 30, 2025 • 24 mins
This week on Safe Money Strategies, Kelly Kelly and William Kelly Jr. explore the power of true friendship through the lens of the “midnight test” - the simple question of who you could call if life suddenly turned upside down. They share stories of resilience, community, and the bonds that last far beyond material success, reminding us that meaningful relationships are as vital as any financial plan. In addition, our team of fiduciary advisors examines how a comprehensive written plan can bring clarity and confidence to your retirement, and why understanding hidden risks is critical to protecting your future. We also take a closer look at the lifestyle and financial realities of continuing care retirement communities. And as always, we close with timeless wisdom from Bill Kelly, whose words continue to guide and inspire. 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
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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 (02:11):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son, William Kelly Junior,
and we talk about life, what's going on in the world,
in our family, and what really matters most when you're
(02:33):
planning for the future, sometimes as light, sometimes as thoughtful,
but is always real. Good evening, William, how are you
doing great? Mom.
Speaker 2 (02:42):
I've been very busy and I've had a very good week.
I've been writing, working out cooking and you know, me
trying to stay healthy. And of course we're all excited
because Marray Maddelin's getting her new puppy, Mellie, and I
think she's even planning to bring her to the office
so everyone can meet this little dog.
Speaker 1 (02:57):
Oh, I'm so excited and that'll be so much fun.
And you know, I'm still swimming up a storm and
getting on my laps in. I'm counting the days down
until you know, pool closure, but I think I have
about a month left, so you know, that's good. And
I like the fact that it helps me sleep at night.
I usually swim right before I go to sleep, maybe
(03:19):
an hour or so before. We all feel little hints
a fall coming in the air, and in my mind,
it fall brings me to memories, and you know, good memories,
bad memories, not so good memories. But every fall, I
think of your dad, a bill, you know, that unexpected passing,
(03:43):
and we were so far away, but yet we were
able to reach out to some beautiful, wonderful friends who
helped us during that time of our life when.
Speaker 2 (03:58):
Dad passed away. And every time he gets it nears October.
You're right, we do feel that way, and we kind
of we do feel it coming on because it was
such a tragic event eight years ago in our family
and the company, and I'm sure a lot of people
who have been with us for a long time, and
some people have been with us for over twenty years now,
they knew what it was like when we lost at
(04:19):
There's something that I discovered called the midnight test, and
it's a very interesting theory and I think everybody who's
listening right now could participate in it. So imagine life
suddenly blindsided you, something tragic happened that just threw you
out of whack. Who would be the person that you
could call at midnight? Who'd be your friend? It's a
(04:40):
simple test. Yeah. Now I'm going to bring it on
a step further, and there's a story about a CEO
who has everything that the world would call success, money, cars, awards, magazine, covers,
you name it. But he thought about his life and
he realized you couldn't name three people he can call
(05:00):
in the middle of night. So I mean, imagine that
having everything materialistically, but not even having the people or
a person you could call at midnight. To me, that's
crazy and very unfortunate, but that's surprising. In my generation, specifically,
we have a tendency to associate friendship a different way
(05:21):
than what would be traditional because of social media. So
we have thousands of followers, likes and stuff like that.
People will comment on your posts, you'll do things for attention.
You live a life it's not necessarily true, and that
is kind of a false image than reality. And typically
it's a rule of thumb that when you go on
social media and you see someone living a crazy great
life or what it looks like is a crazy great life,
(05:43):
it actually is not that good. It's a false perception.
So I remember you were talking a little bit about
Aristotle the other day, and fun fact, we learned this
in humanities class in high school. So the three types
of friends? Do you want to explain that for our listeners?
Speaker 1 (06:01):
Yes, the three types of friendships that Aristotle two thousand
years ago came up with utility, pleasure, and virtue, and
the first two fade the last one the friendship of virtue.
That's the midnight friend.
Speaker 2 (06:19):
And that's true. That's especially true nowadays, especially with the
lines kind of blurring between that who will be there
at the end of the day, ladies and gentlemen who
will be there at the end. You know, they like
you just said, the first two always fade away, yeah,
last one of virtue no matter what.
Speaker 1 (06:35):
Well, I know for us this is not just theory.
And when when your father passed, it was very very
early in the morning and we were so far from home,
and you know, but our circle showed up. I mean
when I think about those people, it was John Boudris
and Jeff Cooner and Grace Vodo and Mayor Flynn Jo Simon. Yes, yes,
(07:01):
our family, Greg Murray, there are you know, and other
businesses that we partner with. They were there to walk
us through every step of the way.
Speaker 2 (07:15):
I mean, ladies and gentlemen. Jeff and doctor Grace stepped
it up. They just came into our lives and just
showered us with grace and love. And they're just they're
godly people. It's the only way I can explain them,
I know. And Greg Murray just he just stepped up
to the plate. If you know Greg Murray, he's a
Kelly Financial Services veteran. This man he has been fifteen years. Yes,
(07:40):
it's insane and my father just loved him, probably probably
put him under a lot of pressure at certain point that,
But I mean Greg is he's a trooper. He has
a lot of endurance. He is incredible at what he
does and we're blessed to have him, and we're blessed
to have the team we have now. But Greg was
(08:02):
there at that time for us when we needed him.
He was Mayor Flynn. He showed up for us as well.
And I know he's enjoying retirement, I'm sure, but he
stayed true to us. And he was a good friend
of my father's and even wrote an article for my dad.
He wrote a publication on my father after he passed away,
(08:23):
and every now and then I'll look it up and
I'll read it. He was a beautiful person. My dad
really admired him.
Speaker 3 (08:29):
He did.
Speaker 2 (08:29):
Yeah, Ambassador Flynn is amazing and Mayor Mayor and Ambassador
So ladies and gentlemen, and John Bouder So I cannot
forget about John Bouchers. We lost the hosts, longtime listeners,
ladies and gentlemen. You remember Dad, This was a solo show,
and I mean he would have people on for interviews,
but this was just him. And now we've completely changed
(08:49):
it up. I mean, we have all sorts of different
segments we have advisors leading it, we have you know,
the whole family being involved in this. But who's the
new host? Obviously it transferred to me for now because
John is kind of taking a seat back and letting
me do some work. But John just took the bull
by the horns and kicked butt on the show and
(09:10):
he was I still to this day, I can't imagine
anybody else except John to be a host of this show.
In my personal opinion, I think he has a great
radio voice too. I think this is just God's plan.
I think it was meant to be. But beside all
of that and what they've done for us, what the
materialistic or physical things that they've done, the most important
(09:31):
things is they've stayed our friends. They've remained as true
family friends. To be honest, when I refer to these folks,
I refer to them as family friends. I refer to
Jeff as my uncle, Grace is my aunt, their kids
as my cousins. I also refer to John as my uncle.
Greg I do not refer to as my uncle, but
you know, I still consider him a family friend. And
(09:54):
Mayor Flynn, we haven't talked to him in quite some time,
but he was there for us after Dad passed away,
and many many others. You know who you are. I mean,
there was a whole list of folks, but ladies and gentlemen,
we've been blessed. And I will say it was never
one sided because we would do the same thing for
these folks as well, exactly. And I think that's where
(10:17):
the Midnight Test comes down to, is it's not just
a test about your friends and your life, but it's
also a test about you. And I think you put
it the best way. This is a building block thing.
It's not a you just walk into it and it's
a full on extreme. This is building blocks. It takes work.
Like your IRA, your retirement accounts, your.
Speaker 1 (10:36):
Friendships don't just happen. They take a lot of attention.
Like a financial plan, you need to make deposits, you
need to show up for people, and over time, those
deposits compound into something life changing.
Speaker 3 (10:50):
The right.
Speaker 2 (10:51):
Yeah, that's a powerful analogy, and I think sometimes people
don't realize that friendships, just like finances, take intentional effort.
You don't just drift into a deep relationship. You build
them step by step.
Speaker 1 (11:02):
So maybe we can talk about a few practical ways
people can do just that, like make regular phone calls
to their friends or check ins. You don't need to
need something or show up for the small things, not
just the big crises. And celebrate people's joys, not just
walk with them and sorrow and be present. Put the
(11:25):
phone down and listen. Those simple investments create deep returns.
Speaker 2 (11:30):
You've done your research, male I.
Speaker 1 (11:31):
Sae, well, thank you, William, I have.
Speaker 2 (11:35):
I will say that is absolutely true, Because if you
call someone just to need something, is that really friendship?
That's a friendship of utility. If you call someone just
to go get a beer, you know what I mean,
and just to have fun, then that's a that's a
friendship of pleasure. But if you call them genuinely to
check on them and see how they're doing, and just
to talk to them and just to be a friend,
(11:56):
and that's a friendship of virtue, Ladies and gentlemen, Virtue
is one of the most important things. Art's a virtue.
Friendship is a virtue.
Speaker 1 (12:04):
Yeah, be intentional, invest in your circle and cherish those
midnight friends because they're more valuable than anything. They're more
valuable than the money that you put in a bank account.
Speaker 2 (12:16):
That's true. I agree with that friends are worth more
than goals.
Speaker 1 (12:19):
So today let this be a reminder. Plan for your finances, yes,
but also plan for your friendships. Both will give you
a future that is secure and fulfilling. Very nice, So
do keep us on your dial. We've got a lot
of great content coming your way. Might do set and
Greg Workman will explain how a comprehensive written financial plan
(12:41):
can provide clarity and peace of mind for your retirement years.
Mary Madeline Kelly and Greg Murray will break down the
hidden risks that can quietly derail a retirement plan. I
will be back with William and together we will take
you inside the world of continuing and care retirement communities,
(13:02):
looking at both the lifestyle benefits and the financial realities.
And of course we'll close the hour with some wit
and wisdom from the late Bill Kelly. His words continue
to inspire and guide us. That's a wrap for forever young.
Thank you for listening, and William, thank you for joining me.
Speaker 2 (13:21):
Thank you, Mama, I love you, I love you too, Honey.
Call us today at eight eight eight hundred and eighty
one or visit us online at Kellyfinancial dot org to
schedule your complimentary retirement Income Analysis.
Speaker 4 (13:46):
Welcome back to Safe Money Strategies, your trusted weekend guide
to smart, confident retirement planning. I Mike, you said, chief
operating officer here at Kelly Financial Services.
Speaker 3 (13:56):
And I'm Greg Workman, investment advisor here at Kelly Financial Service.
Mike Tonight, we're diving into a topic that is absolutely
essential for anyone planning or living in retirement. The power
and peace of mind that comes from having a written financial.
Speaker 4 (14:12):
Plan, Greg, It's something we can't stress enough. In fact,
recent research from the twenty twenty five Protected Retirement Income
and Planning Study shows that only about thirty five percent
of people aged forty five to seventy five feel confident
enough to create a retirement income plan by themselves.
Speaker 3 (14:30):
That means the majority are navigating their golden years without
a clear roadmap, and that uncertainty can lead to poor decisions,
whether it's overspending, undersaving, or simply not knowing how long
your money will last.
Speaker 4 (14:44):
And that's exactly why a written plan is so important.
It's your personalized GPS, showing your current position and mapping
a safe route to your retirement goals, with options for
detours and unexpected bumps along the way. Without it, you're
really just guessing, and guessing is not a strategy.
Speaker 3 (15:01):
The study also reveals some eye opening trends. Nearly thirty
percent of people between age sixty one and age sixty
five are thinking about delaying retirement, and almost sixty percent
worry that social Security may not be enough or could
be cut sometime in the future.
Speaker 4 (15:21):
Those concerns make sense with inflation still running hotter than
many would like and markets to swing in unpredictably, it's
no surprise that folks feel uncertain.
Speaker 3 (15:31):
And there's also longevity risk living longer than your savings
can sustain. Imagine planning to live to eighty five and
then ending up living into your nineties or beyond. Without
a plan that accounts for that, it is easy to
run shorter the mark.
Speaker 4 (15:49):
That's why it's critically A plan includes realistic assumptions on inflation, longevity,
and spending habits. It helps you understand how long your
savings might last under various what if scenarios.
Speaker 3 (16:01):
We always tell clients hope for the best, but plan
for the worst. A written plan lets you do just that,
so you're not caught off guard. It's not about being pessimistic.
It's about being prepared greg.
Speaker 4 (16:15):
One of the things that stood out to me in
the study was the importance of protected income sources that is,
guaranteed monthly payments from pensions or annuities.
Speaker 3 (16:25):
Right people with protected income tend to retire earlier and
feel more secure because they know a portion of their
expenses is covered no matter what happens in the stock market.
Speaker 4 (16:37):
I remember working with a retired couple who had pension
income covering about seventy percent of their expenses, but they
were concerned about the rest. The market volatility made them
very nervous.
Speaker 3 (16:48):
We introduced the idea of an annuity to cover that gap.
It gave them guaranteed income so they could relax and
enjoy retirement, not worry about every swing of the market.
Speaker 4 (16:59):
Our Safe Money Strategies workbook helps clients map out their
protected income in variable income sources so they understand what's
safe and what's at risk.
Speaker 3 (17:08):
It's really about peace of mind. Protected income gives you
permission to live, to travel, to spend time with family,
even splurge occasionally without the constant anxiety of watching the
stock market. Another key finding from the study, nearly half
of retirees feel uneasy about how much they can safely spend,
(17:30):
and a third have spent faster than they did plan.
Speaker 2 (17:33):
That's a huge source of stress.
Speaker 4 (17:35):
You want to enjoy your retirement, but also don't want
to run out of money, and without a structured plan,
people often either overspend out of optimism or underspend out
of fear, neither of which leads to a fulfilling retirement exactly.
Speaker 3 (17:49):
A written plan lays out a spending strategy that balances
your lifestyle goals with the need to preserve capital along
the way, and.
Speaker 4 (17:58):
We don't just stop at the math. We model different
market conditions, including downturns, so clients understand how to adjust
spending without panic.
Speaker 3 (18:06):
It's about being proactive, not reactive. When the plan anticipates bumps,
you can handle them smoothly.
Speaker 4 (18:14):
You're listening to Safe Money Strategies with Mike Ducett and
Greg Workman at Kelly Financial Tonight. We're talking about why
having a written financial plan is your retirement game changer.
Speaker 3 (18:24):
Coming up next will break down what goes into a
comprehensive plan and how you can get started, including a
copy of our complementary Safe Money Strategies workbook.
Speaker 2 (18:35):
Stay tuned. We'll be right back.
Speaker 1 (18:39):
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
(19:01):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back.
Speaker 2 (19:12):
To safe money Strategies. I'm William Kelly Junior here with
my mom Kelly Kelly. Today we're diving into a subject
that a lot of families eventually face, planning for senior
living and what comes after independent retirement years.
Speaker 1 (19:24):
That's right, William, and for us is very close to home.
My dad, your poppy, recently transitioned into an independent living
community after spending more than sixty five years in the
same house. It was a big adjustment, but it showed
us firsthand how important it is to think ahead about
(19:46):
these decisions.
Speaker 2 (19:47):
And one option that comes up a lot when families
plan is what's called a CCRC, a continuing care retirement community.
Speaker 1 (19:55):
Exactly. A CCRC is unique because it comes de finds
multiple levels of care on one campus. You might start
in independent living, but if your health changes, you can
move within the same community into assisted living, skilled nursing,
(20:15):
or memory care. That continuity is one of the strongest appeals, so.
Speaker 2 (20:22):
You don't have to uproot your life every time your
care needs change. Your friend's routines and surroundings stay the
same for both residents and their families. That stability is huge, and.
Speaker 1 (20:33):
The lifestyle piece is significant too. Many of these communities
feel like resorts, restaurants with chef prepared meals, fitness centers,
art studios, indoor pools, walking trails, even golf.
Speaker 2 (20:48):
Courses, plus the social side, book clubs, music programs, gardening groups,
exercise classes, Bible studies, or even lectures. People often say
it's like being on a cruise ship that never.
Speaker 1 (20:58):
Leaves land, and that companionship really matters, especially for someone
who's lost neighbors over the years or lives far from family.
Built in community can help fight loneliness and isolation.
Speaker 2 (21:14):
Mom, I've read that loneliness can actually increase health risks,
like raising the risk of dementia, heart disease, or depression,
so it's not just about fun and activities. Having that
daily social interaction can literally keep people healthier.
Speaker 1 (21:27):
William, You're exactly right. And for families, one of the
biggest fears is what if mom or dad suddenly needs
more care? In a CCRC, the answer is simple, a
plan is already in place.
Speaker 2 (21:44):
That peace of mind is priceless. You're not scrambling into
crisis or searching for a nursing home when you're already stressed.
You already know care is available right there.
Speaker 1 (21:53):
And couples benefit too. If one spouse needs extra care
and the other doesn't, can still be together on the
same campus. They can share meals, activities and stay connected.
Speaker 2 (22:07):
That's a big deal because I think most couples worry
about being separated of One person's health changes faster than
the others.
Speaker 1 (22:13):
Exactly, and in some contracts there are even financial protections.
Certain models lock in predictable care rates, which can help
guard against rising healthcare cost But.
Speaker 2 (22:27):
It's important to say ccrcs aren't the only option. My
poppy is in a family owned independent living community in Georgia.
It's not a CCRC, but it's been a great fit
for him because it's flexible month to month, well managed,
and it also offers assisted living if his needs changed.
Speaker 1 (22:44):
Right, his community does not require a buy in fee,
and it does give him flexibility as he settles in.
It works for him because of where he lives and
what he values.
Speaker 2 (22:57):
And geography really matters. In his home town, there aren't
ccr ss nearby, so independent living made sense. But here
in New England there are more options. Massachusetts has quite
a few ccrcs, enough that the state even keeps an
official registry. Rhode Island and New Hampshire have some as well,
though fewer than Massachusetts.
Speaker 1 (23:16):
So depending on where you live, is worth checking your
states directories or consumer guides. Options are out there, and
planning ahead can make all the difference.
Speaker 2 (23:28):
Mom, I also think younger generations, like people my age,
should pay attention to this too, because even if we're
not moving into one of these communities ourselves anytime soon,
we're often the ones helping our parents or grandparents figure
it out.
Speaker 1 (23:41):
That is such a good point, William. These decisions don't
just affect the residents, they affect the entire family. When
you've got a plan in place, everybody breathes easier.
Speaker 2 (23:54):
So to sum up, the pros. Ccrcs offer continuity, community
lifestyle upgrades and piece of mind for both residents and families.
Even f ACCRC isn't the right fit. Just knowing your
options like independent living can be empowering.
Speaker 1 (24:08):
Absolutely and in Part two we'll look at the other side,
the cost, the contracts and the trade offs.
Speaker 2 (24:16):
Stay with us.
Speaker 1 (24:17):
You are listening to Safe Money Strategies on WBZ News
Radio ten thirty every Saturday night and anytime. You can
listen on the iHeart app or visit Kellyfinancial dot org
to catch our radio, rewind tab and replay past shows.
Speaker 2 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
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 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 (02:11):
Each week on Safe Money Strategies, we take a moment
to step back from the headlines and have a real conversation,
the kind you might have around the kitchen table. This
is a part of the show we call Forever Young
is where I sit down with my son, William Kelly Junior,
and we talk about life, what's going on in the world,
in our family, and what really matters most when you're
(02:33):
planning for the future, sometimes as light, sometimes as thoughtful,
but is always real. Good evening, William, how are you
doing great? Mom.
Speaker 2 (02:42):
I've been very busy and I've had a very good week.
I've been writing, working out cooking and you know, me
trying to stay healthy. And of course we're all excited
because Marray Maddelin's getting her new puppy, Mellie, and I
think she's even planning to bring her to the office
so everyone can meet this little dog.
Speaker 1 (02:57):
Oh, I'm so excited and that'll be so much fun.
And you know, I'm still swimming up a storm and
getting on my laps in. I'm counting the days down
until you know, pool closure, but I think I have
about a month left, so you know, that's good. And
I like the fact that it helps me sleep at night.
I usually swim right before I go to sleep, maybe
(03:19):
an hour or so before. We all feel little hints
a fall coming in the air, and in my mind,
it fall brings me to memories, and you know, good memories,
bad memories, not so good memories. But every fall, I
think of your dad, a bill, you know, that unexpected passing,
(03:43):
and we were so far away, but yet we were
able to reach out to some beautiful, wonderful friends who
helped us during that time of our life when.
Speaker 2 (03:58):
Dad passed away. And every time he gets it nears October.
You're right, we do feel that way, and we kind
of we do feel it coming on because it was
such a tragic event eight years ago in our family
and the company, and I'm sure a lot of people
who have been with us for a long time, and
some people have been with us for over twenty years now,
they knew what it was like when we lost at
(04:19):
There's something that I discovered called the midnight test, and
it's a very interesting theory and I think everybody who's
listening right now could participate in it. So imagine life
suddenly blindsided you, something tragic happened that just threw you
out of whack. Who would be the person that you
could call at midnight? Who'd be your friend? It's a
(04:40):
simple test. Yeah. Now I'm going to bring it on
a step further, and there's a story about a CEO
who has everything that the world would call success, money, cars, awards, magazine, covers,
you name it. But he thought about his life and
he realized you couldn't name three people he can call
(05:00):
in the middle of night. So I mean, imagine that
having everything materialistically, but not even having the people or
a person you could call at midnight. To me, that's
crazy and very unfortunate, but that's surprising. In my generation, specifically,
we have a tendency to associate friendship a different way
(05:21):
than what would be traditional because of social media. So
we have thousands of followers, likes and stuff like that.
People will comment on your posts, you'll do things for attention.
You live a life it's not necessarily true, and that
is kind of a false image than reality. And typically
it's a rule of thumb that when you go on
social media and you see someone living a crazy great
life or what it looks like is a crazy great life,
(05:43):
it actually is not that good. It's a false perception.
So I remember you were talking a little bit about
Aristotle the other day, and fun fact, we learned this
in humanities class in high school. So the three types
of friends? Do you want to explain that for our listeners?
Speaker 1 (06:01):
Yes, the three types of friendships that Aristotle two thousand
years ago came up with utility, pleasure, and virtue, and
the first two fade the last one the friendship of virtue.
That's the midnight friend.
Speaker 2 (06:19):
And that's true. That's especially true nowadays, especially with the
lines kind of blurring between that who will be there
at the end of the day, ladies and gentlemen who
will be there at the end. You know, they like
you just said, the first two always fade away, yeah,
last one of virtue no matter what.
Speaker 1 (06:35):
Well, I know for us this is not just theory.
And when when your father passed, it was very very
early in the morning and we were so far from home,
and you know, but our circle showed up. I mean
when I think about those people, it was John Boudris
and Jeff Cooner and Grace Vodo and Mayor Flynn Jo Simon. Yes, yes,
(07:01):
our family, Greg Murray, there are you know, and other
businesses that we partner with. They were there to walk
us through every step of the way.
Speaker 2 (07:15):
I mean, ladies and gentlemen. Jeff and doctor Grace stepped
it up. They just came into our lives and just
showered us with grace and love. And they're just they're
godly people. It's the only way I can explain them,
I know. And Greg Murray just he just stepped up
to the plate. If you know Greg Murray, he's a
Kelly Financial Services veteran. This man he has been fifteen years. Yes,
(07:40):
it's insane and my father just loved him, probably probably
put him under a lot of pressure at certain point that,
But I mean Greg is he's a trooper. He has
a lot of endurance. He is incredible at what he
does and we're blessed to have him, and we're blessed
to have the team we have now. But Greg was
(08:02):
there at that time for us when we needed him.
He was Mayor Flynn. He showed up for us as well.
And I know he's enjoying retirement, I'm sure, but he
stayed true to us. And he was a good friend
of my father's and even wrote an article for my dad.
He wrote a publication on my father after he passed away,
(08:23):
and every now and then I'll look it up and
I'll read it. He was a beautiful person. My dad
really admired him.
Speaker 3 (08:29):
He did.
Speaker 2 (08:29):
Yeah, Ambassador Flynn is amazing and Mayor Mayor and Ambassador
So ladies and gentlemen, and John Bouder So I cannot
forget about John Bouchers. We lost the hosts, longtime listeners,
ladies and gentlemen. You remember Dad, This was a solo show,
and I mean he would have people on for interviews,
but this was just him. And now we've completely changed
(08:49):
it up. I mean, we have all sorts of different
segments we have advisors leading it, we have you know,
the whole family being involved in this. But who's the
new host? Obviously it transferred to me for now because
John is kind of taking a seat back and letting
me do some work. But John just took the bull
by the horns and kicked butt on the show and
(09:10):
he was I still to this day, I can't imagine
anybody else except John to be a host of this show.
In my personal opinion, I think he has a great
radio voice too. I think this is just God's plan.
I think it was meant to be. But beside all
of that and what they've done for us, what the
materialistic or physical things that they've done, the most important
(09:31):
things is they've stayed our friends. They've remained as true
family friends. To be honest, when I refer to these folks,
I refer to them as family friends. I refer to
Jeff as my uncle, Grace is my aunt, their kids
as my cousins. I also refer to John as my uncle.
Greg I do not refer to as my uncle, but
you know, I still consider him a family friend. And
(09:54):
Mayor Flynn, we haven't talked to him in quite some time,
but he was there for us after Dad passed away,
and many many others. You know who you are. I mean,
there was a whole list of folks, but ladies and gentlemen,
we've been blessed. And I will say it was never
one sided because we would do the same thing for
these folks as well, exactly. And I think that's where
(10:17):
the Midnight Test comes down to, is it's not just
a test about your friends and your life, but it's
also a test about you. And I think you put
it the best way. This is a building block thing.
It's not a you just walk into it and it's
a full on extreme. This is building blocks. It takes work.
Like your IRA, your retirement accounts, your.
Speaker 1 (10:36):
Friendships don't just happen. They take a lot of attention.
Like a financial plan, you need to make deposits, you
need to show up for people, and over time, those
deposits compound into something life changing.
Speaker 3 (10:50):
The right.
Speaker 2 (10:51):
Yeah, that's a powerful analogy, and I think sometimes people
don't realize that friendships, just like finances, take intentional effort.
You don't just drift into a deep relationship. You build
them step by step.
Speaker 1 (11:02):
So maybe we can talk about a few practical ways
people can do just that, like make regular phone calls
to their friends or check ins. You don't need to
need something or show up for the small things, not
just the big crises. And celebrate people's joys, not just
walk with them and sorrow and be present. Put the
(11:25):
phone down and listen. Those simple investments create deep returns.
Speaker 2 (11:30):
You've done your research, male I.
Speaker 1 (11:31):
Sae, well, thank you, William, I have.
Speaker 2 (11:35):
I will say that is absolutely true, Because if you
call someone just to need something, is that really friendship?
That's a friendship of utility. If you call someone just
to go get a beer, you know what I mean,
and just to have fun, then that's a that's a
friendship of pleasure. But if you call them genuinely to
check on them and see how they're doing, and just
to talk to them and just to be a friend,
(11:56):
and that's a friendship of virtue, Ladies and gentlemen, Virtue
is one of the most important things. Art's a virtue.
Friendship is a virtue.
Speaker 1 (12:04):
Yeah, be intentional, invest in your circle and cherish those
midnight friends because they're more valuable than anything. They're more
valuable than the money that you put in a bank account.
Speaker 2 (12:16):
That's true. I agree with that friends are worth more
than goals.
Speaker 1 (12:19):
So today let this be a reminder. Plan for your finances, yes,
but also plan for your friendships. Both will give you
a future that is secure and fulfilling. Very nice, So
do keep us on your dial. We've got a lot
of great content coming your way. Might do set and
Greg Workman will explain how a comprehensive written financial plan
(12:41):
can provide clarity and peace of mind for your retirement years.
Mary Madeline Kelly and Greg Murray will break down the
hidden risks that can quietly derail a retirement plan. I
will be back with William and together we will take
you inside the world of continuing and care retirement communities,
(13:02):
looking at both the lifestyle benefits and the financial realities.
And of course we'll close the hour with some wit
and wisdom from the late Bill Kelly. His words continue
to inspire and guide us. That's a wrap for forever young.
Thank you for listening, and William, thank you for joining me.
Speaker 2 (13:21):
Thank you, Mama, I love you, I love you too, Honey.
Call us today at eight eight eight hundred and eighty
one or visit us online at Kellyfinancial dot org to
schedule your complimentary retirement Income Analysis.
Speaker 4 (13:46):
Welcome back to Safe Money Strategies, your trusted weekend guide
to smart, confident retirement planning. I Mike, you said, chief
operating officer here at Kelly Financial Services.
Speaker 3 (13:56):
And I'm Greg Workman, investment advisor here at Kelly Financial Service.
Mike Tonight, we're diving into a topic that is absolutely
essential for anyone planning or living in retirement. The power
and peace of mind that comes from having a written financial.
Speaker 4 (14:12):
Plan, Greg, It's something we can't stress enough. In fact,
recent research from the twenty twenty five Protected Retirement Income
and Planning Study shows that only about thirty five percent
of people aged forty five to seventy five feel confident
enough to create a retirement income plan by themselves.
Speaker 3 (14:30):
That means the majority are navigating their golden years without
a clear roadmap, and that uncertainty can lead to poor decisions,
whether it's overspending, undersaving, or simply not knowing how long
your money will last.
Speaker 4 (14:44):
And that's exactly why a written plan is so important.
It's your personalized GPS, showing your current position and mapping
a safe route to your retirement goals, with options for
detours and unexpected bumps along the way. Without it, you're
really just guessing, and guessing is not a strategy.
Speaker 3 (15:01):
The study also reveals some eye opening trends. Nearly thirty
percent of people between age sixty one and age sixty
five are thinking about delaying retirement, and almost sixty percent
worry that social Security may not be enough or could
be cut sometime in the future.
Speaker 4 (15:21):
Those concerns make sense with inflation still running hotter than
many would like and markets to swing in unpredictably, it's
no surprise that folks feel uncertain.
Speaker 3 (15:31):
And there's also longevity risk living longer than your savings
can sustain. Imagine planning to live to eighty five and
then ending up living into your nineties or beyond. Without
a plan that accounts for that, it is easy to
run shorter the mark.
Speaker 4 (15:49):
That's why it's critically A plan includes realistic assumptions on inflation, longevity,
and spending habits. It helps you understand how long your
savings might last under various what if scenarios.
Speaker 3 (16:01):
We always tell clients hope for the best, but plan
for the worst. A written plan lets you do just that,
so you're not caught off guard. It's not about being pessimistic.
It's about being prepared greg.
Speaker 4 (16:15):
One of the things that stood out to me in
the study was the importance of protected income sources that is,
guaranteed monthly payments from pensions or annuities.
Speaker 3 (16:25):
Right people with protected income tend to retire earlier and
feel more secure because they know a portion of their
expenses is covered no matter what happens in the stock market.
Speaker 4 (16:37):
I remember working with a retired couple who had pension
income covering about seventy percent of their expenses, but they
were concerned about the rest. The market volatility made them
very nervous.
Speaker 3 (16:48):
We introduced the idea of an annuity to cover that gap.
It gave them guaranteed income so they could relax and
enjoy retirement, not worry about every swing of the market.
Speaker 4 (16:59):
Our Safe Money Strategies workbook helps clients map out their
protected income in variable income sources so they understand what's
safe and what's at risk.
Speaker 3 (17:08):
It's really about peace of mind. Protected income gives you
permission to live, to travel, to spend time with family,
even splurge occasionally without the constant anxiety of watching the
stock market. Another key finding from the study, nearly half
of retirees feel uneasy about how much they can safely spend,
(17:30):
and a third have spent faster than they did plan.
Speaker 2 (17:33):
That's a huge source of stress.
Speaker 4 (17:35):
You want to enjoy your retirement, but also don't want
to run out of money, and without a structured plan,
people often either overspend out of optimism or underspend out
of fear, neither of which leads to a fulfilling retirement exactly.
Speaker 3 (17:49):
A written plan lays out a spending strategy that balances
your lifestyle goals with the need to preserve capital along
the way, and.
Speaker 4 (17:58):
We don't just stop at the math. We model different
market conditions, including downturns, so clients understand how to adjust
spending without panic.
Speaker 3 (18:06):
It's about being proactive, not reactive. When the plan anticipates bumps,
you can handle them smoothly.
Speaker 4 (18:14):
You're listening to Safe Money Strategies with Mike Ducett and
Greg Workman at Kelly Financial Tonight. We're talking about why
having a written financial plan is your retirement game changer.
Speaker 3 (18:24):
Coming up next will break down what goes into a
comprehensive plan and how you can get started, including a
copy of our complementary Safe Money Strategies workbook.
Speaker 2 (18:35):
Stay tuned. We'll be right back.
Speaker 1 (18:39):
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
(19:01):
eighteen eighty one or email Kelly at Kellyfinancial dot org.
We're Kelly Financial. Come retire with us, Welcome back.
Speaker 2 (19:12):
To safe money Strategies. I'm William Kelly Junior here with
my mom Kelly Kelly. Today we're diving into a subject
that a lot of families eventually face, planning for senior
living and what comes after independent retirement years.
Speaker 1 (19:24):
That's right, William, and for us is very close to home.
My dad, your poppy, recently transitioned into an independent living
community after spending more than sixty five years in the
same house. It was a big adjustment, but it showed
us firsthand how important it is to think ahead about
(19:46):
these decisions.
Speaker 2 (19:47):
And one option that comes up a lot when families
plan is what's called a CCRC, a continuing care retirement community.
Speaker 1 (19:55):
Exactly. A CCRC is unique because it comes de finds
multiple levels of care on one campus. You might start
in independent living, but if your health changes, you can
move within the same community into assisted living, skilled nursing,
(20:15):
or memory care. That continuity is one of the strongest appeals, so.
Speaker 2 (20:22):
You don't have to uproot your life every time your
care needs change. Your friend's routines and surroundings stay the
same for both residents and their families. That stability is huge, and.
Speaker 1 (20:33):
The lifestyle piece is significant too. Many of these communities
feel like resorts, restaurants with chef prepared meals, fitness centers,
art studios, indoor pools, walking trails, even golf.
Speaker 2 (20:48):
Courses, plus the social side, book clubs, music programs, gardening groups,
exercise classes, Bible studies, or even lectures. People often say
it's like being on a cruise ship that never.
Speaker 1 (20:58):
Leaves land, and that companionship really matters, especially for someone
who's lost neighbors over the years or lives far from family.
Built in community can help fight loneliness and isolation.
Speaker 2 (21:14):
Mom, I've read that loneliness can actually increase health risks,
like raising the risk of dementia, heart disease, or depression,
so it's not just about fun and activities. Having that
daily social interaction can literally keep people healthier.
Speaker 1 (21:27):
William, You're exactly right. And for families, one of the
biggest fears is what if mom or dad suddenly needs
more care? In a CCRC, the answer is simple, a
plan is already in place.
Speaker 2 (21:44):
That peace of mind is priceless. You're not scrambling into
crisis or searching for a nursing home when you're already stressed.
You already know care is available right there.
Speaker 1 (21:53):
And couples benefit too. If one spouse needs extra care
and the other doesn't, can still be together on the
same campus. They can share meals, activities and stay connected.
Speaker 2 (22:07):
That's a big deal because I think most couples worry
about being separated of One person's health changes faster than
the others.
Speaker 1 (22:13):
Exactly, and in some contracts there are even financial protections.
Certain models lock in predictable care rates, which can help
guard against rising healthcare cost But.
Speaker 2 (22:27):
It's important to say ccrcs aren't the only option. My
poppy is in a family owned independent living community in Georgia.
It's not a CCRC, but it's been a great fit
for him because it's flexible month to month, well managed,
and it also offers assisted living if his needs changed.
Speaker 1 (22:44):
Right, his community does not require a buy in fee,
and it does give him flexibility as he settles in.
It works for him because of where he lives and
what he values.
Speaker 2 (22:57):
And geography really matters. In his home town, there aren't
ccr ss nearby, so independent living made sense. But here
in New England there are more options. Massachusetts has quite
a few ccrcs, enough that the state even keeps an
official registry. Rhode Island and New Hampshire have some as well,
though fewer than Massachusetts.
Speaker 1 (23:16):
So depending on where you live, is worth checking your
states directories or consumer guides. Options are out there, and
planning ahead can make all the difference.
Speaker 2 (23:28):
Mom, I also think younger generations, like people my age,
should pay attention to this too, because even if we're
not moving into one of these communities ourselves anytime soon,
we're often the ones helping our parents or grandparents figure
it out.
Speaker 1 (23:41):
That is such a good point, William. These decisions don't
just affect the residents, they affect the entire family. When
you've got a plan in place, everybody breathes easier.
Speaker 2 (23:54):
So to sum up, the pros. Ccrcs offer continuity, community
lifestyle upgrades and piece of mind for both residents and families.
Even f ACCRC isn't the right fit. Just knowing your
options like independent living can be empowering.
Speaker 1 (24:08):
Absolutely and in Part two we'll look at the other side,
the cost, the contracts and the trade offs.
Speaker 2 (24:16):
Stay with us.
Speaker 1 (24:17):
You are listening to Safe Money Strategies on WBZ News
Radio ten thirty every Saturday night and anytime. You can
listen on the iHeart app or visit Kellyfinancial dot org
to catch our radio, rewind tab and replay past shows.
Speaker 2 (24:41):
Safe Money Strategies with Kelly Kelly and her team called
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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