Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And our phone lines they are open to you right now.
If you have questions for our retirement planning professionals from
Class Financial, we'd love to have you join us this morning.
Telephone number to get on the air six oh eight
three two one thirteen ten. That's six oh eight three
two one thirteen ten. Join this week by CJ Class
and Malia Quavis. Of course, you can learn more about
Cjmalia and the whole team at Class Financial on their
(00:21):
website Coss financial dot com. That's Class k l aa
S financial dot com. Great website and resource has mentioned
to learn more about the team. Also an opportunity to
sign up for the weekly Market Pulse newsletter that available
to you at clossfinancial dot com. Telephone up for the
office right here in Madison. Six oh eight four four
two five six three seven. No charge for that initial
(00:41):
get to know you appoyment tech Class Financial, It will
be complimentary to you again their number six oh eight
four four two five six three seven and you get
on the air, just call it the studio. We'd love
to hear from you six 'oh eight three two one
thirteen ten that's three two one thirteen ten and joining
us as mentioned are our retirement planning professionals from Class Financial. CJ.
Closs and Malia Quavis.
Speaker 2 (00:59):
CJ.
Speaker 1 (00:59):
How you doing this week?
Speaker 2 (01:01):
I'm doing great. Sean, how are you?
Speaker 1 (01:02):
I'm doing really good. It's fantastic to talk with you. Malia,
how are you doing?
Speaker 3 (01:06):
Very good? Enjoying the changing colors already?
Speaker 1 (01:09):
Ain't that crazy? It's I guess we're already in. You're
already little October.
Speaker 3 (01:15):
Wow.
Speaker 1 (01:15):
Yeah, it's bye and bye wow.
Speaker 3 (01:17):
Wow.
Speaker 1 (01:18):
Is for sure. We've got speaking of things that can
come up on you quick. Of course it comes to retirement,
and we're talking about retirement planning, that retirement day can
come up on you quick. We talk about the importance
of retiring, and I think sometimes people fantasize about things
like downsizing and other things. We're gonna get the details
from c Jen Malia on just that. Maybe that's been
something you've been thinking about. Maybe you're saying, you know what,
(01:39):
I love the fall colors, but I don't like the snow.
Maybe I should relocate. We'll get the details from Cgen
Malia on that in just a moment. A couple of
things remember about the program. Of course, it is a
great opportunity if you have questions, whether it's specifically related
to this week's topic or any related retirement related conversation
or question, you can always call in. We'd love to
hear from you. At six oh eight three two one thirteen.
(02:00):
That's six eight three two one thirteen. Ten talked about
some of the features at classfinancial dot com. That's coss
klaasfinancial dot com. Another great benefit there is the podcast.
If you miss any part of today's program or you
want to share it or listen back to that part
that you missed. I know sometimes in the morning get
a little busy, you can always head on over to
classfinancial dot com. Before we get rolling on this week's
(02:20):
conversation about downsizing or maybe buying a second house or
an RV or selling the house here and moving there
and those type of things. Before we get all of that,
one of the really cool things also we do on
the show is a class quiz question a week. This
week will be no exception chance for you to win
fantastic prize from our friends at class Financial. This week
chance to win a twenty five dollars gift card to
pet Smart. And before we get rolling on this week's topic,
(02:42):
let's actually take a look back at last week's program
and get the question and answer there as well. Maliah.
Speaker 3 (02:47):
Yeah, so last week we had a great conversation on
the ins and outs of understanding annuities, So listen to
that show if you have any interest or maybe have
some of those products. Did a lot to know about those.
So last week's question revolved around that, and the question
was what is the penalty amount for taking money out
of an annuity prior to age fifty nine and a half?
(03:10):
Question was is it ten percent or twenty percent? Larry
of Stoughton, congratulations to him. He correctly answered ten percent.
So thanks for listening listen carefully for today's question, and I.
Speaker 1 (03:22):
Got a great chance to win a prize. It a
little tip if you listen closely, oftentimes the question answer
come up during each week's program, so it benefits you
in a number of ways to pay close attention. As mentioned,
we're going to be talking this week about folks as
they get ready to settle into retirement and you know,
maybe wondering should I consider downsizing or moving maybe do
a whole new area. What can you tell us CJ
(03:43):
about those who may be thinking about doing just that.
Speaker 2 (03:46):
Yeah, this is an important part of the communication we
do with people as they prepare for retirement. Our organization
is fortunate enough to work with people well before retirement
and retirement and in many circumstances and then transference of
that wealth to the next generation and so in so
working with people along that path, we often run into
(04:07):
this question of all, right, should I move to be
closer to kids and grandkids? Should I should I move
from a home into a condo? Should I move into
a progressive kind of senior living community where they've got
independent living. Should I go into a nursing home? When
do I go into a nursing home? There's a lot
of interesting parts of this discussion, and of course, as
(04:30):
Malia can attest, you know, everybody's got an opinion about this,
So you know, oh, mom and dad you need to
be in a warmer climate, or grandma and grand but
come live near me. And and by the way, that's good.
It's good that you know that everybody has an opinion
and they love you and they want you you to
move near them, or maybe they just want safety for
you if they feel that you're unsafe.
Speaker 3 (04:51):
In your home.
Speaker 2 (04:52):
And while that's all good, we would just encourage our listeners.
You don't want to be forced into these decisions. Now,
I'll admit to you, many times you are because proactive
decision making around reducing your liberties or reducing your optionality
is very unpopular for US Americans. We love our freedom
(05:14):
of choice, but in so doing, often you end up
putting your family or yourself in a position of having
to make a kind of rushed, last minute decision around
moving into a senior living facility or in some cases,
directly into a nursing home, or in really tough circumstances
where family members are having to take keys away from
(05:36):
you for driving a vehicle because you can no longer
do that safely. So our largest piece of advice as
it relates to this whole topic, would just be pro
actively think about these items so that your family members
don't have to on your behalf. Now, I will admit
to you, we actually just did a webinar here earlier
(05:56):
this week on this very topic with a business called
vesta senior network that actually helps people choose where to
move into. Now, this is more think of this as
progressive senior living facilities or nursing homes or anything like that,
but they will help people make that decision to match
up the facility with both your budget and your needs.
So really interesting thing. We're going to actually be posting
(06:17):
that webinar to our website if you're interested in listening
to it. But fascinating discussion around the financial components of
this decision and the services available by these facilities.
Speaker 1 (06:28):
Talk this morning with CJ. Colsso Moli Equavis. They are
our retirement planning professionals from Class Financial. Speaking of that website,
not only the webinars and other things up there. You
can listen to the podcast, you can subscribe to the
weekly market Ball's newsletter that'll all available to you at
clossfinancial dot com. Tell off a number six oh eight
four four two five six three seven. No charge for
that initial get to know you appointment Deck Loss Financial.
It will be complimentary to you. Again, they're number six
(06:50):
oh eight four four two five six three seven. So CJ,
let's kind of break some of this stuff down.
Speaker 2 (06:55):
Yeah, so some items you'll want to consider as you're
thinking about moving. We already talked about, you know where
children and grandchildren proximity matters, but then secondarily would be taxations.
So before you move to a different state. We would
highly suggest that you'd look at the future taxation for
your retirement accounts and pensions and think of this in
(07:18):
terms of, you know, federal income tax is pretty in
your face. As a matter of fact, federal income taxes
tend to get renegotiated and changed about every four years. Surprise, surprise,
how long are presidential election cycles, So about every four
years you end up with a slightly modified federal tax
situation that may not even be marginal income taxes. It
(07:39):
could be incentive incentives through fiscal policy of Congress. But
then you have to think, if I'm going to move
to another state, well, hey, states do have a state
income tax for people who don't know it. Here in
the state of Wisconsin, we've got a progressive tax, much
like the federal government does that ranges. I don't remember
exactly I stop my head, but somewhere between like four
(08:00):
to seven and a half percent, depending upon your income.
And so, hey, if you're going to move to another state,
you might want to be aware of what that state
income tax environment is. Do they tax your social security
in that state you're moving to? Do they assess us
a state income tax on your pensions? And retirement accounts.
(08:22):
Here would be a simple example of this. Here in Wisconsin,
there is no state income tax on Social Security. However,
there is state income tax assessed to pensions, retirement accounts,
so on, and so forth. Believe it or not, our
neighbors to the south in Illinois do not have any
state income tax assessed to either their Social Security or
(08:44):
their pensions or their retirement accounts. No state income tax.
So there's a simple example where people go, what Illinois.
I always heard they tax you to death in Illinois. Well,
you gotta slow down and take a look at these
things and evaluate it. Now. By the way, that's I'm
not surey make a statement that you should move to
Illinois by by no means. I'm just trying to say
(09:04):
you need to slow down and take a look at
what these state income taxes are. Another example of this
would be there are actually nine US states with no
state income tax period, whether it's retirement accounts or otherwise.
That's Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington,
(09:26):
and Wyoming. So there you go. Those might be some
states for you to be aware of. Now, review the
cost of living, because the true cost of living can
be not only the state income tax, but it could
be the property that you're going to purchase, property taxes,
sales taxes. There can be other ways for these states
to try to make up for that. But accordingly to
(09:48):
or I'm sorry, according to a Senior Resource Center, the
most affordable states for retirees overall in twenty twenty three
were Wyoming, Utah, Montana, Idaho, Colorado, and New Mexico. So now,
interestingly enough, you might go, well, no kidding, because those
are less populated areas and not fully true by the way,
(10:11):
Colorado is pretty populated, but you get the idea. So
you might want to slow down before you just decide
to follow children or grandchildren and say, hey, what is
the overall tax environment of that particular state. Do they
have even healthcare resources available to me as I age
if suddenly I end up needing independent or assisted living
(10:34):
or nursing home care. So some good things to consider
as you think about housing, entering into and throughout retirement.
Speaker 1 (10:41):
It's very fascinating stuff. As we talked this week with CJ.
Closs and Malia Quavis, they are are retirement planning professionals
from Class Financial. The website Class financial dot com. That's
coss k l aas Financial dot com. Great website resource
learn more about Class Financial. They're telf for whatever six
so eight four four two five six three seven charge
for the initial get to know you appointment tech loss Financial.
(11:02):
It will be complementary to you again. The number six
oh eight four four two five six three seven looks
into our conversation with c generally, and don't forget phone
lines are open for you right now at six oh
eight three two one thirteen ten that's three two one
thirteen ten will get you on the air with our
retirement planning professionals from COSS Financial as Money and Motion
continues right here on thirteen ten wib I chatting with
(11:25):
our retirement planning professionals CJ. Closs and Malia Quavis. Of
course they do come to us from Class Financial, the
website coss financial dot com that's Coss k l a
a s Financial dot Com and their telephone number six
oh eight four four two five six three seven. No
charge for the initial get to know your appointment tech
loss Financial. It will be complementary to you again. The
number six oh eight four four two five six three
(11:47):
seven talking about downsizing and moving, and we've talked taxes
in the in the last segment, and I think another
reason CJ. I've got a guess why folks may be
considering moving in retirement is the weather. And there's got
to be some reasons as well to be thinking downsizing,
aren't there.
Speaker 3 (12:07):
Yeah, I think I'm going to cover this Sean. Yeah, see,
Jerry talked about the weather a little bit. And you
know what's interesting is some people love the seasons, and
they've loved them their whole, you know, whole life living
in the Midwest perhaps, but sometimes we've seen people that
like to escape to warmer climates and so that's their
dream in retirement that they can live every day and
(12:31):
in hopefully seventy degree weather. So that's one thing that
might come into play. We've had people who say, you
know what, I've been dealing with allergies asthma for so
many years. I just want to go to Arizona where
I can dry out and feel better. So those are
real reasons why people do choose to to move to
maybe for health considerations and so forth. So looking into that,
(12:56):
you know, I think as we go through all these
different items, what's interesting, as we see in our offices
with clients is that, you know, when we're first having
conversations early before retirement, we're always talking about our clients'
parents and what they're going to do with their parents,
for their parents, where their parents are going to move.
Suddenly the conversation comes around to the client sitting in
(13:19):
front of us going, oh, you're talking to me. Now
you're talking about what I'm going to do. And so
this is a really great conversation for all of our
listeners to say, yeah, mom and dad, what should we
be doing? Or oh, what about us in retirement. So
we're really just trying to plant those seeds today. So
as we talk about health conditions, that could be you
what you need to do in your retirement. Also we
(13:43):
talk about recreational activities. You know, so if you just
like fishing and outdoor trails and so forth, that's wonderful.
If you're in climate that allows for that twenty four
to seven so that might be something a reason that
you might want to consider go going toward more of
a three to four season climate. For many people's sun
(14:05):
is really an important factor. And when we've had you know,
I remember last year we had like two or three months,
we felt like we never saw sun. Not a good feeling.
So we see now, you know, when we look at
the number of days of actual sunshine, we see Arizona
has two hundred and eighty six days, New Mexico two
hundred and seventy eight, California two hundred and fifty eight days.
(14:27):
These really come to play in your mind when you're
feeling like, hmm, I think walking outside every day and
just seeing the sun the majority of the time feels good.
That might be a reason to move. Or if you've
been active most of your life, you may want to
just consider being a snowbird. You know, you might want
to be keeping your current home, perhaps renting in a
more climate friendly location. Of course everyone looks at Florida
(14:51):
or Arizona for many people coming from the Midwest, but
that might be enough for you just to continue doing so.
By no means are we saying and you have to
get up and move, But you really just need to
take this all under consideration. So really the next question
is why should you downsize? That comes next. You know,
it's not necessarily relocation, but downsizing, and so we like
(15:14):
to talk about in our retirement planning, how much do
you plan to spend in the different areas of your life,
and housing definitely is one of the most expensive areas.
So even if you own your home outright by the
time you retire, actually downsizing to a smaller space can
save you quite a bit of money. So remember that,
(15:34):
other than healthcare, housing will likely be your single greatest
monthly expense in retirement. According to the Bureau for Labor Statistics,
home costs represent the largest expense for retirees, accounting for
thirty six percent of their annual expenses. So that's why
we at least have that discussion about potential downsizing to
(15:56):
reduce this expense. You might say to your off, well,
if I own my home outright, I have no mortgage,
what are you talking about? And so obviously that can
definitely bring down the cost of home ownership on a
yearly basis. But the truth is there's a lot of
upkeep that every single thing around your house, whether it
be cutting down trees or fixing the gutters or doing
(16:19):
the driveway, every that upkeep can really be an expense
that people don't want to admit to. And then of
course we've got the discussion about utilities. You know, we
all enjoy lower utilities, you know in the summer with
regards to maybe our guess bills, but come winter we're like,
oh my goodness, this is getting expensive. So if you
(16:41):
have a smaller space, it's you know, let's say you
downsize to half the amount of space you currently occupy.
It's not that your bill's going to drop in half,
but certainly if you could reduce expenses by a third,
that could make a difference in your potential retirement income.
So we like to just point out that maybe you
want to stay in your home, we'll talk about that
(17:02):
in a minute, but considering downsizing, even if it's in
your own community, could actually help you in your your
monthly expensive.
Speaker 1 (17:11):
Talking this morning with CJ. Colss and Malia Quavis. They
are our retirement planning professionals from Class Financial the website
Class financial dot com. That's Class k l a A
S Financial dot com. And they're telephone number six O
eight four four two five six three seven. No charge
for that initial gets to know you appointment tech Class Financial.
It will be complimentary to you again the number six
oh eight four four two five six three seven and
(17:34):
Malia other reasons when it comes to maybe maintaining a
smaller space or some other benefits there as well, aren't.
Speaker 3 (17:39):
There, right, I mean, honestly, just having less to take
care of and what we what we hear people tell us.
And it differs, of course from men to women. But
you know, people love mowing their own yard for a
very long time and then suddenly they don't. They love,
you know, shoveling that snow and even helping the neighbor
(18:00):
shovel there's they're driveways, and then suddenly they don't. So
keeping you know, in mind, like some proactive planning and
making sure that you adjust, you know, where you live
before you just suddenly are like I'm done with that.
I'm just done doing that. So that's that's really important.
What we see is people moving toward possibly age restricted communities,
(18:25):
and so we see these popping up throughout the country.
If they're commonly known as fifty five plus. Sometimes they
have additional living situations as you need progressive care. Sometimes
they don't. But we have clients all over the country
that this comes up, and you know, they've been living
in their individual homes and suddenly they're like, you know
(18:47):
what we want, we want to take care of our yardless.
We want more activities to hang out with other people,
and eventually, if something, you know, some health related issue
comes up, we have a place within our community potentially
to move into. So these are great conversations again to have,
whether it be your parents or with your your significant other,
(19:09):
because there's no question that time marches on. So we
want to we want to see what's out there, and
there's certainly a lot of different situations available to people today.
We we also looked at, you know, we like to
update our statistics, and we looked at where are people
actually retiring to the last couple of years, and looking
(19:31):
at state to state migration patterns and so forth. United
Van Lines National Mover Study. I think they kind of
know where people are moving, they're doing it, and they
saw that that that retirement was usually the main reason
for those migrations and that the highest percentage of inbound
moves people coming into the state. Those states were Vermont, Oregon,
(19:55):
Rhode Island, South Carolina, Delaware, North Carolina, Washington, DC, South Dakota,
New Mexico, and Alabama. So we tell you all the
sunny estates and all the places people you know, the
top ten list the best place to live, but it's
kind of interesting to hear. Yeah, but there's a lot
of migration into other states, inward migration that we don't
(20:16):
really hear about. And then again with everybody's list. While
at HUB, they came out with twenty twenty three's Best
States to Retire. Florida was named number one in twenty
twenty two, but Virginia edged them out in twenty twenty three.
So I think when we sit down with our friends
and family and everyone's read these lists, really we have
(20:37):
to come back to what is the most important thing
to use specifically when it comes to making that choice.
Is it to be near a family like CJ was mentioning,
Is it to be closer to better health care facilities
potentially or your specific situation with your own health financial
(20:59):
concern and so we want it to be affordable. So
your list is going to look completely different than your neighbors,
and that's what we want you to be able to
spend some time and really think about what makes you
happy now and what you think will make you happy
in retirement.
Speaker 1 (21:12):
It's a really fun and enjoyable conversation as well. You've
worked so hard and start to start making those plans
for those next step. It's a great day to have
that conversation. Don't forget the telephone over for Class Financial
six so eight four four two five six three seven.
No charge for that initial get to know you appoyment
at Loss Financial. It will be complimentary to you again
the number six oh eight four four two five six
three seven at the website Coss Financial dot com. That's
(21:35):
Coss Financial dot com. That's k l aas Financial dot com.
More of Money in Motion next year on thirteen ten
Wiva Gloss Quiz question wely coming up for you in
just a moment a chance to win a twenty five
dollars gift card to pet Smart. Talking this week with
CJ and Malia about things to think about when it
(21:55):
comes to settling into retirement. Maybe where you're going to
live is downside location, All that stuff really important to
think about when it comes to making these determinations. And CJ,
as we're kind of going through that stuff, what about
how we go about making those decisions for housing and
how do we know what's how do I know what's
the right one?
Speaker 2 (22:14):
Yeah, that is the tricky part because as we've talked
about here. There's a lot of considerations from family members,
to the tax environment of the state that you're going
to move to, to safety and security, do access of resources,
to all the things that Malia just talked about there
in terms of affordability and weather patterns. So a lot
of things to be considered here. But this is a process,
(22:38):
and before you make a good decision, you really do
need to evaluate your current situation and then compare it
against what you think you will need in the future.
But with that being said, here would be some high
level categories we might suggest you consider as it relates
to exploring housing, kind of like transitional living housing in retirement. First,
how many bedrooms do you really want need? And I'd
(23:01):
actually pause on that one quickly. I often see people say, well,
I need to keep the six bedroom, fifty five hundred
square foot home in case my grandchildren come home and
they come home like once every four years, and you
are paying like twenty grand a year more to maintain
that home just for the once in every three or
four years. Now, that's been my experience. That doesn't mean
(23:22):
that it's not right for you. I'm just saying be
cautious of that, because as Milia just went through. Housing
does tend to be one of the most expensive component
parts for retirees, so you might want to consider downsizing.
Number two would be how many floors are in my house?
And is my laundry on the main floor. This has
to do with health and vitality and ability to go
(23:44):
up and downstairs. If you're aging, you know some of
your peers are struggling to do this, and so having
kind of single floor living can be a big benefit
as you age. Number three would be do I need
a basement? And of course, if I don't have a basement,
where would I with all my stuff? This is why
we are known as a storage generation of Americans because
(24:05):
we have all these storage facilities, but that's a topic
for another show. Number four would be what size garage
do I currently have? And do I still need that? Again,
we often will see people that throughout their raising children
they needed three, maybe even a four car garage, but
then in retirement you certainly don't need that. A fifth
area to consider would be do I want a large
(24:26):
yard to mow or do I really want a yard
at all? Maybe a condo where they take care of
it for me could make sense, and then final area
to consider for housing would be will I have a pets,
because obviously that can impact the number of options you
have available.
Speaker 1 (24:42):
Talking with CJ colossim Leequivias, our retirement planning professionals from
Class Financial and CJS, we kind of break this stuff down.
Obviously having folks that can take airy professionals in your life,
those are also important. And if you've gone your entire
life establishing some relationships with their doctors and others, what
do we think about there?
Speaker 2 (25:00):
Right, So that prior section is really just around like
the housing itself, right, how many floors, how many rooms,
the size of the yard, so on and so forth.
But now let's really get into like services and area.
So am I near doctors? So we talked about some
of those states that are really inexpensive to live in,
but you may not have access to good doctors or
(25:23):
healthcare facilities. Another would be like how close am I
to shopping facilities? And does that matter to me? Does
it take me an hour to get to the closest
costco or is one in my backyard? Are there social
and cultural activities that are easily accessible to me? Are
there hobbies that are that are available to me at
a low or no cost. I know pickleball is a
(25:44):
big thing. My wife and I play it together. And
you know, so do I have a pickleball court or
a tennis court near me? Is there public transit available
to me in this location I'm going to go to?
And do I care about that? We work with a
lot of people who go public transit. Screw that, I
want to be outside of bubble transit. Others say that
is critical to their retirement. And then one of the
(26:05):
big ones is am I close to family? And do
I still want to be close to family? Furthermore, what
are my current responsibilities with my current home? And do
I want to move somewhere where I don't have those responsibilities?
And then, finally, of course, the area that we care
most about is how expensive is where I am living
now compared to where I will be? And that runs
(26:25):
the gamut of literally how much money do I have
tied up in equity inside of my current home versus
how much will I in the future home. But then
even beyond that, what is the carrying cost of that home? Right?
So think I think property taxes, maintenance, and that a
lot has to do with HOA dues which is just
like association dues. If I'm in Florida, I have to
(26:46):
think about the insurance costs. So listen, we do this
all day, every day. And so therefore, for us, this
just kind of rolls out of our mouths. We understand it,
we think it, we live it, we breathe it. For you,
this might only happen once in your life, and so
I would highly encourage you talk to your account and
talk to your financial advisor slow down before you just
jump to a new state, and have them do kind
(27:08):
of a financial consideration of the new area you're looking
to move.
Speaker 1 (27:12):
Really really good advice this morning. And one final point
before we get to the class quiz question, Liak and Malia,
other things that we may be maybe need to think about,
other considerations that we should be thinking about when it
comes to moving.
Speaker 3 (27:26):
Well, of course we mentioned affordability, right, It's you know,
we have to be reasonable. Have you paid off your mortgage?
You know? Are you going to downsize? Is it going
to cost more to down size? That's always a big
question sometimes if you're going to stay in your own community,
you're like, okay, I might as well just keep my house.
What we didn't talk about yet, is you know, do
(27:48):
you want to stay put in that same family home.
If that's a fact, there should be potentially some modifications
that are made with regards to the laundry or things
like that, maybe a different type of bathing facility within
your home. Another item is maybe your adult children have
moved back in. We have a lot of clients who
have adult children living with them, So if that's the case,
(28:11):
maybe they're going to be able to give you some
additional care. So these are all important considerations for your situation.
And you know, what we found is that many people
do prefer to stay in their current home. We're talking
about people leaving, downsizing, et cetera. But a majority of people,
about sixty nine percent, say they do enjoy staying in
(28:33):
their home and they're open to a relative or someone
else coming to help them. So, you know, it's your situation,
it's your retirement, and you just need to start looking
at all angles of the equation.
Speaker 1 (28:45):
And it can be a lot of fun to kind
of plan this stuff out and have that conversation. It's
a good day to start that conversation. Start thinking that.
We mentioned the website class financial dot com that's Closs
Klaas Financial dot com, great website and great resource. The
telephone number six oh eight four four two five, six
three seven. Don't forget no charge for that initial gets
to know your appointment tech cost Financial. It will be
(29:05):
complimentary to you again. The number six oh eight four
four two five six three seven. You want to hold
on to that number as well, because it's time now
for the coss quiz question the week. It works like this.
In just a moment, I'll ask you the class quiz
question week. You will then have thirty minutes from the
today's program to call the Class Financial Office right here
in Madison at six oh eight four four two five,
six three seven. If you are the first court correct
(29:25):
answer when this week's prize, which is a twenty five
dollars gift card two pet Smart this week's closs Quiz
question week, is this true or false? According to the
Bureau for Labor Statistics, home cost represent the largest expense
for retirees, accounting for thirty thirty six percent of their
(29:46):
annual expenses. True or false. Telephone number six oh eight
four four two five, six three seven, first caut correct
answer when this week's prize, don't forget as well, that's
cost Financial's office right here in Madison. That number six
oh eight four four two five six three seven And
C J. Maleia it's always great chatting with both of you. Guys.
Speaker 3 (30:02):
Have a fantastic day, thanks,
And our phone lines they are open to you right now.
If you have questions for our retirement planning professionals from
Class Financial, we'd love to have you join us this morning.
Telephone number to get on the air six oh eight
three two one thirteen ten. That's six oh eight three
two one thirteen ten. Join this week by CJ Class
and Malia Quavis. Of course, you can learn more about
Cjmalia and the whole team at Class Financial on their
(00:21):
website Coss financial dot com. That's Class k l aa
S financial dot com. Great website and resource has mentioned
to learn more about the team. Also an opportunity to
sign up for the weekly Market Pulse newsletter that available
to you at clossfinancial dot com. Telephone up for the
office right here in Madison. Six oh eight four four
two five six three seven. No charge for that initial
(00:41):
get to know you appoyment tech Class Financial, It will
be complimentary to you again their number six oh eight
four four two five six three seven and you get
on the air, just call it the studio. We'd love
to hear from you six 'oh eight three two one
thirteen ten that's three two one thirteen ten and joining
us as mentioned are our retirement planning professionals from Class Financial. CJ.
Closs and Malia Quavis.
Speaker 2 (00:59):
CJ.
Speaker 1 (00:59):
How you doing this week?
Speaker 2 (01:01):
I'm doing great. Sean, how are you?
Speaker 1 (01:02):
I'm doing really good. It's fantastic to talk with you. Malia,
how are you doing?
Speaker 3 (01:06):
Very good? Enjoying the changing colors already?
Speaker 1 (01:09):
Ain't that crazy? It's I guess we're already in. You're
already little October.
Speaker 3 (01:15):
Wow.
Speaker 1 (01:15):
Yeah, it's bye and bye wow.
Speaker 3 (01:17):
Wow.
Speaker 1 (01:18):
Is for sure. We've got speaking of things that can
come up on you quick. Of course it comes to retirement,
and we're talking about retirement planning, that retirement day can
come up on you quick. We talk about the importance
of retiring, and I think sometimes people fantasize about things
like downsizing and other things. We're gonna get the details
from c Jen Malia on just that. Maybe that's been
something you've been thinking about. Maybe you're saying, you know what,
(01:39):
I love the fall colors, but I don't like the snow.
Maybe I should relocate. We'll get the details from Cgen
Malia on that in just a moment. A couple of
things remember about the program. Of course, it is a
great opportunity if you have questions, whether it's specifically related
to this week's topic or any related retirement related conversation
or question, you can always call in. We'd love to
hear from you. At six oh eight three two one thirteen.
(02:00):
That's six eight three two one thirteen. Ten talked about
some of the features at classfinancial dot com. That's coss
klaasfinancial dot com. Another great benefit there is the podcast.
If you miss any part of today's program or you
want to share it or listen back to that part
that you missed. I know sometimes in the morning get
a little busy, you can always head on over to
classfinancial dot com. Before we get rolling on this week's
(02:20):
conversation about downsizing or maybe buying a second house or
an RV or selling the house here and moving there
and those type of things. Before we get all of that,
one of the really cool things also we do on
the show is a class quiz question a week. This
week will be no exception chance for you to win
fantastic prize from our friends at class Financial. This week
chance to win a twenty five dollars gift card to
pet Smart. And before we get rolling on this week's topic,
(02:42):
let's actually take a look back at last week's program
and get the question and answer there as well. Maliah.
Speaker 3 (02:47):
Yeah, so last week we had a great conversation on
the ins and outs of understanding annuities, So listen to
that show if you have any interest or maybe have
some of those products. Did a lot to know about those.
So last week's question revolved around that, and the question
was what is the penalty amount for taking money out
of an annuity prior to age fifty nine and a half?
(03:10):
Question was is it ten percent or twenty percent? Larry
of Stoughton, congratulations to him. He correctly answered ten percent.
So thanks for listening listen carefully for today's question, and I.
Speaker 1 (03:22):
Got a great chance to win a prize. It a
little tip if you listen closely, oftentimes the question answer
come up during each week's program, so it benefits you
in a number of ways to pay close attention. As mentioned,
we're going to be talking this week about folks as
they get ready to settle into retirement and you know,
maybe wondering should I consider downsizing or moving maybe do
a whole new area. What can you tell us CJ
(03:43):
about those who may be thinking about doing just that.
Speaker 2 (03:46):
Yeah, this is an important part of the communication we
do with people as they prepare for retirement. Our organization
is fortunate enough to work with people well before retirement
and retirement and in many circumstances and then transference of
that wealth to the next generation and so in so
working with people along that path, we often run into
(04:07):
this question of all, right, should I move to be
closer to kids and grandkids? Should I should I move
from a home into a condo? Should I move into
a progressive kind of senior living community where they've got
independent living. Should I go into a nursing home? When
do I go into a nursing home? There's a lot
of interesting parts of this discussion, and of course, as
(04:30):
Malia can attest, you know, everybody's got an opinion about this,
So you know, oh, mom and dad you need to
be in a warmer climate, or grandma and grand but
come live near me. And and by the way, that's good.
It's good that you know that everybody has an opinion
and they love you and they want you you to
move near them, or maybe they just want safety for
you if they feel that you're unsafe.
Speaker 3 (04:51):
In your home.
Speaker 2 (04:52):
And while that's all good, we would just encourage our listeners.
You don't want to be forced into these decisions. Now,
I'll admit to you, many times you are because proactive
decision making around reducing your liberties or reducing your optionality
is very unpopular for US Americans. We love our freedom
(05:14):
of choice, but in so doing, often you end up
putting your family or yourself in a position of having
to make a kind of rushed, last minute decision around
moving into a senior living facility or in some cases,
directly into a nursing home, or in really tough circumstances
where family members are having to take keys away from
(05:36):
you for driving a vehicle because you can no longer
do that safely. So our largest piece of advice as
it relates to this whole topic, would just be pro
actively think about these items so that your family members
don't have to on your behalf. Now, I will admit
to you, we actually just did a webinar here earlier
(05:56):
this week on this very topic with a business called
vesta senior network that actually helps people choose where to
move into. Now, this is more think of this as
progressive senior living facilities or nursing homes or anything like that,
but they will help people make that decision to match
up the facility with both your budget and your needs.
So really interesting thing. We're going to actually be posting
(06:17):
that webinar to our website if you're interested in listening
to it. But fascinating discussion around the financial components of
this decision and the services available by these facilities.
Speaker 1 (06:28):
Talk this morning with CJ. Colsso Moli Equavis. They are
our retirement planning professionals from Class Financial. Speaking of that website,
not only the webinars and other things up there. You
can listen to the podcast, you can subscribe to the
weekly market Ball's newsletter that'll all available to you at
clossfinancial dot com. Tell off a number six oh eight
four four two five six three seven. No charge for
that initial get to know you appointment Deck Loss Financial.
It will be complimentary to you. Again, they're number six
(06:50):
oh eight four four two five six three seven. So CJ,
let's kind of break some of this stuff down.
Speaker 2 (06:55):
Yeah, so some items you'll want to consider as you're
thinking about moving. We already talked about, you know where
children and grandchildren proximity matters, but then secondarily would be taxations.
So before you move to a different state. We would
highly suggest that you'd look at the future taxation for
your retirement accounts and pensions and think of this in
(07:18):
terms of, you know, federal income tax is pretty in
your face. As a matter of fact, federal income taxes
tend to get renegotiated and changed about every four years. Surprise, surprise,
how long are presidential election cycles, So about every four
years you end up with a slightly modified federal tax
situation that may not even be marginal income taxes. It
(07:39):
could be incentive incentives through fiscal policy of Congress. But
then you have to think, if I'm going to move
to another state, well, hey, states do have a state
income tax for people who don't know it. Here in
the state of Wisconsin, we've got a progressive tax, much
like the federal government does that ranges. I don't remember
exactly I stop my head, but somewhere between like four
(08:00):
to seven and a half percent, depending upon your income.
And so, hey, if you're going to move to another state,
you might want to be aware of what that state
income tax environment is. Do they tax your social security
in that state you're moving to? Do they assess us
a state income tax on your pensions? And retirement accounts.
(08:22):
Here would be a simple example of this. Here in Wisconsin,
there is no state income tax on Social Security. However,
there is state income tax assessed to pensions, retirement accounts,
so on, and so forth. Believe it or not, our
neighbors to the south in Illinois do not have any
state income tax assessed to either their Social Security or
(08:44):
their pensions or their retirement accounts. No state income tax.
So there's a simple example where people go, what Illinois.
I always heard they tax you to death in Illinois. Well,
you gotta slow down and take a look at these
things and evaluate it. Now. By the way, that's I'm
not surey make a statement that you should move to
Illinois by by no means. I'm just trying to say
(09:04):
you need to slow down and take a look at
what these state income taxes are. Another example of this
would be there are actually nine US states with no
state income tax period, whether it's retirement accounts or otherwise.
That's Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington,
(09:26):
and Wyoming. So there you go. Those might be some
states for you to be aware of. Now, review the
cost of living, because the true cost of living can
be not only the state income tax, but it could
be the property that you're going to purchase, property taxes,
sales taxes. There can be other ways for these states
to try to make up for that. But accordingly to
(09:48):
or I'm sorry, according to a Senior Resource Center, the
most affordable states for retirees overall in twenty twenty three
were Wyoming, Utah, Montana, Idaho, Colorado, and New Mexico. So now,
interestingly enough, you might go, well, no kidding, because those
are less populated areas and not fully true by the way,
(10:11):
Colorado is pretty populated, but you get the idea. So
you might want to slow down before you just decide
to follow children or grandchildren and say, hey, what is
the overall tax environment of that particular state. Do they
have even healthcare resources available to me as I age
if suddenly I end up needing independent or assisted living
(10:34):
or nursing home care. So some good things to consider
as you think about housing, entering into and throughout retirement.
Speaker 1 (10:41):
It's very fascinating stuff. As we talked this week with CJ.
Closs and Malia Quavis, they are are retirement planning professionals
from Class Financial. The website Class financial dot com. That's
coss k l aas Financial dot com. Great website resource
learn more about Class Financial. They're telf for whatever six
so eight four four two five six three seven charge
for the initial get to know you appointment tech loss Financial.
(11:02):
It will be complementary to you again. The number six
oh eight four four two five six three seven looks
into our conversation with c generally, and don't forget phone
lines are open for you right now at six oh
eight three two one thirteen ten that's three two one
thirteen ten will get you on the air with our
retirement planning professionals from COSS Financial as Money and Motion
continues right here on thirteen ten wib I chatting with
(11:25):
our retirement planning professionals CJ. Closs and Malia Quavis. Of
course they do come to us from Class Financial, the
website coss financial dot com that's Coss k l a
a s Financial dot Com and their telephone number six
oh eight four four two five six three seven. No
charge for the initial get to know your appointment tech
loss Financial. It will be complementary to you again. The
number six oh eight four four two five six three
(11:47):
seven talking about downsizing and moving, and we've talked taxes
in the in the last segment, and I think another
reason CJ. I've got a guess why folks may be
considering moving in retirement is the weather. And there's got
to be some reasons as well to be thinking downsizing,
aren't there.
Speaker 3 (12:07):
Yeah, I think I'm going to cover this Sean. Yeah, see,
Jerry talked about the weather a little bit. And you
know what's interesting is some people love the seasons, and
they've loved them their whole, you know, whole life living
in the Midwest perhaps, but sometimes we've seen people that
like to escape to warmer climates and so that's their
dream in retirement that they can live every day and
(12:31):
in hopefully seventy degree weather. So that's one thing that
might come into play. We've had people who say, you
know what, I've been dealing with allergies asthma for so
many years. I just want to go to Arizona where
I can dry out and feel better. So those are
real reasons why people do choose to to move to
maybe for health considerations and so forth. So looking into that,
(12:56):
you know, I think as we go through all these
different items, what's interesting, as we see in our offices
with clients is that, you know, when we're first having
conversations early before retirement, we're always talking about our clients'
parents and what they're going to do with their parents,
for their parents, where their parents are going to move.
Suddenly the conversation comes around to the client sitting in
(13:19):
front of us going, oh, you're talking to me. Now
you're talking about what I'm going to do. And so
this is a really great conversation for all of our
listeners to say, yeah, mom and dad, what should we
be doing? Or oh, what about us in retirement. So
we're really just trying to plant those seeds today. So
as we talk about health conditions, that could be you
what you need to do in your retirement. Also we
(13:43):
talk about recreational activities. You know, so if you just
like fishing and outdoor trails and so forth, that's wonderful.
If you're in climate that allows for that twenty four
to seven so that might be something a reason that
you might want to consider go going toward more of
a three to four season climate. For many people's sun
(14:05):
is really an important factor. And when we've had you know,
I remember last year we had like two or three months,
we felt like we never saw sun. Not a good feeling.
So we see now, you know, when we look at
the number of days of actual sunshine, we see Arizona
has two hundred and eighty six days, New Mexico two
hundred and seventy eight, California two hundred and fifty eight days.
(14:27):
These really come to play in your mind when you're
feeling like, hmm, I think walking outside every day and
just seeing the sun the majority of the time feels good.
That might be a reason to move. Or if you've
been active most of your life, you may want to
just consider being a snowbird. You know, you might want
to be keeping your current home, perhaps renting in a
more climate friendly location. Of course everyone looks at Florida
(14:51):
or Arizona for many people coming from the Midwest, but
that might be enough for you just to continue doing so.
By no means are we saying and you have to
get up and move, But you really just need to
take this all under consideration. So really the next question
is why should you downsize? That comes next. You know,
it's not necessarily relocation, but downsizing, and so we like
(15:14):
to talk about in our retirement planning, how much do
you plan to spend in the different areas of your life,
and housing definitely is one of the most expensive areas.
So even if you own your home outright by the
time you retire, actually downsizing to a smaller space can
save you quite a bit of money. So remember that,
(15:34):
other than healthcare, housing will likely be your single greatest
monthly expense in retirement. According to the Bureau for Labor Statistics,
home costs represent the largest expense for retirees, accounting for
thirty six percent of their annual expenses. So that's why
we at least have that discussion about potential downsizing to
(15:56):
reduce this expense. You might say to your off, well,
if I own my home outright, I have no mortgage,
what are you talking about? And so obviously that can
definitely bring down the cost of home ownership on a
yearly basis. But the truth is there's a lot of
upkeep that every single thing around your house, whether it
be cutting down trees or fixing the gutters or doing
(16:19):
the driveway, every that upkeep can really be an expense
that people don't want to admit to. And then of
course we've got the discussion about utilities. You know, we
all enjoy lower utilities, you know in the summer with
regards to maybe our guess bills, but come winter we're like,
oh my goodness, this is getting expensive. So if you
(16:41):
have a smaller space, it's you know, let's say you
downsize to half the amount of space you currently occupy.
It's not that your bill's going to drop in half,
but certainly if you could reduce expenses by a third,
that could make a difference in your potential retirement income.
So we like to just point out that maybe you
want to stay in your home, we'll talk about that
(17:02):
in a minute, but considering downsizing, even if it's in
your own community, could actually help you in your your
monthly expensive.
Speaker 1 (17:11):
Talking this morning with CJ. Colss and Malia Quavis. They
are our retirement planning professionals from Class Financial the website
Class financial dot com. That's Class k l a A
S Financial dot com. And they're telephone number six O
eight four four two five six three seven. No charge
for that initial gets to know you appointment tech Class Financial.
It will be complimentary to you again the number six
oh eight four four two five six three seven and
(17:34):
Malia other reasons when it comes to maybe maintaining a
smaller space or some other benefits there as well, aren't.
Speaker 3 (17:39):
There, right, I mean, honestly, just having less to take
care of and what we what we hear people tell us.
And it differs, of course from men to women. But
you know, people love mowing their own yard for a
very long time and then suddenly they don't. They love,
you know, shoveling that snow and even helping the neighbor
(18:00):
shovel there's they're driveways, and then suddenly they don't. So
keeping you know, in mind, like some proactive planning and
making sure that you adjust, you know, where you live
before you just suddenly are like I'm done with that.
I'm just done doing that. So that's that's really important.
What we see is people moving toward possibly age restricted communities,
(18:25):
and so we see these popping up throughout the country.
If they're commonly known as fifty five plus. Sometimes they
have additional living situations as you need progressive care. Sometimes
they don't. But we have clients all over the country
that this comes up, and you know, they've been living
in their individual homes and suddenly they're like, you know
(18:47):
what we want, we want to take care of our yardless.
We want more activities to hang out with other people,
and eventually, if something, you know, some health related issue
comes up, we have a place within our community potentially
to move into. So these are great conversations again to have,
whether it be your parents or with your your significant other,
(19:09):
because there's no question that time marches on. So we
want to we want to see what's out there, and
there's certainly a lot of different situations available to people today.
We we also looked at, you know, we like to
update our statistics, and we looked at where are people
actually retiring to the last couple of years, and looking
(19:31):
at state to state migration patterns and so forth. United
Van Lines National Mover Study. I think they kind of
know where people are moving, they're doing it, and they
saw that that that retirement was usually the main reason
for those migrations and that the highest percentage of inbound
moves people coming into the state. Those states were Vermont, Oregon,
(19:55):
Rhode Island, South Carolina, Delaware, North Carolina, Washington, DC, South Dakota,
New Mexico, and Alabama. So we tell you all the
sunny estates and all the places people you know, the
top ten list the best place to live, but it's
kind of interesting to hear. Yeah, but there's a lot
of migration into other states, inward migration that we don't
(20:16):
really hear about. And then again with everybody's list. While
at HUB, they came out with twenty twenty three's Best
States to Retire. Florida was named number one in twenty
twenty two, but Virginia edged them out in twenty twenty three.
So I think when we sit down with our friends
and family and everyone's read these lists, really we have
(20:37):
to come back to what is the most important thing
to use specifically when it comes to making that choice.
Is it to be near a family like CJ was mentioning,
Is it to be closer to better health care facilities
potentially or your specific situation with your own health financial
(20:59):
concern and so we want it to be affordable. So
your list is going to look completely different than your neighbors,
and that's what we want you to be able to
spend some time and really think about what makes you
happy now and what you think will make you happy
in retirement.
Speaker 1 (21:12):
It's a really fun and enjoyable conversation as well. You've
worked so hard and start to start making those plans
for those next step. It's a great day to have
that conversation. Don't forget the telephone over for Class Financial
six so eight four four two five six three seven.
No charge for that initial get to know you appoyment
at Loss Financial. It will be complimentary to you again
the number six oh eight four four two five six
three seven at the website Coss Financial dot com. That's
(21:35):
Coss Financial dot com. That's k l aas Financial dot com.
More of Money in Motion next year on thirteen ten
Wiva Gloss Quiz question wely coming up for you in
just a moment a chance to win a twenty five
dollars gift card to pet Smart. Talking this week with
CJ and Malia about things to think about when it
(21:55):
comes to settling into retirement. Maybe where you're going to
live is downside location, All that stuff really important to
think about when it comes to making these determinations. And CJ,
as we're kind of going through that stuff, what about
how we go about making those decisions for housing and
how do we know what's how do I know what's
the right one?
Speaker 2 (22:14):
Yeah, that is the tricky part because as we've talked
about here. There's a lot of considerations from family members,
to the tax environment of the state that you're going
to move to, to safety and security, do access of resources,
to all the things that Malia just talked about there
in terms of affordability and weather patterns. So a lot
of things to be considered here. But this is a process,
(22:38):
and before you make a good decision, you really do
need to evaluate your current situation and then compare it
against what you think you will need in the future.
But with that being said, here would be some high
level categories we might suggest you consider as it relates
to exploring housing, kind of like transitional living housing in retirement. First,
how many bedrooms do you really want need? And I'd
(23:01):
actually pause on that one quickly. I often see people say, well,
I need to keep the six bedroom, fifty five hundred
square foot home in case my grandchildren come home and
they come home like once every four years, and you
are paying like twenty grand a year more to maintain
that home just for the once in every three or
four years. Now, that's been my experience. That doesn't mean
(23:22):
that it's not right for you. I'm just saying be
cautious of that, because as Milia just went through. Housing
does tend to be one of the most expensive component
parts for retirees, so you might want to consider downsizing.
Number two would be how many floors are in my house?
And is my laundry on the main floor. This has
to do with health and vitality and ability to go
(23:44):
up and downstairs. If you're aging, you know some of
your peers are struggling to do this, and so having
kind of single floor living can be a big benefit
as you age. Number three would be do I need
a basement? And of course, if I don't have a basement,
where would I with all my stuff? This is why
we are known as a storage generation of Americans because
(24:05):
we have all these storage facilities, but that's a topic
for another show. Number four would be what size garage
do I currently have? And do I still need that? Again,
we often will see people that throughout their raising children
they needed three, maybe even a four car garage, but
then in retirement you certainly don't need that. A fifth
area to consider would be do I want a large
(24:26):
yard to mow or do I really want a yard
at all? Maybe a condo where they take care of
it for me could make sense, and then final area
to consider for housing would be will I have a pets,
because obviously that can impact the number of options you
have available.
Speaker 1 (24:42):
Talking with CJ colossim Leequivias, our retirement planning professionals from
Class Financial and CJS, we kind of break this stuff down.
Obviously having folks that can take airy professionals in your life,
those are also important. And if you've gone your entire
life establishing some relationships with their doctors and others, what
do we think about there?
Speaker 2 (25:00):
Right, So that prior section is really just around like
the housing itself, right, how many floors, how many rooms,
the size of the yard, so on and so forth.
But now let's really get into like services and area.
So am I near doctors? So we talked about some
of those states that are really inexpensive to live in,
but you may not have access to good doctors or
(25:23):
healthcare facilities. Another would be like how close am I
to shopping facilities? And does that matter to me? Does
it take me an hour to get to the closest
costco or is one in my backyard? Are there social
and cultural activities that are easily accessible to me? Are
there hobbies that are that are available to me at
a low or no cost. I know pickleball is a
(25:44):
big thing. My wife and I play it together. And
you know, so do I have a pickleball court or
a tennis court near me? Is there public transit available
to me in this location I'm going to go to?
And do I care about that? We work with a
lot of people who go public transit. Screw that, I
want to be outside of bubble transit. Others say that
is critical to their retirement. And then one of the
(26:05):
big ones is am I close to family? And do
I still want to be close to family? Furthermore, what
are my current responsibilities with my current home? And do
I want to move somewhere where I don't have those responsibilities?
And then, finally, of course, the area that we care
most about is how expensive is where I am living
now compared to where I will be? And that runs
(26:25):
the gamut of literally how much money do I have
tied up in equity inside of my current home versus
how much will I in the future home. But then
even beyond that, what is the carrying cost of that home? Right?
So think I think property taxes, maintenance, and that a
lot has to do with HOA dues which is just
like association dues. If I'm in Florida, I have to
(26:46):
think about the insurance costs. So listen, we do this
all day, every day. And so therefore, for us, this
just kind of rolls out of our mouths. We understand it,
we think it, we live it, we breathe it. For you,
this might only happen once in your life, and so
I would highly encourage you talk to your account and
talk to your financial advisor slow down before you just
jump to a new state, and have them do kind
(27:08):
of a financial consideration of the new area you're looking
to move.
Speaker 1 (27:12):
Really really good advice this morning. And one final point
before we get to the class quiz question, Liak and Malia,
other things that we may be maybe need to think about,
other considerations that we should be thinking about when it
comes to moving.
Speaker 3 (27:26):
Well, of course we mentioned affordability, right, It's you know,
we have to be reasonable. Have you paid off your mortgage?
You know? Are you going to downsize? Is it going
to cost more to down size? That's always a big
question sometimes if you're going to stay in your own community,
you're like, okay, I might as well just keep my house.
What we didn't talk about yet, is you know, do
(27:48):
you want to stay put in that same family home.
If that's a fact, there should be potentially some modifications
that are made with regards to the laundry or things
like that, maybe a different type of bathing facility within
your home. Another item is maybe your adult children have
moved back in. We have a lot of clients who
have adult children living with them, So if that's the case,
(28:11):
maybe they're going to be able to give you some
additional care. So these are all important considerations for your situation.
And you know, what we found is that many people
do prefer to stay in their current home. We're talking
about people leaving, downsizing, et cetera. But a majority of people,
about sixty nine percent, say they do enjoy staying in
(28:33):
their home and they're open to a relative or someone
else coming to help them. So, you know, it's your situation,
it's your retirement, and you just need to start looking
at all angles of the equation.
Speaker 1 (28:45):
And it can be a lot of fun to kind
of plan this stuff out and have that conversation. It's
a good day to start that conversation. Start thinking that.
We mentioned the website class financial dot com that's Closs
Klaas Financial dot com, great website and great resource. The
telephone number six oh eight four four two five, six
three seven. Don't forget no charge for that initial gets
to know your appointment tech cost Financial. It will be
(29:05):
complimentary to you again. The number six oh eight four
four two five six three seven. You want to hold
on to that number as well, because it's time now
for the coss quiz question the week. It works like this.
In just a moment, I'll ask you the class quiz
question week. You will then have thirty minutes from the
today's program to call the Class Financial Office right here
in Madison at six oh eight four four two five,
six three seven. If you are the first court correct
(29:25):
answer when this week's prize, which is a twenty five
dollars gift card two pet Smart this week's closs Quiz
question week, is this true or false? According to the
Bureau for Labor Statistics, home cost represent the largest expense
for retirees, accounting for thirty thirty six percent of their
(29:46):
annual expenses. True or false. Telephone number six oh eight
four four two five, six three seven, first caut correct
answer when this week's prize, don't forget as well, that's
cost Financial's office right here in Madison. That number six
oh eight four four two five six three seven And
C J. Maleia it's always great chatting with both of you. Guys.
Speaker 3 (30:02):
Have a fantastic day, thanks,
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