October 12, 2025 • 48 mins
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and CEO of the Haven Financial Group,
celebrating ten years.
Speaker 3 (01:02):
Kim, great to be with you once again.
Speaker 2 (01:04):
We got a lot to talk about and not maybe
not so much fun stuff, but just very important stuff.
Talking finances with family and having a plan. That's what
it's all about, right.
Speaker 4 (01:15):
It certainly is right, first off, having a plan. Secondly,
talking to the family about finance. I think that's a
tough thing. I don't talk to my parents very much
about their finances unless they ask questions or you know,
and I'm an adult and they're adults, and we still
don't sit and talk about it. And I don't talk
to my children all that much about it either. So
maybe today we'll give people some suggestions and ideas on
(01:38):
how to have those conversations, because I think they're really important,
aren't they there.
Speaker 2 (01:42):
Well, they are, and you know, not everybody communicates about
finances very you know, very well. You know, sometimes money
it's you know, it's it's sometimes I don't want to
say hidden, but just not something you want to talk
about openly with family or you know, compared to the
Joneses and all that kind of stuff.
Speaker 3 (01:59):
So our families the same way.
Speaker 2 (02:00):
It definitely is, but there just needs to be a
good communication.
Speaker 3 (02:04):
We're going to talk about a variety of things.
Speaker 2 (02:06):
So if you're listening today, feel free to give us
a call at six' one two eight zero. Five eight
six two four or visit us online At hanfinancialgroup dot
com all kinds of retirement tools on the, site education class.
Calendars we teach a lot of, classes as you, know so,
again thanks for listening this.
Speaker 3 (02:26):
Morning all, Right, larry so let's.
Speaker 4 (02:27):
Take a look at the theme. Today it's family finances
and retirement. Strategies that's what we're calling. This we're going
to chat a little bit about you and your spouse
and the fact that retirement is really a team sport
AND i love that labeling AND i think that really is.
True we're going to talk about family financial stability and
(02:47):
how that starts with. You then we'll chat a little
bit about. Taxes you just can't talk about retirement without
talking about, taxes and certainly not about the repercussions that
taxes might have on your f family as it relates
to your. Retirement and then, finally considerations before selling your
home in. Retirement there are tax ramifications obviously, there but
(03:11):
there's also reasons maybe to sell or not to sell
in an effort to help. Family so let's start with
talking about you and your. SPOUSE i would, Imagine, larry
you have a lot of people who come in sit,
down Say, larry we're trying to put together a. Plan
but you, know we don't talk about this very, often
and NOW i guess is the time we need to start.
Speaker 2 (03:32):
Talking, yes, well we know that retirement is more than
just a personal. Milestone it's you, know it's really a
it could be a, legacy a family, decision and you,
know for spouses or significant, others you know there was
oftentimes one personality that handles it and the other one,
doesn't and the other one just relies and the other
one to do.
Speaker 3 (03:50):
It but As i've.
Speaker 2 (03:52):
Said mentioned in recent, weeks it's important for both of
you to be involved to some. Degree you don't have
to be the. Expert maybe one takes the, lead but
it's important that both are involved because there comes a
day oftentimes where something happens and you want to be.
Ready As i've mentioned, That i've seem to have met
(04:13):
with more widows and widowers this year than, ever and
they hadn't been involved in any of the finances the,
family just the financial, discussions any of the, investments and
then they were just left, going, oh, no now what
DO i? Do and we know that you, know trying
to talk about that stuff after you lose a loved
one or especially a. Spouse isn't the time to be
(04:35):
interviewing financial advisors and talking about. It so you want
to be proactive with this. Stuff you want to not be.
Reactive start that communication right. Now it may not be,
fun it might be, uncomfortable but you got to start
somewhere to get to.
Speaker 4 (04:50):
Somewhere so when a couple comes into haven financial group
and sits across from, you do you sometimes feel that
you are a counselor?
Speaker 2 (04:57):
Oh most, often, YEAH i would say that happens several
times a.
Speaker 3 (05:01):
WEEK i bet sometimes there's.
Speaker 2 (05:03):
Surprises imagine that where one spouse doesn't know about the other.
Stuff Or i've even had some over the years where
they've been married for years and years yet they have
no idea what the other one even. Has so there's
some unusual relationships and situations out, there but.
Speaker 3 (05:20):
It's best to be on the same. Page of.
Speaker 4 (05:22):
Course, well you talked about, Communication so when you talk
to these couples and you, say, okay we've got to start,
communicating let's go through some of the points that you
suggest they communicate, about, like for, example creating a joint
budget where they're both on the same. PAGE i would, Assume.
Speaker 2 (05:38):
Yeah the good OLD b word for budget because it's
so much, fun but it's important to have, it whether you're, young,
older no matter what age you're listening some sort of
budget to hold you. Accountable what are those, expenses the shared?
Expenses you, know what are your, goals what are your?
Objectives what are your spending habits so you can really
manage them to the best of your. Ability you, know
(05:59):
what are your, exps dictations for, Retirement when do you
want to, Retire what is the timeline that's associated with,
it what are your? Goals all of these are part
of the conversations that we might initiate this to get
the conversations, going and from, there we're going to take
a lot of notes and you, know we can come
back to these notes at a later, time whether it, weeks, months,
(06:20):
years to say we have a. Plan here's why we
came up with a. Plan remember when we first got,
Together remember when we discussed. This and it's important to
have good records to hold each other. Accountable and that's
our job oftentimes as advisors and partners to those folks
that we.
Speaker 4 (06:39):
HELP i would imagine that you start to talk about
the idea that if maybe in their working lives they've
had separate, accounts it's time to start to bring those things.
Speaker 2 (06:47):
Together that's important in a variety different. Ways Number, one
from an estate planning, background where if you have if you're,
married and you don't have them both names on the.
Account Now i'm not talking iras because those are, individual
but say a joint brokerage, account a joint savings account
or something of that, nature and you're both your names
are not on, there and one of the spouse, passes
(07:10):
you may have to go through a living probate just
to access the. Account we hate to see, that and
that's really a. Pain so there's a variety of reasons
why you would want joint accounts on some. Accounts and
then maybe your spouse isn't, working but you are take
advantage of SPOUSAL i raise any chance you can get
to put money away into an individual retirement. Account you,
(07:33):
KNOW i don't know any reason necessarily why you wouldn't do. It,
yeah a lot of times people don't know that that
can be a. Consideration so again the, budget joint, accounts short,
term long term, Objectives how do you how do you
what are your. Goals and, again it's important to write
those goals. Down for, years you, KNOW i had to
people mentors that would, say write the goals, down you, know,
(07:56):
timeline and THANKFULLY i started doing that years and years.
Ago and you know, what it really really really helps
because you can go back to that and it reminds
you what those goals. Are and you know, what if
you're a goal, setter you want to accomplish those. Goals
so it really creates a motivation to do what you
say you're going to.
Speaker 4 (08:16):
Do you know another, thing it seems to, Me, larry
because we talk about this so, frequently but when a
couple comes in and sits down across from you and,
says you, know we're figuring out these details associated with our,
retirement not only do they need to talk about the,
money but they have to talk about that. Timeline you,
know like maybe making decisions about social, security maybe one
(08:36):
of you should draw at one point one at a different.
Point you talk a lot about just when you want
a retirement to, retire and the idea of maybe even
staggering that there's lots of time, issues, Right.
Speaker 2 (08:51):
Yeah the element of time becomes really important because life's
calendar doesn't always cooperate with our. Calendar you may, think
or we may, think we're going to work till say
sixty seven or. Seventy yet some things like life, happened
the pink slip shows, up your health doesn't. Cooperate so
factoring in earlier, retirement the go, well maybe mid, retirement late,
(09:13):
retirement you, know just to see what happens if the unknown,
happens and we know that that happens quite. Often you,
KNOW i can never say enough establish an emergency, fund you,
know talk through not only the moneies and the, investments
but the insurance, aspects you, know life, insurance health. Insurance you,
KNOW i just read this past summer there was an
(09:35):
acquaintance of mind where the boyfriend got in the car
accident and they had three kids, together they weren't, Married
they had no health, insurance so maybe life. Insurance you,
know talk through all of those different things because.
Speaker 3 (09:48):
What you don't know can hurt.
Speaker 2 (09:50):
You and we don't want those things to have ill
effects on us just because we're not talking or addressing the.
Speaker 4 (09:55):
Issue, Right and what do you do about those couples
who come in and one of the two couples, says,
well he or she has handled this all of our
lives AND i just don't want to be.
Speaker 2 (10:09):
Involved, WELL i stress that WHAT i already said. That,
yeah but what if he is not? Here and you
can reverse the roles, too what if she is not?
Here BECAUSE i do see that as. Well so what
if you can play the what if? Game and what
their answer can only? Be, yeah that's a good. POINT
i probably should have some awareness and understanding of what's going,
(10:29):
on or at least have a good, partner a professional
where you can go.
Speaker 3 (10:34):
To and lean.
Speaker 2 (10:35):
On that's not what you want to be doing when
you lose a loved. One you want to establish. That
and so when folks tell me that my spouse is
a do it yourself or, investor that's perfectly, fine and
maybe they have passion to do. That BUT i, said
cultivate a relationship with, somebody a, partner a professional like,
us or somebody so when you're not here or able
to do, it that you already are prepared to address
(10:58):
that issue at that.
Speaker 4 (10:59):
Time absolutely, WELL i think you've just said. WHAT i
hope people walk away from this segment with the idea
that communication between this spouses or your, partner whomever it
might be is so, Important but what's equally as important
is having a, partner a financial partner with you to
sort of walk through. This this can be a very
(11:19):
emotional kind of situation to try to deal with these
finances and talk about them. Outlied but of course then
there's also the financial aspect of it and the best
advice that you can possibly get to make. Retirement it's very.
Best it's very very. Best so the folks that have
In Financial group would love to be that partner with.
(11:40):
You if you'd like to sit down and talk to,
someone the number six one seven are six one two
rather five zero four four zero. Zero give them a,
call let them know that you heard us here on
the radio talking about family finances and planning for your.
Future the number again is six one two five zero
four eight four zero. Zero coming up, next we're going
(12:01):
to talk about family financial stability and how so frequently
that begins with. You we'll explain right here on The
Haven Financial Group Radio.
Speaker 1 (12:09):
Show don't go too. Far we're gathering more important insights and.
Retirement Please devinent The Haven Financial Group Radio.
Speaker 3 (12:16):
Show we'll be right.
Speaker 1 (12:17):
Back stick. Around you've got, Questions we've got. Answers your
tune to The Haven Financial Group Radio show with your
Host Larry kulvig And Kim. Karragan now back to the.
Speaker 2 (12:30):
Show good, morning and welcome once again to The Haven
Financial Group Radio. Show I'm Larry, Kolviig founder AND ceo
of The Haven Financial. Group give us a, Call feel
free to give us a call at six one two
five zero four eighty four hundred Or havenfinancialgroup dot. Com
we have lots of, classes, yep even still this. Year
(12:51):
we have them throughout the course of the. Year we
teach medicare, classes social, security, tax, investment. Insurance all of
those things which take away from the last segment are so,
important all those puzzle. Pieces AND i will tell you
one of the biggest compliments we, Get, kim is we
have all those pieces At Haven Financial, group from our
(13:12):
state planning attorneys that help in that, area from our
long term care, insurance life, insurance our investment, team our,
slance OUR cpa tax, preparation all.
Speaker 3 (13:24):
Of those puzzle. Pieces they're in. House. Now they don't
have to be in.
Speaker 2 (13:27):
House BUT i love when people, Say, wow you guys are,
Communicating you're coordinating all these topics and they don't have
to go one.
Speaker 3 (13:36):
Place they can go one.
Speaker 2 (13:37):
Place they don't have to go multiple, places which is
where retirement really. Jumps we really get into a. Hurdle
this isn't. Talk the taxes aren't talking to the, investments
and they're not talking to the.
Speaker 3 (13:49):
Estate.
Speaker 2 (13:50):
Planning and there should be more coordination than ever as
you get close and in, retirement and it's never too
early to get started.
Speaker 4 (13:59):
Aute AND i love that you've brought up some of
those important topics that need to be discussed when we're
talking about family financial planning and security and. Stability we
started the segment or into the last one by, saying
you know that this segment is about family financial stability
and how it starts with. You maybe you'd want to
(14:20):
walk through what we mean by, that meaning you need
to be stable in your finances and an effort to
make sure that everybody else is.
Speaker 2 (14:27):
Okay, yeah STARTUPS i mentioned, earlier set retirement, goals define
what you want to do in.
Speaker 3 (14:33):
Retirement what does that look like? Here for your?
Speaker 2 (14:36):
Family the Kids oftentimes they don't stay close to, home
sometimes they. Do maybe that requires moving to get closer
to those. Grandkids what does that look like?
Speaker 3 (14:46):
You what's your.
Speaker 2 (14:46):
Lifestyle are you do you like to, fish, hunt? Golf
you like warm? Weather do you want to?
Speaker 3 (14:51):
Travel what are those?
Speaker 2 (14:53):
Hobbies and how do we adjust accordingly and what kind
of savings do we need to be able to do
all those. THINGS i call it the income for what you,
for the, necessities for what you, need and then having
income to do the things that you want to. Do
so the needs and the, Wants, okay stick to a savings,
plan stick to a. Budget it's really developing a. Discipline you,
(15:14):
know over all the Years i've done, this the ones
that have been the most successful have really stuck to a.
Discipline delayed, gratification waiting on certain things that maybe they
didn't need at the, time weren't, wasteful watched for their
money which they, spent maxed out those four oh one
ks and iras because out of, sight out of. MIND
(15:34):
a lot of times people, say especially the younger, generation
And i'm not picking on, them that there's just no
money to put into iras after you know all the, Expenses,
well start with one, percent two, percent increase it and
you probably won't even notice that it's not. There so
making sure you start those retirement accounts and then identify
(15:56):
what are your income sources going to? Be income is
the name of the, game it really. IS i call
it mailbox. Money you, know are you fortunate to have a?
Pension when is the best, time the optimal time to
turn on social? Security what does that number look?
Speaker 3 (16:11):
Like what makes?
Speaker 2 (16:12):
Sense and then we'll talk later about other funnels of.
Income are there any other sources that we can go
to besides those pensions and social, security like annuities or
IRA's or other types of. Accounts so we really want
to have an all encompassing conversation and ongoing, conversation not one,
(16:32):
conversation because as you go through, life these things will need, modifications,
alterations and those balances will change and other things that
in life are going to happen and we didn't plan on.
Them so, again just you got to do the best
we can.
Speaker 4 (16:47):
Sure throughout your entire. Retirement but certainly when you get,
STARTED i think it's really important that you begin to
review your insurance policies and the different things that you,
have and that will also change possibly over, time and
you'll need the constant reviewing of. That it's just like your.
Taxes you've got to constantly be reviewing.
Speaker 2 (17:10):
Yeah good point life insurance. Reviews we really recommend them
life insurance something that you may have gotten years ago
and just kind of shelved it and not talked about.
Speaker 3 (17:20):
It the agent doesn't even call on you.
Speaker 2 (17:21):
Anymore why is that because they probably got paid up
front and they don't really really follow up with.
Speaker 3 (17:27):
You but it should be.
Speaker 2 (17:29):
Reviewed because Oftentimes glenn And isabella in our office and
we have pretty much access to all the. Companies what
we find is some of these life insurance policies start,
cannibalizing eating themselves, up and what you think might happen
with those policies may not, happen and you don't want
surprises in something you've been paying for a long. Time,
(17:49):
now that's not all of, them but you want to
get them reviewed to make sure it's not happening to.
You there's a big difference between variable life and whole,
life and term life life and universal index. Life there
is a big. Difference so having a good understanding long
term care same. Thing you, know you've maybe eve been
(18:10):
paying and paying and, paying and are there other alternatives
out there that you're not aware? Of AND i can
tell you there are much better viable options than there
used to, be so just having a, discussion and really
that's where that comes, from is a discussion and no
different than. Taxes lance was on on a radio show recent.
Weeks it's about a tax discussion and ongoing discussion during the,
(18:35):
year which leads to successful tax, preparation no. Surprises, wow that's,
wonderful isn't. It so it's all about, conversations communications and. Discussions,
however if you think retirement is a meeting once or
twice a year for thirty minutes to an, hour you're
not having ample discussions to really really do the best
(18:56):
you possibly can, do and especially the person that supposedly
helped you isn't giving you the attention that you.
Speaker 4 (19:02):
Deserve there's another aspect to retirement, planning and that's a state,
planning and THAT'S i think this is the one that's
the hardest for a lot of. People maybe they want
to have discussions about their own retirement because they're excited
about it and they plan for it all their, lives
but a state planning sometimes is one of those conversations
that nobody wants to. Have but, boy it really can
(19:24):
make a difference in your. Retirement.
Speaker 2 (19:26):
Yeah eighty five percentiles STATISTIC i read that eighty five
percent Of americans do not have a competent and state
Plan and it's not only for the. Rich whether you're,
single whether you're an adult eighteen years old and, listening
no matter what, age it does apply to, you whether
you have a lot or little or everything in. Between
it applies to you whether you have no kids or one.
(19:48):
Child it applies to you maybe don't have any kids
and you're. Married there's not no automatic that your spouse
gets to make decisions for. You there needs to be proper,
documentation legal powers of attorney in place, proactively and it
applies to are any of kids at. Eighteen you Know,
Carrie anna And keith are a state planning. Attorneys carrie's
(20:10):
practice is right here locally as, well and they help
a lot lot Of haven folks and a lot of
clients because we know the importance of. It and what
she does for a lot of every, spring for a
lot of graduates is give a reduced rate for them
to get their powers of attorney. Done great motivation and
(20:30):
who's thinking about this at eighteen years? OLD a lot
of the listeners that are in their sixties listening right,
now If i'm. Hit If i'm describing, you you can
have a. Chuckle but you've been thinking about doing an
estate plan for, ten, twenty, thirty forty, fifty sixty, years
and that a state plan that you maybe. Did your
kids still have to go live with your brother and,
(20:52):
sister and now they're thirty and forty years. OLD i
don't think they want to do. That so maybe you
have a plan that really. Outdated it needs to be.
Updated whether you're talking a, trust a, will transfer on
death deed to the living, documents a living, will health
care director, directive financial power of, attorney access To medicare,
(21:14):
records all of. This we've become a very litigious society
and you've got to prepare for, it and it's not.
Fun let's face. It a state planning is probably more
about emotion.
Speaker 3 (21:27):
Than it is.
Speaker 2 (21:27):
Details, Sure and now with that, SAID i had a
couple in this. Week we just started visiting with, them
walking them through our. Process they had multiple real estate,
properties they had, financially they, worked and they were, savers
so they had all kinds of different. Accounts yet they
and they had multiple, children and they never have had a.
(21:49):
Will they don't have an estate. Plan they realized finally
that they need to and it needs to happen sooner than,
later because at the end of the, day it's it's no.
Joke the mortality rate in The United states is one
hundred percent and we're all going to go. Someday so
at the end of the, day you're either prepared or ill.
Prepared AND i think there's only one answer of which
(22:11):
two you want to.
Speaker 4 (22:12):
Pick well, again the name of this segment is family
financial stability and how it starts with you and a
state plan stabilizes your family after you're. Gone that's probably
one of the great gifts that you can give your
family is making sure that everything's spelled. Out it also
protects them in the tax.
Speaker 3 (22:31):
World, Correct it can in a variety of different.
Speaker 2 (22:36):
Ways, again upon, death do you want to pass things
at the stepped up? Basis if you have an estate tax,
issue you have a high net worth that could help
in that area for, portability a trust can have. Benefits so,
again too much details to get into this, segment but
sure having one it can affect people in different ways
(22:56):
whatever your. Circumstances there's no excuse than to see people
that finally get it.
Speaker 3 (23:02):
Done they have smiles on their.
Speaker 2 (23:04):
Face there's peace of mind to know they finally did
what they've been talking, about because where everybody's thinking about,
it they're just not getting it.
Speaker 3 (23:12):
Done so all of.
Speaker 4 (23:13):
This can be done under one, Roof isn't that? Right
larry right there At Haven Financial, group and so we
want to invite you to give us a, call set
up an, appointment come, in just sit, down talk about
what you think your needs might, be what you are
anticipating when it comes to your, retirement and find out
if the folks At Haven Financial group are a good
fit for. You six one two five zero four eighty
(23:35):
four hundred is the. Number six one two five zero
four eight four zero, zero no cost to. You just
come in and sit down and have a. Conversation when
we come, back we're going to talk about tax reduction
strategies to explore as you prepare for. Retirement this is
The Haven Financial Group Review.
Speaker 1 (23:53):
Show ready to find your financial safe. Haven your dream
retirement is in. Reach don't get. Away The Haven Financial
Group Radio show will be right. Back are you worried
that your financial strategy might be missing, Something, well you're
in the right. Place Larry kolvig is back and ready
(24:13):
to help you find your financial safe.
Speaker 3 (24:16):
Haven welcome, back.
Speaker 2 (24:17):
Listeners my name Is Larry, kolvig FOUNDERED ceo of The
Haven Financial, group and if you're just tuning, in you're
listening to The Haven Financial Group radio show where every
week we come to you discussing crucial retirement discussions, topics some,
fun some not so much.
Speaker 3 (24:33):
Fun so, again thanks for.
Speaker 2 (24:35):
Listening feel free to give us a call six one
two five zero four eighty four hundred or online At
havenfinancialgroup dot. Com shoot, us shoot us an email at
info At havenfinancialgroup dot com with any questions or simply
just SAY i want to come in and have that
no cost. Consultation and you, Know, kim it's good to
be on our regular timeslot this week as we've been
(24:57):
bumped by Those minnesota vikings the last two weeks one in.
Speaker 3 (25:02):
ONE i guess at least we got one of the.
Speaker 2 (25:04):
Wins so again back in our normal time sliding, again,
listeners thanks for.
Speaker 4 (25:07):
Listening we're talking about family strategies for retirement and how
they your personal strategies might impact your. Family we want
to talk a little bit about. TAXES a lot of
people believe in retirement they'll pay less tax that's not
necessarily the. Case in, Fact larry has said that frequently
that is not the. Case so being prepared for the
(25:31):
tax ramifications of retirement is very. Important but as we
mentioned a few minutes, ago it also can be very
important to your. Family so let's, Begin, LARRY i just
sit on it a little, bit but i'd rather you the,
expert talk about. It when you're in, retirement you're not
necessarily paying fewer, taxes at least not in the. Beginning.
Speaker 2 (25:53):
No, no oftentimes people will pay more taxes in. RETIREMENT
i know that's not uplifting and what listeners want to,
hear but it often times is the. Case when you
Turn Social security on required minimum distributions is really where
it hits. Home While, larry we make more money now
than we did when we were working. THAT i just
had a conversation this week in our planning process with
(26:14):
this couple From, lakeville and they're right, now they're bright
at seventy years, old and in three years they have
required minimum distributions and they don't spend much money. Now
they've been good. Planners they've been very. Disciplined, again a disciplined,
couple AND i, said are you prepared in three years
to get a very large income? Boost and they, go,
(26:37):
well how about how much is it going to? Be
AND i said about eighty to one hundred grand in
an income boost because of, rmds which tells you that
they've saved a lot of pre tax.
Speaker 3 (26:47):
Money that's.
Speaker 2 (26:48):
Good the flip side of that is now more tax.
Potential so you, KNOW i say that because it is fourth. Quarter,
man it's hard to believe it's fourth. Quarter but we're
really having the discussions now with everybody, About, okay we
have a good idea what your income is this? Year
is there anything tax wise we should be maneuvering to
(27:10):
maximize the twelve percent?
Speaker 3 (27:11):
Bracket is it irate AT roth?
Speaker 2 (27:13):
Conversions is it patting your savings account with AN ira?
Distributions anything to make sure that we're filling up that
twelve percent ordinary income tax? Brackets and you, know this
segment is really a lot about. Income what are those
sources going to? Be you, know we want to be tax.
Efficient is it right to turn Your Social security on?
Now or is it makes sense to? Delay it's why
(27:35):
we teach these. Classes will you have a? Pension my
wife AND i won't have a. Pension how do you
build your own? Pension self directed pension can often be
used by using an annuity for. Income, NOW i won't
go deep into, that but annuities can be very effective
for income if income is a.
Speaker 3 (27:54):
Need.
Speaker 2 (27:55):
Now problem is a lot of times people have. Annuities
they don't know which one of the four they. Have
i've they may have the wrong. One AND i say
that because this past WEEK i reviewed a client client's
statements and this couple had plenty they've done, again great,
savers no debt, too by the, way that's a good
(28:16):
way to go into more into, retirement no. Debt and
they had two annuities and they were designed for. Income
yet they're never going to need more. Income they have
too much income the way it. Is so what happens
is they got in the wrong. Ones they're not getting any,
growth and they're designed different annuities are designed for different
(28:37):
types of, situations and for some people they're not designed at.
All so, again if you have an, annuity JUST i
call it have an ANNUITY x ray annuity, exam just
to make sure to have that you have a good
understanding of what you. Have just note that not everybody
has to have an. Annuity it's just one of those
things that sometimes people shouldn't and sometimes people.
Speaker 4 (28:58):
Shouldn't right when we talk about taxes and people getting
into retirement and there may be a little more, mobile
a lot of people consider the idea of moving to
a tax free. State what are some of the advantages
of doing so and maybe some of the?
Speaker 2 (29:12):
Downfalls, now why would you say that as we sit
here right In minnesota we're such a tax friendly. State
listeners Know i'm, joking ALTHOUGH i lived in my whole
life and probably already.
Speaker 3 (29:25):
Will BUT i know the.
Speaker 2 (29:26):
Temptation you, Know South, Dakota, Arizona, Florida carolina's all THOSE
i hear it, weekly DO i, say just make sure
you check out applicable taxes because other states have different
types of. Taxes so there is a benefit in some,
situations sometimes not as much as people. Think but again
let's talk through that because taxes are. Relevant yet most
(29:49):
people aren't doing any tax. Planning they're just getting their taxes.
Prepared and you may be tax, inefficient and you probably
want to be tax efficient.
Speaker 3 (30:00):
At the end of the.
Speaker 2 (30:00):
Day, again forward thinking tax planning leads to successful tax.
Preparation you, know the tax preparation has all been drop
off pickup these. Days and as we talked last week With,
lance OUR, cpa he loves to explain things and he
loves to go through these. Things so, again are you
getting the attention in the tax discussion or are you.
Speaker 4 (30:22):
Not let's talk a little bit about and investments and
maybe reassessing investment investments in retirement to make them more tax. Efficient.
Speaker 2 (30:33):
Yeah What i'll say to that, is oftentimes we see
in the investment team here At, haven we see a
lot of folks have the wrong types of investments in
the wrong types of.
Speaker 3 (30:42):
Accounts and WHEN i say.
Speaker 2 (30:44):
Types, iras roth iras and non qualified brokerage, accounts you,
know when you move money around or, rebalance which people
should be, doing probably is a lot of people aren't
because they're not paying attention to their, investments which is
what we do as a wealth maare management companies, rebalance
making sure we're in the right. Positions but inside of
(31:04):
AN ira or WRATH ira when you're making moves doesn't
really have any. Effect but outside of, that in a
non qualified brokerage, account there are tax ramifications potentially long
term capital Gains we also do tax loss harvesting to
start minimize taxes as, well and many people aren't doing.
That so you can use volatle times for the good
(31:28):
if you're doing.
Speaker 3 (31:29):
It the problem is most people don't know how to do.
That so you're.
Speaker 2 (31:32):
Right the wrong types of types of investments and the
wrong types of accounts also creates any. Efficiencies and at
the end of the, day it's your. Money what you
choose to do is up to. You but WHEN i
say a lot of people are unaware of what they're,
doing they are they don't know how much risk they're.
Taking and risk is another assessment that we do quite.
(31:55):
OFTEN i, say defense wins. Championships now we're not against,
offense but as you get closer to, retirement you may
want to the foot off the gas pedal a little. Bit,
Sure and oftentimes people just they don't know how much
risks they're taking until something bad, happens.
Speaker 4 (32:12):
Right right until the risk the risk becomes. Reality all
the things you're, saying by the, Way, larry just reasons
why if even if you already have a, portfolio if
you already have attacks a retirement, plan sometimes it just
needs to be. Reviewed you need another set of eyes
(32:33):
someone else to take a, look sort of reason through
and discuss what you're planning and what your intention was
when you drew that, up and maybe if that planning
and your intentions have changed. NOW i really quickly hear
want to just have you address the issue of social.
Security we talk a lot, about you, know maximizing social,
security and that's based a lot of times on when
(32:54):
you draw. It BUT i don't know if people realize
that Social security can at times be.
Speaker 2 (33:00):
Taxed, oh it absolutely can be. Taxed it's a progressive,
tax depending up how much you, have and we won't
go deep into. That some people have none of their
Social security. Taxed some of the people you can have
up to fifty percent of it, taxed or up to
eighty five percent of it can be. Taxed it's a progressive.
Tax so definitely we want to have the tax discussion
(33:23):
as it relates to. That one THING i want to
add is what We're What i've seen a lot more
in recent years is the idea that you don't jump
into full, retirement but partial, retirement easing into it, again
maybe getting part time, work contracting or consulting. WORK i
see this quite. Often you KNOW I delta DURING Covid
(33:46):
delta supported us to some degree unknoyingly because we had
a lot about spoken clients front that Were delta. Retirees
they were offered a lot of packages during the, pandemic
and as an essential business we help a lot Of
Delta delta employees that retired make good retirement decisions and
(34:06):
again a lot of cuts.
Speaker 3 (34:07):
There.
Speaker 2 (34:08):
All then now all of a, sudden the pandemic's gone
and a lot of these people they've elected to come
have them come back as. Consultants And i'll tell you
it's it's served its purpose for a lot of our
clients because it gives a little bit of. Income it
gives a little bit more of a cushion to those retirement.
Dollars so you, know don't rule out working at, all
(34:32):
but it's better to not have to work rather than
forced to work because the money situation isn't. Good so,
again we'd like to explore all the, options look at
have all the discussions to make sure we're doing the
best we possibly can in all of these.
Speaker 4 (34:47):
Areas so if you'd like to have that, discussion let
me give you the telephone. Number it's six one two five.
Zero four eighty four hundred six one two five zero
four eight four zero. Zero reach out to the folks
At Haven Financial. Group tell them you hurt us here
and you'd like to come in and talk with them
about your. Portfolio we'll get you an. Appointment it is
(35:11):
there's no, charge it is. Free you just come in
and sit down and chat and make the decision as
to whether the folks At haven are a good fit for,
you and vice. Versa. Again it's six one two five
zero four eighty four. Hundred coming up, next we're going
to talk about selling your. Home that can sometimes be
an option in. Retirement maybe you want to. Downsize maybe
(35:32):
you have saved money inside your home and you'd like,
to you, know realize that money as you head into.
Retirement all kinds of, reasons but there's all kinds of
things to. Consider that's coming up next on The Haven
Financial Group Radio.
Speaker 1 (35:43):
Show don't go too. Far we're gathering more important insights
and retirement ways The Haven Financial Group Radio. Show we'll
be right. Back stick. Around you've got, Questions we've got.
Answers your tune to The Haven Financial Group Radio show
with your Host Larry kolvig And Kim. Karrigan now back
(36:04):
to the.
Speaker 3 (36:05):
Show welcome back to The Haven Financial Group Radio.
Speaker 2 (36:08):
Show I'm Larry, kolvig founder AND ceo of The Haven Financial,
group and thanks for listening this. Morning if we spark
sparked a little thing in your ear that you know
WHAT i need to COME i have QUESTIONS i want
to come. In feel free to give us a call
at six one two five zero four eighty four hundred
Or Havenfinancial group dot. Com there's no cost to come
(36:29):
in and visit on any of these retirement, topics whether
it is a state, planning whether it is, investments whether
it is social security. Timing and by the, way if
you come in for Social, security you'll leave here with
a roadmap or A Social security maximization. Report it's very very,
helpful so or any of those insurance.
Speaker 3 (36:48):
Needs you.
Speaker 2 (36:49):
Know Cammanuel roman is almost. Here isabella And glenn help
a lot of people in our. OFFICE i encourage folks
if you're in that age. Group there's a lot a
lot of change in medicare and, healthcare not necessarily necessarily good.
Change you want to make sure you're in the right.
Plan you shouldn't be paying any more to have somebody
(37:12):
do the legwork for, you which is What isabella And
glenn so annual. Enrollment it's almost. Here book your time.
Slot you should shop it out every. YEAR i always
say almost every week on the. Show healthcare is an
expense that is almost always, underestimated and we want to
plan accordingly as especially as we've been talking about budgeting
(37:33):
in the show.
Speaker 4 (37:34):
Today underestimated but certainly, needed and when you do need,
it you're certainly happy that you took care of. That
six one, two five zero four eighty four hundred is the.
Number we want to talk about considerations before selling your
home in, retirement you, Know, LARRY a lot of people
get to a certain age and either they're moving to another,
location or they've just decided that the house is too
(37:56):
much and it's timed. Downsize maybe they have a house
that they have essentially saved a lot of their money
in that house and they want to cash out on the.
House there are certainly positive things about getting rid of a,
big huge. House there's also some other Things i'm not
(38:17):
going to call them, downsides but other issues to.
Speaker 2 (38:19):
Consider, well there's always many different things to. Consider perhaps
your knees are not good and those stairs are just
not good for you anymore getting up and down those,
stairs or maybe it's not even safe for you. ANYMORE
i hear that one quite, often as far as you,
know all the, stairs one level, living you, know the
real estate, market it's it's difficult because a lot of,
(38:41):
people although the interest rates have come down a little,
bit but a lot of people have been house. Locked you,
know house prices are so. Expensive you, know maybe their
mortgage is paid off and they simply cannot replace their
home for as much for as much is for what
they're going to get in the new. Home so is
(39:04):
Moving is that an option for? Some it's not, been
just because financially it hasn't made. Sense another consideration THAT
i see is sometimes people retire and then want to
make some home. DECISIONS i think of a couple have
been a client of mine for. Years they're retired and
they have plenty of retirement, investments et, cetera et. Cetera
(39:28):
they have no, Mortgage they have their local here.
Speaker 3 (39:30):
In The Twin.
Speaker 2 (39:31):
Cities they wanted to move up on the northern part
of the city because their son is up there and
the grandkids are up. There problem, is he was he
got a buy out on his. Job long story, short
they couldn't show income enough income to get another mortgage
in between. Times so they're quite, wealthy yet they can't.
(39:54):
Move AND i see that very. Often so if you're
thinking about, moving and maybe you're still working and you're considering,
retiring you may want to plan that the timeline accordingly
so you're able to do what you want to, do because,
oftentimes if you get the car a little bit ahead
of the, horse you might not be able to do
what you want to. Do you, know memories are, made
(40:17):
maybe in that house for years and. YEARS i find
it that it's difficult for some people to get over.
Speaker 3 (40:24):
That, however we just moved my mother in.
Speaker 2 (40:28):
LAW i should say my wife and her siblings just
moved my mother in. Law fortunately she had a, stroke
but she's doing. Good she's doing good and rebounded. Well
but it moved her one level. Living WHAT i will tell, though,
folks is you might want to start. Decluttering now that's
not the, segment but things build up quickly and you
(40:50):
may want to just start simplifying. Things there's something to
say about simplification and consolidation in a variety of, areas
not just, money although it's important to have simplification and
consolidation and maybe minimize those accounts rather than have money,
everywhere no different than a hoarding or stuff laying all
over and all of a, sudden now now it's on
(41:12):
the kids to have to do it because something happened
where you didn't plan on. It SO i know that
my wife has been since she's been having to do,
that she's wanting. TO i noticed that things are getting
a lot more. Simplified she's, like, Well i'm not going
To i'm not going to have that same problem that
my mom. Had so, again lots of things to consider
(41:33):
when you're talking real.
Speaker 4 (41:34):
Estate you bet, ABSOLUTELY i understand exactly what you're. SAYING
i had my kids visiting recently and they, said, wow
we had to pack this whole. House, well let's not
worry about that right this very. Minute BUT i do
hear what you're. Saying one of the, issues certainly if
you're going to sell your home, though that you want
to take into account is capital gains. Taxes there are
(41:55):
some ways to get around, that but it is it
is an issue for some. People another reason why maybe
some people don't want to get out of their.
Speaker 2 (42:03):
House, yeah we're not talking about your main, residence the
residents that you've lived in for the last how many,
years and it is your main, residence but it shouldn't
be any problem. There but if you do have rental
properties second, homes you're gonna want to handle that right
maybe at ten to thirty one exchange is proper for,
You so you really want to talk through.
Speaker 3 (42:25):
That and, Again.
Speaker 2 (42:26):
LANCER cpa at the office who him and his family
also have lots of real estate. BACKGROUND i do as.
Well i've held a real estate license for twenty some.
YEARS i don't practice unless it's my own personal. Stuff
but at the end of the, day work with a
professional sounds, familiar does? It it work with a partner to
(42:47):
talk through these things proactively rather than doing something and
then finding, out, oh, SHOOT i did it the wrong.
WAY i should have done it this way AND i
could have saved myself some serious money on of our
ee any of things including. Taxes so, again have that
partner have somebody to lean. On that's that's what it's all.
Speaker 4 (43:06):
About, yeah, absolutely, Now so there's all kinds of issues
that you want to consider when you are maybe selling
your primary residence or for that, matter if you've owned
real estate for years and maybe you're just ready to
get out of that. Business you, know you're simplifying your,
life and before you go out and sell those rental
(43:26):
properties or those second, homes these are conversations that you
want to have with a. Partner the folks that have
In Financial group would love to have that conversation with
you at six one two five zero four eight four zero.
Zero that's how you reach, Them, larry.
Speaker 3 (43:39):
We haven't had a.
Speaker 4 (43:40):
CHANCE i want to change gears just a moment here
if we. Could we talk about the website pretty, Frequently
evenfinancialgroup dot. Com you can go to that website and
you talk a lot about some of the educational Program
talk to us a little bit about here we are
in the fourth. Quarter what are some of those educational
programs that are coming up that people can go on
the website and sign up.
Speaker 2 (43:59):
For, yeah several of. Them several of them we've just
had because annual. Enrollment we were just Doing medicare classes
and really every single carrier because we have access to
all of the, companies And isabella And glenn have been
working diligently on. That So medicare made simple as the
name of the. Course because it's not. Simple it can
(44:19):
be very. Complicated we. Teach we have some dinner workshops
where we touch on all retirement topics kind of with
a wide. Brush we teach social security and tax classes
very well attended throughout the course of the. YEAR i
teach the truth about annuities a couple times a, year
because lots of times people don't know the truth until
they have, something and that can be not a good situation.
(44:42):
Necessarily so investment. Classes we teach them at the local.
Colleges we teach them in community education, settings, libraries and
we're happy to have our new education center at our
office now where we've utilized it a lot. Already in
just a few weeks that fraud class by the local police,
department we booked two classes. Full we could have done
(45:05):
probably two, more and again other types of, classes impromptu,
classes and in, fact we really have some really fun ones.
Up my, wife the office, MANAGER i saw a whole
list of ones that we're going to do and they're
open to the public as well as our. Clientele SO
i saw some women in estate. Planning it had a
(45:26):
fancier name titled to it than that Women wine and
something or. Another we like to have fun with some
of these topics that truly aren't. Fun so it doesn't
have to be, boring it doesn't necessarily have to be,
exciting but we want to have some fun with these
topics which can get somewhat, boring let's face, it at,
(45:49):
times and it just kind of takes the edge off.
You you know, what if you're dealing with something in your,
situation you're probably not alone and just you, know having
bouncing it off others that might be in exactly the same.
Position you, know it's fun to see over our ten
year anniversary at our client, events which we do three
or four a, year that a lot of our clients
(46:11):
have become friends and acquaintances and they look forward to
seeing each other every single event that we, have and
they've shared, numbers they get, together and you know, what
That's we're in the people, business and that's what we're.
In and if you're not getting the, attention and maybe
you just feel like you're a. NUMBER i had a
couple last week that, says you know, what our, GUY
(46:33):
i think we're just a. Number with our, GUY i
don't think he takes us really. Seriously or this is
the one THAT i get OFF i get here, often
WHICH i don't. Like you know, what our, guy our,
guy he just works with those that have a ton of,
money and we're just a small fish in the. Pond
and you, know we don't have any minimums. Here we
have those that have very, little and we have those
(46:53):
that have a, lot and anything in. Between we don't have.
That we're not too, good we're not snobs like. That
we're not going to be. That we want to give
everybody equal. Attention you, know oftentimes that goes by the
wayside and it does not. Happen we all should be
given the same opportunities and the same, information all the
(47:14):
information to make educated.
Speaker 4 (47:16):
Decisions Right havenfinancialgroup dot, com, folks that's where you can
learn more about some of these educational seminars that are
coming up in the next few, weeks few, months and
they are free and anyone is welcome to. Attend you
just need to sign. Up no pressure. There it's just
a great educational, evening so be sure you check it.
(47:37):
Out six one two five zero four eight four zero.
Zero that's the number that you call to reach the
folks At Haven Financial. Group if you've heard something today
that has sparked something in you and you think, WOW
i need a partner like those good people there At
Haven Financial, group then be sure that you give them a. Call.
Larry it's been a great.
Speaker 3 (47:55):
Show, yes Thanks, camp look forward to next. Week. Already
investment advisory service is offered Through Guardian Well STRATEGIES. Llc
Haven Financial group And Guardian Well STRATEGIES llc are not affiliated,
companies and investments involve, risk, and unless otherwise, stated are not.
Speaker 4 (48:11):
Guaranteed please consult with the qualified financial advisor and or
tax professional before implementing any strategy discussed herein and comments
regarding it safe and.
Speaker 1 (48:20):
Secure investments and guaranteed income streams only refer to fixed insurance.
Products they do not refer in any way to securities
or investment advisory. Products fixed insurance and annuity product guarantees
are subject to the claims paying ability of the issuing
company
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and CEO of the Haven Financial Group,
celebrating ten years.
Speaker 3 (01:02):
Kim, great to be with you once again.
Speaker 2 (01:04):
We got a lot to talk about and not maybe
not so much fun stuff, but just very important stuff.
Talking finances with family and having a plan. That's what
it's all about, right.
Speaker 4 (01:15):
It certainly is right, first off, having a plan. Secondly,
talking to the family about finance. I think that's a
tough thing. I don't talk to my parents very much
about their finances unless they ask questions or you know,
and I'm an adult and they're adults, and we still
don't sit and talk about it. And I don't talk
to my children all that much about it either. So
maybe today we'll give people some suggestions and ideas on
(01:38):
how to have those conversations, because I think they're really important,
aren't they there.
Speaker 2 (01:42):
Well, they are, and you know, not everybody communicates about
finances very you know, very well. You know, sometimes money
it's you know, it's it's sometimes I don't want to
say hidden, but just not something you want to talk
about openly with family or you know, compared to the
Joneses and all that kind of stuff.
Speaker 3 (01:59):
So our families the same way.
Speaker 2 (02:00):
It definitely is, but there just needs to be a
good communication.
Speaker 3 (02:04):
We're going to talk about a variety of things.
Speaker 2 (02:06):
So if you're listening today, feel free to give us
a call at six' one two eight zero. Five eight
six two four or visit us online At hanfinancialgroup dot
com all kinds of retirement tools on the, site education class.
Calendars we teach a lot of, classes as you, know so,
again thanks for listening this.
Speaker 3 (02:26):
Morning all, Right, larry so let's.
Speaker 4 (02:27):
Take a look at the theme. Today it's family finances
and retirement. Strategies that's what we're calling. This we're going
to chat a little bit about you and your spouse
and the fact that retirement is really a team sport
AND i love that labeling AND i think that really is.
True we're going to talk about family financial stability and
(02:47):
how that starts with. You then we'll chat a little
bit about. Taxes you just can't talk about retirement without
talking about, taxes and certainly not about the repercussions that
taxes might have on your f family as it relates
to your. Retirement and then, finally considerations before selling your
home in. Retirement there are tax ramifications obviously, there but
(03:11):
there's also reasons maybe to sell or not to sell
in an effort to help. Family so let's start with
talking about you and your. SPOUSE i would, Imagine, larry
you have a lot of people who come in sit,
down Say, larry we're trying to put together a. Plan
but you, know we don't talk about this very, often
and NOW i guess is the time we need to start.
Speaker 2 (03:32):
Talking, yes, well we know that retirement is more than
just a personal. Milestone it's you, know it's really a
it could be a, legacy a family, decision and you,
know for spouses or significant, others you know there was
oftentimes one personality that handles it and the other one,
doesn't and the other one just relies and the other
one to do.
Speaker 3 (03:50):
It but As i've.
Speaker 2 (03:52):
Said mentioned in recent, weeks it's important for both of
you to be involved to some. Degree you don't have
to be the. Expert maybe one takes the, lead but
it's important that both are involved because there comes a
day oftentimes where something happens and you want to be.
Ready As i've mentioned, That i've seem to have met
(04:13):
with more widows and widowers this year than, ever and
they hadn't been involved in any of the finances the,
family just the financial, discussions any of the, investments and
then they were just left, going, oh, no now what
DO i? Do and we know that you, know trying
to talk about that stuff after you lose a loved
one or especially a. Spouse isn't the time to be
(04:35):
interviewing financial advisors and talking about. It so you want
to be proactive with this. Stuff you want to not be.
Reactive start that communication right. Now it may not be,
fun it might be, uncomfortable but you got to start
somewhere to get to.
Speaker 4 (04:50):
Somewhere so when a couple comes into haven financial group
and sits across from, you do you sometimes feel that
you are a counselor?
Speaker 2 (04:57):
Oh most, often, YEAH i would say that happens several
times a.
Speaker 3 (05:01):
WEEK i bet sometimes there's.
Speaker 2 (05:03):
Surprises imagine that where one spouse doesn't know about the other.
Stuff Or i've even had some over the years where
they've been married for years and years yet they have
no idea what the other one even. Has so there's
some unusual relationships and situations out, there but.
Speaker 3 (05:20):
It's best to be on the same. Page of.
Speaker 4 (05:22):
Course, well you talked about, Communication so when you talk
to these couples and you, say, okay we've got to start,
communicating let's go through some of the points that you
suggest they communicate, about, like for, example creating a joint
budget where they're both on the same. PAGE i would, Assume.
Speaker 2 (05:38):
Yeah the good OLD b word for budget because it's
so much, fun but it's important to have, it whether you're, young,
older no matter what age you're listening some sort of
budget to hold you. Accountable what are those, expenses the shared?
Expenses you, know what are your, goals what are your?
Objectives what are your spending habits so you can really
manage them to the best of your. Ability you, know
(05:59):
what are your, exps dictations for, Retirement when do you
want to, Retire what is the timeline that's associated with,
it what are your? Goals all of these are part
of the conversations that we might initiate this to get
the conversations, going and from, there we're going to take
a lot of notes and you, know we can come
back to these notes at a later, time whether it, weeks, months,
(06:20):
years to say we have a. Plan here's why we
came up with a. Plan remember when we first got,
Together remember when we discussed. This and it's important to
have good records to hold each other. Accountable and that's
our job oftentimes as advisors and partners to those folks
that we.
Speaker 4 (06:39):
HELP i would imagine that you start to talk about
the idea that if maybe in their working lives they've
had separate, accounts it's time to start to bring those things.
Speaker 2 (06:47):
Together that's important in a variety different. Ways Number, one
from an estate planning, background where if you have if you're,
married and you don't have them both names on the.
Account Now i'm not talking iras because those are, individual
but say a joint brokerage, account a joint savings account
or something of that, nature and you're both your names
are not on, there and one of the spouse, passes
(07:10):
you may have to go through a living probate just
to access the. Account we hate to see, that and
that's really a. Pain so there's a variety of reasons
why you would want joint accounts on some. Accounts and
then maybe your spouse isn't, working but you are take
advantage of SPOUSAL i raise any chance you can get
to put money away into an individual retirement. Account you,
(07:33):
KNOW i don't know any reason necessarily why you wouldn't do. It,
yeah a lot of times people don't know that that
can be a. Consideration so again the, budget joint, accounts short,
term long term, Objectives how do you how do you
what are your. Goals and, again it's important to write
those goals. Down for, years you, KNOW i had to
people mentors that would, say write the goals, down you, know,
(07:56):
timeline and THANKFULLY i started doing that years and years.
Ago and you know, what it really really really helps
because you can go back to that and it reminds
you what those goals. Are and you know, what if
you're a goal, setter you want to accomplish those. Goals
so it really creates a motivation to do what you
say you're going to.
Speaker 4 (08:16):
Do you know another, thing it seems to, Me, larry
because we talk about this so, frequently but when a
couple comes in and sits down across from you and,
says you, know we're figuring out these details associated with our,
retirement not only do they need to talk about the,
money but they have to talk about that. Timeline you,
know like maybe making decisions about social, security maybe one
(08:36):
of you should draw at one point one at a different.
Point you talk a lot about just when you want
a retirement to, retire and the idea of maybe even
staggering that there's lots of time, issues, Right.
Speaker 2 (08:51):
Yeah the element of time becomes really important because life's
calendar doesn't always cooperate with our. Calendar you may, think
or we may, think we're going to work till say
sixty seven or. Seventy yet some things like life, happened
the pink slip shows, up your health doesn't. Cooperate so
factoring in earlier, retirement the go, well maybe mid, retirement late,
(09:13):
retirement you, know just to see what happens if the unknown,
happens and we know that that happens quite. Often you,
KNOW i can never say enough establish an emergency, fund you,
know talk through not only the moneies and the, investments
but the insurance, aspects you, know life, insurance health. Insurance you,
KNOW i just read this past summer there was an
(09:35):
acquaintance of mind where the boyfriend got in the car
accident and they had three kids, together they weren't, Married
they had no health, insurance so maybe life. Insurance you,
know talk through all of those different things because.
Speaker 3 (09:48):
What you don't know can hurt.
Speaker 2 (09:50):
You and we don't want those things to have ill
effects on us just because we're not talking or addressing the.
Speaker 4 (09:55):
Issue, Right and what do you do about those couples
who come in and one of the two couples, says,
well he or she has handled this all of our
lives AND i just don't want to be.
Speaker 2 (10:09):
Involved, WELL i stress that WHAT i already said. That,
yeah but what if he is not? Here and you
can reverse the roles, too what if she is not?
Here BECAUSE i do see that as. Well so what
if you can play the what if? Game and what
their answer can only? Be, yeah that's a good. POINT
i probably should have some awareness and understanding of what's going,
(10:29):
on or at least have a good, partner a professional
where you can go.
Speaker 3 (10:34):
To and lean.
Speaker 2 (10:35):
On that's not what you want to be doing when
you lose a loved. One you want to establish. That
and so when folks tell me that my spouse is
a do it yourself or, investor that's perfectly, fine and
maybe they have passion to do. That BUT i, said
cultivate a relationship with, somebody a, partner a professional like,
us or somebody so when you're not here or able
to do, it that you already are prepared to address
(10:58):
that issue at that.
Speaker 4 (10:59):
Time absolutely, WELL i think you've just said. WHAT i
hope people walk away from this segment with the idea
that communication between this spouses or your, partner whomever it
might be is so, Important but what's equally as important
is having a, partner a financial partner with you to
sort of walk through. This this can be a very
(11:19):
emotional kind of situation to try to deal with these
finances and talk about them. Outlied but of course then
there's also the financial aspect of it and the best
advice that you can possibly get to make. Retirement it's very.
Best it's very very. Best so the folks that have
In Financial group would love to be that partner with.
(11:40):
You if you'd like to sit down and talk to,
someone the number six one seven are six one two
rather five zero four four zero. Zero give them a,
call let them know that you heard us here on
the radio talking about family finances and planning for your.
Future the number again is six one two five zero
four eight four zero. Zero coming up, next we're going
(12:01):
to talk about family financial stability and how so frequently
that begins with. You we'll explain right here on The
Haven Financial Group Radio.
Speaker 1 (12:09):
Show don't go too. Far we're gathering more important insights and.
Retirement Please devinent The Haven Financial Group Radio.
Speaker 3 (12:16):
Show we'll be right.
Speaker 1 (12:17):
Back stick. Around you've got, Questions we've got. Answers your
tune to The Haven Financial Group Radio show with your
Host Larry kulvig And Kim. Karragan now back to the.
Speaker 2 (12:30):
Show good, morning and welcome once again to The Haven
Financial Group Radio. Show I'm Larry, Kolviig founder AND ceo
of The Haven Financial. Group give us a, Call feel
free to give us a call at six one two
five zero four eighty four hundred Or havenfinancialgroup dot. Com
we have lots of, classes, yep even still this. Year
(12:51):
we have them throughout the course of the. Year we
teach medicare, classes social, security, tax, investment. Insurance all of
those things which take away from the last segment are so,
important all those puzzle. Pieces AND i will tell you
one of the biggest compliments we, Get, kim is we
have all those pieces At Haven Financial, group from our
(13:12):
state planning attorneys that help in that, area from our
long term care, insurance life, insurance our investment, team our,
slance OUR cpa tax, preparation all.
Speaker 3 (13:24):
Of those puzzle. Pieces they're in. House. Now they don't
have to be in.
Speaker 2 (13:27):
House BUT i love when people, Say, wow you guys are,
Communicating you're coordinating all these topics and they don't have
to go one.
Speaker 3 (13:36):
Place they can go one.
Speaker 2 (13:37):
Place they don't have to go multiple, places which is
where retirement really. Jumps we really get into a. Hurdle
this isn't. Talk the taxes aren't talking to the, investments
and they're not talking to the.
Speaker 3 (13:49):
Estate.
Speaker 2 (13:50):
Planning and there should be more coordination than ever as
you get close and in, retirement and it's never too
early to get started.
Speaker 4 (13:59):
Aute AND i love that you've brought up some of
those important topics that need to be discussed when we're
talking about family financial planning and security and. Stability we
started the segment or into the last one by, saying
you know that this segment is about family financial stability
and how it starts with. You maybe you'd want to
(14:20):
walk through what we mean by, that meaning you need
to be stable in your finances and an effort to
make sure that everybody else is.
Speaker 2 (14:27):
Okay, yeah STARTUPS i mentioned, earlier set retirement, goals define
what you want to do in.
Speaker 3 (14:33):
Retirement what does that look like? Here for your?
Speaker 2 (14:36):
Family the Kids oftentimes they don't stay close to, home
sometimes they. Do maybe that requires moving to get closer
to those. Grandkids what does that look like?
Speaker 3 (14:46):
You what's your.
Speaker 2 (14:46):
Lifestyle are you do you like to, fish, hunt? Golf
you like warm? Weather do you want to?
Speaker 3 (14:51):
Travel what are those?
Speaker 2 (14:53):
Hobbies and how do we adjust accordingly and what kind
of savings do we need to be able to do
all those. THINGS i call it the income for what you,
for the, necessities for what you, need and then having
income to do the things that you want to. Do
so the needs and the, Wants, okay stick to a savings,
plan stick to a. Budget it's really developing a. Discipline you,
(15:14):
know over all the Years i've done, this the ones
that have been the most successful have really stuck to a.
Discipline delayed, gratification waiting on certain things that maybe they
didn't need at the, time weren't, wasteful watched for their
money which they, spent maxed out those four oh one
ks and iras because out of, sight out of. MIND
(15:34):
a lot of times people, say especially the younger, generation
And i'm not picking on, them that there's just no
money to put into iras after you know all the, Expenses,
well start with one, percent two, percent increase it and
you probably won't even notice that it's not. There so
making sure you start those retirement accounts and then identify
(15:56):
what are your income sources going to? Be income is
the name of the, game it really. IS i call
it mailbox. Money you, know are you fortunate to have a?
Pension when is the best, time the optimal time to
turn on social? Security what does that number look?
Speaker 3 (16:11):
Like what makes?
Speaker 2 (16:12):
Sense and then we'll talk later about other funnels of.
Income are there any other sources that we can go
to besides those pensions and social, security like annuities or
IRA's or other types of. Accounts so we really want
to have an all encompassing conversation and ongoing, conversation not one,
(16:32):
conversation because as you go through, life these things will need, modifications,
alterations and those balances will change and other things that
in life are going to happen and we didn't plan on.
Them so, again just you got to do the best
we can.
Speaker 4 (16:47):
Sure throughout your entire. Retirement but certainly when you get,
STARTED i think it's really important that you begin to
review your insurance policies and the different things that you,
have and that will also change possibly over, time and
you'll need the constant reviewing of. That it's just like your.
Taxes you've got to constantly be reviewing.
Speaker 2 (17:10):
Yeah good point life insurance. Reviews we really recommend them
life insurance something that you may have gotten years ago
and just kind of shelved it and not talked about.
Speaker 3 (17:20):
It the agent doesn't even call on you.
Speaker 2 (17:21):
Anymore why is that because they probably got paid up
front and they don't really really follow up with.
Speaker 3 (17:27):
You but it should be.
Speaker 2 (17:29):
Reviewed because Oftentimes glenn And isabella in our office and
we have pretty much access to all the. Companies what
we find is some of these life insurance policies start,
cannibalizing eating themselves, up and what you think might happen
with those policies may not, happen and you don't want
surprises in something you've been paying for a long. Time,
(17:49):
now that's not all of, them but you want to
get them reviewed to make sure it's not happening to.
You there's a big difference between variable life and whole,
life and term life life and universal index. Life there
is a big. Difference so having a good understanding long
term care same. Thing you, know you've maybe eve been
(18:10):
paying and paying and, paying and are there other alternatives
out there that you're not aware? Of AND i can
tell you there are much better viable options than there
used to, be so just having a, discussion and really
that's where that comes, from is a discussion and no
different than. Taxes lance was on on a radio show recent.
Weeks it's about a tax discussion and ongoing discussion during the,
(18:35):
year which leads to successful tax, preparation no. Surprises, wow that's,
wonderful isn't. It so it's all about, conversations communications and. Discussions,
however if you think retirement is a meeting once or
twice a year for thirty minutes to an, hour you're
not having ample discussions to really really do the best
(18:56):
you possibly can, do and especially the person that supposedly
helped you isn't giving you the attention that you.
Speaker 4 (19:02):
Deserve there's another aspect to retirement, planning and that's a state,
planning and THAT'S i think this is the one that's
the hardest for a lot of. People maybe they want
to have discussions about their own retirement because they're excited
about it and they plan for it all their, lives
but a state planning sometimes is one of those conversations
that nobody wants to. Have but, boy it really can
(19:24):
make a difference in your. Retirement.
Speaker 2 (19:26):
Yeah eighty five percentiles STATISTIC i read that eighty five
percent Of americans do not have a competent and state
Plan and it's not only for the. Rich whether you're,
single whether you're an adult eighteen years old and, listening
no matter what, age it does apply to, you whether
you have a lot or little or everything in. Between
it applies to you whether you have no kids or one.
(19:48):
Child it applies to you maybe don't have any kids
and you're. Married there's not no automatic that your spouse
gets to make decisions for. You there needs to be proper,
documentation legal powers of attorney in place, proactively and it
applies to are any of kids at. Eighteen you Know,
Carrie anna And keith are a state planning. Attorneys carrie's
(20:10):
practice is right here locally as, well and they help
a lot lot Of haven folks and a lot of
clients because we know the importance of. It and what
she does for a lot of every, spring for a
lot of graduates is give a reduced rate for them
to get their powers of attorney. Done great motivation and
(20:30):
who's thinking about this at eighteen years? OLD a lot
of the listeners that are in their sixties listening right,
now If i'm. Hit If i'm describing, you you can
have a. Chuckle but you've been thinking about doing an
estate plan for, ten, twenty, thirty forty, fifty sixty, years
and that a state plan that you maybe. Did your
kids still have to go live with your brother and,
(20:52):
sister and now they're thirty and forty years. OLD i
don't think they want to do. That so maybe you
have a plan that really. Outdated it needs to be.
Updated whether you're talking a, trust a, will transfer on
death deed to the living, documents a living, will health
care director, directive financial power of, attorney access To medicare,
(21:14):
records all of. This we've become a very litigious society
and you've got to prepare for, it and it's not.
Fun let's face. It a state planning is probably more
about emotion.
Speaker 3 (21:27):
Than it is.
Speaker 2 (21:27):
Details, Sure and now with that, SAID i had a
couple in this. Week we just started visiting with, them
walking them through our. Process they had multiple real estate,
properties they had, financially they, worked and they were, savers
so they had all kinds of different. Accounts yet they
and they had multiple, children and they never have had a.
(21:49):
Will they don't have an estate. Plan they realized finally
that they need to and it needs to happen sooner than,
later because at the end of the, day it's it's no.
Joke the mortality rate in The United states is one
hundred percent and we're all going to go. Someday so
at the end of the, day you're either prepared or ill.
Prepared AND i think there's only one answer of which
(22:11):
two you want to.
Speaker 4 (22:12):
Pick well, again the name of this segment is family
financial stability and how it starts with you and a
state plan stabilizes your family after you're. Gone that's probably
one of the great gifts that you can give your
family is making sure that everything's spelled. Out it also
protects them in the tax.
Speaker 3 (22:31):
World, Correct it can in a variety of different.
Speaker 2 (22:36):
Ways, again upon, death do you want to pass things
at the stepped up? Basis if you have an estate tax,
issue you have a high net worth that could help
in that area for, portability a trust can have. Benefits so,
again too much details to get into this, segment but
sure having one it can affect people in different ways
(22:56):
whatever your. Circumstances there's no excuse than to see people
that finally get it.
Speaker 3 (23:02):
Done they have smiles on their.
Speaker 2 (23:04):
Face there's peace of mind to know they finally did
what they've been talking, about because where everybody's thinking about,
it they're just not getting it.
Speaker 3 (23:12):
Done so all of.
Speaker 4 (23:13):
This can be done under one, Roof isn't that? Right
larry right there At Haven Financial, group and so we
want to invite you to give us a, call set
up an, appointment come, in just sit, down talk about
what you think your needs might, be what you are
anticipating when it comes to your, retirement and find out
if the folks At Haven Financial group are a good
fit for. You six one two five zero four eighty
(23:35):
four hundred is the. Number six one two five zero
four eight four zero, zero no cost to. You just
come in and sit down and have a. Conversation when
we come, back we're going to talk about tax reduction
strategies to explore as you prepare for. Retirement this is
The Haven Financial Group Review.
Speaker 1 (23:53):
Show ready to find your financial safe. Haven your dream
retirement is in. Reach don't get. Away The Haven Financial
Group Radio show will be right. Back are you worried
that your financial strategy might be missing, Something, well you're
in the right. Place Larry kolvig is back and ready
(24:13):
to help you find your financial safe.
Speaker 3 (24:16):
Haven welcome, back.
Speaker 2 (24:17):
Listeners my name Is Larry, kolvig FOUNDERED ceo of The
Haven Financial, group and if you're just tuning, in you're
listening to The Haven Financial Group radio show where every
week we come to you discussing crucial retirement discussions, topics some,
fun some not so much.
Speaker 3 (24:33):
Fun so, again thanks for.
Speaker 2 (24:35):
Listening feel free to give us a call six one
two five zero four eighty four hundred or online At
havenfinancialgroup dot. Com shoot, us shoot us an email at
info At havenfinancialgroup dot com with any questions or simply
just SAY i want to come in and have that
no cost. Consultation and you, Know, kim it's good to
be on our regular timeslot this week as we've been
(24:57):
bumped by Those minnesota vikings the last two weeks one in.
Speaker 3 (25:02):
ONE i guess at least we got one of the.
Speaker 2 (25:04):
Wins so again back in our normal time sliding, again,
listeners thanks for.
Speaker 4 (25:07):
Listening we're talking about family strategies for retirement and how
they your personal strategies might impact your. Family we want
to talk a little bit about. TAXES a lot of
people believe in retirement they'll pay less tax that's not
necessarily the. Case in, Fact larry has said that frequently
that is not the. Case so being prepared for the
(25:31):
tax ramifications of retirement is very. Important but as we
mentioned a few minutes, ago it also can be very
important to your. Family so let's, Begin, LARRY i just
sit on it a little, bit but i'd rather you the,
expert talk about. It when you're in, retirement you're not
necessarily paying fewer, taxes at least not in the. Beginning.
Speaker 2 (25:53):
No, no oftentimes people will pay more taxes in. RETIREMENT
i know that's not uplifting and what listeners want to,
hear but it often times is the. Case when you
Turn Social security on required minimum distributions is really where
it hits. Home While, larry we make more money now
than we did when we were working. THAT i just
had a conversation this week in our planning process with
(26:14):
this couple From, lakeville and they're right, now they're bright
at seventy years, old and in three years they have
required minimum distributions and they don't spend much money. Now
they've been good. Planners they've been very. Disciplined, again a disciplined,
couple AND i, said are you prepared in three years
to get a very large income? Boost and they, go,
(26:37):
well how about how much is it going to? Be
AND i said about eighty to one hundred grand in
an income boost because of, rmds which tells you that
they've saved a lot of pre tax.
Speaker 3 (26:47):
Money that's.
Speaker 2 (26:48):
Good the flip side of that is now more tax.
Potential so you, KNOW i say that because it is fourth. Quarter,
man it's hard to believe it's fourth. Quarter but we're
really having the discussions now with everybody, About, okay we
have a good idea what your income is this? Year
is there anything tax wise we should be maneuvering to
(27:10):
maximize the twelve percent?
Speaker 3 (27:11):
Bracket is it irate AT roth?
Speaker 2 (27:13):
Conversions is it patting your savings account with AN ira?
Distributions anything to make sure that we're filling up that
twelve percent ordinary income tax? Brackets and you, know this
segment is really a lot about. Income what are those
sources going to? Be you, know we want to be tax.
Efficient is it right to turn Your Social security on?
Now or is it makes sense to? Delay it's why
(27:35):
we teach these. Classes will you have a? Pension my
wife AND i won't have a. Pension how do you
build your own? Pension self directed pension can often be
used by using an annuity for. Income, NOW i won't
go deep into, that but annuities can be very effective
for income if income is a.
Speaker 3 (27:54):
Need.
Speaker 2 (27:55):
Now problem is a lot of times people have. Annuities
they don't know which one of the four they. Have
i've they may have the wrong. One AND i say
that because this past WEEK i reviewed a client client's
statements and this couple had plenty they've done, again great,
savers no debt, too by the, way that's a good
(28:16):
way to go into more into, retirement no. Debt and
they had two annuities and they were designed for. Income
yet they're never going to need more. Income they have
too much income the way it. Is so what happens
is they got in the wrong. Ones they're not getting any,
growth and they're designed different annuities are designed for different
(28:37):
types of, situations and for some people they're not designed at.
All so, again if you have an, annuity JUST i
call it have an ANNUITY x ray annuity, exam just
to make sure to have that you have a good
understanding of what you. Have just note that not everybody
has to have an. Annuity it's just one of those
things that sometimes people shouldn't and sometimes people.
Speaker 4 (28:58):
Shouldn't right when we talk about taxes and people getting
into retirement and there may be a little more, mobile
a lot of people consider the idea of moving to
a tax free. State what are some of the advantages
of doing so and maybe some of the?
Speaker 2 (29:12):
Downfalls, now why would you say that as we sit
here right In minnesota we're such a tax friendly. State
listeners Know i'm, joking ALTHOUGH i lived in my whole
life and probably already.
Speaker 3 (29:25):
Will BUT i know the.
Speaker 2 (29:26):
Temptation you, Know South, Dakota, Arizona, Florida carolina's all THOSE
i hear it, weekly DO i, say just make sure
you check out applicable taxes because other states have different
types of. Taxes so there is a benefit in some,
situations sometimes not as much as people. Think but again
let's talk through that because taxes are. Relevant yet most
(29:49):
people aren't doing any tax. Planning they're just getting their taxes.
Prepared and you may be tax, inefficient and you probably
want to be tax efficient.
Speaker 3 (30:00):
At the end of the.
Speaker 2 (30:00):
Day, again forward thinking tax planning leads to successful tax.
Preparation you, know the tax preparation has all been drop
off pickup these. Days and as we talked last week With,
lance OUR, cpa he loves to explain things and he
loves to go through these. Things so, again are you
getting the attention in the tax discussion or are you.
Speaker 4 (30:22):
Not let's talk a little bit about and investments and
maybe reassessing investment investments in retirement to make them more tax. Efficient.
Speaker 2 (30:33):
Yeah What i'll say to that, is oftentimes we see
in the investment team here At, haven we see a
lot of folks have the wrong types of investments in
the wrong types of.
Speaker 3 (30:42):
Accounts and WHEN i say.
Speaker 2 (30:44):
Types, iras roth iras and non qualified brokerage, accounts you,
know when you move money around or, rebalance which people
should be, doing probably is a lot of people aren't
because they're not paying attention to their, investments which is
what we do as a wealth maare management companies, rebalance
making sure we're in the right. Positions but inside of
(31:04):
AN ira or WRATH ira when you're making moves doesn't
really have any. Effect but outside of, that in a
non qualified brokerage, account there are tax ramifications potentially long
term capital Gains we also do tax loss harvesting to
start minimize taxes as, well and many people aren't doing.
That so you can use volatle times for the good
(31:28):
if you're doing.
Speaker 3 (31:29):
It the problem is most people don't know how to do.
That so you're.
Speaker 2 (31:32):
Right the wrong types of types of investments and the
wrong types of accounts also creates any. Efficiencies and at
the end of the, day it's your. Money what you
choose to do is up to. You but WHEN i
say a lot of people are unaware of what they're,
doing they are they don't know how much risk they're.
Taking and risk is another assessment that we do quite.
(31:55):
OFTEN i, say defense wins. Championships now we're not against,
offense but as you get closer to, retirement you may
want to the foot off the gas pedal a little. Bit,
Sure and oftentimes people just they don't know how much
risks they're taking until something bad, happens.
Speaker 4 (32:12):
Right right until the risk the risk becomes. Reality all
the things you're, saying by the, Way, larry just reasons
why if even if you already have a, portfolio if
you already have attacks a retirement, plan sometimes it just
needs to be. Reviewed you need another set of eyes
(32:33):
someone else to take a, look sort of reason through
and discuss what you're planning and what your intention was
when you drew that, up and maybe if that planning
and your intentions have changed. NOW i really quickly hear
want to just have you address the issue of social.
Security we talk a lot, about you, know maximizing social,
security and that's based a lot of times on when
(32:54):
you draw. It BUT i don't know if people realize
that Social security can at times be.
Speaker 2 (33:00):
Taxed, oh it absolutely can be. Taxed it's a progressive,
tax depending up how much you, have and we won't
go deep into. That some people have none of their
Social security. Taxed some of the people you can have
up to fifty percent of it, taxed or up to
eighty five percent of it can be. Taxed it's a progressive.
Tax so definitely we want to have the tax discussion
(33:23):
as it relates to. That one THING i want to
add is what We're What i've seen a lot more
in recent years is the idea that you don't jump
into full, retirement but partial, retirement easing into it, again
maybe getting part time, work contracting or consulting. WORK i
see this quite. Often you KNOW I delta DURING Covid
(33:46):
delta supported us to some degree unknoyingly because we had
a lot about spoken clients front that Were delta. Retirees
they were offered a lot of packages during the, pandemic
and as an essential business we help a lot Of
Delta delta employees that retired make good retirement decisions and
(34:06):
again a lot of cuts.
Speaker 3 (34:07):
There.
Speaker 2 (34:08):
All then now all of a, sudden the pandemic's gone
and a lot of these people they've elected to come
have them come back as. Consultants And i'll tell you
it's it's served its purpose for a lot of our
clients because it gives a little bit of. Income it
gives a little bit more of a cushion to those retirement.
Dollars so you, know don't rule out working at, all
(34:32):
but it's better to not have to work rather than
forced to work because the money situation isn't. Good so,
again we'd like to explore all the, options look at
have all the discussions to make sure we're doing the
best we possibly can in all of these.
Speaker 4 (34:47):
Areas so if you'd like to have that, discussion let
me give you the telephone. Number it's six one two five.
Zero four eighty four hundred six one two five zero
four eight four zero. Zero reach out to the folks
At Haven Financial. Group tell them you hurt us here
and you'd like to come in and talk with them
about your. Portfolio we'll get you an. Appointment it is
(35:11):
there's no, charge it is. Free you just come in
and sit down and chat and make the decision as
to whether the folks At haven are a good fit for,
you and vice. Versa. Again it's six one two five
zero four eighty four. Hundred coming up, next we're going
to talk about selling your. Home that can sometimes be
an option in. Retirement maybe you want to. Downsize maybe
(35:32):
you have saved money inside your home and you'd like,
to you, know realize that money as you head into.
Retirement all kinds of, reasons but there's all kinds of
things to. Consider that's coming up next on The Haven
Financial Group Radio.
Speaker 1 (35:43):
Show don't go too. Far we're gathering more important insights
and retirement ways The Haven Financial Group Radio. Show we'll
be right. Back stick. Around you've got, Questions we've got.
Answers your tune to The Haven Financial Group Radio show
with your Host Larry kolvig And Kim. Karrigan now back
(36:04):
to the.
Speaker 3 (36:05):
Show welcome back to The Haven Financial Group Radio.
Speaker 2 (36:08):
Show I'm Larry, kolvig founder AND ceo of The Haven Financial,
group and thanks for listening this. Morning if we spark
sparked a little thing in your ear that you know
WHAT i need to COME i have QUESTIONS i want
to come. In feel free to give us a call
at six one two five zero four eighty four hundred
Or Havenfinancial group dot. Com there's no cost to come
(36:29):
in and visit on any of these retirement, topics whether
it is a state, planning whether it is, investments whether
it is social security. Timing and by the, way if
you come in for Social, security you'll leave here with
a roadmap or A Social security maximization. Report it's very very,
helpful so or any of those insurance.
Speaker 3 (36:48):
Needs you.
Speaker 2 (36:49):
Know Cammanuel roman is almost. Here isabella And glenn help
a lot of people in our. OFFICE i encourage folks
if you're in that age. Group there's a lot a
lot of change in medicare and, healthcare not necessarily necessarily good.
Change you want to make sure you're in the right.
Plan you shouldn't be paying any more to have somebody
(37:12):
do the legwork for, you which is What isabella And
glenn so annual. Enrollment it's almost. Here book your time.
Slot you should shop it out every. YEAR i always
say almost every week on the. Show healthcare is an
expense that is almost always, underestimated and we want to
plan accordingly as especially as we've been talking about budgeting
(37:33):
in the show.
Speaker 4 (37:34):
Today underestimated but certainly, needed and when you do need,
it you're certainly happy that you took care of. That
six one, two five zero four eighty four hundred is the.
Number we want to talk about considerations before selling your
home in, retirement you, Know, LARRY a lot of people
get to a certain age and either they're moving to another,
location or they've just decided that the house is too
(37:56):
much and it's timed. Downsize maybe they have a house
that they have essentially saved a lot of their money
in that house and they want to cash out on the.
House there are certainly positive things about getting rid of a,
big huge. House there's also some other Things i'm not
(38:17):
going to call them, downsides but other issues to.
Speaker 2 (38:19):
Consider, well there's always many different things to. Consider perhaps
your knees are not good and those stairs are just
not good for you anymore getting up and down those,
stairs or maybe it's not even safe for you. ANYMORE
i hear that one quite, often as far as you,
know all the, stairs one level, living you, know the
real estate, market it's it's difficult because a lot of,
(38:41):
people although the interest rates have come down a little,
bit but a lot of people have been house. Locked you,
know house prices are so. Expensive you, know maybe their
mortgage is paid off and they simply cannot replace their
home for as much for as much is for what
they're going to get in the new. Home so is
(39:04):
Moving is that an option for? Some it's not, been
just because financially it hasn't made. Sense another consideration THAT
i see is sometimes people retire and then want to
make some home. DECISIONS i think of a couple have
been a client of mine for. Years they're retired and
they have plenty of retirement, investments et, cetera et. Cetera
(39:28):
they have no, Mortgage they have their local here.
Speaker 3 (39:30):
In The Twin.
Speaker 2 (39:31):
Cities they wanted to move up on the northern part
of the city because their son is up there and
the grandkids are up. There problem, is he was he
got a buy out on his. Job long story, short
they couldn't show income enough income to get another mortgage
in between. Times so they're quite, wealthy yet they can't.
(39:54):
Move AND i see that very. Often so if you're
thinking about, moving and maybe you're still working and you're considering,
retiring you may want to plan that the timeline accordingly
so you're able to do what you want to, do because,
oftentimes if you get the car a little bit ahead
of the, horse you might not be able to do
what you want to. Do you, know memories are, made
(40:17):
maybe in that house for years and. YEARS i find
it that it's difficult for some people to get over.
Speaker 3 (40:24):
That, however we just moved my mother in.
Speaker 2 (40:28):
LAW i should say my wife and her siblings just
moved my mother in. Law fortunately she had a, stroke
but she's doing. Good she's doing good and rebounded. Well
but it moved her one level. Living WHAT i will tell, though,
folks is you might want to start. Decluttering now that's
not the, segment but things build up quickly and you
(40:50):
may want to just start simplifying. Things there's something to
say about simplification and consolidation in a variety of, areas
not just, money although it's important to have simplification and
consolidation and maybe minimize those accounts rather than have money,
everywhere no different than a hoarding or stuff laying all
over and all of a, sudden now now it's on
(41:12):
the kids to have to do it because something happened
where you didn't plan on. It SO i know that
my wife has been since she's been having to do,
that she's wanting. TO i noticed that things are getting
a lot more. Simplified she's, like, Well i'm not going
To i'm not going to have that same problem that
my mom. Had so, again lots of things to consider
(41:33):
when you're talking real.
Speaker 4 (41:34):
Estate you bet, ABSOLUTELY i understand exactly what you're. SAYING
i had my kids visiting recently and they, said, wow
we had to pack this whole. House, well let's not
worry about that right this very. Minute BUT i do
hear what you're. Saying one of the, issues certainly if
you're going to sell your home, though that you want
to take into account is capital gains. Taxes there are
(41:55):
some ways to get around, that but it is it
is an issue for some. People another reason why maybe
some people don't want to get out of their.
Speaker 2 (42:03):
House, yeah we're not talking about your main, residence the
residents that you've lived in for the last how many,
years and it is your main, residence but it shouldn't
be any problem. There but if you do have rental
properties second, homes you're gonna want to handle that right
maybe at ten to thirty one exchange is proper for,
You so you really want to talk through.
Speaker 3 (42:25):
That and, Again.
Speaker 2 (42:26):
LANCER cpa at the office who him and his family
also have lots of real estate. BACKGROUND i do as.
Well i've held a real estate license for twenty some.
YEARS i don't practice unless it's my own personal. Stuff
but at the end of the, day work with a
professional sounds, familiar does? It it work with a partner to
(42:47):
talk through these things proactively rather than doing something and
then finding, out, oh, SHOOT i did it the wrong.
WAY i should have done it this way AND i
could have saved myself some serious money on of our
ee any of things including. Taxes so, again have that
partner have somebody to lean. On that's that's what it's all.
Speaker 4 (43:06):
About, yeah, absolutely, Now so there's all kinds of issues
that you want to consider when you are maybe selling
your primary residence or for that, matter if you've owned
real estate for years and maybe you're just ready to
get out of that. Business you, know you're simplifying your,
life and before you go out and sell those rental
(43:26):
properties or those second, homes these are conversations that you
want to have with a. Partner the folks that have
In Financial group would love to have that conversation with
you at six one two five zero four eight four zero.
Zero that's how you reach, Them, larry.
Speaker 3 (43:39):
We haven't had a.
Speaker 4 (43:40):
CHANCE i want to change gears just a moment here
if we. Could we talk about the website pretty, Frequently
evenfinancialgroup dot. Com you can go to that website and
you talk a lot about some of the educational Program
talk to us a little bit about here we are
in the fourth. Quarter what are some of those educational
programs that are coming up that people can go on
the website and sign up.
Speaker 2 (43:59):
For, yeah several of. Them several of them we've just
had because annual. Enrollment we were just Doing medicare classes
and really every single carrier because we have access to
all of the, companies And isabella And glenn have been
working diligently on. That So medicare made simple as the
name of the. Course because it's not. Simple it can
(44:19):
be very. Complicated we. Teach we have some dinner workshops
where we touch on all retirement topics kind of with
a wide. Brush we teach social security and tax classes
very well attended throughout the course of the. YEAR i
teach the truth about annuities a couple times a, year
because lots of times people don't know the truth until
they have, something and that can be not a good situation.
(44:42):
Necessarily so investment. Classes we teach them at the local.
Colleges we teach them in community education, settings, libraries and
we're happy to have our new education center at our
office now where we've utilized it a lot. Already in
just a few weeks that fraud class by the local police,
department we booked two classes. Full we could have done
(45:05):
probably two, more and again other types of, classes impromptu,
classes and in, fact we really have some really fun ones.
Up my, wife the office, MANAGER i saw a whole
list of ones that we're going to do and they're
open to the public as well as our. Clientele SO
i saw some women in estate. Planning it had a
(45:26):
fancier name titled to it than that Women wine and
something or. Another we like to have fun with some
of these topics that truly aren't. Fun so it doesn't
have to be, boring it doesn't necessarily have to be,
exciting but we want to have some fun with these
topics which can get somewhat, boring let's face, it at,
(45:49):
times and it just kind of takes the edge off.
You you know, what if you're dealing with something in your,
situation you're probably not alone and just you, know having
bouncing it off others that might be in exactly the same.
Position you, know it's fun to see over our ten
year anniversary at our client, events which we do three
or four a, year that a lot of our clients
(46:11):
have become friends and acquaintances and they look forward to
seeing each other every single event that we, have and
they've shared, numbers they get, together and you know, what
That's we're in the people, business and that's what we're.
In and if you're not getting the, attention and maybe
you just feel like you're a. NUMBER i had a
couple last week that, says you know, what our, GUY
(46:33):
i think we're just a. Number with our, GUY i
don't think he takes us really. Seriously or this is
the one THAT i get OFF i get here, often
WHICH i don't. Like you know, what our, guy our,
guy he just works with those that have a ton of,
money and we're just a small fish in the. Pond
and you, know we don't have any minimums. Here we
have those that have very, little and we have those
(46:53):
that have a, lot and anything in. Between we don't have.
That we're not too, good we're not snobs like. That
we're not going to be. That we want to give
everybody equal. Attention you, know oftentimes that goes by the
wayside and it does not. Happen we all should be
given the same opportunities and the same, information all the
(47:14):
information to make educated.
Speaker 4 (47:16):
Decisions Right havenfinancialgroup dot, com, folks that's where you can
learn more about some of these educational seminars that are
coming up in the next few, weeks few, months and
they are free and anyone is welcome to. Attend you
just need to sign. Up no pressure. There it's just
a great educational, evening so be sure you check it.
(47:37):
Out six one two five zero four eight four zero.
Zero that's the number that you call to reach the
folks At Haven Financial. Group if you've heard something today
that has sparked something in you and you think, WOW
i need a partner like those good people there At
Haven Financial, group then be sure that you give them a. Call.
Larry it's been a great.
Speaker 3 (47:55):
Show, yes Thanks, camp look forward to next. Week. Already
investment advisory service is offered Through Guardian Well STRATEGIES. Llc
Haven Financial group And Guardian Well STRATEGIES llc are not affiliated,
companies and investments involve, risk, and unless otherwise, stated are not.
Speaker 4 (48:11):
Guaranteed please consult with the qualified financial advisor and or
tax professional before implementing any strategy discussed herein and comments
regarding it safe and.
Speaker 1 (48:20):
Secure investments and guaranteed income streams only refer to fixed insurance.
Products they do not refer in any way to securities
or investment advisory. Products fixed insurance and annuity product guarantees
are subject to the claims paying ability of the issuing
company
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