Haven Financial Group Radio - 10/12/25

Episode Transcript

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 oh 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 cam great to be with you once again.
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

(01:14):
it's all about, right.

Speaker 3 (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.

Speaker 2 (01:41):
Art they leary 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 4 (01:59):
So our families same way.

Speaker 2 (02:00):
It definitely is, but there just needs to be a
good communication. We're going to talk about a variety of things,
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,

(02:23):
so again, thanks for listening this morning.

Speaker 3 (02:26):
All right, Larry, so let's take a look at the
theme today. It's family finances and retirement strategies. That's what
we're calling this. We're gonna 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 how that starts with you.

(02:50):
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
family as it relates to your retirement. And then finally,
considerations before selling your home in retirement. There are tax
ramifications obviously there, but there's also reasons maybe to sell

(03:13):
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 talking.

Speaker 2 (03:33):
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 oftentimes one
personality that handles it and the other one doesn't, and
the other one just relies and the other one to
do it. But as I've said mentioned in recent weeks,

(03:55):
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 with more widows and widowers
this year than ever, and they hadn't been involved in

(04:18):
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?

Speaker 4 (04:27):
And we know that you.

Speaker 2 (04:28):
Know, trying to talk about that stuff after you lose
a loved one or especially a spouse. Isn't the time
to be 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

(04:48):
got to start somewhere to get to somewhere.

Speaker 3 (04:50):
So when a couple comes into haven financial group and
sits across from you, do you sometimes feel that you
are a counselor Oh?

Speaker 4 (04:57):
Most often?

Speaker 2 (04:58):
Yeah, I would say that happens several times a week.

Speaker 4 (05:02):
I bet sometimes there's surprises.

Speaker 2 (05:04):
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.

Speaker 4 (05:19):
But it's best to be on the same page. Of course, Well, you.

Speaker 3 (05:23):
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, that good old B word for budget because it's
so much fun. But it's important to have it, whether
you're young, old, or 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.

(05:59):
You know, what are your ex dictations for retirement? When
do you want to retire, What is the timeline that's
associated with it.

Speaker 4 (06:06):
What are your goals?

Speaker 2 (06:08):
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, 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

(06:29):
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 help.

Speaker 3 (06:40):
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 together.

Speaker 2 (06:49):
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. You

(07:10):
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 know,

(07:33):
I don't know any reason necessarily why you wouldn't do it,
Yet 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,

(07:56):
you know, 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 do.

Speaker 3 (08:17):
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 of
you should draw at one point and one at a

(08:39):
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 maybe mid retirement, late retirement,

(09:14):
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 acquaintance

(09:35):
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 what you
don't know can hurt you. And we don't want those
things to have ill effects on us just because we're
not talking or addressing the.

Speaker 3 (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 involved.

Speaker 2 (10:10):
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 on,

(10:30):
or at least have a good partner, a professional where
you can go to and lean 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,

(10:50):
a professional like us, or somebody so when you're not
here or able to do it, that you already are
prepared to address that issue at that time.

Speaker 3 (11:00):
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 emotional kind

(11:21):
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 been
Financial Group would love to be that partner with you.

(11:41):
If you'd like to sit down and talk to someone,
the number six one seven are six to one to
two rather five zero four eight 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,

(12:01):
we're going 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 Show.

Speaker 1 (12:10):
Don't go too far, we're gathering more important insights and retirement.
Please government 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 Kulvig and Kim Karragan. Now back to

(12:30):
the show.

Speaker 2 (12:31):
Good morning, and welcome once again to the Haven Financial
Group Radio Show. I'm Larry Kolvig, 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. We

(12:51):
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 state

(13:12):
planning attorneys that help in that area, from our long
term care insurance, life insurance, our investment team, our lance,
our CPA tax preparation, all.

Speaker 4 (13:24):
Of those puzzle pieces. They're in house. Now. They don't
have to be in house.

Speaker 2 (13:28):
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 place. They can go one place, they don't
have to go multiple places, which is where retirement really jumps.
We really get into a hurdle. This isn't the taxes
aren't talking to the investments, and they're not talking to
the to the estate planning. And there should be more

(13:52):
coordination than ever as you get close and in retirement,
and it's never too early to get started.

Speaker 3 (14:00):
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
this 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 walk
through what we mean by that, meaning you need to

(14:23):
be stable in your finances and an effort to make
sure that everybody else is okay.

Speaker 2 (14:28):
Yeah, startups I mentioned earlier, set retirement goals. Do you
find what you want to do in retirement? What does
that look like? You're for your 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? What are you what's your lifestyle.
Are you do you like to fish, hunt, golf? You

(14:50):
like warm weather? Do you want to travel? What are
those 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

(15:12):
developing a discipline. You 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

(15:34):
of sight, out of mind. 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 what are your income sources

(15:58):
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 like? What makes sense? And
then we'll talk later about other funnels of income. Are
there any other sources that we can go to besides

(16:20):
those pensions and social security, like annuities or IRA's or other.

Speaker 4 (16:25):
Types of accounts.

Speaker 2 (16:25):
So we really want to have an all encompassing conversation
and ongoing conversation, not one 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,

(16:46):
just you got to do the best we.

Speaker 3 (16:47):
Can 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 it.
The agent doesn't even call on you anymore. Why is
that because they probably got paid upfront and they don't
really really follow up with you. But it should be
reviewed because oftentimes Glennon Isabella in our office and we

(17:33):
have pretty much have 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. Now,
that's not all of them, but you want to get
them reviewed to make sure it's not happening to you.

(17:55):
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 paying
and paying and paying, and are there other alternatives out
there that you're not aware of? And I can tell

(18:16):
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 year,
which leads to successful tax preparation, no surprises. Wow, that's wonderful,

(18:40):
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 you
possibly can do, and especially the person that supposedly helped
you isn't giving you the attention that you deserve.

Speaker 3 (19:04):
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 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 child.

(19:49):
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 a 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 practice

(20:11):
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 who's
thinking about this at eighteen years old. A lot of

(20:33):
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 sister,

(20:53):
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.

Speaker 4 (21:01):
It needs to be updated.

Speaker 2 (21:03):
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 mediccre records, all of this.
We've become a very litigious society and you got to
prepare for it, and it's not fun.

Speaker 4 (21:22):
Let's face it.

Speaker 2 (21:23):
A state planning is probably more about emotion.

Speaker 4 (21:27):
Than it is details.

Speaker 2 (21:28):
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 will.

(21:50):
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 two

(22:11):
you want to pick.

Speaker 3 (22:13):
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 world.

Speaker 4 (22:32):
Correct, It can in a variety of different ways.

Speaker 2 (22:37):
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 whatever
your circumstances. There's no excuse than to see people that

(23:01):
finally get it done. They have smiles on their face.
There's peace of mind to know they finally did what
they've been talking about, because when everybody's thinking about it,
they're just not getting it done.

Speaker 3 (23:13):
So all of 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

(23:34):
four eighty four hundred is the number. Six one two
five zero four eight four zero zero, no cost to you.
Just come in, 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 View Show.

Speaker 1 (23:55):
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 to
help you find your financial safe haven.

Speaker 4 (24:17):
Welcome back, listeners.

Speaker 2 (24:18):
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 fun. So again, thanks for listening.
Feel free to give us a call six one two

(24:38):
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 bumped
by those Minnesota vikings the last two weeks one in one.

(25:03):
I guess at least we got one of the wins.
So again back in our normal time sliding again, listeners,
thanks for listening.

Speaker 3 (25:09):
We're talking about family strategies for retirement and how they
your personal strategies might impact your family, and 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 4 (25:53):
No.

Speaker 2 (25:53):
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
solid 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 this

(26:15):
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, well,

(26:37):
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 money.

Speaker 4 (26:48):
That's good.

Speaker 2 (26:49):
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 do

(27:10):
to maximize the twelve percent bracket? Is it irate at
ROTH 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

(27:32):
Security on now or does it makes sense to delay?
It's why 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 need.

Speaker 4 (27:55):
Now.

Speaker 2 (27:55):
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 way

(28:16):
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 types

(28:37):
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 shouldn't.

Speaker 3 (28:58):
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 downfalls?

Speaker 2 (29:14):
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 loved in my whole life
and probably already will.

Speaker 4 (29:25):
But I know the temptation.

Speaker 2 (29:27):
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 people

(29:49):
aren't doing any tax planning. They're just getting their taxes prepared.
And you may be tax inefficient, and you probably want.

Speaker 4 (29:58):
To be tax efficient at the end of the day.

Speaker 2 (30:01):
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.

Speaker 4 (30:16):
He loves to go through these things.

Speaker 2 (30:17):
So again, are you getting the attention in the tax
discussion or are you not.

Speaker 3 (30:23):
Let's talk a little bit about and investments and maybe
reassessing investment investments in retirement to make them more tax efficient.

Speaker 4 (30:33):
Yeah.

Speaker 2 (30:33):
What I'll say to that is, oftentimes we see in
the investment team here at to have and we see
a lot of folks have the wrong types of investments
in the wrong types of accounts.

Speaker 4 (30:43):
So 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 an

(31:05):
IRA 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

(31:25):
you can use Vollattle times for the good if you're
doing it. The problem is most people don't know how
to do that.

Speaker 4 (31:32):
So you're right.

Speaker 2 (31:32):
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.

(31:53):
And risk is another assessment that we do quite 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 risk
they're taking until something bad happens.

Speaker 3 (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 attack 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 you

(32:54):
draw it. But I don't know if people realize that
social Security can at times be taxed.

Speaker 4 (33:01):
Oh, it absolutely can be taxed.

Speaker 2 (33:03):
It's a progressive tax, depending upon 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 as it relates to that. One thing

(33:25):
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, Delta supported us to some degree unnoyingly

(33:49):
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 helped
a lot of Delta Delta employees that retired make good
retirement decisions and again a lot of cuts there.

Speaker 1 (34:08):
All.

Speaker 2 (34:08):
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, but

(34:32):
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 areas.

Speaker 3 (34:49):
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.

Speaker 2 (35:20):
Again.

Speaker 3 (35:20):
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 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

(35:42):
next on the Haven Financial Group Radio Show.

Speaker 1 (35:44):
Don't go too far. We're gathering more important insights and
retirement ways. The Haven Financial Group Radio Show will 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 to

(36:05):
the show.

Speaker 2 (36:06):
Welcome back to the Haven Financial Group Radio 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 in

(36:29):
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 are any of those insurance needs you know. Kim

(36:49):
Anuel Romant 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 do

(37:12):
the legwork for you, which is what Isabella and Glenn
so annual enrollment. It's almost here. Book your timeslot. 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 in the

(37:34):
show today.

Speaker 3 (37:34):
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 much

(37:57):
and it's timed to 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 going to call them downsides, but other issues

(38:19):
to consider.

Speaker 2 (38:20):
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 people,

(38:41):
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 moving

(39:04):
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. They

(39:28):
have no mortgage, They have their local here in the
Twin 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

(39:49):
in between times. So they're quite wealthy, yet they can't 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,

(40:09):
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, maybe
in that house for years and years. I find it
that it's difficult for some people to get over that. However,
we just moved my mother in law, I should say

(40:30):
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.

Speaker 4 (40:44):
Now.

Speaker 2 (40:44):
I know that's not the segment, but things build up
quickly and you 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

(41:05):
than have money everywhere, no different than a hoarding or
stuff laying all over and all of a sudden, now
now it's on 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 wanted to. I noticed that
things have getting a lot more simplified. She's like, well,

(41:27):
I'm I'm not going to have that same problem that
my mom had. So again, lots of things to consider
when you're talking real estate.

Speaker 3 (41:35):
You bet, absolutely, I understand exactly what you're saying. I
had my kids visiting recently and they said, wow, if
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 house.

Speaker 2 (42:04):
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 going to want to handle that right
maybe at ten thirty one exchange is proper for you,
So you really want to talk through that. And again,

(42:26):
Lancer CPA at the office who him and his family
also have lots of real estate background.

Speaker 4 (42:33):
I do as well.

Speaker 2 (42:34):
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 work with a partner to talk
through these things proactively rather than doing something and then
finding out, oh, shoot, I did it the wrong way.

(42:54):
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 that's what it's all about.

Speaker 3 (43:07):
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 properties

(43:27):
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, we haven't had a 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

(43:48):
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 for.

Speaker 2 (44:00):
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 be
very complicated. We teach We have some dinner workshops where

(44:23):
we touch on all retirement topics kind of with.

Speaker 4 (44:25):
A wide brush.

Speaker 2 (44:27):
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 necessarily. So
investment classes. We teach them at the local colleges. We

(44:48):
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 probably
two more, and again other types of classes, impromptu classes.

(45:10):
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. I saw
some women in estate planning. It had a fancier name
titled to it than that women wine and something or another.

(45:32):
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 times, and it just
kind of takes the edge off. And you know what,

(45:53):
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 with our ten year anniversary at
our client events, which we do three or four a year,
that a lot of our clients have become friends and
acquaintances and they look forward to seeing each other every

(46:16):
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, I think we're just a number.
With our guy, I don't think he takes us really seriously.

(46:37):
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 that have a lot, and anything
in between. We don't have that. We're not too good,

(46:59):
we're not snobs like that. We're not going to be that.
We want to give everybody equal attention and 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 information to make educated decisions.

Speaker 3 (47:17):
Right Hanfinancialgroup 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 out.
Six one two five zero four eight four zero zero.

(47:40):
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.

Speaker 4 (47:54):
Larry.

Speaker 3 (47:54):
It's been a great show.

Speaker 4 (47:56):
Yes, thanks Cam, look forward to next week already.

Speaker 3 (48:00):
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 guaranteed. Please consult with the qualified financial advisor
and or tax professional before implementing any strategy discussed herein
and comments regarding it safe and secure. Investments and guaranteed

(48:22):
income streams only refer to fixed insurance products.

Speaker 1 (48:25):
They do not refer in any way to securities or
investment advisory products.

Speaker 3 (48:28):
Fixed insurance and annuity product guarantees are subject to the
claims paying ability of the issuing company