November 28, 2025 • 44 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 phone lines 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 Klvig, Founder and c of the Haven Financial Group,
celebrating our ten year anniversary.
Speaker 3 (01:03):
Kim, We've got a lot.
Speaker 2 (01:04):
To talk about if if listeners want to give us
a call today if they hear something and they have
questions or worries or concerns or reservations, feel free to
give us a call at six one two five zero
four eighty four hundred, or visit us online at Havenfinancialgroup
dot com. All the classes, yes, we're teaching classes right
up through December. Retirement classes, social security, medicare, all those
(01:27):
wonderful retirement topics are maybe not so wonderful that we
you and I talk about every single week.
Speaker 3 (01:33):
Good to be with you, Kim.
Speaker 4 (01:33):
Co, great to be with you as well.
Speaker 5 (01:36):
The theme of our show today is retirement is about
health and happiness, So I think that gives folks a
pretty good idea of what we're going to talk about.
We're going to get right out of the shoot talking
about healthcare. Healthcare is one of the largest expenses that
many retirees may face, so we're going to be talking
about that. We're going to talk about living healthy and
saving money, adjusting retirement lifestyles, and then we're all we're
(02:00):
going to talk today about how to stablelize your finances
and make sure that you are happy and you are
healthy in your retirement. So Larry, we're going to get
started here talking about healthcare and that's one that I
know in your office, you guys, you recognize the importance
of it and you're addressing it on a regular basis.
Speaker 2 (02:22):
Yes, And that's why we have Glenn Raby in this
first segment with us. He is an insurance specialist at
Haven Financial Group. Really knows his stuff as it relates
to Medicare. He's up to his eyeballs him and Isabella
helping many people in that arena, and then life insurance,
long term care and all those other reviews that people
should have that we tend to forget about. So it's
great to have Glenn with us here at the beginning
(02:43):
of the show.
Speaker 4 (02:43):
Absolutely it is Glenn, Welcome.
Speaker 5 (02:45):
Yeah, I know this is a really busy time for
you right now because of course we've got open enrollment
going on.
Speaker 6 (02:51):
Yeah, understatement, it's extremely busy time, especially in our statement
right now with a lot of disruptions. An insurance company
just two weeks ago announce the they're going out of business.
I'm in transitioning completely out of healthcare entirely. Other announcements
happening right in the middle of all this, and a
lot of confusion on the client side, but whether they're
in the right position, or do they have the right plan?
(03:13):
Are they doing the right things for their healthcare? So, yeah,
a very busy but important time of the year for clients.
Speaker 5 (03:19):
Well let's get started, Glenn, and you've been here to
talk to us about this many times. And for those
of you who have heard this discussion before, I think
it's just really useful to hear it again. And if
you haven't, then be sure you get closer to your radio,
because this really is important. And the first thing that
we want to talk about is the fact that Medicare
does not cover all costs. I think a lot of
(03:40):
people believe that they go on Medicare and wow, everything's
just taken care of.
Speaker 7 (03:44):
Yeah.
Speaker 6 (03:45):
Absolutely, So depending on the type of Medicare plan you have,
you may not have extra things like dental or vision
built into your insurance. Are you taking consideration into not
just the premiums you're going to pay on the healthcare policy,
but the exposure.
Speaker 7 (03:58):
To the out of pocket limit?
Speaker 6 (04:00):
I kind of joke I'm telling clients now when they're
starting Medicare, which is I have bad news to share.
We don't get healthier as we age, right, So this
decision we make in the beginning is very important. It's
going to not just affect our healthcare immediately, but our
healthcare when our seventy five eighty eighty five years of age.
And again, one of the biggest costs we're going to
face in healthcare is long term care, and long term
(04:23):
care is one that your health insurance, regardless of the
type of plan, has absolutely no long term options to
protect you against those kind of healthcare costs.
Speaker 5 (04:31):
Sure, well, I think a lot of people are surprised
by some of the things that you've just discussed, the
idea that dental is not covered, no vision, no hearing.
So let's talk a little bit more about how some
of those might be covered. First off, out of pocket expenses,
I mean, those could be some of them, but there
could be ways to get those covered.
Speaker 4 (04:48):
Correct.
Speaker 6 (04:49):
Correct, So they're going to be out of pocket limits
on a health insurance policy, and you can get cancer
and heart attack policies, you can do critical illness policies,
you can get hospital and demnity policies to help in
moment that might be happened to you, to try to
cover those potential costs, or if you can make the
decision in the beginning of Medicare, to go with plans
that have much less of those patient responsibilities.
Speaker 7 (05:10):
And that's where you come into that debate of.
Speaker 6 (05:12):
Do I want to take the lesser expensive policies that
might include those things like dental envision in my insurance,
or do I want to pay for the more expensive
one that may not have the dental envision but almost
eliminates those major medical bills we could worry about our
face in the future.
Speaker 5 (05:26):
All right, So walk us through what the differences are,
if you will.
Speaker 6 (05:29):
Yeah, So you have Medicare advantage plans, plans that you
assign your Medicare over to an insurance com need to
manage on Medicare's behalf. Then you're using the benefits you
purchase under those policies, and many of those policies are
going to have things like a component of dental or
vision or hearing aid insurance included with it, but they're
also going to come along with copays and eighty twenty
benefits that could have you responsible for anyway from three
(05:52):
to seven thousand dollars in medical bills in a bad year.
And then you have the Medicare supplement option, where we'll
have much less in doctor responsibilities under those policies, but
we're going to face higher premiums for them, and they're
not going to include those extra things like the dentals
and visions. Not that we can't have them, it just
means those things are going to be purchased separately, adding
further to that monthly cost we have to pay for
(06:12):
that portfolio of benefits. And oh sorry, One important thing
to mention in that decision is that only the Medicare
Supplement plan restricts access in the future based on our health.
We have this initial guaranteed right to do any type
of Medicare plan we want to when we're first signing
(06:32):
up for Medicare, but after a certain period of time
of being on those Medicare benefits six months from our
part B date or one year on our first Medicare
advantage plan if we started when we're sixty five, that
after that timeframe is over, we have to health qualify
for those options. So it's not like I can take
the plan that's cheaper and gives you those extras while
I'm healthy, and then as soon as I have this
(06:52):
bad health diagnosis, move over to the mark expensive policy
that covers those medical bills. Because at that time that's
the exact reason you're probably going to get rejected on
their health questionnaire.
Speaker 5 (07:03):
Now, a lot of people who are involved in their
employer's health benefits, they might also be offered an HSA.
Once I get into Medicare, Is that HSA still there
for me? Can I still do it?
Speaker 7 (07:15):
One hundred percent?
Speaker 6 (07:16):
And I strongly encourage clients that have that option and
have the capabilities to fund those things strongly while they're working.
Hsas have three tax benefits to them. The money goes
in tax free, the money grows tax free, and the
money comes out tax free to us. And once we
join Medicare and on those Medicare plans, we don't have
HSA options anymore, so there's not the ability to fund
(07:36):
those accounts past those working years. So it's really important
to take that opportunity while we have access to it
to better position ourselves to help pay our Medicare premiums
tax free on certain Medicare plans, to pay our medical
bills tax free under those policies, and to even cover
some other costs like maybe long term care premiums in
our health and our retirement years.
Speaker 5 (07:56):
Now, So that's a really important point. So if you're
listening to us, maybe you're not in retirement years yet,
maybe getting close, and you've questioned whether you were going
to stay in that HSA, and it's still available to
you stay in it.
Speaker 4 (08:07):
You just heard Glenn say that. Glenn Ramy our guest.
Speaker 5 (08:10):
He is an insurance expert there at even financial Let's
talk about long term care. This is you know, when
we say healthcare is one of the most expensive, A
lot of people believe long term care would be the
most expensive health you know, payment that you might have them.
Speaker 6 (08:24):
Yeah, and it is one of those things that our
health insurance doesn't help pay for. Right and our state
in Minnesota right now, the median cost of a long
term care facility annually for a semi private room, not
a private one, is one hundred and forty thousand a
year right now, with the average stay being three years
and women facing a more likelihood than men of even
going into those facilities. But it's very close to three
(08:47):
years for either of those genders in that circumstance. So
we're talking today over a three hundred and sixty thousand
dollars almost three hundred and eighty thousand dollars cost for
a three year period, and that's not even incorporating inflation.
For what that cost my be ten fifteen, twenty years
from now is you're not going to hopefully be entering
those facilities right when you're retiring.
Speaker 4 (09:05):
Right absolutely, so is there You know?
Speaker 5 (09:09):
It used to be that you'd say I need to
get an insurance policy and it would just be so
ridiculously priced that you couldn't even get the insurance policy,
much less go into some kind of long term care facility.
Speaker 4 (09:20):
What kind of options do we have now?
Speaker 7 (09:22):
So?
Speaker 6 (09:22):
Yeah, So not only do we have the traditional long
term care insurance, which does provide some protection against Medicaid
spend downs that might occur, but you also have life
insurance and long term care hybrids that can provide more
consistent premiums and a death benefit return if we don't
need the insurance. And also for really good savers, there's
also some opportunities in asset based long term care planning
(09:44):
that doesn't require the purchase of a policy that requires
a premium, but the leveraging of an asset position to
be there and even be more for us in the
case of long term care needs.
Speaker 4 (09:54):
Glinn.
Speaker 5 (09:55):
It sounds like to me when it comes to healthcare
in retirement. This is something that you absolutely want to
plan well ahead and get all your ducks in a
row so that there's no surprises and you don't get
to retirement and go I don't have these funds.
Speaker 6 (10:10):
I would say it's one of those things that can
either make or break your retirement planning.
Speaker 7 (10:14):
Right.
Speaker 6 (10:15):
If we're married and have spouses, we not to just
screw what happens to us if those events occur. We
have to think of how are we going to position
our spouses if we're the first person that needs that
care and we drain the majority of our resources trying
to cover that cost, leaving our surviving spouse with a
much worse financial situation due to that lack of planning.
Speaker 5 (10:34):
Right, all right, So, folks, do you have a healthcare plan?
Maybe you don't even have a retirement plan quite yet.
If not, why don't you give the folks that Haven
Financial group a call. If we've heard anything here that
has sparked, you know, questions in your mind, they can
certainly answer them. Sixty one two five zero four eighty
four hundred is the number. Six one two five zero
(10:56):
four eight four zero zero.
Speaker 4 (10:58):
Give them a call.
Speaker 5 (10:59):
Tell them you heard it here on the radio. You'd
like to set up an appointment, it is free. Go
in and talk with the experts there at Haven Financial Group.
Tell them what it is you are wondering thinking about
what you're hoping to achieve when it comes to retirement again,
it's six one two five zero four eighty four zero zero. Clinta,
you're staying with us or was that the end of
(11:20):
our party with you?
Speaker 7 (11:21):
Well?
Speaker 2 (11:21):
You ever, I have to say, he actually has to
go back to meet with a client who who took
a time out for the radio show, So he.
Speaker 4 (11:29):
Has to work, is what you're saying, Larry, Yes, that
work then.
Speaker 7 (11:33):
Well, a pleasure being with you guys, regardless.
Speaker 4 (11:35):
Great to be with you, Glenn, Thanks so much.
Speaker 1 (11:37):
We'll take a break.
Speaker 4 (11:37):
Everybody you're listening to the Haven Financial Radio.
Speaker 7 (11:40):
Shows, don't go too far.
Speaker 1 (11:42):
We're gathering more important insights and retirement pays DEVI. 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 Karagan. Now back to the show.
Speaker 2 (12:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (12:06):
Thanks for listening.
Speaker 2 (12:07):
Feel free to give us a call six one two
five zero four eighty four hundred or visit us online
at Havenfinancial Group dot com. It was good having Glenn
in that first segment, and I think the takeaway from
that first segment should be max out at HSA if
you possibly can. You're gonna like having that later on
in life. So max out at HSA. And you know what,
(12:30):
maybe it's time to put you not keep putting off
the long term care conversation that none of us want
to have. Maybe your plan is the kids are going
to take care of you at that point, and my
joke is they don't even come visit you now, so
I don't think that's gonna work. So well, there's much
better viable options than there used to be. And you
know it's really it's medicare. It's more than just a
(12:51):
coming up with a plan. It's a strategy as you
and I talk about, that aligns with all of your goals,
your healthcare needs, the financial goals, your retirement goals. That's
what the overall plan is, how are you going to
pay for the long term care? Again, having a partner
that can talk through all of these different areas of retirement.
(13:12):
It can go a long way. And again you don't
have to do it alone.
Speaker 5 (13:16):
Sure, absolutely, And let's just remind everybody of the number.
It's six one two five zero four zero zero. If
you hear anything this morning, or if you've just got
questions that you'd like to pose to the folks that
have been Financial Group, give them.
Speaker 4 (13:29):
A call and set up an appointment.
Speaker 5 (13:30):
We want to talk about healthy living and how it
saves money. You know, Larry, I think everybody thinks, well,
I want to live healthy because I want to live
a long life. But living healthy, yes, might help you
in your longevity, but it might also help you live
a better life because you will have saved money, money
that you're not spending maybe on some of these long
(13:51):
term care facilities or a lot of healthcare.
Speaker 3 (13:54):
Yeah, you know this is interesting.
Speaker 2 (13:56):
We're having this conversation on the show today because my wife,
as you know, is the office manager at Haven Financial Group,
you know, celebrating our tenure anniversary, and we've always been
very big into education, you know, the educational classes, and
she actually booked a national speaker, doctor Mark Milstein, a
(14:16):
renowned speaker who's got a book out, The Age Proof Brain.
Speaker 3 (14:21):
He'll be with us on February.
Speaker 2 (14:22):
Sixteenth at the AIM Center in Burnsville, Minnesota, from to
two o'clock he'll have a book signing and three o'clock
he'll be speaking on again the wellness, health and wealth
and the relationship between health and wealth. He's a great speaker,
it's a great book. I encourage folks to come on
out again. There's such an interlink between health and wellness
(14:46):
and financial success, and it's so important that again we
have booked him for February February sixteenth. Again, Mark Mehlstein.
If the book is The Age Proof Brain, so it's
fitting we're talking about this today.
Speaker 4 (14:59):
Suresolutely.
Speaker 5 (15:00):
That sounds like a wonderful opportunity for anybody who's listening.
Speaker 4 (15:03):
Be sure that you check that out. Let's talk a
little bit about this.
Speaker 5 (15:08):
You know the idea that the first thing you don't
want when you're in retirement age, if you're trying to
save money, is some kind of chronic illness.
Speaker 3 (15:17):
Right right?
Speaker 2 (15:18):
I mean, timing is every element of time and life
doesn't always certainly cooperate with our calendar. So we want
to do whatever we possibly can and you know, his
book really gives some valuable insights so to discovering the
secrets of a healthier and more resilient brain, enhancing overall
quality of life, and allowing clients to enjoy their financial
(15:38):
security that we had haven or somewhere hopefully you have
a partner that has created this plan for you. So again,
just a little bit of insight into what he talks
talks about.
Speaker 5 (15:50):
Well, let's take a look at I'm sure one of
the things that he talks about and we want to
talk about. You know, the dollars behind this is as
we approach and we hope that this happens prior to
getting to retirement age. But I hope that anyone out
there who is a smoker who is approaching retirement age
will consider the idea of quitting smoking, which I recognize
(16:13):
is not an easy thing to do. But some really
wild statistics larry associated with what smoking costs the nation
each year, and one can only imagine what that's costing
a retiree.
Speaker 2 (16:25):
Oh for sure, I mean the statistic is staggering. Smoking
related illnesses cost the US over three hundred billion dollars
each year. So again I understand the difficulty of maybe quitting.
I was in the local BP actually because I've never
been a smoker, but so I'm kind of in far
removed from this, and a guy in front of me
(16:46):
checked out, I didn't realize cigarettes were like eight to
ten dollars a pack.
Speaker 4 (16:52):
Yeah, I'm not aware of that either, but that's shot.
Speaker 3 (16:54):
Ten dollars a pack man.
Speaker 2 (16:56):
That really does something for the financial budget. But I
had no idea. But again, that's a big one. You
know other ones too. You know, it seems it's really
fundamental and we don't want to talk about it, but
you know, you know, now we aren't. You know, we
just had Thanksgiving, so I'm sure we all ate really healthy.
Speaker 3 (17:14):
Correct, We'll just go with that. But healthy eating goes
a long ways.
Speaker 2 (17:19):
You know, it is one of the most cost effective
medical strategies, you know, the fruits and vegetables, all this stuff,
and it'll actually personalizes a little bit. As I'm fifty six,
prout listeners probably didn't know that, and you know, at
fifty at fifty six, I've been on a kind of
a two year journey myself where you know, I really
probably shouldn't eat a whole pizza at nine o'clock at night.
(17:42):
I've mentioned that we are cookie snobs that haven financial group.
Speaker 3 (17:46):
For ten years, five days a week, I've been.
Speaker 2 (17:48):
Staring at fresh, really really good cookies. So maybe I
shouldn't be having as many as I've had. So been
on a journey obviously, myself and my wife, and these
things are important because at any age, but as you
especially prepare for retirement, you know, getting the physical activity,
you know, anything we possibly can do to minimize or
(18:09):
lower the chances of having health care issues. Yeah, yeah,
good sleep. I need my eight hours of sleep. Sorry,
I need it. I think President Trump only needs three
or four, and I don't know how he does it,
but I need my eight hours.
Speaker 5 (18:22):
Yeah, yeah, I understand exactly, you know. And lots of
physical activity. I think it's great for one's brain, but
it is also good for staving off, you know, all
kinds of diseases. And again, as we were talking about
this as it relates to retirement. First off, you want
a happy retirement, and so happy retirement means your health
is good. But you also want a retirement that's prosperous
(18:46):
for whatever it is that you'd like to do. And
so the whole idea here is that you want to
just use some common sense live a healthy life so
that you're not spending those dollars on things that are
going to cost you more money like healthcare, you know,
and medications. Maybe you'd rather spend that money in a gym, right,
(19:07):
so that maybe you're you're just feeling better.
Speaker 2 (19:10):
Yeah, And when Glennon and Isabella to help people with Medicare,
there's some of those plans that have gym memberships, you know.
Prevent a care, you know, it's twenty twenty five. Why
not do the best you can for preventive care, which
can potentially reduce long term costs of bad health care.
You know, regular checkcoms, you know, regular screenings, the immunizations
(19:32):
that may maybe that you should have.
Speaker 3 (19:35):
They can prevent serious health issues.
Speaker 2 (19:36):
And I mean again not avoid altogether, but we want
to minimize you know, some of these chances and avoiding
them can cost the treatments can be very expensive later
on in life.
Speaker 3 (19:48):
You know, getting enough hydration, you know.
Speaker 2 (19:51):
Every time I go to my doctor chiropractor, you drink
enough water, you know, get up and you know, move
around a little bit. Even if you have a job
during the day that's sitting at a desk, on a computer,
you know, just just.
Speaker 3 (20:02):
Taking a little bit of time.
Speaker 2 (20:03):
It doesn't have to be a lot of time to
just to get some get some movement, all of these things.
Speaker 3 (20:10):
You know, I like a good.
Speaker 2 (20:13):
Glass of wine, but for some maybe reducing alcohol maybe
that's the Maybe that's the deal because a lot of
times that has a lot of calories in it as well. So,
you know, mental I bring this up because you know,
mental disease is real. You know, we lost a really
close business friend in the industry unbeknownst to us because
(20:35):
mental health. He ran into some serious mental health issues.
You got to address the issues and not just let
them go by the wayside. So again, not all this
stuff is fun, but it's really putting yourself in the
best position it came.
Speaker 3 (20:48):
It takes discipline, it does.
Speaker 2 (20:50):
It takes discipline, and it's doesn't come easy, at least
for most people.
Speaker 3 (20:53):
Doesn't come easy.
Speaker 5 (20:54):
Well, yes, a lot of people who are listening to
I think have that ability to be disciplined because they've
been disciplined enough most of their life to save and
to prepare and to get ready for a retirement. Now
you just want to enhance those years by taking care
of yourself. A lot of studies show that a healthy
habit spending. It turns out that you're spending is less
(21:18):
because you have healthy habits. So it's something that you
really want to take into account as you approach those
retirement years.
Speaker 4 (21:25):
And it all seems simplistic.
Speaker 5 (21:26):
I realize that, Larry, but you know, it is taking
a moment to just sort of point it out. I
think is a good thing for folks, just a quick reminder,
especially during these holidays as we're all kind of, like.
Speaker 4 (21:38):
You said, safe be splurging just a little.
Speaker 5 (21:40):
We explorged right now, maybe we could just start in
the beginning of the year, right Larry, Sure.
Speaker 2 (21:44):
Of course, And I'll segue this the discipline of you know,
of the health stuff and all that kind of stuff
we've been talking about, but it also segues into the
discipline of the financial strategies, sure, and the products that
are out on the market and looking at all the
different options and having a good partner. You know, I've
said this before that some years ago. Every year, you know,
(22:06):
we like to do events, client events, and we have
an annual Shredd event after tax season.
Speaker 3 (22:13):
We have it at in our parking lot.
Speaker 2 (22:15):
We have the veteran shred truck and people can have
lunch or dinner on us, et cetera. And I remember
the first time we had it, you know, people, it
was right after COVID. People could drive through shred all
they wanted. And there was this observation by the younger
folks in my office. Wow, those clients that actually had
the most and were most prepared for retirement, they drove
(22:36):
some of the least nice looking cars.
Speaker 3 (22:39):
And those that are clients that didn't have as.
Speaker 2 (22:43):
Much, say for retirement, they seem to have the fanciest vehicles.
Speaker 3 (22:47):
So it was an observation.
Speaker 2 (22:49):
So finances, like health, takes discipline and discipline for many
human beings, the human nature, it's tough to achieve.
Speaker 3 (22:58):
But I think you can get there.
Speaker 4 (23:00):
Absolutely you can.
Speaker 5 (23:01):
Are you looking for a partner? Are you getting close
to that time? And you need a portfolio? You need
a plan. Give the folks that Haven Financial Group a
call six one two five zero four eighty four hundred. Callum,
stop by, get some great coffee, a good homemade cookie,
and chat about what it is that you'd like to
achieve in retirement. When we come back, we're going to
(23:22):
talk a little bit more about adjusting your lifestyle when
you get to retirement. You know what glitters is not
always gold. There are things that you need to do
to make sure that it's the experience that you want
it to be. So we'll talk about that on the
other side of the break. This is the Haven Financial
Group Radio Show.
Speaker 1 (23:40):
Ready to find your financial safe Haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show.
Speaker 7 (23:47):
Will be right back.
Speaker 1 (23:51):
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 in your financial say David.
Speaker 2 (24:03):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (24:07):
Thanks for listening again.
Speaker 2 (24:08):
Feel free to give us a call six one two
five zero four eighty four hundred or Havenfinanciergroup dot com.
Check out all the classes are. We have our new
education center. We just filled up a couple more classes
this week. We had a waiting list. People want education,
they want to learn. There's a lot of confusion and
a variety of these areas of retirement, and again we
(24:30):
think education is where it starts and it gives people
confidence to know, Wow, I didn't know that I wished
I would have known this sooner. Roth conversions. Nobody's talk
to me about it or whatever the topic is. So
again I encourage you to go to our site. We're
talking retirement with health and wealth and again a lot
(24:50):
of challenges that people run into once they do retire.
Speaker 5 (24:53):
Yeah, I think it's the part Lara that folks maybe
don't think about so much. And then when you get there,
obviously you're in a honeymoon stage for the first you know.
Speaker 4 (25:02):
Maybe couple of months, and then suddenly you.
Speaker 5 (25:05):
Start maybe feeling like life is much slower than you
had anticipated it would be. I think this is so interesting.
A lot of people feel like when they get to
retirement they've lost their identity because they for such a
long time associated themselves with their place of business.
Speaker 2 (25:24):
It's a new chapter, it's a new season of life.
And yeah, for a lot of people, Yes, you've worked
all those years. Maybe your friends are at work, your
social network maybe at work, and now you retire, whether
you choose to or not choose to, because timing is everything,
and you know, this hits home. I had a couple
of clients of mine that were in this week. He
worked at Delta and he worked at the Gate and
(25:47):
he ran into health issues the beginning of this year.
Thankfully he survived the widow Maker, which only one in
ten survived, and it forced him to leave work sooner
than he wanted to because he really liked that was
his purpose.
Speaker 3 (26:02):
And I said, how's it going?
Speaker 2 (26:04):
And his wife said, it's been a very difficult transition
because that was his work identity. I can tell you
I just had a consultant at a company that's going
through major adjustments. My client's worked there for almost forty
two years and they were acquired and he no longer
has a job.
Speaker 3 (26:24):
He literally teared up.
Speaker 2 (26:26):
Here's a mid sixties guy in my office teering up
because that's where all his friends were sure, and he.
Speaker 3 (26:33):
Goes, this is going to be very difficult.
Speaker 7 (26:35):
Now.
Speaker 2 (26:35):
Thankfully, they've done a great job saving for retirement, so
they hold all the options because they've been disciplined. Of
you and I talked about, but purpose is the big thing.
What is your identity going to be? Are you going
to pursue lifelong passions?
Speaker 3 (26:51):
What are they?
Speaker 2 (26:52):
What are your hobbies? What are they coming up with?
What's going to fill my time? And we live in
Minnesota had this before. Oftentimes, retiring in the fall or
early winter in Minnesota is not always a good idea,
why because white stuff and cold and not wanting to
go outside.
Speaker 3 (27:12):
I heard it so many times.
Speaker 2 (27:13):
I wished we would have not retired when we did
and maybe waited till the springtime.
Speaker 3 (27:17):
So just things that I've heard over the many many
years that I've done that.
Speaker 5 (27:20):
Sure, well, it seems to me you have a plan
for your finances, but you need to have a plan
for your life. So you know, again I think just
leaving it to oh gosh, we'll have so much to do,
it'll just be crazy. And another thing Larry is doing
things in retirement costs money, and so you sort of
(27:41):
have to, you know, figure out what it is, how
much of your retirement money you're going to spend on
doing things, and how much you're going to do and
it's not going to cost What are those activities.
Speaker 2 (27:53):
It's why when we build up plans, you know, for
the future, which can be ten, twenty thirty plus years,
we're going to want a factor in what are your
what are your hobbies? What kind of a do you
like to travel? Are you a golfer? And do you fish.
I hear one often woodworking or pickleball, or I hear
one off in volunteering. What are the costs associated with that?
(28:16):
As we prepare for this retirement budget, we want to
make sure we buffer that into the planning because you
want to do them. Where's the you want to provide?
You want the income to provide for the needs, and
then you want the income to provide for the wants.
And you're right, everything for the most part costs costs money.
In fact, clients is past week. They like to camp
(28:38):
and she's like, campings is not as cheap as it
used to be, which is true, right, So we got
a lot for it. But having these hobbies is important
because it provides structure, it provides fulfillment. It occupies some time,
whether it's gardening, painting. These are just many that I
hear about. You got to do something because I've seen it,
and I've seen it so many times that retire that
(29:01):
retire retires and he's only attracted to the recliner.
Speaker 3 (29:06):
It doesn't bode well.
Speaker 2 (29:08):
It does not bode well, and it doesn't take much
time to see the decline in that human being.
Speaker 4 (29:12):
Absolutely another thing I think that's really.
Speaker 5 (29:15):
Important is that spouses need to talk about retirement and
how they plan to fill that time, either together or apart.
You know a lot of times both or at least
one of you has been out of the house every
day for eight to ten hours and then suddenly you
are together all the time. And we can laugh about this,
(29:39):
but actually it's not a joke. That does have to
be sort of worked out.
Speaker 2 (29:43):
Oh that's so true. This can be funny, or this
can be not very funny. Yes, you've went your separate directions,
you've lorked, and now you see each other every single day.
You had your routines and now this spouse is interrupting
your routine, right, and sometimes you don't like it. And again,
more time together can be good, but it also they
(30:06):
can have a detriment to that relationship. So it can
create some household dynamics that you're going to want to
talk about and set the boundaries. Okay, this is what
I like to do. This is when I want my time,
This is when I don't want my time. It's so
very important. And I see this, I see it play
out negatively more often than I like to think. You know,
(30:26):
planning for that emotional transition is as important as the
financial plan. You know, a fulfilling retirement is not only
about dollars and cents or how much you have in
the bank account now it helps, believe me, because if
you don't have any of there, that can cause problems
as well. But how you spend your time and your
energy and your attention that really matters as well. So
(30:49):
you got to find your niche and sometimes it takes time.
Some people adapt quickly, other people don't adapt quickly. And
we're not trying to scare you going, oh my goodness,
don't retire because it's all doom and loom.
Speaker 3 (30:59):
No, it can be very fulfilling.
Speaker 2 (31:02):
It can be very fulfilling, but there needs to be
some planning to go with it and expectations. You got
to set some expectations. And again it takes money. So
it comes back to how does haven financial group fit in.
We help people develop this. We're more than just wealth
managers or insurance or all the other topics we talk about.
(31:23):
We're many times counselors or consultants to help people navigate
through these difficult times. And on that word consultants. Nobody
said you can't work part time right now, maybe you
don't want to, but I see it quite often people
retire and they stay on as a consultant, maybe part time,
ten to fifteen hours.
Speaker 3 (31:43):
Guess what it does give purpose. It provides a little.
Speaker 2 (31:46):
Extra retirement income, sure, a little more fun money. Okay,
So again, nobody said you can't work, but put yourself
in a position where you don't have to work.
Speaker 3 (31:55):
If you choose to work, it's because you want to.
Speaker 5 (31:59):
Absolutely so, do you have a plan. Do you have
a plan financially? Do you have a plan emotionally? Because
these two plans they run parallel and they are important.
Maybe you need a partner, and you need a partner
for both, you know, because maybe you just need to
bounce some ideas off of someone who's not your spouse.
Speaker 4 (32:20):
Give the folks that have.
Speaker 5 (32:21):
In financial group a call the number six one two
five zero four eight four zero zero, Larry, I bet
you counsel people on these issues.
Speaker 4 (32:31):
Frequently.
Speaker 5 (32:32):
I was gonna say as much as financially maybe not,
but frequently.
Speaker 3 (32:38):
It's it's almost fifty to fifty. I bet that might
surprise listeners.
Speaker 2 (32:42):
But oftentimes, yeah, we're these aren't the first time we're
hearing these stories. And if we can provide a little
cushion or a little advice or a little reassuring on
what we know, what we've seen.
Speaker 3 (32:57):
You know, maybe that goes a long way.
Speaker 2 (32:59):
So again we're here to help in any possible way
financially decision making. But again for a husband and wife,
be prepared for that transition because oftentimes we'll recommend if
if you're going to retire around the same time, maybe
give it a thirty to sixty day buffer just to
ease into that retirement situation.
Speaker 4 (33:18):
Six one two five zero eight four zero zero.
Speaker 5 (33:22):
Column right now, set up an appointment, go in and
talk with the folks at Haven Financial Group when we
come back, how stable finances can mean a happy at
a healthy retirement.
Speaker 4 (33:32):
This is the Haven Financial Group Radio Show.
Speaker 1 (33:35):
Don't go too far. We're gathering more important insights and
retirement ways government the Haven Financial Group Radio Show.
Speaker 7 (33:41):
We'll be right back.
Speaker 1 (33:43):
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 Karrigan. Now back to the show.
Speaker 3 (33:57):
Welcome back, listeners.
Speaker 2 (33:58):
My name is Larry Kolvig, Founder and CEO of the
Haven Financial Group, and you've been listening to the Haven
Financial Group radio show where we discuss crucial retirement and
financial topics weekly that can literally make the difference between
surviving retirement and thriving through at all very important topics.
So if you're looking for more information about these topics,
(34:19):
any of these retirement topics or retirement puzzle pieces, give
us a call six one two five oh four eighty
four hundred, shoot us an email at info at Haven
Financial Group. Whatever it takes to sit down with us,
there is no cost. You have nothing to lose and
everything to gain, specifically, more importantly, information to gain.
Speaker 5 (34:42):
You know, we've been talking about how to be happy,
how to be healthy, and how to be financially secure
during retirement, and how all of those are so important.
Each one is a balance that makes those golden years
just that being golden.
Speaker 4 (34:56):
We want to talk about stable.
Speaker 5 (34:58):
Finances and you know, really the impact that that can have.
You know, we talked to Leary earlier about how, you know,
trying to live a healthy lifestyle keeps you healthier and
thus you save money. I would say that stress is
probably especially as we age, stress is one of those
things that can probably cause more health issues than anything else.
(35:21):
And stress because of financial problems can be one of
the greatest stressors that retirees might have.
Speaker 2 (35:29):
Oh yes, for sure, money can cause lots of issues.
There's non a lack of it, or not knowing if
you're going to have enough keeping you up at night,
you have too much risk in your portfolio. There's all
kinds of speed bumps at the stock market. You know,
there's no more paycheck coming in. You can't rely on
that anymore because you're not working anymore. Do you have
enough time to recover if the market is not doing
(35:50):
very well. All of these things can really weigh weigh
heavily on people their health, you know, their lifestyle and
a variety of different things. So again, remember we're looking
to create a foundation for a happy, healthy retirement.
Speaker 3 (36:06):
How do we do that?
Speaker 2 (36:08):
Well, I think it starts with and I've said this,
an emergency fund can offer peace of mind. And that's
simply money in the bank. Liquid monies that again can
keep you when you need the money and the markets
are down. It's liquid money's tangible money, money, cash savings,
(36:29):
checking money market CDs. We like to see for a
retired couple fifty to one hundred grand as a benchmark. Again,
it's just a benchmark. If you have more than that, fine,
If you have less than that, maybe that's a goal.
But that really helps give you options because there's always
something that comes up. Okay, the grandkids have birthday parties
and there's again the driveway needs to be fixed. So
(36:51):
that's a good place to start. Income is a game
changer in retirement. Guaranteed liable retirement income can reduce stress. Again,
where are what are your income streams? By the way,
this is all stuff at Haven that we talk with
everybody about. You know, what does social security look like?
(37:13):
Are you blessed to have a pension? Are there other
ways that we should try to create an income stream
to lower that anxiety because you don't have enough coming
in or maybe you don't have a pension like my
wife and I, we won't have a pension. So what
are these income streams? Where are they going to come from?
Are they going to provide enough? Or how do we
get it? How do we get the amount of money
(37:34):
you have to provide more of necessary income?
Speaker 5 (37:38):
Okay, diversified investments again, you just said, gosh, you're watching
the you know, the market go down or whatever you
might be doing. Talk about stress, but if you're diversified,
you know you can. While one investment is doing well,
another may not be doing so well in the offset.
Speaker 3 (37:57):
That's why we want to have good liquidity.
Speaker 2 (37:59):
It's why we want to have money in the markets,
because over long periods of time the market performs it does.
I said over long periods of time. Maybe for some
that are listening, maybe you don't have long periods of time,
So the time factor comes into the equation. Do you
have any investments that can offer some principal protection when
the markets are wavering? Things that have principal protection with
(38:20):
some upside gains and no losses and.
Speaker 3 (38:22):
Maybe no fees with it.
Speaker 2 (38:24):
And by the way, if you're listening and you don't
know what you're paying, you should know, so don't be
afraid to ask.
Speaker 3 (38:30):
So what type of accounts? Then? Do you have four ones?
Speaker 2 (38:33):
By the way, if you're retired and you still have
a four to one K, you may, for very good reason,
want to roll that over. We do lots of rollovers
for a variety of reasons that I won't go into.
Speaker 3 (38:43):
Irais do you have wroth?
Speaker 2 (38:45):
Irais, which, by the way, is usually the last thing
people touch, So we want to be we want options
to choose from. Because again I've said this before, over
all the years I've done this, the hardest thing for
people to do in retirement and is not get that
paycheck anymore. Okay, we help people create their own paycheck
(39:06):
in a variety different ways, off their accounts, brokerage accounts
in the most tax efficient way possible. Tax efficiency. Where
do we draw from in the most tax efficient way possible?
Lance is our CPA? Again, taxes goal is very relevant,
even more in retirement than ever or have you looked
(39:26):
at annuities for income options? Now, Annuities aren't for everybody.
I won't get into the whole class that I usually
teach the truth about annuities, but they can be used
very effectively to guarantee a certain amount of income stream
for the rest of your life. I had clients in
this past week.
Speaker 3 (39:43):
They did.
Speaker 2 (39:45):
A small amount about seven years with me in an annuity,
a fixed annuity that had an income featured. They needed
about an extra six hundred dollars a month, not very
much in their case. We were able to turn on
their two fixed index annuities and will get them and
that the six hundred dollars a month guaranteed for the
rest of their life.
Speaker 3 (40:04):
Maybe that's a good way to do it.
Speaker 2 (40:06):
But please, don't have a fixed index or any annuity
for income because oftentimes you pay for it and then
you don't need the income, so you're just paying for
some of you don't need it. So here's what I'm
gonna say. Annuities aren't for everybody, just like everything isn't
for everybody, but understand them because they might be an
effective means or investment vehicle in your portfolio. And don't
(40:31):
fall underneath the advertising. I hate annuities. You should ad
annuities and everybody should ad annuities. Well, I don't like
some annuities either, and they're not for everybody, so don't
fall into Be careful with the sales pitch because oftentimes
people get sold a bill of goods. That's why you
need to understand them before you enter into them.
Speaker 5 (40:50):
And by the way, let me just throw in, if
you already have an annuity and you're not exactly sure
how it operates, what it works, how you know you'll
be using that. You can take that into the folks
that have in financial group and they can review those
annuities and talk you through exactly how it's going to
work once you're calling upon it. We talked about this
earlier in the show, and it's just worth one last
(41:12):
mention here. You know, to really make sure that you're
happy and you're stable. You want to make sure that
you've taken care of your health care issues.
Speaker 2 (41:21):
Oh, healthcare, I've said it, it's underestimated. It's a major expense.
Make sure you're shopping out that in medicare. Make sure
you're looking at your long term care options. If you
have life insurance, get that life insurance reviewed. We're going
to really put a focus at that at twenty twenty
six for our existing clients, because oftentimes that old life
(41:41):
insurance gets thrown on the shelf, you got it ten
twenty thirty years ago and haven't looked at it since,
and some negative things can happen with that. So we're
going to know we encourage life insurance reviews. We're not
going to try to sell you life insurance if you
don't need life insurance, but there might be benefits for
a variety of reasons, and what you have maybe is
(42:02):
not going to has not been performing what it should
so financial clarity really fosters purpose. It creates confidence and
again that gives a lot of satisfaction into your future
and what you're doing again, and that takes time again,
and that.
Speaker 3 (42:18):
Takes a relation. It should take a relationship.
Speaker 2 (42:21):
Retirement is more than a meeting once a year or
twice a year for forty five minutes to an hour.
When you're dealing with retirement topics like we do with taxes,
tax planning, medicare, long term care, life insurance, wealth management
and investments, et cetera, et cetera. There's a lot that
goes into that, and you should be getting the attention
(42:42):
you deserve, and many people aren't. Many people don't even
get together once a year with their guy or gal
or whoever is helping. Some people are doing it a
loan and they're overwhelmed and they don't know where to
turn to. That doesn't have to be that way. It
doesn't find a good partner. You can lean on a
you can ask questions. Just this week, I don't know
how many times people say, I've had the same question
(43:04):
for years, Well why not get the question answered? Why
we didn't know to ask? Well, you're sitting in front
of me so fire away.
Speaker 5 (43:12):
Right absolutely, six one two five zero four eight four
zero zero. You know, in the end, what people are
working toward is happy, healthy and a financially secure retirement.
If you believe that, maybe you need some help making
sure that all of that happens for you.
Speaker 4 (43:31):
Give the folks that Haven Financial Group a call again.
It's six one.
Speaker 5 (43:35):
Two five zero four eight four zero zero. Tell him
you heard us right here on the radio, and you'd
like to set up a free appointment.
Speaker 4 (43:42):
Well, Larry, I think we've had a good show.
Speaker 5 (43:43):
It's been full of lots of good information, and I
wish people the best of luck out there who are listening.
Speaker 3 (43:50):
I do as well.
Speaker 2 (43:51):
I think if they've come in and visit with us
and we walk them through our process, which by the way,
is not a sales process by any means, I think
they'll be very fulfilled. They'll get a lot of information,
a lot of questions answered, and you know what, we
like to have a little bit of fun with it.
They might even like us.
Speaker 5 (44:06):
I think I know build that that part is for sure.
Speaker 3 (44:09):
I'm always good to be with you and look forward
to next week. Have a blessed week, you too.
Speaker 5 (44:15):
Investment Advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (44:19):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 5 (44:28):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
it safe and secure.
Speaker 1 (44:36):
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 phone lines 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 Klvig, Founder and c of the Haven Financial Group,
celebrating our ten year anniversary.
Speaker 3 (01:03):
Kim, We've got a lot.
Speaker 2 (01:04):
To talk about if if listeners want to give us
a call today if they hear something and they have
questions or worries or concerns or reservations, feel free to
give us a call at six one two five zero
four eighty four hundred, or visit us online at Havenfinancialgroup
dot com. All the classes, yes, we're teaching classes right
up through December. Retirement classes, social security, medicare, all those
(01:27):
wonderful retirement topics are maybe not so wonderful that we
you and I talk about every single week.
Speaker 3 (01:33):
Good to be with you, Kim.
Speaker 4 (01:33):
Co, great to be with you as well.
Speaker 5 (01:36):
The theme of our show today is retirement is about
health and happiness, So I think that gives folks a
pretty good idea of what we're going to talk about.
We're going to get right out of the shoot talking
about healthcare. Healthcare is one of the largest expenses that
many retirees may face, so we're going to be talking
about that. We're going to talk about living healthy and
saving money, adjusting retirement lifestyles, and then we're all we're
(02:00):
going to talk today about how to stablelize your finances
and make sure that you are happy and you are
healthy in your retirement. So Larry, we're going to get
started here talking about healthcare and that's one that I
know in your office, you guys, you recognize the importance
of it and you're addressing it on a regular basis.
Speaker 2 (02:22):
Yes, And that's why we have Glenn Raby in this
first segment with us. He is an insurance specialist at
Haven Financial Group. Really knows his stuff as it relates
to Medicare. He's up to his eyeballs him and Isabella
helping many people in that arena, and then life insurance,
long term care and all those other reviews that people
should have that we tend to forget about. So it's
great to have Glenn with us here at the beginning
(02:43):
of the show.
Speaker 4 (02:43):
Absolutely it is Glenn, Welcome.
Speaker 5 (02:45):
Yeah, I know this is a really busy time for
you right now because of course we've got open enrollment
going on.
Speaker 6 (02:51):
Yeah, understatement, it's extremely busy time, especially in our statement
right now with a lot of disruptions. An insurance company
just two weeks ago announce the they're going out of business.
I'm in transitioning completely out of healthcare entirely. Other announcements
happening right in the middle of all this, and a
lot of confusion on the client side, but whether they're
in the right position, or do they have the right plan?
(03:13):
Are they doing the right things for their healthcare? So, yeah,
a very busy but important time of the year for clients.
Speaker 5 (03:19):
Well let's get started, Glenn, and you've been here to
talk to us about this many times. And for those
of you who have heard this discussion before, I think
it's just really useful to hear it again. And if
you haven't, then be sure you get closer to your radio,
because this really is important. And the first thing that
we want to talk about is the fact that Medicare
does not cover all costs. I think a lot of
(03:40):
people believe that they go on Medicare and wow, everything's
just taken care of.
Speaker 7 (03:44):
Yeah.
Speaker 6 (03:45):
Absolutely, So depending on the type of Medicare plan you have,
you may not have extra things like dental or vision
built into your insurance. Are you taking consideration into not
just the premiums you're going to pay on the healthcare policy,
but the exposure.
Speaker 7 (03:58):
To the out of pocket limit?
Speaker 6 (04:00):
I kind of joke I'm telling clients now when they're
starting Medicare, which is I have bad news to share.
We don't get healthier as we age, right, So this
decision we make in the beginning is very important. It's
going to not just affect our healthcare immediately, but our
healthcare when our seventy five eighty eighty five years of age.
And again, one of the biggest costs we're going to
face in healthcare is long term care, and long term
(04:23):
care is one that your health insurance, regardless of the
type of plan, has absolutely no long term options to
protect you against those kind of healthcare costs.
Speaker 5 (04:31):
Sure, well, I think a lot of people are surprised
by some of the things that you've just discussed, the
idea that dental is not covered, no vision, no hearing.
So let's talk a little bit more about how some
of those might be covered. First off, out of pocket expenses,
I mean, those could be some of them, but there
could be ways to get those covered.
Speaker 4 (04:48):
Correct.
Speaker 6 (04:49):
Correct, So they're going to be out of pocket limits
on a health insurance policy, and you can get cancer
and heart attack policies, you can do critical illness policies,
you can get hospital and demnity policies to help in
moment that might be happened to you, to try to
cover those potential costs, or if you can make the
decision in the beginning of Medicare, to go with plans
that have much less of those patient responsibilities.
Speaker 7 (05:10):
And that's where you come into that debate of.
Speaker 6 (05:12):
Do I want to take the lesser expensive policies that
might include those things like dental envision in my insurance,
or do I want to pay for the more expensive
one that may not have the dental envision but almost
eliminates those major medical bills we could worry about our
face in the future.
Speaker 5 (05:26):
All right, So walk us through what the differences are,
if you will.
Speaker 6 (05:29):
Yeah, So you have Medicare advantage plans, plans that you
assign your Medicare over to an insurance com need to
manage on Medicare's behalf. Then you're using the benefits you
purchase under those policies, and many of those policies are
going to have things like a component of dental or
vision or hearing aid insurance included with it, but they're
also going to come along with copays and eighty twenty
benefits that could have you responsible for anyway from three
(05:52):
to seven thousand dollars in medical bills in a bad year.
And then you have the Medicare supplement option, where we'll
have much less in doctor responsibilities under those policies, but
we're going to face higher premiums for them, and they're
not going to include those extra things like the dentals
and visions. Not that we can't have them, it just
means those things are going to be purchased separately, adding
further to that monthly cost we have to pay for
(06:12):
that portfolio of benefits. And oh sorry, One important thing
to mention in that decision is that only the Medicare
Supplement plan restricts access in the future based on our health.
We have this initial guaranteed right to do any type
of Medicare plan we want to when we're first signing
(06:32):
up for Medicare, but after a certain period of time
of being on those Medicare benefits six months from our
part B date or one year on our first Medicare
advantage plan if we started when we're sixty five, that
after that timeframe is over, we have to health qualify
for those options. So it's not like I can take
the plan that's cheaper and gives you those extras while
I'm healthy, and then as soon as I have this
(06:52):
bad health diagnosis, move over to the mark expensive policy
that covers those medical bills. Because at that time that's
the exact reason you're probably going to get rejected on
their health questionnaire.
Speaker 5 (07:03):
Now, a lot of people who are involved in their
employer's health benefits, they might also be offered an HSA.
Once I get into Medicare, Is that HSA still there
for me? Can I still do it?
Speaker 7 (07:15):
One hundred percent?
Speaker 6 (07:16):
And I strongly encourage clients that have that option and
have the capabilities to fund those things strongly while they're working.
Hsas have three tax benefits to them. The money goes
in tax free, the money grows tax free, and the
money comes out tax free to us. And once we
join Medicare and on those Medicare plans, we don't have
HSA options anymore, so there's not the ability to fund
(07:36):
those accounts past those working years. So it's really important
to take that opportunity while we have access to it
to better position ourselves to help pay our Medicare premiums
tax free on certain Medicare plans, to pay our medical
bills tax free under those policies, and to even cover
some other costs like maybe long term care premiums in
our health and our retirement years.
Speaker 5 (07:56):
Now, So that's a really important point. So if you're
listening to us, maybe you're not in retirement years yet,
maybe getting close, and you've questioned whether you were going
to stay in that HSA, and it's still available to
you stay in it.
Speaker 4 (08:07):
You just heard Glenn say that. Glenn Ramy our guest.
Speaker 5 (08:10):
He is an insurance expert there at even financial Let's
talk about long term care. This is you know, when
we say healthcare is one of the most expensive, A
lot of people believe long term care would be the
most expensive health you know, payment that you might have them.
Speaker 6 (08:24):
Yeah, and it is one of those things that our
health insurance doesn't help pay for. Right and our state
in Minnesota right now, the median cost of a long
term care facility annually for a semi private room, not
a private one, is one hundred and forty thousand a
year right now, with the average stay being three years
and women facing a more likelihood than men of even
going into those facilities. But it's very close to three
(08:47):
years for either of those genders in that circumstance. So
we're talking today over a three hundred and sixty thousand
dollars almost three hundred and eighty thousand dollars cost for
a three year period, and that's not even incorporating inflation.
For what that cost my be ten fifteen, twenty years
from now is you're not going to hopefully be entering
those facilities right when you're retiring.
Speaker 4 (09:05):
Right absolutely, so is there You know?
Speaker 5 (09:09):
It used to be that you'd say I need to
get an insurance policy and it would just be so
ridiculously priced that you couldn't even get the insurance policy,
much less go into some kind of long term care facility.
Speaker 4 (09:20):
What kind of options do we have now?
Speaker 7 (09:22):
So?
Speaker 6 (09:22):
Yeah, So not only do we have the traditional long
term care insurance, which does provide some protection against Medicaid
spend downs that might occur, but you also have life
insurance and long term care hybrids that can provide more
consistent premiums and a death benefit return if we don't
need the insurance. And also for really good savers, there's
also some opportunities in asset based long term care planning
(09:44):
that doesn't require the purchase of a policy that requires
a premium, but the leveraging of an asset position to
be there and even be more for us in the
case of long term care needs.
Speaker 4 (09:54):
Glinn.
Speaker 5 (09:55):
It sounds like to me when it comes to healthcare
in retirement. This is something that you absolutely want to
plan well ahead and get all your ducks in a
row so that there's no surprises and you don't get
to retirement and go I don't have these funds.
Speaker 6 (10:10):
I would say it's one of those things that can
either make or break your retirement planning.
Speaker 7 (10:14):
Right.
Speaker 6 (10:15):
If we're married and have spouses, we not to just
screw what happens to us if those events occur. We
have to think of how are we going to position
our spouses if we're the first person that needs that
care and we drain the majority of our resources trying
to cover that cost, leaving our surviving spouse with a
much worse financial situation due to that lack of planning.
Speaker 5 (10:34):
Right, all right, So, folks, do you have a healthcare plan?
Maybe you don't even have a retirement plan quite yet.
If not, why don't you give the folks that Haven
Financial group a call. If we've heard anything here that
has sparked, you know, questions in your mind, they can
certainly answer them. Sixty one two five zero four eighty
four hundred is the number. Six one two five zero
(10:56):
four eight four zero zero.
Speaker 4 (10:58):
Give them a call.
Speaker 5 (10:59):
Tell them you heard it here on the radio. You'd
like to set up an appointment, it is free. Go
in and talk with the experts there at Haven Financial Group.
Tell them what it is you are wondering thinking about
what you're hoping to achieve when it comes to retirement again,
it's six one two five zero four eighty four zero zero. Clinta,
you're staying with us or was that the end of
(11:20):
our party with you?
Speaker 7 (11:21):
Well?
Speaker 2 (11:21):
You ever, I have to say, he actually has to
go back to meet with a client who who took
a time out for the radio show, So he.
Speaker 4 (11:29):
Has to work, is what you're saying, Larry, Yes, that
work then.
Speaker 7 (11:33):
Well, a pleasure being with you guys, regardless.
Speaker 4 (11:35):
Great to be with you, Glenn, Thanks so much.
Speaker 1 (11:37):
We'll take a break.
Speaker 4 (11:37):
Everybody you're listening to the Haven Financial Radio.
Speaker 7 (11:40):
Shows, don't go too far.
Speaker 1 (11:42):
We're gathering more important insights and retirement pays DEVI. 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 Karagan. Now back to the show.
Speaker 2 (12:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (12:06):
Thanks for listening.
Speaker 2 (12:07):
Feel free to give us a call six one two
five zero four eighty four hundred or visit us online
at Havenfinancial Group dot com. It was good having Glenn
in that first segment, and I think the takeaway from
that first segment should be max out at HSA if
you possibly can. You're gonna like having that later on
in life. So max out at HSA. And you know what,
(12:30):
maybe it's time to put you not keep putting off
the long term care conversation that none of us want
to have. Maybe your plan is the kids are going
to take care of you at that point, and my
joke is they don't even come visit you now, so
I don't think that's gonna work. So well, there's much
better viable options than there used to be. And you
know it's really it's medicare. It's more than just a
(12:51):
coming up with a plan. It's a strategy as you
and I talk about, that aligns with all of your goals,
your healthcare needs, the financial goals, your retirement goals. That's
what the overall plan is, how are you going to
pay for the long term care? Again, having a partner
that can talk through all of these different areas of retirement.
(13:12):
It can go a long way. And again you don't
have to do it alone.
Speaker 5 (13:16):
Sure, absolutely, And let's just remind everybody of the number.
It's six one two five zero four zero zero. If
you hear anything this morning, or if you've just got
questions that you'd like to pose to the folks that
have been Financial Group, give them.
Speaker 4 (13:29):
A call and set up an appointment.
Speaker 5 (13:30):
We want to talk about healthy living and how it
saves money. You know, Larry, I think everybody thinks, well,
I want to live healthy because I want to live
a long life. But living healthy, yes, might help you
in your longevity, but it might also help you live
a better life because you will have saved money, money
that you're not spending maybe on some of these long
(13:51):
term care facilities or a lot of healthcare.
Speaker 3 (13:54):
Yeah, you know this is interesting.
Speaker 2 (13:56):
We're having this conversation on the show today because my wife,
as you know, is the office manager at Haven Financial Group,
you know, celebrating our tenure anniversary, and we've always been
very big into education, you know, the educational classes, and
she actually booked a national speaker, doctor Mark Milstein, a
(14:16):
renowned speaker who's got a book out, The Age Proof Brain.
Speaker 3 (14:21):
He'll be with us on February.
Speaker 2 (14:22):
Sixteenth at the AIM Center in Burnsville, Minnesota, from to
two o'clock he'll have a book signing and three o'clock
he'll be speaking on again the wellness, health and wealth
and the relationship between health and wealth. He's a great speaker,
it's a great book. I encourage folks to come on
out again. There's such an interlink between health and wellness
(14:46):
and financial success, and it's so important that again we
have booked him for February February sixteenth. Again, Mark Mehlstein.
If the book is The Age Proof Brain, so it's
fitting we're talking about this today.
Speaker 4 (14:59):
Suresolutely.
Speaker 5 (15:00):
That sounds like a wonderful opportunity for anybody who's listening.
Speaker 4 (15:03):
Be sure that you check that out. Let's talk a
little bit about this.
Speaker 5 (15:08):
You know the idea that the first thing you don't
want when you're in retirement age, if you're trying to
save money, is some kind of chronic illness.
Speaker 3 (15:17):
Right right?
Speaker 2 (15:18):
I mean, timing is every element of time and life
doesn't always certainly cooperate with our calendar. So we want
to do whatever we possibly can and you know, his
book really gives some valuable insights so to discovering the
secrets of a healthier and more resilient brain, enhancing overall
quality of life, and allowing clients to enjoy their financial
(15:38):
security that we had haven or somewhere hopefully you have
a partner that has created this plan for you. So again,
just a little bit of insight into what he talks
talks about.
Speaker 5 (15:50):
Well, let's take a look at I'm sure one of
the things that he talks about and we want to
talk about. You know, the dollars behind this is as
we approach and we hope that this happens prior to
getting to retirement age. But I hope that anyone out
there who is a smoker who is approaching retirement age
will consider the idea of quitting smoking, which I recognize
(16:13):
is not an easy thing to do. But some really
wild statistics larry associated with what smoking costs the nation
each year, and one can only imagine what that's costing
a retiree.
Speaker 2 (16:25):
Oh for sure, I mean the statistic is staggering. Smoking
related illnesses cost the US over three hundred billion dollars
each year. So again I understand the difficulty of maybe quitting.
I was in the local BP actually because I've never
been a smoker, but so I'm kind of in far
removed from this, and a guy in front of me
(16:46):
checked out, I didn't realize cigarettes were like eight to
ten dollars a pack.
Speaker 4 (16:52):
Yeah, I'm not aware of that either, but that's shot.
Speaker 3 (16:54):
Ten dollars a pack man.
Speaker 2 (16:56):
That really does something for the financial budget. But I
had no idea. But again, that's a big one. You
know other ones too. You know, it seems it's really
fundamental and we don't want to talk about it, but
you know, you know, now we aren't. You know, we
just had Thanksgiving, so I'm sure we all ate really healthy.
Speaker 3 (17:14):
Correct, We'll just go with that. But healthy eating goes
a long ways.
Speaker 2 (17:19):
You know, it is one of the most cost effective
medical strategies, you know, the fruits and vegetables, all this stuff,
and it'll actually personalizes a little bit. As I'm fifty six,
prout listeners probably didn't know that, and you know, at
fifty at fifty six, I've been on a kind of
a two year journey myself where you know, I really
probably shouldn't eat a whole pizza at nine o'clock at night.
(17:42):
I've mentioned that we are cookie snobs that haven financial group.
Speaker 3 (17:46):
For ten years, five days a week, I've been.
Speaker 2 (17:48):
Staring at fresh, really really good cookies. So maybe I
shouldn't be having as many as I've had. So been
on a journey obviously, myself and my wife, and these
things are important because at any age, but as you
especially prepare for retirement, you know, getting the physical activity,
you know, anything we possibly can do to minimize or
(18:09):
lower the chances of having health care issues. Yeah, yeah,
good sleep. I need my eight hours of sleep. Sorry,
I need it. I think President Trump only needs three
or four, and I don't know how he does it,
but I need my eight hours.
Speaker 5 (18:22):
Yeah, yeah, I understand exactly, you know. And lots of
physical activity. I think it's great for one's brain, but
it is also good for staving off, you know, all
kinds of diseases. And again, as we were talking about
this as it relates to retirement. First off, you want
a happy retirement, and so happy retirement means your health
is good. But you also want a retirement that's prosperous
(18:46):
for whatever it is that you'd like to do. And
so the whole idea here is that you want to
just use some common sense live a healthy life so
that you're not spending those dollars on things that are
going to cost you more money like healthcare, you know,
and medications. Maybe you'd rather spend that money in a gym, right,
(19:07):
so that maybe you're you're just feeling better.
Speaker 2 (19:10):
Yeah, And when Glennon and Isabella to help people with Medicare,
there's some of those plans that have gym memberships, you know.
Prevent a care, you know, it's twenty twenty five. Why
not do the best you can for preventive care, which
can potentially reduce long term costs of bad health care.
You know, regular checkcoms, you know, regular screenings, the immunizations
(19:32):
that may maybe that you should have.
Speaker 3 (19:35):
They can prevent serious health issues.
Speaker 2 (19:36):
And I mean again not avoid altogether, but we want
to minimize you know, some of these chances and avoiding
them can cost the treatments can be very expensive later
on in life.
Speaker 3 (19:48):
You know, getting enough hydration, you know.
Speaker 2 (19:51):
Every time I go to my doctor chiropractor, you drink
enough water, you know, get up and you know, move
around a little bit. Even if you have a job
during the day that's sitting at a desk, on a computer,
you know, just just.
Speaker 3 (20:02):
Taking a little bit of time.
Speaker 2 (20:03):
It doesn't have to be a lot of time to
just to get some get some movement, all of these things.
Speaker 3 (20:10):
You know, I like a good.
Speaker 2 (20:13):
Glass of wine, but for some maybe reducing alcohol maybe
that's the Maybe that's the deal because a lot of
times that has a lot of calories in it as well. So,
you know, mental I bring this up because you know,
mental disease is real. You know, we lost a really
close business friend in the industry unbeknownst to us because
(20:35):
mental health. He ran into some serious mental health issues.
You got to address the issues and not just let
them go by the wayside. So again, not all this
stuff is fun, but it's really putting yourself in the
best position it came.
Speaker 3 (20:48):
It takes discipline, it does.
Speaker 2 (20:50):
It takes discipline, and it's doesn't come easy, at least
for most people.
Speaker 3 (20:53):
Doesn't come easy.
Speaker 5 (20:54):
Well, yes, a lot of people who are listening to
I think have that ability to be disciplined because they've
been disciplined enough most of their life to save and
to prepare and to get ready for a retirement. Now
you just want to enhance those years by taking care
of yourself. A lot of studies show that a healthy
habit spending. It turns out that you're spending is less
(21:18):
because you have healthy habits. So it's something that you
really want to take into account as you approach those
retirement years.
Speaker 4 (21:25):
And it all seems simplistic.
Speaker 5 (21:26):
I realize that, Larry, but you know, it is taking
a moment to just sort of point it out. I
think is a good thing for folks, just a quick reminder,
especially during these holidays as we're all kind of, like.
Speaker 4 (21:38):
You said, safe be splurging just a little.
Speaker 5 (21:40):
We explorged right now, maybe we could just start in
the beginning of the year, right Larry, Sure.
Speaker 2 (21:44):
Of course, And I'll segue this the discipline of you know,
of the health stuff and all that kind of stuff
we've been talking about, but it also segues into the
discipline of the financial strategies, sure, and the products that
are out on the market and looking at all the
different options and having a good partner. You know, I've
said this before that some years ago. Every year, you know,
(22:06):
we like to do events, client events, and we have
an annual Shredd event after tax season.
Speaker 3 (22:13):
We have it at in our parking lot.
Speaker 2 (22:15):
We have the veteran shred truck and people can have
lunch or dinner on us, et cetera. And I remember
the first time we had it, you know, people, it
was right after COVID. People could drive through shred all
they wanted. And there was this observation by the younger
folks in my office. Wow, those clients that actually had
the most and were most prepared for retirement, they drove
(22:36):
some of the least nice looking cars.
Speaker 3 (22:39):
And those that are clients that didn't have as.
Speaker 2 (22:43):
Much, say for retirement, they seem to have the fanciest vehicles.
Speaker 3 (22:47):
So it was an observation.
Speaker 2 (22:49):
So finances, like health, takes discipline and discipline for many
human beings, the human nature, it's tough to achieve.
Speaker 3 (22:58):
But I think you can get there.
Speaker 4 (23:00):
Absolutely you can.
Speaker 5 (23:01):
Are you looking for a partner? Are you getting close
to that time? And you need a portfolio? You need
a plan. Give the folks that Haven Financial Group a
call six one two five zero four eighty four hundred. Callum,
stop by, get some great coffee, a good homemade cookie,
and chat about what it is that you'd like to
achieve in retirement. When we come back, we're going to
(23:22):
talk a little bit more about adjusting your lifestyle when
you get to retirement. You know what glitters is not
always gold. There are things that you need to do
to make sure that it's the experience that you want
it to be. So we'll talk about that on the
other side of the break. This is the Haven Financial
Group Radio Show.
Speaker 1 (23:40):
Ready to find your financial safe Haven. Your dream retirement
is in reach. Don't go away, The Haven Financial Group
Radio Show.
Speaker 7 (23:47):
Will be right back.
Speaker 1 (23:51):
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 in your financial say David.
Speaker 2 (24:03):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (24:07):
Thanks for listening again.
Speaker 2 (24:08):
Feel free to give us a call six one two
five zero four eighty four hundred or Havenfinanciergroup dot com.
Check out all the classes are. We have our new
education center. We just filled up a couple more classes
this week. We had a waiting list. People want education,
they want to learn. There's a lot of confusion and
a variety of these areas of retirement, and again we
(24:30):
think education is where it starts and it gives people
confidence to know, Wow, I didn't know that I wished
I would have known this sooner. Roth conversions. Nobody's talk
to me about it or whatever the topic is. So
again I encourage you to go to our site. We're
talking retirement with health and wealth and again a lot
(24:50):
of challenges that people run into once they do retire.
Speaker 5 (24:53):
Yeah, I think it's the part Lara that folks maybe
don't think about so much. And then when you get there,
obviously you're in a honeymoon stage for the first you know.
Speaker 4 (25:02):
Maybe couple of months, and then suddenly you.
Speaker 5 (25:05):
Start maybe feeling like life is much slower than you
had anticipated it would be. I think this is so interesting.
A lot of people feel like when they get to
retirement they've lost their identity because they for such a
long time associated themselves with their place of business.
Speaker 2 (25:24):
It's a new chapter, it's a new season of life.
And yeah, for a lot of people, Yes, you've worked
all those years. Maybe your friends are at work, your
social network maybe at work, and now you retire, whether
you choose to or not choose to, because timing is everything,
and you know, this hits home. I had a couple
of clients of mine that were in this week. He
worked at Delta and he worked at the Gate and
(25:47):
he ran into health issues the beginning of this year.
Thankfully he survived the widow Maker, which only one in
ten survived, and it forced him to leave work sooner
than he wanted to because he really liked that was
his purpose.
Speaker 3 (26:02):
And I said, how's it going?
Speaker 2 (26:04):
And his wife said, it's been a very difficult transition
because that was his work identity. I can tell you
I just had a consultant at a company that's going
through major adjustments. My client's worked there for almost forty
two years and they were acquired and he no longer
has a job.
Speaker 3 (26:24):
He literally teared up.
Speaker 2 (26:26):
Here's a mid sixties guy in my office teering up
because that's where all his friends were sure, and he.
Speaker 3 (26:33):
Goes, this is going to be very difficult.
Speaker 7 (26:35):
Now.
Speaker 2 (26:35):
Thankfully, they've done a great job saving for retirement, so
they hold all the options because they've been disciplined. Of
you and I talked about, but purpose is the big thing.
What is your identity going to be? Are you going
to pursue lifelong passions?
Speaker 3 (26:51):
What are they?
Speaker 2 (26:52):
What are your hobbies? What are they coming up with?
What's going to fill my time? And we live in
Minnesota had this before. Oftentimes, retiring in the fall or
early winter in Minnesota is not always a good idea,
why because white stuff and cold and not wanting to
go outside.
Speaker 3 (27:12):
I heard it so many times.
Speaker 2 (27:13):
I wished we would have not retired when we did
and maybe waited till the springtime.
Speaker 3 (27:17):
So just things that I've heard over the many many
years that I've done that.
Speaker 5 (27:20):
Sure, well, it seems to me you have a plan
for your finances, but you need to have a plan
for your life. So you know, again I think just
leaving it to oh gosh, we'll have so much to do,
it'll just be crazy. And another thing Larry is doing
things in retirement costs money, and so you sort of
(27:41):
have to, you know, figure out what it is, how
much of your retirement money you're going to spend on
doing things, and how much you're going to do and
it's not going to cost What are those activities.
Speaker 2 (27:53):
It's why when we build up plans, you know, for
the future, which can be ten, twenty thirty plus years,
we're going to want a factor in what are your
what are your hobbies? What kind of a do you
like to travel? Are you a golfer? And do you fish.
I hear one often woodworking or pickleball, or I hear
one off in volunteering. What are the costs associated with that?
(28:16):
As we prepare for this retirement budget, we want to
make sure we buffer that into the planning because you
want to do them. Where's the you want to provide?
You want the income to provide for the needs, and
then you want the income to provide for the wants.
And you're right, everything for the most part costs costs money.
In fact, clients is past week. They like to camp
(28:38):
and she's like, campings is not as cheap as it
used to be, which is true, right, So we got
a lot for it. But having these hobbies is important
because it provides structure, it provides fulfillment. It occupies some time,
whether it's gardening, painting. These are just many that I
hear about. You got to do something because I've seen it,
and I've seen it so many times that retire that
(29:01):
retire retires and he's only attracted to the recliner.
Speaker 3 (29:06):
It doesn't bode well.
Speaker 2 (29:08):
It does not bode well, and it doesn't take much
time to see the decline in that human being.
Speaker 4 (29:12):
Absolutely another thing I think that's really.
Speaker 5 (29:15):
Important is that spouses need to talk about retirement and
how they plan to fill that time, either together or apart.
You know a lot of times both or at least
one of you has been out of the house every
day for eight to ten hours and then suddenly you
are together all the time. And we can laugh about this,
(29:39):
but actually it's not a joke. That does have to
be sort of worked out.
Speaker 2 (29:43):
Oh that's so true. This can be funny, or this
can be not very funny. Yes, you've went your separate directions,
you've lorked, and now you see each other every single day.
You had your routines and now this spouse is interrupting
your routine, right, and sometimes you don't like it. And again,
more time together can be good, but it also they
(30:06):
can have a detriment to that relationship. So it can
create some household dynamics that you're going to want to
talk about and set the boundaries. Okay, this is what
I like to do. This is when I want my time,
This is when I don't want my time. It's so
very important. And I see this, I see it play
out negatively more often than I like to think. You know,
(30:26):
planning for that emotional transition is as important as the
financial plan. You know, a fulfilling retirement is not only
about dollars and cents or how much you have in
the bank account now it helps, believe me, because if
you don't have any of there, that can cause problems
as well. But how you spend your time and your
energy and your attention that really matters as well. So
(30:49):
you got to find your niche and sometimes it takes time.
Some people adapt quickly, other people don't adapt quickly. And
we're not trying to scare you going, oh my goodness,
don't retire because it's all doom and loom.
Speaker 3 (30:59):
No, it can be very fulfilling.
Speaker 2 (31:02):
It can be very fulfilling, but there needs to be
some planning to go with it and expectations. You got
to set some expectations. And again it takes money. So
it comes back to how does haven financial group fit in.
We help people develop this. We're more than just wealth
managers or insurance or all the other topics we talk about.
(31:23):
We're many times counselors or consultants to help people navigate
through these difficult times. And on that word consultants. Nobody
said you can't work part time right now, maybe you
don't want to, but I see it quite often people
retire and they stay on as a consultant, maybe part time,
ten to fifteen hours.
Speaker 3 (31:43):
Guess what it does give purpose. It provides a little.
Speaker 2 (31:46):
Extra retirement income, sure, a little more fun money. Okay,
So again, nobody said you can't work, but put yourself
in a position where you don't have to work.
Speaker 3 (31:55):
If you choose to work, it's because you want to.
Speaker 5 (31:59):
Absolutely so, do you have a plan. Do you have
a plan financially? Do you have a plan emotionally? Because
these two plans they run parallel and they are important.
Maybe you need a partner, and you need a partner
for both, you know, because maybe you just need to
bounce some ideas off of someone who's not your spouse.
Speaker 4 (32:20):
Give the folks that have.
Speaker 5 (32:21):
In financial group a call the number six one two
five zero four eight four zero zero, Larry, I bet
you counsel people on these issues.
Speaker 4 (32:31):
Frequently.
Speaker 5 (32:32):
I was gonna say as much as financially maybe not,
but frequently.
Speaker 3 (32:38):
It's it's almost fifty to fifty. I bet that might
surprise listeners.
Speaker 2 (32:42):
But oftentimes, yeah, we're these aren't the first time we're
hearing these stories. And if we can provide a little
cushion or a little advice or a little reassuring on
what we know, what we've seen.
Speaker 3 (32:57):
You know, maybe that goes a long way.
Speaker 2 (32:59):
So again we're here to help in any possible way
financially decision making. But again for a husband and wife,
be prepared for that transition because oftentimes we'll recommend if
if you're going to retire around the same time, maybe
give it a thirty to sixty day buffer just to
ease into that retirement situation.
Speaker 4 (33:18):
Six one two five zero eight four zero zero.
Speaker 5 (33:22):
Column right now, set up an appointment, go in and
talk with the folks at Haven Financial Group when we
come back, how stable finances can mean a happy at
a healthy retirement.
Speaker 4 (33:32):
This is the Haven Financial Group Radio Show.
Speaker 1 (33:35):
Don't go too far. We're gathering more important insights and
retirement ways government the Haven Financial Group Radio Show.
Speaker 7 (33:41):
We'll be right back.
Speaker 1 (33:43):
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 Karrigan. Now back to the show.
Speaker 3 (33:57):
Welcome back, listeners.
Speaker 2 (33:58):
My name is Larry Kolvig, Founder and CEO of the
Haven Financial Group, and you've been listening to the Haven
Financial Group radio show where we discuss crucial retirement and
financial topics weekly that can literally make the difference between
surviving retirement and thriving through at all very important topics.
So if you're looking for more information about these topics,
(34:19):
any of these retirement topics or retirement puzzle pieces, give
us a call six one two five oh four eighty
four hundred, shoot us an email at info at Haven
Financial Group. Whatever it takes to sit down with us,
there is no cost. You have nothing to lose and
everything to gain, specifically, more importantly, information to gain.
Speaker 5 (34:42):
You know, we've been talking about how to be happy,
how to be healthy, and how to be financially secure
during retirement, and how all of those are so important.
Each one is a balance that makes those golden years
just that being golden.
Speaker 4 (34:56):
We want to talk about stable.
Speaker 5 (34:58):
Finances and you know, really the impact that that can have.
You know, we talked to Leary earlier about how, you know,
trying to live a healthy lifestyle keeps you healthier and
thus you save money. I would say that stress is
probably especially as we age, stress is one of those
things that can probably cause more health issues than anything else.
(35:21):
And stress because of financial problems can be one of
the greatest stressors that retirees might have.
Speaker 2 (35:29):
Oh yes, for sure, money can cause lots of issues.
There's non a lack of it, or not knowing if
you're going to have enough keeping you up at night,
you have too much risk in your portfolio. There's all
kinds of speed bumps at the stock market. You know,
there's no more paycheck coming in. You can't rely on
that anymore because you're not working anymore. Do you have
enough time to recover if the market is not doing
(35:50):
very well. All of these things can really weigh weigh
heavily on people their health, you know, their lifestyle and
a variety of different things. So again, remember we're looking
to create a foundation for a happy, healthy retirement.
Speaker 3 (36:06):
How do we do that?
Speaker 2 (36:08):
Well, I think it starts with and I've said this,
an emergency fund can offer peace of mind. And that's
simply money in the bank. Liquid monies that again can
keep you when you need the money and the markets
are down. It's liquid money's tangible money, money, cash savings,
(36:29):
checking money market CDs. We like to see for a
retired couple fifty to one hundred grand as a benchmark. Again,
it's just a benchmark. If you have more than that, fine,
If you have less than that, maybe that's a goal.
But that really helps give you options because there's always
something that comes up. Okay, the grandkids have birthday parties
and there's again the driveway needs to be fixed. So
(36:51):
that's a good place to start. Income is a game
changer in retirement. Guaranteed liable retirement income can reduce stress. Again,
where are what are your income streams? By the way,
this is all stuff at Haven that we talk with
everybody about. You know, what does social security look like?
(37:13):
Are you blessed to have a pension? Are there other
ways that we should try to create an income stream
to lower that anxiety because you don't have enough coming
in or maybe you don't have a pension like my
wife and I, we won't have a pension. So what
are these income streams? Where are they going to come from?
Are they going to provide enough? Or how do we
get it? How do we get the amount of money
(37:34):
you have to provide more of necessary income?
Speaker 5 (37:38):
Okay, diversified investments again, you just said, gosh, you're watching
the you know, the market go down or whatever you
might be doing. Talk about stress, but if you're diversified,
you know you can. While one investment is doing well,
another may not be doing so well in the offset.
Speaker 3 (37:57):
That's why we want to have good liquidity.
Speaker 2 (37:59):
It's why we want to have money in the markets,
because over long periods of time the market performs it does.
I said over long periods of time. Maybe for some
that are listening, maybe you don't have long periods of time,
So the time factor comes into the equation. Do you
have any investments that can offer some principal protection when
the markets are wavering? Things that have principal protection with
(38:20):
some upside gains and no losses and.
Speaker 3 (38:22):
Maybe no fees with it.
Speaker 2 (38:24):
And by the way, if you're listening and you don't
know what you're paying, you should know, so don't be
afraid to ask.
Speaker 3 (38:30):
So what type of accounts? Then? Do you have four ones?
Speaker 2 (38:33):
By the way, if you're retired and you still have
a four to one K, you may, for very good reason,
want to roll that over. We do lots of rollovers
for a variety of reasons that I won't go into.
Speaker 3 (38:43):
Irais do you have wroth?
Speaker 2 (38:45):
Irais, which, by the way, is usually the last thing
people touch, So we want to be we want options
to choose from. Because again I've said this before, over
all the years I've done this, the hardest thing for
people to do in retirement and is not get that
paycheck anymore. Okay, we help people create their own paycheck
(39:06):
in a variety different ways, off their accounts, brokerage accounts
in the most tax efficient way possible. Tax efficiency. Where
do we draw from in the most tax efficient way possible?
Lance is our CPA? Again, taxes goal is very relevant,
even more in retirement than ever or have you looked
(39:26):
at annuities for income options? Now, Annuities aren't for everybody.
I won't get into the whole class that I usually
teach the truth about annuities, but they can be used
very effectively to guarantee a certain amount of income stream
for the rest of your life. I had clients in
this past week.
Speaker 3 (39:43):
They did.
Speaker 2 (39:45):
A small amount about seven years with me in an annuity,
a fixed annuity that had an income featured. They needed
about an extra six hundred dollars a month, not very
much in their case. We were able to turn on
their two fixed index annuities and will get them and
that the six hundred dollars a month guaranteed for the
rest of their life.
Speaker 3 (40:04):
Maybe that's a good way to do it.
Speaker 2 (40:06):
But please, don't have a fixed index or any annuity
for income because oftentimes you pay for it and then
you don't need the income, so you're just paying for
some of you don't need it. So here's what I'm
gonna say. Annuities aren't for everybody, just like everything isn't
for everybody, but understand them because they might be an
effective means or investment vehicle in your portfolio. And don't
(40:31):
fall underneath the advertising. I hate annuities. You should ad
annuities and everybody should ad annuities. Well, I don't like
some annuities either, and they're not for everybody, so don't
fall into Be careful with the sales pitch because oftentimes
people get sold a bill of goods. That's why you
need to understand them before you enter into them.
Speaker 5 (40:50):
And by the way, let me just throw in, if
you already have an annuity and you're not exactly sure
how it operates, what it works, how you know you'll
be using that. You can take that into the folks
that have in financial group and they can review those
annuities and talk you through exactly how it's going to
work once you're calling upon it. We talked about this
earlier in the show, and it's just worth one last
(41:12):
mention here. You know, to really make sure that you're
happy and you're stable. You want to make sure that
you've taken care of your health care issues.
Speaker 2 (41:21):
Oh, healthcare, I've said it, it's underestimated. It's a major expense.
Make sure you're shopping out that in medicare. Make sure
you're looking at your long term care options. If you
have life insurance, get that life insurance reviewed. We're going
to really put a focus at that at twenty twenty
six for our existing clients, because oftentimes that old life
(41:41):
insurance gets thrown on the shelf, you got it ten
twenty thirty years ago and haven't looked at it since,
and some negative things can happen with that. So we're
going to know we encourage life insurance reviews. We're not
going to try to sell you life insurance if you
don't need life insurance, but there might be benefits for
a variety of reasons, and what you have maybe is
(42:02):
not going to has not been performing what it should
so financial clarity really fosters purpose. It creates confidence and
again that gives a lot of satisfaction into your future
and what you're doing again, and that takes time again,
and that.
Speaker 3 (42:18):
Takes a relation. It should take a relationship.
Speaker 2 (42:21):
Retirement is more than a meeting once a year or
twice a year for forty five minutes to an hour.
When you're dealing with retirement topics like we do with taxes,
tax planning, medicare, long term care, life insurance, wealth management
and investments, et cetera, et cetera. There's a lot that
goes into that, and you should be getting the attention
(42:42):
you deserve, and many people aren't. Many people don't even
get together once a year with their guy or gal
or whoever is helping. Some people are doing it a
loan and they're overwhelmed and they don't know where to
turn to. That doesn't have to be that way. It
doesn't find a good partner. You can lean on a
you can ask questions. Just this week, I don't know
how many times people say, I've had the same question
(43:04):
for years, Well why not get the question answered? Why
we didn't know to ask? Well, you're sitting in front
of me so fire away.
Speaker 5 (43:12):
Right absolutely, six one two five zero four eight four
zero zero. You know, in the end, what people are
working toward is happy, healthy and a financially secure retirement.
If you believe that, maybe you need some help making
sure that all of that happens for you.
Speaker 4 (43:31):
Give the folks that Haven Financial Group a call again.
It's six one.
Speaker 5 (43:35):
Two five zero four eight four zero zero. Tell him
you heard us right here on the radio, and you'd
like to set up a free appointment.
Speaker 4 (43:42):
Well, Larry, I think we've had a good show.
Speaker 5 (43:43):
It's been full of lots of good information, and I
wish people the best of luck out there who are listening.
Speaker 3 (43:50):
I do as well.
Speaker 2 (43:51):
I think if they've come in and visit with us
and we walk them through our process, which by the way,
is not a sales process by any means, I think
they'll be very fulfilled. They'll get a lot of information,
a lot of questions answered, and you know what, we
like to have a little bit of fun with it.
They might even like us.
Speaker 5 (44:06):
I think I know build that that part is for sure.
Speaker 3 (44:09):
I'm always good to be with you and look forward
to next week. Have a blessed week, you too.
Speaker 5 (44:15):
Investment Advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (44:19):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 5 (44:28):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
it safe and secure.
Speaker 1 (44:36):
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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