November 9, 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 Karragan 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 fuone nines are always
(00:43):
open at six point two five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Thanks for listening this morning.
Speaker 2 (01:03):
Feel free to give us a call at six one
two five zero four eighty four hundred at any time
or visit us online Havenfinancialgroup dot com. All kinds of
retirement tools are educational events, calendar of events, and there's
still several even though we're in the fourth quarter. We
keep doing it throughout the year. And Kim, good to
be with you again.
Speaker 4 (01:23):
It's great to be with you as well. Here we
are in November. Before we get started with today's topic,
which is we're going to talk about some of the
issues that you should never ignore as you plan for
your retirement, I just wanted to ask you a little
bit about open enrollment.
Speaker 5 (01:38):
How is that going here?
Speaker 4 (01:39):
And you know, again, as we find ourselves in November,
how much longer do we have and what do.
Speaker 5 (01:45):
People need to know about that real quickly?
Speaker 2 (01:47):
Well interesting you say that, because Glenn Ramy will be
on the second segment with us and we'll pose that
question to him too.
Speaker 3 (01:54):
Here's how I see it going. It is crazy.
Speaker 2 (01:58):
People are companies have done a lot of things here
at the last second, right before annual enrollment, and a
lot of clients they don't know where to turn to
because with the changes, the variety of fronts of changes,
certain plans completely dropped, so pretty much everybody's having to
(02:18):
look at it and I know Isabella and Glenn Ramy,
who do that in our office, are absolutely swamped. Until
December seventh. They're adding Saturdays, adding morning early morning evenings,
just to do our best at Haven to accommodate. Now
what listeners don't know, and they probably are surprised that
I would even mention this. Insurance companies came with these
(02:41):
changes on the consumer level, but they also came to
the agents on an agent level and said, oh, by
the way, you can help the consumer out with this
medicare these changes, but we're not going to pay you
any commissions. Completely slashed the commissions. Now you know, for
(03:01):
the consumer with US, you don't pay anymore to have
somebody help you. There's no extra fee or anything to that.
But I don't think it's any secret that insurance companies
incentivize very little for the agent to help the consumer
navigate through this health care discussion. And by the way,
that healthcare discussion could be very complicated. It's hard for anybody,
(03:22):
let alone an elder person, to navigate it through. They
threw all these curveballs at us at the last second,
and at the end of the day, a producer wants
to get something for all their hard work, not complaining.
But again it's just just know that we're here to
help in any capacity, whether it's annual enrollment, open enrollment,
you know, any of those items, We're here to help
(03:44):
and we can be a resource in any area. But
that's what's going on in Annual Romance. We can pose
that a quick question when Glenn's on in the second segment.
Speaker 4 (03:53):
Absolutely, and that leads us now to what it is
we want to talk about this show, and that's some
of the aspects of your retirement that you certainly don't
want to ever ignore. One of those being, of course, healthcare.
And as Larry said, Glenn Ramy's going to join us
in our second segment to talk a little bit more
about that. I want to talk to him too, Larry,
(04:13):
about you know, how the government shutdown has impacted enrollment,
because I know that's a question that a lot of
people have had. We also want to talk about stability
in retirement, something that you certainly don't want to ignore.
Social Security obviously, I mean, it's plays such a big
part in so many people's retirement and there's so much
to know about it. So we're going to talk about
(04:35):
that and then Finally, we'll chat a little bit more
at the end of the show about you know, not
just retiring and surviving, but thriving in your retirement. How
important it is to not ignore that. I think for
a lot of people, Larry, retirement becomes so much about money, money, money, money, money, money, money,
(04:55):
And there's got to be more to retirement than just that.
Speaker 3 (04:59):
There's certainly is, or there should be.
Speaker 2 (05:01):
And that's where we have the conversations to really look
at it holistically, retirement from a holistic standpoint. You know,
the age group that we serve, we're not limited to
controls about seventy four percent of the investable assets, and
I'm referring to those fifty five at older seventy four
percent of the investable assets. That's a really big number.
(05:22):
So it's another reason why it's so important for people
to have retirement financial plans that are very thorough and
well thought through. But it is way more than retirement's
way more than a certain number that you're trying to
get to. You know, assets and money does help a
role for retiring early, but there's other things that drive
(05:43):
these choices. Okay, what a successful retirement looks to you,
you know, health. We're going to talk about healthcare, but
it's turning that money that you've worked hard for, those
all those accumulation years and turning it into an income,
because income really is the name of the game. I've
mentioned it before. We have clients that have very little
(06:04):
and retirement assets, but they have big Social Security and
big pensions and they're happy. We have those that have
a whole bunch of retirement assets, high net worth that
their fear is running out of money, and rightfully so.
So it's more than just a certain number that I
think our industry has done a disfavor to say, oh,
you've got to have two million, you got to have
(06:25):
four million, you have to have this dub throw the
number out. Your situation is your situation, and it should
be looked at on.
Speaker 3 (06:32):
A one by one basis.
Speaker 4 (06:34):
Sure, absolutely well, when we look at some of these
aspects of retirement that make it, you know, your own,
Let's start with the idea of stability. What do you
see as stability in retirement, Larry.
Speaker 2 (06:49):
Just knowing that you have all your ducks in a row,
that income, you really need to look at everything. And
I'll say when people sit down with us and our
team from the very beginning. Our proprietary process is we're
going to ask questions and take notes and probably things
nobody's ever asked you. Yes, it has to do with
your net worth, your liquid assets, your shared assets, if
(07:11):
you're married, is there any inheritance coming? Unfortunately, this week
and the longer than many years I do this. I
think I had three different clients that received inheritance fantastic,
but they lost a loved one to get there. We
have a thorough conversation on expenses and healthcare costs. We'll
talk more, but it's an expense that people underestimate. You know,
(07:33):
what are your other income streams. We're going to look
at all facets of retirement. It's what we have done,
will continue to do. It should be part of everybody's
planning process that doesn't end just when you do it initially.
Speaker 3 (07:46):
It should be monitored.
Speaker 2 (07:47):
It changes life, happens, and we know what happened can
happen very very quickly.
Speaker 5 (07:52):
And for people who.
Speaker 4 (07:54):
Maybe go into retirement and they don't address because I
know you see all different situations, they don't address some
of these these topics that you've just brought up. Instability
does eventually come into their lives.
Speaker 3 (08:07):
Yes, it does. It does.
Speaker 2 (08:09):
It's why there's a lot of people out there that
fear retiring. Do I have enough to retire? When am
I going to run out of money? Is it ninety five?
Speaker 3 (08:18):
Is it never?
Speaker 2 (08:18):
Is it seventy five? And you know, let's face it,
some people love to work. Some people just love to work,
and there's fulfillment that comes from it, you know. I
just like last week, had a couple from Lakeville. He's
still working, he's seventy two. He's like, I love what
I do. It's not that difficult, and I still make money,
So why wouldn't I continue to do it?
Speaker 3 (08:37):
It gives me purpose?
Speaker 2 (08:39):
And for many retirees, you know, especially in Minnesota, in
November come December, So for some that's not a good
time to retire because now you have the wonderful winter,
which I've lived in my whole life. Still complain about it, but.
Speaker 3 (08:55):
I've lived in my whole life, and.
Speaker 2 (08:57):
I've heard it too many times where we wish we
would have retired in spring because man, it was a long,
long winter.
Speaker 4 (09:03):
Yeah you bet, Okay, So how can people answer that
question for themselves? How do they know if their retirement
is stable?
Speaker 2 (09:13):
Well, first to have a plan and have a partner
that you can have a conversation, a continued conversation one today,
whether it's monthly, quarterly, annually something I've said it so
many times.
Speaker 3 (09:24):
Retirement is more.
Speaker 2 (09:26):
Than a meeting once or twice a year for thirty
to forty five minutes to an hour. You have all
the different retirement puzzle pieces, all the different topics that
should be coordinated. They should work together, and oftentimes they
work in different directions from taxes to insurance, to investments, etc.
If you're listening and you don't know if all these
(09:46):
puzzle pieces, I want you to take advantage of getting
this important guidance at least from somebody you're listening to
us right now and to me right now and haven
Financial Group for ten years, because it is our ten
year anniversary. It's what we focused on we will continue
to focus on. We want to take the worry out
of retirement because, let's face it, a lot of people
(10:06):
do worry about retirement, and some rightfully so, in others
not so rightfully.
Speaker 6 (10:11):
So.
Speaker 2 (10:11):
Some people just worry just to worry, and I guess
that's some people's nature. But by having a partner and
having conversations, you can get the confidence to know that
we are in good shape, we're not in good shape,
or this is what we need to do to better
our situation.
Speaker 5 (10:31):
All right.
Speaker 4 (10:31):
So, if you're someone who is wondering is my retirement stable?
You know, have I taken the steps that I need
to And maybe you'd like someone to just take a
look at your portfolio to make that decision or to
help you make that decision, or maybe you haven't put
together a plan at all. You heard Larry say a
stable retirement is one that has a plan. Why don't
(10:52):
you give the folks that have in financial group a call.
It's six one two five zero four eight four zero zero.
Set up an appointment, go in with the folks there
at Haven. I want to give you the number again,
and we'll give it to you throughout the hour. It's
six one two five zero four eight four zero zero. Today,
Larry Colvig and I are talking about the things that
(11:13):
you don't want to miss when it comes to retirement.
If you want a successful retirement, we're suggesting that you
don't miss number one, a stable, planned retirement, and number
two is healthcare. And we're going to talk about that
on the other side of the break. This is the
Haven Financial Group Radio Show.
Speaker 1 (11:30):
Don't go too far. We're gathering more important insights and
retirement ways, Devin, The Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. No back to
(11:50):
the show.
Speaker 3 (11:52):
Welcome back listeners.
Speaker 2 (11:53):
My name is Larry Kalvig, founder and CEO of the
Haven Financial Group. I have Glenn Ramy with us this segment. Kim,
he's our insurance specialists and he's up to his eyeballs
and Isabella as well with the medicare question and topic
that you addressed with me in the first segment.
Speaker 3 (12:09):
Glenn, good to be with you, Thank you.
Speaker 4 (12:11):
Great to have you here. Always enjoyed these conversations. I
was asking Larry off at the top of the show,
and now we want to pose this to you. This
is open enrollment. And of course we've had a government
shut down. I've heard a lot of people saying, you know,
I've really been leary this. This has been very, very
scary as a result of that government shutdown, how has
(12:31):
it been impacting open enrollment? And where do we stand
sort of, you know, at this stage of the game.
Speaker 7 (12:37):
Yeah, I'll say the good news for people in retirement
is most of the problems that are being discussed in
Washington related to the shutdown are really about the pre
sixty five market, then they are the post sixty five market.
But with that said, there are unprecedented and precedent changes
and healthcare across the board of all sectors and for
medicare specifically. What we're seeing is increased costs and a
(13:01):
contraction of benefits and a limitation of choices. A lot
of plans are being discontinued that were offered before. Insurance
me is consolidating down in certain counties that they used
to sell in that they're.
Speaker 6 (13:13):
Not selling anymore.
Speaker 7 (13:14):
And a lot of the extra benefits were used to
and the lower copays we got used to are raising
for next year, causing a lot of individuals to say,
am I in the right plan anymore? Is there another
one that would be better for me?
Speaker 5 (13:26):
Yeah?
Speaker 4 (13:26):
Now, I know you guys try to help your clients
walk through this process, a process by the way that
I think that both of you have said in the past.
Everyone should go through every year. You should at least
sort of investigate.
Speaker 7 (13:39):
Yeah, at least have a conversation, even if it's a
brief one about am I in the right position. There's
formulary changes, there's premium changes, there's copay tier changes for
what we pay on our medications. That's kind of I'd
say the biggest area people could focus on, if there's
anywhere to save money in healthcare and retirement medicare, it's
(14:01):
going to be on how our prescription drugs are covered.
I always like to say in workshops that we do
no matter what sil of the al you're on. Fox,
Missiness and New York Times have the same articles talking
about seniors missing the opportunity to save money by not
shopping their medicare plans out based on their prescription drug coverage.
Speaker 6 (14:18):
I can attest to it.
Speaker 4 (14:19):
I bet that's true. Well, you can understand. I mean,
I think people get into the routine and you don't
want to go through this again, and you're comfortable, and
so you just don't pay attention. I would also assume
I'm Glenn that and I think you mentioned this right
off the top, so you need to if nothing else
just review your policy to make sure that you're still
getting the same benefits that you got a year ago.
Speaker 6 (14:38):
Exactly.
Speaker 7 (14:39):
I think people should be paying attention around September to
a notice that comes out from their insurance companies every year,
called an annual.
Speaker 6 (14:47):
Notice of Change.
Speaker 7 (14:48):
And in that notice, it's supposed to tell that consumer
here's what you have this year, and here's what it
looks like next year, as a side by side of
concerras and their insurance. Like a lot of individuals are
missing that notice, not paying attention to it, as you said,
getting complacent and comfortable and realizing they might be missing
something that would be material to whether they'd want to
keep that insurance planned into the next year or not.
Speaker 5 (15:10):
Sure, Absolutely so, Glenn.
Speaker 4 (15:12):
Having said all of this, talk about what you guys
at Haven do to help people who walk through the
door and say, I'm about to retire and I have
no idea what I'm doing with healthcare.
Speaker 7 (15:23):
Sure, Again, I would say we're first off starting with
an educational approach.
Speaker 6 (15:27):
Right.
Speaker 7 (15:27):
If I view my role in any way, it's that
I'm an educator first, trying to inform people about what
their options are so they can make a good informed
decision about what they want their health insurance to look like,
and then we're there to help facilitate that process, get
them enrolled into the plan that's going to fit their
needs the best, and then be there year per year
(15:48):
for those questions that come up in the middle of
the year. Hey, that claimed God denied and I don't
know why, and can you tell me if that's right
or wrong? And if it's wrong, what are my next steps? Right,
We're not just there for that moment of signing up.
We're not just there for the review at the end
of the year, Eiland. We're there for that entire year
whenever something happens where that resource they're going to go
to to make sure they're getting what they're wanting out
(16:08):
of that insurance policy purchase with us.
Speaker 4 (16:10):
No, that's really those are absolutely reassuring words. Glenn Ramie
is our guest. He is an insurance expert with the
Haven Financial Group. So, Glenn, what do you think are
the biggest mistakes that people make when it comes to
their health care in retirement?
Speaker 7 (16:27):
Underestimating cost there you go underestimating costs and thinking that
some things are covered by your healthcare that are not okay.
Assume that every year we're going to see price increases
to our insurance. Inflation is no different in healthcare than
it is anywhere else in our economy, and sometimes growing
faster than most things. And it's not just the premium
(16:47):
as we pay, it's the exposure to the medical bills
we may owe under those policies. So I've got something
I say to clients knew that I think as powerful,
But it's kind of a joke, which is it got
bad news to share. Right, we don't get healthier as
we age, we get sicker, right, just the nature of things,
And are we prepared for a time we might be
fighting a chronic illness, not a curable one. They're going
(17:09):
to have to manage for the rest of our lives.
And did we incorporate that potential cost into our plan
selections when we're first going into our Medicare options.
Speaker 4 (17:17):
Can you give us an idea of, you know, after
sixty five, what people can expect to pay for the
remainder of their life.
Speaker 7 (17:25):
It's a broad range, Kim. I can say the bare
minimum people are paying for their Medicare benefits, and maybe
they have a zero premium Medicare advantage plan.
Speaker 6 (17:32):
As an example, I have.
Speaker 7 (17:34):
Other clients paying more than five hundred dollars a month
for their Medicare.
Speaker 6 (17:37):
Policies and combination of all their cost added up together.
Speaker 7 (17:40):
So it really varies on what that person wants out
of their insurance, what their health is, and what are
they wanting to do today while their options are still
there that might lower those costs in the future. As
an example, again, if people don't know there's two options
in Medicare, advantage or supplement, and only that second one
is guaranteed in the beginning of buying Medicare, supplement plans
(18:01):
are underwritten after being on Medicare for six months, So
did we really consider whether that was the right option
for us, knowing that we might not be able to
change that option later when our health isn't the same.
Speaker 4 (18:13):
I'm listening to you and I'm sixty two years old
and I'm still working, so I have my employer's benefits,
but I know that I'm going to.
Speaker 5 (18:21):
Call it quits at sixty five.
Speaker 4 (18:24):
How soon do I need to start taking steps to
educate myself and get ready for this change.
Speaker 7 (18:31):
Maybe six months, maybe four months, maybe two months, depending.
Speaker 5 (18:34):
On before retirement.
Speaker 6 (18:35):
Here you are, yeah, Okay.
Speaker 7 (18:36):
Retirement, I tell people to come in as soon as
they're ready to have the conversation. Right, are we building
that into the budget? What is it going to look like?
And even if the costs aren't exact of the time
they're going to be changing, we can give them that
estimate so they can build that into that income planning
they're going to do for retirement to make sure the
choices we're going to make a few years from now
are going to fit into what our goals are going
to be in retirement as well.
Speaker 2 (18:58):
What about the fact if I could add go ahead,
planet me and a gut we have you, could you
just comment why we think hsas are so very important
and why the listeners should be aware that Medicare is
not long term care.
Speaker 6 (19:14):
Yeah, so two things there.
Speaker 7 (19:16):
So on the HSA side, I think these are health
savings accounts for people that don't know what we're talking about.
Are powerful tools that can help people prepare for medical expenses,
not just in that moment, but in the future as well.
One of the few ways we can make our health
insurance plans premiums tax free are the utilization.
Speaker 6 (19:33):
Of health savings accounts.
Speaker 7 (19:35):
If we have that money left over we retire. Yeah,
we can't put new money in, but we can continue
to spend that money tax free down for Medicare Part
B premiums or Medicare advantage or drug plan premiums within
a retirement which could easily be four thousand or more
per year. That's now tax free because we're using our
hsas to fund it rather than our retirement accounts.
Speaker 5 (19:54):
In long term care.
Speaker 7 (19:55):
Again, I think it's one of those things that people
I wish talked about more, wish we're worried more about,
because it is a huge impact we're seeing right now.
The median cost in our state of Minnesota at one
hundred and thirty thousand per year for a semi private
room and a nursing facility, with the average stay being
three years, and our health insurance isn't going to.
Speaker 6 (20:16):
Cover those medical bills for us.
Speaker 7 (20:18):
So are we planning for that regardless of whether it
is insurance or other mechanisms. Are we having that conversation
in our retirement policies and portfolios and plans to deal
with this potential cost when it occurs.
Speaker 4 (20:30):
So, Glenn, as we sort of run out of time
here today, let's sort of wrap things up with the
idea that what do people need to know? Because again,
what we're trying to do is make sure that these
are the things that people don't ignore in their retirement.
What does someone really need to know about health care
issues as they head into retirement. What's something you want
(20:53):
people to really keep in mind that.
Speaker 7 (20:55):
It is going to be a significant portion of their
cost in retirement. And if they're not having the discussions,
if they're not having the planning done, they could face
consequences that they're not going to be happy with simply
for not having the conversation.
Speaker 6 (21:09):
Trying to avoid it. We know it's painful.
Speaker 7 (21:11):
We know we don't like to talk about things like
nursing homes and home healthcare, but these topics are important.
If we're not discussing them, we're leaving ourselves vulnerable.
Speaker 4 (21:20):
Yeah, you know, Glenn, it seems like it all sort
of follows a pattern. And this is the pattern that
Larry lays out, and that's that you gotta have a plan.
If you don't have a plan, it leaves you unprepared.
Speaker 6 (21:33):
Agreed.
Speaker 2 (21:33):
Good news is Kim the listeners, they don't have to
do it alone. They can't have a partner. They should
have a partner that they should feel comfortable with calling
up talking to setting up a time throughout the course
of the year, because when times are a little tough
or that things will seem shaky, there needs to be
some accountability so they don't You don't have to do
it alone. Feel free to give us a call. There's
(21:54):
no cost to sit down with us. We'd love the
opportunity just to get to know you. And if you
feel like we're a good guess what, we're here to help.
If not, we don't control or own anybody. It's a
free world and you can go interview as many as
you want.
Speaker 4 (22:08):
Six one two five zero four eight four zero zero.
That's how you give them a call. Glenn, thank you
very much for being a part of the show.
Speaker 6 (22:15):
We appreciate always a pleasure. Thank you.
Speaker 5 (22:18):
You bet.
Speaker 4 (22:18):
We'll take a break everybody. When we come back, let's
talk social security. This is the Haven Financial Group Radio Show.
Speaker 1 (22:24):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will.
Speaker 6 (22:32):
Be right back.
Speaker 1 (22:35):
Are you worried that your financial strategy might be missing something, Well,
you're in the right place. Larry Klvig is back and
ready to help you find your financial safe Haven.
Speaker 2 (22:47):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kalvig, founder and CEO of
the Haven Financial Group, proudly celebrating ten years this year. Kim,
great good to be with back with you this week,
of course, and we've got Mitch Moss, social security specialist
retirement professional on the Haven team who really focuses a
(23:07):
lot on the topic of this segment, social security and
how it is a big part of retirement.
Speaker 4 (23:14):
Absolutely well. This show, we're talking about the four aspects
of your retirement that you never want to ignore. We've
talked about stability and healthcare. Social security is a really
important one. But Mitch, I think most people don't ignore it.
They just have a lot of misconceptions about social security.
Speaker 6 (23:30):
I would definitely agree with that statement.
Speaker 4 (23:32):
Yeah, So having said that, what do you think is
the single biggest misconception that people have?
Speaker 8 (23:39):
You know, it's taking it right away, you know, and
not delaying it. Do we say everybody should wait till
seventy you know? It really is dependent on what your
whole situation is, right, because just not working and taking
social security isn't always a good option for a lot
of folks.
Speaker 4 (23:56):
Yeah, so let's walk through. If somebody comes into the
office and they sit down with you, and they're sixty
years old, and they say, Mitch, what do you suggest?
Speaker 5 (24:08):
How do you come to the conclusion?
Speaker 4 (24:10):
You know, how do you make decisions and help them
make decisions about what's best for them when it comes
to social security and to start drawing.
Speaker 8 (24:17):
Absolutely, so when a lot of folks come in, it's
kind of a singular option that they look at. They're
just looking at I'm going to just take my soci
security benefit, but it really entails you know, what other
things do they have to coincide with social security?
Speaker 6 (24:30):
Do they have a pension? Have they saved? Well?
Speaker 8 (24:33):
What are their expenses? What are we trying to solve?
There's a lot of things that I talk about. I
kind of summon up as milk, cheese and eggs, the
daily living of things that you need, right, I can't
live without, you know, the food and the housing and
those types of things. So what is social security going
to cover? My goal is to get that to cover
the majority of what your monthly needs are, right, get
(24:55):
that up as much as possible. Because every dollar we
take from Social Security is less a dollar we have
to take out of say your four oh one K
or your IRA, Right, so we want to ramp that up.
Then what I say is, we've got the milk, cheese,
and eggs covered. What about the fun because I'd rather
be pulling money out of your four oh one k
to go do cool things than just taking it out
and putting gas in your car.
Speaker 5 (25:14):
Sure, absolutely, Okay.
Speaker 4 (25:15):
So a couple comes in though, and they're trying to
make decisions, and they're both going to retire. You know,
at sixty five. One of them has been really the
bread winner of the family for most of the time.
Speaker 5 (25:30):
Who draws first?
Speaker 8 (25:32):
So typically when we look at that, it's the smaller
benefit is going to be drawing first. Okay, So the
larger bread winner is the one that we're going to
try to max out as best we can, because what
happens is is if one of us unfortunately would pass away,
the higher benefit stays and the smaller one drops off.
Speaker 6 (25:49):
So we know just.
Speaker 8 (25:50):
By basic math that that higher benefit is going to
live on a lot longer than per se the smaller one.
Speaker 4 (25:56):
Yeah, you know a lot of people are really worried though, Mitch,
that you know, I got to start drawing my Social
Security the second that i'm eligible because it may go away.
Speaker 8 (26:04):
Ever since the inception of Social Security back and you
know when it first came out, they've been talking about
it going away. They've been making changes to the Social
Security Administration. Don't get me wrong, I'm not in legislation.
I don't know, but you know they're going to make
changes to it. If they don't make any changes. But
it was it twenty thirty five. It's going to drop
to seventy eight cents on the dollar, I think it is.
Speaker 6 (26:24):
But they're going to.
Speaker 8 (26:24):
Make changes, whether that be raising the age at which
we can take social Security, right, because when you first
were able to start soci Security benefits was age sixty five. Well,
now for somebody like myself born after nineteen sixty it
is now sixty seven is full retirement, right, So things
have definitely changed.
Speaker 2 (26:42):
Cam, You and I have talked numerous times about the
fear factor of the news. It's been highly politicized that
being Social Security for many, many many years. It's still
here my opinion, it's not going anywhere. Is there going
to be changes as much mentioned there has to be
some changes, of course, doing away with They're not going
to do away with there's too many Americans that rely
(27:04):
solely on it, which my opinion also is I think
some Americans. Now I'm not I understand life has circumstances,
life happens in certain things that we don't control, but
I think they a lot of average Americans have relied
too heavily on Social Security as an income street to
provide for all the retirement and that that just doesn't
(27:25):
bode well for the Golden Ears.
Speaker 3 (27:28):
It just really does it.
Speaker 4 (27:29):
Yeah, Well, let's talk about some of the myths that are,
you know, circling around Social Security.
Speaker 5 (27:35):
The first one being that it is not taxable.
Speaker 8 (27:37):
So social Security is taxable, especially at the federal level.
Up to eighty five percent of that Social Security benefit
will be taxable. State of Minnesota obviously has come out
with some new changes over the last year or so.
Speaker 6 (27:52):
If you're a.
Speaker 8 (27:52):
Single person and you're adjust to grosses under seventy eight thousand,
no state tax on your Social Security and if you're
married filing jointly under one hundred thousand dollars adjusted gross,
no state tax in resource. But again if you're over
those thresholds with a lot of people are when they
start taking R and D s or things of that nature,
it will become taxable at the state level as well.
Speaker 6 (28:11):
But there are some things in the works that have changed.
Speaker 4 (28:14):
So you just said something that I think is important
for people to understand. Another reason why people often need
a partner in making all these decisions and keeping up
to date. But there are times in your retirement life
that you have to draw dollars from other locations.
Speaker 5 (28:31):
If you have you know, a four to one K,
if you have iras, blah blah blah.
Speaker 4 (28:35):
So talk about how that impacts your social security at
those points.
Speaker 8 (28:39):
Well, absolutely, especially you know, just drawing money out of
your IRA, which is your four to one k type
of type accounts is all taxable income, right, so that's
going to be added to your income base that might
push you above you know, we also have to be
very conscious of where we draw these these dollars from.
As Larry's probably talked about through all these segments, is
(29:01):
because of the taxes, is it going to raise my
income level up for medicare? Because Medicare is also a
means tested program, you have more income. So we really
start looking at that on how we do it keeping
it down and taxes are taxes. We just have to
navigate them at every corner.
Speaker 5 (29:18):
Sure, are you surprised, because I know that you join
Larry in a lot of.
Speaker 4 (29:23):
The educational seminars. Are you surprised at some of the
questions that people have and maybe you know some of
the myths and some of the misconceptions surrounding social security?
Speaker 8 (29:33):
Well, any questions I consider a good question, right, because
it's we want to make sure that we're giving the
education that we have and it's the right education because
and there's just a lot of misunderstanding because it's the
water cooler mentality. Right when you get close to retirement,
you want to start asking all your friends and family
what they've done. But when you really start digging into it,
and that's what we do here at Haven is figuring out,
(29:55):
well do we have other things here? Because when you
ask these basic questions to somebody, they're just giving you
a basic.
Speaker 6 (30:00):
Answer, and there's a lot more more things we want
to be covering.
Speaker 2 (30:05):
Jim, you know, it's why we teach a lot of
educational classes. I encourage listeners to go to the Haven
Financial Group website You're more than welcome, whether you're a
client or the public, or you're listening to come out
to our classes. Education is where it all starts. But
you know, as it relates to social security, a study
came out that seventy six percent of financial advisors do
(30:25):
not feel comfortable talking about social security. Well, we're at
a retirement advisoryfirm, and retirement for many people the biggest
income stream that they have in retirement is social security.
So we're having this social security discussion in all of
our meetings. And Mitch probably puts together more maximizing social
(30:46):
security reports a roadmap. Client, if you're listening, come on
in and have a discussion, then you'll walk out with that.
Speaker 3 (30:52):
It's very helpful.
Speaker 2 (30:53):
Kind of a good better best as to when you
claim it, because ultimately it's your decision. I recently read
a new study that the average American leaves one hundred
and eighty two thousand dollars on the table by turning
their income social Security income stream at their wrong time.
And I think every listener the answer would be, if
(31:14):
if we were to deposit one hundred and eighty two
thousand dollars into your retirement account, I don't think anybody's
going to turn us down, but yet they make the
wrong decision on when they claim social security.
Speaker 4 (31:26):
Absolutely, yeah, I think it's so important. And one of
the things that Mitch said just a minute ago, it's,
you know, a water cooler conversation, but your social security
plan should not be a water cooler decision because everybody's
is different.
Speaker 9 (31:41):
Correct, Absolutely, that's totally correct, because that's why I go
through and I ask these certain pertinent questions because you
need to get a holistic kind of sense of where
people are sitting.
Speaker 8 (31:52):
Because again, largest income stream, if you're not talking about
an influx of five one hundred to maybe a million
dollars married couple of extra income throughout your lifetime, that's
as a lot of things to discuss.
Speaker 4 (32:05):
Sure, absolutely, all right, Well, the way to discuss this
is number one, go to the website, right, Larry, because
you can go to your website Hevenfinancialgroup dot com and
check to see when the next time that Mitch and
Larry are going to be teaching one of these social
security classes. You don't have to be a client to attend,
but they certainly do want some numbers and if you'd
(32:26):
like to sit down with Mitch, you'd like to sit
down with some of the other social security experts there
at Haven Financial Group.
Speaker 5 (32:32):
Give them a call. It's six one two five zero
four eight four zero zero. That's the number.
Speaker 4 (32:38):
Let them know that you heard us here on the
radio that you'd like to come in free consultation and
chat more about social security and your retirement.
Speaker 5 (32:47):
Mitch, Thanks very much, appreciate your time.
Speaker 6 (32:50):
Thank you for having me.
Speaker 5 (32:51):
You bet, this is the Haven Financial Group Radio Show.
Speaker 1 (32:54):
Don't go too far. We're gathering more important insights and
retirement ways the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karrigan. Now back to
(33:15):
the show.
Speaker 2 (33:16):
Good morning once again, and welcome to the Haven Financial
Group Radio Show, and thanks for listening. Give us a
call at six one two five zero four eighty four
hundred or visit us online. As mentioned before, Havenfinancialgroup dot Com.
All kinds of community education classes from investments to insurance
to medicare and some really unique classes too. Kim and
(33:38):
our new education center on site here at our office
I know we've just recently had a women Wine and
wisdom kind of a family a state planning protection class
this week.
Speaker 3 (33:51):
Past week we also had a.
Speaker 2 (33:52):
Full probate explain from Keith, our state planning attorney, one
of our partners Keith and Carey, so some really unique class.
This is fraud prevention again throughout the course of the
whole year. For ten years, that's what we've done and
we will continue to do that because it's how we
meet a lot of people. It's how we end up
helping a lot of people, and a lot of times
(34:14):
people don't know where to turn to, and that's where
it all starts.
Speaker 5 (34:17):
Absolutely right.
Speaker 4 (34:19):
I want to remind everybody it's Evenfinancialgroup dot com.
Speaker 5 (34:22):
Be sure you go there and check that out.
Speaker 4 (34:25):
This morning, we have been talking about the aspects of
your retirement that you certainly don't want to ignore.
Speaker 5 (34:31):
And I think you know some of these.
Speaker 4 (34:32):
Are pretty obvious social security and healthcare, but the idea
of a stable retirement and building a plan so that
you do have a stable retirement, but this is one
that I think, I think is a little harder to achieve,
but one that probably is the most important. And you
talk about this a lot, Larry. People should thrive in retirement,
(34:56):
not just survive. So and even financial group, what do
you guys mean when you say we want to see
our clients thrive.
Speaker 2 (35:05):
Well, we want their plan to be executed, the plan
that we put in place over the course of years.
But certain things we're going to point out is, you know,
don't just shoot for some of the bare minimums. You've
heard me say this numerous times, the importance of having
a good balanced portfolio from ample liquidity, cash reserves. Why,
(35:26):
because there's going to be unexpected setbacks. It's the way
life is. Surprise, medical expenses, which we talked about early
in the show with Glenn, inflation which you and I
have been talking about for several years, market downturns, upticks,
bullish and bearish. It's going to happen. How are you
prepared for us? And we say, a comprehensive plan from
(35:49):
an investment to an income. What income streams are you
going to have? Where are you going to draw from?
You know, have you looked at all the options? Sometimes
people just while I have seen and I got dividend
producing and they're not tapping into the variety that's out there.
Maybe that includes annuities. If you're income deficient with your
Social Security and you're like my wife and I, we
(36:11):
will have no pensions. Are you utilizing or at least
how to talk about annuities for guaranteed lifetime income that
also can be a very effective So we're going to
look at all.
Speaker 3 (36:22):
The different options.
Speaker 2 (36:23):
You know, accumulation is one season of life, you just
sock it away in the four to one k and saving,
but now you're you're approaching the distribution phase of life,
a different season of life where now you're going to
start drawing from these monies. And that that's why it
leads to the oh so wonderful tax discussion we've had
(36:46):
lance our CPA on and you know, tax efficiency diversification,
where do I draw from a lot of times people
just draw from the wrong accounts and don't know the
tax repercussions. And I don't think anybody wants to necessarily
pay more than they're supposed to, but because of the
lack of tax planning, a lot of folks end up
doing exactly that.
Speaker 4 (37:07):
Now, all of that portion of retirement sounds like it
can be overwhelming, and for those of us who don't
do it all the time, it is a bit overwhelming. However,
having a partner in that is one way to help
you thrive. Having someone you know in a group like
Caven Financial Group to aide you in this and take
(37:28):
away that stress of maybe being overwhelmed by trying to
put all of this together on your own.
Speaker 5 (37:34):
And Larry, you say that all the time. I mean,
this is what you guys do.
Speaker 3 (37:39):
Yeah, a lot of this can be very overwhelming. We
hear it often.
Speaker 2 (37:43):
Our job is to simplify things. Yeah there might be
a lot of information that we're giving out over the
air here, but our job is to simplify, educate, create
a plan, modify the plan. You know, set some goals,
set some goals. What's on your bucket lists? What do
you want to do?
Speaker 3 (38:00):
The cost?
Speaker 2 (38:00):
If so, how much have you set aside money for it?
You know, the retirement bucket list. Maybe that's reading a book.
Maybe it's well, jumping out of an airplane, that wouldn't
be me. But maybe it's fishing every day. Maybe it's golfing, traveling,
seeing family. Set that bucket list, but that bucket list
needs to be reflected in your budget that I hope
you're putting together. Not because budgeting is fun because it
(38:24):
is not fun for the younger listener and it's not
fun for the older listener. But you want to make
sure that you at least know where you're spending the money.
You know, I mentioned taxes. I want to bring that
up again because it is fourth quarter. A lot of listeners,
a lot of folks who come across, are not doing
any tax planning yet. At Haven we're having in every conversation,
(38:44):
whether applicable or not, fourth quarter, what does your income
look like? Does an iraate to Roth conversion make sense?
If so, why fill that twelve percent tax bracket or
take a IRA distribution? We still have and will probably
for the next three years. Low tax brackets. Make sure
you're not missing opportunities or I call them unforced errors,
(39:07):
because you're not having these discussions you should have. And
if anybody works with with with Lance Lars and our
CPA in house at Haven here we're having these discussions.
We don't want to miss opportunities that we can really
benefit from.
Speaker 3 (39:23):
From a cast perspective.
Speaker 4 (39:24):
Sure well, I think we're trying to get at talking
about taxes and planning and talking about, you know, putting
together comprehensive plan. I think when we're talking about how
to thrive, if these pieces of the puzzle are put
into place, then one can begin to enjoy and have
(39:47):
fun and do the things that they've wanted to in retirement.
And to me, and I don't know about you, Larry,
but that means you're really thriving. But the first casting
sort of come so the second one.
Speaker 2 (39:59):
Can absolutely that. You said it very eloquently. It takes money,
but for some people it's not all about money. It's
the things that they want to do and thrive, from
family to again the bucket list to you know, maybe
take take in lavish trips, but I have a lot
of clients they love to go to the state national
(40:20):
parks and that's not expensive. So there's other ways to
enjoy it. We're all wired differently, we all like different things.
But whether you have whether you're listening and you have
very little, you're young or old, or anything in between,
complex a lot of assets, little assets, this does apply
to you. And we think everybody should be given the
(40:42):
same opportunity, the same information, the same attention in all
of these retirement areas. You don't have to do it alone.
You should have a partner, you shouldn't hesitate to pick
up that phone and talk to your partner that is
actually working for you, which you are probably paying for
because nothing's free.
Speaker 3 (41:02):
But by the way, I believe everybody.
Speaker 2 (41:04):
Should know exactly what they're paying and what value they're
getting in these retirement topics, and most people are not
getting that attention, and about eighty percent of the people
don't know what they're paying.
Speaker 3 (41:16):
I think that's a mistake.
Speaker 4 (41:18):
And I just want to reiterate one thing that you've
just said, but I'd like for you to say it
again because I think that again, these can be heady conversations.
People can be a bit overwhelmed and immediately you think, wow,
they're not talking to me because I have, you know,
my four oh one kne it doesn't have a ton
of money in it, and I'm going to draw Social
(41:40):
Security and maybe I'm anticipating that, you know, I'm going
to get a little bit of a retire or you know,
something from someone in the family, and that's it. So
they're not talking to me. But that's not the case,
right Kim.
Speaker 2 (41:54):
What you just describe, if that's the listeners that if
you just describe them, this apply to them and everybody
that's listening. So often they do, this topic can be
confused with all he's only speaking to the wealthy, the affluent,
and the rich person couldn't be further from the truth.
And again, it is affect them, but maybe in a
(42:14):
different way, in a different light that it affects you,
the common folk, those that are kind of mid class,
if you will, I don't like to use that term.
Speaker 3 (42:23):
It should be any class. It really should be any class.
Speaker 2 (42:26):
So what you'll find is we invite anybody and anybody
that wants to learn to our classes. We don't have
any minimums here. There's some financial firms that have minimums
and they're only going for the big fish. You know what,
I like fish, but guess what little fish, big fish,
anything in between.
Speaker 3 (42:44):
This applies to you.
Speaker 4 (42:46):
Six one two five zero four eight four zero zero.
If you're looking to put together a comprehensive retirement plan,
you want to make sure that you know how to
handle your healthcare and retirement. Your goal is to throw
I not just survive in retirement, and you need a
partner to get there. Call six one two five zero
(43:07):
four eight four zero zero. Tell the folks that Haven
Financial group that you heard Larry and me on the radio,
and you'd like to come in, sit down and talk
through what could and you hope will be a successful retirement.
Speaker 5 (43:22):
Larry, thank you. This has been lots of fun.
Speaker 2 (43:25):
It has been every week's fun. Kim and enjoy your week.
We'll see you next week.
Speaker 8 (43:30):
Investment advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (43:34):
Haven Financial Group and Guardian Well Strategies LLC are not.
Speaker 5 (43:37):
Affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 4 (43:42):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein, and comments regarding
as safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (43:55):
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims painability 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 Karragan 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 fuone nines are always
(00:43):
open at six point two five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Thanks for listening this morning.
Speaker 2 (01:03):
Feel free to give us a call at six one
two five zero four eighty four hundred at any time
or visit us online Havenfinancialgroup dot com. All kinds of
retirement tools are educational events, calendar of events, and there's
still several even though we're in the fourth quarter. We
keep doing it throughout the year. And Kim, good to
be with you again.
Speaker 4 (01:23):
It's great to be with you as well. Here we
are in November. Before we get started with today's topic,
which is we're going to talk about some of the
issues that you should never ignore as you plan for
your retirement, I just wanted to ask you a little
bit about open enrollment.
Speaker 5 (01:38):
How is that going here?
Speaker 4 (01:39):
And you know, again, as we find ourselves in November,
how much longer do we have and what do.
Speaker 5 (01:45):
People need to know about that real quickly?
Speaker 2 (01:47):
Well interesting you say that, because Glenn Ramy will be
on the second segment with us and we'll pose that
question to him too.
Speaker 3 (01:54):
Here's how I see it going. It is crazy.
Speaker 2 (01:58):
People are companies have done a lot of things here
at the last second, right before annual enrollment, and a
lot of clients they don't know where to turn to
because with the changes, the variety of fronts of changes,
certain plans completely dropped, so pretty much everybody's having to
(02:18):
look at it and I know Isabella and Glenn Ramy,
who do that in our office, are absolutely swamped. Until
December seventh. They're adding Saturdays, adding morning early morning evenings,
just to do our best at Haven to accommodate. Now
what listeners don't know, and they probably are surprised that
I would even mention this. Insurance companies came with these
(02:41):
changes on the consumer level, but they also came to
the agents on an agent level and said, oh, by
the way, you can help the consumer out with this
medicare these changes, but we're not going to pay you
any commissions. Completely slashed the commissions. Now you know, for
(03:01):
the consumer with US, you don't pay anymore to have
somebody help you. There's no extra fee or anything to that.
But I don't think it's any secret that insurance companies
incentivize very little for the agent to help the consumer
navigate through this health care discussion. And by the way,
that healthcare discussion could be very complicated. It's hard for anybody,
(03:22):
let alone an elder person, to navigate it through. They
threw all these curveballs at us at the last second,
and at the end of the day, a producer wants
to get something for all their hard work, not complaining.
But again it's just just know that we're here to
help in any capacity, whether it's annual enrollment, open enrollment,
you know, any of those items, We're here to help
(03:44):
and we can be a resource in any area. But
that's what's going on in Annual Romance. We can pose
that a quick question when Glenn's on in the second segment.
Speaker 4 (03:53):
Absolutely, and that leads us now to what it is
we want to talk about this show, and that's some
of the aspects of your retirement that you certainly don't
want to ever ignore. One of those being, of course, healthcare.
And as Larry said, Glenn Ramy's going to join us
in our second segment to talk a little bit more
about that. I want to talk to him too, Larry,
(04:13):
about you know, how the government shutdown has impacted enrollment,
because I know that's a question that a lot of
people have had. We also want to talk about stability
in retirement, something that you certainly don't want to ignore.
Social Security obviously, I mean, it's plays such a big
part in so many people's retirement and there's so much
to know about it. So we're going to talk about
(04:35):
that and then Finally, we'll chat a little bit more
at the end of the show about you know, not
just retiring and surviving, but thriving in your retirement. How
important it is to not ignore that. I think for
a lot of people, Larry, retirement becomes so much about money, money, money, money, money, money, money,
(04:55):
And there's got to be more to retirement than just that.
Speaker 3 (04:59):
There's certainly is, or there should be.
Speaker 2 (05:01):
And that's where we have the conversations to really look
at it holistically, retirement from a holistic standpoint. You know,
the age group that we serve, we're not limited to
controls about seventy four percent of the investable assets, and
I'm referring to those fifty five at older seventy four
percent of the investable assets. That's a really big number.
(05:22):
So it's another reason why it's so important for people
to have retirement financial plans that are very thorough and
well thought through. But it is way more than retirement's
way more than a certain number that you're trying to
get to. You know, assets and money does help a
role for retiring early, but there's other things that drive
(05:43):
these choices. Okay, what a successful retirement looks to you,
you know, health. We're going to talk about healthcare, but
it's turning that money that you've worked hard for, those
all those accumulation years and turning it into an income,
because income really is the name of the game. I've
mentioned it before. We have clients that have very little
(06:04):
and retirement assets, but they have big Social Security and
big pensions and they're happy. We have those that have
a whole bunch of retirement assets, high net worth that
their fear is running out of money, and rightfully so.
So it's more than just a certain number that I
think our industry has done a disfavor to say, oh,
you've got to have two million, you got to have
(06:25):
four million, you have to have this dub throw the
number out. Your situation is your situation, and it should
be looked at on.
Speaker 3 (06:32):
A one by one basis.
Speaker 4 (06:34):
Sure, absolutely well, when we look at some of these
aspects of retirement that make it, you know, your own,
Let's start with the idea of stability. What do you
see as stability in retirement, Larry.
Speaker 2 (06:49):
Just knowing that you have all your ducks in a row,
that income, you really need to look at everything. And
I'll say when people sit down with us and our
team from the very beginning. Our proprietary process is we're
going to ask questions and take notes and probably things
nobody's ever asked you. Yes, it has to do with
your net worth, your liquid assets, your shared assets, if
(07:11):
you're married, is there any inheritance coming? Unfortunately, this week
and the longer than many years I do this. I
think I had three different clients that received inheritance fantastic,
but they lost a loved one to get there. We
have a thorough conversation on expenses and healthcare costs. We'll
talk more, but it's an expense that people underestimate. You know,
(07:33):
what are your other income streams. We're going to look
at all facets of retirement. It's what we have done,
will continue to do. It should be part of everybody's
planning process that doesn't end just when you do it initially.
Speaker 3 (07:46):
It should be monitored.
Speaker 2 (07:47):
It changes life, happens, and we know what happened can
happen very very quickly.
Speaker 5 (07:52):
And for people who.
Speaker 4 (07:54):
Maybe go into retirement and they don't address because I
know you see all different situations, they don't address some
of these these topics that you've just brought up. Instability
does eventually come into their lives.
Speaker 3 (08:07):
Yes, it does. It does.
Speaker 2 (08:09):
It's why there's a lot of people out there that
fear retiring. Do I have enough to retire? When am
I going to run out of money? Is it ninety five?
Speaker 3 (08:18):
Is it never?
Speaker 2 (08:18):
Is it seventy five? And you know, let's face it,
some people love to work. Some people just love to work,
and there's fulfillment that comes from it, you know. I
just like last week, had a couple from Lakeville. He's
still working, he's seventy two. He's like, I love what
I do. It's not that difficult, and I still make money,
So why wouldn't I continue to do it?
Speaker 3 (08:37):
It gives me purpose?
Speaker 2 (08:39):
And for many retirees, you know, especially in Minnesota, in
November come December, So for some that's not a good
time to retire because now you have the wonderful winter,
which I've lived in my whole life. Still complain about it, but.
Speaker 3 (08:55):
I've lived in my whole life, and.
Speaker 2 (08:57):
I've heard it too many times where we wish we
would have retired in spring because man, it was a long,
long winter.
Speaker 4 (09:03):
Yeah you bet, Okay, So how can people answer that
question for themselves? How do they know if their retirement
is stable?
Speaker 2 (09:13):
Well, first to have a plan and have a partner
that you can have a conversation, a continued conversation one today,
whether it's monthly, quarterly, annually something I've said it so
many times.
Speaker 3 (09:24):
Retirement is more.
Speaker 2 (09:26):
Than a meeting once or twice a year for thirty
to forty five minutes to an hour. You have all
the different retirement puzzle pieces, all the different topics that
should be coordinated. They should work together, and oftentimes they
work in different directions from taxes to insurance, to investments, etc.
If you're listening and you don't know if all these
(09:46):
puzzle pieces, I want you to take advantage of getting
this important guidance at least from somebody you're listening to
us right now and to me right now and haven
Financial Group for ten years, because it is our ten
year anniversary. It's what we focused on we will continue
to focus on. We want to take the worry out
of retirement because, let's face it, a lot of people
(10:06):
do worry about retirement, and some rightfully so, in others
not so rightfully.
Speaker 6 (10:11):
So.
Speaker 2 (10:11):
Some people just worry just to worry, and I guess
that's some people's nature. But by having a partner and
having conversations, you can get the confidence to know that
we are in good shape, we're not in good shape,
or this is what we need to do to better
our situation.
Speaker 5 (10:31):
All right.
Speaker 4 (10:31):
So, if you're someone who is wondering is my retirement stable?
You know, have I taken the steps that I need
to And maybe you'd like someone to just take a
look at your portfolio to make that decision or to
help you make that decision, or maybe you haven't put
together a plan at all. You heard Larry say a
stable retirement is one that has a plan. Why don't
(10:52):
you give the folks that have in financial group a call.
It's six one two five zero four eight four zero zero.
Set up an appointment, go in with the folks there
at Haven. I want to give you the number again,
and we'll give it to you throughout the hour. It's
six one two five zero four eight four zero zero. Today,
Larry Colvig and I are talking about the things that
(11:13):
you don't want to miss when it comes to retirement.
If you want a successful retirement, we're suggesting that you
don't miss number one, a stable, planned retirement, and number
two is healthcare. And we're going to talk about that
on the other side of the break. This is the
Haven Financial Group Radio Show.
Speaker 1 (11:30):
Don't go too far. We're gathering more important insights and
retirement ways, Devin, The Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. No back to
(11:50):
the show.
Speaker 3 (11:52):
Welcome back listeners.
Speaker 2 (11:53):
My name is Larry Kalvig, founder and CEO of the
Haven Financial Group. I have Glenn Ramy with us this segment. Kim,
he's our insurance specialists and he's up to his eyeballs
and Isabella as well with the medicare question and topic
that you addressed with me in the first segment.
Speaker 3 (12:09):
Glenn, good to be with you, Thank you.
Speaker 4 (12:11):
Great to have you here. Always enjoyed these conversations. I
was asking Larry off at the top of the show,
and now we want to pose this to you. This
is open enrollment. And of course we've had a government
shut down. I've heard a lot of people saying, you know,
I've really been leary this. This has been very, very
scary as a result of that government shutdown, how has
(12:31):
it been impacting open enrollment? And where do we stand
sort of, you know, at this stage of the game.
Speaker 7 (12:37):
Yeah, I'll say the good news for people in retirement
is most of the problems that are being discussed in
Washington related to the shutdown are really about the pre
sixty five market, then they are the post sixty five market.
But with that said, there are unprecedented and precedent changes
and healthcare across the board of all sectors and for
medicare specifically. What we're seeing is increased costs and a
(13:01):
contraction of benefits and a limitation of choices. A lot
of plans are being discontinued that were offered before. Insurance
me is consolidating down in certain counties that they used
to sell in that they're.
Speaker 6 (13:13):
Not selling anymore.
Speaker 7 (13:14):
And a lot of the extra benefits were used to
and the lower copays we got used to are raising
for next year, causing a lot of individuals to say,
am I in the right plan anymore? Is there another
one that would be better for me?
Speaker 5 (13:26):
Yeah?
Speaker 4 (13:26):
Now, I know you guys try to help your clients
walk through this process, a process by the way that
I think that both of you have said in the past.
Everyone should go through every year. You should at least
sort of investigate.
Speaker 7 (13:39):
Yeah, at least have a conversation, even if it's a
brief one about am I in the right position. There's
formulary changes, there's premium changes, there's copay tier changes for
what we pay on our medications. That's kind of I'd
say the biggest area people could focus on, if there's
anywhere to save money in healthcare and retirement medicare, it's
(14:01):
going to be on how our prescription drugs are covered.
I always like to say in workshops that we do
no matter what sil of the al you're on. Fox,
Missiness and New York Times have the same articles talking
about seniors missing the opportunity to save money by not
shopping their medicare plans out based on their prescription drug coverage.
Speaker 6 (14:18):
I can attest to it.
Speaker 4 (14:19):
I bet that's true. Well, you can understand. I mean,
I think people get into the routine and you don't
want to go through this again, and you're comfortable, and
so you just don't pay attention. I would also assume
I'm Glenn that and I think you mentioned this right
off the top, so you need to if nothing else
just review your policy to make sure that you're still
getting the same benefits that you got a year ago.
Speaker 6 (14:38):
Exactly.
Speaker 7 (14:39):
I think people should be paying attention around September to
a notice that comes out from their insurance companies every year,
called an annual.
Speaker 6 (14:47):
Notice of Change.
Speaker 7 (14:48):
And in that notice, it's supposed to tell that consumer
here's what you have this year, and here's what it
looks like next year, as a side by side of
concerras and their insurance. Like a lot of individuals are
missing that notice, not paying attention to it, as you said,
getting complacent and comfortable and realizing they might be missing
something that would be material to whether they'd want to
keep that insurance planned into the next year or not.
Speaker 5 (15:10):
Sure, Absolutely so, Glenn.
Speaker 4 (15:12):
Having said all of this, talk about what you guys
at Haven do to help people who walk through the
door and say, I'm about to retire and I have
no idea what I'm doing with healthcare.
Speaker 7 (15:23):
Sure, Again, I would say we're first off starting with
an educational approach.
Speaker 6 (15:27):
Right.
Speaker 7 (15:27):
If I view my role in any way, it's that
I'm an educator first, trying to inform people about what
their options are so they can make a good informed
decision about what they want their health insurance to look like,
and then we're there to help facilitate that process, get
them enrolled into the plan that's going to fit their
needs the best, and then be there year per year
(15:48):
for those questions that come up in the middle of
the year. Hey, that claimed God denied and I don't
know why, and can you tell me if that's right
or wrong? And if it's wrong, what are my next steps? Right,
We're not just there for that moment of signing up.
We're not just there for the review at the end
of the year, Eiland. We're there for that entire year
whenever something happens where that resource they're going to go
to to make sure they're getting what they're wanting out
(16:08):
of that insurance policy purchase with us.
Speaker 4 (16:10):
No, that's really those are absolutely reassuring words. Glenn Ramie
is our guest. He is an insurance expert with the
Haven Financial Group. So, Glenn, what do you think are
the biggest mistakes that people make when it comes to
their health care in retirement?
Speaker 7 (16:27):
Underestimating cost there you go underestimating costs and thinking that
some things are covered by your healthcare that are not okay.
Assume that every year we're going to see price increases
to our insurance. Inflation is no different in healthcare than
it is anywhere else in our economy, and sometimes growing
faster than most things. And it's not just the premium
(16:47):
as we pay, it's the exposure to the medical bills
we may owe under those policies. So I've got something
I say to clients knew that I think as powerful,
But it's kind of a joke, which is it got
bad news to share. Right, we don't get healthier as
we age, we get sicker, right, just the nature of things,
And are we prepared for a time we might be
fighting a chronic illness, not a curable one. They're going
(17:09):
to have to manage for the rest of our lives.
And did we incorporate that potential cost into our plan
selections when we're first going into our Medicare options.
Speaker 4 (17:17):
Can you give us an idea of, you know, after
sixty five, what people can expect to pay for the
remainder of their life.
Speaker 7 (17:25):
It's a broad range, Kim. I can say the bare
minimum people are paying for their Medicare benefits, and maybe
they have a zero premium Medicare advantage plan.
Speaker 6 (17:32):
As an example, I have.
Speaker 7 (17:34):
Other clients paying more than five hundred dollars a month
for their Medicare.
Speaker 6 (17:37):
Policies and combination of all their cost added up together.
Speaker 7 (17:40):
So it really varies on what that person wants out
of their insurance, what their health is, and what are
they wanting to do today while their options are still
there that might lower those costs in the future. As
an example, again, if people don't know there's two options
in Medicare, advantage or supplement, and only that second one
is guaranteed in the beginning of buying Medicare, supplement plans
(18:01):
are underwritten after being on Medicare for six months, So
did we really consider whether that was the right option
for us, knowing that we might not be able to
change that option later when our health isn't the same.
Speaker 4 (18:13):
I'm listening to you and I'm sixty two years old
and I'm still working, so I have my employer's benefits,
but I know that I'm going to.
Speaker 5 (18:21):
Call it quits at sixty five.
Speaker 4 (18:24):
How soon do I need to start taking steps to
educate myself and get ready for this change.
Speaker 7 (18:31):
Maybe six months, maybe four months, maybe two months, depending.
Speaker 5 (18:34):
On before retirement.
Speaker 6 (18:35):
Here you are, yeah, Okay.
Speaker 7 (18:36):
Retirement, I tell people to come in as soon as
they're ready to have the conversation. Right, are we building
that into the budget? What is it going to look like?
And even if the costs aren't exact of the time
they're going to be changing, we can give them that
estimate so they can build that into that income planning
they're going to do for retirement to make sure the
choices we're going to make a few years from now
are going to fit into what our goals are going
to be in retirement as well.
Speaker 2 (18:58):
What about the fact if I could add go ahead,
planet me and a gut we have you, could you
just comment why we think hsas are so very important
and why the listeners should be aware that Medicare is
not long term care.
Speaker 6 (19:14):
Yeah, so two things there.
Speaker 7 (19:16):
So on the HSA side, I think these are health
savings accounts for people that don't know what we're talking about.
Are powerful tools that can help people prepare for medical expenses,
not just in that moment, but in the future as well.
One of the few ways we can make our health
insurance plans premiums tax free are the utilization.
Speaker 6 (19:33):
Of health savings accounts.
Speaker 7 (19:35):
If we have that money left over we retire. Yeah,
we can't put new money in, but we can continue
to spend that money tax free down for Medicare Part
B premiums or Medicare advantage or drug plan premiums within
a retirement which could easily be four thousand or more
per year. That's now tax free because we're using our
hsas to fund it rather than our retirement accounts.
Speaker 5 (19:54):
In long term care.
Speaker 7 (19:55):
Again, I think it's one of those things that people
I wish talked about more, wish we're worried more about,
because it is a huge impact we're seeing right now.
The median cost in our state of Minnesota at one
hundred and thirty thousand per year for a semi private
room and a nursing facility, with the average stay being
three years, and our health insurance isn't going to.
Speaker 6 (20:16):
Cover those medical bills for us.
Speaker 7 (20:18):
So are we planning for that regardless of whether it
is insurance or other mechanisms. Are we having that conversation
in our retirement policies and portfolios and plans to deal
with this potential cost when it occurs.
Speaker 4 (20:30):
So, Glenn, as we sort of run out of time
here today, let's sort of wrap things up with the
idea that what do people need to know? Because again,
what we're trying to do is make sure that these
are the things that people don't ignore in their retirement.
What does someone really need to know about health care
issues as they head into retirement. What's something you want
(20:53):
people to really keep in mind that.
Speaker 7 (20:55):
It is going to be a significant portion of their
cost in retirement. And if they're not having the discussions,
if they're not having the planning done, they could face
consequences that they're not going to be happy with simply
for not having the conversation.
Speaker 6 (21:09):
Trying to avoid it. We know it's painful.
Speaker 7 (21:11):
We know we don't like to talk about things like
nursing homes and home healthcare, but these topics are important.
If we're not discussing them, we're leaving ourselves vulnerable.
Speaker 4 (21:20):
Yeah, you know, Glenn, it seems like it all sort
of follows a pattern. And this is the pattern that
Larry lays out, and that's that you gotta have a plan.
If you don't have a plan, it leaves you unprepared.
Speaker 6 (21:33):
Agreed.
Speaker 2 (21:33):
Good news is Kim the listeners, they don't have to
do it alone. They can't have a partner. They should
have a partner that they should feel comfortable with calling
up talking to setting up a time throughout the course
of the year, because when times are a little tough
or that things will seem shaky, there needs to be
some accountability so they don't You don't have to do
it alone. Feel free to give us a call. There's
(21:54):
no cost to sit down with us. We'd love the
opportunity just to get to know you. And if you
feel like we're a good guess what, we're here to help.
If not, we don't control or own anybody. It's a
free world and you can go interview as many as
you want.
Speaker 4 (22:08):
Six one two five zero four eight four zero zero.
That's how you give them a call. Glenn, thank you
very much for being a part of the show.
Speaker 6 (22:15):
We appreciate always a pleasure. Thank you.
Speaker 5 (22:18):
You bet.
Speaker 4 (22:18):
We'll take a break everybody. When we come back, let's
talk social security. This is the Haven Financial Group Radio Show.
Speaker 1 (22:24):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will.
Speaker 6 (22:32):
Be right back.
Speaker 1 (22:35):
Are you worried that your financial strategy might be missing something, Well,
you're in the right place. Larry Klvig is back and
ready to help you find your financial safe Haven.
Speaker 2 (22:47):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kalvig, founder and CEO of
the Haven Financial Group, proudly celebrating ten years this year. Kim,
great good to be with back with you this week,
of course, and we've got Mitch Moss, social security specialist
retirement professional on the Haven team who really focuses a
(23:07):
lot on the topic of this segment, social security and
how it is a big part of retirement.
Speaker 4 (23:14):
Absolutely well. This show, we're talking about the four aspects
of your retirement that you never want to ignore. We've
talked about stability and healthcare. Social security is a really
important one. But Mitch, I think most people don't ignore it.
They just have a lot of misconceptions about social security.
Speaker 6 (23:30):
I would definitely agree with that statement.
Speaker 4 (23:32):
Yeah, So having said that, what do you think is
the single biggest misconception that people have?
Speaker 8 (23:39):
You know, it's taking it right away, you know, and
not delaying it. Do we say everybody should wait till
seventy you know? It really is dependent on what your
whole situation is, right, because just not working and taking
social security isn't always a good option for a lot
of folks.
Speaker 4 (23:56):
Yeah, so let's walk through. If somebody comes into the
office and they sit down with you, and they're sixty
years old, and they say, Mitch, what do you suggest?
Speaker 5 (24:08):
How do you come to the conclusion?
Speaker 4 (24:10):
You know, how do you make decisions and help them
make decisions about what's best for them when it comes
to social security and to start drawing.
Speaker 8 (24:17):
Absolutely, so when a lot of folks come in, it's
kind of a singular option that they look at. They're
just looking at I'm going to just take my soci
security benefit, but it really entails you know, what other
things do they have to coincide with social security?
Speaker 6 (24:30):
Do they have a pension? Have they saved? Well?
Speaker 8 (24:33):
What are their expenses? What are we trying to solve?
There's a lot of things that I talk about. I
kind of summon up as milk, cheese and eggs, the
daily living of things that you need, right, I can't
live without, you know, the food and the housing and
those types of things. So what is social security going
to cover? My goal is to get that to cover
the majority of what your monthly needs are, right, get
(24:55):
that up as much as possible. Because every dollar we
take from Social Security is less a dollar we have
to take out of say your four oh one K
or your IRA, Right, so we want to ramp that up.
Then what I say is, we've got the milk, cheese,
and eggs covered. What about the fun because I'd rather
be pulling money out of your four oh one k
to go do cool things than just taking it out
and putting gas in your car.
Speaker 5 (25:14):
Sure, absolutely, Okay.
Speaker 4 (25:15):
So a couple comes in though, and they're trying to
make decisions, and they're both going to retire. You know,
at sixty five. One of them has been really the
bread winner of the family for most of the time.
Speaker 5 (25:30):
Who draws first?
Speaker 8 (25:32):
So typically when we look at that, it's the smaller
benefit is going to be drawing first. Okay, So the
larger bread winner is the one that we're going to
try to max out as best we can, because what
happens is is if one of us unfortunately would pass away,
the higher benefit stays and the smaller one drops off.
Speaker 6 (25:49):
So we know just.
Speaker 8 (25:50):
By basic math that that higher benefit is going to
live on a lot longer than per se the smaller one.
Speaker 4 (25:56):
Yeah, you know a lot of people are really worried though, Mitch,
that you know, I got to start drawing my Social
Security the second that i'm eligible because it may go away.
Speaker 8 (26:04):
Ever since the inception of Social Security back and you
know when it first came out, they've been talking about
it going away. They've been making changes to the Social
Security Administration. Don't get me wrong, I'm not in legislation.
I don't know, but you know they're going to make
changes to it. If they don't make any changes. But
it was it twenty thirty five. It's going to drop
to seventy eight cents on the dollar, I think it is.
Speaker 6 (26:24):
But they're going to.
Speaker 8 (26:24):
Make changes, whether that be raising the age at which
we can take social Security, right, because when you first
were able to start soci Security benefits was age sixty five. Well,
now for somebody like myself born after nineteen sixty it
is now sixty seven is full retirement, right, So things
have definitely changed.
Speaker 2 (26:42):
Cam, You and I have talked numerous times about the
fear factor of the news. It's been highly politicized that
being Social Security for many, many many years. It's still
here my opinion, it's not going anywhere. Is there going
to be changes as much mentioned there has to be
some changes, of course, doing away with They're not going
to do away with there's too many Americans that rely
(27:04):
solely on it, which my opinion also is I think
some Americans. Now I'm not I understand life has circumstances,
life happens in certain things that we don't control, but
I think they a lot of average Americans have relied
too heavily on Social Security as an income street to
provide for all the retirement and that that just doesn't
(27:25):
bode well for the Golden Ears.
Speaker 3 (27:28):
It just really does it.
Speaker 4 (27:29):
Yeah, Well, let's talk about some of the myths that are,
you know, circling around Social Security.
Speaker 5 (27:35):
The first one being that it is not taxable.
Speaker 8 (27:37):
So social Security is taxable, especially at the federal level.
Up to eighty five percent of that Social Security benefit
will be taxable. State of Minnesota obviously has come out
with some new changes over the last year or so.
Speaker 6 (27:52):
If you're a.
Speaker 8 (27:52):
Single person and you're adjust to grosses under seventy eight thousand,
no state tax on your Social Security and if you're
married filing jointly under one hundred thousand dollars adjusted gross,
no state tax in resource. But again if you're over
those thresholds with a lot of people are when they
start taking R and D s or things of that nature,
it will become taxable at the state level as well.
Speaker 6 (28:11):
But there are some things in the works that have changed.
Speaker 4 (28:14):
So you just said something that I think is important
for people to understand. Another reason why people often need
a partner in making all these decisions and keeping up
to date. But there are times in your retirement life
that you have to draw dollars from other locations.
Speaker 5 (28:31):
If you have you know, a four to one K,
if you have iras, blah blah blah.
Speaker 4 (28:35):
So talk about how that impacts your social security at
those points.
Speaker 8 (28:39):
Well, absolutely, especially you know, just drawing money out of
your IRA, which is your four to one k type
of type accounts is all taxable income, right, so that's
going to be added to your income base that might
push you above you know, we also have to be
very conscious of where we draw these these dollars from.
As Larry's probably talked about through all these segments, is
(29:01):
because of the taxes, is it going to raise my
income level up for medicare? Because Medicare is also a
means tested program, you have more income. So we really
start looking at that on how we do it keeping
it down and taxes are taxes. We just have to
navigate them at every corner.
Speaker 5 (29:18):
Sure, are you surprised, because I know that you join
Larry in a lot of.
Speaker 4 (29:23):
The educational seminars. Are you surprised at some of the
questions that people have and maybe you know some of
the myths and some of the misconceptions surrounding social security?
Speaker 8 (29:33):
Well, any questions I consider a good question, right, because
it's we want to make sure that we're giving the
education that we have and it's the right education because
and there's just a lot of misunderstanding because it's the
water cooler mentality. Right when you get close to retirement,
you want to start asking all your friends and family
what they've done. But when you really start digging into it,
and that's what we do here at Haven is figuring out,
(29:55):
well do we have other things here? Because when you
ask these basic questions to somebody, they're just giving you
a basic.
Speaker 6 (30:00):
Answer, and there's a lot more more things we want
to be covering.
Speaker 2 (30:05):
Jim, you know, it's why we teach a lot of
educational classes. I encourage listeners to go to the Haven
Financial Group website You're more than welcome, whether you're a
client or the public, or you're listening to come out
to our classes. Education is where it all starts. But
you know, as it relates to social security, a study
came out that seventy six percent of financial advisors do
(30:25):
not feel comfortable talking about social security. Well, we're at
a retirement advisoryfirm, and retirement for many people the biggest
income stream that they have in retirement is social security.
So we're having this social security discussion in all of
our meetings. And Mitch probably puts together more maximizing social
(30:46):
security reports a roadmap. Client, if you're listening, come on
in and have a discussion, then you'll walk out with that.
Speaker 3 (30:52):
It's very helpful.
Speaker 2 (30:53):
Kind of a good better best as to when you
claim it, because ultimately it's your decision. I recently read
a new study that the average American leaves one hundred
and eighty two thousand dollars on the table by turning
their income social Security income stream at their wrong time.
And I think every listener the answer would be, if
(31:14):
if we were to deposit one hundred and eighty two
thousand dollars into your retirement account, I don't think anybody's
going to turn us down, but yet they make the
wrong decision on when they claim social security.
Speaker 4 (31:26):
Absolutely, yeah, I think it's so important. And one of
the things that Mitch said just a minute ago, it's,
you know, a water cooler conversation, but your social security
plan should not be a water cooler decision because everybody's
is different.
Speaker 9 (31:41):
Correct, Absolutely, that's totally correct, because that's why I go
through and I ask these certain pertinent questions because you
need to get a holistic kind of sense of where
people are sitting.
Speaker 8 (31:52):
Because again, largest income stream, if you're not talking about
an influx of five one hundred to maybe a million
dollars married couple of extra income throughout your lifetime, that's
as a lot of things to discuss.
Speaker 4 (32:05):
Sure, absolutely, all right, Well, the way to discuss this
is number one, go to the website, right, Larry, because
you can go to your website Hevenfinancialgroup dot com and
check to see when the next time that Mitch and
Larry are going to be teaching one of these social
security classes. You don't have to be a client to attend,
but they certainly do want some numbers and if you'd
(32:26):
like to sit down with Mitch, you'd like to sit
down with some of the other social security experts there
at Haven Financial Group.
Speaker 5 (32:32):
Give them a call. It's six one two five zero
four eight four zero zero. That's the number.
Speaker 4 (32:38):
Let them know that you heard us here on the
radio that you'd like to come in free consultation and
chat more about social security and your retirement.
Speaker 5 (32:47):
Mitch, Thanks very much, appreciate your time.
Speaker 6 (32:50):
Thank you for having me.
Speaker 5 (32:51):
You bet, this is the Haven Financial Group Radio Show.
Speaker 1 (32:54):
Don't go too far. We're gathering more important insights and
retirement ways the Haven Financial Group Radio Show. We'll be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karrigan. Now back to
(33:15):
the show.
Speaker 2 (33:16):
Good morning once again, and welcome to the Haven Financial
Group Radio Show, and thanks for listening. Give us a
call at six one two five zero four eighty four
hundred or visit us online. As mentioned before, Havenfinancialgroup dot Com.
All kinds of community education classes from investments to insurance
to medicare and some really unique classes too. Kim and
(33:38):
our new education center on site here at our office
I know we've just recently had a women Wine and
wisdom kind of a family a state planning protection class
this week.
Speaker 3 (33:51):
Past week we also had a.
Speaker 2 (33:52):
Full probate explain from Keith, our state planning attorney, one
of our partners Keith and Carey, so some really unique class.
This is fraud prevention again throughout the course of the
whole year. For ten years, that's what we've done and
we will continue to do that because it's how we
meet a lot of people. It's how we end up
helping a lot of people, and a lot of times
(34:14):
people don't know where to turn to, and that's where
it all starts.
Speaker 5 (34:17):
Absolutely right.
Speaker 4 (34:19):
I want to remind everybody it's Evenfinancialgroup dot com.
Speaker 5 (34:22):
Be sure you go there and check that out.
Speaker 4 (34:25):
This morning, we have been talking about the aspects of
your retirement that you certainly don't want to ignore.
Speaker 5 (34:31):
And I think you know some of these.
Speaker 4 (34:32):
Are pretty obvious social security and healthcare, but the idea
of a stable retirement and building a plan so that
you do have a stable retirement, but this is one
that I think, I think is a little harder to achieve,
but one that probably is the most important. And you
talk about this a lot, Larry. People should thrive in retirement,
(34:56):
not just survive. So and even financial group, what do
you guys mean when you say we want to see
our clients thrive.
Speaker 2 (35:05):
Well, we want their plan to be executed, the plan
that we put in place over the course of years.
But certain things we're going to point out is, you know,
don't just shoot for some of the bare minimums. You've
heard me say this numerous times, the importance of having
a good balanced portfolio from ample liquidity, cash reserves. Why,
(35:26):
because there's going to be unexpected setbacks. It's the way
life is. Surprise, medical expenses, which we talked about early
in the show with Glenn, inflation which you and I
have been talking about for several years, market downturns, upticks,
bullish and bearish. It's going to happen. How are you
prepared for us? And we say, a comprehensive plan from
(35:49):
an investment to an income. What income streams are you
going to have? Where are you going to draw from?
You know, have you looked at all the options? Sometimes
people just while I have seen and I got dividend
producing and they're not tapping into the variety that's out there.
Maybe that includes annuities. If you're income deficient with your
Social Security and you're like my wife and I, we
(36:11):
will have no pensions. Are you utilizing or at least
how to talk about annuities for guaranteed lifetime income that
also can be a very effective So we're going to
look at all.
Speaker 3 (36:22):
The different options.
Speaker 2 (36:23):
You know, accumulation is one season of life, you just
sock it away in the four to one k and saving,
but now you're you're approaching the distribution phase of life,
a different season of life where now you're going to
start drawing from these monies. And that that's why it
leads to the oh so wonderful tax discussion we've had
(36:46):
lance our CPA on and you know, tax efficiency diversification,
where do I draw from a lot of times people
just draw from the wrong accounts and don't know the
tax repercussions. And I don't think anybody wants to necessarily
pay more than they're supposed to, but because of the
lack of tax planning, a lot of folks end up
doing exactly that.
Speaker 4 (37:07):
Now, all of that portion of retirement sounds like it
can be overwhelming, and for those of us who don't
do it all the time, it is a bit overwhelming. However,
having a partner in that is one way to help
you thrive. Having someone you know in a group like
Caven Financial Group to aide you in this and take
(37:28):
away that stress of maybe being overwhelmed by trying to
put all of this together on your own.
Speaker 5 (37:34):
And Larry, you say that all the time. I mean,
this is what you guys do.
Speaker 3 (37:39):
Yeah, a lot of this can be very overwhelming. We
hear it often.
Speaker 2 (37:43):
Our job is to simplify things. Yeah there might be
a lot of information that we're giving out over the
air here, but our job is to simplify, educate, create
a plan, modify the plan. You know, set some goals,
set some goals. What's on your bucket lists? What do
you want to do?
Speaker 3 (38:00):
The cost?
Speaker 2 (38:00):
If so, how much have you set aside money for it?
You know, the retirement bucket list. Maybe that's reading a book.
Maybe it's well, jumping out of an airplane, that wouldn't
be me. But maybe it's fishing every day. Maybe it's golfing, traveling,
seeing family. Set that bucket list, but that bucket list
needs to be reflected in your budget that I hope
you're putting together. Not because budgeting is fun because it
(38:24):
is not fun for the younger listener and it's not
fun for the older listener. But you want to make
sure that you at least know where you're spending the money.
You know, I mentioned taxes. I want to bring that
up again because it is fourth quarter. A lot of listeners,
a lot of folks who come across, are not doing
any tax planning yet. At Haven we're having in every conversation,
(38:44):
whether applicable or not, fourth quarter, what does your income
look like? Does an iraate to Roth conversion make sense?
If so, why fill that twelve percent tax bracket or
take a IRA distribution? We still have and will probably
for the next three years. Low tax brackets. Make sure
you're not missing opportunities or I call them unforced errors,
(39:07):
because you're not having these discussions you should have. And
if anybody works with with with Lance Lars and our
CPA in house at Haven here we're having these discussions.
We don't want to miss opportunities that we can really
benefit from.
Speaker 3 (39:23):
From a cast perspective.
Speaker 4 (39:24):
Sure well, I think we're trying to get at talking
about taxes and planning and talking about, you know, putting
together comprehensive plan. I think when we're talking about how
to thrive, if these pieces of the puzzle are put
into place, then one can begin to enjoy and have
(39:47):
fun and do the things that they've wanted to in retirement.
And to me, and I don't know about you, Larry,
but that means you're really thriving. But the first casting
sort of come so the second one.
Speaker 2 (39:59):
Can absolutely that. You said it very eloquently. It takes money,
but for some people it's not all about money. It's
the things that they want to do and thrive, from
family to again the bucket list to you know, maybe
take take in lavish trips, but I have a lot
of clients they love to go to the state national
(40:20):
parks and that's not expensive. So there's other ways to
enjoy it. We're all wired differently, we all like different things.
But whether you have whether you're listening and you have
very little, you're young or old, or anything in between,
complex a lot of assets, little assets, this does apply
to you. And we think everybody should be given the
(40:42):
same opportunity, the same information, the same attention in all
of these retirement areas. You don't have to do it alone.
You should have a partner, you shouldn't hesitate to pick
up that phone and talk to your partner that is
actually working for you, which you are probably paying for
because nothing's free.
Speaker 3 (41:02):
But by the way, I believe everybody.
Speaker 2 (41:04):
Should know exactly what they're paying and what value they're
getting in these retirement topics, and most people are not
getting that attention, and about eighty percent of the people
don't know what they're paying.
Speaker 3 (41:16):
I think that's a mistake.
Speaker 4 (41:18):
And I just want to reiterate one thing that you've
just said, but I'd like for you to say it
again because I think that again, these can be heady conversations.
People can be a bit overwhelmed and immediately you think, wow,
they're not talking to me because I have, you know,
my four oh one kne it doesn't have a ton
of money in it, and I'm going to draw Social
(41:40):
Security and maybe I'm anticipating that, you know, I'm going
to get a little bit of a retire or you know,
something from someone in the family, and that's it. So
they're not talking to me. But that's not the case,
right Kim.
Speaker 2 (41:54):
What you just describe, if that's the listeners that if
you just describe them, this apply to them and everybody
that's listening. So often they do, this topic can be
confused with all he's only speaking to the wealthy, the affluent,
and the rich person couldn't be further from the truth.
And again, it is affect them, but maybe in a
(42:14):
different way, in a different light that it affects you,
the common folk, those that are kind of mid class,
if you will, I don't like to use that term.
Speaker 3 (42:23):
It should be any class. It really should be any class.
Speaker 2 (42:26):
So what you'll find is we invite anybody and anybody
that wants to learn to our classes. We don't have
any minimums here. There's some financial firms that have minimums
and they're only going for the big fish. You know what,
I like fish, but guess what little fish, big fish,
anything in between.
Speaker 3 (42:44):
This applies to you.
Speaker 4 (42:46):
Six one two five zero four eight four zero zero.
If you're looking to put together a comprehensive retirement plan,
you want to make sure that you know how to
handle your healthcare and retirement. Your goal is to throw
I not just survive in retirement, and you need a
partner to get there. Call six one two five zero
(43:07):
four eight four zero zero. Tell the folks that Haven
Financial group that you heard Larry and me on the radio,
and you'd like to come in, sit down and talk
through what could and you hope will be a successful retirement.
Speaker 5 (43:22):
Larry, thank you. This has been lots of fun.
Speaker 2 (43:25):
It has been every week's fun. Kim and enjoy your week.
We'll see you next week.
Speaker 8 (43:30):
Investment advisory service is offered through Guardian Well Strategies LLC.
Speaker 1 (43:34):
Haven Financial Group and Guardian Well Strategies LLC are not.
Speaker 5 (43:37):
Affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 4 (43:42):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein, and comments regarding
as safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (43:55):
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims painability of the issuing company.
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