December 28, 2025 • 45 mins
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:44):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvick, counterns CEO of the Haven Financial Group.
Thanks for listening. I hope you guys had hope all
the listeners had a great Christmas. Happy New Year to you, Kim,
I hope all is well in your family, and we
got a lot to talk about. End of the year retirement.
I mean, doesn't get any better than this.
Speaker 3 (01:15):
Does it? It does not. I have to tell you,
it's kind of hard to believe it. Twenty twenty five
is essentially in the rearview mirror is and it it
feels like this year flew It just flew by. Maybe
I'm just it does?
Speaker 4 (01:28):
It does?
Speaker 2 (01:29):
And you know, we obviously visit and work with retirees
or those talking about retirement, and what's the old saying,
time flies when you get older. I'm seriously convinced it
truly flies by.
Speaker 3 (01:42):
It really does, It really does. But I think everybody's
looking forward to a grade twenty six. But before we
get there, we have to sort of wrap things up, right,
So that's the subject of today's show.
Speaker 4 (01:54):
It is it is how do we wrap it up?
Speaker 2 (01:56):
Of course, we're going to have you know, listeners, New
Year's resolution, all those things that we're promising that we're
going to do in twenty twenty six, and you know,
hopefully this year, maybe we follow through with some of
those things that have been on your resolution list for
years and years and years, and maybe this is the year.
Speaker 4 (02:12):
Let's have a plan, right Absolutely.
Speaker 3 (02:15):
Kyle Thomas is with us today as well, and Kyle,
it's always great to have you, of course, a certified
financial planner there at Haven Financial. Good to see you.
Speaker 5 (02:23):
Yeah, thank you so much for having me on.
Speaker 3 (02:25):
Absolutely, hope you had a great holiday and as we
all look to twenty twenty six, I hope all is
well with all your little babies.
Speaker 5 (02:34):
Oh, thank you so much.
Speaker 2 (02:35):
Yeah as well, And I think it's worth mentioning Kim.
He's going to be too shy to say he's expecting another.
Speaker 3 (02:43):
Yeah, no, oh that's super yeah.
Speaker 5 (02:45):
Gooding in July, so we got some time to prepare here. Wow.
Speaker 3 (02:49):
So twenty twenty six is going to be a big
one for you.
Speaker 5 (02:51):
My friend. Yeah, yeah, absolutely.
Speaker 3 (02:54):
You know what this means, don't you. You're out numbered
Yeah three, yeah, I am.
Speaker 6 (02:59):
And if you include paths too, it's just total chaos.
Speaker 3 (03:03):
That's super well. Congratulations, sure, happy to hear that. It's
an end of year financial refresher. That's what we're going
to do today. We're going to talk a little bit
about the Bureau of Labor Statistics Jobs Report and what
that tells all of us. As we close out twenty
twenty five. We'll talk about the value of consistency in
your retirement. Why does social security exist, We'll talk a
(03:26):
little bit about that, and then navigating the transition to
retirement the pitfalls that you definitely want to avoid. So
let's get started this morning. Before we do, though, we
want to let everybody know six one, two, five, zero
four eight for zero zero, that is the number where
you can reach the folks here at even Financial Group.
That Bureau of Labor Statistics job report in November, that
(03:49):
was our last one for the year. Very interesting.
Speaker 5 (03:56):
Oh yeah, it was.
Speaker 6 (04:00):
It was a very interesting last couple of months for
the economy in general. You know, we came off a
forty three day government shutdown and we finally got some
numbers in there, and it was it was quite a
mixed bag, right, And you know, we added some more
jobs than expected in November, but our unemployment numbers also
(04:20):
hit a four year high of four point six percent,
So and you can look at that as as a
positive or a negative thing. You know, positively, it could
mean that more people are trying to find employment and
get back into the workforce. So that's that's another component
that air angle that you should look at it. But
(04:41):
then you know there's the negative angle of jobs being
lost as well, and you know that's part of that
is from the federal jobs as well. I mean one
hundred and sixty thousand federal jobs alone were cut, you know,
as part of the government waste. You know that the
that this administration is trying to get rid of as well.
(05:01):
So a lot of a lot of stuff going on there.
But the unemployment rate is also still within some of
the ranges that the FED has set out for for
what they're targeting that to be.
Speaker 3 (05:12):
Sure, absolutely, why is this important to retirees? Let's talk
about that.
Speaker 6 (05:19):
Well, it's important because it directly affects interest rates because
if you look at the FED and you know, your
dual mandate is low unemployment and low inflation. So if
we start to see some some higher unemployment, that could
change their policy and shift how many rate cuts they
(05:39):
do if they don't do rate cuts or potential rate increases.
But you know, with with it still being in line,
it's it's probably not going to change too much unless
we get some more unemployment numbers. Uh, you know, if
it keeps getting higher and higher, But you know, going forward,
it's definitely something to monitor, especially as we turn into
(06:02):
twenty twenty six here and we can see some changes
on the federal interest rates and the outlook there with
getting a new chair.
Speaker 3 (06:12):
When we see the numbers kind of shift the way
they have the last couple of months, how does that
really impact the markets?
Speaker 6 (06:21):
Well, it impacts the markets because everyone is always speculating
what rates are going to do, and especially the bond market,
which retirees tend to be more heavily invested into, as
they should, right because you're trying to protect your assets
more in retirement rather than trying to necessarily, you know,
have huge growth. But it can impact that because if
(06:47):
rates get cut, well, you could be getting less interest
on your bonds, you know, vice versa. If rates go
up you could get more interest. But also the price
of bonds is completely inversed. So it depends on you know,
how you're invested and what your goals are because there
(07:07):
could be negatives and there could be positives, and it's
just important to know, you know, what are you trying
to get out of this bond allocation in your portfolio,
specifically for retirees. Is it going to be something that
is going to be more growth oriented or is it
going to be more income oriented. And that's something that
can really impact you depending on where these rates go.
Speaker 3 (07:29):
Larry, is there something that retirees who maybe are seeing
these numbers and are seeing that unemployment number, you know,
tick a little bit up and they get a little nervous.
Are there ways that you guys work with retirees to
protect them from these kinds of times.
Speaker 2 (07:47):
Well, it starts with telling them not to watch as
much news on the radio or TV because they bombard
themselves with all the negativity no matter what side of
the aisle you're on, and it's like it puts fear
in people. You know, in news breeds fear and fear,
you know, it creates the lack of confidence. So you know,
(08:07):
we encourage, you know, even the end of the year conversations.
It starts with conversations, you know, if they have doubt,
if they have questions, if they have the worries, if
they have concerns.
Speaker 4 (08:18):
That's why we're here.
Speaker 2 (08:19):
We want them to bounce off these things off of us.
We want them to we want to remind them that
we have a plan intact that you know, what what
does this data mean? And in having these conversations, it
can temper down the worry and the concern a little bit.
You know, retirement is more than you know, just understanding
(08:40):
the economy. It's you know about much more specifics, how
to protect your income, how to protect your assets. You know,
I talk about the accumulation years. That's one season of life,
but we're working with those that now. Are the accumulation
seasons getting short or it's already over now, We're in
the distribution phase of life, which is a.
Speaker 4 (09:00):
Different season of life.
Speaker 2 (09:01):
I had just somebody this past week that said, you know,
our guy or gal that we've worked with over the
last several years, they've done a decent job getting us
to where we're at, but we lack the confidence that
they can get us to where we need to go
in retirement. And when I say that, it's not just
the investments, it's the insurance, it's the estate planning, it's
(09:23):
Medicare and healthcare and taxes and all of these different
retirement puzzle pieces and topics that you and I have
talked about on the air here for years. It's putting
all these puzzle pieces together, and it sounds like it
can be difficult and it can be, but these things
need to be working together, and so often they're working
(09:44):
in different directions, they're inefficient. And again, if that's if
I'm speaking to you and you're listening, why not start
off the new year by saying, hey, let's address this issue.
Let's address these questions we've had for such a long
period of time. Let's be able to answer the question.
What are we paying for, what we're getting the services
(10:05):
that we're getting. What value is our partner if you
have one that we're leaning on, what are they bringing
to the what are they bringing to us? Is it
a meeting once a year. If that's it, you're not
getting the attention. So again, communication, we want to air
on good communication at Haven Financial Group And of course
this year, this next year we'll be entering our eleventh
(10:27):
year and we're very thankful that we're able to help
so many many people.
Speaker 3 (10:32):
Well, we just want to remind everyone who's listening that,
you know, if we're striking a chord with you, if
you're someone who's looking for a partner, or maybe you
are working with someone and you can't answer those questions
that Larry just put forth, you know, how much are
you spending how frequently do you get to see them.
Are you clear on where your investments are or what
your situation might be, Then we suggest that you give
(10:54):
the folks at Haven Financial Group a call. Go in
the first part of the year, sit down and have
a meeting with these folks to see if maybe they
would be a better partner for you. Give them a
call at six one two five zero four eight four
zero zero. That's six one two five zero four eighty
four hundred. That first consultation is free. The folks there
(11:16):
at Haven will sit down with you. You'll enjoy some great
cookies and some coffee and chat about what your goals
are and if they can help to get you there
the way that you see fit. When we come back,
we're going to chat a little bit more about this
end of the year sort of you know financial checklist
that you should be maybe checking through, and one of
(11:37):
them we want to talk about is the value of
consistency in your retirement. So that's coming up next right
here on the Haven Financial Group Radio Show.
Speaker 1 (11:45):
Don't go too far. We're gathering more important insights and
retirement pays. The Haven Financial Group Radio Show will be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(12:06):
the show.
Speaker 4 (12:08):
Welcome back listeners.
Speaker 2 (12:09):
My name is Larry Kolvig, Founder and CEO of the
Haven Financial Group. And if you're just tuning in, you're
listening to the Haven Financial Group Radio Show where we
discuss crucial retirement and financial topics that really can make
the difference between surviving retirement and thriving through it. And
this week we were talking about end of year financial refresher,
(12:29):
kind of a refresher, what can we do?
Speaker 4 (12:31):
What should we do?
Speaker 2 (12:32):
The new year's coming, And we're glad to have Kyle Thomas,
a certified financial planner, on with us today again discussing
all these things that if we're resonating with any of
you that are listening and you do have questions and worries, concerns,
reservations issues, don't be the type that says, well, I'm
scared to come in because you guys, you know people,
(12:54):
they're going to try to sell me something.
Speaker 4 (12:56):
That is the last thing we're going to do.
Speaker 2 (12:58):
We want to sit down with you in SIMP have conversations,
ask you questions. You ask us questions about anything related
to retirement. So if that's you, give us a call
at six one two five zero four eighty four hundred.
Visit us online at Hanfinancier Group dot com. The new
year's coming, we have our calendar first quarter of all
(13:18):
the classes. We were very big into education. We encourage
you to come to any of our classes with what
materials are provided and we'll continue like we have for
the last ten years of educating in all these different
areas and we're hoping you can attend throughout the course
of the year.
Speaker 3 (13:36):
Absolutely again, that is a Hapanfinancialgroup dot com. Be sure
you check that out and the telephone number is six
one two five zero four eighty four hundred. We want
to talk a little bit about the value of consistency
in retirement, Larry. We've seen pretty consistent markets in the
you know, the last six eight months, but certainly that
(13:58):
volatility can exist out there and that's a frightening thing
for somebody who is getting maybe you know, within five
years of retirement or in retirement right now. So let's
talk about how you can stay consistent in your retirement
with your savings and your investments. And you know, when
we're talking about the markets, consistency, that's a tough way
(14:21):
to you know, it's tough to try to be consistent.
So let's just talk a little bit about that, if
we could, and how you advise people to remain consistent
and still be in the markets.
Speaker 2 (14:30):
Well, let's face it, when we're young, it seems like
we have just eons and years and years and years
to save for retirement. And that's kind of true, but
you know, twenty thirty years, it's so far in the distance.
By the way, if you can get started saving for retirement,
do so now, because the power of compounding is very powerful.
But what what if you're five years or less or
(14:51):
maybe in retirement, which is who we talk to on
a weekly basis, many many people in this range five
years or less or in retire.
Speaker 4 (15:00):
Now, what if the market's volatile.
Speaker 2 (15:03):
I'm ready to jump off the cliff as soon as
the market goes down ten twenty percent.
Speaker 4 (15:07):
Maybe that means you're not in the right spot.
Speaker 2 (15:09):
So it's going to begin with the conversation of Okay,
how much risk are you taking?
Speaker 4 (15:14):
Is it the right amount? Again?
Speaker 2 (15:17):
How did you sleep at night. You know, we talk
about sleep insurance or does the market keep you up?
Are you the person that stares at the ticker tape
five days a week and your day is ruined by
either a good market or a bad market. Again, so
many people are unaware of what type of risk that
they have in their portfolio until there's major fluctuations. We
(15:39):
don't necessarily think people need to be the expert, but
they should be have an awareness and or understanding of
what they're doing, why they're doing it, and be prepared
for the bulls and the bears, because that's what happens.
The market goes up and it goes down. That's nothing scientific,
It's what it's been going on for years. What's different
(16:00):
now is we're at a different season of life. How
have we made some adjustments And if you're doing exactly
the same thing you did when you were a twenty
or thirty and now in your sixties, probably not in
the right place at the right time, and that can
be very negative at this stage of the game.
Speaker 3 (16:18):
Sure, absolutely, Well, let's talk a little bit about and
cale maybe you could chime in here and give me
an idea of what you suggest for some of your
clients to keep them consistent.
Speaker 6 (16:30):
Well, you know, what they say is consistency is key,
And when we're talking about your investments and financials, it's
not necessarily that the market be consistent. We want you
the individual to be consistent. We want us the advisor
to be consistent and our approach and our risk profiles
and making sure that we don't get emotional about our investments,
(16:53):
because that's one of the things that we do is
you know, we're kind of behavior coaches as well investing
and just try to not be emotional. Take that out
of it, because that's when we can get ourselves into
bad positions. And you know, we pull out of the
stock market when it's down in March of twenty twenty,
(17:13):
you know, and then we miss out on the potential
gains right there when it comes back for the following
couple of years. So that's one of the big things,
is just being consistent with our strategies and that's what
helps us to deliver positive performance and outperformance of the index.
(17:35):
You know, this past year for twenty twenty five, people
who were with an advisor who is properly managing their
accounts should have outperformed the indexes and that's because we're
consistently rebalancing and taking advantage of the volatility. We actually
don't really want consistency with the market. We want that
(17:58):
to be volatile because that's when we can capitalize and
create you know, better outcomes for everyone in our clients
because we're buying low and selling high. So we want
inconsistency with the market. Think of it that way, and then
consistency with our strategy and just making sure that we
react timely and stay within our risk profile and not
(18:21):
not get too emotional.
Speaker 3 (18:22):
Sure, it seems to me though again when we start
to think about consistency in the market, you know that
that's kind of the ying and the yang. But if
someone would decide that they don't have the stomach for
that to play that game, as you were saying, you know,
sell high and buy low annuities is another way, another
(18:44):
place right to put their money to stay consistent, because
they certainly would be that.
Speaker 2 (18:49):
Yeah, I would say I'll chime in on this one.
Because we're dealing with those that are closed to retirement
and retirement and those accumulation years are dwindling or they're gone.
We're big into having good liquidity you've forard me say
it many times. Adequate liquidity, cash in the bank very important,
and most people don't have enough money in the stock market.
(19:10):
Absolutely if it makes sense, and maybe some investments that
have principal protection or maybe a bond replacement something for
the person that's listening that says, you know, I don't
want to gamble with all my money. I want I
want some protected I'm willing to give up some of
the upside for no downside risk and maybe necessarily no fees.
Speaker 4 (19:32):
Now you can go to my website.
Speaker 2 (19:34):
I think first quarter there's a class that I'm teaching
the Truth about Annuities. I teach it three four times
a year because I want people to be educated on annuities.
Number One, there's lots of misconceptions. There's lots of financial
marketing out there. You have to be careful, which is
why you want to do your research and understand, well,
does an annuity fit into my portfolio?
Speaker 4 (19:54):
Does it make sense? There's four types.
Speaker 2 (19:58):
There's immediate annuities, variable annuities, fixed annuities, and fixed index annuities.
And two of them are very different than the other.
Speaker 4 (20:06):
Two.
Speaker 2 (20:08):
Annuities aren't for everybody. Nothing should be for everybody. Problem
is I see a lot of folks they have them.
They don't know which one of the four they have.
That could be a problem. There's some that have exorbitant fees.
That is a problem. There's some that are not protecting
your principle. That's can be a problem if you think
it's going to protect Some people have been sold some
(20:29):
of these and unfortunately they've been sold a bill of
goods because oh, let me put one hundred grand in
the market goes down, all my cash balances is say
eighty Now you're stuck. Now what you got is a
death benefit. Yeah, but I didn't do it for a
death benefit. I've heard this so many times in all
the years that I've done this. So having a good understanding,
(20:50):
get educated. Why does it fit? And I know Kyle
would agree as one of the certified financial planners on
the Haven Investment Team. It can be very beneficial for
income or it can just be for use for accumulation purposes.
And by the way, they don't have to have any
fees at all. And if that sounds intriguing, give us
(21:11):
a call, come on in, or if you're listening and go, wow,
I think I have one of those annuity things.
Speaker 4 (21:18):
Whether it's IRA roth IRA or a.
Speaker 2 (21:20):
Non qualified annuity. Maybe you should have an annuity exam
or annuity X ray so you at least understand what
you have, knowing you might be stuck and might not
be able to do anything different. I just had somebody
in this week six months ago. They did a very
very large annuity. It wasn't the one that she thought
she had, and she's stuck for at least three years
(21:44):
and the outcome is going to be you did you
know you're paying three and a half percent in fees?
Speaker 1 (21:50):
No?
Speaker 4 (21:51):
Did you know you could lose cash value? No?
Speaker 2 (21:54):
So she was completely sold to bill of goods and
I hate to see that. Three years from now we'll
be able to help her. But again, sometimes you just
there's nothing you can do.
Speaker 3 (22:03):
Well, that's consistency. You don't want in your retirement exact,
to be honest. So yeah, we're talking about consistency. Consistency
in your retirement. Obviously, sometimes you need a partner to
help you get your order, your your affairs in order
so that they are consistent. If that is you give
(22:24):
the folks that Haven Financial Group a call six one
two five zero four eighty four hundred. Coming up next,
we're going to talk about social security. Now, that's something
that's consistently in our lives. We're either paying it or
maybe we're drawing it, but we're going to talk about
where it all started. A lot of people always concern
that social security will not exist when it's time for
(22:44):
them to start to draw. So we'll we'll get these
two experts opinions about that and talk a little bit
more about the history of social security. You're listening to
the Haven Financial or pretty I shall.
Speaker 1 (22:56):
Ready to find your financial safe haven. Your dream retirement
is ny, don't go away. The Haven Financial Group Radio
Show will be right back. Are you worried that your
financial strategy might be missing something, Well, you're in the
right place. Larry Kolvig is back and ready to help
you find your financial safe haven.
Speaker 2 (23:18):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, Founder and CEO of
the Haven Financial Group. Feel free to give us a
call if something's resonating today or if you have questions
six one two five zero four eighty four hundred. Visit
us online at Havenfinancialgroup dot com. Check out all the
educational events, our education center, our new education center here
(23:42):
at the office, or community education.
Speaker 4 (23:45):
We teach at the.
Speaker 2 (23:45):
Colleges, libraries, et cetera. So again, we're very big into
the education piece. So again, end of the year, New
year's resolutions, you know, end of the year, financial refresher
is what we're talking about today. Consistency and good can
consistency avoiding the inconsistency in a lot of these areas
sometimes easier said than done.
Speaker 3 (24:06):
Absolutely or so right, we want to talk about social security.
I think my statement before the break was, I think
right on queue. I mean, social security is consistent with
all of us in that we're either been paying it
all of our lives that we've been working, or now
maybe we're all drawing it, you know, just depending on
(24:28):
which phase of your life. But it does seem to
be a constant.
Speaker 2 (24:31):
What is consistent cam is for years and years and
years both sides of the aisle. Is social security going
to be here? Is they're not going to be here.
They're going to take it away. They're going to take
it away. It's been highly politicized for so many years.
And guess what twenty twenty six is here. Guess what
it's still here. Why I think it's going anywhere after?
(24:53):
On my opinion, No, it's not going anywhere. Are there
Americans that are reliant solely on Social Security?
Speaker 4 (24:59):
Yes? Is that a good thing? No?
Speaker 2 (25:02):
But doing away with it? I absolutely think there's zero
factors that they're going.
Speaker 4 (25:07):
To take it away.
Speaker 2 (25:09):
Is it still frustrating to hear that by twenty thirty
five there's going to be a shortfall. No, but they've
been saying that for years. What I do know is
when you claim social security, it is important. It's why
we teach a lot of classes. It's it's nothing new.
Historically throughout history, people have there's been some sort of
(25:29):
social security. It dates back to the ancient times England,
colonial America, you know, civil war pensions.
Speaker 4 (25:36):
So it's not something new. Now.
Speaker 2 (25:39):
What we do know is we can claim social security
at the earliest at sixty two, which, by the way,
seventy percent approximately Americans claim it at sixty two. It
may sound high, but that tells me there's a lack
of education. At seventy is when the latest you're going
to take it? One to two percent of Americans? Wait,
when should you take it? I have no idea. It's
(26:00):
why we have conversations about are you still working, are
you married, do you need the money, do you have
longevity in the family. There's a lot of variables that
go into that decision, and it should be an educated
decision because the recent study shows that the average American
will give up one hundred and eighty two thousand dollars
(26:20):
by claiming at the suboptimal time. If I gave every listener,
which I'm not, one hundred and eighty two thousand to
put into their IRA, none of them would turn me down. Right, Yet,
the average American gives up that much by turning their
Social Security on at the wrong time.
Speaker 3 (26:36):
Yeah, Kyle, let's talk a little bit about social Security
because maybe I'm sure we have a lot of people
who are listening and twenty twenty six might be the
year that they are going to be turning on social Security.
So first off, could you just walk us through for
those who maybe don't know. Once you turn social Security on,
what are some of the steps. Talk to us about taxing,
(26:58):
Talk to us about whether you can have any other
kind of income. Talk to us about what happens if
you decide you you turned it on too soon. Can
you kind of walk us.
Speaker 4 (27:07):
Through some of that.
Speaker 6 (27:08):
Yeah, yeah, So the the taxation of Social Security has
a lot of layers to it. You know, if a
lot of our listeners are in Minnesota, if not all,
and there is income limits to where it is untaxed
versus taxed. For joint households it's one hundred and two thousand,
(27:32):
I believe, and then for individual filers it's about eighty thousand.
So if you're below those limits, that's where that sweet
spot for Social Security to not be taxed in Minnesota lays.
But then on the federal side, you know, there there
was a lot of talk about Social Security not being
taxed for certain citizens. It's not that social Security is
(27:57):
not going to be taxed, it's that there's an extra
deduction for eligible senior sixty five and older. So it
might you might have a deduction for your Social Security income.
But then also if it is taxed fully for you,
the most that it can be taxed is eighty five
(28:19):
percent of that benefit, okay, So and then you might
not get taxed at all depending on your deductions. Right, So,
there is a lot of layers to that. Now, the
benefit itself, if you turn it on before your full
retirement age, which is sixty seven for most people. Now,
(28:43):
if you have not turned it on yet, if you
turn it on before, then you are limited in the
amount of income that you can make. So you're you're
limited to about twenty two twenty three thousand dollars of
income before you start to receive a reduced benefit. Just
keep that in mind in the year that you turn
your full retirement age. So some people say, well, my
(29:05):
birthday isn't until December thirty first, and I turned sixty
seven next year. Can I only make twenty two thousand
dollars in twenty twenty six, Well, you can actually go
up a lot higher, so you can go you can
go to almost sixty thousand dollars in income in the
year that you turn your full retirement age. So there
(29:27):
are a little extra extra earnings that you can make there.
But yeah, it's there's a lot of info that goes
into Social Security, and the ages have changed quite a bit.
I would expect that to change in the future as
well as we try to come to a solution for
the solvency of social Security, So it'll be always changing landscape.
Speaker 3 (29:52):
So what happens Kyle if I turn it on I
don't know sixty three. Let's say, and then I decide
that this retirement thing is not for me and I
want to go back to work. Can I turn it
off or what what happens?
Speaker 1 (30:06):
Yeah?
Speaker 5 (30:06):
You can.
Speaker 6 (30:08):
You can reverse that. You have to pay back the
money that you have been sent to you from the
Social Security Administration, So there there is a way to
do that. You have to file paperwork, just like almost
anything nowadays. So but yes, you can reverse that, and
and you have to pay back those funds. So just
(30:29):
keep that in mind too, because if you've received payments
for a couple of years, that could be you know,
a substantial amount of money that you have to then
pay back into the into the Social Security bucket.
Speaker 2 (30:41):
Kyle's exactly right what he just described to him as
before full retirement age in the first year, you have
to pay it back if you're if it's beyond full
retirement age, which if you're listening, if that's based on
your birthday, If it's beyond that, then you could you
can turn it off and earn delayed credits just like
(31:02):
nothing ever happens. So let's try to get the decision
right the first time. But that's a really good question.
You know, here's what I will say. I like a perspective.
One of my clients had and they're from Lakeville. They've
been with me, with us for years. Years ago, he
was still working and we were talking about social Security
and he's like Larry, they've been politicizing social security for years.
(31:24):
My thought pattern is, if I'm not going to rely
on it, I'm going to put money away for retirement myself,
and if it's here when I retire, it's icing on
the cake. Well he retired two years ago, and guess
what he said, icing on the cake. He goes, it's
still here, just like I thought it would be, but.
Speaker 4 (31:40):
He's not reliant on it.
Speaker 2 (31:42):
I do think, my opinion, many Americans have become too
reliant on Social Security and that's not a good thing
because I don't think any of us should really want
to live on it solely on social Security. Yeah, we
do know a lot of Americans that's the case. So
if we're talking, if this segment is appeal to you,
and maybe this twenty twenty six, you're thinking about turning
(32:04):
on social Security, maybe you're thinking about retiring, come on
in and visit with us. This conversation will be very appealing.
It will be very informative. You'll leave with a social
security report. We do thousands of them for clients a year,
which is a good, better, best roadmap for when you
(32:24):
should take it. If you're married, it should be a
wee decision and it's very helpful. A lot of people go, wow,
this makes sense. I should do it this way my
wife or my spouse. Maybe the lighter bread winner turns
it on earlier, the later bread winner waits as long
as possible. I'll tell you, this social security roadmap that
we set out really helps people. And at the end
(32:45):
of the day, that social security decision should be an
educated decision.
Speaker 3 (32:50):
Absolutely, you bet six one two five zero four eighty
four hundred. You've just heard Larry say many many Americans
leave a lot of money on the table because they
weren't educated about when to draw social security. I think
a lot of people just believe I'm going to retire
and so I'm going to turn it on. But there
is a strategy to it, and it's not a strategy
(33:11):
that is for everyone. Everyone's situation is different, So you
need to sit down with someone and talk about it.
The folks that financial group would love to do that
with you. It is six one two five zero four
eighty four hundred. When we come back, we're going to
talk about navigating the transition into retirement. There are pitfalls
that obviously exist and you want to avoid them. We're
(33:32):
going to share with you some of those pitfalls, hoping
that maybe we can help you stay away from them.
This is the Haven Financial Group Radio Show.
Speaker 1 (33:41):
Don't go too far. We're gathering more important insights and
retirement ways. Devin, The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to
(34:01):
the show.
Speaker 2 (34:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 4 (34:06):
Thanks for listening.
Speaker 2 (34:07):
Feel free to give us a call at six one
two five zero four eighty four hundred or visit us
online at Havenfinancialgroup dot com, where every week we talk
about these crucial retirement topics. These puzzle pieces. Do you
have all the pieces? Do they go to the same puzzle?
And it is winter, many people are doing puzzles. Maybe
this is a puzzle that you should be doing this year.
(34:28):
In twenty twenty six Pitfalls. This segment, we're going to
talk about pitfalls what to avoid in retirement, and we
want to avoid all these pitfalls we possibly can, and
we see these so often a lot of people don't
avoid them, and many of these can very much be avoided.
Speaker 3 (34:47):
Well, I love the first one because this is one
I have to talk to my husband about because he's
a guy who believes he's going to work forever, and
the idea of planning to work indefinitely is not really great.
Speaker 4 (35:01):
No, it's not.
Speaker 2 (35:01):
You know, what we see here is, you know, life
doesn't always cooperate with our calendar. You know, health plays
a role, It certainly does, and oftentimes, you know, health
interrupts our work, and when we think we're going to
retire isn't always the case. In fact, statistics show that,
you know, people have an idea of when their retirement
date it's going to be, but oftentimes it's earlier than
(35:22):
they anticipate for health reasons, or maybe that pink slip
comes your way and you weren't planning on it. Maybe
they're outsourcing to a different country, which we've seen obviously
in recent years. Whatever it may be so plan Accordingly,
it doesn't always go the way you think it's going
to go.
Speaker 3 (35:38):
For sure, avoiding the stock market. You know, I think
a lot of people when they get into retirement, Kyle,
they just say, and You've said this many times, you know,
they say, I'm getting all my money out of the market.
I'm not doing that anymore. I can't run that risk.
That's not really your best probably for most people, your
best avenue to take.
Speaker 6 (35:59):
No, you want to have a good balance, and maybe
that means taking some stocks off the table.
Speaker 5 (36:07):
From your portfolio.
Speaker 6 (36:09):
So maybe you're at seventy percent stocks while working, and
then we get into retirement and we want to lower
that to like forty or fifty percent stocks. You know,
it just depends on what your appetite for risk is.
And you know, before retirement we're in we're in an
accumulation phase, and then once we get into retirement, we're
(36:29):
kind of in a phase of just not wanting to
make any errors.
Speaker 4 (36:33):
Right.
Speaker 6 (36:34):
We have the NFL playoffs coming up, right, and the
teams that typically win the Super Bowl, you know, they
they don't make errors, right. You don't want to have turnovers,
and that's exactly what we're trying to do in retirement
is we're just trying to preserve with the best mix
that we can between stocks and bonds that we can
(36:54):
to maintain our lifestyle as close as we can from
before we were retired all the way through retirement, and
we plan all the way until our mid nineties, just
because we want to plan for longevity as well, because
if you underestimate how long you're going to live, that
can also lead to problems.
Speaker 3 (37:13):
You bet. We talked about this in the segment before
the break of course, claiming Social Security too early, leaving
money on the table, right.
Speaker 4 (37:20):
Larry, Yeah, leaving money on the table.
Speaker 2 (37:23):
We talked about that last segment, and I want to
piggyback off what Kyle just said, you know, the NFL playoffs.
We don't want people to avoid this dock market. We
do wealth management with Fidelity and Charles Schwab. We're not
against the market, but what we find is people are
unaware of how much risk they're taking, and they should
have an awareness right place, at the right time. You're
(37:43):
not twenty or thirty anymore, when you can take more
risk because the longevity is on your side. You get
close to the retirement, not so much so minimizing that
understand stress testing that portfolio defense wins championships.
Speaker 4 (37:58):
It does.
Speaker 2 (37:59):
Now, I'm not saying you should put it all on
the sidelines, because people try to time the mark, they
get out and then they don't ever get back in
and they miss opportunity. But I will say being more
defense does win the championships. Rebalancing, Kyle can address this.
You know, we're not against people doing investments themselves. If
you're a do it yourself for that's fine. If you
(38:20):
are a do it yourself or and you're married, make
sure you have a backup plan for that spouse, that
a relationship has been kindled somewhere, so if you're not here,
you have somebody where your spouse can go to comfortably.
And again, Kyle can attest to the rebalancing if you will, Kyle,
what the opportunities people miss out on by not doing that?
Speaker 5 (38:42):
Yeah? Absolutely.
Speaker 6 (38:43):
I mean if we just take twenty twenty five as
an example, there were two times where there was major
rebalancing potentials right in April and then also in November
early December, so the market had some dips there that
(39:03):
if you weren't rebalancing, you missed out on great opportunities
to buy at what we call lows or discounts.
Speaker 4 (39:11):
Right.
Speaker 6 (39:11):
So the market rebounded very well in each of those times.
And you know there's stats out there that ninety percent
of market rebounds happened within like two weeks of when
the initial down the worst day was in a down market, right,
So that's rebalancing impact, is buying when that dip happens,
(39:36):
so then you can recover well when it does come back,
because the market's never not come back. So we just
want to stick with our academic research there and stay consistent.
Speaker 3 (39:46):
Again, Sure, we're talking about pitfalls in retirement and some
of the things that you definitely want to try to
avoid and can if you're aware of them and you
start planning. These sort of to me almost go hand
and I'm ignoring long term care needs and at the
same time miscalculating your retirement income needs. Long term care
(40:08):
is part of your retirement income needs.
Speaker 4 (40:11):
Correct, Yes, we want to plan accordingly. This is a
big one.
Speaker 2 (40:14):
Nobody wants to talk about the nursing home or long
term care. Who does nobody does, None of us do.
But guess what Statistics show that seventy percent of us
are going to need some sort of care, and many
of the listeners have heard of the old Cadillac long
term care plans that nobody in the right mind could
afford anyways, and you get scared away from it.
Speaker 4 (40:35):
I get it.
Speaker 2 (40:36):
But there's much better viable options that are on the
open market today, such as hybrid long term care plans
or asset based long term care, much more viable options.
And if you've been avoiding this conversation, or you got
scared away by some sort of Cadillac plan years ago,
or maybe you think you're too old to get long
term care, that's not necessarily the case. Give us a call,
(40:59):
Come on in it with Glenn or Isabella. We help
a lot of people in this area. It's going to
be a focus on our clients in twenty twenty six
to make sure that we at least having the conversation
what does that entail, what does your situation look like?
Address your income needs, not only for the income needs
for the things you want to do in retirement, the
(41:21):
things you need, but the things you want the lifestyle,
and also we factor in long term care. In the
Twin Cities here at twelve to fifteen thousand dollars a month.
It can decimate even a very healthy investment investment portfolio
or in a state. So maybe you're listening to go, well,
I'm self funded. Well maybe maybe not. Maybe there's a
(41:44):
better way to fund it without having to use all
of your own money. If you do go into a
nursing home, and if you're married couple, statistically, man we
go first, not always what position does that leave your
surviving spouse and who's going to take care of her
or him when the first one goes? So we can
avoid this conversation all we want, but it doesn't get
(42:05):
us anywhere. And I can tell you if you've been
through this with a parent or a loved one, you
know exactly what I'm talking about.
Speaker 4 (42:13):
You know exactly. So let's say let's start with a conversation.
Speaker 2 (42:17):
It's all where it starts, and let's see is there
something better we can do without trying to get to
sold a bill of goods, because that doesn't do anything
anybody any good either.
Speaker 3 (42:26):
Absolutely well, it seems to me that these pitfalls are
things that you want to try to avoid if at
all possible, because they can make the difference between surviving
and thriving in your retirement right.
Speaker 2 (42:38):
It really can make the difference, you know, and we're
starting off a new year, whether it's tax planning, tax
preparations right around the corner and Lancer CPA and Melissa,
maybe you want to take a closer look at that.
Maybe you want to address your healthcare needs. Maybe you
want to address the long term care discussion that I
just talked about. Maybe you're you're not getting the attention
on your investments. You have no idea how much risk
(43:02):
you have in your portfolio, You have no idea what
you're being charged. I can't believe how often we asked
the question, what are they charging you to manage your money?
And oftentimes it's two to three times the going rate
in a competitive industry. Nothing's free, I get it, But
there should be transparency, transparency, It should be expected. Or
(43:22):
maybe you're listening to you know what I've been talking
about putting a will or a trust together for twenty
five to thirty five years. How about you late put
that to bed and actually get it done in twenty
twenty six, giving the family and your loved ones peace
of mind to know whether you have a lot or
a little or anything in between. We've done the best
(43:42):
we can to protect our hard earned money that we
work for all these years. Again, let's make twenty twenty
six a wonderful year, but let's accomplish something.
Speaker 3 (43:53):
So give the folks at Haven Financial Group a call
the number six one two five zero four eight four
zero zero. That's six' one to two five zero four
eighty four. Hundred start the year off right by joining
together with a partner to make sure that you avoid
those pitfalls and that you begin planning a retirement that
(44:16):
you've always dreamed. Of larry And, kyle thank you guys so.
Much Happy New year to both of.
Speaker 4 (44:21):
You great to be with.
Speaker 2 (44:24):
You, Kim happy new year as well to, you and
cheers to a blessed twenty twenty.
Speaker 7 (44:29):
Six investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed,
herein and comments regarding as safe and secure investments and
(44:53):
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do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guaranties are subject to
the claims painability of the issuing.
Speaker 4 (45:04):
Company
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host, Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:44):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvick, counterns CEO of the Haven Financial Group.
Thanks for listening. I hope you guys had hope all
the listeners had a great Christmas. Happy New Year to you, Kim,
I hope all is well in your family, and we
got a lot to talk about. End of the year retirement.
I mean, doesn't get any better than this.
Speaker 3 (01:15):
Does it? It does not. I have to tell you,
it's kind of hard to believe it. Twenty twenty five
is essentially in the rearview mirror is and it it
feels like this year flew It just flew by. Maybe
I'm just it does?
Speaker 4 (01:28):
It does?
Speaker 2 (01:29):
And you know, we obviously visit and work with retirees
or those talking about retirement, and what's the old saying,
time flies when you get older. I'm seriously convinced it
truly flies by.
Speaker 3 (01:42):
It really does, It really does. But I think everybody's
looking forward to a grade twenty six. But before we
get there, we have to sort of wrap things up, right,
So that's the subject of today's show.
Speaker 4 (01:54):
It is it is how do we wrap it up?
Speaker 2 (01:56):
Of course, we're going to have you know, listeners, New
Year's resolution, all those things that we're promising that we're
going to do in twenty twenty six, and you know,
hopefully this year, maybe we follow through with some of
those things that have been on your resolution list for
years and years and years, and maybe this is the year.
Speaker 4 (02:12):
Let's have a plan, right Absolutely.
Speaker 3 (02:15):
Kyle Thomas is with us today as well, and Kyle,
it's always great to have you, of course, a certified
financial planner there at Haven Financial. Good to see you.
Speaker 5 (02:23):
Yeah, thank you so much for having me on.
Speaker 3 (02:25):
Absolutely, hope you had a great holiday and as we
all look to twenty twenty six, I hope all is
well with all your little babies.
Speaker 5 (02:34):
Oh, thank you so much.
Speaker 2 (02:35):
Yeah as well, And I think it's worth mentioning Kim.
He's going to be too shy to say he's expecting another.
Speaker 3 (02:43):
Yeah, no, oh that's super yeah.
Speaker 5 (02:45):
Gooding in July, so we got some time to prepare here. Wow.
Speaker 3 (02:49):
So twenty twenty six is going to be a big
one for you.
Speaker 5 (02:51):
My friend. Yeah, yeah, absolutely.
Speaker 3 (02:54):
You know what this means, don't you. You're out numbered
Yeah three, yeah, I am.
Speaker 6 (02:59):
And if you include paths too, it's just total chaos.
Speaker 3 (03:03):
That's super well. Congratulations, sure, happy to hear that. It's
an end of year financial refresher. That's what we're going
to do today. We're going to talk a little bit
about the Bureau of Labor Statistics Jobs Report and what
that tells all of us. As we close out twenty
twenty five. We'll talk about the value of consistency in
your retirement. Why does social security exist, We'll talk a
(03:26):
little bit about that, and then navigating the transition to
retirement the pitfalls that you definitely want to avoid. So
let's get started this morning. Before we do, though, we
want to let everybody know six one, two, five, zero
four eight for zero zero, that is the number where
you can reach the folks here at even Financial Group.
That Bureau of Labor Statistics job report in November, that
(03:49):
was our last one for the year. Very interesting.
Speaker 5 (03:56):
Oh yeah, it was.
Speaker 6 (04:00):
It was a very interesting last couple of months for
the economy in general. You know, we came off a
forty three day government shutdown and we finally got some
numbers in there, and it was it was quite a
mixed bag, right, And you know, we added some more
jobs than expected in November, but our unemployment numbers also
(04:20):
hit a four year high of four point six percent,
So and you can look at that as as a
positive or a negative thing. You know, positively, it could
mean that more people are trying to find employment and
get back into the workforce. So that's that's another component
that air angle that you should look at it. But
(04:41):
then you know there's the negative angle of jobs being
lost as well, and you know that's part of that
is from the federal jobs as well. I mean one
hundred and sixty thousand federal jobs alone were cut, you know,
as part of the government waste. You know that the
that this administration is trying to get rid of as well.
(05:01):
So a lot of a lot of stuff going on there.
But the unemployment rate is also still within some of
the ranges that the FED has set out for for
what they're targeting that to be.
Speaker 3 (05:12):
Sure, absolutely, why is this important to retirees? Let's talk
about that.
Speaker 6 (05:19):
Well, it's important because it directly affects interest rates because
if you look at the FED and you know, your
dual mandate is low unemployment and low inflation. So if
we start to see some some higher unemployment, that could
change their policy and shift how many rate cuts they
(05:39):
do if they don't do rate cuts or potential rate increases.
But you know, with with it still being in line,
it's it's probably not going to change too much unless
we get some more unemployment numbers. Uh, you know, if
it keeps getting higher and higher, But you know, going forward,
it's definitely something to monitor, especially as we turn into
(06:02):
twenty twenty six here and we can see some changes
on the federal interest rates and the outlook there with
getting a new chair.
Speaker 3 (06:12):
When we see the numbers kind of shift the way
they have the last couple of months, how does that
really impact the markets?
Speaker 6 (06:21):
Well, it impacts the markets because everyone is always speculating
what rates are going to do, and especially the bond market,
which retirees tend to be more heavily invested into, as
they should, right because you're trying to protect your assets
more in retirement rather than trying to necessarily, you know,
have huge growth. But it can impact that because if
(06:47):
rates get cut, well, you could be getting less interest
on your bonds, you know, vice versa. If rates go
up you could get more interest. But also the price
of bonds is completely inversed. So it depends on you know,
how you're invested and what your goals are because there
(07:07):
could be negatives and there could be positives, and it's
just important to know, you know, what are you trying
to get out of this bond allocation in your portfolio,
specifically for retirees. Is it going to be something that
is going to be more growth oriented or is it
going to be more income oriented. And that's something that
can really impact you depending on where these rates go.
Speaker 3 (07:29):
Larry, is there something that retirees who maybe are seeing
these numbers and are seeing that unemployment number, you know,
tick a little bit up and they get a little nervous.
Are there ways that you guys work with retirees to
protect them from these kinds of times.
Speaker 2 (07:47):
Well, it starts with telling them not to watch as
much news on the radio or TV because they bombard
themselves with all the negativity no matter what side of
the aisle you're on, and it's like it puts fear
in people. You know, in news breeds fear and fear,
you know, it creates the lack of confidence. So you know,
(08:07):
we encourage, you know, even the end of the year conversations.
It starts with conversations, you know, if they have doubt,
if they have questions, if they have the worries, if
they have concerns.
Speaker 4 (08:18):
That's why we're here.
Speaker 2 (08:19):
We want them to bounce off these things off of us.
We want them to we want to remind them that
we have a plan intact that you know, what what
does this data mean? And in having these conversations, it
can temper down the worry and the concern a little bit.
You know, retirement is more than you know, just understanding
(08:40):
the economy. It's you know about much more specifics, how
to protect your income, how to protect your assets. You know,
I talk about the accumulation years. That's one season of life,
but we're working with those that now. Are the accumulation
seasons getting short or it's already over now, We're in
the distribution phase of life, which is a.
Speaker 4 (09:00):
Different season of life.
Speaker 2 (09:01):
I had just somebody this past week that said, you know,
our guy or gal that we've worked with over the
last several years, they've done a decent job getting us
to where we're at, but we lack the confidence that
they can get us to where we need to go
in retirement. And when I say that, it's not just
the investments, it's the insurance, it's the estate planning, it's
(09:23):
Medicare and healthcare and taxes and all of these different
retirement puzzle pieces and topics that you and I have
talked about on the air here for years. It's putting
all these puzzle pieces together, and it sounds like it
can be difficult and it can be, but these things
need to be working together, and so often they're working
(09:44):
in different directions, they're inefficient. And again, if that's if
I'm speaking to you and you're listening, why not start
off the new year by saying, hey, let's address this issue.
Let's address these questions we've had for such a long
period of time. Let's be able to answer the question.
What are we paying for, what we're getting the services
(10:05):
that we're getting. What value is our partner if you
have one that we're leaning on, what are they bringing
to the what are they bringing to us? Is it
a meeting once a year. If that's it, you're not
getting the attention. So again, communication, we want to air
on good communication at Haven Financial Group And of course
this year, this next year we'll be entering our eleventh
(10:27):
year and we're very thankful that we're able to help
so many many people.
Speaker 3 (10:32):
Well, we just want to remind everyone who's listening that,
you know, if we're striking a chord with you, if
you're someone who's looking for a partner, or maybe you
are working with someone and you can't answer those questions
that Larry just put forth, you know, how much are
you spending how frequently do you get to see them.
Are you clear on where your investments are or what
your situation might be, Then we suggest that you give
(10:54):
the folks at Haven Financial Group a call. Go in
the first part of the year, sit down and have
a meeting with these folks to see if maybe they
would be a better partner for you. Give them a
call at six one two five zero four eight four
zero zero. That's six one two five zero four eighty
four hundred. That first consultation is free. The folks there
(11:16):
at Haven will sit down with you. You'll enjoy some great
cookies and some coffee and chat about what your goals
are and if they can help to get you there
the way that you see fit. When we come back,
we're going to chat a little bit more about this
end of the year sort of you know financial checklist
that you should be maybe checking through, and one of
(11:37):
them we want to talk about is the value of
consistency in your retirement. So that's coming up next right
here on the Haven Financial Group Radio Show.
Speaker 1 (11:45):
Don't go too far. We're gathering more important insights and
retirement pays. The Haven Financial Group Radio Show will be
right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(12:06):
the show.
Speaker 4 (12:08):
Welcome back listeners.
Speaker 2 (12:09):
My name is Larry Kolvig, Founder and CEO of the
Haven Financial Group. And if you're just tuning in, you're
listening to the Haven Financial Group Radio Show where we
discuss crucial retirement and financial topics that really can make
the difference between surviving retirement and thriving through it. And
this week we were talking about end of year financial refresher,
(12:29):
kind of a refresher, what can we do?
Speaker 4 (12:31):
What should we do?
Speaker 2 (12:32):
The new year's coming, And we're glad to have Kyle Thomas,
a certified financial planner, on with us today again discussing
all these things that if we're resonating with any of
you that are listening and you do have questions and worries, concerns,
reservations issues, don't be the type that says, well, I'm
scared to come in because you guys, you know people,
(12:54):
they're going to try to sell me something.
Speaker 4 (12:56):
That is the last thing we're going to do.
Speaker 2 (12:58):
We want to sit down with you in SIMP have conversations,
ask you questions. You ask us questions about anything related
to retirement. So if that's you, give us a call
at six one two five zero four eighty four hundred.
Visit us online at Hanfinancier Group dot com. The new
year's coming, we have our calendar first quarter of all
(13:18):
the classes. We were very big into education. We encourage
you to come to any of our classes with what
materials are provided and we'll continue like we have for
the last ten years of educating in all these different
areas and we're hoping you can attend throughout the course
of the year.
Speaker 3 (13:36):
Absolutely again, that is a Hapanfinancialgroup dot com. Be sure
you check that out and the telephone number is six
one two five zero four eighty four hundred. We want
to talk a little bit about the value of consistency
in retirement, Larry. We've seen pretty consistent markets in the
you know, the last six eight months, but certainly that
(13:58):
volatility can exist out there and that's a frightening thing
for somebody who is getting maybe you know, within five
years of retirement or in retirement right now. So let's
talk about how you can stay consistent in your retirement
with your savings and your investments. And you know, when
we're talking about the markets, consistency, that's a tough way
(14:21):
to you know, it's tough to try to be consistent.
So let's just talk a little bit about that, if
we could, and how you advise people to remain consistent
and still be in the markets.
Speaker 2 (14:30):
Well, let's face it, when we're young, it seems like
we have just eons and years and years and years
to save for retirement. And that's kind of true, but
you know, twenty thirty years, it's so far in the distance.
By the way, if you can get started saving for retirement,
do so now, because the power of compounding is very powerful.
But what what if you're five years or less or
(14:51):
maybe in retirement, which is who we talk to on
a weekly basis, many many people in this range five
years or less or in retire.
Speaker 4 (15:00):
Now, what if the market's volatile.
Speaker 2 (15:03):
I'm ready to jump off the cliff as soon as
the market goes down ten twenty percent.
Speaker 4 (15:07):
Maybe that means you're not in the right spot.
Speaker 2 (15:09):
So it's going to begin with the conversation of Okay,
how much risk are you taking?
Speaker 4 (15:14):
Is it the right amount? Again?
Speaker 2 (15:17):
How did you sleep at night. You know, we talk
about sleep insurance or does the market keep you up?
Are you the person that stares at the ticker tape
five days a week and your day is ruined by
either a good market or a bad market. Again, so
many people are unaware of what type of risk that
they have in their portfolio until there's major fluctuations. We
(15:39):
don't necessarily think people need to be the expert, but
they should be have an awareness and or understanding of
what they're doing, why they're doing it, and be prepared
for the bulls and the bears, because that's what happens.
The market goes up and it goes down. That's nothing scientific,
It's what it's been going on for years. What's different
(16:00):
now is we're at a different season of life. How
have we made some adjustments And if you're doing exactly
the same thing you did when you were a twenty
or thirty and now in your sixties, probably not in
the right place at the right time, and that can
be very negative at this stage of the game.
Speaker 3 (16:18):
Sure, absolutely, Well, let's talk a little bit about and
cale maybe you could chime in here and give me
an idea of what you suggest for some of your
clients to keep them consistent.
Speaker 6 (16:30):
Well, you know, what they say is consistency is key,
And when we're talking about your investments and financials, it's
not necessarily that the market be consistent. We want you
the individual to be consistent. We want us the advisor
to be consistent and our approach and our risk profiles
and making sure that we don't get emotional about our investments,
(16:53):
because that's one of the things that we do is
you know, we're kind of behavior coaches as well investing
and just try to not be emotional. Take that out
of it, because that's when we can get ourselves into
bad positions. And you know, we pull out of the
stock market when it's down in March of twenty twenty,
(17:13):
you know, and then we miss out on the potential
gains right there when it comes back for the following
couple of years. So that's one of the big things,
is just being consistent with our strategies and that's what
helps us to deliver positive performance and outperformance of the index.
(17:35):
You know, this past year for twenty twenty five, people
who were with an advisor who is properly managing their
accounts should have outperformed the indexes and that's because we're
consistently rebalancing and taking advantage of the volatility. We actually
don't really want consistency with the market. We want that
(17:58):
to be volatile because that's when we can capitalize and
create you know, better outcomes for everyone in our clients
because we're buying low and selling high. So we want
inconsistency with the market. Think of it that way, and then
consistency with our strategy and just making sure that we
react timely and stay within our risk profile and not
(18:21):
not get too emotional.
Speaker 3 (18:22):
Sure, it seems to me though again when we start
to think about consistency in the market, you know that
that's kind of the ying and the yang. But if
someone would decide that they don't have the stomach for
that to play that game, as you were saying, you know,
sell high and buy low annuities is another way, another
(18:44):
place right to put their money to stay consistent, because
they certainly would be that.
Speaker 2 (18:49):
Yeah, I would say I'll chime in on this one.
Because we're dealing with those that are closed to retirement
and retirement and those accumulation years are dwindling or they're gone.
We're big into having good liquidity you've forard me say
it many times. Adequate liquidity, cash in the bank very important,
and most people don't have enough money in the stock market.
(19:10):
Absolutely if it makes sense, and maybe some investments that
have principal protection or maybe a bond replacement something for
the person that's listening that says, you know, I don't
want to gamble with all my money. I want I
want some protected I'm willing to give up some of
the upside for no downside risk and maybe necessarily no fees.
Speaker 4 (19:32):
Now you can go to my website.
Speaker 2 (19:34):
I think first quarter there's a class that I'm teaching
the Truth about Annuities. I teach it three four times
a year because I want people to be educated on annuities.
Number One, there's lots of misconceptions. There's lots of financial
marketing out there. You have to be careful, which is
why you want to do your research and understand, well,
does an annuity fit into my portfolio?
Speaker 4 (19:54):
Does it make sense? There's four types.
Speaker 2 (19:58):
There's immediate annuities, variable annuities, fixed annuities, and fixed index annuities.
And two of them are very different than the other.
Speaker 4 (20:06):
Two.
Speaker 2 (20:08):
Annuities aren't for everybody. Nothing should be for everybody. Problem
is I see a lot of folks they have them.
They don't know which one of the four they have.
That could be a problem. There's some that have exorbitant fees.
That is a problem. There's some that are not protecting
your principle. That's can be a problem if you think
it's going to protect Some people have been sold some
(20:29):
of these and unfortunately they've been sold a bill of
goods because oh, let me put one hundred grand in
the market goes down, all my cash balances is say
eighty Now you're stuck. Now what you got is a
death benefit. Yeah, but I didn't do it for a
death benefit. I've heard this so many times in all
the years that I've done this. So having a good understanding,
(20:50):
get educated. Why does it fit? And I know Kyle
would agree as one of the certified financial planners on
the Haven Investment Team. It can be very beneficial for
income or it can just be for use for accumulation purposes.
And by the way, they don't have to have any
fees at all. And if that sounds intriguing, give us
(21:11):
a call, come on in, or if you're listening and go, wow,
I think I have one of those annuity things.
Speaker 4 (21:18):
Whether it's IRA roth IRA or a.
Speaker 2 (21:20):
Non qualified annuity. Maybe you should have an annuity exam
or annuity X ray so you at least understand what
you have, knowing you might be stuck and might not
be able to do anything different. I just had somebody
in this week six months ago. They did a very
very large annuity. It wasn't the one that she thought
she had, and she's stuck for at least three years
(21:44):
and the outcome is going to be you did you
know you're paying three and a half percent in fees?
Speaker 1 (21:50):
No?
Speaker 4 (21:51):
Did you know you could lose cash value? No?
Speaker 2 (21:54):
So she was completely sold to bill of goods and
I hate to see that. Three years from now we'll
be able to help her. But again, sometimes you just
there's nothing you can do.
Speaker 3 (22:03):
Well, that's consistency. You don't want in your retirement exact,
to be honest. So yeah, we're talking about consistency. Consistency
in your retirement. Obviously, sometimes you need a partner to
help you get your order, your your affairs in order
so that they are consistent. If that is you give
(22:24):
the folks that Haven Financial Group a call six one
two five zero four eighty four hundred. Coming up next,
we're going to talk about social security. Now, that's something
that's consistently in our lives. We're either paying it or
maybe we're drawing it, but we're going to talk about
where it all started. A lot of people always concern
that social security will not exist when it's time for
(22:44):
them to start to draw. So we'll we'll get these
two experts opinions about that and talk a little bit
more about the history of social security. You're listening to
the Haven Financial or pretty I shall.
Speaker 1 (22:56):
Ready to find your financial safe haven. Your dream retirement
is ny, don't go away. The Haven Financial Group Radio
Show will be right back. Are you worried that your
financial strategy might be missing something, Well, you're in the
right place. Larry Kolvig is back and ready to help
you find your financial safe haven.
Speaker 2 (23:18):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, Founder and CEO of
the Haven Financial Group. Feel free to give us a
call if something's resonating today or if you have questions
six one two five zero four eighty four hundred. Visit
us online at Havenfinancialgroup dot com. Check out all the
educational events, our education center, our new education center here
(23:42):
at the office, or community education.
Speaker 4 (23:45):
We teach at the.
Speaker 2 (23:45):
Colleges, libraries, et cetera. So again, we're very big into
the education piece. So again, end of the year, New
year's resolutions, you know, end of the year, financial refresher
is what we're talking about today. Consistency and good can
consistency avoiding the inconsistency in a lot of these areas
sometimes easier said than done.
Speaker 3 (24:06):
Absolutely or so right, we want to talk about social security.
I think my statement before the break was, I think
right on queue. I mean, social security is consistent with
all of us in that we're either been paying it
all of our lives that we've been working, or now
maybe we're all drawing it, you know, just depending on
(24:28):
which phase of your life. But it does seem to
be a constant.
Speaker 2 (24:31):
What is consistent cam is for years and years and
years both sides of the aisle. Is social security going
to be here? Is they're not going to be here.
They're going to take it away. They're going to take
it away. It's been highly politicized for so many years.
And guess what twenty twenty six is here. Guess what
it's still here. Why I think it's going anywhere after?
(24:53):
On my opinion, No, it's not going anywhere. Are there
Americans that are reliant solely on Social Security?
Speaker 4 (24:59):
Yes? Is that a good thing? No?
Speaker 2 (25:02):
But doing away with it? I absolutely think there's zero
factors that they're going.
Speaker 4 (25:07):
To take it away.
Speaker 2 (25:09):
Is it still frustrating to hear that by twenty thirty
five there's going to be a shortfall. No, but they've
been saying that for years. What I do know is
when you claim social security, it is important. It's why
we teach a lot of classes. It's it's nothing new.
Historically throughout history, people have there's been some sort of
(25:29):
social security. It dates back to the ancient times England,
colonial America, you know, civil war pensions.
Speaker 4 (25:36):
So it's not something new. Now.
Speaker 2 (25:39):
What we do know is we can claim social security
at the earliest at sixty two, which, by the way,
seventy percent approximately Americans claim it at sixty two. It
may sound high, but that tells me there's a lack
of education. At seventy is when the latest you're going
to take it? One to two percent of Americans? Wait,
when should you take it? I have no idea. It's
(26:00):
why we have conversations about are you still working, are
you married, do you need the money, do you have
longevity in the family. There's a lot of variables that
go into that decision, and it should be an educated
decision because the recent study shows that the average American
will give up one hundred and eighty two thousand dollars
(26:20):
by claiming at the suboptimal time. If I gave every listener,
which I'm not, one hundred and eighty two thousand to
put into their IRA, none of them would turn me down. Right, Yet,
the average American gives up that much by turning their
Social Security on at the wrong time.
Speaker 3 (26:36):
Yeah, Kyle, let's talk a little bit about social Security
because maybe I'm sure we have a lot of people
who are listening and twenty twenty six might be the
year that they are going to be turning on social Security.
So first off, could you just walk us through for
those who maybe don't know. Once you turn social Security on,
what are some of the steps. Talk to us about taxing,
(26:58):
Talk to us about whether you can have any other
kind of income. Talk to us about what happens if
you decide you you turned it on too soon. Can
you kind of walk us.
Speaker 4 (27:07):
Through some of that.
Speaker 6 (27:08):
Yeah, yeah, So the the taxation of Social Security has
a lot of layers to it. You know, if a
lot of our listeners are in Minnesota, if not all,
and there is income limits to where it is untaxed
versus taxed. For joint households it's one hundred and two thousand,
(27:32):
I believe, and then for individual filers it's about eighty thousand.
So if you're below those limits, that's where that sweet
spot for Social Security to not be taxed in Minnesota lays.
But then on the federal side, you know, there there
was a lot of talk about Social Security not being
taxed for certain citizens. It's not that social Security is
(27:57):
not going to be taxed, it's that there's an extra
deduction for eligible senior sixty five and older. So it
might you might have a deduction for your Social Security income.
But then also if it is taxed fully for you,
the most that it can be taxed is eighty five
(28:19):
percent of that benefit, okay, So and then you might
not get taxed at all depending on your deductions. Right, So,
there is a lot of layers to that. Now, the
benefit itself, if you turn it on before your full
retirement age, which is sixty seven for most people. Now,
(28:43):
if you have not turned it on yet, if you
turn it on before, then you are limited in the
amount of income that you can make. So you're you're
limited to about twenty two twenty three thousand dollars of
income before you start to receive a reduced benefit. Just
keep that in mind in the year that you turn
your full retirement age. So some people say, well, my
(29:05):
birthday isn't until December thirty first, and I turned sixty
seven next year. Can I only make twenty two thousand
dollars in twenty twenty six, Well, you can actually go
up a lot higher, so you can go you can
go to almost sixty thousand dollars in income in the
year that you turn your full retirement age. So there
(29:27):
are a little extra extra earnings that you can make there.
But yeah, it's there's a lot of info that goes
into Social Security, and the ages have changed quite a bit.
I would expect that to change in the future as
well as we try to come to a solution for
the solvency of social Security, So it'll be always changing landscape.
Speaker 3 (29:52):
So what happens Kyle if I turn it on I
don't know sixty three. Let's say, and then I decide
that this retirement thing is not for me and I
want to go back to work. Can I turn it
off or what what happens?
Speaker 1 (30:06):
Yeah?
Speaker 5 (30:06):
You can.
Speaker 6 (30:08):
You can reverse that. You have to pay back the
money that you have been sent to you from the
Social Security Administration, So there there is a way to
do that. You have to file paperwork, just like almost
anything nowadays. So but yes, you can reverse that, and
and you have to pay back those funds. So just
(30:29):
keep that in mind too, because if you've received payments
for a couple of years, that could be you know,
a substantial amount of money that you have to then
pay back into the into the Social Security bucket.
Speaker 2 (30:41):
Kyle's exactly right what he just described to him as
before full retirement age in the first year, you have
to pay it back if you're if it's beyond full
retirement age, which if you're listening, if that's based on
your birthday, If it's beyond that, then you could you
can turn it off and earn delayed credits just like
(31:02):
nothing ever happens. So let's try to get the decision
right the first time. But that's a really good question.
You know, here's what I will say. I like a perspective.
One of my clients had and they're from Lakeville. They've
been with me, with us for years. Years ago, he
was still working and we were talking about social Security
and he's like Larry, they've been politicizing social security for years.
(31:24):
My thought pattern is, if I'm not going to rely
on it, I'm going to put money away for retirement myself,
and if it's here when I retire, it's icing on
the cake. Well he retired two years ago, and guess
what he said, icing on the cake. He goes, it's
still here, just like I thought it would be, but.
Speaker 4 (31:40):
He's not reliant on it.
Speaker 2 (31:42):
I do think, my opinion, many Americans have become too
reliant on Social Security and that's not a good thing
because I don't think any of us should really want
to live on it solely on social Security. Yeah, we
do know a lot of Americans that's the case. So
if we're talking, if this segment is appeal to you,
and maybe this twenty twenty six, you're thinking about turning
(32:04):
on social Security, maybe you're thinking about retiring, come on
in and visit with us. This conversation will be very appealing.
It will be very informative. You'll leave with a social
security report. We do thousands of them for clients a year,
which is a good, better, best roadmap for when you
(32:24):
should take it. If you're married, it should be a
wee decision and it's very helpful. A lot of people go, wow,
this makes sense. I should do it this way my
wife or my spouse. Maybe the lighter bread winner turns
it on earlier, the later bread winner waits as long
as possible. I'll tell you, this social security roadmap that
we set out really helps people. And at the end
(32:45):
of the day, that social security decision should be an
educated decision.
Speaker 3 (32:50):
Absolutely, you bet six one two five zero four eighty
four hundred. You've just heard Larry say many many Americans
leave a lot of money on the table because they
weren't educated about when to draw social security. I think
a lot of people just believe I'm going to retire
and so I'm going to turn it on. But there
is a strategy to it, and it's not a strategy
(33:11):
that is for everyone. Everyone's situation is different, So you
need to sit down with someone and talk about it.
The folks that financial group would love to do that
with you. It is six one two five zero four
eighty four hundred. When we come back, we're going to
talk about navigating the transition into retirement. There are pitfalls
that obviously exist and you want to avoid them. We're
(33:32):
going to share with you some of those pitfalls, hoping
that maybe we can help you stay away from them.
This is the Haven Financial Group Radio Show.
Speaker 1 (33:41):
Don't go too far. We're gathering more important insights and
retirement ways. Devin, The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to
(34:01):
the show.
Speaker 2 (34:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 4 (34:06):
Thanks for listening.
Speaker 2 (34:07):
Feel free to give us a call at six one
two five zero four eighty four hundred or visit us
online at Havenfinancialgroup dot com, where every week we talk
about these crucial retirement topics. These puzzle pieces. Do you
have all the pieces? Do they go to the same puzzle?
And it is winter, many people are doing puzzles. Maybe
this is a puzzle that you should be doing this year.
(34:28):
In twenty twenty six Pitfalls. This segment, we're going to
talk about pitfalls what to avoid in retirement, and we
want to avoid all these pitfalls we possibly can, and
we see these so often a lot of people don't
avoid them, and many of these can very much be avoided.
Speaker 3 (34:47):
Well, I love the first one because this is one
I have to talk to my husband about because he's
a guy who believes he's going to work forever, and
the idea of planning to work indefinitely is not really great.
Speaker 4 (35:01):
No, it's not.
Speaker 2 (35:01):
You know, what we see here is, you know, life
doesn't always cooperate with our calendar. You know, health plays
a role, It certainly does, and oftentimes, you know, health
interrupts our work, and when we think we're going to
retire isn't always the case. In fact, statistics show that,
you know, people have an idea of when their retirement
date it's going to be, but oftentimes it's earlier than
(35:22):
they anticipate for health reasons, or maybe that pink slip
comes your way and you weren't planning on it. Maybe
they're outsourcing to a different country, which we've seen obviously
in recent years. Whatever it may be so plan Accordingly,
it doesn't always go the way you think it's going
to go.
Speaker 3 (35:38):
For sure, avoiding the stock market. You know, I think
a lot of people when they get into retirement, Kyle,
they just say, and You've said this many times, you know,
they say, I'm getting all my money out of the market.
I'm not doing that anymore. I can't run that risk.
That's not really your best probably for most people, your
best avenue to take.
Speaker 6 (35:59):
No, you want to have a good balance, and maybe
that means taking some stocks off the table.
Speaker 5 (36:07):
From your portfolio.
Speaker 6 (36:09):
So maybe you're at seventy percent stocks while working, and
then we get into retirement and we want to lower
that to like forty or fifty percent stocks. You know,
it just depends on what your appetite for risk is.
And you know, before retirement we're in we're in an
accumulation phase, and then once we get into retirement, we're
(36:29):
kind of in a phase of just not wanting to
make any errors.
Speaker 4 (36:33):
Right.
Speaker 6 (36:34):
We have the NFL playoffs coming up, right, and the
teams that typically win the Super Bowl, you know, they
they don't make errors, right. You don't want to have turnovers,
and that's exactly what we're trying to do in retirement
is we're just trying to preserve with the best mix
that we can between stocks and bonds that we can
(36:54):
to maintain our lifestyle as close as we can from
before we were retired all the way through retirement, and
we plan all the way until our mid nineties, just
because we want to plan for longevity as well, because
if you underestimate how long you're going to live, that
can also lead to problems.
Speaker 3 (37:13):
You bet. We talked about this in the segment before
the break of course, claiming Social Security too early, leaving
money on the table, right.
Speaker 4 (37:20):
Larry, Yeah, leaving money on the table.
Speaker 2 (37:23):
We talked about that last segment, and I want to
piggyback off what Kyle just said, you know, the NFL playoffs.
We don't want people to avoid this dock market. We
do wealth management with Fidelity and Charles Schwab. We're not
against the market, but what we find is people are
unaware of how much risk they're taking, and they should
have an awareness right place, at the right time. You're
(37:43):
not twenty or thirty anymore, when you can take more
risk because the longevity is on your side. You get
close to the retirement, not so much so minimizing that
understand stress testing that portfolio defense wins championships.
Speaker 4 (37:58):
It does.
Speaker 2 (37:59):
Now, I'm not saying you should put it all on
the sidelines, because people try to time the mark, they
get out and then they don't ever get back in
and they miss opportunity. But I will say being more
defense does win the championships. Rebalancing, Kyle can address this.
You know, we're not against people doing investments themselves. If
you're a do it yourself for that's fine. If you
(38:20):
are a do it yourself or and you're married, make
sure you have a backup plan for that spouse, that
a relationship has been kindled somewhere, so if you're not here,
you have somebody where your spouse can go to comfortably.
And again, Kyle can attest to the rebalancing if you will, Kyle,
what the opportunities people miss out on by not doing that?
Speaker 5 (38:42):
Yeah? Absolutely.
Speaker 6 (38:43):
I mean if we just take twenty twenty five as
an example, there were two times where there was major
rebalancing potentials right in April and then also in November
early December, so the market had some dips there that
(39:03):
if you weren't rebalancing, you missed out on great opportunities
to buy at what we call lows or discounts.
Speaker 4 (39:11):
Right.
Speaker 6 (39:11):
So the market rebounded very well in each of those times.
And you know there's stats out there that ninety percent
of market rebounds happened within like two weeks of when
the initial down the worst day was in a down market, right,
So that's rebalancing impact, is buying when that dip happens,
(39:36):
so then you can recover well when it does come back,
because the market's never not come back. So we just
want to stick with our academic research there and stay consistent.
Speaker 3 (39:46):
Again, Sure, we're talking about pitfalls in retirement and some
of the things that you definitely want to try to
avoid and can if you're aware of them and you
start planning. These sort of to me almost go hand
and I'm ignoring long term care needs and at the
same time miscalculating your retirement income needs. Long term care
(40:08):
is part of your retirement income needs.
Speaker 4 (40:11):
Correct, Yes, we want to plan accordingly. This is a
big one.
Speaker 2 (40:14):
Nobody wants to talk about the nursing home or long
term care. Who does nobody does, None of us do.
But guess what Statistics show that seventy percent of us
are going to need some sort of care, and many
of the listeners have heard of the old Cadillac long
term care plans that nobody in the right mind could
afford anyways, and you get scared away from it.
Speaker 4 (40:35):
I get it.
Speaker 2 (40:36):
But there's much better viable options that are on the
open market today, such as hybrid long term care plans
or asset based long term care, much more viable options.
And if you've been avoiding this conversation, or you got
scared away by some sort of Cadillac plan years ago,
or maybe you think you're too old to get long
term care, that's not necessarily the case. Give us a call,
(40:59):
Come on in it with Glenn or Isabella. We help
a lot of people in this area. It's going to
be a focus on our clients in twenty twenty six
to make sure that we at least having the conversation
what does that entail, what does your situation look like?
Address your income needs, not only for the income needs
for the things you want to do in retirement, the
(41:21):
things you need, but the things you want the lifestyle,
and also we factor in long term care. In the
Twin Cities here at twelve to fifteen thousand dollars a month.
It can decimate even a very healthy investment investment portfolio
or in a state. So maybe you're listening to go, well,
I'm self funded. Well maybe maybe not. Maybe there's a
(41:44):
better way to fund it without having to use all
of your own money. If you do go into a
nursing home, and if you're married couple, statistically, man we
go first, not always what position does that leave your
surviving spouse and who's going to take care of her
or him when the first one goes? So we can
avoid this conversation all we want, but it doesn't get
(42:05):
us anywhere. And I can tell you if you've been
through this with a parent or a loved one, you
know exactly what I'm talking about.
Speaker 4 (42:13):
You know exactly. So let's say let's start with a conversation.
Speaker 2 (42:17):
It's all where it starts, and let's see is there
something better we can do without trying to get to
sold a bill of goods, because that doesn't do anything
anybody any good either.
Speaker 3 (42:26):
Absolutely well, it seems to me that these pitfalls are
things that you want to try to avoid if at
all possible, because they can make the difference between surviving
and thriving in your retirement right.
Speaker 2 (42:38):
It really can make the difference, you know, and we're
starting off a new year, whether it's tax planning, tax
preparations right around the corner and Lancer CPA and Melissa,
maybe you want to take a closer look at that.
Maybe you want to address your healthcare needs. Maybe you
want to address the long term care discussion that I
just talked about. Maybe you're you're not getting the attention
on your investments. You have no idea how much risk
(43:02):
you have in your portfolio, You have no idea what
you're being charged. I can't believe how often we asked
the question, what are they charging you to manage your money?
And oftentimes it's two to three times the going rate
in a competitive industry. Nothing's free, I get it, But
there should be transparency, transparency, It should be expected. Or
(43:22):
maybe you're listening to you know what I've been talking
about putting a will or a trust together for twenty
five to thirty five years. How about you late put
that to bed and actually get it done in twenty
twenty six, giving the family and your loved ones peace
of mind to know whether you have a lot or
a little or anything in between. We've done the best
(43:42):
we can to protect our hard earned money that we
work for all these years. Again, let's make twenty twenty
six a wonderful year, but let's accomplish something.
Speaker 3 (43:53):
So give the folks at Haven Financial Group a call
the number six one two five zero four eight four
zero zero. That's six' one to two five zero four
eighty four. Hundred start the year off right by joining
together with a partner to make sure that you avoid
those pitfalls and that you begin planning a retirement that
(44:16):
you've always dreamed. Of larry And, kyle thank you guys so.
Much Happy New year to both of.
Speaker 4 (44:21):
You great to be with.
Speaker 2 (44:24):
You, Kim happy new year as well to, you and
cheers to a blessed twenty twenty.
Speaker 7 (44:29):
Six investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed,
herein and comments regarding as safe and secure investments and
(44:53):
guaranteed income streams only refer to fixed insurance. Products they
do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guaranties are subject to
the claims painability of the issuing.
Speaker 4 (45:04):
Company
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