Haven Financial Group Radio - 2/1/26

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Episode Transcript

Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's

(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolbig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The phone lines are always

(00:43):
open at six point two five 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.

Speaker 3 (00:57):
Thanks for listening.

Speaker 2 (00:58):
Give us a call at six more on two five
zero four eighty four hundred. Visit us online at Hanfinancialgroup
dot com. Find out all the good retirement tools we
have on that site and all the upcoming classes that
we have, Kim, good.

Speaker 3 (01:11):
To be with you.

Speaker 2 (01:12):
We got a lot to talk about, you know, the markets, retirement,
like we do every single week, Questions, worries and concerns. Well,
of course we always encourage listeners to give us a call.
Good to be with you, Kim.

Speaker 4 (01:24):
It's great to be with you as well, Larry. I
want to ask you something. What's the number one question
you are asked the most frequently?

Speaker 2 (01:30):
Do I have enough money to retire? Or when is
it going to run out? Is it ninety five or
seventy five or never? That is by far the biggest question, Kim.

Speaker 4 (01:39):
So I think that's a that's a question that we'll
be looming over the course of this program today as
we talk about understanding your readiness for retirement. I mean,
I think you're not ready until you feel pretty secure
in the idea that you have enough money to do so.
So that's what we're going to talk about today, understanding
retirement readiness. That we're going to talk about key questions

(01:59):
took because your retirement income strategy. We'll also talk about
your retirement timeline and marked by some of the very
important birthdays. We've talked about those before, but those are
always good to review and then costs in budgets and
how crucial they are to your retirement picture. So, Larry,
let's get started by understanding readiness when it comes to retirement.

(02:22):
So when you have somebody come in and they sit
down and they say, Larry, I don't know if I
have enough money and I'm not sure if I'm ready,
What do you got? What do you talk about?

Speaker 3 (02:29):
What do you do well?

Speaker 2 (02:30):
Can retirement planning in itself is more than just a
bunch of advice, you know, and advice is important, but
you know, how does it actually apply to your situation?
And there's nothing cookie cutter about it. You know, we
don't have we don't try to make things complicated, but
we all have individual situations, different assets, desires, income, moneies, resources,
et cetera. And there's lots of misleading information out there.

(02:53):
So when when folks come in to sit down, how
are they positioned? We're going to take them through the
same for prietary process we do with everybody, and you know,
start with a discovery meeting. You know, where are you positioned,
what are you doing, who's helping you? And we're going
to start from the very very beginning as far as
their goals and their objectives into their resources. Ask a

(03:15):
bunch of questions throughout this one to two hour meeting
that many times people go, my advisors never even ask
me that question when really these are applicable questions to everybody,
maybe answered differently, but it's important to develop the foundation
to you know, where are you at and where do
you want to go and how do we get there?

(03:35):
And then that'll lead into any strategies that we may
come up with, leading to recommendations, suggestions that could fulfill
this if they're not doing it already, or maybe maybe
confirms that they are on track. Maybe you're listening and
you don't have a plan, or you don't know really
what that plan is, and then it's just not getting
a plan. It's monitoring, it's adjusting it, you know, it's

(03:57):
making sure that there's conversationations throughout the year every year,
not once a year or just twice a year, every
other year. Because the economy changes, laws change, taxes change,
what doesn't change, and if you don't have a partner
to help you navigate through these changes, you might be
left in the desk going, I don't know what's going on,

(04:18):
and that's not a good position.

Speaker 3 (04:19):
To be in.

Speaker 4 (04:20):
Absolutely not all right, So what I hear you saying
is the first thing people are going to do is
you're going to You're gonna sit down with them, and
they're going to talk to you about maybe what some
of their goals are, some of their timeline issues, and
then probably talk about some of the tools that are
out there to help them in their retirement. So let's
walk through some of those those tools that exist, you know,
vehicles of investment and savings that you might talk to

(04:45):
potential clients about.

Speaker 2 (04:47):
And before I get there, Cam, I think it's important
to understand how concerning this is for those that are
planning for retirement. You know, a trans Amergator to studied
recently that fifty two percent of respondents to their survey
plan to work at least past sixty five or not
retire at all, telling me there's not much confidence there.

(05:08):
A lot of people in recent years we've talked about it,
they've depleted their savings accounts with inflation, and that's concerning
and how do I build back my savings account to
where it needs to be. We need to clearly define goals, timelines, objectives,
which we'll talk more about some of the birthdays here
later in the show, and then dive into the investments

(05:28):
that you have. You may have some, you may have all,
or you might not have hardly any of them. Well,
we need to know that, you know, do you have
four to one ks? Do you have iras? Are you
still working? Are you contributing? Are you maximizing it out?
Are you doing things right from a tax perspective? Every week?
And I think of last week, I had numerous folks

(05:49):
that we're contributing to a four to one K, and
we want to make sure we're doing what makes sense
in the moment. Sometimes it's contributing half into a roth
or contributing all of it into a pretext. We want
to look at that. We're going to look at income
streams that you have. Maybe you're blessed to have a pension,

(06:09):
or we'll have a pension.

Speaker 3 (06:11):
What will that be?

Speaker 2 (06:12):
Will factor social security into the discussions? And you know,
we have classes every week. We have just had two
of them this past week in rose Mount. Again, blisters
can go to our site and come on out and
get educated. That's where it really starts. And all this
leads into building out a kind of a plan we
call it a thirty year per thirty thirty five year projection,

(06:35):
but we need.

Speaker 3 (06:35):
To know the details. It's all in the details.

Speaker 2 (06:39):
If it's vague, if it's not clearly defined, there's a
good chance it's not going to come to fruition that
you want it to.

Speaker 3 (06:46):
And that's what we walk people through.

Speaker 2 (06:48):
And it may sound overwhelming, it may sound confusing, but
there's nothing better than when we do it, and we
do it not just once, but continued over the years,
because there's no doubt we're looking to cultivate long term relationships,
helping people navigate throughout all of retirement and life happens,

(07:09):
Life happens quickly, Life doesn't cooperate with our calendar, and
this plan needs to have some adjustments and modifications. Just
don't set it on the shelf and leave it and
never look at it again.

Speaker 4 (07:20):
As this process continues along, for a potential client, I
would imagine after they've asked you, do you think I
have enough money to retire? And is this the right time?
One of the big questions is how do I draw income? Right?

Speaker 2 (07:34):
Oh, that's a big one. Income is the name of
the game. Again, I've said it before. We have folks
that do not have a lot of retirement savings, but
they have lots of income and they're happy as can
be and they're gonna be just fine. On the other side,
we have those that have lots of assets or moneies,
but they don't have pensions. Their income is not so
good and they spend a lot of money and they're

(07:55):
not in such a good spot. So we see all
of it across the board. So whether you have a
lot and I want to stress that on the show,
a lot or very little, and you're listening and go, well,
I don't even have enough to talk about, that just
is not true. Give yourself more credit than that. Everybody
should have some sort of plan. But again, you know,

(08:16):
there's four percent rules that we people talk about.

Speaker 3 (08:19):
Where do we draw from.

Speaker 2 (08:20):
I want to stress in the most tax efficient way possible,
continuing to draw ira money to pretax to fill the
twelve percent bracket up, and then does it make sense
to draw off savings? What's the stock market doing? You know,
what are the rates of return potential? And what you're doing.
These are all of the things, and one thing that

(08:41):
is always a factor as retirement planning.

Speaker 3 (08:43):
Firm is the element of time.

Speaker 2 (08:46):
Are you retiring soon, five years, ten years, do you
need to draw money now or is that also what
is the timeline associated with it? And then we're always
we're always thinking about risk and you've seen them markets
in the last couple of weeks, Joe jump all over
the place. Volatility, the need for risks, the willingness for risk,
and the ability to take risk.

Speaker 3 (09:08):
All this is part of.

Speaker 2 (09:09):
These conversations, and not because it's so much fun to
talk about money sometimes it is, but because it's important
and listeners should they deserve the time whoever they're working with,
and if they're not getting the time. At Hayven, we
want to allow the time. We're not in any rush,
and we want there's no quotas how many times people
can come in and visit with us, because that's really

(09:32):
our job description.

Speaker 4 (09:34):
Let's back up just a little bit. You were talking
about the markets, and you know just the uncertainty that
exists in the economy right now, and maybe you're someone
who's planning to retire in the next three or four years.
Are there things that you advise clients to do right
now as they continue to prepare for retirement to protect

(09:55):
some of these monies during these sort of difficult you know,
uncertain times.

Speaker 2 (10:00):
Well, that depends upon whatever plan is in place. You know,
right now, with the volatility, the knee jerk reactions. As
much as we educate and help people understand, we still
have gotten some calls naturally with the jumps up and
down the short term and we're looking at retirement, which
we hope for us is long term. So we want
to adhere to the plan and not make you know,

(10:22):
we don't want to jump out just for the sake
of jumping out. And that's why I don't care what
the markets are doing, and I don't care what your
what time it is. We have to have an understanding
of what our balance is in our portfolio, how much
risk are we taking? And I bet you a majority
of listeners are going we have no idea how much
risk we're taking. Well, if you seen your balance drowe

(10:44):
jump up and down a lot, that may be and
you don't like that jump up and down, you like
the upspin at the downs. You maybe have way too
much risk in your portfolio. How do we look at
changing that? We want to look at all the investment options,
look at all the terms and part all the things
that go into having a good balanced portfolio. And again, Kim,

(11:05):
that comes down to the elements of time again, when
do you need it?

Speaker 4 (11:10):
Understanding retirement preparedness, that's what we're talking about today. Are
you prepared to retire? And is that a question that's
looming over your head and you're looking for some advice
and you're looking for a partner to put together a
great plan, Then you want to call the folks at
Haven Financial Group. They're number six one two five zero
four eight four zero zero. Call and tell them that

(11:31):
you heard Larry and me on the radio and that
you'd like to set up an appointment to come in
and to get some of your questions answered about retirement
and hopefully put together a wonderful portfolio that makes life
very happy in those golden years. Again, it's six one
two five zero four eight four zero zero. When we

(11:51):
come back, let's answer some of the key questions that
you might have when it comes to retirement income strategy, like,
for example, do high have enough money and will it last?
This is the Haven Financial Group radioship.

Speaker 1 (12:05):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent 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

(12:26):
the show.

Speaker 2 (12:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry Kolvig, founder and CEO of the
Haven Financial Group, celebrating our tenure anniversary Kim this year.

Speaker 3 (12:38):
It's very exciting.

Speaker 2 (12:39):
I can't believe ten years has gone by this fast,
and helping people in all the retirement needs. And when
I say all retirement needs, it's all the retirement puzzle pieces.
The coordination of your taxes and your investments, and your
insurance and your estate planning, and your Medicare and healthcare.
All these should be coordinated. And thankfully we do offer

(13:01):
these under the same roof, even though they don't have
to be, and we enjoy talking about it every week.

Speaker 3 (13:06):
No wee can.

Speaker 4 (13:06):
We certainly do, and congratulations on ten very successful years.
And I'm hoping if twenty more is what you want,
then that's what you get. I think that all comes
down to you answering some of these questions, right.

Speaker 2 (13:21):
Well, Cay my dad's still farming at Haiti, so I
could Gary well be doing this.

Speaker 4 (13:27):
We want to talk about key questions to focus your
retirement income strategy on. For example, will your retirement income
last as long as you need it to, will we
keep up with inflation? Is it protected from market down terms?
These are just some of the questions that retirees really
need to consider as they as they move into those
golden years, or pre retirees need to think about as

(13:50):
they put together their strategies. So let's talk Larry a
little bit about some of the things that people need
to tackle before they make those final decisions. For example,
social security that's a really big one, and making decisions
about when they want to draw it.

Speaker 2 (14:04):
Is a big one, Kim, And that's a good reason
why our classes are so full almost every week when
we offer these, because people want to learn when do
I take it? So many times over the years people
take it lightly and they just turn it on because
that's what they think they're supposed to do when they
hit sixty two or when they immediately retire, which isn't
necessarily the case. So we want people to put some

(14:25):
thought into this. This is going to be an income
stream that's going to be around for as long as
you're here and as long as your spouse is here.
If you're married, and I know there's lots of a
lot of chatter out there on both sides, they're going
to do away with a doom and gloom. Be careful
with all that fear. They haven't taken away. They're not
going to take it away. There could be some changes,
so stay tuned.

Speaker 3 (14:44):
But who knows. So when do you take it?

Speaker 2 (14:46):
At sixty two full retirement seventy? It's an income stream,
and if you're married, that higher one's going to remain
when the first one passes. So you have to think
about your spouse as much as when you decide if
you're going to take that pension, you'll think of your
spouse because statistically your spouse could live ten twenty plus
years and they too want a lifestyle, even though you

(15:07):
might be gone right absolutely.

Speaker 4 (15:10):
I know that a lot of people probably approach you
hoping that you can give them a definitive answer, but
really has so many factors associated with when you need
to draw your social security?

Speaker 2 (15:20):
Almost definitely, are you going to work it's going to
be part time, full time?

Speaker 3 (15:23):
Do you need the money.

Speaker 2 (15:25):
Do you have longevity in your family? The break even
point is usually about ten to twelve years, so you
got to factor that in. So when people say when
should I take it, without knowing any of the facts,
my answer is very simply, I have no clue.

Speaker 3 (15:39):
Well, you're really the expert, aren't you.

Speaker 2 (15:41):
Larry, Without knowing the answers to all these questions, it's
virtually it is impossible. Sure, And that's one income stream.
And then the other part where we get was when
folks get to the age of that retirement number of
required minimum distributions where maybe they haven't had to draw
because they have other assets in those earlier years of retirement. Well,

(16:04):
depending upon how old you are, was seventy and a half,
it went to seventy two, it's now seventy three, and
in eight years it goes to seventy five, you're going
to have to start drawing it out. And it's a
percentage of the total that's in those pre tax accounts.
And so often when people get there, they go, Larry, well,
we have more money now than we did when we
were working as far as income, and now this is

(16:25):
income if it's pre tax, So you got to think
of the tax ramifications, and it's why in the earlier
years of retirement we want to make sure we've done
roth conversions or other means of tax planning to minimize
these tax implications when you get to that required minimum distribution.

(16:46):
So that needs to be part of your planning process. Again,
income is a great problem to have, but you because
a lot of times people like to complain that now
they owe more taxes. So see how all this goes together.
It really, it really does. But income is truly the
name of the game.

Speaker 4 (17:03):
Yeah, it really is. Why it's so great to sit
down with someone who can be a partner as you
make these planning decisions. Who is looking at it as
a holistic you know, Larry, which you guys do there
at Haven. You know, you're looking at the tax ramifications,
you're looking for you know, you know the dates, you
know the deadlines, which is something that somebody who's walking

(17:24):
into retirement for the first time might not necessarily know.
Let's talk a little bit about annuities and what that
might mean to a retiree and what the benefits might
be versus maybe some of the cons.

Speaker 2 (17:38):
Yeah, a lot of times four O one K is
if you look at your four to one K statement.
It may have a computation on the sheet that says,
you know your balance is this, but if it turned
into an annuity payment for whatever, it'll guarantee you this
and annuities again, I teach a class. You can go
to our website. I think I have one coming up
in a couple of months or in the next month.
I think location is where it should start. Because annuities

(18:02):
have a good rep and a very bad rap, and
there's four different types. There's immediate annuities, variable annuities, fixed annuities,
and fixed index annuities. For the means of this segment,
they can be used very successfully for income generation. Maybe
you're not going to have a pension like my wife
and I want to have a pension. We can build,

(18:24):
we can we can have an annuity that's designed for
income that we can project out ten, twenty, how many
many years you want, and they'll guarantee When I say they,
all annuities are through insurance companies. Insurance companies we may dislike,
but they're the only ones that can guarantee certain guarantees
that in the stock market or other things, no other

(18:46):
companies can guarantee. With that mind, we can create a
self directed pension with some available retirement funds, or it
could be other type non qualified funds, any type of
funds really, and that's maybe a good way to develop
your own self directed pension. If you're not going to
have what understand the terms, Understand the costs, Understand what

(19:10):
does that mean if you're married, Is there a espousal continuation?

Speaker 3 (19:13):
If so, get the facts.

Speaker 2 (19:16):
So often people jump into something, do not get the facts,
and then find out they were talked into something or
sold something that didn't perform the way I was supposed to.
And we help people get out of annuities all the time, Kim,
just for the fact they get into one of them
and they three years in and they go, man, we
haven't made any money. Why isn't it And we'll show

(19:38):
them again. If you're listening and have an annuity, come
out in and review it and we'll break it down
from here's what you're paying. Did you know that, here's
the terms, Here's what could happen? Was this disgust And
I would say seventy five percent of the time response
that I get is they never told us. We had
no idea that's where more questions better than no questions

(20:01):
or a few questions. And we want people to look
at all the options, explore everything, and then figure out
what makes the most sense for us in our situation.
For some people it's no annuities, absolutely not for others
it's we don't need we got plenty of income, but
we want to be safe and we want some protected investments.

Speaker 3 (20:21):
Well, then maybe that makes sense.

Speaker 2 (20:23):
So again there's again it sounds redundant, but it's not
one glove.

Speaker 3 (20:28):
Bit's all.

Speaker 2 (20:28):
Let's put everything body in the same thing. And I
think of a newer client of mine last week. She
came in fifty three, her husband's fifty nine. They've done
an excellent job preparing for retirement even though she's only
fifty three. She had an annuity that was designed for income,
and they have all kinds of income streams in that

(20:49):
she was paying three plus percent, and she goes, well,
this doesn't make any sense. I wonder why they sold
it to me. And at the end of the day,
I'm not going to speculate. I'm not going to say
anybody did wrong, but I have a pretty good idea
on why they did.

Speaker 4 (21:03):
Sure, absolutely, li'sten education, education, education, and if you have
questions about maybe some existing investments you have, including annuities,
the experts that HEAP and Financial Group can walk through
that with you. Let's talk one more big question that
I think you have to ask yourself and you have
to figure out as you prepare for retirement, and that's

(21:24):
health insurance. It's a big expense in those retirement years.

Speaker 3 (21:29):
Yeah, healthcare. Again, I say it over and over it.

Speaker 2 (21:32):
People really underestimate the costs and we buffer it into
our planning. What all the insurance is going to be
and people go that much it's underestimated. It needs to
be part of your plan. And then that could lead
into long term care as well. You know, fifty to
seventy percent of us are going to go into a
nursing home.

Speaker 3 (21:51):
How is it going to be paid for?

Speaker 2 (21:53):
You know, looking at the options that are available that
Glenn Ramy and Isabella in our office. We offer everything
that's out there, and there's new stuff out there.

Speaker 3 (22:00):
People have no.

Speaker 2 (22:01):
Idea that is much more attractive than the old traditional
long term care that if you if you got them
to pay grade and then they raise the price every
single every year and very frustrating.

Speaker 3 (22:12):
So that's important.

Speaker 2 (22:13):
And if you're a listener that has life insurance, we're
not here to say you need more life insurance.

Speaker 3 (22:19):
If a manybe you don't need any life insurance. But
people are holding on.

Speaker 2 (22:22):
To a lot of old life contracts. They haven't had
them reviewed. And if you really should have a life
insurance review, there's no cost for it, and you want
to make sure it's going to do what you want.

Speaker 3 (22:33):
You've been paying it all these years.

Speaker 2 (22:35):
It'd be catastrophic to see what I see often that
they they've eaten the balances eaten itself up and now
all of a sudden you don't have life insurance and
you were unaware, and surprise, surprise, that is not the
surprise you were looking for.

Speaker 4 (22:47):
Absolutely not six one two five zero four eight four
zero zero. We're talking about retirement preparedness and we're answering
some of the questions and walking through some of the
steps that pre retirees is as well as those who
are already in retirement need to be thinking about. When
we come back your retirement timeline. Now, these are some
of those very important dates in your life, those birthdays

(23:10):
that mean something when it comes to retirement. And we're
going to walk through what some of the real highlights,
the real important ones are. This is the Haven Financial
Group Radio.

Speaker 1 (23:19):
Show, Ready to find your financial safe Haven. Your dream
retirement is in reach. 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 (23:42):
Good morning and welcome again to the Haven Financial Group
Radio Show. I'm Larry Kalvig, founder and CEO of the
Haven Financial Group. I with you every week talking about retirement.
We're going to talk about birth dates, certain dates that
are important for retirement investments, all the different retirement topics
that come into play and should we discussed kim prior

(24:03):
to retirement and well before retirement. Again, the sooner you
start planning for retirement, the more prepared you're going to
be in, the better off you're going to be. So
there's no time better than now. And it's again no
matter what age you're at. If you're an adult, now's
the time. If you're twenty thirty or any age, believe me,
cam retirement looms and comes faster than any of us think.

Speaker 4 (24:25):
That is for certain that I believe one hundred percent.
And you know, it is kind of funny, you know.
I think a lot of people, you get to a
certain age, you start saying, oh, birthdays, they don't matter anymore.
I don't even want to think about that. But truth
be known, there are some real some real birthdays out
There are some real dates that are really essential to
know if you are in retirement or approaching retirement. So

(24:48):
for the purposes of this conversation, we're going to start,
you know, with anybody forty nine or under first, and
then we'll move forward from there. But as Larry mentioned,
it's never too early. You're very first job. It's very
very smart to get yourself involved in a four to
one k if they're if your employer is offering it,
and lots of other means by which to save money.

Speaker 3 (25:10):
But we'll start.

Speaker 4 (25:11):
There, Larry with it. I'm forty nine and under with
a sort of a generic casting in that out for
a pretty wide white cast.

Speaker 2 (25:19):
Yeah, and why are these retirement dates or birthdays so important? Well,
there's certain age, certain timeframes where you can access your
moneys without penalties, or you know, certain ramifications and you
don't want penalties or any of that stuff.

Speaker 3 (25:33):
Income streams when are they going to be accessible?

Speaker 2 (25:35):
So yeah, anytime, anytime is a good time to start saving.
So I can encourage it enough. Start early age fifty.
Now we have the ketchup provisions. Now maybe the kids
are off to college, or maybe they're off the payroll
or want that be nice actually, but no, I'm just kidding.
Where you can take advantage of those ketchup provisions up
to eight thousand outside of your own in your own

(25:58):
contributions and then in your four to one k don't
miss out on that great way to take advantage of
that age fifty five if you're fortunate enough to be
able to retire, if you're fifty five, you can access
some of those retirement funds. But just work with somebody
that knows what they're doing. There's a lot of details
in doing that, and I've seen it work very successfully

(26:20):
for those that are over fifty five, but also those
that have made mistakes because whoever the way they worked
with didn't know how to do it. So that's always important.
And you know, we deal with this a lot, and
it's worth stressing. At fifty nine and a half, whether
you're still working or not working, you can do rollovers

(26:40):
inside of those four to one ks four h three
b's deferred comps four to fifty seven. Whatever your employer
sponsored plan is, you have the ability even if you're
still working.

Speaker 3 (26:48):
Maybe you want to be safer in your investments.

Speaker 2 (26:51):
Maybe you don't like there's not a lot of being
good investment options in your plan. The federal government says
literally that you're getting closer to retirement, all.

Speaker 3 (27:00):
The options you want.

Speaker 2 (27:02):
And by the way, there are no tax ramifications for rollovers.
And for many people it makes sense. Maybe you've jumped
jobs around a little bit. Maybe you're it consultants. I
see this a lot, and they have different contracts and
they have four to one k's all over the place. Sure, well,
why not consolidate and simplify and do those rollovers. And
again there's no tax implications, and there really should be

(27:23):
no costs whatsoever.

Speaker 4 (27:26):
Sixty two that is the earliest you can start to
draw your Social Security if in fact that's in the
cards for you at sixty two.

Speaker 2 (27:33):
Yeah, sixty two you're going to get reduced benefits though,
So it's again it's why we stress, do I take
it at sixty two? Do I wait till my full
retirement age, which is based on your birthday listeners, if
you want to know, I'm fifty five and minus sixty seven.
So if you wanted to know, now you know age
seventy is going to be the latest you're going to
take it. It doesn't grow beyond that unless you're working

(27:56):
and you're still contributing. But you don't wait turning it
on past seventy. So that's why it's a big decision.
It's over time. Social security in normal life expectancy situations
for many many people is the biggest part of their portfolio,
and if you do the math over the twenty thirty
or whatever years, it's a very big number. And if

(28:19):
you do the number, it's close to a million dollars
or more during normal life expectancy that one can generate
from social security. So it should not be taken lightly.
Sixty five medicare discussions, yes, and Glennon Isabella do a
wonderful job when we have access to all the companies,
and you shouldn't pay for working with a broker that

(28:40):
can help you with it. However, lots of times people
have well I'm still working. I have my own insurance,
do I have to go sign up for it? And
the answer is no, if you have credible coverage. And
there's so many questions and confusion and Medicare and healthcare
and rightfully so, I've heard those guys talk for a
year and I'm still confused by it. So work with

(29:03):
somebody in that area. Shop it out every year. We
don't always make changes, but there's lots of changes in
the medicare area and you need to know what those
changes are. Last year, this might ring a bell with
some listeners. They didn't shop it out, and there was
some prescription drug changes and they didn't think it applied
to them, and now they're paying ten bucks or whatever

(29:25):
more for every prescription because they didn't look into it.
You don't have to do it. You can have somebody
to do the work for you, and I guarantee you.
Isabelle and Glenn help lots of people in those areas.

Speaker 4 (29:37):
What if you missed the deadline there for sixty five
or sixty six and you don't get signed up.

Speaker 3 (29:44):
Again, work with somebody to avoid that happening. Number one.

Speaker 2 (29:48):
Number two, if you're still working to have credible coverage
or maybe you're married and your spouse says credible coverage.
For many times, there's nothing you need to do whatsoever
until a future timeframe, which is why I work with
somebody that can lead you through those timelines. Again, age
seventy is the latest you'll take social security. Of course,

(30:08):
seventy two and seventy three. We talked on the last segment.
That's when RMD's now depending upon your age. For those
listening eight years from now, that goes to seventy five.
In twenty thirty three, it goes to the age seventy five,
of course, unless they've made changes again, which is certainly possible.

Speaker 3 (30:29):
So all these are important dates.

Speaker 2 (30:31):
Don't pay penalties because nobody's helped you, or you didn't
know what those dates were, or become careless because you
got maybe a big tax penalty because you missed the
dead dates. And I should we should say one more
another date, April fifteenth is right around the corner tax deadline.
If you can't make it, make sure that whoever's doing

(30:52):
your taxes, or if it's your yourself, for to file
the extension.

Speaker 3 (30:56):
We do help.

Speaker 2 (30:57):
Lance is our in house CPA here and many does.
The heck of a job, and he really cares and
visits with people, and he's very fair on the tax
preparation cost and at Amen. We don't charge any expert
for tax planning throughout the course of the year. And
we've been we have had Lance on a few different times,
and he's not a.

Speaker 3 (31:17):
Drop off, pickup guy.

Speaker 2 (31:18):
He's a whiteboard explain and I'm telling you he's up.
He's here sun up to sundown right now. And I
see people leave his office after getting their taxes done
and they're happy. Sure, you know that was taxes very oup,
They're happy, and I'm like, wow, I think that was
a pretty good tax meeting. I don't think there was
any negative surprises because we planned throughout the course of

(31:41):
the year.

Speaker 3 (31:42):
Yeah.

Speaker 4 (31:42):
Absolutely. Let me ask you, just as an expert. You know,
life expectancy is certainly getting longer, and we have seen
changes in a lot of these dates and they have
been pushed back. What do you anticipate is going to
happen over time?

Speaker 3 (31:56):
Wow?

Speaker 2 (31:57):
The government does not move too fast, but change is inevitable.
There's going to have to be some changes for social Security.
I don't know, we can't get both sides to that.
I'll to ever agree on anything, but there's gonna have
to be some change. There already has been some change.
We're not gonna like the changes. It's hard to say.
It's really hard to say. You've seen the R and

(32:17):
D ages change, and again there's gonna have to be
some Medicare changes with this administration in, there's going to
have to be there. Again, we've seen a lot of
waste and there's gonna have There's got to be some
accountability because there's a lot of money that's flowing through
these through Medicare, through Social Security, through all of these areas.

(32:38):
And again we have to have some accountability. And I
would hope that we'll we'll get to that point and
everything will settle down here a little bit. You know,
I've never realed out the idea that one can work past.
You know, if we talk about retirement, and I don't
know if I have enough income for most people unless
you have life health issues or something like that, Nobody
said you can't work. Right. Sometimes people retire and they

(33:01):
go get a part time job, and you know what
it helps out. It's their spending money. And nobody said
you can't do that. So at the end of the day,
we like to look at all the options.

Speaker 3 (33:11):
I get a kick out.

Speaker 2 (33:12):
I had a lot of clients that you know, they
they work at the golf course, they mow the grass,
they get free green fees, and they work on the
first toll, the starters, and there's a whole bunch of
stuff you can do.

Speaker 3 (33:24):
And I love, we love talking through those things absolutely.

Speaker 4 (33:27):
All right, let's give everybody the number and they can
give the folks at Haven Financial Group a call six
one two five zero four eight four zero zero at
six one two five zero four eight four zero zero
to let me hurt us here on the radio. You
can also go to Havenfinancialgroup dot com and take a
look at some of those upcoming seminars. You can sign up.
You don't have to be a client to attend. They

(33:49):
are free of charge. That they do need a headcount,
so again that's Heaven Financialgroup dot Com. Still come in
your way. Costs and budgets. They're crucial to your retirement
pig sure, and we're going to talk a little bit
more about that right here on the Haven Financial Group
Radio show.

Speaker 1 (34:05):
Don't go too far. We're gathering more important insights and
retirement pays. Devin the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to

(34:26):
the show.

Speaker 2 (34:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show.

Speaker 3 (34:31):
Thanks for listening this morning.

Speaker 2 (34:33):
I know you have lots of options and lots to
do on a Sunday morning. I'm sure give us a
call at six one two five zero four eight four
zero zero or online at Havenfinancialgroup dot com. We have
lots of good tools on there at community site where
we have contests. I think there's a contest for some
wild tickets, and we have client events that we love

(34:53):
to have and we'd like to have fun with all
these retirement topics that aren't necessarily so much fun.

Speaker 4 (35:00):
Kim, Well, it's all in the way you approach it, right,
That's what you're saying to us. We want to talk
about costs and budgets. Now, listen, budgets aren't very fun.
But the fact of the matter is a lot of
people may think they don't have a lot of money,
but that certainly can be manipulated in retirement. By taking

(35:20):
a look at your costs and how much you spend.

Speaker 2 (35:23):
Right, Yeah, it's not only about how much you have,
it's how much you spend.

Speaker 3 (35:27):
You live within your means. And there's a.

Speaker 2 (35:30):
Comedy nominator for a lot of retirees that we've helped
over the years, and I've got the experience is those
that do live within their means they have don't really
have a lot of problems. Those that love to spend,
they can run into problems. And you know, I think
of Roxanne, who has just been this past week and
she came to our Wills and Trusts and legacy planning
class that carry our estate planning and an attorney and

(35:52):
I put on here about last month and the reason
she came to and listeners should know this, and there's
a lot of them that are in the same boat.
She's seventy one and she's never had any will or anything,
and her ex husband passed away and the kids had
a terrible nightmare settling the estate, and she promised her
kids that she would not do that to them, and
that's why she's getting it done and Carrie is helping

(36:12):
her with that. And again that state planning, I know
that's not this topic of this segment, but I thought
it was cute anyways. Where I was going with her
is she has plenty of assets and she doesn't spend any.

Speaker 3 (36:22):
Money, and I have no problem.

Speaker 2 (36:24):
We have no telling people Roxanne spends some of your
money and have fun.

Speaker 3 (36:29):
She's like, I don't know what to spend it on.
I have everything I need and she's just the cutest
thing ever.

Speaker 2 (36:34):
She goes and I think you're the first person or
second person that's a guy that's ever told me to
spend money.

Speaker 3 (36:40):
Right.

Speaker 4 (36:40):
You don't hear that very often, that's for sure.

Speaker 3 (36:42):
But she's so content.

Speaker 2 (36:44):
She got to where she's at being divorced by working hard,
living within her means. And that's a common thread and
the denominator we see. We like to see good things
and everything. But I've said it before at our shred
event where people come in with the very their vehicles.

(37:04):
The first year, those that had the most had the
lead and the least nice vehicles. And my staff is like,
I noticed that our clients that have the most drive
the ugliest vehicles, and those that have the least have
the fanciest vehicles. Now each to his own to what
they want to do that isn't the point. But again,
having a budget. You know, we've preached, as we preach

(37:27):
as a society to the younger generation to having a budget.
I will tell you that those that are planning for
retirement are in retirement, most of them also need a budget.
Most retirees are on some sort of fixed income, which
we talked a lot about income the show.

Speaker 3 (37:45):
They're on some sort of fixed income.

Speaker 2 (37:46):
And I'll tell you this inflation we've seen in recent years,
it's really affected that because the power, the purchasing power
of the dollar isn't there. Inflation erodes the money, our money,
and it has drastically. So how do we make up
for that? Those are the conversations that we're going to have.
You know, the health care piece in our planning for

(38:07):
a couple, we'll probably, as we budget it out, probably
twelve thousand dollars a year at least one thousand to
fifteen hundred per month. And if that sounds like a lot,
it's not going it's not going going to go down. Right.
In fact, the inflationary numbers we use for healthcare is
different than standard inflation.

Speaker 3 (38:29):
It's only going up.

Speaker 2 (38:31):
Nursing home in healthcare twelve to fifteen thousand a month
here in Minnesota. How are we going to pay for it?
What does that budget look like? Have we budgeted in
at all? So again, not fun to talk about, but
something important that you should and change it if you
need to.

Speaker 4 (38:48):
We're talking about strategies to keep your spending under control
so that your savings lasts a little bit longer. You know,
we've just talked about healthcare and long term emergency expenses.
That's something that has to be budgeted in.

Speaker 2 (39:01):
Yeah, we talk about a good balance and a portfolio.
You know you have your risk stock market investments, great,
you have principal protected investments and if you're wondering what
is that coming? And talking more with us, but liquidity.
You and I have talked about how important it is
to have as a benchmark. We like to see fifty
to one hundred grand for a retired couple, fifty to

(39:23):
one hundred grand liquid in the bank. And I know
the first thing listeners are going to go, well, why
do you need that much.

Speaker 3 (39:28):
In the bank.

Speaker 2 (39:29):
Well, things happen, the furnace goes out, the grand kings
want things, and then the stock market tanks, and you
don't want to be drawn off that now. So there's
a whole bunch of reasons, and another reason being in
this industry so long. I see folks every single week
come in with five to ten thousand liquid and everything

(39:51):
at risk in the stock market, and somehow they think
that might be a good recipe to go into retirement.
That is a that's something that's our wrecking, just waiting
to wreck. That is not a good balance. So what's
the right balance for you? What is your current balance?
Did I just describe what your situation is? I hope not,

(40:12):
But maybe you are the type that has good liquidity,
good principal protection, and adequate stock market investments. The problem
is most people just don't know until something negative happens,
and that negative, unfortunately KIM is usually a twenty five
percent drop in their portfolio.

Speaker 4 (40:30):
Absolutely. One of the things that could be added for
budgeting purposes would be life insurance with living benefits. Right.

Speaker 2 (40:38):
Yeah, Life insurance can be used for a variety of reasons.
It just doesn't have to be used for legacy planning.
It can have some long term care features in life insurance.
If you're looking at a long term care life insurance hybrid,
some of them are very very attractive, much better than
the old traditional we talked.

Speaker 3 (40:54):
Earlier aout annuities.

Speaker 2 (40:57):
When those annuities are used for income, they can have writers.
Now I will say writers are add ons. Add Ons
oftentimes mean additional cost as well. They don't always have
to be, but oftentimes they do. They can have long
term care writers on they can be maybe you can't
qualify it, maybe that's a good way to get some

(41:18):
long term care coverage, longevity writers to make sure that
the income is guaranteed for your life and maybe your
spouse's life. Inflationary writers so when inflation goes up, it
rises with inflation, and those also can be on long
term care policies as well, and other writers. So again,

(41:40):
just know what those writers do and what they cost,
and does it make sense in your portfolio or does
it not make sense. But if you're not having the conversations,
if you don't have a partner that can explain these
things to you and will take the time, then you're
probably not getting all the information you need to make
a good educated decision for you, your spouse and your family.

(42:04):
I think it's owed to you, it really really is,
and you should get You should have the time, and
you should work with somebody that is spending the time.

Speaker 4 (42:11):
So, Larry, as we look back on this episode and
we've just talked about retirement preparedness, the questions that you
need to ask, the the you know, the ways to
draw income, the budgets you need to set. What's the
takeaway here today that you hope people maybe are driving.

Speaker 2 (42:28):
That they should be having these conversations and they shouldn't
be afraid to ask a lot of questions and they
should be getting the attention. We always talk about how
retirement is more than a meeting once or twice a
year for thirty minutes to an hour.

Speaker 3 (42:42):
Okay, let's talk.

Speaker 2 (42:42):
I mean, we got a state planning, we got insurance,
we have Medicare, we have an investments in portfolio, we
have taxes, we have all of these retirement puzzle pieces.
You know that time, that amount of time spent is
just not enough. You're paying people to do this unless
you're doing it all yourself. And if that's the case,
more power to you.

Speaker 3 (43:03):
That many that's.

Speaker 2 (43:04):
Fine, and others than maybe they should be. But whoever
you're paying and working with, don't you should know exactly
what you're paying and what you're getting and we don't
want to be here. At Haven Financier Group. The stereotype
in the industry that says, wow, I haven't talked to
Haven or Larry or Kyle or anybody for almost six

(43:24):
months to a year. That's just not doing our clients
of any favors whatsoever. And again we get this one.
Often we ask our guy about social security and we
don't get any answers. It's a good chance they might
not know the answers because they don't deal with social security.
So know who you're working with. And at Haven again
celebrating our tenure anniversary. We've been blessed to help lots

(43:47):
of people in all these retirement areas and we're very
we're very thankful for that and for all the listeners.

Speaker 3 (43:53):
Thanks for listening.

Speaker 2 (43:54):
Give us a call at six one two five four
eighty four hundred or visit us online at Haven Financial
Group dot COMCM. Always good to be with you and
I look forward to next week.

Speaker 4 (44:04):
I look forward to it as well, Larry, Thanks very much,
have a great week. Everyone. 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.

Speaker 2 (44:23):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein, and comments regarding
it safe and secure.

Speaker 1 (44:31):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.