Episode Transcript
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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 fuone nines are always
(00:43):
open at six point two, five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Every week we come to you and talk about retirement questions, worries, concerns,
the golden years. We want them to be as good
as possible. Kim. Good to be with you again this week.
Speaker 3 (01:11):
It's great to be with you as well. And can
you believe we're already halfway through February? Boy oh boy,
the time just seems to be flying, doesn't it.
Speaker 2 (01:18):
It's believe. It is really hard to believe.
Speaker 3 (01:20):
It really is. Larry, we were just talking about happy
New Year, So here we go. Listen. This week we're
going to talk about demystifying financial security. I really think
this is an interesting topic because I think financial security
means something different to everyone, so that's certainly going to
be a portion of what we take up. But demystifying it,
I really like that concept because I do think that
(01:44):
it is sort of a mystery for a lot of people.
Speaker 1 (01:46):
How do I.
Speaker 3 (01:49):
Put together a plan that makes me feel secure for
years that I'm not working, Because you know, I don't
think anybody really understands how that can be done when
you are working and there's a check coming all the
time in the bit of security.
Speaker 2 (02:01):
Like that, Well, that's true. I mean, all these years
we work to get to these these retirement years and
the next we don't really know the expectations. It's uncharted territory.
So it's kind of a live and learned on the go,
and you know, nothing's carved in stone. And as we
visit with people on a weekly basis, you know, just
because it starts one way, it doesn't mean it's going
to end that way. Life happens. You got to figure
(02:23):
things out. You know. Now you have more time to
if you're married, be with your spouse or do whatever
you want to do. And you got to got to
find your niche. You know, what's the next season of life?
What is it going to look like? Well, it takes
money to get there and then also to embrace some
of the other things people want to do in life.
So I think that's kind of the gist of a
lot of our discussion today.
Speaker 3 (02:42):
Absolutely, we're going to begin by talking about defining financial security,
which again I think you would also say it's sort
of that's a different definition for all different people. But
we're gonna we're going to kind of broad stroke that.
Then we'll talk about the value of consistent income, then
(03:03):
protecting and rebuilding emergency funds, which certainly seems like an
important one to me, and then why the years right
after retirement are so vulnerable. So these are our subjects
this morning, and we're so glad that our listeners could
be with us if we hit accord. And you'd like
to talk to someone at Haven Financial Group, the number
is six one two five zero four eight four zero
(03:26):
zero six one two five zero four eight four zero zero.
Be sure that you give them a call. All right, Larry,
let's get started talking about defining financial security again. Would
you say that it's different for all different people?
Speaker 2 (03:39):
Oh? Yeah, it's definitely different for all different people. Now
when we say financial security and retirement, you know, you
might think numbers, numbers, numbers, stock market inflation, et cetera.
And you can do that if you want, but it's
far more than that. It's about, you know, developing the
confidence to know that you maybe have some financial freedom,
you know, living life on your terms. Stress man management.
(04:01):
You know, finances can bring stress, There's no doubt about it.
It's are you worrying about the bills or is it
focus focusing on the things you want to do? Do
you have your basis covered when it comes to the
needs first, so you can have the wants later. It's
that's really what financial security is about doing the things
you're you want to do that you live to that
(04:21):
you've been living for and want to do in retirement.
And that's it's really all encompassing.
Speaker 3 (04:26):
Sure, So let's break this down just a bit. So
let's begin with the idea pursuing personal fulfillment because as
you just said, you know, you don't want to be
worried about the finances. You want to be enjoying the
things that you've been anticipating.
Speaker 2 (04:39):
Yeah, embracing independence. It's uh, providing the freedom to take
a break from the daily grind in all those years
of working so hard, and you know, kind of immerse yourselves,
take care of yourself. Uh, you know, life enrichment if
you will, you know, fulfillment and contentment, establishing you know,
living standards according to your values. You know, prioritizing the things,
(05:01):
whether it's family, whether it's devotion of time to your
church or whatever that looks like. Maybe it's supporting loved ones. Man.
This year, I've seemed to have worked with a lot
of folks already this year. They're taking care of their
aging parents, which is a blessing for many of them
to be able to do. However, it does encompass a
lot of their time. But you know, rather than hiring
(05:21):
in home nurses. And you know, there's some comfort with that.
I just lost one of my eldest clients here the
first week of the year. But you know, the two
kids who are now in their mid sixties, you know,
they really took care of dad, who passed just before
he was one hundred and four years old, and mom
died at ninety nine, and they really were able to
take care of their parents up until now. And you know,
(05:44):
as much as the loss here when we lost the
dad was difficult, I tell you what. Now they're able
to live their retirement, but it gave them a lot
of fulfillment. It really really did.
Speaker 3 (05:56):
Well, no doubt those kids were it felt very fortunate
to be able to do that. Or aging parents. I
think a lot of grandparents and certainly individuals who are
getting a little bit later in their work career, they're
constantly also thinking about education and investing in education, which
is a really important thing when it comes to, you know,
(06:17):
fulfilling your personal pursuits.
Speaker 2 (06:19):
Yeah, we do come across this quite often, Kim, where
parents or grandparents specifically, Hey, we'd like to open up
a five twenty nine college plan for the kids or
grandkids so they can pursue their educational whatever that may
look like. But it needs to be noted that it
needs to be used for education, which a lot of
those types of funds are designed for because college is
(06:43):
so expensive. I speak from experience because my wife and
I have one in med school on three different colleges,
which makes four. So any support that any family can give,
which is great. And maybe you know, investing in the
family is important to you, so look at different investment
vehicles might be able to do that. Or maybe maybe
you want to pursue some education that all these years
(07:06):
you had given up even though you had a lot
of passion about it and wanted to do it. Why
not do it in the retirement years. You know, education
can maybe keep you sharp through those through those golden
years and something you always wanted to learn. And you know,
maybe it's the church or you know, philanthropic type of
organizations I look forward to. We're at Haven. We're big
(07:27):
supporters of the Cando Canines, which supports training dogs for autism,
special needs and a variety of things. We have the
big Gala coming up here a week from Saturday, which
I always look I look so forward to, and you know,
you know, financial security can give us the ability to
pursue these goals and objectives. Without it, that we might
(07:48):
have to give up. So I can't stress enough the
importance of having a plan. And you and I talk
about every single week. Whether you have very little or
a lot or anything in between, it's just that important.
Speaker 3 (08:00):
Yeah, be bad. What are some of the misconceptions you
think when it comes to a fulfilling life in retirement?
When people come in and talk to you, what do
you think maybe some of their misconceptions might be.
Speaker 2 (08:11):
Yeah, some of these come right to mind because I
hear it. I've heard it from many many years. Financial
planning is only for the wealthy. Couldn't be further from
the truth, whether you have little or a lot. I
can't stress it enough. For financial planning is only about investments. Oh,
it's far more than that. It's about you know, debt
management and saving and budgeting and estate planning, and you
(08:32):
know insurance, retirement strategies and income and ironically or not ironically,
and even financial group. These are all the things that
we do. And I call it all the retirement puzzle pieces.
You know, these are the things we do with Haban
and these are where we help lots of people in
these areas. Or you know, I'm just going to wait
till I get a little older before I do some
(08:52):
financial planning. You're giving up some really good years and
compound of interest. Delaying it isn't going to make it better,
It's only going to make it worse. Start with a little,
develop it from there and you'll be surprised at the outcome.
Or some say, well, financial planning may sacrifice your quality
of life. I certainly beg to differ. It actually can
(09:18):
improve your quality of life, just by the things we
talked about this segment or you know, not last, but
one that does come to mind is you don't need
financial professional help. You can do it on your own.
And maybe some out there that are listening they can
do it on their own. But in all my years
of experience, many are not able to. They're not disciplined enough.
(09:38):
That's not their background. They may not even enjoy even
thinking or talking about this stuff. And it does take
a discipline in order to get where you want to go,
managing the investments or managing the expenses, or you know,
just coming up with a plan. You know, I always
say pick your lane. I get on the I get
on a plane and I let the pilot do the
(09:58):
fly in because I have my lane. The pilot has
their lane. What's your lane. There's certain things that I'm
not good at. A lot of things I'm not good at,
but there's certain things that is our specialty and that
truly at Haven is retirement.
Speaker 3 (10:13):
Absolutely and financial security. You guys can work with the
individuals who are trying to achieve financial security to make
sure it happens. Six one two five zero four eight
for zero zero is the number again. If we're you know,
if we're getting on things that you have some questions about,
maybe you can certainly relate to the idea of wanting
(10:36):
more financial security and your retired Maybe your portfolio needs
some sharpening up. Maybe you don't have one at all.
You can call the folks here at Even Financial Group
six one two five zero four eight four zero zero.
Sign up an appointment, go in and sit down and
chat with these experts. All right, Larry, still coming your way.
(10:57):
The value of consistent in that's what we'll talk about
next right here on the Haven Financial Group Radio show.
Speaker 1 (11:05):
Don't go too far. We're gathering more important insights and
retirement boys, devinent 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
(11:26):
the show.
Speaker 2 (11:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show again. Thanks for listening. Feel free to give
us a call at six one two five zero four
eight four zero zero or Haven Financialgroup dot com. Check
out all the classes that we have on the calendar,
many different ones, so security, maximization and taxes, retirements and taxes,
(11:50):
medicare made simple, a variety of different classes. We encourage
any listeners, clients, anybody that just wants to learn what
a great avenue to come out. There's no cat and
sign up ahead of time. So maybe you can plan
for some financial security or just come up with a
plan or you know, have nothing else. I always say
our job description is to answer questions. Again, feel free
(12:14):
to give us a call six ' one two five
oh four eight four zero zero.
Speaker 3 (12:18):
Absolutely, we're talking about demystifying financial security this morning, and
we want to talk about the value of consistent income.
I mentioned this right off the top of the show, Larry.
You know, I think a lot of people think, you know,
when you're younger, that what you're going to do is
just safe, safe, safe, safe safe, save money, and then
once you get to retirement, you're just going to pull
(12:39):
a little bit of that money off each week and
that's going to be your income. And that's going to
turn out to be a very uncomfortable situation eventually, right
it is.
Speaker 2 (12:50):
And I'll just say that in the industry, I think
we've done a disservice of putting a number, a lump
sum dollar, a lump sum of cash, a certain number,
a million or four or a millionaire, five hundred doubt,
whatever the number is, and they think, well, if I
get to that number, then it's all it's all going
to be rosy. Well, why did you accumulate that whatever
that is. It was to generate a regular income stream
(13:14):
from that for the rest of your life to support
the things you want to do, the things you need
to do, and all the goals and things that will
give you that financial security that we've been talking about.
It's not a number, because we I can tell you
that we have those that have a big number, a
big portfolio that risk running out of money, and those
that have very little that have guaranteed income, which is
(13:36):
really the name of the game, every single month for
the rest of their life, they have nothing to worry about. Sure,
it really really depends. So when we sit down with folks,
we're going to look at you know, what does social
security look like in the grand scheme of things for
you and your spouse if you're both married, What does
that look like? Does delaying make sense? Taking whatever that
timing is, because timing is very important, maximizing that timing
(13:59):
you have. Are you blessed to have a pension or
to in your family? If so, that is going to
help out a lot, or if you have a deficiency
every month when it comes to those how do you
supplement that income? Where does it come from in the
most tax efficient way possible? Back to taxes. It always
comes back to that. To cover that lifestock, to cover
(14:22):
those expenses, to cover the country club, to cover the healthcare,
to cover the inflation that just never ceases to stop,
does it, Kim? I'm a goodness say these are all
the things and other things that income really provides for.
Speaker 3 (14:38):
Well, I think a lot of people think well, now,
how do I have continued income for life if I'm
not working? So talk a little bit about how you
strategize to make that happen, besides things like the obvious,
which is social security.
Speaker 2 (14:51):
Yeah, we'll start with the obvious, so security and pensions,
and then we'll see, well, what other investments do you have?
Could we maybe turn some of that money into a
guaranteed income through an annuity of some sort, or some
structure with bonds, or maybe a laddered CDs or something
of that nature, Because you're right, the big thing is
(15:12):
income has to last for the entirety, and if you're married,
for both of you, you know the big questions, Am
I going to run out at ninety five or seventy
five or where in between them? I going to run
out of money? Well, if we have guaranteed income streams,
you might run out of cash, but that income might
come forever. Because one of the risks among many in
retirement is longevity risk, fear about living your money it's real,
(15:37):
The ability to take care of your debt and paying
down that debt or any future payments, the ability to
give to charities that you're so passionate about. Money also
goes right into the psychology of money and you know,
protecting your well being. Do you sleep good at night?
Do you have peace of mind? All these comes with
all these things come with being financial in dependent. But
(16:01):
I can't stress enough that income plays and not a
lot of people, including myself and my wife, will have pensions. Okay,
So the three legged stool of social security, pensions and
retirement nest egg is now down to two for us.
So at HABN we help people put together how do
you put together a self directed pensions from what we
(16:22):
have to work with and factor that around taxes and
it's tax time lance. Our CPA in house is full
on tax preparation, so hopefully your tax planning over the
course of the last year will lead to no surprises
or only good surprises and not a huge tax bill.
You and I talk about that almost weekly.
Speaker 3 (16:43):
Sure, it seems to me that emergency fund is one
of the most important because between that, between that and
as we mentioned, you know the fact that inflation continues
to be an issue and you want to make sure
that your long term income is protected from inflation. But
you know, emergency funds. Things come up in people's lives
(17:03):
that they don't anticipate.
Speaker 2 (17:05):
Oh, I've said this for such a long period of
time and people probably get sick of it. But you know,
they they talk about an emergency fund for younger people,
it's no different. I would say it's equally more important
for those going into retirement. And I can't tell you
how many times that we'll look at how much money
do you have liquid? Meaning readily available if something comes up,
(17:27):
and there's always something, grandkids' birthdays, the furnace goes out,
the windows need, something needs to be done, Well, where
are you going to draw it from? We like to
see fifty to one hundred grand liquid as kind of
a retirement bedsmark in that type of position, and I
can tell you most don't have near that amount. Listeners
might be going why so much for the very reason
(17:48):
I just gave you. So it's maybe something to work
towards as you get as you get closer to retirement,
And then you can look at how much money or
investments do I have at risk? If so, how much much?
And then how much of my investments, if any, do
I have principal protection where I can still get good growth,
realistic growth, maybe not pay all the fees but it
(18:11):
starts with that emergency fund. And mostly I just read
an article, a business article, I forget which magazine that's
said exactly what I've said for years, that retirees are
retiring with not enough liquid monies. And I see it
on a weekly basis, and that is a recipe for
a retirement problem.
Speaker 3 (18:33):
Another issue that I think it must be very important
and has to be in the forefront of a lot
of retirees' minds is having enough income to cover healthcare costs.
You know, when you work all your life, you may
be in your employer's plan and you pay maybe in
(18:54):
some cases nothing, not so much anymore, but it used
to be that sometimes you paid nothing, but you pay
a fee, maybe a family fee, each month. When you're
in retirement, these fees go up and they're all on you.
Speaker 2 (19:07):
They are, so I hope you hopefully plan for it,
because this is where if you're not working with somebody,
you're probably underestimating the healthcare dollar amount in your budget.
It's almost always higher than people plan on. And when
we build out retirement plans, no matter what your financial
situation is, it for retirees, we factor it in and
(19:30):
we buffer it higher than lower because it is usually
higher than lower when it comes to those medical medicare premiums,
insurance peak premiums, medications. And then that has nothing to
do with long term care potential needs, which fifty percent
of the American population is going to need nursing home care.
(19:50):
Seventy percent of us are going to need some sort
of care, and that care comes with an extreme cost.
You know, in America, you know, it's very costly. I
alway find it really interesting for others from other countries,
they do a really good job of taking care of
their parents or grandparents when they become elderly, they live
with them. But America is just different. And when you're
(20:13):
talking twelve to fifteen thousand dollars a month, and I've
seen invoices plenty of them already this year for nursing
home care, it does not take long to deplete or
decimate what you worked all those years for. So if
that is concerning to you, and it's not a good
fun conversation, but how are you going to cover it?
There are better avenues than ever out there that we
(20:36):
have glenned specifically in our office when it comes to
asset based long term care, long term care hybrids different
options than the traditional long term care. And I would say,
if you're listening and it's ringing a bell, give us
a call, Come have that discussion in any of these areas,
because this industry has changed a lot.
Speaker 3 (20:59):
Yeah, only has Yeah. Healthcare is one of those things
Larry that you know. I think a lot of people
think when you get into your retirement years your expenses
go down. Healthcare is one of those things that your
expenses go up. And the older you get, your expenses
the chances of them going up are even greater because
you need more care. So this is one of those
things that just keeps escalating.
Speaker 2 (21:19):
It does. So I take away from this segment is,
you know, mailbox money, regular consistent income for the longevity,
for the long period of time to cover those things,
those expenses, the things that you need, so then you
can do the things that you want. Make sure you
factor in that health inflation. These are all the things
(21:40):
we factor in. And if you're doing it alone, you're
probably omitting, not intentionally, many of these line items that
are going to be part of retirement. So just forgetting
about or omitting them isn't going to prepare you for
what you need financially in retirement. So if this is
all overwhelming, don't let it be overwhelming. Give us all.
Come on and let's just talk about it. Because through conversations,
(22:03):
consistent conversations, you can develop some confidence to know, you
know what, we've actually talked about this, we've addressed it,
and we brought it to the forefront, and perhaps you've
planned accordingly. If not, make some adjustments. This is not
something you just set it in stone and let the
next thirty years bake and then we'll see what happens.
(22:23):
This is life, and we know life's calendar makes adjustments
along the way, and they don't. Life doesn't always ask
us first.
Speaker 3 (22:31):
You bet six one two five zero four eight four
zero zero. That's how you speak to my friends at
the Haven Financial Group. Coming up next, we're going to
talk about protecting and then rebuilding those emergency funds. Funds
that are so important throughout our lives, fit certainly in
those golden retirement years. This is the Haven Financial Group Radiation.
Speaker 1 (22:51):
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. Larrycolvig is back and ready to help
you find your financial safe Haven.
Speaker 2 (23:12):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Thanks for listening. Feel free to give
us a call at six ' one two five zero
four eight four zero zero or visit us online Havenfinancial
Group dot com. All kinds of retirement tools on the site,
some fun stuff, recipes, you can share information. You know,
we try to have as much fun came with retirement
(23:34):
as it is, rather than it can get a little
stuffy and stressful, and you know, we want to make it.
We want to have some fun with it. And at
Haven we do have fun, even though we take it
very seriously because before you know it, these retirement years.
Every week I hear I can't believe we're this close
to retirement. How did we get here? And you know,
I'm starting to say the same thing myself.
Speaker 3 (23:56):
Yeah, absolutely, Well, I just said to you, I can't
believe we're in the middle of February.
Speaker 2 (24:00):
It.
Speaker 3 (24:00):
Yeah, time certainly does fly. We want to talk about
rebuilding those emergency funds.
Speaker 2 (24:05):
You know.
Speaker 3 (24:07):
What I want to talk to you. I want to
hear what you tell your clients when maybe in their
early retirement years, something happens, like you said, the roof
has to be repaired, or you know, one of the
kids needs some help and they start to deplete those
emergency funds. But they're early on and they've got to
replenish that. What are some of the steps that you suggest.
How do you guys advise your clients to keep those
(24:30):
emergency funds flush.
Speaker 2 (24:31):
Well, first of all, we're going to find out where
all your finances are really sitting. You know, are they
in IRA money, are they in roth IRA money. We're
going to are they in the savings account or checking account,
money market CD, whatever that might be, because there's differences
with allocations, and maybe you have to start reallocating some
of that, shifting it around a little bit, maybe shifting
your investment strategy, considering this to replenish that emergency fund
(24:55):
because maybe the car broke down, you had to get
a new vehicle. I had that last week I think
twice or one of our staff. The furnace did go out,
and that's not a good thing in Minnesota in the
middle of winter when it's ten blow zero. So those
are big line item. Zach and just well, we had
fifty grand in the savings and now it's ten. So
where do you start? Where does the funds come from? Again,
(25:15):
might be reallocation. You know, it's tax time. If you're
one of those that gets a tax refund, and we
could get in a conversation is that a smart move
or not a smart move? But if you are getting
a refund or a bonus, or an inheritance or some
unexpected windfalls of money, maybe directing that towards the savings account,
(25:36):
maybe that makes sense. So analyze the budgets. Are there
certain things you could cut out? It can be eye opening,
It might not be something that you want to look at.
Oh my goodness, we did spend five hundred dollars at
Starbucks last month? Was that really necessary? Well, of course
it was if you're asking my kids, But I beg
to differ a little bit. So analyzing that budget, yes,
(25:58):
the word budget. We don't like to talk about budget,
but that's where we might you know, see some things
the old saying small leagues sink big chips it. It
can actually sink it really really fast. These are always
to replenish that savings account. But first you have to
establish that I really do need that, and it really
(26:20):
does make sense because especially with the volatility of the
markets which we've seen over the years, the last thing
you want to do is the markets are down and
now you're selling off holdings that are in a negative
position or in a down position. So there's a whole
variety of reasons why you want to maintain a high
level of liquidity, maintain a certain level of risk depending
(26:44):
upon how that fits you. And then also principle protected investments.
So at Haven Financial, we're going to group we're going
to look at all the options, all the options to
make sure you're in a balanced, diversified, efficient position. One
other way that I just, you know, I sometimes don't
think about because I don't know why I was thinking about.
Actually they're talking about doing away with the penny because
(27:07):
it's costing us more than it's worth. Maybe it's selling
off some unnecessary assets. Maybe that is a coin collection,
maybe some collectibles of some sort that have been collecting
dust for several years, or you know, I hear this
one a lot. You know, people retire and they go,
you know what about a part time job, maybe because
you don't want to, but maybe that's going to free
up a little bit of extra spending money. You know.
(27:29):
I see people you know, become work at the golf
course so they get free green fees or just spending
extra spending money.
Speaker 3 (27:39):
Maybe let me can I ask you, let me interrupt
you for just a second and ask you about that though.
People who are maybe thinking about doing that, maybe the
thing about doing because they just need something to do,
Maybe the thing about doing it because they need that
extra spending money. That's something that they definitely need to
speak to an expert like yourself though before they jump
into that, right, because there is a ceiling there and
(28:01):
you can't go beyond that. Correct.
Speaker 2 (28:04):
Yeah, there's some income thresholds when it comes to social
security that you're going to especially if you're not to
full retirement age, which is based upon your birthday for
many sixty six two months some odd months or sixty seven. So, yeah,
you want to have a conversation so you're not going
over these thresholds where it's actually costing you more than
it's worth, right, because then you're going in the office
(28:24):
right direction, You're doing something hopefully positive and it becomes
a negative, and you want to avoid that. You know,
I'm amazed at how many people do like Facebook, Facebook
Marketplace or I don't know if Craigslist or maybe I'm
dating myself here a little bit, but you know, just
putting things on and people buy this stuff. I'm like,
I mean, we just sold so and so, would you
sell it Facebook Marketplace? Really, I'm not one that's on
(28:48):
the internet that doing that stuff, but there's a lot
of people that are that can generate some cash. And
you know, as we we're in tax season, you know
that we always talk about forward thinking ta planning for retirement.
You know, in a lot of times the fourth quarter
when we look at roth conversions, does it make sense
based upon our income in that given year and to
(29:10):
fill up that twelve percent bracket, And we'll do either
an irate a wroth conversion to fill it up, or
we'll look at what is your savings plan. What does
that look like? Is it a little lax, is it
a little bit low? We'll do an IRA distribution and
deposit that into your savings to replenish it that way.
So these are the little not little, really, these are
(29:34):
the touches that are so important that we give to
our clients, to those that we sit down with because
life we get busy and all of a sudden, then
we forget and then it's like I said, middle of
February and then it's fourth quarter. By us having contact
and having conversations throughout the year, not for thirty minutes,
not for once a year, not for twice a year.
(29:56):
We don't miss these opportunities, and it's not on the
client to have to watch the calendar. We're doing it
for them so they don't miss these opportunities, which I
call unforced airs that shouldn't happen and don't happen if somebody,
if a good partner, is looking out for your best interest.
Speaker 3 (30:16):
Absolutely six one two five zero four eight four zero zero.
If you're in the market for a good partner, the
folks that Haven Financial Group would love to hear from you.
You can come in sit down free consultation. There you
could just ask questions and Larry will also tell you
that they have a number of educational seminars that they
(30:38):
present in the Twin City area. You go to Havenfinancialgroup
dot com and there you can find out more about
some of those educational seminars. Some of these you know
Larry or first off, you don't have to be a client,
but they're free. But some of these are about, you know,
topics that people just have questions about. They don't maybe
(30:58):
even have to have full on help, they just need
to ask some questions.
Speaker 2 (31:03):
Oh, we had very good attendants at Prior Lake this
past week. Maximize Social Security and taxes. We'll have that
class around the metro here. Just go to our site.
You can see the venues in the times. There's good
materials provided at all of these and again there is
no cost and there's no catch either. Sometimes people go, oh,
they're teaching us, what do we owe them? You owe
(31:23):
us nothing, you know, Ken, We do help a lot
of people and I mean a lot of people through
these educational venues. That is no secret. Haven Financial Group
and Independent Advisory Retirement Firm here in the Twin Cities. Yes,
we also get to we're referred a lot by clients
that have had a great experience and continue to have
(31:46):
a good experience. So there is no secret. But you
don't owe us anything. We owe you the education and
I believe in the industry we do owe you the
education so you can make the decision educated decisions on
what you want to do. If nothing, because nothing is
always an option. I don't think it's a very good option,
but we'll take you through our proprietary process. And again,
(32:07):
no matter what, if you have a little bit or
a lot, you're going to get the attention and I'm
you're going to get the feeling that you know what,
we actually are listening because we are. We're not too good.
We're not too good that we're not a stuffy environment.
We never will be. But check us out six one, two, five, four,
eighty four hundred and.
Speaker 3 (32:26):
It's Evenfinancialgroup dot com. Be sure you go their whole
host of subject matters in these different educational seminars. Again,
they are free, but they do book up pretty quickly.
They would like to have a headcount, so Hevenfinancial Group
dot Com. Check it out. Maybe you've got some questions
about social Security, some insurance questions, some of maybe you
(32:48):
know state planning. There are seminars on all of those
different topics, so be sure you check it out. All right,
when we come back, why the years right after retirement
are sole, We're going to walk through that and much
more right here on the Haven Financial Group Radio Show.
Speaker 1 (33:06):
Don't go too far. We're gathering more important insights and
retirement pays Devinent 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
(33:26):
the show.
Speaker 2 (33:28):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Give us a call at six one
two five zero four eight four zero zero or Havenfinancialgroup
dot com. Visit us online. UH, ask us questions. That's
why we're here. We're talking a lot about financial security,
you know, making sure you have a good liquid monies ready,
(33:48):
getting ready for retirement. We can talk about anything or
everything about retirement. There's lots of pieces to that retirement
puzzle and it can be very overwhelming. And our job
at Haven is to simplify things, keep it as simple
as possible. Not because the listeners, you listeners are simple.
It's because we want to make it understandable. Uh, and
we want we want to be relatable. And again, feel
(34:11):
free to give us a call.
Speaker 3 (34:13):
So let me pose this question to you. Why are
the years just after retirement so vulnerable? That's what we're
going to talk about.
Speaker 2 (34:22):
Well, they are because everything in life is timing, the
element of time becomes that much more important. And if
you retire, as it relates to money, and the market's
down for the first two years, it makes a big
difference unless the market was up those two years. So
having that balance is so very very important. Oftentimes there's
a lot of life events and decisions that are made
(34:44):
earlier in retirement. You know, when do you retire, don't
I retire? You know, financial and security in retirement or
do I have security? And you know, we see, we
see both. Just this last week, I had a couple
came in from Savage and they really were worried about retirement.
They hadn't done a lot of planning. They had a
little bit, but they go, they really worried about it.
(35:06):
And after we've dug in deep and we walked through
things on a several different meetings, they were in a
much better position than they thought they were. And you
know what, that's great. But on the flip side of that,
we can have an opposite type of meeting where some
people think they're in a better position and they're not.
And it isn't for us to point out the good,
(35:26):
the bad, or the ugly it's the facts, sure, based
upon your situation, and we project this out many many years.
Here's what we see. Is that a problem? What is
the problem? How do we fix the problem? You know?
What elements could be finely tuned or maybe factored into
the equation that could change things. You know. So there's
(35:46):
a lot that goes into those early years of retirement,
and there's lots of misconceptions on things that could be
talked about that people should be doing that they avoid
and that's not good. Right.
Speaker 3 (35:58):
For example, that needs to be done. I know a
lot of people don't want to think about that and
they're late sixties, but that needs to be a part
of the plan.
Speaker 2 (36:08):
It does neglecting it isn't going to do any good.
The option is to do nothing and your family, you
individually only have the risk of losing those important documents,
powers of attorney, healthcare directives will trust whatever that is
for you, and it can be different, it's not the
same for everybody. That needs to be done when you're
of sound mind. It should be done when you actually
(36:29):
got married, head of kids, if you have kids or
had assets to protect. Much of that cannot be done
after the fact. You snooze, you lose if you need
it and can't don't have it, it's too late. So
that doesn't do any good avoiding the stock and market
neglecting it because you're just so scared because of all
the volatility. Now, that could be different for different people,
(36:51):
because there are folks that don't have to be in
the stock market depending upon their circumstances, and there's others
that should be and they're sitting in a bank account.
Nothing that's a problem as well. Sure, you know other
things that I seek him is you know, I'm gonna
I don't need to worry about as much because I'm
gonna work well past my retirement years because that's just
(37:11):
the way it is. Well, good luck. I hope that
works out for you. But why is it that most
a lot of people lose their job or quit their
job prematurely? I thought its interesting. I read that the
average worker changes jobs about a dozen times during their career,
and many end up retiring or losing their job earlier
(37:32):
than expected, not working past their retirement age, so that
those statistics just don't hold up.
Speaker 3 (37:39):
Sure, I think also those years right after you retire,
you're still sort of on that mentality of that paycheck
that's coming each week, and so you're just on autopilot
spending and that can be very dangerous.
Speaker 2 (37:52):
I'm sure it can. Or not having a financial plan. Yeah, well,
I know we're on the show saying people should, but
one really should with somebody. I mean, we're not the
only ones out there. I think we can do a
very good job for anybody. But if not us, try somebody. Okay,
see if they're a good fit, you know, not taking
care of taking advantage of a company match in that
(38:13):
four to one k Wow, why would you miss that opportunity?
Or investing unwisely? You know. I always say explore all options,
but if something sounds too good to be true, ask
more questions. Those get rich philosophies or get rich quick
be careful. They can take it and never give it
back and that will not bode well. Poor tax planning. Yeah,
(38:37):
I know it's tax season, but poor tax planning or
no tax planning every year, I've already heard it several
times because again Lance is Sun up to sun own
doing tax preparation and new clients that you know have
owed money every single year. Just a couple last week
from actually Lakeville I said, how to go. It was
(38:57):
your first year with Lance and you got together with
them through out the course of the year, didn't you. Yep,
And they go, it's the first year we didn't have
a five thousand dollars federal tax bill. And I'll tell
you what, they were happy. That wasn't rocket side. That
just didn't happen. It was because they took the time
and we took the time to get to the root
of the problem and stomp stomp out the problem. So
(39:20):
this year it was not the problem that they were
used to.
Speaker 3 (39:23):
Yeah, you bet. What do you think is one of
the most detrimental mistakes that people make after they retire.
Speaker 2 (39:29):
Oh, there's so many of them. And it's too bad,
cashing out their savings or cashing out their four O
one k. You got to you gotta remember there's good
advice at a bad advice in every industry. There's a
shade of grain in every industry. And sometimes people get
talked into stuff, even when they come in to visit
with us, you know, or anybody you know. They you know,
we always joked that you know, a husband and wife
(39:51):
they pinky promised they're going to come in. We're not
going to be sold anything. We're not going to sell
you anything. I always say, salespeople sell you something you
maybe don't need. If you don't need any the services
that we offer, what are we going to sell you? Now?
We're in the people business. Don't get me wrong. But
some single lady got talked into about a year and
a half ago cashing out her at four oh one
(40:12):
k Now, I don't know what was said in that conversation,
but she cashed it in, had no tax withholdings now
no retirement, and got hit with a big tax bill.
I mean, she was really led down the wrong rabbit hole.
And unfortunately I hear about those things far too often.
So know who you're working with, do your due diligence.
(40:33):
I don't care what you're looking at, it is twenty
twenty five. If you have to look out for your
best interest, make sure who you're working with is acting
in your best interest. Obviously, I think that's important, But
again probably in One of the biggest ones is not
having any plan. What's the old saying saying A failure
to plan is a plan to fail. Now, we don't
want anybody to fail. You don't want to fail, but
(40:55):
a failure to plan is a plan to fail, and
hope is not a plan. I hope things go okay.
Well I hope they do too, But if I don't
do anything about it, how can I be as certain
that things are going to be okay. So again, coming
right back to it, have some sort of a have
a partner in any of these areas. Put these retirement
(41:16):
puzzle pieces together, the whole puzzle, not just a few
of the pieces. Sure, you know that's part of our
haven process.
Speaker 3 (41:23):
You bet. And what do you think are some of
the life mistakes that people make along the way?
Speaker 2 (41:30):
Well, family obviously is extremely important to me and my
wife four daughters. You know what, I get it, but
I see it far too often. The enabling of adult kids,
you know, spending on kids that aren't kids. They're forty
years old, they're living in your basement, they're playing video games.
And I'm sorry, I mean we all, we all have
(41:50):
our strengths and weaknesses, but enabling of kids or grandkids,
even enabling to the point where your own retirement is affected.
And you know, I think of a couple from inver
Grove Heights. I started helping them quite a few years back,
and we lost track a little bit, and then they
came back and they pretty much their kids and grandkids
(42:13):
had wiped out pretty much everything they had and they
were in a trailer, which was so sad to see.
Or I just had one of our clients who, unfortunately,
six months after he retired from the airlines, he lost
his wife and him and his wife would put together
an ample amount They had saved a decent amount of money,
and you know, our retirement projections looked really, really good.
(42:33):
And you know, obviously when you lose a loved one,
especially a spouse of fifty some years, it's never easy.
It's never going to be easy. But we noticed his
spending habits were changing drastically, and just this first in January,
we had to have a meeting with him on a
variety of things. And he's doing better, but you know,
(42:55):
we had to have the meeting that says, you know,
at this rate, your retirement is not lasting things. And
we found out it was the enabling of the kids,
the adult kids that were just draining that jad dry.
Those are tough conversations, but much needed conversations. So as
much as we love our kids and grandkids and life
is different, but it takes work, you know, the work
(43:17):
ethic is not the same, and a lot of them
just think everything is a free lunch. And I grew
up on a dairy farm and canu High Minnesota. There's
no free lunch out there, and unfortunately a lot of
people think there is. And again, that doesn't bode well
for them, and it doesn't bode well for retirement.
Speaker 3 (43:37):
We've talked about a number of the mistakes. We've also
talked about some of the great things that you can
do to secure your financial future. And one of the
smart things that you can do is to pick up
the phone and give the folks that Haven Financial Group
a call six one two five zero four eight four
zero zero. Also check out those educational seminars Havenfinancialgroup dot com.
(43:57):
Be sure you sign up for one of them that
might be coming up in the next few weeks. This
has been really interesting and enlightening financial security. It's a
little bit different for every single client. I'm sure when
they walk through the door it is.
Speaker 2 (44:11):
It's not one glove fits all, it's not going to be,
but it starts with a discussion and it doesn't cost
to have that discussion in any of these retirement areas.
And it is tax season. Don't forget about your taxes,
whether it's tax prep, or medicare or healthcare, estate planning,
any of these these pieces. Feel free to give us
a call at six one two five oh four eighty
(44:31):
four hundred or Havenfinancial Group dot com. We'd love to
visit more Kim every week. It's good to be with
you and I look forward to next week.
Speaker 1 (44:41):
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 3 (44:53):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
its safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (45:06):
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The fuone nines are always
(00:43):
open at six point two, five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, Founder and CEO of the Haven Financial Group.
Every week we come to you and talk about retirement questions, worries, concerns,
the golden years. We want them to be as good
as possible. Kim. Good to be with you again this week.
Speaker 3 (01:11):
It's great to be with you as well. And can
you believe we're already halfway through February? Boy oh boy,
the time just seems to be flying, doesn't it.
Speaker 2 (01:18):
It's believe. It is really hard to believe.
Speaker 3 (01:20):
It really is. Larry, we were just talking about happy
New Year, So here we go. Listen. This week we're
going to talk about demystifying financial security. I really think
this is an interesting topic because I think financial security
means something different to everyone, so that's certainly going to
be a portion of what we take up. But demystifying it,
I really like that concept because I do think that
(01:44):
it is sort of a mystery for a lot of people.
Speaker 1 (01:46):
How do I.
Speaker 3 (01:49):
Put together a plan that makes me feel secure for
years that I'm not working, Because you know, I don't
think anybody really understands how that can be done when
you are working and there's a check coming all the
time in the bit of security.
Speaker 2 (02:01):
Like that, Well, that's true. I mean, all these years
we work to get to these these retirement years and
the next we don't really know the expectations. It's uncharted territory.
So it's kind of a live and learned on the go,
and you know, nothing's carved in stone. And as we
visit with people on a weekly basis, you know, just
because it starts one way, it doesn't mean it's going
to end that way. Life happens. You got to figure
(02:23):
things out. You know. Now you have more time to
if you're married, be with your spouse or do whatever
you want to do. And you got to got to
find your niche. You know, what's the next season of life?
What is it going to look like? Well, it takes
money to get there and then also to embrace some
of the other things people want to do in life.
So I think that's kind of the gist of a
lot of our discussion today.
Speaker 3 (02:42):
Absolutely, we're going to begin by talking about defining financial security,
which again I think you would also say it's sort
of that's a different definition for all different people. But
we're gonna we're going to kind of broad stroke that.
Then we'll talk about the value of consistent income, then
(03:03):
protecting and rebuilding emergency funds, which certainly seems like an
important one to me, and then why the years right
after retirement are so vulnerable. So these are our subjects
this morning, and we're so glad that our listeners could
be with us if we hit accord. And you'd like
to talk to someone at Haven Financial Group, the number
is six one two five zero four eight four zero
(03:26):
zero six one two five zero four eight four zero zero.
Be sure that you give them a call. All right, Larry,
let's get started talking about defining financial security again. Would
you say that it's different for all different people?
Speaker 2 (03:39):
Oh? Yeah, it's definitely different for all different people. Now
when we say financial security and retirement, you know, you
might think numbers, numbers, numbers, stock market inflation, et cetera.
And you can do that if you want, but it's
far more than that. It's about, you know, developing the
confidence to know that you maybe have some financial freedom,
you know, living life on your terms. Stress man management.
(04:01):
You know, finances can bring stress, There's no doubt about it.
It's are you worrying about the bills or is it
focus focusing on the things you want to do? Do
you have your basis covered when it comes to the
needs first, so you can have the wants later. It's
that's really what financial security is about doing the things
you're you want to do that you live to that
(04:21):
you've been living for and want to do in retirement.
And that's it's really all encompassing.
Speaker 3 (04:26):
Sure, So let's break this down just a bit. So
let's begin with the idea pursuing personal fulfillment because as
you just said, you know, you don't want to be
worried about the finances. You want to be enjoying the
things that you've been anticipating.
Speaker 2 (04:39):
Yeah, embracing independence. It's uh, providing the freedom to take
a break from the daily grind in all those years
of working so hard, and you know, kind of immerse yourselves,
take care of yourself. Uh, you know, life enrichment if
you will, you know, fulfillment and contentment, establishing you know,
living standards according to your values. You know, prioritizing the things,
(05:01):
whether it's family, whether it's devotion of time to your
church or whatever that looks like. Maybe it's supporting loved ones. Man.
This year, I've seemed to have worked with a lot
of folks already this year. They're taking care of their
aging parents, which is a blessing for many of them
to be able to do. However, it does encompass a
lot of their time. But you know, rather than hiring
(05:21):
in home nurses. And you know, there's some comfort with that.
I just lost one of my eldest clients here the
first week of the year. But you know, the two
kids who are now in their mid sixties, you know,
they really took care of dad, who passed just before
he was one hundred and four years old, and mom
died at ninety nine, and they really were able to
take care of their parents up until now. And you know,
(05:44):
as much as the loss here when we lost the
dad was difficult, I tell you what. Now they're able
to live their retirement, but it gave them a lot
of fulfillment. It really really did.
Speaker 3 (05:56):
Well, no doubt those kids were it felt very fortunate
to be able to do that. Or aging parents. I
think a lot of grandparents and certainly individuals who are
getting a little bit later in their work career, they're
constantly also thinking about education and investing in education, which
is a really important thing when it comes to, you know,
(06:17):
fulfilling your personal pursuits.
Speaker 2 (06:19):
Yeah, we do come across this quite often, Kim, where
parents or grandparents specifically, Hey, we'd like to open up
a five twenty nine college plan for the kids or
grandkids so they can pursue their educational whatever that may
look like. But it needs to be noted that it
needs to be used for education, which a lot of
those types of funds are designed for because college is
(06:43):
so expensive. I speak from experience because my wife and
I have one in med school on three different colleges,
which makes four. So any support that any family can give,
which is great. And maybe you know, investing in the
family is important to you, so look at different investment
vehicles might be able to do that. Or maybe maybe
you want to pursue some education that all these years
(07:06):
you had given up even though you had a lot
of passion about it and wanted to do it. Why
not do it in the retirement years. You know, education
can maybe keep you sharp through those through those golden
years and something you always wanted to learn. And you know,
maybe it's the church or you know, philanthropic type of
organizations I look forward to. We're at Haven. We're big
(07:27):
supporters of the Cando Canines, which supports training dogs for autism,
special needs and a variety of things. We have the
big Gala coming up here a week from Saturday, which
I always look I look so forward to, and you know,
you know, financial security can give us the ability to
pursue these goals and objectives. Without it, that we might
(07:48):
have to give up. So I can't stress enough the
importance of having a plan. And you and I talk
about every single week. Whether you have very little or
a lot or anything in between, it's just that important.
Speaker 3 (08:00):
Yeah, be bad. What are some of the misconceptions you
think when it comes to a fulfilling life in retirement?
When people come in and talk to you, what do
you think maybe some of their misconceptions might be.
Speaker 2 (08:11):
Yeah, some of these come right to mind because I
hear it. I've heard it from many many years. Financial
planning is only for the wealthy. Couldn't be further from
the truth, whether you have little or a lot. I
can't stress it enough. For financial planning is only about investments. Oh,
it's far more than that. It's about you know, debt
management and saving and budgeting and estate planning, and you
(08:32):
know insurance, retirement strategies and income and ironically or not ironically,
and even financial group. These are all the things that
we do. And I call it all the retirement puzzle pieces.
You know, these are the things we do with Haban
and these are where we help lots of people in
these areas. Or you know, I'm just going to wait
till I get a little older before I do some
(08:52):
financial planning. You're giving up some really good years and
compound of interest. Delaying it isn't going to make it better,
It's only going to make it worse. Start with a little,
develop it from there and you'll be surprised at the outcome.
Or some say, well, financial planning may sacrifice your quality
of life. I certainly beg to differ. It actually can
(09:18):
improve your quality of life, just by the things we
talked about this segment or you know, not last, but
one that does come to mind is you don't need
financial professional help. You can do it on your own.
And maybe some out there that are listening they can
do it on their own. But in all my years
of experience, many are not able to. They're not disciplined enough.
(09:38):
That's not their background. They may not even enjoy even
thinking or talking about this stuff. And it does take
a discipline in order to get where you want to go,
managing the investments or managing the expenses, or you know,
just coming up with a plan. You know, I always
say pick your lane. I get on the I get
on a plane and I let the pilot do the
(09:58):
fly in because I have my lane. The pilot has
their lane. What's your lane. There's certain things that I'm
not good at. A lot of things I'm not good at,
but there's certain things that is our specialty and that
truly at Haven is retirement.
Speaker 3 (10:13):
Absolutely and financial security. You guys can work with the
individuals who are trying to achieve financial security to make
sure it happens. Six one two five zero four eight
for zero zero is the number again. If we're you know,
if we're getting on things that you have some questions about,
maybe you can certainly relate to the idea of wanting
(10:36):
more financial security and your retired Maybe your portfolio needs
some sharpening up. Maybe you don't have one at all.
You can call the folks here at Even Financial Group
six one two five zero four eight four zero zero.
Sign up an appointment, go in and sit down and
chat with these experts. All right, Larry, still coming your way.
(10:57):
The value of consistent in that's what we'll talk about
next right here on the Haven Financial Group Radio show.
Speaker 1 (11:05):
Don't go too far. We're gathering more important insights and
retirement boys, devinent 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
(11:26):
the show.
Speaker 2 (11:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show again. Thanks for listening. Feel free to give
us a call at six one two five zero four
eight four zero zero or Haven Financialgroup dot com. Check
out all the classes that we have on the calendar,
many different ones, so security, maximization and taxes, retirements and taxes,
(11:50):
medicare made simple, a variety of different classes. We encourage
any listeners, clients, anybody that just wants to learn what
a great avenue to come out. There's no cat and
sign up ahead of time. So maybe you can plan
for some financial security or just come up with a
plan or you know, have nothing else. I always say
our job description is to answer questions. Again, feel free
(12:14):
to give us a call six ' one two five
oh four eight four zero zero.
Speaker 3 (12:18):
Absolutely, we're talking about demystifying financial security this morning, and
we want to talk about the value of consistent income.
I mentioned this right off the top of the show, Larry.
You know, I think a lot of people think, you know,
when you're younger, that what you're going to do is
just safe, safe, safe, safe safe, save money, and then
once you get to retirement, you're just going to pull
(12:39):
a little bit of that money off each week and
that's going to be your income. And that's going to
turn out to be a very uncomfortable situation eventually, right
it is.
Speaker 2 (12:50):
And I'll just say that in the industry, I think
we've done a disservice of putting a number, a lump
sum dollar, a lump sum of cash, a certain number,
a million or four or a millionaire, five hundred doubt,
whatever the number is, and they think, well, if I
get to that number, then it's all it's all going
to be rosy. Well, why did you accumulate that whatever
that is. It was to generate a regular income stream
(13:14):
from that for the rest of your life to support
the things you want to do, the things you need
to do, and all the goals and things that will
give you that financial security that we've been talking about.
It's not a number, because we I can tell you
that we have those that have a big number, a
big portfolio that risk running out of money, and those
that have very little that have guaranteed income, which is
(13:36):
really the name of the game, every single month for
the rest of their life, they have nothing to worry about. Sure,
it really really depends. So when we sit down with folks,
we're going to look at you know, what does social
security look like in the grand scheme of things for
you and your spouse if you're both married, What does
that look like? Does delaying make sense? Taking whatever that
timing is, because timing is very important, maximizing that timing
(13:59):
you have. Are you blessed to have a pension or
to in your family? If so, that is going to
help out a lot, or if you have a deficiency
every month when it comes to those how do you
supplement that income? Where does it come from in the
most tax efficient way possible? Back to taxes. It always
comes back to that. To cover that lifestock, to cover
(14:22):
those expenses, to cover the country club, to cover the healthcare,
to cover the inflation that just never ceases to stop,
does it, Kim? I'm a goodness say these are all
the things and other things that income really provides for.
Speaker 3 (14:38):
Well, I think a lot of people think well, now,
how do I have continued income for life if I'm
not working? So talk a little bit about how you
strategize to make that happen, besides things like the obvious,
which is social security.
Speaker 2 (14:51):
Yeah, we'll start with the obvious, so security and pensions,
and then we'll see, well, what other investments do you have?
Could we maybe turn some of that money into a
guaranteed income through an annuity of some sort, or some
structure with bonds, or maybe a laddered CDs or something
of that nature, Because you're right, the big thing is
(15:12):
income has to last for the entirety, and if you're married,
for both of you, you know the big questions, Am
I going to run out at ninety five or seventy
five or where in between them? I going to run
out of money? Well, if we have guaranteed income streams,
you might run out of cash, but that income might
come forever. Because one of the risks among many in
retirement is longevity risk, fear about living your money it's real,
(15:37):
The ability to take care of your debt and paying
down that debt or any future payments, the ability to
give to charities that you're so passionate about. Money also
goes right into the psychology of money and you know,
protecting your well being. Do you sleep good at night?
Do you have peace of mind? All these comes with
all these things come with being financial in dependent. But
(16:01):
I can't stress enough that income plays and not a
lot of people, including myself and my wife, will have pensions. Okay,
So the three legged stool of social security, pensions and
retirement nest egg is now down to two for us.
So at HABN we help people put together how do
you put together a self directed pensions from what we
(16:22):
have to work with and factor that around taxes and
it's tax time lance. Our CPA in house is full
on tax preparation, so hopefully your tax planning over the
course of the last year will lead to no surprises
or only good surprises and not a huge tax bill.
You and I talk about that almost weekly.
Speaker 3 (16:43):
Sure, it seems to me that emergency fund is one
of the most important because between that, between that and
as we mentioned, you know the fact that inflation continues
to be an issue and you want to make sure
that your long term income is protected from inflation. But
you know, emergency funds. Things come up in people's lives
(17:03):
that they don't anticipate.
Speaker 2 (17:05):
Oh, I've said this for such a long period of
time and people probably get sick of it. But you know,
they they talk about an emergency fund for younger people,
it's no different. I would say it's equally more important
for those going into retirement. And I can't tell you
how many times that we'll look at how much money
do you have liquid? Meaning readily available if something comes up,
(17:27):
and there's always something, grandkids' birthdays, the furnace goes out,
the windows need, something needs to be done, Well, where
are you going to draw it from? We like to
see fifty to one hundred grand liquid as kind of
a retirement bedsmark in that type of position, and I
can tell you most don't have near that amount. Listeners
might be going why so much for the very reason
(17:48):
I just gave you. So it's maybe something to work
towards as you get as you get closer to retirement,
And then you can look at how much money or
investments do I have at risk? If so, how much much?
And then how much of my investments, if any, do
I have principal protection where I can still get good growth,
realistic growth, maybe not pay all the fees but it
(18:11):
starts with that emergency fund. And mostly I just read
an article, a business article, I forget which magazine that's
said exactly what I've said for years, that retirees are
retiring with not enough liquid monies. And I see it
on a weekly basis, and that is a recipe for
a retirement problem.
Speaker 3 (18:33):
Another issue that I think it must be very important
and has to be in the forefront of a lot
of retirees' minds is having enough income to cover healthcare costs.
You know, when you work all your life, you may
be in your employer's plan and you pay maybe in
(18:54):
some cases nothing, not so much anymore, but it used
to be that sometimes you paid nothing, but you pay
a fee, maybe a family fee, each month. When you're
in retirement, these fees go up and they're all on you.
Speaker 2 (19:07):
They are, so I hope you hopefully plan for it,
because this is where if you're not working with somebody,
you're probably underestimating the healthcare dollar amount in your budget.
It's almost always higher than people plan on. And when
we build out retirement plans, no matter what your financial
situation is, it for retirees, we factor it in and
(19:30):
we buffer it higher than lower because it is usually
higher than lower when it comes to those medical medicare premiums,
insurance peak premiums, medications. And then that has nothing to
do with long term care potential needs, which fifty percent
of the American population is going to need nursing home care.
(19:50):
Seventy percent of us are going to need some sort
of care, and that care comes with an extreme cost.
You know, in America, you know, it's very costly. I
alway find it really interesting for others from other countries,
they do a really good job of taking care of
their parents or grandparents when they become elderly, they live
with them. But America is just different. And when you're
(20:13):
talking twelve to fifteen thousand dollars a month, and I've
seen invoices plenty of them already this year for nursing
home care, it does not take long to deplete or
decimate what you worked all those years for. So if
that is concerning to you, and it's not a good
fun conversation, but how are you going to cover it?
There are better avenues than ever out there that we
(20:36):
have glenned specifically in our office when it comes to
asset based long term care, long term care hybrids different
options than the traditional long term care. And I would say,
if you're listening and it's ringing a bell, give us
a call, Come have that discussion in any of these areas,
because this industry has changed a lot.
Speaker 3 (20:59):
Yeah, only has Yeah. Healthcare is one of those things
Larry that you know. I think a lot of people
think when you get into your retirement years your expenses
go down. Healthcare is one of those things that your
expenses go up. And the older you get, your expenses
the chances of them going up are even greater because
you need more care. So this is one of those
things that just keeps escalating.
Speaker 2 (21:19):
It does. So I take away from this segment is,
you know, mailbox money, regular consistent income for the longevity,
for the long period of time to cover those things,
those expenses, the things that you need, so then you
can do the things that you want. Make sure you
factor in that health inflation. These are all the things
(21:40):
we factor in. And if you're doing it alone, you're
probably omitting, not intentionally, many of these line items that
are going to be part of retirement. So just forgetting
about or omitting them isn't going to prepare you for
what you need financially in retirement. So if this is
all overwhelming, don't let it be overwhelming. Give us all.
Come on and let's just talk about it. Because through conversations,
(22:03):
consistent conversations, you can develop some confidence to know, you
know what, we've actually talked about this, we've addressed it,
and we brought it to the forefront, and perhaps you've
planned accordingly. If not, make some adjustments. This is not
something you just set it in stone and let the
next thirty years bake and then we'll see what happens.
(22:23):
This is life, and we know life's calendar makes adjustments
along the way, and they don't. Life doesn't always ask
us first.
Speaker 3 (22:31):
You bet six one two five zero four eight four
zero zero. That's how you speak to my friends at
the Haven Financial Group. Coming up next, we're going to
talk about protecting and then rebuilding those emergency funds. Funds
that are so important throughout our lives, fit certainly in
those golden retirement years. This is the Haven Financial Group Radiation.
Speaker 1 (22:51):
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. Larrycolvig is back and ready to help
you find your financial safe Haven.
Speaker 2 (23:12):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Thanks for listening. Feel free to give
us a call at six ' one two five zero
four eight four zero zero or visit us online Havenfinancial
Group dot com. All kinds of retirement tools on the site,
some fun stuff, recipes, you can share information. You know,
we try to have as much fun came with retirement
(23:34):
as it is, rather than it can get a little
stuffy and stressful, and you know, we want to make it.
We want to have some fun with it. And at
Haven we do have fun, even though we take it
very seriously because before you know it, these retirement years.
Every week I hear I can't believe we're this close
to retirement. How did we get here? And you know,
I'm starting to say the same thing myself.
Speaker 3 (23:56):
Yeah, absolutely, Well, I just said to you, I can't
believe we're in the middle of February.
Speaker 2 (24:00):
It.
Speaker 3 (24:00):
Yeah, time certainly does fly. We want to talk about
rebuilding those emergency funds.
Speaker 2 (24:05):
You know.
Speaker 3 (24:07):
What I want to talk to you. I want to
hear what you tell your clients when maybe in their
early retirement years, something happens, like you said, the roof
has to be repaired, or you know, one of the
kids needs some help and they start to deplete those
emergency funds. But they're early on and they've got to
replenish that. What are some of the steps that you suggest.
How do you guys advise your clients to keep those
(24:30):
emergency funds flush.
Speaker 2 (24:31):
Well, first of all, we're going to find out where
all your finances are really sitting. You know, are they
in IRA money, are they in roth IRA money. We're
going to are they in the savings account or checking account,
money market CD, whatever that might be, because there's differences
with allocations, and maybe you have to start reallocating some
of that, shifting it around a little bit, maybe shifting
your investment strategy, considering this to replenish that emergency fund
(24:55):
because maybe the car broke down, you had to get
a new vehicle. I had that last week I think
twice or one of our staff. The furnace did go out,
and that's not a good thing in Minnesota in the
middle of winter when it's ten blow zero. So those
are big line item. Zach and just well, we had
fifty grand in the savings and now it's ten. So
where do you start? Where does the funds come from? Again,
(25:15):
might be reallocation. You know, it's tax time. If you're
one of those that gets a tax refund, and we
could get in a conversation is that a smart move
or not a smart move? But if you are getting
a refund or a bonus, or an inheritance or some
unexpected windfalls of money, maybe directing that towards the savings account,
(25:36):
maybe that makes sense. So analyze the budgets. Are there
certain things you could cut out? It can be eye opening,
It might not be something that you want to look at.
Oh my goodness, we did spend five hundred dollars at
Starbucks last month? Was that really necessary? Well, of course
it was if you're asking my kids, But I beg
to differ a little bit. So analyzing that budget, yes,
(25:58):
the word budget. We don't like to talk about budget,
but that's where we might you know, see some things
the old saying small leagues sink big chips it. It
can actually sink it really really fast. These are always
to replenish that savings account. But first you have to
establish that I really do need that, and it really
(26:20):
does make sense because especially with the volatility of the
markets which we've seen over the years, the last thing
you want to do is the markets are down and
now you're selling off holdings that are in a negative
position or in a down position. So there's a whole
variety of reasons why you want to maintain a high
level of liquidity, maintain a certain level of risk depending
(26:44):
upon how that fits you. And then also principle protected investments.
So at Haven Financial, we're going to group we're going
to look at all the options, all the options to
make sure you're in a balanced, diversified, efficient position. One
other way that I just, you know, I sometimes don't
think about because I don't know why I was thinking about.
Actually they're talking about doing away with the penny because
(27:07):
it's costing us more than it's worth. Maybe it's selling
off some unnecessary assets. Maybe that is a coin collection,
maybe some collectibles of some sort that have been collecting
dust for several years, or you know, I hear this
one a lot. You know, people retire and they go,
you know what about a part time job, maybe because
you don't want to, but maybe that's going to free
up a little bit of extra spending money. You know.
(27:29):
I see people you know, become work at the golf
course so they get free green fees or just spending
extra spending money.
Speaker 3 (27:39):
Maybe let me can I ask you, let me interrupt
you for just a second and ask you about that though.
People who are maybe thinking about doing that, maybe the
thing about doing because they just need something to do,
Maybe the thing about doing it because they need that
extra spending money. That's something that they definitely need to
speak to an expert like yourself though before they jump
into that, right, because there is a ceiling there and
(28:01):
you can't go beyond that. Correct.
Speaker 2 (28:04):
Yeah, there's some income thresholds when it comes to social
security that you're going to especially if you're not to
full retirement age, which is based upon your birthday for
many sixty six two months some odd months or sixty seven. So, yeah,
you want to have a conversation so you're not going
over these thresholds where it's actually costing you more than
it's worth, right, because then you're going in the office
(28:24):
right direction, You're doing something hopefully positive and it becomes
a negative, and you want to avoid that. You know,
I'm amazed at how many people do like Facebook, Facebook
Marketplace or I don't know if Craigslist or maybe I'm
dating myself here a little bit, but you know, just
putting things on and people buy this stuff. I'm like,
I mean, we just sold so and so, would you
sell it Facebook Marketplace? Really, I'm not one that's on
(28:48):
the internet that doing that stuff, but there's a lot
of people that are that can generate some cash. And
you know, as we we're in tax season, you know
that we always talk about forward thinking ta planning for retirement.
You know, in a lot of times the fourth quarter
when we look at roth conversions, does it make sense
based upon our income in that given year and to
(29:10):
fill up that twelve percent bracket, And we'll do either
an irate a wroth conversion to fill it up, or
we'll look at what is your savings plan. What does
that look like? Is it a little lax, is it
a little bit low? We'll do an IRA distribution and
deposit that into your savings to replenish it that way.
So these are the little not little, really, these are
(29:34):
the touches that are so important that we give to
our clients, to those that we sit down with because
life we get busy and all of a sudden, then
we forget and then it's like I said, middle of
February and then it's fourth quarter. By us having contact
and having conversations throughout the year, not for thirty minutes,
not for once a year, not for twice a year.
(29:56):
We don't miss these opportunities, and it's not on the
client to have to watch the calendar. We're doing it
for them so they don't miss these opportunities, which I
call unforced airs that shouldn't happen and don't happen if somebody,
if a good partner, is looking out for your best interest.
Speaker 3 (30:16):
Absolutely six one two five zero four eight four zero zero.
If you're in the market for a good partner, the
folks that Haven Financial Group would love to hear from you.
You can come in sit down free consultation. There you
could just ask questions and Larry will also tell you
that they have a number of educational seminars that they
(30:38):
present in the Twin City area. You go to Havenfinancialgroup
dot com and there you can find out more about
some of those educational seminars. Some of these you know
Larry or first off, you don't have to be a client,
but they're free. But some of these are about, you know,
topics that people just have questions about. They don't maybe
(30:58):
even have to have full on help, they just need
to ask some questions.
Speaker 2 (31:03):
Oh, we had very good attendants at Prior Lake this
past week. Maximize Social Security and taxes. We'll have that
class around the metro here. Just go to our site.
You can see the venues in the times. There's good
materials provided at all of these and again there is
no cost and there's no catch either. Sometimes people go, oh,
they're teaching us, what do we owe them? You owe
(31:23):
us nothing, you know, Ken, We do help a lot
of people and I mean a lot of people through
these educational venues. That is no secret. Haven Financial Group
and Independent Advisory Retirement Firm here in the Twin Cities. Yes,
we also get to we're referred a lot by clients
that have had a great experience and continue to have
(31:46):
a good experience. So there is no secret. But you
don't owe us anything. We owe you the education and
I believe in the industry we do owe you the
education so you can make the decision educated decisions on
what you want to do. If nothing, because nothing is
always an option. I don't think it's a very good option,
but we'll take you through our proprietary process. And again,
(32:07):
no matter what, if you have a little bit or
a lot, you're going to get the attention and I'm
you're going to get the feeling that you know what,
we actually are listening because we are. We're not too good.
We're not too good that we're not a stuffy environment.
We never will be. But check us out six one, two, five, four,
eighty four hundred and.
Speaker 3 (32:26):
It's Evenfinancialgroup dot com. Be sure you go their whole
host of subject matters in these different educational seminars. Again,
they are free, but they do book up pretty quickly.
They would like to have a headcount, so Hevenfinancial Group
dot Com. Check it out. Maybe you've got some questions
about social Security, some insurance questions, some of maybe you
(32:48):
know state planning. There are seminars on all of those
different topics, so be sure you check it out. All right,
when we come back, why the years right after retirement
are sole, We're going to walk through that and much
more right here on the Haven Financial Group Radio Show.
Speaker 1 (33:06):
Don't go too far. We're gathering more important insights and
retirement pays Devinent 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
(33:26):
the show.
Speaker 2 (33:28):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. Give us a call at six one
two five zero four eight four zero zero or Havenfinancialgroup
dot com. Visit us online. UH, ask us questions. That's
why we're here. We're talking a lot about financial security,
you know, making sure you have a good liquid monies ready,
(33:48):
getting ready for retirement. We can talk about anything or
everything about retirement. There's lots of pieces to that retirement
puzzle and it can be very overwhelming. And our job
at Haven is to simplify things, keep it as simple
as possible. Not because the listeners, you listeners are simple.
It's because we want to make it understandable. Uh, and
we want we want to be relatable. And again, feel
(34:11):
free to give us a call.
Speaker 3 (34:13):
So let me pose this question to you. Why are
the years just after retirement so vulnerable? That's what we're
going to talk about.
Speaker 2 (34:22):
Well, they are because everything in life is timing, the
element of time becomes that much more important. And if
you retire, as it relates to money, and the market's
down for the first two years, it makes a big
difference unless the market was up those two years. So
having that balance is so very very important. Oftentimes there's
a lot of life events and decisions that are made
(34:44):
earlier in retirement. You know, when do you retire, don't
I retire? You know, financial and security in retirement or
do I have security? And you know, we see, we
see both. Just this last week, I had a couple
came in from Savage and they really were worried about retirement.
They hadn't done a lot of planning. They had a
little bit, but they go, they really worried about it.
(35:06):
And after we've dug in deep and we walked through
things on a several different meetings, they were in a
much better position than they thought they were. And you
know what, that's great. But on the flip side of that,
we can have an opposite type of meeting where some
people think they're in a better position and they're not.
And it isn't for us to point out the good,
(35:26):
the bad, or the ugly it's the facts, sure, based
upon your situation, and we project this out many many years.
Here's what we see. Is that a problem? What is
the problem? How do we fix the problem? You know?
What elements could be finely tuned or maybe factored into
the equation that could change things. You know. So there's
(35:46):
a lot that goes into those early years of retirement,
and there's lots of misconceptions on things that could be
talked about that people should be doing that they avoid
and that's not good. Right.
Speaker 3 (35:58):
For example, that needs to be done. I know a
lot of people don't want to think about that and
they're late sixties, but that needs to be a part
of the plan.
Speaker 2 (36:08):
It does neglecting it isn't going to do any good.
The option is to do nothing and your family, you
individually only have the risk of losing those important documents,
powers of attorney, healthcare directives will trust whatever that is
for you, and it can be different, it's not the
same for everybody. That needs to be done when you're
of sound mind. It should be done when you actually
(36:29):
got married, head of kids, if you have kids or
had assets to protect. Much of that cannot be done
after the fact. You snooze, you lose if you need
it and can't don't have it, it's too late. So
that doesn't do any good avoiding the stock and market
neglecting it because you're just so scared because of all
the volatility. Now, that could be different for different people,
(36:51):
because there are folks that don't have to be in
the stock market depending upon their circumstances, and there's others
that should be and they're sitting in a bank account.
Nothing that's a problem as well. Sure, you know other
things that I seek him is you know, I'm gonna
I don't need to worry about as much because I'm
gonna work well past my retirement years because that's just
(37:11):
the way it is. Well, good luck. I hope that
works out for you. But why is it that most
a lot of people lose their job or quit their
job prematurely? I thought its interesting. I read that the
average worker changes jobs about a dozen times during their career,
and many end up retiring or losing their job earlier
(37:32):
than expected, not working past their retirement age, so that
those statistics just don't hold up.
Speaker 3 (37:39):
Sure, I think also those years right after you retire,
you're still sort of on that mentality of that paycheck
that's coming each week, and so you're just on autopilot
spending and that can be very dangerous.
Speaker 2 (37:52):
I'm sure it can. Or not having a financial plan. Yeah, well,
I know we're on the show saying people should, but
one really should with somebody. I mean, we're not the
only ones out there. I think we can do a
very good job for anybody. But if not us, try somebody. Okay,
see if they're a good fit, you know, not taking
care of taking advantage of a company match in that
(38:13):
four to one k Wow, why would you miss that opportunity?
Or investing unwisely? You know. I always say explore all options,
but if something sounds too good to be true, ask
more questions. Those get rich philosophies or get rich quick
be careful. They can take it and never give it
back and that will not bode well. Poor tax planning. Yeah,
(38:37):
I know it's tax season, but poor tax planning or
no tax planning every year, I've already heard it several
times because again Lance is Sun up to sun own
doing tax preparation and new clients that you know have
owed money every single year. Just a couple last week
from actually Lakeville I said, how to go. It was
(38:57):
your first year with Lance and you got together with
them through out the course of the year, didn't you. Yep,
And they go, it's the first year we didn't have
a five thousand dollars federal tax bill. And I'll tell
you what, they were happy. That wasn't rocket side. That
just didn't happen. It was because they took the time
and we took the time to get to the root
of the problem and stomp stomp out the problem. So
(39:20):
this year it was not the problem that they were
used to.
Speaker 3 (39:23):
Yeah, you bet. What do you think is one of
the most detrimental mistakes that people make after they retire.
Speaker 2 (39:29):
Oh, there's so many of them. And it's too bad,
cashing out their savings or cashing out their four O
one k. You got to you gotta remember there's good
advice at a bad advice in every industry. There's a
shade of grain in every industry. And sometimes people get
talked into stuff, even when they come in to visit
with us, you know, or anybody you know. They you know,
we always joked that you know, a husband and wife
(39:51):
they pinky promised they're going to come in. We're not
going to be sold anything. We're not going to sell
you anything. I always say, salespeople sell you something you
maybe don't need. If you don't need any the services
that we offer, what are we going to sell you? Now?
We're in the people business. Don't get me wrong. But
some single lady got talked into about a year and
a half ago cashing out her at four oh one
(40:12):
k Now, I don't know what was said in that conversation,
but she cashed it in, had no tax withholdings now
no retirement, and got hit with a big tax bill.
I mean, she was really led down the wrong rabbit hole.
And unfortunately I hear about those things far too often.
So know who you're working with, do your due diligence.
(40:33):
I don't care what you're looking at, it is twenty
twenty five. If you have to look out for your
best interest, make sure who you're working with is acting
in your best interest. Obviously, I think that's important, But
again probably in One of the biggest ones is not
having any plan. What's the old saying saying A failure
to plan is a plan to fail. Now, we don't
want anybody to fail. You don't want to fail, but
(40:55):
a failure to plan is a plan to fail, and
hope is not a plan. I hope things go okay.
Well I hope they do too, But if I don't
do anything about it, how can I be as certain
that things are going to be okay. So again, coming
right back to it, have some sort of a have
a partner in any of these areas. Put these retirement
(41:16):
puzzle pieces together, the whole puzzle, not just a few
of the pieces. Sure, you know that's part of our
haven process.
Speaker 3 (41:23):
You bet. And what do you think are some of
the life mistakes that people make along the way?
Speaker 2 (41:30):
Well, family obviously is extremely important to me and my
wife four daughters. You know what, I get it, but
I see it far too often. The enabling of adult kids,
you know, spending on kids that aren't kids. They're forty
years old, they're living in your basement, they're playing video games.
And I'm sorry, I mean we all, we all have
(41:50):
our strengths and weaknesses, but enabling of kids or grandkids,
even enabling to the point where your own retirement is affected.
And you know, I think of a couple from inver
Grove Heights. I started helping them quite a few years back,
and we lost track a little bit, and then they
came back and they pretty much their kids and grandkids
(42:13):
had wiped out pretty much everything they had and they
were in a trailer, which was so sad to see.
Or I just had one of our clients who, unfortunately,
six months after he retired from the airlines, he lost
his wife and him and his wife would put together
an ample amount They had saved a decent amount of money,
and you know, our retirement projections looked really, really good.
(42:33):
And you know, obviously when you lose a loved one,
especially a spouse of fifty some years, it's never easy.
It's never going to be easy. But we noticed his
spending habits were changing drastically, and just this first in January,
we had to have a meeting with him on a
variety of things. And he's doing better, but you know,
(42:55):
we had to have the meeting that says, you know,
at this rate, your retirement is not lasting things. And
we found out it was the enabling of the kids,
the adult kids that were just draining that jad dry.
Those are tough conversations, but much needed conversations. So as
much as we love our kids and grandkids and life
is different, but it takes work, you know, the work
(43:17):
ethic is not the same, and a lot of them
just think everything is a free lunch. And I grew
up on a dairy farm and canu High Minnesota. There's
no free lunch out there, and unfortunately a lot of
people think there is. And again, that doesn't bode well
for them, and it doesn't bode well for retirement.
Speaker 3 (43:37):
We've talked about a number of the mistakes. We've also
talked about some of the great things that you can
do to secure your financial future. And one of the
smart things that you can do is to pick up
the phone and give the folks that Haven Financial Group
a call six one two five zero four eight four
zero zero. Also check out those educational seminars Havenfinancialgroup dot com.
(43:57):
Be sure you sign up for one of them that
might be coming up in the next few weeks. This
has been really interesting and enlightening financial security. It's a
little bit different for every single client. I'm sure when
they walk through the door it is.
Speaker 2 (44:11):
It's not one glove fits all, it's not going to be,
but it starts with a discussion and it doesn't cost
to have that discussion in any of these retirement areas.
And it is tax season. Don't forget about your taxes,
whether it's tax prep, or medicare or healthcare, estate planning,
any of these these pieces. Feel free to give us
a call at six one two five oh four eighty
(44:31):
four hundred or Havenfinancial Group dot com. We'd love to
visit more Kim every week. It's good to be with
you and I look forward to next week.
Speaker 1 (44:41):
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 3 (44:53):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
its safe and secure investments and guaranteed income streams only
refer to fixed insurance products.
Speaker 1 (45:06):
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.
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