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March 16, 2025 45 mins
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Speaker 1 (00:00):
You've 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 four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.

Speaker 2 (00:55):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder CEO of the Haven Financial Group.
Thanks for listening this morning. Give feel free to give
us a call at six one two five zero four
eight four zero zero, or visit us online at Hanfinancialgroup
dot com. Kim, good to be with you. We have
classes this past week and upcoming classes that I encourage

(01:17):
listeners to come out. We're big into the education piece,
and we got a lot to talk about today.

Speaker 3 (01:22):
Yes we do. Yeah, and we want to tell everybody
about those classes. If you're interested in attending one of
those classes, you can do so by going to find
Havenfinancialgroup dot com. They're listed there, the times and the locations.
They are free and they're open to anyone, even if
you're not a client of Haven Financial. But you do
need to sign up because they certainly fill up quickly, right.

Speaker 2 (01:43):
Larry, they really do. Obviously, people are looking for education.
We're big into it. There's no catch from these classes.
People can come in and visit with us in any
of these retirement topics. You know, we teach the truth
about annuities class, we teach investment classes, medicare made simple,
social security and tax classes, all of these relative to retirement,

(02:05):
the retirement puzzle pieces that you and I talk about
each and every week and trying to make the best
educated decisions that we possibly can.

Speaker 3 (02:13):
You bet, Hey, today we've got a great show, Like
you mentioned, We're going to be talking about the important
financial tips for retirees. Talk about education. This is a
great educational session that we're going to have for the
next hour. We're going to start with leftover five twenty nine.
Here's what you can do with that. A lot of
people sometimes have that structure your finances to weather market turbulence.

(02:37):
We're seeing a lot of that, aren't we here of late,
So this is a segment that'll be very relevant for
a lot of people. Insurance can play a role in
a fixed income retirement. Glenn Raimie, who is an insurance
expert's going to join us for that segment. And finally,
budget strategic strategies to address inflation today. So great show.

(02:58):
We want to start off, as we said here, talking
a little bit about some of that leftover five twenty
nine money and what you might do with that. This
is something that I think happens to a lot of
people and they're not sure how they can actually incorporate
incorporate that into their budgets.

Speaker 2 (03:13):
Well, yeah, five twenty nine plans leftover five twenty nine.
I wished I knew what that was all about. But
with of course four daughters that are in four different colleges,
I don't have any leftovers, but for those that do,
there's options. And for those wondering when what college is
I have a daughter at med school in North Carolina,

(03:34):
a freshman at the University of Kansas, one at Bethel
College that will graduate in her identical twin at Mount Mercy,
which will graduate this spring. So we know a lot
about callvig College and the call big household. Let's just
put it that way. But if you have leftovers, there
are options on the table that we should certainly entertain.
Roll it over to maybe another another family member that

(03:57):
is eligible. That is certainly an optioning it into a
wrath Ira. Many people don't realize that you can do that,
And starting last year, you can roll up to thirty
five grand into a wroth Ira and just make sure
beneficiaries are current on these. So there's certainly options that
are on the table.

Speaker 3 (04:15):
Yeah, I think a lot of people are very concerned
that you've got to spend every dime of that or
you're not going to be able to access it. But
as we're learning here, you know that's not necessarily the truth.
Let me just step back for just a second. Roll
over to roth Ira thirty five thousand. Has that gone
up in the last couple of years.

Speaker 2 (04:35):
Well, you weren't eligible to do it up until last year,
but I just went into law. Yeah, if you don't
have the need for the five twenty nine, you can
withdraw it for non qualified expenses as well. Just know
that there won't be the tax benefits that go with it.
It'll be taxable income. So always talk through the tax implications,
which you know at Haven Financial Group we're very big

(04:57):
into these discussions. Lances are in how CPA tax planning
should be more relative and retirement than ever and it's
so often unnoticed and people get surprised or they got
a big bill at the end of the year, and
it's amazing to me how a lot of people are
not having tax planning discussions right. And I can't stress

(05:18):
it enough and we don't charge extra for that. That's
part of our ongoing conversations that we have. Lance would
agree that throughout the year it's tax planning which leads
to successful tax preparations. So in any of these conversations,
it's important to know what are the tax ramifications, positive
or negative and address them head on absolutely.

Speaker 3 (05:40):
Yeah, if you have leftover five twenty nine dollars. That's
what we're talking about. Certainly, as you plan for what
to do with those dollars, taxes would be something you'd
want to keep in mind. Can those dollars be used
Let's say, you know, one child ends up not using
all of it. Can you use them for K through twelve?
Maybe privates schools, religious schools, that kind of thing.

Speaker 2 (06:02):
Yeah, you can, up to ten grand annually can be
used for that, for K through twelve, religious schools, parochial stools,
whatever that might look like. Or it can even cover
apprenticeship costs if that's what you're looking to get into
the trades. It can repay student loans. There's a maximum
of ten grand on that. So looking at all the
options and make sure you understand there's different tax implications

(06:26):
in different states. So just pay attention. Make sure you
check out the different tax implications in various states. And
of course we're in Minnesota, which is a high tax state,
but other states have other issues as well.

Speaker 3 (06:40):
Absolutely, are there deadlines on this.

Speaker 2 (06:44):
There's really not deadlines, not like there is when it
comes to taxes. But you just want to consider the implications.
You know, things don't always go the way we think
they're going to go. There's unexpected times. I always say,
life doesn't cooperate with our calendar. You know, life is
not a textbook, so make sure you understand all the

(07:04):
penalties that could go with is the implications and just
having a plan. You know, you and I talk every
single week. You know, a failure to plan is a
plan to fail. Not because people are trying to fail.
They just don't maybe take things as seriously as they
maybe should. They don't have a good partner that they
can lean on, they don't know what questions to ask,

(07:25):
and you know, retirement can get fairly complicated. Our job descriptions,
I say, is to simplify the process and make sure
people are comfortable to know that we're their partner that
they can ask. It's just we want to be available
and most people just are not getting the attention they deserve.

Speaker 3 (07:43):
Lari, do you find, you know a lot of people
open their five twenty nine s when their children are born.
Do you find that people continually stay on top of
where those dollars are invested and how that you know,
all works throughout that I don't know eighteen twenty years.

Speaker 2 (08:00):
No, I find that they don't there's a lot of
not paying attention that they park it there with good
intentions and Okay, I want this for the kids, I
want it for the grandkids, and we have clients that
put away for the grand kids into these five twenty nines,
but oftentimes they're not paying attention to what types of investments,
you know, paying attention to the element of time. What's
the time horizon? Is it five years, is it eighteen years,

(08:23):
is it twenty years? Because that should really play a
part on when are these funds going to be needed
in how they're invested.

Speaker 4 (08:30):
Sure.

Speaker 3 (08:31):
Absolutely. My final question about this, how frequently do we
see changes when it comes to five twenty nine plans
and the legislature. I mean, are they changing them constantly
or are they pretty consistent over the last decade or so.

Speaker 2 (08:46):
Well, there's change. I don't think there's any radical, big changes,
but regular. You know, if you should consult with your
advisor or whoever you're working with to make sure that
you're up to date on these changes. But I wouldn't
say there's big changes, but should be aware of any
minor changes. I haven't seen in the last ten years.
I can't think of anything that's been any major.

Speaker 3 (09:05):
Except maybe that thirty five thousand to be able to
roll over into a roth ira.

Speaker 2 (09:10):
Was that was a big one. That is a big one.
The more money you can get into a roth the better,
of course, I always say we like HSA Health Savings
accounts actually even more than roths. But you know, any
money you can get into hsas or into roths, the
better you are in the future.

Speaker 3 (09:27):
Would you say, as a dad and as certainly an
expert in this investment field, are five twenty nine is
the way to go?

Speaker 2 (09:35):
They are. I also like the use of roth iras
for kids as well. There's also UTMA accounts or UGMA accounts,
and you just got to pay attention to the restrictions
and the availability of the funds how do you access it?
But yeah, five twenty nine's are are a great thing
to do for saving. Again, we offer them through Charles

(09:56):
Schwab and Fidelity Investments here at Haven Financial Group, which
is who we partner with on our trading platforms. The
team and I so, yeah, they're very effective. They can
be very effective, all right, terrific.

Speaker 3 (10:08):
Well, hopefully some of the folks who are listening right
now this rings a bell with you, Maybe you're wondering
about setting up a five twenty nine. Maybe you have
a five twenty nine and the children have decided to
go in a different direction. You've got some leftover, you're
not sure what you're going to do with that. Give
even Financial Group a call. It's six one two five
zero four eight four zero zero six one two five

(10:30):
zero four eighty four hundred and of course while you're
chatting with them there, set up an appointment. Come in
and talk a little bit more about more of the
retirement issues that we talk about here, and we're going
to speak about more today, including structuring your finances to
weather market turbulence. We have seen a lot of turbulence,

(10:50):
of course in this first couple of months of a
new administration, which is not unusual. But you have to
weather those storms, and so we're going to talk more
about how you can do so in an effective way.
When we come back right here on the Haven Financial Group.

Speaker 1 (11:04):
Radio Show, don't go too far. We're gathering more important
insights and retirement ways Devin, The Haven Financial Group Radio Show.
We'll be right back. Stick around. You've got questions, We've
got answers. Your tune to the Haven Financial Group radio
show with your host Larry Kulvig and Kim Karrigan. Now

(11:25):
back to the show.

Speaker 2 (11:27):
Welcome back listeners. My name is Larry Kolvig, founder and
CEO of the Haven Financial Group, And if you're just
tuning in, you're listening to the Haven Financial Group Radio
show where weekly we discuss, you know, crucial retirement and
financial topics and how that can make the difference between
surviving retirement and really thriving through it. Kim, you know
you know we're big into education. Check out our classes.

(11:50):
Anybody can attend. We provide all the materials and educated decisions,
especially for retirement because oftentimes it's uncharted Tara to where
you worked all these years to get to where you're at.
And there's never too early of a time to start
planning for it, because before you know it, it's here.

Speaker 3 (12:09):
It's here, you bet it is, that's for sure. Today
we're talking about some of the things you might want
to take into account as you prepare for your retirement.
We're just talking about left over five twenty nine dollars.
Want to talk about market volatility. You know, Larry, being
in the market, is it not necessarily where you want

(12:31):
a lot of retirees, or at least not all of
their money. It's much different from when you're a younger,
hardworking individual, you know, thirty five forty, where you're willing
to take that risk. And right now these are times
that are a little uncertain, so we're seeing that market volatility.
So what is it that you're talking to your clients
about when it comes to their investments that are still

(12:52):
in the market and what might protect them.

Speaker 2 (12:54):
You know, here's the thing, Kim. You know, your retirement
strategy is far more than just how much money you have,
you know, buying low, selling high you know, short term trading,
long term trading. It's way more than that. It's covering
your your assets and the expenses needed in retirement. And
that's why we think it's so important to understand how

(13:14):
much risk do you have in your portfolio? And we're
all wired differently. It's not for us to say you
have too much or too little, it's are you positioned
where you're comfortable, you know, based upon your needs you
so often people are unaware until something negative happens. And
the market's very volatile right now, and we had a

(13:36):
good feeling that it was going to be there's no
matter who's in, you know, I think the next six
to nine months, it doesn't matter. There's just so many
irons in the fire and so many things to work out.
So having an awareness, and so many people have way
more risk than they think they do, and then the
only way they get aware of it is, oh, my goodness,
my portfolio went down twenty five percent? Why did that happen?

(13:57):
So stress tests that portfolio. Make sure you're where you
should be positioned from a risk standpoint, because timing is everything.
And I'll never forget I've been dating myself. In nineteen
ninety nine of two thousand and one, there was a
market correction and didn't really make as much difference for
us that we were so much younger, and seven to

(14:19):
nine there was a market correction. So that one decade
was called the lost decade because there was two market corrections.
For almost fourteen years, the stock market was like perfect
and we got spoiled, and then all of a sudden,
finally twenty twenty two came around, Oh my goodness, the
market went down twenty five percent. Of how did this happen? Well,
I thought it would have happened a lot sooner. So

(14:41):
if this is the decade you're potentially retiring, how many
market corrections are we going to have this decade? I
have no idea, nor does anybody else. So what you
can do is only protect your best interest.

Speaker 3 (14:53):
Yeah, we don't know how many there are going to be,
but there is a chance there will be. Market So
let's talk it through. So let's say I come in
and I sit down with you, and I say, Larry,
you know we're going to retire in the next five years.
We're trying to put together our portfolio, and I don't
like a lot of risk. I want to sleep at night.

(15:15):
What are we going to do?

Speaker 2 (15:17):
Well, first of all, we're going to start the process
like we always do what Haven and that's you get
to know us, we get to know you. It's called
the discovery process, and it's really probing a lot of
retirement discussions, a lot of retirement questions, way before we
even get into the investment of the money talks. It's
your estate plan, it's your healthcare, it's your taxes. It's

(15:38):
just all generic, really good thinking about all the different
things that you may not have thought of. From there,
we'll look at putting together a strategy we'll stress test
your portfolio, analyze how much risk, and that's done by Okay,
there's all kinds of good software out there. We plug
in all your stuff that you have, small, medium, a large,

(15:59):
because if you have very little or a lot, or
anything in between, and then we'll see if there's any
implementation process or strategies that we can execute from there.
If one chooses to say, you know what, I think
Haven would be a really good partner, then we'll set
up and implement these continue to monitor, adjust and do
all the things that you would expect from a retirement firm.

(16:20):
And when I say that, we're way more than just
an investment company, we do all the different retirement topics
that you and I talk about every single week. So
it's not just there's a lot of investment companies, but
we're a full service, independent retirement advisory firm and that
was the goal. And you know, this is our ten
year anniversary and we're extremely thankful to be to help

(16:44):
a lot of people in these last ten years.

Speaker 3 (16:47):
So I think that you know, through interviewing individuals as
they come in, you get a sense of their personalities.
But what do you do when you have somebody who
comes in and who just can't stand the idea of
being on the sidelines, you know, and you know what
this volatility is about. What do you suggest where can

(17:09):
they put their money and still feel like they're relatively
safe but they're still in the game.

Speaker 2 (17:15):
Yeah, great question. We like to see a good balance.
We like to see a good amount of liquidity, which
most people do not have enough liquid dollars savings checking
money market CDs for middle sixty seventy year old couple.
We like to see fifty to one hundred grand liquid
safe accessible liquid. From there, will analyze how much risk

(17:38):
do you have in your portfolio, whether it's a small
portfolio or a really large one. Is it consistent with
your core values, your comfort level? Or do you not
sleep at night? Do you panic in these last couple
of weeks when the market's been a six hundred up
and six hundred down and another seven hundred down, and
you know these are some major pendulum swings, you know,
the secret symp returns risk you retire and all of

(18:01):
a sudden for the market's down for the first two
years of your retirement, well compared to if that was
your last two years of retirement. That makes a huge,
huge difference. How much you know, how much do you need?
You know? The big questions we get on a weekly
basis cam is do I have enough money to retire?
Or when am I going to run out of money?
Is it when I'm ninety five or seventy five? Kind

(18:23):
of some important questions that we need to ask. And
are you in this position that you're in because you
want to be or because nobody's explaining it to you
or helping you. And that's the problem that I see
people maybe get together once or twice a year with
their guy or gal, they pay them more than they
should be paying, and most people don't even know what

(18:45):
they're paying. And I think people should And it's just
about awareness and understanding and transparency. I think it's just
so important it should be expected today.

Speaker 3 (18:54):
Sure. Absolutely. In the next segment, we're going to talk
a little bit more about insurance. But how much of
someone's retireronment money do you think should be in an
insurance product? Or do you believe in insurance products?

Speaker 2 (19:07):
They're not for everybody. And I'll preface it by saying
we work with fixed or fixed index annuities and other
insurance products like long term care and insurance where it's appropriate. Not.
Does everybody need an insurance financial product, Absolutely not, and
there are those out there that only do financial insurance products.
It needs to be a good balance. So whoever you're

(19:29):
working with shouldn't be pushing you. It should be the
right fit. But what I see is so many people
that we visit with have very little liquid and everything
at risk in the market, or they have a financial
product which they have no idea what they purchased, and
then three years into it, they go, oh, my goodness,
what do I have here? I haven't made any money,

(19:51):
The fees are taking up all the profits. And I
teach a class the truth about annuities. Nobody has to
have an annuity, but it can it be a part
of an effective portfolio. Absolutely in some cases yes, and
in some cases. Know if you have an annuity or
a financial product that you don't understand, bring it on

(20:11):
in and let's have a discussion about it. What you
should have as an understanding of what you purchased in
how much they're charging you for it.

Speaker 3 (20:18):
Absolutely all right, Let's give everybody the telephone number, because
you know, if you're somebody out there who has an annuity,
and you don't know about your product, or if you're
just trying to make some decisions based on the fact
that you have a lot of your dollars in the
market right now and it's making you a little bit nervous,
keeping you up at night. They even financial guys, these

(20:40):
experts can sit down with you and I can talk
you through this and work with you six one two
five zero four eight four zero zero six one two
five zero four eight four zero zero. And they do
have a lot of educational classes if you have questions
about social Security or maybe you have some questions about taxes.
Evenfinancialgroup dot com, that's where you're going to learn more

(21:03):
about some of those classes. All right, we talked about
just briefly here Larry, insurance products, but we want to
have a more in depth conversation about insurance products, how
important they might be or not be to a retirement planned.
So up next Glen Raymie, he's an expert on insurance
there at Haven Financial Group. He's going to be joining

(21:25):
us to chat a little bit more about that. This
is the Haven Financial Group Radio Show.

Speaker 1 (21:30):
Ready to find your financial safe Haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Kolvig is back and ready to
help you find your financial safe Haven.

Speaker 2 (21:53):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry kolvic Founder and CEO of the
Haven Financial and again thanks for listening. We have Glenn
Ramie on with this segment to talking about insurance, the
need for or not the need for. What you should
be looking at, maybe what you shouldn't be looking at.
Great to have you Glenn, and of course Kim as well.

Speaker 3 (22:13):
Absolutely great to see you Glenn. We want to talk
about insurance and the role that it plays when it
comes to fixed income in retirement. First thing, your guess,
I have to ask you what is that role? How
important is it or maybe not important for someone who's
on a fixed income in retirement.

Speaker 5 (22:30):
Yeah, so I would say, depending on where they're at,
it could be very important and protecting what that person
or that family has worked very hard to accumulate into
their retirement, to make sure that there is nothing left
at the end of that retirement to pass down to
their heirs. Right, So it's about how important it is
to pass down anything to our errors would determine how

(22:51):
important that insurance should be for us.

Speaker 3 (22:52):
Okay, so let's talk about some of the different kinds
of insurance that we're talking about. And the first that
comes to mind for me is long term care insurance.

Speaker 2 (23:01):
Yeah.

Speaker 5 (23:03):
No one wants to talk about it, right, Yeah. I've
shared these statistics before, I'll share them again today with you.
I think these are statistics that people should know, right
that of us all seventy percent of us, three fourths
of us are expected to have some assistance needed prior
to passing away. Fifty percent of us we'll spend time

(23:23):
in a nursing home, and that average stay in a
nursing home is three years. And today median cost in
my own state has now got to ten thousand per
month or one hundred and twenty thousand for.

Speaker 4 (23:34):
A full year of care costs.

Speaker 5 (23:36):
Right, have we prepared or put that into the retirement
budget to make sure that that's something we can afford
when we could be expecting three hundred and sixty thousand
or more in long term care costs.

Speaker 3 (23:47):
That's a lot of money, and that's certainly a lot
of money for someone who is in retirement, and very
possibly I would I would kind of assume has been
in retirement for a while, so you know, I would say,
on average, most of those people have been in retirement
for a while. So how do you go about providing
those dollars? Let's talk it through.

Speaker 5 (24:09):
Yeah, so obviously, self funding is always an option. I
can use my own money to pay for it. I
hope you're prepared for the cost and plan for it.
I know that some individuals are going to look to
their family.

Speaker 4 (24:18):
Members to be caregivers. I always kid around.

Speaker 5 (24:21):
I hope they've talked to those family members about that
and they're aware of that. And if we don't like
those two options, there's always the state paying for us
when we run out of money, right, And if we
don't like that option, then we got to prepare. We
got to plan for this, and we're going to do
that through insurance options. And those insurance option could be
defined as traditional long term care insurance, something that most
people would be familiar with and one of the few

(24:41):
options in long term care planning that provide asset protection
against Medicaid to make sure that there is something left
for your family even if your resources were to be
depleted trying to pay for care for those that are
saved a little better for retirement. There's options like life
insurance policies that can have riders connected, long term care
hybrids that combine traditional life insurance and long term care

(25:04):
policies together in the one product, or even long term
care annuities or asset based long term care that can
reposition your savings without sacrificing it to be leveraged against
those long term care bills that they're needed.

Speaker 3 (25:17):
When I think of long term care insurance immediately I
think of very large bills. Is that truent?

Speaker 5 (25:23):
Well, it depends, right, It depends on how much of
that care you're trying to fund. We'd like to say
you could fully fund care if you want to through insurance,
and yes, you're probably going to pay a significant amount
of premium to have something like that in place, but
the reality is that most of us don't need to
fully fund that care to still have the benefit of
having insurance in place, either bridging the gap of what

(25:43):
we have an expendable income to what we need to
cover the cost of long term care, or are strategically
set up to make sure that there's going to be
preserved assets to pass down to our airs upon our passing,
even if our resources normally would not have been able
to stay in the long term care event. I've seen
premiums as low as fifth dollars a month for someone
as high as one thousand dollars a month, depending on

(26:03):
what someone's trying to do for themselves for care. So
it's just about how much you want to protect. How
much is your appetite for this planning and protection.

Speaker 3 (26:10):
Glynn ra Amy is our guest. He is an insurance
expert at Even Financial Group. So Glinn for you know,
our listeners who are just wondering a little bit further
about long term care insurance. What kind of thing does
that cover? Can you get insurance that takes care of
in home care or is that automatically for a nursing home.

(26:30):
Can you can you differentiate?

Speaker 5 (26:33):
Yeah, very good question, and you can. And it is
something you should actually be very attentive to any type
of insurance option you're using for long term care and
understanding what bills it's going to pay for. Is that's
where a lot of confusion can happen at the time
of using it and not feeling like.

Speaker 4 (26:48):
It did what you wanted it to do for you. Right.

Speaker 5 (26:50):
Most long term care policies today, though, do cover an
entire gambit of services, whether that be a home health aid,
a nurse coming to your home.

Speaker 4 (26:59):
To help you.

Speaker 5 (27:00):
That could be adult daycare someone helping you but has
day jobs. They drop you off in the morning and
they pick up when they're done with work, and you're
cared for at that adult day care facility during that time.
Insurance would help cover that cost. It could help cover
the cost of an assisted living facility. So I don't
need full time care, but it's nice to have some
on call care when needed, right, assisted living or full

(27:21):
time nursing, home care cost Most policies are going to
cover all of those features for you, but the ones
that you got to be careful about or see if
they cover our homemaker services, because being in your home
isn't just about the person giving you medications or helping
you lay down and stand up, or in and out
of the bathroom or the shower. Right, It's who's going
to make meals for you and do your dishes. Who's

(27:41):
going to clean the house for you and do some
light housekeeping for you?

Speaker 4 (27:44):
Right? How is that going to be paid for?

Speaker 5 (27:46):
Because that's going to be an indirect cost you're going
to incur when you can't do those activities.

Speaker 4 (27:50):
On your own.

Speaker 5 (27:51):
I use an example of my wife's aunt when she
was passing away on oxygen right. She was at home
receiving home care because she didn't want to be in
a facility yet, but she could not sustain those activities.
Doing laundry while a lot of oxygen tank was a
chore for her, and having someone in there to help
with those things was important. And making sure your insurance

(28:14):
might cover those costs where you would be important feature
to pay attention to when doing long term care insurance.

Speaker 3 (28:19):
All of these things. It sounds a bit overwhelming, but
all of these things that you can answer, Glenn, if
people come in to visit, because it does feel very
overwhelming as someone who's never had or needed long term
care for.

Speaker 5 (28:34):
Sure, overwhelming, intimidated by costs right, and not understanding the options.
I can't count how many people will come in and
have a conversation with me and have no idea of
all the options that are available, and oftentimes we'll find
one that fits what they would like to do. For planning,
that doesn't have the drawbacksra downsides that have made them
avoid planning in the first place.

Speaker 2 (28:55):
If I could add a takeaway from this segment, I
would say is if you're listening and you haven't had
a conversation about long term care, or maybe you're listening
in ten years ago you got scared away by a
traditional long term care and nobody could afford it in
their right mind anyways, then come on in and visit
with Glenn. Look at all the options that are out there,
asset based long term care, there's hybrids different than the

(29:19):
traditional long term care. If you have some life insurance
policies that you have not had reviewed in years, it'd
be a good time to get a life insurance review.
There's no cost for anything that I'm describing here. Or
maybe you look at your legacy as important and life
insurance retirement plans lurps very popular these days. And if
that's for a foreign term to you, maybe right, maybe

(29:42):
it's good that you come in and visit about these things.
So sure, people get scared from insurance. And maybe we
like to dislike big insurance companies for whatever reason, but
they are the companies that can guant give you some
guarantees and they're the only companies. So explore all your
options that at Haven and with Glenn and Isabella that
do that. At our office, we have all the options.

(30:04):
We're just going to lay them out for you.

Speaker 3 (30:06):
Sure, well, let me just ask Glenn, you know, one
more series of questions here regarding life insurance. I think
in the old days, you know, life insurance was either
term or you know, you just bought your life insurance
and you died and it paid out and that was that.
Life insurance has changed quite a bit and there are
a lot of other options now.

Speaker 4 (30:25):
Correct.

Speaker 5 (30:26):
Absolutely, Not only you have term insurance rented for those
working years to cover those liabilities when your kids are
young and you have income to replace you've passed away
in retrie maturely and debts that you want to do,
but also reasons that we have life insurance in the retirement,
whether that be part of legacy planning and gifting upon
our death, whether that be part of income planning when
that first Social Security check goes away and one of

(30:47):
us is on our own with only one of those
checks to deal with, or again, as you Larry just mentioned.

Speaker 4 (30:52):
Part of the long term care plan.

Speaker 5 (30:54):
But I also want to point out some of the
Larry brought up a moment ago, which is that life
insurance review, So speaking to anyone out there that it
has already bought life insurance, it has a permanent type
of whole life or universal life life insurance policy, and
the importance of those policies being reviewed periodically to make
sure that they're funded properly and they're sustaining themselves and
there's not a trapdoor in the future that's going to

(31:16):
have us find out at eighty two that our insurance
policies lapsing on us because we didn't pay attention to
what was happening inside of it.

Speaker 3 (31:23):
Sure, is it difficult for people who are in retirement
to get life insurance.

Speaker 4 (31:29):
Not necessarily.

Speaker 5 (31:29):
I mean, life insurance obviously is a health underwritten product, right,
so our health is definitely a factor. But at the
same time, mortality tables have been changing over time. We
live longer than we did twenty or thirty years ago,
and that factor has reduced the cost of insurance. So
I've had plenty of scenarios where in a review I've
found an unsustainable life insurance policy for someone isn't gone

(31:52):
yet but is definitely on that path, and they've been
able to redo that policy without really changing how much
they're paying per months for their insurance or how much
death benefit they have for that dollar they're spending. And
in some rare, great circumstances, we've even been able to
improve upon those policies, giving more death benefit for the
dollar that they're spending, or giving them the same insurance
with a lower cost and more security.

Speaker 3 (32:14):
Glenn, most important thing that people should take away from
this conversation reviewing.

Speaker 5 (32:19):
Your insurance that exists and having a conversation again, I
say the latter part, having that conversation, making sure that
these things have been discussed, that they're either going to
work within your plan or not, but that you've had
a conversation about them, and they're not topics you're avoiding
because we don't like the potential outcome of the conversation.

Speaker 3 (32:36):
Absolutely, Glenn, Ramie, thank you so much. The number six
one two five zero four eight four zero zero. That's
how you get hold of the folks there at Haven
Financial Group, or you can go to Havenfinancialgroup dot com.
All right, coming up next, we're gonna look at budget
strategies to address inflation that exists today. This is the

(32:58):
Haven Financial Group Radio Show.

Speaker 1 (33:00):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent, The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to

(33:20):
the show.

Speaker 2 (33:22):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry Kolvig, Founder and CEO of the
Haven Financial Group, where every week we talk about retirement,
the ups and the downs, the changes, the good, the bad,
the indifferent, the markets and everything else. Kim right, every
single week talk about it.

Speaker 3 (33:40):
That we do, and there seems to be a lot
to talk about right now. One of those issues, and
this is a subject we've been talking about for a
long time, and that's inflation. You know, it affects all Americans.
It affects all aspects of their budgets and their economies.
But what I want to ask you is, you know
what is the ultimate impact of inflation on a retiree.

Speaker 2 (34:04):
Well, the power of the dollar. Obviously it's not what
it used to be, and We've been talking about inflation
though it seems like for several years now, and it
has been several years. But it affects you know, the
financial markets or the banking institutions. You know, your mortgage rates,
your credit card rates. It affects everything, and you know,
Americans are feeling it. I mean, housing, transportation, and food

(34:25):
categories are expensive and they really really are, and it's
creating a lot of unfortunately, a lot of human anxiety,
lack of savings, unable to save what people want to.
And one that I see is really tragic is mounting
credit card debt and these twenty to thirty percent interest
rates that people are digging a hole and they can't

(34:46):
get out of the hole. And then if that's you,
let's figure this out, Let's have a discussion. And sometimes
people just need somebody to lean on, to hear somebody say,
you know what, this is probably what you need to
do because you're it's not working. So again, I find
that as a very it's very tragic.

Speaker 3 (35:04):
Well, inflation is going to happen. I mean, this is
the way of you know, American life. But how can
you as a retire reprotect the best you possibly can
against you know inflation in those golden years. What are
some of the key strategies that you guys use to
protect those portfolios.

Speaker 2 (35:25):
Well, the easy answer to that is make more money,
earn more money, have a higher income. Well, that doesn't
always easy to come by. It comes down to the
word that nobody wants to talk about. Budget. Oh my goodness, Larry. Budget. Yes,
not just for young people, but also those when we
talk with those planning for retirement and retirement. No, most
retirees are on a fixed income. So where's the income

(35:48):
going to come from? Monitor those expenses And there's a
variety of different ways and that you can do the budgeting.
And I know a lot of people that have attended
to which we've taught Financial Peace University by Dave Ramsey.
Some listeners might be familiar with that. Whoever, you want
to listen to develop out whatever works for you, because
budgeting is really a discipline. It really is a discipline.

(36:12):
You know, there's the envelope method, which I've seen very
very effective for a lot of people, you know, representing
your monthly expenses, the envelope method, the fifty to thirty
twenty rule. You know, you know, the needs, wants and
savings categories. You know, we're in the state of technology.
There's all kinds of budgeting apps out there. I'm kind
of I'm not a techie, but I know there's effective apps.

(36:35):
If that what if that's what works for you, fantastic,
go for it. But whatever your discipline is creating a budget,
maybe there's things that you can hone out and get
rid of that you're not even aware you're doing. Maybe
it's the Starbucks that's, you know, tearing into your budget
every single month, living within your means, and it's figuring

(36:57):
it all out. And it starts with having somebody that acts.
She can have you accountable. You know, when we sit
down with folks, we really look at the expenses. We
really look at helping budgeting and income. And for a
lot of times when we ask people, well, what's your
monthly expenses, they'll throw a number out and then the
next meeting they'll come back and say, you know what,

(37:18):
our expenses were thirty to fifty percent higher than what
we said last time. We just had no idea, but
we put pen to paper and wow, we're spending a
lot more than we think we are. So it's important
to get a grasp of what you're doing and what
you're spending on.

Speaker 3 (37:32):
Sure, are there things that you can do in places
that you can put your money to guard against inflation
when these times hit.

Speaker 2 (37:43):
Well, you know there's different types of investments, and that's
we want diversification. There's treasury inflation protected securities. You know,
inflation when it hits, there's always they're always trying to
sell more goal physical goals. You know, always spend a
hedge against inflation. And you know what, looking at all
these different things are great to look at. They're not
going to fit everybody's budget or fit into their plan,

(38:07):
but it's important to have a plan. You know. Here
I was thinking about this. You know, a list of
things that people mess up as they look at retirement,
you know, the failure to have a plan, you know,
procrastinating over retirement planning and you know procrastination as human nature.
Retiring too early, Okay, that can be a real problem,

(38:28):
you know, relying on social security. You know, I've said
that I think a lot of Americans have become too
reliant on Social Security or maybe even that pension. However,
I did have Christina in this past week. She's at
the University of Minnesota. She's taught for years. Wow, I
mean she had twelve thousand dollars a month income. She's
well positioned, so that was more than comfortable. So avoiding

(38:50):
some of these not saving enough, not developing that discipline,
underestimating living expenses, especially healthcare. We talked about with Glenn
last segment. Healthcare is a major expensive retirement and oftentimes
it's very much underestimated. When we build out plans for folks,
we're factoring it in because oftentimes people go, wow, I

(39:13):
didn't realize healthcare is going to be that expensive. So
just getting a grasp, having a partner talking through things,
it'll it gives you people a lot more confidence to know. Okay,
we've talked about this right absolutely.

Speaker 3 (39:28):
You watch the markets and you watch the economy inflation.
Are we going to get to the other side of this,
Larry anytime soon?

Speaker 2 (39:35):
I think it's going to take time. I mean we've
seen this before. I mean in the moment, it seems
like we've never seen this before. But if you look
back at history, we have seen it before, but in
the moment it just seems very different. So all you
can do is have a good understanding of what you're
doing and why you're doing it, making sure that you're
talking through what the changes are, because there's always changes coming,

(39:57):
making sure you're very well balanced. You know you have
all the pieces to the retirement puzzle, that you're not
missing some of these pieces, and there should be coordination
of these. You know, it's tax season. I'm sure you're
getting your taxes done, but do you have a good
tax partner that you're talking things through. If you're retiring

(40:18):
this year, maybe it's time to have that healthcare talk,
especially medicare, especially three months prior to retirement. Stress testing
that portfolio that you really haven't paid attention to, and
you know what, nobody's really helping you. There's no strategy
and can you answer this question how much risk do
I have in my portfolio right now? And if that's

(40:40):
a big question, mark, I think it's time for discussion.

Speaker 3 (40:43):
Absolutely, let me just change gears just a bit if
I could for a minute, because you just brought this up.
This is tax season now. You guys have tax experts
there who you like to say, don't just prepare your taxes,
but they plan for your taxes. It's probably too late
for a lot of people. If you haven't already started

(41:05):
that for your twenty twenty four tax returns? What are
the steps they need to take? If people are sitting
back going, wow, I've got to do something this year.

Speaker 2 (41:17):
You know what, no time better than the president. Lance
Larson is our tax CPA in the office, and we
have tax discussions all year long. He would attest that
during the year, you know, beginning of that year now
through April fifteenth is tax preparation time. And you know
he helps people, tons of people with tax preparation. From
that point on, it's tax planning time. I love to

(41:40):
see people leave his office with a smile on his face,
on their face after a tax meeting. Yep, it's exactly, sorry, yeah, exactly.
I mean that means so because there's a plan. Oh
my goodness, I owe five thousand every year. Oh my goodness,
the same grip, you know, griping about well, why not
fix the problem? You don't have that problem next time,

(42:02):
And we don't charge extra for the planning process. He
does charge for tax prep. But he's a CPA and
has been for years, and he's very fair. And I
see a lot of people using these big box tax
prep places and that's fine. In paying way way more
than they should. I'm all about you know, nothing's free,
but what are you paying and what are you getting?
What is the added value that you should expect from

(42:25):
who who's helping you in all of these retirement areas.
That's where I know Haven Financial Group brings the value.

Speaker 3 (42:31):
Absolutely any tax preparation or tax classes that might be
coming up.

Speaker 2 (42:38):
No tax classes at this time of the year. However,
we do teach social security and tax and how taxes
affect social security. But we're educating on taxes and all
these other things all year long. Go to our website
just look at all the classes. Feel free to come out.
There's no cost, there's no strings attached. And at the
end of the day, you know, we try to have

(42:59):
as much fun with these retirement topics as possible, because,
let's face it, not everybody likes these topics. They're not
fun and they're not exciting. But I tell you what,
getting the information and getting the education will You'll create
the confidence to know, hey, we're doing we're doing pretty good,
rather than sit in there and go we have no
idea what we're doing or why we're doing it.

Speaker 3 (43:20):
And I know many times you have said people have
come in and said, oh, we're in bad shape, and
you look at it and you say, no, you're not. No,
you're not in bad shape. You're doing okay here and
we're going to make it even better.

Speaker 2 (43:30):
Yeah, and we're not here to sugarcoat anything. We need
to deliver the message. Hey, you're in a good spot
or you're not in a good spot. How do we
get in a better spot. There's no quotas how many
times we can get together in any of these areas.
I've said it many times. Retirement is more than a
meeting once a year for an hour to discuss all
the things that go into retirement. If that's what you

(43:53):
want to put into it, then that's you're probably not
going to get the results that you deserve or that
you want. And that's where or we love to spend
the time. Yes, spend the time to make people comfortable
with the decisions that they're making.

Speaker 3 (44:07):
Six one two, five zero four eighty four hundred. Come
and spend some time with the folks at have Been
Financial Group. You can also go to Havenfinancialgroup dot com.
This has been very informative. Thanks very much, Larry.

Speaker 2 (44:20):
Absolutely Kim always going to be with you look forward
to seeing you next week.

Speaker 3 (44:25):
Investment advisory service is offered through Guardian Well Strategies LLC.

Speaker 1 (44:29):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies. Investments involve risk, and, unless otherwise stated, are
not guaranteed.

Speaker 3 (44:37):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
it safe and secure.

Speaker 1 (44:46):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.
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