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 Kolbig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full 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.
Thanks for listening. Give us a call at six more
on two five zero four eighty four hundred. Visit us
online at Havenfinancialgroup dot com. Find out all the good
retirement tools we have on that site and all the
upcoming classes that we have, Kim.
Speaker 3 (01:11):
Good to be with you.
Speaker 2 (01:12):
We got a lot to talk about, you know, the markets, retirement,
like we do every single week, Questions, worries, and concerns. Well,
of course, we always encourage listeners to give us a call.
Speaker 3 (01:23):
Good to be with you, Kim.
Speaker 4 (01:24):
It's great to be with you as well, Larry. I
want to ask you something. What's the number one question
you are asked the most frequently?
Speaker 2 (01:30):
Do I have enough money to retire? Or when is
it going to run out? Is it ninety five or
seventy five or never? That is by far the biggest question, Kim.
Speaker 4 (01:39):
So I think that's a that's a question that we'll
be looming over the course of this program today as
we talk about understanding your readiness for retirement. I mean,
I think you're not ready until you feel pretty secure
in the idea that you have enough money to do so.
So that's what we're going to talk about today, understanding
retirement readiness. That we're going to talk about key questions
(01:59):
to because your retirement income strategy. We'll also talk about
your retirement timeline and marked by some of the very
important birthdays. We've talked about those before, but those are
always good to review and then costs in budgets and
how crucial they are to your retirement picture. So, Larry,
let's get started by understanding readiness when it comes to retirement.
(02:22):
So when you have somebody come in and they sit
down and they say, Larry, I don't know if I
have enough money and I'm not sure if I'm.
Speaker 5 (02:27):
Ready, What do you got?
Speaker 1 (02:28):
What do you talk about?
Speaker 5 (02:29):
What do you do well?
Speaker 2 (02:31):
Can retirement planning in itself is more than just a
bunch of advice, you know, and advice is important, but
you know, how does it actually apply to your situation?
And there's nothing cookie cutter about it. You know, we
don't have we don't try to make things complicated, but
we all have individual situations, different assets, desires, income, moneies, resources,
et cetera. And there's lots of misleading information out there.
(02:53):
So when when folks come in to sit down, how
are they positioned? We're going to take them through the
same for PRIETI process we do with everybody, and you know,
start with a discovery meeting. You know, where are you positioned,
what are you doing, who's helping you? And we're going
to start from the very very beginning as far as
their goals and their objectives into their resources. Ask a
(03:15):
bunch of questions throughout this one to two hour meeting
that many times people go, my advisors never even asked
me that question when really these are applicable questions to everybody,
maybe answered differently, but it's important to develop the foundation
to you know, where are you at and where do
you want to go and how do we get there?
(03:35):
And then that'll lead into any strategies that we may
come up with, leading to recommendations, suggestions that could fulfill
this if they're not doing it already, or maybe maybe
confirms that they are on track. Maybe you're listening and
you don't have a plan or you don't know really
what that plan is, and then it's just not getting
a plan. It's monitoring, it's adjusting it, you know, it's
(03:57):
making sure that there's conversations throughout the year every year,
not once a year or just twice a year, every
other year. Because the economy changes, laws change, taxes change,
what doesn't change, and if you don't have a partner
to help you navigate through these changes, you might be
left in the desk going, I don't know what's going
(04:18):
on and that's not a good position to be in.
Speaker 4 (04:20):
Absolutely not all right, So what I hear you saying
is the first thing people are going to do is
you're going to You're gonna sit down with them, and
they're going to talk to you about maybe what some
of their goals are, some of their timeline issues, and
then probably talk about some of the tools that are
out there to help them in their retirement. So let's
walk through some of those those tools that exist, you know,
(04:40):
vehicles of investment and savings that you might talk to
potential clients about.
Speaker 2 (04:47):
And before I get there, Cam, I think it's important
to understand how concerning this is for those that are
planning for retirement.
Speaker 3 (04:53):
You know, a Trans America.
Speaker 2 (04:54):
To studied recently that fifty two percent of respondents to
their survey plan to work at least past sixty five
or not retire at all. Telling me there's not much
confidence there. A lot of people in recent years we've
talked about it, they've depleted their savings accounts with inflation,
and that's concerning, and how do I build back my
(05:16):
savings account to where it needs to be. We need
to clearly define goals, timelines, objectives, which we'll talk more
about some of the birthdays here later in the show,
and then dive into the investments that you have. You
may have some, you may have all, or you might
not have hardly any of them. Well, we need to
know that, you know, do you have four to one k's,
(05:37):
do you have iras? Are you still working? Are you contributing?
Are you maximizing it out? Are you doing things right
from a tax perspective?
Speaker 3 (05:45):
Every week?
Speaker 2 (05:46):
And I think of last week, I had numerous folks
that we're contributing to a four to one k and
we want to make sure we're doing what makes sense
in the moment. Sometimes it's contributing half into a roth
or contributing all of it into a pretext. We want
to look at that. We're going to look at income
(06:06):
streams that you have. Maybe you're blessed to have a pension,
or we'll have a pension. What will that be? Will
factor social security into the discussions? And you know, we
have classes every week. We have just had two of
them this past week in rose Mount. Again, listeners can
go to our site and come on out and get educated.
That's where it really starts. And all this leads into
(06:28):
building out a kind of a plan. We call it
a thirty year per thirty thirty five year projection, but
we need to know the details. It's all in the details.
If it's vague, if it's not clearly defined, there's a
good chance it's not going to come to fruition that
you want it to. And that's what we walk people through.
And it may sound overwhelming, it may sound confusing, but
(06:53):
there's nothing better than when we do it, and we
do it not just once, but continued over the years,
because there's no doubt we're looking to cultivate long term relationships,
helping people navigate throughout all of retirement and life happens,
Life happens quickly, Life doesn't cooperate with our calendar, and
this plan needs to have some adjustments and modifications. Just
(07:17):
don't set it on the shelf and leave it and
never look at it again.
Speaker 4 (07:20):
As this process continues along, for a potential client, I
would imagine after they've asked you do you think I
have enough money to retire? And is this the right time?
One of the big questions is how do I draw income?
Speaker 5 (07:34):
Right?
Speaker 3 (07:34):
Oh, that's a big one. Income is the name of
the game.
Speaker 2 (07:38):
Again, I've said it before, we have folks that do
not have a lot of retirement savings, but they have
lots of income and they're happy as can be and
they're going to be just fine. On the other side,
we have those that have lots of assets or moneies,
but they don't have pensions. Their income is not so
good and they spend a lot of money and they're
not in such a good spot.
Speaker 3 (07:57):
So we see all of it across the board. So
whether you're you.
Speaker 2 (08:00):
Have a lot and I want to stress that on
the show a lot or very little, and you're listening
and go, well, I don't even have enough to talk about.
That just is not true. Give yourself more credit than that.
Everybody should have some sort of plan. But again, you
know there's four percent rules that we people talk about,
where do we draw from. I want to stress in
(08:21):
the most tax efficient way possible, continuing to draw ira
money to pretax to fill the twelve percent bracket up,
and then does it make sense to draw off savings?
What's the stock market doing? You know, what are the
rates of return potential and what you're doing. These are
all of the things, and one thing that is always
(08:41):
a factor. As retirement planning firm is the element of time.
Are you retiring soon, five years, ten years? Do you
need to draw money now or is that also what
is the timeline associated with it? And then we're always
we're always thinking about risk and you've seen them markets
in the last couple of weeks, Joe jump all over
(09:02):
the place. Volatility, the need for risks, the willingness for risk,
and the ability to take risk.
Speaker 3 (09:08):
All this is part of.
Speaker 2 (09:09):
These conversations, and not because it's so much fun to
talk about money sometimes it is, but because it's important
and listeners should they deserve the time whoever they're working with,
and if they're not getting the time. At Hayven, we
want to allow the time. We're not in any rush,
and we want there's no quotas how many times people
can come in and visit with us, because that's really
(09:32):
our job description.
Speaker 4 (09:34):
Let's back up just a little bit. You were talking
about the markets, and you know just the uncertainty that
exists in the economy right now, and maybe you're someone
who's planning to retire in the next three or four years.
Are there things that you advise clients to do right
now as they continue to prepare for retirement to protect
(09:55):
some of these moneies during these sort of difficult, you know,
uncertain times.
Speaker 2 (10:00):
Well, that depends upon whatever plan is in place, you know,
right now with the volatility, the knee jerk reactions. As
much as we educate and help people understand, we still
have gotten some calls naturally with the jumps up and
down the short term and we're looking at retirement, which
we hope for us is long term. So we want
to adhere to the plan and not make you know,
(10:22):
we don't want to jump out just for the sake
of jumping out. And that's why I don't care what
the markets are doing, and I don't care what your
what time it is. We have to have an understanding
of what our balance is in our portfolio, how much
risk are we taking? And I bet you a majority
of listeners are going we have no idea how much
risk we're taking. Well, if you seen your balance drowe
(10:44):
jump up and down a lot, that may be, and
you don't like that jump up and down, you'd like
the upspin at the downs. You maybe have way too
much risk in your portfolio. How do we look at
changing that? We want to look at all the investment options,
look at all the terms and part all the things
that go into having a good balanced portfolio, and again
(11:05):
came that comes down to the element of time again
when do you need it?
Speaker 4 (11:10):
Understanding retirement preparedness, that's what we're talking about today.
Speaker 5 (11:14):
Are you prepared to retire?
Speaker 4 (11:16):
And is that a question that's looming over your head
and you're looking for some advice and you're looking for
a partner to put together a great plan, Then you
want to call the folks that Haven Financial Group. They're
number six one two five zero four eight four zero zero.
Call and tell them that you heard Larry and me
on the radio and that you'd like to set up
an appointment to come in and to get some of
(11:37):
your questions answered about retirement and hopefully put together a
wonderful portfolio that makes life very happy in those golden years. Again,
it's six one two five zero four eight four zero zero.
When we come back, let's answer some of the key
questions that you might have when it comes to retirement
income strategy, like, for example, do high I have enough
(12:00):
money and will it last? This is the Haven Financial
Group radios.
Speaker 1 (12:05):
Don't go too far. We're gathering more important insights and
retirement pays Devinent. The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(12:26):
the show.
Speaker 2 (12:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry Kolvig, founder and CEO of the
Haven Financial Group, celebrating our tenure anniversary Kim this year.
Speaker 3 (12:38):
It's very exciting.
Speaker 2 (12:39):
I can't believe ten years has gone by this fast,
and helping people in all the retirement needs. And when
I say all retirement needs, it's all the retirement puzzle pieces.
The coordination of your taxes and your investments, and your
insurance and your estate planning, and your Medicare and healthcare.
All these should be coordinated. And thankfully we do offer
(13:01):
these under the same roof, even though they don't have
to be, and we enjoy talking about it every week.
Speaker 4 (13:06):
No, we can, We certainly do, and congratulations on ten
very successful years and I'm hoping if twenty more is
what you want, then that's what you get. I think
that all comes down to you answering some of these questions.
Speaker 2 (13:21):
Right, well, Cay, my dad's still farming at eighty, so
I could very well be doing this.
Speaker 4 (13:27):
We want to talk about key questions to focus your
retirement income strategy on. For example, will your retirement income
last as long as you need it to? Will it
keep up with inflation? Is it protected from market downturns?
These are just some of the questions that retirees really
need to consider as they as they move into those
golden years, or pre retirees need to think about as
(13:50):
they put together their strategies. So let's talk Larry a
little bit about some of the things that people need
to tackle before they make those final decisions. For example,
social security that's a really big one, and making decisions
about when they want to draw it is.
Speaker 2 (14:04):
A big one, Kim, and it's a good reason why
our classes are so full almost every week when we
offer these, because people want to learn when do I
take it? So many times over the years, people take
it lightly and they just turn it on because that's
what they think they're supposed to do when they hit
sixty two or when they immediately retire, which isn't necessarily
the case. So we want people to put some thought
(14:25):
into this, This is going to be an income stream
that's going to be around for as long as you're
here and as long as your spouse is here. If
you're married, and I know there's lots of a lot
of chatter out there on both sides, they're going to
do away with a doom and gloom. Be careful with
all that fear. They haven't taken away. They're not going
to take it away. There could be some changes, so
stay tuned.
Speaker 3 (14:44):
But who knows.
Speaker 2 (14:45):
So when do you take it? At sixty two full
retirement seventy? It's an income stream, and if you're married,
that higher one's going to remain when the first one passes.
So you have to think about your spouse as much
as when you decide if you're going to take that pension,
you'll think of your spouse because statistically, your spouse could
live ten twenty plus years and they too want a lifestyle,
(15:07):
even though you might be gone.
Speaker 4 (15:09):
Right absolutely, I know that a lot of people probably
approach you hoping that you can give them a definitive answer,
but really has so many factors associated with when you
need to draw your social security.
Speaker 2 (15:20):
Almost definitely are you going to work, it's going to
be part time full time? Do you need the money?
Do you have longevity in your family? The break even
point is usually about ten to twelve years, so you
got to factor that in. So when people say when
should I take it without knowing any of the facts,
my answer is very simply, I have no clue.
Speaker 3 (15:39):
Well, you're really the expert, aren't.
Speaker 2 (15:41):
You, Larry, Without knowing the answers to all these questions,
it's virtually it is impossible. Sure, And that's one income stream.
And then the other part where we get was when
folks get to the age of that retirement number of
required minimum distributions where maybe they haven't had to draw
because they have other assets in those earlier years of retirement. Well,
(16:04):
depending upon how old you are, was seventy and a half,
it went to seventy two, it's now seventy three, and
in eight years it goes to seventy five. You're going
to half to start drawing it out, and it's a
percentage of the total that's in those pre tax accounts.
And so often when people get there, they go, Larry, well,
we have more money now than we did when we
were working as far as income, and now this is income.
(16:25):
If it's pre tax so you got to think of
the tax ramifications. And it's why in the earlier years
of retirement, we want to make sure we've done roth
conversions or other means of tax planning to minimize these
tax implications when you get to that required minimum distribution.
(16:46):
So that needs to be part of your planning process. Again,
income is a great problem to have, but you because
a lot of times people like to complain that now
they owe more taxes. So see how all this goes together.
It really, it really does. But income is truly the
name of the game.
Speaker 5 (17:03):
Yeah, it really is.
Speaker 4 (17:04):
Why it's so great to sit down with someone who
can be a partner as you make these planning decisions.
Who is looking at it as a holistic you know, Larry,
which you guys do there at Haven. You know, you're
looking at the tax ramifications, you're looking for you know,
you know the dates, you know the deadlines, which is
something that somebody who's walking into retirement for the first
(17:26):
time might not necessarily know. Let's talk a little bit
about annuities and what that might mean to a retiree
and what the benefits might be versus maybe some of
the cons.
Speaker 2 (17:38):
Yeah, a lot of times four O one K is.
If you look at your four to one K statement,
it may have a computation on the sheet that says,
you know your balance is this, but if it turned
into an annuity payment for whatever, it'll guarantee you this.
And annuities again, I teach a class. You can go
to our website. I think I have one coming up
in a couple of months or in the next month.
I thinkation is where it should start. Because annuities have
(18:02):
a good rep and a very bad rap, and there's
four different types. There's immediate annuities, variable annuities, fixed annuities,
and fixed index annuities. For the means of this segment,
they can be used very successfully for income generation. Maybe
you're not going to have a pension, like my wife
and I want to have a pension. We can build,
(18:24):
we can we can have an annuity that's designed for
income that we can project out ten, twenty, how many
many years you want, and they'll guarantee When I say
they all annuities are through insurance companies. Insurance companies we
may dislike, but they're the only ones that can guarantee
certain guarantees that in the stock market or other things
(18:45):
no other companies can guarantee. With that mind, we can
create a self directed pension with some available retirement funds,
or it could be other type non qualified funds, any
type of funds really, and that's maybe a good way
to develop your own self directed pension. If you're not
going to have what understand the terms, Understand the costs,
(19:09):
Understand what does that mean if you're married, is there
a spousal continuation?
Speaker 3 (19:13):
If so, get the facts.
Speaker 2 (19:16):
So often people jump into something, do not get the facts,
and then find out they were talked into something or
sold something that didn't perform the way I was supposed to.
And we help people get out of annuities all the time, Kim,
just for the fact they get into one of them
and they three years in and they go, man, we
haven't made any money. Why isn't it And we'll show
(19:38):
them again. If you're listening and have an annuity, come
out in and review it and we'll break it down
from here's what you're paying. Did you know that, here's
the terms, Here's what could happen. Was this discussed? And
I would say seventy five percent of the time response
that I get is they never told.
Speaker 3 (19:56):
Us, we had no idea.
Speaker 2 (19:58):
That's where more questions are better than no questions or
a few questions. And we want people to look at
all the options, explore everything, and then figure out what
makes the most sense for us in our situation. For
some people it's no annuities, absolutely not for others it's
we don't need We got plenty of income, but we
want to be safe and we want some protected investments. Well,
(20:22):
then maybe that makes sense. So again there's again it
sounds redundant, but it's not one glove. It's all let's
put everything body in the same thing. And I think
of a newer client of mine last week. She came
in fifty three, her husband's fifty nine. They've done an
excellent job preparing for retirement, even though she's only fifty three.
(20:43):
She had an annuity that was designed for income, and
they have all kinds of income streams in that she
was paying three plus percent, and she goes, well, this
doesn't make any sense. I wonder why they sold it
to me. And at the end of the day, I'm
not going to speculate. I'm not going to say anybody
did it wrong. But I have a pretty good idea
on why they did.
Speaker 4 (21:03):
Sure, absolutely, it's an education, education, education. And if you
have questions about maybe some existing investments you have, including annuities,
the experts that HEAP and Financial Group can walk through
that with you.
Speaker 5 (21:17):
Let's talk one more.
Speaker 4 (21:18):
Big question that I think you have to ask yourself
and you have to figure out as you prepare for retirement,
and that's health insurance. It's a big expense in those
retirement years.
Speaker 3 (21:29):
Yeah, healthcare. Again, I say it over and over it.
Speaker 2 (21:32):
People really underestimate the costs and we buffer it into
our planning. What all the insurance is going to be
and people go that much it's underestimated. It needs to
be part of your plan. And then that could lead
into long term care as well. You know, fifty to
seventy percent of us are going to go into a
nursing home. How is it going to be paid for?
(21:53):
You know, looking at the options that are available that
Glenn Ramy and Isabella in our office. We offer everything
that's out there, and there's new stuff out there.
Speaker 3 (22:00):
People have no.
Speaker 2 (22:01):
Idea that is much more attractive than the old traditional
long term care that if you if you got them
to pay grade and then they raise the price every
single every year and very frustrating.
Speaker 3 (22:12):
So that's important.
Speaker 2 (22:13):
And if you're a listener that has life insurance, we're
not here to say you need more life insurance. If
maybe you don't need any life insurance, but if people
are holding onto a lot of old life contracts, they
haven't had them reviewed, and if you really should have
a life insurance review, there's no cost for it, and
you want to make sure it's going to do what
you want. You've been paying it all these years. It'd
(22:35):
be catastrophic to see what I see often that they
they've eaten. The balance is eaten itself up and now
all of a sudden you don't have life insurance and
you were unaware, and surprise, surprise, that is not the
surprise you were looking for.
Speaker 4 (22:47):
Absolutely not six one two five zero four eight four
zero zero. We're talking about retirement preparedness and we're answering
some of the questions and walking through some of the.
Speaker 5 (22:57):
Steps that pre retirees is as well as.
Speaker 4 (23:00):
Those who are already in retirement need to be thinking
about when we come back your retirement timeline. Now, these
are some of those very important dates in your life,
those birthdays that mean something when it comes to retirement.
And we're going to walk through what some of the
real highlights, the real.
Speaker 5 (23:16):
Important ones are. This is the Haven Financial Group Radio Show.
Speaker 1 (23:20):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Kolvig is back and ready to
help you find your financial safe haven.
Speaker 2 (23:42):
Good morning and welcome again to the Haven Financial Group
Radio Show. I'm Larry Kalvig, founder and CEO of the
Haven Financial Group. I with you every week talking about retirement.
We're going to talk about birthdates, certain dates that are
important for retirement investments, all the different retirement topics that
come into play, and should we discussed kim prior to
(24:03):
retirement and well before retirement. Again, the sooner you start
planning for retirement, the more prepared you're going to be in,
the better off you're going to be. So there's no
time better than now. And it's again no matter what
age you're at. If you're an adult, now's the time.
If you're twenty thirty or any age, Believe me, Cam
retirement looms and comes faster than any of us think.
Speaker 4 (24:25):
That is for certain that I believe one hundred percent.
And you know, it is kind of funny, you know.
I think a lot of people, you get to a
certain age, you start saying, oh, birthdays, they don't matter anymore.
Speaker 5 (24:34):
I don't even want to think about that. But truth
be known, there.
Speaker 4 (24:38):
Are some real, some real birthdays out There are some
real dates that are really essential to know if you
are in retirement or approaching retirement. So for the purposes
of this conversation, we're going to start, you know, with
anybody forty nine or under first, and then we'll move
forward from there. But as Larry mentioned, it's never too early.
(24:59):
You're very first job, it's very very smart to get
yourself involved in a four to one k if they're
if your employer is offering it, and lots of other
means by which to save money.
Speaker 5 (25:10):
But we'll start there.
Speaker 3 (25:11):
Larry with it.
Speaker 4 (25:12):
I'm forty nine and under with a sort of a
generic casting in that out for a pretty wide wide cast.
Speaker 2 (25:19):
Yeah, and why are these retirement dates or birthdays so important? Well,
there's certain age, certain timeframes where you can access your
moneys without penalties or you know, certain ramifications and you
don't want penalties or any of that stuff. Income streams,
when are theyre going to be accessible? So yeah, anytime,
anytime is a good time to start saving. So again,
(25:40):
I can't encourage it enough. Start early. Age fifty. Now
we have the ketchup provisions. Now maybe the kids are
off to college, or maybe they're off the payroll or
want that be nice actually, but no, I'm just kidding.
Where you can take advantage of those ketchup provisions up
to eight thousand outside of your own in your own
contributions and then in side your four to one k.
(26:01):
Don't miss out on that great way to take advantage
of that age fifty five if you're fortunate enough to
be able to retire, if you're fifty five, you can
access some of those retirement funds. But just work with
somebody that knows what they're doing. There's a lot of
details in doing that, and I've seen it work very
successfully for those that are over fifty five, but also
(26:23):
those that have made mistakes because whoever the way they
worked with didn't know.
Speaker 3 (26:26):
How to do it. So that's always important.
Speaker 2 (26:29):
And you know, we deal with this a lot and
it's worth stressing at fifty nine and a half, whether
you're still working or not working, you can do rollovers
inside of those four to one ks four H three
b's deferred comps four to fifty seven. Whatever your employer
sponsored plan is, you have the ability even if you're
still working. Maybe you want to be safer in your investments.
(26:51):
Maybe you don't like there's not a lot of being
good investment options in your plan. The federal government says
literally that you're getting closer to the retirement, lower all
the options you want. And by the way, there are
no tax ramifications for rollovers. And for many people it
makes sense. Maybe you've jumped jobs around a little bit.
Maybe you're it consultants. I see this a lot, and
(27:13):
they have different contracts and they have four to one
k's all over the place. Sure, well, why not consolidate
and simplify and do those rollovers. And again there's no
tax implications, and there really should be no costs whatsoever.
Speaker 4 (27:26):
Sixty two that is the earliest you can start to
draw your Social Security if in fact that's in the
cards for you.
Speaker 5 (27:32):
At sixty two.
Speaker 2 (27:33):
Yeah, sixty two, you're going to get reduced benefits though,
so it's again it's why we stress.
Speaker 3 (27:39):
Do I take it at sixty two?
Speaker 2 (27:41):
Do I wait till my full retirement age which is
based on your birthday listeners, if you want to know,
I'm fifty five and minus sixty seven. So if you
wanted to know, now you know age seventy is going
to be the latest you're going to take it. It
doesn't grow beyond that unless you're working and you're still contributing,
But you don't wait turning it on past seventy. So
that's why it's a big decision. It's over time. Social
(28:04):
security in normal life expectancy situations for many many people
is the biggest part of their portfolio. And if you
do the math over the twenty thirty or whatever years,
it's a very big number. And if you do the number,
it's close to a million dollars or more during normal
life expectancy that one can generate from social security. So
(28:27):
it should not be taken lightly. Sixty five Medicare discussions, yes,
and Glennon Isabella do a wonderful job when we have
access to all the companies, and you shouldn't pay for
working with a broker that can help you with it. However,
lots of times people have, well, I'm still working, I
have my own insurance, do I have to go sign
(28:48):
up for it? And the answer is no, if you
have credible coverage. And there's so many questions it confusion
and medicare and healthcare and rightfully so, I've heard those
guys talk for a year and I'm still confused by it.
So work with somebody in that area. Shop it out
every year. We don't always make changes, but there's lots
(29:09):
of changes in the medicare area, and you need to
know what those changes are. Last year, this might ring
a bell with some listeners. They didn't shop it out,
and there was some prescription drug changes and they didn't
think it applied to them, and now they're paying ten
bucks or whatever more for every prescription because they didn't
look into it. You don't have to do it. You
(29:30):
can have somebody to do the work for you, and
I guarantee you. Isabelle and Glenn help lots of people
in those areas.
Speaker 4 (29:37):
What if you missed the deadline there for sixty five
or sixty six and you don't get signed up.
Speaker 3 (29:44):
Again, work with somebody to avoid that happening. Number one.
Speaker 2 (29:48):
Number two if you're still working to have credible coverage,
or maybe you're married and your spouse says credible coverage.
Many times there's nothing you need to do whatsoever until
a future timeframe, which is why I work with somebody
that can lead you through those timelines. Again, age seventy
is the latest you'll take social security. Of course, seventy
(30:09):
two and seventy three we talked on the last segment.
That's when RMD's now. Depending upon your age. For those
listening eight years from now, that goes to seventy five.
In twenty thirty three, it goes to the age seventy five,
of course, unless they've made changes again, which is certainly possible.
Speaker 3 (30:29):
So all these are important dates.
Speaker 2 (30:31):
Don't pay penalties because nobody's helped you, or you didn't
know what those dates were, or become careless because you
got maybe a big tax penalty because you missed the
dead dates. And should we should say one more another date,
April fifteenth is right around the corner tax deadline. If
you can't make it, make sure that whoever's doing your taxes,
(30:53):
or if it's your, do it yourself for to file
the extension.
Speaker 3 (30:56):
We do help.
Speaker 2 (30:57):
Lance is our in house CPA here and man Ney
to a heck of a job. And he really cares
and visits with people and he's very fair on the
tax preparation cost. And at Haymhen we don't charge any
expert for tax planning throughout the course of the year.
And we've been we have had Lance on a few
different times. And he's not a drop off, pickup guy.
(31:18):
He's a whiteboard explain and I'm telling you he's up.
He's here sun up to sundown right now. And I
see people leave his office after getting their taxes done
and they're happy. You see that with taxes very oup,
they're happy, And I'm like, wow, I think that was
a pretty good tax meeting. I don't think there was
any negative surprises because we've planned throughout the course of
(31:41):
the year.
Speaker 5 (31:42):
Yeah. Absolutely.
Speaker 4 (31:43):
Let me ask you, just as an expert. You know,
life expectancy is certainly getting longer, and we have seen
changes in a lot of these dates and they have
been pushed back. What do you anticipate is going to
happen over time?
Speaker 3 (31:56):
Wow?
Speaker 2 (31:57):
The government does not move too fast, but change is inevitable.
There's going to have to be some changes for social security,
I don't know. We can't get both sides to the
I'll to ever agree on anything, but there's gonna have
to be some change. There already has been some change.
We're not gonna like the changes. It's hard to say.
It's really hard to say. You've seen the R and
(32:17):
d AG just change. And again there's going to have
to be some Medicare changes with this administration in.
Speaker 3 (32:25):
There's going to have to be there.
Speaker 2 (32:26):
Again, we've seen a lot of waste and there's gonna
have There's got to be some accountability because there's a
lot of money that's flowing through these through Medicare, through
Social Security, through all of these areas. And again we
have to have some accountability. And I would hope that
we'll we'll get to that point and everything will settle
down here a little bit. You know, I've never realed
(32:47):
out the idea that one can work past. You know,
if we talk about retirement, and I don't know if
I have enough income for most people unless you have
life health issues or something like that. Nobody said you
can't work right. Sometimes people retire and they go get
a part time job, and you know what it helps out,
it's their spending money, and nobody said you can't do that.
(33:08):
So at the end of the day, we like to
look at all the options.
Speaker 3 (33:11):
I get a kick out. I had a lot of
clients that you know.
Speaker 2 (33:14):
They they work at the golf course, they mow the grass,
they get free green fees, and they work on the
first toll, the starters, and there's a whole bunch of
stuff you can do. And I love, we love talking
through those things absolutely.
Speaker 4 (33:27):
All right, let's give everybody the number and they can
give the folks at Haven Financial Group a call six
one two five zero four eight four zero zero at
six one two five zero four eight four zero zero
to let me hurt us here on the radio. You
can also go to Havenfinancialgroup dot com and take a
look at some of those upcoming seminars.
Speaker 5 (33:45):
You can sign up.
Speaker 4 (33:46):
You don't have to be a client to attend. They
are free of charge. That they do need a headcount,
so again that's Heaven Financialgroup dot Com.
Speaker 5 (33:55):
Still come in your way. Costs and budgets, they're crucial
to your retirement.
Speaker 4 (34:00):
Make sure and we're going to talk a little bit
more about that right here on the Haven Financial Group
Radio show.
Speaker 1 (34:05):
Don't go too far we're gathering more important insights and
retirement pays government the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to
(34:26):
the show.
Speaker 2 (34:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show.
Speaker 3 (34:31):
Thanks for listening this morning.
Speaker 2 (34:33):
I know you have lots of options and lots to
do on a Sunday morning. I'm sure give us a
call at six one two five zero four eight four
zero zero or online at Havenfinancialgroup dot com. We have
lots of good tools on there at community site where
we have contests. I think there's a contest for some
wild tickets, and we have client events that we love
(34:54):
to have and we'd like to have fun with all
these retirement topics that aren't necessarily so much fun.
Speaker 4 (35:00):
Kim, Well, it's all in the way you approach it, right,
that's what you're saying to us. We want to talk
about costs and budgets. Now, listen, budgets aren't very fun.
But the fact of the matter is a lot of
people may think they don't have a lot of money,
but that certainly can be manipulated in retirement by taking
(35:20):
a look at your costs and how much you spend.
Speaker 2 (35:23):
Right, Yeah, it's not only about how much you have,
it's how much you spend. You live within your means.
And there's a comedy nominator for a lot of retirees
that we've helped over the years, and I've got the experiences.
Those that do live within their means they have don't
really have a lot of problems. Those that love to spend,
they can run into problems. And you know, I think
of Roxanne who has just been this past week and
(35:46):
she came to our Wills and Trusts and legacy planning
class that carry our estate planning and an attorney and
I put on here about last month and the reason
she came to and listeners should know this, and there's
a lot of them are.
Speaker 3 (35:57):
In the same boat.
Speaker 2 (35:58):
She's seventy one and she's never had any will or anything,
and her ex husband passed away and the kids had
a terrible nightmare settling the estate, and she promised her
kids that she would not do that to them, and
that's why she's getting it done. And Carrie is helping
her with that, and again that state planning. I know
that's not this kind of topic of this segment, but
I thought it was cute anyways. Where I was going
(36:18):
with her is she has plenty of assets and she
doesn't spend any money, and I have no problem. We
have no telling people Roxanne spends some of your money
and have fun. She's like, I don't know what to
spend it on. I have everything I need and she's
just the cutest thing ever she goes. I think you're
the first person or second person that's a guy that's
ever told me to spend money.
Speaker 1 (36:40):
Right.
Speaker 5 (36:40):
You don't hear that very often, that's for sure.
Speaker 3 (36:42):
But she's so content.
Speaker 2 (36:44):
She got to where she's at being divorced by working hard,
living within her means. And that's a common thread and
the denominator we see. We like to see good things
and everything. But I've said it before at our shred
event where people come come in with the very their vehicles.
(37:04):
The first year, those that had the most had the
lead and the least nice vehicles, and my staff is like,
I noticed that our clients that have the most drive
the ugliest vehicles, and those that have the least have
the fanciest vehicles. Now, each to his own to what
they want to do. That isn't the point. But again,
having a budget.
Speaker 3 (37:25):
You know, we've.
Speaker 2 (37:26):
Preached, as we've preach as a society to the younger
generation of having a budget.
Speaker 3 (37:30):
I will tell you that those.
Speaker 2 (37:32):
That are planning for retirement are in retirement, most of
them also need a budget. Most retirees are on some
sort of fixed income, which we talked a lot about
income the show. They're on some sort of fixed income.
And I'll tell you this inflation we've seen in recent years,
it's really affected that because the power, the purchasing power
(37:53):
of the dollar isn't there. Inflation erodes the money, our money,
and it has drastically. So how do we make up
for that? Those are the conversations that we're going to have.
You know, the health care piece in our planning for
a couple, we'll probably as we budget it out, or
probably twelve thousand dollars a year at least one thousand
(38:15):
to fifteen hundred per month. And if that sounds like
a lot, it's not going it's not going going to
go down. In fact, the inflationary numbers we use for
healthcare is different than standard inflation. It's only going up
nursing home in healthcare twelve to fifteen thousand a month
here in Minnesota.
Speaker 3 (38:36):
How are we going to pay for it? What does
that budget look like? Have we budgeted in at all?
Speaker 2 (38:41):
So again, not fun to talk about, but something important
that you should and change it if you need to.
Speaker 4 (38:48):
We're talking about strategies to keep your spending under control
so that your savings lasts a little bit longer. You know,
we've just talked about healthcare and long term emergency expenses.
Speaker 5 (38:58):
That's something that has to be budgeted in.
Speaker 2 (39:01):
Yeah, we talk about a good balance and a portfolio.
You know, you have your risk stock market investments, great,
you have principal protected investments. And if you're wondering what
is that coming in talking more with us, but liquidity.
You and I have talked about how important it is
to have as a benchmark. We like to see fifty
to one hundred grand for a retired couple, fifty to
(39:23):
one hundred grand liquid in the bank. And I know
the first thing listeners are going to go, well, why
do you need that much in the bank. Well, things happen,
the furnace goes out, the grand kings want things, and
then the stock market tanks and you don't want to
be drawn off that now. So there's a whole bunch
of reasons. And another reason being in this industry so long.
(39:43):
I see folks every single week come in with five
to ten thousand liquid and everything at risk in the
stock market, and somehow they think that might be a
good recipe to go into retirement. That is a that's
something that's our wrecking, just waiting to wreck. That is
not a good balance. So what's the right balance for you?
(40:06):
What is your current balance? Did I just describe what
your situation is? I hope not, But maybe you are
the type that has good liquidity, good principal protection, and
adequate stock market investments. The problem is most people just
don't know until something negative happens, and that negative, unfortunately
(40:26):
KIM is usually a twenty five percent drop in their portfolio.
Speaker 5 (40:30):
Absolutely.
Speaker 4 (40:31):
One of the things that could be added for budgeting
purposes would be life insurance with living benefits.
Speaker 2 (40:37):
Right, yeah, Life insurance can be used for a variety
of reasons. It just doesn't have to be used for
legacy planning. It can have some long term care features
in life insurance if you're looking at a long term
care life insurance hybrid. Some of them are very, very attractive,
much better than the old traditional We talked earlier about annuities.
When those annuities are used for income, they can have writers.
(41:02):
Now I will say writers are add ons. Add Ons
oftentimes mean additional cost as well. They don't always have
to be, but oftentimes they do. They can have long
term care writers on. They can be maybe you can't qualify,
maybe that's a good way to get some long term
care coverage, longevity writers to make sure that the income
(41:23):
is guaranteed for your life and maybe your spouse's life.
Inflationary writers so when inflation goes up, it rises with inflation,
and those also can be on long term care policies
as well, and other writers. So again, just know what
those writers do and what they cost, and does it
(41:44):
make sense in your portfolio or does it not make sense.
But if you're not having the conversations, if you don't
have a partner that can explain these things to you
and will take the time, then you're probably not getting
all the information you need to make a good educated
decision for you, your spouse, and your family.
Speaker 3 (42:04):
I think it's owed to you.
Speaker 2 (42:05):
It really really is, and you should get you should
have the time, and you should work with somebody that
is spending the time.
Speaker 4 (42:11):
So Larry's we look back on this episode and we've
just talked about retirement preparedness, the questions that you need
to ask, the the you know, the ways to draw income,
the budget you need to set. What's the takeaway here
today that you hope people maybe are driving.
Speaker 2 (42:28):
That they should be having these conversations and they shouldn't
be afraid to ask a lot of questions and they
should be getting the attention. We always talk about how
retirement is more than a meeting once or twice a
year for thirty minutes to an hour.
Speaker 3 (42:42):
Okay, let's talk.
Speaker 2 (42:42):
I mean, we got a state planning, we got insurance,
we have Medicare, we have an investments in portfolio, we
have taxes, we have all of these retirement puzzle pieces.
You know that time, that amount of time spent is
just not enough. You're paying people to do this unless
you're doing it all yourself. And if that's the case,
more power to you. That many that's fine, and others
(43:04):
than maybe they should be. But whoever you're paying and
working with don't. You should know exactly what you're paying
and what you're getting, and we don't want to be
here at Haven Financier Group the stereotype in the industry
that says, wow, I haven't talked to Haven or Larry
or Kyle or anybody for almost six months to a year.
(43:26):
That's just not doing our clients of any favors whatsoever.
And again we get this one often we ask our
guy about social Security and we don't get any answers.
It's a good chance they might not know the answers
because they don't deal with social security. So know who
you're working with. And at Haven again celebrating our ten
year anniversary. We've been blessed to help lots of people
(43:48):
in all these retirement areas and we're very we're very
thankful for that and for all the listeners.
Speaker 3 (43:53):
Thanks for listening.
Speaker 2 (43:54):
Give us a call at six one two five four
eighty four hundred or visit us online at Haven Finance
Group dot COMCM. Always good to be with you and
I look forward to next week.
Speaker 4 (44:04):
I look forward to it as well, Larry, Thanks very much,
have a great week.
Speaker 5 (44:07):
Everyone.
Speaker 4 (44:10):
Investment advisory service is offered through Guardian Well Strategies LLC,
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 2 (44:23):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
it safe and secure.
Speaker 1 (44:31):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products.
Speaker 3 (44:39):
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 Kolbig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full 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.
Thanks for listening. Give us a call at six more
on two five zero four eighty four hundred. Visit us
online at Havenfinancialgroup dot com. Find out all the good
retirement tools we have on that site and all the
upcoming classes that we have, Kim.
Speaker 3 (01:11):
Good to be with you.
Speaker 2 (01:12):
We got a lot to talk about, you know, the markets, retirement,
like we do every single week, Questions, worries, and concerns. Well,
of course, we always encourage listeners to give us a call.
Speaker 3 (01:23):
Good to be with you, Kim.
Speaker 4 (01:24):
It's great to be with you as well, Larry. I
want to ask you something. What's the number one question
you are asked the most frequently?
Speaker 2 (01:30):
Do I have enough money to retire? Or when is
it going to run out? Is it ninety five or
seventy five or never? That is by far the biggest question, Kim.
Speaker 4 (01:39):
So I think that's a that's a question that we'll
be looming over the course of this program today as
we talk about understanding your readiness for retirement. I mean,
I think you're not ready until you feel pretty secure
in the idea that you have enough money to do so.
So that's what we're going to talk about today, understanding
retirement readiness. That we're going to talk about key questions
(01:59):
to because your retirement income strategy. We'll also talk about
your retirement timeline and marked by some of the very
important birthdays. We've talked about those before, but those are
always good to review and then costs in budgets and
how crucial they are to your retirement picture. So, Larry,
let's get started by understanding readiness when it comes to retirement.
(02:22):
So when you have somebody come in and they sit
down and they say, Larry, I don't know if I
have enough money and I'm not sure if I'm.
Speaker 5 (02:27):
Ready, What do you got?
Speaker 1 (02:28):
What do you talk about?
Speaker 5 (02:29):
What do you do well?
Speaker 2 (02:31):
Can retirement planning in itself is more than just a
bunch of advice, you know, and advice is important, but
you know, how does it actually apply to your situation?
And there's nothing cookie cutter about it. You know, we
don't have we don't try to make things complicated, but
we all have individual situations, different assets, desires, income, moneies, resources,
et cetera. And there's lots of misleading information out there.
(02:53):
So when when folks come in to sit down, how
are they positioned? We're going to take them through the
same for PRIETI process we do with everybody, and you know,
start with a discovery meeting. You know, where are you positioned,
what are you doing, who's helping you? And we're going
to start from the very very beginning as far as
their goals and their objectives into their resources. Ask a
(03:15):
bunch of questions throughout this one to two hour meeting
that many times people go, my advisors never even asked
me that question when really these are applicable questions to everybody,
maybe answered differently, but it's important to develop the foundation
to you know, where are you at and where do
you want to go and how do we get there?
(03:35):
And then that'll lead into any strategies that we may
come up with, leading to recommendations, suggestions that could fulfill
this if they're not doing it already, or maybe maybe
confirms that they are on track. Maybe you're listening and
you don't have a plan or you don't know really
what that plan is, and then it's just not getting
a plan. It's monitoring, it's adjusting it, you know, it's
(03:57):
making sure that there's conversations throughout the year every year,
not once a year or just twice a year, every
other year. Because the economy changes, laws change, taxes change,
what doesn't change, and if you don't have a partner
to help you navigate through these changes, you might be
left in the desk going, I don't know what's going
(04:18):
on and that's not a good position to be in.
Speaker 4 (04:20):
Absolutely not all right, So what I hear you saying
is the first thing people are going to do is
you're going to You're gonna sit down with them, and
they're going to talk to you about maybe what some
of their goals are, some of their timeline issues, and
then probably talk about some of the tools that are
out there to help them in their retirement. So let's
walk through some of those those tools that exist, you know,
(04:40):
vehicles of investment and savings that you might talk to
potential clients about.
Speaker 2 (04:47):
And before I get there, Cam, I think it's important
to understand how concerning this is for those that are
planning for retirement.
Speaker 3 (04:53):
You know, a Trans America.
Speaker 2 (04:54):
To studied recently that fifty two percent of respondents to
their survey plan to work at least past sixty five
or not retire at all. Telling me there's not much
confidence there. A lot of people in recent years we've
talked about it, they've depleted their savings accounts with inflation,
and that's concerning, and how do I build back my
(05:16):
savings account to where it needs to be. We need
to clearly define goals, timelines, objectives, which we'll talk more
about some of the birthdays here later in the show,
and then dive into the investments that you have. You
may have some, you may have all, or you might
not have hardly any of them. Well, we need to
know that, you know, do you have four to one k's,
(05:37):
do you have iras? Are you still working? Are you contributing?
Are you maximizing it out? Are you doing things right
from a tax perspective?
Speaker 3 (05:45):
Every week?
Speaker 2 (05:46):
And I think of last week, I had numerous folks
that we're contributing to a four to one k and
we want to make sure we're doing what makes sense
in the moment. Sometimes it's contributing half into a roth
or contributing all of it into a pretext. We want
to look at that. We're going to look at income
(06:06):
streams that you have. Maybe you're blessed to have a pension,
or we'll have a pension. What will that be? Will
factor social security into the discussions? And you know, we
have classes every week. We have just had two of
them this past week in rose Mount. Again, listeners can
go to our site and come on out and get educated.
That's where it really starts. And all this leads into
(06:28):
building out a kind of a plan. We call it
a thirty year per thirty thirty five year projection, but
we need to know the details. It's all in the details.
If it's vague, if it's not clearly defined, there's a
good chance it's not going to come to fruition that
you want it to. And that's what we walk people through.
And it may sound overwhelming, it may sound confusing, but
(06:53):
there's nothing better than when we do it, and we
do it not just once, but continued over the years,
because there's no doubt we're looking to cultivate long term relationships,
helping people navigate throughout all of retirement and life happens,
Life happens quickly, Life doesn't cooperate with our calendar, and
this plan needs to have some adjustments and modifications. Just
(07:17):
don't set it on the shelf and leave it and
never look at it again.
Speaker 4 (07:20):
As this process continues along, for a potential client, I
would imagine after they've asked you do you think I
have enough money to retire? And is this the right time?
One of the big questions is how do I draw income?
Speaker 5 (07:34):
Right?
Speaker 3 (07:34):
Oh, that's a big one. Income is the name of
the game.
Speaker 2 (07:38):
Again, I've said it before, we have folks that do
not have a lot of retirement savings, but they have
lots of income and they're happy as can be and
they're going to be just fine. On the other side,
we have those that have lots of assets or moneies,
but they don't have pensions. Their income is not so
good and they spend a lot of money and they're
not in such a good spot.
Speaker 3 (07:57):
So we see all of it across the board. So
whether you're you.
Speaker 2 (08:00):
Have a lot and I want to stress that on
the show a lot or very little, and you're listening
and go, well, I don't even have enough to talk about.
That just is not true. Give yourself more credit than that.
Everybody should have some sort of plan. But again, you
know there's four percent rules that we people talk about,
where do we draw from. I want to stress in
(08:21):
the most tax efficient way possible, continuing to draw ira
money to pretax to fill the twelve percent bracket up,
and then does it make sense to draw off savings?
What's the stock market doing? You know, what are the
rates of return potential and what you're doing. These are
all of the things, and one thing that is always
(08:41):
a factor. As retirement planning firm is the element of time.
Are you retiring soon, five years, ten years? Do you
need to draw money now or is that also what
is the timeline associated with it? And then we're always
we're always thinking about risk and you've seen them markets
in the last couple of weeks, Joe jump all over
(09:02):
the place. Volatility, the need for risks, the willingness for risk,
and the ability to take risk.
Speaker 3 (09:08):
All this is part of.
Speaker 2 (09:09):
These conversations, and not because it's so much fun to
talk about money sometimes it is, but because it's important
and listeners should they deserve the time whoever they're working with,
and if they're not getting the time. At Hayven, we
want to allow the time. We're not in any rush,
and we want there's no quotas how many times people
can come in and visit with us, because that's really
(09:32):
our job description.
Speaker 4 (09:34):
Let's back up just a little bit. You were talking
about the markets, and you know just the uncertainty that
exists in the economy right now, and maybe you're someone
who's planning to retire in the next three or four years.
Are there things that you advise clients to do right
now as they continue to prepare for retirement to protect
(09:55):
some of these moneies during these sort of difficult, you know,
uncertain times.
Speaker 2 (10:00):
Well, that depends upon whatever plan is in place, you know,
right now with the volatility, the knee jerk reactions. As
much as we educate and help people understand, we still
have gotten some calls naturally with the jumps up and
down the short term and we're looking at retirement, which
we hope for us is long term. So we want
to adhere to the plan and not make you know,
(10:22):
we don't want to jump out just for the sake
of jumping out. And that's why I don't care what
the markets are doing, and I don't care what your
what time it is. We have to have an understanding
of what our balance is in our portfolio, how much
risk are we taking? And I bet you a majority
of listeners are going we have no idea how much
risk we're taking. Well, if you seen your balance drowe
(10:44):
jump up and down a lot, that may be, and
you don't like that jump up and down, you'd like
the upspin at the downs. You maybe have way too
much risk in your portfolio. How do we look at
changing that? We want to look at all the investment options,
look at all the terms and part all the things
that go into having a good balanced portfolio, and again
(11:05):
came that comes down to the element of time again
when do you need it?
Speaker 4 (11:10):
Understanding retirement preparedness, that's what we're talking about today.
Speaker 5 (11:14):
Are you prepared to retire?
Speaker 4 (11:16):
And is that a question that's looming over your head
and you're looking for some advice and you're looking for
a partner to put together a great plan, Then you
want to call the folks that Haven Financial Group. They're
number six one two five zero four eight four zero zero.
Call and tell them that you heard Larry and me
on the radio and that you'd like to set up
an appointment to come in and to get some of
(11:37):
your questions answered about retirement and hopefully put together a
wonderful portfolio that makes life very happy in those golden years. Again,
it's six one two five zero four eight four zero zero.
When we come back, let's answer some of the key
questions that you might have when it comes to retirement
income strategy, like, for example, do high I have enough
(12:00):
money and will it last? This is the Haven Financial
Group radios.
Speaker 1 (12:05):
Don't go too far. We're gathering more important insights and
retirement pays Devinent. The Haven Financial Group Radio Show will
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(12:26):
the show.
Speaker 2 (12:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry Kolvig, founder and CEO of the
Haven Financial Group, celebrating our tenure anniversary Kim this year.
Speaker 3 (12:38):
It's very exciting.
Speaker 2 (12:39):
I can't believe ten years has gone by this fast,
and helping people in all the retirement needs. And when
I say all retirement needs, it's all the retirement puzzle pieces.
The coordination of your taxes and your investments, and your
insurance and your estate planning, and your Medicare and healthcare.
All these should be coordinated. And thankfully we do offer
(13:01):
these under the same roof, even though they don't have
to be, and we enjoy talking about it every week.
Speaker 4 (13:06):
No, we can, We certainly do, and congratulations on ten
very successful years and I'm hoping if twenty more is
what you want, then that's what you get. I think
that all comes down to you answering some of these questions.
Speaker 2 (13:21):
Right, well, Cay, my dad's still farming at eighty, so
I could very well be doing this.
Speaker 4 (13:27):
We want to talk about key questions to focus your
retirement income strategy on. For example, will your retirement income
last as long as you need it to? Will it
keep up with inflation? Is it protected from market downturns?
These are just some of the questions that retirees really
need to consider as they as they move into those
golden years, or pre retirees need to think about as
(13:50):
they put together their strategies. So let's talk Larry a
little bit about some of the things that people need
to tackle before they make those final decisions. For example,
social security that's a really big one, and making decisions
about when they want to draw it is.
Speaker 2 (14:04):
A big one, Kim, and it's a good reason why
our classes are so full almost every week when we
offer these, because people want to learn when do I
take it? So many times over the years, people take
it lightly and they just turn it on because that's
what they think they're supposed to do when they hit
sixty two or when they immediately retire, which isn't necessarily
the case. So we want people to put some thought
(14:25):
into this, This is going to be an income stream
that's going to be around for as long as you're
here and as long as your spouse is here. If
you're married, and I know there's lots of a lot
of chatter out there on both sides, they're going to
do away with a doom and gloom. Be careful with
all that fear. They haven't taken away. They're not going
to take it away. There could be some changes, so
stay tuned.
Speaker 3 (14:44):
But who knows.
Speaker 2 (14:45):
So when do you take it? At sixty two full
retirement seventy? It's an income stream, and if you're married,
that higher one's going to remain when the first one passes.
So you have to think about your spouse as much
as when you decide if you're going to take that pension,
you'll think of your spouse because statistically, your spouse could
live ten twenty plus years and they too want a lifestyle,
(15:07):
even though you might be gone.
Speaker 4 (15:09):
Right absolutely, I know that a lot of people probably
approach you hoping that you can give them a definitive answer,
but really has so many factors associated with when you
need to draw your social security.
Speaker 2 (15:20):
Almost definitely are you going to work, it's going to
be part time full time? Do you need the money?
Do you have longevity in your family? The break even
point is usually about ten to twelve years, so you
got to factor that in. So when people say when
should I take it without knowing any of the facts,
my answer is very simply, I have no clue.
Speaker 3 (15:39):
Well, you're really the expert, aren't.
Speaker 2 (15:41):
You, Larry, Without knowing the answers to all these questions,
it's virtually it is impossible. Sure, And that's one income stream.
And then the other part where we get was when
folks get to the age of that retirement number of
required minimum distributions where maybe they haven't had to draw
because they have other assets in those earlier years of retirement. Well,
(16:04):
depending upon how old you are, was seventy and a half,
it went to seventy two, it's now seventy three, and
in eight years it goes to seventy five. You're going
to half to start drawing it out, and it's a
percentage of the total that's in those pre tax accounts.
And so often when people get there, they go, Larry, well,
we have more money now than we did when we
were working as far as income, and now this is income.
(16:25):
If it's pre tax so you got to think of
the tax ramifications. And it's why in the earlier years
of retirement, we want to make sure we've done roth
conversions or other means of tax planning to minimize these
tax implications when you get to that required minimum distribution.
(16:46):
So that needs to be part of your planning process. Again,
income is a great problem to have, but you because
a lot of times people like to complain that now
they owe more taxes. So see how all this goes together.
It really, it really does. But income is truly the
name of the game.
Speaker 5 (17:03):
Yeah, it really is.
Speaker 4 (17:04):
Why it's so great to sit down with someone who
can be a partner as you make these planning decisions.
Who is looking at it as a holistic you know, Larry,
which you guys do there at Haven. You know, you're
looking at the tax ramifications, you're looking for you know,
you know the dates, you know the deadlines, which is
something that somebody who's walking into retirement for the first
(17:26):
time might not necessarily know. Let's talk a little bit
about annuities and what that might mean to a retiree
and what the benefits might be versus maybe some of
the cons.
Speaker 2 (17:38):
Yeah, a lot of times four O one K is.
If you look at your four to one K statement,
it may have a computation on the sheet that says,
you know your balance is this, but if it turned
into an annuity payment for whatever, it'll guarantee you this.
And annuities again, I teach a class. You can go
to our website. I think I have one coming up
in a couple of months or in the next month.
I thinkation is where it should start. Because annuities have
(18:02):
a good rep and a very bad rap, and there's
four different types. There's immediate annuities, variable annuities, fixed annuities,
and fixed index annuities. For the means of this segment,
they can be used very successfully for income generation. Maybe
you're not going to have a pension, like my wife
and I want to have a pension. We can build,
(18:24):
we can we can have an annuity that's designed for
income that we can project out ten, twenty, how many
many years you want, and they'll guarantee When I say
they all annuities are through insurance companies. Insurance companies we
may dislike, but they're the only ones that can guarantee
certain guarantees that in the stock market or other things
(18:45):
no other companies can guarantee. With that mind, we can
create a self directed pension with some available retirement funds,
or it could be other type non qualified funds, any
type of funds really, and that's maybe a good way
to develop your own self directed pension. If you're not
going to have what understand the terms, Understand the costs,
(19:09):
Understand what does that mean if you're married, is there
a spousal continuation?
Speaker 3 (19:13):
If so, get the facts.
Speaker 2 (19:16):
So often people jump into something, do not get the facts,
and then find out they were talked into something or
sold something that didn't perform the way I was supposed to.
And we help people get out of annuities all the time, Kim,
just for the fact they get into one of them
and they three years in and they go, man, we
haven't made any money. Why isn't it And we'll show
(19:38):
them again. If you're listening and have an annuity, come
out in and review it and we'll break it down
from here's what you're paying. Did you know that, here's
the terms, Here's what could happen. Was this discussed? And
I would say seventy five percent of the time response
that I get is they never told.
Speaker 3 (19:56):
Us, we had no idea.
Speaker 2 (19:58):
That's where more questions are better than no questions or
a few questions. And we want people to look at
all the options, explore everything, and then figure out what
makes the most sense for us in our situation. For
some people it's no annuities, absolutely not for others it's
we don't need We got plenty of income, but we
want to be safe and we want some protected investments. Well,
(20:22):
then maybe that makes sense. So again there's again it
sounds redundant, but it's not one glove. It's all let's
put everything body in the same thing. And I think
of a newer client of mine last week. She came
in fifty three, her husband's fifty nine. They've done an
excellent job preparing for retirement, even though she's only fifty three.
(20:43):
She had an annuity that was designed for income, and
they have all kinds of income streams in that she
was paying three plus percent, and she goes, well, this
doesn't make any sense. I wonder why they sold it
to me. And at the end of the day, I'm
not going to speculate. I'm not going to say anybody
did it wrong. But I have a pretty good idea
on why they did.
Speaker 4 (21:03):
Sure, absolutely, it's an education, education, education. And if you
have questions about maybe some existing investments you have, including annuities,
the experts that HEAP and Financial Group can walk through
that with you.
Speaker 5 (21:17):
Let's talk one more.
Speaker 4 (21:18):
Big question that I think you have to ask yourself
and you have to figure out as you prepare for retirement,
and that's health insurance. It's a big expense in those
retirement years.
Speaker 3 (21:29):
Yeah, healthcare. Again, I say it over and over it.
Speaker 2 (21:32):
People really underestimate the costs and we buffer it into
our planning. What all the insurance is going to be
and people go that much it's underestimated. It needs to
be part of your plan. And then that could lead
into long term care as well. You know, fifty to
seventy percent of us are going to go into a
nursing home. How is it going to be paid for?
(21:53):
You know, looking at the options that are available that
Glenn Ramy and Isabella in our office. We offer everything
that's out there, and there's new stuff out there.
Speaker 3 (22:00):
People have no.
Speaker 2 (22:01):
Idea that is much more attractive than the old traditional
long term care that if you if you got them
to pay grade and then they raise the price every
single every year and very frustrating.
Speaker 3 (22:12):
So that's important.
Speaker 2 (22:13):
And if you're a listener that has life insurance, we're
not here to say you need more life insurance. If
maybe you don't need any life insurance, but if people
are holding onto a lot of old life contracts, they
haven't had them reviewed, and if you really should have
a life insurance review, there's no cost for it, and
you want to make sure it's going to do what
you want. You've been paying it all these years. It'd
(22:35):
be catastrophic to see what I see often that they
they've eaten. The balance is eaten itself up and now
all of a sudden you don't have life insurance and
you were unaware, and surprise, surprise, that is not the
surprise you were looking for.
Speaker 4 (22:47):
Absolutely not six one two five zero four eight four
zero zero. We're talking about retirement preparedness and we're answering
some of the questions and walking through some of the.
Speaker 5 (22:57):
Steps that pre retirees is as well as.
Speaker 4 (23:00):
Those who are already in retirement need to be thinking
about when we come back your retirement timeline. Now, these
are some of those very important dates in your life,
those birthdays that mean something when it comes to retirement.
And we're going to walk through what some of the
real highlights, the real.
Speaker 5 (23:16):
Important ones are. This is the Haven Financial Group Radio Show.
Speaker 1 (23:20):
Ready to find your financial safe haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larry Kolvig is back and ready to
help you find your financial safe haven.
Speaker 2 (23:42):
Good morning and welcome again to the Haven Financial Group
Radio Show. I'm Larry Kalvig, founder and CEO of the
Haven Financial Group. I with you every week talking about retirement.
We're going to talk about birthdates, certain dates that are
important for retirement investments, all the different retirement topics that
come into play, and should we discussed kim prior to
(24:03):
retirement and well before retirement. Again, the sooner you start
planning for retirement, the more prepared you're going to be in,
the better off you're going to be. So there's no
time better than now. And it's again no matter what
age you're at. If you're an adult, now's the time.
If you're twenty thirty or any age, Believe me, Cam
retirement looms and comes faster than any of us think.
Speaker 4 (24:25):
That is for certain that I believe one hundred percent.
And you know, it is kind of funny, you know.
I think a lot of people, you get to a
certain age, you start saying, oh, birthdays, they don't matter anymore.
Speaker 5 (24:34):
I don't even want to think about that. But truth
be known, there.
Speaker 4 (24:38):
Are some real, some real birthdays out There are some
real dates that are really essential to know if you
are in retirement or approaching retirement. So for the purposes
of this conversation, we're going to start, you know, with
anybody forty nine or under first, and then we'll move
forward from there. But as Larry mentioned, it's never too early.
(24:59):
You're very first job, it's very very smart to get
yourself involved in a four to one k if they're
if your employer is offering it, and lots of other
means by which to save money.
Speaker 5 (25:10):
But we'll start there.
Speaker 3 (25:11):
Larry with it.
Speaker 4 (25:12):
I'm forty nine and under with a sort of a
generic casting in that out for a pretty wide wide cast.
Speaker 2 (25:19):
Yeah, and why are these retirement dates or birthdays so important? Well,
there's certain age, certain timeframes where you can access your
moneys without penalties or you know, certain ramifications and you
don't want penalties or any of that stuff. Income streams,
when are theyre going to be accessible? So yeah, anytime,
anytime is a good time to start saving. So again,
(25:40):
I can't encourage it enough. Start early. Age fifty. Now
we have the ketchup provisions. Now maybe the kids are
off to college, or maybe they're off the payroll or
want that be nice actually, but no, I'm just kidding.
Where you can take advantage of those ketchup provisions up
to eight thousand outside of your own in your own
contributions and then in side your four to one k.
(26:01):
Don't miss out on that great way to take advantage
of that age fifty five if you're fortunate enough to
be able to retire, if you're fifty five, you can
access some of those retirement funds. But just work with
somebody that knows what they're doing. There's a lot of
details in doing that, and I've seen it work very
successfully for those that are over fifty five, but also
(26:23):
those that have made mistakes because whoever the way they
worked with didn't know.
Speaker 3 (26:26):
How to do it. So that's always important.
Speaker 2 (26:29):
And you know, we deal with this a lot and
it's worth stressing at fifty nine and a half, whether
you're still working or not working, you can do rollovers
inside of those four to one ks four H three
b's deferred comps four to fifty seven. Whatever your employer
sponsored plan is, you have the ability even if you're
still working. Maybe you want to be safer in your investments.
(26:51):
Maybe you don't like there's not a lot of being
good investment options in your plan. The federal government says
literally that you're getting closer to the retirement, lower all
the options you want. And by the way, there are
no tax ramifications for rollovers. And for many people it
makes sense. Maybe you've jumped jobs around a little bit.
Maybe you're it consultants. I see this a lot, and
(27:13):
they have different contracts and they have four to one
k's all over the place. Sure, well, why not consolidate
and simplify and do those rollovers. And again there's no
tax implications, and there really should be no costs whatsoever.
Speaker 4 (27:26):
Sixty two that is the earliest you can start to
draw your Social Security if in fact that's in the
cards for you.
Speaker 5 (27:32):
At sixty two.
Speaker 2 (27:33):
Yeah, sixty two, you're going to get reduced benefits though,
so it's again it's why we stress.
Speaker 3 (27:39):
Do I take it at sixty two?
Speaker 2 (27:41):
Do I wait till my full retirement age which is
based on your birthday listeners, if you want to know,
I'm fifty five and minus sixty seven. So if you
wanted to know, now you know age seventy is going
to be the latest you're going to take it. It
doesn't grow beyond that unless you're working and you're still contributing,
But you don't wait turning it on past seventy. So
that's why it's a big decision. It's over time. Social
(28:04):
security in normal life expectancy situations for many many people
is the biggest part of their portfolio. And if you
do the math over the twenty thirty or whatever years,
it's a very big number. And if you do the number,
it's close to a million dollars or more during normal
life expectancy that one can generate from social security. So
(28:27):
it should not be taken lightly. Sixty five Medicare discussions, yes,
and Glennon Isabella do a wonderful job when we have
access to all the companies, and you shouldn't pay for
working with a broker that can help you with it. However,
lots of times people have, well, I'm still working, I
have my own insurance, do I have to go sign
(28:48):
up for it? And the answer is no, if you
have credible coverage. And there's so many questions it confusion
and medicare and healthcare and rightfully so, I've heard those
guys talk for a year and I'm still confused by it.
So work with somebody in that area. Shop it out
every year. We don't always make changes, but there's lots
(29:09):
of changes in the medicare area, and you need to
know what those changes are. Last year, this might ring
a bell with some listeners. They didn't shop it out,
and there was some prescription drug changes and they didn't
think it applied to them, and now they're paying ten
bucks or whatever more for every prescription because they didn't
look into it. You don't have to do it. You
(29:30):
can have somebody to do the work for you, and
I guarantee you. Isabelle and Glenn help lots of people
in those areas.
Speaker 4 (29:37):
What if you missed the deadline there for sixty five
or sixty six and you don't get signed up.
Speaker 3 (29:44):
Again, work with somebody to avoid that happening. Number one.
Speaker 2 (29:48):
Number two if you're still working to have credible coverage,
or maybe you're married and your spouse says credible coverage.
Many times there's nothing you need to do whatsoever until
a future timeframe, which is why I work with somebody
that can lead you through those timelines. Again, age seventy
is the latest you'll take social security. Of course, seventy
(30:09):
two and seventy three we talked on the last segment.
That's when RMD's now. Depending upon your age. For those
listening eight years from now, that goes to seventy five.
In twenty thirty three, it goes to the age seventy five,
of course, unless they've made changes again, which is certainly possible.
Speaker 3 (30:29):
So all these are important dates.
Speaker 2 (30:31):
Don't pay penalties because nobody's helped you, or you didn't
know what those dates were, or become careless because you
got maybe a big tax penalty because you missed the
dead dates. And should we should say one more another date,
April fifteenth is right around the corner tax deadline. If
you can't make it, make sure that whoever's doing your taxes,
(30:53):
or if it's your, do it yourself for to file
the extension.
Speaker 3 (30:56):
We do help.
Speaker 2 (30:57):
Lance is our in house CPA here and man Ney
to a heck of a job. And he really cares
and visits with people and he's very fair on the
tax preparation cost. And at Haymhen we don't charge any
expert for tax planning throughout the course of the year.
And we've been we have had Lance on a few
different times. And he's not a drop off, pickup guy.
(31:18):
He's a whiteboard explain and I'm telling you he's up.
He's here sun up to sundown right now. And I
see people leave his office after getting their taxes done
and they're happy. You see that with taxes very oup,
they're happy, And I'm like, wow, I think that was
a pretty good tax meeting. I don't think there was
any negative surprises because we've planned throughout the course of
(31:41):
the year.
Speaker 5 (31:42):
Yeah. Absolutely.
Speaker 4 (31:43):
Let me ask you, just as an expert. You know,
life expectancy is certainly getting longer, and we have seen
changes in a lot of these dates and they have
been pushed back. What do you anticipate is going to
happen over time?
Speaker 3 (31:56):
Wow?
Speaker 2 (31:57):
The government does not move too fast, but change is inevitable.
There's going to have to be some changes for social security,
I don't know. We can't get both sides to the
I'll to ever agree on anything, but there's gonna have
to be some change. There already has been some change.
We're not gonna like the changes. It's hard to say.
It's really hard to say. You've seen the R and
(32:17):
d AG just change. And again there's going to have
to be some Medicare changes with this administration in.
Speaker 3 (32:25):
There's going to have to be there.
Speaker 2 (32:26):
Again, we've seen a lot of waste and there's gonna
have There's got to be some accountability because there's a
lot of money that's flowing through these through Medicare, through
Social Security, through all of these areas. And again we
have to have some accountability. And I would hope that
we'll we'll get to that point and everything will settle
down here a little bit. You know, I've never realed
(32:47):
out the idea that one can work past. You know,
if we talk about retirement, and I don't know if
I have enough income for most people unless you have
life health issues or something like that. Nobody said you
can't work right. Sometimes people retire and they go get
a part time job, and you know what it helps out,
it's their spending money, and nobody said you can't do that.
(33:08):
So at the end of the day, we like to
look at all the options.
Speaker 3 (33:11):
I get a kick out. I had a lot of
clients that you know.
Speaker 2 (33:14):
They they work at the golf course, they mow the grass,
they get free green fees, and they work on the
first toll, the starters, and there's a whole bunch of
stuff you can do. And I love, we love talking
through those things absolutely.
Speaker 4 (33:27):
All right, let's give everybody the number and they can
give the folks at Haven Financial Group a call six
one two five zero four eight four zero zero at
six one two five zero four eight four zero zero
to let me hurt us here on the radio. You
can also go to Havenfinancialgroup dot com and take a
look at some of those upcoming seminars.
Speaker 5 (33:45):
You can sign up.
Speaker 4 (33:46):
You don't have to be a client to attend. They
are free of charge. That they do need a headcount,
so again that's Heaven Financialgroup dot Com.
Speaker 5 (33:55):
Still come in your way. Costs and budgets, they're crucial
to your retirement.
Speaker 4 (34:00):
Make sure and we're going to talk a little bit
more about that right here on the Haven Financial Group
Radio show.
Speaker 1 (34:05):
Don't go too far we're gathering more important insights and
retirement pays government the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karragan. Now back to
(34:26):
the show.
Speaker 2 (34:28):
Good morning, and welcome back to the Haven Financial Group
Radio Show.
Speaker 3 (34:31):
Thanks for listening this morning.
Speaker 2 (34:33):
I know you have lots of options and lots to
do on a Sunday morning. I'm sure give us a
call at six one two five zero four eight four
zero zero or online at Havenfinancialgroup dot com. We have
lots of good tools on there at community site where
we have contests. I think there's a contest for some
wild tickets, and we have client events that we love
(34:54):
to have and we'd like to have fun with all
these retirement topics that aren't necessarily so much fun.
Speaker 4 (35:00):
Kim, Well, it's all in the way you approach it, right,
that's what you're saying to us. We want to talk
about costs and budgets. Now, listen, budgets aren't very fun.
But the fact of the matter is a lot of
people may think they don't have a lot of money,
but that certainly can be manipulated in retirement by taking
(35:20):
a look at your costs and how much you spend.
Speaker 2 (35:23):
Right, Yeah, it's not only about how much you have,
it's how much you spend. You live within your means.
And there's a comedy nominator for a lot of retirees
that we've helped over the years, and I've got the experiences.
Those that do live within their means they have don't
really have a lot of problems. Those that love to spend,
they can run into problems. And you know, I think
of Roxanne who has just been this past week and
(35:46):
she came to our Wills and Trusts and legacy planning
class that carry our estate planning and an attorney and
I put on here about last month and the reason
she came to and listeners should know this, and there's
a lot of them are.
Speaker 3 (35:57):
In the same boat.
Speaker 2 (35:58):
She's seventy one and she's never had any will or anything,
and her ex husband passed away and the kids had
a terrible nightmare settling the estate, and she promised her
kids that she would not do that to them, and
that's why she's getting it done. And Carrie is helping
her with that, and again that state planning. I know
that's not this kind of topic of this segment, but
I thought it was cute anyways. Where I was going
(36:18):
with her is she has plenty of assets and she
doesn't spend any money, and I have no problem. We
have no telling people Roxanne spends some of your money
and have fun. She's like, I don't know what to
spend it on. I have everything I need and she's
just the cutest thing ever she goes. I think you're
the first person or second person that's a guy that's
ever told me to spend money.
Speaker 1 (36:40):
Right.
Speaker 5 (36:40):
You don't hear that very often, that's for sure.
Speaker 3 (36:42):
But she's so content.
Speaker 2 (36:44):
She got to where she's at being divorced by working hard,
living within her means. And that's a common thread and
the denominator we see. We like to see good things
and everything. But I've said it before at our shred
event where people come come in with the very their vehicles.
(37:04):
The first year, those that had the most had the
lead and the least nice vehicles, and my staff is like,
I noticed that our clients that have the most drive
the ugliest vehicles, and those that have the least have
the fanciest vehicles. Now, each to his own to what
they want to do. That isn't the point. But again,
having a budget.
Speaker 3 (37:25):
You know, we've.
Speaker 2 (37:26):
Preached, as we've preach as a society to the younger
generation of having a budget.
Speaker 3 (37:30):
I will tell you that those.
Speaker 2 (37:32):
That are planning for retirement are in retirement, most of
them also need a budget. Most retirees are on some
sort of fixed income, which we talked a lot about
income the show. They're on some sort of fixed income.
And I'll tell you this inflation we've seen in recent years,
it's really affected that because the power, the purchasing power
(37:53):
of the dollar isn't there. Inflation erodes the money, our money,
and it has drastically. So how do we make up
for that? Those are the conversations that we're going to have.
You know, the health care piece in our planning for
a couple, we'll probably as we budget it out, or
probably twelve thousand dollars a year at least one thousand
(38:15):
to fifteen hundred per month. And if that sounds like
a lot, it's not going it's not going going to
go down. In fact, the inflationary numbers we use for
healthcare is different than standard inflation. It's only going up
nursing home in healthcare twelve to fifteen thousand a month
here in Minnesota.
Speaker 3 (38:36):
How are we going to pay for it? What does
that budget look like? Have we budgeted in at all?
Speaker 2 (38:41):
So again, not fun to talk about, but something important
that you should and change it if you need to.
Speaker 4 (38:48):
We're talking about strategies to keep your spending under control
so that your savings lasts a little bit longer. You know,
we've just talked about healthcare and long term emergency expenses.
Speaker 5 (38:58):
That's something that has to be budgeted in.
Speaker 2 (39:01):
Yeah, we talk about a good balance and a portfolio.
You know, you have your risk stock market investments, great,
you have principal protected investments. And if you're wondering what
is that coming in talking more with us, but liquidity.
You and I have talked about how important it is
to have as a benchmark. We like to see fifty
to one hundred grand for a retired couple, fifty to
(39:23):
one hundred grand liquid in the bank. And I know
the first thing listeners are going to go, well, why
do you need that much in the bank. Well, things happen,
the furnace goes out, the grand kings want things, and
then the stock market tanks and you don't want to
be drawn off that now. So there's a whole bunch
of reasons. And another reason being in this industry so long.
(39:43):
I see folks every single week come in with five
to ten thousand liquid and everything at risk in the
stock market, and somehow they think that might be a
good recipe to go into retirement. That is a that's
something that's our wrecking, just waiting to wreck. That is
not a good balance. So what's the right balance for you?
(40:06):
What is your current balance? Did I just describe what
your situation is? I hope not, But maybe you are
the type that has good liquidity, good principal protection, and
adequate stock market investments. The problem is most people just
don't know until something negative happens, and that negative, unfortunately
(40:26):
KIM is usually a twenty five percent drop in their portfolio.
Speaker 5 (40:30):
Absolutely.
Speaker 4 (40:31):
One of the things that could be added for budgeting
purposes would be life insurance with living benefits.
Speaker 2 (40:37):
Right, yeah, Life insurance can be used for a variety
of reasons. It just doesn't have to be used for
legacy planning. It can have some long term care features
in life insurance if you're looking at a long term
care life insurance hybrid. Some of them are very, very attractive,
much better than the old traditional We talked earlier about annuities.
When those annuities are used for income, they can have writers.
(41:02):
Now I will say writers are add ons. Add Ons
oftentimes mean additional cost as well. They don't always have
to be, but oftentimes they do. They can have long
term care writers on. They can be maybe you can't qualify,
maybe that's a good way to get some long term
care coverage, longevity writers to make sure that the income
(41:23):
is guaranteed for your life and maybe your spouse's life.
Inflationary writers so when inflation goes up, it rises with inflation,
and those also can be on long term care policies
as well, and other writers. So again, just know what
those writers do and what they cost, and does it
(41:44):
make sense in your portfolio or does it not make sense.
But if you're not having the conversations, if you don't
have a partner that can explain these things to you
and will take the time, then you're probably not getting
all the information you need to make a good educated
decision for you, your spouse, and your family.
Speaker 3 (42:04):
I think it's owed to you.
Speaker 2 (42:05):
It really really is, and you should get you should
have the time, and you should work with somebody that
is spending the time.
Speaker 4 (42:11):
So Larry's we look back on this episode and we've
just talked about retirement preparedness, the questions that you need
to ask, the the you know, the ways to draw income,
the budget you need to set. What's the takeaway here
today that you hope people maybe are driving.
Speaker 2 (42:28):
That they should be having these conversations and they shouldn't
be afraid to ask a lot of questions and they
should be getting the attention. We always talk about how
retirement is more than a meeting once or twice a
year for thirty minutes to an hour.
Speaker 3 (42:42):
Okay, let's talk.
Speaker 2 (42:42):
I mean, we got a state planning, we got insurance,
we have Medicare, we have an investments in portfolio, we
have taxes, we have all of these retirement puzzle pieces.
You know that time, that amount of time spent is
just not enough. You're paying people to do this unless
you're doing it all yourself. And if that's the case,
more power to you. That many that's fine, and others
(43:04):
than maybe they should be. But whoever you're paying and
working with don't. You should know exactly what you're paying
and what you're getting, and we don't want to be
here at Haven Financier Group the stereotype in the industry
that says, wow, I haven't talked to Haven or Larry
or Kyle or anybody for almost six months to a year.
(43:26):
That's just not doing our clients of any favors whatsoever.
And again we get this one often we ask our
guy about social Security and we don't get any answers.
It's a good chance they might not know the answers
because they don't deal with social security. So know who
you're working with. And at Haven again celebrating our ten
year anniversary. We've been blessed to help lots of people
(43:48):
in all these retirement areas and we're very we're very
thankful for that and for all the listeners.
Speaker 3 (43:53):
Thanks for listening.
Speaker 2 (43:54):
Give us a call at six one two five four
eighty four hundred or visit us online at Haven Finance
Group dot COMCM. Always good to be with you and
I look forward to next week.
Speaker 4 (44:04):
I look forward to it as well, Larry, Thanks very much,
have a great week.
Speaker 5 (44:07):
Everyone.
Speaker 4 (44:10):
Investment advisory service is offered through Guardian Well Strategies LLC,
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 2 (44:23):
Please consult with the qualified financial advisor and or tax
professional before implementing any strategy discussed herein and comments regarding
it safe and secure.
Speaker 1 (44:31):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products.
Speaker 3 (44:39):
Fixed insurance and annuity product guarantees are subject to the
claims paying ability of the issuing company.
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