Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The full nines are always
(00:43):
open at six point two, five oh four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and CEE so of beh have
in a financial group. Thanks for listening this morning. Every
week we come to you and talk about retirement, the goods,
the bad, avoiding mistakes, all those things, those crucial things
that are so important. Ray Kim, good to be with
you again this week.
Speaker 3 (01:13):
Thank you. It's great to be with you as well.
Speaker 4 (01:15):
Yeah, I'm kind of excited about this this week because
I had never really thought about this until we discussed
the idea of this subject matter. And that's retirement for
gen xers. Gen xers by the way, for those of
you who may be wondering if you are a gen X,
or to anyone who was born between nineteen sixty five
and nineteen eighty, and you know generations, their retirement looks different.
(01:40):
Larry and I hadn't really thought about the idea that
gen xers might have a different retirement than maybe baby
boomers who came right before them, but that's certainly the case.
Speaker 2 (01:51):
Yeah, well, I guess that encompasses me as well in
that timeline. I can tell you that over the years,
we are very fortunate to work with the baby boom
so I've been very spoiled by their generation, and it
takes them adapting to the gen Xers, but we're doing fine.
But it is a different lifestyle and it is a
different mentality. Life is a little bit different there, but
(02:15):
it comes back. I always say to the fundamentals, having
a plan, knowing what to do, and that's where we
really really get to help out. So listeners give us
a call today six one two five zero four eighty
four hundred Orhavenfinancialgroup dot com. We're celebrating our tenure anniversary.
Come to our site. There's all kinds of classes that
(02:35):
we're teaching, and very well attended classes, which tell me
that people are looking for education because that's really where
it starts, and a lot of people say, well, we
don't even know where to start. We help in that timeline.
We help in that and again the education process is
so very important, which will continue today on today's show
(02:55):
as well.
Speaker 4 (02:56):
Absolutely, let's take a look at the show today. We're
going to start with don't ignore your retirement accounts. Gen xers.
They're out there. They're still saving a lot of them
and there are a number of years away from retirement,
but there are some that are drawing much closer. This
show today is going to pertain to both replacing the
benefits of a pension. You know, if you think about this, Larry,
(03:17):
this is one of the major differences between maybe baby
boomers and gen xers. Gen xers, most of them don't
have a pension.
Speaker 2 (03:27):
Pensions are a thing of the past. Can I think
it's ten percent or less have pensions. My wife and
I won't have pensions. Many that we work with don't
have pensions. Many that we work do have pensions. And
that's really a difference between the baby boomers and the
gen xers and other future generations is they were replaced
with for one k's and employer plans.
Speaker 5 (03:46):
So that's a big challenge.
Speaker 3 (03:48):
It really is.
Speaker 4 (03:49):
Today we're also going to talk about plan for healthcare
sooner rather than later.
Speaker 3 (03:54):
Isabella Kohe is going to join us.
Speaker 4 (03:56):
She's an insurance specialist with Haven Financial Group, and we're
going to.
Speaker 3 (03:59):
Talk about that.
Speaker 4 (04:00):
That's going to encompass you know, these ideas of medicare
and long term planning for long term care. These are
things that, believe it or not, gen xers out there,
you need to start thinking about now. And I think,
you know, Larry, that's one of those subjects that gen
xer is no doubt think is way on the horizon.
But planning now is what it's all about.
Speaker 2 (04:22):
You know, time cam is always of the essence. I mean, well,
we're going to get around to it. We're going to
get around to it, and then the next thing, you know,
we haven't got around to it, and then all of
a sudden, now we're in crunch time. So it's always
important to be proactive rather than reactive in a variety
of these retirement areas. There's no better time than now.
So if you're listening and you're young, or younger or
(04:44):
even older and anywhere in between, certainly these things are
extremely important. So I can't encourage you enough. Start now
the planning process. And on the long term care side,
nursing home, if you're dealing with family or parents potentially
we call it the sandwich generation. You know exactly what
we're talking about, and sometimes sometimes real life situations. That's
(05:08):
what it takes for it to sync in. So I
can't encourage you enough. Now is the time to start planning.
Speaker 4 (05:14):
Absolutely well, if you think about it, our youngest Gen
xers would be about forty five years old, so you know,
these issues might seem very far in the distance, but
you're right, they may be dealing with some of those
issues related to family members.
Speaker 3 (05:27):
We'll wrap up today's show.
Speaker 4 (05:28):
With unique retirement tips for our gen xers. You know, again,
a generation that's very different maybe than what their parents'
retirement look like.
Speaker 3 (05:38):
So this is kind of a special show.
Speaker 4 (05:40):
And I love this idea not ignoring retirement accounts this
young generation. These folks, though I don't know if they
are they're really ignoring it. I think they realize that
this is their vehicle to get started on their golden years.
Speaker 5 (05:57):
Well, retirement accounts.
Speaker 2 (05:59):
You know that that's your I raise your four to
one k's, those employer sponsored plans, getting started now and
taking advantage of any company matches that are out there
you can't afford not to. And the power of compounding
is so powerful that the younger you start, the more
it's going to.
Speaker 5 (06:15):
Reap rewards later.
Speaker 2 (06:16):
And iras and four to one k's they come in
both traditional forms pre tax and wroth after tax, and
coming up with the right recipe is so important based
upon your tax implications, and you know we're getting to
the tail end of tax season and knowing what percentage
you should put in, that's the areas that we help
people in, even if it's even if you're younger, we
(06:39):
can at least give you some guidance as to well
put it all in pre tax because of your currency
tax situation or maybe put you know, fifty percent in
pre tax, fifty percent in WROTH. Those are the decisions
you want to make proper. You want to make those right.
You know, as far as timelines go, you know, fifty
nine and a half is a big timeline as far
(07:00):
as when you can start taking money out.
Speaker 5 (07:02):
Or doing rollovers.
Speaker 2 (07:03):
We help a lot of people in those areas understanding
income limits. As far as contributions go, contributions, we're coming
to April fifteenth timeline here, so we want to make
sure we take advantage of these things. These are all
the important decisions that we at Haven Financial Group help
people make, whether you're young or old or anything in between.
(07:24):
So I encourage you feel free to reach out to
us and we'll gladly help.
Speaker 4 (07:28):
Yeah, you know, you've just hit on one of the
timelines fifty nine and a half. You know, our oldest
Gen xers they are turning sixty this year, so many
of them are falling into that same category. So this
is information again that is so important to planning your retirement.
Let's talk about when you are in these retirement accounts.
(07:53):
Your investments are in different places, aren't they. And when
you're younger, let's say you're on that in forty five
fifty years old. Being aggressive can be okay, but what
happens when you hit you know, six fifty nine sixty.
Speaker 2 (08:07):
Yeah, why Kim, Why am I feeling a little bit
aged in this conversation today Because we're putting some dates
and timelines and birthday It's like, okay, now I'm feeling
a little bit older.
Speaker 5 (08:17):
But okay, you're right.
Speaker 2 (08:19):
It's coming up with the right recipe for these types
of accounts. And if you're a self director do it
yourself for that's perfectly okay. You know, we manage a
lot of wealth for our clients. But when I say
the right recipe, there's certain types of investments that should
be in a wrath and not in a brokerage account.
There should be certain things that maybe in a traditional
(08:40):
IRA pretext that wouldn't be in your brokerage account. And
this is all based on tax efficiency. You know, the
WROTH accounts are typically longer term. Naturally for the younger generation,
younger investors, it's okay to be more aggressive within reason,
of course, what's that timeline? And then specifically for us
that are dealing with those that are looking to retire,
(09:01):
maybe that timeline is five to ten years or less,
or maybe you're in retirement. Then it's understanding, you know,
the reduction of risk based upon your own philosophy in
your situation. And that's where I see a very bit
a big disconnect with folks, not because they're ignorant or
they don't know what they're doing. It's they're just unaware
of what they're doing. Maybe they trust somebody, and maybe
(09:24):
they're doing what they did when they're in twenty thirty
and forty and now they're sixty and the element of
time has changed, and oh my goodness, I just lost
so much money. And people are probably listening going, yeah,
the market's very volatile right now, and I would agree,
and I'm not surprised. But if you're feeling like you're
in the wrong spot at the wrong time and you
(09:44):
don't know how much risk are taking, that tells me
it's a recipe for a problem, and that would be
a good reason for to get a second opinion, to say, Okay,
are we doing what we should be doing at this
timeline of life. And just this past week, I was
very fortunate to have a gentleman come in from Forrest Lake.
He made the track down to our office and he
(10:05):
listens to the show every single week, which was such
a compliment.
Speaker 5 (10:08):
I really appreciate that.
Speaker 2 (10:10):
And he goes, I really like what you and Kim
have to say every single week, and it was a
true compliment. He goes, your voice is so consoling, which
I've never had another man tell me my voice is consoling.
But I'll take that with a vote of confidence. But
he's like, I need to know that what I'm doing
is the right thing. And that's where a lot of
that's where a lot of our conversation starts. People don't
(10:32):
know they haven't given they haven't been given the attention
they deserve. And I think you should because you know,
I've done this a long time. In nineteen ninety nine
oh one, you know, we had a major market correction
seven to nine, and we were all that much younger then,
and then we got spoiled for about fourteen years where
the stock market was beautiful.
Speaker 5 (10:52):
And now we're in.
Speaker 2 (10:53):
Twenty twenty five, and this is a general this is
the decade a lot of our listeners are going to
retire or have retired, Well, what is the stock We're
going to do this decade?
Speaker 5 (11:03):
For the last five and a half years. I have
no idea.
Speaker 2 (11:06):
That's why you can only control what you can control
absolutely well.
Speaker 4 (11:10):
One of the things that I love about the topic
of this show, and that's gen xer's retirement. Again, these
are people who were born between nineteen sixty five and
nineteen eighty and of course this can apply this information
to anyone. But what I love about this, Larry, is
we're putting a spotlight on the idea that it is
never too early to start thinking about these retirement issues
(11:34):
that we're talking about and taking steps to make sure
that you're positioned. Depending on where you fall in that
time zone, you're positioned correctly for when the retirement time
does eventually roll around. So we want to invite everybody
to give us a call today at six one two
five zero four eight four zero zero. You can go
(11:54):
to even Financialgroup dot com, set up an appointment and
come in and talk with the professionals there to see
if you're ready for those golden years, regardless.
Speaker 3 (12:03):
Of how old you might be.
Speaker 4 (12:06):
When we come back replacing the benefits of a pension,
we're going to talk about that most of our gen xers,
they don't have pensions. Some of them may be young
enough to not even know exactly what that is. We're
going to discuss it on the other side of the break.
This is the Haven Financial Group Radio Show.
Speaker 1 (12:20):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karrigan. Now back to
(12:41):
the show.
Speaker 2 (12:43):
Good morning, and welcome back to the Haven Financial Group
Radio Show. I'm Larry Calving on with Kim Kerrigan. Every
week we talk about retirement, so feel free to give
us a call at six one two five zero four
eight four zero zero or visit us online at Havenfinancialgroup
dot com. Pensions, income, all of those things are so
(13:04):
very important and integral part of our planning process here
at Haven. And a lot of people are not going
to have pensions.
Speaker 5 (13:10):
So now what all right?
Speaker 4 (13:12):
Exactly, so let's do talk about that, because you're right,
a lot of these younger people who are listening.
Speaker 3 (13:17):
When we say that, we mean folks maybe in.
Speaker 4 (13:19):
Their forties or fifties or sixties, they don't have pensions,
but you still are going to need some form of income,
and that might be in the form of retirement accounts,
it might be in the form of annuities. So let's
talk about first off, just if you do have a pension,
what is a pension exactly, Larry.
Speaker 2 (13:39):
Yeah, for years, for years, and maybe a lot of
our listeners they do have pensions. They work for a company.
They worked for a company. The company took care of
you after you retired in the form of regular income,
a regular income stream for as long as you live
and maybe as long as your spouse lives, if there
is spousal continuation. And then as time progressed, those were
replaced by four or one K employer sponsored plans. No
(14:01):
longer is there a regular income stream. Now it's reliant
on the individual to save money in their retirement accounts
to provide for them retirement. So the responsibility transferred from
the employer to the individual. And those that are responsible
have done a good job, and those that maybe didn't
take it seriously. And now I'll look back and go, oh,
my goodness, I didn't do a very good job. But
(14:22):
taking over that responsibility and that could be a big
problem because pensions, if you have them, are.
Speaker 5 (14:27):
Very reliable in most cases.
Speaker 2 (14:29):
Now I say that there are some pensions that are
not as solvent or financially solvent as they should be.
The backup to that is the Pension Benefit Guarantee Corporation,
which is basically insurance that can back up some pensions
if they're not financially solvent. That doesn't mean you're going
to get the full amount, so don't get too comfortable
with that. But that's where it comes into making sure
(14:51):
you're putting money in these retirement plans, define contribution plan
or your four one K, four H three B thrift
savings planned, if your federal and play deferred comp if
you're a state or a city type of employee. It
was really a big shift of responsibility and that's where
it comes down to the individual, and that's why it's
(15:11):
so very, very important.
Speaker 4 (15:13):
Well, let's talk to folks who don't have a pension
but do have retirement accounts how they turn that into
income when they do decide it's time to retire.
Speaker 2 (15:23):
Yeah, this is a conversation we have numerous times during
the week. Just this past week, I had a couple
from Farmington and both retired federal employees with thrift savings plans.
Speaker 5 (15:33):
They go, we don't have a plan.
Speaker 2 (15:36):
Our plan was just putting it away, and thankfully they
did a very very good job of it. They were
both fortunate to have federal pensions, but they need to
have additional income coming from their retirement accounts, and they go,
we need help, and they were openly honest about it,
which is the first step, obviously, and there's a variety
of ways to do that, whether it be stacking, some layering,
(15:58):
some CDs, coming up with an income stream plan that way,
using annuities for a guaranteed income stream. There's a variety
of ways and ideas that can be thought out. But
the important part is we have these discussions to suit
individuals because it's.
Speaker 5 (16:14):
Not the same for everything.
Speaker 2 (16:15):
And then everything comes back to the tax advantages or disadvantages.
You know, where do we draw from? Why do we
draw from in the most tax efficient way possible? And
that is really an integral part of our process where
we integrate the investments, to the estate plan, to the insurance,
and the taxes as all part of the big conversation.
(16:37):
Taxes drives all conversations. It seems like in retirement, you've
worked all these years to put it away. Now you
take start taking it out. You've never done it before.
And that's where it needs to be thoughtfully, thoughtfully designed
to make sure you're drawing from the right spots. You
worked hard for every single dollar you have most people
(16:59):
have at least. Now it's thoughtfully considering where you'd start
drawing from in the most tax effisient way possible. These
are the conversations that we continually have every single week.
Speaker 4 (17:11):
Can you turn your four oh one k into a
steady stream of mailbox money and yet still keep it invested?
Speaker 2 (17:21):
You absolutely can, But there's making sure you understand keywords
like annuitization or giving up control of your money. What
type of investment vehicles allow this, and what investment vehicles don't.
What things do you control and what things do you
not control? And I'm all about staying in control of
your money rather than relinquishing control, you know. I oftentimes
(17:44):
people say, well, I don't want the nursing home to
get it, which we'll talk about here soon. Yes, But
at the same time, we don't have a timeline of
life where we know when this could happen or couldn't happen,
So be careful about the idea. I'm just to sign
it over to my kids. Well, what if you need
the money. I'm sure that you have the best kids possible.
(18:05):
But be careful about your decisions on relinquishing control. So
can you control the invest yes, but making sure you
talk through the types of investment vehicles because unfortunately, numerous
times people get talked into something they don't think it through,
and then they go, what did I just do? And
then they have buyers regret. We want to help people
(18:28):
avoid that and make thoughtful, educated decisions so they don't
come into that situation.
Speaker 4 (18:34):
Now, one of those things could possibly be an annuity,
and I know you spoke about that earlier. We talk
about annuities pretty frequently here on the show, but they're
always worth repeating for those who have not heard about them.
This is a way to draw income with some of
your saved money while keeping it invested. But how soon
(18:56):
does someone need to start considering an annuity?
Speaker 2 (18:59):
You know there's a misconceptions out there that you're too
young to talk about annuity. You shouldn't talk about annuity.
I hate annuities and you should hit it's all about
a bunch of financial marketing. What I will say to
listeners is, if you go to our website I am
teaching it's on the calendar the truth about annuities. I
don't know another advisor that's fine that teaches this class
(19:21):
the truth about annuities. Now, I'll preface it by saying,
nobody has to have annuity at all. However, can they
be powerful or effective in an effective portfolio. Yes, whether
it's designed for guaranteed lifetime income or a self directed pension,
or just accumulation purposes, whether it's for legacy planning, whether
(19:43):
it's for long term care planning. There's a variety of
reasons or arguments that could be made for it can
be part of a portfolio if it makes sense. The
problem is there's a lot of misconceptions and lack of information,
and they can be very confusing. Some of them can
be some of them can have a lot of higher fees,
(20:04):
and we want people to understand why they make sense
or why they don't make sense. There are some out
there that only do annuities. Well, annuities aren't for everybody.
There's some that do them for the wrong reason. I
had somebody in recently from Shokapy. Wonderful couple from Shokapy
in their latter fifties. They have a retirement nest egg
(20:26):
that's quite large, and they were in a fixed indextinuity
that was designed for income.
Speaker 5 (20:32):
Well, they have more.
Speaker 2 (20:33):
Income streams in their mid to latter fifties than they're
ever going to need, and they're paying a fee for
something they'll never need. So that tells me somebody put
them in something that was not applicable to them. Thankfully,
I'm able to help them get out of it, but
in many cases we're unable to get out get them
out of it. And I'm not saying anybody did anything wrong.
(20:54):
The problem is they didn't have all the information given
to them to make the right decision.
Speaker 5 (21:00):
They regretted it, but.
Speaker 2 (21:01):
They go They were very thankful that I was able
to help the problem.
Speaker 4 (21:05):
You know, I can't stress this enough because I think
when people hear annuities they think of high pressure sales.
I really do, and that's not necessarily the case, and
certainly I know it's not the case at Haven Financial.
If you are interested in innuities and you'd like to
learn more, Larry has just told you about this upcoming class.
(21:26):
You can check it out at Hanfinancialgroup dot com. Be
sure you check it out. It is open to the public.
They are free, but they do ask that you sign up. Larry,
do you know again when that's coming up?
Speaker 3 (21:38):
With the time?
Speaker 5 (21:38):
I believe this in May.
Speaker 2 (21:39):
Of course, my staff makes my calendar, so off the
top of my head, I don't know exactly, but you know,
the shift away from pensions has really changed the game,
and you really want to stay ahead of the game.
You certainly do when financial decisions. You have to adapt
to the different changes. We can help you create a
plan whether you're younger, middle age, or anything in between
(22:00):
or older at any stage. But the timing We've said
it already. The timing is now. I mean, the easiest
thing is for human nature is procrastination. I'm gonna do it,
I'm gonna do it, I'm gonna do it, but you
never do it right. Why not do it now? You
have nothing to lose. Don't put it off, don't delay.
At the end of the day, you're going to be
very thankful and grateful that somebody prodded you to actually
(22:24):
do something.
Speaker 4 (22:25):
So the experts at Haven Financial Group can be reached
at six one two five zero four eight four zero zero.
Let'll give you the number one more time. It's six
one two five zero four eight four zero zero. Get
MC call today, Tell her we heard us here.
Speaker 6 (22:40):
On the radio.
Speaker 4 (22:41):
When we come back, planning for healthcare sooner rather than later.
Isabella Kochy is going to be our guest. This is
the Haven Financial Group Radio Show.
Speaker 1 (22:51):
Ready to find your financial safe Haven. Your dream retirement
is in reach. Don't go away. The Haven Financial Group
Radio Show will be right back. Are you worried that
your financial strategy might be missing something, Well, you're in
the right place. Larrycolvig is back and ready to help
you find your financial safe haven.
Speaker 2 (23:13):
Good morning and welcome back to the Haven Financial Group
Radio Show. I'm Larry Kolviig, Founder and CEO of the
Haven Financial Group. Please give us a call six one
two five zero four eighty four hundred or Havenfinancialgroup dot com.
All kinds of retirement tools on there, a community website,
really great website.
Speaker 5 (23:32):
Kim.
Speaker 2 (23:33):
It's good to have Isabella Keijo on our insurance specialist
here at Haven Financial Group because this segment we're talking
about the things we don't like to talk about. Healthcare, Medicare,
long term care, and I will tell you observation over
all these years is many folks planning for retirement, they
don't plan accordingly for the costs associated with this topic.
(23:57):
And it's important to factor into this you into your
retirement planning.
Speaker 4 (24:02):
Absolutely Isabelle. Great to see you, and thanks so much
for being a part of the show today. Let's talk
a little bit about just what Larry said, the budgeting
for healthcare. We'll just start with healthcare, you know, before
we even get into long term care.
Speaker 3 (24:15):
But just healthcare.
Speaker 4 (24:17):
You know, it's got to be one of the bigger
expenses in retirement and really one of the most important.
Speaker 7 (24:24):
Yeah, absolutely, well, thank you for having me on first off.
But yes, I think a lot of our clients and
a lot of people at that retirement stage can be
taken aback by the costs that are associated with a
lot of this planning. Whether it's just your medical expenses,
whether it's your Medicare premiums, even that aspect of that
long term care planning can kind of creep up on people.
(24:44):
It's something that people don't like to discuss, right. No
one wants to plan for all of those things. It's
not the most fun topic to have a conversation on,
but it's really important to plan aheads you're not taken
by surprise when you see those numbers.
Speaker 4 (24:56):
Absolutely, you know, I think a lot of people believe
that Medicare means I don't have to pay anything, that
the government's going to take care of me, and I'd
like to know when that's happened before, much less in
retirement and certainly healthcare.
Speaker 3 (25:11):
So let's walk just through. I realize it's very.
Speaker 4 (25:14):
Complex, but let's walk through, you know, when you're talking
to someone about their planning for their healthcare sort of
those Medicare numbers and what they need to be aware of.
Speaker 5 (25:24):
Yeah.
Speaker 7 (25:24):
Absolutely, Typically we recommend people come in about three to
two months before that sixty fifth birthday, or when you're
you know, past sixty five and you're losing your employer coverage.
That's a good time to come in as well. Medicare
is made up of different parts. It's kind of the
alphabet soup of Medicare.
Speaker 6 (25:42):
Right.
Speaker 7 (25:42):
We have our Part A, Part B, Part C, and
Part D. Part A of Medicare we prepay for with
our Medicare taxes when we're working, so there's no cost
associated with Medicare. Part A that in patient hospital care.
When we're collecting those benefits, it's something we've already paid for.
Speaker 5 (25:59):
Now.
Speaker 7 (25:59):
Part B is a different story. We have some premiums
that are associated with that program. That premium this year
for twenty twenty five starts at one hundred and eighty
five dollars, but that can be adjusted. If you're following
above certain income levels, that is something that can be
increased for you. So it's important that we're paying attention
to the whole financial plan when we're looking at our Medicare.
Speaker 4 (26:21):
And just so everyone knows, Part B is preventative care
and doctor's visits.
Speaker 7 (26:25):
Right, that's correct. Yeah, any outpatient services we're receiving are
going to be covered by Part B. And one unexpected
area too is your durable medical equipment. Not a lot
of people realize something like an insulin pump for your
diabetes that's going to be covered by Part B.
Speaker 3 (26:39):
Okay, then they's C.
Speaker 6 (26:41):
Yeah.
Speaker 7 (26:41):
Part C is another name for our advantage plans, and
that's going to fill in all of the gaps that
Medicare by itself, that Part A and Part B of
Medicare isn't covering for us. Some people don't know that
Part A and B of Medicare, there is no maximum
out of pocket for that program. So those bills that
we can for just our hospital visits, our doctors, there's
(27:03):
no cutoff point for those bills. So it's important that
we get either that Part C plan or a metagap plan.
Speaker 3 (27:09):
All right. And then finally D and that's prescription.
Speaker 7 (27:12):
Drugs, right, correct, Yes, you're right, and Part D. I
think it's important people know that the penalties that can
be associated with delaying your Part B those incur a
lot quicker than other aspects of Medicare, So it's important
that we're making sure we have credible drug coverage at
every stage during our Medicare journey so that we avoid
those penalties. Okay, so we start incurring after one month
(27:34):
of no coverage.
Speaker 4 (27:36):
Okay, so Part D you do have to that's a
separate bill, that's a separate fee for you.
Speaker 3 (27:43):
Yeah.
Speaker 7 (27:44):
Typically it's a separate plan for people enrolled in a
supplement plan. Some Medicare advantage plans will include that Part
D benefit, So not everybody has a separate Part D plan.
Some people have that included in their Part C advantage plan.
Speaker 4 (27:58):
Okay, you were talking about some dates and when this
needs to be taken care of, but can you walk
through those dates exactly when you need to get your
Medicare situation under control?
Speaker 2 (28:09):
Yeah?
Speaker 7 (28:10):
Absolutely, So Part D of Medicare that prescription drug coverage.
It's really important that we have that in place, because
if you delay your Part D and you don't have
any kind of healthcare plan in place that's covering your medications,
you'll get a one percent of the national average penalty
on your premiums and that's a lifetime penalty. There's no
(28:30):
way around it. So even though it's not a significant number, right,
it's important that we plan around that. Sure D of Medicare,
it's important we enroll in a timely manner, but there's
some more flexibility. It's twelve month period during which those
penalties will start to incur, so a little bit different there,
but really making sure you have that credible coverage is
(28:52):
the most important piece of this Medicare planning.
Speaker 4 (28:55):
And Part C are you locked in for the rest
of your life or do you have opportunities to re
enroll in different plans?
Speaker 3 (29:02):
Yeah.
Speaker 7 (29:02):
What's really nice about those PARTZ plans is you have
some flexibility. So every year during annual enrollment period, which
is October fifteenth through December seventh, you can change your
Medicare advantage plan. And there's also another window that not
many people know about January first through March thirty first,
during which you can make another change. So it really
allows us to find some savings, find plans that we're
(29:25):
happy with, and really make adjustments throughout the year. Ok.
Speaker 2 (29:29):
If I've a add too, If listeners are paying attention,
human nature is complacency. And while I'm on this plan
and I've always been on this plan, if you've not
looked at your plan, you really should look at your
plan every single year. Not because it's so fun and
exciting to look at your plan. And by the way,
(29:49):
you don't pay any you don't pay any more to
have an independent with a non biased approach like Isabella
here and Glenn in our office, who we help many
people in Medicare save money every because just when you
figure Medicare or healthcare out, then they change the rules
and then they're going to change the rules again.
Speaker 5 (30:06):
So please shop it out every year.
Speaker 2 (30:08):
I mean, I've read recently studies that people pay seven
hundred to one thousand dollars annually every year, too much
for the wrong care because they don't take the initiative
to shop it out. So I can encourage you more.
You don't pay any more by having somebody work for you,
or you shouldn't at least, And by the way, also
do not listen to every paid spokesperson on television. That
(30:32):
probably is not a good idea.
Speaker 5 (30:33):
Right.
Speaker 3 (30:34):
First off, it varies from state to state. Correct, it does?
Speaker 7 (30:38):
It does, right, Yeah, state to state is different for
your Medicare advantage plans. Even by zip code to zip code,
it can be different. So we really encourage people. You know,
while that water cooler mentality is easy, you to fall into,
right and going based off of decisions that your friends
made or your cousins or your neighbors. Well, it's great
to have those conversations, you know, take everything with a
(30:58):
grain of salt, because they're not even in the same
zip code. Maybe that's not even an option that's available
to you.
Speaker 4 (31:03):
Absolutely. Let's talk about long term care. This is the
one that really is scary. We've talked about the statistics
here on the radio show before. I mean, a lot
of us are going to need long term care Larry,
what was the percentage I've forgotten?
Speaker 2 (31:17):
Seventy percent of us are going to need some sort
of healthcare or some sort of nursing home or some
sort of coverage. Yet nobody wants to talk about it.
And I understand why we don't want to talk about it.
Who would want to talk about But if you're dealing
with a loved one, a mom or dad, or a
parent or whomever it is, you know exactly what I'm
talking about right now, and no time is better again
(31:38):
than now to have this discussion. I just had a
gentleman in this past week from Northfield. They're moving to
fairbou and him and his wife, and unfortunately, almost everybody
in his family has gone into a nursing home of
some sort, Alzheimer's dimension, those types of things running the family. Unfortunately,
I hope none of us have to, but the numbers
(31:59):
are it's amazing, and at ten to fifteen thousand dollars
a month for nursing home care, that'll decimate in a
state really quickly. I don't care how wealthy you are.
There's a lot of good options out there that have
not been available for a long period of time. I
encourage us to come on in and have the conversation.
There's no cost for conversation to see if it's applicable
(32:21):
to you and if there's better options. Because people were
scared to death of a Cadillac plan that somebody tried
to sell them ten years ago that nobody in the
right mind could afford.
Speaker 5 (32:30):
But there's better options out there for sure.
Speaker 3 (32:34):
Yeah, Isabella, that's the thing.
Speaker 4 (32:35):
People get really frightened when they hear long term care
insurance because it was so astronomically expensive.
Speaker 7 (32:41):
Yeah, And I think what's important right is to note
that those premiums are only going to go up with age.
So the longer that we sit on that decision, the
more expensive it's going to get. So starting that initial
conversation is really just the best thing to do, right,
Start taking action there. Like Larry said, let's not fall
into that complacency that humans are so prone.
Speaker 3 (32:59):
To, Isabella.
Speaker 4 (33:00):
If I buy long term care insurance and I never
needed are there are there policies out there that that
money could ultimately, you know, land in the hands of
my loved ones.
Speaker 7 (33:11):
Yeah, there's a lot of different options about how you
can structure you know, the legacy planning as it's related
to long term care insurance, and there's a lot of
different vehicles that we can use to accomplish that. There's
long term care annuities, there's those traditional policies, right, So
when we have that initial conversation, that's something that we
can explore is Hey, what do we want as a
priority for If we don't touch this money, what do
we worried about? If we do. Kind of having that
(33:33):
conversation and aligning those values, we can find a product
that's going to be best suited for you.
Speaker 4 (33:38):
Isabella, Our time has gone so quickly with you. What
would you like people to take away from this segment?
Speaker 7 (33:45):
I think the most important thing is just to start
taking action, whether it's scheduling that medicare review to make
sure that you're not paying more than you need to,
whether it's having that long term care conversation that you
know a lot of us like to avoid. The first
step is really just coming and having that conversation and
let's take a look at your situation.
Speaker 4 (34:02):
Absolutely six one two five zero four eight four zero zero.
That's how you make an appointment and get in there
to see Isabella and some of her her cohorts there
at Haven Financial Group again, it's six one two five
zero four eight four zero zero. You can go to
Havenfinancialgroup dot com for more information.
Speaker 3 (34:21):
Isabella Keyho, thank you so much for being part of
the show. Thank you for having me on this absolutely Larry.
Speaker 4 (34:26):
When we come back, let's talk about some of the
unique situations that our gen xers are facing as retirement looms.
This is the Haven Financial Group Radio Show.
Speaker 1 (34:35):
Don't go too far, we're gathering more important insights and retirement. Please, Devin,
The Haven Financial Group Radio Show will be right back.
Stick around. You've got questions, We've got answers. Your tune
to the Haven Financial Group Radio Show with your host
Larry Kolvig and Kim Karragan. Now back to the show.
Speaker 5 (34:57):
Welcome back listeners.
Speaker 2 (34:58):
My name is Larry Calve, founder and CEO of the
Haven Financial Group, And if you're just tuning in, you're
listening to the Haven Financial Group Radio Show, and we
appreciate that. Every week, Kim and I talk about crucial
retirement decision financial topics, things we like to talk about,
things we don't like to talk about that can really
make the difference between surviving retirement and thriving through it,
(35:20):
which is so important. So if you're young, middle age,
or anything in between or on the cusp of retirement,
feel free to give us a call at six one
two five zero four eight four zero zero or visit
us online at Havenfinancialgroup dot com. We're very blessed to
have our ten year anniversary this year. Kim, I can't
believe it's been ten years, but we know how time flies.
Speaker 5 (35:41):
That's for sure.
Speaker 4 (35:42):
That is for certain, and congratulations to everyone there at
Haven Financial Group.
Speaker 3 (35:46):
We've been talking, you know.
Speaker 4 (35:48):
About retirement, as we do each week, but we've sort
of been tailoring this toward our gen X listeners. That's
the folks who were born between nineteen sixty five and
nineteen eighty. So our oldest gen xers are turning sixty
this year and our younger ones are about.
Speaker 3 (36:04):
Forty five years old.
Speaker 4 (36:06):
This is a time period between forty five and sixty
that you need to be really considering what your retirement
options are.
Speaker 3 (36:14):
By the time you hit sixty.
Speaker 4 (36:15):
We hope that you've been you've been considering it since
you were forty five, you know. So one of the
things that we've pointed out throughout the course of this
show today is that the gen xers retirement is different
than their parents, and their parents a lot of them,
our baby boomers who had pensions and maybe retired at
(36:37):
different ages. You know, I think our gen xers are
probably going to work longer. They don't necessarily have the
same kind of benefits that their parents did. So we've
talked our way through some of those changes and some
of those differences. But what else do you think makes
their retirement unique?
Speaker 2 (36:54):
Kaim I know we're talking more towards the gen xers today,
but really I always comes back to the fundament having
a fundamental, comprehensive plan.
Speaker 5 (37:03):
What no matter what generation you are.
Speaker 2 (37:05):
And when I say a comprehensive plan, we walk people
through the same process, every single person that comes through
our door. And when I say comprehensive, we need to
have a budget that's accurate.
Speaker 5 (37:16):
We need to factor in.
Speaker 2 (37:17):
And our planning, you know, lifestyle and spending patterns. What
are you really spending? Accounting for inflationary measures which have
impacted people's budgets the last several years more than ever.
Purchasing power of the dollar is now what it was.
We want to factor that into the equation, coming up
with adequate and accurate expenses as we talk before making
(37:40):
sure that we budget properly for healthcare, which people underestimate
over and over again and they go, oh, my goodness,
we didn't know it was going to cost one thousand
to fifteen hundred dollars a month, and it can. It
definitely can. So coming up with an accrid budget, which
I know, budget's kind of a four letter word for
a lot of people, young or old, it's important. And
(38:01):
then looking beyond just you know, the typical four oh
one ks and iras, what other measures are out there,
what other investment vehicles you know, not forgetting about HSA's
health savings accounts, my goodness, say if you have access
to that or can be putting in, we like those
even more so than ROSS pretty much, because you know,
(38:22):
tax free going in, tax free going out. If you're
if you're able to put that in for medical expenses
in the future, you're going to be You're going to go, wow,
I'm sure, I'm glad I did that. So looking at
all the various things that are out there, creating pension
like type of accounts that can give you the guaranteed
income that you need for sure number one that you want,
but the dollars that you need in retirement. Mailbox money
(38:45):
so very very important, and in the Haven experience, that's
what we walk people through, looking under every rock, talking
through every different thing that possibly can happen. Because life
happens whether we like it or not. Life's calendar doesn't
cooperate with our calendar. So no matter what age you are,
whether you have a little bit, sometimes people get embarrassed.
(39:09):
No reason to get embarrassed. Some people think, well I
just am not worth really visiting with because I don't
have enough.
Speaker 5 (39:15):
That is really silly talk.
Speaker 2 (39:17):
I don't care what you have, your family situation, big, small,
anything indifferent. You owe it to yourself to have some
sort of conversation with somebody to talk through these important
topics and decisions.
Speaker 4 (39:30):
You know another thing that I really want to remind
people who are listening, you aren't experts on retirement. I
mean maybe some of you certainly have a great grasp
on it. But the folks that have even are you
guys stay on top of all of Larry, all these
deadlines and these changes in ages, and you know, I
mean we just heard from Isabella. You know, if you
(39:53):
don't have your your part D then you're going to
be paying a penalty. I mean, these are the kinds
of deadlines and the kinds of things that if you
partner with the folks that have in Financial Group, you'll
stay on top of those.
Speaker 3 (40:06):
You'll always be informed.
Speaker 2 (40:08):
Staying informed is the real deal, I mean. And if
you don't have a partner, that's keeping you informed. And
I say that because our current clients are invited to
all of our classes. It's not just new people that
we come in contact with, although we get lots of
we help a lot of new people, but our current
clients we're going to keep them informed. Tax Laws change,
(40:30):
healthcare things change, rules change. You know, we're in an
ever changing world. You need to stay abreast on these changes.
Otherwise you just get lost in the times. So we're
committed to that at Haven Financial Group. We always have
and we always will be looking at the various options
because so many times people miss opportunities because they don't
(40:52):
tax plan, They don't know that there's things other things
out there.
Speaker 5 (40:56):
Because nobody told them.
Speaker 3 (40:57):
Sure.
Speaker 2 (40:58):
And that's why the education. I've heard it many times.
Education is the potential for power. It's what you do
with it that really matters. It's why our classes are
well attended. It's why we teach a lot of classes.
You know, we all have families, and I always say,
and people say, well, don't you have anything better to
do than teach classes. Well, it's what our commitment is.
It's how we meet a lot of people. Yes, my
(41:19):
wife and I have.
Speaker 5 (41:19):
Four daughters spread out all over the place.
Speaker 2 (41:21):
And we have a life as well. But we take
pride in knowing that we're offering the information that a
lot of people are not getting that does not come
with additional costs, because I, as well as anybody else,
am very well aware that there's a lot of expensive
things out there. There's a lot of costs, and many
people don't know what they're paying, and they're paying and
(41:43):
they're getting little to nothing sure, and I call that
that's just a waste of time, a waste of money,
and you deserve more than that. And that's our commitment
with our partnership is Hey, if we're not doing what
we're supposed to, it's a free world and you can
go anywhere else you want to.
Speaker 4 (41:58):
One of the other things that we talk about that
I think is really unique about our gen xers is
this being the Sandwich generation. Gen Xers got married later,
their children are a little bit younger than maybe the
generation before them, so they're raising they're raising their kids
a little bit later in their lives and their parents
(42:20):
are living longer, and so they're in the middle supporting
a whole lot of people. So this is something too
that people need help with. And Larry, I know you
guys are very sympathetic to that idea of being the
Sandwich generation and also work very closely with a lot
of these folks.
Speaker 5 (42:38):
Oh, it's so true.
Speaker 2 (42:39):
It's real. This generation has faced. It's very unique to
the idea that now they are taken care of parents
who may have outlived their financial security or completed their
savings and they got that burden, and then they have
supporting children or younger kids at the same time, and
that can be that can weigh on their finance, is
(43:00):
you know, with their college education, and certainly we're aware
of these things. We want to factor them in. And
it's very real and it's very serious. I do see
that oftentimes people enabling their adult children and at the
expense of their own retirement, and it's really really sad.
I'm all about family, and I don't know taking care
(43:23):
of family, but At the same time, when I see
forty year old kids in the basement and they're still
on mom and dad's payroll, I have to shake my
head and go, is that really what you should be
doing at this stage? Eventually they have to get their wings,
and at forty forty five years old, I think it's
probably about time. I'm not trying to be insensitive, because
we're very sensitive, but it's a real task on people's,
(43:46):
this generation's finances, and we want to factor that in
and certainly be aware of it because it's truly is real.
Speaker 4 (43:54):
Yeah, it really is. I mean that is a sandwich generation.
There's no two ways about it.
Speaker 3 (43:59):
Finally, what do you hope today? Lariy Samething We asked
Isabella a.
Speaker 4 (44:04):
Little bit earlier, what do you hope as people walk
away from this show, which I think has been unique
and really special, what do you hope they take away?
Speaker 5 (44:12):
Well, we say it every week.
Speaker 2 (44:13):
The time is of the essence having a plan, and
a retirement plan is much more than it would be
when you're twenty thirty and forty. It's all the retirement
puzzle pieces that every week you and I talk about
the coordination of all of these pieces from the insurance
to the estate plan and by the way, cod to
our go to our website, carry our estate planning and
(44:37):
attorney and I will be teaching this week and next
week of class wills, trusts and legacy planning. Great class,
well attended. These all of these topics go together. From taxes,
we're at the tail end of tax season. That doesn't
mean we stop tax planning. We should be starting planning
for the next year. And then the insurance. All these
(44:58):
things should go together. Do you have all the puzzle pieces,
They should be coordinated, they should work together. Now they
don't have to be under the same roof. It is
the goal ten years ago when I started the company,
that we had everybody under the same roof. And I
can tell you that's the biggest compliment at Haven Financial
Group we get is Wow, it's so nice that I
can talk insurance, of state planning, investments, medicare all of
(45:22):
these things. That was the goal and it's come to
fruition and it continues to come to fruition and we're
very thankful for that. But if these are all areas
where you don't think you're getting the attention, you don't
know what you're paying. We believe retirement is more than
a meeting once or twice a year for forty five
minutes to an hour.
Speaker 5 (45:41):
You deserve the attention. You owe it to yourself.
Speaker 2 (45:44):
You have nothing to lose, so I encourage you to
call us whenever you want to.
Speaker 5 (45:50):
There'll never be any pressure here. We're very laid back.
We want to be comfortable. I always say, if.
Speaker 2 (45:55):
It doesn't feel right, it's not the right place. If
we are the right place, honor to help you. So again,
feel free to give us a call. We truly would
enjoy it.
Speaker 3 (46:04):
You bet.
Speaker 4 (46:05):
If you're looking for a partner to put together the
retirement that you're dreaming of, the number is six one
two five zero four eight four zero zero six' one
two five zero four eight four zero Zero evenfinancialgroup dot.
Speaker 3 (46:18):
Com, larry it's been another great.
Speaker 5 (46:20):
Show Thanks. Kim always great and look forward to next. Week.
Speaker 6 (46:23):
Already investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax. Professional before implementing any strategy discussed,
(46:44):
herein and comments regarding its safe and secure investments and
guaranteed income streams only refer to fixed insurance. Products they
do not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing.
Speaker 1 (46:59):
Company