Episode Transcript
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Speaker 1 (00:00):
You worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The 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 Kolviig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Great to be with you again. This morning.
Speaker 2 (01:03):
We've got Kyle Thomas, certified Financial Planner on the Haven
Investment Team.
Speaker 3 (01:07):
Kim, good to be with you as always.
Speaker 4 (01:10):
Thank you very much. Happy Mother's Day to all the
moms out there right.
Speaker 2 (01:14):
Yes, Happy Mother's Day to all the moms including mine,
Carol Calving and Candy High Minnesota.
Speaker 3 (01:19):
Happy Mother's Day, Mom.
Speaker 4 (01:20):
Fantastic. All right, So we've got a great show planned
for our listeners today. We're going to talk about how
to strengthen your retirement with simple financial concepts. Larry, I
always love it when the words simple is included in
the title. You know, when it comes to these kinds
of things, we wanted as simple as possible.
Speaker 2 (01:38):
That is correct, and sometimes that's easier said than done.
But we do like to keep things simple because if
it gets too complicated, and trust me, everything's complicated. The
world's changing fast, the stock market, you know, can be
very very overwhelming. So our goal at Haven Financial Group
is to keep things simple, not because the people were
sitting down with are simple, but because we wanted them
(02:01):
to understand what's going on, why it makes sense, what
are the strategies. So if this applies to you today
and you're listening, give us a call at six one
two five zero four eighty four hundred or visit us
online at Havenfinancialgroup dot com We're glad to make this
as easy to as under easy to understand as possible.
Speaker 4 (02:21):
Absolutely, let's take a look at what this show is
going to bring us, the value of the WROTH retirement account.
Then we're going to talk about compound returns. Do they
really work? Apparently the answer is yes. There the rolled
dividends can play in your retirement. And finally we'll wrap
the show up toward the end with the bedrock of retirement.
(02:42):
It is consistency and stability, and we're going to explain
to you exactly what that means. Kyle Thomas, of course
with us CFP. He is a certified Financial planner on
the Haven team, and we're glad that Kyle is with us. Kyle,
we want to get started talking about these WROTH retirement accounts.
We talk about them pretty frequently here, but talk about them,
(03:03):
you know, about who's eligible and who's not, and the
benefits of these kinds of accounts and what they can do.
So let's start first off just talking about a WROTH
and it's a tax free growth account, right.
Speaker 5 (03:15):
Yeah, And good morning and everyone, and happy Mother's Day,
tell the mothers out there, and thanks for joining us
here to talk about some WRATH. Yes, ROTH is a
tax free growth type of account and it can you know,
benefit you in so many ways in retirement because who
knows where we're going to be for our taxes in
(03:36):
any given year, and if you need to get access
to money completely tax free, it gives you that flexibility
as well. And it's also a great legacy planning tool
to provide you know, to your kids or heirs, whoever
that may be. So we definitely want to try and
get as much assets into ROTH as we can in
an efficient manner.
Speaker 4 (03:57):
Sure, now you've talked about a few of the benefits
of a ROTH account, Let's talk about a few more
if we could. For example, the fact that it doesn't
have a required minimum distribution time which some you know,
some other accounts do.
Speaker 5 (04:10):
Yeah, correct, So there, you know, most of retirement assets
that we come across are going to be IRA pre
tax monies which people had deferred over.
Speaker 6 (04:21):
Years and years of their working lives and the.
Speaker 5 (04:23):
Government needs to get their tax due on that part,
whereas ROTH ROTH does not have any rmds or taxes
on distributions. So that is a huge benefit right there,
because a lot of times when retirees go into the
required minimum distribution age, their tax brackets jump dramatically because
(04:45):
they're being forced to take out assets that they don't
need and that's creating more taxation for them.
Speaker 6 (04:52):
Sure, so it can create.
Speaker 5 (04:54):
So much tax efficiency if you can balance out that
the buckets of money that you have between in pre
tax which is IRA and then WROTH and then also
individual joint non qualified type of monies and.
Speaker 2 (05:08):
KAM, I think it's worth adding that legacy planning, this
has become ever ever more of a great way to
pass on assets moneies to your kids or loved ones.
Ed Slot of the East Coast is a renowned name
on a variety of news channels, Wall Street Journal, and
he's wrote books about wealth transfer through rm ds iras
(05:30):
and those rules changed here several years ago where you
can't do it anymore, and his books have become outdated
because of those law changes, which oftentimes they don't talk about.
It was very unfortunate so that now routes have become
ever more of a wealth transfer tax free to the kids.
When oftentimes they receive their moneyes from the iras, they're
in high tax brackets if they receive it as a beneficiary,
(05:54):
so they become ever more popular, and they should, and
we've talked about the pros. We always need to talk
about the drawbacks though, because nothing's perfect. There's income limits
for those that are making too much money. Those income
limits for one hundred and fifty thousand for single filers
or under two hundred and thirty six thousand for joint filers.
(06:16):
If you make more than that, you're unable to contribute
two roths. However, that leads us, like to a caveat
of a backdoor roths. So oftentimes, where there's a will,
there's a way, And we don't want to get too
deep into complications of this, but if it's at all possible,
the more money we can get into roths over your lifetime,
the happier you and your beneficiaries and others are certainly
(06:39):
going to be.
Speaker 4 (06:40):
Yeah. One other drawback, Kyle, is five year role. Explain
what that is.
Speaker 5 (06:45):
So there is a five year role for every dollar
that gets put into ROTH, and what that means is
that you cannot take out any earnings on your contributions
for five years. So let's say in year one you
put in one hundred dollars. Any earnings based on that
one hundred dollars cannot be taken out for five years,
(07:08):
and then year two there's.
Speaker 6 (07:09):
Another one hundred dollars that's contributed.
Speaker 5 (07:12):
That five years resets for that next one hundred dollars
contribution of earnings. So that is something to absolutely take
note of because you do not want to put in
money into your wroth if you need to take out,
if you potentially need to take out those funds within
five years, you don't want to. You don't want to
handicap yourself and do that because now you're reversing the
(07:33):
benefit of what you just did. But keep in mind, sorry,
but there's one other thing. You can always take out
your own contributions, so that that is one way you know,
around that. But again, you don't want to. You don't
want to just reverse course of what kind of benefit
you made by doing those wroth conversions or contributions.
Speaker 4 (07:53):
Sure, absolutely, so who is a wroth the best for
who's the best candidate for a wroth?
Speaker 6 (08:00):
Well, the best candidate for roth is.
Speaker 5 (08:04):
You know, as soon as you can basically, so you know,
anyone in their twenties and thirties and forties should just
be pounding wroth, you know, especially in their four oh
one k's that's a great place to do it. A
lot of companies allow four oh one k WROTH contributions
and then actually for people who you know are at
their higher earning years of their lifetime, a lot of
(08:27):
companies allow for mega backdoor WROTH as well, and that
is where you can contribute on top of the annual
contribution limits for the four oh one K. So in
many cases this would be above and beyond the thirty thousand.
So there are plans that allow for mega backdoor WROTH,
and that would be for super high income earners. So
that if that is if you relate to that, take
(08:50):
a look at that, because that's a huge powerful tool
that you can do. But then also retirees are a
great candidate for it as well. It just depends on
your situation, and we need to check what kind of
tax situation that you have for that year to see
if it makes sense to get some money into roth.
Speaker 3 (09:07):
Kim.
Speaker 2 (09:08):
This is where I see on a weekly basis, many
people make mistakes, not because of what they didn't know,
but there's very little tax planning. We talked about this
many many times in our shows. There's very little tax
planning going on. And for retirees that or maybe in
the lower income brackets, or maybe they haven't turned on
Social Security. A variety of reasons people miss opportunities. ROTH
(09:30):
conversions have been more popular in recent years than ever
because of the low tax brackets, which very well could
be continued if this administration passes it. Otherwise they're going
to sunset. Just this last week, I had a lady,
the newer client of ours. Last year, she missed a
thirty thousand dollars I rate a ROTH conversion because she
(09:51):
never had the tax conversation. That's an unforced era. It's
a missed opportunity, and I guaranteed her we're not missing
that opportunity this year because her income is probably going
to be the same as last year. So we don't
want to miss opportunities. So when we're talking roths, you
got to look at the pros and the cons. What's
your timeline, what's your goals, what's your objectives, and your
(10:14):
financial situation. It's all part of our process as we
get to know you and you get to know us.
And again it's about education and making sure we're not
leaving something on the table.
Speaker 4 (10:25):
Absolutely, So if you'd like more information, about ROTH retirement
accounts or your retirement account as a whole.
Speaker 6 (10:32):
Give up.
Speaker 4 (10:32):
Folks at Haven Financial Group a call. The number is
six one two five zero four eighty four hundred. That's
six one two five zero four eight four zero zero.
Maybe you've been thinking about a ROTH but not sure
if you you know if it's the best steps for you,
or maybe you're thinking in this next year that you
need to do more tax planning, not just tax preparing. Again,
(10:55):
the folks that Haven Financial Group can help you out.
Six one two five zero four eighty four zero zero.
When we come back, we're going to talk a little
bit about compound returns and what those mean to you
and how important it is to start considering that at
a young age. This is the Haven Financial Group Radio Show.
Speaker 1 (11:13):
Don't go too far. We're gathering more important insights and
retirement pays. Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(11:33):
the show.
Speaker 2 (11:34):
Welcome back, listeners, Thanks for listening to the Haven Financial
Group radio show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group, on with Kyle Thomas today, a
certified financial planner on the Haven Investment Team, and Kim,
you know, the decisions that go into retirement are such
key decisions, and I think people are really wanting the
(11:55):
education piece because just this past week, we had four, yes,
four education classes in one week. Wow, all very well attended,
from Social Security to Medicare, and they're very well attended.
So people are seeking education because that's where they can
avoid some of these pitfalls. Because, let's face it, your
retirement strategy number one, do you have one?
Speaker 3 (12:17):
You should?
Speaker 2 (12:19):
It underpinns some of the most important things in your
life that you worked all these years for. We want
to make sure we get these decisions right, that we
modify and we continue to look at the situation it's retirement.
I've said it, probably every show is more than a
meeting once or twice a year for thirty minutes to
an hour. That isn't fair to you, it's not fair
(12:40):
to our clients. And again, you should be getting more
attention than you're probably getting.
Speaker 4 (12:45):
Absolutely six one two five zero four eight four zero
zero set up that first meeting with the folks that
have been financial group. Today, let's talk about compound returns
and what that means to someone's retirement. Kyle Thomas is
with us, and Kyle, first off, when we're talking about
compound returns in reference to retirement, what exactly do we need?
Speaker 5 (13:09):
Yeah, so when we're talking about the compound returns for
your investments, we're talking about time taking over for how
it affects your portfolio. The more time that you have,
the more growth that there will be, and the most
important years of growth are the last years of the growth.
(13:32):
So compounding returns is exactly how it sounds. It compounds
over time, but we need that time piece to be
in there for it to take full effect because the
most important ones are at the end, and in order
to have those ones at the end, you need to
start at the beginning. So start now, you know if
you haven't started, but we need to make sure that
(13:54):
we get it going because it takes that time and
you need to be consistent and diligent and staying invested.
Speaker 4 (14:00):
So what you're saying is that what you're saying, start now,
you're talking about investing, Start and investing now. Yes, absolutely
so if you're thirty five or you're forty and you
didn't start when you were you know, you began your
working career at twenty two twenty three, Is it too late.
Speaker 5 (14:20):
No, it's not too late. It's never too late to start.
It's just the strategy for how we end up investing
could potentially change.
Speaker 2 (14:30):
Though.
Speaker 5 (14:31):
You know, everyone's goals are different, and you know, our
goal is to get you to retirement, and depending on
when you start, maybe we're more aggressive than we would
have been if you had started ten years ago because
we're trying to get to a certain point. It all
depends on where you're trying to get to and what
your goals are, because you know that's that's what is
(14:54):
going to affect you in your retirement.
Speaker 6 (14:56):
And if we don't have time on our side.
Speaker 5 (14:58):
Then we need to have a little more or riskiness
at play in order to get those higher returns to
get to that same spot that you would have been
if had you started ten years prior.
Speaker 2 (15:08):
Sure, Kim, it's extremely critical, and Einstein said it's probably
better than anybody is that coumpounding returns is the single
most powerful mathematical concept known to man, and I would agree,
he's a one hundred percent right, especially when it comes
to your finances. As Kyle was saying, the power of
compounding becomes more significant over the longer time horizon. Now
(15:31):
it's no better time to start than now. Again, it
has significant more increases the longer the period of time.
Even the smallest differences. Again, making bad choices can really
make a big difference in the outcome that you want,
which obviously is to be well prepared for retirement. It's
(15:52):
something that you be taught in school and in high school.
I don't know necessarily that it is, but those that
take advantage of it, they're going to be very happy
once they get to the golden ears.
Speaker 4 (16:04):
What about those those years that are down though, I
mean there over the course of a lifetime of investing
in compound returns, you know, I mean in my lifetime,
I can name four or five times that we've seen
a real downturn in the market. We've just had one recently,
and I'm sure there's a lot of people who are
very nervous as a result of it. So what do
(16:25):
you do to to try to, you know, deflect those
issues while still trying to maximize compound returns?
Speaker 5 (16:32):
Yeah, well, so compound returns, they affect you negatively or positively.
So when we do have those years of negative returns,
we've got to do our best to have a strategy
to maximize what we can in those years, you know,
buying the dips. That's that's a common practice that a
(16:54):
lot of successful investors incorporate, and that's something that we
do through our act of rebalancing of the portfolios. Because
we all know that our markets, if you look over
history at different asset classes in the market, it is
very consistently inconsistent. So if we can have, uh, you know,
(17:15):
a good rebalanced strategy where we're buying stocks that are
down or bonds even when they're down, and we're selling
what has outperformed, then we're buying low and selling high,
which is the best key principle to success in investing.
So when the market is down, we want to buy
more because then when it does turn around, because it
(17:37):
always has turned around, then we're going to accumulate faster
than we had lost because we have more shares to
work with us for the for the rebound.
Speaker 4 (17:46):
Sure. Absolutely, at what point, Kyle, does it become not
advantageous for the investor, to continue this this game. I mean,
is there is there a time when you tell your
clients it's time to get out of this compounding game
and start to get into something that's very steady and comfortable.
Speaker 5 (18:10):
So when when we're talking to our clients about their
risk profiles and how risky they should be in the market,
we're taking into consideration how they should be for the
long term. So we're not really changing how much they
have in the stock market versus bonds or you know,
(18:30):
fixed index annuities. We're starting that from the very beginning,
and we're finding what is a comfortable allocation for them
now depending on whatever year it is and how the
market's performing. That doesn't mean that some people don't get
a little nervous, and you know, we have to have
some conversations about why this was right for them at
the time and why we should stick with it, But
(18:53):
we don't really ever make changes to their risk profile
because that's that's a conversation that we had at the
very beginning, and we explained that this is something that
we want to be in long term. So most of
our clients fully understand that, and it's not too many
conversations that we actually have where people are getting worried
about their risk profiles, especially in downturns.
Speaker 4 (19:16):
Is this something that once you hit retirement you guys
advise people to step away though, or do you have
a lot of people who are well into their retirements
and they're still looking at compound returns they're still investing
in such a way.
Speaker 5 (19:31):
Well, So when people get closer to retirement, we're definitely
taking a look at their risk profiles. Because someone who's
in their fifties that works with us, they should be
more aggressive than someone who's in their sixties that works
with us.
Speaker 6 (19:45):
So we do change that.
Speaker 5 (19:46):
I don't want people to think that we never change
risk profiles, but we never change them based on emotion.
At least you shouldn't be changing them based on emotion.
We're changing them based on realistic, tangible factors. And that
is someone going from working to retirement, or maybe they're
going from their first years of retirement to their middle
(20:08):
years of retirement, and and we dial their risk exposure
back a little bit from there as well. So it's
always we are changing those risk profiles as ages go up,
but it's it's purely non emotional.
Speaker 3 (20:22):
That's what I say.
Speaker 2 (20:24):
What I would say to that Kim though, is as
people get closer to retirement, there's no doubt they should
be probably taking the foot off the gas pedal a
little bit. The problem is an observation of all the
years that we've done this, most people are unaware of
how much risk they're actually taking into portfolio and saying
that I'm putting the blame game there, but most just
(20:46):
don't know until what the market goes down drastically. Oh
my goodness, the panic button goes on. I can't believe
we're down so much. They were unaware in the beginning
of how much risk they were taking because somebody didn't
explain it to them. They didn't understand diversification. So again
that has to be a conversation we have. We call
(21:08):
it stress testing your portfolio number one, to avoid some
of the stress that might come if you are not
in the right position. So a takeaway from this is,
you know, compounding returns can be highly powerful when applied
properly to your portfolio. Easier said than don Yeah, it
takes discipline, it takes managing of your motions, It takes
(21:28):
financial strategies and use of products that see compounding returns
in maybe different ways, and if that appeals to your
appeals to you when you're listening, or maybe you don't
fully understand it, or you don't know how this applies
to your portfolio, and nobody really is explaining it. Give
us a call, sit down with us, Come on in.
(21:49):
There's nothing to lose, only to gain. There is no cost.
Six one two five zero four eighty four hundred is
how we can be reached.
Speaker 4 (21:58):
Absolutely again, it's two five zero four eight four zero zero.
That's how you get hold of the folks here at
Haven Financial Group. Kyle, I was asking you that and
you answered it just perfectly. You know, that's exactly what
I was just wondering. If we have people who are
listening and they maybe are not feeling so great, it's
that stress testing and figuring out is it time for
(22:20):
me to pull the gas pedal back? So you taught
me something there. I appreciate that. Six one two five
zero four eight four zero zero. That is the number,
and that's how you get hold of the folks at
Hayven Financial Group. When we come back, we're going to
talk about the role of dividends and how they can
play a part in your retirement This is the Haven
Financial Group Radio Show.
Speaker 1 (22:42):
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 (23:04):
Good morning, and once again welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig on with Kim Carrigan
and Kyle Thomas, certified financial planner here with the Haven
Investment Team. Kim, I just want to mention it is
our ten year anniversary this year.
Speaker 3 (23:20):
We're very proud of that.
Speaker 2 (23:21):
We're beginning another expansion and also we also are big sponsors.
We're all dog folks here Taven Financial Group. We're big
sponsors of cand Canines and they just were a couple
more pups born and just like last year, our clients
are going to name one of the recent pups that
we'll serve that will serve a lot of special needs,
(23:43):
a lot of people that need dogs and can Doukinies.
Kendy Caanan's just does a great job. When we're proud
sponsor here at Haven, So another puff is born. But
back to that really really exciting retirement financial conversation.
Speaker 4 (23:59):
Oh boy, Well, dividends. I think people get so excited
when they hear, you know, that something provides dividends. But
I'm not sure people, you know, know exactly how you
draw those dividends, or what the benefits might be for
drawing them, or maybe the tax implications. So let's talk
a little bit about dividends and how in retirement they
can benefit you.
Speaker 5 (24:20):
Yeah, so dividends are a great piece of income that
you can receive from your portfolio. You know, there's many
companies out there that have greater than five percent dividends
and people live on those. You know, there's one client
of ours that comes to mind. We got a couple
million in one stock that he had worked at that company,
(24:44):
and the dividend is over five percent and he's living
off that income for the rest of his life. So
that is a nice piece because there's no age limits
that you need to get to in order to get
access to that money. It just comes right into your
account and you use it for your living expenses. Now, however,
(25:04):
there is there is drawbacks as well, because when you
receive dividends to that magnitude that that is taxable for
for your tax here for that year. So you know
you need to you need to keep that in mind
and see, Okay, how much money I'm I actually getting
from these dividends. Is this something that is pushing me
to a different tax bracket and is it limiting me
(25:26):
from doing other things like maybe roth conversions like we
talked about on that first segment. Uh So it is
something that we need to watch. It can provide value
to you, but it also has its drawbacks and it's
something that maybe isn't as good as it sounds.
Speaker 1 (25:45):
M H.
Speaker 4 (25:46):
When it is a problem, what how do you advise
your your clients? What do you tell them to do?
Speaker 5 (25:53):
So there there are a lot of people who want
to solely live on dividends because they and the most
common answer is because well, I don't want to lose
my shares. And that's that's the trade off that you
need to look at. So if you have you know,
a million dollars and you have five percent dividends, you
know that's that's given you fifty thousand bucks a year. Yeah,
(26:16):
you're not losing any of your shares. But if you
also look at the type of shares that you own.
They're not growing as fast. All of the top companies
from the last few years, you know, the Magnificent seven stocks,
they don't pay dividends or they pay very small dividends.
So what opportunity costs are you giving up by solely
(26:37):
investing into dividend players. And also, now that that is
fixed coming into you, you have no control over your taxation,
which what we want in those especially those retirement years,
is full control over our taxes.
Speaker 6 (26:54):
So the vice versa.
Speaker 5 (26:56):
Scenario with that million dollars is when you need money,
you just sell whatever stock you have, and yeah, you're
losing shares, but your accumulation was probably a lot better,
right so now, and now you're also paying long term
capital gains rates versus uh, you know, dividends which are
sometimes taxed at ordinary income tax rates. H.
Speaker 4 (27:19):
So the the you're looking at the types of investments
they have first off, and then looking at that tax
bracket to make a decision as to whether those dividends
are worth it.
Speaker 6 (27:31):
Yeah, yeah, so it were.
Speaker 5 (27:33):
And oftentimes uh, you know, individual stocks we don't necessarily
recommend to hold in the portfolios too, so we like
diversified investments like the S and P five hundred, right,
we want we want stuff like that as well that
is well diversified, and not necessarily individual stocks because now
you carry individual stock risk. But yeah, we take a
(27:56):
look at everything that is in there, and and especially
you know, the high dividend yielders. That's something that we
try to stay away from too, especially in those taxable
type of accounts. And another thing with the dividends is
it doesn't the value of that dividend isn't exactly accurate.
(28:18):
You're not you're not just creating you know, five percent
of value. Whatever that dividend is. That stock or ETF
or mutual fund drops in value by exactly what that
percentage is. So if there's one hundred dollars stock that
pays a five percent dividend, well that stock should go
down five percent on the x dividend date is when
(28:38):
that happens. So there is a trade off there because
the company can't just create that value and send it
out to you. They're literally distributing the value of that
company out here.
Speaker 4 (28:48):
Sure, is there a dividend opportunity that you think is
a good one when you're in retirement? Or is this
because I'm sort of getting from you that you would
advise most people to sort of get away from that
once you're in retirement.
Speaker 5 (29:03):
And so I'm not saying that dividends are bad. I'm
just saying that we want diversification, and some of the
diversification incorporates dividend type of stocks, right, So we don't
want to just fully avoid them, because there is great
dividend pain stocks that provide value, but we don't I
don't want to just isolate into buying dividend stocks. Now,
(29:24):
alternatives are you know, some fixed index annuities or you know,
treasuries or tips. They're not necessarily dividends, but it's kind
of playing the same type of role where it's an
interest that is being credited to you and and that
plays a great role in your portfolio, especially you know,
(29:45):
in iras as well. And that's also if you did
hold dividend stocks or ETFs or mutual funds, you want
to hold those in the iras because you don't want
those to be taxable in a non retirement type of account.
Speaker 2 (29:58):
Jimmy, really comes down to balance some diversification. We say
it all the time. You know, one listener might the
dividend strategy might be good, and the other listener might
not be good. So it's really individualizing what makes sense
in retirement. Where are the income sources, tax efficiency, All
of these things go together. So again it's not one
(30:21):
glove fits all for everybody, not even kind of you know,
having good liquidity, that's where I think it starts. Money
in the bank, available monies, and then having stock market
investments we're appropriate, and then maybe some investments that offer
principal protection depending upon what your risk what your risk
level is. Having a good understanding will get you through
(30:44):
these volatile times that we've been having. Not having an
understanding will create panic and fear and the phone call
that says, oh my goodness, I can't sleep at night.
I got to just get out altogether, which would be
the worst thing you could do for most people. It
starts with having an awareness and understanding, and that's where
we take people through our propriety proprietary process at Haven
(31:07):
Financial Group, starting from the discovery meeting to the strategizing session,
to the implementation to monitoring and making adjustments. That's what
part of a process, which makes up part of a plan.
That's what we're trying to help people do so.
Speaker 4 (31:23):
I hear what you're saying, and you're saying to mitigate
these problems, diversification is the answer when it comes to
dividend stocks.
Speaker 3 (31:31):
That's exactly what I want people to hear.
Speaker 4 (31:33):
Yeah, absolutely, six one two five zero four eight four
zero zero. Do you have some questions about you know,
maybe some of your investments and you're not sure if
you're in a spot that's best for you at this
stage in your life, or maybe you are just thinking
about putting together a portfolio for your retirement and you
know that it's that time and diversification is not something
(31:57):
that's part of your current portfolio. If that's the case,
give the folks a Haven Financial Group a call at
number six one two five zero four eight four zero zero.
Tell me you heard us here on the radio, and
that you'd like to come in, sit down and talk
about what your goals are for retirement again that number
six one two five zero four eighty four hundred coming
(32:17):
up next, We're going to talk about the bedrock of retirement.
You know what that is. Besides diversification, it's consistency and stability.
We'll talk about that when we come back, right here
on the Haven Financial Group Radio Show.
Speaker 1 (32:29):
Don't go too far. We're gathering more important insights and
retirement pays 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
(32:49):
the show.
Speaker 2 (32:51):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (32:55):
Thanks for listening.
Speaker 2 (32:56):
Feel free to give us a call six one two
five four eighty four or online at Hanfinancial Group dot com.
All kinds of retirement tools, the calendar of events, of
all the educational events, or simply just give us a
call and ask us some questions, or get on our
calendar to visit with us about your own situation. Again,
there is no cost. We certainly will accommodate your schedules.
(33:20):
We do a lot of evening schedules for those that
are still working.
Speaker 3 (33:23):
So either way, give us a call.
Speaker 2 (33:26):
The bedrock of retirement not diversification, however, we've already talked
about it.
Speaker 3 (33:31):
It is consistency and stability.
Speaker 4 (33:33):
Kim, yep, consistency. Let's talk about that first, shall we
consistency meaning consistently putting away, consistently preparing. What does that
can mean in the sense of retirement consistency.
Speaker 6 (33:47):
It means all of the above.
Speaker 5 (33:49):
It means that we were consistent in our time lading
up to retirement. Of saving we do like to say
at least ten percent. I'd say the target in there
is twelve to fifteen percent. But consistency and saving and
then also consistency in how you're investing in consistency and
how you're planning and planning then needs to be happening,
(34:12):
you know, at least once a year and having a
talk with your advisor on seeing is this risk profile
still accurate for me and my goals? Does it cover
all the buckets correctly for the risk, the stability and
the safety inside of my portfolio. So consistency is from
(34:33):
all of the above that you mentioned, and it's the
most important part to get to success in your retirement.
Speaker 4 (34:41):
Well, you know, I think one of the places where
a lot of young people fumble is the idea that
when you're in your twenties and your thirties, retirement is
so far away. And Larry and I have talked about
this Kyle many times, By the way, Kyle Thomas with us,
he's a CFP there at Haven Financial Group. We've talked
about this so many times. It just all of a
sudden comes up on you, or all of a sudden,
(35:03):
you know, life is busy and you're raising kids and
you're doing all kinds of things, and suddenly you're fifty
years old.
Speaker 5 (35:10):
Yeah, it does come up and you get so busy
with everything, you know, and kids take up a big
part of that where your life just flashes and then
you need to be talking about retirement and how you're
going to be able to fund everything in retirement, and
that can be a very scary topic. And it's a
big life change because people get used to saving and working,
(35:33):
you know for forty years, and then they switch to
the mode of spending down what they.
Speaker 6 (35:39):
Just saved up.
Speaker 5 (35:39):
And it's so logically that it's hard to get through
and it doesn't really make sense in your head, like, hey,
I just built this up, now I'm going to tear
it down.
Speaker 6 (35:48):
So that's a huge change.
Speaker 5 (35:49):
And that's where you know, us as advisors can really
provide value and setting up a plan to make sure
that we don't just you know, pull the the rugout
from the bottom and make it all collapse. We can
safely and gently remove pieces to provide that those funds
to use so you can live your life. And then
(36:09):
you know, we still have a platform at the end
of these things and we can provide to our kids
or whoever that is.
Speaker 2 (36:16):
And just for the record, Cam, I'm considerably older than
Kyle Thomas.
Speaker 3 (36:22):
He has little mouse to feed.
Speaker 2 (36:24):
And as you know, we have my wife and I
have four daughters in med school and in four different colleges.
So let's just say he's on the younger, you know,
twenty or thirty, forty years from retirement, and let's just
say my element of time is just a lot shorter
than that. We'll just leave it at that. But we
know how it creeps up on us. We know how
fast it goes. He probably gets sick of people saying
(36:45):
that to him, saying, oh, time's gonna fly, and you
know all this.
Speaker 3 (36:50):
But we know it does.
Speaker 2 (36:51):
And that's why it's so important to get started, started young,
to the best of your abilities. And I know, you know, pocketbooks,
these last several years have been hurting, but doing the
best you can to save it's just so very, very important.
Speaker 4 (37:05):
But Larry. Having said that, I know we've got people
who are listening right now who are saying, well, I
am fifty two years old, and you know, I'm finally
starting to get my kids out of the nest and whatever,
and I really haven't done the kind of job that
I needed to. It's not too late that I know
they haven't had that consistency, but it's not too late.
Speaker 2 (37:25):
Right, Absolutely not too late. In fact, just this past
week I had what you just described. Middle fifties kids
are pretty much finally off the payroll. They have more
disposable income, they have the ability to save more and
put in their retirement accounts. They have that ability, and
I've seen some pretty nice portfolios and pretty nice retirement
(37:50):
plans from those that did get started earlier. It's never
too late to get started. So if you're frustrated, you're worried,
you're you're concerned, and you fit that mold, why not
get started right now. You might be surprised of how
well you can do in the time that you have remaining,
but if you fail to at least get started, then
(38:12):
that outlook doesn't look good. So again, don't bury your
head in the sand. Don't feel bad. You can't make
changes to what already happened. What you can change is
going forward.
Speaker 4 (38:23):
Absolutely. We said that this segment of the show, the
bedrock of retirement is consistency. But the other portion of
this kyle is stability. What do we mean by stability.
Speaker 5 (38:34):
Well, stability is keeping the boat from rocking, right, So
the consistency of your investments and having diversification, you know,
comprises of stocks and bonds and annuities. The stability is
going to be more that safer side of things. And
we want to make sure that we have a good
(38:54):
balance within that piece because now that provides flexibility for
us when we're in retirement and we're spending down our portfolio.
We don't want to have to pull from something that's
down ten percent year to date or twenty percent year
to date, or anytime there's fluctuations like that. We want
to be able to have the flexibility to choose where
(39:16):
we pull money from, and having stability in the portfolio
provides the ability to pull from there. But it also
provides peace of mind for us because if something is
down a lot, while we have this chunk that is
being stable, and if worst case scenario happens, this can
provide for us for the X amount of years ahead.
(39:39):
Most of the time that stability piece can account for
way more than five years, so we have five years
of recovery for the stock market piece to come back,
that we can live on all this stuff that hasn't
gone down and it's going to fully fund our lifestyle.
So having that peace of mind is super important for
people to because naturally we compartmentalize things like that, right,
(40:04):
So it's an easy way to look at it, and
especially in those pie charts. I know that's a cliche
for us advisors, but that really helps break things down
to see what types of moneies you have inside of
your assets.
Speaker 4 (40:17):
It sounds like to me, to achieve stability, you need diversification.
Speaker 5 (40:21):
Absolutely, yep, yeah, we need that diversification because it also
helps us as advisors to rebalance too, because now you know,
like we were talking about earlier, buying low and selling high,
you know, we can take from certain pieces and do
that so it adds value to you as a client
over lifetimes.
Speaker 2 (40:41):
And oftentimes how we do that at Hayman Financial Group
is really making sure we're looking at all investment options.
One of them be discussing annuities and having people get
an understanding of how they can be used for principal protection,
upside potential, maybe for income. So I encourage any listener,
this is your month, May fourteenth and twentieth. We will
(41:03):
be teaching the Truth about Annuities class at Porter Creek
here in Burnsville, Porter Creek and Burnsville, May fourteenth and twentieth.
Go out, go to our website sign up the Truth
about Annuities where we're going to discuss all four of
the annuities that are out there. You know, I would
say seventy percent of the folks we come across have
an annuity. The problem is seventy plus percent of them
(41:25):
don't know which one of.
Speaker 3 (41:26):
The four they have.
Speaker 2 (41:28):
I'll preface it by saying nobody has to have an annuity.
The problem is they're misunderstood, sometimes misrepresented. Just this last week,
I had a lady that was in that had a
variable annuity. She had no idea. She was paying three
to five percent in fees, no idea. So again, having
a good understanding, come to the class May fourteenth or twentieth,
(41:51):
six o'clock sign up again. It's a retirement dinner. We'll
discuss all of them. Why might you use it for legacy,
for income, for accumulation, and maybe long term care. There's
a variety of reasons. People want to take the foot
off the gas pedal, minimize the risk, defense, wins championships,
(42:11):
and oftentimes we're working with folks that are in the
red zone. If we're comparing it to football, they're in
the red zone the last twenty years of their life,
you know, inside the twenty yard line. Again, they can
be utilized. They can be utilized effectively. One doesn't have
to use them, but if it makes sense in a portfolio,
we want to look at all the options.
Speaker 3 (42:31):
And I mentioned fees.
Speaker 2 (42:33):
Please understand what you're paying in fees and don't be
afraid to ask the question.
Speaker 4 (42:37):
Kyle, as we wrap this show up, tell me what
is that you hope people some of our listeners here
walk away with. What's one of the when we talk
about strengthening your retirement. What's one of the concepts that
you hope people walk away with.
Speaker 5 (42:51):
I really hope people come away from this with wanting
to understand their risk profiles, how they're investing, what types
of investments that they actually have, and the fees associated
with those because we need to make sure that you
are properly diversified and what's best for you. What's best
(43:12):
for you is different than your neighbor, and it's not
just some kind of blanket investment lineup that you should
have for everything. It should be customized for what your
needs are. And you need to know where you're at
and what your goals are, and your advisor needs to
know what your goals are so they can help you
along the way.
Speaker 4 (43:33):
Kyle Thomas, a certified financial planner, all on the Haven
Financial Group team, Thanks so much for being part of.
Speaker 6 (43:40):
The show today. Yeah, thank you.
Speaker 4 (43:42):
It was great to have you. Larry, thanks, it was fun.
Speaker 2 (43:44):
Kim, great to be with you. I wanted to point
out Kyle mentioned don't Rock the Boat. Haven is a
nautical theme. We're all boat lovers at Haven. We like
the lake. We're in Minnesota, we're looking to get out
on the lake here this weekend. And Kyle, that was
really good don't rock the boat, but it was very
very fitting because if you get one degree or two
degrees off course when it comes to your retirement, you
(44:06):
might end up in the wrong place where you didn't
want to end up.
Speaker 3 (44:09):
Great to be with you cook, See you next week.
Speaker 4 (44:11):
KIM Investment Advisory service is offered through Guardian Well Strategies LLC.
Speaker 5 (44:17):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies.
Speaker 1 (44:22):
Investments involve risk, and, unless otherwise stated, are not guaranteed.
Speaker 4 (44:26):
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 (44:34):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.
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 Kolviig, Founder and CEO of the Haven Financial Group.
Speaker 3 (01:01):
Great to be with you again. This morning.
Speaker 2 (01:03):
We've got Kyle Thomas, certified Financial Planner on the Haven
Investment Team.
Speaker 3 (01:07):
Kim, good to be with you as always.
Speaker 4 (01:10):
Thank you very much. Happy Mother's Day to all the
moms out there right.
Speaker 2 (01:14):
Yes, Happy Mother's Day to all the moms including mine,
Carol Calving and Candy High Minnesota.
Speaker 3 (01:19):
Happy Mother's Day, Mom.
Speaker 4 (01:20):
Fantastic. All right, So we've got a great show planned
for our listeners today. We're going to talk about how
to strengthen your retirement with simple financial concepts. Larry, I
always love it when the words simple is included in
the title. You know, when it comes to these kinds
of things, we wanted as simple as possible.
Speaker 2 (01:38):
That is correct, and sometimes that's easier said than done.
But we do like to keep things simple because if
it gets too complicated, and trust me, everything's complicated. The
world's changing fast, the stock market, you know, can be
very very overwhelming. So our goal at Haven Financial Group
is to keep things simple, not because the people were
sitting down with are simple, but because we wanted them
(02:01):
to understand what's going on, why it makes sense, what
are the strategies. So if this applies to you today
and you're listening, give us a call at six one
two five zero four eighty four hundred or visit us
online at Havenfinancialgroup dot com We're glad to make this
as easy to as under easy to understand as possible.
Speaker 4 (02:21):
Absolutely, let's take a look at what this show is
going to bring us, the value of the WROTH retirement account.
Then we're going to talk about compound returns. Do they
really work? Apparently the answer is yes. There the rolled
dividends can play in your retirement. And finally we'll wrap
the show up toward the end with the bedrock of retirement.
(02:42):
It is consistency and stability, and we're going to explain
to you exactly what that means. Kyle Thomas, of course
with us CFP. He is a certified Financial planner on
the Haven team, and we're glad that Kyle is with us. Kyle,
we want to get started talking about these WROTH retirement accounts.
We talk about them pretty frequently here, but talk about them,
(03:03):
you know, about who's eligible and who's not, and the
benefits of these kinds of accounts and what they can do.
So let's start first off just talking about a WROTH
and it's a tax free growth account, right.
Speaker 5 (03:15):
Yeah, And good morning and everyone, and happy Mother's Day,
tell the mothers out there, and thanks for joining us
here to talk about some WRATH. Yes, ROTH is a
tax free growth type of account and it can you know,
benefit you in so many ways in retirement because who
knows where we're going to be for our taxes in
(03:36):
any given year, and if you need to get access
to money completely tax free, it gives you that flexibility
as well. And it's also a great legacy planning tool
to provide you know, to your kids or heirs, whoever
that may be. So we definitely want to try and
get as much assets into ROTH as we can in
an efficient manner.
Speaker 4 (03:57):
Sure, now you've talked about a few of the benefits
of a ROTH account, Let's talk about a few more
if we could. For example, the fact that it doesn't
have a required minimum distribution time which some you know,
some other accounts do.
Speaker 5 (04:10):
Yeah, correct, So there, you know, most of retirement assets
that we come across are going to be IRA pre
tax monies which people had deferred over.
Speaker 6 (04:21):
Years and years of their working lives and the.
Speaker 5 (04:23):
Government needs to get their tax due on that part,
whereas ROTH ROTH does not have any rmds or taxes
on distributions. So that is a huge benefit right there,
because a lot of times when retirees go into the
required minimum distribution age, their tax brackets jump dramatically because
(04:45):
they're being forced to take out assets that they don't
need and that's creating more taxation for them.
Speaker 6 (04:52):
Sure, so it can create.
Speaker 5 (04:54):
So much tax efficiency if you can balance out that
the buckets of money that you have between in pre
tax which is IRA and then WROTH and then also
individual joint non qualified type of monies and.
Speaker 2 (05:08):
KAM, I think it's worth adding that legacy planning, this
has become ever ever more of a great way to
pass on assets moneies to your kids or loved ones.
Ed Slot of the East Coast is a renowned name
on a variety of news channels, Wall Street Journal, and
he's wrote books about wealth transfer through rm ds iras
(05:30):
and those rules changed here several years ago where you
can't do it anymore, and his books have become outdated
because of those law changes, which oftentimes they don't talk about.
It was very unfortunate so that now routes have become
ever more of a wealth transfer tax free to the kids.
When oftentimes they receive their moneyes from the iras, they're
in high tax brackets if they receive it as a beneficiary,
(05:54):
so they become ever more popular, and they should, and
we've talked about the pros. We always need to talk
about the drawbacks though, because nothing's perfect. There's income limits
for those that are making too much money. Those income
limits for one hundred and fifty thousand for single filers
or under two hundred and thirty six thousand for joint filers.
(06:16):
If you make more than that, you're unable to contribute
two roths. However, that leads us, like to a caveat
of a backdoor roths. So oftentimes, where there's a will,
there's a way, And we don't want to get too
deep into complications of this, but if it's at all possible,
the more money we can get into roths over your lifetime,
the happier you and your beneficiaries and others are certainly
(06:39):
going to be.
Speaker 4 (06:40):
Yeah. One other drawback, Kyle, is five year role. Explain
what that is.
Speaker 5 (06:45):
So there is a five year role for every dollar
that gets put into ROTH, and what that means is
that you cannot take out any earnings on your contributions
for five years. So let's say in year one you
put in one hundred dollars. Any earnings based on that
one hundred dollars cannot be taken out for five years,
(07:08):
and then year two there's.
Speaker 6 (07:09):
Another one hundred dollars that's contributed.
Speaker 5 (07:12):
That five years resets for that next one hundred dollars
contribution of earnings. So that is something to absolutely take
note of because you do not want to put in
money into your wroth if you need to take out,
if you potentially need to take out those funds within
five years, you don't want to. You don't want to
handicap yourself and do that because now you're reversing the
(07:33):
benefit of what you just did. But keep in mind, sorry,
but there's one other thing. You can always take out
your own contributions, so that that is one way you know,
around that. But again, you don't want to. You don't
want to just reverse course of what kind of benefit
you made by doing those wroth conversions or contributions.
Speaker 4 (07:53):
Sure, absolutely, so who is a wroth the best for
who's the best candidate for a wroth?
Speaker 6 (08:00):
Well, the best candidate for roth is.
Speaker 5 (08:04):
You know, as soon as you can basically, so you know,
anyone in their twenties and thirties and forties should just
be pounding wroth, you know, especially in their four oh
one k's that's a great place to do it. A
lot of companies allow four oh one k WROTH contributions
and then actually for people who you know are at
their higher earning years of their lifetime, a lot of
(08:27):
companies allow for mega backdoor WROTH as well, and that
is where you can contribute on top of the annual
contribution limits for the four oh one K. So in
many cases this would be above and beyond the thirty thousand.
So there are plans that allow for mega backdoor WROTH,
and that would be for super high income earners. So
that if that is if you relate to that, take
(08:50):
a look at that, because that's a huge powerful tool
that you can do. But then also retirees are a
great candidate for it as well. It just depends on
your situation, and we need to check what kind of
tax situation that you have for that year to see
if it makes sense to get some money into roth.
Speaker 3 (09:07):
Kim.
Speaker 2 (09:08):
This is where I see on a weekly basis, many
people make mistakes, not because of what they didn't know,
but there's very little tax planning. We talked about this
many many times in our shows. There's very little tax
planning going on. And for retirees that or maybe in
the lower income brackets, or maybe they haven't turned on
Social Security. A variety of reasons people miss opportunities. ROTH
(09:30):
conversions have been more popular in recent years than ever
because of the low tax brackets, which very well could
be continued if this administration passes it. Otherwise they're going
to sunset. Just this last week, I had a lady,
the newer client of ours. Last year, she missed a
thirty thousand dollars I rate a ROTH conversion because she
(09:51):
never had the tax conversation. That's an unforced era. It's
a missed opportunity, and I guaranteed her we're not missing
that opportunity this year because her income is probably going
to be the same as last year. So we don't
want to miss opportunities. So when we're talking roths, you
got to look at the pros and the cons. What's
your timeline, what's your goals, what's your objectives, and your
(10:14):
financial situation. It's all part of our process as we
get to know you and you get to know us.
And again it's about education and making sure we're not
leaving something on the table.
Speaker 4 (10:25):
Absolutely, So if you'd like more information, about ROTH retirement
accounts or your retirement account as a whole.
Speaker 6 (10:32):
Give up.
Speaker 4 (10:32):
Folks at Haven Financial Group a call. The number is
six one two five zero four eighty four hundred. That's
six one two five zero four eight four zero zero.
Maybe you've been thinking about a ROTH but not sure
if you you know if it's the best steps for you,
or maybe you're thinking in this next year that you
need to do more tax planning, not just tax preparing. Again,
(10:55):
the folks that Haven Financial Group can help you out.
Six one two five zero four eighty four zero zero.
When we come back, we're going to talk a little
bit about compound returns and what those mean to you
and how important it is to start considering that at
a young age. This is the Haven Financial Group Radio Show.
Speaker 1 (11:13):
Don't go too far. We're gathering more important insights and
retirement pays. Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karragan. Now back to
(11:33):
the show.
Speaker 2 (11:34):
Welcome back, listeners, Thanks for listening to the Haven Financial
Group radio show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group, on with Kyle Thomas today, a
certified financial planner on the Haven Investment Team, and Kim,
you know, the decisions that go into retirement are such
key decisions, and I think people are really wanting the
(11:55):
education piece because just this past week, we had four, yes,
four education classes in one week. Wow, all very well attended,
from Social Security to Medicare, and they're very well attended.
So people are seeking education because that's where they can
avoid some of these pitfalls. Because, let's face it, your
retirement strategy number one, do you have one?
Speaker 3 (12:17):
You should?
Speaker 2 (12:19):
It underpinns some of the most important things in your
life that you worked all these years for. We want
to make sure we get these decisions right, that we
modify and we continue to look at the situation it's retirement.
I've said it, probably every show is more than a
meeting once or twice a year for thirty minutes to
an hour. That isn't fair to you, it's not fair
(12:40):
to our clients. And again, you should be getting more
attention than you're probably getting.
Speaker 4 (12:45):
Absolutely six one two five zero four eight four zero
zero set up that first meeting with the folks that
have been financial group. Today, let's talk about compound returns
and what that means to someone's retirement. Kyle Thomas is
with us, and Kyle, first off, when we're talking about
compound returns in reference to retirement, what exactly do we need?
Speaker 5 (13:09):
Yeah, so when we're talking about the compound returns for
your investments, we're talking about time taking over for how
it affects your portfolio. The more time that you have,
the more growth that there will be, and the most
important years of growth are the last years of the growth.
(13:32):
So compounding returns is exactly how it sounds. It compounds
over time, but we need that time piece to be
in there for it to take full effect because the
most important ones are at the end, and in order
to have those ones at the end, you need to
start at the beginning. So start now, you know if
you haven't started, but we need to make sure that
(13:54):
we get it going because it takes that time and
you need to be consistent and diligent and staying invested.
Speaker 4 (14:00):
So what you're saying is that what you're saying, start now,
you're talking about investing, Start and investing now. Yes, absolutely
so if you're thirty five or you're forty and you
didn't start when you were you know, you began your
working career at twenty two twenty three, Is it too late.
Speaker 5 (14:20):
No, it's not too late. It's never too late to start.
It's just the strategy for how we end up investing
could potentially change.
Speaker 2 (14:30):
Though.
Speaker 5 (14:31):
You know, everyone's goals are different, and you know, our
goal is to get you to retirement, and depending on
when you start, maybe we're more aggressive than we would
have been if you had started ten years ago because
we're trying to get to a certain point. It all
depends on where you're trying to get to and what
your goals are, because you know that's that's what is
(14:54):
going to affect you in your retirement.
Speaker 6 (14:56):
And if we don't have time on our side.
Speaker 5 (14:58):
Then we need to have a little more or riskiness
at play in order to get those higher returns to
get to that same spot that you would have been
if had you started ten years prior.
Speaker 2 (15:08):
Sure, Kim, it's extremely critical, and Einstein said it's probably
better than anybody is that coumpounding returns is the single
most powerful mathematical concept known to man, and I would agree,
he's a one hundred percent right, especially when it comes
to your finances. As Kyle was saying, the power of
compounding becomes more significant over the longer time horizon. Now
(15:31):
it's no better time to start than now. Again, it
has significant more increases the longer the period of time.
Even the smallest differences. Again, making bad choices can really
make a big difference in the outcome that you want,
which obviously is to be well prepared for retirement. It's
(15:52):
something that you be taught in school and in high school.
I don't know necessarily that it is, but those that
take advantage of it, they're going to be very happy
once they get to the golden ears.
Speaker 4 (16:04):
What about those those years that are down though, I
mean there over the course of a lifetime of investing
in compound returns, you know, I mean in my lifetime,
I can name four or five times that we've seen
a real downturn in the market. We've just had one recently,
and I'm sure there's a lot of people who are
very nervous as a result of it. So what do
(16:25):
you do to to try to, you know, deflect those
issues while still trying to maximize compound returns?
Speaker 5 (16:32):
Yeah, well, so compound returns, they affect you negatively or positively.
So when we do have those years of negative returns,
we've got to do our best to have a strategy
to maximize what we can in those years, you know,
buying the dips. That's that's a common practice that a
(16:54):
lot of successful investors incorporate, and that's something that we
do through our act of rebalancing of the portfolios. Because
we all know that our markets, if you look over
history at different asset classes in the market, it is
very consistently inconsistent. So if we can have, uh, you know,
(17:15):
a good rebalanced strategy where we're buying stocks that are
down or bonds even when they're down, and we're selling
what has outperformed, then we're buying low and selling high,
which is the best key principle to success in investing.
So when the market is down, we want to buy
more because then when it does turn around, because it
(17:37):
always has turned around, then we're going to accumulate faster
than we had lost because we have more shares to
work with us for the for the rebound.
Speaker 4 (17:46):
Sure. Absolutely, at what point, Kyle, does it become not
advantageous for the investor, to continue this this game. I mean,
is there is there a time when you tell your
clients it's time to get out of this compounding game
and start to get into something that's very steady and comfortable.
Speaker 5 (18:10):
So when when we're talking to our clients about their
risk profiles and how risky they should be in the market,
we're taking into consideration how they should be for the
long term. So we're not really changing how much they
have in the stock market versus bonds or you know,
(18:30):
fixed index annuities. We're starting that from the very beginning,
and we're finding what is a comfortable allocation for them
now depending on whatever year it is and how the
market's performing. That doesn't mean that some people don't get
a little nervous, and you know, we have to have
some conversations about why this was right for them at
the time and why we should stick with it, But
(18:53):
we don't really ever make changes to their risk profile
because that's that's a conversation that we had at the
very beginning, and we explained that this is something that
we want to be in long term. So most of
our clients fully understand that, and it's not too many
conversations that we actually have where people are getting worried
about their risk profiles, especially in downturns.
Speaker 4 (19:16):
Is this something that once you hit retirement you guys
advise people to step away though, or do you have
a lot of people who are well into their retirements
and they're still looking at compound returns they're still investing
in such a way.
Speaker 5 (19:31):
Well, So when people get closer to retirement, we're definitely
taking a look at their risk profiles. Because someone who's
in their fifties that works with us, they should be
more aggressive than someone who's in their sixties that works
with us.
Speaker 6 (19:45):
So we do change that.
Speaker 5 (19:46):
I don't want people to think that we never change
risk profiles, but we never change them based on emotion.
At least you shouldn't be changing them based on emotion.
We're changing them based on realistic, tangible factors. And that
is someone going from working to retirement, or maybe they're
going from their first years of retirement to their middle
(20:08):
years of retirement, and and we dial their risk exposure
back a little bit from there as well. So it's
always we are changing those risk profiles as ages go up,
but it's it's purely non emotional.
Speaker 3 (20:22):
That's what I say.
Speaker 2 (20:24):
What I would say to that Kim though, is as
people get closer to retirement, there's no doubt they should
be probably taking the foot off the gas pedal a
little bit. The problem is an observation of all the
years that we've done this, most people are unaware of
how much risk they're actually taking into portfolio and saying
that I'm putting the blame game there, but most just
(20:46):
don't know until what the market goes down drastically. Oh
my goodness, the panic button goes on. I can't believe
we're down so much. They were unaware in the beginning
of how much risk they were taking because somebody didn't
explain it to them. They didn't understand diversification. So again
that has to be a conversation we have. We call
(21:08):
it stress testing your portfolio number one, to avoid some
of the stress that might come if you are not
in the right position. So a takeaway from this is,
you know, compounding returns can be highly powerful when applied
properly to your portfolio. Easier said than don Yeah, it
takes discipline, it takes managing of your motions, It takes
(21:28):
financial strategies and use of products that see compounding returns
in maybe different ways, and if that appeals to your
appeals to you when you're listening, or maybe you don't
fully understand it, or you don't know how this applies
to your portfolio, and nobody really is explaining it. Give
us a call, sit down with us, Come on in.
(21:49):
There's nothing to lose, only to gain. There is no cost.
Six one two five zero four eighty four hundred is
how we can be reached.
Speaker 4 (21:58):
Absolutely again, it's two five zero four eight four zero zero.
That's how you get hold of the folks here at
Haven Financial Group. Kyle, I was asking you that and
you answered it just perfectly. You know, that's exactly what
I was just wondering. If we have people who are
listening and they maybe are not feeling so great, it's
that stress testing and figuring out is it time for
(22:20):
me to pull the gas pedal back? So you taught
me something there. I appreciate that. Six one two five
zero four eight four zero zero. That is the number,
and that's how you get hold of the folks at
Hayven Financial Group. When we come back, we're going to
talk about the role of dividends and how they can
play a part in your retirement This is the Haven
Financial Group Radio Show.
Speaker 1 (22:42):
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 (23:04):
Good morning, and once again welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig on with Kim Carrigan
and Kyle Thomas, certified financial planner here with the Haven
Investment Team. Kim, I just want to mention it is
our ten year anniversary this year.
Speaker 3 (23:20):
We're very proud of that.
Speaker 2 (23:21):
We're beginning another expansion and also we also are big sponsors.
We're all dog folks here Taven Financial Group. We're big
sponsors of cand Canines and they just were a couple
more pups born and just like last year, our clients
are going to name one of the recent pups that
we'll serve that will serve a lot of special needs,
(23:43):
a lot of people that need dogs and can Doukinies.
Kendy Caanan's just does a great job. When we're proud
sponsor here at Haven, So another puff is born. But
back to that really really exciting retirement financial conversation.
Speaker 4 (23:59):
Oh boy, Well, dividends. I think people get so excited
when they hear, you know, that something provides dividends. But
I'm not sure people, you know, know exactly how you
draw those dividends, or what the benefits might be for
drawing them, or maybe the tax implications. So let's talk
a little bit about dividends and how in retirement they
can benefit you.
Speaker 5 (24:20):
Yeah, so dividends are a great piece of income that
you can receive from your portfolio. You know, there's many
companies out there that have greater than five percent dividends
and people live on those. You know, there's one client
of ours that comes to mind. We got a couple
million in one stock that he had worked at that company,
(24:44):
and the dividend is over five percent and he's living
off that income for the rest of his life. So
that is a nice piece because there's no age limits
that you need to get to in order to get
access to that money. It just comes right into your
account and you use it for your living expenses. Now, however,
(25:04):
there is there is drawbacks as well, because when you
receive dividends to that magnitude that that is taxable for
for your tax here for that year. So you know
you need to you need to keep that in mind
and see, Okay, how much money I'm I actually getting
from these dividends. Is this something that is pushing me
to a different tax bracket and is it limiting me
(25:26):
from doing other things like maybe roth conversions like we
talked about on that first segment. Uh So it is
something that we need to watch. It can provide value
to you, but it also has its drawbacks and it's
something that maybe isn't as good as it sounds.
Speaker 1 (25:45):
M H.
Speaker 4 (25:46):
When it is a problem, what how do you advise
your your clients? What do you tell them to do?
Speaker 5 (25:53):
So there there are a lot of people who want
to solely live on dividends because they and the most
common answer is because well, I don't want to lose
my shares. And that's that's the trade off that you
need to look at. So if you have you know,
a million dollars and you have five percent dividends, you
know that's that's given you fifty thousand bucks a year. Yeah,
(26:16):
you're not losing any of your shares. But if you
also look at the type of shares that you own.
They're not growing as fast. All of the top companies
from the last few years, you know, the Magnificent seven stocks,
they don't pay dividends or they pay very small dividends.
So what opportunity costs are you giving up by solely
(26:37):
investing into dividend players. And also, now that that is
fixed coming into you, you have no control over your taxation,
which what we want in those especially those retirement years,
is full control over our taxes.
Speaker 6 (26:54):
So the vice versa.
Speaker 5 (26:56):
Scenario with that million dollars is when you need money,
you just sell whatever stock you have, and yeah, you're
losing shares, but your accumulation was probably a lot better,
right so now, and now you're also paying long term
capital gains rates versus uh, you know, dividends which are
sometimes taxed at ordinary income tax rates. H.
Speaker 4 (27:19):
So the the you're looking at the types of investments
they have first off, and then looking at that tax
bracket to make a decision as to whether those dividends
are worth it.
Speaker 6 (27:31):
Yeah, yeah, so it were.
Speaker 5 (27:33):
And oftentimes uh, you know, individual stocks we don't necessarily
recommend to hold in the portfolios too, so we like
diversified investments like the S and P five hundred, right,
we want we want stuff like that as well that
is well diversified, and not necessarily individual stocks because now
you carry individual stock risk. But yeah, we take a
(27:56):
look at everything that is in there, and and especially
you know, the high dividend yielders. That's something that we
try to stay away from too, especially in those taxable
type of accounts. And another thing with the dividends is
it doesn't the value of that dividend isn't exactly accurate.
(28:18):
You're not you're not just creating you know, five percent
of value. Whatever that dividend is. That stock or ETF
or mutual fund drops in value by exactly what that
percentage is. So if there's one hundred dollars stock that
pays a five percent dividend, well that stock should go
down five percent on the x dividend date is when
(28:38):
that happens. So there is a trade off there because
the company can't just create that value and send it
out to you. They're literally distributing the value of that
company out here.
Speaker 4 (28:48):
Sure, is there a dividend opportunity that you think is
a good one when you're in retirement? Or is this
because I'm sort of getting from you that you would
advise most people to sort of get away from that
once you're in retirement.
Speaker 5 (29:03):
And so I'm not saying that dividends are bad. I'm
just saying that we want diversification, and some of the
diversification incorporates dividend type of stocks, right, So we don't
want to just fully avoid them, because there is great
dividend pain stocks that provide value, but we don't I
don't want to just isolate into buying dividend stocks. Now,
(29:24):
alternatives are you know, some fixed index annuities or you know,
treasuries or tips. They're not necessarily dividends, but it's kind
of playing the same type of role where it's an
interest that is being credited to you and and that
plays a great role in your portfolio, especially you know,
(29:45):
in iras as well. And that's also if you did
hold dividend stocks or ETFs or mutual funds, you want
to hold those in the iras because you don't want
those to be taxable in a non retirement type of account.
Speaker 2 (29:58):
Jimmy, really comes down to balance some diversification. We say
it all the time. You know, one listener might the
dividend strategy might be good, and the other listener might
not be good. So it's really individualizing what makes sense
in retirement. Where are the income sources, tax efficiency, All
of these things go together. So again it's not one
(30:21):
glove fits all for everybody, not even kind of you know,
having good liquidity, that's where I think it starts. Money
in the bank, available monies, and then having stock market
investments we're appropriate, and then maybe some investments that offer
principal protection depending upon what your risk what your risk
level is. Having a good understanding will get you through
(30:44):
these volatile times that we've been having. Not having an
understanding will create panic and fear and the phone call
that says, oh my goodness, I can't sleep at night.
I got to just get out altogether, which would be
the worst thing you could do for most people. It
starts with having an awareness and understanding, and that's where
we take people through our propriety proprietary process at Haven
(31:07):
Financial Group, starting from the discovery meeting to the strategizing session,
to the implementation to monitoring and making adjustments. That's what
part of a process, which makes up part of a plan.
That's what we're trying to help people do so.
Speaker 4 (31:23):
I hear what you're saying, and you're saying to mitigate
these problems, diversification is the answer when it comes to
dividend stocks.
Speaker 3 (31:31):
That's exactly what I want people to hear.
Speaker 4 (31:33):
Yeah, absolutely, six one two five zero four eight four
zero zero. Do you have some questions about you know,
maybe some of your investments and you're not sure if
you're in a spot that's best for you at this
stage in your life, or maybe you are just thinking
about putting together a portfolio for your retirement and you
know that it's that time and diversification is not something
(31:57):
that's part of your current portfolio. If that's the case,
give the folks a Haven Financial Group a call at
number six one two five zero four eight four zero zero.
Tell me you heard us here on the radio, and
that you'd like to come in, sit down and talk
about what your goals are for retirement again that number
six one two five zero four eighty four hundred coming
(32:17):
up next, We're going to talk about the bedrock of retirement.
You know what that is. Besides diversification, it's consistency and stability.
We'll talk about that when we come back, right here
on the Haven Financial Group Radio Show.
Speaker 1 (32:29):
Don't go too far. We're gathering more important insights and
retirement pays 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
(32:49):
the show.
Speaker 2 (32:51):
Good morning once again, and welcome to the Haven Financial
Group Radio Show.
Speaker 3 (32:55):
Thanks for listening.
Speaker 2 (32:56):
Feel free to give us a call six one two
five four eighty four or online at Hanfinancial Group dot com.
All kinds of retirement tools, the calendar of events, of
all the educational events, or simply just give us a
call and ask us some questions, or get on our
calendar to visit with us about your own situation. Again,
there is no cost. We certainly will accommodate your schedules.
(33:20):
We do a lot of evening schedules for those that
are still working.
Speaker 3 (33:23):
So either way, give us a call.
Speaker 2 (33:26):
The bedrock of retirement not diversification, however, we've already talked
about it.
Speaker 3 (33:31):
It is consistency and stability.
Speaker 4 (33:33):
Kim, yep, consistency. Let's talk about that first, shall we
consistency meaning consistently putting away, consistently preparing. What does that
can mean in the sense of retirement consistency.
Speaker 6 (33:47):
It means all of the above.
Speaker 5 (33:49):
It means that we were consistent in our time lading
up to retirement. Of saving we do like to say
at least ten percent. I'd say the target in there
is twelve to fifteen percent. But consistency and saving and
then also consistency in how you're investing in consistency and
how you're planning and planning then needs to be happening,
(34:12):
you know, at least once a year and having a
talk with your advisor on seeing is this risk profile
still accurate for me and my goals? Does it cover
all the buckets correctly for the risk, the stability and
the safety inside of my portfolio. So consistency is from
(34:33):
all of the above that you mentioned, and it's the
most important part to get to success in your retirement.
Speaker 4 (34:41):
Well, you know, I think one of the places where
a lot of young people fumble is the idea that
when you're in your twenties and your thirties, retirement is
so far away. And Larry and I have talked about
this Kyle many times, By the way, Kyle Thomas with us,
he's a CFP there at Haven Financial Group. We've talked
about this so many times. It just all of a
sudden comes up on you, or all of a sudden,
(35:03):
you know, life is busy and you're raising kids and
you're doing all kinds of things, and suddenly you're fifty
years old.
Speaker 5 (35:10):
Yeah, it does come up and you get so busy
with everything, you know, and kids take up a big
part of that where your life just flashes and then
you need to be talking about retirement and how you're
going to be able to fund everything in retirement, and
that can be a very scary topic. And it's a
big life change because people get used to saving and working,
(35:33):
you know for forty years, and then they switch to
the mode of spending down what they.
Speaker 6 (35:39):
Just saved up.
Speaker 5 (35:39):
And it's so logically that it's hard to get through
and it doesn't really make sense in your head, like, hey,
I just built this up, now I'm going to tear
it down.
Speaker 6 (35:48):
So that's a huge change.
Speaker 5 (35:49):
And that's where you know, us as advisors can really
provide value and setting up a plan to make sure
that we don't just you know, pull the the rugout
from the bottom and make it all collapse. We can
safely and gently remove pieces to provide that those funds
to use so you can live your life. And then
(36:09):
you know, we still have a platform at the end
of these things and we can provide to our kids
or whoever that is.
Speaker 2 (36:16):
And just for the record, Cam, I'm considerably older than
Kyle Thomas.
Speaker 3 (36:22):
He has little mouse to feed.
Speaker 2 (36:24):
And as you know, we have my wife and I
have four daughters in med school and in four different colleges.
So let's just say he's on the younger, you know,
twenty or thirty, forty years from retirement, and let's just
say my element of time is just a lot shorter
than that. We'll just leave it at that. But we
know how it creeps up on us. We know how
fast it goes. He probably gets sick of people saying
(36:45):
that to him, saying, oh, time's gonna fly, and you
know all this.
Speaker 3 (36:50):
But we know it does.
Speaker 2 (36:51):
And that's why it's so important to get started, started young,
to the best of your abilities. And I know, you know, pocketbooks,
these last several years have been hurting, but doing the
best you can to save it's just so very, very important.
Speaker 4 (37:05):
But Larry. Having said that, I know we've got people
who are listening right now who are saying, well, I
am fifty two years old, and you know, I'm finally
starting to get my kids out of the nest and whatever,
and I really haven't done the kind of job that
I needed to. It's not too late that I know
they haven't had that consistency, but it's not too late.
Speaker 2 (37:25):
Right, Absolutely not too late. In fact, just this past
week I had what you just described. Middle fifties kids
are pretty much finally off the payroll. They have more
disposable income, they have the ability to save more and
put in their retirement accounts. They have that ability, and
I've seen some pretty nice portfolios and pretty nice retirement
(37:50):
plans from those that did get started earlier. It's never
too late to get started. So if you're frustrated, you're worried,
you're you're concerned, and you fit that mold, why not
get started right now. You might be surprised of how
well you can do in the time that you have remaining,
but if you fail to at least get started, then
(38:12):
that outlook doesn't look good. So again, don't bury your
head in the sand. Don't feel bad. You can't make
changes to what already happened. What you can change is
going forward.
Speaker 4 (38:23):
Absolutely. We said that this segment of the show, the
bedrock of retirement is consistency. But the other portion of
this kyle is stability. What do we mean by stability.
Speaker 5 (38:34):
Well, stability is keeping the boat from rocking, right, So
the consistency of your investments and having diversification, you know,
comprises of stocks and bonds and annuities. The stability is
going to be more that safer side of things. And
we want to make sure that we have a good
(38:54):
balance within that piece because now that provides flexibility for
us when we're in retirement and we're spending down our portfolio.
We don't want to have to pull from something that's
down ten percent year to date or twenty percent year
to date, or anytime there's fluctuations like that. We want
to be able to have the flexibility to choose where
(39:16):
we pull money from, and having stability in the portfolio
provides the ability to pull from there. But it also
provides peace of mind for us because if something is
down a lot, while we have this chunk that is
being stable, and if worst case scenario happens, this can
provide for us for the X amount of years ahead.
(39:39):
Most of the time that stability piece can account for
way more than five years, so we have five years
of recovery for the stock market piece to come back,
that we can live on all this stuff that hasn't
gone down and it's going to fully fund our lifestyle.
So having that peace of mind is super important for
people to because naturally we compartmentalize things like that, right,
(40:04):
So it's an easy way to look at it, and
especially in those pie charts. I know that's a cliche
for us advisors, but that really helps break things down
to see what types of moneies you have inside of
your assets.
Speaker 4 (40:17):
It sounds like to me, to achieve stability, you need diversification.
Speaker 5 (40:21):
Absolutely, yep, yeah, we need that diversification because it also
helps us as advisors to rebalance too, because now you know,
like we were talking about earlier, buying low and selling high,
you know, we can take from certain pieces and do
that so it adds value to you as a client
over lifetimes.
Speaker 2 (40:41):
And oftentimes how we do that at Hayman Financial Group
is really making sure we're looking at all investment options.
One of them be discussing annuities and having people get
an understanding of how they can be used for principal protection,
upside potential, maybe for income. So I encourage any listener,
this is your month, May fourteenth and twentieth. We will
(41:03):
be teaching the Truth about Annuities class at Porter Creek
here in Burnsville, Porter Creek and Burnsville, May fourteenth and twentieth.
Go out, go to our website sign up the Truth
about Annuities where we're going to discuss all four of
the annuities that are out there. You know, I would
say seventy percent of the folks we come across have
an annuity. The problem is seventy plus percent of them
(41:25):
don't know which one of.
Speaker 3 (41:26):
The four they have.
Speaker 2 (41:28):
I'll preface it by saying nobody has to have an annuity.
The problem is they're misunderstood, sometimes misrepresented. Just this last week,
I had a lady that was in that had a
variable annuity. She had no idea. She was paying three
to five percent in fees, no idea. So again, having
a good understanding, come to the class May fourteenth or twentieth,
(41:51):
six o'clock sign up again. It's a retirement dinner. We'll
discuss all of them. Why might you use it for legacy,
for income, for accumulation, and maybe long term care. There's
a variety of reasons. People want to take the foot
off the gas pedal, minimize the risk, defense, wins championships,
(42:11):
and oftentimes we're working with folks that are in the
red zone. If we're comparing it to football, they're in
the red zone the last twenty years of their life,
you know, inside the twenty yard line. Again, they can
be utilized. They can be utilized effectively. One doesn't have
to use them, but if it makes sense in a portfolio,
we want to look at all the options.
Speaker 3 (42:31):
And I mentioned fees.
Speaker 2 (42:33):
Please understand what you're paying in fees and don't be
afraid to ask the question.
Speaker 4 (42:37):
Kyle, as we wrap this show up, tell me what
is that you hope people some of our listeners here
walk away with. What's one of the when we talk
about strengthening your retirement. What's one of the concepts that
you hope people walk away with.
Speaker 5 (42:51):
I really hope people come away from this with wanting
to understand their risk profiles, how they're investing, what types
of investments that they actually have, and the fees associated
with those because we need to make sure that you
are properly diversified and what's best for you. What's best
(43:12):
for you is different than your neighbor, and it's not
just some kind of blanket investment lineup that you should
have for everything. It should be customized for what your
needs are. And you need to know where you're at
and what your goals are, and your advisor needs to
know what your goals are so they can help you
along the way.
Speaker 4 (43:33):
Kyle Thomas, a certified financial planner, all on the Haven
Financial Group team, Thanks so much for being part of.
Speaker 6 (43:40):
The show today. Yeah, thank you.
Speaker 4 (43:42):
It was great to have you. Larry, thanks, it was fun.
Speaker 2 (43:44):
Kim, great to be with you. I wanted to point
out Kyle mentioned don't Rock the Boat. Haven is a
nautical theme. We're all boat lovers at Haven. We like
the lake. We're in Minnesota, we're looking to get out
on the lake here this weekend. And Kyle, that was
really good don't rock the boat, but it was very
very fitting because if you get one degree or two
degrees off course when it comes to your retirement, you
(44:06):
might end up in the wrong place where you didn't
want to end up.
Speaker 3 (44:09):
Great to be with you cook, See you next week.
Speaker 4 (44:11):
KIM Investment Advisory service is offered through Guardian Well Strategies LLC.
Speaker 5 (44:17):
Haven Financial Group and Guardian Well Strategies LLC are not
affiliated companies.
Speaker 1 (44:22):
Investments involve risk, and, unless otherwise stated, are not guaranteed.
Speaker 4 (44:26):
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 (44:34):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products. Fixed insurance and annuity product guarantees are
subject to the claims paying ability of the issuing company.
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