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 phone 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 Colvig, founder and CEO of the Haven Financial Group. Again,
thanks for listening. If you have questions about anything we
talk about today, give us a call at six one
two five zero four eight four zero zero or always
visit us online at Havenfinancialgroup dot com all kinds of
(01:15):
retirement tools and our upcoming events. And Kim, good to
be with you. Another week's past, and here we are
again on a Sunday morning.
Speaker 3 (01:22):
Absolutely, it's great to be with you as well. And
actually here we are on Memorial Day weekend.
Speaker 4 (01:27):
Huh. I sort of thought this would not come.
Speaker 3 (01:31):
The weather has not been exactly summer like, but we're
making our way.
Speaker 2 (01:37):
Yeah, we get you know, it was hot here at
the beginning and then it's cool down and we've even
got some cool rains and stuff. So but yeah, Memorial
Day weekend, and you know how fast summer goes. And
I don't want to really say that, but then it's,
you know, the next event, and then the next event,
and then in Minnesota, where did summer go? So why
do I bring it up like that, because I've lived
here my whole life, you know, Larry.
Speaker 3 (01:58):
I have a friend who says, you know, once you
hit the fourth of July, well the summer is over.
Speaker 4 (02:03):
I'm always like, no, no, no, don't say that.
Speaker 2 (02:05):
Please see that.
Speaker 4 (02:08):
To it though, unfortunately there is just a bit of truth.
Speaker 3 (02:10):
You're so right, Let's take a look at some of
the topics that we're going to talk about with an
overview this week of retirement strategies for you and your family.
Speaker 4 (02:19):
I really love this because I.
Speaker 3 (02:21):
Do think that when it comes to retirement, these are
like big decisions in your life, and it's great if
you're somebody who believes that these decisions should be made
with the rest of your family in mind or involved.
So first, we're going to talk about retirement on a team,
and that team being spousal financial strategy, so you and
your spouse.
Speaker 4 (02:42):
Then we'll talk about.
Speaker 3 (02:43):
Financial security for your family and how that starts with you.
And then finally executive executing tax minimization strategies.
Speaker 4 (02:53):
We always talk about taxes here.
Speaker 3 (02:54):
You know, it's one of the biggest expenses you have
in your retirement years. We're going to talk about how
you can minimize those and what to know before selling
your home in retirement. Larry, do you agree with me
that this is, you know, one of those it's big
life decisions and having family members at least knowledgeable or
involved is good for a lot of families.
Speaker 2 (03:15):
Oh, no matter what your situation, whether you have a
big family, small family, no kids, a lot of kids,
This applies to you. This this show applies to you
in a communication all the things we're going to talk about,
because it is a family decision, it's a team effort.
It's a chance to create a legacy if that's important
to you. Obviously first taking care of you know your
(03:36):
goals and objectives and what your income needs are going
to be, and you know your short term solutions, your
long term security. You know, it's a big thing, and
some people make light of it and they don't really
don't put much thought into it, and unfortunately that can
lead to the wrong results that people want. So again,
this is applicable to you whether you're married or not.
(04:00):
So don't think, well, I'm not married, I don't have
a spouse or a partner. This does not include me.
Your decisions may be just a little different, but equally
as important.
Speaker 4 (04:08):
Absolutely.
Speaker 3 (04:09):
Well, let's start, you know, with this whole idea of
spouses planning together. I know I've heard you say this
so many times. You will have couples who come in
and one of them says, I really want nothing to
do with this, and the other one says, you know,
I'm the one who's to taking care of the finances.
Speaker 4 (04:28):
Both of most of our lives.
Speaker 3 (04:30):
And you feel pretty strongly about whether that's the case
or not. You know, retirement time is a time for
everybody to be talking.
Speaker 2 (04:37):
Yes, for sure, Actually probably more so. In the last
year year and a half, we have come across and
me specifically folks that have come in, maybe they've came
to our classes, they listened to the show, and they
come in and they lost a loved one, they lost
their spouse, and they're just don't even know where to start, because,
let's face it, within a couple, we have strengths and weaknesses,
(04:59):
and not everybody likes to talk about finances. Not everybody
likes to talk about you know, what happens if we're
not here planning for our demise. But it's so important,
you know. I think I mentioned last show that the
lady that came in in the last few weeks, seven
months ago, lost her spouse. She goes, Larry Glenn in
your office, help me with medicare. I didn't know what
(05:20):
to do. Lance, our CPA helped with taxes. I didn't
know what to do. Would you please help me with
our investments because my wife, my husband, handled all of
this and he died unexpectedly, and I've spent seven months
trying to figure this out, and I can't give you
hundreds of stories like that. So yes, whether you like
it or not, please involve yourself to some degree, And
(05:43):
even if one of the spouses handles the investment side
of it. One aspect of retirement, please have a relationship
with somebody proactively in case something does happen. Now you
have a relationship or a partner that you can lean on,
and you're not starting scroll from scratch.
Speaker 3 (06:00):
Sure, So I think what I hear you saying right
off the bat is open communication between spouses when we're
talking about retirement and your finances is absolutely imperative.
Speaker 2 (06:10):
Well, it's kind of funny. I mean, any marriage counselor
is going to tell you before you get marriage that
communication is quite important and that really never stops. My
wife and I'll be married twenty nine years come this August,
and open communication discussing. In our case for this discussion
financial goals. What are your goals short term, long term?
What are your retirement expectations? You know, my wife does
(06:33):
ask me that you know, I love what I do.
My dad's still farm, My parents still farm at eighty
and seventy seven. Do I visualize myself every really fully retiring.
I don't know if I do cutting back for certain
But sharing these amongst each other is so important because
you might have completely different expectations than your spouse. You know,
(06:53):
then you have to create an accurate budget, and nobody
wants to do a budget, I get it, whether you're
young or old, anything can be between. But creating that
together and creating it as accurately and as comprehensively as possible,
because sometimes you know, one of the spouses maybe does
the books, and that's fine, but you may not know
(07:14):
the spending habits of your spouse. I hope you do,
and it's important obviously to know what these are. Otherwise
how can you accurately predict the outcomes of your financial
decisions if you're not on the same page.
Speaker 3 (07:27):
Hmm.
Speaker 4 (07:28):
Absolutely.
Speaker 3 (07:29):
Another thing is I think it's important for spouses to
review everything that they have together along the way. It's
not sort of just a one time we sit down,
we talk about it and then that's it.
Speaker 2 (07:42):
Yeah, and can take this in a couple of different directions.
You know, if you have individual accounts, you know, whether
that's Iras roth iras or individual brokerage accounts. You know,
what are the ramifications? If your spouse passes away, will
you have access to that money? If it's it's not
titled properly, you may not and it may have to
(08:03):
go through probate, even if you have a death of
the spouse. Now you can avoid that by having the
accounts titled properly or named properly. So I really stress
that for people that have individual accounts and they're married,
you might want to make that a joint account so
you don't have that problem if something does happen and
then that leads to beneficiary designations. This sounds so elementary, Kim,
(08:28):
It sounds so elementary, but weakly. I have folks that
don't have beneficiaries. They have not named them. The person
that is they've named, they don't even like anymore, or
who knows what's happened, and that's going to lead to
lots of problems. So please naming those beneficiaries, reviewing those
accounts at Hayven. That's what we're doing on an ongoing
(08:49):
basis to try to avoid these pitfalls, if you will,
of not having things drawn up properly right from the beginning.
Speaker 3 (08:59):
Right you have said this before, Larry, even if your spouse,
you and your spouse are the same age, you should
really sit down and talk about which one of you
is going to retire first and not necessarily retire at
the same time.
Speaker 2 (09:15):
Yeah, it's funny. This week, I bet you I had
five different conversations or emails about this. I think of
Jim and Sheila from Prior Lake, they're both retiring. I
think they're kind of heeding my advice of maybe staggering
it between them thirty to sixty days, just just kind
of be dapt and see how things go. And we
encourage that communication just because it is a transition. You know.
(09:39):
On that note too, if you are still working, you know,
one thing you may want to do is if your
spouse doesn't qualify for an IRA and you're still working,
take advantage of a spousal IRA being able to contribute
to that spouse even though they may not be working.
You want to make sure you don't miss opportunities and
then you know, access your retirement savings. This is this
(10:01):
is something we're again constantly doing, and if you don't
have a partner and you're not doing it, I encourage
you to do so. You know, making sure you have
proper liquid funds, you know, money in the bank, you know,
and then analyzing your risk level the stock market investments,
and then also making sure that you're addressing any types
(10:21):
of accounts maybe their solo for one k's or orphan
four one k's that have just gone by the wayside
for months and months. And if you're not paying attention,
or if you don't have somebody trying paying attention on
your behalf. Life happens quickly, time goes by, and then
what happens if something happens to you? Where your Where
does your spouse or your kids? Where do they find
(10:44):
these things? I remember when my grandparents passed away, you know,
years ago, you know, the old school way. Grandma didn't
have a clue what grandpa was doing, and Grandpa had
CDs and like thirty different CDs and ten different banks
and nobody new or to look. Yeah, you know, it's proactive,
not reactive. These are so important as you prepare for retirement,
(11:07):
and of course the what ifs of something happens.
Speaker 3 (11:09):
Sure, you know this sounds maybe daunting, this task of
sitting down together and putting together all this kind of information,
and certainly it's something that takes time, and if you
have a good partner in this to help you to
guide you through, just think how much easier this process
might be. The folks that Haven Financial Group would love
(11:30):
to be that partner. Let me give you the telephone
number and give them a call. Let them know that
you heard us here on the radio. It's six one
two five zero four eight four zero zero. That's where
this partnership can start. By making that phone call six
one two five zero four eight four zero zero. You
can also go to Havenfinancialgroup dot com learn more about
(11:51):
Larry and his team and some of the things that
they do. When we come back, we want to talk
about financial security for your family and how that starts
with you being financially secure.
Speaker 4 (12:02):
This is the Haven Financial Group Radio Show.
Speaker 1 (12:05):
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 Kulvig and Kim Karrigan. Now back to
(12:28):
the show.
Speaker 2 (12:30):
Good morning, and again, welcome back to the Haven Financial
Group radio show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group. Feel free to give us a
call six one two five four eighty four hundred or
Havenfinancialgroup dot com online. We have a great website, you know,
the safe community. You can share information, see a whole
(12:50):
bunch of tools on there, and Kim I mentioned it
in previous weeks. This year is our ten year anniversary.
We're very fortunate and we're building on and for the
third time under construction to take out more space thanks
to our growth and hard work, and are obviously our
clients that we've been able to help in this ten
(13:11):
years and for the next ten years the future clients
we hope to help in all these areas that you
and I touch on every single week. You know, a
lot of what we're talking today, you know, the financial
planning or retirement planning. You know, it is numbers, it
is concepts, but it's more just as much an emotional
(13:32):
time as anything else. You know, commuting and communicating with
your spouse and maybe your kids, and there's a lot
of emotion that runs into this, There really is, and
you know, you just got to be prepared for it.
It comes with the territory. You're not alone, and that's
where we liked for our clients to be able to
lean on us when things are rocky, when things are good,
(13:54):
and everything in between.
Speaker 4 (13:55):
Absolutely, it is.
Speaker 3 (13:57):
It is an emotional time because it's a new chapter
in people's lives. And I think you know, we can
all attest to the idea that every chapter is new
and different, and change can be scary, and change can
be fun, and certainly retirement should be a time when
you know, people can flourish and enjoy. But you can't
do that if you haven't got some kind of financial plan.
(14:19):
And certainly, as we've mentioned earlier in the show, these
kinds of financial plans for your family and for everyone
around you really.
Speaker 4 (14:28):
Start with you.
Speaker 3 (14:28):
You meaning the people who are listening and who are
thinking about going into retirement or wondering about their retirement.
It starts with them setting their goals and making decisions
about what they want their retirement to look like.
Speaker 2 (14:42):
Yeah, I heard the same. Before you can take care
of others, you got to take care of yourself. And
it does start with you. Yes, we want to take
care of our spouse or our partners, and our kids
and our loved ones and maybe future grandkids or whatever
that may look like. But it does start with you.
Where do you start setting those retirement goals defining what
retirement really looks like in the perfect world? Now your
(15:05):
world might not be perfect and there's going to be
changes and modifications. But you know, do you want to travel,
do you want to visit family? You know, what does
your lifestyle look like? And how do you adapt to
that or plan for that financially? How do you get
to those goals? Goal setting? For the longest time, you know,
I was told in church and from others, set a goal,
(15:27):
set those goals and write them down and personally, I'll
tell you, in the last fifteen to fifteen to twenty years,
writing down those personal goals at the beginning of the year.
And I know it's not New Year's This is not
New Year's Eve planning or resolutions, but writing them down.
I I have done it personally and I've done it
as a family. And when you do that, and I
(15:49):
see that every time I step into my office, and
I mean at the end of the year, I'm able
to check off what we've accomplished. And it's not patting
myself or my family on the back. Hey we did
this this year. We did it this year, and then
onto the next year. I am a true believer that
that does come to fruition if you just start doing it.
Speaker 3 (16:07):
Sure, absolutely, Again, you don't necessarily love those saving strategies,
but it's important to set those goals, know how you're
going to go about the savings, and then get on
get on board, right yeah.
Speaker 2 (16:20):
I mean the people that we see that have done
the best and are most prepared for retirement have developed
the discipline of you know, the budget, you know, delayed gratification,
not racking up unnecessary debt, paying down that debt, having
a diversified portfolio. And interesting enough, we have an investment
(16:41):
team at Haven here of twelve we manage wealth that
investment team and myself and all the certified other certified
financial planners we have. That's what we're doing. We're diversifying,
creating the right recipe, rebalancing these portfolios, and that leads
into the you know, the ensure inside of things, reviewing
(17:01):
your insurance needs. All these things go together. Glenn and
Isabella looking at you know, nursing home or long term care,
insurance and medicare all these different retirement puzzle pieces. We
have that on the Haven team. You know, looking at
your estate plan, you know the exits if something happens
when you're living, do you have powers of attorney? Carry
(17:23):
Anna and Keith are a state planning attorney. There are partners.
They sit down, map out a plan and again weekly,
you know, oftentimes we have Lance our CPA talking about
taxes every single week. Taxes is a big part of retirement.
The goal ten years ago was to have multiple personalities
(17:45):
in these retirement lanes that I just mentioned that we
talk about. We have those individuals, We have those personalities.
All can be partners of yours. If you just allow
us to visit with you and sit down with you
and will take you through our proprietary process that we
take everybody through. And if we can help in one
(18:06):
area or all areas, you have absolutely nothing to lose.
Speaker 3 (18:10):
Right you know, Larry, I think about and I know
you are very quick to say this. I think about
people who go to a tax preparer than someone who
goes to a lawyer who takes care of their estate planning.
And then they go to someone who deals with their
money and invests their money. And you're in the car
and your movie, and you're bringing all your paperwork to
the next guy, and all your paperwork, and you talk
(18:32):
about this, and I've heard you say a million times
here listen. If that's the best way for you, then
so be it. But then I think about the idea
of coming into your offices, beautiful offices with great coffee
and cookies, and everybody understands your whole plan because everybody's
right there under one roof. That seems much easier to
(18:53):
me in a daunting experience, because I think it can
be very daunting.
Speaker 2 (18:58):
I'm glad you mentioned we are coffee snobs and you
can't forget the cookies. I'm glad you mentioned that we
got to remember the important things. But you hit a
good point. Just this last week, we were talking to
a couple from Farebeau, which is south of the cities here,
and we have listeners that actually, Carrie actually from Forest Lake,
drove Ji. He's a listener every week. Carry if you're listening,
(19:20):
we appreciate your business. And he drives down from Forest Lake.
He's had a terrible experience with his other advisors and
we love having him down. And we were talking to
this couple from fairbaw wondering if we should do classes
in Owatana, and we do out classes, many classes, you
know this throughout the metro area. And a couple from
(19:41):
Fairball goes, oh, absolutely you should, because there's nobody down
here that does all of the above when it comes
to retirement planning. And I have to say that is
actually the best compliment that I get. Wow, it's so
nice that we can go to the tax person, the
insurance person, the investment team, all of the in one
under one roof. Now I'll preface it by saying you
(20:04):
don't have to, but there should be coordination amongst these
retirement topics, more so in retirement than ever before in
your life. And working together and having that communication it
goes a long way. And there's actually we're actually paying attention.
And I can say a lot of people aren't number
(20:24):
one getting the attention, let alone paying attention.
Speaker 3 (20:27):
Right right, Yeah, I just think you know when again,
I think this is a very daunting task to put
this whole project together for a lot of people and
to make sure that it fits your needs and it
it moves and flows with you. And so the idea
that you could do all of that under one roof
with a group of people who can all talk together,
(20:50):
I think would make all the difference in the.
Speaker 4 (20:52):
World for a lot of people.
Speaker 3 (20:54):
They Haven Financial Group folks, it's six one two five
zero four a four zero zero. You know, if we're
hitting a chord with you, if you're somebody who maybe
is going from office to office to office trying to
put together a portfolio, and you know the right arm
isn't talking to the left arm, and blah blah blah.
You understand the gig. Then give the folks at Haven
(21:15):
a call. It's six one two five.
Speaker 4 (21:17):
Zero four eight four zero zero, and go in and.
Speaker 3 (21:21):
Sit down and chat with them and hear a little
bit more about what it is that they can do,
how they can partner with you putting together a great
financial plan and retirement plan for you, working with you
first that ultimately will benefit everyone in your family, will
make everyone comfortable. And Havenfinancialgroup dot com. That is where
(21:42):
you find out about those classes that Larry was talking about. Larry,
tell everybody about some of those classes that you guys
give on a regular basis.
Speaker 2 (21:50):
Yeah, we just this past week had very good attendance
of the Truth about Annuities class, which I teach very
very rarely, but a great class, very specific to a
new because there's so much misinformation. We teach Medicare made
simple for those that are approaching that age sixty five
or have Medicare healthcare questions which can be very complicated.
(22:11):
We're able to help a lot of people Isabella and
Glenn in that area. And then we have investment classes,
we have trust wills and legacy planning with Carrie and
Anna and Keith are state planning partners. Just so many
educational classes. And you say why because I've heard many
times education is the potential for power. It's what you
(22:31):
do with it that matters, and people are seeking to
learn what do I do? Because you you know what
the water cool water cooler mentality is. Everybody may may
know they're all the expert, but we want to avoid
these surprises and real this information that's not true. It
could be in Medicare, could be even zip code specific.
(22:53):
So there's lots everybody might think they know, but until
you come to a class, until you really figure it out. Again,
it's all about the education, and that's how we help
a lot of people. You know, there's no secret to
the listeners and those to come to our classes. We
get a lot of clients because of the education that
we offer. And I'll say this, not just when you
(23:14):
become a client. The education doesn't stop. We encourage our
client tele to continue to get educated, just like if
you were a first time, first time visitor to our classes.
It's an education is ongoing. And when I say, you
know the retirement is more than a meeting once or
twice a year for forty five minutes to an hour,
(23:37):
you can't talk about all these retirement topics in that
amount of time. You owe it to yourself to get
the attention, especially for what you're paying. And by the way,
if you don't know what you're paying, would you please
ask what you're paying and get to the bottom of
it so you know you're not paying more than what
you should. And I see that also weekly. So again,
(23:57):
if this hits home, just give us a call, develop
a financial strategy, get to know us. We'll get to
know you, and if it goes anywhere from there, so
be it. We'll see what happens.
Speaker 3 (24:08):
Absolutely all right, Still come in your way here on
the Haven Financial Group radio show executing tax minimization strategies.
What we're looking for is keeping our dollars and not
paying them all out to Uncle Sam. And we're going
to talk a little bit more about that when we
come back.
Speaker 1 (24:25):
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 Klvig is back and ready to
help you find your financial safe haven.
Speaker 2 (24:48):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group. Kim. We graduated two of our
daughters here this past week, so a shout out to
my daughter Sierra and Chanelle Colviick, both graduating with their
undergraduate one from out Mercy University and one from Bethel College.
So my wife or Shill, and I we have three
(25:10):
of the four graduate with a four year one of
those in med school now in North Carolina and the
other going to be a sophomore at the University of Kansas.
So if you're listening, I will be working a very
very long time. So it's a good good thing. I love.
I love what I do.
Speaker 4 (25:29):
Larry it's so great.
Speaker 3 (25:30):
Congratulations to your entire family. There's nothing, in my estimation
quite like a graduation weekend. They're bittersweet, but they're so
exciting and it's just a great time and it's a
great family time. So I'm really happy for you guys.
Speaker 2 (25:45):
Thank you, thank you.
Speaker 4 (25:46):
It's great. The truth of the matter is.
Speaker 3 (25:50):
Taxes can be one of the biggest expenses in retirement,
right it is.
Speaker 2 (25:57):
And we have Lance our CPA CPA on many different
times throughout the course of the year on the show
to talk about taxes. And we're very big into this discussion,
not because it's the funnest conversation to have, but you know,
at Haven Financial, we're very forward thinking tax planning types
of conversations. That's what we have because you're getting to
(26:18):
the point now where you eventually will start to have
to drawing money out. Social Security is going to come
into the picture. So you know, effective tax planning leads
to tax getting your taxes done, let's say, without the surprises,
so avoiding mishaps, avoiding I call them unforced errors due
(26:40):
to just not knowing or having these conversations. That's why
we're If you're listening and you're just getting taxes prepared
and you're not tax planning. And let's say you're five
or ten years from retirement, you should be planning throughout
the course of the year. And if you're one of
those that gets to tax preparations, I mean, and you
(27:00):
get the grumbles because every year I owe so which
money every year? Why not fix the problem? So next
year you can have a smile on your face. Well
maybe not a smile, but maybe a smile. I don't
know if you could ever have a smile on your
face talking about taxes, but you can avoid the unforced
errors or oh my gosh, I have a big bill
(27:21):
do yeah.
Speaker 3 (27:21):
Absolutely, Well, here we are, it's Memorial Day weekend, and
we're about six weeks past the latest tax day for
many people, and it's certainly not too late to start
some in depth preparing for next year. And so if
you you know, on April fifteenth, throw to check that
you didn't want to write and you're not sure exactly
(27:43):
why that happened, now is the time to start looking
into it to see if that can be avoided. And really, Larry,
tax preparation is something that each day, each year needs
to shift a bit because your situation shifts, but just
one mistake be very, very costly.
Speaker 2 (28:02):
Yeah, I mean numerous times. Just this past year, we
had a new new client come in and their advisor
had made some sales on their non qualified brokerage account
which then showed up as income, which cost them more
in healthcare. These are the things that you know, if
you're not paying attention or somebody's paying attention and you're
(28:22):
making I don't want to should say, irrational decisions, but
not thoughtful decisions that can lead to a lot about
of pocket expenses or taxes that you could have been avoided.
So you know, the tax planning aspect. Every fourth quarter,
we sit down, no matter what your situation or circumstances,
what is your income for the year. Should we be
(28:43):
doing wroth conversions, irate of wrath conversions, filling that ordinary
income tax bracket up, at least filling the twelve percent
bracket up, you know, not leaving anything on the table.
Pay less now or pay a lot more later. I
think that's a pretty easy answer. You know, capital gain tax,
you know, if you're holding investments, you know long term
(29:04):
capital gains is holding anything for more than a year
in a day those brackets are zero, fifteen, and twenty percent. Well,
if you're newly retired and you need to draw money,
well you may want to draw it from those because
if you're not outside the twelve percent ordinary income tax brackets,
long term capital gains is zero. I like zero percent
(29:27):
and long term capital gains I like any zero when
it comes to taxes. So these are the discussions that
we have and every year, you know, in these conversations,
we'll have couples, we'll talk through Oh you had wiggle
room this much, did you do it? Nope, our tax
prepared told us after the fact, and we missed that
(29:48):
opportunity because the deadline was December thirty. First, these things
need to be done first part of the fourth quarter.
But again, if you're not having these discussions, you're going
to miss opportunity. And that's where Lance and the team
we're very proactive, very proactive.
Speaker 4 (30:04):
Et Larry.
Speaker 3 (30:04):
It's even important just to think through the tax ramifications
of when you draw your Social Security.
Speaker 2 (30:11):
One hundred percent. Yeah, if you're working, you're probably not
going to draw social Security because you're not going to
get the extent of what you should. So you're right
from Social Security tax effect from your investment sales. Yes,
from if you have rental properties or investment properties. There's
a difference, all kinds of differences between your primary residents,
(30:32):
a rental property an investment property. We don't have enough
time to go through all those, and if we do,
we'd have Lance come on at some time, maybe a
show in the future, how to handle them properly. You know,
a ten thirty one exchange. Maybe you're selling a property
but you don't want to tax hit. Maybe you buy
a similar property, a like minded property to avoid those
(30:55):
taxes upfront, work with an expert. I can tell you
that Lance and his personally and his family, they have
lots of rental property experience. If you do have these properties,
making sure that you're keeping all your receipts, you're keeping
track of all the expenditures, all that can be used,
(31:16):
closing costs, etc. Etc. Make sure you're keeping track of
all that because that could reduce or minimize the tax
ramifications when you sell. So again, good records, a good partner,
working with an expert, being proactive, all of these things
can help you save on taxes to some degree, maybe
(31:40):
not all of it. Of course, I'm all about paying
Uncle Sam, which isn't your favorite uncle. What's due? But
so many people leave tips on the table because they
just don't know and they fail to act. The tax
code is very The tax code is very Let's just
say it doesn't always make sense. Let's say social security
does always makes sense. So you have to use the
(32:03):
tax code in your favor. Just like with this class
when we have classes at Social Security, social Security decisions
are going to be individual decisions. If you make the
wrong decision, the Social Security Office doesn't call you and say, well,
why did you make that decision? That was the wrong decision. Uh,
you're on your own. So most of the education comes
(32:24):
from us in the industry, and if you're not getting
the education, you might be making the wrong decisions in
any of these areas. And that's what we're trying to avoid.
Speaker 3 (32:33):
Sure, very how often do you have people who come
in and say, Larry, we're thinking about moving because we
want to get to one of those income tax free states.
Speaker 2 (32:45):
Weekly if not daily, And I completely get it. We're
in a Minnesota as a high tax state, just like
the East coast states and the West coast states very
high tax states. And we're surrounded by some states that
are more income tax friendly. Let's just put it that way.
So here's what I hear often. Well, I'm thinking about
(33:06):
moving to Florida, Texas, South Dakota, Arizona, Tennessee, which is
a popular one, South Carolina popular one. And I completely
get it. And we've had clients do it, and you
know what, they made great decisions for a variety of reasons. However,
make sure you check out applicable tax taxes in different states,
(33:26):
because different states have different taxes. I can tell you
one of my clients moved to the west side of
South Dakota and he came in income tax friendly, property
tax tough. So you have to weigh that all the
tax ramifications, not just point out the one okay, the
estate tax another thing. Different states, different rules, So understand
(33:49):
the rules of the game to make an educated decision
is my best advice.
Speaker 3 (33:54):
Absolutely, And it's hard to know all of those rules
and regulations. And that's why it's really when you have
a partner who maybe can walk you through some of those.
Speaker 4 (34:03):
I'm not even sure Larry I would have thought of that.
Speaker 3 (34:05):
You know, you've brought up some other taxes that could
you know, I think in a lot of those no
income states, they make up those taxes in other ways,
and so you may want to sort of figure out
what's best for you. And the way to get a
partner would be to give the folks at Haven Financial
Group a call six one two five zero four eight
four zero zero. That's how you get hold of them,
(34:27):
and right now with that call is how you can
begin that partnership.
Speaker 4 (34:31):
Again, it's six one two five zero four eight four
zero zero.
Speaker 3 (34:36):
Well, when we come back, let's talk a little bit
about selling your home in retirement. You know a lot
of people want to downsize, but that can mean capital gains,
that can mean a lot of changes in taxes and
a lot of changes in lifestyle. So let's talk more
about that when we come back. Right here on the
Haven Financial Group Radio Showing, don't.
Speaker 1 (34:55):
Go too far. We're gathering more important insights and retirement
police 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 the show.
Speaker 2 (35:17):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and CEO of the Haven Financial Group.
Feel free to give us a call at six one
two five zero four eighty four hundred or Havenfinancialgroup dot
com all kinds of retirement tools, or just see our
upcoming classes. And this is my invitation to you to
come out, no matter your what's your situation, love to
(35:39):
have you. Materials are provided and its truly as an
educational experience because I know what you're thinking. You're going
to try to sell me something and that is not
the case at our educational classes, So don't worry about
that part of it. But we'd like to know more
about you. We'd love to tell you about us and
our ten years here and how we help people, and
(36:00):
we're really Our job description is to answer questions in
any of these retirement topics. And I can't tell you
how many times people are that, well, I've had this
question for so long, sometimes for years, right, and they
never get the answer to the question. Please ask the
questions and we'll give you the answers. I guess whether
you like the answer or not.
Speaker 3 (36:21):
Yeah, for sure, maybe not always the answer you're looking for,
but we're going to give you the answer, Yeah, Havenfinancialgroup
dot com. That's how you find out about some of
those educational classes that are available in the area coming
up over the course of the summer.
Speaker 4 (36:35):
Please sign up.
Speaker 3 (36:36):
You don't have to be a client of Haven Financial
Group and you don't have to pay for the classes,
but you do need to sign up so that they
get a sense of how many people will be attending.
We mentioned this before the break, what to know before
selling your home and retirement. You know, I think Larry
a lot of people when the time comes to retire,
(36:57):
a lot of people start thinking, this is when number one,
maybe what my biggest investment is in my home, and
so I'm ready to draw the equity out of my
home and to live on some of that. Number Two,
a lot of people think it's time to get out
of that house because it's big, and it's expensive and
I don't want to take care of it anymore, you know.
(37:19):
And then number three, a lot of people think, I
just am ready to experience something new. So there's all
kinds of reasons to want to sell your home in retirement.
When people come to you about that, what's your first reaction.
Speaker 2 (37:30):
Well, it's obviously individual and it's Funny you mentioned that
because just in the last few weeks, even this year,
you know, last week John and Brenda from Northfield years
in Northfield retired, been there their whole life. Their kids
are upper towards the cities, and they're kind of the opposite.
They were like, they're actually going to get a bigger
house closer to their kids, I think Farmington, and they
(37:55):
were real worried, you know, is that the wrong thing
to do? Do we have enough money? You know, you know,
fear sets in and making the right decisions. And we've
probably had two or three meetings and guess what. This
past week John called that they sold their house. In
a couple of days they closed. They're building a new one.
It's bigger, it's more expensive, but guess what, they had
(38:17):
a retirement plan that could afford it. That we've talked
through it. They have the ample investments, they have the
right recipe to their overall mix and their portfolio. And
not everybody's going to get a bigger house when they retire.
They are, you know what, they're super excited. On the
flip side of that, I have another couple that you know,
(38:39):
would have liked to move also towards their friends or
their kids up in the northern part of the Metro.
They've done a great job. They've got all kinds of money,
they got great investments. He got a severance package. But
in this case they were stuck. You know, mortgage rules
are goofy. They have a nice, good sizefolio, but they
(39:01):
couldn't show any income, so therefore they couldn't get a mortgage.
Wells Fargo even told exactly what I said, You're stuck.
You are stuck because the mortgage rules they the severage
didn't count is income and they didn't have anything turned
on from their investments because they didn't need it, and
so they were stuck. Most of the time we see
the opposite though. You know what, big house. My knees
(39:24):
are hurting. I can't get up and down the stairs.
One level living really really sounds good. You know what,
maybe it's time to downsize. But what you know, I've
had a real estate license CAM and you would have
known this for twenty five years. I don't utilize it
unless it's for my own personal stuff. I can't keep
with up with the stuffs. I actually refer real estate
(39:46):
agents that are clients of mine. Any business that if
people ask me, which they actually do quite often, So
can consider the circumstances. You know, is your home ready
to sell or have you been hoarding for thirty five
forty years? Yeah, you might be excited to sell, but
you might not even be close to ready to sell.
(40:07):
So as circumstances, are you prepared for it? Do you
have the money? What's your backup plan? These are all
conversations that you should be having with whomever you're partnering with.
You say, well, no, we only talk about stocks, bonds
and mutual funds. That's the only thing we ever talked
about when we go in, And that's part of the discussion.
(40:28):
But I would say a small part of the discussion,
because retirement is much more all encompassing than just stocks,
bonds and mutual funds. Yes, we have our team on
and Kyle and Greg, and yes we manage a lot
of wealth with Charles Schwab and Fidelity Investments, and that's
all important stuff. And in fact, I mentioned to you
earlier I was just asked to ring the Nasdaq bell
(40:49):
here in a couple of weeks. And you know, I'm excited,
but I wasn't as excited as my wife and experienced.
Well we'll just call it that. But retirement's more than money.
It takes money, money, it takes a plan, but it's
much more. There's much more to it than that. And
if you're not getting that attention or those discussions, I
would I want my clients to be able to call
(41:10):
us and say, you know what, we just want to
run this by you. We just want to run this.
Does it make sense? Does it not make sense? Kim?
Another one I get is this, should I pay off
my mortgage? Does it make sense? And I'll tell you,
nine out of ten what financial professionals would say, no,
don't do that. Well, guess what I'm going to be
(41:30):
that one out of ten. Many times that says, well
what's your interest rate? Well it's two and a half percent.
Well that's cheap money. Well if you told me it
was seven or ten or something else, Okay, let's maybe
make an extra payment. So again, yes, these are the
conversations we want to have that you should have. Get
a second opinion, and again maybe get a third opinion
(41:53):
if that's necessary. So again, should I sell? Shouldn't I sell? Yeah?
We have all kinds of those conversation.
Speaker 3 (42:00):
Yeah, and these are really that's I think that's one
of the real personal decisions that people have to make
with the right information, because leaving your home for a
lot of people.
Speaker 4 (42:12):
Can be very, very difficult.
Speaker 3 (42:14):
That it can be a real lifestyle change that sets
the course of the rest of their life very differently.
Speaker 2 (42:21):
Oh, without question, And it can be emotional. And maybe
you're listening and your parents are elderly and they've been
in the same home for forty fifty maybe sixty years
I've had and it's it's they've lived there the whole time.
And maybe you're the executor or the you're the one
in charge if something happens to them. You know, I
have clients that in that situation and they took months
(42:43):
to get the house cleared out. Maybe they came to
a point where all of a sudden you had to
move them into a home of some sort. I just
pre you know, I try to prepare, try to prepare
for that that situation, even though it's tough to prepare
and it's emotional, just to get it as prepared as
you can get. We see that often, and then that
(43:05):
leads to the estate plan. How does it sell if
something happens as they have to go through probate. And
it's why estate planning is another retirement puzzle piece that
is so important, and most people are getting around they're
always going to get around to it. They never get
around to it until it's too late, kind of worthless
by that point. So again, retirement is being proactive. It's
(43:26):
having these conversations, not burying your head in the sand. Well,
I just don't want to talk about it. Well, eventually
life is going to happen, whether you think it's going
to happen or not. So it's better to have these
conversations in this communication now than to never have it.
Speaker 4 (43:43):
Sure, absolutely so.
Speaker 3 (43:45):
If you're wondering about a partner who can help you
to make these kinds of decisions, the folks that have
in financial group would certainly like to sit down and
talk with you, let you know what it is they
can do for you, and tell them what you're hoping
they can do for you. The number six one two
five zero four eight four zero zero. Retirement is a
(44:07):
joyful time, but it's a change of life. It can
be stressful, it can be emotional.
Speaker 4 (44:14):
We hope it's happy, right right, right, but you.
Speaker 3 (44:18):
Need somebody to stand alongside you and help you make
the big decisions. And the folks that haven would love
to do that, you know, Larry, That's one of the
things I always get the impression from you guys that
and I hope our listeners do too, And I hope
they know you treat your customers like family. You recognize
their decisions or big decisions, and I think it's proven
(44:43):
by your customer base.
Speaker 4 (44:44):
People love you for that reason.
Speaker 2 (44:47):
Well, it's always the goal, and we don't always accomplish
our goals. I'd like to think we've done a very
good job of it these ten years because we do
have that family feel. I always say, if it doesn't
feel right, it's not the right place. We have very
very nice, nice offices and nice settings. But it's not gaudy.
It's not fancy. It's not the big glass building that
(45:08):
some have, and that's fine. It's comfortable, it's homy and
I love when people say it feels so good here,
it's so busy. That's the atmosphere that we want, because
I can tell you in all the years i've done this,
oh my goodness, I've heard this so many times. Well,
where we're currently going, it's so stuffy and every time
I leave there, I feel stupid. Well, that's not a
(45:29):
very good thing to be feeling. And when you leave
your financial advisor or your retirement advisory firm, sometimes financial
professionals can become make them feel like they're better than you,
or they're smarter than you. They're human beings, just like
all of us are, and we all have our strengths
and weaknesses. Some people like the money, some people like investments.
(45:52):
Like I say many times, I'll let the pilot do
the flying. I'm not going to study to be the pilot.
I'll let the engineer be the engineer. Yes, we want
people to be comfortable. We want people to be able
to feel like they can call us, they can ask
the questions and there's no quota is time how many
times you can come in throughout the course of the year,
(46:12):
there's not there's no extra costs for that. Hey, we
want these to be long term relationships, whether it's tomorrow,
next week, next year, five years, ten years, fifteen, whatever
that number is. Yes, what does that lead to? Every
year we get more calls of clients that pass away
and guess what, we want to know that we made
(46:35):
a difference of their families' lives and that's the absolute.
That's the truth.
Speaker 3 (46:40):
Six one two five zero four eighty four zero zero
is the number. Give them a call today, Larry, Thank
you very much.
Speaker 2 (46:47):
I hope you have a nice Memorial Day you as well. Kim.
Great to be with you and we'll see you next week.
Speaker 3 (46:55):
Investment advisory service is offered through Guardian Wealth Strategies LLC.
Speaker 2 (46:59):
Haven Finding Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 3 (47:07):
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 (47:16):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products.
Speaker 4 (47:24):
Fixed insurance and annuity product guarantees are subject to the
Speaker 1 (47:27):
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 phone 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 Colvig, founder and CEO of the Haven Financial Group. Again,
thanks for listening. If you have questions about anything we
talk about today, give us a call at six one
two five zero four eight four zero zero or always
visit us online at Havenfinancialgroup dot com all kinds of
(01:15):
retirement tools and our upcoming events. And Kim, good to
be with you. Another week's past, and here we are
again on a Sunday morning.
Speaker 3 (01:22):
Absolutely, it's great to be with you as well. And
actually here we are on Memorial Day weekend.
Speaker 4 (01:27):
Huh. I sort of thought this would not come.
Speaker 3 (01:31):
The weather has not been exactly summer like, but we're
making our way.
Speaker 2 (01:37):
Yeah, we get you know, it was hot here at
the beginning and then it's cool down and we've even
got some cool rains and stuff. So but yeah, Memorial
Day weekend, and you know how fast summer goes. And
I don't want to really say that, but then it's,
you know, the next event, and then the next event,
and then in Minnesota, where did summer go? So why
do I bring it up like that, because I've lived
here my whole life, you know, Larry.
Speaker 3 (01:58):
I have a friend who says, you know, once you
hit the fourth of July, well the summer is over.
Speaker 4 (02:03):
I'm always like, no, no, no, don't say that.
Speaker 2 (02:05):
Please see that.
Speaker 4 (02:08):
To it though, unfortunately there is just a bit of truth.
Speaker 3 (02:10):
You're so right, Let's take a look at some of
the topics that we're going to talk about with an
overview this week of retirement strategies for you and your family.
Speaker 4 (02:19):
I really love this because I.
Speaker 3 (02:21):
Do think that when it comes to retirement, these are
like big decisions in your life, and it's great if
you're somebody who believes that these decisions should be made
with the rest of your family in mind or involved.
So first, we're going to talk about retirement on a team,
and that team being spousal financial strategy, so you and
your spouse.
Speaker 4 (02:42):
Then we'll talk about.
Speaker 3 (02:43):
Financial security for your family and how that starts with you.
And then finally executive executing tax minimization strategies.
Speaker 4 (02:53):
We always talk about taxes here.
Speaker 3 (02:54):
You know, it's one of the biggest expenses you have
in your retirement years. We're going to talk about how
you can minimize those and what to know before selling
your home in retirement. Larry, do you agree with me
that this is, you know, one of those it's big
life decisions and having family members at least knowledgeable or
involved is good for a lot of families.
Speaker 2 (03:15):
Oh, no matter what your situation, whether you have a
big family, small family, no kids, a lot of kids,
This applies to you. This this show applies to you
in a communication all the things we're going to talk about,
because it is a family decision, it's a team effort.
It's a chance to create a legacy if that's important
to you. Obviously first taking care of you know your
(03:36):
goals and objectives and what your income needs are going
to be, and you know your short term solutions, your
long term security. You know, it's a big thing, and
some people make light of it and they don't really
don't put much thought into it, and unfortunately that can
lead to the wrong results that people want. So again,
this is applicable to you whether you're married or not.
(04:00):
So don't think, well, I'm not married, I don't have
a spouse or a partner. This does not include me.
Your decisions may be just a little different, but equally
as important.
Speaker 4 (04:08):
Absolutely.
Speaker 3 (04:09):
Well, let's start, you know, with this whole idea of
spouses planning together. I know I've heard you say this
so many times. You will have couples who come in
and one of them says, I really want nothing to
do with this, and the other one says, you know,
I'm the one who's to taking care of the finances.
Speaker 4 (04:28):
Both of most of our lives.
Speaker 3 (04:30):
And you feel pretty strongly about whether that's the case
or not. You know, retirement time is a time for
everybody to be talking.
Speaker 2 (04:37):
Yes, for sure, Actually probably more so. In the last
year year and a half, we have come across and
me specifically folks that have come in, maybe they've came
to our classes, they listened to the show, and they
come in and they lost a loved one, they lost
their spouse, and they're just don't even know where to start, because,
let's face it, within a couple, we have strengths and weaknesses,
(04:59):
and not everybody likes to talk about finances. Not everybody
likes to talk about you know, what happens if we're
not here planning for our demise. But it's so important,
you know. I think I mentioned last show that the
lady that came in in the last few weeks, seven
months ago, lost her spouse. She goes, Larry Glenn in
your office, help me with medicare. I didn't know what
(05:20):
to do. Lance, our CPA helped with taxes. I didn't
know what to do. Would you please help me with
our investments because my wife, my husband, handled all of
this and he died unexpectedly, and I've spent seven months
trying to figure this out, and I can't give you
hundreds of stories like that. So yes, whether you like
it or not, please involve yourself to some degree, And
(05:43):
even if one of the spouses handles the investment side
of it. One aspect of retirement, please have a relationship
with somebody proactively in case something does happen. Now you
have a relationship or a partner that you can lean on,
and you're not starting scroll from scratch.
Speaker 3 (06:00):
Sure, So I think what I hear you saying right
off the bat is open communication between spouses when we're
talking about retirement and your finances is absolutely imperative.
Speaker 2 (06:10):
Well, it's kind of funny. I mean, any marriage counselor
is going to tell you before you get marriage that
communication is quite important and that really never stops. My
wife and I'll be married twenty nine years come this August,
and open communication discussing. In our case for this discussion
financial goals. What are your goals short term, long term?
What are your retirement expectations? You know, my wife does
(06:33):
ask me that you know, I love what I do.
My dad's still farm, My parents still farm at eighty
and seventy seven. Do I visualize myself every really fully retiring.
I don't know if I do cutting back for certain
But sharing these amongst each other is so important because
you might have completely different expectations than your spouse. You know,
(06:53):
then you have to create an accurate budget, and nobody
wants to do a budget, I get it, whether you're
young or old, anything can be between. But creating that
together and creating it as accurately and as comprehensively as possible,
because sometimes you know, one of the spouses maybe does
the books, and that's fine, but you may not know
(07:14):
the spending habits of your spouse. I hope you do,
and it's important obviously to know what these are. Otherwise
how can you accurately predict the outcomes of your financial
decisions if you're not on the same page.
Speaker 3 (07:27):
Hmm.
Speaker 4 (07:28):
Absolutely.
Speaker 3 (07:29):
Another thing is I think it's important for spouses to
review everything that they have together along the way. It's
not sort of just a one time we sit down,
we talk about it and then that's it.
Speaker 2 (07:42):
Yeah, and can take this in a couple of different directions.
You know, if you have individual accounts, you know, whether
that's Iras roth iras or individual brokerage accounts. You know,
what are the ramifications? If your spouse passes away, will
you have access to that money? If it's it's not
titled properly, you may not and it may have to
(08:03):
go through probate, even if you have a death of
the spouse. Now you can avoid that by having the
accounts titled properly or named properly. So I really stress
that for people that have individual accounts and they're married,
you might want to make that a joint account so
you don't have that problem if something does happen and
then that leads to beneficiary designations. This sounds so elementary, Kim,
(08:28):
It sounds so elementary, but weakly. I have folks that
don't have beneficiaries. They have not named them. The person
that is they've named, they don't even like anymore, or
who knows what's happened, and that's going to lead to
lots of problems. So please naming those beneficiaries, reviewing those
accounts at Hayven. That's what we're doing on an ongoing
(08:49):
basis to try to avoid these pitfalls, if you will,
of not having things drawn up properly right from the beginning.
Speaker 3 (08:59):
Right you have said this before, Larry, even if your spouse,
you and your spouse are the same age, you should
really sit down and talk about which one of you
is going to retire first and not necessarily retire at
the same time.
Speaker 2 (09:15):
Yeah, it's funny. This week, I bet you I had
five different conversations or emails about this. I think of
Jim and Sheila from Prior Lake, they're both retiring. I
think they're kind of heeding my advice of maybe staggering
it between them thirty to sixty days, just just kind
of be dapt and see how things go. And we
encourage that communication just because it is a transition. You know.
(09:39):
On that note too, if you are still working, you know,
one thing you may want to do is if your
spouse doesn't qualify for an IRA and you're still working,
take advantage of a spousal IRA being able to contribute
to that spouse even though they may not be working.
You want to make sure you don't miss opportunities and
then you know, access your retirement savings. This is this
(10:01):
is something we're again constantly doing, and if you don't
have a partner and you're not doing it, I encourage
you to do so. You know, making sure you have
proper liquid funds, you know, money in the bank, you know,
and then analyzing your risk level the stock market investments,
and then also making sure that you're addressing any types
(10:21):
of accounts maybe their solo for one k's or orphan
four one k's that have just gone by the wayside
for months and months. And if you're not paying attention,
or if you don't have somebody trying paying attention on
your behalf. Life happens quickly, time goes by, and then
what happens if something happens to you? Where your Where
does your spouse or your kids? Where do they find
(10:44):
these things? I remember when my grandparents passed away, you know,
years ago, you know, the old school way. Grandma didn't
have a clue what grandpa was doing, and Grandpa had
CDs and like thirty different CDs and ten different banks
and nobody new or to look. Yeah, you know, it's proactive,
not reactive. These are so important as you prepare for retirement,
(11:07):
and of course the what ifs of something happens.
Speaker 3 (11:09):
Sure, you know this sounds maybe daunting, this task of
sitting down together and putting together all this kind of information,
and certainly it's something that takes time, and if you
have a good partner in this to help you to
guide you through, just think how much easier this process
might be. The folks that Haven Financial Group would love
(11:30):
to be that partner. Let me give you the telephone
number and give them a call. Let them know that
you heard us here on the radio. It's six one
two five zero four eight four zero zero. That's where
this partnership can start. By making that phone call six
one two five zero four eight four zero zero. You
can also go to Havenfinancialgroup dot com learn more about
(11:51):
Larry and his team and some of the things that
they do. When we come back, we want to talk
about financial security for your family and how that starts
with you being financially secure.
Speaker 4 (12:02):
This is the Haven Financial Group Radio Show.
Speaker 1 (12:05):
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 Kulvig and Kim Karrigan. Now back to
(12:28):
the show.
Speaker 2 (12:30):
Good morning, and again, welcome back to the Haven Financial
Group radio show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group. Feel free to give us a
call six one two five four eighty four hundred or
Havenfinancialgroup dot com online. We have a great website, you know,
the safe community. You can share information, see a whole
(12:50):
bunch of tools on there, and Kim I mentioned it
in previous weeks. This year is our ten year anniversary.
We're very fortunate and we're building on and for the
third time under construction to take out more space thanks
to our growth and hard work, and are obviously our
clients that we've been able to help in this ten
(13:11):
years and for the next ten years the future clients
we hope to help in all these areas that you
and I touch on every single week. You know, a
lot of what we're talking today, you know, the financial
planning or retirement planning. You know, it is numbers, it
is concepts, but it's more just as much an emotional
(13:32):
time as anything else. You know, commuting and communicating with
your spouse and maybe your kids, and there's a lot
of emotion that runs into this, There really is, and
you know, you just got to be prepared for it.
It comes with the territory. You're not alone, and that's
where we liked for our clients to be able to
lean on us when things are rocky, when things are good,
(13:54):
and everything in between.
Speaker 4 (13:55):
Absolutely, it is.
Speaker 3 (13:57):
It is an emotional time because it's a new chapter
in people's lives. And I think you know, we can
all attest to the idea that every chapter is new
and different, and change can be scary, and change can
be fun, and certainly retirement should be a time when
you know, people can flourish and enjoy. But you can't
do that if you haven't got some kind of financial plan.
(14:19):
And certainly, as we've mentioned earlier in the show, these
kinds of financial plans for your family and for everyone
around you really.
Speaker 4 (14:28):
Start with you.
Speaker 3 (14:28):
You meaning the people who are listening and who are
thinking about going into retirement or wondering about their retirement.
It starts with them setting their goals and making decisions
about what they want their retirement to look like.
Speaker 2 (14:42):
Yeah, I heard the same. Before you can take care
of others, you got to take care of yourself. And
it does start with you. Yes, we want to take
care of our spouse or our partners, and our kids
and our loved ones and maybe future grandkids or whatever
that may look like. But it does start with you.
Where do you start setting those retirement goals defining what
retirement really looks like in the perfect world? Now your
(15:05):
world might not be perfect and there's going to be
changes and modifications. But you know, do you want to travel,
do you want to visit family? You know, what does
your lifestyle look like? And how do you adapt to
that or plan for that financially? How do you get
to those goals? Goal setting? For the longest time, you know,
I was told in church and from others, set a goal,
(15:27):
set those goals and write them down and personally, I'll
tell you, in the last fifteen to fifteen to twenty years,
writing down those personal goals at the beginning of the year.
And I know it's not New Year's This is not
New Year's Eve planning or resolutions, but writing them down.
I I have done it personally and I've done it
as a family. And when you do that, and I
(15:49):
see that every time I step into my office, and
I mean at the end of the year, I'm able
to check off what we've accomplished. And it's not patting
myself or my family on the back. Hey we did
this this year. We did it this year, and then
onto the next year. I am a true believer that
that does come to fruition if you just start doing it.
Speaker 3 (16:07):
Sure, absolutely, Again, you don't necessarily love those saving strategies,
but it's important to set those goals, know how you're
going to go about the savings, and then get on
get on board, right yeah.
Speaker 2 (16:20):
I mean the people that we see that have done
the best and are most prepared for retirement have developed
the discipline of you know, the budget, you know, delayed gratification,
not racking up unnecessary debt, paying down that debt, having
a diversified portfolio. And interesting enough, we have an investment
(16:41):
team at Haven here of twelve we manage wealth that
investment team and myself and all the certified other certified
financial planners we have. That's what we're doing. We're diversifying,
creating the right recipe, rebalancing these portfolios, and that leads
into the you know, the ensure inside of things, reviewing
(17:01):
your insurance needs. All these things go together. Glenn and
Isabella looking at you know, nursing home or long term care,
insurance and medicare all these different retirement puzzle pieces. We
have that on the Haven team. You know, looking at
your estate plan, you know the exits if something happens
when you're living, do you have powers of attorney? Carry
(17:23):
Anna and Keith are a state planning attorney. There are partners.
They sit down, map out a plan and again weekly,
you know, oftentimes we have Lance our CPA talking about
taxes every single week. Taxes is a big part of retirement.
The goal ten years ago was to have multiple personalities
(17:45):
in these retirement lanes that I just mentioned that we
talk about. We have those individuals, We have those personalities.
All can be partners of yours. If you just allow
us to visit with you and sit down with you
and will take you through our proprietary process that we
take everybody through. And if we can help in one
(18:06):
area or all areas, you have absolutely nothing to lose.
Speaker 3 (18:10):
Right you know, Larry, I think about and I know
you are very quick to say this. I think about
people who go to a tax preparer than someone who
goes to a lawyer who takes care of their estate planning.
And then they go to someone who deals with their
money and invests their money. And you're in the car
and your movie, and you're bringing all your paperwork to
the next guy, and all your paperwork, and you talk
(18:32):
about this, and I've heard you say a million times
here listen. If that's the best way for you, then
so be it. But then I think about the idea
of coming into your offices, beautiful offices with great coffee
and cookies, and everybody understands your whole plan because everybody's
right there under one roof. That seems much easier to
(18:53):
me in a daunting experience, because I think it can
be very daunting.
Speaker 2 (18:58):
I'm glad you mentioned we are coffee snobs and you
can't forget the cookies. I'm glad you mentioned that we
got to remember the important things. But you hit a
good point. Just this last week, we were talking to
a couple from Farebeau, which is south of the cities here,
and we have listeners that actually, Carrie actually from Forest Lake,
drove Ji. He's a listener every week. Carry if you're listening,
(19:20):
we appreciate your business. And he drives down from Forest Lake.
He's had a terrible experience with his other advisors and
we love having him down. And we were talking to
this couple from fairbaw wondering if we should do classes
in Owatana, and we do out classes, many classes, you
know this throughout the metro area. And a couple from
(19:41):
Fairball goes, oh, absolutely you should, because there's nobody down
here that does all of the above when it comes
to retirement planning. And I have to say that is
actually the best compliment that I get. Wow, it's so
nice that we can go to the tax person, the
insurance person, the investment team, all of the in one
under one roof. Now I'll preface it by saying you
(20:04):
don't have to, but there should be coordination amongst these
retirement topics, more so in retirement than ever before in
your life. And working together and having that communication it
goes a long way. And there's actually we're actually paying attention.
And I can say a lot of people aren't number
(20:24):
one getting the attention, let alone paying attention.
Speaker 3 (20:27):
Right right, Yeah, I just think you know when again,
I think this is a very daunting task to put
this whole project together for a lot of people and
to make sure that it fits your needs and it
it moves and flows with you. And so the idea
that you could do all of that under one roof
with a group of people who can all talk together,
(20:50):
I think would make all the difference in the.
Speaker 4 (20:52):
World for a lot of people.
Speaker 3 (20:54):
They Haven Financial Group folks, it's six one two five
zero four a four zero zero. You know, if we're
hitting a chord with you, if you're somebody who maybe
is going from office to office to office trying to
put together a portfolio, and you know the right arm
isn't talking to the left arm, and blah blah blah.
You understand the gig. Then give the folks at Haven
(21:15):
a call. It's six one two five.
Speaker 4 (21:17):
Zero four eight four zero zero, and go in and.
Speaker 3 (21:21):
Sit down and chat with them and hear a little
bit more about what it is that they can do,
how they can partner with you putting together a great
financial plan and retirement plan for you, working with you
first that ultimately will benefit everyone in your family, will
make everyone comfortable. And Havenfinancialgroup dot com. That is where
(21:42):
you find out about those classes that Larry was talking about. Larry,
tell everybody about some of those classes that you guys
give on a regular basis.
Speaker 2 (21:50):
Yeah, we just this past week had very good attendance
of the Truth about Annuities class, which I teach very
very rarely, but a great class, very specific to a
new because there's so much misinformation. We teach Medicare made
simple for those that are approaching that age sixty five
or have Medicare healthcare questions which can be very complicated.
(22:11):
We're able to help a lot of people Isabella and
Glenn in that area. And then we have investment classes,
we have trust wills and legacy planning with Carrie and
Anna and Keith are state planning partners. Just so many
educational classes. And you say why because I've heard many
times education is the potential for power. It's what you
(22:31):
do with it that matters, and people are seeking to
learn what do I do? Because you you know what
the water cool water cooler mentality is. Everybody may may
know they're all the expert, but we want to avoid
these surprises and real this information that's not true. It
could be in Medicare, could be even zip code specific.
(22:53):
So there's lots everybody might think they know, but until
you come to a class, until you really figure it out. Again,
it's all about the education, and that's how we help
a lot of people. You know, there's no secret to
the listeners and those to come to our classes. We
get a lot of clients because of the education that
we offer. And I'll say this, not just when you
(23:14):
become a client. The education doesn't stop. We encourage our
client tele to continue to get educated, just like if
you were a first time, first time visitor to our classes.
It's an education is ongoing. And when I say, you
know the retirement is more than a meeting once or
twice a year for forty five minutes to an hour,
(23:37):
you can't talk about all these retirement topics in that
amount of time. You owe it to yourself to get
the attention, especially for what you're paying. And by the way,
if you don't know what you're paying, would you please
ask what you're paying and get to the bottom of
it so you know you're not paying more than what
you should. And I see that also weekly. So again,
(23:57):
if this hits home, just give us a call, develop
a financial strategy, get to know us. We'll get to
know you, and if it goes anywhere from there, so
be it. We'll see what happens.
Speaker 3 (24:08):
Absolutely all right, Still come in your way here on
the Haven Financial Group radio show executing tax minimization strategies.
What we're looking for is keeping our dollars and not
paying them all out to Uncle Sam. And we're going
to talk a little bit more about that when we
come back.
Speaker 1 (24:25):
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 Klvig is back and ready to
help you find your financial safe haven.
Speaker 2 (24:48):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Kolvig, founder and CEO of
the Haven Financial Group. Kim. We graduated two of our
daughters here this past week, so a shout out to
my daughter Sierra and Chanelle Colviick, both graduating with their
undergraduate one from out Mercy University and one from Bethel College.
So my wife or Shill, and I we have three
(25:10):
of the four graduate with a four year one of
those in med school now in North Carolina and the
other going to be a sophomore at the University of Kansas.
So if you're listening, I will be working a very
very long time. So it's a good good thing. I love.
I love what I do.
Speaker 4 (25:29):
Larry it's so great.
Speaker 3 (25:30):
Congratulations to your entire family. There's nothing, in my estimation
quite like a graduation weekend. They're bittersweet, but they're so
exciting and it's just a great time and it's a
great family time. So I'm really happy for you guys.
Speaker 2 (25:45):
Thank you, thank you.
Speaker 4 (25:46):
It's great. The truth of the matter is.
Speaker 3 (25:50):
Taxes can be one of the biggest expenses in retirement,
right it is.
Speaker 2 (25:57):
And we have Lance our CPA CPA on many different
times throughout the course of the year on the show
to talk about taxes. And we're very big into this discussion,
not because it's the funnest conversation to have, but you know,
at Haven Financial, we're very forward thinking tax planning types
of conversations. That's what we have because you're getting to
(26:18):
the point now where you eventually will start to have
to drawing money out. Social Security is going to come
into the picture. So you know, effective tax planning leads
to tax getting your taxes done, let's say, without the surprises,
so avoiding mishaps, avoiding I call them unforced errors due
(26:40):
to just not knowing or having these conversations. That's why
we're If you're listening and you're just getting taxes prepared
and you're not tax planning. And let's say you're five
or ten years from retirement, you should be planning throughout
the course of the year. And if you're one of
those that gets to tax preparations, I mean, and you
(27:00):
get the grumbles because every year I owe so which
money every year? Why not fix the problem? So next
year you can have a smile on your face. Well
maybe not a smile, but maybe a smile. I don't
know if you could ever have a smile on your
face talking about taxes, but you can avoid the unforced
errors or oh my gosh, I have a big bill
(27:21):
do yeah.
Speaker 3 (27:21):
Absolutely, Well, here we are, it's Memorial Day weekend, and
we're about six weeks past the latest tax day for
many people, and it's certainly not too late to start
some in depth preparing for next year. And so if
you you know, on April fifteenth, throw to check that
you didn't want to write and you're not sure exactly
(27:43):
why that happened, now is the time to start looking
into it to see if that can be avoided. And really, Larry,
tax preparation is something that each day, each year needs
to shift a bit because your situation shifts, but just
one mistake be very, very costly.
Speaker 2 (28:02):
Yeah, I mean numerous times. Just this past year, we
had a new new client come in and their advisor
had made some sales on their non qualified brokerage account
which then showed up as income, which cost them more
in healthcare. These are the things that you know, if
you're not paying attention or somebody's paying attention and you're
(28:22):
making I don't want to should say, irrational decisions, but
not thoughtful decisions that can lead to a lot about
of pocket expenses or taxes that you could have been avoided.
So you know, the tax planning aspect. Every fourth quarter,
we sit down, no matter what your situation or circumstances,
what is your income for the year. Should we be
(28:43):
doing wroth conversions, irate of wrath conversions, filling that ordinary
income tax bracket up, at least filling the twelve percent
bracket up, you know, not leaving anything on the table.
Pay less now or pay a lot more later. I
think that's a pretty easy answer. You know, capital gain tax,
you know, if you're holding investments, you know long term
(29:04):
capital gains is holding anything for more than a year
in a day those brackets are zero, fifteen, and twenty percent. Well,
if you're newly retired and you need to draw money,
well you may want to draw it from those because
if you're not outside the twelve percent ordinary income tax brackets,
long term capital gains is zero. I like zero percent
(29:27):
and long term capital gains I like any zero when
it comes to taxes. So these are the discussions that
we have and every year, you know, in these conversations,
we'll have couples, we'll talk through Oh you had wiggle
room this much, did you do it? Nope, our tax
prepared told us after the fact, and we missed that
(29:48):
opportunity because the deadline was December thirty. First, these things
need to be done first part of the fourth quarter.
But again, if you're not having these discussions, you're going
to miss opportunity. And that's where Lance and the team
we're very proactive, very proactive.
Speaker 4 (30:04):
Et Larry.
Speaker 3 (30:04):
It's even important just to think through the tax ramifications
of when you draw your Social Security.
Speaker 2 (30:11):
One hundred percent. Yeah, if you're working, you're probably not
going to draw social Security because you're not going to
get the extent of what you should. So you're right
from Social Security tax effect from your investment sales. Yes,
from if you have rental properties or investment properties. There's
a difference, all kinds of differences between your primary residents,
(30:32):
a rental property an investment property. We don't have enough
time to go through all those, and if we do,
we'd have Lance come on at some time, maybe a
show in the future, how to handle them properly. You know,
a ten thirty one exchange. Maybe you're selling a property
but you don't want to tax hit. Maybe you buy
a similar property, a like minded property to avoid those
(30:55):
taxes upfront, work with an expert. I can tell you
that Lance and his personally and his family, they have
lots of rental property experience. If you do have these properties,
making sure that you're keeping all your receipts, you're keeping
track of all the expenditures, all that can be used,
(31:16):
closing costs, etc. Etc. Make sure you're keeping track of
all that because that could reduce or minimize the tax
ramifications when you sell. So again, good records, a good partner,
working with an expert, being proactive, all of these things
can help you save on taxes to some degree, maybe
(31:40):
not all of it. Of course, I'm all about paying
Uncle Sam, which isn't your favorite uncle. What's due? But
so many people leave tips on the table because they
just don't know and they fail to act. The tax
code is very The tax code is very Let's just
say it doesn't always make sense. Let's say social security
does always makes sense. So you have to use the
(32:03):
tax code in your favor. Just like with this class
when we have classes at Social Security, social Security decisions
are going to be individual decisions. If you make the
wrong decision, the Social Security Office doesn't call you and say, well,
why did you make that decision? That was the wrong decision. Uh,
you're on your own. So most of the education comes
(32:24):
from us in the industry, and if you're not getting
the education, you might be making the wrong decisions in
any of these areas. And that's what we're trying to avoid.
Speaker 3 (32:33):
Sure, very how often do you have people who come
in and say, Larry, we're thinking about moving because we
want to get to one of those income tax free states.
Speaker 2 (32:45):
Weekly if not daily, And I completely get it. We're
in a Minnesota as a high tax state, just like
the East coast states and the West coast states very
high tax states. And we're surrounded by some states that
are more income tax friendly. Let's just put it that way.
So here's what I hear often. Well, I'm thinking about
(33:06):
moving to Florida, Texas, South Dakota, Arizona, Tennessee, which is
a popular one, South Carolina popular one. And I completely
get it. And we've had clients do it, and you
know what, they made great decisions for a variety of reasons. However,
make sure you check out applicable tax taxes in different states,
(33:26):
because different states have different taxes. I can tell you
one of my clients moved to the west side of
South Dakota and he came in income tax friendly, property
tax tough. So you have to weigh that all the
tax ramifications, not just point out the one okay, the
estate tax another thing. Different states, different rules, So understand
(33:49):
the rules of the game to make an educated decision
is my best advice.
Speaker 3 (33:54):
Absolutely, And it's hard to know all of those rules
and regulations. And that's why it's really when you have
a partner who maybe can walk you through some of those.
Speaker 4 (34:03):
I'm not even sure Larry I would have thought of that.
Speaker 3 (34:05):
You know, you've brought up some other taxes that could
you know, I think in a lot of those no
income states, they make up those taxes in other ways,
and so you may want to sort of figure out
what's best for you. And the way to get a
partner would be to give the folks at Haven Financial
Group a call six one two five zero four eight
four zero zero. That's how you get hold of them,
(34:27):
and right now with that call is how you can
begin that partnership.
Speaker 4 (34:31):
Again, it's six one two five zero four eight four
zero zero.
Speaker 3 (34:36):
Well, when we come back, let's talk a little bit
about selling your home in retirement. You know a lot
of people want to downsize, but that can mean capital gains,
that can mean a lot of changes in taxes and
a lot of changes in lifestyle. So let's talk more
about that when we come back. Right here on the
Haven Financial Group Radio Showing, don't.
Speaker 1 (34:55):
Go too far. We're gathering more important insights and retirement
police 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 the show.
Speaker 2 (35:17):
Good morning, and welcome to the Haven Financial Group Radio Show.
I'm Larry Kolvig, founder and CEO of the Haven Financial Group.
Feel free to give us a call at six one
two five zero four eighty four hundred or Havenfinancialgroup dot
com all kinds of retirement tools, or just see our
upcoming classes. And this is my invitation to you to
come out, no matter your what's your situation, love to
(35:39):
have you. Materials are provided and its truly as an
educational experience because I know what you're thinking. You're going
to try to sell me something and that is not
the case at our educational classes, So don't worry about
that part of it. But we'd like to know more
about you. We'd love to tell you about us and
our ten years here and how we help people, and
(36:00):
we're really Our job description is to answer questions in
any of these retirement topics. And I can't tell you
how many times people are that, well, I've had this
question for so long, sometimes for years, right, and they
never get the answer to the question. Please ask the
questions and we'll give you the answers. I guess whether
you like the answer or not.
Speaker 3 (36:21):
Yeah, for sure, maybe not always the answer you're looking for,
but we're going to give you the answer, Yeah, Havenfinancialgroup
dot com. That's how you find out about some of
those educational classes that are available in the area coming
up over the course of the summer.
Speaker 4 (36:35):
Please sign up.
Speaker 3 (36:36):
You don't have to be a client of Haven Financial
Group and you don't have to pay for the classes,
but you do need to sign up so that they
get a sense of how many people will be attending.
We mentioned this before the break, what to know before
selling your home and retirement. You know, I think Larry
a lot of people when the time comes to retire,
(36:57):
a lot of people start thinking, this is when number one,
maybe what my biggest investment is in my home, and
so I'm ready to draw the equity out of my
home and to live on some of that. Number Two,
a lot of people think it's time to get out
of that house because it's big, and it's expensive and
I don't want to take care of it anymore, you know.
(37:19):
And then number three, a lot of people think, I
just am ready to experience something new. So there's all
kinds of reasons to want to sell your home in retirement.
When people come to you about that, what's your first reaction.
Speaker 2 (37:30):
Well, it's obviously individual and it's Funny you mentioned that
because just in the last few weeks, even this year,
you know, last week John and Brenda from Northfield years
in Northfield retired, been there their whole life. Their kids
are upper towards the cities, and they're kind of the opposite.
They were like, they're actually going to get a bigger
house closer to their kids, I think Farmington, and they
(37:55):
were real worried, you know, is that the wrong thing
to do? Do we have enough money? You know, you know,
fear sets in and making the right decisions. And we've
probably had two or three meetings and guess what. This
past week John called that they sold their house. In
a couple of days they closed. They're building a new one.
It's bigger, it's more expensive, but guess what, they had
(38:17):
a retirement plan that could afford it. That we've talked
through it. They have the ample investments, they have the
right recipe to their overall mix and their portfolio. And
not everybody's going to get a bigger house when they retire.
They are, you know what, they're super excited. On the
flip side of that, I have another couple that you know,
(38:39):
would have liked to move also towards their friends or
their kids up in the northern part of the Metro.
They've done a great job. They've got all kinds of money,
they got great investments. He got a severance package. But
in this case they were stuck. You know, mortgage rules
are goofy. They have a nice, good sizefolio, but they
(39:01):
couldn't show any income, so therefore they couldn't get a mortgage.
Wells Fargo even told exactly what I said, You're stuck.
You are stuck because the mortgage rules they the severage
didn't count is income and they didn't have anything turned
on from their investments because they didn't need it, and
so they were stuck. Most of the time we see
the opposite though. You know what, big house. My knees
(39:24):
are hurting. I can't get up and down the stairs.
One level living really really sounds good. You know what,
maybe it's time to downsize. But what you know, I've
had a real estate license CAM and you would have
known this for twenty five years. I don't utilize it
unless it's for my own personal stuff. I can't keep
with up with the stuffs. I actually refer real estate
(39:46):
agents that are clients of mine. Any business that if
people ask me, which they actually do quite often, So
can consider the circumstances. You know, is your home ready
to sell or have you been hoarding for thirty five
forty years? Yeah, you might be excited to sell, but
you might not even be close to ready to sell.
(40:07):
So as circumstances, are you prepared for it? Do you
have the money? What's your backup plan? These are all
conversations that you should be having with whomever you're partnering with.
You say, well, no, we only talk about stocks, bonds
and mutual funds. That's the only thing we ever talked
about when we go in, And that's part of the discussion.
(40:28):
But I would say a small part of the discussion,
because retirement is much more all encompassing than just stocks,
bonds and mutual funds. Yes, we have our team on
and Kyle and Greg, and yes we manage a lot
of wealth with Charles Schwab and Fidelity Investments, and that's
all important stuff. And in fact, I mentioned to you
earlier I was just asked to ring the Nasdaq bell
(40:49):
here in a couple of weeks. And you know, I'm excited,
but I wasn't as excited as my wife and experienced.
Well we'll just call it that. But retirement's more than money.
It takes money, money, it takes a plan, but it's
much more. There's much more to it than that. And
if you're not getting that attention or those discussions, I
would I want my clients to be able to call
(41:10):
us and say, you know what, we just want to
run this by you. We just want to run this.
Does it make sense? Does it not make sense? Kim?
Another one I get is this, should I pay off
my mortgage? Does it make sense? And I'll tell you,
nine out of ten what financial professionals would say, no,
don't do that. Well, guess what I'm going to be
(41:30):
that one out of ten. Many times that says, well
what's your interest rate? Well it's two and a half percent.
Well that's cheap money. Well if you told me it
was seven or ten or something else, Okay, let's maybe
make an extra payment. So again, yes, these are the
conversations we want to have that you should have. Get
a second opinion, and again maybe get a third opinion
(41:53):
if that's necessary. So again, should I sell? Shouldn't I sell? Yeah?
We have all kinds of those conversation.
Speaker 3 (42:00):
Yeah, and these are really that's I think that's one
of the real personal decisions that people have to make
with the right information, because leaving your home for a
lot of people.
Speaker 4 (42:12):
Can be very, very difficult.
Speaker 3 (42:14):
That it can be a real lifestyle change that sets
the course of the rest of their life very differently.
Speaker 2 (42:21):
Oh, without question, And it can be emotional. And maybe
you're listening and your parents are elderly and they've been
in the same home for forty fifty maybe sixty years
I've had and it's it's they've lived there the whole time.
And maybe you're the executor or the you're the one
in charge if something happens to them. You know, I
have clients that in that situation and they took months
(42:43):
to get the house cleared out. Maybe they came to
a point where all of a sudden you had to
move them into a home of some sort. I just
pre you know, I try to prepare, try to prepare
for that that situation, even though it's tough to prepare
and it's emotional, just to get it as prepared as
you can get. We see that often, and then that
(43:05):
leads to the estate plan. How does it sell if
something happens as they have to go through probate. And
it's why estate planning is another retirement puzzle piece that
is so important, and most people are getting around they're
always going to get around to it. They never get
around to it until it's too late, kind of worthless
by that point. So again, retirement is being proactive. It's
(43:26):
having these conversations, not burying your head in the sand. Well,
I just don't want to talk about it. Well, eventually
life is going to happen, whether you think it's going
to happen or not. So it's better to have these
conversations in this communication now than to never have it.
Speaker 4 (43:43):
Sure, absolutely so.
Speaker 3 (43:45):
If you're wondering about a partner who can help you
to make these kinds of decisions, the folks that have
in financial group would certainly like to sit down and
talk with you, let you know what it is they
can do for you, and tell them what you're hoping
they can do for you. The number six one two
five zero four eight four zero zero. Retirement is a
(44:07):
joyful time, but it's a change of life. It can
be stressful, it can be emotional.
Speaker 4 (44:14):
We hope it's happy, right right, right, but you.
Speaker 3 (44:18):
Need somebody to stand alongside you and help you make
the big decisions. And the folks that haven would love
to do that, you know, Larry, That's one of the
things I always get the impression from you guys that
and I hope our listeners do too, And I hope
they know you treat your customers like family. You recognize
their decisions or big decisions, and I think it's proven
(44:43):
by your customer base.
Speaker 4 (44:44):
People love you for that reason.
Speaker 2 (44:47):
Well, it's always the goal, and we don't always accomplish
our goals. I'd like to think we've done a very
good job of it these ten years because we do
have that family feel. I always say, if it doesn't
feel right, it's not the right place. We have very
very nice, nice offices and nice settings. But it's not gaudy.
It's not fancy. It's not the big glass building that
(45:08):
some have, and that's fine. It's comfortable, it's homy and
I love when people say it feels so good here,
it's so busy. That's the atmosphere that we want, because
I can tell you in all the years i've done this,
oh my goodness, I've heard this so many times. Well,
where we're currently going, it's so stuffy and every time
I leave there, I feel stupid. Well, that's not a
(45:29):
very good thing to be feeling. And when you leave
your financial advisor or your retirement advisory firm, sometimes financial
professionals can become make them feel like they're better than you,
or they're smarter than you. They're human beings, just like
all of us are, and we all have our strengths
and weaknesses. Some people like the money, some people like investments.
(45:52):
Like I say many times, I'll let the pilot do
the flying. I'm not going to study to be the pilot.
I'll let the engineer be the engineer. Yes, we want
people to be comfortable. We want people to be able
to feel like they can call us, they can ask
the questions and there's no quota is time how many
times you can come in throughout the course of the year,
(46:12):
there's not there's no extra costs for that. Hey, we
want these to be long term relationships, whether it's tomorrow,
next week, next year, five years, ten years, fifteen, whatever
that number is. Yes, what does that lead to? Every
year we get more calls of clients that pass away
and guess what, we want to know that we made
(46:35):
a difference of their families' lives and that's the absolute.
That's the truth.
Speaker 3 (46:40):
Six one two five zero four eighty four zero zero
is the number. Give them a call today, Larry, Thank
you very much.
Speaker 2 (46:47):
I hope you have a nice Memorial Day you as well. Kim.
Great to be with you and we'll see you next week.
Speaker 3 (46:55):
Investment advisory service is offered through Guardian Wealth Strategies LLC.
Speaker 2 (46:59):
Haven Finding Group and Guardian Well Strategies LLC are not
affiliated companies, and investments involve risk, and, unless otherwise stated,
are not guaranteed.
Speaker 3 (47:07):
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 (47:16):
Investments and guaranteed income streams only refer to fixed insurance products.
They do not refer in any way to securities or
investment advisory products.
Speaker 4 (47:24):
Fixed insurance and annuity product guarantees are subject to the
Speaker 1 (47:27):
Claims paying ability of the issuing company.
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