Episode Transcript
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Speaker 1 (00:00):
You've worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
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Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The fuone nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning and welcome to the Haven Financial Group Radio Show.
Speaker 3 (00:58):
Thanks for listening.
Speaker 2 (00:59):
Feel free to give us all this morning at six
one two five zero four eighty four hundred or visit
us online at Havenfinancialgroup dot com. Kim good to be
with you and Kim, we got Kyle Thomas, our certified
financial planner on the Haven Investment Team, also with us
this morning.
Speaker 4 (01:15):
Yes, and it's great to have Kyle, and it's good
to be with you as well. Here we are just
the weekend before the fourth of July. That's hard to believe,
isn't it. It is it is summergoing, Larry.
Speaker 2 (01:27):
I know, but we know what that means. It gets
the fourth of July and then we go the other direction.
And I know we don't want to ponder that, but
that's kind of reality.
Speaker 4 (01:35):
Please don't say that.
Speaker 3 (01:36):
I know.
Speaker 4 (01:39):
Well, we got a great show for everybody today. We're
going to talk a little bit about bonds, tax bills
and how all of that might play into one's retirement strategy.
And we're so glad that Kyle Thomas could be with
us to talk a little bit more about that. As
we break down the show, we're going to talk about
Moody's they have downgraded US bonds. What kind of impact
does that have on all of us, and especially what
(02:00):
kind of impact does that have on pre retirees and retirees.
We'll talk about keys to conservative investing in this economy.
We're going to talk about what's in Trump's new tax bill.
And finally we'll wrap up the conversation toy with basics
for tech strategies for retirement ease. So let's talk a
(02:23):
little bit, if we could, gentlemen, about this Moody situation
that happened really back in May, but is impacting you
know everyone.
Speaker 5 (02:31):
Now, yeah, this is this is definitely something that is
kind of I pop in when you first hear about it,
the US government getting downgraded in their credit rating. You know,
all in total, the what we got downgraded to is
still very very good. So right off the bat, you know,
(02:51):
I'm not too worried about the government in a sense
of defaulting on any credit that we have outstanding, you know,
just like treasury bonds that the everyday person owns. But
what it does mean, so Moody's changed the outlook for
the government debt. We have thirty six trillion in debt,
(03:12):
and we have rising interest costs, we have tax cuts
potentially coming here, you know, potentially this year, and there's
a lot of political uncertainty going on as well. So
this does play a role in creating some you know,
blurry vision going forward here. You know, the way that
(03:35):
bonds work is when you receive a higher interest rate
on your bond, you're typically taking on more risk, and
with the credit rating of the United States dropping, in theory,
the rates should increase because you are taking on a
lower quality bond than you were previously earlier this year.
(03:57):
So everyone is expecting rates to come down. Everyone wants
rates to come down because you know, that means inflation
is kind of cooling. But with that, it kind of
makes it harder for these interest rates to come down
if the credit rating is lesser than it was previously.
So that's that's one side of it that is interesting
(04:19):
to watch because although it doesn't really impact, you know,
our faith in the government and being able to pay out,
it does impact the interest rates overall.
Speaker 4 (04:30):
So let's talk about, gentlemen, why this is important to
retire ease.
Speaker 5 (04:35):
It's very important because treasury bonds can serve a really
big piece of a portfolio. They serve a big piece
for our portfolio. Specifically, there's different types of treasury bonds,
so you can have standalone treasury bonds, you can have
treasury inflation protected securities. So the interest that you're going
(04:55):
to be receiving definitely can impact your portfolio and it's
important to make sure that you have the right allocations
within those investments because those rates will change and you
want to make sure that your exposure is not going
to be over the top one way or the other,
or it's going to be underweight on the you know,
on the other side. So it's important because also there's
(05:19):
a lot of income that can come from those investments.
A lot of people depend on the income from those treasuries,
that interest that they pay to live on, you know,
month to month, or however that the case may be.
Speaker 4 (05:31):
You know, we talked about it right off the top.
I mean again, Moody's downgrading US bonds, but it was
a slight downgrade, and boy that makes big, splashy headlines
and the media likes to talk about it, and it's
great across the business pages. But you know, you've got
to look beyond this because you've even said that this
is not like the government's going to default, and Moody's
is not stated that by any stretch of the imagination.
(05:53):
So Kyle or Larry, how do you plan beyond this?
Speaker 2 (05:57):
Yeah, let's first and foremost say you know, the down
d Yeah, it was a downgrade, and just that word
alone as is negative. You know, triple A rating though
to double a one, it's not a huge thing.
Speaker 3 (06:10):
Okay, you're right.
Speaker 2 (06:10):
It makes headlines, it gets it puts fear in people,
it sells the news. You know one thing that doesn't
talked about much. You know, Kyle mentioned we got thirty
six point two trillion dollars in debt. That is alarming,
and I know nobody wants to talk about it. Really
they talk about it, but it's really just talk. I mean,
if you really want to depress yourself, go to usdetclock
(06:31):
dot org and see how it's wrapping ramping up so
fast that sooner or later we're going to have to
have a heart to heart discussion in government of how
we reduce the debt. Now there's a variety of raised
ways that they're talking about doing it, but it never
seems to work, and that number just keeps on going up.
For the listeners and the retirees, those that are getting
close to retirement, this creates an ample a really good
(06:55):
time to re evaluate your portfolio, you know, slice it
and get it reviewed and making sure that you're in
the right place at the right time. And it really
shouldn't take the headlines like this to make you do it.
But if it does well, maybe that's a positive thing
because you know what, haven we're looking at this on
an ongoing basis. This isn't something that well, we're looking
(07:17):
at one year and then we're just going to let
it sit on the sidelines for the next two three years. Now,
this is something that you should be leaning on a
partner with to explain these things, to help you understand
these things, to make sure that base to where you're
at as far as the timeline for retirement, that you're
in the right position, that you have the right duration bonds.
You know, how do bonds play a part of your portfolio.
(07:40):
Some people don't like bonds, so they're heavier in stocks.
The important part is to have these conversations, and that's
what I find people are not having these conversations, and
that's where the fear comes from.
Speaker 4 (07:52):
Absolutely, if you do have bonds in your portfolio, this
is not a panic situation for you though, correct, No, this.
Speaker 5 (07:59):
Is not a panic situation by any means. In my opinion,
the government has the unlimited taxing authority to back these bonds.
So although if we push comes to shove, they can
raise the taxes and pay the debts that are owed
on these bonds, and that would happen, but that's never
(08:22):
really happened just to you know, pay these debts like
that before.
Speaker 6 (08:25):
It's just always kind of been a steady increase over time,
so they will pay out. We weren't worried about that.
Speaker 5 (08:32):
But yeah, again, that interest rate can definitely play a role,
and having more short duration bonds in your portfolio can
really help mitigate some of the risks of this because
those short duration bonds are much less sensitive to these
interest rate changes than intermediate or long term bonds, and
(08:53):
intermediate and long term bonds have been more traditional holdings
in portfolios. And we actually change our allocation a little
over a year ago to have more short term bonds
because we saw that the interest rates were not going
to be coming down as fast as everyone anticipated.
Speaker 6 (09:11):
So that was that was a proactive.
Speaker 5 (09:12):
Move that we made within our portfolios and it has
paid off for the last year here.
Speaker 2 (09:17):
So Kim, at the end of the day, Kim, you know,
a credit down grade doesn't change the fundamentals of retirement planning.
It simply adds a new layer of complexity, if you will.
That's why working again with a financial partner, financial advisor
who keeps an eye on the big picture, you know,
while tailoring strategies for your situation that it's not the
(09:38):
same for everybody, can be very, very valuable. And if
you're not getting that, or if you want to make
sure your portfolio is built to weather this uncertainty which
is always going to be here to some degree, please
give us a call today. Let's have more conversation. You
absolutely have nothing to lose and only things to gain
from having that conversation.
Speaker 4 (09:57):
Absolutely, and the number six one two five zero four
or eight four zero zero give them a call at
Haven Financial Group who knows this downgrade could maybe be
an opportunity for someone versus something that's negative. So again
that number is six one two, five zero four eighty
four hundred, gentlemen. When we come back, we want to
talk about keys to conservative investing in this environment. You know,
(10:21):
these are some uncertain times, that is for certain, and
a lot of people maybe are looking for some more
conservative ways to invest their money. Why they write out
what appears to be to some a bit of a storm,
certainly rough waters, we'll put it that way. So we'll
talk about that when we come back right here on
the Haven Financial Group Radio Show.
Speaker 1 (10:41):
Don't go too far. We're gathering more important insights and
retirement ways DEVI The Haven Financial Group Radio Show will.
Speaker 6 (10:47):
Be right back.
Speaker 1 (10:48):
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. No back to the show.
Speaker 2 (11:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Colvig, thunder and CEO of
the Haven Financial Group on today with Kyle Thomas, a
certified financial planner on the Haven Investment Team, talking about
bonds and retirement strategies. All this really really exciting stuff
and maybe not so exciting, but if you do get
excited about it again, feel free to give us a call.
Speaker 3 (11:24):
We love to visit more with you.
Speaker 4 (11:26):
That number is six one two five zero four eighty
four hundred. We want to talk about conservative investing in
this economic environment. I'm Kinle. I'm going to start with
you and I'm going to have you sort of walk
through what you and vision or what Haven Financial Group
envisions as conservative investing.
Speaker 5 (11:46):
Well, yeah, in simple terms, conservative investing people generally think
of more bonds, cash, maybe fixed annuity type type investments.
For us, it goes a little deeper though. For US,
it means having a diversified portfolio, mitigating your risk, and
(12:07):
making sure that you have buckets across all these different categories,
because when one of them, you know, tips over, then
all the other ones can remain unaffected. Whereas if you
have you know, just maybe two or three buckets you know,
being used as your investments, if one of them tips over,
that can be a big percentage of what you have, right,
(12:28):
So we just want to make sure that we are
diversified and taking the right amount of risk. And one
thing that I like to say for people is, you know,
you take risks every single day when you're when you
go into your car, you're taking a calculated risk that
something's probably not going to happen.
Speaker 6 (12:47):
Right.
Speaker 5 (12:48):
Well, a lot of people take a risk by not
investing their their investments. They're sitting in cash, it's at
the bank, or it's in you know, a money market
fund that's getting you know, two to three percent somewhere
in there. But that you're not taking market risk when
you're in that absolutely one hundred percent agree, But you're
(13:09):
also you're taking on a different type of risk. You're
taking on purchasing power risk, and you're actually losing money,
especially in these last few years, because inflation has been
well topped out close to nine percent, and it's still
actually fairly high year over years, about two point six
for this last month, I believe. So that's something that
(13:29):
you have to keep in mind too, is if you're
not taking stock market risk, what kind of risk are
you taking? And it's important to make sure that you
review that with a professional and make sure that you're
properly allocated.
Speaker 4 (13:40):
Absolutely, Yeah, you've got you've got to take into account
inflation obviously, in healthcare costs and those kinds of things.
It's just continual to go up. Let's let's talk about
understanding sequence of returns risk.
Speaker 5 (13:54):
Yeah, sequence of returns risk is a huge deal as well.
You know, having having some negative returns in those first
couple of years of retirement can deeply impact your portfolio
for the rest of your retirement. And that's actually something
that we plan for in our meetings. We have a
thousand different trials run in Armanti Carlo simulations, and we
(14:17):
actually have a bad timing scenario and that bad time
in scenario is exactly that, you know, negative returns in
the first two years, and when we look at that,
you know, we're not planning for that as our base case,
but it's definitely something that we keep in mind and
show the clients to make sure that, hey, if this happens,
(14:38):
are we going to be okay? And you know how
many failures in our thousand trials do we have, So
the sequence of returns can really play a role. And
on the vice versa, if you have really positive returns
in your first couple of years of retirement, it could
set you up for the rest of your time. So
it's important to make sure that we're planning for sequences,
(15:01):
not just a static six percent return every single year,
because that never happens. Sure, it's it's going to have variations.
We're going to have negative years, we're gonna have positive years,
and the negative years seem to happen, you know, in
one out of every three years somewhere some kind of
variation in there.
Speaker 3 (15:16):
But oh go.
Speaker 4 (15:17):
Ahead, no, no, no, go ahead, you finished it.
Speaker 5 (15:20):
I was going to say, there's there is someone that
I met with last week actually, and they were in
all cash and I ran these Body Carlo simulations for them.
In their current scenario with all cash, they were at
a zero percent success rate. I reran it for them
investing at seventy percent stocks and thirty percent bonds, and
they went to a ninety nine. You can't get a hundred,
(15:42):
so it was essentially as high as you can be.
So it just shows you that, you know, rebalancing, taking
on some risk is actually good for you because it
diversifies more for you.
Speaker 3 (15:54):
Well, so let me I can add to that if
you don't mind.
Speaker 5 (15:57):
Sure.
Speaker 2 (15:57):
You know, if listeners are listening in and tuning in
on this segment and they say conservative investing, I don't
want conservative investing. I'm a risk taker, you know, don't
get the wrong mindset here. It's not just a mindset,
it's a strategy. And yes, at Haven Financial Group, as
we work with those close to retirement or in retirement
or younger ones too, but if you're in that age group,
(16:20):
you know, people do tend to take the foot off
the gas pedal a little bit for risk. So we
do see things through the lens of retirement. Granted, our
clients that are twenty to thirty or forty years old,
that retirement, the element of time is completely different. But
as people do get older, what do they say at
defense Offense is great, but defense wins championships. So what
(16:42):
a lot of people we come in contact with are
not aware of is how much risk they are taking.
And they only notice it when the times get really tough,
and then they push the panic button, and then we're
trying to help them not make decisions that are not
good decisions at that point. So don't just think conservatives
all but I'm going to put it in the mattress.
Speaker 3 (17:02):
I'm going to put it all in cash.
Speaker 2 (17:04):
Know, what we want is you to have a real
good balanced portfolio. And you've heard me say this, a
bucket full of liquidity, which most people don't have. Enough
of cash that's readily available, moneies that are in the
stock market, properly invested, and perhaps some investments that offer
principal protection without the risk of the market. And also
(17:27):
making sure we keep fees to as low as possible.
That's what we're trying, folks to have a good understanding,
and that's what we'll give folks peace of mind when
the market is rocky, which we've seen over the last
year two years.
Speaker 4 (17:41):
Well, Larry, you just talked about some of those buckets,
and earlier Kyle talked about the idea of having monies
invested in stocks and in bonds. Are there other tools
out there for conservative investors.
Speaker 5 (17:52):
Yeah, there are a few other tools out there, and
one of them that we really like right now is
in a fixed index annuity especially. You know, there's some
out there that have really great guaranteed interest rates. Right now,
there's an eight percent one and that is something that
we've allocated a lot of funds too in this past
(18:15):
year year and a half because starting out with eight percent,
you know, the compounding interest on that for those remaining
years can be so valuable to you because you say
you start out with one hundred thousand in it, well
that second year you're starting out with one hundred and
eight thousand, and it's so that compounding interest really takes
a big impact. And it's guaranteed with no downside. So
(18:37):
if we can get eight percent with no downside, I'll
take that every day, all right.
Speaker 4 (18:42):
So Kyle tell us about some of the common misconceptions
when it comes to conservative investing.
Speaker 5 (18:47):
Some misconceptions is you know that you're not going to
lose that's the biggest one.
Speaker 6 (18:52):
And and yes, we do not want to lose.
Speaker 5 (18:55):
Actually, when we're investing for you, we're trying not to
lose more than we are trying to actually gain. So
we are in alignment with folks who don't want to lose.
Speaker 6 (19:06):
But in a sense, you are losing if you say
you are.
Speaker 5 (19:09):
All cash because you know that inflation rate. If inflation
is higher than the interest rate, then you're receiving on
your cash, you are losing. It's that purchasing power risk
that we are talking about. And if you're just keeping
pace with inflation, you know, some people are okay with that,
but most people are in a place where they can
(19:30):
take more risk than just mashing inflation. You know, when
we talk about risk, it's a need, willingness, and ability.
A lot of people don't need to take a whole
lot of risk. But if you don't have a need
to take a whole lot of risk, you have an
ability that you can take some risk. So let's find
a good balance in the middle there where you're growing
(19:52):
your assets, maybe for you know, legacy planning, your kids,
a charity, you know, whatever that may be. But let's
take on some risk here and you know, try to
grow some some assets for you and beat inflation, because
you know, everyone likes to make money. And if you
can take on slightly higher risk and still do that
(20:14):
beat inflation, you know, it's it's a win win, and
it creates more diversification for you.
Speaker 4 (20:20):
So, if you're somebody who's listening and you consider yourself
a conservative investor, maybe you're in all cash and you're
suddenly hearing some things that are you know, ringing true.
You're concerned about inflation, you're concerned about rising costs, and
you're you're not making any money on your money. You
need a partner. This can be very overwhelming, and there's
(20:41):
no two ways about that. For everyone. They have a
financial group. They are there for you. They're there to
help put together a portfolio, even for a conservative investor,
so that retirement is everything you wanted to be. Give
them a call. Six one two five zero four eight
four zero zero again six one two five zero four
(21:01):
a four zero zero. Call the Haven Financial Group today.
Give him a call. Tell them you've heard us here
on the radio and that you're looking to come in
and talk to a little bit about your investments and
what the future may hold, gentlemen. When we come back,
let's talk about let's see here what's in the President's
new tax bill that's coming up right here on the
(21:23):
Haven Financial Group Radio Show.
Speaker 1 (21:26):
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 Colvig is back and ready to
help you find your financial safe haven.
Speaker 2 (21:47):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Calvig, founder and CEO of
the Haven Financial Group, on today with Kyle Thomas, a
certified financial planner on the Haven Investment Team. Kim, we're
going to talk about the Trump's new tax bill, the
big Tax build, the big beautiful tax bill. I think
it's what it's called. I don't know anything. It can
(22:08):
be beautiful if we're dealing with taxes. But hey, let's
unwind this thing a little bit. And if you're listening
and you have questions, worries, concerns, reservations about your retirement again,
feel free to give us a call six' one two
five four eighty four hundred or visit us online At
hanfinancialgroup dot.
Speaker 3 (22:26):
Com come on in and visit with. Us there is no.
Speaker 2 (22:27):
Cost we would take you through our proprietary process which
we take everybody through getting an understanding of who you.
Speaker 3 (22:34):
Are you get an understanding of who we, are and
we love that.
Speaker 4 (22:38):
Opportunity, Yeah president calls it one big beautiful. Bill it
has passed The, house it has yet to pass The.
Senate as we are chatting, now The senate is putting
together some real changes from what The house has already,
passed and so it's anticipated that that will be introduced
and there may even be sort of a floating of
(23:00):
voting on The senate side to see what kind of
support it would. Get the implications are pretty significant and
certainly significant for retirees and pre. Retiree so let's talk
a little bit about the overall. BILL i don't know
which one of the two of you would like to
talk about what The house. Passed it narrowly passed in The.
House it was a four point five trillion dollar tax
(23:22):
and spending, plan and it is aimed to make permanent
something that we talk about on a very regular basis
here on the show and that's the twenty Seventeen Tax
cuts And Jobs.
Speaker 5 (23:32):
Act, yeah the twenty Seventeen Tax cuts And Jobs act
were that was a pretty nice on the. Pocketbooks that
standard deduction increased quite a bit for this current. Year
it's at thirty thousand for the standard deduction if you're
Married finland, jointly and that is going to continue on
if this bill passes through The.
Speaker 6 (23:53):
Senate there and.
Speaker 5 (23:57):
If it hadn't gone, through it was supposed to sunset
at the end of this year and be cut in about,
Half so that that is a huge tax benefit just
that piece. Alone plus those tax rates themselves were going
to be jumping as, well so that twelve percent tax
rate was going to be going to, fifteen the twenty
two was going to be going to twenty, five and so.
On so the tax rates themselves are staying, lower and
(24:20):
then also that deduction is going to stay, higher lowering
the taxes that you will actually. Pay in addition to,
that there's going to be a standard deduction, increase so
a temporary four thousand dollars increase for. Seniors so that's
another thing there already is a if you're over sixty,
(24:41):
five you get about another three. Thousand so this year
it's if you're over sixty, five you get thirty three
thousand married finally jointly with the sex or four, thousand
you could be getting upwards to thirty seven thousand dollars
in a.
Speaker 6 (24:53):
Deduction so there's.
Speaker 5 (24:55):
Quite a bit of you, know tick tacking on top
of what are already was in place, there and there's
quite a bit beyond.
Speaker 6 (25:03):
That those are just kind of the high level ones.
Speaker 5 (25:06):
That popped out to, me and that directly affect the
retirees that we work, with especially when we're doing further
tax planning and those retirement years like roth conversions or
just qualified, distributions especially those ones because those are taxable
events and you want to make sure that we're maintaining
(25:26):
a cheaper tax bracket when we make those.
Speaker 6 (25:30):
Decisions, now what.
Speaker 4 (25:32):
Would be some of the direct implications for retigrees if
some of, these you, know these different provisions would take.
Speaker 2 (25:39):
Effect you, Know kyle mentioned right off the bat the
standard deduction, increasing and you know that's a big.
Speaker 3 (25:44):
Thing The Social security tax.
Speaker 2 (25:46):
Relief there's some relief in there for up to four
thousand tax deduction On Social, Security so that would affect
the retirees that are Collecting Social, security the estate tax
would go up to the federal estate tax would go
up to a fifteen, Million so that would have changed
maybe some estate planning strategies for the higher net. Worth medicaid,
(26:06):
Changes Medicaid medicare, changes there's stuff.
Speaker 3 (26:10):
In the bill that would affect that as.
Speaker 2 (26:12):
Well notice all these different topics that it relates to
are all things that we do At Haven Financial group
as a retirement services. Company you, know we talk Social.
Security we teach those, classes Social security and tax. Class
we taught two of them this past.
Speaker 3 (26:29):
Week very well.
Speaker 2 (26:30):
Attended if you'd love to come go to our, website
we'd love to have. You as far as the tax
discussions lance OUR cpa in, house these are all discussions
we're having it on an ongoing. Basis, Medicare glenn And,
isabella we handle all of that here at the.
Speaker 3 (26:46):
Office these are all.
Speaker 2 (26:48):
Conversations that the news sparks the, conversation but it's conversations
that we're already having with our clients and folks that
we come in contact, with keeping them up to speed
on these. Changes how does it affect? Them what should they?
Change is there something in their retirement plan that should be.
Modified these are all part of the conversations that we're
(27:09):
having that give people confidence to, know no matter what
the change, is you have a partner you can lean
on that's going to get you up to speed with,
it so you don't have to do it alone trying
to figure it.
Speaker 3 (27:19):
Out, now what DO i?
Speaker 1 (27:20):
Do?
Speaker 4 (27:22):
Right are there some Steps larry that you guys are
telling your clients to take in advance to mitigate maybe
the impact of this bill if it goes.
Speaker 2 (27:30):
Through, well you, said if it goes, through we don't
know what the bill is even going to look like
by the time it does go, through so be aware
to be. Determined here's what it, says here's what the updates.
Are but, again you know you mentioned the tax. Brackets
you know there's a good chance that this is it's
going to be. Extended so it's going to give the
(27:51):
opportunities that we've been doing over the last several years
with extremely low tax, brackets roth, conversions you, know take
advantage of the zero capital gains tax as it relates
to retirees. Income you, know it just may it may
give us more time to take advantage of these opportunities
and they are opportunities that you can seize if.
Speaker 3 (28:15):
You're having the.
Speaker 2 (28:15):
Conversation, however if you're only having a meeting once or
twice a year for thirty minutes to an hour in
all these retirement, topics you're not getting the attention you,
deserve AND i think you deserve the.
Speaker 4 (28:27):
Attention is there anything in this bill that's been proposed
that particularly concerns?
Speaker 5 (28:34):
You you, Know i'm not going to say there's anything
that necessarily concerns. ME i think that there's some things
in here that could drastically change some things for, retirees you,
know especially like The. Medicaid you know that funding could
be different for a lot of people depending on what
(28:57):
actually goes, through and a lot of that is just
confusion on how it would actually be implemented and what
those changes. Are, so you, know whatever it, is it's
going to work itself.
Speaker 6 (29:08):
Out it always.
Speaker 5 (29:10):
Has you, know there's going to be people that are
upset and then some people that are happy on you,
know either side of. It but there's nothing that really concerns.
ME i think it's just all all however it plays,
out and some people are going to maybe have to pay,
more and then maybe some people pay. Less but you,
know it is what it, is and we just have
(29:30):
to make sure that we're planning for it and whatever
the cost, is that we update our plans here and
when we run Those Monty carlos, again you, know we
make sure that our costs are accurate to what the
new costs going forward could be.
Speaker 4 (29:44):
Sure you. Know the toughest part about these kinds of
bills that you here's so much. Publicity obviously The house
has passed, it then we're going to go through this
whole ordeal with The, senate and then you wait and
then so a lot of people don't even really understand
or know what's. Happening isn't that the?
Speaker 3 (29:57):
Case it is the?
Speaker 2 (29:59):
CASE i mean, Infusion what will the bill look like
by the time it gets past or when it gets?
Speaker 3 (30:03):
Past who knows what's the? Timeline who?
Speaker 2 (30:05):
Knows WHAT i do know Is navigating the complexities of
tax legislation is. Challenging it can be, overwhelming especially when
it intersects with your retirement. Plan the old element of
time comes into play, again and understanding these changes may
affect your financial future.
Speaker 3 (30:23):
In a variety of different.
Speaker 2 (30:24):
Ways and that's what we want to give you some
clarity and some, understanding some strategies tailored to your unique.
Situation that's where we're here to, help and we'd love
to work together to ensure your retirement plan remains. ROBUST
i meand'st all of these these times because we only
live in the, moment you, know, man we have never
(30:45):
seen times like, this and maybe we, haven't but the
political and the financial landscapes they've always evolved and they've always,
changed and we all get, older and you know there's
always people. Retiring this isn't something that necessarily we haven't seen.
Before but if you're looking to calm some of that
anxiety and get some more information, here we are love
to visit.
Speaker 4 (31:05):
Well and you know you're, Right, LARRY i think it's
probably not something we haven't seen, before but maybe it's
something that someone's going through retirement or getting into retirement
and they haven't dealt with it at this stage in their,
life unlike you guys who deal with these kinds of
things and try to step people through them on a
very regular. Basis six one two five zero four eight
four zero. Zero that number gets you To haven financial.
(31:28):
Group tell them that you heard us here on the.
Radio and that you'd like to come, in sit down
and talk through your. Portfolio maybe you don't have, one
and maybe it's that time when you need to put one,
together or maybe you just need a good partner who
can work with you to make sure that you sleep at. Night,
again that number is six one two five zero four
eighty four. Hundred when we come, Back basics of tech
(31:51):
strategy for. Retirement that's right here on The Haven Financial
Group Radio.
Speaker 6 (31:55):
Show don't go too.
Speaker 1 (31:57):
Far we're gathering more important insights and retire Wways devin
The Haven Financial Group Radio. Show we'll be right. Back stick.
Around you've got, Questions we've got. Answers your tune to
The Haven Financial Group Radio show with your Host Larry
kolvig And Kim. Karragan now back to the.
Speaker 2 (32:17):
Show good morning once, again and welcome to The Haven
Financial Group Radio. Show I'm Larry, kalvig founder AND ceo
of The Haven Financial.
Speaker 3 (32:24):
Group thanks for.
Speaker 2 (32:25):
Listening give us a call at six one two five
zero four eighty four hundred. Again havenfinancialgroup dot, com great,
website all kinds of, tools And, kim you know we're
celebrating our ten year, anniversary our new space that we
just built out for the fourth time in ten. Years
is about a week away from being, ready so we'll
be able to do some classes in the office as,
(32:47):
well of, course as all the other classes we do
in libraries and, colleges all of those educational classes which
we find very valuable because people want to. Learn so,
again go to our. Website you're all. Invited we'd love
to see you if materials, provided and that might just
be a good place to, start and then come on
and visit with, Us. Kim you, know we Got Kyle,
(33:09):
thomas certified financial planner on The haven team also with,
us and let's talk about the basics of tax strategies for,
retirement how about.
Speaker 4 (33:17):
It, absolutely let's get started with just talking About, Well,
kyle let me ask you, this what do you think
are some of the basics that people absolutely need to
know when it comes to their tax strategy and their.
Retirement AND i think number one probably is that they
need a.
Speaker 5 (33:32):
Strategy, yeah, yeah everyone needs a, strategy and that strategy
is optimal when you have different areas and resources that
you can pull money, from having different buckets of pre
tax you, KNOW ira, money and then having post tax
(33:54):
ROTH ira. Money so that's always going to be tax.
Free and then a brokerage account we call that non
qualified that is either traditionally a joint, account individual, account
or trust. Account and having all three of those provides you,
flexibility which is exactly what.
Speaker 6 (34:12):
We want in retirement is we want.
Speaker 5 (34:14):
Flexibility we want to be in control of our tech
situation and make decisions for us rather than the government
telling us what we have to. Do so that that
should be a basic plan is how do we get
to have three different segments of money and then then
we can pull different levers depending on what our year
(34:35):
looks like and be in control of as much as
we can.
Speaker 4 (34:39):
Be it seems in retirement we have different kind of
opportunities frequently that come up that are. Taxable for, example
maybe you're selling your, business you're selling your, home and
you have capital gains. Taxes maybe for the first, time you,
know you've decided that you're going to draw dividends off
(35:01):
of some of your. Investments talk to us a little
bit about some of those those income streams and how
they can be.
Speaker 6 (35:08):
Taxed.
Speaker 2 (35:08):
Well income is the name of the. Game mailbox Money.
Larry now we're, retired you, know we don't get a paycheck.
Anymore we get this all the. Time where do we
start drawing from in the most tax efficient way? Possible
so first of, all what kind of accounts do you?
Have you, KNOW i just Had randy And kerry and From.
Burnsville actually they're not far from the. Office this past.
(35:29):
Week both were. Executives she's, retired he's about months from.
Retiring and they have both, said you, know we're good
at making the. Money we just put it all away
and they high net, worth they've. Saved they're not the great,
savers but they have tons of non qualified. Moneies she's
worked with a lot of the big companies here in
The Twin, cities you, Know, Medtronic equal lab and we
(35:52):
got a lot of stock options that are reduced. Costs she,
goes we have we're financially, smart but we've not really paid.
Attention they had accounts. Everywhere they have a major tax,
issue major tax. Issued they're going to be coming in
talking about net unrealized. Appreciation where to draw from capital gains?
Tax you, know even if you have a small, amount
(36:14):
because right, now if somebody's, listening, go, oh this is
only for rich. People that could not be further from
the truth people retired and where do you Draw we're
going to sit, down what are the? Options do you
have a, pension social?
Speaker 3 (36:26):
Security?
Speaker 2 (36:26):
When and how do we minimize taxes to the best
of our? Ability tax? EFFICIENCY i say it almost every,
week forward thinking tax. Planning what can we do today
to minimize the tax effects later meaning next, year five,
years ten years for many of when we builded Al
kyle with a test you may be twenty. Years what
(36:50):
opportunities are there to take advantage of today to minimize
that tax effects.
Speaker 4 (36:55):
Later, absolutely and one of the things that you'll have
to understand is that if they maybe have lived and
made all of their money In minnesota all their, life
but their intention is to move after retiring To florida
or maybe To arizona to be closer to the, kids
(37:16):
state tax is different depending on where they.
Speaker 6 (37:18):
Go, yeah it absolutely.
Speaker 5 (37:21):
Is and sometimes you, know we'll be meeting with clients
who are within a few years of retirement and they're,
asking SHOULD i be MAKING ira contributions ROTH ira contributions
or SHOULD i be doing.
Speaker 6 (37:35):
Four oh one k pre tax or four oh one
k after?
Speaker 5 (37:38):
Tax and if there's any inclination that we're going to
be moving to a state tax free state in, retirement
you should always be doing pre, tax especially if you're
in a high tax state Like, minnesota because, well you're
going to get a deduction in that year and that's
going to be anywhere from seven to nine percent on your,
(38:00):
income and then now you can take it out in
a different state where you're not paying any state. Tax
and that's where you'd also want to wait to be
doing ANY roth. Conversions so people who are already retired
now we want to and they're going to be moving
to a different, state we're going to want to be
waiting to do any roth conversions until you're in that.
STATE i ACTUALLY i was just having this conversation with
(38:23):
my dad, recently so he just moved To South, Carolina
so that's going to be advantageous to be doing conversions
now that he's In South carolina rather than when he
was In. Minnesota so definitely we plan differently and accordingly
to where you're going to be in, retirement AND i
know that can be hard to, determine but, yeah.
Speaker 2 (38:44):
Yeah and what he just described IS i had clients
of mind From hastings they just called this. Week it
was all part of the master plan which is coming
to fruition very quickly Because jim called me and. Goes
we sold the farm In hastings Closes august fifteenth to
purchase agreement In, Sarasota. Florida And i'm, like, wow you
(39:04):
guys move, fast AND i. GO i travel well To.
SARASOTA i was just there three weeks.
Speaker 3 (39:09):
Ago it's.
Speaker 2 (39:10):
Beautiful but again we've talked about the tax benefits of
what they're, doing and just talking through those. Things so
and then a lot of times we come across people
that maybe have four to one k's or orphan four
one ks and maybe just a misunderstanding if they roll
those over there'd be tax. IMPLICATIONS a rollover doesn't have
any tax. Implications in, FACT i would encourage you if you're,
(39:33):
retired in most, situations you're going to roll that four
to one k into AN. Ira for a variety of,
reasons we don't have time to go through over the through.
Speaker 3 (39:40):
On the show.
Speaker 2 (39:41):
Today rolling those over, consolidation, simplification maybe you're not there.
Anymore we help people with them all the. Time, again
you don't have there's no tax. IMPLICATIONS a direct rollover
is what we call. That or if you're over fifty
nine and a half an in service fifty nine and
a half. Rollover we really don't. See we really don't
like indirect rollovers. Anymore you can only have one per.
(40:03):
Year the check comes to, you you have sixty days
to get it into the. Institution it's, better sirt if
you just don't even go there. Anymore we used to do,
that but, again the direct roller is the best way
to do. That, again it all comes down to. Taxes
what makes the most. Sense where are we going to
get the? Income you, know retirement is you, know too
important to leave it to. Chance you want to have a,
(40:24):
plan especially when it comes to. Taxes you worked hard
for every single one of those dollars your entire. Life
why not just give away a dollar here there To
Uncle sam if you don't have, To and if it's
not a, dollar it might be thousands.
Speaker 3 (40:39):
Of, dollars especially over your.
Speaker 2 (40:40):
Lifetime so if you want help navigating any of these,
rules giving you the, confidence let's talk it. Through let's
make smart tax. Moves and, again if you're not having these,
CONVERSATIONS i call them unforced errors or missed, Opportunities let's
try to keep those to a.
Speaker 3 (40:58):
Minimum or at least not even have them at.
Speaker 4 (41:00):
All, absolutely and you always say you have to have a.
Strategy don't just drop your taxes off to be done
and pick them up once the preparer is.
Speaker 6 (41:10):
Finished, Right that is so.
Speaker 2 (41:11):
True so we're not a drop, off pickup. LANCER cpa
loves to explain. Things in, FACT i bet YOU i
had at least two or three THAT i can think
of this past week which they, Said, wow somebody finally, Explained,
OH i know what it.
Speaker 3 (41:25):
WAS i asked him how the experience.
Speaker 2 (41:26):
Went, well we finally understood why we're doing with the.
Holdings this, year we didn't get hit with a big tax.
Bill that's the results we. Wanted, again all the retirement puzzle.
Pieces every week we talk about, them from a state,
planning to life insurance, reviews to ANNUITY x, rays to, medicare,
(41:47):
Healthcare minnesota, care, minshire wealth, management all of these, things social,
security timing, decisions all of these retirement puzzle pieces are
all part of that retirement. Puzzle do you want to
put all the pieces together to the best of your,
abilities coordinate them and, again that's what we strive to
do and help people to do on a, weekly weekly.
Speaker 1 (42:08):
Basis are you concerned about your?
Speaker 4 (42:10):
Taxes do you need to sit down and talk to
someone and put together a? Strategy Give Haven Financial group
a call sixty one to two five zero four eighty
four hundred sixty one to two five zero four eight
four zero zero talk about taxes and anything related to. Retirement,
gentlemen this has been so. Informative i've enjoyed every minute of.
Speaker 2 (42:33):
It Thanks, KIM i appreciate it and we look forward
to visiting with you next week week And, kyle great
to have you on.
Speaker 6 (42:39):
Today, yeah thank, you it's awesome.
Speaker 4 (42:40):
Beer Investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed
(43:00):
herein and comments regarding it safe and secure investments and
guaranteed income streams only refer to fixed insurance.
Speaker 1 (43:06):
Products they do not refer in any way to securities
or investment advisory. Products fixed insurance and annuity product guarantees
are subject to the claims paying ability of the issuing,
company
You've worked hard for your money, but do you know
how to make it work hard for you. You need
a team with experience, vigilance, and a strategy to help
you live the retirement you deserve. Find your financial safe
haven with Haven Financial Group. Today you're listening to the
new and improved Haven Financial Group Radio Show, where we
bring you comprehensive weekly financial wisdom from the professionals. It's
(00:23):
all about helping you solve retirement problems so you can
make your nest egg last. Your tune to the Haven
Financial Group Radio Show with your host Larry Kolvig and
Kim Karrigan your guides to weekly retirement confidence. If you're
interested in protecting and growing what you have, let us
be your financial safe haven. The fuone nines are always
(00:43):
open at six point two five four eighty four hundred.
Now get your financial questions ready because the Haven Financial
Group Radio Show starts now.
Speaker 2 (00:54):
Good morning and welcome to the Haven Financial Group Radio Show.
Speaker 3 (00:58):
Thanks for listening.
Speaker 2 (00:59):
Feel free to give us all this morning at six
one two five zero four eighty four hundred or visit
us online at Havenfinancialgroup dot com. Kim good to be
with you and Kim, we got Kyle Thomas, our certified
financial planner on the Haven Investment Team, also with us
this morning.
Speaker 4 (01:15):
Yes, and it's great to have Kyle, and it's good
to be with you as well. Here we are just
the weekend before the fourth of July. That's hard to believe,
isn't it. It is it is summergoing, Larry.
Speaker 2 (01:27):
I know, but we know what that means. It gets
the fourth of July and then we go the other direction.
And I know we don't want to ponder that, but
that's kind of reality.
Speaker 4 (01:35):
Please don't say that.
Speaker 3 (01:36):
I know.
Speaker 4 (01:39):
Well, we got a great show for everybody today. We're
going to talk a little bit about bonds, tax bills
and how all of that might play into one's retirement strategy.
And we're so glad that Kyle Thomas could be with
us to talk a little bit more about that. As
we break down the show, we're going to talk about
Moody's they have downgraded US bonds. What kind of impact
does that have on all of us, and especially what
(02:00):
kind of impact does that have on pre retirees and retirees.
We'll talk about keys to conservative investing in this economy.
We're going to talk about what's in Trump's new tax bill.
And finally we'll wrap up the conversation toy with basics
for tech strategies for retirement ease. So let's talk a
(02:23):
little bit, if we could, gentlemen, about this Moody situation
that happened really back in May, but is impacting you
know everyone.
Speaker 5 (02:31):
Now, yeah, this is this is definitely something that is
kind of I pop in when you first hear about it,
the US government getting downgraded in their credit rating. You know,
all in total, the what we got downgraded to is
still very very good. So right off the bat, you know,
(02:51):
I'm not too worried about the government in a sense
of defaulting on any credit that we have outstanding, you know,
just like treasury bonds that the everyday person owns. But
what it does mean, so Moody's changed the outlook for
the government debt. We have thirty six trillion in debt,
(03:12):
and we have rising interest costs, we have tax cuts
potentially coming here, you know, potentially this year, and there's
a lot of political uncertainty going on as well. So
this does play a role in creating some you know,
blurry vision going forward here. You know, the way that
(03:35):
bonds work is when you receive a higher interest rate
on your bond, you're typically taking on more risk, and
with the credit rating of the United States dropping, in theory,
the rates should increase because you are taking on a
lower quality bond than you were previously earlier this year.
(03:57):
So everyone is expecting rates to come down. Everyone wants
rates to come down because you know, that means inflation
is kind of cooling. But with that, it kind of
makes it harder for these interest rates to come down
if the credit rating is lesser than it was previously.
So that's that's one side of it that is interesting
(04:19):
to watch because although it doesn't really impact, you know,
our faith in the government and being able to pay out,
it does impact the interest rates overall.
Speaker 4 (04:30):
So let's talk about, gentlemen, why this is important to
retire ease.
Speaker 5 (04:35):
It's very important because treasury bonds can serve a really
big piece of a portfolio. They serve a big piece
for our portfolio. Specifically, there's different types of treasury bonds,
so you can have standalone treasury bonds, you can have
treasury inflation protected securities. So the interest that you're going
(04:55):
to be receiving definitely can impact your portfolio and it's
important to make sure that you have the right allocations
within those investments because those rates will change and you
want to make sure that your exposure is not going
to be over the top one way or the other,
or it's going to be underweight on the you know,
on the other side. So it's important because also there's
(05:19):
a lot of income that can come from those investments.
A lot of people depend on the income from those treasuries,
that interest that they pay to live on, you know,
month to month, or however that the case may be.
Speaker 4 (05:31):
You know, we talked about it right off the top.
I mean again, Moody's downgrading US bonds, but it was
a slight downgrade, and boy that makes big, splashy headlines
and the media likes to talk about it, and it's
great across the business pages. But you know, you've got
to look beyond this because you've even said that this
is not like the government's going to default, and Moody's
is not stated that by any stretch of the imagination.
(05:53):
So Kyle or Larry, how do you plan beyond this?
Speaker 2 (05:57):
Yeah, let's first and foremost say you know, the down
d Yeah, it was a downgrade, and just that word
alone as is negative. You know, triple A rating though
to double a one, it's not a huge thing.
Speaker 3 (06:10):
Okay, you're right.
Speaker 2 (06:10):
It makes headlines, it gets it puts fear in people,
it sells the news. You know one thing that doesn't
talked about much. You know, Kyle mentioned we got thirty
six point two trillion dollars in debt. That is alarming,
and I know nobody wants to talk about it. Really
they talk about it, but it's really just talk. I mean,
if you really want to depress yourself, go to usdetclock
(06:31):
dot org and see how it's wrapping ramping up so
fast that sooner or later we're going to have to
have a heart to heart discussion in government of how
we reduce the debt. Now there's a variety of raised
ways that they're talking about doing it, but it never
seems to work, and that number just keeps on going up.
For the listeners and the retirees, those that are getting
close to retirement, this creates an ample a really good
(06:55):
time to re evaluate your portfolio, you know, slice it
and get it reviewed and making sure that you're in
the right place at the right time. And it really
shouldn't take the headlines like this to make you do it.
But if it does well, maybe that's a positive thing
because you know what, haven we're looking at this on
an ongoing basis. This isn't something that well, we're looking
(07:17):
at one year and then we're just going to let
it sit on the sidelines for the next two three years. Now,
this is something that you should be leaning on a
partner with to explain these things, to help you understand
these things, to make sure that base to where you're
at as far as the timeline for retirement, that you're
in the right position, that you have the right duration bonds.
You know, how do bonds play a part of your portfolio.
(07:40):
Some people don't like bonds, so they're heavier in stocks.
The important part is to have these conversations, and that's
what I find people are not having these conversations, and
that's where the fear comes from.
Speaker 4 (07:52):
Absolutely, if you do have bonds in your portfolio, this
is not a panic situation for you though, correct, No, this.
Speaker 5 (07:59):
Is not a panic situation by any means. In my opinion,
the government has the unlimited taxing authority to back these bonds.
So although if we push comes to shove, they can
raise the taxes and pay the debts that are owed
on these bonds, and that would happen, but that's never
(08:22):
really happened just to you know, pay these debts like
that before.
Speaker 6 (08:25):
It's just always kind of been a steady increase over time,
so they will pay out. We weren't worried about that.
Speaker 5 (08:32):
But yeah, again, that interest rate can definitely play a role,
and having more short duration bonds in your portfolio can
really help mitigate some of the risks of this because
those short duration bonds are much less sensitive to these
interest rate changes than intermediate or long term bonds, and
(08:53):
intermediate and long term bonds have been more traditional holdings
in portfolios. And we actually change our allocation a little
over a year ago to have more short term bonds
because we saw that the interest rates were not going
to be coming down as fast as everyone anticipated.
Speaker 6 (09:11):
So that was that was a proactive.
Speaker 5 (09:12):
Move that we made within our portfolios and it has
paid off for the last year here.
Speaker 2 (09:17):
So Kim, at the end of the day, Kim, you know,
a credit down grade doesn't change the fundamentals of retirement planning.
It simply adds a new layer of complexity, if you will.
That's why working again with a financial partner, financial advisor
who keeps an eye on the big picture, you know,
while tailoring strategies for your situation that it's not the
(09:38):
same for everybody, can be very, very valuable. And if
you're not getting that, or if you want to make
sure your portfolio is built to weather this uncertainty which
is always going to be here to some degree, please
give us a call today. Let's have more conversation. You
absolutely have nothing to lose and only things to gain
from having that conversation.
Speaker 4 (09:57):
Absolutely, and the number six one two five zero four
or eight four zero zero give them a call at
Haven Financial Group who knows this downgrade could maybe be
an opportunity for someone versus something that's negative. So again
that number is six one two, five zero four eighty
four hundred, gentlemen. When we come back, we want to
talk about keys to conservative investing in this environment. You know,
(10:21):
these are some uncertain times, that is for certain, and
a lot of people maybe are looking for some more
conservative ways to invest their money. Why they write out
what appears to be to some a bit of a storm,
certainly rough waters, we'll put it that way. So we'll
talk about that when we come back right here on
the Haven Financial Group Radio Show.
Speaker 1 (10:41):
Don't go too far. We're gathering more important insights and
retirement ways DEVI The Haven Financial Group Radio Show will.
Speaker 6 (10:47):
Be right back.
Speaker 1 (10:48):
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. No back to the show.
Speaker 2 (11:02):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Colvig, thunder and CEO of
the Haven Financial Group on today with Kyle Thomas, a
certified financial planner on the Haven Investment Team, talking about
bonds and retirement strategies. All this really really exciting stuff
and maybe not so exciting, but if you do get
excited about it again, feel free to give us a call.
Speaker 3 (11:24):
We love to visit more with you.
Speaker 4 (11:26):
That number is six one two five zero four eighty
four hundred. We want to talk about conservative investing in
this economic environment. I'm Kinle. I'm going to start with
you and I'm going to have you sort of walk
through what you and vision or what Haven Financial Group
envisions as conservative investing.
Speaker 5 (11:46):
Well, yeah, in simple terms, conservative investing people generally think
of more bonds, cash, maybe fixed annuity type type investments.
For us, it goes a little deeper though. For US,
it means having a diversified portfolio, mitigating your risk, and
(12:07):
making sure that you have buckets across all these different categories,
because when one of them, you know, tips over, then
all the other ones can remain unaffected. Whereas if you
have you know, just maybe two or three buckets you know,
being used as your investments, if one of them tips over,
that can be a big percentage of what you have, right,
(12:28):
So we just want to make sure that we are
diversified and taking the right amount of risk. And one
thing that I like to say for people is, you know,
you take risks every single day when you're when you
go into your car, you're taking a calculated risk that
something's probably not going to happen.
Speaker 6 (12:47):
Right.
Speaker 5 (12:48):
Well, a lot of people take a risk by not
investing their their investments. They're sitting in cash, it's at
the bank, or it's in you know, a money market
fund that's getting you know, two to three percent somewhere
in there. But that you're not taking market risk when
you're in that absolutely one hundred percent agree, But you're
(13:09):
also you're taking on a different type of risk. You're
taking on purchasing power risk, and you're actually losing money,
especially in these last few years, because inflation has been
well topped out close to nine percent, and it's still
actually fairly high year over years, about two point six
for this last month, I believe. So that's something that
(13:29):
you have to keep in mind too, is if you're
not taking stock market risk, what kind of risk are
you taking? And it's important to make sure that you
review that with a professional and make sure that you're
properly allocated.
Speaker 4 (13:40):
Absolutely, Yeah, you've got you've got to take into account
inflation obviously, in healthcare costs and those kinds of things.
It's just continual to go up. Let's let's talk about
understanding sequence of returns risk.
Speaker 5 (13:54):
Yeah, sequence of returns risk is a huge deal as well.
You know, having having some negative returns in those first
couple of years of retirement can deeply impact your portfolio
for the rest of your retirement. And that's actually something
that we plan for in our meetings. We have a
thousand different trials run in Armanti Carlo simulations, and we
(14:17):
actually have a bad timing scenario and that bad time
in scenario is exactly that, you know, negative returns in
the first two years, and when we look at that,
you know, we're not planning for that as our base case,
but it's definitely something that we keep in mind and
show the clients to make sure that, hey, if this happens,
(14:38):
are we going to be okay? And you know how
many failures in our thousand trials do we have, So
the sequence of returns can really play a role. And
on the vice versa, if you have really positive returns
in your first couple of years of retirement, it could
set you up for the rest of your time. So
it's important to make sure that we're planning for sequences,
(15:01):
not just a static six percent return every single year,
because that never happens. Sure, it's it's going to have variations.
We're going to have negative years, we're gonna have positive years,
and the negative years seem to happen, you know, in
one out of every three years somewhere some kind of
variation in there.
Speaker 3 (15:16):
But oh go.
Speaker 4 (15:17):
Ahead, no, no, no, go ahead, you finished it.
Speaker 5 (15:20):
I was going to say, there's there is someone that
I met with last week actually, and they were in
all cash and I ran these Body Carlo simulations for them.
In their current scenario with all cash, they were at
a zero percent success rate. I reran it for them
investing at seventy percent stocks and thirty percent bonds, and
they went to a ninety nine. You can't get a hundred,
(15:42):
so it was essentially as high as you can be.
So it just shows you that, you know, rebalancing, taking
on some risk is actually good for you because it
diversifies more for you.
Speaker 3 (15:54):
Well, so let me I can add to that if
you don't mind.
Speaker 5 (15:57):
Sure.
Speaker 2 (15:57):
You know, if listeners are listening in and tuning in
on this segment and they say conservative investing, I don't
want conservative investing. I'm a risk taker, you know, don't
get the wrong mindset here. It's not just a mindset,
it's a strategy. And yes, at Haven Financial Group, as
we work with those close to retirement or in retirement
or younger ones too, but if you're in that age group,
(16:20):
you know, people do tend to take the foot off
the gas pedal a little bit for risk. So we
do see things through the lens of retirement. Granted, our
clients that are twenty to thirty or forty years old,
that retirement, the element of time is completely different. But
as people do get older, what do they say at
defense Offense is great, but defense wins championships. So what
(16:42):
a lot of people we come in contact with are
not aware of is how much risk they are taking.
And they only notice it when the times get really tough,
and then they push the panic button, and then we're
trying to help them not make decisions that are not
good decisions at that point. So don't just think conservatives
all but I'm going to put it in the mattress.
Speaker 3 (17:02):
I'm going to put it all in cash.
Speaker 2 (17:04):
Know, what we want is you to have a real
good balanced portfolio. And you've heard me say this, a
bucket full of liquidity, which most people don't have. Enough
of cash that's readily available, moneies that are in the
stock market, properly invested, and perhaps some investments that offer
principal protection without the risk of the market. And also
(17:27):
making sure we keep fees to as low as possible.
That's what we're trying, folks to have a good understanding,
and that's what we'll give folks peace of mind when
the market is rocky, which we've seen over the last
year two years.
Speaker 4 (17:41):
Well, Larry, you just talked about some of those buckets,
and earlier Kyle talked about the idea of having monies
invested in stocks and in bonds. Are there other tools
out there for conservative investors.
Speaker 5 (17:52):
Yeah, there are a few other tools out there, and
one of them that we really like right now is
in a fixed index annuity especially. You know, there's some
out there that have really great guaranteed interest rates. Right now,
there's an eight percent one and that is something that
we've allocated a lot of funds too in this past
(18:15):
year year and a half because starting out with eight percent,
you know, the compounding interest on that for those remaining
years can be so valuable to you because you say
you start out with one hundred thousand in it, well
that second year you're starting out with one hundred and
eight thousand, and it's so that compounding interest really takes
a big impact. And it's guaranteed with no downside. So
(18:37):
if we can get eight percent with no downside, I'll
take that every day, all right.
Speaker 4 (18:42):
So Kyle tell us about some of the common misconceptions
when it comes to conservative investing.
Speaker 5 (18:47):
Some misconceptions is you know that you're not going to
lose that's the biggest one.
Speaker 6 (18:52):
And and yes, we do not want to lose.
Speaker 5 (18:55):
Actually, when we're investing for you, we're trying not to
lose more than we are trying to actually gain. So
we are in alignment with folks who don't want to lose.
Speaker 6 (19:06):
But in a sense, you are losing if you say
you are.
Speaker 5 (19:09):
All cash because you know that inflation rate. If inflation
is higher than the interest rate, then you're receiving on
your cash, you are losing. It's that purchasing power risk
that we are talking about. And if you're just keeping
pace with inflation, you know, some people are okay with that,
but most people are in a place where they can
(19:30):
take more risk than just mashing inflation. You know, when
we talk about risk, it's a need, willingness, and ability.
A lot of people don't need to take a whole
lot of risk. But if you don't have a need
to take a whole lot of risk, you have an
ability that you can take some risk. So let's find
a good balance in the middle there where you're growing
(19:52):
your assets, maybe for you know, legacy planning, your kids,
a charity, you know, whatever that may be. But let's
take on some risk here and you know, try to
grow some some assets for you and beat inflation, because
you know, everyone likes to make money. And if you
can take on slightly higher risk and still do that
(20:14):
beat inflation, you know, it's it's a win win, and
it creates more diversification for you.
Speaker 4 (20:20):
So, if you're somebody who's listening and you consider yourself
a conservative investor, maybe you're in all cash and you're
suddenly hearing some things that are you know, ringing true.
You're concerned about inflation, you're concerned about rising costs, and
you're you're not making any money on your money. You
need a partner. This can be very overwhelming, and there's
(20:41):
no two ways about that. For everyone. They have a
financial group. They are there for you. They're there to
help put together a portfolio, even for a conservative investor,
so that retirement is everything you wanted to be. Give
them a call. Six one two five zero four eight
four zero zero again six one two five zero four
(21:01):
a four zero zero. Call the Haven Financial Group today.
Give him a call. Tell them you've heard us here
on the radio and that you're looking to come in
and talk to a little bit about your investments and
what the future may hold, gentlemen. When we come back,
let's talk about let's see here what's in the President's
new tax bill that's coming up right here on the
(21:23):
Haven Financial Group Radio Show.
Speaker 1 (21:26):
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 Colvig is back and ready to
help you find your financial safe haven.
Speaker 2 (21:47):
Good morning once again, and welcome to the Haven Financial
Group Radio Show. I'm Larry Calvig, founder and CEO of
the Haven Financial Group, on today with Kyle Thomas, a
certified financial planner on the Haven Investment Team. Kim, we're
going to talk about the Trump's new tax bill, the
big Tax build, the big beautiful tax bill. I think
it's what it's called. I don't know anything. It can
(22:08):
be beautiful if we're dealing with taxes. But hey, let's
unwind this thing a little bit. And if you're listening
and you have questions, worries, concerns, reservations about your retirement again,
feel free to give us a call six' one two
five four eighty four hundred or visit us online At
hanfinancialgroup dot.
Speaker 3 (22:26):
Com come on in and visit with. Us there is no.
Speaker 2 (22:27):
Cost we would take you through our proprietary process which
we take everybody through getting an understanding of who you.
Speaker 3 (22:34):
Are you get an understanding of who we, are and
we love that.
Speaker 4 (22:38):
Opportunity, Yeah president calls it one big beautiful. Bill it
has passed The, house it has yet to pass The.
Senate as we are chatting, now The senate is putting
together some real changes from what The house has already,
passed and so it's anticipated that that will be introduced
and there may even be sort of a floating of
(23:00):
voting on The senate side to see what kind of
support it would. Get the implications are pretty significant and
certainly significant for retirees and pre. Retiree so let's talk
a little bit about the overall. BILL i don't know
which one of the two of you would like to
talk about what The house. Passed it narrowly passed in The.
House it was a four point five trillion dollar tax
(23:22):
and spending, plan and it is aimed to make permanent
something that we talk about on a very regular basis
here on the show and that's the twenty Seventeen Tax
cuts And Jobs.
Speaker 5 (23:32):
Act, yeah the twenty Seventeen Tax cuts And Jobs act
were that was a pretty nice on the. Pocketbooks that
standard deduction increased quite a bit for this current. Year
it's at thirty thousand for the standard deduction if you're
Married finland, jointly and that is going to continue on
if this bill passes through The.
Speaker 6 (23:53):
Senate there and.
Speaker 5 (23:57):
If it hadn't gone, through it was supposed to sunset
at the end of this year and be cut in about,
Half so that that is a huge tax benefit just
that piece. Alone plus those tax rates themselves were going
to be jumping as, well so that twelve percent tax
rate was going to be going to, fifteen the twenty
two was going to be going to twenty, five and so.
On so the tax rates themselves are staying, lower and
(24:20):
then also that deduction is going to stay, higher lowering
the taxes that you will actually. Pay in addition to,
that there's going to be a standard deduction, increase so
a temporary four thousand dollars increase for. Seniors so that's
another thing there already is a if you're over sixty,
(24:41):
five you get about another three. Thousand so this year
it's if you're over sixty, five you get thirty three
thousand married finally jointly with the sex or four, thousand
you could be getting upwards to thirty seven thousand dollars
in a.
Speaker 6 (24:53):
Deduction so there's.
Speaker 5 (24:55):
Quite a bit of you, know tick tacking on top
of what are already was in place, there and there's
quite a bit beyond.
Speaker 6 (25:03):
That those are just kind of the high level ones.
Speaker 5 (25:06):
That popped out to, me and that directly affect the
retirees that we work, with especially when we're doing further
tax planning and those retirement years like roth conversions or
just qualified, distributions especially those ones because those are taxable
events and you want to make sure that we're maintaining
(25:26):
a cheaper tax bracket when we make those.
Speaker 6 (25:30):
Decisions, now what.
Speaker 4 (25:32):
Would be some of the direct implications for retigrees if
some of, these you, know these different provisions would take.
Speaker 2 (25:39):
Effect you, Know kyle mentioned right off the bat the
standard deduction, increasing and you know that's a big.
Speaker 3 (25:44):
Thing The Social security tax.
Speaker 2 (25:46):
Relief there's some relief in there for up to four
thousand tax deduction On Social, Security so that would affect
the retirees that are Collecting Social, security the estate tax
would go up to the federal estate tax would go
up to a fifteen, Million so that would have changed
maybe some estate planning strategies for the higher net. Worth medicaid,
(26:06):
Changes Medicaid medicare, changes there's stuff.
Speaker 3 (26:10):
In the bill that would affect that as.
Speaker 2 (26:12):
Well notice all these different topics that it relates to
are all things that we do At Haven Financial group
as a retirement services. Company you, know we talk Social.
Security we teach those, classes Social security and tax. Class
we taught two of them this past.
Speaker 3 (26:29):
Week very well.
Speaker 2 (26:30):
Attended if you'd love to come go to our, website
we'd love to have. You as far as the tax
discussions lance OUR cpa in, house these are all discussions
we're having it on an ongoing. Basis, Medicare glenn And,
isabella we handle all of that here at the.
Speaker 3 (26:46):
Office these are all.
Speaker 2 (26:48):
Conversations that the news sparks the, conversation but it's conversations
that we're already having with our clients and folks that
we come in contact, with keeping them up to speed
on these. Changes how does it affect? Them what should they?
Change is there something in their retirement plan that should be.
Modified these are all part of the conversations that we're
(27:09):
having that give people confidence to, know no matter what
the change, is you have a partner you can lean
on that's going to get you up to speed with,
it so you don't have to do it alone trying
to figure it.
Speaker 3 (27:19):
Out, now what DO i?
Speaker 1 (27:20):
Do?
Speaker 4 (27:22):
Right are there some Steps larry that you guys are
telling your clients to take in advance to mitigate maybe
the impact of this bill if it goes.
Speaker 2 (27:30):
Through, well you, said if it goes, through we don't
know what the bill is even going to look like
by the time it does go, through so be aware
to be. Determined here's what it, says here's what the updates.
Are but, again you know you mentioned the tax. Brackets
you know there's a good chance that this is it's
going to be. Extended so it's going to give the
(27:51):
opportunities that we've been doing over the last several years
with extremely low tax, brackets roth, conversions you, know take
advantage of the zero capital gains tax as it relates
to retirees. Income you, know it just may it may
give us more time to take advantage of these opportunities
and they are opportunities that you can seize if.
Speaker 3 (28:15):
You're having the.
Speaker 2 (28:15):
Conversation, however if you're only having a meeting once or
twice a year for thirty minutes to an hour in
all these retirement, topics you're not getting the attention you,
deserve AND i think you deserve the.
Speaker 4 (28:27):
Attention is there anything in this bill that's been proposed
that particularly concerns?
Speaker 5 (28:34):
You you, Know i'm not going to say there's anything
that necessarily concerns. ME i think that there's some things
in here that could drastically change some things for, retirees you,
know especially like The. Medicaid you know that funding could
be different for a lot of people depending on what
(28:57):
actually goes, through and a lot of that is just
confusion on how it would actually be implemented and what
those changes. Are, so you, know whatever it, is it's
going to work itself.
Speaker 6 (29:08):
Out it always.
Speaker 5 (29:10):
Has you, know there's going to be people that are
upset and then some people that are happy on you,
know either side of. It but there's nothing that really concerns.
ME i think it's just all all however it plays,
out and some people are going to maybe have to pay,
more and then maybe some people pay. Less but you,
know it is what it, is and we just have
(29:30):
to make sure that we're planning for it and whatever
the cost, is that we update our plans here and
when we run Those Monty carlos, again you, know we
make sure that our costs are accurate to what the
new costs going forward could be.
Speaker 4 (29:44):
Sure you. Know the toughest part about these kinds of
bills that you here's so much. Publicity obviously The house
has passed, it then we're going to go through this
whole ordeal with The, senate and then you wait and
then so a lot of people don't even really understand
or know what's. Happening isn't that the?
Speaker 3 (29:57):
Case it is the?
Speaker 2 (29:59):
CASE i mean, Infusion what will the bill look like
by the time it gets past or when it gets?
Speaker 3 (30:03):
Past who knows what's the? Timeline who?
Speaker 2 (30:05):
Knows WHAT i do know Is navigating the complexities of
tax legislation is. Challenging it can be, overwhelming especially when
it intersects with your retirement. Plan the old element of
time comes into play, again and understanding these changes may
affect your financial future.
Speaker 3 (30:23):
In a variety of different.
Speaker 2 (30:24):
Ways and that's what we want to give you some
clarity and some, understanding some strategies tailored to your unique.
Situation that's where we're here to, help and we'd love
to work together to ensure your retirement plan remains. ROBUST
i meand'st all of these these times because we only
live in the, moment you, know, man we have never
(30:45):
seen times like, this and maybe we, haven't but the
political and the financial landscapes they've always evolved and they've always,
changed and we all get, older and you know there's
always people. Retiring this isn't something that necessarily we haven't seen.
Before but if you're looking to calm some of that
anxiety and get some more information, here we are love
to visit.
Speaker 4 (31:05):
Well and you know you're, Right, LARRY i think it's
probably not something we haven't seen, before but maybe it's
something that someone's going through retirement or getting into retirement
and they haven't dealt with it at this stage in their,
life unlike you guys who deal with these kinds of
things and try to step people through them on a
very regular. Basis six one two five zero four eight
four zero. Zero that number gets you To haven financial.
(31:28):
Group tell them that you heard us here on the.
Radio and that you'd like to come, in sit down
and talk through your. Portfolio maybe you don't have, one
and maybe it's that time when you need to put one,
together or maybe you just need a good partner who
can work with you to make sure that you sleep at. Night,
again that number is six one two five zero four
eighty four. Hundred when we come, Back basics of tech
(31:51):
strategy for. Retirement that's right here on The Haven Financial
Group Radio.
Speaker 6 (31:55):
Show don't go too.
Speaker 1 (31:57):
Far we're gathering more important insights and retire Wways devin
The Haven Financial Group Radio. Show we'll be right. Back stick.
Around you've got, Questions we've got. Answers your tune to
The Haven Financial Group Radio show with your Host Larry
kolvig And Kim. Karragan now back to the.
Speaker 2 (32:17):
Show good morning once, again and welcome to The Haven
Financial Group Radio. Show I'm Larry, kalvig founder AND ceo
of The Haven Financial.
Speaker 3 (32:24):
Group thanks for.
Speaker 2 (32:25):
Listening give us a call at six one two five
zero four eighty four hundred. Again havenfinancialgroup dot, com great,
website all kinds of, tools And, kim you know we're
celebrating our ten year, anniversary our new space that we
just built out for the fourth time in ten. Years
is about a week away from being, ready so we'll
be able to do some classes in the office as,
(32:47):
well of, course as all the other classes we do
in libraries and, colleges all of those educational classes which
we find very valuable because people want to. Learn so,
again go to our. Website you're all. Invited we'd love
to see you if materials, provided and that might just
be a good place to, start and then come on
and visit with, Us. Kim you, know we Got Kyle,
(33:09):
thomas certified financial planner on The haven team also with,
us and let's talk about the basics of tax strategies for,
retirement how about.
Speaker 4 (33:17):
It, absolutely let's get started with just talking About, Well,
kyle let me ask you, this what do you think
are some of the basics that people absolutely need to
know when it comes to their tax strategy and their.
Retirement AND i think number one probably is that they
need a.
Speaker 5 (33:32):
Strategy, yeah, yeah everyone needs a, strategy and that strategy
is optimal when you have different areas and resources that
you can pull money, from having different buckets of pre
tax you, KNOW ira, money and then having post tax
(33:54):
ROTH ira. Money so that's always going to be tax.
Free and then a brokerage account we call that non
qualified that is either traditionally a joint, account individual, account
or trust. Account and having all three of those provides you,
flexibility which is exactly what.
Speaker 6 (34:12):
We want in retirement is we want.
Speaker 5 (34:14):
Flexibility we want to be in control of our tech
situation and make decisions for us rather than the government
telling us what we have to. Do so that that
should be a basic plan is how do we get
to have three different segments of money and then then
we can pull different levers depending on what our year
(34:35):
looks like and be in control of as much as
we can.
Speaker 4 (34:39):
Be it seems in retirement we have different kind of
opportunities frequently that come up that are. Taxable for, example
maybe you're selling your, business you're selling your, home and
you have capital gains. Taxes maybe for the first, time you,
know you've decided that you're going to draw dividends off
(35:01):
of some of your. Investments talk to us a little
bit about some of those those income streams and how
they can be.
Speaker 6 (35:08):
Taxed.
Speaker 2 (35:08):
Well income is the name of the. Game mailbox Money.
Larry now we're, retired you, know we don't get a paycheck.
Anymore we get this all the. Time where do we
start drawing from in the most tax efficient way? Possible
so first of, all what kind of accounts do you?
Have you, KNOW i just Had randy And kerry and From.
Burnsville actually they're not far from the. Office this past.
(35:29):
Week both were. Executives she's, retired he's about months from.
Retiring and they have both, said you, know we're good
at making the. Money we just put it all away
and they high net, worth they've. Saved they're not the great,
savers but they have tons of non qualified. Moneies she's
worked with a lot of the big companies here in
The Twin, cities you, Know, Medtronic equal lab and we
(35:52):
got a lot of stock options that are reduced. Costs she,
goes we have we're financially, smart but we've not really paid.
Attention they had accounts. Everywhere they have a major tax,
issue major tax. Issued they're going to be coming in
talking about net unrealized. Appreciation where to draw from capital gains?
Tax you, know even if you have a small, amount
(36:14):
because right, now if somebody's, listening, go, oh this is
only for rich. People that could not be further from
the truth people retired and where do you Draw we're
going to sit, down what are the? Options do you
have a, pension social?
Speaker 3 (36:26):
Security?
Speaker 2 (36:26):
When and how do we minimize taxes to the best
of our? Ability tax? EFFICIENCY i say it almost every,
week forward thinking tax. Planning what can we do today
to minimize the tax effects later meaning next, year five,
years ten years for many of when we builded Al
kyle with a test you may be twenty. Years what
(36:50):
opportunities are there to take advantage of today to minimize
that tax effects.
Speaker 4 (36:55):
Later, absolutely and one of the things that you'll have
to understand is that if they maybe have lived and
made all of their money In minnesota all their, life
but their intention is to move after retiring To florida
or maybe To arizona to be closer to the, kids
(37:16):
state tax is different depending on where they.
Speaker 6 (37:18):
Go, yeah it absolutely.
Speaker 5 (37:21):
Is and sometimes you, know we'll be meeting with clients
who are within a few years of retirement and they're,
asking SHOULD i be MAKING ira contributions ROTH ira contributions
or SHOULD i be doing.
Speaker 6 (37:35):
Four oh one k pre tax or four oh one
k after?
Speaker 5 (37:38):
Tax and if there's any inclination that we're going to
be moving to a state tax free state in, retirement
you should always be doing pre, tax especially if you're
in a high tax state Like, minnesota because, well you're
going to get a deduction in that year and that's
going to be anywhere from seven to nine percent on your,
(38:00):
income and then now you can take it out in
a different state where you're not paying any state. Tax
and that's where you'd also want to wait to be
doing ANY roth. Conversions so people who are already retired
now we want to and they're going to be moving
to a different, state we're going to want to be
waiting to do any roth conversions until you're in that.
STATE i ACTUALLY i was just having this conversation with
(38:23):
my dad, recently so he just moved To South, Carolina
so that's going to be advantageous to be doing conversions
now that he's In South carolina rather than when he
was In. Minnesota so definitely we plan differently and accordingly
to where you're going to be in, retirement AND i
know that can be hard to, determine but, yeah.
Speaker 2 (38:44):
Yeah and what he just described IS i had clients
of mind From hastings they just called this. Week it
was all part of the master plan which is coming
to fruition very quickly Because jim called me and. Goes
we sold the farm In hastings Closes august fifteenth to
purchase agreement In, Sarasota. Florida And i'm, like, wow you
(39:04):
guys move, fast AND i. GO i travel well To.
SARASOTA i was just there three weeks.
Speaker 3 (39:09):
Ago it's.
Speaker 2 (39:10):
Beautiful but again we've talked about the tax benefits of
what they're, doing and just talking through those. Things so
and then a lot of times we come across people
that maybe have four to one k's or orphan four
one ks and maybe just a misunderstanding if they roll
those over there'd be tax. IMPLICATIONS a rollover doesn't have
any tax. Implications in, FACT i would encourage you if you're,
(39:33):
retired in most, situations you're going to roll that four
to one k into AN. Ira for a variety of,
reasons we don't have time to go through over the through.
Speaker 3 (39:40):
On the show.
Speaker 2 (39:41):
Today rolling those over, consolidation, simplification maybe you're not there.
Anymore we help people with them all the. Time, again
you don't have there's no tax. IMPLICATIONS a direct rollover
is what we call. That or if you're over fifty
nine and a half an in service fifty nine and
a half. Rollover we really don't. See we really don't
like indirect rollovers. Anymore you can only have one per.
(40:03):
Year the check comes to, you you have sixty days
to get it into the. Institution it's, better sirt if
you just don't even go there. Anymore we used to do,
that but, again the direct roller is the best way
to do. That, again it all comes down to. Taxes
what makes the most. Sense where are we going to
get the? Income you, know retirement is you, know too
important to leave it to. Chance you want to have a,
(40:24):
plan especially when it comes to. Taxes you worked hard
for every single one of those dollars your entire. Life
why not just give away a dollar here there To
Uncle sam if you don't have, To and if it's
not a, dollar it might be thousands.
Speaker 3 (40:39):
Of, dollars especially over your.
Speaker 2 (40:40):
Lifetime so if you want help navigating any of these,
rules giving you the, confidence let's talk it. Through let's
make smart tax. Moves and, again if you're not having these,
CONVERSATIONS i call them unforced errors or missed, Opportunities let's
try to keep those to a.
Speaker 3 (40:58):
Minimum or at least not even have them at.
Speaker 4 (41:00):
All, absolutely and you always say you have to have a.
Strategy don't just drop your taxes off to be done
and pick them up once the preparer is.
Speaker 6 (41:10):
Finished, Right that is so.
Speaker 2 (41:11):
True so we're not a drop, off pickup. LANCER cpa
loves to explain. Things in, FACT i bet YOU i
had at least two or three THAT i can think
of this past week which they, Said, wow somebody finally, Explained,
OH i know what it.
Speaker 3 (41:25):
WAS i asked him how the experience.
Speaker 2 (41:26):
Went, well we finally understood why we're doing with the.
Holdings this, year we didn't get hit with a big tax.
Bill that's the results we. Wanted, again all the retirement puzzle.
Pieces every week we talk about, them from a state,
planning to life insurance, reviews to ANNUITY x, rays to, medicare,
(41:47):
Healthcare minnesota, care, minshire wealth, management all of these, things social,
security timing, decisions all of these retirement puzzle pieces are
all part of that retirement. Puzzle do you want to
put all the pieces together to the best of your,
abilities coordinate them and, again that's what we strive to
do and help people to do on a, weekly weekly.
Speaker 1 (42:08):
Basis are you concerned about your?
Speaker 4 (42:10):
Taxes do you need to sit down and talk to
someone and put together a? Strategy Give Haven Financial group
a call sixty one to two five zero four eighty
four hundred sixty one to two five zero four eight
four zero zero talk about taxes and anything related to. Retirement,
gentlemen this has been so. Informative i've enjoyed every minute of.
Speaker 2 (42:33):
It Thanks, KIM i appreciate it and we look forward
to visiting with you next week week And, kyle great
to have you on.
Speaker 6 (42:39):
Today, yeah thank, you it's awesome.
Speaker 4 (42:40):
Beer Investment advisory service is offered Through Guardian Well STRATEGIES.
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not. Guaranteed please consult with the qualified financial
advisor and or tax professional before implementing any strategy discussed
(43:00):
herein and comments regarding it safe and secure investments and
guaranteed income streams only refer to fixed insurance.
Speaker 1 (43:06):
Products they do not refer in any way to securities
or investment advisory. Products fixed insurance and annuity product guarantees
are subject to the claims paying ability of the issuing,
company
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