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 Kolvick, founder and CEO of the Haven Financial Group.
Kyle Thomas on again this week, certified financial planner on
the Haven Investment Team. Kim to be good to be
with you.
Speaker 3 (01:08):
It's great to be with you as well, Larry Kyle.
Good to have you like always, Yeah, thank you. Hoping
that everybody is well and that their summer is fun
and that you're enjoying it.
Speaker 2 (01:20):
It's going by fast. I shouldn't say that, but we're
in the middle of July already, and well, I've lived
here my whole life. Let's just enjoy the rest of
the summer because we know what comes next, right, That's.
Speaker 3 (01:33):
So very true. You know, a lot of people feel like,
you know, we hit the middle of July and summer's
almost over. And for those who live in the cities
and live in other parts of the country, truth be known,
the summer really sort of gets started in July because
the weather can be a little tricky in June, as
(01:53):
we know. So we wanted to talk a little bit
about summer months and maybe feeling some financial freedom them
while you enjoy these wonderful these wonderful times outdoors with
your families and with friends and doing all those summer
things that make all of us so happy. So let's
talk about summer, the summer of financial freedom. We're going
(02:14):
to start with the transition from saving to spending in retirement.
Then we'll talk about building a summer of freedom on
a retirement budget. Then we'll speak of American history, money edition,
and then finding a plan for a life of freedom
in retirement, not just in the summer months. So what
(02:34):
is the summer of financial freedom? Larry?
Speaker 2 (02:36):
Well, we know that financial freedom and retirement is more
than just accumulation, how big of savings account. It's you know,
do I have the freedom to do what I want to?
Have I planned accordingly? Do I have enough liquidity? Do
I do I have a good balance with my portfolio?
You know, is my money money working for me? What
(02:57):
is it doing? There's a lot that goes into financial freedom,
and of course there's a lot that goes into retirement freedom.
You know, you know, do I work? Do I have
to work? My health? You know, all those things go
into this discussion. It is a transition, you know, from
all those working years to those retirement years. It is
(03:19):
a transition. If you're on the verge of retirement, be
prepared for a transition. Many retransition good. Some It takes
a little bit of time because all those years of accumulation, work, work, work,
and now you're going into the preservation or distribution years.
It's a different time of life. And again at Haven,
that's what we try to help people adapt to. If
(03:43):
you're a married couple, you maybe want to stay or
that for thirty days just to kind of ease into retirement.
So we're going to talk about a variety of things
this segment and the rest of the show.
Speaker 3 (03:52):
Sure, well, Kyle, let's do start with this transition. You're
really going from those years of accumulation and saving to
trying to figure out how to redistribute and spend. So
you know, how do you plan for that kind of thing?
Speaker 4 (04:08):
Yeah, that's a that's a big mind game right there,
and it's a big switch because, uh, you know, we're
told for forty years to just save, save, save, and
uh and then all of a sudden, at the flip
of a switch, you're being told to spend and and
your your paycheck is coming from you, not.
Speaker 5 (04:27):
From an employer anymore.
Speaker 4 (04:29):
So you know, there there's a there's a loss of
version right there that people come in contact with and
they they having an emotional attachment to the funds that
they've saved throughout their life, which is completely understandable. It
feels like you're tearing down what you built up for
your entire life. Sure, so that that's a big hurdle
(04:52):
to kind of jump over for people. But that's that's
why we're here. And and in a lot of cases,
just because you're ending down your portfolio doesn't mean that
you're going to have less at the end of your
plan or end of your life. There's there's good financial
strategies that you can do to make sure that that
doesn't happen. And that's one of the big roles that
(05:14):
we play.
Speaker 3 (05:14):
You guys, you must, you must, really have to have
some conversations with folks because what Kyle just said is
just really hit home with me. And that's that idea
that all of a sudden, it feels like you're tearing
down what you've built.
Speaker 2 (05:26):
It is true, that is true. All those years you've
done what you did to put it away, and now
you have to start drawing on it. Some people do
it very easily. Some people have a very difficult time
with it, you know, spending money. I just had a
couple in last week. They've been in retirement. I said,
are you spending money having fun?
Speaker 4 (05:48):
Oh?
Speaker 2 (05:49):
No, not really. They just can't spend any money. People
say all the time, we're just going to spend it
all and leave it. Leave a buck for our kids.
You're not going to spend it all, knowing their personalities,
you're not going to spend it all. So we encourage
some people in conversations to spend, and others we have
to discourage and say, at the rate you're going, you're
(06:09):
going to have a problem, you know you. I think
of a gentleman that actually lost several of them that
were in good financial shape, lost a loved one, and
now we've had to have conversations that say, at the
rate you're spending or giving it to your kids or
whatever it is, we got problems. So we have to
play both sides of the coin, the good the bad.
(06:30):
But we're going to have honest, blunt conversations because we
don't want to sugarcoat things, especially as important as money
and retirement that we just don't want to do that.
But for some people, I think it was Tom. I
forget who the Tom Hagna. He's a book writer. He
has some great books out there. We have them at
the office. We offer them to anybody that comes in.
(06:52):
For some people that can't spend, you can't take it
with you either, and do you really want to be
the richest richest person in the cemetery? Probably not, right,
So it's a balancing act, Kim, It really.
Speaker 3 (07:03):
Is, absolutely well. We've talked about, you know, trying to
get people to understand that now is the time to
begin to spend. But some things can go wrong if
you you steer away from your plan, right, Kyle, And
you've sort of talked about a few of them there, Larry.
Speaker 5 (07:19):
Yeah.
Speaker 4 (07:19):
And if you you know, take too much withdrawals from
your accounts when when the market is down, you know
that that can impact it in a big way because
you don't want to you don't necessarily realize losses from stocks,
you know, you want to let that rebound and recover.
And also overspending too early in retirement, you know, much
(07:43):
like the compounding interest conversations that we've had for the
younger folks. You know, the more time that you have
in the market, the bigger impact it has on the
later years. The same thing goes for retirement withdrawals.
Speaker 2 (07:57):
Right.
Speaker 4 (07:57):
The less that you spend in those earlier years, the
better impact that's going to have in those last years
of retirement. Not that we don't want you to spend
but we just don't want to, you know, over extend
ourselves on spending in those early years because we want
to make sure that we're also longevity planning because people
are living longer, you know, and we want to make
(08:20):
sure that we don't run out. So those are two
things that we want to make sure that we don't
over exert ourselves with spending too much and you know,
spending in down years.
Speaker 3 (08:35):
So what are some of the strategies that keep people
even keeled during their retirement so that they're spending the
right amount, not saving too much and missing good times,
but not putting themselves in a position where they'll be
uncomfortable at some point.
Speaker 2 (08:50):
Well, at first, I would say the fundamental of having
a good ballanced approach. Some would say a bucket strategy.
I don't know that gets used so often. I don't
really like that. But you know, having good liquidity, you know,
I always say, we liked we want people to have
a benchmark of X amount of dollars when they're retired.
I can tell you most people don't have that. A
(09:10):
lot of retirees don't have enough liquidity. That can cause problems.
A good amount of money in the market if that's
appropriate because there is no one glove fits all, and
we have folks that don't have any money in the
market clients, and we have clients that have a whole
bunch in the market. You know, it's whatever your goals, objectives,
your desires are. And then maybe looking at having some
(09:31):
of your overall portfolio in a bucket that is invested
maybe more conservatively if appropriate, maybe with a fixed rate
of return that Kyle mentioned, maybe five to eight percent potentially,
if that's appropriate, looking at all the investment options. You know,
people they kind of have tunnel vision and they only
look at this or this, and they don't have a
(09:53):
balanced approach. They're missing asset classes. And that's where the
team and Kyle and do a very good job and
making sure that we're not just doing like a lot
of the bigger captive companies they have, well, this is
what we have to choose from, and we're going to
put you in this category. We don't do that as
an independent advisory firm. We're not a captive that we
(10:16):
have upper management saying you got to do it this way,
you got to do it this way. And we see
some of the same statements over and over and everybody
has exactly the same thing. Sure, that's not what you're
going to get here, and I don't think that's what
you should have right now.
Speaker 3 (10:29):
So with some thoughtful planning and the right tools, you
can shift confidently into retirement and at the same time,
you can protect your nest egg and you can enjoy
some freedom, freedom that you have earned through all those years.
Those are statements I think that everybody is looking to
fulfill and maybe you need a partner to help you
(10:50):
do that, help you to have the right tools and
to shift confidently into retirement. All the folks that have
in Financial Group, they're number six to one to two
five zero four eight four hundred. That's six one two
five zero four eight four zero zero. Give him a
call today. Tell them you heard us here in the
radio and you're running to transition from savings to spending
(11:11):
in your retirement. When we come back, we're going to
talk about building a summer of freedom on a retirement budget.
This is the Haven Financial Group Radio Show.
Speaker 1 (11:20):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karagan. Now back to
(11:40):
the show.
Speaker 2 (11:42):
Welcome back listeners. My name is Larry Kolvig, founder and
CEO of the Haven Financial Group, And if you're just
tuning in, you're listening to the Haven Financial Group Radio
Show where every week we discuss crucial retirement financial topics,
what's going on in the economy, the difference between a
good retirement and just surviving in retirement, having a plan.
(12:03):
It's a good place to start. Feel free to give
us a call at six' one two five zero four
eighty four hundred Or havenfinancialgroup dot. Com see all the
classes that we're. Teaching it is our tenure, anniversary which
we keep talking about because we're proud of. It and
we have multiple personalities and all these retirement areas on.
(12:23):
Purpose it was intentional ten years. Ago it didn't happen,
overnight BUT i love the COMPLIMENT i get. Weekly it's
nice to have all these different, areas these personalities that
we can get our taxes, done our healthcare, done our
investments are planning all of these retirement, topics AND i ask,
you do you have all the pieces to the retirement
(12:46):
puzzle or is there a big question mark at the
end of that.
Speaker 3 (12:50):
Sentence, absolutely we have been talking about freedom in, retirement
and most specifically we're talking about in the, summer but
really year. Round BUT i think we're using this analogy
of summer because you, know WHEN i was a, kid
the summers were care. Free as a, parent when my
kids got out of, SCHOOL i felt a little more care.
Free and now as an, adult you, know you feel
(13:13):
a little more care free because people are taking time
off from their. Jobs you're getting an opportunity to visit with,
Family you're getting a chance to spend more time with.
Friends and in, retirement you certainly want to take advantage
of those, times these care free summer times when people
are enjoying their. Life but to do, so you certainly
have to set yourself up so that you can you
(13:34):
can enjoy those care free. Summers so let's talk a
little bit about how you build a care free summer
and really what we're talking about as a care free retirement.
Budget Kyle thomas is with. Us he's a certified financial
planner With Haven Financial. Group let's talk, about you, Know,
kyle some of the most important things that you need
to do as you put together that plan that can
(13:56):
make it care, Free and one that jumps out at
me is just knowing when it is you're going to
be ready to be in.
Speaker 4 (14:02):
Retirement, yeah knowing when your retirement's going to, start and
then also knowing that you're working with someone that you
can trust and that they can.
Speaker 5 (14:11):
Help you along the way with as.
Speaker 4 (14:12):
Well and one of the biggest things that working with
someone does for you is setting up a risk profile
and portfolio for you that has stocks and bonds and
all these different diversified investments inside of. Them and one
of the first things you need to know is your time.
Horizon how much time do you have until your? Retirement
(14:33):
how much time do we have until we're going to
start Taking Social? Security or how much time do we
have until we're going to take this. Vacation so all
these different factors and goals that you, have we need
to know those things and then we can put a
plan forth that sets to achieve those goals for.
Speaker 2 (14:52):
You And, kim IF i could ask if we have
listeners out there that are you, know, fifteen twenty thirty
or forty years from. Retirement, OH i got all the
time in the. World let me tell you all the
exp years of experience THAT i. Have we often hear, this,
WELL i sure WISHED i would have got started. EARLIER
i sure WISHED i would have got started. Earlier so
(15:12):
don't let that be a temptation whether you're, young middle,
aged or in. Retirement but knowing is it one, year
is it five, years fifteen? Years and we built out the.
Plans we're going to project that well into your mid
nineties to make sure DO i run out at ninety?
Five DO i ever run? Out or DO i run
out at sixty? Five kind of important questions to ask
(15:33):
and have some definitive.
Speaker 3 (15:34):
Answers absolutely one of the Things i'm sure that you
sit down and you start to talk, about and this
is one of the THINGS i think people planning for
retirement want to, know what are my income sources WHEN
i get into those retirement.
Speaker 5 (15:47):
Years, yeah that's a great.
Speaker 4 (15:50):
Question and you, know our planning software does a great
job at laying this out in a table, format and
we look at it from the first year of retirement
all the way to those, nineties and those income sources
typically have social security in them and then some of
them have, pensions some of them. Don't but those sources
(16:13):
play a huge role in your retirement because they can
take up a big chunk of your monthly income. Needs you,
Know Social security for married spouses, oftentimes you, know covers
more than three quarters of what they're spending is for the.
Year so making sure that you're accounting for all those
(16:34):
things really. Helps because we don't want to take out
more than we need to because that's going to increase,
taxes and paying tax money more than you need to
is a hit on your portfolio as, well, Right so
we want to make sure that we can find the
happy medium there on what we need to. Do but
(16:54):
having those income sources really helps us out in creating
longevity for our.
Speaker 3 (16:59):
Dollar AND i think another question that people, Have, okay
you've identified your income, sources how DO i draw?
Speaker 2 (17:06):
That you've got to have a distribution? Strategy where do
you draw? From how much do you? Need which also
lends itself to one THAT i think ties with it
budget with the. Purpose nobody wants to hear the word.
BUDGET i don't you, know and if anybody, DOES i don't.
Know IF i believe you, Y'all i'll believe. You but
knowing exactly what expenses are in our process of discussion and,
(17:28):
planning you, know at first we, ask you, know, folks you,
know what is your monthly? Expenses and usually they'll throw
a number out. There they'll throw a number out, there
and you, know we'll encourage them if, possible put pen
to paper and you, know really trying to figure out
what are those monthly. Expenses AND i would say seventy
percent of the time when they come, back, well that
number we gave, You, larry that was a little bit
(17:50):
off or a lot. Off most of the time it's
a lot. Off and we want to make sure that
we have accurate numbers in the, planning in the, budget
because that'll help us, understand, well how much income do we,
need how much risk do you need in your portfolio
to accomplish the goals and objectives we're looking. For so
that income distribution, Slash i'll add tax strategy because you
(18:14):
want to draw from the right accounts at the right.
Time it's. Important and that's the plan that we lay.
Speaker 3 (18:20):
Out, yeah and those are the ISSUES i think that
really are mysteries to people who have never done this.
Before people who have never been in, retirement well for.
Speaker 2 (18:30):
SURE i, mean, yeah most people only retire one. Time
you haven't done it ever in your, life and this
is uncharted. Territory that's WHY i think it's important to
have a. Partner you don't have to do it. Alone
make sure you're looking at all investment, strategies maybe protecting
a little bit of the principle and some of those,
investments and if you don't know what that, means comeing
(18:51):
in and we can talk about. That investments where you
can get some growth but protect the. Principle there's no
perfect investment out. There so if you're, think, well that
sounds like the perfect, investment there isn't such a, thing
which is why we want people to look at all the,
options match your investments to your. Needs what's your risk?
LEVEL i can tell you most people don't have any
idea how much risk they're taking until something negative in
(19:14):
the market happens and then they, go oh my, GOODNESS
i just can't believe. This, well we could have predicted
the outcome before it, happened and then we could have
made adjustments so you didn't like the negative. Impact so
this is all part of conversations that should be. Continued
retirement doesn't have to be a guessing. Game and if
(19:35):
you're listening and GO i just don't. KNOW i just don't.
Know why not find? Out why not come in and
have a. Conversation you have nothing to, lose only information to,
gain you, Know.
Speaker 3 (19:46):
Larry one of the reasons a lot of PEOPLE i
think don't find, out, though is because they are afraid
that they're going to come forth and number, one they're
going to be judged that maybe they didn't do enough
during the course of their working. Years Number, two they
did everything they, could but they just have been accumulated
all that. Month so they're a little, embarrassed and they
(20:08):
think it would be kind of silly to come and
to ask someone like you or the folks that haven
to put together a. PLAN i know that you don't
look at it that.
Speaker 2 (20:15):
Way you know you said it very. Eloquently that is
a big reason why people neglect even talking about, it
won't come, In they feel, Guilty they bury their head
in the. Sand and you know WHAT i get, life
life's calendar doesn't always cooperate with our. Calendar life happens
and their. CIRCUMSTANCES i get. It whatever your circumstances, are, small,
(20:38):
medium or large, complex. Simple, again you do owe it
to yourself to have a, conversation and nobody should judge.
Anybody you. Know we've had in all the, Years we've
had all kinds of. Conversations BUT i will say, this
this Year i've seen to have met with more widows
and widowers THAN i ever had, before and it just
comes to mind a lot of times one spouse doesn't
(21:00):
want to do, it they let the other spouse do,
it and then something hat negative. Happens and now What
i've just seen it too. Much so if you're a married,
couple make sure both of you at least have an
understanding of what's going. ON i can't stress that, enough
just Because i've seen too much bad this year and
we just don't want to let leave your spouse in
(21:20):
a good.
Speaker 3 (21:21):
Position please six one two five zero four eight four zero.
Zero if any of this is ringing a bell for,
you then you need to give the folks At Haven
Financial group a. Call six one seven five zero four
eight four zero. Zero something tells me a lot of
you out there listening can relate to many of the
things that we've just. Said all right when we come
(21:43):
Back American, History let's do the money. Edition this is
The Haven Financial Group Radio.
Speaker 1 (21:48):
Show ready to find your financial safe. Haven your dream
retirement is in. Reach don't go. Away The Haven Financial
Group Radio show will be right. Back are you worried
that your financial strategy might be missing, Something, well you're
in the right. Place Larry kolvig is back and ready
(22:08):
to help you find your financial safe.
Speaker 2 (22:10):
Haven 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 but again thanks for listening this.
Morning six one two five zero four eighty four hundred
is the phone. Line feel free to give us a
call or Visit havenfinancialgroup dot. Com we continue to do
classes all year. Long investment, classes maximize Social security and tax,
(22:35):
classes medicare made simple classes go to our. Website other
classes as, well a senior fraud class here at our
community Our Education center coming up In. September senior, fraud
unfortunately is worse every year and we want to be
aware of and try to avoid all this stuff that
potentially can happen to. Us so always good to be with. You.
(22:56):
Kim we Got Kyle thomas still on with this certified
financial planner on the have an investment, team and we're
going to walk through a little bit Of american history about.
Money how about?
Speaker 3 (23:07):
That, well you know we've, SAID i think in the
last week or, two you, know we've talked about the
fact that history repeats itself and it can be a
really great guide as we look into the, unknown because
if we look, back we will see there's been trends
that might give us some insight into what might happen
(23:27):
in the. Future and certainly that has been the case
as we've watched inflation in the, country which has been
pretty tough over the last couple of years for many
people who have just reached the retirement age or are about.
To this inflationary time might be more impactful than it's
ever been. Before so maybe you didn't realize, it but
it's not the first time that there has been inflation
(23:51):
in this, country.
Speaker 5 (23:51):
Correct absolutely.
Speaker 4 (23:52):
Not and you, know we are still a very young
country if you look at it in the grand scheme
of things and how old other countries. Are so there's
a lot of learning that we're still. Doing even though you,
know our country started in seventeen seventy. Six you, know
the types of currency that they were using back then
(24:15):
Was british pounds And spanish, Currency and we didn't even
have A us dollar currency until The Coinage act in
seventeen ninety, two, Right so that's that's not a whole
lot of time that we have had our own currency.
Here and we did not get THE Us treasury established
(24:35):
in our country until seven eighty, nine, Right so then
we didn't have The United States.
Speaker 5 (24:42):
Bank until eighteen.
Speaker 4 (24:44):
Sixteen so there's a lot of changes that, happened and
we haven't we haven't had a lot of history to
go off, of so we're still learning, things especially with
the current inflation going, forward you, know the last couple of,
years and how THE fed is handling things going forward.
Here so there's a lot a lot for us to understand, Still.
Speaker 3 (25:08):
Larry when looking, back you've you've been working in this
business during other inflationary. Times talk a little bit about
some of those in more recent, history but maybe ones
that people haven't been thinking.
Speaker 2 (25:21):
About, Well i'm going to test my history AND i
never was a real history, Buff, kim so we put
me on the.
Speaker 3 (25:27):
Spot, WELL i think there were there were major. Problems
back in the early two, thousands we saw all kinds of.
Problems we all watched the stock market drop like crazy
when we had so many of our financial institutions under
pressure in two thousand and would that be eight.
Speaker 2 (25:46):
Two thousand and seven to two thousand and, nine you're,
Right actually what nineteen ninety nine to two thousand and
one y two? K? Man it seems like a long time,
ago doesn't, It or maybe it. Doesn't we had a
major market, correction, yes but who. Cares we were all
so much, younger didn't really. Matter but there were retiring
people retiring in those. Years two thousand and, seventy two
thousand and, nine real estate market. Correction pretty much every
(26:09):
listener remembers how their four oh one k became a
two to one k and they lost half their. Money
took the. Week we were spoiled for almost fourteen. Years,
AGAIN covid hit and so on and so forth at
the market's. High but you, Know Kyle, hit it's a good.
Point you, know a couple of years, AGO i was In,
europe and you, know those are, old, old old countries
(26:30):
we have not. Had you, know nineteen, thirteen The Federal
reserve was established nineteen. Thirteen that's not that long. Ago
so we are still. Learning inflation has always been, here
it will always continue to be. Here interest rates, changed you,
know just this past week is when we discuss do
people have? Mortgages and by the, Way i'm a firm
(26:52):
believer in. Retirement if you do not have a, mortgage
the happiest people in retirement don't have a. Mortgage NOW
i understand that everybody can do. That, now my other
financial advisors would, say don't ever pay off your. Mortgage
that's just. SILLY i, disagree but again we can always respectfully.
Disagree but the reality, is you, KNOW i was talking about,
(27:12):
mortgages and you know people have panicked recently about six
to seven percent mortgages because there was two to three. Percent,
WELL i got a lot of clients that remember fifteen
to eighteen percent. Mortgages, Okay so interest, rates, inflation all
this stuff which affects our money and affects our bills
and affects our monthly. Budgets this isn't anything, new but
(27:34):
It you, know we tend to forget because we live
in the, moment and the moment affects us, now and
we forget about, well it affected other people back in those.
Times so it comes back to again full circle to
having a, plan a plan that can, adjust. Modify At
Haven Financial group is what we do and it's what
we will continue to. Do but a lot of people
(27:57):
just are again are not getting that. Attention they don't
they talk about, retirement all these retirement topics once a,
year maybe for an. Hour, well what kind of attention is,
that especially for what you're. Paying you should be getting
more value for what you're, paying and you're not getting the.
Attention and if that's, you come on in and let's
have a.
Speaker 5 (28:16):
Discussion.
Speaker 3 (28:17):
Absolutely, well you KNOW i brought up asking you about
more recent events because and you hit the nail on
the head because we did go through that financial correction
in two thousand and seven to two thousand and, nine
and then we enjoyed fourteen years of. Comfort so point
being that with a good, plan you may have some trouble,
(28:39):
now but those good years could just be right around the.
Corner and again history repeats. Itself so if you go
in with a good, plan chances are good you will
get two better.
Speaker 2 (28:49):
Times you're exactly, right just as THE, Us just as
THE us evolved over. Time your retirement plan will also,
evolve or should. Evolve it shouldn't be the same when
you're thirty, four fifty. Sixty there's modifications that should. Happen
so let's take a page out of. History don't leave
your financial, future your retirement future to. Chance hope is
not a. Plan, yes we can have, hope AND i
(29:11):
hope we all have, hope but that's not a. Plan
explore all the, options get a personalized one on one
conversation with anybody on the. Team what are your. Strategies
they're probably not the same as your. Neighbors how do
you navigate through all of these things? Confidently what does
your incomposition look? Like are you in it for the
long haul when you're going to run out of? MONEY
(29:33):
i hope you never. Will but if you don't have a,
plan how do you. Know you're just? Guessing AND i would,
say let's not leave it to chance and to.
Speaker 5 (29:41):
Guessing, WELL i can tell you.
Speaker 3 (29:42):
This it doesn't give care free summer if you're spending
all your time. Guessing and again that's a metaphor for
a care free. Retirement we're equating it to. Summer but
the fact of the matter is your, goals no, doubt
whatever they might, be must also include the idea of
a stress free time in your. Life so if you
(30:04):
are looking to put together a, plan if you don't have,
one or if maybe you have one and you want yours,
reviewed if you're twenty five years out from, retirement but
you think it's time to start thinking that, way and
by the, way if you're twenty five years, out it
is you want to start to put together a. Plan
As larry, said frequently people come in and, say, GOSH
i WISH i would have started. Sooner don't let that be.
(30:26):
You let's get started right. Now six one two five
zero four eight four zero. Zero that's the. Number you.
Call set up an. Appointment it is free of. Charge
come in visit with the folks At Haven Financial, group
tell them where you stand in this retirement planning strategy
time and they can work with you to make sure
(30:48):
that this is a care free time in your. Life
six one two five zero four eight four zero. Zero
that's the. Number and of course you can go To
havenfinancialgroup dot com you can learn more About Haven Financial
group as well as some of those upcoming educational. Seminars
when we come, back let's talk about plans for life of. Freedom,
again that's sort of what, EVERYBODY i think ultimate goal
(31:10):
is when they get to. Retirement it may not be
one size fits, all but everybody's looking for a little
bit of. Freedom we're going to talk about that when
we come back right here on The Haven Financial Group Radio.
Speaker 1 (31:18):
Show don't go too. Far we're gathering more important insights
and retirement Pays 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
(31:39):
to the.
Speaker 2 (31:39):
Show good, morning and welcome back to The Haven Financial
Group Radio. Show I'm Larry, Koalvig 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 are Always havenfinancialgroup Dot, com drop us a, line
shoot us an. Email if you have, questions and you've
had questions for you, years why not get those questions.
(32:02):
ANSWERED i can never get a kick out of people
That i've had a question for. Years why not get an?
Answered our job description should be to answer. Questions check
out our, classes come out to. Them we invite the
public and our. Clients we can always. Learn and again
it's our ten year anniversary and we're talking about, freedom
(32:22):
the freedom of retirement, again so, important those golden. Years
we want them to be the golden, years but if
you're not preparing for them in the proper, Fashion i'm
afraid that they might not be as good as you
want them to.
Speaker 3 (32:34):
Be you, know, retirement by the, Way Kyle thomas is with,
us it's not just about. Finances it's about a whole
lot of, things, Right it's about it's about planning a
whole new. Lifestyle AND i know you guys do a
lot of discussion with your, clients not just about their,
finances but about their lifestyle and making it rewarding and
(32:55):
making it what they had anticipated it would.
Speaker 1 (32:57):
Be.
Speaker 2 (32:57):
Yeah, yeah we do spend a lot of time because you,
know you worked all these years and now now you
have more time on your. Hands as, humans we have
to have a sense of. Purpose so what are you
going to? Do what are you gonna? Do you're gonna
golf every, day probably. Not you're gonna fish every, day probably.
Not so what else are you gonna. Do what other
things are you going to? Explore are you going to continue?
(33:18):
Education are you going to pursue a passion that you
haven't done? Before are you going to spend all your
time grandparenting like maybe some do because we hear about.
It hopefully you're not just going to doctor's, appointments because
we hear about those. Two you, know do your preventive,
stuff but, doctors doctor's appointments and. Grandparenting we're so, busy
(33:39):
we didn't have we don't even know how we had
time to. Work we hear that. Often but what are
you going to do to avoid? Boredom you, know In,
minnesota you know we have what's called. WINTER i can
tell you that a lot of, Folks i've heard this numerous,
times if they retired in the, fall they, GO i
wish we wait wait until, spring because then you enter
(34:01):
those winter. Months and, again just tip from the tips
from us of what we. Heard we can give you
more tips if you come. In, Sure but, again it's an,
adjustment it's a transition and you got to find. It
how are you gonna do? It sitting on that recliner
too many hours a? Day it does not bode.
Speaker 5 (34:19):
Well for.
Speaker 2 (34:20):
Retirement, WELL i have.
Speaker 3 (34:21):
Heard a lot of people who talk, about you, know
the retirement. HONEYMOON i, mean. Everybody when you're slaving at
work and you do all you can think about IS
i just want to get out of. Here those first
few months that is. Heaven you, know you sleep, in
you take a, walk you play some, golf you. Know
but then you get to that point where all of
that starts to become your, job and that's not such
(34:43):
a great. Thing and the other part about, this And,
kyle this is the part THAT i think a lot
of people maybe don't think. About but when you're not,
working chances are good you're thinking about how you're going
to spend. Money it can be very.
Speaker 4 (34:56):
Expensive, yeah there's a Big just as much as there's
a transition from accumulation to, spending there is a transition
with you, know having a purpose to trying to find your.
Purpose and and you, know whatever sounds nice when you're
(35:17):
going into work at seven in the morning on a
on A, monday you, know it sounds nice just relaxing
and doing, Nothing but you need to find something else
because that's going to get. Boring and and there's gonna be,
many many days that you're going to be wishing that
you were doing, something and maybe it's even, working, like,
(35:37):
OH i WISH i could have a job right.
Speaker 5 (35:39):
Now you, KNOW i hope that's not the.
Speaker 4 (35:40):
Case but we want to find something that you can
do to sustain in your retirement and and and whatever that,
is you, know traveling or exercise or part time.
Speaker 5 (35:54):
Work you, know there's so many things that that you can.
Speaker 3 (35:56):
Do would you agree with, Me? Larry? Uh retirement can
be very expensive, though WHEN i think about WHEN i
have down, Days i'm constantly running down to the, store
Maybe i'm planning a dinner out or you know those
kinds of, things and that does that does add?
Speaker 2 (36:13):
Up it? Does, NO i. COULDN'T i couldn't agree with you.
More which is why you need to match your plan
with your. Budget so you got to have a, budget
or at least try to have a, budget set some clear.
Goals you, know what are the? Parameters you? Know in our,
Planning kylo will attest that when we, plan we take
in If i've had all the. Expenses we we put in,
(36:35):
healthcare we buffer in. Healthcare we created anything else category
based upon. Conversations do you like to? Travel what's your
average expenditures for, travel what other do you have a big?
View do you have a big vehicle purchase coming? Up
we're going to put all that into the equation so
it can be as accurate as. Possible we're. Big we
loved a, vacation but we're big into. Vacations we're thinking we're.
(36:55):
Important but is your vacation the lavish vacation that you
could afford or do we need to scale it? Back
maybe that senior discount you should ask for it rather
than just be embarrassed about. IT a whole bunch of other.
Things there's deals out, there you, know city or state.
Parks there's a variety of ways you can do things
and lower those. Costs so travel. Creatively, Again i'm all about.
(37:19):
It if it fits into your, budget do, it but
it should be part of a.
Speaker 3 (37:23):
Plan what about part time. WORK i mean a lot
of PEOPLE i think are very concerned that IF i
take a, job Then i'm going to have issues with my,
investments with my social, security with those kinds of things
THAT i do have to rely on at this stage
of the.
Speaker 2 (37:38):
Game, well part time job is? It because you have
to have, it need to have, it want to have.
It there's a big difference what age are you are
you are you too full retirement age yet where it
could affect social. Security there's income, limits you, know prior
to full retirement, age you, know where if you make too,
much they may withhold Some so that's why it's important
(38:00):
to think that through ahead of time because it could
have a positive impact on your potential, savings it could
have a negative impact on the amount of social security
that you're going to. Receive so, again that's a really
good question questions that should be answered before decisions are.
Speaker 3 (38:15):
MADE i envisioned like someone who wants to work at
the golf course because you love golf and you'd just
like to be around that all the. Time you're.
Speaker 2 (38:23):
RIGHT i was going to say the most popular ONES
i hear from clients that have retired are being a
ranger at the golf course and then they get free.
Golf me what a great. Idea and we have a
lot of clients that have worked and they want to
give back to the. Community they volunteer at the food,
shelf they may volunteer at the nursing, home they volunteer
(38:44):
at the, hospital whatever niche you can find that makes
you happy because it does that need to make you?
Happy it's. Retirement you don't want to do some that
again you're regretting. Doing but that's different for. Everybody so you,
know what is that in the? Community how do you
want to donate your? Time maybe it's updating that house
that's become outdated that eventually you're going to want to,
(39:06):
sell so redecorating or whatever it. Is but is it
part of your? Budget it comes back to, money and
it takes. Money do you have the money and have
you planned? Accordingly?
Speaker 3 (39:17):
Yeah, WELL i think what we're trying to stress in
this segment of the show today is that we talk
about the financial plan, always and you need a. Plan
you need a. Plan you need a plan to protect
yourself from, inflation you need a plan to make sure
you don't run out of, money you need a plan
to be you, know psychologically. Comfortable but that plan stretches
(39:39):
beyond just your. Finances you need a plan for your
life and you have to make sure that that fits
into your financial. Strategy, Correct, larry.
Speaker 2 (39:48):
That is, correct a financial, strategy and retirement's more than about. Money,
okay maybe we talked a lot, inflation a variety of,
things But it's all these retirement puzzle, pieces And i'll
just kind of name them. Off do you have a
will er? Trust do you have an estate plan or
you like eighty five percent Of americans that keep putting
it off coming a visit With Carrie rana or estate planning.
Attorneys have you ever looked at nursing home or long
(40:11):
term care? Insurance because that is one that people. Overlook
come on. In there's better options than there used to.
Be if you have life, insurance when's the last time
you had a life insurance? Review, Medicare Medicare healthcare, annual
And romans going to be coming up. Soon shop it
out every. Year don't pay too much because you just
don't take the time to shop it. Out income, distribution,
(40:34):
investment stress testing the, portfolio all of these retirement puzzle.
Pieces are you taking the time to reflect on? These
do you have a partner that you can lean on
or are you doing it? Yourself you're playing the guessing.
Game you're hoping rather than taking it a step further
and actually Solidifying i'm doing the BEST i can And
(40:56):
i'm having conversations with a good partner that's looking out
for my best.
Speaker 3 (41:00):
Interests six one, two five zero four eighty four hundred
is the way that you reach out to the folks
At Haven Financial. Group give them a, call set up
a free consultation with some of the experts they are
in the, office and talk about your, plans your, strategy
your goals and your ideas for a care free. Retirement
(41:23):
they are there and ready to. Help six one two
five zero four eight four zero. Zero, gentlemen it's been
great fun and very.
Speaker 2 (41:30):
Informative thank you. CAM a care free. Retirement that's what
we all want and you can do, it just to
have a.
Speaker 3 (41:38):
Plan investment advisory service is offered Through Guardian Well STRATEGIES.
Speaker 1 (41:43):
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not.
Speaker 3 (41:51):
Guaranteed please consult with the qualified financial advisor and or
tax professional before implementing any strategy discussed.
Speaker 1 (41:58):
Herein and comments regarding safe and secure investments and guaranteed
income streams only refer to fixed insurance. Products they do
not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing, 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 Kolvick, founder and CEO of the Haven Financial Group.
Kyle Thomas on again this week, certified financial planner on
the Haven Investment Team. Kim to be good to be
with you.
Speaker 3 (01:08):
It's great to be with you as well, Larry Kyle.
Good to have you like always, Yeah, thank you. Hoping
that everybody is well and that their summer is fun
and that you're enjoying it.
Speaker 2 (01:20):
It's going by fast. I shouldn't say that, but we're
in the middle of July already, and well, I've lived
here my whole life. Let's just enjoy the rest of
the summer because we know what comes next, right, That's.
Speaker 3 (01:33):
So very true. You know, a lot of people feel like,
you know, we hit the middle of July and summer's
almost over. And for those who live in the cities
and live in other parts of the country, truth be known,
the summer really sort of gets started in July because
the weather can be a little tricky in June, as
(01:53):
we know. So we wanted to talk a little bit
about summer months and maybe feeling some financial freedom them
while you enjoy these wonderful these wonderful times outdoors with
your families and with friends and doing all those summer
things that make all of us so happy. So let's
talk about summer, the summer of financial freedom. We're going
(02:14):
to start with the transition from saving to spending in retirement.
Then we'll talk about building a summer of freedom on
a retirement budget. Then we'll speak of American history, money edition,
and then finding a plan for a life of freedom
in retirement, not just in the summer months. So what
(02:34):
is the summer of financial freedom? Larry?
Speaker 2 (02:36):
Well, we know that financial freedom and retirement is more
than just accumulation, how big of savings account. It's you know,
do I have the freedom to do what I want to?
Have I planned accordingly? Do I have enough liquidity? Do
I do I have a good balance with my portfolio?
You know, is my money money working for me? What
(02:57):
is it doing? There's a lot that goes into financial freedom,
and of course there's a lot that goes into retirement freedom.
You know, you know, do I work? Do I have
to work? My health? You know, all those things go
into this discussion. It is a transition, you know, from
all those working years to those retirement years. It is
(03:19):
a transition. If you're on the verge of retirement, be
prepared for a transition. Many retransition good. Some It takes
a little bit of time because all those years of accumulation, work, work, work,
and now you're going into the preservation or distribution years.
It's a different time of life. And again at Haven,
that's what we try to help people adapt to. If
(03:43):
you're a married couple, you maybe want to stay or
that for thirty days just to kind of ease into retirement.
So we're going to talk about a variety of things
this segment and the rest of the show.
Speaker 3 (03:52):
Sure, well, Kyle, let's do start with this transition. You're
really going from those years of accumulation and saving to
trying to figure out how to redistribute and spend. So
you know, how do you plan for that kind of thing?
Speaker 4 (04:08):
Yeah, that's a that's a big mind game right there,
and it's a big switch because, uh, you know, we're
told for forty years to just save, save, save, and
uh and then all of a sudden, at the flip
of a switch, you're being told to spend and and
your your paycheck is coming from you, not.
Speaker 5 (04:27):
From an employer anymore.
Speaker 4 (04:29):
So you know, there there's a there's a loss of
version right there that people come in contact with and
they they having an emotional attachment to the funds that
they've saved throughout their life, which is completely understandable. It
feels like you're tearing down what you built up for
your entire life. Sure, so that that's a big hurdle
(04:52):
to kind of jump over for people. But that's that's
why we're here. And and in a lot of cases,
just because you're ending down your portfolio doesn't mean that
you're going to have less at the end of your
plan or end of your life. There's there's good financial
strategies that you can do to make sure that that
doesn't happen. And that's one of the big roles that
(05:14):
we play.
Speaker 3 (05:14):
You guys, you must, you must, really have to have
some conversations with folks because what Kyle just said is
just really hit home with me. And that's that idea
that all of a sudden, it feels like you're tearing
down what you've built.
Speaker 2 (05:26):
It is true, that is true. All those years you've
done what you did to put it away, and now
you have to start drawing on it. Some people do
it very easily. Some people have a very difficult time
with it, you know, spending money. I just had a
couple in last week. They've been in retirement. I said,
are you spending money having fun?
Speaker 4 (05:48):
Oh?
Speaker 2 (05:49):
No, not really. They just can't spend any money. People
say all the time, we're just going to spend it
all and leave it. Leave a buck for our kids.
You're not going to spend it all, knowing their personalities,
you're not going to spend it all. So we encourage
some people in conversations to spend, and others we have
to discourage and say, at the rate you're going, you're
(06:09):
going to have a problem, you know you. I think
of a gentleman that actually lost several of them that
were in good financial shape, lost a loved one, and
now we've had to have conversations that say, at the
rate you're spending or giving it to your kids or
whatever it is, we got problems. So we have to
play both sides of the coin, the good the bad.
(06:30):
But we're going to have honest, blunt conversations because we
don't want to sugarcoat things, especially as important as money
and retirement that we just don't want to do that.
But for some people, I think it was Tom. I
forget who the Tom Hagna. He's a book writer. He
has some great books out there. We have them at
the office. We offer them to anybody that comes in.
(06:52):
For some people that can't spend, you can't take it
with you either, and do you really want to be
the richest richest person in the cemetery? Probably not, right,
So it's a balancing act, Kim, It really.
Speaker 3 (07:03):
Is, absolutely well. We've talked about, you know, trying to
get people to understand that now is the time to
begin to spend. But some things can go wrong if
you you steer away from your plan, right, Kyle, And
you've sort of talked about a few of them there, Larry.
Speaker 5 (07:19):
Yeah.
Speaker 4 (07:19):
And if you you know, take too much withdrawals from
your accounts when when the market is down, you know
that that can impact it in a big way because
you don't want to you don't necessarily realize losses from stocks,
you know, you want to let that rebound and recover.
And also overspending too early in retirement, you know, much
(07:43):
like the compounding interest conversations that we've had for the
younger folks. You know, the more time that you have
in the market, the bigger impact it has on the
later years. The same thing goes for retirement withdrawals.
Speaker 2 (07:57):
Right.
Speaker 4 (07:57):
The less that you spend in those earlier years, the
better impact that's going to have in those last years
of retirement. Not that we don't want you to spend
but we just don't want to, you know, over extend
ourselves on spending in those early years because we want
to make sure that we're also longevity planning because people
are living longer, you know, and we want to make
(08:20):
sure that we don't run out. So those are two
things that we want to make sure that we don't
over exert ourselves with spending too much and you know,
spending in down years.
Speaker 3 (08:35):
So what are some of the strategies that keep people
even keeled during their retirement so that they're spending the
right amount, not saving too much and missing good times,
but not putting themselves in a position where they'll be
uncomfortable at some point.
Speaker 2 (08:50):
Well, at first, I would say the fundamental of having
a good ballanced approach. Some would say a bucket strategy.
I don't know that gets used so often. I don't
really like that. But you know, having good liquidity, you know,
I always say, we liked we want people to have
a benchmark of X amount of dollars when they're retired.
I can tell you most people don't have that. A
(09:10):
lot of retirees don't have enough liquidity. That can cause problems.
A good amount of money in the market if that's
appropriate because there is no one glove fits all, and
we have folks that don't have any money in the
market clients, and we have clients that have a whole
bunch in the market. You know, it's whatever your goals, objectives,
your desires are. And then maybe looking at having some
(09:31):
of your overall portfolio in a bucket that is invested
maybe more conservatively if appropriate, maybe with a fixed rate
of return that Kyle mentioned, maybe five to eight percent potentially,
if that's appropriate, looking at all the investment options. You know,
people they kind of have tunnel vision and they only
look at this or this, and they don't have a
(09:53):
balanced approach. They're missing asset classes. And that's where the
team and Kyle and do a very good job and
making sure that we're not just doing like a lot
of the bigger captive companies they have, well, this is
what we have to choose from, and we're going to
put you in this category. We don't do that as
an independent advisory firm. We're not a captive that we
(10:16):
have upper management saying you got to do it this way,
you got to do it this way. And we see
some of the same statements over and over and everybody
has exactly the same thing. Sure, that's not what you're
going to get here, and I don't think that's what
you should have right now.
Speaker 3 (10:29):
So with some thoughtful planning and the right tools, you
can shift confidently into retirement and at the same time,
you can protect your nest egg and you can enjoy
some freedom, freedom that you have earned through all those years.
Those are statements I think that everybody is looking to
fulfill and maybe you need a partner to help you
(10:50):
do that, help you to have the right tools and
to shift confidently into retirement. All the folks that have
in Financial Group, they're number six to one to two
five zero four eight four hundred. That's six one two
five zero four eight four zero zero. Give him a
call today. Tell them you heard us here in the
radio and you're running to transition from savings to spending
(11:11):
in your retirement. When we come back, we're going to
talk about building a summer of freedom on a retirement budget.
This is the Haven Financial Group Radio Show.
Speaker 1 (11:20):
Don't go too far. We're gathering more important insights and
retirement ways. Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kulvig and Kim Karagan. Now back to
(11:40):
the show.
Speaker 2 (11:42):
Welcome back listeners. My name is Larry Kolvig, founder and
CEO of the Haven Financial Group, And if you're just
tuning in, you're listening to the Haven Financial Group Radio
Show where every week we discuss crucial retirement financial topics,
what's going on in the economy, the difference between a
good retirement and just surviving in retirement, having a plan.
(12:03):
It's a good place to start. Feel free to give
us a call at six' one two five zero four
eighty four hundred Or havenfinancialgroup dot. Com see all the
classes that we're. Teaching it is our tenure, anniversary which
we keep talking about because we're proud of. It and
we have multiple personalities and all these retirement areas on.
(12:23):
Purpose it was intentional ten years. Ago it didn't happen,
overnight BUT i love the COMPLIMENT i get. Weekly it's
nice to have all these different, areas these personalities that
we can get our taxes, done our healthcare, done our
investments are planning all of these retirement, topics AND i ask,
you do you have all the pieces to the retirement
(12:46):
puzzle or is there a big question mark at the
end of that.
Speaker 3 (12:50):
Sentence, absolutely we have been talking about freedom in, retirement
and most specifically we're talking about in the, summer but
really year. Round BUT i think we're using this analogy
of summer because you, know WHEN i was a, kid
the summers were care. Free as a, parent when my
kids got out of, SCHOOL i felt a little more care.
Free and now as an, adult you, know you feel
(13:13):
a little more care free because people are taking time
off from their. Jobs you're getting an opportunity to visit with,
Family you're getting a chance to spend more time with.
Friends and in, retirement you certainly want to take advantage
of those, times these care free summer times when people
are enjoying their. Life but to do, so you certainly
have to set yourself up so that you can you
(13:34):
can enjoy those care free. Summers so let's talk a
little bit about how you build a care free summer
and really what we're talking about as a care free retirement.
Budget Kyle thomas is with. Us he's a certified financial
planner With Haven Financial. Group let's talk, about you, Know,
kyle some of the most important things that you need
to do as you put together that plan that can
(13:56):
make it care, Free and one that jumps out at
me is just knowing when it is you're going to
be ready to be in.
Speaker 4 (14:02):
Retirement, yeah knowing when your retirement's going to, start and
then also knowing that you're working with someone that you
can trust and that they can.
Speaker 5 (14:11):
Help you along the way with as.
Speaker 4 (14:12):
Well and one of the biggest things that working with
someone does for you is setting up a risk profile
and portfolio for you that has stocks and bonds and
all these different diversified investments inside of. Them and one
of the first things you need to know is your time.
Horizon how much time do you have until your? Retirement
(14:33):
how much time do we have until we're going to
start Taking Social? Security or how much time do we
have until we're going to take this. Vacation so all
these different factors and goals that you, have we need
to know those things and then we can put a
plan forth that sets to achieve those goals for.
Speaker 2 (14:52):
You And, kim IF i could ask if we have
listeners out there that are you, know, fifteen twenty thirty
or forty years from. Retirement, OH i got all the
time in the. World let me tell you all the
exp years of experience THAT i. Have we often hear, this,
WELL i sure WISHED i would have got started. EARLIER
i sure WISHED i would have got started. Earlier so
(15:12):
don't let that be a temptation whether you're, young middle,
aged or in. Retirement but knowing is it one, year
is it five, years fifteen? Years and we built out the.
Plans we're going to project that well into your mid
nineties to make sure DO i run out at ninety?
Five DO i ever run? Out or DO i run
out at sixty? Five kind of important questions to ask
(15:33):
and have some definitive.
Speaker 3 (15:34):
Answers absolutely one of the Things i'm sure that you
sit down and you start to talk, about and this
is one of the THINGS i think people planning for
retirement want to, know what are my income sources WHEN
i get into those retirement.
Speaker 5 (15:47):
Years, yeah that's a great.
Speaker 4 (15:50):
Question and you, know our planning software does a great
job at laying this out in a table, format and
we look at it from the first year of retirement
all the way to those, nineties and those income sources
typically have social security in them and then some of
them have, pensions some of them. Don't but those sources
(16:13):
play a huge role in your retirement because they can
take up a big chunk of your monthly income. Needs you,
Know Social security for married spouses, oftentimes you, know covers
more than three quarters of what they're spending is for the.
Year so making sure that you're accounting for all those
(16:34):
things really. Helps because we don't want to take out
more than we need to because that's going to increase,
taxes and paying tax money more than you need to
is a hit on your portfolio as, well, Right so
we want to make sure that we can find the
happy medium there on what we need to. Do but
(16:54):
having those income sources really helps us out in creating
longevity for our.
Speaker 3 (16:59):
Dollar AND i think another question that people, Have, okay
you've identified your income, sources how DO i draw?
Speaker 2 (17:06):
That you've got to have a distribution? Strategy where do
you draw? From how much do you? Need which also
lends itself to one THAT i think ties with it
budget with the. Purpose nobody wants to hear the word.
BUDGET i don't you, know and if anybody, DOES i don't.
Know IF i believe you, Y'all i'll believe. You but
knowing exactly what expenses are in our process of discussion and,
(17:28):
planning you, know at first we, ask you, know, folks you,
know what is your monthly? Expenses and usually they'll throw
a number out. There they'll throw a number out, there
and you, know we'll encourage them if, possible put pen
to paper and you, know really trying to figure out
what are those monthly. Expenses AND i would say seventy
percent of the time when they come, back, well that
number we gave, You, larry that was a little bit
(17:50):
off or a lot. Off most of the time it's
a lot. Off and we want to make sure that
we have accurate numbers in the, planning in the, budget
because that'll help us, understand, well how much income do we,
need how much risk do you need in your portfolio
to accomplish the goals and objectives we're looking. For so
that income distribution, Slash i'll add tax strategy because you
(18:14):
want to draw from the right accounts at the right.
Time it's. Important and that's the plan that we lay.
Speaker 3 (18:20):
Out, yeah and those are the ISSUES i think that
really are mysteries to people who have never done this.
Before people who have never been in, retirement well for.
Speaker 2 (18:30):
SURE i, mean, yeah most people only retire one. Time
you haven't done it ever in your, life and this
is uncharted. Territory that's WHY i think it's important to
have a. Partner you don't have to do it. Alone
make sure you're looking at all investment, strategies maybe protecting
a little bit of the principle and some of those,
investments and if you don't know what that, means comeing
(18:51):
in and we can talk about. That investments where you
can get some growth but protect the. Principle there's no
perfect investment out. There so if you're, think, well that
sounds like the perfect, investment there isn't such a, thing
which is why we want people to look at all the,
options match your investments to your. Needs what's your risk?
LEVEL i can tell you most people don't have any
idea how much risk they're taking until something negative in
(19:14):
the market happens and then they, go oh my, GOODNESS
i just can't believe. This, well we could have predicted
the outcome before it, happened and then we could have
made adjustments so you didn't like the negative. Impact so
this is all part of conversations that should be. Continued
retirement doesn't have to be a guessing. Game and if
(19:35):
you're listening and GO i just don't. KNOW i just don't.
Know why not find? Out why not come in and
have a. Conversation you have nothing to, lose only information to,
gain you, Know.
Speaker 3 (19:46):
Larry one of the reasons a lot of PEOPLE i
think don't find, out, though is because they are afraid
that they're going to come forth and number, one they're
going to be judged that maybe they didn't do enough
during the course of their working. Years Number, two they
did everything they, could but they just have been accumulated
all that. Month so they're a little, embarrassed and they
(20:08):
think it would be kind of silly to come and
to ask someone like you or the folks that haven
to put together a. PLAN i know that you don't
look at it that.
Speaker 2 (20:15):
Way you know you said it very. Eloquently that is
a big reason why people neglect even talking about, it
won't come, In they feel, Guilty they bury their head
in the. Sand and you know WHAT i get, life
life's calendar doesn't always cooperate with our. Calendar life happens
and their. CIRCUMSTANCES i get. It whatever your circumstances, are, small,
(20:38):
medium or large, complex. Simple, again you do owe it
to yourself to have a, conversation and nobody should judge.
Anybody you. Know we've had in all the, Years we've
had all kinds of. Conversations BUT i will say, this
this Year i've seen to have met with more widows
and widowers THAN i ever had, before and it just
comes to mind a lot of times one spouse doesn't
(21:00):
want to do, it they let the other spouse do,
it and then something hat negative. Happens and now What
i've just seen it too. Much so if you're a married,
couple make sure both of you at least have an
understanding of what's going. ON i can't stress that, enough
just Because i've seen too much bad this year and
we just don't want to let leave your spouse in
(21:20):
a good.
Speaker 3 (21:21):
Position please six one two five zero four eight four zero.
Zero if any of this is ringing a bell for,
you then you need to give the folks At Haven
Financial group a. Call six one seven five zero four
eight four zero. Zero something tells me a lot of
you out there listening can relate to many of the
things that we've just. Said all right when we come
(21:43):
Back American, History let's do the money. Edition this is
The Haven Financial Group Radio.
Speaker 1 (21:48):
Show ready to find your financial safe. Haven your dream
retirement is in. Reach don't go. Away The Haven Financial
Group Radio show will be right. Back are you worried
that your financial strategy might be missing, Something, well you're
in the right. Place Larry kolvig is back and ready
(22:08):
to help you find your financial safe.
Speaker 2 (22:10):
Haven 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 but again thanks for listening this.
Morning six one two five zero four eighty four hundred
is the phone. Line feel free to give us a
call or Visit havenfinancialgroup dot. Com we continue to do
classes all year. Long investment, classes maximize Social security and tax,
(22:35):
classes medicare made simple classes go to our. Website other
classes as, well a senior fraud class here at our
community Our Education center coming up In. September senior, fraud
unfortunately is worse every year and we want to be
aware of and try to avoid all this stuff that
potentially can happen to. Us so always good to be with. You.
(22:56):
Kim we Got Kyle thomas still on with this certified
financial planner on the have an investment, team and we're
going to walk through a little bit Of american history about.
Money how about?
Speaker 3 (23:07):
That, well you know we've, SAID i think in the
last week or, two you, know we've talked about the
fact that history repeats itself and it can be a
really great guide as we look into the, unknown because
if we look, back we will see there's been trends
that might give us some insight into what might happen
(23:27):
in the. Future and certainly that has been the case
as we've watched inflation in the, country which has been
pretty tough over the last couple of years for many
people who have just reached the retirement age or are about.
To this inflationary time might be more impactful than it's
ever been. Before so maybe you didn't realize, it but
it's not the first time that there has been inflation
(23:51):
in this, country.
Speaker 5 (23:51):
Correct absolutely.
Speaker 4 (23:52):
Not and you, know we are still a very young
country if you look at it in the grand scheme
of things and how old other countries. Are so there's
a lot of learning that we're still. Doing even though you,
know our country started in seventeen seventy. Six you, know
the types of currency that they were using back then
(24:15):
Was british pounds And spanish, Currency and we didn't even
have A us dollar currency until The Coinage act in
seventeen ninety, two, Right so that's that's not a whole
lot of time that we have had our own currency.
Here and we did not get THE Us treasury established
(24:35):
in our country until seven eighty, nine, Right so then
we didn't have The United States.
Speaker 5 (24:42):
Bank until eighteen.
Speaker 4 (24:44):
Sixteen so there's a lot of changes that, happened and
we haven't we haven't had a lot of history to
go off, of so we're still learning, things especially with
the current inflation going, forward you, know the last couple of,
years and how THE fed is handling things going forward.
Here so there's a lot a lot for us to understand, Still.
Speaker 3 (25:08):
Larry when looking, back you've you've been working in this
business during other inflationary. Times talk a little bit about
some of those in more recent, history but maybe ones
that people haven't been thinking.
Speaker 2 (25:21):
About, Well i'm going to test my history AND i
never was a real history, Buff, kim so we put
me on the.
Speaker 3 (25:27):
Spot, WELL i think there were there were major. Problems
back in the early two, thousands we saw all kinds of.
Problems we all watched the stock market drop like crazy
when we had so many of our financial institutions under
pressure in two thousand and would that be eight.
Speaker 2 (25:46):
Two thousand and seven to two thousand and, nine you're,
Right actually what nineteen ninety nine to two thousand and
one y two? K? Man it seems like a long time,
ago doesn't, It or maybe it. Doesn't we had a
major market, correction, yes but who. Cares we were all
so much, younger didn't really. Matter but there were retiring
people retiring in those. Years two thousand and, seventy two
thousand and, nine real estate market. Correction pretty much every
(26:09):
listener remembers how their four oh one k became a
two to one k and they lost half their. Money
took the. Week we were spoiled for almost fourteen. Years,
AGAIN covid hit and so on and so forth at
the market's. High but you, Know Kyle, hit it's a good.
Point you, know a couple of years, AGO i was In,
europe and you, know those are, old, old old countries
(26:30):
we have not. Had you, know nineteen, thirteen The Federal
reserve was established nineteen. Thirteen that's not that long. Ago
so we are still. Learning inflation has always been, here
it will always continue to be. Here interest rates, changed you,
know just this past week is when we discuss do
people have? Mortgages and by the, Way i'm a firm
(26:52):
believer in. Retirement if you do not have a, mortgage
the happiest people in retirement don't have a. Mortgage NOW
i understand that everybody can do. That, now my other
financial advisors would, say don't ever pay off your. Mortgage
that's just. SILLY i, disagree but again we can always respectfully.
Disagree but the reality, is you, KNOW i was talking about,
(27:12):
mortgages and you know people have panicked recently about six
to seven percent mortgages because there was two to three. Percent,
WELL i got a lot of clients that remember fifteen
to eighteen percent. Mortgages, Okay so interest, rates, inflation all
this stuff which affects our money and affects our bills
and affects our monthly. Budgets this isn't anything, new but
(27:34):
It you, know we tend to forget because we live
in the, moment and the moment affects us, now and
we forget about, well it affected other people back in those.
Times so it comes back to again full circle to
having a, plan a plan that can, adjust. Modify At
Haven Financial group is what we do and it's what
we will continue to. Do but a lot of people
(27:57):
just are again are not getting that. Attention they don't
they talk about, retirement all these retirement topics once a,
year maybe for an. Hour, well what kind of attention is,
that especially for what you're. Paying you should be getting
more value for what you're, paying and you're not getting the.
Attention and if that's, you come on in and let's
have a.
Speaker 5 (28:16):
Discussion.
Speaker 3 (28:17):
Absolutely, well you KNOW i brought up asking you about
more recent events because and you hit the nail on
the head because we did go through that financial correction
in two thousand and seven to two thousand and, nine
and then we enjoyed fourteen years of. Comfort so point
being that with a good, plan you may have some trouble,
(28:39):
now but those good years could just be right around the.
Corner and again history repeats. Itself so if you go
in with a good, plan chances are good you will
get two better.
Speaker 2 (28:49):
Times you're exactly, right just as THE, Us just as
THE us evolved over. Time your retirement plan will also,
evolve or should. Evolve it shouldn't be the same when
you're thirty, four fifty. Sixty there's modifications that should. Happen
so let's take a page out of. History don't leave
your financial, future your retirement future to. Chance hope is
not a. Plan, yes we can have, hope AND i
(29:11):
hope we all have, hope but that's not a. Plan
explore all the, options get a personalized one on one
conversation with anybody on the. Team what are your. Strategies
they're probably not the same as your. Neighbors how do
you navigate through all of these things? Confidently what does
your incomposition look? Like are you in it for the
long haul when you're going to run out of? MONEY
(29:33):
i hope you never. Will but if you don't have a,
plan how do you. Know you're just? Guessing AND i would,
say let's not leave it to chance and to.
Speaker 5 (29:41):
Guessing, WELL i can tell you.
Speaker 3 (29:42):
This it doesn't give care free summer if you're spending
all your time. Guessing and again that's a metaphor for
a care free. Retirement we're equating it to. Summer but
the fact of the matter is your, goals no, doubt
whatever they might, be must also include the idea of
a stress free time in your. Life so if you
(30:04):
are looking to put together a, plan if you don't have,
one or if maybe you have one and you want yours,
reviewed if you're twenty five years out from, retirement but
you think it's time to start thinking that, way and
by the, way if you're twenty five years, out it
is you want to start to put together a. Plan
As larry, said frequently people come in and, say, GOSH
i WISH i would have started. Sooner don't let that be.
(30:26):
You let's get started right. Now six one two five
zero four eight four zero. Zero that's the. Number you.
Call set up an. Appointment it is free of. Charge
come in visit with the folks At Haven Financial, group
tell them where you stand in this retirement planning strategy
time and they can work with you to make sure
(30:48):
that this is a care free time in your. Life
six one two five zero four eight four zero. Zero
that's the. Number and of course you can go To
havenfinancialgroup dot com you can learn more About Haven Financial
group as well as some of those upcoming educational. Seminars
when we come, back let's talk about plans for life of. Freedom,
again that's sort of what, EVERYBODY i think ultimate goal
(31:10):
is when they get to. Retirement it may not be
one size fits, all but everybody's looking for a little
bit of. Freedom we're going to talk about that when
we come back right here on The Haven Financial Group Radio.
Speaker 1 (31:18):
Show don't go too. Far we're gathering more important insights
and retirement Pays 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
(31:39):
to the.
Speaker 2 (31:39):
Show good, morning and welcome back to The Haven Financial
Group Radio. Show I'm Larry, Koalvig 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 are Always havenfinancialgroup Dot, com drop us a, line
shoot us an. Email if you have, questions and you've
had questions for you, years why not get those questions.
(32:02):
ANSWERED i can never get a kick out of people
That i've had a question for. Years why not get an?
Answered our job description should be to answer. Questions check
out our, classes come out to. Them we invite the
public and our. Clients we can always. Learn and again
it's our ten year anniversary and we're talking about, freedom
(32:22):
the freedom of retirement, again so, important those golden. Years
we want them to be the golden, years but if
you're not preparing for them in the proper, Fashion i'm
afraid that they might not be as good as you
want them to.
Speaker 3 (32:34):
Be you, know, retirement by the, Way Kyle thomas is with,
us it's not just about. Finances it's about a whole
lot of, things, Right it's about it's about planning a
whole new. Lifestyle AND i know you guys do a
lot of discussion with your, clients not just about their,
finances but about their lifestyle and making it rewarding and
(32:55):
making it what they had anticipated it would.
Speaker 1 (32:57):
Be.
Speaker 2 (32:57):
Yeah, yeah we do spend a lot of time because you,
know you worked all these years and now now you
have more time on your. Hands as, humans we have
to have a sense of. Purpose so what are you
going to? Do what are you gonna? Do you're gonna
golf every, day probably. Not you're gonna fish every, day probably.
Not so what else are you gonna. Do what other
things are you going to? Explore are you going to continue?
(33:18):
Education are you going to pursue a passion that you
haven't done? Before are you going to spend all your
time grandparenting like maybe some do because we hear about.
It hopefully you're not just going to doctor's, appointments because
we hear about those. Two you, know do your preventive,
stuff but, doctors doctor's appointments and. Grandparenting we're so, busy
(33:39):
we didn't have we don't even know how we had
time to. Work we hear that. Often but what are
you going to do to avoid? Boredom you, know In,
minnesota you know we have what's called. WINTER i can
tell you that a lot of, Folks i've heard this numerous,
times if they retired in the, fall they, GO i
wish we wait wait until, spring because then you enter
(34:01):
those winter. Months and, again just tip from the tips
from us of what we. Heard we can give you
more tips if you come. In, Sure but, again it's an,
adjustment it's a transition and you got to find. It
how are you gonna do? It sitting on that recliner
too many hours a? Day it does not bode.
Speaker 5 (34:19):
Well for.
Speaker 2 (34:20):
Retirement, WELL i have.
Speaker 3 (34:21):
Heard a lot of people who talk, about you, know
the retirement. HONEYMOON i, mean. Everybody when you're slaving at
work and you do all you can think about IS
i just want to get out of. Here those first
few months that is. Heaven you, know you sleep, in
you take a, walk you play some, golf you. Know
but then you get to that point where all of
that starts to become your, job and that's not such
(34:43):
a great. Thing and the other part about, this And,
kyle this is the part THAT i think a lot
of people maybe don't think. About but when you're not,
working chances are good you're thinking about how you're going
to spend. Money it can be very.
Speaker 4 (34:56):
Expensive, yeah there's a Big just as much as there's
a transition from accumulation to, spending there is a transition
with you, know having a purpose to trying to find your.
Purpose and and you, know whatever sounds nice when you're
(35:17):
going into work at seven in the morning on a
on A, monday you, know it sounds nice just relaxing
and doing, Nothing but you need to find something else
because that's going to get. Boring and and there's gonna be,
many many days that you're going to be wishing that
you were doing, something and maybe it's even, working, like,
(35:37):
OH i WISH i could have a job right.
Speaker 5 (35:39):
Now you, KNOW i hope that's not the.
Speaker 4 (35:40):
Case but we want to find something that you can
do to sustain in your retirement and and and whatever that,
is you, know traveling or exercise or part time.
Speaker 5 (35:54):
Work you, know there's so many things that that you can.
Speaker 3 (35:56):
Do would you agree with, Me? Larry? Uh retirement can
be very expensive, though WHEN i think about WHEN i
have down, Days i'm constantly running down to the, store
Maybe i'm planning a dinner out or you know those
kinds of, things and that does that does add?
Speaker 2 (36:13):
Up it? Does, NO i. COULDN'T i couldn't agree with you.
More which is why you need to match your plan
with your. Budget so you got to have a, budget
or at least try to have a, budget set some clear.
Goals you, know what are the? Parameters you? Know in our,
Planning kylo will attest that when we, plan we take
in If i've had all the. Expenses we we put in,
(36:35):
healthcare we buffer in. Healthcare we created anything else category
based upon. Conversations do you like to? Travel what's your
average expenditures for, travel what other do you have a big?
View do you have a big vehicle purchase coming? Up
we're going to put all that into the equation so
it can be as accurate as. Possible we're. Big we
loved a, vacation but we're big into. Vacations we're thinking we're.
(36:55):
Important but is your vacation the lavish vacation that you
could afford or do we need to scale it? Back
maybe that senior discount you should ask for it rather
than just be embarrassed about. IT a whole bunch of other.
Things there's deals out, there you, know city or state.
Parks there's a variety of ways you can do things
and lower those. Costs so travel. Creatively, Again i'm all about.
(37:19):
It if it fits into your, budget do, it but
it should be part of a.
Speaker 3 (37:23):
Plan what about part time. WORK i mean a lot
of PEOPLE i think are very concerned that IF i
take a, job Then i'm going to have issues with my,
investments with my social, security with those kinds of things
THAT i do have to rely on at this stage
of the.
Speaker 2 (37:38):
Game, well part time job is? It because you have
to have, it need to have, it want to have.
It there's a big difference what age are you are
you are you too full retirement age yet where it
could affect social. Security there's income, limits you, know prior
to full retirement, age you, know where if you make too,
much they may withhold Some so that's why it's important
(38:00):
to think that through ahead of time because it could
have a positive impact on your potential, savings it could
have a negative impact on the amount of social security
that you're going to. Receive so, again that's a really
good question questions that should be answered before decisions are.
Speaker 3 (38:15):
MADE i envisioned like someone who wants to work at
the golf course because you love golf and you'd just
like to be around that all the. Time you're.
Speaker 2 (38:23):
RIGHT i was going to say the most popular ONES
i hear from clients that have retired are being a
ranger at the golf course and then they get free.
Golf me what a great. Idea and we have a
lot of clients that have worked and they want to
give back to the. Community they volunteer at the food,
shelf they may volunteer at the nursing, home they volunteer
(38:44):
at the, hospital whatever niche you can find that makes
you happy because it does that need to make you?
Happy it's. Retirement you don't want to do some that
again you're regretting. Doing but that's different for. Everybody so you,
know what is that in the? Community how do you
want to donate your? Time maybe it's updating that house
that's become outdated that eventually you're going to want to,
(39:06):
sell so redecorating or whatever it. Is but is it
part of your? Budget it comes back to, money and
it takes. Money do you have the money and have
you planned? Accordingly?
Speaker 3 (39:17):
Yeah, WELL i think what we're trying to stress in
this segment of the show today is that we talk
about the financial plan, always and you need a. Plan
you need a. Plan you need a plan to protect
yourself from, inflation you need a plan to make sure
you don't run out of, money you need a plan
to be you, know psychologically. Comfortable but that plan stretches
(39:39):
beyond just your. Finances you need a plan for your
life and you have to make sure that that fits
into your financial. Strategy, Correct, larry.
Speaker 2 (39:48):
That is, correct a financial, strategy and retirement's more than about. Money,
okay maybe we talked a lot, inflation a variety of,
things But it's all these retirement puzzle, pieces And i'll
just kind of name them. Off do you have a
will er? Trust do you have an estate plan or
you like eighty five percent Of americans that keep putting
it off coming a visit With Carrie rana or estate planning.
Attorneys have you ever looked at nursing home or long
(40:11):
term care? Insurance because that is one that people. Overlook
come on. In there's better options than there used to.
Be if you have life, insurance when's the last time
you had a life insurance? Review, Medicare Medicare healthcare, annual
And romans going to be coming up. Soon shop it
out every. Year don't pay too much because you just
don't take the time to shop it. Out income, distribution,
(40:34):
investment stress testing the, portfolio all of these retirement puzzle.
Pieces are you taking the time to reflect on? These
do you have a partner that you can lean on
or are you doing it? Yourself you're playing the guessing.
Game you're hoping rather than taking it a step further
and actually Solidifying i'm doing the BEST i can And
(40:56):
i'm having conversations with a good partner that's looking out
for my best.
Speaker 3 (41:00):
Interests six one, two five zero four eighty four hundred
is the way that you reach out to the folks
At Haven Financial. Group give them a, call set up
a free consultation with some of the experts they are
in the, office and talk about your, plans your, strategy
your goals and your ideas for a care free. Retirement
(41:23):
they are there and ready to. Help six one two
five zero four eight four zero. Zero, gentlemen it's been
great fun and very.
Speaker 2 (41:30):
Informative thank you. CAM a care free. Retirement that's what
we all want and you can do, it just to
have a.
Speaker 3 (41:38):
Plan investment advisory service is offered Through Guardian Well STRATEGIES.
Speaker 1 (41:43):
Llc Haven Financial group And Guardian Well STRATEGIES llc are
not affiliated, companies and investments involve, risk, and unless otherwise,
stated are not.
Speaker 3 (41:51):
Guaranteed please consult with the qualified financial advisor and or
tax professional before implementing any strategy discussed.
Speaker 1 (41:58):
Herein and comments regarding safe and secure investments and guaranteed
income streams only refer to fixed insurance. Products they do
not refer in any way to securities or investment advisory.
Products fixed insurance and annuity product guarantees are subject to
the claims paying ability of the issuing, company
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