Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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
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.
I'm Larry Kolvig, Founder and see you of the Haven
Financial Group. Thanks for listening this morning. Feel free to
give us a call at six one two five zero
four eighty four hundred. Ask us any retirement questions, shoot
us an email at Hanfinancialgroup dot com, info at Havenfinancialgroup
dot com, or go to our website. There's all kinds
(01:16):
of retirement tools. Again, great listen, Thanks for listening, and Kim,
good to be with you again this week.
Speaker 3 (01:21):
Larry, it's great to be with you as we're watching
the summer sort of fade away.
Speaker 4 (01:25):
Right.
Speaker 3 (01:26):
I know you've mentioned to me that you've already got
one of your daughters.
Speaker 2 (01:29):
Back at school, already back to the University of Kansas.
I made that trek, which I don't like because she
didn't come home with us. But yeah, the whole month
of August. That's a loss of a whole month. But
she's back at it, and yes, summer just progresses. Well,
let's not talk about it.
Speaker 1 (01:46):
Let not.
Speaker 4 (01:47):
We want to be positive today, right.
Speaker 2 (01:49):
That's right.
Speaker 3 (01:50):
Well, unfortunately, we're going to talk about something that maybe
is not so positive, but we're going to talk about
the positive ways to get around it, and that's inflation.
You know, as people do their planning when it comes
to retirement, I think a lot of people don't think
about the fact that inflation certainly is a part of
your planning. And if it's not, then you're probably making
some big mistakes, right, Larry.
Speaker 2 (02:12):
Oh, Most definitely. You know, I see once in a
while other advisors not even factor in inflation, which to
me doesn't make any sense. Yeah, we're going to talk
about inflation. We'll have a nice positive wrap on it
and see what can we do. You know, most people
when they think of retirement, you know, as it's the
end of the road, but in reality it's a big
portion of most people's lives. So you know, we'll talk
(02:33):
about having a plan, you know, the rising prices, the budgets,
uncertain markets, all that good stuff that we talk about.
But again we'll give we'll give the listeners some ideas
and some at the end, we'll have some misconceptions that
we'll talk about on what to avoid what's not true.
You know, there's a lot of rumors out there that
this happens when you retire, and oftentimes that isn't the case.
So we'll get there. We'll have a good show.
Speaker 4 (02:55):
Absolutely. Well, let's let's talk about inflation.
Speaker 3 (02:57):
We've certainly the word inflation has certainly been a big
part of our lexicon for the last couple of years.
Speaker 4 (03:01):
There's no two ways about that.
Speaker 2 (03:03):
Larry Oh, it is, and it's going to continue to
be here. I have no reason to think that it's
just going to disappear, because it's not. And you know,
why is inflation so important, especially with those that we
sit with, as you know, those planning for retirement, close
to retirement or in retirement, is that dollar just isn't
as powerful anymore. It just doesn't do as much. So again,
it is a factor. Prices rose three tenths of a
(03:26):
percent in June, two point seven percent overall, year after year.
Core inflation still remains sticky. You know, if we strip
out food and energy, which are the big ones, the
core proate prices almost rose three percent over the past
the last twelve months. So it's ongoing pressure on discretionary
income the budget and let's just face it, people are
(03:47):
still feeling it and that can have an adverse effect
on people's retirement.
Speaker 3 (03:52):
Well, so, Larry, what do you say to people who
come in and say, I've saved X amount of money,
but I really haven't thought about inflation. How what kind
of steps do you take with those folks?
Speaker 2 (04:02):
Well, taken through our typical Haven proprietary process. If we
get there to really strip down, you know, have they saved,
have they saved enough? You know we'll run out Monty
Carlo projections based on reasonable returns adjusted for inflation. You know,
we utilize two and a half to three percent, so
higher than the historical rates that the FED is trying
(04:24):
to get to. And why do we do that? We're
really kind of planning for the worst and hoping. I'm
praying for the best. We'd rather plan accordingly, where you know,
why am I going to run out of money? Worst
case scenario? And then if things are better, then we're
well prepared for it.
Speaker 3 (04:39):
Have a lot of people come to you over the
last couple of years and said I wanted to retire,
but now I don't think I can as a result
of inflation.
Speaker 2 (04:48):
It's a big response that we get on a weekly basis.
Do I have enough to retire? I don't think I do.
I'm a little fearful that I don't. And sometimes that
is accurate. But other times, if we say down to
put pen to paper and run out the projections. Some
people are in better positions, other people are in worse positions.
But you know, these costs that eating keep eating in
(05:09):
their budget. You know, housing housing costs are up again,
two tenths of percent from the last month, up three
point eight over the past year. You know food, you know,
grocery bill, yes, oh my goodness, eggs, coffee, you know,
a variety of different things. You know, those prices haven't
come It is it is so we get to factor
(05:29):
that into the planning process because you know, the reality
is these are expenses are real. And one that I
talk about on a weekly basis with you is, you know,
the healthcare expenses. You know, that is a big one
that people underestimate. I think we're going to talk more
about that here later on. So the classes we teach
social Security, you know, the cost of living adjustment, which
(05:51):
is really an indication of inflation. That report is going
to come out in October, the Social Security Trustees report.
You know, in recent years, we've seen some big increases
because of the high inflation. You might recall that we
had an eight point seven percent increase here a couple
of years ago. This year it's two and a half.
I just this past week read the projections for the
coming October, just the projections, because we don't know yet
(06:14):
of about two point three percent increase we will see.
These summer months are really the indicators on what they'll
come out with, but two point three is what's projected,
and that might not be enough to really boost the
income enough. So what do retirees or planners need to
do is where is my income going to come from?
Is it going to be enough from social Security? Do
(06:36):
I have a pension or what retirement funds are? Is
it going to come from really in the most tax
efficient way possible.
Speaker 3 (06:44):
Sure, and a lot of times those fixed incomes don't
keep up with inflation. Now we've talked about social security,
but if you have a pension or you have an annuity,
is there any room for you know, inflation when it
comes to those incomes.
Speaker 2 (06:57):
There is. There's some better products out there than there
used to be that really adjusts for inflation. Whether they're
appropriate for the listeners that would be on a conversation
one on one. Some are appropriate, some are not appropriate
to really keep up for these shifting the shifting numbers
in inflation, because again, the purchasing power of the dollar
way back in the day compared to what it is today,
(07:18):
big difference. And of course in the news, tariffs are
still a big thing, and we're seeing some of the
prices increase because of these tariffs. But a little bit
of good news. A lot of our clients we sit
down with and clients they love to travel, there is
some relief in the some of the big ticket goods
prices fell on used cars, actually new vehicles, airline fares,
So there's a little bit of good news. Those prices
(07:40):
have come down a little bit.
Speaker 4 (07:41):
Yeah.
Speaker 3 (07:41):
Absolutely, Well, any good news is good news. We'll take
it at this point.
Speaker 2 (07:45):
And these days, we'll take any good news. You are correct, So.
Speaker 3 (07:50):
Let me ask you about some of We've talked a
little bit about people who maybe are coming in and saying, Okay,
I'm thinking about we're trying. I don't know if I
have enough money. This inflationary issue is a problem for me.
What about people who are already in retirement and they
come in and they say, you know, Larry, I'm very concerned.
Speaker 4 (08:08):
We don't know what we're going to do. We're just
not meeting the needs at the end of the month
right now.
Speaker 2 (08:14):
And we're going to run through the same process. What
assets are we dealing with, what type of money are
we dealing with? Is it Ira roth Ira, We're going
to have the same conversation. We're going to run those
projections out and really see is what they're feeling really,
what's going to happen? Is it really happening, or are
they in a better position than they think they are,
or the tough conversation about you're right, we do have
(08:36):
a problem, not how do we adjust for the problem.
Doesn't mean we have to maybe start cutting some of
the things out of our everyday budget or maybe our
future plans. We hope not. That's why it's important to
people for people to get a grasp of where they're at.
No matter what age they're starting to plan for retirement
later on, there's never too early to start. So again
(08:58):
we're going to walk through the same process us. Come
up with a plan. If you don't have a plan,
and maybe you're if you're listening, your plans outdated, come
on and let's talk about it. Maybe it is, maybe
it isn't. Maybe you've never really put together a plan.
But that plan will need to be modified and it
will navigate through those retirement years. There's going to be adjustment,
(09:19):
there's going to be life changes. We know life's calendar
doesn't always cooperate with our calendar. Your plan should be
modified and adjusted as you go through these retirement years.
Speaker 3 (09:29):
Sure, you know what I like is that you say,
come and see us and let's talk this through. Don't panic,
which I think that is probably a first reaction from
a lot of people. You just sort of feel panic.
Then you start thinking, I gotta get out of this
house or I got to get rid of this. Maybe
that's not the answer. Maybe the answer is you just
need to come and sit down with experts like you,
(09:50):
guys that haven financial and take a look at everything
and understand exactly where you are.
Speaker 2 (09:54):
You're right, Panic really doesn't do any good. And you
maybe you're panicking because you don't have a plan or
you don't have a partner that you can lean on
that you're having these conversations. That's what I find is
the most concerning is people panic or they're worried because
nobody's having a candid conversation about their specific situation life, budget, moneys,
(10:16):
et cetera. So if you're listening, you know, understanding inflation,
how it affects your retirement, it's just the beginning, you know,
purchase safeguarding and the purchasing power of those dollars. There's
much more to explore that we can't talk building an
income strategy. You know important. Let's ensure your plan is
prepared for whatever comes next, because life comes next, and
(10:39):
why don't you reach out to us today. We'd love
to have a visit with you. If it's nothing more
in a visit and confirmation that you're well on track, wonderful.
If it develops into something where we really can work
for you, maybe you're going to be steps ahead. So
feel free to give us a call.
Speaker 4 (10:54):
Six one two five zero four eight four zero zero.
Speaker 3 (10:57):
That's the number where you reach Larry and his profession
team there at Haven Financial Group.
Speaker 4 (11:02):
Coming up next, we're going to talk about.
Speaker 3 (11:03):
Understanding your savings targets in these inflictionary times. You're listening
to the Haven Financial Group Radio Show.
Speaker 1 (11:10):
Don't go too far. We're gathering more important insights and
retirement ways Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karagan. Now back to
(11:31):
the show.
Speaker 2 (11:32):
Welcome back, listeners. My name is Larry Kolvig, Founder and
CEO of the Haven Financial Group, and you're listening to
the Haven Financial Group Radio show where weekly we discuss
crucial retirement and financial topics that really can make the
difference between a a great retirement or a not so
good retirement. So again, feel free to give us a
call six' one two five oh four eighty four hundred
(11:55):
or info At havenfinancialgroup dot. Com of, Course, kim you,
know in recent weeks we've talked about we just were
in the process of celebrating our ten year. Anniversary we're
just entering our new space that we have an education
center and some more offices so as we continue to
help more, people we needed more, space and you know
we're going to that education. Center we're having the police
(12:17):
department and to do a fraud prevention here In, september
and we're going to continue to have these, classes educational
classes that clients had a potential clients for just the
public can benefit from because these are important topics and
we really want people to get the information so they
can make educated retirement. Decisions.
Speaker 3 (12:38):
Absolutely, yeah that's that's, Terrific and congratulations to you and
all the success over these.
Speaker 2 (12:43):
Tis thank, YOU i know, that thank.
Speaker 3 (12:44):
You we've got ten plus more coming your. Way for,
Sure let's do.
Speaker 2 (12:48):
It so let's do.
Speaker 3 (12:49):
It we're talking about inflation and the impact that it
has on your, retirement AND i think one of the
things that we established right off the bat was you
must have a, plan a plan that includes some safeguards
should inflation. Fluctuate and it, does and it, does and
that's been. Proven, certainly we want to talk a little
bit about savings and some of the targets that maybe
(13:09):
you need in that plan in order to be safeguarded
against these inflationary. Times AND i guess, Again, larry we
go back to first and, foremost you've just got to
sort of know what it is that you want to
do in your, retirement and you need to make sure
that you have a plan in place so that when times,
fluctuate you're ready to.
Speaker 2 (13:29):
Go, yeah it's a moving target and you're not going
to have all the answers because you've never retired probably,
before or you're going to retire one. Time but, unfortunately
imagine retirement and only falling short on your. Savings now
you have tough sacrifices financial. Stress so, again the good
news is a well well crafted plan can help avoid
(13:50):
some of these costly mistakes that we want to have
safeguard your retirement. Future AND i bet you want a
lifestyle in there, Too so you, know as we go
down some of these, budgeting estimate retirement expenses and At
haven we help people walk through. This what are your lifestyle?
Goals what do you want to? Do make sure we're
taking it healthcare in, there travel, expenses, housing. Inflation you,
(14:15):
know a common starting point is to plan for seventy
to eighty percent of your pre retirement income annually as
just the starting. Point it'd be different for, everybody but
that's a good place to. Start and then retirement, age you,
know when do you want to? Retire? Now want and
when will you? Retire are two different things that could
(14:36):
be a moving. Target you know what risk? Level you
know what is what is your savings level? At what
should it? Be you, know based on life? Expectancy you, know,
again AM i going to run out of? Money setting
that retirement horizon? Too how many years until you? Retire
what is the? Goal and then what if you don't get?
There because the reality is people tend to retire or
(15:00):
forced into retirement sooner than they, think and that happens
often does your plan adjust for that or do you
not have a? Plan that is a, problem you.
Speaker 3 (15:10):
Know and IF i could just interject, here AND i
think most people understand, this but one of the reasons
that maybe you're not saying you need to retire by
such and such age this should be your risk tolerance
is because this just is so different for. Everyone AND
i think we've talked about this a lot of. Times
but you, know your next door neighbor or your brother
(15:31):
might have a retirement, plan but that's not your.
Speaker 2 (15:33):
Plan it's a moving. TARGET i, mean it's not one
glove fits. ALL i can tell. YOU i sat down
with a wonderful couple From burnsville this. Week they were
worried about. Retirement they're on the cusp of. Retirement but,
actually in our, conversation this is our third time we've got,
together they felt really good because what they've done is
they don't, spend and we all have different spending, habits
(15:56):
so the need for monthly income was really not. There
because they had both had very good social. Securities they
worked a lot of, years paid into the. System one
of them had a, Pension they have no, mortgage and
their expenses are really. Low the next COUPLE i could
sit down with maybe has a lot, saved expenses are
through the, roof and they're not sitting well positioned for
(16:19):
retirement at. All so every conversation is, different, similar but
different because we all have, different different, habits we all
have different, taste and sometimes things are better off than
people think they. Are and sometimes it's a hard to
heart to say things aren't as good as you think they,
are and you. Better you need to know that now
(16:40):
rather than find it out.
Speaker 3 (16:41):
Later, sure when we go back to understanding, SAVINGS i
think one of the things that's really important is we've
talked about. This of, course accounting for, inflation but considering life.
Expectancy that's also something that influences decision.
Speaker 2 (16:55):
Making, oh when we projected, out we're projecting out well
into your mid, ninety so twenty to thirty years is
very very. Normal you, know health tends to play a.
Role you, know, oftentimes, unfortunately health plays a major role family, history. Genes,
Unfortunately i've done this a long, time AND i just
got a call this week that one of my, clients
(17:16):
he called, me and his wife can't take care of
him and he's looking at going into a care. Facility,
Unfortunately he's, like CAN i do anything to hide my? Moneys,
well the answer is, No and those are tough. Conversations
so it comes down to what are you doing now
to prepare for the possible. Worst he never planned on
going into a home when he was, thirty forty or
(17:37):
fifty years fifty years, old but the reality is now
that can decimate what him and his wife have worked hard.
For so again. Planning what's the old saying a failure
to plan as a plan to? Fail what are you
doing to? Plan? Again we like to plan for the
worst and pray and hope for the absolute. Best you,
(17:58):
know what are your income? Sources these are. Conversations most
people don't have. Pensions do you need to create your
own income, stream maybe in the form of an annuity
or some other, things WHICH i think we're going to
talk about the next. Segment and when we factor in,
returns let's be. Realistic you, know when we factor and
(18:18):
we use realistic. RETURNS i always, say you, know FINANCIAL
a lot of financial people not all they're good at
puffing up. Numbers, WELL i call that a complete waste of. Time,
yeah we all want the highest, returns and of course
we hope we get the highest, returns but you have
to be. Realistic AND i see some projections that somebody
else may have done and they compare them to what we,
(18:40):
do and they, go why is there such a big. Disparity,
well because they use unrealistic returns that made it all look.
Better and at the end of the, day you're going
to be sadly mistaken if you don't if you don't
hit those, returns and oftentimes it's just not, realistic it's
a waste of.
Speaker 3 (18:57):
Time, sure, absolutely we've already talked about planning for health care,
costs BUT i think this is interesting adjust for personal
goals and. RISKS i, mean people have to understand life, happens.
Speaker 2 (19:09):
It, does it, Does what are those activities you like to?
Do what are the costs? Associated when we build all these,
plans we actually put a buffer in, there kind of
anything else category for a lot of these things you mentioned.
HEALTHCARE i just want to throw this out there that
the average healthcare costs for a couple mid, sixties maybe
(19:29):
retired medicare you better at least budget at least one
thousand dollars a. Month if that number sounds, high it's
actually very. Realistic one thousand dollars a, month twelve thousand a.
Year we need to factor that into the planning. Process
and by the, way we're talking, inflation you, know the
average inflation rate for healthcare is much. Higher the last
(19:51):
year it's been three and a half percent in going,
up which is higher than the two point three or
two point five or the target of two percent that
The feds are going. For so healthcare is a higher
inflationary rate and we want to factor that in as.
Speaker 3 (20:05):
Well, Absolutely and then again let's go back to those
those goals and those. Risks you, know people think when
they get to, retirement, well we won't spend as much,
money but that's not. TRUE i, mean you have, expectations
you have, ideas you have things you want to, do
whether it's going down the street to spend time with the,
grandkids are traveling halfway around the.
Speaker 2 (20:24):
World that is a big, misconception you, know when you, Retire,
yeah there might be certain things that costs that go,
down but other things that go. Up you have more free.
Time you're not, working you're spending most of your time at,
work you're out having free, time and that free time
might be spending more. Money so again that just isn't the.
(20:44):
Case and by the, way for married, couples sometimes they,
think well when then with the first one passes that
expenses are cut in, half that is a misconception. Completely
they don't get cut in half in most cases. Whatsoever
they may go down a little bit jokingly because you,
know the husband's four hundred dollars beer budget isn't there anymore,
potentially but at the end of the day they usually
(21:07):
are not cut in. Half so, again the electric bill
is still the same it is it. Is maybe the
water bill isn't as, high but there's it doesn't get
cut in. Half don't fall into that. One.
Speaker 4 (21:18):
Absolutely.
Speaker 3 (21:19):
Listen if you're someone who has concerns about inflation and
a retirement, plan maybe you're someone who doesn't have a
retirement plan and you know it's time for you to get.
Started you have one and you need it to be.
Reviewed give the folks That Haven Financial group a, call no.
Doubt we have been talking about some things here that
are hitting home for. You the number is six one,
(21:39):
two five zero four eighty four. Hundred tell them that
you Heard larry and me here on the radio and
that you'd like to just come, in sit, down talk
a little bit about what your expectations might be for,
retirement or you'd like someone to look over your healthcare,
plan or your life insurance, plan or your state.
Speaker 4 (21:57):
Plan you, know these are all things that can be
addressed At Haven Financial.
Speaker 3 (22:02):
Group again that number six one, two five zero four
eighty four. Hundred you're listening to The Haven Financial Group Radio.
Speaker 1 (22:08):
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
to help you find your financial Safe.
Speaker 2 (22:30):
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 and we thank you for
listening this. Morning that last, segment if retirement seems a
little bit overwhelming and you just don't know what to,
do and you don't know what to focus? On what
are all the? Factors oh my, GOODNESS i don't even
(22:54):
know where to start to build a. Plan you, KNOW
i don't want listeners to be. OVERWHELMED i just want
them to say do we have one or do we
really need to start to get. One that's really where
we come into. Play give us a, call we'll have a.
Conversation you, know if you're, listening don't overwhelm. Yourself but
maybe if you are worried it is time, again feel
free to give us a call six' one two five
(23:15):
oh four eighty, four hundred or visit us Online At
hanfinancial group. Dot com you could all kinds of retirement
tools there as we do our best to really help
people get ready. For retirement and if you're listening, and,
say wow that's so, far away it doesn't have anything
to do with Me because i'm twenty thirty or forty.
Years old, Guess, what yeah would you agree that?
Speaker 4 (23:38):
Time flight all of a sudden you look up and
go wha? What happened so.
Speaker 2 (23:42):
That value of time is it's. VERY valuable i don't
care what age. You are if, you're listening what age
it's time to have, a conversation that is.
Speaker 3 (23:51):
For certain we're talking about inflation today and the impact
it may have on, your retirement and what we want
to talk about in this segment is the value of.
PREDICTABLE income I. Think leary you call this frequently, mailbox,
MONEY right.
Speaker 2 (24:06):
I do it's. Mailbox money and, you know a lot
of times in, this industry retirement, financial services as people
spend a lot of time on, you KNOW do i
have a? Million DOLLARS do i have five? Hundred THOUSAND
do i have? Ten MILLION do i have? Five million
it's just. This one it's. This number and the, reality,
is okay maybe that, is important maybe it's not, as
important and we're going to talk about predictable income, mailbox
(24:30):
money which to me is more valuable than just the
number in, your portfolio and, number one it provides, financial
stability a consistent, income stream whether it's social, security pensions
an annuity laddered, you know laddered bonds or, laddered CDs
maybe it's dividend interest buffer ETFs or whatever it. Might
(24:53):
be whatever your income, plan is and by, the way
hopefully it's. TAX efficient i find a lot of income
plans that are attacked. Any fission another whole different conversation
that we won't, go today but, financial stability are you
going to be able to cover those, regular expenses, you
know all, the, food, healthcare housing important to get those
(25:16):
covered by? Stable income. And provides it also provides to
enhance quality, of life less, worry less fears less reduces, financial,
stress which let's, face it money can cause lots. Of
stress what's the. Old saying the first year of marriage
is probably, the most, you know the toughest because now
(25:38):
you're combining incomes and money can cause lots of grief.
And heartache and no different than. In retirement oh, my goodness.
We're retired we didn't. Save enough, oh honey we can't
do the things we really wanted. To do, very unfortunate
BUT unfortunately i hear and we see this on a.
Regular basis so, you know costs of, UNPREDICTABLE income i
(25:59):
am miss. Budgeting challenges fluctuating income can. Complicate things you
could be spending money you shouldn't. Be spending and again
back to THE anxiety i never remember, growing up all
the ANXIETY that i hear about today a lot of times.
YOUNGER kids i, would say maybe that, social media but
(26:20):
also anxiety when it comes to money. For retirees and
much of that again comes back to the fact that
people don't have a partner that they can, lean on
that they can, ask questions that they can get some
confidence and security to know that somebody has, our back
somebody is looking out. For us and when you, feel
this you have somebody that you can call and pick
(26:42):
up the phone or more importantly come on, in eyeballs eyeballs.
And handshakes let's talk this through and if, it is
if it is valid that there's, retirement problems what can
we do about it proactively rather than just let it
simmer and.
Speaker 3 (26:59):
Get, WORSE yeah i feel like the anxiety of not
having stability when it comes to your finances can ultimately
mean more healthcare costs and a lot more difficult times
for you because of all of. That anxiety that's a,
Terrible thing so you certainly want to get that. Under
control there are challenges sometimes when it comes, to accounts
(27:22):
like irais before, one case and that shouldn't be, the
case Should, It larry it.
Speaker 2 (27:27):
Shouldn't, be no it's important to have all those types
of account to. Some degree but then you're daily potentially
when we deal with this, market VOLATILITY and i always
say please stress test your portfolio to see how much
risk you're taking because the. Market fluctuate market fluctuations can be,
ill timed meaning, bad timing and if you don't have
(27:49):
the right buckets of money to, choose from you might
be drawing from the wrong buckets at the wrong time.
Tax inefficiently so again that also can provide. Unpredictable income
so what is your? Withdrawal strategy have you talked? It
through are you just drawing from the accounts because you
don't know? Any different that's part of What our haven
team does is, You know lance is our IN, house
(28:11):
cpa the. Investment team we're all working together and coordinating
to this to the best of. Our abilities when we have,
tax questions, you know we BRING our. Cpa in whether
you Use it lance. Or not it for tax prepared
preparation that's a. Different thing but he does tax preparation
and he IS. A cpa he's very good and he
loves to. Explain things we really big into the Conversation,
(28:34):
of okay why are we doing what? We're doing is
there a reason a rationale? Behind it and guess what
people go no. Makes sense nobody's explained it to. Me
before longevity risk is something again that we deal with
the fear of out living, your money and not necessarily
if you're a, married couple when both when one of,
you passes then where's the income stream going to come
(28:57):
from that surviving spouse my, live ten twenty or. Thirty
years are you prepared? For that or just because you,
know statistically men, go first what kind of lifestyle you're
going to leave your? Spouse with they're going to mess,
you royally but they also want to live a little
bit and have a lifestyle. As well so are you planning?
For that, and again income is the name of, the
(29:20):
game and that's where we want folks to explore all.
The options lay out what, you have and then what's the. Good,
plan well let's talk.
Speaker 4 (29:28):
About what are some of the ways in which someone
can have.
Speaker 2 (29:31):
Steady, income well one of them that's geared towards this certainly.
Is annuities, and, now okay listeners are going to. Go
here he goes. With annuities i've said. It before if
you really want to come out to a, GOOD class
i teach the truth. ABOUT annuities i like to explain
the type four different types, of annuities how. They differ
(29:52):
two are very different than the. Other two they can
be used, for income and they can be used very
attractively to generate a guarantee. Lifetime income if that's appropriate
and important. To you they can also have, inflationary riders
the cost of. Living adjustments they've come a long way
compared to what they were twenty twenty five. Years ago
(30:14):
are they appropriate? FOR you i have. No idea that's
where we have to, talk, through educate have. The conversation
my WIFE and i we will Not have we don't.
Have pensions so we can effectively put into a fixed
a fixed or, fixed indexinuity or you could use. A
variable we wouldn't, do that but that has an income
(30:36):
feature and project out ten twenty years based upon, life
expectancy what will our. Income be so income planning with
annuities can be very effective if. IT'S appropriate i want,
to say if you don't, need income which some. People
don't you know the couple in this past Week from,
savage again social security and pensions more than covers. Their
(30:59):
expenses what they used an annuity for is a fixed
annuity to give them, principal protection accumulation, purposes only and.
No Fees so i'm just touching the tip of the
Iceberg when i'm touching on. The annuities you don't have
to have, Any annuities, so please if you're listening, to,
go oh he's. Peddling annuities not even, kind of but
(31:21):
we think they can be used effectively in some portfolios if.
Done appropriately the problem is, many people many people have
annuities and they don't know which one of the four annuities,
they have and that can be problematic because you could
be paying ungodly fees that you're not, aware of and
three years into it, you go WHY have i not made?
(31:44):
Any money and that could, be you or you could
have some that actually are doing very well that have.
No fees, so again the truth is in, the details
and most people don't know. The details they got sold
a bill. Of goods so if you're listening, and go
that might, be me and you have an annuity or
don't know if you have, AN annuity i call. Call
(32:04):
that come, on, in bring come. On in let's have.
A conversation we'll do an annuity exam so you can walk, out,
KNOWING well I guess i have. THIS one I guess
i have, this ONE and i don't KNOW why i had.
This one we see it all, The, Time kim we,
really do.
Speaker 3 (32:18):
Absolutely right so if you're looking for maybe an, annuity
review the folks There At haven financial can certainly. Help
you or if you're thinking maybe an annuity is something
you'd like to explore and you'd like to know more,
about it give them.
Speaker 4 (32:30):
A call six one two five zero four eight four.
Speaker 3 (32:33):
Zero zero let me give you that. Number again it's
six one two five zero four eighty. Four hundred give
the Folks At Haven financial group. A call set up.
An appointment it's not going to cost. You anything you're
going to go in and sit down and chat with
the crew there and see if you guys are a
good fit and if you have, some issues we'll see
if they can help you with, those issues or if
(32:54):
you're just ready to put together. A plan the number
is six one two five zero four eight for.
Speaker 4 (33:00):
Zero zero when we, come.
Speaker 3 (33:02):
Back let's debunk some of those retirement myths when it comes.
Speaker 4 (33:06):
To inflation this Is The Haven Financial Group.
Speaker 1 (33:09):
Radio show don't go. Too far we're gathering more important insights.
And retirement please Devinent The Haven Financial Group. Radio show
we'll be. Right back. Stick around you've, Got questions we've.
Got answers your tune To The Haven Financial Group radio
show with Your Host larry Kolvig And. Kim karragan now
(33:30):
back to.
Speaker 2 (33:30):
The show 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 talking about Inflation with
kim this week and income and, mailbox money and we're
going to talk about some retirement myths and debunk some of. These,
myths again just a takeaway from that. Last segment you
(33:51):
know we ended by. Talking annuities there's other means to
developing an income plan and stream, as well and that
might be looking at income focused, mutual fund, BOND ladders,
cd letters dividend, producing stocks, you know, Buffer ETFs there's
a variety of. Other THINGS so i don't want to
leave that last segment going annuities are the. Only option
they can be a. Good option so talking about these
(34:14):
tools and how they fit into your, retirement strategy THAT'S
where i think we could be of, great value if
nothing else, by education, you know your future starts with.
The conversation so reach out to us today and we
can have that discussion with you if you.
Speaker 3 (34:28):
So choose absolutely, retirement myths we've actually discussed a few
of them during the course of, this show without even counting,
you know pointing them out as. Being myths one of
those being that your bills shrink when you go, into
retirement or the idea That social security is going to
be all the income that you're going to need. In
(34:50):
retirement that's a few. Of them there's a number of misconceptions,
out there and we thought that maybe we would talk
about a few. Of, them larry let's get started with this.
Whole idea we've talked about. It already but, you know
in expenses decreasing significantly when you go, into RETIREMENT when
i have nothing to do with, MY time i have
a tendency to spend.
Speaker 2 (35:09):
More money that would be two. Of us and let's
put through My wife chelle in there. As well i'm
not going to let her off the hook, that, easy
okay but it usually does. It now work related costs,
made advantage but other expenses such, as healthcare which we've,
talked about travel you want to travel that, costs, money, hobbies,
golf fish all. Those things so. Budget realistically budget realistically
(35:32):
is the BEST advice i. Can give, you know we
teach kid a lot of social security and. Tax classes
just this past week we had some very. Well attended
we were at the Library Over an egan had forty
to fifty people. Two nights this, coming week we're going
to have a Lunch social security. And tax so if
you're listening, sounds intriguing Go to havenfinancialgroup. Dot com you
(35:55):
can see all of our classes throughout the next throughout
the course of, the year which we teach, all Year
social security is going to cover all your income needs
and retirement highly. Highly doubtful if, it does, Hey great usually.
It Doesn't social security usually makes up about thirty to
forty percent of people's income. And retirement so we have. A,
(36:18):
discussion okay so what about the other sixty to seventy
percent that you need to make up the rest of
your income and retirement? Supplemental income how do you Supplement
social security in the? Right way and again the right
way meaning tax efficiency in our process in our clients
will attest. To this we map out THAT plan i mentioned.
(36:41):
One earlier it's too it's too late to start saving.
For retirement. NOT true i don't care what age. You
are time is of. The essence starting to save at
any age. Is beneficial so if you're listing it's, Too,
late no it's not starting somewhere to get. To somewhere
even if it's a, small contribution those can add up.
(37:02):
Over time the power of compounding and time can really
enhance your financial security. And retirement so if you're listening and,
you're younger, you know the younger generation says they don't
have any money to put, in retirement that's going to
be a. Real problem you can not afford not to
put money. Into retirement so even if it's a little
bit increasing a percent per year, or more, you know
(37:24):
if it's right out of, your paycheck out, of sight out,
of mind you might not even. Notice it, so start.
Get started this next.
Speaker 3 (37:31):
One IS one i think a lot of people. Fall
for they Believe that medicare covers all of their, health
expenses and that is certainly not.
Speaker 2 (37:38):
The case oh, my goodness. You're right hear this all. The,
time medicare by, the way doesn't cover all. Medical costs,
You Know glennon isabella in. The office we have access
to all the, healthcare companies, you know we help a
lot of People in Medicare, And Menshure minnesota care private. Healthcare,
market again we're able to help lots of people starting
with education because a lot of people. Think this it
(38:01):
doesn't cover dental a lot. Of times vision and the
big one which none of us want to talk about
is long term care or nursing home has nothing to do.
With that how have you prepared? For that have you
looked at all the other viable options that are out?
There today the traditional long term care just we don't
(38:21):
see it. Very often maybe he got scared of way
about ten years ago From a cadillac plan somebody was
trying to sell you that nobody. Could afford they're much.
Better options by, the way seventy percent of us are
going to need some sort of healthcare or some sort
of nursing home care in. Our lifetime. Seventy, percent that by,
the way is ten to fifteen thousand dollars. A month that's.
(38:45):
A lot so how have you planned? For that AND
now i know we jokingly say the kids are going
to take care. Of, you yeah well that usually doesn't work,
Out either so how have you planned for long? TERM
care i mentioned my client who called me this, WEEK
saying I think i'm going to have to go. Into
home WHAT can? I do their answer, Is nothing and
most of us don't want to be a burden to
(39:05):
our kids if you. Have kids but in some states
there's been laws and rules that have passed where, the
kids if you go into a, nursing home might. Be responsible.
MIGHT be i didn't say we're going, to be but
there's different laws that have been passed in various states
where they might be they're going to be responsible to
pay the nursing. Home costs, so again it's why it's
(39:27):
not meant that a fear of scaring any of the
listeners or anybody. Out there but we. See It and
i'll tell. You this those that are listening that are
dealing with mom or dad or grandma and grandpa in a,
nursing home they know Exactly what i'm talking about right
now because you've dealt with it and we deal with that.
As well hopefully you have. A plan and again it's not.
(39:47):
One gluff it's all it's talking through what does your
budget afford you? To do or what can we? Do
now is your health? Good, enough again it comes back
to the element. Of time is there time and, if
so we better.
Speaker 3 (40:01):
Get Started sure this idea that taxes are lower when you're,
in retirement how do you feel?
Speaker 2 (40:06):
ABOUT that i can, Tell you and it's not meant
to start is taxes will affect us at every stage,
of life and probably more in retirement than. Ever BEFORE
and i know nobody wants to, hear that but we, See.
It larry we make more money now than we did
when we, were WORKING because i will say a lot
of The baby boomer generation and a lot of that
(40:28):
generation around, that timeframe has done a very good job.
At saving not everybody delayed gratification saving. For retirement they
just were. Good savers so they've maybe have A large
ira individual, retirement account a lot of pre. Tax money,
guess what at age seventy three or in about seven
years it goes to age, seventy five you're going to
(40:51):
have to draw off, of that and that's where income
can be bigger. Than ever so what's your tax? Related
strategy are you doing? Roth conversions are you being having?
This conversation are you taking money out of investment accounts
with zero capital gains because a lot of times in
early retirement income. Is lower what is your? Tax strategy
(41:13):
and if you're not even having a conversation with your
tax PREPARER, or cpa which most aren't, these days, drop.
OFF pickup i don't hey. HEAR this i BET you
i heard it at least five times. This week we
don't even talk to our tax. Preparer anymore we just
drop off and pick up and they have. No strategy and,
guess what they're mad every single tax pre tax season
because they owe a bunch of money and they don't.
(41:34):
Know why. Guess what fix. The problem taxes will affect
you probably more. In retirement and one OTHER one i
would add to this is the four percent rule. Withdrawal
method it's kind of it's the. Old rule some would say.
IT'S outdated i just say those are just a. General
guideline it's not the same. For everybody everybody's situation, is
(41:56):
DIFFERENT so i kind of throw that out. The window
we start. From somewhere but for some people four percent.
Isn't enough some people it's. Too much, so again it
comes down to a customized retirement financial plan uniquely for
you as an individual or a family or. A couple
it's not a cookie cutter thing or. Should be it.
Should be are you having these conversations is do you have?
(42:19):
A partner are? They listening and by, the, way retirement
in all these retirement topics that we, deal with it's
more than a conversation once or twice a year for
forty five minutes to. An hour if that's the attention,
you're getting you're not getting enough attention and you should,
demand more or maybe you're not in the. Right place
that sometimes is the, Case too.
Speaker 3 (42:40):
And we want to just remind everyone that retirement planning
is not. For people who is not only, for people
let me put it, that way who have millions of.
Speaker 4 (42:50):
Dollars saved this is. For everyone your retirement is, your, retirement.
Speaker 2 (42:57):
Yes small medium, or large complicated, or simple, big family.
No family it applies to you in, some way shape.
Or form and by, the way another one that's. OUT
there i can work And definitely i'm just gonna work
INDEFINITELY because. I, will well let me just tell YOU
something i. Said earlier life doesn't always cooperate with. OUR
calendar i can tell you the ad that, on average
(43:20):
they average fifty eight Percent of americans retire earlier than.
They anticipated fifty. Eight percent why? Was that it could
because of, health issues it could be, job disruptions and
one that, we see unfortunately is, family obligations meaning take
care of mom. And dad loved one brother sister who unfortunately.
(43:44):
Got sick we see that one often and, it's UNFORTUNATE
but i see it. So again a lot of these
retirement myths completely. Not true it's just a bunch of
water water, cooler, talk.
Speaker 3 (43:56):
Right and debunking them could certainly help people avoid cost
mistakes and set people up for success when it comes
to their finances. In retirement if you have heard something
here that really rings a bell with you and you'd,
like to, you know find a great partner who can
help you through these. Retirement years these are, good years
these are. Golden years give the folks that have in
(44:18):
financial group. A call i think you're going to be.
Very happy it's six one two five zero four eighty
four hundred six one two five zero four eighty. FOUR hundred, I,
know larry you guys would like to partner with folks
who are listening, for sure to make sure these golden
years are just.
Speaker 2 (44:33):
That, Golden yes the question we have is do you
have all the retirement? Puzzle pieces all the retirement. Puzzle
pieces we can help you put the. Puzzle together we.
Certainly can and again avoid the idea that you get
the puzzle put together and you're missing in a state
plan and you're missing a long term. Care plan you
haven't done, taxes efficiently, wealth, management investments insurance and all
(44:58):
these things that can. Go all oh, my gosh retirement is.
So complicated doesn't have to be a good partner can simplify.
The Process, You.
Speaker 4 (45:07):
Pet larry it's been great to be with you again.
This week thanks so much.
Speaker 2 (45:11):
As always have a blessed week and we'll see you.
Speaker 5 (45:13):
Next week 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 herein and comments regarding its safe and secure investments
(45:36):
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.
Speaker 2 (45:47):
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.
I'm Larry Kolvig, Founder and see you of the Haven
Financial Group. Thanks for listening this morning. Feel free to
give us a call at six one two five zero
four eighty four hundred. Ask us any retirement questions, shoot
us an email at Hanfinancialgroup dot com, info at Havenfinancialgroup
dot com, or go to our website. There's all kinds
(01:16):
of retirement tools. Again, great listen, Thanks for listening, and Kim,
good to be with you again this week.
Speaker 3 (01:21):
Larry, it's great to be with you as we're watching
the summer sort of fade away.
Speaker 4 (01:25):
Right.
Speaker 3 (01:26):
I know you've mentioned to me that you've already got
one of your daughters.
Speaker 2 (01:29):
Back at school, already back to the University of Kansas.
I made that trek, which I don't like because she
didn't come home with us. But yeah, the whole month
of August. That's a loss of a whole month. But
she's back at it, and yes, summer just progresses. Well,
let's not talk about it.
Speaker 1 (01:46):
Let not.
Speaker 4 (01:47):
We want to be positive today, right.
Speaker 2 (01:49):
That's right.
Speaker 3 (01:50):
Well, unfortunately, we're going to talk about something that maybe
is not so positive, but we're going to talk about
the positive ways to get around it, and that's inflation.
You know, as people do their planning when it comes
to retirement, I think a lot of people don't think
about the fact that inflation certainly is a part of
your planning. And if it's not, then you're probably making
some big mistakes, right, Larry.
Speaker 2 (02:12):
Oh, Most definitely. You know, I see once in a
while other advisors not even factor in inflation, which to
me doesn't make any sense. Yeah, we're going to talk
about inflation. We'll have a nice positive wrap on it
and see what can we do. You know, most people
when they think of retirement, you know, as it's the
end of the road, but in reality it's a big
portion of most people's lives. So you know, we'll talk
(02:33):
about having a plan, you know, the rising prices, the budgets,
uncertain markets, all that good stuff that we talk about.
But again we'll give we'll give the listeners some ideas
and some at the end, we'll have some misconceptions that
we'll talk about on what to avoid what's not true.
You know, there's a lot of rumors out there that
this happens when you retire, and oftentimes that isn't the case.
So we'll get there. We'll have a good show.
Speaker 4 (02:55):
Absolutely. Well, let's let's talk about inflation.
Speaker 3 (02:57):
We've certainly the word inflation has certainly been a big
part of our lexicon for the last couple of years.
Speaker 4 (03:01):
There's no two ways about that.
Speaker 2 (03:03):
Larry Oh, it is, and it's going to continue to
be here. I have no reason to think that it's
just going to disappear, because it's not. And you know,
why is inflation so important, especially with those that we
sit with, as you know, those planning for retirement, close
to retirement or in retirement, is that dollar just isn't
as powerful anymore. It just doesn't do as much. So again,
it is a factor. Prices rose three tenths of a
(03:26):
percent in June, two point seven percent overall, year after year.
Core inflation still remains sticky. You know, if we strip
out food and energy, which are the big ones, the
core proate prices almost rose three percent over the past
the last twelve months. So it's ongoing pressure on discretionary
income the budget and let's just face it, people are
(03:47):
still feeling it and that can have an adverse effect
on people's retirement.
Speaker 3 (03:52):
Well, so, Larry, what do you say to people who
come in and say, I've saved X amount of money,
but I really haven't thought about inflation. How what kind
of steps do you take with those folks?
Speaker 2 (04:02):
Well, taken through our typical Haven proprietary process. If we
get there to really strip down, you know, have they saved,
have they saved enough? You know we'll run out Monty
Carlo projections based on reasonable returns adjusted for inflation. You know,
we utilize two and a half to three percent, so
higher than the historical rates that the FED is trying
(04:24):
to get to. And why do we do that? We're
really kind of planning for the worst and hoping. I'm
praying for the best. We'd rather plan accordingly, where you know,
why am I going to run out of money? Worst
case scenario? And then if things are better, then we're
well prepared for it.
Speaker 3 (04:39):
Have a lot of people come to you over the
last couple of years and said I wanted to retire,
but now I don't think I can as a result
of inflation.
Speaker 2 (04:48):
It's a big response that we get on a weekly basis.
Do I have enough to retire? I don't think I do.
I'm a little fearful that I don't. And sometimes that
is accurate. But other times, if we say down to
put pen to paper and run out the projections. Some
people are in better positions, other people are in worse positions.
But you know, these costs that eating keep eating in
(05:09):
their budget. You know, housing housing costs are up again,
two tenths of percent from the last month, up three
point eight over the past year. You know food, you know,
grocery bill, yes, oh my goodness, eggs, coffee, you know,
a variety of different things. You know, those prices haven't
come It is it is so we get to factor
(05:29):
that into the planning process because you know, the reality
is these are expenses are real. And one that I
talk about on a weekly basis with you is, you know,
the healthcare expenses. You know, that is a big one
that people underestimate. I think we're going to talk more
about that here later on. So the classes we teach
social Security, you know, the cost of living adjustment, which
(05:51):
is really an indication of inflation. That report is going
to come out in October, the Social Security Trustees report.
You know, in recent years, we've seen some big increases
because of the high inflation. You might recall that we
had an eight point seven percent increase here a couple
of years ago. This year it's two and a half.
I just this past week read the projections for the
coming October, just the projections, because we don't know yet
(06:14):
of about two point three percent increase we will see.
These summer months are really the indicators on what they'll
come out with, but two point three is what's projected,
and that might not be enough to really boost the
income enough. So what do retirees or planners need to
do is where is my income going to come from?
Is it going to be enough from social Security? Do
(06:36):
I have a pension or what retirement funds are? Is
it going to come from really in the most tax
efficient way possible.
Speaker 3 (06:44):
Sure, and a lot of times those fixed incomes don't
keep up with inflation. Now we've talked about social security,
but if you have a pension or you have an annuity,
is there any room for you know, inflation when it
comes to those incomes.
Speaker 2 (06:57):
There is. There's some better products out there than there
used to be that really adjusts for inflation. Whether they're
appropriate for the listeners that would be on a conversation
one on one. Some are appropriate, some are not appropriate
to really keep up for these shifting the shifting numbers
in inflation, because again, the purchasing power of the dollar
way back in the day compared to what it is today,
(07:18):
big difference. And of course in the news, tariffs are
still a big thing, and we're seeing some of the
prices increase because of these tariffs. But a little bit
of good news. A lot of our clients we sit
down with and clients they love to travel, there is
some relief in the some of the big ticket goods
prices fell on used cars, actually new vehicles, airline fares,
So there's a little bit of good news. Those prices
(07:40):
have come down a little bit.
Speaker 4 (07:41):
Yeah.
Speaker 3 (07:41):
Absolutely, Well, any good news is good news. We'll take
it at this point.
Speaker 2 (07:45):
And these days, we'll take any good news. You are correct, So.
Speaker 3 (07:50):
Let me ask you about some of We've talked a
little bit about people who maybe are coming in and saying, Okay,
I'm thinking about we're trying. I don't know if I
have enough money. This inflationary issue is a problem for me.
What about people who are already in retirement and they
come in and they say, you know, Larry, I'm very concerned.
Speaker 4 (08:08):
We don't know what we're going to do. We're just
not meeting the needs at the end of the month
right now.
Speaker 2 (08:14):
And we're going to run through the same process. What
assets are we dealing with, what type of money are
we dealing with? Is it Ira roth Ira, We're going
to have the same conversation. We're going to run those
projections out and really see is what they're feeling really,
what's going to happen? Is it really happening, or are
they in a better position than they think they are,
or the tough conversation about you're right, we do have
(08:36):
a problem, not how do we adjust for the problem.
Doesn't mean we have to maybe start cutting some of
the things out of our everyday budget or maybe our
future plans. We hope not. That's why it's important to
people for people to get a grasp of where they're at.
No matter what age they're starting to plan for retirement
later on, there's never too early to start. So again
(08:58):
we're going to walk through the same process us. Come
up with a plan. If you don't have a plan,
and maybe you're if you're listening, your plans outdated, come
on and let's talk about it. Maybe it is, maybe
it isn't. Maybe you've never really put together a plan.
But that plan will need to be modified and it
will navigate through those retirement years. There's going to be adjustment,
(09:19):
there's going to be life changes. We know life's calendar
doesn't always cooperate with our calendar. Your plan should be
modified and adjusted as you go through these retirement years.
Speaker 3 (09:29):
Sure, you know what I like is that you say,
come and see us and let's talk this through. Don't panic,
which I think that is probably a first reaction from
a lot of people. You just sort of feel panic.
Then you start thinking, I gotta get out of this
house or I got to get rid of this. Maybe
that's not the answer. Maybe the answer is you just
need to come and sit down with experts like you,
(09:50):
guys that haven financial and take a look at everything
and understand exactly where you are.
Speaker 2 (09:54):
You're right, Panic really doesn't do any good. And you
maybe you're panicking because you don't have a plan or
you don't have a partner that you can lean on
that you're having these conversations. That's what I find is
the most concerning is people panic or they're worried because
nobody's having a candid conversation about their specific situation life, budget, moneys,
(10:16):
et cetera. So if you're listening, you know, understanding inflation,
how it affects your retirement, it's just the beginning, you know,
purchase safeguarding and the purchasing power of those dollars. There's
much more to explore that we can't talk building an
income strategy. You know important. Let's ensure your plan is
prepared for whatever comes next, because life comes next, and
(10:39):
why don't you reach out to us today. We'd love
to have a visit with you. If it's nothing more
in a visit and confirmation that you're well on track, wonderful.
If it develops into something where we really can work
for you, maybe you're going to be steps ahead. So
feel free to give us a call.
Speaker 4 (10:54):
Six one two five zero four eight four zero zero.
Speaker 3 (10:57):
That's the number where you reach Larry and his profession
team there at Haven Financial Group.
Speaker 4 (11:02):
Coming up next, we're going to talk about.
Speaker 3 (11:03):
Understanding your savings targets in these inflictionary times. You're listening
to the Haven Financial Group Radio Show.
Speaker 1 (11:10):
Don't go too far. We're gathering more important insights and
retirement ways Devinent the Haven Financial Group Radio Show. We'll
be right back. Stick around. You've got questions, We've got answers.
Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karagan. Now back to
(11:31):
the show.
Speaker 2 (11:32):
Welcome back, listeners. My name is Larry Kolvig, Founder and
CEO of the Haven Financial Group, and you're listening to
the Haven Financial Group Radio show where weekly we discuss
crucial retirement and financial topics that really can make the
difference between a a great retirement or a not so
good retirement. So again, feel free to give us a
call six' one two five oh four eighty four hundred
(11:55):
or info At havenfinancialgroup dot. Com of, Course, kim you,
know in recent weeks we've talked about we just were
in the process of celebrating our ten year. Anniversary we're
just entering our new space that we have an education
center and some more offices so as we continue to
help more, people we needed more, space and you know
we're going to that education. Center we're having the police
(12:17):
department and to do a fraud prevention here In, september
and we're going to continue to have these, classes educational
classes that clients had a potential clients for just the
public can benefit from because these are important topics and
we really want people to get the information so they
can make educated retirement. Decisions.
Speaker 3 (12:38):
Absolutely, yeah that's that's, Terrific and congratulations to you and
all the success over these.
Speaker 2 (12:43):
Tis thank, YOU i know, that thank.
Speaker 3 (12:44):
You we've got ten plus more coming your. Way for,
Sure let's do.
Speaker 2 (12:48):
It so let's do.
Speaker 3 (12:49):
It we're talking about inflation and the impact that it
has on your, retirement AND i think one of the
things that we established right off the bat was you
must have a, plan a plan that includes some safeguards
should inflation. Fluctuate and it, does and it, does and
that's been. Proven, certainly we want to talk a little
bit about savings and some of the targets that maybe
(13:09):
you need in that plan in order to be safeguarded
against these inflationary. Times AND i guess, Again, larry we
go back to first and, foremost you've just got to
sort of know what it is that you want to
do in your, retirement and you need to make sure
that you have a plan in place so that when times,
fluctuate you're ready to.
Speaker 2 (13:29):
Go, yeah it's a moving target and you're not going
to have all the answers because you've never retired probably,
before or you're going to retire one. Time but, unfortunately
imagine retirement and only falling short on your. Savings now
you have tough sacrifices financial. Stress so, again the good
news is a well well crafted plan can help avoid
(13:50):
some of these costly mistakes that we want to have
safeguard your retirement. Future AND i bet you want a
lifestyle in there, Too so you, know as we go
down some of these, budgeting estimate retirement expenses and At
haven we help people walk through. This what are your lifestyle?
Goals what do you want to? Do make sure we're
taking it healthcare in, there travel, expenses, housing. Inflation you,
(14:15):
know a common starting point is to plan for seventy
to eighty percent of your pre retirement income annually as
just the starting. Point it'd be different for, everybody but
that's a good place to. Start and then retirement, age you,
know when do you want to? Retire? Now want and
when will you? Retire are two different things that could
(14:36):
be a moving. Target you know what risk? Level you
know what is what is your savings level? At what
should it? Be you, know based on life? Expectancy you, know,
again AM i going to run out of? Money setting
that retirement horizon? Too how many years until you? Retire
what is the? Goal and then what if you don't get?
There because the reality is people tend to retire or
(15:00):
forced into retirement sooner than they, think and that happens
often does your plan adjust for that or do you
not have a? Plan that is a, problem you.
Speaker 3 (15:10):
Know and IF i could just interject, here AND i
think most people understand, this but one of the reasons
that maybe you're not saying you need to retire by
such and such age this should be your risk tolerance
is because this just is so different for. Everyone AND
i think we've talked about this a lot of. Times
but you, know your next door neighbor or your brother
(15:31):
might have a retirement, plan but that's not your.
Speaker 2 (15:33):
Plan it's a moving. TARGET i, mean it's not one
glove fits. ALL i can tell. YOU i sat down
with a wonderful couple From burnsville this. Week they were
worried about. Retirement they're on the cusp of. Retirement but,
actually in our, conversation this is our third time we've got,
together they felt really good because what they've done is
they don't, spend and we all have different spending, habits
(15:56):
so the need for monthly income was really not. There
because they had both had very good social. Securities they
worked a lot of, years paid into the. System one
of them had a, Pension they have no, mortgage and
their expenses are really. Low the next COUPLE i could
sit down with maybe has a lot, saved expenses are
through the, roof and they're not sitting well positioned for
(16:19):
retirement at. All so every conversation is, different, similar but
different because we all have, different different, habits we all
have different, taste and sometimes things are better off than
people think they. Are and sometimes it's a hard to
heart to say things aren't as good as you think they,
are and you. Better you need to know that now
(16:40):
rather than find it out.
Speaker 3 (16:41):
Later, sure when we go back to understanding, SAVINGS i
think one of the things that's really important is we've
talked about. This of, course accounting for, inflation but considering life.
Expectancy that's also something that influences decision.
Speaker 2 (16:55):
Making, oh when we projected, out we're projecting out well
into your mid, ninety so twenty to thirty years is
very very. Normal you, know health tends to play a.
Role you, know, oftentimes, unfortunately health plays a major role family, history. Genes,
Unfortunately i've done this a long, time AND i just
got a call this week that one of my, clients
(17:16):
he called, me and his wife can't take care of
him and he's looking at going into a care. Facility,
Unfortunately he's, like CAN i do anything to hide my? Moneys,
well the answer is, No and those are tough. Conversations
so it comes down to what are you doing now
to prepare for the possible. Worst he never planned on
going into a home when he was, thirty forty or
(17:37):
fifty years fifty years, old but the reality is now
that can decimate what him and his wife have worked hard.
For so again. Planning what's the old saying a failure
to plan as a plan to? Fail what are you
doing to? Plan? Again we like to plan for the
worst and pray and hope for the absolute. Best you,
(17:58):
know what are your income? Sources these are. Conversations most
people don't have. Pensions do you need to create your
own income, stream maybe in the form of an annuity
or some other, things WHICH i think we're going to
talk about the next. Segment and when we factor in,
returns let's be. Realistic you, know when we factor and
(18:18):
we use realistic. RETURNS i always, say you, know FINANCIAL
a lot of financial people not all they're good at
puffing up. Numbers, WELL i call that a complete waste of. Time,
yeah we all want the highest, returns and of course
we hope we get the highest, returns but you have
to be. Realistic AND i see some projections that somebody
else may have done and they compare them to what we,
(18:40):
do and they, go why is there such a big. Disparity,
well because they use unrealistic returns that made it all look.
Better and at the end of the, day you're going
to be sadly mistaken if you don't if you don't
hit those, returns and oftentimes it's just not, realistic it's
a waste of.
Speaker 3 (18:57):
Time, sure, absolutely we've already talked about planning for health care,
costs BUT i think this is interesting adjust for personal
goals and. RISKS i, mean people have to understand life, happens.
Speaker 2 (19:09):
It, does it, Does what are those activities you like to?
Do what are the costs? Associated when we build all these,
plans we actually put a buffer in, there kind of
anything else category for a lot of these things you mentioned.
HEALTHCARE i just want to throw this out there that
the average healthcare costs for a couple mid, sixties maybe
(19:29):
retired medicare you better at least budget at least one
thousand dollars a. Month if that number sounds, high it's
actually very. Realistic one thousand dollars a, month twelve thousand a.
Year we need to factor that into the planning. Process
and by the, way we're talking, inflation you, know the
average inflation rate for healthcare is much. Higher the last
(19:51):
year it's been three and a half percent in going,
up which is higher than the two point three or
two point five or the target of two percent that
The feds are going. For so healthcare is a higher
inflationary rate and we want to factor that in as.
Speaker 3 (20:05):
Well, Absolutely and then again let's go back to those
those goals and those. Risks you, know people think when
they get to, retirement, well we won't spend as much,
money but that's not. TRUE i, mean you have, expectations
you have, ideas you have things you want to, do
whether it's going down the street to spend time with the,
grandkids are traveling halfway around the.
Speaker 2 (20:24):
World that is a big, misconception you, know when you, Retire,
yeah there might be certain things that costs that go,
down but other things that go. Up you have more free.
Time you're not, working you're spending most of your time at,
work you're out having free, time and that free time
might be spending more. Money so again that just isn't the.
(20:44):
Case and by the, way for married, couples sometimes they,
think well when then with the first one passes that
expenses are cut in, half that is a misconception. Completely
they don't get cut in half in most cases. Whatsoever
they may go down a little bit jokingly because you,
know the husband's four hundred dollars beer budget isn't there anymore,
potentially but at the end of the day they usually
(21:07):
are not cut in. Half so, again the electric bill
is still the same it is it. Is maybe the
water bill isn't as, high but there's it doesn't get
cut in. Half don't fall into that. One.
Speaker 4 (21:18):
Absolutely.
Speaker 3 (21:19):
Listen if you're someone who has concerns about inflation and
a retirement, plan maybe you're someone who doesn't have a
retirement plan and you know it's time for you to get.
Started you have one and you need it to be.
Reviewed give the folks That Haven Financial group a, call no.
Doubt we have been talking about some things here that
are hitting home for. You the number is six one,
(21:39):
two five zero four eighty four. Hundred tell them that
you Heard larry and me here on the radio and
that you'd like to just come, in sit, down talk
a little bit about what your expectations might be for,
retirement or you'd like someone to look over your healthcare,
plan or your life insurance, plan or your state.
Speaker 4 (21:57):
Plan you, know these are all things that can be
addressed At Haven Financial.
Speaker 3 (22:02):
Group again that number six one, two five zero four
eighty four. Hundred you're listening to The Haven Financial Group Radio.
Speaker 1 (22:08):
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
to help you find your financial Safe.
Speaker 2 (22:30):
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 and we thank you for
listening this. Morning that last, segment if retirement seems a
little bit overwhelming and you just don't know what to,
do and you don't know what to focus? On what
are all the? Factors oh my, GOODNESS i don't even
(22:54):
know where to start to build a. Plan you, KNOW
i don't want listeners to be. OVERWHELMED i just want
them to say do we have one or do we
really need to start to get. One that's really where
we come into. Play give us a, call we'll have a.
Conversation you, know if you're, listening don't overwhelm. Yourself but
maybe if you are worried it is time, again feel
free to give us a call six' one two five
(23:15):
oh four eighty, four hundred or visit us Online At
hanfinancial group. Dot com you could all kinds of retirement
tools there as we do our best to really help
people get ready. For retirement and if you're listening, and,
say wow that's so, far away it doesn't have anything
to do with Me because i'm twenty thirty or forty.
Years old, Guess, what yeah would you agree that?
Speaker 4 (23:38):
Time flight all of a sudden you look up and
go wha? What happened so.
Speaker 2 (23:42):
That value of time is it's. VERY valuable i don't
care what age. You are if, you're listening what age
it's time to have, a conversation that is.
Speaker 3 (23:51):
For certain we're talking about inflation today and the impact
it may have on, your retirement and what we want
to talk about in this segment is the value of.
PREDICTABLE income I. Think leary you call this frequently, mailbox,
MONEY right.
Speaker 2 (24:06):
I do it's. Mailbox money and, you know a lot
of times in, this industry retirement, financial services as people
spend a lot of time on, you KNOW do i
have a? Million DOLLARS do i have five? Hundred THOUSAND
do i have? Ten MILLION do i have? Five million
it's just. This one it's. This number and the, reality,
is okay maybe that, is important maybe it's not, as
important and we're going to talk about predictable income, mailbox
(24:30):
money which to me is more valuable than just the
number in, your portfolio and, number one it provides, financial
stability a consistent, income stream whether it's social, security pensions
an annuity laddered, you know laddered bonds or, laddered CDs
maybe it's dividend interest buffer ETFs or whatever it. Might
(24:53):
be whatever your income, plan is and by, the way
hopefully it's. TAX efficient i find a lot of income
plans that are attacked. Any fission another whole different conversation
that we won't, go today but, financial stability are you
going to be able to cover those, regular expenses, you
know all, the, food, healthcare housing important to get those
(25:16):
covered by? Stable income. And provides it also provides to
enhance quality, of life less, worry less fears less reduces, financial,
stress which let's, face it money can cause lots. Of
stress what's the. Old saying the first year of marriage
is probably, the most, you know the toughest because now
(25:38):
you're combining incomes and money can cause lots of grief.
And heartache and no different than. In retirement oh, my goodness.
We're retired we didn't. Save enough, oh honey we can't
do the things we really wanted. To do, very unfortunate
BUT unfortunately i hear and we see this on a.
Regular basis so, you know costs of, UNPREDICTABLE income i
(25:59):
am miss. Budgeting challenges fluctuating income can. Complicate things you
could be spending money you shouldn't. Be spending and again
back to THE anxiety i never remember, growing up all
the ANXIETY that i hear about today a lot of times.
YOUNGER kids i, would say maybe that, social media but
(26:20):
also anxiety when it comes to money. For retirees and
much of that again comes back to the fact that
people don't have a partner that they can, lean on
that they can, ask questions that they can get some
confidence and security to know that somebody has, our back
somebody is looking out. For us and when you, feel
this you have somebody that you can call and pick
(26:42):
up the phone or more importantly come on, in eyeballs eyeballs.
And handshakes let's talk this through and if, it is
if it is valid that there's, retirement problems what can
we do about it proactively rather than just let it
simmer and.
Speaker 3 (26:59):
Get, WORSE yeah i feel like the anxiety of not
having stability when it comes to your finances can ultimately
mean more healthcare costs and a lot more difficult times
for you because of all of. That anxiety that's a,
Terrible thing so you certainly want to get that. Under
control there are challenges sometimes when it comes, to accounts
(27:22):
like irais before, one case and that shouldn't be, the
case Should, It larry it.
Speaker 2 (27:27):
Shouldn't, be no it's important to have all those types
of account to. Some degree but then you're daily potentially
when we deal with this, market VOLATILITY and i always
say please stress test your portfolio to see how much
risk you're taking because the. Market fluctuate market fluctuations can be,
ill timed meaning, bad timing and if you don't have
(27:49):
the right buckets of money to, choose from you might
be drawing from the wrong buckets at the wrong time.
Tax inefficiently so again that also can provide. Unpredictable income
so what is your? Withdrawal strategy have you talked? It
through are you just drawing from the accounts because you
don't know? Any different that's part of What our haven
team does is, You know lance is our IN, house
(28:11):
cpa the. Investment team we're all working together and coordinating
to this to the best of. Our abilities when we have,
tax questions, you know we BRING our. Cpa in whether
you Use it lance. Or not it for tax prepared
preparation that's a. Different thing but he does tax preparation
and he IS. A cpa he's very good and he
loves to. Explain things we really big into the Conversation,
(28:34):
of okay why are we doing what? We're doing is
there a reason a rationale? Behind it and guess what
people go no. Makes sense nobody's explained it to. Me
before longevity risk is something again that we deal with
the fear of out living, your money and not necessarily
if you're a, married couple when both when one of,
you passes then where's the income stream going to come
(28:57):
from that surviving spouse my, live ten twenty or. Thirty
years are you prepared? For that or just because you,
know statistically men, go first what kind of lifestyle you're
going to leave your? Spouse with they're going to mess,
you royally but they also want to live a little
bit and have a lifestyle. As well so are you planning?
For that, and again income is the name of, the
(29:20):
game and that's where we want folks to explore all.
The options lay out what, you have and then what's the. Good,
plan well let's talk.
Speaker 4 (29:28):
About what are some of the ways in which someone
can have.
Speaker 2 (29:31):
Steady, income well one of them that's geared towards this certainly.
Is annuities, and, now okay listeners are going to. Go
here he goes. With annuities i've said. It before if
you really want to come out to a, GOOD class
i teach the truth. ABOUT annuities i like to explain
the type four different types, of annuities how. They differ
(29:52):
two are very different than the. Other two they can
be used, for income and they can be used very
attractively to generate a guarantee. Lifetime income if that's appropriate
and important. To you they can also have, inflationary riders
the cost of. Living adjustments they've come a long way
compared to what they were twenty twenty five. Years ago
(30:14):
are they appropriate? FOR you i have. No idea that's
where we have to, talk, through educate have. The conversation
my WIFE and i we will Not have we don't.
Have pensions so we can effectively put into a fixed
a fixed or, fixed indexinuity or you could use. A
variable we wouldn't, do that but that has an income
(30:36):
feature and project out ten twenty years based upon, life
expectancy what will our. Income be so income planning with
annuities can be very effective if. IT'S appropriate i want,
to say if you don't, need income which some. People
don't you know the couple in this past Week from,
savage again social security and pensions more than covers. Their
(30:59):
expenses what they used an annuity for is a fixed
annuity to give them, principal protection accumulation, purposes only and.
No Fees so i'm just touching the tip of the
Iceberg when i'm touching on. The annuities you don't have
to have, Any annuities, so please if you're listening, to,
go oh he's. Peddling annuities not even, kind of but
(31:21):
we think they can be used effectively in some portfolios if.
Done appropriately the problem is, many people many people have
annuities and they don't know which one of the four annuities,
they have and that can be problematic because you could
be paying ungodly fees that you're not, aware of and
three years into it, you go WHY have i not made?
(31:44):
Any money and that could, be you or you could
have some that actually are doing very well that have.
No fees, so again the truth is in, the details
and most people don't know. The details they got sold
a bill. Of goods so if you're listening, and go
that might, be me and you have an annuity or
don't know if you have, AN annuity i call. Call
(32:04):
that come, on, in bring come. On in let's have.
A conversation we'll do an annuity exam so you can walk, out,
KNOWING well I guess i have. THIS one I guess
i have, this ONE and i don't KNOW why i had.
This one we see it all, The, Time kim we,
really do.
Speaker 3 (32:18):
Absolutely right so if you're looking for maybe an, annuity
review the folks There At haven financial can certainly. Help
you or if you're thinking maybe an annuity is something
you'd like to explore and you'd like to know more,
about it give them.
Speaker 4 (32:30):
A call six one two five zero four eight four.
Speaker 3 (32:33):
Zero zero let me give you that. Number again it's
six one two five zero four eighty. Four hundred give
the Folks At Haven financial group. A call set up.
An appointment it's not going to cost. You anything you're
going to go in and sit down and chat with
the crew there and see if you guys are a
good fit and if you have, some issues we'll see
if they can help you with, those issues or if
(32:54):
you're just ready to put together. A plan the number
is six one two five zero four eight for.
Speaker 4 (33:00):
Zero zero when we, come.
Speaker 3 (33:02):
Back let's debunk some of those retirement myths when it comes.
Speaker 4 (33:06):
To inflation this Is The Haven Financial Group.
Speaker 1 (33:09):
Radio show don't go. Too far we're gathering more important insights.
And retirement please Devinent The Haven Financial Group. Radio show
we'll be. Right back. Stick around you've, Got questions we've.
Got answers your tune To The Haven Financial Group radio
show with Your Host larry Kolvig And. Kim karragan now
(33:30):
back to.
Speaker 2 (33:30):
The show 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 talking about Inflation with
kim this week and income and, mailbox money and we're
going to talk about some retirement myths and debunk some of. These,
myths again just a takeaway from that. Last segment you
(33:51):
know we ended by. Talking annuities there's other means to
developing an income plan and stream, as well and that
might be looking at income focused, mutual fund, BOND ladders,
cd letters dividend, producing stocks, you know, Buffer ETFs there's
a variety of. Other THINGS so i don't want to
leave that last segment going annuities are the. Only option
they can be a. Good option so talking about these
(34:14):
tools and how they fit into your, retirement strategy THAT'S
where i think we could be of, great value if
nothing else, by education, you know your future starts with.
The conversation so reach out to us today and we
can have that discussion with you if you.
Speaker 3 (34:28):
So choose absolutely, retirement myths we've actually discussed a few
of them during the course of, this show without even counting,
you know pointing them out as. Being myths one of
those being that your bills shrink when you go, into
retirement or the idea That social security is going to
be all the income that you're going to need. In
(34:50):
retirement that's a few. Of them there's a number of misconceptions,
out there and we thought that maybe we would talk
about a few. Of, them larry let's get started with this.
Whole idea we've talked about. It already but, you know
in expenses decreasing significantly when you go, into RETIREMENT when
i have nothing to do with, MY time i have
a tendency to spend.
Speaker 2 (35:09):
More money that would be two. Of us and let's
put through My wife chelle in there. As well i'm
not going to let her off the hook, that, easy
okay but it usually does. It now work related costs,
made advantage but other expenses such, as healthcare which we've,
talked about travel you want to travel that, costs, money, hobbies,
golf fish all. Those things so. Budget realistically budget realistically
(35:32):
is the BEST advice i. Can give, you know we
teach kid a lot of social security and. Tax classes
just this past week we had some very. Well attended
we were at the Library Over an egan had forty
to fifty people. Two nights this, coming week we're going
to have a Lunch social security. And tax so if
you're listening, sounds intriguing Go to havenfinancialgroup. Dot com you
(35:55):
can see all of our classes throughout the next throughout
the course of, the year which we teach, all Year
social security is going to cover all your income needs
and retirement highly. Highly doubtful if, it does, Hey great usually.
It Doesn't social security usually makes up about thirty to
forty percent of people's income. And retirement so we have. A,
(36:18):
discussion okay so what about the other sixty to seventy
percent that you need to make up the rest of
your income and retirement? Supplemental income how do you Supplement
social security in the? Right way and again the right
way meaning tax efficiency in our process in our clients
will attest. To this we map out THAT plan i mentioned.
(36:41):
One earlier it's too it's too late to start saving.
For retirement. NOT true i don't care what age. You
are time is of. The essence starting to save at
any age. Is beneficial so if you're listing it's, Too,
late no it's not starting somewhere to get. To somewhere
even if it's a, small contribution those can add up.
(37:02):
Over time the power of compounding and time can really
enhance your financial security. And retirement so if you're listening and,
you're younger, you know the younger generation says they don't
have any money to put, in retirement that's going to
be a. Real problem you can not afford not to
put money. Into retirement so even if it's a little
bit increasing a percent per year, or more, you know
(37:24):
if it's right out of, your paycheck out, of sight out,
of mind you might not even. Notice it, so start.
Get started this next.
Speaker 3 (37:31):
One IS one i think a lot of people. Fall
for they Believe that medicare covers all of their, health
expenses and that is certainly not.
Speaker 2 (37:38):
The case oh, my goodness. You're right hear this all. The,
time medicare by, the way doesn't cover all. Medical costs,
You Know glennon isabella in. The office we have access
to all the, healthcare companies, you know we help a
lot of People in Medicare, And Menshure minnesota care private. Healthcare,
market again we're able to help lots of people starting
with education because a lot of people. Think this it
(38:01):
doesn't cover dental a lot. Of times vision and the
big one which none of us want to talk about
is long term care or nursing home has nothing to do.
With that how have you prepared? For that have you
looked at all the other viable options that are out?
There today the traditional long term care just we don't
(38:21):
see it. Very often maybe he got scared of way
about ten years ago From a cadillac plan somebody was
trying to sell you that nobody. Could afford they're much.
Better options by, the way seventy percent of us are
going to need some sort of healthcare or some sort
of nursing home care in. Our lifetime. Seventy, percent that by,
the way is ten to fifteen thousand dollars. A month that's.
(38:45):
A lot so how have you planned? For that AND
now i know we jokingly say the kids are going
to take care. Of, you yeah well that usually doesn't work,
Out either so how have you planned for long? TERM
care i mentioned my client who called me this, WEEK
saying I think i'm going to have to go. Into
home WHAT can? I do their answer, Is nothing and
most of us don't want to be a burden to
(39:05):
our kids if you. Have kids but in some states
there's been laws and rules that have passed where, the
kids if you go into a, nursing home might. Be responsible.
MIGHT be i didn't say we're going, to be but
there's different laws that have been passed in various states
where they might be they're going to be responsible to
pay the nursing. Home costs, so again it's why it's
(39:27):
not meant that a fear of scaring any of the
listeners or anybody. Out there but we. See It and
i'll tell. You this those that are listening that are
dealing with mom or dad or grandma and grandpa in a,
nursing home they know Exactly what i'm talking about right
now because you've dealt with it and we deal with that.
As well hopefully you have. A plan and again it's not.
(39:47):
One gluff it's all it's talking through what does your
budget afford you? To do or what can we? Do
now is your health? Good, enough again it comes back
to the element. Of time is there time and, if
so we better.
Speaker 3 (40:01):
Get Started sure this idea that taxes are lower when you're,
in retirement how do you feel?
Speaker 2 (40:06):
ABOUT that i can, Tell you and it's not meant
to start is taxes will affect us at every stage,
of life and probably more in retirement than. Ever BEFORE
and i know nobody wants to, hear that but we, See.
It larry we make more money now than we did
when we, were WORKING because i will say a lot
of The baby boomer generation and a lot of that
(40:28):
generation around, that timeframe has done a very good job.
At saving not everybody delayed gratification saving. For retirement they
just were. Good savers so they've maybe have A large
ira individual, retirement account a lot of pre. Tax money,
guess what at age seventy three or in about seven
years it goes to age, seventy five you're going to
(40:51):
have to draw off, of that and that's where income
can be bigger. Than ever so what's your tax? Related
strategy are you doing? Roth conversions are you being having?
This conversation are you taking money out of investment accounts
with zero capital gains because a lot of times in
early retirement income. Is lower what is your? Tax strategy
(41:13):
and if you're not even having a conversation with your
tax PREPARER, or cpa which most aren't, these days, drop.
OFF pickup i don't hey. HEAR this i BET you
i heard it at least five times. This week we
don't even talk to our tax. Preparer anymore we just
drop off and pick up and they have. No strategy and,
guess what they're mad every single tax pre tax season
because they owe a bunch of money and they don't.
(41:34):
Know why. Guess what fix. The problem taxes will affect
you probably more. In retirement and one OTHER one i
would add to this is the four percent rule. Withdrawal
method it's kind of it's the. Old rule some would say.
IT'S outdated i just say those are just a. General
guideline it's not the same. For everybody everybody's situation, is
(41:56):
DIFFERENT so i kind of throw that out. The window
we start. From somewhere but for some people four percent.
Isn't enough some people it's. Too much, so again it
comes down to a customized retirement financial plan uniquely for
you as an individual or a family or. A couple
it's not a cookie cutter thing or. Should be it.
Should be are you having these conversations is do you have?
(42:19):
A partner are? They listening and by, the, way retirement
in all these retirement topics that we, deal with it's
more than a conversation once or twice a year for
forty five minutes to. An hour if that's the attention,
you're getting you're not getting enough attention and you should,
demand more or maybe you're not in the. Right place
that sometimes is the, Case too.
Speaker 3 (42:40):
And we want to just remind everyone that retirement planning
is not. For people who is not only, for people
let me put it, that way who have millions of.
Speaker 4 (42:50):
Dollars saved this is. For everyone your retirement is, your, retirement.
Speaker 2 (42:57):
Yes small medium, or large complicated, or simple, big family.
No family it applies to you in, some way shape.
Or form and by, the way another one that's. OUT
there i can work And definitely i'm just gonna work
INDEFINITELY because. I, will well let me just tell YOU
something i. Said earlier life doesn't always cooperate with. OUR
calendar i can tell you the ad that, on average
(43:20):
they average fifty eight Percent of americans retire earlier than.
They anticipated fifty. Eight percent why? Was that it could
because of, health issues it could be, job disruptions and
one that, we see unfortunately is, family obligations meaning take
care of mom. And dad loved one brother sister who unfortunately.
(43:44):
Got sick we see that one often and, it's UNFORTUNATE
but i see it. So again a lot of these
retirement myths completely. Not true it's just a bunch of
water water, cooler, talk.
Speaker 3 (43:56):
Right and debunking them could certainly help people avoid cost
mistakes and set people up for success when it comes
to their finances. In retirement if you have heard something
here that really rings a bell with you and you'd,
like to, you know find a great partner who can
help you through these. Retirement years these are, good years
these are. Golden years give the folks that have in
(44:18):
financial group. A call i think you're going to be.
Very happy it's six one two five zero four eighty
four hundred six one two five zero four eighty. FOUR hundred, I,
know larry you guys would like to partner with folks
who are listening, for sure to make sure these golden
years are just.
Speaker 2 (44:33):
That, Golden yes the question we have is do you
have all the retirement? Puzzle pieces all the retirement. Puzzle
pieces we can help you put the. Puzzle together we.
Certainly can and again avoid the idea that you get
the puzzle put together and you're missing in a state
plan and you're missing a long term. Care plan you
haven't done, taxes efficiently, wealth, management investments insurance and all
(44:58):
these things that can. Go all oh, my gosh retirement is.
So complicated doesn't have to be a good partner can simplify.
The Process, You.
Speaker 4 (45:07):
Pet larry it's been great to be with you again.
This week thanks so much.
Speaker 2 (45:11):
As always have a blessed week and we'll see you.
Speaker 5 (45:13):
Next week 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 herein and comments regarding its safe and secure investments
(45:36):
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.
Speaker 2 (45:47):
Issuing company
Popular Podcasts
Fudd Around And Find Out
UConn basketball star Azzi Fudd brings her championship swag to iHeart Women’s Sports with Fudd Around and Find Out, a weekly podcast that takes fans along for the ride as Azzi spends her final year of college trying to reclaim the National Championship and prepare to be a first round WNBA draft pick. Ever wonder what it’s like to be a world-class athlete in the public spotlight while still managing schoolwork, friendships and family time? It’s time to Fudd Around and Find Out!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.