1/3: Retirement Planning Essentials for 2026

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Episode Transcript

Speaker 1 (00:00):
He talks with Terry Sandbold and Blake Sanmdbled and Terry,
you're setting us up for this brand new year.

Speaker 2 (00:06):
Absolutely, happy new year to everybody. We're often running for
twenty twenty six. So here we go. Our topic for
today is retirement planning Essentials for twenty twenty six. We
figured that would be a good topic.

Speaker 1 (00:20):
I think, I think it's a really good one.

Speaker 2 (00:21):
So before we jump into our topic today, and we
do have a mailer to go with this, our Money
Talks Mailer of the week. If you're new to our show, welcome.
If you're a loyal listener, welcome, Welcome. So the thing
that we have done with our show Money Talks is
our goal is to help you build your financial future
and beyond. So as we go forward into the different shows,

(00:44):
we try to have a topic of the week if
you're new to the show. Again, our company Sandbold Financial Group.
I originated the company back in nineteen eighty six with
one person and one goal and now we have many
of course, and that is to help as many people
as we can better financial futures. So we're glad you're
listening today. The next step after listening to us could

(01:06):
be to have a meeting or a call with us
to have us talk to you about how we can
earn your business and how we can help you, because
in today's world, you don't have to take this on
all by yourself, and many people try to do that
first and then call maybe second.

Speaker 1 (01:20):
Yeah, well, you know something really exciting. I just noticed
here we've got a seminar on the calendar for twenty
twenty six plait.

Speaker 3 (01:27):
Yeah, got its super excited about this. You know, we've
been doing this a number of years now. So January
twenty seventh, we do have our twenty twenty sixth market Outlook.
I'll be hosting that with our team. It'll be a
lot of fun. We're going through technicals, economic conditions, sectors
that we're seeing opportunities in, and where we think we
could see some themes over the next several years ahead

(01:49):
in the market. So it should be a lot of fun.
If you like to tend, please give us a call
nine to five to two five four four two eight
three seven or go online to sandled fg dot com.
Space is limited, so it usually does fill it pretty quick.

Speaker 1 (02:02):
Yep.

Speaker 3 (02:03):
But we will have some food there as well, and yeah, these.

Speaker 2 (02:07):
Are still much fun.

Speaker 1 (02:08):
I mean, you've been doing this a long time, Terry,
and these topics are.

Speaker 2 (02:12):
Best absolutely, and seminars can be fun, but making money
can be fun also, so it all goes together, and
we want you to have more financial confidence in your
financial future. So that's one way to do it as well.
Gather the right information first to make the better decision second.
So we're looking forward to starting off twenty twenty six

(02:32):
with our first seminar on January twenty seventh, but like
Blake says, you do need to give us a call
to reserve your spot. And again our number is nine
five two five four four two eight three seven. So
today we thought we'd talked about retirement planning essentials for
twenty twenty six, and we're going to go through different
ages and stages of your financial future and your life.

(02:53):
So we should start at the early numbers and work
our way up. How's that?

Speaker 3 (02:57):
I love it?

Speaker 2 (02:58):
So we can start before this, but we're on our list.
Our first key step is if you're in your twenties
or thirties, and we have examples of starting earlier than that.
Of course, Blake he started his investment or mutual fun portfolio.
I believe at age nine, Roughly speaking, I sat down
across the table from him and we went through different

(03:20):
funds we actually did, and I pulled out just Morning
Star reports and put those in front of him and
we had a discussion. Not too many nine year olds
could keep up with that discussion, but Blake did it.
So now he's our CFO of our company. It so
it did work quite well for both of us, not
only but for me as well.

Speaker 3 (03:39):
It was good to start then, Yeah, and you know
it was fun thinking back on that. I mean it
was pretty much every holiday break, you know, in school
growing up, I just wanted to come and work and
that was fun for me. You know, I'd sit in
with dad some different client meetings and just kind of
learned what he was doing and how we talked about
the market, and that was I remember always looking forward

(04:02):
to that. And you know, maybe it was the fall
up that a lot of times would get some Chinese
food for lunch and he'd bribe me with that. We
had we had a local favorite one that seemed to
always make its way in. But yeah, a lot of
great memories.

Speaker 1 (04:15):
Second, if I didn't know you as well as I do,
I think you're so weird. But I mean, it's so you.
I mean, it's just exactly yeah.

Speaker 3 (04:25):
Yeah, yeah, I've probably been called worse than that.

Speaker 1 (04:27):
So I said I would think not that I do.

Speaker 2 (04:31):
Yeah, And he set up his first official seminar in
third grade also or had me come into his third
grade class, and I gave a talk about how money grows.
And it was interesting when he said he approached me
on this. He says, what, Dad, can you come and
talk to to the kids about how many grows? I

(04:51):
think would be good for them to know how this works.
And it's like, I said, do you want me to
call a teacher? No, I'll set it up dad, So
he proactively did that. I can't in I thought I
was going to do my fifteen twenty minutes. It was
over an hour I think by the time I left,
and a lot of questions along the way. But I'll
never forget this. And some of you that are loyal
listeners you've probably heard this story before, but it's hard

(05:13):
to not think of this story when we're talking about
different ages and stages. And the one thing I gave
them all a report printed out one dollar a day invested,
five dollars a day invested, and ten dollars a day
invested till age sixty five from age nine till then.
And these were some very huge numbers when you look
at a jet compound interest table looking at how those grew.

(05:36):
And then one of the kids raised his hand and
his dad happened to be a doctor, and he says,
how about if I give you one hundred dollars to
day and then one dollar per day. And I turned
to him and I says, it might be that all
the other kids in this class are going to be
working for you.

Speaker 3 (05:51):
Down the road.

Speaker 2 (05:52):
So he got this big smile on his face. And
a couple days later, at a soccer I think it
was a soccer match, basically, one of the bombs came
up to me. She says, I just need to tell you.
Terry Nick came home and he was all excited and
he had this really important, urgent question to ask me.

(06:15):
And he said, Mom, mister Sandwell gave a talk on
how money grows, and I need to ask you this
really really important question. And she was busy and she
wasn't really paying close attention, and she said, Mom, I
need you to listen to me here, and she really
went after him and after her and says, mom, have

(06:36):
you ever heard about investments?

Speaker 3 (06:37):
Mom?

Speaker 2 (06:38):
And she said he was dead serious about that and
he wanted to now mow the yard, wash dishes, take
out the garbage, do everything he could so he could
get those investments. And she said, you have set him
up for life. So I thought that was the greatest
seminar I probably will ever do, you know. And it
was to nine year olds that because that was the
reaction that at least one of the kids had by that.

(07:01):
So our goal is to impress more people to do
what that nine year old was thinking and make your
financial future bigger and brighter by taking control, taking action,
and being proactive about it.

Speaker 1 (07:14):
Well, and you've said so many times over the years
that we've all been doing the show, Terry, it's not
how much you make, it's what you do with it
as you're growing. And you've had people that make modest
salaries retire as millionaires.

Speaker 2 (07:25):
Right, right, and yeah, And we have examples where a
lot of people get an increase in pay instead of
a cut and pay in retirement. And that used to
be the old philosophy. If you could live on seventy
percent of your highest income, you were very successful in retirement.
But our goal is to give you a raise in
retirement and keep that going because the cost of goods

(07:48):
in the future do not go down. I can give
you all kinds of examples. Way back from when when
I was married, My very first car was a sixty
eight Mustang and I bought it with five thousand miles
on it for seventeen hundred dollars.

Speaker 1 (08:05):
You can't even get my head around that number for
a car.

Speaker 2 (08:07):
Yeah, And it's like even through instead of snow tires
with that way back then, back in North Dakota. But anyway, Yeah, now,
try to buy a sixty eight Mustag that's in pristine condition.
It is not seventeen hundred dollars. So the world changes,
the prices change, of course, and we want to want
you to keep up with your financial future. But so

(08:28):
we're going to beyond age nine and beyond, you know,
looking at your twenties and thirties. Start as early as
you can to benefit from compound interest. In compound growth,
and there's one factor is called the rule of seventy two.
You take the number seventy two, you divide it by
the interest rate, and that equals how many years it

(08:48):
takes for your money to double. So if you're getting
four percent, it'll take eighteen years for your money to double.
At six percent, I'll take twelve years to double. At
nine percent, I'll take eight years to double. On the
reverse set, twelve percent, it'll take six years to double.
So it's very important to look at are you getting
the most If you can get one or two or
three percent more per year, that drastically changes how much

(09:11):
money you'll have down the road. And that's our job
is to fine tune that and raise your net return
on your investments by looking at educated risk analysis and
looking at what types of market being proactively about that
I think can make a big difference.

Speaker 3 (09:27):
Yeah, you know, I think that is the name of
the game. And you know, we've talked about a lot
of times where it is being intentional about what you're
doing with all aspects of your financial future. And be
intentional about what you own, know why you own it,
be intentional about where you're putting dollars, and really be
proactive about putting that plan. And you know, I think
as we're into a new year now that that's a

(09:48):
great task for everybody to think of for this year
and make sure that portfolios and your financial plan are
are aligned for new year's goals.

Speaker 1 (09:55):
Well, we're going to we're going to ramp into that
here right after the break real quick. Before we do that,
we do have our money Talx Mealer of the week
ready to go. Gentlemen, what do we have and how
do folks get their?

Speaker 3 (10:05):
Yeah, So we've got a great little booklet entitled five
ways to say Confidence in retirement goes through calculating costs,
managing debts, income, building savings, continue working or not. So
if you'd like your copy, give us a call again
nine to five two five four four two A three
seven or online at sandvildfg dot.

Speaker 1 (10:25):
Com sand Bold and great show. Today, guys, we're talking
about retirement planning essentials for twenty twenty six. And the

(10:45):
starting point, Blake would.

Speaker 3 (10:47):
Be where right, while the starting point, I guess the
starting day is today. We'll start off with that, so
no timelike the presence for wherever, wherever you're at. So
we're talking today a little bit about different ages and
stages and goals objectives to have in different buckets broadly speaking.
So the first one we have here for today is

(11:07):
in your twenties and thirties, biggest thing is to start
to benefit from compound growth. And you know, having compound
interest on your side can be a massive asset. And
so here here's a hypothetical math example on this, not
looking at tax anything else like this, just pure simple returns.
So if you're saving five hundred dollars a month starting

(11:30):
at age twenty five looking out to retirements, could hypothetically
grow to seven hundred thousand dollars just looking at a
seven percent annual return. On the flip side, if you
delay till age forty, doing that same ongoing contribution would
be just two hundred thousand dollars. So you look at that.
You know, starting early is really where you have that
largest bang for your buck so to speak, with compound interests.

(11:54):
Other thing to look at on the early ages is
prioritizing paying off high interest debts starting to contribute to
retirement accounts. And you know a lot of people you
think about in that that buckets there. There could be
credit card stuff after you know, purchasing apartments, condo, town home, home,
et cetera. There could be high interest debt from college.

(12:16):
You know that that's clearly a large theme for a
lot of people and having a plan to stay focused
and really tackle that early on, looking at the retirement
plans and making sure you're contributing enough to get the
match from your employer if they do have it. So
that's that's an easy spot to start. You know, if
they have one hundred percent match on the first three

(12:37):
percent you put in or something like that, make sure
you're doing that to get full advantage of that. It's
free money that they're giving out. And you know that
that's something that always gets Terry and I if we
see that left on the table, you know, uh, get
get after that.

Speaker 2 (12:51):
Yeah, and we even emphasize that to our own employees,
take advantage of the match, that we're contributing the match
for you. So yeah, we're very important. Makes a big
difference for people, and sometimes they don't think about, Oh,
the employer is putting in that match, whether it's fifty
cents on the dollar or dollar per dollar like Blake
was talking about it.

Speaker 3 (13:09):
Yeah, whatever it is, you know, it's worthwhile.

Speaker 2 (13:12):
Not everybody can guarantee of fifty percent return the first
year or one hundred percent the first year on your money,
so we can't even do that right, right.

Speaker 1 (13:20):
But it's a different deal with the four O one K.

Speaker 2 (13:22):
Yeah, absolutely.

Speaker 3 (13:24):
Next part could be open a WROTH I array for
potential tax free growth or the WROTH side of your
four to one K, you know, depending where what you
have available. There. Again, the benefit with WROTH type dollars
you don't get a tax deduction on the way in
grows tax deferred and if it's in there long enough,
you know, five years plus to age fifty nine and

(13:45):
a half, it can be tax free distribution. So you know,
you think about that, you could have thirty forty fifty
years of tax free growth. That's pretty impactful. Let's see here.
Next part really establish a budget and tracks spending to
identify opportunities for saving, and that especially in the early years,

(14:05):
is one of the largest things you can do. I mean,
freeing up an extra one hundred two hundred and five
hundred thousand dollars to invest at the early years if
you're able to, that's huge really from the compound interest
that we talked about. Last thing that we really recommend
at those stages is looking at life insurance needs and
you know, especially if you're at the spot of getting married,

(14:26):
looking at us having children, having children, those are all
different spots where you may have a different type of
life insurance need. You know, the first easiest way to
think about it getting married, there could be a debt
replacement to make sure that home debt, mortgage debt ETCA
is cleared out and wiped out. But you may take

(14:47):
that a step further and say, would your spouse, your
loved one be able to be on their own if
you passed away? Does it need to be an income replacement?
You know, that drives a higher multiple that you may
need on that, and if there's kids as well, that
may say there's an even higher need, and maybe it's
a higher need you know, for eighteen twenty years until

(15:07):
they get out of the house, so to speak. But
really looking at analyzing there can be good solutions on that.
You know, a lot of times we recommend exploring and
analyzing term insurance policies at that as they're more cost
effective and let investments grow and do their thing on
the outside. But it's I would say, really important to

(15:28):
look at and analyze that early. More information the better.

Speaker 2 (15:31):
And sometimes people think about just doing the amount to
payoff debt, but you do need to income the surviving
spouse and children do need a income, that doesn't stop
the need for that. So really evaluating that, we can
help you evaluate what is the right amount, what is
the right type, and what can work best for you.
So we have access to many different companies and what's

(15:52):
interesting in the world of life insurance. Some are better
if you have a hard issue. Some are better if
you have a cancer is whoe. Some are better if
you have a smoker smoker said, I was going to
say smoker issue, but that's anyway. So you're when you're looking,
if you're just calling one company and getting a quote,
it may be maybe okay, it may be better, but

(16:14):
it may not be the best. So it's real important
to work with somebody like us that can shop all
a competition for you so you don't have to run around.
And we have no allegiance to any specific company, which
is important too, and that is in regards to investments
as well, for sure. But we'll jump into the forties
and fifties. Now, we went through quickly the twenties and thirties.

Speaker 1 (16:32):
Yeah, they do go quick down to make.

Speaker 2 (16:34):
It fit in the one hour show. Absolutely, So now
we're in the forties and fifties. See how time flies
When you're having fun, but focus on catching up. If
you're behind already, you know that type of thing, so
take advantage. If you're fifty or older, like on a
four to one K, you can have a catch up
contribution which is eight thousand dollars more and that was
increased by five hundred dollars from twenty twenty five. And

(16:58):
then on IRA's if you're fifty and above, you can
have a one thousand dollars extra catchup on the contribution limits.
So the thing that's really important there is will help
you look at that. Sometimes as you cross over fifteen above,
we'll reevaluate and have you relook at that. You might
have said, well, I'm still going to do my ROTH
IRA or whatever. Well now you can do another thousand

(17:20):
into that. If it's in the four to one K, yes,
another eight thousand dollars you could do ideally catch up.
So if your income is going on that track, we
want to make sure you're taking advantage of those pieces
if at all possible. And like Blake was saying, then
a lot of companies now are offering a ROTH version
of the four to oh one K. So then it's

(17:41):
the contribution limits of the four to oh one, it's
not the wroth limitations, so people get a little bit
confused sometimes on that. So you can really load up
a wroth opportunity there.

Speaker 3 (17:51):
Yeah. Well, and to add to that too, there's no
income limits when it's within the four to oh one
k shell, and I think that's part that a lot
of people get confused about. Yeah, so if you're a
high wage, high income earner, you could have a wroth
solution that you may not be aware of, and it's
a great way to put a lot of money away
that way.

Speaker 2 (18:09):
Yeah. And then also there is opportunity at the end
of your fifties category here that we're talking about at
fifty nine and a half if you're still working, and
many of you will be at fifty nine a half.
But if you have a roth portion of your four
oh one and a traditional portion of your four to one,
you can do it's called a in service withdrawal to
an IRA, which is like a rollover. There's no tax

(18:32):
to move it from one to the other. But then
you would take your wroth portion and move it into
a roth ira, and you take your traditional four oh
one and move it into a traditional ira and let
it keep growing. Under the same tax advantages that both have.
That way, so very important to understand how the pieces
move on the chessboard. Yeah, you know, and at fifty

(18:53):
nine and a half you have the opportunity. In almost
all companies it has to be an option to inside
your document, of course the company sponsored program to be
able to do that, but almost all will let you
do that at fifty nine and a half and move
those so four one case is where that's more applicable.
Different types of plans for fifty sevens or four or

(19:16):
three bs, they may be a little bit more limited.
So if you're not sure, give us a call. We
can help you look into that for you on your behalf.
But it's very important to understand what your options are.

Speaker 1 (19:26):
Sounds good. We need to take a quick pause for
some news here, Terry, but just let our audience know
too about this week's money talsmailer of the weekend. Who
can how people can get one?

Speaker 2 (19:36):
Yep, we have a money Talx mailer the week entitled
five ways to Stay Confident in retirement and again, if
you'd like your copy, give us a call at nine
five two five four four two eight three seven. That's
nine five two five four, four, two, eight, three seven
or request it online at sandvild fg dot com.

Speaker 1 (20:04):
Old and Blake sampled. And we're talking about retirement essentials
basically for twenty twenty six terry, but they're kind of
essential for any year.

Speaker 2 (20:12):
Yeah, we could go from age one to ninety nine. Yeah,
that type of thing and beyond. So there'll be there'll
be a few of you listening that we'll cross the
one one hundred year old number. So I don't know
if you should be driving and listening to our show
at the same time when you're crossing over that, but
that's that's another topic. Anyway, stay home and listen to

(20:33):
our show. But no, we were talking about before the break
forties and fifties age bracket wise and focusing on doing
catchups age fifteen above. So understand how that works. We
can help you look at your overall planning process to
make take advantage of that. If it works for you,
keep in mind to diversify your portfolio to balance growth

(20:54):
and risk as retirement nears. And again, what is your
short term money doing, what is your mid range money doing?
What is your long term looking at the right balance
risk versus return there as well and tax strategies on
that is very important. We help you look at how
to build those different buckets so you have more flexibility
when you get to retirement. Very very important start estimating

(21:15):
retirement expenses and income needs. You might say, well in
my forties and fifties, so I really want to think
about that. The earlier you look at that, the more
control you have over when you retire and at what
level you retire at. So I think that's very very important.
We do see a lot of people walking in our
door for the first time when they turn fifty because
they do realize I can see the retirement finish line

(21:39):
over the hill there, So I probably should start thinking
about this a little more seriously. And maybe that's when
the kids are through college or going on their own,
and you're really sitting there thinking about, we've got to
take care of our future now the kids are on
their own, that type of thing. So we would recommend
we put together a plan plan. If you haven't done

(22:01):
it by then, really important time to start putting those
pieces together and getting those organized even better. Look at
things when you're looking at the future. Are you going
to stay in the same home, Do you plan to
have a second home, Do you plan to have a
cab and are you going to travel a lot when
you get to retirement. And these are things that earlier
you look at the better. Also, talk to each other

(22:23):
about what you want to do when you retirement. Sometimes
that can be a big surprise. For sure, one wants
to travel, one wants to sit in a chair and
just take it easy, So it might be a little
interesting how you plan your future that way, But encourage
setting specific annual review dates. That's where the planning process is.
Sitting down with us. We ideally talk many more times

(22:44):
than just once a year. But the goal there is
to fine tune your future. Things come up, big purchases
come up, how do you finance them so to speak?
Or do you take money out of your investments? What
works best for you? Ideally try to become a bit
more debt free before retirement and that can lower the
stress for you. So very very important to look at that.

(23:05):
And sometimes there's good debt bad debts, so that's a
whole other topic, but taking a look at that is
very very important. So if you get an increase in income,
actually blake something to talk about maybe is people in
the higher income executive level what to do to how
we can help.

Speaker 3 (23:23):
Yeah, there can be a lot of considerations for that.
I mean, you know, one, depending on how your employment structured.
If you're self employed, there can be great things to
look at, and you know, for a lot of people
in that space, we may look at a solo for
one k where you can you can even have that
as a wroth option and put money away in that direction,
as well as a defined benefit plan that goes with that,

(23:43):
which allows you to defer a substantially larger amount of
your income on a year to year basis. So there's
there there is a lot of unique planning that can
go in for higher networth type people. Another large factor
that we talk about for a lot of high high asset,
high income earners at that stage is annual giving or

(24:04):
gifting to your children or grandchildren more often children at
that stage an important factor. And for twenty twenty six,
you can give nineteen thousand dollars a year to anyone
without any any tax consequence. If you're married, you get
to get to multiply that by two, so you could

(24:25):
give thirty eight thousand dollars per child as a married
couple without tax consequences. And you know what some people
look at with that as they may say, well, you know,
I can either give them cash and start a type
of investment account for them, or I can also give
them stock. So if you've had appreciated stock, you know,
some people may give that to a child, and you know,

(24:47):
some get sold at the child's tax bracket and higher
mounts get sold at your tax bracket. But there can
be some efficiency with that. So there's a lot of
different planning considerations that can come in there. You know,
different types of investments may become available, you know, for
for a higher dollar people as you're okay with different
types of risk parameters around things. But you know that

(25:11):
that's definitely a large, large portion of our business. And
you know, something a lot of our team members enjoy
doing is helping solve for those unique cases.

Speaker 2 (25:20):
So a lot of things to think about, Yeah, as
we go forward. It's it's an The thing that's I
guess you'd say fun about our job is everybody walking
the door has a different financial future and a different
future in general. So making it better is our goal
and we really enjoy doing that. And it's it's never

(25:41):
too early, never too late. We use that phrase to
come in and talk with us, because the thing is
time goes by quite quickly and everybody at you know,
we're starting the new year. But did twenty twenty five
just zip by a lot of people? You know? You
did you get everything done that you needed to get done.
There's always something that needs to be done. On the list,
it didn't quite make the top ten lists, so to

(26:03):
speak for you as an individual, So we don't want
your financial future to be off the top ten list.
It should be up there quite a ways. So I
mean we can take the time that you may not
have to make this all happen. I think it's one
way to think about that. And I use the expression.
We use this expression if you have a busy day
at the end of the day and it's the kids.

(26:24):
Are you got the kids in the forties and fifties
or thirties and forties or even twenties and thirties, you
know you're looking at Okay, the kids went to bed.
Now I can unwind. I got fifteen minutes left. Now
it's time to pull out all my financial papers and
look at my portfolio. And if you do that, and
I know Kelly just made a face when I said that,

(26:44):
but it was it wasn't the smiley face. It's like,
oh my gosh, really, and it's like, that is not
the time to make big financial decisions because you're doing
it when just the time works. And the thing that
we like and I always talk about here Monday through
Friday taking the time to help you, and we're thinking
about it Saturday and Sunday as well. We're just not

(27:05):
physically in the office doing that part, but we're mind wise,
we're on that all the time, and you don't have
We have the time that you don't have to do
the analysis, help you with recommendations and look at what
to do next. So if you're looking for assistance in
that area, we would be happy to earn your business.
And I use that phrase to earn your business because

(27:28):
if you do better, we'll do better too. So it's
not we're not trying to sell you products just for
us to do better. And I know there's a lot
of people in our business that tend to be a
little bit more aggressive on the sales side, and are
they doing it on the earning side. I think that's
where the differences can come in. And we started this
in eighty six nineteen eighty six, with one mission to
help as many people as we can. We do have

(27:50):
clients all across the country. We're right in Minnetaka, Minnesota.
So if you're looking for guidance and assistance or a
second opinion, give us a call at nine five two
five four four two eight three seven. We'd be glad
to have a conversation with you. Meet in person if
it works for you, do an appointment on online as well.

(28:11):
So again you don't have to do this all by yourself,
and it can be a bit daunting. It's like for
the person I hate to use April fifteenth already, but
to do your own income taxes as it gets more complex,
how confident are you about doing your best on your
tax return? The same can hold you a little bit
on your financial future as your world becomes more complex.

(28:32):
That's where we think we can help you even more
uh to build that financial future and look at all
the techs strategies on investments, look at how you're building
a retirement income cash flow analysis and making sure that
you're really ready for retirement and beyond. So again, give
us a call if you'd like us to help you
with your financial.

Speaker 1 (28:52):
Future and that number would be.

Speaker 2 (28:54):
Number again would be nine to five two five four
four two eight three seven.

Speaker 1 (29:03):
Free Sandboled and Blake Sandbold and we are talking about
retirement essentials for twenty twenty six and really forever, Blake.
But you've got a great way for people to get
to know the team and get some really great information
coming up.

Speaker 3 (29:16):
Yeah, so we've got a great way to kick off
this year. Very excited about it, as we are each
time we put this on. So on January twenty seventh,
from six to seven thirty, we do have our twenty
twenty six Market outlooks seminar, so we'll be going through
a lot of different things, you know, tariffs to interest rates, inflation,
economic conditions for this year, technical outlook, market sectors for

(29:40):
this year and beyond. So it should be a lot
of fun. I'll be presenting. We'll have a number of
our team members there as well. If you are interested
in tending, give our office a call at nine to
five two five four four two eight three seven or
go online to Sandbold fg dot com. Space is limited
and does fill up fast, so call in and online early.

Speaker 1 (30:00):
And I love, I love how you always give people
opportunities to ask their questions.

Speaker 3 (30:04):
Oh yeah, we always do a Q and A at
the end, Oh for sure.

Speaker 1 (30:07):
And I've seen you answer a boatload of questions in the.

Speaker 3 (30:09):
Past, so yeah, you get some unique ones sometimes. I
mean it is the fun part of that. You never
know what's going to come in, so you are going
to get a very live, authentic answer on it.

Speaker 2 (30:19):
Sure, and at the end also somebody has a very
specific personal question. I mean we it's interesting our advisors
line up and line start forming to ask a specific
question and if it gets into real specifics, then what
we'd want to do, of course, is set up an
appointment with them. We can do that right on the spot, sure,
and get that in the schedule. But yeah, it's we

(30:42):
want you to walk away with answers to your questions.
That's why we do these seminars as well, and a
lot of things that think about and you don't have
to take on your financial world all by yourself, so
let us know if we can help. So we were
talking about the twenties and thirties, we were talking about
the forties and fifties. Now we'll go into the sixties
and beyond, and that can be a huge window of people.

(31:05):
Sixties and beyond. So when you think about that, usually
when you turn sixty, it's like, oh gosh. For the
average person, most people want to retire at sixty five
if we pick a date, it's kind of known as
the retirement age, but people are quite flexible with that.
We had just a couple weeks ago I was working
with a couple. They retired when they were fifty eight
and fifty seven, so they retired pretty early, and they're

(31:29):
excited and they have the dollars to do it, and
we went through the financial plans and the retirement income
cash flow analysis and they're on their way and they're
doing really well and everything should go quite well for them.
But in your sixties, if you turn sixty and your
goal is sixty five, real important to sit down with
us and look at or with your advisor and sit

(31:49):
down and really have us work for you. And what
we mean by that is making sure you have a
retirement income cash flow analysis put together for you. And
we do these for people to help you be on track.
It'll help you analyze your social security, it'll help you
analyze at what level you can spend your dollars. It'll
help you analyze what money to spend first in retirement.

(32:10):
It'll help you look at if you have a pension,
should it be a lump sum versus a monthly option.
So we go through all these different things. We help
you look at make sure that you have the right
healthcare going forward going as well, and we'll factor all
that in and even things like should you be doing
roth conversions before you retire or after you retire, because

(32:31):
between sixty five and say now the current age is
seventy three for required minimum distributions, there might be a
window where that roth conversions make sense because you can
adjust your income now where you didn't when you were working,
and we can work with the different tax brackets and
fill up a lower income tax bucket on a conversion method.

(32:53):
So then when you get to seventy three, you required
minimum distribution can be a bit lower because you've been
shifting all day to build a tax free piece of
your financial futures. So that's just one specific thing that
we go through and help you analyze if it makes
sense to do that or not. But we can show
you the numbers based on a projection. Does it make sense,

(33:14):
Does it make sense for you? Does it make sense
for your legacy as well. So there's a lot of things,
a lot of decision making from sixties and beyond and
social security, for example, you can take it at sixty two,
should you wait till full retirement for a lot of
people that might be sixty seven, or should you wait
and let it go to the max benefit at seventy

(33:36):
A lot of things to analyze there, but we go
through a full analysis to help you look at that.
And I know by making the right decision on that,
it can make a big difference on your financial future.
But if you don't look at it and analyze all
the options, you're kind of guessing at it. You're not
analytically looking at it, and I think that can help
you quite a bit, you know, and then really look

(33:59):
at you know, your healthcare costs. How are you going
to deal with that? If you get into the Medicare,
Medicare supplement programs and different things like that, what's best
for you? Have a We have a team that we
we actually refer to a team of people that just
that's all they do and they're excellent at it. And
just like if we were doing if somebody was looking

(34:20):
at a will or a trust, we'll refer you to
an attorney firm or attorney firms as recommendations who can
help with that part of it. But it's very important
to surround yourself with the best professionals in those areas
as well. The one thing that's interesting in the healthcare
cost you have to deal with what is how are
you going to pay for it? You know, So a

(34:41):
sixty five year old couple retiring today, this is according
to Fidelity, a sixty five year old couple retiring today
can expect to spend around three hundred and fifteen thousand
dollars on healthcare throughout retirement. Wow, so if you don't
put that into the formula you might be surprised. That's
a huge factor. And that's that's average. If your health

(35:03):
is poor, that number can skyrocket above that. So it's
very very important to take a look at things also
in your sixties and beyond, really look at your estate
planning and your beneficiaries. Make sure they are up to
date because if you have one simple thing is if
you have a your children as primary better or between

(35:24):
you and your spouse, you're each other's primary, and then
secondary or contingent might be your children. If one of
your children passes, that portion that was going to go
to that child does not go to the grand children automatically.
It will go to the other children fifty to fifty.
You have to have wording in the beneficiary agreements or

(35:47):
to their surviving children. Per sturpies is the phrasing for that.
But if you don't have that in there, and I
think a lot of people are not aware of this. Wow,
that that one third of the families cut out of
the picture from a Bishop shap Usually.

Speaker 3 (35:59):
That's not the default. So I mean, usually it is
something that you do explicitly have to opt in on
your beneficiar decimation.

Speaker 1 (36:06):
I bet people sit up a little straighter when you
tell them about that.

Speaker 3 (36:09):
Huh yeah, yeah. Well, and it's you know, it's something
that we always give out when we're opening up accounts,
is showing you know, we've got a nice visual document
kind of sky and saying I guess it's in the
little corner saying do you care about little Johnny down?

Speaker 2 (36:25):
It's like my grandparents didn't like me. Yeah no, So,
I mean these are things that in today's busy world,
it's easy to miss miss some of these things. Yeah,
so very very important and we use a more holistic
approach to the financial planning side. We're not just working
with the investments, although it's a very very important piece
of what you do, making sure you're looking at the

(36:47):
risk side of your planning as well. So if you're
not getting that attention, if you have somebody that's helping you,
are they helping you with all those areas? Are they
really digging in and looking out for your best interest.
If you're not feeling that a sensing that, give us
a call. We'd be glad to talk to you and
help you better your overall financial future. So absolutely a

(37:09):
lot of things. Sometimes people too in the world when
if they retire, they might do some part time work.
Say they retire at sixty two. There's an income limitation
on how you take Social Security if you take it early,
like at sixty two. So you need to understand how
that is because if you go over the limit, for

(37:30):
every two dollars over the limit, social Security takes one
of those dollars back. So we don't want you to
learn by mistakes on some of these things. That's why
we're here, That's why we're in the business of helping
you with your financial future.

Speaker 3 (37:42):
Yeah, you know, it is one of those things you
don't know what you don't know, and there's so many
different rules and nuances and that's where we're really designed
to be a sounding board and give advice around some
of those. But the key thing that we always talk
about as well, you know with all this planning, is
everyone's situations different and your goals, objectives, financial situation, family

(38:04):
dynamic may all be different than someone else. So it
really does take individualized, personalized guidance. And that's where I
think the biggest thing it really is starting with a
plan and we're sitting down with a couple or an
individual for the first time, it really is we take
inventory of where things are at. But then it's broadly
talking through you know, what is important to you, and
it's understanding that dynamic, that relationship, and that's really where

(38:28):
you want to start with building out a plan. And
you know, it's the fun part of it. And Terry
and I mentioned earlier, you know, as everything is different,
I mean that's the fun thing. You know, each one's
new puzzle to solve and say which which different parts
are going to be important for you to bring forward.
But if it's been a while you know, I think
you owe it to yourself for twenty twenty six to

(38:49):
really look at things and get an additional idea for
where things should move going forward.

Speaker 1 (38:56):
Absolutely well, we've got just about a minute left, gentlemen,
and we've got some great event coming up and also
on Money talksmailer of the Week Blake hit It.

Speaker 3 (39:03):
Yeah. So on January twenty seventh, we do have our
twenty twenty sixth Market Outlook. We'll be hosting that at
our office here in Minnetonka. Should be a lot of
fun going through different economic and market considerations for this
year and beyond. There's a lot to go through and
we will have a fun Q and a always at
the end. So we've got that as well as our
Money Talks mailer of the Week going through five ways

(39:27):
to stay confidence in retirement really applicable at all ages,
so going through costs, expects income, working or not. So
if you'd like a copy or to register for upcoming seminar,
give our office a call at nine to five to
two five four four two eight three seven or go
online to sandfoldfg dot com.