February 12, 2025 • 8 mins
Dan Lauraine of Drake and Associates joins us for a Talk of the Town!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And welcome to Talk of the Town on Wood Radio
Steve Kelly and Brett Pikita from West Michigan's Morning News.
When it comes to most of our families, money can
be a sensitive subject. And as you're getting in a retirement,
do you find it difficult to talk to your family
about finances? What about giving guidance to them, specifically your
kids or grandkids when it comes to investing and saving
(00:20):
money for retirement. I know it's weird with my kids.
Today we are speaking with Dan Lorraine from Drake and
Associates about how Americans feel about these conversations and some
steps that we can all take to make them a
little bit easier. Dan, thanks for joining us today.
Speaker 2 (00:35):
Sure, thank good morning guys.
Speaker 1 (00:36):
So how do most Americans feel about talking with their
families about money, specifically their children? Let's start there.
Speaker 2 (00:41):
Yeah, I think most Americans are really not comfortable talking
with their kids about money. You know, there's many reasons
I believe this is true. Most people want to keep
their financial information private and they feel that sharing this
stuff is taboo. Some may even feel like they don't
have enough knowledge on the subjects, so they don't want
to provide the wrong guidance.
Speaker 3 (00:58):
What's funny about that too is Dan, my son, just
turned twenty one, and he was going through as he
had applied at different positions for jobs, and we kind
of had that conversation as far as Okay, you know,
if you get an opportunity to be hired by maybe
more than one, then look at different things like insurance
retirement plan, employer or employee match, right, And that really
(01:20):
helped in my case. And that's something that I think
is helpful because I go back to when I was
a young broadcaster and got hired. I'll never forget my
boss told me. He said, hey, this is the four
to one K plan. If you have an opportunity to
put five percent away because I wasn't married at the time, whatever,
he goes, just do it and leave it. You'll thank
me later. And it's one of those I've never forgotten.
And now it's when you have kids and you're talking
(01:43):
about that the perfect time to do it, right.
Speaker 2 (01:45):
Yeah. Absolutely, I think that's really good advice that you
got there. And you know, I feel like looking at
this total package, especially when you're trying to compare different
job opportunities, it's definitely something you got to consider right,
you got to look at the healthcare as the retirement
benefits things like that, you know, And and when talking
about that with kids and grandkids, it's in help. It's
(02:06):
important to help them understand, you know, you've got to
start saving early for retirement. But it also helps them
understand how to handle a budget, how to handle putting
money aside before you go buy the extra things, and
try to just understand the concept of you just can't
you have wants in life, You've got needs in life.
You got to handle the needs first before you go
to the once we.
Speaker 1 (02:25):
Are talking to Dan Lorraine of Drake and Associates. Next,
are people typically uncomfortable talking about saving or is it
more investing that people have a hard time sharing.
Speaker 2 (02:35):
That's a great question, you know. I have to feel
that savings is probably an easy subject for people to
talk about. And I know, you know, according to a
nurse new survey by the SIFMA Foundation that's a nonprofit
foundation focused on financial education, only twenty two percent of parents,
when surveyed, were completely confident in their ability to teach
their children about investing.
Speaker 3 (02:55):
You know, Dan, One of the things too, that Steve
and I are going through and we hear this, you know,
Oreo Sandwich kind of generation, right, because you've got maybe
parents that you're taking care of at the end of
their lives, and then you've got your kids that are
growing up like Steve and I and becoming adults, and
you're having conversations with these is the fact of do
(03:15):
people generally want to talk about this? I know it
can be uncomfortable everything, but I think there's a way
that you can tie both of those in for people
that are in our situation in the middle because you
are dealing with it, You're dealing with Graham and Grandpa
and maybe what was left behind that maybe you're the
executor of. And at the same time you're saying, this
is what you need to do maybe if they were successful,
(03:39):
so that you're set up at the end of your life.
Speaker 2 (03:41):
Absolutely, and I believe that everybody wants to be able
to talk about this subject. It just comes down to
that fact that people typically talk about things they feel
they know a lot about, and this is an area
where they have a lot of worry and concern about
providing the wrong information, so they just stay silent.
Speaker 1 (03:57):
So we're talking to Dan Lorraine with Drake and Associates
Again Saturdays at seven you'll hear the Retirement Ready radio show.
It's Stephen Brett from West Michigan's Morning News. How do
you help in a situation like this? I mean, what
are the conversations that we should be having, whether they're
difficult or not, And how do you put like a
percentage of what you should save on the table when,
(04:19):
especially when kids are first like oh, to college, the
margins are so tight, and what they have to spend
or save in the first place.
Speaker 2 (04:26):
Yeah, absolutely, it's really hard. I mean, I think my
role in helping families discuss money is that of an
educator and a facilitator in that conversation, helping them understand
what needs to be shared, what kind of questions to
be asking, how to help everyone involved feel comfortable in
the process, and kind of take that feeling of it
being taboo off the table. And you know, many families
(04:48):
that I've worked with over the years, we have always
seen that the savings rate at the early ages of
their career is a lot less than when it's later
because margins are so tight and they're not making as
much money and they got high bills and maybe some
college debt and things like that. It's important that they
start saving as much as they can at an early age,
even if it's just one percent, and you start increasing
(05:10):
it as you go from there. Every little bit helps.
Speaker 3 (05:12):
Dan, what do you recommend, like to your clients or
advice for people when they're at this point. Let's say
they have young adults like Steve and I in the family,
or maybe even a high schooler. Do you sit now
with the entire family if they want to, or would
you welcome that, just so everyone kind of gets a
grasp and feeling of what's going on. Because you hear
(05:33):
the nightmare stories about at the end with the will
or the trust or whatever the case might be. Some
people never even have met that financial advisor or know
who they're dealing with.
Speaker 2 (05:43):
Yeah, that's that's really a tough situation when they're kind
of blindsided at the end of that. But you know,
what I've tried to do with the families we serve
is to, you know, create that legacy plan for whatever
it is they want to have happened at the end
when they want to transition to the next generation. But
then once that's kind of mapped out, it's facilitate that conversation.
Bring the adult kids in and I know that feeling
(06:06):
because I got two adult kids myself and we've started
to have those conversations. You got to bring them in,
you got to sit them down, you got to map out, Hey,
here's what we want to have happen, here's what you
anticipate the results being. And help them kind of make
the connection with the financial advisor, maybe get an attorney
involved so they have somebody that they can go to
in the need of time. And it really puts the
(06:28):
stress level way way down when they know that, hey,
look I've already got it taken care of. I know
I can handle all this money stuff and legal stuff.
You know, when mom and dad are gone, I can
sit there and take care of that easily. Now they
can focus on grieving. But when you don't have any plan,
it's really hard on those left behind.
Speaker 1 (06:46):
Wells so true. It's the Retirement Ready radio show. You'll
hear at Saturdays on Wood Radio at seven. To get
a hold of Drake and Associates six six hundred seven
two four seven again six one hundred seven to four seven. Lastly,
I'll share the dumbest thing I ever did as a
young kid and that was when one of my first jobs,
(07:09):
I cashed in my four to oh one cam fired
because I thought I needed it for incidentals. I didn't
need the money, it was just not thinking. I thought
i'd get some extra stuff. It was a few thousand dollars,
but Dan thirty years forty years later, that could be
translated into some big money anything else.
Speaker 2 (07:26):
Definitely, don't do you know, I would say that's number one.
Don't do that, And don't wait to start savings until
you feel like you can do it. Start with one
percent into your retirement planet work if they offer one,
and go up from there every year. Increase it by
another one percent or more if you can. But just
start something as soon as possible. That's the best advice
(07:47):
I can give anybody out there.
Speaker 1 (07:49):
Six six six hundred seventy two forty seven Listening to
the Retirement Ready Radio Show on Wood Radio Saturdays at
seven with Drake and Associates and Loring. Great stuff as always,
Thank you.
Speaker 2 (08:02):
Thank you, guys, Ay happy ladies to you and your family.
Speaker 1 (08:05):
This is Talk of the Town on News Radio Wood
thirteen hundred and one oh six nine FM.
And welcome to Talk of the Town on Wood Radio
Steve Kelly and Brett Pikita from West Michigan's Morning News.
When it comes to most of our families, money can
be a sensitive subject. And as you're getting in a retirement,
do you find it difficult to talk to your family
about finances? What about giving guidance to them, specifically your
kids or grandkids when it comes to investing and saving
(00:20):
money for retirement. I know it's weird with my kids.
Today we are speaking with Dan Lorraine from Drake and
Associates about how Americans feel about these conversations and some
steps that we can all take to make them a
little bit easier. Dan, thanks for joining us today.
Speaker 2 (00:35):
Sure, thank good morning guys.
Speaker 1 (00:36):
So how do most Americans feel about talking with their
families about money, specifically their children? Let's start there.
Speaker 2 (00:41):
Yeah, I think most Americans are really not comfortable talking
with their kids about money. You know, there's many reasons
I believe this is true. Most people want to keep
their financial information private and they feel that sharing this
stuff is taboo. Some may even feel like they don't
have enough knowledge on the subjects, so they don't want
to provide the wrong guidance.
Speaker 3 (00:58):
What's funny about that too is Dan, my son, just
turned twenty one, and he was going through as he
had applied at different positions for jobs, and we kind
of had that conversation as far as Okay, you know,
if you get an opportunity to be hired by maybe
more than one, then look at different things like insurance
retirement plan, employer or employee match, right, And that really
(01:20):
helped in my case. And that's something that I think
is helpful because I go back to when I was
a young broadcaster and got hired. I'll never forget my
boss told me. He said, hey, this is the four
to one K plan. If you have an opportunity to
put five percent away because I wasn't married at the time, whatever,
he goes, just do it and leave it. You'll thank
me later. And it's one of those I've never forgotten.
And now it's when you have kids and you're talking
(01:43):
about that the perfect time to do it, right.
Speaker 2 (01:45):
Yeah. Absolutely, I think that's really good advice that you
got there. And you know, I feel like looking at
this total package, especially when you're trying to compare different
job opportunities, it's definitely something you got to consider right,
you got to look at the healthcare as the retirement
benefits things like that, you know, And and when talking
about that with kids and grandkids, it's in help. It's
(02:06):
important to help them understand, you know, you've got to
start saving early for retirement. But it also helps them
understand how to handle a budget, how to handle putting
money aside before you go buy the extra things, and
try to just understand the concept of you just can't
you have wants in life, You've got needs in life.
You got to handle the needs first before you go
to the once we.
Speaker 1 (02:25):
Are talking to Dan Lorraine of Drake and Associates. Next,
are people typically uncomfortable talking about saving or is it
more investing that people have a hard time sharing.
Speaker 2 (02:35):
That's a great question, you know. I have to feel
that savings is probably an easy subject for people to
talk about. And I know, you know, according to a
nurse new survey by the SIFMA Foundation that's a nonprofit
foundation focused on financial education, only twenty two percent of parents,
when surveyed, were completely confident in their ability to teach
their children about investing.
Speaker 3 (02:55):
You know, Dan, One of the things too, that Steve
and I are going through and we hear this, you know,
Oreo Sandwich kind of generation, right, because you've got maybe
parents that you're taking care of at the end of
their lives, and then you've got your kids that are
growing up like Steve and I and becoming adults, and
you're having conversations with these is the fact of do
(03:15):
people generally want to talk about this? I know it
can be uncomfortable everything, but I think there's a way
that you can tie both of those in for people
that are in our situation in the middle because you
are dealing with it, You're dealing with Graham and Grandpa
and maybe what was left behind that maybe you're the
executor of. And at the same time you're saying, this
is what you need to do maybe if they were successful,
(03:39):
so that you're set up at the end of your life.
Speaker 2 (03:41):
Absolutely, and I believe that everybody wants to be able
to talk about this subject. It just comes down to
that fact that people typically talk about things they feel
they know a lot about, and this is an area
where they have a lot of worry and concern about
providing the wrong information, so they just stay silent.
Speaker 1 (03:57):
So we're talking to Dan Lorraine with Drake and Associates
Again Saturdays at seven you'll hear the Retirement Ready radio show.
It's Stephen Brett from West Michigan's Morning News. How do
you help in a situation like this? I mean, what
are the conversations that we should be having, whether they're
difficult or not, And how do you put like a
percentage of what you should save on the table when,
(04:19):
especially when kids are first like oh, to college, the
margins are so tight, and what they have to spend
or save in the first place.
Speaker 2 (04:26):
Yeah, absolutely, it's really hard. I mean, I think my
role in helping families discuss money is that of an
educator and a facilitator in that conversation, helping them understand
what needs to be shared, what kind of questions to
be asking, how to help everyone involved feel comfortable in
the process, and kind of take that feeling of it
being taboo off the table. And you know, many families
(04:48):
that I've worked with over the years, we have always
seen that the savings rate at the early ages of
their career is a lot less than when it's later
because margins are so tight and they're not making as
much money and they got high bills and maybe some
college debt and things like that. It's important that they
start saving as much as they can at an early age,
even if it's just one percent, and you start increasing
(05:10):
it as you go from there. Every little bit helps.
Speaker 3 (05:12):
Dan, what do you recommend, like to your clients or
advice for people when they're at this point. Let's say
they have young adults like Steve and I in the family,
or maybe even a high schooler. Do you sit now
with the entire family if they want to, or would
you welcome that, just so everyone kind of gets a
grasp and feeling of what's going on. Because you hear
(05:33):
the nightmare stories about at the end with the will
or the trust or whatever the case might be. Some
people never even have met that financial advisor or know
who they're dealing with.
Speaker 2 (05:43):
Yeah, that's that's really a tough situation when they're kind
of blindsided at the end of that. But you know,
what I've tried to do with the families we serve
is to, you know, create that legacy plan for whatever
it is they want to have happened at the end
when they want to transition to the next generation. But
then once that's kind of mapped out, it's facilitate that conversation.
Bring the adult kids in and I know that feeling
(06:06):
because I got two adult kids myself and we've started
to have those conversations. You got to bring them in,
you got to sit them down, you got to map out, Hey,
here's what we want to have happen, here's what you
anticipate the results being. And help them kind of make
the connection with the financial advisor, maybe get an attorney
involved so they have somebody that they can go to
in the need of time. And it really puts the
(06:28):
stress level way way down when they know that, hey,
look I've already got it taken care of. I know
I can handle all this money stuff and legal stuff.
You know, when mom and dad are gone, I can
sit there and take care of that easily. Now they
can focus on grieving. But when you don't have any plan,
it's really hard on those left behind.
Speaker 1 (06:46):
Wells so true. It's the Retirement Ready radio show. You'll
hear at Saturdays on Wood Radio at seven. To get
a hold of Drake and Associates six six hundred seven
two four seven again six one hundred seven to four seven. Lastly,
I'll share the dumbest thing I ever did as a
young kid and that was when one of my first jobs,
(07:09):
I cashed in my four to oh one cam fired
because I thought I needed it for incidentals. I didn't
need the money, it was just not thinking. I thought
i'd get some extra stuff. It was a few thousand dollars,
but Dan thirty years forty years later, that could be
translated into some big money anything else.
Speaker 2 (07:26):
Definitely, don't do you know, I would say that's number one.
Don't do that, And don't wait to start savings until
you feel like you can do it. Start with one
percent into your retirement planet work if they offer one,
and go up from there every year. Increase it by
another one percent or more if you can. But just
start something as soon as possible. That's the best advice
(07:47):
I can give anybody out there.
Speaker 1 (07:49):
Six six six hundred seventy two forty seven Listening to
the Retirement Ready Radio Show on Wood Radio Saturdays at
seven with Drake and Associates and Loring. Great stuff as always,
Thank you.
Speaker 2 (08:02):
Thank you, guys, Ay happy ladies to you and your family.
Speaker 1 (08:05):
This is Talk of the Town on News Radio Wood
thirteen hundred and one oh six nine FM.
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