Your tune to the Haven Financial Group Radio Show with your hosts Larry Kolvig and Kim Ca again your guides to weekly retirement confidence. If you're interested in protecting and growing what you have, let us be your financials safe heyd. The phone lines are always open at six one two five oh four eighty four hundred. Now get your financial questions ready because the Haven Financial Group Radio Show starts now. Good morning, Larry Kolvig, founder and CEO of the Haven Financial
Group, and you're listening to the Haven Financial Group Radio Show. Glad to have you with us. We have a lot to talk about today. Our number is six one two five zero four eighty four hundred and you can always visit us at our website at Havenfinancialgroup dot com with all kinds of information and schedules of all the retirement workshops and seminars that we have coming up here in
the upcoming months. So again, good morning, and it's great to have Kim with us again for our second show here to start off the new year. Welcome. We got a lot to talk about about that we do, Larry, and thank you very much. It's good to be here with you
again. We're all staying indoors obviously keeping warm, right. Yeah, for those that didn't think, Yeah, for those of you that thought we're going to go without snow this winter, well I've proved wrong in the frigid sub zero certainly hit us in the last week, but been lived in a soda my whole life. Shouldn't be surprised. Well, I always feel like, if it's going to be cold, then let's just have snow. Let's just
do the whole thing. We can't just go halfway. So, Larry, I'm excited because I know that you wanted to talk this week about retirement for gen xers, and you know, this is an interesting group. So for those of you listening, and by the way, you don't have to be a gen x Er to get a lot of information out of this show. But for you, specifically gen xers, you were born between nineteen sixty five
and nineteen eighty. And what I think is interesting about this, Larry, is that the youngest gen xers are really in their early forties, so they're pretty young. They're in the midst of a crazy life with you know, running to soccer and baseball games and softball games, and and you know, a lot of work, just in the peak of their careers, many not thinking about retirement. But as I read about it, this is actually the time that most people should start to think about retirement, right Oh, and
most definitely should. And I would be in that Gen X generation myself, and it's so easy to get caught up in the hustle and bustle of kids and sporting events, and well, I don't have any extra money to put away for retirement, and before you know it, you know the old saying time flies as you get older, and when you're younger, you're going, who are these old people that say this? But when you get there, it's like it really does. So retirement comes quicker than you think it does.
And there's no better time than the present to get started, even if it's little, you know, little steps or baby steps in the right direction, because it takes time, the power of compounding interest to really build that up, and before you know it, the golden years could be here. Sure, you know, Leary, Actually, though, if I think about this, these are the perfect years to start to think about retirement because frequently
you're employed and you're being offered some kind of retirement account. Let's talk about retirement accounts. First of what are they, Well, retirement accounts are employer
sponsored plans. You know, I think we might talk about pensions later on, but you know, it started out where you know, you had long people would have long tenure at work, at a job, and they'd get reimbursed, if you will, by the form of a pension, a life along income stream, and that was eventually replaced by four oh one k's employer sponsored plans. Other names the listeners might recognize as four P fifty seven, four to H three D deferred comp there's all kinds of different names. They
do have different codes, but it's all pre tax money. And my encouragem it would be that anybody that has the option for a four to one K plan, if there's a match that's being offered, I hope they're taking I really hope they're taking advantage of it, because that's that's really free money and you don't want to miss out on that opportunity. So again, the four oh one K employer sponsored plan is what offered through your work. Yeah,
and you know, I know a lot of people are frequently concerned. I've actually heard individuals say, you know, I'm not sure if I want to get into this retirement plan because I'm not sure I'm going to stay with this company. But that's actually not an excuse. No, it should not be an excuse. Just this past week, I had an IT consultant from Lakeville who bounces around with consulting jobs, and they had seven different four oh one
K plans. We call them orphan four o one k's. They're no longer working there, and you have the ability to roll those into one traditional IRA if you choose. You don't have to, but for simple simplification and consolidation. And it's important to know that you know these four to one K plans.
You know about ten fifteen years ago. You have the pre tax side of it, which people are familiar with, and you know the baby boomer generation has done a great job saving but in ten to fifteen, last ten to fifteen years, they've really come out with the ROTH four oh one K, which is an after tax option that people have great option. Make sure it works into your tax plan and that it makes sense. But because as one retires, the more money they can get in ROTH, the better.
Just note that there are limits that go with contributions prior after fifty there's catch up clauses. You can put up to eight thousand this year. Ross they have some income limits so it might limit. So consult with somebody that knows how to do backdoor roths. So you know, we teach a lot on
this stuff. A lot of education is important because you know there can be restrictions, but the important thing is to start somewhere, to get somewhere, and maybe just automatically increase that by a percent or two every year because that's really out of sight, out of mind money that you really are going to
need for retire absolutely. So if you need some information about retirement accounts, and you're one of these gen xers who was maybe born in nineteen eighty so you're pretty young at this stage of the game, let me give you some advice. You can reach out to Larry and his team at Haven Financial to get more information six' one two five zero four eighty four hundred, or you can reach them at Hanfinancialgroup dot com. So let's talk about your recommendations
for diversifying. You know at a young age. This is sort of that time, correct it is, I mean when the younger years, obviously the element of time comes into play and many times people can take more risks because that timeline is longer, because over the long period of time, the stock market will perform. It always has. If it doesn't, we got bigger problems, bigger problems to address. But you know, at the end of
the day, retirement accounts four oh one k's iras wroth iras. There seems to be some confusion over the years that I've seen where, well, do what type of investment do I have? The investment and the tax code are two different things. You can have stocks, bonds, mutual funds, annuities in any of these areas wroth IRA or even non qualified brokerage accounts, so there's a difference there. Certainly, work with somebody that can help you identify
what's the most tax efficient. But as you get closer, obviously we see this on a weekly basis that Larry, we're a little more conservative now because we're now retired or we're one year from retirement. And unfortunately, you know, not everybody likes investments or money to talk about money, and you know, we encourage people to stress test your portfolio to make sure that you're not overexposed to market conditions based upon where you're at in life age, the need
for the money. You know, there's you know, the philosophy behind Well, I'm many years from retirement, I can take more risk. That's probably true. But I see people taking a lot of risk unknowingly. And how they get alarmed is we have a bad year like twenty twenty two and oh my goodness, what happened? You want to avoid those surprises? Sure, So again, would you explain what a stress test is and how you go
about doing that. We really plug in all of people's holdings. You know, there's all kinds of software, and we have software and others have software. It really measures the amount of risk in the portfolio based upon the holdings that they have. And this is small, medium, or large holdings. You don't have to be super rich. This is anybody to identify, oh my goodness, I'm taking way more risk than I thought I was. I'm not sure why, but I don't want to take that much risk based upon
the timing of we're at where we're at in life. So sometimes people are quite surprised. Just a couple of weeks ago, I had somebody say I'm a conservative investor, yet much to their chagrin, that their their perform their portfolio was the polar opposite of what they're doing, and they had no idea. Again, we want to avoid these surprises, especially as it relates to retirement and Larry, at what point do you suggest that people start really thinking
about the risk that they may be taking. Is it ten years out, is it five years out? What do you suggest? Yeah, and we're not. Again, I don't want to paint this picture that we're scared of risk, you know, as a company or as the investment team, because we're not. But it's being aware and have an understanding of why you're doing
what you're doing. And you know, habits are hard to break. You know, if the listeners are doing exactly what they're doing, what they were doing when they were twenty thirty or forty, and now they're sixty or sixty, that tells me they may be in a position that they don't want to be in, or they don't sleep at night, or my goodness, I got the quarterly statement. It was down fifteen percent and I got really worried. That tells me that you know, you're not in the right spot.
There's no exact answer, but you know, i'd say Kim at least five years prior to retirement. But this should be an ongoing process. It shouldn't be oh, now we're getting close to retirement. There's It should be a modification and a gradual transition from your early years to your mid years to your latter years. And you really should probably be doing the same thing. Unless you have so much money it doesn't matter. Okay, that's not most people,
or again pensions. Your income is so strong that quite frankly, most of the money is going to be legacy. So a lot of variables go into these discussions. Well, now you've just mentioned it. We've talked about retirement accounts. We're going to talk about pensions when we come back. You know, the world isn't quite like it was when your parents were working. Pensions are not so readily available. We're going to talk much more about that
in the meantime. If you've heard anything that's resonating with you, here the number of six one two, five zero four eighty four hundred, or reach out to Larry and his team at Hanfinancialgroup dot com. You're listening to the Haven Financial Group radio show. Don't stray too far searching for more financial nuggets of Wisdom. The Haven Financial Group Radio Show will be right back. Stick around. 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 all about helping you solve retirement problems so you can make your nest egg glass. Welcome back. I'm Larry Kolvig from Haven Financial Group and you're listening to the Haven Financial Group Radio Show. Our number is six one two five zero four eighty four hundred or visit us again online at Havenfinanciergroup dot com. Now, let's talk about pensions. You know, when I started years ago, everybody had
a pension. Today I read the ten percent of declining quickly. You know, how do pensions work? How do you access a steady income in retirement. Let's discuss pension plans more in depth for those that do have them and perhaps those that wish they had. Yeah. Absolutely, you know I was I read a statistic Federal Reserve's recent data said that only twenty one percent of
Americans retire with a pension. And again, as I was saying before the break, you know, I think our parents, I don't think anyone retired without a pension, and I think in my working life, I've never been offered a pension plan. So it's not surprising that you probably don't have as many people coming in, right, Larry, who say, here I am, and I've got a pension and what do I do? Yeah, And that's actually very true, Kim. It's interesting depending upon where we're at in
our classes. You know, if we go to Egan and teach a bunch of classes, we tend to have a lot of delta employees. And through the pandemic, we helped a lot of folks and you know they had a lot of them had pensions and others. But yeah, it's declined so much over the years. And you know, pensions were typically offered from the employer. You work, work, work, Can you they factor in years of service they're earning's history? You retire, and then you have some options to
turn on a paycheck. You know, if you're a married couple, do you want spousal continuation one hundred percent seventy five fifty or do you not want your spouse to have any of the money. You could take life only and
leave them out. And I've been in some heated debates with couples over the years with that one, but and then other options, the lump some option for some pensions, there's a lump some option, which you know, we've helped people put some thought in, because if you take a lump some, then your beneficiaries, which often times are the kids, they can get whatever is left over. Now, you give up those monthly payments, but maybe you can you know, structure where you can figure something out how to get
those payments. So again the education process, what does that look like. You know, they did away with pensions really to cut costs and put the onus on the individual to do the saving rather than them managing it. And then then let's face it. You know, the pension is an investment. It's an investment account with the employee. Sure if it's if it's mismanaged, there's no guarantee. Yes, there's a you know, pension benefit guarantee corporation
out there that will ensure and you might get some of your pension. And you know, I think back in March of twenty twenty one, there was a rescue package with the government. I think it was an eighty six billion dollar bailout for failing pensions. Now, of course that could be debatable and arguable was that the right thing? But I can tell you there's a handful of clients of mine that really got the retirement put back together because of that
bailout, and it made their retirement a lot happier. So again, putting the time and the effort, having somebody walk you through the process, if you will, what makes sense, what doesn't make sense, and then you can make an educated decision. So Larry, ahead of retirement and you know you do have a pension, what are some of the steps maybe that you need to take prior to retirement to make sure that that pension benefit is as successful as it possibly can be for you. Well, a lot of this
the pensions are going to be monitored by your employer specifically. So obviously the longer tenure, the more you the more you make, the more that that pension is going to pay out. Now also monitor you know, is the pension is it financially solvent, are they doing a good job managing it? Or if you see going the wrong direction, maybe you take should take a
little more responsibility yourself and save outside of the pension as well. It's always better to have other sources of retirement income and don't rely solely on that. And you know, income is the big name of the game. You know, when people sit down with we spend a lot of time. Do you you know what is your social security that's an income stream? How much and when? How much? And when is your pension? Is that you know that's a guaranteed stream? And how much additional moneys do you need to live
a comfortable retirement? And for many there's a question mark and we help try to solve that question. Mark six one two five zero four eighty four hundred is the Haven Financial Group's telephone number, or you can go to Havenfinancialgroup dot com and reach out to Larry and his team. If any of what we're saying is resonating with you, if you have questions about retirement, be sure
you make that call immediately. So, Larry, we've talked about those who have pensions and that is a is, as you've just said, an income stream. How do you develop an income stream if you don't have a pension. Very good question, and we spend a lot of time on this because you know, there's various ways to do it. You know, it can be the four percent rule out of your portfolio. Some say that's way behind the times and it doesn't hold water for everybody. I agree, because it's
not one glof it's all. But you can set up income streams and project that out thirty years as part of your plan. And then there's another way, which is debatable, but again, getting the right education maybe, and an annuity is an option. You know, there's a lot of Prior to COVID, I used to teach an annuity class and I don't know what any others that did, but I taught it because there's a lot of folks that have them and they don't understand what they have. Now, not everybody should
have everything. Somebody doesn't have to have a new annuity at all, and quite frankly, I had somebody in last week. They had all their money and annuity and quite frankly, I don't know how that happened, other than the fact it shouldn't have happened. So teaching the four types of annuities because there's a lot of financial marketing. I don't like annuities. It's on the paper wherever it is. Well, social Security is an annuity payment and so
is a pension. So speaking that really doesn't make sense. There's four types of annuities. There's immediate annuities, which you can generate a guaranteed income, but there might not be any beneficial interest whatsoever. Okay, don't open your eyes to that, because that could be a surprise. There's variable annuities, which are exactly what the name says. They go up and down. They're an up and down investment tied to the market. There's fixed indexed annuities,
which are fixed but tied to the market. And then there's also fixed annuities, which we'd be kind of an equivalent to a CD. Now I'll just say this. All annuities are through insurance companies, all of them. Some would say I don't like insurance companies, Well, they tend to have all the money. But all annuities. Annuities have terms to them. There's set period of time. Maybe that's attractive, maybe it's not attracted. And then some have much higher fees. Some say they're complex. Some can be.
But the problem is a lot of times when we ask the question which one do you have, most say I don't know. How much are you paying? Great question? I don't know, and some have hidden agendas. Where they might annuitize, which necessarily you may not want. So avoid the surprises, get the education, and see if it's a good fit or not a fit. And you just took the words out of my mouth. I'm assuming
you've laid out the four different kinds of annuities out there. I'm assuming that you know it really varies depending on your personal situation which one is best for you if in fact you're in the market for an annuity on PERC Yeah, nothing's for everybody. You don't have to have an annuity in a portfolio. But what we find is that oftentimes it can be part of a portfolio where you have your wrist side of the pie chart of the X ray and then
you have the fixed income side. It can be part of a portfolio because you know what, don't put all your eggs in one basket. Yes, which means diversification is that much more important, especially as you potentially get closer the retirement. So again, work with somebody that is willing to educate and help you understand, rather than getting into something and finding out three years later, what in the world did I get into? And I have no idea.
One other thing I mentioned is annuities don't have to be used for income. They can be a form of a pension. They absolutely can be, and that's how one can create their own pension. But they also can be used just for accumulation purposes. So again, match, is it a fit or is it not a fit? At the end of the day, it's your call. And Larry, when we're talking about these gen xers again, we're talking about individuals who maybe you know, twenty five years away from retirement
and they don't have a pension and they're not interested in annuities. Are there other ways that they can create an income stream while they are younger as they move toward their retirement, Well, it'd be putting away into the investment vehicles, whether it be IRA, wroth ira or non ira. Just remember that roth ira is going to be tax free income because you're paying the tax up
front rather than pre tax. So looking at your various types of some people will call them buckets, looking at the types of buckets, filling them up in a way that you can take it out tax efficiently when you do retire. And again when people get close to that, you know, we'll sit
down and do some projections. You know, We have a lot of retirees where you know, either through SWAB or other financial vehicles that we use, we'll send out retirement income on the first and fifteenth of the month oftentimes, and we want to do that in the most tax efficient way possible, which people oftentimes need an income distribution and tax plan and they're they're all they all should be coordinated because you draw from the right wrong accounts. Uncle Sam might
be getting might be the beneficiary absolute to next. If you're listening and some of this resonates with you, then you'll want to give Larry and his team a call the number six one two five zero four eighty four hundred, or you can reach them at Havenfinancialgroup dot com. Sign up for a free consultation or one of Larry's workshops to learn more about the retirement process and how the financial group there at Haven can help you. All Right, Larry still coming
up. We want to talk about I think, probably and I feel confident you're going to agree with this, one of the biggest expenses associated with retirement. You've talked about taxes, but it's healthcare and it's healthcare planning, and we're going to talk about that on the other side of the break, you're listening to Haven Financial Group Financial 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. 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. Good morning again. I'm Larry Kolvig, Founder and CEO of Haven Financial Group, and
you're listening to the Haven Financial Group Radio Show. Our number six one two five zero four eight four zero zero and visit our website, our newly revamped website at Havenfinancialgroup dot com. Now let's discuss something and we're all going to have to talk about it sometime. You know, healthcare, the cost of healthcare, How do we get covered? You know, what do we need to do? Do we need to bridge the gap for healthcare? What are
our options? I'll just tell you that healthcare can be very complicated. Let's discuss some of those things. Let's differentiate between healthcare and long term care costs. Not fun conversations, but very important and it can be very expensive and retirement that we need to plan for that. So Larry, before we start talking about this, you have said to me, and we want to just kind of explain this to our listeners. You have specialists right there at Haven
Financial who this is all they do. Correct, That is correct. You know, healthcare, Medicare, long term care, those are also all retirement puzzle pieces, and you know they can it can get complicated, It can get very difficult to navigate. I hear that all the time. You don't pay anybody any You don't pay anymore by having somebody work for you. And as non biased agents, non biased, as a non biased company, we have access to all of them that are out there. Yeah, Glenn in
the office is one of the top Medicare people in the state. We have folks that work just in the healthcare, Medicare in those areas and there's a lot of changes there has been, there continues to be, and you want to stay up on those changes. Encouragement would be attend one of our Medicare classes. We do have a Medicare one on one class coming up. You can see that online. That'll be at Dakota County Technical College to check out
the dates online hour and a half educational workshop. You get a workbook, very very helpful. You can check that out or just set aside some time to come in and visit with us. Take advantage of that. You don't
pay anymore. Why not have somebody work for you? Absolutely? You know, I before we get into some of the details, you know, to me, I think this is one of the most frightening areas for people who are planning retirement, because you know, there can be nothing worse than be facing some kind of medical issue and not be covered in the way that you need to be right. No, most definitely, and you know it's why in our meetings that we have. You know, do you have good health,
do you have longevity in your family? You know for those that are ex military, do to have try care? You know, are you still if you're married, is one of the spouses still working, which then probably you could go under their healthcare. You get to sixty five, you know, we want to discuss medicare, and you know Medicare. You know there's a B, C and D and it's not completely free by any stretch of the imagination. Only part as B C and D A cover preventative care,
a doctor's visits, supplemental coverage, et cetera. Then we do get into you know, conversations. You know, there's different enrollment periods, you know, as a Medicare supplement plan better Glenn gets into detail or is Medicare advantage And you know we always joke onme annual enrollments at the end of the year. Be careful who you're listening to. You know, those are paid spokespeople on television. A lot of the things they talk about on there don't even
apply in various states. And you know, the you know, the closest people too will give you advice is well, I have X Y Z insurance company and you should too, well, don't you. Maybe maybe you have different doctors, maybe you have different prescriptions, maybe you're located in a different part of the state or country, you know, summer zip code specific. So again, the easiest thing to do is have an expert, have somebody
that's so knowledgeable. Glenn would follow Glenn, Ramie would fall into that. He can make it way easier than trying to do it and navigate yourself. Well, let's change gears just a bit. We're talking about healthcare obviously healthcare insurance after retirement. Let's talk about long term care and and why don't you, why don't you kind of explain what falls under that umbrella of long term
care. Yes, actually a lot of people there's there's misconceptions that Medicare is going to cover long term term care and extra coverage and it's simply not true. If that is concerning you know, I had a couple that was in this past week and they seem to have a trend in the family genetics where Alzheimer's or dementia falls into play, and that could lead to you know, long, longer timeframes in a nursing home. Don't want to talk about it.
It's not fun one. But you know, latest statistic I saw that seventy percent of us will need some sort of care. How will that be? How will that be paid for? Do you have enough to be self funded? You know here in the Twin Cities, you know, give or take, it's like twelve twelve to fifteen thousand dollars a month for UH in a nursing home. And you know, we joke some some people's plan is that their kids are going to take care of you. Well, they don't
even come visit you now. So I'm not sure that plan is really going to work too well, do you think? And the reality is, you know, there's a spend down process where they're going to spend down your assets. There's formula involved, you know. There you can keep a certain amount of cash, a house and a car. You know, we'll get into those details. But you know, there used to be loopholes. Prior to two thousand and three, there were loopholes to the nursing home. And after
a while they've patched the loopholes. You know, people might be familiar with, you know, a life estate on their property or properties, and that avoided the nursing home. And there's some people that say that, you know, certain types of trusts are going to avoid nursing home. And there's very little you can do other than long term care insurance. And I know some people got scared away from long term care because again, somebody showed them a
Cadillac plan ten years ago and nobody could afford. But what I will say is there's other than the traditional long term care. There's asset based long term care using your assets and hedging against that. There's hyghbred long term care. You know, we talked to a nuities. Annuities can have some long term care provisions as well. A lot of people aren't familiar with that. So the point is, how are you going to take if that happens, how
are you going to fund it? And in some states, Kim, various laws have been passed that if you go into a nursing home and can't pay, you know, the state's not going to pay the bill will will trickle down to your kids or loved ones, and none of us want to be a burden to the kids. So again, there's a lot of changes in that industry. So get all the information. Yeah, if it's concerning to
you, revisit it. Get the information and see if it's a logical fit and maybe do you have the wherewithal to fund one of those types of accounts. Larry has mentioned right here that he has experts in his office. They're part of the team at Haven Financial who know all about healthcare planning, they know all about long term planning, and again this is a very tricky road
for everyone. Let me give you a telephone number so you can get hold of Larry his team and they can sit down and educate you about healthcare planning. That number is six' one two five zero four eighty four hundred six one two five zero four eighty four hundred, or you can reach them at
Hanfinancialgroup dot com. You don't want to wait on these these questions and this kind of education, because Larry, I know there are certain plans when it comes to long term planning that they actually have to be implemented and in place for at least five years prior to them being effective. Correct, Yeah, there is, there is, and so some that don't you know, I
just just came to mind, you know. Just last week Glenn helped out Frank and Nancy from Savage because they were very concerned about their genetics and the dementia, Parkinson's and the various things that run in their family. They had assets. They actually did some very good retirement planning other than this, which now is taken care of. Because there's different types of plans that utilize after tax non qualified monies and also different types that use IRA type moneies in these
plans. So again, look at all the options. Time is of the essence, and yes, some of these are a lot less expensive. I guess when you're younger, it's not fun to think about these things when you're younger. And let's face an insurance, if you need this, if you need it, you better have it. But you know, if you don't, well then some would say you wasted your money, but that's insurance. So if it's worrisome to you and concerning explore all the options so you don't
miss an opportunity. And you know larly not to keep you know, reiterating this over and over, but this can be a really slippery slope if you know, you end up needing that kind of care. All the kids, all of their inheritance and everything that you've got, and maybe your your spouse is still alive, can all go to that nursing home. Yes, definitely. And some would say, well, maybe I should just sign everything over to my kids right now. Well, well, then you expose yourself to
their liability. I'm sure that the best kids in the worry in the world. But the reality is most people would not want to do that, and you shouldn't do that. Long term care could be a better option. I've seen big est states decimated. You know, just do the numbers, you know, at fifteen thousand a month time, So if you're in there seven
years. I hope you had long term care insurance of some sort, and you know, in the president for those maybe the younger that are listening, make sure you're putting monies and maxing out those health savings accounts, those HSA flex plans, whatever they are. Take advantage of the you know, the tax considerations with those and max those out the best of your ability, because that money will come in handy tax free. Take advantage of it. Don't
miss it so much. Great advice today, Larry, and again we want to remind everybody that you have experts right there in the office who can help answer all of your questions related to healthcare and can educate you on what's best for you your family. So that number again is six one two, five zero four eighty four hundred. You can go to finance Havenfinancial Group dot com, reach out to Larry and his team, set up a free consultation,
and also they're at Havenfinancial dot com. You'll want to sign up for one of those free consultations. The free consultations as well as the free workshops that Larry has throughout the course of the year. Larry, when we come back, let's talk about a thriving retirement. We've you know that healthcare issue is it's tough and it's heavy. So let's talk about of thriving retirement and how you achieve that. All right, everybody, you're listening to the Haven Financial
Group Financial Show. Don't stray too far searching for more financial nuggets of wisdom. The Haven Financial Group Radio Show will be right back. Stick around. You've got questions, We've got answers. You're tuned to the Haven Financial Group Radio Show with your host Larry Kolbig and Ken Carrigan. Now back to the show. Welcome back. I'm Larry Kalvig with the Haven Financier Group Radio Show,
Founder and CEO of Haven Financial Group. Our number got this down six one two five zero four eight four zero zero or visit us at Havenfinanciergroup dot com. Let's discuss something maybe a little more uplifting, a little more optimism, how to build a retirement plan that really can work towards giving you the retirement you dreamed of. Remember, they call it the golden years for a reason, and we want it. We want them to be as golden as
possible. You know, it's confusing, and it's I think probably for some people who are trying to plan on their own, it can be very overwhelming. But it is supposed to be a positive thing, a good thing. So I'm excited for us to look at it that way. Before we do those, could I ask you a quick question. You and I chatted about this last week, and I'm going to drive you crazy each week and ask you about it. But how goes the expansion? Because you're expanding, it's
moving along extremely nice. You know, people are excited. You know, they're like, wow, that means you know the business is good. Yes, we work hard, we're adding personalities and you know, I think we talked about in the last segment. You know, the education part will probably do start doing education in house in addition to all the other areas we're going to spend the time. You know, a lot of folks don't get enough time with who they're working with or potentially working with. We You know,
your time's very valuable and so is ours. But you know, if you're only getting forty five minutes to an hour once or twice a year on all these retirement topics, I say that you're not getting the attention that you need, that you deserve and what you're paying for. We're not afraid to spend the time because it should be educational quality time and you should walk away with a better understanding, more of an awareness, and more confidence that you're you're
doing what you're doing to prepare for those retirement years. And Larry, you know, we mentioned this because we were talking about healthcare, so you were saying that you have some experts there in your office, but that's not the only field and that's not the only area of retirement that you have experts who
are available to chat with clients there in the office. Yeah, no, not even kind off carry is our estate planning attorney, you know, wills and trusts and preparing for legacy or you know, even doing some maybe planning for what you can do to avoid some of the healthcare or the problematic causes of nursing home and looking at that. We have Lances, our CPA. We spend lots of time on tax planning. He's readily available. There's no
added costs for that. He does charge for tax preparation, but he's been a CPA for several years and he does tax prep and people walk away spent Wow, the CPA spend time educating, he loves his whiteboard. He's giddy about taxes, and he truly is giddy about taxes. And then any anything, any little fight against the irs. Lance is there to back you up.
I hope you don't have any fights, but again, if you if you do, and then of course the investment team and the other advisors and we already talked about long term care and all the other things medicare these things should be coordinated in retirement. You don't have to have them under the same roof. But I'll tell you the best compliment is I like the model. I like you have the personalities here where we can talk to one and talk to another. And at the end of the day, that is the biggest
compliment we do get. Absolutely Again, you know, I reiterate that. I think it's a very daunting task to put together a great plan that you thrive in, and to do so under one roof has to be a real benefit. So let's talk about a thriving retirement. First of all, what do you find when you talk with your clients. I know it varies, but you know, what are some of the things that people want in their
retirement to make it thriving? If you will. Yeah, and that's where we walk people through our proprietary plan of getting to know you have a better understanding. Yes, there's some fundamentals, and you know what I would say is, you know, don't you shoot for the bare minimum of saving, you know, save as much as you can because you know, we call it liquidity, you know, having good liquidity, emergency fund. You know
they preached that to younger people, but it's the same for retirees. And you know, there's benchmarks we talk about for how much liquidity one should have in savings, checking money marketc because there's always unexpected setbacks. And I had somebody let client last week, Well, when everything goes bad, it goes bad. I need a furnace, I need a he just needed all kinds of appliances, like all in the same week. It was. Things happened.
You know, there's market downturns. You know, we just came off several years you know of high inflation. Well, inflation is a game changer. So you want to make sure that you have enough reserves, enough liquid monies, have a comprehensive plan. You know, all the things that we talk about on a weekly basis, you know, income talked about it earlier. Guaranteed income is the name of the game. You want to cover the income for the things you need, and you want to cover the things that
you want. You know, the needs being a house, shelter, a vehicle perhaps, and then do you want to travel, play, golf, fish, whatever it is you want to do. These things cost money, so we want to factor these into your plan and the income that is going
to give you comfort and retirement. And then forward thinking tax planning. Taxes are relevant at every stage of life and for many people probably more relevant as you get into retirement when Social Security gets turned on required minimum distributions on those I raise comes due and taxes that should be an ongoing discussion. I mentioned. Forward thinking tax planning leads to successful tax preparation and buffer in those things you want to do in retirement. As I mentioned, into your budgets,
the bucket list. Do you have a bucket list? Do you want to do something? All these things cost money and so factor them in and we do that when we build out projections, factor in health. All of the above. Right things will always change and then you'll make some modifications. So again, having that right plan in talking through those things. So Larry, once again, let's speak directly to our gen xers and most specifically our young
gen xers. Those out there who are in their early forties. They're in that busy time of their life. They're not thinking about retirement right now. You know, grab their attention. What is it that they need to think about today, tomorrow, this week? Try to develop the discipline. My wife and I have four daughters. They were all in basketball, they were
all in sporting events. We were running all over the place, and it's like, we can't afford to put anyway because we don't have any extra Just try to develop a discipline, even start with a little bit, increase it because oftentimes, out of sight, out of mind, that discipline is a common denominator. And those folks that we work with have had that have competent
retirement plans. They've developed that discipline now, I can tell you, and again it's it's no knock on any generation, but the baby bloomer generation has, for the big part, has done a very good job at saving somewhere along the lines. As the generations get younger, that's kind of been lost a little bit, and you know, you know, finding that because eventually you too. You know, God willing will retire. Are you prepared so
that discipline is a is a big thing. And another comedy nominator we see and is you know, we have a lot of client events and one of them is a shred event after tax season here at the office. You know, people can have lunch or dinner on us. We have a couple of food trucks and the veterans shredding truck. And you know the comedy nominator we saw here a few years ago. Every year is after we had it.
You know, people drive through and you know, we could see the different cars that clients had, and my staff brought it to my attention after the almost after every single one, they noticed that the most successful ones that came through had the worst cars. Now, I'm not saying people should have the worst cars and those that had the least amount for retirement had the fanciest cars.
So you know, you don't judge a book play it's cover. I'm not saying be frugal, but be more responsible and set up that discipline as soon as possible. So, Larry, what's a thriving retirement for you? Well, you know I grew up on a farm. My dad still tells me I worked too hard. Mom and Dad still a crop farm at seventy eight and seventy six. I wonder where I got it from. But I'm in an industry, you know, obviously I can say it, but I'm very passionate. I enjoy it. It's something I can do. I almost
pursued golf as a career. I didn't. I haven't played in nine years. I'm not complaining, but it's been you know, building a business and family and I event who want to get back into the golf to golf, we'll see. You know. It's in the blood to work and I'd have it no other way because I'm always again not a knock on the younger generation, but some of them think thirty two hours a week is a full time
position and I'm still trying to figure that one out. Well, I love your work ethic, and I think anybody who comes through the doors of Haven Financial will love it as well. Six one two, five zero four eighty four hundred. That's how you can reach out to Larry and his team, or you can do it through their website. It's Hanfinancialgroup dot com. Be sure you reach out and set up a free consultation with Larry and his team.
Also, you'll be able to sign up for some of those workshops that Larry has mentioned, those educational experiences there throughout the year, right Larry, So people can pick a time that is best for them. Yeah. Absolutely, it's online. You can call us and we'll give you the schedule. You don't have to do this alone. A lot of folks who've worked all these years, you know, don't. I don't necessarily know what to do. It starts with the education piece. We're big into it and what you
do with that education can be of great value for the future. Larry, thanks very much for having me again today. I certainly learned a lot. Well good, we all can learn something. I learned something new every single week. And I'm Larry Kolvic, Founder and CEO of Haven Financier Group. Thank you for listening to the Haven Financier Group radio show. Have a great
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