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make your nest egg last. Your tune to the Haven Financial Group Radio Show with your host Larry Kolbig and Kim Karrigan your guides to weekly retirement confidence. If you're interested in protecting and growing what you have, let us be your financial safe haven. The full nines are always open at six point two five four eighty four hundred. Now get your financial questions ready because the Haven Financial Group Radio Show starts now.
Good morning, and welcome to the Haven Financial Group Radio Show. Thanks for being with us this morning. I think every week we come to you and talk about retirement. Give us a call at six one two five zero four eight four zero zero. We're always Havenfinancialgroup dot Com. Great tools. There are events that are coming up our classes again, Kim, great to be with you, and again all the listeners as well. We appreciate it.
Well, it's so nice to be with you and I Before we started this morning, we were just sort of recapping last week's show and how delightful that was to have your beautiful wife with us and to hear the story of Haven Financial. I really really enjoyed that, and I feel confident that the listeners really enjoyed it as well.
Oh, I think so too. I mean, they got to see a different side of you know, kind of me being side by side by my wife. I was quite intrigued by she actually had a pretty good filter, because sometimes she doesn't necessarily have that, but you could probably tell. Rachelle is the people person. He loves people and it shows on a daily basis at our office.
Well, I want you to note that I think what really showed is just that this is a warm, family kind of place, and that is so important when people are going, you know, to somebody to turn their retirement over and to talk about the things that are so important, the things that they've worked all their lives for. So I know that you made people feel comfortable. I know you do that on a daily basis, and Rochelle certainly is a big part of that. So I hope everybody
enjoyed it. This week we're going to talk about retirement insight for gen X. So, Larry, you're a gen X, sir.
Yes, I am.
So. People at home maybe going well and what am I So? Generation X would be someone who was born between nineteen sixty four and nineteen eighty and I would imagine that probably is a big chunk of the audience who is listening this morning.
I bet it is. That's interesting because for the longest part during my career, we work a lot with the baby boomer generation. Sure, and now we are seeing these gen xers definitely more than ever. And yeah, I fit right in the middle of that. So and now I know I'm a gen xer because I never knew what those dates were until you just told me.
There you go, so you can add that to your resume. You're also a gen xer. There you have it.
Well.
I think it's important to talk about this because we are talking about these are people who are just about to approach sixty on the low end of it, but are certainly in the midst of their forties and their fifties,
and so you know, this is the time, Larry. I know you say it should be from the time you take your first job, but I mean, this is the time that you know, people start to get their kids sort of settled, and they begin to look to the future, and it's a time I know that it's important to maybe start sitting down and making some real plans.
Yeah, in a perfect world, even though if we're far from it, maybe the kids are off payroll. I'm not sure what age that is, but our daughters are still on payroll. Now, maybe there's a little bit more disposable income.
You know, you scrape by, did the best you could in saving in those retirement accounts thus far, and then you get to this point where now we have ketchup contribution limits, we can add a little bit more to those retirement accounts, and hopefully we can just pad that retirement in these very very important years.
Absolutely, let's take a look at what we're going to talk about today as a whole. First off, we're going to talk about those retirement accounts and how important it is that you not ignore them. We're going to get some really great advice here from Larry. Then replacing the benefits of a pension. We talk about this pretty frequently here on the show. If you're lucky enough to have a pension, you're lucky enough. But a lot of people, unfortunately,
do not have pensions anymore. So we'll talk about how you can replace that idea. Then Glenn Ramy's going to come in and join us. Glenn is the healthcare expert at even Financial. He's going to talk to us a little bit about healthcare planning and how important it is to start thinking about that as a gen xer, and for that matter, you know, anybody who's thinking about retirement sooner,
be thinking about that sooner rather than later. And then finally, unique retirement tips for all of those gen xers out there. So let's start, Larry with this whole idea of not ignoring your retirement account. You know, I think that where we start with that is just the idea that you really, if you have an opportunity to get involved in a retirement account, do it.
Yeah, you're missing an opportunity if you don't. And obviously we encourage at a younger age, you know, starting somewhere to get to somewhere, even if it's a little bit. Maybe increase that percentage as much as you possibly can, because you know, the power of compounding is so powerful. So if you have these plans available at work and specific you know, specifically if they're matching, you don't want
to miss these opportunities. Now coming with that, you know, those employer plans, you have more wiggle room you can put more money in, whereas if you're just looking at contributions on your own, take advantage of that if it makes sense as well. But depending on age. Right now, if you're over fifty, you can add about up to seven thousand dollars a year in contributions to those iras or roth iras. And you know, all boils down as we talk weekly cam about taxes. Make sure it fits
into your tax plan. Sometimes people just assume that, you know, the pre tax is where it all should go. Maybe that is the case, maybe it's not the case, but it's why we talk through these things. But again, start saving, max it out the best you can, and you'll be very happy you did in those latter years.
Yeah, absolutely, yeah, and earlier you can get on that the better. Let's talk a little bit about you just mentioned you know, iras and four O one CA's. There's traditional and there's WROTH forms. Talk to us about what the difference between the two are.
Yeah, and nowadays with four to one k's, I would say a big percentage of those employer plans, whether there are four or three B four oh one K, thrift savings, planned, deferred comp they are all type of employer plans. Now
most of those now I'll have WROTH options. So the traditional is the pre tax where you get the tax benefit up front, where are the raw is after tax, but you get the benefit of never being taxed again years from now when you start drawing on it, or if legacy is important, that those monies will go tax free to your beneficiary. So again weighing the tax ramifications what makes sense, and then again oftentimes having a little
bit different recipe in those types of accounts. In WROTH accounts oftentimes will many people will take a little bit more risk because it's more of a longer term. And then you also want to use different types of holdings within iras and brokerage accounts that have different tax effects. So there's a strategy behind the tax piece as much as there is the recipe for the types of investments, asset classes and that type of thing. So you don't have to be the expert. But that's where we come
into play. You know, even those that we don't you know, work with their four oh one k's, you know, our investment team we offer for advice will help. You know, We'll give them advice is to based upon their menu or the recipe that they have in their plans, and many times they're limited to those investments only. We'll give them sound advice as to you know, what we recommend, and you know, don't take the easy approach. Sometimes it's easy to just take the target dated funds that were
created for simplicity reasons. Those are not always the best investment options. They're oftentimes cookie cutter, milk down versions of stocks and bonds, and you really want to get the right asset load location, depending upon age, depending upon the element of time, and how close you are to retirement. All those are factors that we want to make sure we're bringing to the forefront.
Sure absolutely. Now, if you are a gen xer, so again, just for those of you who maybe are just joining us, we're talking about the generation that was born after nineteen sixty four and to nineteen eighty. So we're talking about folks who are ranging, you know, in their forties, their fifties. At this point, I'm under most everybody under sixty, you know, those younger years. It's okay to be a little more aggressive in some of those retirement accounts, right.
Oh, it is. And when we look at the big picture, I ask them, how much of your total retirement investments do you want to gamble with in the market and how much do you want to protect? They tell me, we implement the strategy. It sounds simple, not always the case, but the problem is most people don't know how much risk they are taking, and that can be a recipe for a major problem if the timing's not right. We call that stress testing your portfolio, being aware of it
beforehand before something negatively happens in the market. And then I strongly encourage people, you know here the word rebalancing. Rebalancing, I call that just a tune up for your investments. As there's volatility up and down and sideways, we really want to go in and rebalance, take advantage of the downturns as much as the upturns to make sure that you're in the right lane. As far as a risk model, and you're not getting too much or too less of risk.
You want to maximize those gains to the best of your ability.
Absolutely, so, folks, what we're talking about here today, if you miss the top of the show, we're looking sort of at gen x ers and why they may be a little different right now because they're there, may be not in retirement, but certainly should be in those planning years. So we're talking specifically to gen xers. Certainly, that doesn't mean that this doesn't apply Larry across the board. This is to baby boomers, and this is to gen z This is to anybody who's out there in the working
world right now. You know, planning retirement is important, and these retirement accounts are important the minute you have an opportunity to get in. But specifically today we're talking to our gen xers out there. If you have some questions, maybe your portfolio needs some balancing there, maybe you don't have a portfolio yet, and you're ready, you know that the time has come of see the light at the end of the tunnel. Give even financial group a call.
It's six one, two, five zero four eighty four hundred. The number again is six one two five zero four eight four zero zero, set up a free consultation. Head in and talk with members of the team about what you're planning for your retirement and how you can get there. As Larry frequently says, you don't want to just survive in retirement. You want to thrive, and the best way to do that is to start planning. Now, it's Evenfinancialgroup dot com.
Larry.
When we come back, let's talk more about gen xers and the idea of replacing pensions. This is sort of that generation that has you know, no pension right. This is this is part of the first group where pensions started to disappear.
So we'll talk.
About that when we come back. Right here on the Haven Financial Group Radio.
Show, don't go too far. We're gathering more important insights and retirement ways the Haven Financial Group Radio Show. We'll be right back. Stick around, you've got questions, We've got answers. Your tune to the Haven Financial Group Radio Show with your host Larry Kolvig and Kim Karrigan. Now back to the show.
Good morning, and welcome back to the Haven Financial Group Radio Show. Feel free to give us a call at six ' one two five zero four eight four zero zero or Havenfinancialgroup dot com. Check out our classes up upcoming. We encourage anybody to that's interested in education in any of these retirement areas to come out. All of our classes are no cost and they are educational because there's always questions and how do you learn? I say, do you remember all those classes growing up that taught you
how to make all the perfect retirement decisions? Most would say absolutely in that that's why we do one, That's why we do them.
Ye, why is it that we paid so much for our kids' educations and not one of them got a class like that?
Right? So true, so sad. True.
Let's talk a little bit about replacing the benefit of a pension, because really, I mean, I think there's not all that many people who are under the age of sixty who have a pension. And if you do, it's terrific and good for you, you're very lucky. But for some that's never been an opportunity, it's never been an option. So let's talk about, Larry. What when somebody comes in and they sit down with you and they say, Larry, I've got social Security, I've got a couple of retirement
accounts and that's it. I don't have a pension. How do I how do I begin to develop that?
Yeah, in all of our meetings, I say, through our proprietary process, you know, the discovery meeting is where we're going to ask and ask tons of questions. Where's your income sources?
Is it?
You know? To Social Security? Do you have pensions? Retirement assets? And that gets into all the things like a state planning and taxes and all those things too. But you're right, a very big percentage today do not have pensions. Which for years, that was the retirement plan that company's off. You work for a company for a long period of time, they took care of you. It provides retirement income to these retirees. It was part of their employee benefits and
it was a major part of the retirement formula. And it was for years, you know, and it really benefited those that you know, continued to work and it was a serve and those that took care of their companies, the companies took care of them well. Eventually that was removed or taken the place of by four to one k's again again since nineteen eighty four to one k's have replaced pensions. So as the early eighties, pensions kind of fell by the wayside. Now there's listeners that have pensions,
you're going to like them. But now it was really on the employee. The employee to put money away, take the risk off of the actual company on the pension side of it, and now the employees need to put their money away in these plans. Very you know, society has created put a lot of money in these types of plans, and that's great, but there's a lot of people. When you put the responsibility on individuals, oftentimes that falls by the wayside, and that's why a lot of people
don't have, you know, a real, real good retirement. So that shift from pensions to four one K plans, it really helped companies, but it also put the risk on the individuals themselves. So the consequences being not everybody has done a good job at it. Others have done a great job at it. But again it's it's just the way history has been drawn up between the pensions and now the four one.
K's absolutely So let's say, Larry, when somebody comes in and they say, I have no pension and I have a four to one K, but I don't want a lot of money in it. You know, I've got my some other assets out there. How do you how do you sort of put together an income plan for that individual without the pension? What do you do and what do you suggest? Yeah, that's I'm thinking about annuities specifically.
Actually, that's actually a really good question in this conversation. You know, we're also going to identify their expenses now and what they might be in retirement, and you know, between the Social Security and any other income streams, what's the difference how much do we need to make up on a monthly basis, So we'll either start drawing that in the most tax efficient way from their portfolios that'd being different types of investments or a good way to do it for a lot of people, And it's not
for everybody, is you mentioned it? Annuities. It's a good way for some people to guarantee that they're not going to outlive their income, where we may take a portion of their retirement funds if appropriate. And these insurance companies, because all annuities are through insurance companies, a lot of listeners might not know that all annuities. When I say, ah, there's four types and they're not all created equal variable, immediate, fixed,
and fixed index, but they're all through insurance companies. Well, we may like to dislike insurance companies for whatever reason, but they're the only ones that can guarantee a future income stream for life. They're the only ones your portfolio can't do it. We manage with Schwab and Fidelity and
Vanguard and others, but insurance companies can. So it's possible, and we help people do this if appropriate, to secure some of their money and guarantee x amount of dollars based them on whatever they put in there for the rest of their life. Now, make sure you work with
somebody that explains this. For many, including me, because my wife and I will not have pensions, that can be in a very effective tool if you're looking to plan, whether five years, ten years, god willing, twenty years on what that income, so guaranteed income compared to variable income. There's a variety of ways to do it. And then
it all comes back to being tax efficient. Because I've said it before, you know, Kim, I've asked the question for years what's the hardest thing for people when they retire, and they say, not getting a paycheck anymore. We send millions of dollars of retirement income the first and fifteenth of every month because we have a lot of retirees that need income. Income is the name of the game we put the We always put the stress on how big is your portfolio? I would say it probably better
serve to say how much of your income is guaranteed? Income? I think is more important.
Sure, absolutely so. This is one of the many things that when somebody comes in to Haven Financial Group, you sit down with them and you try to walk them through this and find these ways that would be something that as a lay person like myself, I wouldn't not know how to put together an income like that.
And most want and most forget the tax piece. You know, is it best to draw off your liquid money savings checking money market I yield savings. Remember we want to keep We encourage people to keep a good amount amount liquid. You don't want to draw that now where you don't have liquidity, And I see a lot of problems struggling in that area, and that's problematic. It's not good to go in retirement without liquidity. And then if a lot of folks just have all at risk in the market
and nothing protected, another recipe for a problem. But then the tax piece. You just start drawing off whatever you think. No taxes and by the way, it's fourth quarter. I encourage folks make sure you're tax planning and not just getting taxes prepared. Yes, get them prepared, but make sure you're planning and drawing off the right accounts. Right now, we're doing a lot of roth conversions and many people have not looked at at it. They think it's only
for rich people. It could not be further prom the truth, because I'll remind listeners, these tax brackets are going to expire the end of next year if you're not filling up the twelve percent ordinary income tax bracket. For many people that are making a grave mistake, whether it's a little bit or a lot. We don't want unforced errors or missed opportunities simply because nobody took the time to explain or help you understand why it makes sense or why it doesn't make sense.
So let's give the telephone number, shall we. The number four Haven Financial Group is six one two five zero four eight four zero zero. You call that number, tell them you heard us here on the radio, and that you'd like to come in and just sit down for consultation.
You're hearing about a lot of things that, as I said just a moment ago, as someone who has never retired before and hopes to only retire once, these are things that it's it's under standable that you have questions and that you'd like to speak to an expert about. And that's what you get when you walk through the doors at Haven Financial Again it's six one two five
zero four eight four zero zero. You can also go to their website Havenfinancialgroup dot com and there you can learn more about some of their educational seminars that are coming up in the next couple of months, how to sign up to answer some of your questions, and much more information about Haven Financial Group. So, Larry, when we come back, we're going to be joined by Glenn Ramie, who in your office takes care He and others take
care of a lot of the healthcare issues. This is an important time of the year to be talking about healthcare. Tell everybody why that's the case.
Extremely important. It's annual enrollment for Medicare, where people have the opportunities to look at other options if it makes sense. You know, as humans, we get very complacent and you have the same company for X amount of years and you don't look at potentially others. There's a lot of changes to medicare. We're going to have Glenn on here shortly. Everybody, in my opinion, should go out and look at the
open market during this annual in Roma. You might not make changes, but how do you know if you're not having these conversations again, Glenn and Isabella, we help lots of people navigate the healthcare field because it can get very, very complicated. So this is very important times with all the changes.
Absolutely so again we're talking to our gen xers today, but we're talking to everybody you know, retirement planning. It's starting to creep up on the gen xers and maybe some of you baby boomers are right on the cusp and it's this is important information for you as well, so be sure you stay with us right here. Six one two five zero four eight four zero zero. That's the number. You're listening to the Haven Financial Group Radio Show.
Ready to find your financial safe haven. Your dream retirement is in reach. Don't go away, The Haven Financial Group Radio Show will be right back. Are you worried that your financial strategy might be missing something. Well, you're in the right place. Larry Kolvig is back and ready to help you find your financial safe Haven.
Good morning, and welcome back to the Haven Financial Group Radio show. I'm Larry Kolvig, Founder and CEO of the Haven Financial Group. Thanks for listening. Feel free to give us a call at six one two five zero four eight four zero zero or Havenfinancialgroup dot com. KIM. It's a big time of the year. It's annual enrollment Medicare. It's great to have Glenn Raby, our expert in house in addition to Isabella. And great to have Glenn, and let's talk healthcare.
Let's do just that. You know, Glenn, it's great to see you again.
Yeah, thank you.
Good to see you as well.
Yeah.
Absolutely, we're kind of talking about, you know, the fact that Gen xers, you know, they're they're really starting to think about their retirement and so this enrollment period right now, that's very important to maybe some of our baby boomers who are already in the system, but Jen X, they're thinking about it very seriously. So let's just talk first
about them. Because what I think is interesting is that people who were born between nineteen sixty four and nineteen eighty, you know, late fifties, in their forties, these most are expected to live longer, and so that's going to have a real impact on their healthcare.
Yeah.
Absolutely, that old adage we practiced medicine, right, we haven't perfected it yet. So new medications, new surgeries, new technology is coming out, and all that is going to mean longer life spans for us gen xers.
Absolutely, So what might be different for gen xers when it comes to healthcare and retirement than maybe the generation before them, the baby boomers.
Well, again, I expect them to be on that insurance program for a much longer period of time, and the risk of long term care needs becomes more significant the longer we live. Right, it's now not just family history that boils down into whether or not will have a long term care event, it's just living longer. Daggering statistic I can share with you is a condition like Alzheimer's at sixty five, one in ten people will be diagnosed with that at age ninety one in two fifty percent
of that population is suffering from some form of cognitive declient. Right, So these longer life spans don't necessarily mean one hundred percent healthy living that whole time.
All right. So now that you've given us all this great news.
Of course, always the bear yep.
Well, right, that is your job, so you're doing a fine job at it. Let's talk about how important it is for people to start planning sooner rather than later with these kinds of ideas in mind.
Yeah, So the insurance industry would tell us that our fifties is the right time to start having that long term care conversation about what we will be doing and how we'll be funding that care. And there's two reasons why they're going to make that recommendation to us. The first is cost right, the younger we are, the less costly it is to have and maintain that type of insurance.
But more importantly, it's a health underwritten option, meaning that health history, things that are in our health could interfere with our ability to qualify for those types of coverages.
So they estimate in our fifties we haven't yet had many of those major health occurrences that could interfere, and if we choose to try to wait till within our sixties to try to plan, we're now increasing that likelihood that there's something in our health that is either making it more expensive to plan for long term care, or it could even limit our options because we don't qualify for those long term care plans.
So walk us through, Glenn. I come in and I sit down with you, and I'm with my husband, and he and I are fifty five years old, and we want to make sure we're in perfect health. But we want to make sure that you know we're going to get the biggest bang for our buck if you will sure.
So I'll say, there's several factors that I would look into. First off would be obviously budget and expendable income and retirement. How much of that cost can we handle ourselves, and how much do we want to ensure against Are we saved appropriately but not well enough to cover long term care? So we're concerned about preserving our assets. That might dictate a financial vehicle for long term care planning that's going to protect the money we have if we still have
to have the state assistice in paying for cost. Otherwise, on the other end of that spectrum, if we're really good savers, there's long term care options that don't even have premiums that we have to pay, but just require we set aside some of our own money for later, and they'll leverage that money against those long term care events for us through something like a long term care annuity.
It's a very expensive prospect though.
It is, but we're talking about a lot of cost, right, So if there are some averages as of today, for you, it's currently ten thousand median cost in my spate state for our nursing home long term care facility. It's one hundred and twenty thousand per year in cost. We're average stay in the long term care facilities three years. That's three hundred and sixty thousand in cost. That has a fifty percent likelihood of happening to us based on long
term care statistics. Now, if I put a modest three percent growth on that cost and project that out of our twenty years, you can double those numbers I just gave you.
All Right, let's talk about healthcare in general, and most specifically maybe folks who Larry and I talked about a little bit at the end of the last segment, who maybe are already on a healthcare plan. This time of year is especially important. Walk us through some of the steps that people need to take if they're already on Medicare, but of course open enrollment is now Yeah.
So this year, as I say, a real transitional year for Medicare. For the first time in Medicare's history, there is now an out of pocket limit placed on prescription drug plans and Medicare. Every plan out there is now going to have a two thousand out of pocket cap and this has meant adjustments, adjustments to plan formularies, adjustments to benefits. In our state, we had twenty one drug plans last year. We now have fourteen for customers next year.
So there's been a consolidation and available options as well. So today I'm taking clients through first their medication coverage. Is there a way to save them money or make sure that their current plan is going to cover their meds and if not, switching them over to one that will. And then since all these other things are happening, benefit
designs are changing, doctor networks are changing. I know there's a lot of news right now about insurance's companies losing providers out of their provider network, and that isn't just a state specific problem. That's happening all across the country. So unlike normal years where someone could have been complacent on their Medicare and been Okay, this is one of those years you really need to pay attention to.
Specific to the state you live in, are some of these some of these coverages.
Almost all of it right, So you're always going to buy insurance out of the state that you live in initially, so your very first purchase in medicare is always going to be where you're residing out of. And then as you move. Many Medicare plans are zip code specific, so it's not even a move to a new state. But maybe i was in a metro area and I've moved to a more country area now to enjoy my retirement years, and I'm in a zip code now where my current
plan isn't offered. I'd be required to change to a new plan and that's offered in that area.
I feel like this could be very overwhelming for people.
I would agree with you. Many people will say that when talking with me, that this all seems extremely overwhelming, And I would say, just know that there's professionals like me out there in your area that are looking to help you. We don't cost anything. We're compensated by insurance companies to help you enroll so we're not looking to get a fee charge. We just want to help people understand their options and make good decisions.
And tell us, Glenn, you know, I'm seeing it on TV constantly, you know, call this number, call this number, and it all sounds great and fine, but that's not necessarily the case. And what is the deadline here?
So the deadline is December seventh for Medicare advantage and prescription drug plans. It started on October fifteenth and goes all the way through December seventh.
Okay, And how quickly do you need to get it taken care of?
I'd say as early as possible. Again, considering this time of year is, as I said, a really transitional one. Many like myself are very busy trying to help our existing clientele and new ones transition. So I would encourage you to reach out to your person or reach out to us asap to get booked. You have an appropriate time on your calendar to get that done before the deadline's over.
Glinn, do you need to take a different approach if this is the first you're getting in.
Uh? Yes, I'd say the first year is the most important decision you're making in Medicare right, because some of these options might be a lifetime decision for you, it's really important to make that first one the right one.
Okay, So what are some of the decisions you're trying to make.
Yeah, So it's that first choice between whether I want to do a Medicare advantage plan also called Part C by Medicare, or a Medicare supplement plan also referred to as a medic gap policy. And it's that second one that I give the warning to is this option is only guaranteed to us within that first six months of signing up for Part B of Medicare, and if we did not choose that option within that time frame, we're
now underwritten in the future to have it. If a client approached me and said, Glenn, which plan in Medicare pays the medical bills the most and leaves me responsible for the smallest dollar amount out of my pocket to have my medical bills covered, It's going to be the submit plan. But we can't wait until we're sick to have it, right. That's that one that if we don't do when we're first signing up for Medicare, we might never have the right to have that as an option
for our healthcare. So again, that first decision so important.
Okay, so give us some age, you know, let's understand the ages here and when we need to be making these very important decisions.
Yeah. So, for most consumers, Medicare is going to start at age sixty five. The birth month that we are born in would be the starting date, the first of that month, with one exception. If we're born on the first, we get to start that plan a month early, and Medicare is going to give us a seven month enrollment window three months before that month and three months after
it to get all of my Medicare in order. Otherwise it would require being on Social Security disability for twenty four months or having certain conditions like al lass or kidney failure that could qualify for someone for Medicare at any age.
All right, So now, for those of you listening, if this sounds overwhelming, you just heard Glenn say it can be overwhelming. There's no two ways about it, and Laria, I think you would agree with that. I mean, this is this is quite a process.
Still, my head still spins every time I hear Glenn talk. And if the listeners you know, it may not be fun to look forward to a time in life when you know healthcare will be a large expense for you. But planning clear carefully now for those expenses, your options that are out there. You know, how are you going to afford those costs? Now? Is more than ever is planning coming into effect, you know, maintaining your health, increasing your quality of life. If your head is spinning regarding
health care, long term care. These are not fun discussions, but they're important discussions. So give us a call. Your situation may be unique just to you. We hear all kinds of situations. But creating a strategy that best goes together with the rest of your retirement plan. You know, I always say all the retirement puzzle pieces retirement, more
than ever, those should be coordinated. They should be working together, and no doubt, healthcare and long term care should be part of a retirement plan.
Six two five zero four eight four zero zero. That's the number. If you'd like to go in sit down with Glenn and talk a little bit more about some of what we have just kind of scratched the surface about here on the show this morning, Please give them a call. It's six one two five zero four eight four zero zero. You can go to Havenfinancialgroup dot com. Glenn, it's always a pleasure. I'm so glad that you stopped by and helped us out.
Might as well, Kim. It's always a pleasure and I look forward to talking to you again soon.
All right, terrific Larry. When we come back, let's talk a little bit about the unique retirement tips that you have for these gen xers. This is the Haven Financial Group Radio Show.
Don't go too far. We're gathering more important insights and retirement ways the Haven Financial Group Radio Show. We'll be right back. Stick around. You've got questions, We've got answers. Your tune to the Haven Financial Group Radio Show with your host Larry Kolvig and Kim Karrigan. Now back to the show.
Welcome back to the Haven Financier Group Radio Show. I'm Larry Kolvig, Founder and CEO of the Haven Financier Group. Thanks for listening. Give us a call at six one two five zero four eight four zero zero or Havenfinanciergroup dot com. A great website, a lot of communication, there are a lot of tools, a lot of classes coming
up here fourth quarter, so check us out there. And again, Kim, we're talking to the gen xers, but really all the generations that are listening, because retirement may sound like it's so far away and next thing you know, it's here. So it's important to get started early. But you don't just set it in stone and leave it. This is an ongoing or should be an ongoing discussion.
Absolutely so, and you're so right. You know, we sort of tailored this show toward gen xers, but I think there are nuggets in here that are imperative for those who were already in retirement. Those young people who are out there thinking, wow, should I get into this four or one K that's money out of my budget each month and I'm not making that much money. Well, the answer you've already heard from Larry is yes, get in,
you know, get in now. And then those who are really getting a little bit closer and maybe you've started to sketch out a portfolio and you need some help. We're kind of just addressing all of those age groups. Let's talk though about some of the unique tips that you have for people when they start to, you know, think about and they're starting to head into those retirement years, and let's start with creating a comprehensive retirement budget. I mean, that's got to be number one on the list.
It is. You know, it all starts with what I call our discovery meeting. You get to know us, We get to know you, your family, your situation, your story. That's important. Where you want to go in retirement, what's the timeline of it. Is there going to be lifestyle changes? What are your goals and objectives? And really boiling down expenses both now and future. And when we say that, you know a lot of times people will throw a number out and then realize that was way too low.
When we do our comprehensive planning, or some might call it Monte Carlo projections, you know we're really looking twenty thirty, thirty five years out. You know, retirement can be a third of your life potentially. Sure, you know, planning for the long run, big questions do I have enough to retire? Will I run out at seventy five or ninety five? So when we've factor in expenses, we also factor in inflation. The last three years we've been talking and how inflations
change people's budget. It's hurt their savings plans. So we factor in big ticket items a car, five years from now, what's your travel budget? We want to include everything in this planning process. It doesn't do any good to have unrealistic numbers or unrealistic expectations. We really want to review this and make changes, cause life happens quickly and if your expenses go up or whatever that might be. So that's certainly part of our planning process.
Absolutely. Then I know you guys, and we talked about this earlier in the show. You explore retirement savings vehicles, You talk to people about what their options out there might be.
Yeah, we encourage people to look at all their options. When I say all of the options from having good liquidity savings, checking money market, high yield savings, whatever that may be, kind of more shorter term liquid accounts, and I always say there's a real problem there for a lot of people, and there's goals and benchmarks that we use, and then making sure you're not taking all the risk of the market, having a good understanding of are you in a comfortable position or are you exposed to too
much and having an understanding of that, and then really looking at all the other options. Are you maxing out hsas I will tell you that our opinion is the HSA is probably more important than ROTH just because it's tax free going in, it's tax free coming out, and you're going to have metal expense medical expenses that hs hsas will probably really help you when you retire. So again that's just one vehicle, and again looking at do you need to replace income. We talked earlier about using
annuities for a guaranteed lifetime income. Is it appropriate? Is it not appropriate? You know. The good thing is we have everything on the menu, and our job isn't to steer anybody any direction. It's to look at all the options, what makes sense, what doesn't make sense, and then also help people get an understanding of what they're paying. People
should know what they're paying. There should be no surprises, and that's really where a partner like us really can help people out, hold them accountable and continue to give people the number one the education, but no number two. I stress it often the attention that people deserve, and many people are not getting sure.
You know, one of the things Larry is we've talked about, you know, gen x ers, and as we said, we sort of tailored this show for gen xers, but we haven't really pointed out one of the things that makes that generation really different. Yes, we did say they don't necessarily have pensions, and that's certainly important. But another thing about gen x ers is that when they come and sit down with you, they are going to be dealing.
They're a real sandwiched generation. They've got parents who are living longer because people are just living longer, and then they've got these young people who are sort of struggling to get on their feet. What are some of the things that you talk to future retirees about when it comes to being sandwiched in the middle.
It can be very difficult. You're right, taking care of elderly parents and then also have kids still on the payroll. Unfortunately, some that get enabled and eat up people's retirement. It's a very big challenge, and we want to talk through those situations and develop a st strategy you know, both now in future. What how does that make sense? It's very very challenging. You know, I also want people. You know, sometimes people well can I work in retirement? Well maybe
part time work. Maybe a good idea, maybe easing into retirement. It's a good idea rather just cold turkey. And I say that because we're in Minnesota, and I hear it so often that I wish that I wouldn't have retired in the fall because winter here obviously we know, could be very very long. I wish that I would have retired in the springtime. So just something I want to point out, because you know, a lot we still have
clients that go get part time jobs. I can't tell you how many you know of our clients or folks we sit with are going to volunteer or their golf rangers or their starters. Maybe that helps the free golf during the summer we want. Most people still have to have a purpose, you know. The recliner twenty four hours a day probably not a good long term health plan.
So again, all these things are so important. It's all in compassing in our conversations to talk through all of these and again that's where having a partner throughout this is extremely important.
Yeah, I think that baby boomers really, you know, it's hard for baby boomers to retire because they've worked so hard all their lives and suddenly they don't know what to do with themselves. But I think gen xers are going to be that same way. Certainly, the older portion of Gen X they've been hard workers.
Oh they have been. You know, I was blessed to, you know, be brought up on a farm. My parents still crop farm at seventy nine and seventy seven. Thankfully I got that work ethics. So people say, well, how long are going to work, Larry, That is a big question mark. I think it'll be a long time, God willing. But again it's again a lot of the same traits I think with the gen xers. You know, maybe some week we'll talk about those that are even way younger.
Maybe not Kim, but we'll. Maybe we will, maybe we won't. But if I could just point out and clear, this is the end of the year and there's some serious I want listeners to know. Fourth quarter, there's certain things, there's timelines, and we're in the fourth quarter. Required minimum distributions. If they need to be taken, they all need to be taken really by the first of December, because you don't want to wait till the end of the year
because your risk not getting them. So if rm ds are inherited rm ds, if you haven't make sure that you're talking through that ahead of time. If you need to take any end of the year withdrawals because you haven't filled the twelve percent bracket up. If it makes sense tax wise, don't wait till the middle of December, because it's probably going to be too late. Roth conversions, don't miss that opportunity. You and I already talked about
annual and Roman don't let human nature create complacency. And I just read a study that average American waste over one thousand dollars a year on not being in the right healthcare plan. So end of the year, and we initiate a lot of this at Haven Financial Group, but we don't want to leave these things to the last second, So I can't emphasize the timeline of these things. And before you know it, it'll be the holidays, and by that time, some of these things will be too.
Late, absolutely, and our lives get crazy busy. And so you've heard it straight from Larry here, folks, you don't want to miss these deadlines. So if you're not sure which one of these deadlines, if any, or if all, are important to you and your portfolio or what you have planned, give Haven Financial Group a call. It's six one two five zero four eight four zero zero. And I really want to suggest that you do this pretty quickly,
because you just heard Larry say it. I mean, we're coming up on the end of the year here and the folks at Haven are very busy as well, and we want to get you in there if at all possible. Six one two five zero four eight four zero zero. That is a number where you can set up a consultation. You can go to Havenfinancialgroup dot com more about Haven and about some of those educational seminars that are coming up in the fourth quarter. Six one two five zero
four eight four zero zero. This has been a great show, Larry. I wait to the very end to bring up something that's sort of a bad subject. I don't know what happened to the Vikings last weekend, and I'm very sorry, and I just I sat there watching and all I could think about was you. I just want you to know.
That I actually was the first game I watched from the beginning to the end due to scheduling, and it was a heartbreaker. They gave it a good fight, but.
At the end of the day, it's a great team.
They're still okay. I think we're gonna be fine. Go Vikes and give us a call at the Haven Financial Group you have nothing to lose. Tie all those retirement puzzle pieces up six one, two, five, zero, four eighty four hundred or Havenfinancialgroup dot com KIM great to be with you.
Again, Great to be with you, have a great week. Investment advisory service is offered through Guardian Wealth Strategies LLC.
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