This is the Haven Financial Group radio show. Each week we get together to talk about life, living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance and help you realize that planning
for retirement can be simple and easy. Have a question for the team connect now at Havenfinancialgroup dot com or we have team members waiting to talk with you off the air at six one two four four one two four four one. Yeah. It as always. We thank you so much for being here this morning, hopefully getting in that first cup of coffee with us, and we appreciate that very much. He is Larry Kalavig, founder and CEO of the Haven Financial Group. How are you, sir, Hey, Good morning,
Bille. Great to be with you and doing a lot better. Yeah, yeah, I know you've been down, Larry. Larry was a little bit ill, but he's back with us now and he's doing very well and we're glad to have him here. My name is Bill Seller. I'm here to
kind of well. First of all, I'm here to learn stuff because that's what happens every week on the show, but also just to talk with Larry about about retirement, about how to get there and then how to more importantly, I guess right, how to get through it because you save saved all this money all this time, and now that you need it, well, Larry and his team and Haven Financial Group can help you develop a plan that is going to make sure you hang onto more of it than you do in
paying taxes. Did I say that right? Just? You said it very eloquently, Bill, Well, well, I wouldn't go eloquent, but I got it out. I think, yeah, yeah, you know. In other words, you know you've earned all that money, and you've saved all that money. Don't give it all away in taxes if you can help it. And Larry and his team can help you with that plan. They can help you with stuff regarding Medicare, health insurance, all these things, and
we're going to talk about that today as the show goes on. So let me give you the number again. It's six one two four four one two four four one. Jot that down, Get ready to call and make your complimentary retirement readiness review appointment with the good folks at the Haven Financial Group. Coming up on the show today, the average net worth of American families set a new high last year. So the question we have is are you a
mini millionaire? That's a new phrase. We're going to talk about that. The stock market had a good day on November first, and what the Federal Reserve may have had to do with that, and are you a saver or a spender? Answer that carefully because it could reveal a lot about you. We're going to talk about that in just a couple of minutes. But before we get started here, I see some ads on TV and I just read another story Larry, just before we got started this morning. Do you know
flag football is coming to the Olympics. No, I did not know that to the Olympics. Yes. Matter of fact, they're saying that it may become even bigger in America than pickleball, and we know what a craze pickleball is. Right. The a FFL, the American Flag Football League, kicking off next year and the IOC has just announced that the sport will debut at the twenty twenty eight games in Los Angeles, both men's and women's competitions.
So flag football making a guy. I played flag football as a kid just because I was small and didn't want to get hurt smart playing tagle football. But apparently now it's going to be an Olympic sport. Wow, if I'd only known, I could have been training for the Olympics. Well, another opportunity missed by Bill Seller. But that's a burden for me to bear.
That's kind of what today's show is about. It's not missing opportunities, not missing chances to make sure that you get through your retirement years with all the money that you've put there. And second, ago I asked the question, are you a spender or a saver? Well, a new Shopper poll by Citizens Pay seems to show a connection between the way that we actually manage our money and our overall happiness. So do you think spenders or savers were found
to be generally happier? That's the question. Larry has the answer. Were you surprised by this answer? I actually wasn't you know I'd picked it. I don't know why I picked it, But you know, of the two thousand people that they chose, fifty six percent of them consider themself spenders, splurging for things that they really want, and while thirty four percent said they were savers. Who don't shop until they absolutely need to or need something as
a necessity. Now, I wonder who these ten percent are that didn't claim to be either kind of shopper, because you've got to be one or the other, don't you. I guess. I don't know. Yeah, I would think so. There's always some agnostic in there, I guess. But that's okay. But interesting that the spenders were happier than the savers. Yeah, actually quite a bit more in their relationships, in their work life considerably, actually personal life, all of the above respectively, and you know,
with their financial life. Now I find that very interesting. Now, just because you're, as you know, a spender, doesn't mean you spend. You don't have to spend foolishly, So there's a difference. And you know, people should know their budget and should know their mea means and their wherewithal because you and I talk weekly about retirement. And if you haven't saved anything, I mean, you can be a spender but still be a saver the
fine line between the two. So make sure you're saving otherwise those golden years could be you know, less than to be desired. But at the end of the day, answer that question and how do you answer that question? How could you be more diligent and more disciplined in what you do? Are you spending frugally? Are you monitoring that budget? And you know, I found interesting and I wasn't really surprising that you know, people do their biggest
research, you know, on personal electronics. You know, when they buy a vehicle or they're vacations, they spend a lot of research and time. But on some of the non necessities, if you will, you know, the spenders splurge a lot more than the savers do. So it's an interesting, interesting survey that they took. And at the end of the day, you're responsible for what you're doing with your money and be responsible because again,
before you know what these retirement years can be right there. Well, and this kind of runs right into what we talk about in retirement, right the spenders and savers. There are people that you've mentioned before, right, that have huge amounts of money that never spent any and then there's folks that roll into retirement with not quite as much or a modest amount, shall we say, and then like to go travel and buy things anyway, And that's kind
of what we're talking about here, right, It is it is. You know, it's really not about a number, it's about your number. We have folks that have very little and we look at that and say are you comfortable? And when we talk through and go through our process, Wow, they're very comfortable because they've managed expenses. They maybe don't have any mortgage, they don't make a lot of money, they haven't maybe saved a ton of money. But life is simple. And I just think of a couple that
was in this week from Lakeville who have built quite an empire. They really really have, but their expenses are through the roof. So it's all relative. You know, what you make to what you spend. Lifestyle, what are those goals and objectives? So and these are the things that we like to talk through with people just so or everybody's on the even playing field that there's no surprises, and it really sheds light on a lot of things.
A lot of times people don't think of Yeah, and that's why you want to have some folks that maybe do think of these things on your side, like the team at Haven Financial Group, Right, That's why I would love to have you set up your complimentary retirement readiness review. And that's exactly what it sounds like it's complimentary, and it's a review of what your retirement plan
is. Larry and his team will sit down with you, take a look at the nuts and bolts and see if you've got everything in place, and if you don't, then they can discuss things to do better. And if you do well, then you've mess some really great people and you walk away feeling like, hey, I'm doing the right thing. The number to set up that appointment is six one two four four one two four four one. I gave it to you a minute ago, let me do it again.
Six one two four four one twenty four forty one. That's how you get in touch with Larry and his team at Haven Financial Group. You can find out more about them online as well at Haanfinancialgroup dot com. But it could be the smartest called you make today is setting up that complementary retirement readiness review. You know. One of the things we talk a lot about too, Larry, is actually generating income and retirement. A lot of folks you're doing
that right. The days of kind of just retiring and calling it today from working are slowly slipping away, I think, right. A lot of folks getting part time jobs and what have you after they retire, would an income trust be something worth considering? And if so, how do they work and what are they? Well, you said it very very well that income is a major part of retirement. Guaranteed income. You know, pensions are kind of a thing of the past. If you have a pension, you're very
blessed and you're going to love that. And then we talk a lot and teach a lot on Social Security because that's a guaranteed income payment. And then how much income do you need? And you mentioned the income trusts. You know, we don't often refer to that as that income trusts are. They hold assets that generate income and can be structured kind of as a personal trust
or it can generate income, you know. And I'll give you some examples of those, like investment trusts, you know, commonly known as mutual funds rates are one, real estate investment trusts, royalty trusts if you have some sort of royalties on maybe oil royalties, or maybe you have a business that you're still milking money off of after you retire. You know, those are
all types of personal income trusts. Now, you know, I tread carefully because make sure you understand what you're getting because oftentimes there's liquidity features with these things, you know. I think back to seven to nine and the real estate market obviously win in the toilet, and I remember meeting with folks that had reats real estate investment trusts that are tied to real estate, usually like leasing or commercial real estate, and real estate markets down, these rates became
you couldn't access your money. They're called alternative investments or ill liquid assets. And I remember sitting with folks in saying, well, this is your money, it's in a reate. They now don't have any distributions because real estate is way down, so you can't access your money, and these people needed
their money. So it's always important to work with somebody that's educating, explaining, making sure that you understand the pros with the cons and you know, how are they being commissioned if you will, because you know, publicly traded income trusts, you've got personal income trust that offens with the state planning, you know, managing assets after you're gone, and then publicly traded are what I'm referring to as these rates or investment trusts, and they're only as valuable
as the assets that are in it, and they can come up with some serious trade offs, as I mentioned with liquidity, accessibility, maybe not the strongest investments. Can they be part of a portfolio only if it makes sense. And that's why you and I talk weekly about you know, having a plan that's sufficient and efficient as it relates to you, your spouse if you're married, and your family as and then as it relates to the element of
time as it factors into your life. So not saying good, bad or indifferent it does it fit into your situation or is somebody trying to make it fit into your situation? Big difference, big difference. Absolutely absolutely. Hey, listen, we got to take a quick break. But on the way, the American Millionaires Club got a whole lot of new members last year,
and why the FED is leaving interest rates alone for now. That's on the way right here on the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oh three point five FM SCE. Welcome back to the Haven Financial Group Radio Show. I am Bill Seller. He is Larry Kalabig, the founder and CEO of Haven Financial Group. And look, I know we're a couple of weeks past Halloween. But I saw this survey from Zillo. I thought it's kind of interesting. Larry. You know you've been in
real estate. I hold a real estate realtor's license as well. And Zillo found that thirty five percent of home buyers would buy a haunted house if it costs less, Like if they knew it was haunted and it costs less, they're in, They're in. Forty percent said that they would buy a haunted house if it had the right features. Who did they survey? I don't know, I don't know. And thirty percent of prospective buyers said they would buy a house because it was haunted. Wow. Wow, Now I can
see a small group of four doing that. But that's a big percentage right there. It is, And you know, not sure that the average buyer actually knows this. You might be in a haunted house because most states don't require sellers to even disclose any kind of paranormal activity in a home that they're selling. That's not in most states, you don't have to do that, right, So no big surprise when I say that, there's been a bunch
of economic challenges lately. Right, But even with that, the average net worth of American families last year topped one million dollars for the first time. These millionaires tend to be college graduates, according to the FED Survey of Consumer Finances, and age is also a factor. But that seems like a lot of people in what has been a downtime. It sure does, because things are expensive, people are feeling it. But you know, I guess sixteen
million American families, just over twelve percent have wealth exceeding a million. Nine point eight million families in twenty nineteen, so it's up considerably. Eight million families are multimillionaires. Their wealth exceeds two million, up from four point seven so it's pretty big numbers. But this study does show that, you know, among college graduates, forty five percent we're millionaires between the ages of fifty
five and sixty four. So it doesn't obviously happen overnight. And you know, does it help to have a grad degree? Yes, it does. I certainly know a lot of entrepreneurs though that don't have a college graduation. So I don't want to make it sound like it's a necessity. But that's
this is only according to those numbers. But I come back to it's not the number though you know, we do a lot of education and teaching and visiting with folks that are close to retirement, planning for retirement in retirement. And I've said it before, you know, in the industry we've really done a disservice to people by oh, you need a million, you need four million, you need ten million. You know, it's it's what your plan is. It's your number, because it's not one gluff, it's all.
And you know, I only look back a couple of weeks and I you know, I think of Renee, who is a single lady from Farmington. You know, she's retired. She has about one hundred and fifty thousand of retirement assets, low expenses. She is happier than a kite. She's not running out of money, borring any life changing moment of course and content,
and she should be. And I think of Dan and Becky from Savage you know that we're just in and we visited and they have not a lot of large nest egg to their name for retirement, but they both have pensions, and they both have social securities more than enough to cover their expenses. So not everybody has pensions. I get it. So how do you build your
own pension. We help people do that. So it's your situation. So it's why Bill, we walk through no matter who it is that comes in for that retirement readiness review or has questions or is just wondering what we're to start. You know, we started by having a discovery meeting, visiting with people, asking questions, taking notes, just getting a good feel for where
they're at. And they can ask just as much questions about us. We encourage it, and from then we can develop a strategy if they so choose, and then we can get to implementation and talk through these things and how you know, they go about fixing the problems or how we can help them fix the problems, or why there's a problem. You know, our job
isn't to create a problem. It's there to fix a current problem or a potential problem as it relates to retirement, and then holding their hand and monitoring and making adjustments through those golden years of life. Again, I'm glad there's more millionaires out there and more net worth. You know, some say there's not the balance across the board between middle class and upper class, and I get all that, but what is your situation? How are you positioned for
retirement. Do you have questions? Our job is to answer these questions, and we do that on a weekly basis, and we do it starting by having lives of classes and education to help people. Yeah, and I guess another skeptical way to look at it is, Yeah, being a millionaire is great, but the inflation and the cost of everything these days kind of negates that. Right. It's like you're not really further ahead. You just have the money that you need to keep up with what's going on out there.
Maybe I'm looking at it wrong. I don't know, but oh, I don't think you are. In fact, you know, I can think of some folks that have super high income every single month, but they have six car payments, force and nomobile payments, maybe two motorcycle payments, and all of a sudden, that big number doesn't sound so big anymore, does it.
Right? No, it's perspective. It's perspective. And most of the folks that we sit with and work with and our clients, you know, as they get to retirement, you know what, simplification and consolidation sounds really good. Less debt means less headache, and if you can get to that position, we find those are the happiest people in retirement, and that's what we encourage people to do now. Now, not everybody built the same cards, I get it, but that's where we help people in these in the
certain areas. And that's why you want to give Larry and his team a call at six one two four four one two four four one. That's how you get in touch with the Haven Financial Group of if you hear something on the show today that raises a question or you want to jump on that complimentary retirement readiness review. We really do have folks standing by right now to take
your phone call and just get you on the calendar. It doesn't have to take a lot of time this morning, but I highly encourage you making that call sixty one to two, four to four to one, two four four one. And I saw this the other day and I saw the headline and it said hedge hedge funds seem to be popular again. And of course the minutes you hear hedge fund right, you think made off and all those scandals that happened earlier. The economist says that those looking to hedge funds for high
yielding investments are on the wrong track. Though first Larry would you explain what a hedge fund is and why this may not be the way to go. Well, let's put it this way. When I hear hedge fund, and again, there's many different ways people can do it in life, and there's a lot of smart people out there. There's a lot of people that are analytical. That's all great. But when I hear hedge fund, I think
of risk, well, a lot of people do. It's a you know, it's a limited partnership of a bunch of private investor investors whose money is really managed by a professional fund manager who uses a wide range of strategies, if you will, And one of those strategies is usually leveraging. Oftentimes the word means risk leveraging or trading some non traditional type of assets to try to
obtain some above normal investment returns. You know, they're generally considered risky alternative investments choices, and you usually require a high amount of investment money or net worth. So oftentimes it's targeting wealthier clients. Now, when what I just said, does that sound something that is appealing for most retirees or most of those that we sit down with, Not so much, not most of ours, you know, ours are looking for. Those that we work with are
looking for calmber waters. You know, they're not necessarily living to hit a home run, but their singles are fine or maybe a double and not striking out seventy percent of the time. They want some certainty, They want some just consolation to know that, hey, if the market in the world and everything's upside down, which one could say maybe is, they don't want any part of those higher things. And a couple other things that I'll just add
to this. The hedge funds oftentimes can carry They contain higher fees than conventional investments. Like I said, higher minimums, so a higher amount of money is involved. Again, it depends upon your fund manager. There's risk involved. I'd be see very careful when you hear these global hedge funds or equity hedge they're all virtually the same. They're just looking different sectors for retirement. You know what, I'd be very careful understand what you're doing. You don't
want any surprises this close to life. I'm not say you can't do it, but I can remember some several years ago, up in before I started having financial grip, I was with a different company and I was up in Brooklyn Park, sitting with a couple at their kitchen table, and I knew they had made and are quite a bit of money, quite a bit of money. And I remember sitting at their kitchen table and we're talking through these things, and they didn't have any money, and I could tell the wife
was extremely bitter, extremely bitter years after seven to nine. And finally we got to a point, how do you have some retirement assets that we haven't talked about yet or anything? And she goes, no, he lost it all in hedge funds and derivatives in the seven to nine collapse, and that's why we have no money. You talk about bitterness still to this day. Wonderful, But I'll never forget that meeting at their kitchen table. Wow. Well, I'm glad we brought that up then, and maybe we could stem
some folks off from going going down that road. Be careful, yeah, be careful. Indeed, Hey, listen, we're gonna take a quick break. But when we come back, we're gonna talk about uh rate hikes, yes or no? Did they happen? Well, we're gonna talk about that, and the irs announce some changes for twenty twenty four. We will explain what those are as well. It's all coming up on the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oh three point five
at bat investing, estate planning, taxes and more. Want your complimentary retirement readiness review? Call now at six one two four four one two four four one. That's six one two four four one two four four one, or connect with us at Havenfinancialgroup dot com. This is the Haven Financial Group Radio Show. This is the Haven Financial Group Radio Show along with Haven Financial Groups founder and CEO Larry call me a guy and bill seller. We appreciate you
being with us this morning. Again. That phone number is six' one two four four one two four four one. That's how you set up your complimentary retirement readiness review. Well, I don't know you saw this story, Larry, but during a protest by a French environmental group, things got a little
bit out of hand. Protesters were opposed to the construction of a new religious complex because of its impact on a rare plant species, so a group of nuns formed a human chain around the area to stop the activists, and suddenly one of the protesters began running from the scene holding a couple of cylinders, and that's when the nuns took over. They'd had enough. They chased down the protester and tackled into the ground. In one newspaper account compared it to
a professional rugby tackle. But these guys were trying to steal stuff and the nuns weren't having it. Good for her, Yeah, God bless them protesters out of hand these days, we never hear that doing no. This is a rare story. It's very rare. That's why I wanted to bring it up. So just before the break we mentioned the right hike, and the FED is decided not to do one. Yeah, they're leaving the benchmark interest
right where it is for now. On their statement from November first, the FED pointed out that the tighter financial and credit conditions could impact economic activity, hiring, and inflation. So what is that? What do they mean by that, Larry, What is it meant by tighter financial and credit conditions? Well, there's a lot of economic talk there, you know. Here's what we see as a lot of indicators suggests that the economic activity, you know,
expanded at a strong pace in the third quarter. Again, it really did, John Job games have moderated but they still remain extremely strong. Actually, I was kind of surprised by that the unemployment rate has remained low. Inflation is still elevated, No doubt, they're trying to still get it to that two percent. They got a long ways to go with that. The problem is, you know, the the uncertainty with what's going to happen with
the tighter financial and credit conditions for households and businesses. It remains to be seeing what's actually going to be the net result of that. You know, many people are saying that these higher treasury yields, which I would agree probably are likely to aid the central bigs fight against inflation. So this could, you know, be the reason the Feds have pushed not to increase the rates this time. I think we're probably still not out of the woods for them
to raise the rates, but you know, time will tell. They're really keeping a close eye on it. Right now that that rate inflation, that federal funds rate is between five and a quarter and five and a half. You know, it's going to be really interesting to see because what Powell in the Fed does and how effects, especially with an election you're coming up. But here's what I would say, again, your situation is in your individual
situation. Analyze your current retirement situation. Do you have a plan, do you not have a plan? Have you not revisited the plan, do you not understand the plan? Do you have a budget that's accurate? Or do you need to make some adjustments? You know, there comes a time and it's fourth quarter. It should be any time during the year, but it's fourth quarter, you know, just kind of looking back. Are you on track? Have you got together with your folks that are supposedly helping you,
but you haven't got together with them or they haven't assisted you. Why is it you have to reach out to get their attention when you're the one paying them to do so. I heard that recently quite a few times. Well, when we reach out, then they respond, Wait a minute, who's working for who? You know? What added value are you getting for who
you're paying? And you know, you and I have talked about this, retirement is more complicated and we should require more time and effort and energy on whoever's working for you than maybe a forty five minutes to an hour meeting once a year. You know, there was all those retirement puzzle pieces, you know, annual enrollment Medicare. Glenn has been so busy. We got Medicare, and we've got healthcare, and we got estate planning, and we got
your investments, and hey it's fourth quarter. We've had numerous tax meetings here recently. Did see if rock conversions are what you should be doing to take advantage of low tax rates and revisit all these things. And you shouldn't have to initiate. Those that are working for you should be the ones initiating. Yeah, and never be afraid to ask questions. I mean, the ever that's your money, they're just working it. But they work for you,
So that's right. Yeah, don't be afraid of that. So you mentioned and I thought that was interesting you think about the election here because a part of the article as well said that, you know, their main objective is to get inflation to that two percent target, and the success or failure to reach that could impact election results. That's according to a market Watch article. So what if this recession is full blown during the election next year, what
do you what kind of effect do you think that'll have. Do you think Americans will care? Do you think it'll push them to vote one way or the other? Well, oh, my here we go election, You're coming out bill should make some incredible news, wouldn't it. Certainly the goals we just talked about is keep getting inflation down. Easier said than done. Obviously
it's taken quite a while and they still don't have all the answers. But you know, with that said, in the next twelve months, you know, if we're still in a recession or if we're in a better situation, it's it could have some op not could. I think it's going to have
a major effect, because you know, how can people. Economy is one of the major leading things that people are bothered by, and I would say rightfully so, because if you're agnostic to the economy and what's happened, I don't know how you can be, because your pocketbook has certainly felt it.
Everybody's felt it, but it's not But then politics comes in, and it's not unusual for an incumbent president to look for some assistance within the system as far as maybe you know, doing some things that are you know, in their favor to make things look better, and you know, without taking sides either or you know, I look back and you know Paul Volker said that happened and Ronald Reagan was in there, and it's happened when George Bush was
in there, and it's you know, politics obviously comes into play and they want things to be as good as they want them to look. You know, around the election time it is, it is going to be very interesting. I'm sure there's gonna there's gonna be lots of headlines where it goes. I have no idea. I just look for volatility to be around. And how that impacts people is there's gonna be people that want to retire next year, and I know quite a few of them. You know, I meet
with them on a weekly basis. What that means for them is I hope they're in the right spot. I hope they're positioned in the most efficient, diversified way possible based on their needs and their liking and you know, people's willingness to take risk. The problem is most people don't know how much risk they're taking. The need to take risk. A lot of people take all this risk and they don't need to. So we call that stress testing your
portfolio. Make sure you're in the right spot. Don't get caught off guard. There's going to be volatility do you want calm waves or do you want white caps? Again? Most people don't know. Yeah, And the other thing is that it's gonna be kind of tough to pull this tail spin up by the time the elections roll around. I mean, we're so far ship into what's going on right now that it's going to be hard to not have
it be a factor next year. And it will be interesting, be interesting to see who's paying attention and who thinks that things could be better, Because I listen, I love America. I would not want to live anywhere else. But I think sometimes that's the problem with the two parties system. Right.
One party gets in and kind of runs everything for a few years, and then the next party comes in and just changes everything that was done that the other party did, and it just goes back and forth and back and
forth, right, right. And I like the way you said who's paying attention because that is the key, because if people are paying attention, how can they not see But there's so many people that don't pay attention, that are completely oblivious to it, even though it has a negative impact on them, who just don't see it and are completely oblivious. So paying attention, I sure hope people are paying attention. Yeah, and if you're not paying
attention to that, you need to be paying attention to your retirement. And that's what Larry and his team can help you do at the Haven Financial Group. Remember, set up as soon as you can that complimentary retirement readiness review by calling six one two four four one two four four one six one two four four one twenty four forty one. Hey, just ahead after this break, Well, you can put a little more in your four oh one K next year. We're gonna tell you exactly how much more. And the Beatles
are back. The Beatles have a new song and we're gonna play a little bit of it for you. Bet you can't guess how that was made possible. We've talked here's a hint, we've talked about it on the show before. Oh that's coming up next on the Aven Financial Group Radio show here on twin Cities Newstock eleven thirty and one oh three point five fl Get it, Shi in the Dog gets Lady in the pubs. Meantime, invest a little time to be sure your investments are working for you. Reach out to the
Haven Financial Group now for your complimentary no obligation retirement readiness review. Our team is standing by now to take your call at six one two four four one two four four one. That's six one two four four one two four four one on Twin Cities News Talk eleven thirty and one oh three point five FM. This is the Haven Financial Group Radio Show. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here
to offer you clear financial guidance. Have a question for the team, connect now at Havenfinancialgroup dot com or we have team members waiting to talk with you off the air at six one two four four one two four four one. I won't be fried or suits out you in content. I don't care what they calls. It's more those high Welcome back to the Haven Financial Group Radio Show with it Haven Financial Groups founder is Hee Oh, Larry Colbig, I
am bill seller and well you talk about a sign of the times. So uh, as we all know, Larry, everybody just lives their life online now right. Anything that happens, good, bad and different, they put it on social media. Not me, no, no, not you not I either. Really I don't, I don't. I don't do that. It's like I don't really believe people care what I'm having for dinner. But
that's just me or other things I hear. Yeah, like this lady in Atlanta who took the social media to complain about being ditched by her dates. The couple met for drinks, and in addition to cocktails, she also ordered forty eight oysters. Forty eight oysters. Now most people will be thinking, we know the supposed side effects of oysters, maybe that's not a bad thing. But she also ordered crab cakes and potatoes, and at that point the dude just said, you know, I'm out. He went to the bathroom
and never returned, leaving her with the check. He just wanted to take her out for a couple of drinks. Now, in her defense, she did point out to the restaurant was having an oyster special just fifteen dollars a dozen, so who could pass that up? But wow, I mean, I like oysters in the halfshell, but six is all I can do.
Forty eighty eight and then crab cakes and potatoes. So on a third grade, on a first date, apparently on a first date, and so this guy was like, I'm not paying for that, So he just went to the bathroom and never came back. Oh man, all right, So a lot of us are in this situation. Right. If you're still working, you could put a little more into your four to oh one K starting next year. The IRS announced on November first that the contribution limit for twenty twenty
four is going to be twenty three thousand dollars. So that's up a little bit. What are some of the other changes, Larry, and what stays the same? Well, let's talk about contributions. You know, even the younger generation that may be listening. If any of you have earned income or
you're working, you should be contributing something. You know, start from somewhere to get to somewhere, you know, even if it's a small percentage, and incrementally, try to increase it every year, kind of out of sight, out of mind. That's a great idea. If your employer's matching, I sure hope you're trying to max out that match for sure. Again, very important, start somewhere. For those of us that are planning for retirement. Yes, they have made some changes. Again, they seem to every
year. You know, the limit this year for four or one K contributions is going to twenty three thousand for twenty twenty four, which is up five hundred dollars from last year, so that's good. The contribution cap for iras will rise to seven thousand from sixty five hundred last year. And then you have the catch up in there for us of us that are over fifty. Okay, I just gave my age away. Okay, there we go,
and you can, so that's an extra thousand. So for somebody over fifty independently, they can give up to eight thousand dollars in IRA contributions, So take advantage of what you can now. For older the older clients that don't have earned income, obviously you don't have that option. But if you do have any earned income, you can make contributions and you know, again bump these up if you possibly can, because a lot of times people if you
won't even notice that the money's not even there. The power of compounding over time, you'll see it come retirement and we strongly encourage it, and again it reduces your tax liability as well. Now, also a factor in there, not to be complicated, is if you have four to one K options that are in WROTH for one K options, that is, you know,
talk to somebody if it does. Maybe at one point maybe it makes sense to split between a wrath for one k and then or pre tax four one k. You know, sometimes that makes sense as well, because anytime we can get as much into wrath, the better. I think of a couple that was just in from Northfield this past week, and they've been with us for quite a few years and they both retired this year. They're happy as gonna be. They're gonna go into Kona to do three months of mission work
in the middle of the winter. He's got one of the largest balances of wroth ira that I have seen. He's been disciplined and diligent, comedy nominee for a lot of our clients. And guess what roth is where you want it. So, yes, there's been changes, there's been updates. Do what you can work with somebody that keeps you up today with these changes, and again push the envelope as far as you can to maximize these contributions.
In the future, you're going to be very happy you did it. Yeah, I mean, if for no other reason than the one that you mentioned is the tax burden. Because you know, the more that you can take out and put into your four oh one K right now, it reduces how much in taxes you owe this year, right, right, it reduces the tax liability. Yeah. Yeah, So if for no other reason, I would just think about that. These are the kind of things that Larry and
his team can help you with and have in financial group. Right. So when we talk about the complimentary retirement readiness review, A lot of it comes up during the show and what have you. But really, when you get in there and you sit down and you talk with Larry and his team, they're going to talk to you about making sure that you're really, really ready and that you have a real retirement plan in place. Are you prepared for
the things we're going through now? Right? All this market volatility, inflation, changes on taxes, I mean, those happen every year and they're really hard to keep up with as a layman. So you need some folks on your side to kind of know what's happening there. Yes, if I could add, actually, Bill, if I could add one thing on this pre tax money. Of course, there was also in the last couple of years
changes on required minimum distributions. Folks might recall over the last few years it's gone from seventy to a half to seventy two, now to seventy three, phasing over the next ten years to seventy five where the federal government requires you to take a certain amount of money out. Now you have until the end of the year to do this. We help folks remember to do it a lot of times automatically. You don't want to get penalized for missing this in
this fourth quarter before the end of the year. That's one thing. It's also fourth quarter. And I mentioned earlier about doing fourth quarter tax planning. You know, I say we do forward thinking tax planning. This is fourth quarter. Everybody's situation is different, but there's similarities. You know. I'd had a couple in this week that we've gotten together three times this year with our CPA and this couple they go, we've never gotten together more than forty
five minutes once a year around tax time. Why was it important? Otherwise they would have missed a forty five thousand dollars iier rate of roth conversion or there's other things, other nuggets out there that people can do to make sure they don't miss an opportunity related to taxes. And if you're not planning or have somebody assisting you, to walk through these things. You're probably not gonna know, and you're gonna probably forget, and nobody's gonna tell you until after
the fact when it's too late. So now is the time, fourth quarter. Make sure you don't miss it. See again, stuff that we don't know, that we don't even know, we don't know, right right, that's what the folks that have in financial group can help you with. So I encourage you to call six one two four four one two four four one six one two four four one set up your complimentary retirement readiness review as soon as you can. It could be one of the smartest phone calls that you
make. Six one two four four one two four four one. So everybody's been kind of buzzing about this, and I thought we'd bring it onto the show today too. But a new Beatles song has been released that's it's kind of amazing really. That sample, by the way, was from a review in Variety. It was put together with AI. We've talked about AI on the show before, but the two surviving Beatles, Ringo and Paul, were
actually in the studio. They did some newer recordings of it, but they were able to go back and find some old old session stuff that John Lennon was on and AI pulled his voice out of everything and they redid it and put it together. And see now, to me, that's the kind of stuff today. I is amazing for really, right, big Beatles fan in my lifetime, I know that. And we joke with Larry a lot about the songs. He doesn't know, but I know you know about the Beatles.
I do. What do you think about that? It's incredible the good and the bad with AI. What does the future have in store for us? There's pros and cons and I guess I don't know what authority is going to oversee some of this stuff. And you know, to me, it's still very very scary. It really really is. Oh yeah, I mean I think I mentioned it before, but I saw a segment of sixty minutes with the guy who they were referring to as the godfather of AI, who
kind of accidentally got this whole thing going back in the seventies. Right, It's like he was working on one thing, but then this is what happened, right, kind of like Viagara. They were testing it for blood pressure and then they found out it did other things. But uh, he's even worry. He's like, this is not at all what we were thinking. Right when all of this got started, he said that Pandora's box has been
opened and it could be a very scary thing here coming up. Like you said, if we don't get some sort of handle on this right before, it's before it's too late. So well listen again. Let me give you the number to get in touch with Larry and his team. It's the Haven Financial Group six' one two four four one two four four one. We do have folks standing by right now, yes even at this hour in the morning, to go ahead and take your appointment and get you set up for
your complimentary retirement readiness review. And as always Larry, it's a it's a pleasure. I do learn stuff every time we get together, and I enjoy spending time with you man. So until next week, thanks so much. Great to be with you, Bill. I have a blessed week, and thank you all for listening to the Haven Financial Group radio show here on twin Cities News Talk eleven thirty and one oh three point five. FF. Got it, that's changing. Back gage will call you on the telephone, dat
I give you away, Please talance out. I get the same othing I get away. Investment advisory services offered through Guardian Wealth Strategies LLC, Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involve risk,
and, unless otherwise stated, are not guaranteed. Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed herein, and comments regarding safe and secure investments and guaranteed income streams only refer to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.