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. Hey, good morning and thank you for being here. We appreciate you getting up with on Sundays and getting up with us on Sundays and getting your
days started with a cup of coffee and some good advice about retirement. With your host Larry Kyle Veg of the Haven Financial Group, I am Bill Seller, Larry, how are you, sir? Hey, good morning. Great to be with you. Bill. Always a pleasure, always a pleasure. Good way to get my Sunday morning started. Laice's fresh cup of Joe, little talk with Larry. Everything is good. Everything is good if you're just
finding us for the first time. What we like to do here is talk about ways to get you to and through retirement, and that means everything it takes to get there. But then once you're there, how to get you through those retirement years with all that hard earned money that you've put away and the best way possible and hopefully by giving what you have to give back to Uncle Sam, but nothing more. So we talk about different strategies and things
that affect your money in retirement and all that. For instance, on the show today, we have some strategies that could cut your taxes in retirement, which is always a nice thing and also coming in at number eight in the top ten list of most stressful events. It's something we're going to talk about today as well. And are you a doom spender? That's a phrase I'd never heard before. I'm going to talk to Larry about that as well.
But as we get started here today, you know we're into college bowl season, Larry, the balls are beginning, and a new one this year, the Pop Tarts Bowl. Pop Tarts Bowl, yep, the winning team gets to eat the mascot at the end of the At the end of the game, pop Darts folks say that pop Tarts has sacrificed everything in the name of crazy good flavor, So why wouldn't that include our beloved football mascot too? Did you ever get into the pop Tarts for a short period of time?
I think, but it was very short, that wasn't over the top on it. Yeah, I always liked them, but I prefer mine with the frosted me too, Strawberry prefer bully. Yeah. See, I was a cherry guy, frousting frosted cherry or blueberry for me. That's why they made multiple flavors exactly. Anyway, as we do get started today, I want to talk about that phrase I just threw out there. It's called doom spending.
I'm not sure if you've ever heard that phrase, but basically, it's when you spend more than you can afford to to cope with your stress over the state of the economy. Kind of ironic, right, You're worried about the economy, so you go spend money you don't have and according to into a credit karma. There could be a lot of things like that happening right now. Shopper turnout over the five day Thanksgiving holiday the highest on record.
Larry, what do you make of that? It's hard to believe, but you know, my kids have been out shopping and they say it's jamm back. So wow, that's amazing. We talk about this idea of doom spending. Have you ever heard that before or is this something that you're familiar with. I am familiar with it. You know, first of all, Americans are concerned about the current state of economy, rightfully, so, I mean the statistics are staggering at what percent? And you know, how do we
cope with this? You know, many are continued to spend because it makes them feel better, and that's the term doom spending. To cope with all the stress and economic fears that are mounting. Be careful, especially as you and I talk about retirement on a weekly basis. And you know, some of these numbers are staggering all time highs across the board. You know, Black Varietay was a huge and Cyber Monday was a big deal of like a
high of over two hundred million people over the five day weekend shopping. It's crazy amazing. Yet credit card debt bill just is is over one trillion dollars. That's trillion. That's a lot of zeros, and that means that people are paying higher credit card rates because the percentages I've heard into the well into the thirties on some interest rates. You know, people are building up this debt and if you're getting closer to retirement, that's probably you know, a
territory you don't want to go into, you know. So it's why we talk about, you know, developing a foundation to a plan, sticking to it. Don't succumb to this spending mindlessly, just because as sue as your concerns about the country, and you know these are real, i mean foreign affairs and all the other things in this world domestically and worldwide, and it
can get stressful. But you know, money can also cost stress. And if you're already on a fixed income already and all of a sudden you're having these credit cards just booming with interest, that is a big hole that's really tough to get out of. So first of all, develop a plan. You know, we walk people through our proprietary process and look at what they're doing, you know, wh the doing it, and you know, coming up with a plan and monitoring it and making sure that people stick to it.
You know, sometimes people just need a conversation that says, hey, we're heading the wrong direction here. How do we get back on track. And you know, I understand all the anxiety and the fear that goes with what's going on, but again, you have to keep it in check to the best of your abilities, because you know, what do they read that gen z and millennials are particularly susceptible to this because you know, they'd rather live in the moment rather than plan for retirement. I think it was like
seventy three percent refuse to cut expenses. Wow, we're just going to live for now. Well that I don't know if I'll be doing retirement planning when they get to retirement, but that might be an interesting topic. Yeah, no kidding, right, huh. And just to finish up some of those numbers, I see in the story that it's said cyber Monday was especially huge, up over almost ten percent over last year. Cyber spending twelve point four
billion dollars. That's with a B. Goodness gracious, just inside every Monday. Yeah, just on cyber shopping. Yeah. Yeah. And again the idea of using those credit cards is great if you pay them off every month, yes, because again that paying an off is the big part. And I have to say, you know, many people that we sit with or have been disciplined, the baby boomer generation and others. But sometimes you know
it's it. People fall into a rut, and you know it's it's a hard thing to get out of. But you know, develop a plan, payoff those higher credit cards first, get them down and try to get it in check, because that's just a recipe not good for the immediate time, but certainly not good for retirement. Yeah, and you know, chances are you probably have a friend or a family member who is bad with money. Right, maybe you know a doom spender and you want to help them out.
But we all know what happens when you start lending money to friends and family, right, It doesn't. It can cost a whole bucket of problems. Life Hacker says that one way to help somebody who is just bad with money is helping them set financial goals and ether than me doing that, I would rather send them to someone like you, Larry, if or to do that. What kind of things would you help folks with that are just bad spenders? Well, just for a lot of people, having a talk of
money is tough conversations to have, especially if you're bad with money. You feel shame, You feel like you just know you're not good at it. But you know, part of what we look at and probably the most important in our job description, if you will, is you know listening, you know, listening without judgment, you know, being very aware to make sure you're not lecturing somebody or criticism and making sure you understand that emotions plays a
big part of money. Listen, ask questions. You know what's the root of the problem. You know, what are their habits? You know what causes them to spend? Are there certain things that set it off? And then writing down goals. You know, I think this is a great thing in anything you're doing. For example, it's December and you know, for the last several years, you know, I personally have set personal family goals.
They're down in my office, They're on the wall, and you know I look at them throughout the year and make sure that am I accomplishing these goals? Or what do I need to work for or work towards? And do the same with financial goals. Start somewhere to get to somewhere. You're not going to change this overnight, so just try to make baby steps and you know we would share with them, how do you build these disciplines. What kind of books or type of things online can they just kind of check
in and how can they learn? And you know, sometimes people just need to be accountable to somebody, but in the right way. You know, we all have strengths and weaknesses, some things we have to work at. All of us do, and it's just a matter of building that discipline. But it can be sensitive, it can be embarrassing. I would just sit back and say, listen, without judgment. Help them. They need help, like we need help in a variety of different areas. And you know
that's what Larry and his team at Haven Financial Group do. They help folks kind of get get that stuff under control. Right, you're going to work very hard your whole life. You're going to put money away for retirement. Well, you certainly want it to be there when you get there, and then you want to be responsible with it so that it lasts you through your retirement years. And that's what that complimentary retirement readiness review from Larry and his
team does for you. You go in, you sit down and you talk with Larry about either the plan that you have in place. They'll be more than happy to take a look at it and let you know if things look good, or if there's some things that need to be tweaked, or if you don't have a plan yet, now's a good time to get one started. And it all happens with a phone call to the folks at have In
Financial Group. So let me give you that number six one two four four one two four four one six one two four to four to one twenty forty one. That's how you get in touch with Larry and his team at Haven Financial Group and they'll be more than happy to take a look at everything as far as your retirement plans goes. And it's all complimentary upfront on that first meeting. It is. It is complimentary. I'll give an example. My
one of my first meetings last Monday was with a couple from Hastings. They came out to my educational class at Dakota County Tech and we've had meetings where they visited with multiple of our staff in a variety of retirement areas, and you know, we looked at what they were doing and she retired from the Hastings school and he's still a trucker but going to be retiring soon after that class, they came in for the retirement readiness meeting. We walked them through
the process and they were taking way more risk than they intended. Had no idea, mind you, when we're paying two to three times the going rate in the industry, and they're like, we're on the front step of retirement and she's already retired. He goes, I don't know what this market's going to do, but we're not in the right spot. And I couldn't disagree with them. And then it's just a matter of changing the pattern that you're on, and sometimes that can be difficult. But at the end of the
day, what matters is you worked hard for that money. Make sure you protect it as if it's your own, not somebody else's. Six one two four four one two four four one. That's how you set up your complimentary retirement. Reading this review, and we've got folks standing by right now waiting to take your call, So go ahead and get on the calendar as soon as you can. Six one two four four one twenty four forty one. Well, we're gonna take a quick break, but when we come back,
we're gonna talk about the T word. Yeah, taxes, we all have to pay them, but could you be paying more than you need to. I'm gonna talk to Larry about that and some strategies that might help you trim your tax bill. Also tackling aging anxiety, and one big bank is betting on a soft landing in twenty twenty four. We're gonna tell you why. This is the Haven Financial Group Radio Show on Twin Cities News Stock eleven thirty and one oh three point five FF insisting the state 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 Havenfinancial Group dot com. This is the Haven Financial Group Radio Shows. Welcome back to the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Colvid. I'm bill seller and the endless love that people have for All you can Eat shrimp caught up to the
folks in Red Lobster. This is kind of a I don't know how you don't plan for this, Larry, but Red Lobster was running a special all you can eat shrimp for twenty dollars. Sounded like a really good deal and it was man I mean, everybody loved it, except apparently Red Lobster. Because of that meal deal. Red Lobster posted an eleven million dollar loss in the third quarter after they ran that promotion. That hurts. Now, I'm not a business guy, and lord knows if you know me, I am
not a math guy. But you would think that some projections out there would have kind of prevented that from happening, don't you think. I guess they sold a lot of shrimp apparently, and for not enough money exactly. It sounds like, wow, oh, well, you know I do love me some while you can eat shrimp though, me too. Oh buddy, now sign me up. Now you're talking my language. So after retirement and you know, the paychecks and work may stop, but the long arm of Uncle
Sam keeps reaching out for you. And I saw a recent article in Barns that listened some possible tax reduction strategies, for example, using a dynamic withdrawal strategy. Is that something that could be useful for investors that have a lot of different accounts? Leary, Well, most definitely. Now, first of all, tax planning. You know, we talk a lot about taxes, not because you know, it's just the most exciting topic. But for those that we sit down with, taxes is a big part of life. It's
a big part of retirement. And let's face it, we've had historically low taxes for the last several years. These tax laws are supposed to sunset at the end of twenty twenty five, you know, so we have this year and two more years to work underneath the these low rates, and people have missed opportunities. And it's why you know, we're in fourth quarter. We're tax planning in almost every meeting. You know, Lance is our CPA here, and we have the added value piece of me bringing him in and other
folks to bring him in to discuss how can we minimize taxes. You know, oftentimes in the early years of retirement, you may have some lower income years. You don't want to waste those low tax years. You certainly don't all might feel good because you're not paying much in taxes, but you also don't have very much income or no income. So what a year for those years to do roth conversions? You know, fill that twelve percent tax bracket.
Please don't let it go unused. And people have and they're going to look back and say, we missed opportunities. I call them on forced errors and at the end of the day, fill that twelve percent bracket of take it from the IRA, put it in the wrath, do what makes sense tax wise, and again tax efficiency forward thinking. Tax planning leads to tax
preparation, avoiding surprises. And you know, little nuggets you can do for some people that work out there is if you're charitable and you required minimum distributions, which now started seventy three, maybe it makes sense to set up a qualified charitable distribution or qcds they're called. Where there's tax benefits to doing that for you and the recipient that's taking R and ds from my raised and sending
it directly to qualified charities. That can work very favorably. In fact, you know, I can think of several of our clients that have in financial group that do that. Maybe you have some years where there's some you know, bigger income years and you are charitable and this is with non qualified types of money after tax money, not ROTH, and that's called donor advice funds.
We do it with Charles Schwab and others can do it with other companies, and you know, using that is a favorable way to give the charity, you know, but you're controlling it and you can offset higher income in certain years than others. And you know, it's it's having these discussions. If you don't have the discussions, and not everybody can figure out the tax code, that's for sure. At the end of the day, it's making
sure you leave nothing on the table. And you know, requirement distributions, there's an exception if you're still working and it's still in a four to one k. But these are all different ways. Maybe you're going to retire to a different country, you know. I think it was last year we did a spring break to Puerto Rico, my wife, Rochelle and the four girls, and there was a lot of Americans living there with still a house in
Florida, if you will, but a residency in Puerto Rico. I think it was a four percent of could be around four percent federal tax rate. There was parameters that were set. So maybe it's living in a different part of the world, different part of the country that has lower taxes, if you will. So a lot goes into the tax planning. It's fourth quartered. Don't miss an opportunity. And by the way, are you the one that just drops off your taxes or are you planning? You should be planning.
And that looks differently for different people, but very important part of retirement. I can't stress it enough. Yeah, and that's where Larry and his team can help you. Right. The Haven Financial Group is kind of like a one stop shop because you've got these folks in your office, right, I mean, you've got access to a state planner's tax people, investment people. You've got it all kind of right there under one roof. Yeah.
Just this week, I bet you, and I'm probably being low that we've had five different couples say wow, it's nice to have multiple personalities all in the same office. They don't all have to be under the same roof, but we have them here and they've been in the industry a long time. There's no cost for discussions. You can use any of all of us. But putting these retirement puzzle pieces, you know, carry our estate planner at
a couple that finally got their estate planning stuff. They choose to use a revocable trust. We get the information from her directly. We're doing the legwork. We're not letting the clients have to do the legwork because we do this five days a week, and again, it's definitely a compliment. It's the best compliment that I can get. Yeah, I have been told I have multiple personalities as well, but that's for another time. I think. So, I think they call that something else, don't they do? Yeah,
they do. And let me give you the phone number again. It is six one two four four one two four four one six one two four four one twenty four to forty one. That's how you reach out to Larry and his team at the Haven Financial Group if you do have questions about ways to make sure you're not overpaying in taxes, like we were just talking about, making sure that inflation isn't hitting you harder than it should, making sure your
estate plan is lined up and ready to go. All these things are very important in retirement and that's what the folks that have in Financial Group do. Again. Six one two four four one two four four one is how you set up your complimentary retirement readiness review. Now we've talked on the show before about the fact that everybody's living longer, right Larry. Yeah, we're getting we're getting older is as a people, and more people are actually living to
age one hundred if not more well. The folks at market Watch finally decided to just ask everybody, do you want to live to be one hundred? Now, some people may not, and one reason could be there experience as caregivers when they've had to take care of their parents and it's left them with a not such a good feeling. How do we plan and how do you
help people plan financially for the possibility of that declining health? Well Bill, This is also a very sensitive topic and you know a lot of listeners will probably a test if you've had to take care of somebody loved one mom, dad, grandpa, grandma, whomever it is. It's very there's a lot that goes into it, and you know, it's about quality of life. I hear that most often is sure, ither want to live as long as possible as long as I have quality of life, And we don't know what
that timeframe is. And at the end of the day, it's important to you know, have communication with your loved ones, talk these things through. You know you're going to get into discussions about, well, you know, how are you going to pay for it? I think it's seventy to seventy five percent of us are going to need some sort of nursing home or care or visit a care facility. Seventy to seventy five percent. That's a lot. No, if you're single, you know, the singles go in more
often if you don't have a spouse to take care of you. And you know, at the end of the day, you know, dementia, Alzheimer's, all those things, and these care facilities are extremely expensive. And you know in the cities here, ten to fifteen thousand a month, and that can decimate. So how do you pay for it? Well, we have conversations with folks about long term care. Long term care is not medicare. Well, what types of long term care? Look at all the options traditional
long term care. Well, yes, but I got scared away from that. You know a lot of people say years ago, when somebody showed me a Cadillac long term care plan that really no one could afford, I get it. But then with today we have what's called asset based long term care. Asset based long term care and even stuff like hybrid long term care.
You can even use annuities for long term care. But just talking through all the options, making sure you're not missing something because somehow you're going to have to pay for that, either your money funded or through some sort of insurance. And you know, at the end of the day, what is quality of life? You know, I've had more than a few people over the years want to share with me that. Well, my agreement with my spouse or my significant others to take me out behind the woodshed and the rest is
history. Bill, I'm not going to put it together or other descriptions of thing like. You know, I really didn't need to hear that, But that's the reason why. And you know, at the end of the day, plan for it now. I'll even step back a little bit when you're
alive and you can't make decisions anymore. It's why you and I have talked about putting together powers of attorney, maybe durable powers of attorney for who's going to make financial decisions, who's going to have access to my medical records, who's going to make my health care decisions? The living will? And none of this is fun, but if you need it, I sure hope you
have it. Then it comes back to the estate planning side. So that healthcare discussion, long term care, all of that is extremely important sensitive in any way. That's had to deal with them and it's you can bring tears to your eyes really quick. Yeah. Yeah. It is important to have in place though, and that's why you want to call Haven Financial Group at six one two four four one two four four one. We're gonna take a quick break when we come back. What Bank of America is forecasting for the
new year and suspending your Social Security benefits? It's possible, but we're gonna talk about why you might and might not want to do that. That's all on the way next with the Haven Financial Group Radio Show on twinter Cities News Talk eleven thirty and one oh three point five FM. Have you had your three R checkup? Your complimentary retirement Readiness review is just a phone call away
six one two four four one two four four one. That's six one two four four one two four four one, or online at Havenfinancialgroup dot com. 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 can but the money, money, money Wow. This is the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry kolbig I and Bill Seller a little Beatles to go with your coffee this morning. Money can't buy me love.
You know, money might not be able to buy you love, but a new poll from financial services firm and Power find says sixty percent of Americans Larry, think money can buy happiness. It's gonna take a lot of money, but they think that it can buy happiness. The median household income in the US is seventy four thousand dollars a year, but for those who took part in the poll, they said it would take on average two hundred and eighty four thousand a year to truly make them happy. Does that's not about
right? Would that make you happy? Larry? There's much more to life than just money. Now, money helps. Let's money helps because the girls and my wife they seem to want a little bit of it. But there's a lot more to life and that's fulfilling than money. But again, it doesn't it doesn't hurt. Yeah, I'd be a little happier. It's not going to buy me total happiness, but like you said it, we can make you a little happier, right my, Well, just thought i'd throw
that out there this morning. So, as we're rolling towards the end of this year, twenty twenty four is going to be the year of the landing quote unquote, that's what Bank of America is projecting at least. And Oh Shun Kwan is a Bank of American. Bank of American. Listen to me, Bank of America analyst, and he tells Yahoo Finance it he thinks it's going to be a soft landing. Forecast thing five thousand on the S and P five hundred for next year. And our base case is bas case self
ending in the US economy. The reason why we're bariers is not because we think the FAT is going to cut aggressively, but rather because of what the FAT has done already in terms of, you know, controlling inflation down, not putting the economy into a recession. So let me ask you there, if we do see a you know, quote unquote soft landing, what does that mean for us? Well, I think what we saw in twenty twenty
three is you know, some some sort of surprising trends of volatility. You know, the first half of the year was market was pretty strong and and we've kind of been up bouncing up and down. And you know, it depends upon who you ask, you know that this you know, I looked at what this this guy said, and I'd like to be more optimistic. But we have a lot going on in this world. We have an election coming next year, I think, you know, inflation is expected to decrease,
leading many banks to reduced rates in the latter happen next year. They're already talking about. I read that they might cut rates by June. We'll see, you know, in this he mentioned that, you know, the SMP could hit five thousand. I think that's pretty optimistic. That would be an all time high. We'll see what that means for people, though, is you know, it comes back to you doing what you should be doing at this stage of life, the element of time, you know, having
that plan intact. You know, just this week, you know, I had a couple of from Lakeville that was in He was from the coke refinery and she was a retired teacher, and you know, they go Larry at this stage, you know, we used to be investors that liked a little bit more risk, but at this stage we don't want that, and it's so it's a trickle down to a more moderate portfolio. The problem is most
people don't know what they're doing. They don't have an understanding and awareness, and they're in a position where if they knew they're in a position, they would change something. So it's understanding your plan, being aware, being an alert to what's going on out this world. And you don't have to be the expert, but you know, having the right diversification and efficiency in your
portfolio. You know, I'm a glass half full person. I'm optimistic about the markets, but a lot of it depends, you know, on oil prices, on the wars. Will they finally come to completion? I hope. So globally, I think there's going to be rate cuts, you know, across the board. You know, ten year treasury yields should remain elevated. It is kind of what I'm reading. So, you know, uncertainty is normal. You know there's barish markets, there's bullish. It's a matter
of where are you in the timeline of life. Are you looking every tiring next year? Are you in the right spot because of the unknown timing the market's virtually impossible. So sitting down with these folks, you know, give them an un understanding of what they're doing and why they're doing, and will give them the confidence to know, hey, even through the peaks in the valleys, you know we're going to be okay. You know, most of the clients that we work with, you know, they're not looking for the
white Caps, they're looking for comer waters. And stress testing your portfolio, we call that to make sure that you're in the right place, you have the right recipe and sticking to the plan through these tough times. We'll get you on the right side. Yeah, And you know, really the bottom line is whether you know you're looking at retirement as you know, something great, or if you're dreading it because there are people who do. You still
have to plan for it no matter what happens. Right. That's one of the reasons that retirement is ranked number eight Larry on the list of Life's most stressful events. And you would think that for most people, getting the retirement is a great thing, but a lot of people stress out about it. How do you help folks deal with that pre retirement stress, well, sitting down. You know, retirement is a transition. There's no doubt about it.
You know, you go from breadrunner to the bread winner. I should say to the retiree, oh my goodness, now what you know, a lot of times we're seeing people these days kind of transition into retirement just to put their foot in the water. See how they like it. You know, many people arrive at retirement with mixed emotions, you know, including anxiety to some degree. And you got to kind of map out the plan. What are you going to do in retirement? What are your goals, what's
your objectives? You got to find a sense of purpose. You know. I have a lot of clients that actually, you know, they volunteer. I have a Ruth from Burnsville. She volunteers in three different places. It's how she chooses to occupy her time. She's like, you know, I want to give back and that for some people that's important. It's you know, there can be a physical and emotional impact oftentimes in the earlier years.
Even in the first year, retirees are forty percent more likely to experience heart attacks and strokes, particularly in that first year, because it can be stressful because you're doing something different than you did all of those years that you were
working. And then it's the financial transition. Oh my goodness, I don't have a paycheck anymore, and most people need to develop their own paycheck again, a distribution income plan, which relates to the tax plan, you know, because now you're not getting a paycheck, you need to you know, get income. You know, we send out millions of dollars from investment accounts to clients for their retirement income on a monthly basis. Where do I draw
from in the most tax efficient way possible? You know. I think of Nancy and Ed from Prior Lake just this past week as well. They're retiring here at the end of this year, and so both of them next year's taxes look different than this year's. Lance and I are CPA sat down, you know, at the end of our two hour meeting, and in this case, they're like, huh, this makes sense. Nobody has ever spent this much time with me. They go, we really didn't know what to
do, and this really is given some clarifications. So in Minnesota, I point out especially, I had a couple of people retire last fall Minnesota in the fall and winter, as you know, I've lived here. My whole life is cold, it's gray, it's dark, not much sunshine. And they're like, you know what, we would have never retired in the fall and winter because we sat all winter long and didn't know what to do. So there's some strategy as far as timing that retirement as well. Married couples
maybe stagger at thirty days. You know, different types of things because it is a transition. You know, we see a lot of people that are happy in retirement, but there's also those that don't respond very well. Again, have that plan, what does it look like, What do I want to do, travel, et cetera, spend time with the grandkids. Again, map it all out. Yeah, and again having that plan in place
is important. And I didn't think about the time of year thing, because I imagine it's probably easier to do that to retire in spring and summer, right when the days are longer, a little more sunshine, you can get up outside. Right. Yes, I didn't even think about that. Wow, I've heard it more than a few times. And there's a couple of people I'm thinking of that, Wow, we retired at the wrong time.
And for some people, they are like I wish I were retired twenty five years earlier because I got plenty of As long as it was in the spring of the summer, that's all it really matters. So yeah, oh man, Well again, if you've got questions like this, or if you if you're stressing out about retirement, let Larry and his team and Haven Financial Group kind of take the edge off of that by making your appointment for your complimentary
retirement readiness review. That number is six one two four four one two four four one six one two four four one twenty four forty one. That's how you get on the calendar. And we do have folks standing by right now, so give them a call to get you up. There doesn't have to be a long, long phone call at all, So just get your set up for your meeting to go in and talk with the good folks at have
In Financial Group. Hey, after the break, did you know that you might be able to suspend your Social Security benefits get a higher payment Later we're going to talk to Larry about that. And when it comes to gold what's a death cross and could there be a golden cross on the horizon, We're going to talk about that as well. All part of the Haven Financial Group radio show on Twin Cities News Talk eleven thirty and one oh three point five.
F Down 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. I can't to welcome back to the Haven Financial Group radio show. I'm Bill Seller along with Haven
Financial Groups founder and CEO and your host Larry Calvegan. Now, Larry, I give Larry grief a lot of times because he's not up on all the new music. But you know, Elvis gotta love some elfus on a Sunday morning. Oh yes, oh yes. And speaking of being caught in a trap, there was a guy in New York City who found himself spending the night inside a steel reinforced concrete jewelry vault. Wasn't trying to rob the place. Apparently he got locked in when he was checking his safety deposit box.
So they had they called for emergency people. The firefighters came. They spent about ten hours trying to breach the vaults. Walls trying to break that couldn't do it. But then it like whatever time was set for the next morning, the door opened the way the vaults do in places like that, So they could have just waited and not done all that damage. But he got Leftia, how do you not go check the vault where your jewelry is stored as the people that have the vault. I don't get there. I don't
get it. I don't get it. Man. Oh well, just like I always like to tell stories like that, because if you think you're having a bad day, just keep that in mind. Right, So we appreciate you being here with us this morning, as we always say. And if you have already retired and you reached your full retirement age but you're not yet seventy years old, did you know you can suspend your Social Security payments?
Larry and his team they teach classes on Social Security all the time, and you can find out where they're going to happen when they are at Havenfinancialgroup dot com. But I wanted to talk today with Larry about it because seems that if you do suspend it, you could get a higher benefit payment later. So, Larry, what are some of the reasons that somebody might want to
do that, and what are some of the drawbacks of doing that. So again, what are some of the yeah Before any social security decisions are made, we want people to think these things through because there's ramifications for some of these decisions. It's why, you know, we teach social security and tax classes. We had several this week. They're very well attended because it's important
to become educated before you make these decisions. Now interesting, you can actually claim social Security before full retimin age, and then all of a sudden if you want to stop it before full retimin age. Most people don't know that you can, but you have to pay it all back within twelve months. Sounds kind of ridiculous, but with COVID people lost their jobs they'd had to
turn on Social Security. Many would say, well, if I turned on Social Security, if don't you think I needed the money, So paying it back is not an option now. If you are full retireant age, that's defined as when your birthday is for many people, for me at sixty seven, for some at sixty six, sixty six and some odd months, it's based on your birthday. If you are full retirement age, you can suspend your Social Security payments. If you do that, though there is ramifications.
If anybody else is claiming on your record, those benefits are going to get suspended. Your Medicare Part B premiums cannot be deducted from your suspended benefits. So an important thing is to talk these things through work with somebody. It's why we sit down and have Social Security conversations in almost every meeting that we have, because at the end of the day, it's going to affect your
income. It could affect your spouse's income when you take it. If your benefit payments are suspended, by the way, they will automatically start up at age seventy and you don't really have to do anything about it. So if you do that, just know it's going to start at age seventy. Because Social Security does grow between sixty six and seventy by eight percent plus the cost of living adjustment, which for the upcoming year is three point two percent.
We've had two really good increases due to inflation in previous years, so it can make a difference. Get educated. Educated decisions are much better because there's ramifications for what we do for you. If you're married, potentially your spouse, you want to make the right decision. Yeah, and again, I mean I thought the tax stuff was confusing. I mean, they just don't
make anything easy, do they. No, And I don't want to say they intentionally make it complicated, But the tax code doesn't always make sense, and the Social Security Handbook doesn't always make sense. And when people come to our Social Security class and that they have questions and then they come in and we visit, it's amazing how many times we can give insight to folks.
We had a lady that came in probably a year ago, and she sat down with us and she was looking for something, she needed something for retirement income. And she's like, do I qualify for the ex spousal benefit fit from my ex spouse? And it didn't take long for us to figure out she didn't qualify. Her ex spouse was deceased. Now she was quick to point out she had nothing to do with him being deceased, But at the end of the day, she qualified for the ex survivor's benefit, which was
actually higher than the ex spousal benefits. So, you know, a lot of times you need to know what questions to ask, get a feel for the situation because the taxico doesn't always make sense. And again, she might have never found out. We're not patting herself on the back, but she did. She was happy and it worked out much in her favor. I'd be patting you on the back if you found that out for me. I'll
tell you that right now. Thanks Bill, oh mass This is this is why it is so important to have people that understand this stuff better than we do working with you, right. I mean I would never thought to ask that question, or would never thought of how to find the answer to that question. Six one two four four one two four four one. That's the number for have in financial group. That's how you set up your appointment for
that complimentary retirement readiness review. Or if you've just heard something today that sparks a question about the way you're doing things in retirement, call Larry and his team and talk to him about that as well. Six one two four four one twenty four forty one is the number. So in October early October, gold futures reach what's called a death cross, and that's that's when an investment's short term moving average falls below their longer term moving average. Lry, I
really don't understand it, but it doesn't sound like a good thing. And am I right or wrong? Here? Well, let's see death cross or golden cross. I think I'll take the golden cross. Yes, thank you. Yeah, it is Sunday morning, and I think that's appropriate. But uh, you know, a death cross is generally viewed as an indication of
weakness ahead for that particular asset class. Where we're talking about is the gold prices they bottomed out before moving past two thousand to reach their highest and more than six months moving closer towards that golden cross. Gold futures have climbed significantly since August, just eight weeks after that death cross, which is kind of working in different directions. That's not typically the anticipation that quickly after the death
cross to be in this position. Now, you know what does that mean for the folks that are out there? We get asked all the time, should I have gold in my portfolio? Should I not? You know, gold is very can be very volatile precious metal silver, Yes, it is high. Now, you know, there's always trends and you know, people, why is it during high inflation you see more gold advertisements on TV than ever? Just put that into context if you will. You know, we're
not against looking at all investment options. Having some gold in your portfolio fantastic if it fits you, is it appropriate? You know, does it tie together with your other investments and your investment strategy. You know, what's the time horizon, the element of time? What's that time horizon look like for you, your spouse and your family. You know, again, having good
diversification, that's great. You know, if you want to buy some gold bars and whatever types of actually physical gold and silver, more power to you. You know, oftentimes it's like we're going to store this stuff, and you know how liquid is that they're going to bring a gold bar to the grocery store if things get bad. Well, I don't know about that, but we're not against it, okay, and looking at all the different things
in your portfolio making sure it's appropriate for you. It's not one glove fits all. You know, I'd be a little leery of having crypto. Crypto is going up significantly. Well, I don't know if i'd have crypto in my portfolio considering how volatile that is. And you know, if you're going to speculate, don't use your retirement dollars. You know, if it's fun
money, keep it fun money. If it's retirement, that those are long term dollars that need to last you and potentially your spouse ten, twenty or thirty years. So again, and have it in the right spot at the right time, look at all the options. Don't be sold something because it might not match what you should be in. Yeah, because I know we've talked about it before. Right when we get into times like this, when there is inflation, when the economy is not apparently doing well, that's when
these gold ads really start popping, isn't it they do? And again, nothing's free. But understand what you're paying for some of this stuff, just like you should understand what you're paying for your portfolio management, your wealth management. As I mentioned before, seventy five percent of the folks we sit down with, I ask them what they're paying and they say, Larry, that's
a really good question. I have no idea, And it's twenty twenty three on December twenty twenty three, but people should know what they're paying what they're getting. Retirement has a lot of different puzzle pieces. Do you have all the pieces or is there coordination between all of these puzzle pieces, do they go to the same puzzle. Retirements more than a pie chart that says we get together once a year for forty five minutes to an hour or two.
There's much more to retirement than that. It's much more than just stocks, bonds and mutual funds. It's all of the other things that go into retirement. They call them the golden years for a reason. We want them to be as golden as possible. And the way to make sure they are is to have that plan in place and to have folks who know the best way to work that plan on your side. And that's what Haven Financial Group does. So one more time, let me give you the number before we got
to get out of here. Six one two four four one two four four one six one two four four one twenty four forty one. That's how you reach Larry and his team at Haven Financial Group. Well as always, my friend, I say it almost every week, but man, this is this hour fly by, and uh, I've learned a ton Once again. I appreciate it, and we will talk again next week. Great Bill, have
a wonderful week. Thank you so much for listening to the Haven Financial Group Radio show on Twin Cities Newstalk eleven thirty and one oh three point five FF You're stands two You Know News. Investment advisory services offered through Guardian Wealth Strategies LLC, Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies.
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