This is the Haven Financial Group Radio Show. Each week we get together to talk about live living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team that 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. Good morning, good morning, good morning, Thank you for being with us here on the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Kolvig. I am Bill Seller. Got your coffee, Larry, you give me that first cup this morning. Good with the first cup. Good morning, Bill. How are you? I'm doing well? Thank you doing well? Yeah? Yeah? Roll towards the holidays here. Things are hectic as
usual at this time of year. Right, We've got a lot of good stuff coming up today though, we're going to talk about the high cost of having fun these days. Also, if you are child free, does that change how you approach your retirement planning. It's a good question. We're going to talk to Larry about that and what is our happiest age have an idea. Well, we're going to find out if you're even in the same ballpark a little bit later in the show, but before we get started, Larry,
I don't know if you're a board game guy. I noticed that some of Hasbro's favorite games have been updated for US senior citizen folks. New versions of games like Trivial Pursuit, Scrabble Life, all of those are being redone and apparently, like even Scrabble, the tiles are bigger, so the letters are bigger. There's bigger print on the Trivial Pursuit cards. I guess to make it easier for us to read if you can't find your cheaters, because
I know how you are without your glasses. Larry, so Teeters. I don't mean to throw you under the bus here, but it's okay. There will be all the way under well as we get started today. Everybody loves a good buddy word. Right what was it recently? Gravitas? That was boy in Washington. Everybody was using that term for a long time, and right now it's choiceful. CNBC says the word has appeared in fifteen earnings calls
at S and P five hundred companies. This year, Walmart CEO Doug McMillan uses the term to describe, quote, the average consumer who was trying to cut back on spending but is still willing to splurge on what's worth it. So it's being choiceful. Had you heard this term yet or what do you sed to have? Not? No choiceful the word of the day. Huh yeah? Yeah? And another one is another choice word of twenty twenty three
is funflation. Now, I know you know what that is. Oh, yes, anything with flation on. I'm not exactly not a big fan of that, right, No, No, it's apparently where the Consumer Price Index says the price of sports tickets has surged twenty five percent in the last year. That's pretty steep, man. What do you think about that? Twenty five percent? Yeah, and I was surprised. I guess it shouldn't be
surprised that NFL and NHL tickets have doubled in the last year. Well, how can any family go to these events and then parking and then grab a hot dog or whatever? And it's like you're talking really really expensive, and you better factor that into the budget because you know, everything's been more costly over the last few years. But I mean, these sporting events, my goodness sake. You know, it seems that you know, consumers are increasing
these prioritizing these experiences. You know, I think partially because we're cooped up so long with COVID and they're still spending money on travel and entertainment. So for retirement purposes, make sure you factored into the budget. And when we build out retirement plans, if you will bill, you know, we take into effect. You know, do you want to travel a lot in retirement? You know, what are these fun events? Because we want to buffer
this into the expenses. We want expenses to be as accurate as possible to make sure we're accounting for these things. But you know, these sporting events, Wow, doubling, that's just crazy. But you got to, I guess you got to support these big these big contracts. What did I see that baseball player just signed for seven hundred million, yes, ten years, seven hundred million dollars for show? Hey o TONI, oh, my goodness sake. See, well, so you got to pay for these somehow,
I suppose. Yeah, you know, speaking of inflation and just getting by these days. I saw this the other day the internet. One of the one of the recent things that's gone viral on the internet is the grocery list from Home Alone, the movie. Yeah, I guess, you know,
getting seen everywhere now because people watch it during the holidays. But Home Alone came out in nineteen ninety and Kevin McCallister, who gets left home alone, has to go to the grocery store for himself, buys a half gallon of milk, some plastic wrap, a frozen turkey, dinner, dryer sheets, some bread, and like five or six other things. Now, this was in nineteen ninety. Those items cost nineteen dollars and eighty three cents. Do
you know what that same receipt would be today? I imagine, But you're gonna tell us right bill sixty three dollars and seventy three cents. And wow, from nineteen ninety till now, that's how much things have gone. That's amazing to me. I just think that's crazy stuff right there. That is
crazy stuff. But this is all things that we have to consider right when we're planning for our retirement and when you're talking to people, these are all things that we have to consider, right, just the price of groceries going up, the fun things that we want to do. What if you're a big time you know, Vikings fan or Twins fan, that's that's a lot of money for those tickets. Now, it's a lot of money. I
mean, how does the how does the regular household do it? A lot of them can't so again, and whether it's credit card or unsecure debt or something. But you know, we want to have fun, but we want to factor these into the equation because you know, at the end of the day, we want these retirement golden years to be as good as possible, and if we haven't saved enough and prepared, they might not be as good as we as they could be. And that's what Larry and his team help
you do. When you get in touch with the Haven Financial Group for your complimentary retirement ready this review. It's it's a real simple process. You just make a phone call 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 in touch with Haven Financial Group, go in for that complimentary retirement readiness review, and it simply is a look at your retirement plan to see what you have in place, is it going to get you through your golden years the way you want it to. And if it isn't, Larry and his team can help you. Or you know, if you guys aren't a fit, that's fine too. This whole thing is complimentary, just to see where you are.
And uh, Larry, I know that you tell people that all the time. Not everybody's a fit. For everybody, we're not. You know, we're gonna sit down and go through, you know, our normal proprietary process, and you know, we're not always a good fit. And I had it brought to my attention here somebody said, well, you couldn't really help me with you know, the little amount that we had, and you know, we don't have any minimums. But it has to be the right
thing to do. It has to be the right thing to do. And we're not gonna be able to help everybody in every area, but believe me, we're going to be there to help in those areas where we can benefit you, where we can educate you and at least lead you in the right direction to look at what options are out there. So again, there's no cost for that retirement readiness review. It's a very laid back, laid back
approach, serious conversation. We take a lot of notes, ask a lot of questions and at the end of the day and if we can benefit you, we're there to help to the best of our ability. So again, get in touch with Larry and his team and have in financial group when you call six' one two four four one two four one. So if you
don't have kids, does that change how you should plan for retirement? Well, a recent article on CNBC's Make It suggested that one of the most basic differences between having kids and not having kids, Larry, that lies in the estate planning. Can you talk a little bit about that and what they mean. You know, it is a different set of circumstances if you do not
have kids. And I was just reminded that here last Monday, my first appointment Monday morning, I walked in and you know, we're dealing mostly with retirement. And she was forty five, she was referred to us by one of her colleagues, and no kids, one twin brother and one nephew. That was pretty much the entire family. And she was an amazing saver. She didn't spend much, she was a saverer, and of course if you
don't have all these other things to spend on. I mean, she at forty five years old had built up a really good, really good retirement nest egg. So circumstances might be different. But what I've seen over the years is sometimes there can set in some complacency. Oh, we don't have any kids, so we really don't need to worry or do anything. And that's
just not true because there is no automatics today. And get your estate planning done even if you have no kids, you know, when you're living, getting that powers of attorney together, decision making power in case something happens, who's going to make the decisions related to health care and financial and you know, getting your healthcare directives together. And if you pass away your stuff, small, medium or large is going to go somewhere? Is it going to
be through a trust, is it going to be through a will? Is it going to go through probate? And do you really want the government, taxes and lawyers to actually get a big chunk of what you work for? So whether you have kids or don't have kids, you still should be going through these you know, the various things and have the right ancillary documents, legal documents to prepare for these types of things. So again, extremely extremely
important. So what you're saying is kids are no kids, it's still important to have that plan. There's still a checklist of things that I would do, whether you have kids or not. And you know that's actually created a three to six month emergency fund, get out of debt, you know, save and invest towards your future goals. Obviously important. You know, one
that comes to mind is you know, getting your insurance right. If you don't have any kids, you're probably less apt to have life insurance, where if you do have kids, obviously there's the replacement of income for the spouse. There could be you know, debt or the ability to take care of the kids of something God forbid happens to you. And you know, having the discussion early on, you know, we call this the sandwich generation, you know, discussing, by the way, who's going to take care of
mom and dad? Is it going to fall on the ones that don't have kids? Talking through these things, having good communication. We you know, we mentioned the estate planning so important, and then you know a lot of times if you don't have kids, you probably don't have to maybe save as much and you can draw on your investments more just because there's not the need
for legacy or the importance necessarily of legacy. But I do have a lot of folks that don't have kids that you know, are very charitable, and you know, philanthropic can want to give to charities, so you know, goals objectives. Kids are no kids. It still takes a plan. It may it may look a little different, but it's equally as important. So don't get complacent. Get your ducks in a row and dot the i's and
cross the t's. Six one two four four one two four four one is how you make sure your plan is in place with the folks that have in for Nai Group. Hey, we're gonna take a quick break coming back. The commercial real estate market seems to be looking for interest rate hikes to take a dive in twenty five, but is that just wishful thinking? And Warren Buffett is in the news for something he said, gosh, more than ten
years ago. We'll find out what that is as well, right here on the Haven Financial Group radio show on Twitter Cities News Talk eleven thirty and one oh three point five FM. Investing 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 Havenfinancialgroup dot com. This is the
Haven Financial Group Radio Show. 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. Mo is a you have too to ma, then
you Welcome back to the Haven Financial Group Radio Show. I am Bill Sheller along with Haven Financial Groups Founder and CEO Larry Kolvig. And speaking of words, Oxford University has announced their Word of the Year for twenty twenty three. And uh, when I I know you know you do not know this word, Larry, you probably never even heard the word. What word is it? It's riz? Yeah, you're right, never heard of it. Your daughters would know, Your daughters would know this word riz is. It's short
for charisma, meaning style, charm, or attractiveness. It's also described as the ability to attract a romantic partner. Riz, that's your word for twenty twenty. Riz, I'm going to have to ask the the girls would know that word. What you ought to do is if next time, if you know you see him with a guy, or if they talk about a guy, just surprised, will go houses. Riz, I've bet the fall down right there wherever you are. So. A comment that was made by Warren
Buffett over a decade ago is back in the news. During a twenty eleven interview on CNBC, Buffett claimed that he could end America's deficit in five minutes. I get end the deficit in five minutes. You just pass a lot that says that anytime there is a deficit of more than three percent of GDP, all sitting members of Congress are lge over reelection. Yeah. Now you've got the incentives in the right place, right, So it's capable of being
done. What do you think many do you agree threatened politicians? Yeah? Absolutely, I agree he toward the shot right, Absolutely, he's spot on. And yeah, you affect their their mainstay or their livelihood to guarantee you're gonna you're gonna get a response, you know. And of course, you know, when Buffett speaks, it's like that old F. Hutton commercial right from the seventies when he F. Hutton speaks. Well, when Buffett speaks,
people listen. And he proposed that daring strategy. Gosh, long time. I think it's twenty eleven he actually said that. But isn't it interesting though that it still holds true today? Right? It is true no date, no date line on the newspaper, and you could read that story then and now and it still makes sense. He does, he does. He lost he lost his right hand man, Charlie Munger just recently as well, I think close to one hundred, like one hundred years old. Wow,
yeah, yeah. But when more a Buffet speaks, I'm paying attention. And you know, I've kind of said the same thing too about you know, I'd like to see term limits and I'd like to see some other things that affect how they make money, those that are sitting in office, and you know, to live a little bit more like we do, I think would make a big difference for the whole country. Oh, absolutely absolutely. I think I think the two biggest programs that have always threatened though, are
the two big budget items, Social Security and Medicare. You know, they could be very easy targets if I read correctly, I think that Medicare makes up about one point five trillion dollars of the annual budget and Social Security is one point four trillion, you know, so both of these faced long term financing shortfalls under the current scheduled benefits and financing. So you know, the cost of these programs is growing astronomical and it's going to be it's growing faster
than the GDP through if we predict out past the mid twenty thirty. So these these are definitely they should be closer looked at. There should be changes. You know, you just can't keep spending spending, It just doesn't work that way. But it seems to work that way for them. And you know, don't depress yourself, but go to usdetclock dot org and I did that in the last week and I see we're over thirty four trillions. So there's gonna have to be some changes thirty four trillion dollars. So you know
what gives? What gives? I don't know. I don't either. When you just raised the cost of medicare right now when folks come in and talk to you about that, because I just I know this is the time of year that people are choosing, right and I see the commercials all over the place. So first of all, I'm curious how many parts are there because I keep hearing part C, part deep part and what is it that you guys talk with your clients about to make sure that they've got what they need
as far as that goes, Yeah, we help lots of people. We're just coming off of annual enrollment. Glenn is our head Medicare person. We do Medicare one on one classes. Navigating through the healthcare in retirement in medicare can be very difficult, and so it starts with education again. They can come to people can come to the classes. You can see it on our
website Haymanfinancialgroup dot com. But you know, annual enrollment, we encourage people to shop it out, make sure that they're getting the best best deal you know for their insurance. You know there's a B, C and D and we walk them through what each one of these is. You know, is a supplement better? Is Medicare advantage? The way to go and you know, quite frankly, in Minnesota, supplements to advantage is about fifty to fifty. And you know, our non biased approach is, you know, we're
not staring anybody in any direction. We have access to all the different avenues, different healthcare companies. But a lot of people pay way too much because they get they just continue on the same road and they don't look for other options out there. And you know, we have some make changes every year and others that don't make many changes. So Medicare is a healthcare is a big expense in retirement. You want to now you have get through that the
best you can, and it can be overwhelming. You know, some of these elderly. I just had a couple in here from Lakeville this past week and they're like, how did the elderly even? How do they even get through this? And without somebody to help them and walk them through it, it can be extremely difficult. So again, medicare is one of those retirement puzzle pieces. Yep. Make sure all the pieces go to the puzzle and
so you're not missing a few when you get to the end. Yeah, and Larry mentioned the classes that they offer for that you can find those on the website at Hanfinancialgroup dot com can find out where they are and when they are and whether're worth taking. I can tell you that also give give have a financial group a call if you have questions about medicare to make sure that you do have the right plans for you. That can be done with a call to six one two four four one two four four one as well six
one two four four one twenty four forty one. As Larry mentioned, all of these different pieces to your retirement puzzle, they've got to fit together correctly when you get there. And better way to make sure that that plan is in placement with that complimentary retirement Readiness Review six one two four four one twenty four forty one. That's how you get in touch with Haven Financial Group.
The commercial real estate world very different from the residential as we all know, but they're kind of hanging on a phrase stay alive until twenty five because they're hoping that interest rates are going to go down. Well, a former chief economist at the International Money Fund came out on his Project Syndicate commentary column and he said that even if inflation declines, he doesn't believe that interest rates are gonna nose dive in twenty five. Is that a sign we should all be
prepared for interest rates to stay up there even through twenty five. I think there's a good chance of it. You know. The good news that comes with the rising interest rates is we're finally able to make a little bit money on these you know, short term money market funds, treasury bills, certificates
of deposit, say, high yield savings accounts. For fifteen years, you know, we really got nothing, like nothing pennies and now if you're not getting anything, you should be getting five plus percent and really any of these things now, you know, to be sure the next recession whenever it happens, because you know, the markets go up and down, and that's just what happens. I think we can anticipate these rates staying up for a while.
Boy stay alive until twenty twenty five. That's not just a real good motto. But at the end of the day, I hope it gets better before then. But even if inflation declines, rates will likely remain higher for some would say the next decade. I don't know if it would be that long. As people look back to the two thousand and eight crisis and try to compare it to that. But we got a lot of factors out there.
You know, we talked soaring debt levels, you know, defense spending, deglobalization, the war is going on, and you know, you know, income redistribution and persistent inflate. There's just all these variables. Time will tell, Time will tell. Yeah, but I don't mean to jump in here, but you're talking about high entry you know that that's an interesting question,
right. You ask a twenty five year old what a high interest rate is, and you ask a sixty year old what a high interest rate is, and there're gonna be two different answers because the twenty five year old has grown up. Were in a time when I mean, we were giving away free money with those interest rates, right, and christy year olds remember thirteen and fourteen percent interest rates when they were first starting out trying to buy a
house. So really, when we say high interest rates and you're talking in that you know, five six percent area, that's pretty that's pretty much where it should be, right, That's that's kind of normal. Yeah. A lot of folks that we sit down with, you know, we joke about what was your mortgage rate when you bought your first house. And you know, I've heard people say, well, fifteen to seventeen percent. Well, the younger generation and the generation right now is you know, losing their mind
that it's seven percent. Well that's a big difference. So you're right, it depends upon who you ask in the age group. But you know, we got we got so used to free money and such low interest rates. You know, it's really a perspective. But I think you can. I think these rates are probably gonna stay up for a bit. Yeah, it
is, it's just a it's all perspective. It's all perspective. Hey, listen, we got to take a quick break and when we come back, we've got a few things you might want to check off your list if you're thinking about retiring next year. And as discussions become more serious about the possibility of cutting social Security benefits again, we spotlight four states that are financially friendly for retirees. Let's find out where they are. Maybe no, I can't.
That's on the way next with the Haven Financial Group Radio show on twinch City's New Stock eleven thirty and one to oh three point five. FF, Well you win on town Riding in your amazine with your find poulp Gavin, you goose. You have the dull hair and on and your hand and the spoon up the news when you wake up in the morning with your head on five and your highs to the blood in the city. Welcome back to the
Haven Financial Group Radio show. We appreciate you being with us this morning with Haven Financial Groups founder and CEO, Larry Calve guy and Bill Seller and always a pleasure to help you get your Sunday morning started with a little retirement talking. This is you know, Larry. I just wonder about people that have all this time to do nothing but think of ways to scam people. I
saw this star, I couldn't believe it. A growing number of women are beginning to wonder if they have been victims of restaurants scams using dating apps. It's called food digging, and the women are alleging that some restaurants are setting up fake dating profiles to lure people to their restaurant, and these ladies think that they're meeting a date who of course never shows up right. So in the meantime, the women may have a drink or two, an appetizer,
and maybe wind up having dinner. Who knows but the longer they hang around, the more money the restaurant can make from them. That's just wrong on so many levels, right, it sure is. I mean, yeah, men don't seem to be They don't seem to be targeting men, just women at this But I mean, I mean I would think that you know, men usually eat and drink a lot more than women think, So why wouldn't
you scam the guys? I don't know, you know, if they could just use their powers for good instead of evil, that's right, and make this world a lot better. There you go. So before the break, we mentioned if you have plans to retire next year in twenty twenty four, how you doing on your retirement checklist? The Motley Fool has a basic to do list, but I still think it's worth going over. For example, where's your risk tolerance now that your last paycheck is just a couple of months
away? And that is something we talk about a lot on the show, right because you are constantly amazed by the folks who come in and think they're being risky but they're not or should be taking more risk and they're not. I mean, you just see it all I do, and a lot of times it's a good idea to you know, diminish that risk level a little bit as people get older, maybe not so less volatile type of investments. And because you're right, the paychecks are getting the closer you get to retirement,
the number of paychecks is getting a lot less. So we call it stress testing your portfolio and just having an awareness and an understanding of what you're doing, why you're doing it. The element of time. How old are you, what are your goals, what are your objectives? And there's really a disconnect for a lot of people. I find people are doing what they did twenty thirty years ago as an investor, you get there twenty and thirty years older. Yeah, last week I had John and Kathy and from Savage
and he retired from Thomson Reuters and Kathy was a retired teacher. And they admittedly said, you know, we're not you know, we don't follow investments that much. You know, we've been doing what we've been doing and really haven't changed anything in many, many years. They found out that they were
just shocked how much risk that they were taking in the portfolio. When we plugged them all into the best software that's out there to kind of gives you a projection as to well, if the markets are good, how much would you make? If they're bad, how much would you lose? Well, their risk exposure was off the charts, and they're like, I don't even know how anybody could think this is appropriate for us. And I'm not saying anybody did them wrong. It's just wrong place, wrong time, which is
a bad recipe for getting into retirement. So, you know, our job is to identify are there any potential problems on the horizon with your investments, or your strategy or your retirement plan. We're not here to create a problem. It's to identify a problem. And another thing if I could recommend is, as you plan, get an estimate of your monthly social security benefits.
As we mentioned, we do lots of social security classes. They're very well attended when we have the social security discussion, which is pretty much every conversation. You know, do you want to take it at sixty two, wait till seventy or full retirement age which is based on your birthday, and you know, think about well, how much income will that be and what are your income sources? You know, do you have a pension, do you
want guaranteed income and retirement or variable income. One is a lot more secure than the other one. So again the three legged stool, you know, we call it the old school three legged stool. Social security, retirement, nest egg, and pensions. Do you have all three legs? Are you missing a leg or do you need to build that third leg because like many people, they won't have pensions. So this is the discussion we have. You know, you don't have to be the expert, but get some peace
in mind. And that's where we walk people through our planning process, which is simply getting to know you in the discovery process and then coming up with a strategy and talking through that and why it makes sense or why it doesn't make sense, and then the implementation process and then not stopping there, but the modification and monitoring and adjusting of this as time goes on, as life happens, as as other things happen in your life, there's going to have
to be some adjustments. So again, have a plan, stick to it. But a lot of people, unfortunately, they don't have a plan. Yeah, if you've got a plan that you think might need some help or you just want to make sure it's actually going to work for you the way that you hope it will. That's what that complimentary retirement readiness review that we
talk about all the time, that's what it's about. And the way you get that looked at with Larry and his team at Haven's Financial is to get on their calendar as soon as you can six one two four four one two four four one six one two four four one twenty four forty one. And believe it or not, yes, there's folks standing by right now to take
your call. This doesn't have to take a lot of time. They're just gonna get you on the calendar, get you set up for a time to go into Haven Financial Group and sit down with them, have a you know, first of all, even very well known for their coffee, so you're
going to enjoy a great coffee if you're a coffee lover. And have folks who know what they're doing and understand what's affecting your money better than you do, look at your plan and make sure that hopefully it's going to get you through the retirement years in the style to which you were hoping it is set up for six one two four four one two for one, you mentioned social
Security in there is always one of the pieces to the puzzle. And you know, everybody's kind of looking down the road at ten years from now when the Social Security Administration may be forced to start cutting benefits. We've talked about that before on the show Larry. The folks that go banking rates dot com say that there are actually four states where retirees might be impacted the least because retirement income isn't taxed. So I'm going to read these off and then ask
you a question. The states are Illinois, Iowa, Mississippi, and Pennsylvania. With the news that the retirement income is and tax there is that worth thinking about relocating if you're getting towards those years, Well, relocation, I mean, I don't think that's necessary. I mean it's I think it's important to identify, you know, how reliant on Social Security are you going to
be? In fact, I wouldn't rely on at whatsoever. Now if you ask me, do I think they're going to do away with Social Security? Absolutely not. But there's going to have to be some changes. These changes are going to be very difficult. You know, different types of reform that they're talking about is raising the retirement age. I'm reading that seventy is closer
than you think it is to be determined. And you know, they've already raised the age a couple times, and you know, France did that this summer and there was riding in the streets that ye right, ya's terrible and they raised it from sixty two to sixty four. So, you know, means testing is another reform that you know, if you've already if you've saved well on your own, then you're not getting Social Security. You know what if they just tax all your income, and you know, there's a variety
of things that are going to be very very very difficult. Changing the social Security formula could happen, or a combination of any of these. Now, I thought it was interesting, you know, and because I didn't know this, that the youngest states Texas, Alaska, and Utah, they're the three youngest states. They have the youngest population, and Maine and Florida have the oldest population. And again I thought that was interesting. But there's a lot
of people that rely on Social Security. It makes up a big chunk of their income. And you know, in the classes, I asked folks who wants to live on Social Security only? And I hope everybody says not me. Soci security makes up a big part of American's retirement income, and to take that away from them, or reduce it or minimize it, it's going to have a very negative impact on a lot a lot of people. So
be prepared for some of these changes. Again, social security has been highly politicized for years, but there's going to have to be some changes because at the end of the day, we just can't keep doing what we're doing because by two thy thirty three now we have a major deficiency and we're not going to be able to pay the full amount that needs to be paid. Yeah. Yeah, so something's got to happen. Something's got to happen. Uh, listen, we got to take another break here. But when we come
back, do you have an age in mind? That age when you will be your happiest? What do you think it is. We're going to talk about the results of a new study that's coming up next on the Haven Financial Group radio show here on Twitter City's New Stock eleven thirty and one oh three point five FF. 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. 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. Every day get ce to get all the bus it takes me to you. I'm soder Asad. Just sit and smile. Welcome back. This is the Haven Financial Group Radio Show. He is Larry Kolvig, Founder and CEO the Haven Financial Group. I'm Bill Sheller.
We get together every week to talk to you about retirement, ways to get there, how to get through it, and not to give away too much to the government, and and other things that affect your money in retirement. We've got some stuff coming up here in a minute. But this is a crazy story. Larry, a guy in Atlanta jumped on a Marta bus a Marta is their rapid transit system. He got into an argument with the
driver, and the driver got off the bus to report the incident. So this guy just jumps in the driver's seat and takes off with the bus. Oh my, Now, there was one passenger on the bus, and the guy was nice enough to stop and let him out at the waffle house he wanted to go to. So he stole a bus with a passenger. Of the pass he did let the passenger go to waffle house. And then there's
a large park in the Atlanta area called Stone Mountain Park. Well, the guy just crashed into the gates there, and the police finally caught up to him at Stone Mountain because apparently once you're in there, you really can't get out without coming through the same gate that you crashed through. So nobody knows why. Nobody knows what this was all about. He just got an argument
with the bus driver and then stole the bush all types. Yeah, I'm just thinking, you know, I tell these stories sometimes because when you think you're having a bad at least that didn't happen to you, that's right. So when it comes to retirement, and we had talked about this a little bit earlier in the show with the estate planning stuff, drawing up your advanced directives is kind of the most important thing to start with, right because those
are things that can actually affect things while you're still with us. And it's a big step. But step two is the one that can really trip you up, and that's implementing those documents. Why do you think so many people never really follow through on that, Larry Well? First of all, eighty
five percent of Americans do not have a competent estate plan. And when I say a state plan, there's the documents that should be around when you're living, and then also the documents when you pass away, and you know when you're living and you have capacity, and then god forbid, if you have any incapacity, then who's going to make the decisions? And we call them durable powers of attorney Appointing somebody to make healthcare related decisions, financial decisions,
access to medical charts, and there's no automatics. Sometimes people think spouses have an automatic free past to do that, and that's not true. So appointing my wife, Chelle, my parents, whether it's my sisters or siblings or somebody in order to make these decisions. I hope you never need them, but if you need them and don't have them, that can really cause a problem, and the government can intervene. And that's called guardianship and conservatorship.
Guardianship is your parent. You don't want the government to be your parent, do you, Or a conservatorship, meaning they're in control of your money. I would say most don't want that either. So appointing somebody a legal attorney in fact, for all of these various areas, keeping it updated, making sure that the person that you want is still relevant, and informing these trusted individuals about these documents, and even those that are eighteen and above, they
should have these done. You know, we do it oftentimes for the sake of young children in case something happens. And again these are the living documents, we call them. And then when you're gone, do you have a will? Do you have a trust? You know? Will you go through probate? Do your family go through probate? Is their publicity or is it? Is it all public? And you know, most of us tend to be private people. And do you really want all of your stuff being out
there in public? And maybe some personal property jewelry, collectibles, you know that would be part of a poor overwill if you put together revocable trust. So what we encourage folks to do. Carrie is our estate planning attorney and who we partnered with, and you know there's no cost for a consultation. She can review documents and then just talk through. I mean, this is a conversation. Sometimes difficult talking through these things and you know why they're important.
Sometimes people will they just do a transfer on deathdeed and their property. Well that's fine, but make sure that's the appropriate thing for you to do. And sometimes people, well do you get involved with family members sometimes? I think of a Lakefield couple a couple of years ago. We sat now with all four other daughters and their spouses. We had a packed boardroom here and we went through their estate plan. They wanted their kids and loved ones
to know. Now, there's some families that you wouldn't want that for the sake of they don't want any problems and you maybe have you trust one of the kids more than the other ones, or what have you. Who knows. There's a whole bunch of things. So you know, get what you need. Not everybody needs everything. I would say if you're a do it yourself or be very careful. You know. I get a kickout of sometimes people. I had somebody that a very very large estate and I said,
well, who did your legal estate planning documents? Oh, I did it myself. Well, we live in a very litigious society, and I'm all about doing what you can on your own and saving a buck where you can. But there's just some things. I said it before. When I get on the plane, I'll let the pilot fly. I'm not going to study to be the pilot, okay. And also also some of these bigger companies, just FI, sometimes they have prepaid legal expenses. Most of what you
get in those are very generic documents. We think you should be as specific as you can, and so just be aware of that. And those that you've named, especially on the living documents, healthcare directives, powers of attorney, those folks that you've entrusted should have copies of these documents. Perhaps your medical provider or your doctor or your hospital or clinic should also have copies.
We want to be proactive, not reactive. You should have good communication and at the end of the day, again we want to be on top of things because if you need these and don't have them. It's already too late, and you know everybody's getting around to them. For years, I've asked these questions and there we've been wanting to do it, wanting to do it, and I said, for how many years? Oh, twenty or thirty
years. Well, time is probably of the essence once you say, see, this is the great thing about working with the folks at Haven Financial Group, right, it's kind of like a one stop shop. Larry talks about all of these pieces to your retirement puzzle, and he's got people in his office that handle each of these pieces ready mentioned Glenn as far as medicare goes Kerrie as far as the state planning, other folks in the office that can
help you with your investing or help you with your taxes. And that's why calling Haven Financial Group could be one of the smartest things you do for your retirement, getting that plan set up, getting that complimentary retirement readiness review. It's a very simple process to get on the calendar. All you've got to do is call 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 for your complimentary retirement readiness review to make sure all of your retirement puzzle pieces are in the places they need to be when you hit those retirement years space. Speaking of those years and the age of being in retirement, a recent survey just came out that asked this is according to the Science Daily,
they asked the question, what's your happiest year? At what age you think you'll be the happiest, And it seems that most people claim that they're going to be happiest or have been happiest around age seventy. Is that what you would have expected to hear, Larry, that's probably a little later than I thought I would think that it might be. Yeah, it's a little bit. I mean I would have thought maybe more mid to late sixties. And you know, there's a lot of components to this. You know, physical
capabilities and performance. Are you able to get around? Are you mobile when people later in life? You know, the quality of life. You know, all these things really play into that. But you know that's why it's important to be on top of things, to have the plan to execute it. And you know money plays a factor in this. You know, obviously the ability to do things you want to do, and money can cause a
lot of stress. Money can cause a lot of worry. And if you stick to this plan and have a plan, you're going to have more confidence in why you're doing what you doing. Planning for the traveling if you like to travel, make sure that's part of the plan and have that discussion. And then you got to think of the healthcare aspect and what happens seventy I just read seventy to seventy five percent of us are going to need some sort of long term care and that's a big number and that can decimate, you
know, estates really really quickly. So that's another part of the retirement puzzle. You know, have you looked at it? Is it even feasible? You know, the asset based long term care compared to the highbrid long term care And these are tough things to talk about. I just talked to one of one of my clients called this week and you know, he was a pilot and his wife health has been tough, and you know, I asked
him how your wife doing? And you don't like this response, Well, she's in hospice and she's declining quickly, and you know what do you say to that, I mean she's you know, mid sixties. Just difficult conversations. So enjoyed the time that you have. And we're in the holiday season and Christmas and it's family time and all that stuff. So you know, it really brings to light what's what's important in life, and you know those
relationships and that are so important. Absolutely, couldn't agree with you more, could not agree with you more. Let me give you the number one more time because we got to get out of here. But if you're thinking about something you heard on the show today, if you have a question about any of these puzzle pieces that affect your retirement, have in Financial Group are the folks that can help you by calling six one two four four one two four
four one. Always a pleasure, Larry. We will talk again next week. Yes, have a great week. Thank you so much for listening to the Haven Financial Group radio show here on Twin Cities News Talk eleven thirty and one O three point five. That's that 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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