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Show starts now. Good morning, I'm Larry Kolvig, founder and CEO of the Haven Financial Group, and you're listening to the radio Haven Financial Group Radio Show. Thanks so much for listening this morning. We've got a lot to talk about. Feel free to give us a call at six one two five zero four eight four zero zero or Havenfinancialgroup dot com. Send us an email, send us some questions. We'd love to love to hear from you, and good morning Camp, Good morning to you. It's great to be with
you on this Easter weekend, right, it is wonderful Easter weekend. Will you guys have big family pines? Well, we usually do, but my wife will be at a senior trip for our youngest daughter in the Dominican Republic, So I'm sure my other three daughters will be pampering me and certainly make the church in Easter brunch and the good stuff that goes with it. So thanks for asking. Absolutely, will they Will they be taking you out to
Easter brunch, Dad, or will they be fixing it? They'll be taking me, I understand, but I'm quite certain the bill will come to me instead of them. You took the words right out of my mouth. I always love those. We really want to take you guys, and then suddenly everybody gets up and leaves when the bill shows up. And how that happens. Well, I hope you have a fabulous Easter with the girls. I'm sorry your wife can't be here, but it sounds like she's having a good
time with your youngest daughter. So, yeah, this is the youngest. So this is the last senior trip. And I'm not sure when they started senior trips, but I don't ever recall a senior trip, but younger generation, I guess they make their own rules. Absolutely. Well, she's a good person for heading out with all those kids. That takes a lot of guts, but I hope they're having a terrific time. All right, Today we're going to talk about how to avoid the hazards in retirement planning. You
know, there's a lot of intricacies associated with retirement planning. Obviously, Larry, you guys do this every single day, and there can certainly be some bumps in the road, and we want to take a look at some of those and how you suggest you get around some of those. So some of the topics that we're going to talk about today is how to protect your finance. Says as an empty nester, I was so surprised to learn after doing a little bit of research, that empty nesters seem to be the ones who
have the most problem, or certainly some problems saving for retirement. So we'll talk about that. Avoiding an unexpected tax surplus and what exactly are those surpluses. Of course, we're approaching April to fifteenth and everybody's thinking about taxes, and if you're approaching retirement, it's something you should be talking about. We we'll talk about that here, and then the importance of living your life to
its fullest when you're in retirement. So Larry, if you're ready, lost, let's get started, shall we. Let's do it absolutely, let's start
first. I'm talking a little bit about those empty nesters again. I was so surprised to learn that there are a number of bumps in the road when you become an empty nester that might keep you from saving the way you have as you've been raising your family well, as you know, we have four daughters, and empty nesting to me right now just doesn't even seem possible, nor do I want it, because we love I love having all the girls
home. But you know that you finally the kids finally leave the house and they hopefully become financially independent, although there's out those that are out there that enable their kids and it affects their retirement, so be careful of that. But it could be an emotional time you watch them grow up. Now they may get married, start a family, and they've left the nest, which
you would think there'd be all this extra money. And you know, by the studies that we're just looking at, you know, a lot of retirees when they become when they or the empty nesters when they become empty nesters are really falling behind. And it's kind of a combination. It's tired for me to really grasp it. But the explanation is, Okay, now they're gone, kids are gone, Maybe we have some bills that we need to take
care of. Maybe you're you're part of the student loans and that's you know, you're paying down debts that are you accrued along the way, because let's face it, you know, kids are expensive and yeah, actually I know. And maybe you're still supporting the kids even when they are they're away from home. But a lot of and this is hard for me to fathom. You know a lot of times empty nesters decide to not work as much and enjoy their time. If you're not working as much, the paychecks aren't as
much. You're unable to put away like you thought you were going to. So therefore you don't you know, habits start forming sure, and before you know it, your retirement savings isn't what you want it to be. Absolutely well, let's back up and let's talk about a few of these. Now.
I think that it is true that after the kids leave and maybe you get out from under that day in, day out expense of raising children, some people do think that this is the time, while they're still working, that maybe they want to pay off their home, for example, or they want to pay off a second home that they have purchased with the idea of retiring there. What do you suggest to people who come to you and say, Larry Will, we're not paying for kids, but we're still working.
We want to get everything paid off, or firm believers of having a good idea of what your debt load is, what it takes to pay those off avoid high interest rates. But let's face the retirement savings. It's it is a long term plan. It's a marathon, it's not a sprint. You got to have a plan first. If you don't start somewhere and you have to adhere to that plan, and it really it takes a discipline. You know, the commedy nominator folks that we visit with and sit with that have
done a good job. They have been savers the delayed gratification. They've developed a discipline where it's just habitual that they put X amount of dollars away and they don't spend with outside their means, so that you know, that's really what it's about, is putting it away, leaving it alone, and before you know, the retirements here and if you have, if you're ill prepared or haven't developed that discipline, it could be a rocky road. Is it
a good idea? Though? If you're you know, forty five, fifty years old, maybe even fifty too, and you decide that you want to pay the house off, you want to, you know, put a lot more money toward the house so that you're not worried about that when the income isn't still coming in. Is that a good idea? I love that idea
if it's feasible. You know, we're all dealing with different cards. I'm a firm believer, probably contrary to a lot of financial professionals, that those in retirement that do not have a mortgage are the happiest people in retirement. Now. Certainly I understand that not everybody can get there for whatever reason. But again, not having a mortgage, great idea. Maybe just pay you
know a little bit extra each month to get that taken care of. But if we can keep those expenses to a minimum entering retirement, those people tend to sleep better, worry less, and enjoy the retirement far far more. Absolutely so, what do you say to those who say, listen, I've worked so hard all my life to make sure I got my kids through college, and now you know, I'm healthy and I'm still young, and I
just want to back off the hours for a bit. Be careful, you know, working less can put a lot of strain on that retirement savings. And again that's what you're trying to do, is build that up because eventually you're going to have to draw from those retirement accounts to create the income that
you're looking for in retirement. And if you don't get back on track, and that's where a financial advisor, a financial professional can really hone in on some of the maybe bad habits that have been developed, kind of identify what it takes to get back on track, you know, evaluate your financial situation, what are you doing, what's working, what's not working, and then
coming up with you know, how do you fix the problem. You know, our job isn't to create a problem, it's to help identify if there is a problem to fix, and how do you go about fixing it? Because you know, not everybody likes talking about money and it bills and expenses. But again, I always say, when I get on a plane, I let the pilot do the flying. That's where if you can rely on us, you don't have to do it alone. Right sure, And you know, I know I'm throwing the same excuse at you, and I think
your answer is going to be the same again. But how about the couple who comes in to see you and says, we have put our lives on hold and we want to travel. We want to we want to do things while we're still young enough to do them and while we're still making some money. Again, it takes money to be able to do those things, you know. I think it's Tom hag Now, a motivational speaker here from Minnesota.
I've listened to him many times. I know him, and he talks about the go go years, slow go years, and no go years. I encourage travel in those those early years when you can in your healthy enough. But if you haven't buffered that into your plan. Are you sure you can afford it? And you know, I'm going to say it's different for everybody. Sure, it really is. So just tailoring a plan to your situation and that's where we start the process with. You know, but anybody
that comes in, what are your goals, what are your objectives? The cost is so asociated with it. Come up with as accurate as information as possible, be diligent, have a partner that can hold you accountable, and at the end of the day, develop that relationship. So you know, what they call golden years for the reason we want to make sure there as
golden as possible. Well, what I hear Larry saying is that maybe you need to sit down and make sure you have a plan, whether you are fifty two years old or sixty two years old, before you begin pulling back from retirement savings. And I've got a suggestion for you, if you'd like to sit down with Larry or someone on his team and talk about a plan, whether you're fifty two or sixty two. Let me give you a telephone number so you can set up an appointment. It's six one two five zero
four eight four zero zero. Let me give you the number again, six one two five zero four eighty four hundred. You can also reach out on their website. It's evenfinancialgroup dot com. You know, at first, Larry, when I read this and it said, you know that empty nesters are the ones who maybe have the hardest time saving money, I thought that was
really strange. But then the more I started to think about it, and the more we've talked about it, I can see where it could get very weak during that time period because you've probably been locked down for the last twenty one years plus right once your kids you send them out there. But there are ways to enjoy those pre retirement years and still be healthy in retirement. There is you know, adhere to a budget. You don't have to do
with everything lavishly. You know, it's no secret, and it's no surprise that our company name is Haven Financial Group. We're big into we love to vote, and it's a nautical theme, nautical to the extent. If you get a degree off here, a degree off here, you end up in the wrong destination, and that destination is the wrong place in retirement, where you're not able to do the things you really want to do right. All right, Larry, that was very informative. Our next portion of the show,
I think is to be equally as informative for people. As we start to approach April the fifteenth, everybody is thinking about taxes and when you're entire, when you're in retirement, the last thing you want are some unexpected tax bills. What are those always going to talk about it? When we come back right here on the Haven Financial Group Radio Show, don't go too far. We're gathering more important insights and retirement ways Devin the Haven Financial Group Radio
Show. We'll be right back. Stick around. You've got questions, We've got answers. Your tune to the Haven Financial Group Radio Show with your host Larry Kulvig and Kim Karragan. Now back to the show. Good morning, I'm Larry Kolvig, Founder and CEO of the Haven Financial Group, and you're
listening to the Haven Financial Group Radio Show. Give us a call at six one two five zero four eight four zero zero, or always visit a visit us online at Havenfinancialgroup dot com, where there's all kinds of retirement to rules, our calendar of events or educational events. You can see them all on our website. So, you know, let's talk about some examples of maybe unexpected tax bills. It's tax season, and now's the time. It's something
nobody wants to hear unexpected tax bill. I don't think we want to hear unexpected tax bill, much less one that's unexpected, that's for sure. And you know, I think there's a lot of people out there who think, well, this subject really doesn't apply to me. I'm not a millionaire. I'm not a billionaire, so I don't really have to worry about that. But that's not necessarily the case. So Larry, let's just start with the basics here. What is an example of a maybe an unexpected tax bill?
Well, any surprise, small, medium, at large. Really, I would say any surprise unexpected. Hey, I wasn't planning on this, and in it's tax season we hear this so often. On our lance is our CPA. He's busier than busy. You know when people say, oh, every year I owe money, every year owe money, Well, why don't we fix the problem and maybe have more withholdings. Maybe that's social security they're not taking federal or whatever it may be, so you can actually have the
results you want next year. And that comes with tax planning, which a lot of people don't do, but you know, it's rebalancing those portfolios, not harvesting some of the gains too much. And then you have capital gains tax and I think it's important to understand there's ordinary income tax brackets, which by the way, are going to sunset and the end of twenty twenty five
and go up in twenty twenty six. And then you have capital gains tax rate rates that are affiliated with investments held by a year and a day plus, which those brackets are zero percent, fifteen percent, and twenty percent. So as we look at those accounts, you know, especially people that are in the early years of retirement, they may have may have not turned soci security on and they're not drawing from their pre tax I ray accounts. Those
are the years we wanted to take advantage of these things. And this is why it's so important to work with somebody. You know, if you're not outside the twelve percent ordinary income tax bracket, capital gains tax rates are zero. Now I like that number when it comes to taxes, the number zero. But if you're not paying attention, you may do something. I think
of a lady from Lakeville and it was probably eight years ago. She came in and somebody had given her bad information and she rather than roll her old four oh one k, they liquidated it and she was responsible for all the taxes on her four o one k and it was completely done wrong. You want to avoid those tax pitfalls because you worked hard for every dollar you have, Why just give it away because you haven't paid attention, you haven't developed
a relationship with your tax person or your financial professional. You know, lean on somebody. I have lance, our CPA come in frequently and make sure that people to do their own taxes. Just didn't make a mistake, and what's better than confirmation and affirmation. So again, lots of tax discussions. Work with somebody that can help you, and most people this is how they're
doing their taxes. I'll bring my basket of statements to my tax prepare I'll pick them up and when i'm when they're done, and there's no discussion on what we could have done differently in that year. Sure, that's poor planning. Absolutely, And just a quick reminder to folks that maybe you have sat down with the tax preparer in the last five years, but laws change your situations change, and so it's important for you to try to make that effort
and do that each and every year to have that reviewed. If you'd like to sit down you hear Larry talking about Lance there at Haven Financial Group. It's six one two five zero four eighty four hundred. You can set up an appointment. Now, obviously this is a very busy time of year, so you can also go online and see when there maybe are some educational seminars about taxes. That's Evenfinancialgroup dot com. Let's back up for a second here,
Larry, and let's just give people some examples. We obviously know that there may be a tax burden because you're withholdings are not enough, but there's other things that can sneak up on people that they may not be thinking about that would end up being a tax burden. For example, if you sell a home in the last past year. If you've sold a home, there is a tax ramification. Yeah, if you haven't lived in this home for three out of five years, that can be problematic when it comes to capital
gains tax if it is your main residence, not a problem. You have a two hundred and fifty thousand as an individual up to five hundred for a couple where you don't run into those problems. But again, when it comes to your investments, you know, the rebalancing, selling winning assets, and all of a sudden you have a tax burden. You know, It's why our tax team look tax and our investment team look very closely at these types of accounts before anything is done. And you know, as we speak to
retirees, you know, preparing for those required minimum distributions. You know, seventy three, you know what was seventy and a half went to seventy two, seventy three now and in eight years ago is to seventy five where you
have to start drawing. And it's why we like to do things early on to minimize later because that can be you know, let's face it, the baby boomers have done a pretty good job saving in these accounts and next thing, you know, they get all this extra income not because they want it, because they have to take it. Larry, we make more money now than we did when we were working, which is a great problem to have, but then you can run into some tax issues that you maybe hadn't planned
for. So, you know, having good liquidity, the proper amount of pretax and IRA money. Getting as much into ROTH as you possibly can, and if you haven't looked at ROTH conversions, please do so. If you're not planning, go beyond just tax preparation into some planning. And that's an added value piece of what we bring to the table. And most people are
not getting that. Not that you have to be the expert, but at the end of the day, know the tax code and it doesn't always make sense, so you want somebody that knows what's going on and what regulations are changing. A little later in the show, we're going to dig a little deeper into taxes and we'll talk maybe a little bit more. I know you've talked about some changes that are coming up, so we'll walk through some of
those changes. You've given us a couple of ideas of solutions when you are strapped with an unexpected tax bill, that being ways to avoid it anyway, roth, IRA conversions, any other examples of things that you can do to try to avoid that bill that you weren't expecting. Well by working with somebody we know are and we do a lot of tax loss harvesting. It's where you sell different investments for a loss and buy something equivalent of and that can
help off some of the income in the given year. I could say most people are not doing that, and it could be very effective if you're obviously real estate or some non qualified investments. If you're moving moneys around, you can do a like exchange or a ten to thirty one exchange. Just understand how that works. And you mentioned the roth IRA conversions. Now this is
different than contributions. Contributions are contributing conversions. There are no limits to how much you can convert as long as you have the ability to pay the tax. So again, does it make sense? I can tell you in recent years conversions have made sense for lots of individuals. Problem is, many people missed opportunities. I call them unforced ears. They haven't take advantage of these low tax rates. And there's only two years left before they go back high
or higher. They're not going to be any lower, So why not make sure you're not missing opportunities. And by the way, contributions. If you're not contributing, contribution deadline is a tax day, so you still have the ability to contribute in those IRHA roths up to the tax deadline. And if you're over fifty you know, do you have the ketch up opportunities? So take advantage of these things, understand them, but work with somebody that knows
what they're doing. And I'll just want to throw one another caveat in there. If you have some higher income and it was intentional or unintentional, it also may affect your Medicare Part B premiums because it's a means tested program. You make more, you pay more. A lot of people are not aware of that. Yeah, yeah, yeah, again, all the more reason. And you know, I know you feel this way. You don't fault people for not knowing that that's not what they do for a living. They're
all busy, you know, trying to make a living. It's the reason that you want to sit down with experts like Larry and his team. They understand this is what they do for a living. Lara, I bet you've seen so many people have come in have made one of these lives you said, unforced errors, and then they just oh, they just shake their head and they say, why wasn't I here six months ago? I hear it
on a weekly basis more times than just a few. And you know, let's face it, when you're in your income earning years, you're really not thinking about this. You know, the name of game is to maximize your income. But in your retirement years, the whole philosophy change is into Okay, now, how can my money that I've saved work for me now that I'm in the distribution phase of life, which income is the name of the game. And the happiest people in retirement are not those that have the biggest
portfolios. It's those are It's those that have plenty of monthly income. Call it mailbox money, call it wherever you want to, where they don't have to worry about income coming in on a monthly basis. So you know, we have a process. We take everybody through the same process, whether you have a lot or a little or somewhere in between. Everybody should have the same opportunity and have somebody that spends the time understands what you're trying to accomplish.
Not make it complicated. We try to make it simple and fun, but spend the time, listen and then execute and make sure that you have a plan that's conducive to what you're trying to accomplish. Sure absolutely six one two five zero four eight four zero zero. If you are someone who is thinking, Wow, I'm getting hit by Uncle Sam far too hard right now, and that looks like that's going to get worse as I start heading toward
retirement. You'll want to sit down with a member of Larry's staff and talk about your tax situation, and the way you can go about doing that is setting up a consultation six one two, five zero four eighty four hundred Evenfinancialgroup dot com. It's there that you can learn more about some of their educational seminars, which include those about taxes and Larry. We'll talk more about those a little bit later in the show. In the meantime, coming up,
we want to talk about how you should live your life during retirement. This is the Haven Financial Group Radio Show. Ready to find your financial safe haven. Your dream retirement is in reach. Don't go away. The Haven Financial Group Radio Show will be right back. Are you worried that your financial strategy might be missing something, Well, you're in the right place. Larry Kolvig
is back and ready to help you find your financial safe haven. Welcome back and thanks again for listening this morning to the Haven Financial Group Radio Show. I'm Larry Kolvig, Founder and CEO of the Haven Financial Group reach out to us at six' one two five zero four eight four zero zero, or of course online Havenfinancialgroup dot com. So what do you plan on doing in retirement? What are the to dos to to don'ts? And what does that
look like? You know, isn't it funny? I think people start to work and start to think about that just about the day they go to work, and then sometimes it turns out just exactly like they had hoped or better, or sometimes it doesn't quite go the way they had planned. But I think one of the important things, Larry, is that there's more to retirement planning than just money planning, right, Oh, there is. You know, it's a transition. Everybody reacts differently to retirement. Some people have no
problem and others go, I got to do something right. I always joke because sometimes, you know, if people retire, we like to do something for the retirement date. And it seems like a lot of people retiring this spring, a lot of our clients. It's like I got all these retirement dates of clients on my calendar, and a couple months later, after they retire, I'll talk to them. They go, well, we got a part time job or now it's hopeful, hopefully because they wanted to, not
because they had to financially. But you know, I hear all about him, you know, rangering at the golf course, and we've got a lot of clients that just love to give back. You know, they worked all those years, and you know, I think of Ruth from Lakeville just this last week. She donates about twenty to thirty hours a week at the hospital, you know, just checking people in and saying hi, and you know she loves to do it. You know, what's your purpose going to be
in retirement? You got to find it. Absolutely, I think you've hit the nail on the head. I think, especially if you're someone who has worked for all of your life and you've held a full time job, then suddenly one day it stops. You've got to have a reason to put your feet on the floor the next morning. And it seems like volunteerism would be a great way. Absolutely, it is a good way become part of the
community. Some organizations. You know, I think it's an election year, maybe okay, be on one of those election boards, because you know, I'm sure they'll figure it out this year because there's never any problems with elections, is there, Kim. We'll leave that one alone. We were walking
right into a hornet's nest right there. But you know, it's another reason beyond the fact that if we're going to tie this back to money, beyond just your well being, you know, I think you need something to do with your time, because if you're not, then I think you're spending a lot a lot of money, right absolutely, if you haven't, If you don't, haven't developed those hobbies, and how are you going to spend your time? Very well, could take a lot of money. Now, we
do have a lot of folks in retirement that I want to travel. I get it. It can be expensive. So hopefully you've budgeted that into your plan, and we usually do. When clients and folks we sit down with like to travel, we're going to factor into the into their projections. You know, ten twenty thirty years out. There's more to it than just money though, And you know, committing to your health, your physical health, you know, Silver Sneakers, maybe that's the answer, mental and emotional health.
All of a sudden, the friends and social time that you had at work now not so much. You see more of your spouse than ever, and maybe that's good, maybe it's bad. Silver sneakers then to run. Yeah, my wife and I have worked together for quite a while, so we have no problem with that. But at the end of the day, you went one way, your spouse went another way. If you're married, and all of a sudden like, oh my goodness, I'm seeing you more than ever. And you know, do you want to work part time?
Maybe not, because you have to and you know your mental health. Actually, I have one of my clients, him and his wife. They love to do puzzles, you know, keep that your mind going and sharp to the best of your abilities, you know, finding things to do, you know, hobbies. You know, I used to play a lot of golf. I have it now and I'll get back into it. But it's not cheap, no cheaper. It takes money, you bet. I know that. You suggest that if a couple plans to retire at the same time,
they need to talk that through and maybe stagger it a bit. We like that idea. We like staggering at thirty to sixty days just to kind of transition, or we do here. It's becoming more popular for you know, becoming more part time kind of easing into retirement. Maybe that's a good way to go. You know, I've heard one more popular is relocating upon retirement. Grand Kids have a nak for getting grandma and grandpa to get them to move where they're at, and we hear that all the time, and you
know, grandparenting. Certainly, I hope I'm a few several years from that, but you know, that seems to be extremely important to our clientele. And I think if Steven Kelly from Minnetonka, they both just retired, they're building a home in Knoxville, Tennessee, and they're packing up and they're going to Tennessee, and more power too them. Now. The good news is they have a plan, they're doing fantastic and they can comfortably do that.
If you're not in that position, then that makes it that much more stressful. So you know, you got a value your time in retirement. And if you have more time on your hands than you're used to, and that could be problematic. And there's others that we're more busy in retirement do we I don't even know how we had time to work right right, Well, you certainly want to keep your time as full as you need it to be, because that'll that'll play on your mental health as well as well as your
physical health if you're if you're not happy, for sure. I want to go back to this now. You talked about the couple who's moving to Tennessee. I'm assuming they're moving there because kids and grandkids are in that location, because I think that's what you were saying about them. But what about the folks who were talking about being snowbirds. What's some suggestions that you give people who are looking at maybe wanting to buy a second home or selling the home
therein and moving to another home. But do you suggest they do that immediately or do you need to sort of make those trips back and forth and rent for a while something like that. Well, we don't like any we don't recommend any knee jerk reactions. You know. What I found to be the most favorable is when couples or individuals they ease into it. They rent out a place in this part of Florida or in this part of Florida, and
they check out a new place next here. And those that just jump head first and then realize, oh my goodness, we don't even like it that much. And now you're kind of stuck. Sure, so take it slow. It is a transition. Figure out what you like to do, what communities again, what can you financially afford rather than strapping yourself so much. And now you can't do anything in retirement because you bought this big house and we're not discouraging it. It's just make sure it's the right move for you.
So take your time, rent, fight a good spot, try a different spot while you still can, and then make an educated decision. Sure. Absolutely, so I'm going to take this in a little bit of a different direction. But one of the important things too that will frequently happen is people leave their full time jobs and then they're facing their issues associated with their
health care and maybe they want to move. Talk to us about your healthcare when you get to this point and can it move with you If you decide you're going to spend half the year in Naples, Well that's where you also want to have a discussion, ongoing discussion because like everything else, medicare and healthcare, there's constant changes in that, just like there is a taxes and all the other things. So you know, we help a lot of people.
Glenn and Isabelle and others in our office bridging the gap for income, finding out what's the most compatible with your situation. You know where you're at before, maybe you're not to medicare age, but then also looking what criteria that you want to meet because you know whether it's medicare or supplements. And there's a good reason why I have Glenna and Isabella do in the office because I'm not the expert on that, but they are. But some of its
zip codes specific right as others. If you do international travel, you're going to want to look at the best coverage, so portability is important depending upon what part of the country you know. A lot of people spend more money and waste money because they never shop out their healthcare and medicare because they complacency sets in. We encourage everybody to look shop it out every year. That's not doesn't mean you're going to make changes, but it's a big expense and
you want to minimize it to the best of your abilities. And if you don't want to be caught off guard thinking you had Hey, I'm in Florida and I got the best coverage and when you really really don't. So it's another part of the budget a big expense in retirement. Don't get complacent. Shop it out from an independent, from an independent that has a non biased approach. I always say, somebody is trying to just show me one one thing and not look at all the options. I'd be asking a lot of
questions. Absolutely, Now, that's I can understand why people get complacent with that. Though it's a very confusing world. It takes so much energy and effort to do it. But in the end, I understand that when you need it, you want to make sure that you've done what's best for you. And in the location that you may be in six one two five zero
four eight four zero zero. That's the phone number for Haven Financial and if you'd like to set up an appointment, please please please give Haven Financial a call right now. Havenfinancialgroup dot com. That is their website, lots of great information there and you can also sign up for one of the educational seminars which Larry. When we come back, let's talk a little bit about what's coming down the pike when it comes to some of those seminars, and then
we also want to talk a little bit more. We're going to pick your brain about some of these tax changes that we may see over the next couple of years. You're listening to the Haven Financial Radio Show. Don't go too far. We're gathering more important insights and retirement. Please go the Haven Financial Group Radio Show. We'll be right back. Stick around. You've got quiet, We've got answers. Your tune to the Haven Financial Group Radio Show with
your host Larry Kolvig and Kim Karrigan. Now back to the show. Welcome back to the Haven Financial Group Radio Show. I'm Larry Kolvig, Founder and CEO of the Haven Financial Group. Thanks for listening. Give us a call at six one two five zero four eight four zero zero, or visit us online at Havenfinancialgroup dot com to see the upcoming classes we have. Send us an email with questions. Our job description is to answer your questions and again,
thanks for listening. Yeah, we're so glad everybody's with us. Hope they're having a great holiday weekend if they're celebrating Easter this morning. We've been talking a lot about avoiding the hazards that come along as you're planning your retirement. Some of those hazards that are you know, for example, some unexpected text bills that we've talked about, and a number of other different things, including protecting yourself when you're an empty nester. We wanted to just sort of
drill down a little bit more on these issues related to taxes. Larry number one, I know you guys do a lot of education when it comes to taxes. Because this is such an important keyece in this retirement Puzzle, I'll talk to us a little bit about some of those educational opportunities that people listening
could take part in. Yeah, we do lots of educational classes. One of the classes we teach at some of the colleges and some of the libraries, community education centers, and it's all on our site social Security, maximization and taxation. This past week we had we don't do very many dinner workshops anymore, but we had two full of events at the Jensen's Supper Club.
That one we cover everything with a wide brush. Like all the retirement puzzle pieces, we talk about investments and r and ds and lances, a piece on taxes, and we have Glenn there to talk a little bit on medicare and healthcare and long term care. And we have carry our state planning attorney that touches a little bit on a state planning, so it's kind of a
wide brush of all the topics. Very well received. We have an upcoming Medicare Made Simple class at Dakota County Technical College, so we know all of these things, All of these retirement topics are important. There should be coordination with these retirement topics. They don't have to be all under the same roof, but they should work together. So often they're working in opposite directions and you've got some of the puzzle pieces, but you get to the end and
you're missing a couple and then go now what. So again, we believe the education is the potential for power. It's what you do with it, obviously that matters. But it's our approach, and you know what people are hungry to learn because how many how many classes do you remember growing up that taught you how to make all the perfect retirement decisions. Most of the people
say, I don't remember those classes. So we help remind you of all those classes and get you caught up on all the things that have changed. Sure. Absolutely, yeah, I do love this concept of everything being under one roof, not that you necessarily have to take advantage of that, but it is there at Haven Financial, should you want to do it that way? And when we say that we mean experts on medicare. We have experts
on taxes, estate planning, so on and so forth. I think that probably bodes well, doesn't it. When you see the clients come in, they have to be very pleased with that idea. It's the absolute number one compliment that I and we can get. Ultimately, nine and a half years ago, when I started the company, it was the goal, it was the objective. It took some time having the right chemistry like minded people. It's difficult, especially today, but we've really done a good job with it.
You know, our staff is all very caring. There's no you know when people well, I'm afraid to come in because I might get sold something that is not going to happen. We're there to help if somebody wants some help. And you know, we're talking today a lot about taxes, and you know, taxes goes together with income, goes together with distribution and investments and you know, in retirement, I consider retirement for those that have football.
You know, inside the twenty yard line is the red zone. Well, offense, Offense is extremely important and you play an offense in the earlier years as you're building to retirement, but then you get in the red zone. And what's the old saying, Defense wins championships. You know, every week I say, stress test your portfolio. Make sure you're in the proper positions so you're not exposed to too much risk to your liking. The market goes down and all of a sudden, now you're panicked. You can weather
the storm. You're not ready to jump off a cliff. And again, punching it in is important. But defense, you know, making sure that maybe you might be willing to take some risk. But the couple I had in last week from Apple Valley made it very clear that they weren't willing to take much risk. They didn't need to take any risk, but they were able to take some risk and what they were doing and they go, we
had a good feeling we were not in the right spot. Well, they were doing the polar opposite of what they explained to me what they wanted. And they're like, our guy, our gal isn't listening. Well, we need to listen more and talk less and give people the comfort to know that it's not falling on deaf ears that they're working for us. You know, we work for our clients. That's what we do. And if we're not doing a good job, it's like any other job. Absolutely. You know
what. I love, Larry that you say all the time, and I think it's just so important. This is not a one once a year you know kind of situation. We'll see you as frequently as we need to see you. You check, I know, you check in with your clients. You take their calls if they call and they just have a question, something comes up. And there are so many advisors out there who say, wow, mister and missus Smith, it's great to see you today, and on
your way out, get that appointment for a year from now. Yeah, I mean there's no quotas how many times, you know, we want we want to respect people's time, and most people want to respect our time. But there's no quota, right, you know, we want to give people the attention. You know, I try to every week. I think about a handful of people I call this week this is the week they're going to retire. And I call them and say, hey, Brett, I think
this is your last week of before you retire. You didn't forget you actually remember, and I'm like, yes, I did remember, and they're like, uh, I didn't fall on deaf here. So you know, most of our clients want you know, calmer waters, yeah, you know, not white caps. Sure. Sure. And when people hear this, you know, I was going to mention the last segment whether you have a lot or a little big family, little family somewhere in BETWD, it doesn't matter.
It's still your situation. It's what you worked hard for. You know. Sometimes people get you know, embarrassed. There's no readers to be embarrassed, you know. You know in our industry there's always those that are out there trying to catch the big fish. Well what about the littler fish? What about the debit and all of it? It's so important. So don't think that I don't have enough. Whether your situation is simple or it's complicated
or not, in anything in between. You just deserve to have some time spent with you and the attention. You deserve it. You absolutely do. I want to back up for just a second here again, Larry, I'm constantly backing up, but you say things and it clicks in my mind, and certainly don't want to interrupt you. But I want to back up because earlier in the show you talked about the fact that we're going to see some
changes in tax codes. So as we're approaching April fifteenth and taxes are on people's minds, maybe you could update everyone on some of these changes and when those changes are going to occur, so people can start talking to their accountants as they go in over the next two and a half weeks or start preparing over the next year and a half. Yeah, we're getting to the tail end of the tax season and unless you're doing extensions or whatever that and then
corporate timelines are a little bit different. But you know, tax preparation should be the exclamation point of all the tax planning you did the previous year. That said, the tax deadline coming up. Make sure you're getting to contributions in on time. Please try not to wait till the last day like a lot of people do. Contributions are this tax deadline, conversions deadlines, or the end of the year. So every fourth quarter we're sitting down with everybody.
We talked to our clients, new people coming in and Okay, what's your income look like for the given year. Do we have any wiggle room. That way we can get it done prior to the end of the year and not miss opportunities. The tax code has been very low for the last several years. It's been great opportunity. And when at sunsets the end up twenty twenty five, it's going to revert back to what it was before, which the brackets are going to go higher, and if there's not any additional
change, they could actually even go higher than that. We'll see. Just understand the deadlines, the amounts you can put in. Don't miss the conversion opportunity. Maybe you know your in your liquid assets are getting a little low. We you know, we like to see people have good liquidity and instead of a conversion, maybe it's time to you know, stock up your savings account a little bit, sure, because there's always things that happen, and
just understand your situation. Where do you draw from does matter whether it's pre tax money roth IRA, which is typically the last thing we touch, but again it's different for different people. We call that the distribution income tax plan, which you never had to deal with until you're retired and now you generate in come and where does it come from? In the most taxi fishing way possible. So just know the deadlines in the amounts and have somebody hold your
hand. Absolutely, So, I think you've said a lot of really important things, but just keeping in mind that these deadlines are coming up. The sunsetting tax bracket and tax cut situation. What is it exactly that's going to sundset? Say that again for the actual tax the tax brackets, yes, the brackets right, that sunsets at the end of twenty five, so we're not so far away, right. So these are all things that if you
have questioned about it, then you're going to want to see someone. And I would highly suggest that you go right into Haven Financial Group and you see them. Six one two five zero four eight four zero zero. That's six one two five zero four eight four zero zero is the number you can set up a consultation with Larry or a member of his team. Evenfinancialgroup dot com that is where you go for those educational set in ours and be sure you
sign up. We have talked about so many things today, all of which has been incredibly informative. Yes, Kim, a lot to talk about. Tie it all, tie it all together, all your retirement puzzle pieces, you know, when we talk about the plan and we sit down, there is no cost, there's no strings attached. I make a joke that you know this isn't a timeshare sales meeting, it's we listen. Is there anything we can do to help you? Sometimes it takes a good partner to help.
Again, no cost, no obligation, and you might be surprised when you find out. I just thank you so much for all the listeners listening, and I hope everybody has a blessed Easter Sunday, including you. Thank you, Larry, thanks for listening to the Haven Financial Group radio show. Give us a call at six one two five zero four eight four zero zero or online at Haanfinancialgroup dot com. We'll see you next Sunday morning. Investment
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