Haven Financial Group Radio - 5/7/23

This is the Haven Financial Group radio show. Each week we get together to talk about life, living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance and help you realize that planning

for retirement can be simple and easy. Have a question for the team connect now at Haven Financial Group dot com, or we have team members waiting to talk with you off the air at six one two four four one two four four one. Yeah, we do, folks always standing by to talk with you when you want to call up about your retirement and make sure that the plan you have in place is doing everything it can possibly do for you. That's why we get together every week to talk about that stuff with my friend

Larry Calvig, Founder and CEO of the Haven Financial Group. Good morning, Larry, how are you sir? Happy Sunday. Good to be here. Always always a pleasure to spend my morning with you. I got my coffee still still hot and fresh, and we're good to go. So a lot of stuff to talk about today, and the first story is just kind of blew my mind. Didn't see it coming but we'll talk about that in a

minute. Also, the feed is opening up about the SVB failure and the blame is going to go to Well, you gotta listen to find out new cars actually selling below MSRP right now that hasn't happened in a while. And also how to get retirement help when you don't know what to ask. All that good stuff coming up here on the show today. But I'm gonna start out with a with a little riddle, Larry, how do you know you have too much money? How do you know, Bill, when you can

afford to buy a smaller yacht to follow your bigger yacht around. This is Elon Musk. Yeah, check this out. Elon Musk owns a huge yacht cost him about a half a billion. Now he's got a little one and it's just a measly seventy five million. He bought the smaller one to solve a problem only billionaires could have, Right, the super yacht doesn't have a place for his helicopter to land, so the smaller one does. So now

he's got you know, thank goodness, he's got that figured out. Rich people problems, Yeah, which I just wanted to mention that story as I rolled into the first one here because I saw this and did you know this was coming? Larry? I know, I know, you know I'm gonna say, did you did you know this was coming? I hadn't heard about this, No, me neither. I'm just kind of curious on your take

on this. I thought it was clickbait, to be honest with you, but I clicked through and it followed it in a couple of different places and it turned out to be true. But there's a new ruling place started on May first, for homebuyers who financed through government agencies Fannie May and Freddie Mack. The bet at your credit score, the higher your mortgage fees could be. And I want you to explain why, Larry, I don't know that I could do it. Well. I'm gonna have a difficult time because I

have a difficult time with this, this new rule altogether. But yeah, you know, to put in perspective, you know, the new federal will could certainly increase monthly mortgage payments. Those that have good credit could easily pay sixty dollars a month more, while the risky borrows will pay less. So in essence, what you have is uh and to get more low income Americans

you know, into homeownership, which is great. However, it's essentially being subsidized by borrowers who have you know, better credit scores, who have been disciplined, they can come up with a down payment payment in my opinion, and unfairly penalizes Americans for those that have done this um and those that have not had good credit or have not taken care of debt or maybe been irresponsible, call it whatever you want. Uh, they're going to get the better

end of the deal. And you know, I just don't see how this in my opinion. You know, the way they expand you know the housing market is to you know, reward isn't isn't to reward bad credit. It's to you know, bring down inflation, which you and I talk about every week, and reduce property taxes which seem to go up every single year, cut energy costs, and invested in capital infrastructure. You know, this is really an essence going to be a middle class tax hike. And we've seen

this before. Yeah, and you said it exactly right. I mean, so if you have a credit score above a certain number, now you're not not if you have an existing mortgage from what I understand. But moving forward, going to get it buy a new house, and when you get a mortgage, now, if your credit score is is good, you're going to pay an extra one percent that's going to be banked somewhere for people whose credit

score isn't as good. And you know, it's really funny. It takes me back to when I was a kid, you know, because back in my day, Larry, and I'm an old man now, man, but I remember my father, my father telling me in the seventies when we finally

we finally bought a house. I grew up in an apartment for for a long time and we finally bought a house, and I'm sure the interest rate was somewhere in the mid teens, right, sure, Yeah, But you know, he always told me that owning a home was a privilege, not a right, and having a place to live is a decency right of any human being. Yes, I correct, do not argue with that, but he said homeownership was a privilege, and he instilled that in me, and

he explained to me how it worked. And you know, I worked hard and I was able to buy a couple of houses over the years. But this just seems like, yeah, I didn't know what to make of it. Man, I'm not sure. I don't want to say anything wrong because well I just didn't see it coming. I mean, how long has this been in discussions or well it's been having the discussion. Was this in one of those packages? It was too much to read? That got slipped by

I have to read those, you have to read that. Yeah, but I just thought man, that you know, el almost is buying two yachts, and now if you have good credit, apparently you're going to help somebody else buy a house too when you go to buy a new one. But it's just my opinion, the wrong approach to take to try to fix this problem. Yeah, I agree with you. I agree with you. All right. Well, moving on, the Federal Reserve has pulled back the curtain

on how Silicon Valley Bank was supervised before and after it collapsed. Speaking of things not being managed, well, the agency's bank supervision chief puts part of the blame on foot by the Fed. So here we go, right, of course, is your fault? No, it was your fault. Yeah. He's calling for changes that would better align capital with risk. There is this it's a family show. So I'll put it this way. Is this

a cy A moment? Oh? I think it certainly is because they pretty much have to um, you know, unlike prior implosions in which banks suffered from deterring loan quality. You know, this was an interest rate shock in their bond portfolio. That this was a lot to do with unsecured unsecured accounts,

and quite frankly, somebody has to take some of the blame. And you know, there was very poor supervision, and you know there's got to be They're they're looking for more capital requirements that are best aligned with the financial positions that these banks are in. And you know, I'm about some oversight, but not you know, major bureaucracy. You know what we can learn from this on an individual or a family basis is, make sure you understand

what you're doing. Are your bank account FDIC insured, which you deposits are insured to at least up to two hundred and fifty thousand per depositor per FDIC insured bank per ownership category. Make sure they are, I mean, don't fall into that rut. And sometimes people overlook this. And if you're with credit unions, the FDIC equivalent is the NCUA, which is the same type

of insurance. So as we work with folks planning for retirement, we're responsible for the awareness and understanding understanding market risk, basically all the risks of retirement. And there's lots of risks out there, and you know, we don't want to put fear and anxiety to people, but just having a good understanding of you know, secrets of return, inflationary risk, longevity risk, and

how does that affect you in your retirement. That's our job description. You know, we could put we could listen and panic with the news every day. Just be accountable for your own actions and you know, how much do you have liquid, make sure it's you know, insured, how much do you have in the style market? How much risk are you taking? And then that middle category, do you have something that's in a fixed investment category

where you can't lose? Principle, we're all about a good balance because the element of time becomes that much more important. Absolutely, And it's so funny that you say, you know, be accountable. It seems like nobody wants to do that anymore. Oh I know what personal Yeah, So then reward them as their previous topic for not being accountable. It just seems backwards.

Yeah, I mean, I can't believe that there's somebody calling for more federal oversight on something in the business that they're in, rather than just saying, you know what, we have to do a better job of policing ourselves. Right, Yeah, but that just seems to be the trend where we are right now, Larry. Personal accountability doesn't seem to exist in many places anymore. So, just a lot of excuses though. Yeah, Yeah, there's no doubt about it. Now. I have those when my wife asked me

to do stuff around here. But that's a different thing. That's just me, Bill, That doesn't affect anybody but two of us. So we're good. We're good there. So you know, here's the thing Larry is talking about having that plan and making sure that you understand what your plan is doing for you. Well, that's what that complimentary retirement readiness review can do for

you. When you call the folks at have in financial group, right, they're going to sit down with you and they are going to go over your plan with you and see if it really is a good plan. Some of us think we have a good plan, and then we get people who know better than we do in the mix and realize that maybe we don't. So here's the deal. I want you to call Larry and his team set up your complimentary retirement readiness review by calling six one two four four one two four

four one six one two four four one twenty four forty one. We've got folks standing by right now to talk with you off the air. It doesn't have to be a long call. Just get on the calendar. Then when you go in and you sit down and you talk with Larry, that's when you start discovering all kinds of stuff. Right. Absolutely, we're gonna answer the phone. There's no cost, there's no obligation. Like you said, it's a retirement readiness review, and that can mean different thing to different people.

But talking about all those retirement puzzle pieces as we talk about on this show, relative to your situation, small meeting or large, Okay, it is your situation, take ownership of it and we'll help you do that. So again, the number is six to one two four four one twenty forty one. That's the Haven Financial Group. You can find out more about him as well online at Haven Financial Group dot com. And not to mention the fact you're going to get a great cup of coffee and some dolistic enokies.

Yeah, they've got some of the best coffee in the city, folks. And it's not like you can just show up and ask for coffee. You've got to go in and have a meeting. It's not a coffee shop. But get out there and do what you can to get yourself in there as soon as possible. Six one two, four four one, twenty forty one. All right, we gotta take a quick break. But coming up. Consumer confidence maybe shaky, but are we going to let that stop us?

That's the question. We've talked about that before. Right, it seems like things are going along as normal, even though it's not something we haven't seen for a while on new car lots. And if you're turning seventy two this year, we've got a tip for you stick around for that. This is the Haven Financial Group Radio show on Twin Cities News Talk eleven thirty and one

h three point five FM. Get a Shiva in the Dark, gets rained in the pod of Mean Time, stopping your whole everything abendess Bill in Dixie s invest a little time to be sure your investments are working for you. Reach out to the Haven Financial Group now for your compliment or e no obligation retirement readiness review. Our team is standing by now to take your call at

six one two four four one two four four one. That's six one two four four one two four four one on Twin Cities News Talk eleven thirty and one oh three point five FM. Oh Baby, when You Talk. Welcome back to the Haven Financial Group Radio show with Haven Financial Groups Founder and CEO Larry Calvig. I am bill seller. That is Shakira Hips don't lie, you know. I'm playing that today because with all the bad news we get all the time, I thought this was a really nice story. Shakira has

just been chosen Billboards twenty twenty three Woman of the Year. She's she's from Columbia and does some tremendous things. I mean, aside from selling ninety five million records worldwide. She's done okay there too, but she has she has raised more than forty million dollars to build schools in Columbia, UM and does a lot of work down there to help folks that are in poverty and to try to make themselves a little bit better. So I thought that was just

like a nice heartwarming story on the daylight today. So yeah, especially with all the greediness and society that she's giving back. You know that's our system too, So good for her. Absolutely, absolutely. She joins folks like Taylor Swift, Adele Rihanna on that list of Women of the Year by Billboards, so big names. Yes, yes, there's a little bit of money right there. There's a there's a couple of clients you need to land, my friend, oh Man. So economists judge consumer confidence. I found this

out on how we feel about current and future economic conditions. Now that includes what we are buying and hope to buy. But you know, sometimes the results are not entirely clear. As our financial reporter Drew Nelson tells us, consumer confidence is that a nine month low as Americans worry that a recession is around the corner. The number of US planning to buy a new household appliances down to the lowest level since twenty eleven. Also, fewer people say they're

planning to buy a home or go on vacation. But at the same time, some are saying last month's numbers are to be taken with a grain of salt. When it comes to vacations. For example, a Wells Fargo analyst told KSL that airline advanced ticket sales are brisk and the wait time for passport applications is that a record high? I'm Drew Nelson. Yeah, so consumer confidence seems kind of difficult to measureary, right, I mean, some things are being paid for and some things aren't. Yeah, I mean there's a

lot of variables, you know, consumer confidence. Who are who are you pulling, what demographics, what location in the country. You know, statistics can be very skewed, so it is very difficult. But you know, here's how we help people get consumer confidence for those that we sit down with as it relates to retirement confidence, and that's having the discussions, the detailed discussions, walking them through there our proprietary process, which starts with signing up

for the retirement Readiness Review. And at that point we'll listen, We'll you know, talk through the needs of people, you know, in our discovery, the needs and the wants, you know, what's important you what goals do you have, what are your objectives aspirations, And we'll take a lot of notes and we're going to listen and then they'll take it to the developing a strategy and doing projections based upon all these things that we talk about,

and that includes investments and we'll project that out, you know, thirty thirty five years, you know, based upon historical data. And you know it's really then talking about the money, but also the other retirement confidence as it

relates to a state planning. You know, Carries are a state planning attorney and you know, I think of Ed and Jan from Lakeville that we're in just last week and they finalized their first and ever a state planning documents with a revocable trust and all the ancillary documents that we went with it, and they had smile on their face. We finally got something done our beneficiaries and won't have to deal with all the hassles if something happens. And that's about

peace of mind. And you know Glenn handles all our medicare and insurance. You know, people can get overwhelmed when it comes to healthcare and vironment. Well we really simplify that. Or maybe you have a loved one that's been in a nursing home and you've had to take care of them and that costs a lot of money and could create a lot of stress. You know, maybe that's something you haven't looked at for yourself even And then of course we

just can't finish up tax season and that can be stressful. The tax code doesn't always make sense, you know. And I think of Bob and Alice that we're in at the end of tax season. They go, we finally understand somebody finally took the time lance our CPA, finally took the time to explain it where we can understand it. When people understand something and people take the time to explain things as much as we need to, that develops confidence

that all this will bring retirement. Confidence and you know what, that'll make people feel a lot better and sleep a lot better. Yeah, you know you mentioned it earlier, right exactly. Peace of mind, right, peace of mind and retirement is that's what we all hope for, right, because so many things are attacking the money that we put away and all that, and you know, new things pop up all the time. I mean,

we're saying inflation like we never have. It was so funny. I happened to just find an old episode the other day of WKRP in Cincinnati, and I did you know which was on the air from I think like what nineteen seventy eight to eighty one or something like that, but it was it was in that time when we were going through this exact same thing, and it was so funny because somebody on there said, gosh, with inflation today and the price of everything, who can afford to do anything? I'm like,

well, that could have been a current show. Sure it could have, you know, so it's just nuts that. You know, you work hard and you do the right things, and sometimes you can't help what affects your money, but you can't be better prepared for it. You can be better prepared, you know. Life's calendar certainly doesn't always cooperate with our calendar. And that's why you want to be proactive, not reactive, because a lot of these things, although they're not fun, if you need something you don't

have it, it's probably too late. So again, proactive not reactive. Basically get a find for yourself absolutely, and being proactive means getting that complimentary retirement rating, this review, getting your retirement plan checked out right. I mean you go for a physical every year. We want to give your retirement plan a physical, right, a little checkup, make sure that things are

in the right places and working the way that they should. Just just like with your body, call Haven Financial Group today to get on their calendar at six one two four four one two four four one six one two four four one twenty four forty one is the number. Again. Somebody's standing by right now to talk with you, just to set the appointment. If you want to talk for a while, they'll be happy too. It doesn't have to be a long conversation. But six one two four four one two four four

one for your complimentary retirement rating this review. So something else is a little weird to see right now with everything else that's happening, we've reached a milestone, Larry. In March, the average transaction price for a new vehicle actually

fell below the MSRP for the first time in almost two years. Yeah, Kelly Bluebook says that the prices are still higher year over year, But do you think this means that maybe we're back to being able to haggle a little bit and hopefully, you know, knock a few dollars off here and there. Well maybe, I mean, for the last two years, my goodness, used car prices were over the top. I mean, they would buy back your used cars. They wanted them. There was very few new cars

in the parking lot. So maybe things are getting a little back to normal on the car front. And you know, I remember looking because we had a couple of daughters that were needed some used cars, and wow, the prices were astronomical and we can only hope that we're getting back to some normalcy. You know. On the note of vehicles, you know, there's certain

strategies one can use as far as buying a new car. You know, it is the best time at the end of the month, or probably the best time is at the end of the year when newer cars or models are coming out. Then there's the tax side of it too, and I'm not going to dive into the tax ramifications of you know, maybe purchasing a big ticket item like a vehicle or something like that. But you know, oftentimes the tax code doesn't make sense and there's certain yeah I believe it or not,

believe it or not, and there's loopholes in there. Now that's why I encourage working with somebody that is a CPA that has has the knowledge and is you know, keeps up today with continuing education every year. As the tax code changes. Be careful if you're just going to a tax preparer, maybe if they don't know all the ins and outs. But you know, I think of this, there's this six thousand pound vehicle that has some special IRS depreciation tax benefits, and you know, you got to know the fine

print. And you don't just do something because you read something once and it makes sense because there is the fine print. But that's where tax forward thinking, tax planning. We're major advocates of it. You know, allance is

our CPA. Your CPA should be talking to your investment people, and your retirement people and your insurance people, you know what to see if there's anything you can be doing or purchasing in a timely manner, you know, or doing something like roth conversions in the fourth quarter, you know, to avoid unforced errors or decisions that could have benefited you in the long run from taxes

or maybe something else. So we talk about the coordination of all these puzzle pieces in retirement, and people do this over here and here and here and here, and nothing's talking to each other and you might be missing an opportunity.

You know. With that said, it doesn't have to be under the same roof but I can tell you one of the biggest compliments we get is we have the multiple personalities and specialties in house where people can bounce things and ideas off of them, and we can coordinate all of these different things. So again, just cover your bases, making sure you're doing everything possible and you're getting the education and the added value for those that you're paying money to.

Yeah, I mean, come on, that's why malls were so popular, right because everything was in one place, right, right. It just makes it a lot more easy and convenient. But that's up for you to decide once you set that appointment. Again, the number to call Larry and his team is six one two four one two four four one six one two four four one twenty four forty one. It's the Haven Financial Group dot com. Online you can find out more about Larry and his team. The info

about them is right there. So get yourself set up. I mean, why not a second opinion on things never ever hurts, And the way you do that is by getting into the office and talking to Larry and his team. Coming up here, We're gonna take a quick break and then explain why it matters. If you're turning seventy two this year, and we're just getting to get this next topic just out in the open. It's coming up. All that is going to be right out there for you. What is it?

Well, you're gonna to stick around to find out. This is the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one h three point five f f YEP A small town Welcome back to the Haven Financial Group Radio Show. I am Bill Seller with Haven Financial Groups Founder and CEO Larry Calvig. And you know, we started the show by talking about Elon Musk right, and how he had to buy a smaller yacht for his bigger

yacht because there wasn't enough room. He goes on and on, and apparently birthday parties are getting to be that way in Los Angeles. Some of these things are just costing way too much money. Larry, It's it's crazy. I mean, there's a party planner out there who has checked this out. Now, a consulting fee of three hundred and fifty dollars just to plan a

child's birthday, sure right, and the packages themselves. So the party started about fourteen thousand dollars for a kid's birthday you know, what are we doing? What are we doing? Larry? I mean, and they've all got to have some kind of theme or another and it shouldn't look I'm sorry, what can I think? It's great what the older generation must think about. I think what things? How things have gone? Oh? I know, And then the folks that are doing this look at us and go, what

do you don't be so snotty? Is this my kid? And you know what six year olds they're they're gonna barely remember the party exactly. Thing. That's what you don't know when you're trying to impress the neighbors with what you're doing. So h man, Anyway, I was going to tell you more about that, but I can't. I just can't. All right, So

let's get into other news. With the passage of Secure two point oh changes to retirement savings are going to be implemented, oh gosh for the next several of years, right, and this year the focus is on r mds. So Larry, with those changes, what do we need to know about our r mds? Well, first of all, require minimum distributions. You know

a lot of generations have put a lot of pre tax dollars away. And then life happens, and then we get to the RMD age, which just a couple of years ago was seventy and a half and then it just went last year to seventy two. This year at the beginning of the year it went to seventy three, and we'll be phasing out to seventy five by two thirty three, ten years from now. So what that means is based upon the total amount of pre tax dollars individually one has times with a divisor,

based on life expectancy, there's a certain amount. It starts at about four percent roughly that will have to be taken out. Yes, believe it or not, we're in business with Uncle Sam because they own a good chunk of our four one k's or IRA's. It's just the way it is. So you have to take a certain amount out. Incrementally goes up every single year. And the reality is if you don't take it out on time, which by the way, the first deadline is April first of the next year,

and then every year after it's December thirty first. Now, only one time in all the years I've been doing this, I had one person wait till lap for fools Day because that year, then you would have to take two rmds, which just increases your income even more. So you'll take it out because if you don't, because over the years I've had people say, well, I don't want to take it out. Well, the penalty used to be fifty percent if you didn't take it out presently, Now with the new

rule this year, it's twenty five percent penalty. If you ask for forgiveness and fix the problem in a decent amount of time, they'll lower that penalty to ten percent. Point is take it out, invest it, take your spouse on a vacation, do whatever you want. It's your money now it's been taxed, So make sure you understand those timing deadlines. Why do you need to do it. Federal government has been patient all these years. You need to take it out. That's why we like roth conversions early on to

minimize or reduce this. Byron and Jam just down the road from us, you know they have we're great savers here in Burnsville, and they both have RMD's in the same year and they got about sixty five seventy five in additional income, which only increases the taxes. So of course, if you read it there was more to the secure erict than the two point o than that just a couple Starting in this twenty twenty four next year, you won't have to take rmds on any raths or ROTH forwin case, which you used to

before. There's catch up contributions that will increase the year after twenty twenty five. Make sure you understand your plan and define benefit plans will also allowed an attachment of an emergency savings account. So again, all these are changes updates. This is what we help people. It's why we stay up to speed on all of these various things because you know, the layman isn't reading all

about this, nor would they necessarily understand it. And it comes back to why we think education for those that we're meeting with the first time and those that have been clients of ours for years, that education doesn't stop. That should That is our responsibility in our job description to help people avoid pitfalls of not knowing. People need to know to miss so they don't miss out on

certain things. Yeah, and again that's why you want to work with somebody like Larry and his team because they know this stuff a lot better than we do. Now, let me just ask you real quick and back up here on you said something that's starting next year, you don't have to take rmds from certain accounts. It used to be you had to take rmds from roth IRA, a ROTH for a one case okay, roth for o one KSE. That means an employer's sponsored plan. It's why you would roll the rath

for owen k when you retired into a roth. IRA. They just scrapped that all together in twenty twenty four. No rmds required on any roths. Of course any distributions weren't taxable anyways, but they just scrapped the rmd on the wrath. The rath for a one KSE, so not not big changes there. Rmds have to come out on pretext dollars, and just think of it this way, because people ask, well, how does the federal government

know how much IRA money I have? It's reported every December thirty First, Well, how do they figure out how much I have to take out? It's based on mortality tables. So you could say the federal government knows exactly how much IRA money you have, and they know exactly how long you're going to live. Makes you feel real good, doesn't it? Yeah, I mean, but I'm sorry to even ask that questions like they know what you're have in your wallet right now? Man, come on, who are we

kidding? Okay, so it's a it's a ROTH four oh one case, not the roth iras. Then we're talking about there no no rmds on any rots whatsoever. Yeah, there you go. Another reason why to have balances and roths. There you go, There you go. So uh. We started the show with talking about having to buy a new home now and what

that's going to look like if you have a good credit score. However, if you've already had a home and it's an investment, and you've paid off the mortgage and you're ready to retire, what are the options there, Larry, I mean, of course you could hold onto it, but there's other ways to put that in Well, you and I have talked before that we're in major advocates of paying off a mortgage if it's feasible and it's the right thing to do. Now. Not everybody has the wherewithal to do it,

but again there's good reasons why, because they has. Some of the happiest people in retirement don't have a mortgage, and it's a lot of people's goals to get the mortgage paid off before they retire. And you know, I applaud that. Again different circumstances, and a lot of people are looked at downsize, you know, to do away with those steps, you know, they can't get up and down them anymore, or you know, just have

the one level living if you will. And you know, the important thing to understand is, you know, the real estate market is like the stock market. It goes up and it goes down. It goes up and it goes down. Where are you in an element of time when it does these ups and downs? And you know, you got to live somewhere. So we've we factor in you gotta into your portfolio. You got to live somewhere. Or if you sell some of this, you know, then what do

you do with it? You know? I think I just actually this last week I have Gary and Ruth from Jordan. They call them. They go, Larry, what do we do? We sold some farmland in southwest Minnesota. You know, we're not major risk takers. Could we go over the different options? We're scheduled to do that. So again, you know, be careful for some of the I don't want to say I shouldn't say gimmicks, but you see a lot of advertising, you know, on reverse mortgages.

Yea, I call that a last ditch effort. If you have to do it, then do it. But just keep in mind that, you know, Tom Selleck is a paid spokesman on TV. Now. I like his shows just as much as anybody else, but again, it's a paid spokesman. I've seen people over the years have a reverse mortgage with plenty of retirement assets, and I'm like, well, why do you have a reverse mortgage you have plenty of other assets. Well, well, my son told me it was a good idea. Well I could tell you it was not

a good idea. They can be costly, that's all I'll say, but again, minimizing expenses. It's a comedy nominator or folks we sit down with that have been successful planning for retirement. You know what, no haul your position from a balanced, efficient, diversified portfolio, stress tested, minimize stress. It's the easiest way to go about things in retirement. And the way you do that is to call Larry and his team. I can't say it enough. Six one two four four one two four one is their number.

We've got to take another quick break here, but when we come back, we're going to tell you how to know what you don't know, and what to tell, who to tell it too, and when to tell it. That's on the way next here on the Haven Financial Group Radio Show on Twin Cities new Stalk eleven thirty and one h three point five FM. This is the Haven Financial Group Radio Show with Haven Financial Group's founder and CEO, Larry colavegu I am Bill Seller and of course Whitney Houston. I will always love

you. You know that song. Here's a little trivia for you, Larry. You know Dolly wrote that song, right, Oh, Dolly Parton wrote that song. Matter of fact, she wrote that song and Jolene in the same day, uh something. Hell yeah, it's a good day for her. But apparently Elvis wanted to record that song. And I just read this

story the other day and I thought it was a very cool story. The thing is, though, Colonel Tom Parker told Dolly that anytime Elvis covers somebody's record, he then will receive from that moment on fifty percent of all the profits. And she thought about it, and I mean, you know, I've always known Dolly was a smart lady. Yes, and she said, she said she stayed up and cried and cried and cried and just had to tell him no, that she was turning Elvis down. People were saying,

you're crazy. It's Elvis. He wants to do your song. She's like, just something in my gut tells me no. Thank you. Good for her. Then when Whitney redid it for the Bodyguard movie, yeah, she said she she made enough money off of that version to buy Graceland if she wanted to. But yeah, she just had a chance to sell that to Elvis or let him use it, and she turned him down because he was going to take too much money. Wow. So you know he's a business

leel she is. She you know, she's one of those folks. She is very sweet. I did, very fortunately in my career have the chance to meet her once, many many years ago. Sweet lady and all that. And I mean nothing by this other than the fact that don't let that facade fool you at the at the boardroom table right right. She he knows what's going on. But I thought that was interesting. Yeah, very man. So the results of a new Prudential one pole retirement survey can basically be

summed up in one word, and that is help. Almost a third of those surveys say they don't really know how to plan for retirement. Two don't have life insurance, eleven percent don't know what it is. And if someone listening right now is saying, hey, that's me, what do you want them to know about that? Larry Well, get educated first. I mean, that's just shocking. What did you say? A third of those don't

really know how to plan for retirement? Right A good reason why we're doing this show because we do see on a regular basis, people go, where do we start? What do we do? I don't even know what questions ask? And it starts with questions. And here's what I can tell you. Start somewhere to get somewhere, and don't feel bad about your circumstances. You can always reverse it and get somewhere. And here's what we do at Haven. Like we do with everybody, We're going to walk people through the

same proprietary process we do with everybody, no exceptions. I have you have a lot, or you have a little, no matter what, We're going to take you through that and discuss retirement. You know, not just wealth management because people think retirement, they just think money. Now, money is part of that discussion. Don't get me wrong. We're going to talk you through investments. You know, you know, but know what you're getting when

you're whoever you're working with, What are you getting? What value are you getting? Is it just like we talk about a one hour meeting once a year because that's not enough for retirement. Are you discussing other things other than just the pie chart with stocks, bonds and mutual funds? You know? Are you talking about you know you said life insurance. Do you need life

insurance? Well, forty two percent don't have life insurance. I always say if you need something, get something, but don't waste your money on something you don't need. And the reality is, and you might not need life insurance, or it might be a means for legacy planning, or maybe you have unfortunately certain things that run in the family like Alzheimer's dementia, and you

know you're really you haven't looked at long term care. Well there's newer things out there with long term care and nursing home insurance that's called asset base or hybrid and different than your traditional long term care that people got scared away because of the costs. So it's really customizing a plan because it's not the same for everybody, and bringing full circle in all the retirement puzzle pieces you know of the estate planning. I think of John and Mary a couple of weeks

ago. They're from you, dying in they had no kids. It still takes an estate plan because they're very philanthropic and very charitable, and there's a way and there's the right means to get their hard earned assets to where they wanted to go. It just doesn't hop happen automatic. So again, who are you working with? What are you really getting? Are you getting the attention you should be getting? And are you what are you paying for it?

Many people are still paying too much. Well, and that's the funny thing to you said that before that you've asked people who have come to see you because they're dissatisfied with their current person. Yeah, and you'll ask, you know, hey, what are you so? What are you paying for all that? I don't know, we don't know the fees. They don't I'd say, you know, that's a really good question. I have no idea. Well, in the world that we live and you should know,

and you shouldn't be scared to ask. And if the response is kind of, you know, not real crystal clear, then ask another question because it's really cut and try what am I paying for? And what am I paying and what am I getting? It's really that easy. Don't be afraid. Yeah, and always be wary of the guy that answers a question with a question. That's wisdom right there. But I always thought that very early on

in my life. So here's the thing. If you want to get straight answers, if you want to get someone who can talk to you about your retirement plan, the questions that you have and the things that you need to know in retirement, that's why you want to set up that complimentary retirement readiness review with the good folks at the Haven Financial Group. The number again is

six to one two four four one two four four one. All these things that Larry's talking about, and he describes it perfectly when he says retirement puzzle, because there are all these different pieces that have to fit together in order for the whole thing to work. When you finally get into retirement and you are in what we love to call the golden years, right, I mean, is it actually a plan? Are you properly allocated? Is your risk

versus return making sense for where you are in life? Are you ready for the stuff that's you know, we're going through now, inflation and rising costs and medical care and everything that Larry has talked about. So that's what that complimentary retirement readiness review can do for you. Let them look over your plan, and if you don't have one, this is a great way to get one started as well. Six one two four four one two four one.

And you brought it up a second ago. You're talking about estate planning and all that, and you know a lot of folks we've talked about before in the show Larry just want to avoid it completely because it's such an uncomfortable topic.

Right, But the ones who will talk to you about it, I think sometimes have an easy your time talking to a stranger than they do with their kids about it, right, Well, yes, or the sense do the kids make it just as tough, because I know I push back on my parents for quite a while when they wanted to talk about as I don't want to think about. You're not being here. That's a normal, that's

human, I mean, that's the human nature part of it. And there's some kids that you really don't want to talk to about it because they might have ill intentions. You know, Kerry is our a state planning attorney, she's a state planning partner. There's no cost for an estate planning consultation. And if you're listening, you know, here's a statistic I just read eighty percent of Americans do not have a competent estate plan And here's one reason why

is human nature is putting things off. We're getting around to it, we're getting around to it, but then everyone get around to it. So if you were like a couple that was doing this the past week, Pat and Ebb from actually their cottage grove. They're both mid sixties, four kids, ten grandkids. Larry, we've never had a will in all these years. We've never had any documents whatever. If you have no documents and you're listening,

you know what really look at getting something? It starts with that consultation. If you have the old wills, you know a lot of people did it when the kids were young, and now forty years later, do you have the same thing. Well, they probably don't want to go live with their aunt and uncle at this stage considering their forty or fifty years old, so maybe it's outdated. You know, had one recently where they were recently

divorced and so any of their estate planning wasn't pertinent at that time. So that means different things for different people, because not all families are created equal. You know, even the best of families runs into issues. And that's why you have it is to really give peace of mind. And you here, you're certain documents. In that consultation you'll talk about, you know, durable powers of attorney, wills in general, revocable trusts, irrevocable trust,

cabin trusts, you know, land of ten thousand lakes here? Do you want to keep that cabin in the family. These are the things that you'll talk about in the consultation. What are your goals, what are your objectives? What are you afraid of? What are you worried about? You know, the joke is if you have three kids and you gave each a twenty dollar bill, but you missed one of them, how long do you think it'll take for the one to figure it out? You know that type of

thing. So you know, I encourage you because at the end of the day it comes to peace of mind. You worked hard for whatever you have. Protect it. Be proactive, not reactive, because by the time you need to use it, it's probably too late. Don't be part of the eighty five percent in this situation. Yeah, and it's tough because, I mean, what you're doing is you're kind of taking stock of your life,

right you are. And that can be a little sobering sometimes. But it gets back to one of the prevailing themes of our shows every week, is it when you do it and you get it done. And I believe you've even mentioned you've had people talk about this, it creates great peace of mind. Yeah, and it's not something you just put on the shelf and let it sit for the next twenty five years. Either you monitor it, you adjust it. You know. Just this last week, I had a couple

from Bloomington that still has their house in Bloomington. They moved out to Washington because he were for Costco and they have a two year plan they'll be moving, retiring and moving back. We've round the phone for an hour. We updated the plan. I said, here's the changes, here's what we're looking to do. You know, you just don't put them on the shelf. You have these conversations two three times a year at least, and that's how

you're going to get confident. We're looking to cultivate long term relationships, give peace of mind. When in doubt, ask questions. Our job description is to answer those because if you get your questions answered, you're gonna feel a lot better of where you're going. Absolutely, and those questions start to get answered when you make that appointment with Larry and his team by calling six one two four four one twenty four forty one one last time the phone number six

one two four four one two one. Well buddy, once again, the hour has flown by. I'm going to go look at my new inflatable raft. I need one to go behind my bigger raft, so because I want to be like Musk. But hey, we all got to start somewhere. You do have to start somewhere. We'll talk again next week, my friend.

Have a great week, and thank you for listening to the Haven Financial Group Radio show here on toy twin Cities, New Stock eleven thirty and one h three point five f F. We've been traveled in investment advisory services offered through Guardian Wealth Strategies LLC, Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involved risk, and, unless otherwise stated, are

not guaranteed. Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed you're in. Any comments regarding safe and secure investments and guaranteed income streams only refer to fixed insurance products. They do not refer in any way to securities our investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.