Haven Financial Group Radio - 6/2/24

You're listening to the new and improved Haven Financial Group Radio Show, where we bring you comprehensive weekly financial wisdom from the professionals. It's all about helping you solve retirement problems so you can make your nest egg last. Your tune to the Haven Financial Group Radio Show with your host Larry Kolvig and Kim Karrigan your guides to weekly retirement confidence. If you're interested in protecting and growing what you

have, let us be your financial safe haven. The phone lines are always open at six one two five oh four eighty four hundred. Now get your financial questions ready because the Haven Financial Group Radio Show starts now. Good morning, Welcome to the Haven Financial Group Radio Show. I'm Larry Calding, founder

and CEO of the Haven Financial Group. Thanks for listening this morning. Feel free to give us a call at six one two five zero four eight four zero zero or visit us online at Havenfinancialgroup dot com, where weekly we discuss crucial retirement and financial topics you know that can make the difference between surviving retirement and thriving through it. Kim, good to be with you again. Great to be with you, Larry, hope you had a great holiday weekend.

Last weekend. It seems like when we start the week on Tuesdays, I always feel a little discombobulated, how about you. Yeah, yeah, the fact I did many things that I usually do on Monday thinking it was Monday, but it was Tuesday, like going to the chiropractor. I only did not have the chiropractor there. So yeah, it's uh, yeah, it happens to be having every time. I don't know if you have this problem at your house, but invariably on weeks like this, we put the trash

out one day too early. It just never fails, righto. But we had a great weekend, good family time. All the girls were there and again good good family time. Super glad to hear it. And off we go to summer and I love the topic today. We're going to talk about what financial security really means and how you can go about achieving it. It seems to me, Larry, that when it comes to retirement, financial security is the number one issue. People want to feel secure because that allows them

to sleep at night and to enjoy their time. So that is the subject of today's show. We're going to talk about what it means to live financially secure, why regular income is so important to a secure future, how to replenish an emergency fund in retirement, and finally, the six mistakes people make after they retire. So a full show, lots of great topics. So let's get started, shall we with the whole idea of what it means to live financially secure. Let me ask you what do you see and what do

you talk to your clients about when you talk about financial security. Well, when we think of financial security or retirement planning, if you will, most people are thinking this stock market and inflation and interest rates and all the various other things that are regular discussions when it comes to retirement. But you know, the truth is that financial security is a corner store and really fulfilling your

life, the meaning of your life. Yes, money is important, it takes money to be successfully retired, but there's a lot more that goes into it, and you know, oftentimes people don't realize it until they get there. Sure, well, let's start with pursuing personal fulfillment. I think that's just what you're getting at there. You know, it's important to be financially

secure, but it's important to also just be psychologically secure. Oh for sure, I mean all those years you went to work, went to work, and now no more work, and it really provides it's a take a break from the daily grind and the ups and downs and getting up and getting home and five days a week or more for many of the baby boomers because that's just what they did. It gives us a chance to enrich our lives. Maybe lifestyle, maybe exercise, Maybe it's more reading, doing things according to

your values. Maybe it's donating your time and volunteering. I see a lot of that from clients of ours, and they enjoy it. Supporting loved ones. You know, as we get older, our loved ones and parents and grandparents they get older, and just the ability to take care of them or spend time with them. Just last week, I could they give two couples where their parents are elderly. They are also now retired and they have the privilege and the ability now to hang with mom or dad who are in homes.

Potentially they don't have a lot of visitors, and there's a lot of fulfillment with that, or maybe maybe put off getting a certain education and using your time that way. So again there's a lot to fulfillment. It's much more than money. Maybe it's charities that you're really really fond of. And it's why in almost all our meetings I ask people are you charitable? Not because I'm trying to prod it's just to see, well that maybe opens up

some tax ideas. And if somebody is charitable and they have a passion for a certain charity, I want to know that because I think that's important. And suring that your family's taken care of, and it's you know why, legacy and it's why Carrie aur a state planning attorney. She's busy, and because people need to have help. So a lot goes into retirement. It's much more than a pie chart that says I have stocks, but and mutual

funds and money. But of course it does take money to live a successful retirement, sure, absolutely, But I think these are the things that when we say financial security, I don't think these are the things that people are thinking about when they come to see you, but they're such an important component to having a successful retirement. But they do hinge frequently right on the idea that you have to be financially secure. Yeah, and that is important too.

I mean I mentioned a bunch of variety of things that carry out to fulfillment of retirement. But the long and short of it, people tend to have these misconceptions about you know, what does a successful retirement plan look like a financial plan. It doesn't have to be complicated. Sometimes people say, wow, it's going to have to be real. No, it doesn't have

to be complicated. There's really five different things that are part of a successful financial plan, and it's first of all, goal setting, what are your goals? And we have that discussion budgeting, not because it's fun, but it's important. Mitigating risk, which we talk about almost weekly, you know, stress testing the portfolio, and then also building well with an understanding the tax piece of retirement. So doesn't have to be complicated, but all those

are major steps or parts of the discussion. And then whether you do your financial plan yourself or work with somebody else, the sooner you can actually get started, whether you're young or older, the better it'll be. The power of compounding. So again there's a lot of misconceptions about what the successful financial plan looks like, but at the end of the day, get started as

soon as you possibly can. Sure, let's tell everybody how they can get hold of you at Haven Financial. You can reach Larry or a member of his team at six one two five zero four eight four zero zero at six one two five zero four eight four zero zero. You can also reach them

at their website, which is evenfinancialgroup dot com. Evenfinancialgroup dot com. So, Larry, when you have someone who comes in and sits down with you and starts to talk to you, you know, do you point out when they sit down and say, this is what I've got in my retirement fund, and this is what I've got in my pension, and this is so on and so forth. Do you point out these other issues that make you

what we're calling live financially secure. Oh, we most definitely do, because you know, people come in with their misconceptions and you know, well, financial retirement planning is only for the rich people, the top one percent, and that could be further from the truth. And if along those same lines, people come in they think, well, you know, my financial person

or advisor is going to judge me. Well, if your financial person is think, if you think they're going to judge you, you're probably not going to the right place because we should be doing no judging whatsoever. Circumstances are different for everybody. We're here to assist and help. People shouldn't feel bad about what they have or have not done. You can only control what you're

going to do going forward. And the idea that, oh, you know, I can manage my own and there's a lot of good dear yourselfers out there, but for a lot of retirees. And I take a couple that was in here a couple of weeks ago. He's a self manager and that's fine, but his wife made the comment, yeah, he spends most of retiring retirement doing that and not hanging out with the family. And I guess you should ask yourself, would you prefer to spend evenings and weekends or retirement

relaxing with your loved ones or rebalancing your four O one K? So you know, we talk through these things. And all financial retirement planning is expensive. It doesn't have to be. You know, you and I talk weekly, and I'm always one to point out people should know what they're paying. And yes, a lot of people do pay too much, but they don't know because they don't know what they're paying. But it does not have to be expensive whatsoever. And all financial retirement plans are not the same. It's

not one glove fits all. It's individual. It doesn't have to be complicated. But that's where if you have a partner that can hold your hand and walk you through all these different retirement areas, it doesn't have to be difficult. Our job is to make it easier. Sure, you know, Larry, As I look at some of the points that you've just talked about, it seems to me that some of these may fluctuate during the course of retirement. So how frequently would you meet with a client to maybe go through these

again and to make some changes and shift things. Yeah, that's good that you point that out because most people, lots of people are not getting the attention they should be getting. I always say, you know, we deal with all the retirement puzzle pieces at Haven Financier Group, either all a cart or all of the above, or some or whatever it takes, because they're

all the financial pieces. We think retirement is much more than a once or twice a year forty five minute meeting to an hour for all these different things. So there's no quota as to how many times we can sit down. What we don't want to be is the stereotype in the industry that says, wow, I've seen I haven't talked to Larry in years or Haven in years, yet we're still with them. If that's the case, you're not getting

enough attention. We're looking to cultivate a long term relationship where people feel com comfortable, comfortable, relaxed, and they have confidence that we're listening to what they're saying and we're going to offer our advice and help them in what area

that they want it. So, if that's what you're looking for in a partner when it comes to your retirement planning and living out your retirement dreams, then we're going to suggest that you call Haven Financial Group the number of six one two five zero four eight four zero zero set up a free consultation. You know, it's really important that you go in, You sit down with a member of the team, you talk to them, they talk to you, and everybody sort of figures out if it's the right fit. You can

also go through their website it's Hanfinancialgroup dot com. All right, when we come back, Larry, let's talk about why regular income is so important when it comes to being financially secure in your retirement. You're listening to the Haven Financial Group Radio Shop. Don't go too far. We're gathering more important insights and retirement pays gom The Haven Financial Group Radio Show will be right back. Stick around. You've got questions, We've got answers. Your tuned to the

Haven Financial Group Radio Show with your host Larry Kulvig 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. Give us a call at six one two five zero four eight four zero zero or visit us online at Havenfinancialgroup dot com. Weekly. We're talking about all these retirement

topics today, Kim. Income, income and income. Yeah. You know, people think in their earning years that they've amassed these big lump sums of money and then they're just not sure how number one you invest that, or what you do with it during retirement, or how you begin to distribute it. So income, income, income is exactly what we're talking about, but we're talking about it in that retirement phase and how this helps to make you

enjoy a fulfilled life after you've stopped working. So let's start by discussing some of the guidelines here. Yeah, for all those as years people work, they've been putting money away. And I've said it before, the number one question that I ask oftentimes is what's the hardest part about retiring? And it's not getting a paycheck anymore because you're used to it for all those years. So now how do you create your own paycheck? Because it really is about

income, it's about mailbox money. Are you blessed unfortunate to have a pension? Many we sit down with are fortunate enough to have them, but going forward, there's a very small percentage compared to what it used to be. So do you have a pension? We're going to talk about that. Social security We do those classes because that eventually, even though people are fearful they take it away from us, I'm still optimistic they won't because it's been a

political roller coaster for years. So that's an income stream. So then where's the rest of your income going to come from. Do you want guaranteed income or do you want your income to be variable? Because let's face it, income helps you sustain a lifestyle. It helps the ensure the sustainability of what you want to do, the fun things, the hobby it also needs to cover basic expenses. Yeah, the wants are great, but the needs are

first. So it's going to help you cover those expenses. We talked a lot about healthcare as we sit down with folks and help them bridge the gap before sixty five when Medicare kicks in and healthcare is a major expense, it's going to take income to cover that, and maybe you need to generate some additional income either from your portfolio. People do utilize annuities for income. Just

make sure you're educated on that if that's something you're looking at. But setting up an income distribution tax plan is what we do so often in the most tax efficient way possible to fulfill those obligations in the amount of income. And I say, we send out as a company millions of dollars the first and fifteenth of every month for our clients that are retired that are relying on that money to be in their bank account either at the first or the fifteenth or

whatever time of the month. That is. So again, income is such a major major discussion. Okay, so we've established some of the ways that maybe you can begin to generate your own income stream. But let's let's just say that a couple walks in and sits down with you. Let's walk through this step by step so people can understand and I'm sure can relate to some of what you have to say. So someone comes in and they're both retired, one has a pension, one has a four or one K and they

have a lump sum of money in the bank. Where do we go from there? Yeah, Well, first of all, our proprietary process starts with get to know you. Get to know us. We get to know you. Maybe you were fortunate to come to one of our educational classes. Maybe we're referred by an existing client of ours, maybe you saw us online or all the various area ways you can. You can find out who we are, which I encourage that either Chamber of Commerce, Finra, whomever it is.

So we sit down and we ask questions, You ask questions. It's an hour to two hour meeting. It's again just to get to know each other. Goals, objectives, what are we dealing with? Small, medium or large? And please whether you have a lot or a little, a big family or no family, it still it still affects you as well. So it's going to be an ongoing discussion. If from there we find that there's ways where where we can have more discussions, we'll set up another meeting.

We're not in any hurry unless there's reason to be in hurry, but we want to make sure that we're spending that quality of time. And then when it comes to income, what are your expenses? What do you need every month to satisfy that? And we're going to get into all the other stuff as well in that first meeting, not because we want to make it complicated, but we make it really just just a conversation piece. Because when we come back to income, you know this income needs to also supplement and

make sure that you maintain a good level of liquidity. We talk about this and I talk about it often good balance as you get closer to retirement, with liquid moneys, money markets, saving CDs, money in the bank. We like to see this might submarprice some people. Fifty to one hundred grand for a middle sixty seventy year old couple liquid in the bank, and I

can tell you most do not have that. And again that income will help you supplement that and keep that emergency fund if you will to where it needs to be. It might help you supplement some debt. Now you say, well, we don't want debt, Well, there's good debt and there's bad debt. Yeah, credit card debt at twenty to thirty percent, that would

be bad debt. Helping pay that mortgage off early. So income and again, income supports so many things in retirement that it's important to have this discussion. And it isn't a one and done thing because life happens. Life's calendar doesn't always cooperate with our calendar, and there might be there's other things that might come in. Maybe it's health reasons. Maybe a lot of people end

up retiring earlier than they think they're going to. So you don't want you want to be careful that you're not well, I'm going to work till seventy Well that might be your goal, but are you sure that you're going to be able to So sure, and you can work in retirement, but you are you wanting to work because you have to work for income or because you want to. I like to see smiles on retiree's face when they say, well, I got a part time job, Larry, Oh what are you

doing? And I have several that work at garden centers from the spring and summer. They enjoy the plants and all that stuff. And actually last year one of our clients' wives helped my wife put all her flower pots and everything, which was really cool. And they're from Elko New Market, Burnsville area. And then several clients become rangers at the golf course. I had Larry from Apple Valley and also to Larry, it cuts grass at one of the

private clubs over in Saint Paul gets golf privileges and just loves it. So again, do you want to work to create income or is it something you have to That's why it's making sure you're having a discussion that's as accurate as possible. Creating that budget, managing the debt, and let's face it, the happiest people in retirement don't have all that stress of having the debt.

Yeah, that's absout totally right. So if you'd like to get one of those conversations started that Larry just explained to us, let me give you the phone number where you can set up a free consultation. Go in, spend an hour, spend two hours chat with Larry or a member of his team about what it is you are anticipating in your retirement. It's six one two five zero four A four zero zero six one two five zero four eighty four

zero zero. You can go to Havenfinancialgroup dot com. There you'll also find out about some of these educational seminars that the Haven Financial Group offers. They are free and they are on abundance of topics. However, you do need to sign up because they do fill very quickly, you know, Larry.

It's also great because people can come in and they can sit down and they can talk to you about income income, income, but they can talk to you about other phases of their retirement that are important as well, for example, estate planning, tax planning, and certainly you have experts who can talk

about Medicare and Medicaid and all the things are related to health insurance. It's important to have all of that under one roof, isn't it, Because it's a great way for everyone to talk to one another and everybody knows what's happening. Yeah. The coordination Kim of these retirement puzzle pieces is so important. You know, I mentioned healthcare expense and costs that's ongoing. I mentioned bridging the gap, you know, Glenn and Isabella in our office they do all

the health care and medicare. You know, shop out Medicare every year. Maybe you're on some different medications, maybe life has some other challenges that crept up on you. Again, don't be afraid, and you don't pay anymore by having somebody do the work for you. Glenn and Isabella are very busy. They help lots of people in the healthcare area. And you mentioned estate planning. You know ed Carrie Renner on a couple of weeks ago. The

estate panning piece. There's no cost for a consultation with her to find out what's important, and sometimes people have misconceptions about that as well. And you know Lances are in house CPA. I bring him into meetings with me or the other the investment team all the time because you don't have to use him. But he does tax preparation, but we want him to be involved in the tax planning piece with us. There's nothing better than the compliment that while

Larry, it's nice that you have multiple personalities in all these areas. I bet you heard it five times last week, where we can bounce ideas and we know you're communicating and these all these things are connected, and that's really really nice, and that was the goal, and thankfully we're able to help a lot of people today by doing that. Well, it just makes total

sense to me too. I mean, as someone who could possibly be a customer, I would want to think that there was someone who's keeping an eye on all those different areas for me, because again, you come in hoping someone can hold your hand, because it can be very overwhelming. So to have everybody there under one roof and I know that you've got just the finest of quality there at even financial, it's a really comforting feeling, I'm sure

for so many people. Make sure you have all the puzzle pieces. Let us help you put the puzzle together, and life has different puzzles and will help you put them all together. Absolutely. So we've talked about generating income, how important that is in retirement, how important that is to make sure that you're financially stable in your retirement. Next, we want to talk about how to replenish an emergency fund when you're in retirement. Now you've heard Larry

talk about it just a moment ago. He likes to see people with anywhere from fifty to one hundred thousand dollars in emergency funds. That sounds like a lot of money, but let's let Larry talk us through how you can go about doing that. In the meantime, it's six one two five zero four eight four zero zero. That is the number where you can reach Haven Financial Group experts. Set up a free consultation. Go in and see the gang and talk to them about what it is you're dreaming of when it comes to

retirement. Okay, Larry, coming up next, we're going to talk about replenishing that emergency fund in retirement. You're listening to 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 to the Even Financial Group Radio Show. Thanks for listening. If we spark your interest with any of these retirement topics, or if you're looking for more information on any of these retirement puzzle pieces, give us a call at six one two five zero four eight four zero zero, or visit us online. Newly revamped website, real practical

but full of content. Havenfinancial Group dot com. You know, Laara, I can't imagine anything worse than being a great preparer and a great saver. And you've got everything in place, and then something really dramatic happens, whether it is possibly a health issue for one of the two in the retirement plan, if it's you know, something as simple as which is not simple.

You know, you need a new roof. There's all kinds of things that happen that can really pull the rug out from under you if you're not ready and prepared for that. Yeah, it's why we stress so much about having an emergency fund, liquid fund. You know, people you know all the time they mentioned it to young people get six months to a year of money in the bank. But this is applicable to retirees as much or more, just because there's always something that comes up, but the furnesce goes out.

Whatever. The grandkids have birthdays, you want to take a trip, You've got hobbies, so again, making sure and I mentioned fifty to one hundred grand you know that's a moving target. It's just kind of a mid sixties

plus retirement couple it's a good goal. Now I can tell you years of experience that most don't have near that liquid And I've been saying for a long time that's a potential problem in retirement because life does creep up on people and if you don't have it, that can cause problems because now you might be having to sell things off or investments when the markets are down. So you

know, this is really really big, So investment income reallocation. Maybe you can potentially reduce your budget or your expenses and maybe start drawing from the savings. But if it's not there again, it might force you to take more risk or sell things off in a downmarket. You know, So how do

you how do you actually make fill that liquid account up? You know, utilize things that may come around, Like maybe you got a tax refund recently, Well maybe put that in the emergency fund, hands off it a little bit. You know, it might be temptation to go spend it because that's fun, but put it in your savings account. Or maybe you got an unexpected bonus, hey fantastic. Maybe you're fortunate to get a recent inheritance small,

medium or large. Maybe that's an opportunity to do it and then always factor in the tax piece. One way where we see folks where they're able to replenish is in the tax planning phase. When people retire, maybe their income isn't as high as it was, Maybe they're delaying social Security for good reason, maybe the pension hasn't turned because it's still growing. Whatever. We want people to fill up the twelve percent tax bracket because that bracket is going

to change in twenty twenty six. So fourth quarter we're having these discussions, say, what does your income look like for this year? Is there any wiggle room in the twelve percent tax bracket ordinary income bracket? And if so, maybe that's an opportunity to take IRA money as a distribution and replenish that savings account. I've seen it work really well. But if you're not having if you're not having tax planning discussions, there's probably a good chance you're going

to miss that opportunity. I had just had a couple last week. They missed an opportunity last year to replenish, and they didn't have hardly any income, and nobody helped them or instructed them or educated them that it made sense to take an IRA distribution, or maybe your savings is really really good.

Well, then then we would do an IRA to Roth conversion. So we're big into forward thinking tax planning again, especially in retirement, and really tax planning is done throughout the course of the year, and tax preparation is just the exclamation point of all the tax planning you've did throughout the year. The problem is a lot of people are just getting their taxes prepared, and retirement,

we believe the planning phase is equally or more important. So you said that you talked to a lot of people about that kind of thing in the fourth quarter of the year, But that's something that you can talk about year round. Correct, it may not be utilized until the end of the year, but you can certainly talk about that for a while. Yes, yes, good point, very good point. Image throughout the course of the year, but when fourth quarter you have the best idea of what your income going

to be. So another thing people don't think of, and my wife's actually done a very good job, is these service providers, maybe your utility company, maybe call and see if you can get a better deal. I mean I had to client actually even call their credit card and see if they could get a reduced rate. On credit cards. If you don't ask, you're not going to know. And of course they always want to take the new

customer and give them the good deal. And those that are loyal like myself, you got to ask for and if you don't ask for it, you might be surprised. Or insurance, have you shopped your insurance out? Okay, maybe you're in the right place right now, but have you shopped it out? Are you sure you're getting the best deal, the best bang for the buck, especially for these recurring expenses. So all of these little things

can help you increase that emergency fund. It made mean that you have to adjust your budget and I know that probably is not going to be something you want to do, or maybe analyze your expenses better. So when we sit down and we ask, especially in the first meeting, what's your ballpark monthly expenses? Well, let's just say they're five thousand, and they say, well, for the next meeting, maybe put pen to paper and look at

the expenses a little closer. And I'd say seventy percent of the time people come back, well they actually weren't five thousand, they were seven thousand a month, right, or they're unaware, and we want numbers to be as accurate as possible, and maybe you have to downsize. There's a variety of things we can talk about, whether they're exciting to talk about, or how do you maybe get some other types of income. I have a client that

was in last week. They have a rental property where rental income is generated. So we want to look at all the options. But you don't have to go it alone, you know, seek a partner, Seek a financial individual, develop some trust and know that they're having your back and they're talking through all these things. I understand the emergency funds have been drastically affected in recent years inflation. It's still here, lots to say what. It's getting

better at a very slow pace. People's pocketbooks have been affected. So again I'm sensitive that the emergency fund and savings have been depleted to some degree. But if we can kind of turn the corner and get those boosted back up, it's a much better place to be going into retirement. Absolutely. You know, you've said something that just really ring a bell with me, and that's the idea that come in and let maybe other sets of eyes take a

look at what it is you're spending and how you're spending. You know, I think we get real comfortable. Well, of course, that's how much my cable bill is each month, or that's how much I pay for my car or that, and I think if someone else looks at that and maybe helps you readjust that can make some real big differences when you're trying to replenish an emergency fund. Six point two five zero four eight four zero zero.

That's the phone number for Haven Financial Group, where you can set up a free consultation and come in and have some other sets of eyes take a look at your budget and see if there's ways that you can replenish your emergency fund. Or you can go to Havenfinancialgroup dot com. Larry, can it take a second here. We do this every couple of weeks and we talk about

when you go to Havenfinancialgroup dot com. There's those educational seminars. Talk to me a little bit about some of them that are coming up in the next few weeks and what people can look forward to, because I know you've always got some exciting ones on the horizon. Yeah, exciting to the degree that people want to learn and they're very well attended. I know we have several maximize social security and tax classes. We do them in a lot of community

education libraries, senior centers, college settings. We also do I'm just scheduling the truth about annuities. Class have not taught that in a while. Actually it's been since pre COVID. There's a lot of misconceptions on those. We're very big into education because you know, I always say, do you remember all those classes growing up that taught you how to make all the perfect retirement decisions? The answer is usually no, And that's why we think education is

certainly the potential for power. I guess it's what you do with that that matters. And medicare made simple class Medicare one oh one, Glenn, Ramy and Isabella to teach that one in conjunction with me, and again that could be very confusing navigating through healthcare. And again things change. There's Medicare changes coming down the pipe, and we want people to be abreast of those changes. We also have some estate planning classes and you can go to any of

these classes. We encourage current clients, new folks, or if you say, well I don't want to go to a class, we'll give you a mini session or a mini educational just by coming in and sitting down. I joke we're coffee snobs and we make fresh cookies for every meeting, and we can have an education, just one on one and there's no cost to it part of the team, myself or anybody. So we're available and I want

that to always be the case. We're not too good to sit down and have a conversation with anybody, and the goal is if we can help somebody, then we've done our part. Yeah. Absolutely, listen. I think these educational sessions are just such a great idea because if you're someone who maybe has a lot of questions, but you're not someone to raise your hand in and ask questions, chances are very good there's someone else in the room who's

going to ask your question. So you can go and you listen, and then if you decide that you still have some remaining questions, those can be answered as well. It's Hanfinancialgroup dot com. But a quick reminder is that they do fill up pretty quickly, so be sure that you go to the website, check out what's coming up, see if there are some that are of interest to you, and get your name in so that we can have you on the roster and make sure that you get a seat when they come

up in the near future. All right, let's take a look. Let's see here six mistakes people make after retirement. Do people make mistakes in retirement? Larry, We're going to help them avoid the mistakes, but mistakes do have. All right, that's coming your way when the Haven Financial Group Retirement Show comes back. Don't go too far. We're gathering more important insights and retirement ways 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 Kolvig and Kim Karragan. Now back to the show. Welcome back to the Haven Financial Group Radio Show. Thanks for listening. I'm Larry Kolvig, Founder and CEO of the Haven Financial Group. Give us a call at six one two five zero four eight four zero zero to set up a time to come and visit with us, or simply

ask us questions. Our job description is to answer questions and make things as easy as possible. Or visit our website Havenfinancialgroup dot com. So, Kim, avoiding these mistakes is what our ultimate goal is. Absolutely I think that's that's probably a big fear of those who are headed into retirement. Am I doing this right? Have I taken some missteps? So let's talk about some of them in ways in which the you know, our listeners and people who

come in to visit with you can avoid them. The first one being not having enough to last you through retirement, and say, that's probably the number one fear of retirees, isn't it. Yeah, the big fear of do I have enough money to retire? Or when is my money going to run out? And it's why we do projections thirty thirty five year Monte Carlo projections based upon your circumstances, which can change. That's why these potential projections can change to see, well when is it you run out? Is it at

seventy or is it ninety five? Maybe you didn't start as early as you wanted to and you're embarrassed. Don't be embarrassed. You can only control what's going ahead. Yes, financial and security, you know that's that is the biggest thing. Well, maybe neglecting wealth transfer and not planning accordingly that can be very helpful, could give a much needed boost to your finances. Regret

not savings enough. And again I encourage folks, if you're still working, make sure you're contributing to those four O one k's employer sponsored plans every year up at one two percent. You might not even notice it, and the power of compounding ten twenty thirty years, you'd be very, very surprised and that those balances will be a lot lot better. So again, what is your lifestyle, what do you want it to look like. It's all part

of the planning process. And I can give you a one that maybe one not people wouldn't think is we tend to be a little more conservative because of the group that we serve, those that are planning for retirement in retirement. But avoiding the stock market can also be something that people do, neglecting it

because of the you know, the perceived volatility. Oh my goodness, Well, have a plan, stick to the plan, don't have any knee jerk reaction and then emotions and the psychology of investments and moneys and make bad decisions when the markets are down by low sell high. The problem is a lot of people do the opposite. So that is a big mistake that people make, you know, neglecting estate planning well, that's only for rich people, no, small, medium and large. It's for you, whether you have

a little bit or a lot or everything in between. I just had somebody in that they we're not involved in the estate plan. They didn't even know what the husband had did, and now he passed away and she has no idea and they have distribution issues, they have estate tax issues because it was neglected. It's a hard subject for a lot of people. It is. It is good to see when people do something that there's a sense of peace of mind that we've been talking about doing this, putting a will or a

trust together for twenty five thirty years and we finally got it done. Just a breath of fast share that we've helped the family. We've planned for the family to the best of our maybe we protected against the kids fighting. And you know, at the end of the day, all of this stuff is not You just can't set it and leave it. You know, it's not autopilot. Things change, life happens. Health can change. I mean it just does. So your retirement plan can also change. But if you have

a plan, start from somewhere to get to somewhere. But if you don't have a plan, well, how do you even know? Okay, so when we say the market, most people don't understand how much risk they're actually taking. Well, we're a little more conservative because of our age and this and that, and maybe that's the right answer. But when we stress test the portfolio, they're doing things way more riskier than they ever ever thought they were. Are you in the right place at this time of life where the

element of time becomes that much more important? Refer to are you willing to take risk? Do you need to take risk? And do you have the ability to take risk? And how you answer those It's not for us to determine while you're taking too much or too less. It's a matter of does it fit your profile. And if you're a married couple, one of you more is a risk taker than the other one. That's perfectly normal. What's the happy medium if there is one? And we'll have those conversations and they

happen more often than you think him I bet they do. We're talking about the six mistakes people make after retirement. Let's talk about expecting to work past retirement age. Why is that a miss Well, because a lot of people have this idea. Well, I'm going to work until this age, this age, and then something happens because of health. Maybe there's layoffs. I hope COVID doesn't happen again. But that was unexpected. Maybe you got a

pink slip. Beverly is our front desk person, retired, overqualified, just a bundle of joy, a marketing professional for many years, and she unexpectedly a couple of years got a pink slip. Guess what, And her and the spouse had a great plan they could deal with it. And that's the confidence that we hope most people have because expect the unexpected. Because oftentimes, I hate to say it because it's not really fair, but sometimes the younger

person replaces the older person that has maybe a higher salary. We know it goes on. Okay, So again that's one of the big things with that absolutely, And then how about spending on autopilot eye. I can understand where that would be a problem after retirement. It's a problem period, but after retirement people have to maybe pay a little more attention to where the dollars are going. Yeah, there's an idea that, oh, well, when I

retire, obviously my expenses go down. That oftentimes is absolutely not the case. Or if I lose my spouse, then the expenses are cut in half. I will tell you that's not normally the case. So this your plan needs adjustments. Budgeting, maybe needs to take a closer look at it, put it under the microscope. Maybe there's something that we need to be looking at however we want to be. I want to give you the give listeners to the idea that you've got to still live in retirement as well, and

in order to live it takes getting these things done. It takes the discipline of saving in these earlier years so you can enjoy it. Because one of the things I see is when people do retire and they don't have any hobbies now, and they just don't have a purpose. And when you don't have a purpose, things can go downhill really really, really quickly. And if you don't stay active and find what that purpose is. I've just seen health

and some people just decline rapidly that I would never ever expect it. So again, don't fall into that. And one other one, just because we love to spoil our kids and our loved ones. Don't let your forty or fifty year old son or daughter enable you. We've enabled our kids and spend your retirement, so you can't enjoy your retirement. I know we want to take care of them, but recently I've seen some folks close to retirement are in retirement and they well, Larry, we had to help out our kids,

and help out our kids. I'm all about helping out my daughters, our daughters, but don't let them spend all your retirement. These are the golden years, so be careful with that. I know it's a sensitive topic and life happens, but again, I've seen it too often recently. I can understand that. Finally, you know you mentioned this earlier, but it's that investing emotionally, you know the market is up, and so you the market is down rather and you've got money there, and you want to get

out because you get you know, emotional, you get too concern. So how do you avoid that? Having conversations ahead of time, ongoing conversations, the team talks about this. It seems like every market downturn there's one or two people that forgets what the what the plan was, what the goal of the plan was, and there's a knee jerk reaction. They get out at the absolute worst timing. The market's virtually impossible timing to get out and then

timing to get in, and they completely missed it. Now, yeah, we're there to do what people want to do. But a lot of our job description on the investment on the investment team side is the psychology of Okay, here's why we have good liquidity money in the bank so we can adapt if the markets are down. Here's why we may have a portion in a fixed type of principle protected account. And then here's what we have in the in the risk category, so we can adapt to what the market's doing and

your needs and what your income. So we're not drawing in any inefficient way and selling at the wrong time. That's again those every single time there's a correction that seems like it happens and I get it, we get worried. You know what, Now, I can't sell the markets up and then it goes and then all of a sudden something happens. So be careful with that.

But that's why if you have a plan and you can talk with somebody that can talk you through it. Now, if you're doing a loan, who are you going to talk to your spouse and they don't even like to talk about money. It's why for a couple, we like to see both both people involved to some degree and then never forget that. You know, the mortality rate, unfortunately in America is one hundred percent, and you know you want to leave spouse of the best position if something ever happened. Absolutely

all right. So if you have questions about the mistakes that you could possibly have after retirement, and unfortunately, as we've just learned, missteps do occur, Let's give Hiven Financial Group a call. You can reach them at six

one two five zero four eight four zero zero. Walk through the retirement plan that you've been thinking about with the professionals there at Haven Financial Group to make sure that you're not, you know, planning missteps if you will, and uh and let Larry and his team help you to avoid some of those pitfalls that could set you back in your retirement the number six one two five zero four eight four zero zero, or you can reach out to Havenfinancialgroup dot com.

We've gone through a lot of information here today, Larry, all of which is so important to those who are getting close to or are in retirement. Yeah, there's so many questions that one may have or may that they might have give us a call six one, two, five four or eighty four hundred again, set up a time to come in. There is no cost, there is no obligation. It is a laid back get to know,

ask questions. We'll talk through the process and at the end of the day, if you have don't have a plan, don't you owe it to yourself? Again. I look forward to next week and I hope the listers and you have a wonderful, blessed week. Thank you, Larry, same to you. We'll talk again next week. Investment advisory service is offered through

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