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, And as always, good morning and thank you for joining us. Today I have Bill Seller along with Haven Financial Groups Founder and CEO Larry Calvig. How are you, sir, Hay, Good morning, Bille. Great to be with you. Absolutely, thank you so much for being a part
of the Haven Financial Group Radio show. As we get together again this week to talk more about retirement and not on learn how to get there with money, but then how to hang on to that money right and not give it away if you can help it. So that's a Larry and I do every week. We we kind of chop it up a little bit and talk about all that kind of good stuff, and we got a lot on the table today, we're going to talk about things like the unlikely cause of Sweden's recent
inflation spike. I mean, we're not the only ones that are feeling inflation around the world. Also speaking of that out with inflation and Inden with something that's called greed inflation and why you're paying the price and the latest estimate of the Social Security cost of living adjustment for next year and twenty four. We're
gonna talk about that as well with Larry and Larry. When you go to the beach, where do you go if you just you know, if you're not flying out of the country, where do you go to go to the beach? We go to the Gulf of Mexico. Yeah, you get to head down to the like the Florida Panhandle and stuff. That's where I go. It's it's beautiful down there, and you know when you're down there, sometimes you're gonna run into it, you know, maybe a shark or some
other fish or schools of stingray. Right, I mean, you see that kind of stuff in the water when you're out there. Right, how about a black bear dest in Florida had a very interesting thing happened. Black bear joined a lot of people on the beach for a swim. In Deston, it was very odd for this to happen. Florida. Officials do say, though, that it's not unheard of. Sometimes bears will actually swim out to the Barrier islands looking for food. They're saying, that's probably what it was
this time as well. Or it could have been a juvenile black bear who was looking for a new home because they just left mom's den. But wouldn't that be where you're laying on the beach and got your eyes closed enjoying a cold adult beverage and look up and there's a bear. I wouldn't expect that in Florida. No, No, And I might have to go buy a new bathing suit. I'm just saying, where to actually happen? Oh my
goodness, Oh man. Last week we were talking with you about the guy who got really upset about paying over five bucks for his Lotte at Starbucks. Right, well, he apparently not the only one alone in his frustration. Market Watch is reporting now that inflation is being replaced by what's called greed inflation.
And then the question is how long can come? And I ask you this last year, when all this started happening, right, once these prices go up, Once these prices go up, or Copany is going to let go. And that's what the question is, right, how long can these companies continue to raise prices before consumers like Latte guy just say enough is enough? Larry Well, that is true. Corporate greed is this really stubborn thing, and they get used to those prices and consumers have been paying these prices
and therefore they stay up. They don't go back to what they were. You know, greed inflation is the practice you know by a lot of these top five hundred food and consumer companies are you know, they raise them to what consumers will buy, especially through these inflationary times, and it's help them to cushion the corporate profits, if you will. It's hard to believe. Throughout all this you got companies like you know, Kimberly Clark and Pepsi and
Tyson and record earnings. I mean, it's just amazing to me that that possibly can be. Or Colgate Palm all of is another example. They beat earnings significantly, and that's by raising these prices and continuing to charge those prices. And the question is the million dollar question, will they ever come down to where they're supposed to be. So you know, during these times, people look like, well, what's the best thing. You know, what
can we do through high inflation? What types of investments? And you know there's no secret recipe if you will, but you know, people do turn to precious metals, you know, gold, silver, platinum, you know, minerals, those types of things. Or you know, during inflation, real estate becomes really attractive. There's some booming areas in the country, like
Florida that real estate is hotter than hot. And you know, stocks, you know, maybe some stocks like especially like these that we're talking about, have strong pricing power or earnings growth. You know, these companies may be good to be in during this high inflation every period. But you know, it's hard to say when. As I mentioned, corporate greed is very stubborn and Congress is going to have to do something. It's a serious threat.
Yeah, I mean, look, it was one thing when the egg prices went through the roof, but that turned out to be because of bird flu. Right, we just lost thousands and thousands of chickens and therefore cost of eggs went up. They have come down since the chicken supply has come back around. They have. But remember I think I asked you about this about a year ago. I said, once these prices go up, when these companies get used to making that, you know, what's they're incentive to not,
well, it's for us to stop buying, right right right? I mean you know what did I say a month or so ago, I went to buy a regular size box of cheese. It said it was over four dollars. I mean, it's just ridiculous. Yeah. And these things that people you know, eat and buy in a regular basis, like you know, cereal or soups or some of these things, I mean, they're they're astronomically high. And people they constantly buy them a lot of these types of
types of food. And look, I mean, you know, just folks trying to buy groceries. It shouldn't be that hard. It shouldn't. It shouldn't cost you that much when you're you know, if you're a young family and you've got kids, and you're trying to just buy regular groceries, you're not even and buying expensive foods, right right, Something's got to be done. I agree with you. Something's got to be done. And speaking of
inflation. There was a big inflation spike in Sweden back in May, and actually USA Today reports that part of the problem was specifically due to Beyonce. Yeah, her world tour stopped in Stockholm, and one Swedish economist says the concert added to inflation by hotels and restaurant prices. That's a new one on me. I mean, an artist comes into town does a concert, So I guess in Sweden they're doing the same thing we're doing here, taking advantage
of a situation they are. It's it's worldwide, it's not just the United States, So I mean Sweden to blame it on Beyonce. Um, maybe there's some truth to that. I guess I haven't really dug into it too much. But hey, the fed to actually they paused for a moment and they fed hike, Yes they did, they did, and so maybe there is some good news coming right well there, I hope. So, Okay, we like to be optimistic. Other ways you just drive your head in
the ground and you won't know what's going on. But you know the reality is they did have a pause. They say they might factor in a couple more interest rate hikes this year. I wouldn't be surprised, as we're still well way off the goal for inflation, if you will, but it's headed in the right directions. Now, what does this mean for the average listener? You know, with the rising of the rates or the pause here we
talk about mortgage rates. You know, mortgage rates are quickly getting close to seven percent, so you know, homebuyers, you know, it's a major increase from a couple of years ago. You could almost have a fifty percent increase on that mortgage payment that you were looking at a couple of years ago. And you know, we talk almost weekly about you know, be aware
of credit card debt. You know, I just saw that the average credit card revolving credit card percentage is right around twenty four percent, which is basically a record. I mean, that's just really really high. I had a client this week asked about you know, we're looking at taking home equity line of credit and they want over eight percent for a helock. Well, that's
that's a hard pill to swallow. And thankfully we were able to look at that and they had other assets where they could satisfy their their needs for fixing up the house, which you know, we hear about on a regular basis, and then auto loans that were so low for so long, and you know, those rates have crept up close to seven percent as well, and they were as almost zero zero interests for a long period of time. And you know, on the other side of the coin, if you will,
is savings accounts and CDs and money markets are paying about five percent. If you're not getting that, shop it out a little bit. Some of these large banks are slow to make the adjustments, so you know, that's the good news. We can make a little bit money onder liquid funds. So these are all part of the interest rate environment. We got a waste to go, but there is certainly room for optimism. You know, it's funny you mentioned mortgage rates, right. I follow a few guys on YouTube and
for nothing other and an entertainment. But the one guy is talking right now about how he's a Canadian, he lives in Canada. I think he's losing Ottawa and just can't afford to buy a house. And he keeps saying thanks to the Canadian government's interest rates on home loans. And yet we're watching this guy on YouTube. He's shopping for places to rent and they're brand new four
bedroom homes with basements, and he's looking. I didn't even I mean, I don't know that happens here in America right where they build a new subdivision just to rent anything. So I mean it's a little bit different up there, everybody. You know, we're talking about interest rates here. We talked about that spike in Sweden. Canada apparently going through the same thing. It's
just it's got everybody kind of living on edge a little bit. And you know the thing is that these things happen in life, right, I mean, we have cycles. The economy goes up, it goes down. As Larry and I have mentioned before, we were on a great ride for a long time when it came to money, and now we're on some bumpy roads. And if you don't have a plan in place for your retirement to help
you with those bumpy roads, well you're gonna get left behind. That's why we get together every week is to talk to you and let you know what the folks that they have in financial group can too. And the one thing that they do do to get you started is that complimentary retirement readiness review. And you get that review by calling six one two four four one two four
four one, six one two four twenty four forty one. Doesn't matter if you've got a little bit put away, you know, a comfortable amount or a lot. Larrying his team are more than willing to talk to you at six one two four four one twenty four forty one. And as we mentioned at the top of the show, yes, there are people standing by right now to chat with you, to get you on that calendar and to make
that appointment for your complimentary retirement readiness review. After this quick break, we're gonna come back and talk about a couple of things like if you're just a few years away from retirement and changing jobs, does a company four or one case still makes sense? Also planning to relocate after retirement. We're gonna talk about why some sit are offering a cash incentive and if you could converse with your car, If you could talk to your car, what would you talk
about Now that's on the way as well. This is the Haven Financial Group Radio show on Twin Cities News Talk eleven thirty and one oh three point five FM. Do you remembers changing 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. Welcome back to the Haven Financial Group Radio Show. I am Bill Seller alone with Larry Calvig, founder and CEO of Haven Financial Group, and man, it was bound to happen eventually, right, Pat Sajack is stepping down as host of The Wheel of Fortune Larry after forty one years wow, one years show, same game show, and I think they work like really what two and a half
maybe three months out of the year. They filled them all in about three months. And not a bad gig if you can get it. But you know, he's seventy six years old. I had no idea he had crept up at either. Yeah, well that's the question. A lot of folks aren't sure what she's going to do. She hasn't made any kind of announcement, but you know, it's kind of the end of an era for a lot of us, right, I mean, with the passing of Alex Trebek
and now Pat say Jack stepping down from the wheel of fortune. I mean, in my house growing up, my parents watched that hour every night with those two guys, and now neither one of them are going to be there, right, similar minded two, Yeah, it's gonna be a little bit different. He's he's still going to continue on as a consultant, and I think his daughter's on the show now too, So I'm not sure who the host is going to be, but we'll see. But no more Pat Sajack
after the show. Yeah, Yeah, that's just another one of those little checks in life, right, going home? If he's old enough to do that, how old am I getting? Let's not go there, Yeah, let's let's hope somebody reminds him not to forget his four oh one K on the way out, right, because we hear about that all the time. Speaking of that, when your employer does offer a four oh one K match
you, you commonly hear it referred to as free money. Right, I'm doing air quotes there, well, free after you are vested, right, long story shorts. CNBC says fifty six percent of four oh one K plans make you wait at least a year and three and ten make you wait five years or more. So really, Larry, is it still if you're thinking
of retiring before you're fully vested? Well, I think so. I mean everybody can have an excuse as to well, I don't want to do it because of this or this, and you know, a four oh one K contribution or you know, we want to clarify four oh one K, four oh three b TSP deferred comp employer sponsored plans. They're all pre tax plans, and it kind of forces you to save. Otherwise a lot of people just want so it's kind of a forced retirement savings come it's out of sight,
out of mind. It comes out of your paycheck on a regular basis, and you know, I would encourage people to max it out to the best of their ability and maybe you know, gradually increase it every year so you're getting that benefit and you know, work with somebody that can give you some advice. As you know, should I do all of it in a
pre tax in the four oh one k? Should I look at the foe the wrath four o one k, you know, which in the last ten years has become more prevalent just making sure you're getting the right doing the making the right decisions, because yes, the pretax will reduce your tax liability in that given ear the ROTH want, but later on in life, you're gonna want to have more in ROTH. So you know what is that secret ingredients? If you will, what makes the most sense for you. And I'll
give you an example. I just had Dale and Annion from Egan this past week and they're getting They're about a dire a year off from retirement, and I thought it was interesting their target date's He's very he must be creative because I said, what's your retirement target date? And he goes, well, I think I like for us to both go on independence date. I'm like, in all the years I've done this, nobody's ever said retire an independence
day and get your independence. About that? But anyways, he's he maxes out his four one K and he does it in about six months. But in looking at that the match that his employer's giving him after six months approximately, then he's not getting it because he's already maxed it out. So in some cases there's some tweaking because you don't want to just give up that match. You want to take advantage of it, you know, work with somebody that can talk through these things with you, you know, get a tax
perspective. I mentioned Lance as our CPA, and you know what, this money is going to stay in his four one K because he's not fifty nine and a half yet, but there will be future decisions that are dependent upon the decisions that he's making right now. And they've done a fabulous job at savings, but it just took some tweaking and a lot of people wouldn't think of that. They leave some money on the table. But I'm a big fan and you know of putting money in those four one ks, but doing
it in the right way to match your tax situation. And again, we always talk about tax planning leaves to tax preparation and we should avoid surprises, and surprisingly not to me, it's really not because a lot of people get whacked with a big tax bill at the end of the year because nobody helped
him during the course of the year. And with a plan, there really should not be any surprises whatsoever because you've already talked through them ahead of time, right right, And when we're talking about the four oh one K and the vesting there's a couple of different kinds, right, yeah, there is. There is a couple of different kinds. One's called what cliff cliff vesting is an employee becomes fully vested on the employer's contributions after a specific term or
timeline usually three to five is usually pretty popular. And then the other one is great investing, which has allows employees to gradually earned ownership of the employer's contribution over time. I would say I see this one more than the others. It might be twenty percent per year, forty percent when he gets to three, and so on and so forth. Kind of lawn those schedules. So that's what I see most popular. But put way chicken away. And by the way, if you have a bunch of orphan four O one k's,
you know where, No, you're not at the employer anymore. Simplify and consolidate, still remain diversified. But we do lots of fifty nine and a half rollovers, or you've severed an old employment and you roll them over, and a lot of times there's big dollars in those that people forget about that they have those. So again, keeping your grasp around all the things you have and make sure that what you're doing holistically as for you, your
family and your spouse. Yeah, you're doing the right things as it coordinates with your overall retirement plan. So a lot goes into that. And again, getting good advice is important, right And if you need that advice, or if you have questions about the stuff we're talking about today, please give Larry and his team a call at six one two four four one twenty four forty one. They're more than one to just chat with you on the phone
and help you out a little bit answer some questions. But while you're there, you might as well set up that complimentary retirement readiness review so they can kind of go over your retirement plan and see if it's built to get you through your retirement years. Again, six one two four four one twenty forty
one is the number. Now you know we're talking about the benefits of four oh one K plans, but the Wall Street Journal Larry is out with four reasons why it's even smarter to double up your investments with a separate IRA. Can you explain more about that? Make us understand it. Well, you have your employer plans, which allows you to put more away than if you did it on your own, but that doesn't mean you still can't do it on your own. You know IRA contributions, the limit on that is sixty
five hundred bucks in twenty twenty three. If you're over the age of fifty, you've got one thousand dollars catch up, so you can put another seventy five hundred away into an IRA, which is going to be pre tax dollars again, so it'll help you save more while you're working, and that can benefit for retirement. Or it also can lower that tax bill because I mentioned that any dollars you put away pre tax will reduce your taxable income, so
maybe that makes sense. You have all the investment options available on the open market. With iras employer sponsored plans, you only have a minimal menu of investment options, usually a few target funds and a few others. Used to be you had all kinds of selection, and now they minimize it or limited it for simplicity reasons. So you got all the investment options, maybe that maybe makes more sense. And also your overall investment fees spread out over or
more diversified can lower the fees. Doesn't always work that way, but don't forget know what you're paying in fees. There shouldn't be any secrets in today's society when it comes to what you're paying and who you're paying, and why you're paying it, and then think of what added value you're getting for that.
Again, retirement is more than a pie chart that says I have stocks, bonds and mutual funds and with all the retirement puzzle pieces as you and I talk about weekly, it's more than a forty five minute to an hour meeting once a year. You deserve more attention than that, and retirement deserves more attention than that. Yeah, I mean we're talking about not just taxes, right, but not just investing, but healthcare changes to those taxes that
you're paying, inflation like we're dealing with now. Is that built into your plan. That's what that complimentary retirement Readiness review does for you. With the folks that Haven Financial group, they go over all those things and they look for all those pieces of your puzzle, a state planning another part of retirement. So these are things that that complimentary retirement Readiness Review does, or your
three R checkup as we call it. And that's why we think it's important that you get on the calendar and at least have a meeting and check it out, because what can happen right ay you leave knowing that everything is working, you've got a good plan, they're going to tell you that, or you find out you could do something better and they can help you get it
done. So if you'd like to find out more about larrying his team, you can go online to Haven Financial Group dot com or just go ahead and set up that appointment at six one two four four one two four one. We're going to take a quick break here, but when we come back, we're going to talk about several things like the brand new stiment of the social security increase for twenty twenty four, also AI going to the next level. I'll tell you some of the SAI stuff. Larry, We've talked about it.
It's getting scary. It is thinks that they can do. It's getting very bizarre. And what would a city have to do to convince you to move there? How about offer you cash? Yeah? If people were cloud Yeah, let's talk about that. It's not on the way with the Haven Financial Group Radio show here on twin Cities News Talk eleven thirty and one h three point five FM. 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. This is the Haven Financial Group Radio Show. The team at Haven Financial Group is here to offer you clear financial guidance. 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. This is the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Kalvig. I am bill seller and that is I Quit Drinking by Kelsey Ballerini. And we were playing that because a new survey out says that apparently Larry jen Zers drink significantly less alcohol at concerts than previous generations. Huh. Interesting. Yeah, Whether that's good or bad news for the performers, that's up for debate. But but
what about the actual venues. Well, you know, when you go to a concert, those plays as rely heavily on alcohol sales, don't they to stay in business, and considering that the profit margin on booze is about eighty percent of their intake, less alcohol consumption by gen zeers could have a pretty big impact financially on those smaller venues. But I just find that to be a little bit interesting. It's you know, we used to go to concerts
just for that reason. That's a long time ago, a long time ago. So just before the break, we were asking you what would a city have to do to get you to move there? Well, would you considered especially appealing if you decided to downsize to a town with a lower cost of living? Right? Business insiders reporting that there are cash offers out there. Some of these places are offering you money. Larry, Like what San Francisco, New York, Los Angeles? I mean, have you read about these?
Yeah, but I've seen like five thousand dollars relocation grants for people to move into a newer community somewhere else in a different state. Now, it's really no surprise that people are trying to get out of San Francisco, New York, and Los Angeles, which are the most common areas. I wonder, I wonder why, I say, right, But yeah, that seems to incentivize people to get out and uh, you know the perks that go with I read one of them that you had included coffee with the town's mayor.
Well, of course that one your attention, get coffee with the mayor, right, coffee, it was a coffee, not the mayor. Well, yeah, yeah, I'm sure. Memberships to a golf club, you know, co working space, you know, all these things they seem appealing, and it's they seem to be working in some areas of the country that are becoming very popular. And you know, incidentally, and those that we
sit now with that are getting close to retirement or in retirement. You know, we do see that people, you know, move closer to the kids, and they move closer to the grandkids. And you know, just last week I had a couple that was in Uh, they retired and they moved from Florida to Minnesota. Now, you don't hear people moving from Florida to Minnesota. You hear the opposite, obviously, But it was the kids and
grandkids that entice them to come here. And we hear it so often another thing that drives the moving, and it probably does for a lot of these cities. Is taxes, you know, taxing social Security. We live in Minnesota, one of thirteen states at taxes at the state level, so people are looking to go to these other states that don't have taxation on Social Security.
And you know, at the end of the day, when it comes to working with somebody and they do relocate, you know, we certainly encourage them to communicate with us or their advisor whoever they're working with and in these retirement areas, and you know, we travel well, of course, we got clients all over the states, and we love to travel to warm climates in the weaker time, no secret there, but you know, developing a relationship and maintaining it, and you know, I'm not surprised even though if
somebody moves away, you know, you want to work closer with some in proximity. You know, perhaps if we can recommend you to somebody in that area that excels on similar things that we do. So you know, we don't hinder anybody, but that relationship with who you're working with on all these retirement topics should travel with you. You should maintain the same confidence no matter
where you're at. But at the end of the day, you know, relocation life happens, and we retire and you know, the golden years are here, and there's different aspirations and oftentimes though it is motivated by kids and grandkids. So it's fun to see. Yeah. This article also talked about how a lot of folks, like you, said Jess, went out of the big city and they're looking for a more rule setting. And the guy that they did the article about said, yeah, I get to work in
like five minutes, and that's if I'm not in a hurry. Yeah, so it's a different pace of life. Yeah. Yeah, I think a lot of people are looking for that slowdown thing. I really do. How you too. So we were also talking about the advancement of AI and how it just seems to have gone from maybe being an idea to being everywhere now right, And what we're gonna talk about now is called Mercedes, and it wants to be your new best friend, Larry. Mercedes Benz has started a
trial chat GPT program for some of its vehicles. You can ask your car what to cook for dinner or to make dinner reservations so they can do that for you, or you can just talk with your car. Oh my, I mean some would have more communication with their car than they would their spouses. That probably wouldn't be a good, good idea. I just wonder how that conversation will go. Right, Holy cow, But that's that's Um, yeah, this's getting to be like Captain Kirk talking to you know, where
the computer on the Starship Enterprise fell in love with him? Right, I mean, we're getting we're getting close to that kind of thing. Um, what do you think about this stuff? Well, I am kind of old school. I'm certainly not old, but I'm old school. So when I see these things, I'm like, oh my goodness, Wow, this is
happening really fast, right before our eyes. And you know, I think of the pros and the cons I guess because there's two sides always, and you know, on the positive sides of AI, you know, I've read that. You know, it could diminish human error. You know, it could automate repetition, could provide digital assistance, you reduce errors, working faster. Okay, that's all great, But I think of the other side,
the disadvantages. You know, they reduce jobs for humans. I automatically think of potential ethical problems that could go with that AI, and I think that's completely real, a lack of emotion and creativity or the human personality. You know, on our business and I mentioned it before, through the pandemic, we were busier than ever. People retired and folks that we sit down with, you know, that age group if you will, you know, they're
looking for eyeballs and handshakes. You're not going to get that with AI. Do you think people that are planning for retirement that are we're talking about all the things they've done their whole life to get to where they're at. They want to see that, you know, there's some sincerity, that there's a relationship that you're listening, that you're caring, and we do that when we build out these plans. But if we're looking to replace us, if you
will, or other industries with AI, what does that look like? That's really hard for me to visualize because people want the human element of touch and conversation and without that, where do we go from here? It's it's scary stuff. I understand it's maybe breakthrough science, but at the same time, let's just slow down a little bit and making sure we're making it the way it should be. Yeah, it's a whole new frontier we're gonna have to kind of deal with it as it comes along. What is it a new
frontier is getting ready for retirement. And that's what Larry and his team help you do best. That's why calling them at six one two four four one two four four one could be the smartest thing you do today six one two four four one twenty or forty one to get on the calendar for their complimentary
retirement readiness review. And again it's just a sit down chance to meet Larry and his team and see everything that they can do to help you kind of put all your puzzle pieces of retirement into the right slots of the puzzle. That's what it came down to. Yeah, and if I could add Bill, you know, sometimes with picking up the phone or you know, even talking to an advisor or somebody in the industry, you know, there's this
sense of fear anxiety. They feel they're timid, maybe they feel that they're going to get sold something, or they're embarrassed because they maybe haven't saved as much as you know the jones as if you will. And you know, let's just take that right off, right out of the equation. Whatever your situation is, small meetum or large, complex or simple. It's your situation and you deserve the same amount of time, effort, energy. You know
that anybody else gets You shouldn't get sold anything. You should have a conversation. We walk everybody through the same process of you know, getting to know you the dicovery meeting and questions and taking notes and more importantly listening and do we take it from there whatever way that goes to strategy recommendations, implementation, monitoring, and justing cultivating a long term relationship. We want it to be long term. We wanted to be comfortable. We want people to want people
to come in. I love to see people come in and they go, we love coming here. And we had folks in this past week that you met with our CPA and then with me, and then with the investment team and internet committed or obligated to any or all. But first let's address these different retirement puzzle pieces and then we can go from there. There's nothing to lose. We're gonna take a quick break when we come back. The social security increase for next year. Yeah, okay, spoiler alert, don't expect
much. Also, keeping your eye on the ball and how important that is coming up on the Haven Financial Group Radio Show on Twin Cities New Stock eleven thirty and one oh three point five f value. I'm gonna until I die. I'm gonna lie instead of cry. I'm gonna take the town and turn it upside down. I'm gonna live and live until I die. Welcome back to the Haven Financial Group Radio Show. I'm Bill Seller along with Larry Calvig,
founder and CEO of the Haven Financial Group. And boy, you know you see this in movies sometimes, but this had to be scary as anything, right. A lady in Ecuador recently had a brush with death, Larry, I mean literally a brush with death. During the funeral of seventy six year old retired nurse Bella Montoya, her loved ones heard noises coming from the coffin. Like I said, it sounds like some amount of a horror movie, but it actually happens. Turned out the young lady wasn't dead after all.
They opened the coffin and she was found quite alive and breathing. Oh no, that's just gotta be yoh man. I was always a big fan of Monty Python. Did you ever watched The Holy Grail? And with the with the you know, bring out your dead scene. That's what it made me think of. Here, I'm not dead, I feel fine. Just feel bad for this lady. She's okay now, But the Ministry of Health plans to carry out a little investigation to see how this happened. Ye think
you man? Can you can you imagine that not just for her but for the family. Holy cow, Oh my goodness, Sorry, little levity before we get back to the uh, the social security talk we have lined up here. Um, so, the cost of living adjustment next year is not going to be anywhere close to the bump that we have in twenty twenty three, And in fact, the Senior Citizens League estimates that the COHALA should be
as small as about two point seven percent. Now, Larry, for those that know that there is Social Security but aren't collecting it yet or don't rely on it, can you kind of explain all that and how is that the rate of the bump and all that kind of stuff. Yeah, the cost of living adjustment. Every October they come out with the Social Security trustmund Report
announcing what that cost of living adjustment is going to be. Now, the Social Security Administration calculates the next year's cost of living adjustment using the consumer price index readings for July, August, and September. So the upcoming three months will be the determinant factor of what will be announced for next year. Now, we get spoiled this last couple of years. Oh, I shouldn't say
spoiled. We got major increases due to inflation being so high. So I don't think the expectation can be that it should be as high as the last two just because inflation is starting to taper. But we'll see what happens again. Every October they come out with that. And you know, the cost of living adjustment is not a guaranteed increase every year. In fact, I think the average has been like one point four over the past decade. Okay, so yeah, the last two years have been significant. Now, and
there's a good reason why we teach classes on Social Security. You know, sixty to seventy percent of Americans take it right away at sixty two and two to three or one to two, depending upon the source, Wait till seventy and then what's full retirement age where you can get one hundred percent of what you paid in These are the discussions that we have as it relates to social
security. I call SO security one of the three legged to the retirement stool, the three legged stool, so security, retirement, nest egg and en pensions. If you have a pension, or if you don't have a pension, how do you build your own pension? All of these are income streams. Do you have an income plan? Where is your retirement income going to come from? Is it guaranteed? Is it variable? There's products out there that can give you lifetime income. You know what changes have you seen in
this area and we talk about these things. Is it appropriate really discussing these things as it relates to your money, your investments. And then the tech situation drives a lot of this. So again there's a reason why our social
security classes are almost full every time we have them. I encourage you go to to our site and you can see upcoming classes to make an educated decision because you know Susie Ormond say everybody should wait till seventy Well that's not the right answer for everybody, But I can tell you a lot of people make decisions like well, I just thought everybody turned it on at sixty two, and they don't give it the thought that's necessary if you're a married couple.
You know, we refer to it as a wee decision, not a meat decision, because that's surviving. Spouse statistically can live a long time. And you know, the joke is, don't you want to leave your spouse with as much income as possible? I hope the answer would be yes, of course. Okay, So giving it some thought and making educated decisions, we find that that that's the best way to do it. And a lot of times people make decisions just on on what somebody told them. Yeah, and
those classes is it. Larry is talking about their online as well. You can find them at Haven Financial Group dot com where they are when they are and when you find out about one, you're gonna want to sign up very quickly because well, you guys get a big crowd very fast. We do we do. We do it a lot in the community education settings you know, all over the metro in libraries, community education senior centers, and you know, they're very well attended. They're about an hour to hour and twenty
minutes long. We provide at actual workbooks and materials for people to take home, give them the opportunity to take advantage of the retirement readiness review. And then when they do come in again no strings attached, but they'll leave here with a maximizing Social Security Report, an eighteen page report outlining the good, better, best on what makes sense, and they can take it. They can people use it, they take it to the Social Security Office. It
gives them a lot of guidance. Ultimately, it's their decision. We're just providing the education. Absolutely, So again, find out more at Haven Financial Group dot com or better yet, give him a call, go in and visit with him at six one two four four one two four four one six one two four four one twenty four forty one. That's how you get in
touch with Larry and his team at Haven Financial Group. You know, a lot of times growing up, I've always been one of those guys Larry who kind of, you know, thinks that life is a parallel of sports. Right. A lot of sports can help you understand and help you deal with life. A lot of the things you learn in team sports, right, Yeah, you know, I just think that that's the case for football,
baseball, soccer or whatever. I don't know if you saw this story recently, but a guy on the Braves hit a ball I think they were playing in Arizona and jacked a four hundred and fifteen foot bomb that he thought was gone and it wasn't, and he wound up with like the world's longest single because he just stared at it and it didn't go out of the par and
he got stuck at first base after that. So that kind of leads me to that analogy of just keeping your eye on the ball, right, I mean, go ahead, and you know, swing for the fences, but then run until you get there. Have you have you ever had to work with somebody who who got caught looking even when you've advised them to take some kind of action. Almost Definitely more stories and we have for this show. But you know what human nature, we're all wired differently and there's all different
personality types out there. People react differently, you know. That's why we believe it's so important. It starts with the education. However, you know, with everything that's out there today, people can get overloaded with education. They can sometimes go to sources that aren't you know, viable or they're not accurate, and overdoing it can lead to what I call, you know, decision constipation. If you will, if I can put it so bluntly,
sure, because you know that you start to get overwhelmed. Well, who do I believe? Who don't I believe? You know, what experience do they have? You know you've been doing the same thing your whole life. You know, habits are hard to break. You know, I don't grasp change well as well. And my wife listening to this, she's going to remind me that, See, I told you you don't grasp change. Okay, that's fair. You've been doing the same thing for years and years and
years. But the difference right now is the element of time. Your approaching retirement or in retirement. You're not thirty or forty year anymore. If you didn't like the results of what you were doing investment wise, or in other areas, other times when the markets were bad or there was recession or market corrections, if you didn't like the results, Yeah, you're doing exactly the
same thing and nothing's changed. Can you not expect the same results. You didn't like him back then, you're really not going to like him now. And so just be aware of this. Life goes on and things change, takes some modification and maybe some simplification and other things that I see out there as well. Is perhaps you're working with a guy or gel for a long period of time, and that's great. You know, we're all about loyalty to a degree, me included, I can be loyal to a fault.
I just had somebody in that literally is and I've seen it many times. They're intimidated by the advisor that they're working with. You see, sometimes when they people have your money, they forget whose money it is. This is your hard earn money, and intimidation is very sad. But some people are scared to have conflict, and we're not looking for conflict, but it's being driven by other people, not you, and you're the one that should be
doing the driving. So don't be afraid of these things, be aware of, have a good understanding, have a comfortable relationship, and then also think long term, not just short term. You know, retirement can be a ten twenty thirty plus years. Just this week, Tony and Carroll from Chocolpy
called. We had met some time ago and started working on a couple of these different areas and you know, he sent me an email and he's a retired restaurant manager for years and she's a retired clerk, and he's like, we've been with our guy and he's down in Iowa and he's getting older and we really really like him, but you know what, he's on the virgin retirement plus he's down in Iowa. He goes, we want to start working
with you and we'll transition over time. Hey, that sounds great. He also said, because if something happens to me, I need to make sure my wife is well taken care of and she has a relationship because I'm not going to be here. Think long term. Just don't think of tomorrow, because life happens, Time goes by, and you want somebody that has that
reliability absolutely and you start that relationship with that phone call. It's six to one two four four one two four four one for the Haven Financial Group. Well, Larry, I'm gonna get out of here, go buy myself a bear proof bathing suit for the beach and send pictures. My goodness, my friend, have a great week, and we'll get the other again next weekend
to talk more retirement you as well. Bill, take care. Thank you so much for listening to the Haven Financial Group radio show right here on Twin Cities New Stock eleven thirty and one h three point five one. 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 or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.