This is the Haven Financial Group Radio Show. Each week we get together to talk about life, living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance and help you realize that planning
for retirement can be simple and easy. Have a question for the team connect now at Haven Financial Group dot com, or we have team members waiting to talk with you off the air at six one two four four one two four four one. Yeah, we do just like we do every week. Thank you so much for being up in with us this morning for the Haven Financial Group Radio Show. And let me be the first to say happy Fourth of July weekend as well. I can't believe that's here already, Larry, Oh
my, yes, summer's midway. Bill, Can you believe it? No? I don't want to. I don't either, So let's just not talk about it and it won't really happen. Okay, there you go, we'll just ignore it. Yeah. Oh my, Well, I am Bill there along with Haven Financial Groups Founder and CEO Larry Calvig, and we get together every week to talk about great things in retirement, how to get to retirement, how to get through retirement, and how to hang on to most of
your money in retirement. And that's Larry's end of the deal. I'm just here to ask questions. So welcome learning Villa, and hopefully I have some answers. Yeah. So I'm more like you guys right that are listening right now. I'm figuring stuff out as well because I'm coming up on that age and Larry is here to help every week and that's why we get together. Coming up on the show today, we've got some good stuff on the docket. I think we're going to talk about raising grown ups and how much is
too much to give your adult kids. Also, what about finding a lost retirement account after forty years? Kind of headaches can that cause, if any? And the difference between being rich and feeling wealthy. Yeah, we've been talking about that a little bit over the last couple of weeks, and yet another survey about that just came out. But boy, I saw this Larry that I thought this, this is right on my alley. I share it
with you. Remember how after Watergate, every scandal that hit became something gate, right, Yeah, this Gate, that Gate, Well it looks like we're headed down that same road with the flation of inflation. Right, we've talked about stagflation, greed flation, shrink flation. Well, now in England apparently they're going through drink flation. Now breweries are not raising prices, but they're reducing the amount of alcohol content of their beers. Yeah, the country's
oldest brewers selling two popular beers with about ten percent less alcohol. But here here's the catsy in England. Apparently brewers are taxed based on alcohol content, so they're taking out the alcohol, charging the same and according to the article I read, pocketing the savings rather than helping the consumers. Real clever. Well, it's kind of like that story we had last year, right when Lays figured out if they take two chips out of every bag, yeah,
they save X millions of dollars. But I think, you know, they passed that on. I think, but these guys here dropped the alcoholic content a little bit because we're paying taxes on it, and then won't pocket the money. I don't know, I don't know. So see, folks, it's corporations everywhere it is. It's not just it's not just the homegrown ones here. Sometimes we have a little disillusion with But I just thought that was
interesting. Hey, remember a couple of weeks ago when we talked about the how the definition of being wealthy has changed for some folks away from how much they have and more to do with things like career and health and relationships. Well, if you weren't here for that show, we did a survey that found out that people considered themselves wealthy if they had those things in their life.
However, the folks at Charles Schwab and the Charles Schwab Modern Wealth Survey did go after a number what people think is the right number for being wealthy, and on average that number is about two point two million. Which interesting is that forty eight percent of the folks who said they were wealthy because they had their health, their career, and relationships have a net worth of about five hundred and sixty thousand dollars. So what do you make of that,
Larry? Do you think that folks who just feel better about everything else don't care that much about money or just didn't work as hard at it. Well, let's talk about wealth. You know, of all the years I've done this, I know wealth means different things to different people. Now, it takes money, don't get me wrong, and it's often defined as net worth, but you know, relationships are big, you know, purchasing power of the dollar. You know, there's a lot of things that go into that.
And we've really done a disservice in the industry by putting a number on it. Now, it's okay to put, okay, two point two millions the average, but you know, everybody's different. You know, it's interesting that that's the number put on it, but you had five hundred and sixty
thousand is kind of the is the average net worth? You know, we have we sit down with folks that have you know, even much bigger than that, and those that and they're going to run out of money, and we sit down with those that don't even have near that amount of money that are going to be just fine in retirement. So situations are different. Now.
The study was interesting because it said that fifty seven percent of the millennials, you know, say they are wealthy gen Zers forty six, Gen X forty one, and down to the baby boomers, which I think have done the probably the best job for retirement at forty percent. So I'm not sure what gives all the confidence to the millennials, but we're not here to talk
about them today, per safe. Yeah, but you know, just to jump in, I thought that was interesting as you go backwards by generation, those are the ones that are saying they consider relationships and health and all that to be more a science wealth and money, and that reflection the boomer number as well. Yeah, I thought that was interesting. That is interesting. You know, friendships and health and you know, time to do the things
you want to do after all those years of working. You know, it means a whole bunch of different things, and you know it really comes down to guaranteed income. You know, do you we talk through do you have pensions? A lot of people don't. How do you build your own pension? Where is your income going to come from? Social Security? The other retire them in assets. But to really put a number on I've heard this all these years that you need one million, you need four million. You
hear about it all over financial shows, TV. Radio, But you know what everybody's difference. What you should have though, is talking through a plan that has good solid liquidity, good safe principal protected assets or investments, and then whatever risk investments matches your personality or your portfolio or whatever you think you
should have in risk. So again, to define it as this is wealth, it just isn't fair because a lot of people are very very well and very little and we see some folks that, you know, sometimes those that flaunt it don't necessarily have it, and those that have a lot that could easily run out of money too. So what's your situation? Define it as
that. Well, that was the other interesting part of this article is that wealth perception, according to this article, is influenced by comparisons to peers and social media, with a lot of folks feeling rich if they can afford a similar lifestyle to their friends. And you know, I always think about I saw this one thing on probably Facebook one time about exposing some of the things that they aren't what they look like, and it was a picture of a
guy that appeared to be sitting in an airplane seat flying into Paris. You can see the Eiffel Tower through the window and all that. Right, Well, they pulled out and showed the picture of the guy sitting in his basement with a toilet seat that he was leaning up against a poster of Paris behind the toilet seat beautiful, beautiful. So you know the social media thing we just cannot rely on, that can't. Well, you know my opinion of
social media. And I have four daughters and a life that are on social media. But I'm kind of old school, and you know, everything on social media is just perfect. Everybody has the perfect life and the perfect balance, and everything's perfect until you really dig down deep, and that's just not true. Life happens. So a lot of things are skewed by a lot of things that go on in this world today. Yeah. Absolutely, And I do know your opinion of social media. So we're going to move on
so we can keep our license. Another new report I suggest that Americans might be overconfident about how ready they actually are for retirement. Center for Retirement Research at Boston College said twenty eight percent of US households think they are on track to maintain their standard of living, but they're actually at a risk of falling short. Do you see that a lot when you sit down with your folks, Larry, Well, we see it periodically, thankfully, we don't see
it super often. Some people think they're in a really good spot and they're not, and because they really haven't talked through all the different variables that go into retirement. Others have clearly defined, you know, their goals or objectives or expenses, and they have a detailed plan which we you and I talk about on a weekly basis to discuss all of the things. The healthcare expense
for retirement. Do you have some big ticket items like replacing a vehicle or travel that you need to find factor into the budget, you know, factoring in inflation. All of our plans factor in inflation because it's cyclical, it goes up and it goes down. And you know, there's more prevalent things among high income households thirty two percent compared to middle income earners. There's just
an overconfidence, is what I should say in some of these areas. Because if you haven't talked through and developed a plan and modified and adjusted it accordingly, you know, have you factored in the stock market and housing markets.
You know, if seven two and nine in the real estate crisis, longer lifespans, you know, planning for the long run, could there be changes those security that could affect it, financial priorities, you know, all of these things, the inadequate savings I talk about it frequently, a lot of these can sneak up on people. So again having an awareness and understanding of what you're doing, why you're doing it, and factor in all these various
things which we do because life happens. Again, a lot of people don't have pensions whereas the income come from, and then expect reasonable returns with the market. We got spoiled for almost thirteen years and then last year happened and people have panicked, Oh my goodness, well you should have facted. We should have factored that in because thirteen years of getting spoiled with stock market investments
and that's just in the market goes up and it goes down. So the one thing that happens in between is the element of time and our days get shorter. Yeah, definitely. As you get closer to retirements, you've got less time to make up for those losses that can come along like they did in the last couple of years. Right right. That's what Larry and his team are here to help you with at Haven Financial Group, So make sure you give him a call at six one two four four one two four four
one. Get that complimentary retirement readiness review that we talk about all the time. Chance to have the folks at Haven Financial Group. Just make sure you have all the pieces to your retirement puzzle in place the way that they should be. And again, maybe you won't be part of these folks who are overconfident about being able to get their retirement. Actually be ready to get the retirement because of the help you got at the Haven Financial Group six one two
four four one twenty four forty one. Get on their calendar as soon as you can for your complimentary retirement readiness review. After a quick break, we're gonna come back and ask the question could the twenty twenties become America's lost decade? And how some parents are jeopardizing their retirement to pay their kids bills. It's on the way with the Haven Financial Group Radio Show here on twin Cities New Stock eleven thirty and one oh three point five FM. We've been traveled
in five investing, estate planning, taxes and more. Want your complimentary retirement readiness review call now at six one two four four one two four four one. That's six one two four four one two four four one, or connect with us at Haven Financial Group dot com. Every time it rains, it rain fannies from heaven, don't you know each cloud contain. Welcome back to
the Haven Financial Group radio show. I'm Bill Seller along with Haven Financial Groups founder and CEO Larry Calvig, and the story just cracks me up a little bit. Really. So, Apparently, there's a guy that owns an auto shop in Atlanta and one of his former employees was very upset with the way things got handled as far as him working there and getting blown out, I think, so he went to the Department of Labor to complain about his former
boss because he hadn't given him his final paycheck. So the auto shop owner obeyed the Department of Labor and went to the guy's house and dumped ninety one thousand oily pennies in his driveway where you found them? I have no idea ninety one thousand oily pennies in his driveway. Well, as you always say, karma, right. Smart guy then got hit by a lawsuit, another one from the Department of Labor and was forced to pay over forty thousand dollars
in back wages and damages to nine other employees. In the order it says, no pennies allowed. He won't be able to do that for a second time. Oh people, I'm telling you. So, here is what a think tank thinks about our economic future. The McKinsey Institute is trying to predict what happens to the US economy by twenty thirty, and they've got four possibilities and really only one of them is good. So what I want to do is read them off to you and then you can tell me which one you
think is right. Okay, So let me run this down real quick. Number one, as far as the economy goes, it'll be back to how it was before. High savings, weak investment, low interest, and low inflation. Option two is stagflation like the seventies with inflation and market volatility. Item three a lost decade, a balance sheet reset with asset price contraction and
economic stagnation kind of what happened in Japan in the nineties. And Number four the optimistic view, a productivity acceleration scenario with long term growth and improved wealth. Now, when you hear all four of those, which one do you think is right by twenty thirty. Well, let's touch on that. The first one you said was kind of was a repeat performance, if you will, going back from two thousand to twenty twenty, high savings week, investment
a not two tight labor market, low inflation, and interest rates. Well just that in itself. I really don't see this one as being real feasible with in this case balance sheet's expanding relative to GDP. So this one I just don't see a repeat performance of that now. You know, back to the seventies, you know, there's something to say about that time frame with stag inflation the US similar to now. We experienced it in the seventies and
inflation and short term interest rates stuck it around four percent. It's unfamiliar, kind of depressing the real value of assets. Back then, central banks they were really fighting to balance inflation. Sounds familiar, I think it does. Yeah, consumption is strong, with growth is unimpressive, also similar to now, and you know, household wealth declines, and at the end this would be one of the two. The third one, you know, the lost
decade. If you will, you know where the balance sheet resets, you know, I don't. I don't really see this one is probably being as relevant it could be, though, because in this scenario, fiscal and monetary policy tightened strongly to bring inflation and down. So I guess there is something to say about that's relative to these times that we're living in, and also
asset prices contracting in response. So actually, scenario of number three and number two because the fourth one, now we want to pick this one because this is the hope, This is the optimism. This is envisions long term growth both income and wealth, while we all want that greater real investments when digital and technology and with this artificial intelligence, you know, raises productivity and you know inflation falls. Well in the perfect world, I wish it would down
to one percent. That's going to take a while. So you know what, as much as the fourth one holds out hope, I just don't see it. I would say either scenario two or scenario three. But again, we don't have a crystal ball. Nobody knows, and there's so many variables that go into making things happen, whether it's you know, wars or you know banks that fail or all these moving pieces today. But I would say one, either two or three. Yeah, I kind of feel like two
is happening now, right I do? I do? We compare to the seventies all the time. So so here's what I would say as it relates to retirement. This is why you really need to have a discussion, have a good understanding. Do you have good balance as it looks going into retirement or planning for Is there good efficiency and diversification. Are you well rounded in a lot of these different sectors or are you all in one sector prone to
a major collapse if something happens. Avoiding greed, you know the need for risk. Well I want to hit a home run, Well everybody does, But do you want to strike out eight ten times? Probably not in retirement. So understanding your risk level, getting a comfort with it, and then working closely with somebody that can adapt, monitor and really give you the confidence
that you should have. And I say it again, if you're only getting the attention of forty five minutes to an hour once or twice a year in all these areas and retirement, they're not doing you a favor. You're not getting the attention that you deserve and should have for what you're paying. And again you should be and again that's what Larry and his team are here for at the Haven Financial Group. Your complimentary retirement reading this review is just a
phone call away. Get on the calip set yours up today by calling six one two four four one two four four one six one two four four one twenty four forty one. Larry and his team are there to help you with your retirement plan. We talk about that plan all the time, and it's
got so many moving parts. Like Larry just mentioned, you need folks that know a lot more about those moving parts than you do to make sure that they're going to be working for you once you are in retirement, or if you're there now, why not get your plan double checked and make sure that it's it's set up to help you live the way that you're hoping to live.
Six one two four four one twenty forty one. And you know what's funny to like, I swear Larry, I think some of these folks at these magazines listen to us because I saw this article in Fortune and it asked the question, where do you draw the line when it comes to supporting your grown up children? And we've talked about that a lot on this show. Yes, you take it too far in Fortune says that it could ruin your
retirement. Gee, wonder where they heard that. They also cite a poll the show sixty three percent of retirees want to limit the financial support they give the relatives. Do you find it with the dynamic of family today that a lot of your clients are having to deal with this? Well, the dynamic of family has changed so much over the years. And you know, you know, personally, I grew up on a dairy farm where work was not an option. It's what we did. And thankfully work, the work ethic
was ingrained in me from the very beginning. You know, we have my wife and I have four daughters, twenty two, twenty twenty, and seventeen. And you know, there's this idea that we should, you know, just spoil our kids. You know, our kids work, they have no choice, and I believe people should have skin in the game. And hey, I have a soft spot for my daughters, There's no doubt about it.
So but then there's the fine line of enabling the younger kids. You know, when do you cut them off and how do you wean them off the you know, your financial budget, and we do have clients to come in. I wouldn't I wouldn't say too frequently, but probably too often. We'd like to see where they'll say, well, Larry, we would have saved more, but our kids needed help for college or they got into credit
card debt and we bailed them out. And you know, I think of a pastor from Ingra Grove Heights some years ago when I started working with him and his wife and they stayed at the parsonage, but you know, their kids got older and basically spent all of mom's retirement dollars and now they're in a trailer court in that area. So, you know, millennials, there's part of this study that they should start contributing to their bills at age twenty. It's just so different than it used to be. And I think,
you know, all kids are not created the same. If you have kids down the basement playing video games, and that's fine, but again, are they getting spoiled? Are you enabling them? And we do see folks that their retirement in the golden years do not look like they should be because of what happened and how they just fed them the money and didn't make them work for it. And again it's tough to see that. Be careful your retirement.
Your retirement canon will be affected by thes that you make. Absolutely. Look, I went to work when I was fifteen, but that's just old school, right you that was instilled in you back in our day now fifteen take that away from my age now and well we don't have the time for all the math. But but the point is that it. Uh, I agree with you. You should always have skin in the game and you always feel better when you achieve things that you've actually worked for. That's just my
opinion. Yeah, and enough I could add to that. It really bothers me when I see folks that have been enabled and spoiled and then they don't even bother to say thank you. Yeah, that probably that bothers me so much because I know the situation, yet there's just no gratitude and I have a real hard time with that. Yeah. That could be on the parents too, though, I mean, I just I'm just sure, right, very true, right, I mean, this is what we call the trophy
generation and that's how they react. Right. So, oh, well, enough for that soul box and listen, we got to take a quick break up next. How to look like you have what they're calling stealth wealth and a woman gets an unexpected from her forgetful ly X husband. That's on the way with the Haven Financial Group Radio show here on Twin Cities News Talk eleven thirty and one oh 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 on Twin Cities News Talk eleven thirty and one oh three point five FM.
This is the Haven Financial Group Radio Show. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance. Have a question for the team, connect now at 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 Calvig. I'm bill seller and a lot of folks have headed back to the gym. Larry. Now, you know in the post COVID days, right, everybody they want to get back out, get healthy, but apparently a lot of them are doing it slightly inebriated. For some reason, people have decided that a good workout requires drinking first. As a matter of fact, not only do some people drink at home, but some gyms even
have bars in them. Now I don't understand that, because, you know, I have enough trouble working out without the thought of having a barbel you know, fall because I'm too drunk to handle it. Whatever happened to juice bar? Isn't a gym, right? Or something healthy? Right? That's yeah. That was on a website called slate dot com, and I saw that headline. I was like, what are people doing the aftermath of COVID? Yeah, I mean we drank through that. We might as well drink
through anything. So as I was getting ready for the show, I read in market Watch about a woman whose divorce was finalized checked this out over forty years ago. Her ex husband died and she just discovered this decades old roth Ira that still has her name on it now. Her accountant told her, because she's seventy two now, she had to take the RMDS, right, we'd all know about that. Then she got a tax for him. She wasn't ex which is how she actually learned that they withheld twenty percent of her
distribution. Is it just me, Larry, or is there just so much wrong with this picture here? Well, there's something, there's some things that they are kind of confusing in this scenario. Normally you have to take roth ira rm ds if the person that was the owner has passed away. But if it's a spouse, and now in this case, this is an X spouse, so that doesn't pertain. But if it's a spouse, you can transfer a rath into your spouse's name, and that's probably a good thing to
do. In this case, this was an ex spouse who had been divorced for forty years and finds out that she must have been the beneficiary on her exes, which is again why we teach is elementaries. It may sound, make sure your beneficiaries are current. I give you all kinds of funny hill Stare stories on that where they have and in this case, I'm guessing the
X didn't want but didn't make the beneficiary change. Now that is why it's import to work with folks, because that have your best intentions and can navigate you through the tax ramifications. You see, there's roth four O one ks and there's roth irase. Now roth irase you don't have to going forward.
There's been some changes in this. For twenty twenty two and twenty three you have to take rmds, but after the twenty twenty four you will not have to ROTH four O one ks. Up until now twenty twenty four you won't have to take any rmds out of ROTH four O one ks. Before you had to even though it wasn't tax. So there's there's rules and regulations, and not to be confused with IRA traditional pre tax irase there you have to take rmds at now age seventy three and that's phasing out to seventy five.
The penalties for the not taking rmds it was fifty percent and now is going to twenty five percent per the federal government rule change. And if you ask for a great from the IRS, they may nail that down to ten percent. This case here, why she got a twenty percent withholding for a distribution, I'm not sure that's typically you see that if you take a distribution out
of a four O one case. So there's there's some questions I have with this scenario, but this is what happens quite frankly when you don't have accounts titled properly when beneficiaries haven't been changed to what you want, and it happens more often, you think, So work with somebody that can look at these things. You know, lances are CPA. Taxes are a big part of retirement. It's why we teach a lot on taxes as it relates to investments,
these types of accounts, social security. You know. Forward thinking tax discussions lead to successful no surprise tax preparation. And again, talking through these things just gets people comfortable because there's a lot of questions out there. I'm also, as I'm listening to you talk about this, I'm thinking, Okay, she was surprised to find out that her ex husband had left this still in her name. My question is was the X remarried and how surprised was
that lady that it wasn't in her name. There you go, but that's where beneficial interest, that's where it goes, and there's nothing you can do about it. Wow, Oh my goodness. Yeah, I just read that. I thought, man, there's a lot wrong with that picture. In the Times of Unit I have talked about this. I was like, yeah, Larry can clear that up for us. So, oh man, well listen if you've got to make sure that all that stuff is done properly for
you. If you've got the right people listed as beneficiaries, and you've got four oh one k's out there that you need to combine, all that stuff can be done with the good folks at the Haven Financial Group. That's why getting on their radar and giving them a call, getting on the calendar for your complimentary retirement rating, this review is so important. Six one two four four one twenty four forty one. Just throwing a number out there for you
again, six one two four four one two four four one. That's how you make that that appointment. I would do it as soon as I can if I were you, because that that calendar fills up pretty quickly. So when it does come to retirement, nobody really wants to be forced into it, you know, unless it's one of those where you're retiring because they're just giving you too much money not to right. But the website go banking rates dot Com says, in reality, early retirement is usually involuntary. Do you
see that a lot? And how do you help people prepare for that possibility? Larry Well, early retirement is very normal. In fact, a lot of people have their goals of you know, we'll here, we're going to retire in our mid sixty five, sixty six, and sixty seven. Well, the average retirement age is actually less than that due to a variety of circumstances. So you know, be prepared because you know, sixty two sixty three things happen. Maybe health is a game changer plan accordingly, that can
change everything really really quick. I think of Dana Lindap just last week. He's in the healthcare field and he's got forty one years there with him medical company, and he's ready to retire. Him and his wife have done great and he's just waiting for that severance check that will pay him a year, you know, plus healthcare for a whole year. So you know, there's pink slips. I think of Beverley, our front part time front desk dynamic
front desk person. She had thirty nine years as a marketing professional and after that amount of time, she got a pink slip last spring. Her and her husband's great planners. But if they hadn't been good planners and they got early retirement, that can cause lots of stress. So if I could recommend, you know, a few different things, taking financial inventory and assessing income
and expenses kind of assessment. That's part of that proprietary process we walk people through, you know, working with somebody, you know, we talk about a weekly planning, going through all the motions and talking through all the important topics and expenses and all of the various things that are so important. And
you know, I bring up healthcare coverage, Medicare. You know, if you're not sixty five yet and all of a sudden now you're taking early retirement, whether forced or not, how are you going to bridge the gap from sixty two to sixty five? What does that number look like? It can get scary? And then at Medicare, Gland handles all of our medicare and healthcare you know, how did you know dissect through all of these medicare plans
and the advertisements on TV that cause all this confusion. You know, we help a lot of people simplify this by the education process and one on one time. Then you know, can you work in retirement, Sure you can. You've got to have some sorts of sense of purpose. But you know, entertaining a part time job, you know, can help lessen the impact
of early retirement and preserve some of the important aspects of a lifestyle. So again, we see early retirement more often than you think, So no better time than now to get your ducks in a row talk through some of these things. Because life happens. Life happens, and it happens quickly. It's how we adjust to these things and how we plan for and then we'll get
the real reaction. Yeah. Absolutely, Again, having that plan the most important part of getting the retirement because without it, boy, you could just be careening all over the place, as they say, right, and that's that's not how you want to do that. After you're finally home and not working anymore. Hey, we are going to take a quick break and coming up we're gonna talk about the trend of quiet luxury and what is the number
one concern for retirings. Well, that's on the way as well. All part of the Haven Financial Group Radio Show coming up here on Twin Cities New Stock eleven thirty and one h three point five feet track because says the Haven Financial Group Radio Show with Haven Financial Groups founder and CEO Larry called me a guy and bill seller. We appreciate you being with us every week and especially this morning. It's a holiday weekend and you might not have to be up
today, but if you are, thank you for listening. Here's a bit of an unusual offer from Ireland. Larry. Seems that they're willing to pay folks up to ninety thousand dollars to refurbish vacant or neglected homes on one of the twenty islands off the western coast of Ireland. Have you ever thought about doing a little uh refurbishment there? A little rehab well, bill, considering I don't even own any tools, and my two brothers and my dad can
do and build and fix anything. My wife fixes things around our house, So no, I haven't thought of it at all. Maybe Rochelle will want to pack up that and head over to In order to cash in on the offer, you would have to actually buy the property where the home is located and then live there while you're working on it. Oh and the up to ninety thousand dollars they pay you has to be used for improvements on the home. Why don't I think I see a new HGTV show on the horizon here?
I think you're right. So A recent survey says that retirement anxiety is rising. About three out of five people surveyed are worried about one of the biggest things that you talk about all the time, if they're going to outlive their retirement funds. And this is according to CNBC. It's also the number one concern among retirees as well. So do do you ever find yourself having to reassure some people about this? And you know, more than once.
In other words, even though they've had the meeting and you've done the planning, anybody just kind of wake up in a panic and call you and go, do I have enough? I mean, do you see that all the time? Well, with the volatility of the markets in recent months and years, yes, all the time, more often than you think, because it's human nature. You know, the big questions we get over the lea years is do I have enough money to retire? Or when will I run out
of money? You know, there's some folks that come in and you know, not everybody likes to talk about money and retirements much more than that, but financially it does come into play, and some people come in and they're just worried, worried, worried, and they've done a much better job than they think they have, and others have the confidence we talked about over confidence, and then when we really boil everything down and factor in all everything,
they're not even nearly as good a spot as they thought they were. And it's eye opening, you know. And we're not there to create a problem as we go, as we map out a plan. We're there to identify as there is there any problems or concerns or worries, and how do we fix those problems proactively? No, there's no secret. We're looking to cultivate long term relationships, you know, and help people in all of these areas.
And when you do that, you know, there begins to this sense of confidence with the plan, to know that what's being looked over and talked about and talked through based upon life and things that happen in life. But again, if you don't have any plan or don't have somebody you're working with and you feel comfortable, then this is only going to get even worse.
So, you know, think about these things like social security is a primary source of income for fifty four percent of retirees and you know about twenty percent rely solely on it, and that's not good, you know, choices to improve retirement security, like you know, limiting spending, maximizing retirement contributions, purchasing annuities. You know, we don't talk much about it, but you know, maybe that could fit into the plan. Doesn't have to long term
care insurance. Seventy percent of us are going to need some sort of care in our lifetime. Question is how have you planned for it or accounted for it. There's a lot of new things out there that people haven't discussed, and you know, your stock market investments, just being comfortable and where you should be, assessing your care in situation, trimming spending and considering all investment options. All of these are good things. That's all part of our discussion,
ongoing discussion from quarter to quarter to year to year. That's what our job description is is to help people get comfortable and feel comfortable when they come in to know, hey, they're actually listening, they actually care, and
we're being well taken care of. And that is always our goal. Right, So, if you've got that plan in place and whatever, then you don't have to wake up with this number one concern of most retirees, right that you don't have enough to get you through your retirement years if you're doing the things you're supposed to. Yeah. But I saw those numbers as well about Social Security, and I thought, wow, based on what I know from talking with you, those are some scary numbers. Right. They are
relying on that solely as their retirement is scary prospect. That's not a good retirement income plan. Yeah, we don't want to go that way. Yeah. It's about as solid as counting on all that money you spend on travel baseball so your kids can become pros and pay it back. Well, that didn't work out so well. But or basketball, Yeah, yeah, it was fun. It was fun. But I'm just telling you right now,
not a great retirement plan. And take it from one who knows. Uh. Yeah, So again, if this is the kind of thing that you need to work out, if you want to make sure that you have that plan and what you think your retirement plan is, is it really what you think it is or hoping to be. That's what the complimentary retirement readiness review can help you find out. That's why it's important to call Larry and his team and having financial group and get on their calendar for one of those six
one two, four four one twenty four forty one. Again is the number six one two four four one two one. So there's a new trend out there. It's a fashion trend, Larry and you, being a fashion maven, I thought i'd bring up it's called it's a new trend among the rich called quiet luxury or stealth wealth if you prefer ce. NBC is calling it
an old money. Look, it's what it is is high quality clothing that doesn't look expensive unless you know what you're looking for a lot of really you know, muted colors, no logos, luxury brand items that last a very long time. In other words, wealth without excess. And I was reading this and I thought, man, that's like a mindset that could apply to investing as well. Right, well, right, you know, there's this common denominator of folks that we've visited with over the years and helped, you
know, get into retirement or in retirement. And you know, it's been good discipline, good savers, being somewhat frugal, you know, taking calculated risk. You know, when it comes to risk as we get a little bit older, making sure that we're we've stress tested our portfolio. We're in a position where if the market market has major fluctuations, we don't panic or jump off the cliff, you know, the willingness for risk, need for
risk, the ability to take risk. Problem is most people don't understand or have any idea how much they actually are taking until something like twenty twenty two happens. We want to be proactive in that. You know, sometimes those that look like they you know, the gaudiness, oftentimes they don't have as much as you think. So you know, we want to We don't have any minimums when you know, we work with all everybody that has questions.
As I mentioned before, you know, I'm observation that are we like to do client events. My wife loves to plan events, and you know, we do a shred event every spring here at the office and we have food trucks and fun stuff out. And I mentioned it before that, you know, our younger staff in the last couple of years, they brought up the fact that some of our most well to do customers or clients drove the roughest cars, you know, kind of Warren Buffett and those that had more lavish
and there's nothing wrong with that didn't have as much. So again, you know, we with the pandemic. Everything happened. You know this what do they call this? The quiet luxury or stealth wealth? Right? I do kind of see that a little bit more. And you know, as the economy slows and the persistent inflation, you know, makes American families feel stretched and too thin, it's time to you know, shift away from a guest keeping up with the Jones's mentality, develop your own style, be yourself,
you know, factored into your budget. Don't try to be somebody else. I always say, don't juge a book by its cover. You might be surprised. And again, everybody's different. But develop your own style. But I agree, Yeah, you know, sometimes those that are showing off or just showing off the few things that they have, right, it's superficial. Yeah. Speaking of Buffet, I read a quote from him today that said, my wealth has come from a combination of living in America, some lucky
genes, and compound interest. So he says it how it is, and he's accurate. Yeah, So again, wealthy not wealthy, whatever you consider yourself. If you've got questions about your retirement plan, about whether or not it's an actual plan that's going to help you with things like changes to taxes, inflation, rising healthcare costs, all these things affecting your money and retirement. That's why we get together every week is to help you understand what it
is that the folks at the Haveing Financial Group can help you do. So calling them at six one two four four one two four four one could be one of the smarter things you do today six one two four four one twenty four forty one. Is we always say there are folks standing by right now to talk with you off the air six one two four four one twenty four forty one. Hey, yes, so we're going to answer the phone bill too. We're here to answer questions. That's our job description. And you
know, I know summer's busy. Life happens, Life doesn't stand still. But even though summer is busy, there's no time better time than the present
to start somewhere, to get to somewhere. And you know what, no matter what puzzle pieces, if it's all of them or some of them or one of them, you know, assessing your risk tolerance, actively managing portfolios and stress testing whether it's so secure already, or the many tax discussions or tax preparation of state planning Medicare, Health insurance, all of these puzzle pieces. There's no cost to talk about them. There's no cost to you know,
answer questions and pick our brain. That's what we're here for. Yes, we're looking to help people. We do help a lot of people. And you know what, we want to be an asset or resource to whatever that to whatever that looks like. Six one two four four one two four four one the number real quick, Larry, before we get out of here. Coming up on the fourth of John holiday, you're doing the cook out. What has to be a part of your backyard barbecue. Well, I'm
blessed to have a wife that does all the grilling. We spend lots of family time and you got to have some burgers and brots and and all the other good stuff too. So family time is the most important and we'll be having it. I know that for a fact. You had me at burgers and broughts. I will be there whatever you want me to see that.
Listen, y'all have a great weekend, enjoy your holiday, and thank you very much for listening to the Haven Financial Group Radio show here on Twin Cities News Talk eleven thirty and one oh three point five FM song comment over New York City Steal Bust Driver attract feat. Investment advisory services offered through Guardian Wealth Strategies LLC, Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies.
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