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 honest to goodness, they're real people. When you call, I'll explain to you why I think that's really important here coming up in just a minute. But it's good morning everybody, and thank you very much for
listening. I am Bill Seller along with the founder and CEO of Haven Financial Group, Larry called Big Larry, my friend. It's it's always good to be with you. Yeah, good morning, Bail. Good to be with you. Yeah. We just want to make sure that you know that right now, if you here's something on the show, or you want to call for that complimentary retirement reading this review, those are actual people on the other end of the line. Trustee in this world of AI that we're living in.
It's just getting out of hand, man, it is it is. To get a live person's almost impossible. Yeah, it's crazy. But the good news for you is it's real folks working at Haven Financial Group this morning, so they will be glad to take your call and talk with you. Coming up on the show today, we're gonna talk about things like planning to pay for your dream retirement, how your Social Security benefits could be taxed,
and if you've got five months to spare. Oh, let's talk about an amazing cruise, because I just went on a cruise a couple of months ago, and man, I'm hooked, Larry, I'm hooked. It's easy to get hooked. Yeah. Yeah. But before we get to all that stuff, the reason I mentioned the AI thing is because I saw a couple of stories this week to just blew my mind. Apparently, now Wendy's is tinkering with an AI ordering machine, so literally no money will take your order,
not a human at least. They're testing out an AI drive through. They're working with Google to design a chatbot to function as the drive through speaker, so it'll take your order, it'll place the order into the computer, and then you know, I'm assuming a person will make it back at the kitchen. I don't know anymore, but yeah, they're testing that out. And then I read about the world's first barista robot serving espresso in New York City.
It's called bot Bar. They're setting up shop at their first location in Brooklyn. The robot can churn out about fifty espresso drinks an hour. I'm telling you, man, we are going to machine ourselves out of existence. Larry, did all this AI stuff just come out of nowhere? Because it's just feel like we're getting bombarded in just the last six months or less.
Yeah, well, unfortunately, I think it's one of those things that it's been in the works and then somebody perfected something right and now it's just taking off. Now it's just taking off technology. It's always a double edged sword, my friend. And the way things are going, I think that we're going to be AI and ourselves out of existence pretty soon. But that's just me sounding old and I don't want to do that. So let's get to
the show here and talk about deaf. Hey. Remember a couple of weeks ago when we talked about 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 having 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 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, the 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 yet five hundred
and sixty thousand is kind of the is the average net worth? You know, we have we 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 our 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 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 to boomer number as well. Yeah, I thought that 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 retirement 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 these difference. What you should have though, is talking through a plan that has good solid liquidity, good safe principle 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 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, yes, 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 gonna move on so we can keep our license. Another new report out suggested Americans might be overcome definite 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 there 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 detail 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 a replacing a vehicle or travel that you need to 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 factoring all these various things which we do because life happens. Again, a lot of people don't have pensions whereas the income going to come from,
and then expect reasonable returns with the market. We got spoiled for almost thirteen years, and then last year happened and people panicked, Oh my goodness, well you should have 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. You'll 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, Investing the state, 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. This is the Haven Financial Group Radio Show. Every time it rains, it rains Fennis 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 Group's founder and CEO, Larry Calvig and This 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 too 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, and 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 in 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 wealthy clients. 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 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 it 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 calen 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, I swear Larry, I think some of these folks that 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, and 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 their 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 all save. 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 the 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 the dea 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, very true, right, I mean, this is what we call the trophy generation and that's how they react. Right. So, oh well, not for that soul box, unless 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 ex 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 two d us invest a little time to be sure your investments are working for you, reach out to the Haven Financial Group now for your complimentary 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 Group's 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 some 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 the 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 check this out over forty years ago. Her ex husband died and she just discovered this decades old roth Ira, a 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 expect, which is how she actually learned that they withheld twenty percent of her distribution. Man, 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 are kind of confusing in this scenario. Normally you have to take roth ira rm d's if the person that was the owner has passed away, But if it's a spouse, and now in this case this is an
ex spouse, so that doesn't pertain. But if it's a spouse, you can transfer a roth 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 ex's 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, this is why it's important 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 k's and there's roth iras. Now roth iras 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 twenty twenty four you will not have to
ROTH four O one k's. Up until now twenty twenty four, you won't have to take any rmds out of ROTH four O one k's. 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 iras. 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 grade from the IRS, they may nail that down to ten percent. This case here, why she got a twenty percent withholding for 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, Lance is our 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. You know. 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 ex
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 you and 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 writing 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 to 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 you know, 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 the med 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 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, Glenn 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, it 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, how we plan for, and then we'll get the real reaction. Absolutely again, having that plan the most important part of gett into retirement because without it, boy, you could just be creating 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 retiring. 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 even thirty and one oh three point five, Flack says the Haven Financial Group Radio Show with Haven Financial Groups
founder and CEO Larry called me guy, am bill seller. We appreciate you being with us every week, and especially this morning. It's a holiday weekend and he 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 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 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 currents, that you 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. 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 hope it 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 haveing 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 four 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 this up. It's called it's a new trend among the rich called quiet luxury or stealth wealth if you prefer ce.
NBC is called in 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 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 and 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 Buffett, 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 security, 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, our resource to whatever that to whatever that looks like. And getting Larry and his team to help you control your assets and understand them better starts with that phone call six one two four four one two four
four one for your complimentary retirement reading this review. Six one two four four one two four four one is the number, and of course you can find out more online at Haven Financial Group dot com. Well, Larry is always our time goes by way too quick. They're they're waving at me saying that we are out of time. But I always do treasure this because I learned so much when we get together, and I look forward to it again next
weekend as well. Bill, take care and thank you for listening. To Behave in Financial Group radio show here on twin Cities New Stock eleven thirty and one h three point five at Sung comment over your city, stobus driver in a track f chain st Investment advisory services offered through Guardian Wealth Strategies LLC, Even Financial Group and Guardian Wealth strategies LLC are not affiliated companies. Investments involved
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