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 good morning. Thank you so much for being with us again this morning. I am Bill Seller along with Haven Financial Groups Founder and CEO Larry Calvig. Good morning, Larry, How are you my friend? Doing well? Bill? Good morning, good morning, good morning, good morning.
We are here again to talk retirement, not just getting through retirement, but getting through retirement right. I mean, that's the biggest question you get from everybody, rights do I have enough to get through retirement? It is it is do I have enough to retire? Or how long will my money lasts? Kind of important questions. Yeah, and it's uh, I mean you think yeah, right, And so when we look at retirement, we all have you know, we all have an image in our head of the ideal
retirement. I know you say all the time that's a different picture for everybody, and how you get there and how you manage your money is different based on your situation. You know, we all probably have a pretty good idea of what we want and how we want to live in those years. So the question is how can you achieve that? And is saving alone? Is that is that enough? Or what other kind of planning do you go over
with your folks? Larry, Well, we're very thorough and in our analysis of what people are doing and what they want to do for retirement, and it's important for people to share these ideas of do they want to travel and retirement? Do they want to join the country club? You know, what is it the grandkids? Is that important? You know? What memories do they want to leave? And a lot of clients that volunteer, and you
know, I have a judge from Saint Paul. Him and his wife they retired and he fishes and hunts and he has a place here and has a place in Florida and it's just all centered around fishing and hunting. But you know, these things cost money, you know, there's and planning for it. You and I talk weekly about planning, you know, the go early years of retirement. What we see is kind of the go go years. People spend more money because they can and they're mobile and they can get around.
And then people slow down a little bit and then we have, of course, they latter years where we have more healthcare expenses. And we want to factor all these into the equation because in our projections, you know, these things cost money, and if you don't plan for them, you might not have the money or the wherewithal to do the things that you're so passionate about. And this is where we really get into the discussion of what are
your income streams. Are you blessed to have a pension? Not many people are, but some of those from the older days, if you will, they have pensions. And do you have a pension? Do you have you know, what's your social security look like? And of course, you know, we do lots of classes on that. And you know what other ways can you generate income? You know, the annuity industry or the annuity world. People don't have to have annuities, but they can be effective in generating
guaranteed lifetime income. What I encourage folks is explore all the options, okay, because a lot of times people get into those and they don't understand how they work, and that can be a problem in itself. But generating your own pension. My wife and I will not have a pension, So how can we generate guaranteed lifetime income to supplement these other streams? And that's that's
the important part. Is It's not as much, Oh, I have a huge portfolio, it's how am I going to get money every single month to pay the bills? Those are the big questions, right, because we have to continue to be able to do the things we're doing now, right, buying groceries, paying bills, the everyday stuff without that paycheck coming in, the one that we've relied on for all those years of working. As you
always say, the accumulation years. And now you're right, we do get to this time when kids are grown, they're gone for a little bit. I know in the case of my wife and I, we were finally able a couple of years ago to catch up and pay off the debt that we had from raising four kids. Boy, what a nice burden that is off my shoulder. By the way, you know. But I know the credit cards are an issue for a lot of people, but unfortunately sometimes in the
times that we go through, we have to rely on them. But it's important to make sure we don't carry too much of that debt either. But I gotta tell you when when we were finally able to pay hours off Larry, it was one of those weird things where I just woke up, I don't know, week maybe two weeks later, feeling better, and I couldn't figure out why. And I realized because finally that that pressure that's there but you don't think about all the time, right, but you just know it's
hanging over you, was gone. And what a great way to be As I head into retirement. I'm getting closer to those years myself, and I know you work with folks. I'm making sure they understand the importance of that as well as far as paying off credit cards and carrying as little debt as you can into retirement, right, And you know what it's all about,
peace of mind. It's just at one of my clients in here recently and he's going through some health challenges and unfortunately it looks bleak, but we certainly are optimistic, and his worry and concern was, you know, should I pay off some of the a couple of these loans for the sake of the family, because I don't know how much time I have And these are heavy
conversations, but I'll tell you this. You know, we're firm believers of minimizing, reducing, or eliminating any debt, especially as you get closer to or in retirement, because you know, the sleepless nights or I have a mortgage, and you know, everybody's limited in what they can do. But if you can minimize and keep the debt load light, you're gonna it's gonna make for a much happier retirement. The proof is in the numbers, and
we see it all the time. So again, it's what you do prior to when you get to retirement that'll figure out how this all works out. Absolutely, and having a plan in place is the best way to make sure you are set for those years. And that plan starts with your call to the folks at Haven Financial Group for their complementary retirement readiness review. The number again is six one two four four one two four four one six one two four four one twenty four forty one. That's how you reach out and get
in touch with Larry and his team at Haven Financial Group. And again, having a plan in place will certainly make that vision of retirement coming to focus a lot better. And when you get to retirement understanding what has to happen when it has to happen, it's great to have that piece of mind. Like Larry said, so again the number is six one two, four four one, twenty forty one. I know one of the other things you talk about, Larry, as far as the you know, the different puzzle pieces
too in retirement is investing. And I also know you talk a lot about diversification, so I wanted to go a little deeper on that if we could. And you know, of course it makes sense to avoid putting all your money in one place or all your eggs in one basket, as they say. But what are some options for a really well balanced portfolio that you'd like to talk about with the folks at Haven Financial Group. Yeah, let's first identify, you know, diversification. You know, we hear the word,
what does it mean? It's you know, it's a strategy of allocating resources or capital to a variety of different investments, you know, and the purpose of this diversification is really to reduce the risk of your portfolio, you know, by balancing losses and gains across different asset classes and investment vehicles. It's a good thing. But not many people stop and think about how diversified their portfolio is because a lot of people identify all eggs and win basket is being
with a certain company, and that's not that's just not true. And I think of you know, John and Terry from Lakeville. He was a contractor and she's a retired nurse, and you know, they came in and they said, well, we don't want all our eggs in one basket. And there was three different statements green let's just say green, white, and blue, and all green, white, and blue statements had almost exactly the same
investments. So just because there was three different statements doesn't mean it's diversified. So we you know, really I compare it to you know, what's the right recipe to get the best results, And you really want to look at, okay, the stock mix, the equities, you know, real estate, emerging markets, you know, exchange traded funds, mutual funds, you know, international funds, compared to and really the right recipe to capture these
different sectors of the market. And a lot of times people have you know, oftentimes we'll see all blue chip stocks. Well, that's not diversification. And mathematically, over time, by having a good diversification, there's a correlation between the risk and the reward. So it's extremely important and a lot of
people just don't understand it. So we help people understand it. And hey, by the way, do you know you have no emerging markets or some of those smaller countries in now we don't want a big portion, but it's the right mix based upon your situation, your risk identification, and where you're at in life. That timeline before you actually retire so extremely important, and
it goes unnoticed by a lot of people. Yeah, I imagine you see that a lot right folks come in and say, well, look I've got four different portfolios here, but then they're all doing the same thing, so that doesn't count as diversification. No, I see it. We see it all the time. Bill most of our clients when they understand and we help them through the education process maintaining diversification. You can have that even though you don't have to have it under the same roof, but you can, I
mean within the same portfolio. And most of our clients like consolidation, simplification yet maintaining diversification, and that's easily achievable. It's just a matter of walking people through that process. Yeah, and that's another great reason to call Larry and his team. Right if you do have a bunch of things kind of spread out everywhere and you want to get them all consolidated and put together in the best way possible, that's going to benefit you the most. Folks at
Haven Financial Group can help you do that as well. Again, the number is six one two four four one twenty forty one six one two four four one two four one. You can find out more about them as well online at Haven Financial Group dot com. But again, that complimentary retirement readiness review can go over all kinds of things as far as your retirement is concerned. You know, one of the things Larry talks about all the time is the
retirement puzzle. All the pieces to the retirement puzzle, well two of them, I know kind of go together, healthcare and estate planning. Neither one of what should we really ever want to talk about or discuss, but they happen and you've got it do one. So we're gonna talk more about the
best ways to go about taking care of both. That's on the way next right here with the Haven Financial Group Radio Show on Twin Cities News Stock eleven thirty and one oh three point five at them Investing, the state, planning taxes and more. Want your complementary 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 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 and help you realize that planning for retirement can be simple and easy.
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 welcome back to the Haven Financial Group Radio Show. I am Bill Seller along with Haven Financial group's founder and ceold Larry Calvig and Larry, you and I never talked about this before. On your end, I mean, you know me. I'm the king of allergies, man, I live with sinus stuff. You're run. Do you do you suffer from allergies?
Thankfully, I do not. I got a brother that does, but I do not. Well, then he's going to be happy to hear this. I don't know if you've heard the latest, but pollen free trees are coming. Yeah. A biotech company says it has harnessed a mutant gene in a Japanese seater that leads the tree to produce no pollen. That is amazing to me. Is amazing. I mean because I step outside, I'm literally allergic to the outdoors. I'm one of those guys where I've just amazed science over
my life. They did a you know the allergy patch test they do on your back where they pick you with like one hundred little things. Well, I was getting that done and all of a sudden, the doctor yells for the nurse and I was like, oh, my goodness, won't happened. Then she yells for like three other nurses. They've never seen a reaction the size of the one I had on my back. My goodness, I was astounding the office that day. So this is good news. Man. If
you can come up with trees that don't produce pollens, so hopefully. I don't know if that's good or bad. But you need pollen, don't you to regenerate trees. Isn't that what happens? Yeah, well, once again, maybe we're sciencing ourselves out of exist I don't know. But if you suffer from allergies, hang in there. Pollen free trees are on the way. So before the break, we were talking about the different retirement puzzle pieces,
and you know, two of them kind of go together. So I thought I started with the healthcare piece, Larry, something we don't like to think about, but a lot of us when we get into retirement and you get older, things start to happen. It didn't happen when you were younger, and you've got to be ready for a lot of healthcare stuff. A
matter of factor. Report by Fidelity estimates that a newly retired couple at age sixty five may need around three hundred and fifteen thousand dollars just to cover healthcare expenses. Larry, and you compare that to the average IRA account balance of just over one hundred grand man, that is Look, I'm not good at math, but that doesn't seem good to me. You know, healthcare is a major expensive retirement so what kind of options can we look at when we
get there. It is a major expense and we need to plan for it. And unfortunately, you know, some recent studies that I saw that forty million households have no retirement savings at all, so I don't know how they're going to pay for healthcare. There's a deficit of retirement savings deficit of three
point eight trillion dollars. So we got some problems here in the average four O win K plan somewhere right around one hundred thousand dollars, So that doesn't bode well for those folks as far as how they're going to pay for this. So, you know, we talk every week about planning, saving, you know, utilizing things like health savings accounts hsay's maxing it out and doing it appropriately because you know, you can use those for qualified medical expenses and
grew it a great way to do it tax free. And you know, this is where the area we discuss healthcare in depth in our conversations and in our meetings, and Glenn handles all of our Medicare and healthcare and you know, we get folks that come in and recently, I man, I've had more people that have come in recently and they said, well, we got a pink slip last week after thirty years or twenty five years, and they're
not to sixty five yet. So they need to bridge the gap for healthcare on the open, on the private market, either through minshure or privatized companies, and we help people through that, and we have access to all the companies, and you know, it's important to understand, you know, not all healthcare plans are created the same, and you should shop it out every year. And then folks get close to sixty five and medicare now is the
discussion. And Glenn's one of the top Medicare people in the state of Minnesota. And we discuss these things from a healthcare standpoint, but not to be confused with long term care, because Medicare is not long term care, long term care nursing home coverage. A lot of people have been desensitized, if you will, and well, I can't afford it. It's super expensive,
and sometimes it can be certainly and then there's price increases. But there's other options out there like asset based long term care, hybrid long term care, and planning for that because you know a statistic. I just saw that seventy percent of Americans are going to need some sort of long term care coverage and that's a staggering statistic. And a lot of people don't understand the spend down process where depending on what state you're in, because there's different state rules.
But in Minnesota, and you can have a house, a car, two thousand dollars liquid and there's a formula attached to it where as far as your income goes, and you know, how are you going to pay for that long term care coverage? Are you planning for it? It's not fun, not exciting, And I'll tell you this, just when you think you have all the knowledge of healthcare and long term care, then they change the rules. So it's important to have somebody help you navigate through these areas, and
folks that are listening. If you're dealing with a loved one that's deal that's going through nursing home or some of this stuff, you know exactly what I'm talking about. For others you never had to deal with it. But again it's top of the mind what it affects your own family. So again, plan accordingly, not fun and exciting, but talk through the various options.
But it needs to be done. And the other thing we talk a lot too, is that when it comes to Medicare and all that stuff, Joe Namath and JJ Walker and all those guys, they don't don't remember there they're paying spokespeople. Yeah, yeah, not what they're you know, and it's not always what God Well, anyway, I won't go down that road. Just call Larry and his team. You'll be much better off. Six one two four four one two four four one six one two four four one twenty
four forty one. Healthcare estate planning all part of your complimentary retirement writing this review that we talk about every week. That leads me to the next thing, which is a state planning. And having just talked about medical expenses, but what about medical decisions? Right, who's going to make them for you if you are unable to make them for yourself. That's part of a state planning. Two. People don't realize that, right, it's not just when
somebody passes on, But what if you're incapacitated. Yeah, we hate to think about these things, but life happens in life's calendar doesn't always cooperate with our calendar. And the reality is only about fifteen percent of Americans have a competent estate plan. Now, there's some confusion as far as that goes. Now, Carrie is our estate planning partner. She does an amazing job. There's no cost for an initial consultation. But you know, estate planning is
while we're living. If something happens, accident, if we become incapacitated, or whatever it might be, who's going to make the decisions for you? And a lot of times people think, well, that's automatic my spouse, and that's not true. You need to assign somebody. And usually there's a durable power of attorney for financial decisions, healthcare decisions, medical record access, the living will component, you know, all these things. Here's what I
want to happen. And you might have a child that is in the healthcare industry that makes those decisions better. And you might have a child that's a business person that can make financial decisions. So you assign these folks, you know, In my situation, I've assigned my wife, Rachelle and at this point my father and my mother, which eventually is the girls get older, I'll be assigning them. So it's important that's on the living side. Now,
when you're gone, those things are gone. Now it's do I have a will? Do I have a revol pocable trust? Do I have a transfer on death deed on the property? Those are when we're gone, And that's for the sake of you, your spouse, and your family creating a
legacy avoiding probate. Is that important? Is there a state tax issues where there's a reason to have a trust, And a lot of people they take this very lightly, and it shouldn't be because you only have one chance to make this thing work, and you should have this discussion and make sure you work with somebody that educates you. A lot of times on transfer on death needs. People think, well, I'm just going to fill it out and I'll fill it out and send it to the Scott County or whatever county you
live in. Yeah, but if you don't fill it out properly, there's ramifications for doing this and talk through. That's where Carrie is so thorough about discussing. Here's why you do it, and here's what the results are. Remember, you're not going to be here when this is executed, so make
sure it's going to work and talk through those things. Yeah, I mean doing it yourself, fine, whatever, but I not make sure it's done properly because like Larry just said, you're not going to be here, and then if it's not done properly, the folks you leave behind are the ones that have to deal with it. And like Larry says, a lot too right, we're at a very litigious society. A lot of that stuff can become troublesome and such a big hassle if it's not taken care of. And
hippa and hippa is a part of this as well. The privacy. It has to have the right verbiage in it. And you know, be careful. There's a lot of people that you know out there online or whatever that sell paper we call them selling paper here. Do it yourself online and calling request your paperwork to be sent to you. Some of the stuff isn't even good in various states, so you might be wasting money on something that isn't even valid. And it gives you some confidence that is not worth any confidence
whatsoever. Yeah, so make sure you're doing it right. Call the folks that Haven Financial Group at six one two four four one two four four one. Get on their calendar as soon as you can. Again, that number is six two four four one two four four one, which is also the number to call if you've got a question for Larry to get on the show
for the Ask Larry segment. Go ahead and give us a call six one two four four one two four four one, or send Larry an email at Larry at Haven Financial Group dot com and we'll see if we can answer your question on the air. In an upcoming show, we're gonna take a quick break when we get back the truth about your expenses in retirement, as well as talking about the T word, yeah you know, and it's taxes.
It's all coming up here on the Haven Financial Group Radio show on twin Cities Newstock eleven thirty and one h three point five that down 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. 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 and welcome
back to the Haven Financial Group Radio Show. Along with Haven Financial Group's founder and CEO Larry Calvig. I am bill seller and what a day we're having. We're talking about retirements, all the things that happen in retirement, not just getting there, but you know, getting through those years. We started off by talking about the biggest question most people have, and that's you know that is do I have enough money and will it last me through my retirement
years. Well, the answer to that question is we don't know until you sit down with somebody that can help you with a plan to see exactly where you are and where you're headed. That's why I love to give out the number four Haven Financial Group because that's where your plan starts. With Larry and
his team at Haven. So the number again is six one two four four one two four four one for your complementary retirement Readiness review six one two four four one two four four one, And going hand in hand with do I have enough? Will it last me? Kind of leads me to my next question, Larry. A lot of people believe that their expenses are going to be reduced after they retire, and that they're going to be able to live on a lot less. However, Investipedia reports that expenses may not change all
that much at all. Really, you know, we were talking a few minutes ago. Healthcare is one reason. Another is travel, if that's what you're going to want to do. Do you see a lot of that with your clients. So they come in with one set of expectations and kind of get slapped with reality. Oh. Absolutely. By the way, those expenses
are not going to get cut in half. I mean, one can expect, as a rule of thumb, you're going to need about seventy to eighty percent of your pre retirement income to cover your expenses and retirement and I would say at least that. And you talk about travel, and you need to factor these if this is what your aspirations and goals are in retirement again, you better you need to be a good saver. You need for plan for these in our in the projections, we plan for them. We talk through
these things. And you know, travel is a big thing, you know, it's it's a big popular thing. And I think I just was thinking about this. I was like, you know, I get Steve and Nancy from Bloomington who went in ayoam missions a trip to Hawaii. I just had a couple in John and Jen from rose Mount and they went on an African safari. And you know, these things cost money and you need to plan accordingly. You know, save where you can, maybe there's some senior discounts
whatever there might be. So again, you just can't just expect everything to work the way it's supposed to if you haven't planned for it. But we buffered these into the projections and make sure that we're accounting for them, because if these are the things you want to do, it takes money. Well not just that, but just like we talked before, everyday living. You
never know when inflation is going to flare up. Things that were a dollar now costs four or you mentioned this a lot and I'm in that situation. Now, grandkids come along, right, you want to you want to do things for them and get things for them. And you know, it's really funny. My wife and I raised four kids, and every year at Christmas it was very full, shall we say, right, a lot of presents
under the tree for four kids. But then they got older and they moved out, and we had like, oh, how nice is this now? Right, they got people to buy them presents. We don't have to worry about it anymore. Well, now we've got four grandkids, so we're right back where we started. But you know, those are the things that you really don't put into your plan right when you're sitting around talking about it as a family, sitting around talking with Larry and his team. That's the kind
of thing you guys go over. It is expenses. We want an acrid depiction of what your expenses are. And a lot of games people haven't put pen to paper to figure out their expenses. And you know, at first, when we ask, oh, what's your monthly expenses, they might throw
a number out, well that's four thousand a month. We'll encourage them to really think about it, and then they'll come back for the next meeting in our process and they go, you know that four thousand we told you, it's actually more like, oh really, so we want we want to put accurate information in Otherwise the numbers and the projections mean nothing if there's no accuracy and plan for the unforeseen. We talked about healthcare, yes, but what
about the air conditioner or the water softener, the grandkids? All these things add up and we want to make sure we're being as accurate as possible. And a lot of times people are overlooking these things. And again, why is it important? When you're working and you've got paychecks coming in and you have the sense of confidence, but then all of a sudden you retire.
You know what does that do to your income? Most people are on a fixed income in retirement, so you want to monitor those expenses and manage them properly. Absolutely, And another thing they can dig into your money in retirement the big T word, right, taxes, Tah, every guy, I just heard a bunch of people go, oh, higher than anticipated tax bill can also be one of those big expenses. You know, what are some of the pitfalls that people don't see coming? Larry? When as far as
taxes, go in retirement. Well, taxes are a big conversation. You've you always hear me say, you know, we're very proactive in these tax discussions, forward thinking, tax planning. All these years you maybe had your four owin care or something, and you've you've just put money in there.
But eventually we get to a point where required minimum distributions at age seventy three and then you turn on you turn on so security at some point in the middle there and all these are income streams and it's a great problem to have, don't get me wrong, but there is the tax ramifications and a lot of times people get their taxes prepared, but there's no tax planning. We're big in the tax planning, and I think more people should be active because
you know, missed opportunities. The tax code is going to sunset at the end of twenty twenty five, meaning it's going to revert back to what it was back in twenty seventeen, which is higher taxes or even higher. So discussing these things, what can you do. We talk about roth conversions and
weekly. I have folks that have missed opportunities, or I call them unforced errors, because they never they never did anything, or they didn't do any I rated roth conversions, or they didn't take advantage of zero capital gains tax based upon their income situation in retirement and a lot of times early retirement because
their income. Maybe they've delayed so security or what have you. And we believe, we're very passionate about this is that you should work with somebody that is having these tax discussions, the investments, the estate planning, the taxes, where do you draw from and the most tax efficient way possible. We're very fortunate to have Lance is our CPA, and you know there's the added value pieces. Yeah, if you have Lance to your taxes. He is
a CPA and he does tax preparation. He's very fair. But we're tax planning. You know, every year I have folks that come in and they, oh, my goodness, we all five thousand or six thousand, How many years is this going on? In? All? Three four or five years? Well, have you talked through it? You should? You have more withholdings. You know, what's your goals? Avoid these missed opportunities. You know you're gonna have to pay tax. I'm not saying that, but
don't pay more tax than is necessary. Again we're invested with Uncle Sam, don't get me wrong, because they own a good chunk of our four O win K And I raise stay up today with the tax code, work with somebody that's educating and helping you, and that is major added value that people take very lately. Yeah. And because it's like Larry said, you're not going to get out of paying taxes, right, everybody's got to pay their
fair share. And that's not what he's talking about. But if you have a plan in place that is anticipating what you're going to have to deal with as far as your taxes go, well, then there are no surprises. You're not walking in and saying what is going on? Larry? Right, you don't have folks doing that that have sat down and planned with you. Yeah, and there might be some special tax breaks out there for retirees that you're unaware of. The tax code does change, and I jokingly say the
tax code doesn't always make sense because it doesn't. And if you're working with somebody that understands these rules and regulations that are looking out for your best interests, it can save and in some cases it can save quite a bit. So again, the phone number to get in touch with the folks that have in Financial Group is six one two four four one two four four one.
Call today get on the calendar for their complimentary retirement readiness review because I just I don't know men to you having a plan as a no brainer, it just makes sense right to get a second set of eyeballs on your future. Six one two four four one two four four one is the number. And if you can't call right now, I get it, drop the number down there and do yourself the favor of calling in the next day or so. Six one two four four one twenty four forty one the number. Again,
people standing by right now to answer the phone. It's not a call center. You're going to talk to a person, So make that call as soon as you can. Six one two four four one two four four one. On the way after this quick break, what's your personality like when it comes to retirement, We're going to talk about that and what are the top travel destinations as we talk about travel and retirement where we're gonna talk about that as
well. It's all coming up on the Haven Financial Group Radio show on Twin Cities Newstalk eleven thirty and one on three point five ff in the ducks in the pub mean time, have you had your three R check up? Your compliment ory retirement readiness review is just a phone call away. Our team is waiting to talk with you off the air right now six one two four four
one two four four one. That's six one two four four one two four four one or online at Haven Financial Group dot com And welcome back to the Haven Financial Group Radio show. Larry Calvig is the founder and CEO of the Haven Financial Group, and he's very kind every week to let me sit in with him and talk retirement with you. My name is Bill Seller, and Larry, I know that you deal with, gosh, all these different people,
so I know you're running across all kinds of personalities. And you know we're not just talking just people that are good at parties or people who want to be in a library, right. I don't mean that as far as your personality goes, it's not just limited to our sense of humor or the way we deal with stress. I recently actually ran across an article called the Money Personality Quiz, and by taking the quiz, you're gonna fall into one
of five category. And the idea is that if you know your money habits and tendencies, well, the better off you're going to be in retirement, the better you're going to be able to make smart money decisions. Do you think, at the risk of us sounding like a Cosmo quiz and why he doesn't like me, do you think a quiz like this can actually help folks
when they're when they're looking to plan for retirement. Yeah, I think you can give some perspective on it. I mean, most folks, especially in married couples, if they've been together a while, they quickly understand the differences of the personality as it relates to money, and a lot of times that balances each other out. You know. I think of a couple that was just in Dad and sharing from Burnsville, and one is very in tune with
what they're doing. The other one could care less, and it makes for a good balance for them. But there's different personality types, and I've researched this a little bit. You've got the contemporary which live and spending the now, and the enterpriser who's you know, crystal clear on the financial future. You know money and how to use it. The minimalists smart with money, very cautious thinks the long term, and the realist play it safe with your
money. Very conservative socialite enjoy the finer things and love to share it. It's important to understand what your personality is. And actually I like another study a little bit better where it puts it in more Lehman's terms. Big spenders. Big spenders love nice cars, new gadgets, or you got savers exact opposite of the big spender. You got shoppers. They love spending money because it gives them emotional satisfaction. Then you got debtors who just rack up the
debt and don't pay attention to their expenses whatsoever. By the way, that's not good for retirement. And then you got investors who are constantly and consciously aware of their money at all times. So yeah, there's all kinds of personalities. What's important is understanding your personality and your spouses and your family. It's important understand that because what's a good balance. I see a lot of
couples in our convers stations that really help each other out. I just think of a couple last week that I go, you guys have done a great job. I mean it's not flattery, but you guys have done a great job saving for retirement. What's the secret? And he looked, He looked at her and goes, it's all about her. It goes, if it was about me, we wouldn't have any money. But she was the disciplinarian and she enforced it. And it's because of her we got to where we're
at. And we'll all have our strengths and weaknesses. It's just identifying what they are. Well, you know, I was going to ask you about that when it comes to couples. Right if you're headed into retirement or you're there now. Let's say you've gotten the retirement, You've got your money, but they each have a different philosophy of how they wanted to live out these
years. What if you have the contemporary who wants to live and spend in the now on one side, and their spouse is the realist who wants to play it safe. And I know that this can happen. I mean, because not everybody's the same, and hopefully they've talked about it before they get to your office. But I imagine there's times you've had to play therapist and help people that are on opposite ends. It happens weekly and expect it. I mean, all wired differently, we have differences, but it's a matter
of how you balance that out that matters. And in this couple's situation, he's like, she's the one that drew in the reins and it's because of her we're well positioned for retirement. And he goes, I'm very appreciative of that because I didn't have that discipline. He understood it and he accepted it, where a lot of times people just kind of bury their head in the
sand and don't identify Okay, this is a problem. Yeah, And how often do you have to kind of readjust somebody's personality right, because maybe they want to live in and now and spend in an hour and well, to put it another way, what if they want to live like they are on a champagne budget, but really in retirement there it's more like sparkling water. Do you have to sometime talk folks down from that as well? Well? I mean there is the psychology and the emotion that comes with what we do.
I mean, people need to know the truth and sometimes they need somebody to tell them that. Now it's ultimately their decision, but if they're on a course that goes where they're going to run out of money prematurely in retirement. They deserve to know that. And it's not for us to skew the numbers, but based upon your expenses and your income and your lifestyle and what you're doing, you guys, do realize that this is not going to go
well. By the time your age eighty, your retirement funds are depleted. Did you know that? Well maybe they knew it, but they needed somebody to tell them. And then we talk about what adjustments can be made. You know, some of them may have to suck it up and you know,
give up some things. And then there's the other side of it too, that people, you know, the other personality that's worries, worries, worries, and they have plenty, plenty of money, and it's like you're worried about money and you have plenty of it, and you know, there's all the various types that are out there, and it's just just understanding who you are. And you know, if you want somebody who's going to shoot you straight, make sure you understand where you are and how you're going to
get their retirement. Well, that's why calling the folks that they have in financial group could be one of the smartest things you do. Again, the number is six one two four four one two four four one six one two four four one twenty four forty one. Jot it down, call it as soon as you can. There are folks standing by right now to talk with you. Yes, even at this hour, there's real people there, so feel free to give them a call. It's six one two four four one
two four four one. The call itself isn't going to take a lot of time. Just make the appointment to go in the office, have a great cup of coffee, a tasty cookie, and meet some great people that could possibly help you get through your retirement years better than what you have planned right now. Six one two four four one two four four one. And you know we talked earlier in the show about travel. We talk about travel here
a lot. Larry the Globe trotter, you are, sir, I like to travel, you know, and for a lot of folks it tops the list of things to do in retirement. Fromers has put together a list of their top destinations for retirees. They based it on recommendations from ARP and they say that of course, if you like sand and Sun. Well, most
people head to the Caribbean if mobility is an issue. A lot of people talk about a Caribbean cruise because once you're on the ship, you're kind of there and can just sit out on the ship that can enjoy it that way as well. I know, you help people plan for this part of their retirement. What kind of great vacations have you heard about? Oh, you know, we like travel, and the reality is, you know, we're big believers in the idea of travel and its benefits to relationships and health.
A recent medical study I just looked at found that there's benefits including healthier hearts and brains, as well as reduced risk of depression, not to mention what a good vacation can do for your social media feeds if that fits your fancy, But it doesn't fit mine because I'm not on social media. But though
well, but oh, we hear all kinds of good trips. I mean, you know, people work all these years and hopefully they plan and you know, we see a lot of folks that have and obviously we encourage it, certainly encourage it. Oh man, I think if Colin and Harry they go on riverboat cruises, you know, he's originally from New Zealand. They cruise the world, you know, African safaris. So many people have gone to Alaska. Now that's on my bucket list, and then they've heard such
great stories. You know. I just had one of the clients that actually was in Machu Picchu in Peru, that did the hiking there and had a blast. So you think of all these different things. There's so many things to see. And you know, we my wife and I were recently in Spain in Europe and we've never been. And you know, a lot of these things cost money, but you know, most people are on a budget. You know, everybody's budgets different, their interests are different, physical abilities
are different, if you will. What about our US national parks? Yeah, I mean they're right here. There's all kinds of them. I have staffed. I love to go to various parks and go hiking, and man, the pictures they take are just stunning. So whatever you're into, there's so many options or relaxation. Or I have a niece that's in she teaches
in Thailand. Man, some of the beaches there look amazing. Now it takes a long time to get there, but my goodness, These are all great options, but plan accordingly because none of them necessarily come without costs. Now encourage you to look for senior discounts different options that are out there. But at the end of the day, retirement is the golden years and we want them to be as golden as possible. And what's the saying of failure
to plan is a plan to fail. That's why we think planning is that important. And that might be the one credit card that you're okay with folks using as long as they pay it off right where they get travel rewards. Yes, correct, absolutely, I know, use mine, but paying it
off every month to SAKI to that. So, yeah, get out and travel if you can, and that's one of the things that we all look forward to in retirement, and having that plan in place from the Haven Financial Group is a great way to make sure you can do some of these things. And again, the only way that happens is with a phone call. It's six one two four four one twenty four forty one six one two four four one two four four one. That's how you reach Larry and his team
at Haven Financial or find out more at Haven Financial Group dot com. Well, Larry, once again our time runs by pretty quick here. It's always a pleasure when we get together and talking about these things that we need to do in retirement. I learn a lot with you every week, and I think the folks who are listening pick up on it too, and we just just no one I've ever said it, man, But thank you for sharing
your knowledge. Thank you for the opportunity. Bill. I mean, these things, A lot of these things aren't necessarily fun and exciting, but again important to you know, coordinating all these retirement puzzle pieces and putting the pieces together. And that's what we enjoy doing. And we enjoy taking the time and listening to people and understanding people and giving the added value that people should
be getting, and unfortunately a lot of people are not getting. And that's why you need a plan so called Larry and his team today six one, two, four four one twenty four forty one until next week, my friend, you take care. Thanks Bill, have a great week, and thank you for listening to the Haven Financial Group right show here on twin Cities News Talk eleven thirty and one oh three point five. Then Investment advisory services offered
through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involve risk, and, unless otherwise stated, are not guaranteed. Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed here in, and 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.