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. Every week. Every week we got folks standing by to talk with you when you learn stuff about retirement and how to get your retirement set, because that's what Larry does. Good morning, everybody, thank you for
listening. This is the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Calvig. I am dull seller and here we are again, my friend. How are you, sir? Hey, good morning Bille. Great to be with you, Yes, sir, yeah, yeah. We get together every week to talk about retirement, just like the little show intro says right there. Because if there's one thing, it's really funny. The closer I've gotten to retirement, the more I wish i'd listened to years ago.
It'sny how that works. Yeah, yeah, but you know, like you said, you can't do it all at once, but you can't make up for a little lost time. And Larry is here to tell you what it is that he and the folks that Haven Financial Group can do for you as far as your retirement is concerned. So we'll get to that here coming up in a little bit, along with some other great things to talk about
today, like the role of risk when you are planning your retirement. Also, we're going to take a look at home equity, talk about timing your home sale things are a little a little stuck right now. And also a different approach to date night, candle light and credit card bills. Couldn't get much more romantic than that, right, we'll explain what that's all about. But if you have listened to the show before, thank you for being back here with us. If you're kind of new to the show, Larry and
I upon occasion like to talk two things. We like to talk coffee and we like to talk food. We do, and we'll start with food today. Since I saw this and I've said, I bet my man Larry he will never touch this, but we'll find out. The question is, how about a pipe and hot slice of pineapple pickle pizza? Does that even sound good to you? Not? Really? A first of all, do you even are you even a pineapple on your pizza? Guy? No, I'm
not. I mean I like pineapple, but not on my pizza. But I can tell you that our girl's favorite pizza at the State Fair was the pickled pizza. Pickled pizza, not pineapple pizza, not pineapple, but pickled pizza. Wow, okay, I'm not a hot pineapple guy. I don't like it on ham. I don't like it on my pizza. I do love a good fresh pineapple, though. I mean, yeah, Pito, that's the way to go right there. But apparently the Jorno is giving away
a hot slice of pineapple pickle pizza. All you've got to do is go to the website and ask for it. It's a it's their latest stunt, after offering pizza crust cones for for ice cream once, also the di jor nut. I guess at one time they offered a pizza doughnut as well. But I can't even of all pineapple and pickled together at all. And I mean this with all loving respect to pregnant ladies, but that sounds like a craving to me, you know, not something i'd want to go get.
But everybody's different anyhow. That's just though, we get the food stuff out of the way, because now we've got to talk retirement and you know, when we plan for the future, there's always risk, right, I mean, that's part of the gamble that we take with our morney later in life, kind of hoping that things won't go wrong, but there's always a risk that something will. And when it comes to that financial future, the question is how big a risk are we willing to take? Well, it's not
a simple question. It's kind of complicated really, because it gets down to it, Larry says a lot on this show. Everybody's different. So so how complicated Larry, is it to measure our risk tolerance or our exposure to risk? Is there a method or is that just something you figure out once you get to know people. Well, here's what I can say that you
know, there's always going to be some sort of risk. You know, as it relates to the folks that we sit down with, is you know, it's the element of time, you know, how close to retirement are you? Is that five years, ten years, or are you already in retirement? What I can tell you is most people have no idea how much risk they're taking in their portfolio. And it's not it's not their fault.
There's just an unawareness and an understanding of what they're doing. And you know, we like to boil that down and help them and stress test their portfolio so they have a good idea. So we don't have this So how much you know how big of a risk taker are you? Will ask this question and all, Larie, we're in our mid sixties, were don't We don't want a bunch of risk in our portfolio. Yet when we boil it down, they have way more risks than I would ever take at fifty three years
old. There's a risk reward element you have. The more risk you take, the more money you can make, but also the expectation for losses, and you know people felt that last year with the market in twenty twenty two. So it's just finding your sweet spot of where you should be or where you you need to be. You know, it's not for us to steer anybody in any direction, but it's to make them aware of here's how much risk you're taking. Are you comfortable with that? Well, no, I'm
not. Well, then what adjustments can we make? And you know, as it relates to the investment, there's a bunch of different types of risk out there, and I won't bore you with the details, but you know, there's currency risk, you know, the devalue of the dollar or whatever currency applies to you. There's liquidity risk, you know, having enough liquidity, We talk about that weekly. The stock market risk, which we just talked about, you know, the volatility and the timing, and you know
the overconfidence people have at the market. And you know, there's interest rate risk. You know, the interest rates have rised. And we're going to talk about real estate here shortly. So it's just having a good understanding of what's the appropriate amount of risk relative to your situation. And we have some folks that say I don't want to take any stock market risk. Well guess
it's not for me to say you should or shouldn't. Just have a good awareness and understanding and that's where people lack and that can be a recipe for a real big problem. Yeah, and again, like like we say all the time, you know they're not one glove fits all right, everybody's in a different situation, and that's what Larry and his team are here to help you figure out. So you know, a risk that you might be exposed to, but you may not even realize it has a lot to do with
taxes, right, You may not even understand that until tax time. For example, Fidelity is reporting that two thirds of mutual funds made capital gains distributions in twenty twenty two, and even though the S and P five hundred declined by more than eighteen percent, but the result was an unexpected tax bill. So for folks that are into mutual funds or have that kind of investment going on, how can we avoid or mitigate this risk of not really knowing what
did well and what didn't and then suddenly getting a bigger tax bill. Well, taxes are a big part of retail ironment, and you and I talk about that often. You know, forward thinking tax planning as it relates to your portfolio, having the right recipe, the right investments in the different tax classified type of accounts. You know, you have certain accounts in your I raise that you don't necessarily have in your brokeraage account and you know you mentioned
mutual funds, which are really baskets of securities. They usually have a money manager. And then if they're selling off, there's capital gains tax that could apply. And again capital gains taxes zero percent, fifteen percent, or twenty percent based upon ordinary income. So you know where to draw from. I mean the tax implications, and you know, we see it quite often.
We just had a couple and that was in a couple of weeks ago, and we looked at their tax return and why did you have so much capital gains? But why did you sell? And it was because of the same situation. They had their wrong types of investments in the wrong types of accounts. And it's why we stress tax efficiency. You know, again, the right investments in the right type of accounts. You know, you don't necessarily use, you know, the same type of investments in roth I raise as
you do pre tax or traditional I raise. And that's where our investment team helps manage this and monitor it. And you know, for folks that have higher incomes, we do tax loss harvesting throughout the year, especially with volatile markets, market downturn will the team will execute some trades and take some losses and then you know, purchase an equivalent to that, and that can be very There can be tax advantages, and we want to maximize that opportunity to
the best of our ability. We don't want to overcomplicate things, but we want to make sure we're using the tax code in our favor where that's possible. More people are working longer now, right, Folks are retiring necessarily when
they're supposed to retire. A matter of fact, I just read something said last year, six hundred and fifty thousand Americans over eighty we're still working, which was up for about eighteen percent from ten years ago, right, And I think that's got a lot to do with what's going on with the economy
right now. Right, So folks have to keep working. If you're going to do that, and you're going to work into your retirement longer than what you thought you were going to do, you've got to make sure that when you go to get that money, you're doing the right things to make sure that Uncle Sam, who we talk about on this show every day, is not our favorite uncle, doesn't reach you deep down into your pockets and grab that stuff. And Larry and his team. You guys have things set up
to help try to mitigate that the best you can, right. I mean, when you lose the money you pay in taxes and you lose the growth that money could have generated if it were still invested. So you want to make the right investment choices within the right accounts, and you want to be strategic with the withdrawals because in retirement, eventually retirees are going to need to
draw money out of certain accounts. That's why tax planning is so important, because you just don't draw from this one just for the SA because you have to think of the tax implications. And oftentimes people don't and they're drawing from the wrong accounts at the wrong time, and they're hard earned dollars are going to Uncle Sam and not staying in their pocket. And we don't like that
at all. So here's the deal. If you want to try to make sure most of your money stays with you in retirement, find out what the good folks that have in financial group can do for you. Give them a call at six one two four four one two four four one again the number
six one two four four one twenty four forty one. Get on the calendar for your complimentary retirement rating this review and the sooner that you call the better because these calendars do fill up quickly and you want to get in there and start to get the ball rolling. And again, it's a complimentary retirement readiness review, no obligation. Larry and his team will either help you develop a plan or talk to you about a plan and take a look at your plan,
whatever stage you're in. That's what the Haven Financial Group is there for. So again six one two four four one two four four one for your complimentary retirement ratiness review coming up here after the break. Well, we're gonna talk about the magic interest rate that buyers say that they're waiting for. That'll be interesting to find out what that is. Also, making sure your will
is quote unquote bullet proof. That's coming up on the Haven Financial Group Radio show on Twin Cities Newstalk eleven thirty and one h three point five at that song coming up over or sit in stew bus driver, the inter track, five chain stepping at the faces in a review room, 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. That she is, She's welcome back to the Haven Financial Group Radio Show. I'm Bill
Seller along with Haven Financial Groups founder and CEO Larry Calvig. And that's of course classic song Black Magic Woman. Well, you know, one of the things we talk about on this show is that there's no such thing as a financial crystal ball, right Larry, Right. You know, we've all heard of creative ways to try to predict the future, but a crystal ball isn't
one of them. Most of the ways also don't involve dairy There's something called tyromancy, is the ancient art of fortune telling through the observance of cheese boy. If that was the case, I would know the future for a thousand years if I do love me some cheese. One way this is done is to write down possible answers to a question about the future on separate pieces of cheese and place them inside a cage with a hungry rodent. I'm not making
this up. Whichever piece of cheese the mouse eats first is the correct answer to whatever the question is about the future. So if I'm trying to decide to invest in stock A or stock B, and I guess if the mouse eats the stock be cheese, that's the way I should go. Wow, I don't think I'm gonna bring that up to my customation. I'm gonna say, how would that fly at a meeting. Here's your complimentary retire Me readiness review and a piece of cheese. Can you tell me what you'd like?
Please? Oh? Man, Okay, Well, there you go. The real state market a couple of years ago went nuts, right. Everybody was just selling left and right, and people were overpaying. And now things have kind of settled down a little bit, and it turns out your house may be worth more than ever right now. The Saint Louis Fed says Americans are holding about thirty trillion with a t thirty trillion dollars in home equity, So
what are the options for accessing that equity? Larry, especially in the market, that's kind of you know, the buyers and the sellers, they're on an even keel again and things aren't moving as quickly as they had been. What do you what do you think about that? Well, interest raids are
certainly having an adversity fact. You know, they were so low for so long, and you know right now the thirty years at about seven point one two, it's come down a little bit, and the fifteen years at about six point five five, So you know, it's impacted home equity line of credits as well for you know, quite a few years. You know, having an home equity line of credit in your back pocket for liquidity purposes, I said, We've always said it is a good idea. You just got
to be careful with the interest rates. And you know, I read that the balances on these home equity lines of credit have jumped about fifty percent in the last two years. People are tapping into it. You know, be careful because the interest rates, the interests are going to pay. Plus you know, when we talk about debt relative to retirement. You know, just like the credit card debt, you know, bigger than ever. You don't
want those big debt loads going into retirements, so be extremely careful. Having a home equity line of credit no problem whatsoever. But with the interest rates not being as attractive, you have to be very very cautious. And you know, at the end of the day, you know, we have to live somewhere. What I find is a lot of people are just staying put rather than you know, entering into a mortgage. A lot of our clients don't have any mortgages, nothing better than that, and then to jump into
a seven percent plus. Just be very very cautious to make good education decisions. Well, yeah, and you kind of saw this coming right with the frenzy that happened a year or so ago. Everybody way oversold, everybody way overpaid. And now people are like, well, I just can't do it because of the interest rates. So the funny thing was my wife and I had looked into downsizing when the frenzy was happening. Yeah, but we were
just going to way overpay for something smaller. Look, we could have made a ton of money on our house don't get me wrong, but then what right? What do you say? You've got to really be careful and think about these things. Now when you talk about the interest rate. I do know that there is a magic number out there. A new survey by John Burns says that a lot of buyers are just waiting for the interest rate to get to a magic number. They have a specific interest rate that they are
waiting to see. And I believe, if I read it right, Larry, they wanted to be at least five and a half percent. Yeah, I read the same thing, and they might be waiting quite a while because you know, for many, many years, a lot of our listeners remember paying fifteen to seventeen percent on their mortgage, only the only dream of having, you know, five to seven percent. Then we left a few years ago, we had two and a quarter two and a half percent. Oh
my goodness, we would we would dream of paying seven percent. And here we are today, and so that number I've read that just five and a half. You know, a lot of people feel locked in. I think I read about eighty two percent of homebuyers say they feel locked in. You know what, stay put if you can. I understand that a lot of retirees, you know, you know, want to downsize, maybe get into the one level living situation. Maybe if you have the liquidity, paying cash
is an option. You know, recently, I've had several clients over the years go into these UH co ops for retirees, and man, a lot of our clients really loved those co ops. It's just there's a sense of community and there's all kinds of things to do, and you know, it is based on your you know, your current situation. You know what's feasible, what's not feasible. But again, anytime you're paying somebody else interest not a good feeling. So the less debt you can can carry into that those
golden years, the happier those years are going to be. Yeah, absolutely, which is why calling the folks that Haven Financial Group is probably one of the smarter things you can do, because, look, you're working hard to save all this money for your retirement, and when you get there and you don't have that constant paycheck coming in, you're going to need to live off the money that you saved, and you want to be sure that it's doing
everything it can to work for you the way you're hoping it will. So getting that complimentary retirement writing this review is probably one of the smarter phone calls you can make. Again. The number is six one two four four one two four four one six one two four four one twenty four forty one. And just like it says in the show open, there are people standing by
this morning at this hour to talk with you off the air. So you know you're going to talk to somebody to get that appointment set up again. Six one two four four one two four four one. And just to get back to something you said, Larry, you talked about a lot of folks going for that one story living. Well, yeah, we're in a pretty good size house because we raised four kids here. We needed the space for
the kids and their friends, et cetera. But my wife and I, the one thing we did buy when we bought this home twenty something years ago is the master's on the main. Oh sure, and man, I told her then twenty some years ago, I'll never look back. And I was
young at that point. But no, the master on the main, which is as I've gotten older, has turned out to be wonderful because you know it is it's like having a ranch home almost because our kitchen and everything is on the one floor for us, and I know that's a lot more convenient for a lot of the folks that you work with. It is it is. You know, we get older, those steps aren't that appealing. And ironically, my wife and I have the master on the main as well,
and the kids are downstairs, so you know it works. But again you mentioned the retirement readiness review. You know, give us a call, We're gonna answer the phone. You know, we take this very seriously, but we like to have fun with it. There's no strings attached, there's no costs, there's no obligation. You know, sometimes people feel a little bit uneasy figure you know they're going to get sold something that isn't the case at
all. We're going to sit and ask questions and go through discovery and get to know you and you get to know us, and as you mentioned earlier in the show, have a good cup of coffee and we make fresh cookies. But you know what this is, these are important years that you're looking
to plan for retirement. You want to make good, educated decisions, and you and I talk weekly about the coordination of all these retirement puzzle pieces, making sure you have all the pieces number one, but they're going to the same puzzle. They're working together efficiently, and there's coordination between You know that your tax person Lance is our CPA, and you know you're a state planning attorney which ours is carry and you know of the investment side of it with
the insurance and the medicare all those things. It's all important stuff, and it can be overwhelming. What we try to do is simplify the process and give you some awareness and understanding of what and why you're doing what you're doing.
And again that number is six one two four four one two four four one to set up your one on one appointment for your complimentary retirement reading this review well, and also if you've got a question for Larry that you'd like us to read on the air and get an answer to, please shoot him
an email at Larry at Haven Financial Group dot com. Or you can also relay that message to the person that you talk with this morning when you give him a call again the Ask Larry segment here on the Haven Financial Group radio show. So it's Larry at Haven Financial Group dot com. If you've got a question for Larry, we're gonna take a quick break and just ahead Financial
Twist on Date Night. Yeah, we'll talk about that. Also, will you pay state tax on your Social Security Well, that all depends on where you're going to be living. We kind of know the answer here, I think, but you know, and some perks offered by countries that are welcoming retirees around the world, we'll talk about that as well. This is the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oho
three point five FM. You get a Shiva in the dark, gets waited in the pud meantime sign of the stopping your whole devi aband is Bill in Dixie. 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. Nobody, Welcome back to the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Calvig, and I'm Bill Seller of course, that is, nobody does it better. I think that was from The Spy Who Loved Me. I think Beck the old James Bond movie from Yeah yeah. But speaking of spying, boy, this is not
a happy story. Do you know that one of the worst things to spy on you is your car? According to software researchers at the Mozilla Corporation, cars are the worst product category they have ever reviewed for privacy. Check this out now. They study twenty five different carmakers found that eighty four percent of them study sell or share your personal data. Wow. Ninety two percent of them give consumers little or no control over the data. How about that.
One really surprising finding is that Nissan collects information under a category labeled why they need this? I have no idea sexual activity. First of all, they don't really explain how they gather that information or what they do with it. But if that's the way that you lean, you might not want to be doing that stuff in a Nissan. That's all I'm saying. OK, what happened to privacy? Apparently nothing? I mean, it's gone, there's nothing
thought out there. Yeah, holy caw, that's amazing. That is amazing. Well, I mean I thought it was bad enough when you know, although in home so called assistance, we're listening to you right, the Googles and the Alexas and all that stuff. Now it's your car nowhere safe nowhere safe aarry in telling right, well, speaking of your car and going out places like on dates. It may not be the most romantic evening, but but it is one way to make talking about household finance is a little bit
easier to swallow. Candle light, good food, and a calculator. That's what the Wall Street Journal is calling its money date. They're suggesting that you make a money date, describing it as a way to pair a boring task with a good reward. Do you ever find couples who just don't talk about money when they come to see you? Or are they they're just not on
the same page? Or actually build more often than you think? Now I can percentage wise, I wouldn't say it's a huge percentage, but you know, we have married, you know, married couples that you know, one I'll come in, the other won't come in. Not everybody likes to talk about this stuff, but we encourage both to be involved for a variety of reasons. But you know, I think of John and Angie from Invergrave Heights that we're in recently. They went fully discussed amongst each other, in fact,
a little bit that we did. He's like, I didn't even know she had that much money. It's like, oh my goodness, Well that's called communication. Wow. And then we had, you know, another couple that their second marriage and she would not discuss her assets because she didn't want him to know what she had and could work for the other way around as well. And you know, then there's the other side of the coin too where we see this often that you know, I think of Dave and Ellen
from Savage. She retired from the Cooke refinery and she was a retired teacher and you know they he loved he did his own investing. He's doing his own investing, and you know, we visited for a long time and I'm like, you know, Dave, what could actually we help you with because you really enjoy this your research, you know, your investments and all this. And he's like, yeah, Larry, but I need to know my
wife is going to be taken care of. And we have had that, We've cultivated a relationship and she's developed a trust factor with who we're working with, because he goes. I have serious health issues and when I'm not here, I want to make sure she's taken care of. And you know when that happens, you know, and that's not when you know, that's not when you want to start interviewing people. And we actually hear that quite often. So I encourage folks. You know, if you don't like to do
it, or you're not involved, become involved. You don't have to be the expert. But this affects if you're a married couple, this affects both of you, and you know one of you is going to be gone at some point and you're gonna want to be aware of what's going on and not be you know, out, you know, in left field and trying to figure it all out. But you know, again, not everybody likes this
stuff, but we see it more often than you think. And sometimes you can get a little bit heated if they've not communicated these things in advance. You know, I guess some kind of old fashioned. But if if my wife has money that she doesn't want me to know about, I'm a little I'm a little bit suspicious. What can I say? You know, Listen, I know, I know a lot of people have separate bank accounts these days, right, I mean married couples have a his and hers and all
that, and that's fine, but why hide it from me? You know? Yeah, that's when we throw on our councilor hat. Yeah, right, the therapist, the therapist couch opens up at that point, right, that's right, oh man, But yeah, that's just kind of crazy. And you know, you were talking about the gentleman who was in bad health and wanted to make sure that his wife knew the financial folks that were going to help her when his time came. And that's kind of an early start
to estate planning really, right. And when it comes to making your will, the folks that arep're saying that you need to write down your wishes. That's one thing, but making your will bulletproof is something else. And when I say bulletproof, I mean ensuring that there's no way someone would be able to contest it. So how do you bulletproof a will? Well, it's why we're very we're really into educating on the estate planning side. As I
mentioned, Carrie is our estate planning partner. She's an estate planning attorney. We do lots of education. First of all, everyone needs an estate plan, and quite frankly, I just I read eighty five percent of Americans do not have a competent estate plan. So start somewhere to get to somewhere.
You know, should you have a will or a revocable trust, you know, wills or opinions for the probate court or a trust and having contestability clauses, you know, talking through what makes what makes sense or how to bulletproof that estate plan. And if you're looking to avoid the risks and dangers of probate, how do you do that? You know, it isn't one glove fits all and everybody needs this, but there are certain things that everybody should
have. And you know then you know your healthcare directives, your durable powers of attorning for financial and medical records, and healthcare decision making power in case something happens. You know, the state doesn't take over with guardianship and conservatorship. And you know, if all of this doesn't sound exciting and fun, I get it because it's not. But there is a sense of there's a peace of mind that goes with when somebody gets their stuff finally done because everybody's
going to get around to doing it, probably is. Most people don't get around to doing it. But once they do get it done, they're like, wow, this feels really good. And you know, we've seen people's wills contested. In fact, I think of Diane, just a wonderful lady from Egan. You know, I helped, We helped them years ago, her and her late husband, and then he went into some dementia problems and
passed away. And ten years after he passed one of his kids. Because it was second marriage contested and when it went through the court system and everything, and Diane had to deal with it. Finally, just last year closed and you want to make sure you got your eggs in a row, the tease crossed and the eyes added. And it doesn't happen by itself because we live in a very litigious society where anybody can contest anything, and if you
haven't bulletproof that estate plan, that can be a headache for you. If not you, your spouse, and if not your spouse, your kids or family or loved ones, so extremely important. And then maintaining privacy and without the publicity, most people, most of us are private people. We'd help people figure out how to do it, and that gives peace of mind, and that goes a long way. And this misconception that a state planning is
only for rich people, that is simply not true. Whether you have small meeting or large, complicated or simple, you still need a competent estate plan for a lot of folks. When they hear the word a state, the first thing that pops in their mind is a huge home with a lot of land, right. I mean that's yeah, people think of states. But now a state is whatever you own, and you want to make sure that
it gets to the right people after you're no longer here. And that's all part of that complimentary retirement writing this review that Larry has been talking about. Right, when you call six one two four four one two four four one to set yours up, you will go in and you will talk about all these different retirement puzzle pieces. I'm talking not just investments, right, but the things that attack your money, taxes, rising interest rates, healthcare costs.
You know, if you've got things that you're wanting your family to have when you're no longer here, Well, that's the other piece of the puzzle, is the estate planning and Larry and his team are here to help you with that as well. So again, that complementary retirement reading. This review happens when you make a phone call to six one two four four one two four four one six one two four four one twenty four forty one. On the way, we're going to identify the eleven states to tax social Security.
We'll see if any of them start with an M and uh. You know, dreaming of retiring abroad a lot of us do. Some countries are offering special deals to get you there. We'll talk about that as well with the Haven Financial Group Radio show right here on Twin Cities Newstalk eleven thirty and one oh three point five. Ff Y have the Small Town Ever He took the novel tra Yes the City by on in Racing Soft Ditch. 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. I'm gonna by me dog, Why Because I need a friend now, Baby, you need all the friends you can get. I'm telling you, I'm gonna
by dog. Welcome back to the Haven Financial Group radio show with Haven Financial Groups Founder and CEO Larry Calviig im bill Seller. And this is a kind of a bizarre dog story. Actually, the dogs run away from home all the time, right, Larry, I mean that happens. It happens. However, the one I'm going to talk about actually ran away from home and then hung out at a Metallica concert. It was reported that the dog, the dog's name is Storm and its Storm was abandoned at California's Sofi Stadium.
That's what people thought, and there was a lot of online outrage because that's what we do in this country. We react before we know the truth. It turns out. It turns out, though the folks live close by, and the dogs snuck out of their house and I went to see what all the hubbub was about at Sofi Stadium for the Metallica concert. So he spent a full night taking in the show and hanging out with the guys from Metallica. So the good news this Storm was reunited with their family the very next
day. So you know, we've talked before about Social Security benefits being subject to federal income tax depending on your income. Well, they can also be subject to state tax is depending on where you live. Now, most of us already know the answer here in Minnesota, right, don't we, Larry, Well, we do. But there's some interesting changes that happened this year
in Minnesota. Yeah, yeah, let's talk about it, because they're on the list here eleven states the attacks social Security benefits Colorado, Connecticut, Kansas, Minnesota, Zuri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont. But what happened here talks let's let people know. Yeah, and they've been talking about something for a long long time, and they've they angled that caret in front of us, and they're going to do away
with it, and then they don't. But in actually May twenty first of this year, so just this past May, state lawmakers passed a bill that will eliminate the state tax on so Security benefits for about three quarters of the state's recipients. And I wish they would have just done away with it altogether.
I guess that was wishful thinking. But there's actually the people with taxable incomes up to seventy eight thousand if you're single, or up to one hundred thousand for a couple would be exempt from paying state taxes on their benefits under this new legislation. So it's a step in the right direction. It wasn't completely getting rid of it because for all these years from Minnesota has been one of those twelve states, but again that was just May of this year.
So up to seventy eight thousand would be exempt, up to one hundred grand per couple from paying the state taxes. So that's good news because we already pay enough taxes. In my opinion. This is not to be confused with the earning threshold, which I'll just touch on prior to your full retirement age, which by the way, full retirement age is based upon your birthday, so it could be sixty six, sixty six and some two four six months,
again determined by your birthday. There's earnings thresholds about twenty one, two hundred and forty dollars a year individually, where they if you go over that, they'd start with holding a dollar for every two dollars of earnings, and then you're full rettermin age that year, you can make up to about fifties. I think it's fifty six thousand and change. Now, after full retirement age, there's no earnings limits. And that's the earnings limits, that's not
taxes. That's the letter you'd get from the Soul Security Administration saying, hey, you've made too much money. We're going to withhold a dollar for every two or dollars for every three. That's the separate topic altogether from the taxation piece. But hey, there's some optimism. We actually did something on May twenty first to exempt a good portion of people's money from having to pay tax.
So good news, Well that is good news, But have you do And what isn't good news is I just saw this headline the other day and I read a little bit about it where apparently the Social Security Administration is now asking for a lot of money back that it overpaid people by mistake. Have you been following this at all or seeing I have not been following. I heard it just briefly. Yeah, it's I mean, we're talking sometimes thirty
to sixty thousand dollars they want back because they overpaid people. And these are folks. According to the story that I read it didn't realize they were being overpaid, right, because it was through more or less like the disability part of Social Security. So they were set at number, and they were given a number, and that's what they were paying them from the beginning. And then they went back and looked and realized, oh, well, that's not
the right amount we've been sending you. We'd like our thirty grand back in a month. Yeah, good luck. I mean, it's just it's just crazy to me. I mean, it's not like soci Security, isn't It doesn't get enough bad press, right exactly. Now we got to add that to the list too, but only cal I imagine there's going to be quite a few lawyers involved. Oh yes, because, like you say, we do live in a litigious society very much. So it's that's absurd though to
I mean, good luck. I'm now on man, no kidding, right, But at least the good news is it here in Minnesota things are looking up as far as your social scal it's an improvement, Yes, it is, Yes, because there was many times over the years where I've had clients and conversation. I know what you're thinking. You're thinking about moving to South Dakota, Florida, Texas, Tennessee, Arizona where they don't have the taxation on social security, and at least they didn't do away with it. But
it's a step in the right direction, absolutely. You know, the funny thing about social security is that a lot of us rely on it. Some folks just don't want it as part of the plan. But everybody has their own idea of what they want in retirement. As you always say, there is no such thing as one glove. And for those who dream of completely changing their lives and locations, there are some countries now that not only want you to live there. The Motley Fool is reporting that they are offering big
incentives to foreign expatriates. So have you helped any of your client's plan to move out of the country like this, and have you seen any of any or some of these enticements. I've seen the enticements. I actually surprisingly have not had anybody move out of the country or set up residents residency elsewhere. But you know, I see on this list that Greece is very aggressive, you know, from a tax situation seven percent flat tax and the Golden visa
program, and Panama is pretty aggressive. They want you to move there, and they'll entice you with savings and tax tax benefits. And you know on this list was Malaysia. I'm not real familiar with Malaysia, but they're incentivizing and no taxation on pensions or any of this stuff. Now. You know. Also, Puerto Rico has a four percent instead of tax and no capital game tax. Things to think about though, you know, the grass always
seems to be a little bit greener on the other side. And you know, think about the cost of living in another country might be a lot lower. That might be a positive. Sure, you might need to learn another language, however, is that something you really want to do. What about the healthcare America's you know, got some pretty amazing healthcare and some of these countries might not have the healthcare that you're accustomed to here because we have great
healthcare here. And some countries. You can't own property, or used to own property here in the States, but some countries you can't own property, and there's different laws that are applicable. So you really went away the pros and the cons and really think it through. And you know, let's face it, a lot of folks that we sit down with you know, they may be moved to be closer to family. You know, I just had a couple that was in that moved from Florida. They lived there seventeen years
to Savage and it was to get closer to the grandkids. And we hear that very often, and if you're in another country, returning home might not be that easy. So again, I think about that because for many of our folks, family is so important and they want to spend time those the golden years being close to the family and the kids and the grandkids. So a lot of factors to consider. But again, they're incentivizing people to move
there and bring your money. Yeah, I've actually known folks who said thinking about moving to Costa Rica because my kids don't visit now, but maybe they would if I went there. Somewhere more fun to go visit, right, But yeah, that is a lot of stuff to think about. It. It looks romantic, it sounds romantic, It sounds like a good idea. But for me personally, one of the things that you mentioned that would be one of the bigger fallbacks for me is the inability to own property right and
not really understanding what that means. In other countries, right, I mean, at what risk are you on somebody's property that you don't own, that the government can come at any time or whatever. But again, a lot of stuff to think about. But some of these incentives are pretty good, I can. I think you mentioned Panama right. What they're offering is designed
for retirees with a minimum of a thousand dollars monthly income. For most folks that isn't too far out of reach, so it could be something to think about. But who knows who. You got to think of the culture too, we're used to like it or not. Of the American culture, Well, what's the culture going to be like in Malaysia? I have no idea. Maybe it's great, but probably significantly different than here in the United States. Yeah, a lot of stuff to think about when it comes lots well
listen. Once again, unfortunately we're out of time. This goes by so dog gone fast every week. But again, if you've got a question or something that you want to talk to Larry about, please shoot him an email at Larry at Haven Financial Group dot com. We'll try to get it on the air. And if you want to set up you should be setting up your complimentary retirement reading this review, Well you do that by calling six one two four four one two four four one six one two four four one twenty
four forty one call quickly. Is that calendar will fill up after the show, and you want to get your complimentary retirement reading this review, my friend, always a pleasure, and we will talk again next week. Yeah, Bill, if I could just add two, We're coming off a busy summer. People might have been traveling and so forth, and now we're coming into
fall, things are settling down a little bit. Now is the time to really revisit and look at all the various puzzle pieces, tie it all together, you know, do the tax planning and fourth quarter roth conversion discussion, you know, putting talking about that estate plan you've been putting off for twenty five years. And medicare open enrollments coming. You should really shop that out every year to make sure you're getting the best deal possible and just putting all
the pieces together. It's always fun visiting with you on a weekly basis. Bill, have a great week and we'll talk to you next week. You bet, and thank you for listening to the Haven Financial Group radio show on Twin Cities News Talk eleven thirty and one oh three point five at now Yet Alliance 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,
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