Haven Financial Group Radio Show - 2/4/24

Your tune to the Haven Financial Group Radio Show with your hosts Larry Kolvig and Kim carigain your guides to weekly retirement confidence. If you're interested in protecting and growing what you have, let us be your financials safe Hey it The phone lines are always open at six one, two, five oh four eighty four hundred. Now get your financial questions ready because the Haven Financial Group Radio Show starts now. Good morning. I'm Larry Klvig, founder and CEO of Haven

Financial Group, and you're listening to the Haven Financial Group Radio Show. Good to have Kim with us again and we're going to cover a lot of things. How are you doing, Kim, I'm great, Thank you, and I'm very excited about today's show. I think there's so much information packed in here, Larry that's so important to retirees and those who are getting ready for retirement. In fact, let's walk through a little bit of what we have

planned today. We're going to talk about investing outside of the stock market, and Larry, as we have watched obviously the stock market sore. I mean, we're all sort of holding our breath knowing that eventually a correction is going to have to happen, so I'll be anxious to hear some suggestions from you about where to invest those retirement funds that the market is not a part of

it. Then we're going to talk about the importance of planning for long term care, which is probably I'm sure you're going to tell us one of the most important things to stop and to think about when you're doing your retirement planning, because it can be such an enormous expense. The key ages that mark your retirement journey. So we're going to talk about birthdays, and finally we'll talk a little bit more. We'll circle back and talk a little more about

the navigation of medicare. But let's get started, Larry, talking about the stock market. You know, so many people have spent so much of their lives, their working lives, with their savings invested in some way, shape or form in the market, whether it's four one ks or just investments in stocks, and when you get to retirement, that can be a little tricky, right, it can be very tricky. In fact, a lot of people over rely on the stock market. Important to know that over time the

stock market has always prevailed and given the best returns. But you know, as we speak and visit with those that are on the cusp of retirement, the element of time becomes that much more important, so looking at all the options, never just limiting to just the market. And quite frankly, a lot of people don't know some of these other options that are out there because they've just done the four oh one K four h three B employer sponsored plans

and that's what they know. They don't know all these other things that they exist out there. And for the listeners, Haven Financial Group our phone number is six one two five zero four eighty four hundred, or you can visit us at Hanfinancialgroup dot com as well. So let's talk about some of these sure, absolutely, well let's do just that. So let's start with high

yield savings. Talk to us about what that means to an investor. Well, certainly they've made a comeback with the rising interest rate environment here the last year to two years. But like anything, always research these things. Have the conversation you know what's the draw back from it? You know what is the potential return on it? And I would say that also goes into CDs for year CDs certificates of deposits where the safe avenue for those that were looking

to retire, But again what comes with that. There's a term involved with it. If you need the money, there might be penalties and maybe that doesn't fit into your long term retirement plan. And as we discuss this with everybody that comes into our office because we are geared turd retirement in all these areas, making sure you have good liquidity protected investments and then stock market investments and making sure you have a balance. The problem is most people are unaware

of what they're doing. We want them to be increasingly aware of what they're doing. Yeah, this is not cookie cutter, that is for certain. What about bonds, Well, bonds, you know, very different inequities, which most people don't stocks. But there's a variety of different bonds out there. Its usually has to do with debt. There's corporate bonds that are issued by corporations, but they can have some risk involved and you want to factor

that into the equation. There's also the bond market. Typically it's on the fixed income side of the portfolio. Well, you know, in twenty twenty two, stocks were done significantly and bonds were at fifty year lows. So for those that are wondering, well, the market has come back so drastically, why isn't my portfolio come back. It's because bonds have not come back to where they were before we saw everything go bad in twenty twenty two.

There are some bonds that are considered risky, like corporate bonds. Correct, Yeah, there are. They can be very volatile with the stock market. So again researching, doing your due diligence. You know, there's other bonds that are people familiar with that have been popular with their rising interest rates, like you know I bonds for a while there people will saying how do I get them? How do I get them? And well, they were almost

up to nine plus percent when the inflation was at its peak. Now there's limitations. You can only put in so much ten thousand, and if you get a return on your taxes, you can put in another five. But there's drawbacks, there's limitations. There's double E bonds and you know muti bonds. You know, our investment team, we see folks that have municipal bonds,

which are fine, they're offered by the state treasuries. But oftentimes people have the wrong municipal bonds inside of the portfolio and they're not getting the tax benefits. So if we're in Minnesota, you maybe want to have some Minnesota municipal bonds to get those advantages. Yeah. I was going to ask you, how would you how would you know what's a wrong bond for someone?

Yeah, well, in different types of investments, there's tax ramifications, and you want to make sure you're getting the right recipe in these types of portfolios. And you know, municipal bonds have tax ramifications that are very beneficial, but only if they're in the right types of accounts. So people don't have to have any money in the market, but are they're oftentimes overexposed for those getting closer to retirement. Think of Dennis from Megan, who was in last

week. Dennis has done a great job. He has he's a he's a class his dresser I've ever seen at seventy three. I always like to see when he comes in because he is he has ms and he's he's doing really good. But he's like, Larry, why do I need to have any money in the market? He goes, I don't, And the reason he doesn't is he's done a great job saving for retirement. He's been disciplined and at the end of the day, he's right. You don't have to have

something you don't need. He needs that money to continue dressing correctly. Oh he does. He's first class. That's terrific. Let me write remind everybody listening Haven Financial Group if you are listening in you'd like to get in to chat a little bit about ways to diversify and make sure that you get some of your money out of the market. The number six one two five zero four eighty four hundred sixty one two five zero four eighty four hundred. You

can set up a free consultation with Larry or somebody on his team. You can also reach out at Hanfinancialgroup dot com. Let's talk about annuities, because I think that's something that a lot of people hear about but maybe don't fully understand how that works when it comes to retirement and investment. Yes, we educate a lot of annuities. There's lots of financial marketing that's out there.

In fact, soon on our website you'll see I'm going to be teaching a class on the types of annuities that are out there, and there's really four types. There's immediate annuities, there's variable annuities, fixed index annuities, and there's fixed annuities, and it's important to understand if you have them in your portfolio. That doesn't mean you have to, but if you do, you

should have a good understanding of what you have. And what I find is most people have no idea until something goes wrong or they lose a bunch of money, and always ask the questions, what's the pros, what's the cons Do they go up with the market, do they have fees attached? You know, all annuities are through insurance companies, and annuities are an investment vehicle, they're through an insurance company. There's different types. They can be complicated.

Just make sure you understand exactly what you have. And like life insurance, so you know the annuities are offered through these life insurance companies. I'll tell you there's something that's become more popular because of law changes, and that's using life insurance for long term planning and for investments as well. Sure you

know using alert life insurance retirement plans another option to look at. It's not for everybody, but if you're looking at legacy, tax free legacy to the kids or loved ones, look at all the various options, and we're just touching on a few of them. There's many others out there. And all I'm going to say, because we're speaking to those that are looking at retirement or planning for you know, the cryptocurrencies out there, very volatile. You

know, you can borrow, you can get in these lending clubs. Just be very careful, ask lots of questions. I always say, win and out, ask more questions. If something sounds too good to be true, it's probably too good to be true. If you don't want to get caught off guard this close to retirement, Larry, I know a lot of people think about precious metals when they start to think about retiring and where to put their money, because it does hold its value. I mean it fluctuates certainly

with the market. But do you recommend to some of your client's precious metals? You know, we get it often, especially with high inflation and there's more advertising on gold out there and commodity market, and you know what, if it fits into your portfolio and you have some of the you know the place to store some of it. But I would just take a whole bunch of money and just headfirst into it. It can fit into a portfolio.

Just remember that as the market ebbs and flows. There's a reason why you see more advertisements on TV for some of this because they're they're hitting a nerve. They're making maybe something sound a little bit better than it maybe is. And consider the ramifications. Is their risk is there volatility? Is it liquid? And maintain a high level of liquidity and liquidity and a good balance as you prepare to go into retirement. That's the questions you need to ask.

Sure, such great advice Larry, you know for and we mentioned this earlier, but for each person's financial goals and their situations, it's just not a cookie cutter situation. You need to get with an advisor who spends some time with you, takes interest in your personal situation and doesn't just give you broad strokes. If you are interested in talking to an advisor like that, Haven Financial Group is where you'll want to land. Six one two five zero four

eighty four hundred. Six point two five zero four eighty four hundred is the number. You can set up a free consultation, or you can go to Havenfinancialgroup dot com. Coming up next to we're going to talk about the basics of long term care. It's a really important part and a very expensive part of your retirement planning. You're listening to the Haven Financial Group Radio Show. Don't stray too far searching for more financial nuggets of wisdom. The Haven Financial

Group Radio Show will be right back. Stick around. You're listening to the new and improved Haven Financial Group Radio Show, where we bring you comprehensive weekly financial wisdom from the professionals. It's all about helping you solve retirement problems so you can make your nest egg last. Welcome back to the Haven Financial Group Radio Show. I'm Larry Kolbig, founder and CEO of the Haven Financial Group.

You can find us on Havenfinancialgroup dot com and you can give us a call with all your questions at any time or to set up that retirement readiness review. Our number is six one two five zero four eight four zero zero. Give us a call anytime. We continue our discussions as it relates to

retirement. You know, Larry, I was thinking about this. My parents are of course retired, and in the last year or so they've run into some health issues there in their early eighties now, and I am so thankful when I look at their situation that my dad took all the steps with the

help of a great planner. Now they live in Missouri, but took all the steps that he needed to to make sure that their healthcare issues are taken care of because this has become more and more expensive and we anticipate, and my parents anticipate too, that it could become a re crucial part of their spending over the next few years. And it is an important part. And

I know I've heard you talk about it before. So let's talk about how you advise and some of the ways that you suggest to your clients when it comes to long term healthcare planning what to do. So first off, let's talk about just first, what is long term health care planning? Yeah, long term care is a type of care needed when you need to help performing some of the most basic necessary tasks that as we get older, proved to

be just too difficult. And you know what I'll say to this is those that are listening that have had to go through this with loved ones, parents, grandparents, You know exactly what we're going to be talking about here in the next few minutes, and it hits home for those that have now had to go through it. You're thinking, well, long term care is really expensive, it's not for me. You've never really looked at it, or you maybe saw a Cadillac plan offer to you ten years ago and you just

never have revisited it. Well, the reality is seventy percent of us, as adults age sixty five or older, are going to need some sort of long term care. Seventy percent, four hundred and seventy five million dollars. The number was so high, Oh, it's high, yes, very high. And Americans spend four hundred and seventy five billion annually on long term care. Now, who's paying for it? You know, are you self directed or do you have long term care insurance that can help pay for these bills

if you ever fall into this. And seventy percent is a big number, as we talked about. So at the end of the day, none of us want to be a burden to our kids. And it can decimate a large estate extremely fast. In fact, here in the Twin Cities, ten to fifteen thousand dollars a month, that's a month kim for care. That that adds up in a big hurry. And you know, for those that maybe have demands or Alzheimer's or you know some of the memory stuff. Those

actually tend to stay in the nursing home that much longer. So have you looked at all the options? You know, there's different types of it that are out there. It's not just full scale nursing home or it's skilled nursing facilities. Maybe you're still able but you need help. Then there's the nursing home, assisted living communities, and home health care. Now everybody wants to be taken care of it at home, absolutely, but there's still costs and

hopefully, you know, we never get there. But then we have hospice. So have you budgeted it in to your retirement plan? And we'll look at some of these options. Because some people think that Medicare provides for long term care. That is not the case, and we'll talk more about it.

But budget it in, look at the costs involved. You don't necessarily need a Cadillac plan, but something is better than nothing, you know, we joke, I think on a couple of different shows ago, most people's plan is to have the kids take care of you and they don't even visit you. Now, not a good plan. Well, let's talk about some of these options. If the first that comes to mind from me would be private insurance, talk about that, Yeah, the private market, looking at

the various types of insurance that are out there. You know, many of the traditional long term care policies people are familiar with. It started at this there's price increases every year. What I'm going to say is a lot of these long term care traditional policies, these companies, a lot of them are not even in business. There is a miscalculation as to, you know, how much was going to have to be paid. So there's other options.

And Glenn handles all of our healthcare, long term care. He's super well versed, and we start with educating people. Many people don't realize there's what we call asset based long term care, utilizing some of your assets to hedge against and it proves to be very beneficial for some people. It's a great

idea. Sometimes it's a hybrid type of policy. And if people are saying I've never heard of either one of those, maybe a good reason to have more converse because they're very different than the traditional And we talked about annuities. Sometimes annuities, if they have an income feature, can have a rid that can help pay for some of this stuff, and life insurance Universal life can

also be a factor. So looking at what options are out there, are they feasible, and revisiting something you probably haven't had to talk about in quite a while, because these are big numbers. And again, Medicaid only covers forty two percent of America's long term care costs. That at least fifty eight percent that's not covered. And the average stake the length of stay in a long term care facility is three point two years. Again, have you planned

for it? Is it in the budget? Well, give us an idea if you will. And I realize that it varies. But when we talk about these long term care insurance policies or what are we talking about? I mean, at what point in someone's life do they need to take these policies out and what does this cost you? Yeah, well it depends upon what type of policies. The traditional long term care policies, if obviously bought early on in life, the younger you are, the lower the costs they are.

But as far as the other ones, the asset base, maybe you can get those at any time, because really you're not buying a traditional insurance policy you're using your own types of investments and just putting it into a different bucket if you will. And if you go into a home, it can have a double or tripler, and if you don't use it, it can

stay in the estate. So I would say it once again, it comes back to getting educated, getting a good understanding, looking at all the options because they're not all created equally, and at the end of the day, the responsibility falls on the individual. And there's been changes in the industry.

Again I mentioned we don't want to be a burden to our kids. They can put leans on properties and in some states there's actually been decisions that have been made that if it's not taken care of, the kids might be responsible for it. Not in all states, but there's been changes and for most

people that's the last thing we want. Well, we've talked about some of the options out there, and obviously, again this goes right back to what we said in the last segment, which was this is not a cookie cutter situation. You know, you have to look at your situation and what's best for you beyond the insurance, the annuities, savings, maybe a partial medicaid situation or medicare. Are there other ways to pay for long term care?

Well, if you obviously don't have the funds, are the wherewithal to do it? You know, then obviously the state will will have to pick up the bill. So they're really are the options You're either self directed, you have your own assets that you're planning. I'm using traditional long term care policies, Okay, hybrid policies, long term care annuity contracts that might have it,

or some other types of types of policies. Again, this isn't There's changes that happen in this industry all the time, and it's just important to have something because at the end of the day, seventy percent of going to we're going to need some sort of care. And when you talk to your clients about this, do you also talk to them about what they should specifically be looking for in these long term care facilities and the kinds of questions they

should be asking there. Yeah, what companies they are, how are they rated? What is the coverage? What kind of coverage? Will it be two or three hundred dollars a day or is it less than that? What are the restrictions? Some people that may be listening have had to deal with it, and well mom and dad had a long term care policy and we couldn't get them to pay because it didn't meet all the requirements. You're going to want to know what the requirements are. Does it have an inflation writer

on it to increase if you have that type of policy. So just knowing that you're looking at all the options, all the companies, and as an independent, non biased company as we are, we have all those options and we want to make sure that you know what it's not maybe for everybody, but how do you know if you haven't looked at it ever or maybe in ten years? Right? I got to tell you this is a really tough

conversation to have with your with your kids. I think it's a tough conversation to have with your retirement planner because it's just something I don't think most people want to think about. It's a tough thing to have to think about. Even Financial Group, you can reach them at six one two five zero four eighty four hundred six one two five zero four eighty four hundred, or you can go to Havenfinancialgroup dot com. Lard do you have ever have seminars on

this exact issue? We do. Yes, we do, Kim. In fact, you can go to our website and you'll see we're having one at the Dakota County Technical College, a class called Medicare Made Simple. Although medicare is not simple, it can be very, very very complicated. And then we also talk about long term care in these types of classes. So again we're big, we're education first company. We want people to get educated. Look again before they make any decisions, because if anybody just said this is

the best company signed here, I'd be asking a lot more questions. Yet a lot of people do that and they end up regretting it. And when did you say? When is that being held? My wife actually makes the dates and also so if you go to Haydnfinanciergroup dot com you'll be able to see those dates and on all the other classes out there as well, that being social Security and tax classes and then we also do R and D taxes and in other classes at various venues. I love a man who admits who's

running it here. Well, anybody listening that knows Haven Financier Group knows my wife Havenfinancialgroup dot com folks, And you can you can check some of those some of our dates and be sure to sign up. All right, still coming your way here on the Haven Financial Group Radio Show, we're going to discuss tax strategies that you may want to consider this year and beyond. Ready to find your financial safe haven. Your dream retirement is in reach. Don't

go away. The Haven Financial Group Radio Show will be right back. You've worked hard for your money, but do you know how to make it work hard for you? You need a team with experience, vigilance and a strategy to help you live the retirement you deserve. Find your financial safe haven with Haven Financial Group Today. Welcome back. I'm Larry Kolvig, founder and CEO of the Haven Financial Group, and you're listening to the Haven Financial Group Radio

Show. Our number is six one two five zero four eight four zero zero. Or visit us on our newly revamped website, Havenfinancialgroup dot com, where you can find out all kinds of classes that are coming up in all sorts of good retirement tools that can be very helpful. Now, let's talk about some key dates, Kim that people should be aware of. You know, people don't really like to celebrate birthdays after a certain point. I'm actually not one of those people. I have to tell you, Larry, I like

a good birthday. I do too, Yeah, better than the alternative. You took the words right out of my mouth. That's exactly right. But it is important to at a certain point to start paying attention when it comes to your retirement planning in some of these key dates. So let's begin with I'm looking here and immediately I think to myself, fifty seems like a time when you need to start taking note. Is that true? Well, it

is kind of when the timeline starts. My encouragement would be for retirement that people would start much much earlier than that, because obviously that's going to bode well for retirement. But the age fifty, you know, when you hit that fifty mark and maybe the kids are out of the nest, maybe they're not, and the government says, hey, you're you're eligible for the IRA and four oh one K catchup contributions. We'll let you add more into your

retirement. Quite frankly, with the kids, you probably haven't had the ability to do as much, so now you can, so you can increase the retirement savings much quicker with an extra catchup contribution. So that's important. Age fifty five. I would encourage you to do this unless life happens. You can start your eligible for penalty free four to one k withdrawals if you leave

your employer. Now. I hope people don't have to tap those four to one k's or plans that early, but at the same time, you are eligible to it as well. Kim, there's some other ones coming up here. Were you aware of the fifty nine and a half? No, So I'd like to hear about that fifty nine and a half. We actually deal with this one quite a bit because a lot of folks around this age,

even a little earlier, are starting to plan. They're asking questions about retirement, and the fifty nine and a half is a key because the federal government says, hey, you're getting closer to retirement, you're eligible to do a four to one k fifty nine and a half in service rollover. Now you don't have to, but you're eligible too, where you can explore all the investment options that are out there and that might make sense this close to retirement.

We just had a lady that worked forty one years of three m In fact, her name is Carrie. She's from Lakeville. She had forty one years. A three am a staple here of course in the Twin Cities, and she goes, I want to be more conservative and rolled a big chunk of her four to one k into another investment options. You can do that. Fifty nine and a half is when you're eligible, and that's pretty much ninety nine percent of the plans that are out there. You are also eligible

to start with drawing money out of those iras without penalty. My encouragement of always would be do you need the money, because you're going to want that money more for retirement later on. So for those that are wondering about a roth, is that relative to fifty nine and a half as well, keep in mind you have to hold roths for five years otherwise you're going to get a penalty. But it does apply to roths as well, right, a

ten percent penalty. So that's something that really take You can't avoid those. After fifty nine and a half, you turn sixty, but I don't think that's a date that's so important, and certainly not as compared to sixty two.

Yep, sixty two now is when oh now we can turn on so so security and it's why we do a lot of education on Social security and have classes because seventy roughly seventy percent of Americans turn it on at sixty two, less than two to three percent way till the age of seventy, So should you start claiming soci security at sixty two? Some maybe others know, get educated, look at all the options because waiting could create a larger retirement,

and maybe that's a good strategy. Sixty five. Of course, then people think, oh Medicare, do I have to do something? Do I not have to do something? It's why we teach the classes because just because you turn sixty five does not mean you have to turn on or sign up for Medicare, especially if you have credible coverage, you're still working, maybe a spouse is still working. So again, understand Medicare to make so you make sure you're not doing something you regret, like signing up for some of

Medicare and now you can't contribute to a health savings account. So again no understanding it before you get there. And really you should have that Medicare talk starting about three months prior to leave you leaving the workforce. Yeah, absolutely, because there's a lot to talk about, isn't it. It'll take you three months to talk about it. It's very difficult to navigate through the healthcare and medicare topic, and you don't pay anymore to have somebody teach you and

help you do it. So it's why Glenn in our office and actually somebody else that'll be coming on board here shortly, we do a lot of help in that. And you know, staying on this timeline, Kim, when you get to seventy again, you could start well be past seventy now the law change. You can still contribute to an IRA if you're still working and have earned income. And then the big date is the required minimum distribution day.

And this has changed now what two or three times in the last three years, because for years the required minimum distribution date was seventy and a half. Federal government now says you got to start taking some of that pre tech money out. Well, last year it was seventy two. Now it's seventy three. There's again rules and timelines that go with that, and we help people with that. Seventy three is the required minimum distribution age, and I

think it's eight or nine years it's going to go to seventy five. So these are key dates, key timelines, where are you time flies? The element of time becomes that much more important and you don't have to wait to have a good understanding of these dates. Again, being proactive, not reactive, and having a good understanding is where it starts. Absolutely, are there

tax repercussions associated with any of these dates? I mean short of penalties obviously, but yeah, when it comes to rmds, obviously that's additional income. So any additional income will increase your income for that year, which means more taxes. So when that happens, you're maybe going to want to have more

withholding. So it's why Lance is our CPA. Here. We do lots of tax planning, lots of tax planning because once you've turned on Social Security and some of these other investments, you want to do it in the most tax efficient way possible. So taxes will probably affect a lot of folks, a lot of listeners more in retirement than it did prior to retirement. So hey, you want to do you want to pay your part, but don't

leave a tip on the table. So taxes continue to be a big, big subject matter for Retyreez, I want to give everybody your telephone number here Larry. If you're listening and you're hearing a lot that you can really relate to, or a lot of information that you need more information about, you can get together with Larry or members of his team. They offer free consultations.

It's six one two five zero four eighty four hundred. You can sit down and maybe you already have a retirement plan and it needs to be revisited, or you haven't begun. At Haven Financial Group, they can certainly work with you six' one two five zero four eighty four hundred. Or you

can go to Havenfinancialgroup dot com. That is their website where you can learn more about some of the seminars and get you such educated about issues such as social security or taxes or as we were talking, long term medical care. Havenfinancialgroup dot Com is their website. Lara, I want to go back real quickly here. I think people who are getting closer to retirement age begin to

learn a little bit more about the issue of social security. But that is an issue that is pretty complicated as it relates to when you start to draw. Because you as a couple, if you come to do Haven Financial Group and you sit down, you may advise one of the spouses to draw at a different time than the other. Correct, it's not always the same. No, it's not. No, it's not especially for married couples. You know, oftentimes the higher breadwinner try to wait as long as possible. The

lower breadwinner maybe can turn it on earlier. We see that very often. Other factors to consider are are you still working, will you have part time employment? You know, what does that income look like? Social Security has income limits if you're not to full retirement, which is based on your birthday. If you make too much, they'll withhold some of that and that's not

taxes. But then there's tax if you have other income and you start drawing social Security, you know, up to eighty five percent of it, up to it's progressive, eighty five percent of your Social Security can be taxed. Does that factor into your strategy? Does it not? So all of these things go into it. And you know, every one of us has a unique financial situation, goals, objectives for retirement, and it's never too early to have these discussions. You know, time, what's the right time to

retire? What are some of the key decisions. And the good thing is that when you when you visit with us, you don't have to do it alone. You know, we're gonna hold your hand, We're gonna coddle to your questions, your worries and your concerns. And yes, we're looking to cultivate long term relationships. But there's nothing better to know that people are happy, they're well taken care of, and they're not afraid to talk to us

about any of their retirement needs. And that's so fulfilling in what we do. Absolutely six one two five zero four eighty four hundred. That's how you reach Haven Financial Group or go to Havenfinancialgroup dot com. All right, we've talked about it some here, but we're gonna break it down the AB and c's of medicare that's coming up right here on the Haven Financial Group Radio Show. Don't straight too far searching for more financial nuggets and wisdom. The Haven

Financial Group Radio Show will be right back. Stick around. You've got questions, We've got answers. You're tuned to the Haven Financial Group Radio Show with your host Larry Kolbig and Kinkerrigan. Now back to the show. Welcome back to the Haven Financial Group Radio Show. I'm Larry Kolvig, founder and CEO of Haven Financial Group and you can reach us at six one two five zero four eight four zero zero or visit us online at Havenfinancialgroup dot com. Larry,

let's talk about medicare. It's very complicated. We certainly will not be able to educate our listeners today the way that you will if they sit down with you or if they attend one of your seminars. But let's talk a bit about this. So what is medicare exactly for those who maybe are not all that familiar and how does it work? Yes, first of all, we have experts in house at Haven Financial Group that just deal with medicare,

very knowledgeable. Again, medicare can be very confusing. Glenn Are in our off is one of the top medicare people in the state of Minnesota. So I encourage you if you have questions, don't hesitate. But Medicare is a cost saving solution for healthcare expenses when we get older. It aims to help with older adults fund healthcare because healthcare can be very expensive. It continues to increase due to the various things that are out there and technology and everything.

And each part of Medicare, which is ABC and D has different costs associated with it. Which can include coinsurances, deductibles, monthly premiums, and many of you are well aware of this, but it's front and center usually when you get around the age of sixty five. Do I need to go on a Medicare supplement? Do I look at Medicare advantage? Am I eligible for it? Do I need to take it? Do I have a spouse that's still working or not still working? If you have lower income, maybe you

qualify for Medicare through minshure or a variety of other things. So again, do you have to enroll A sixty five? It depends do you want to enroll? That also depends because if you're contributing to a health savings account, you absolutely do not want to sign up for Part A. It's important to understand the Part A covers hospital care and long term care to some degree.

To some degree it includes the things we talked about our earlier skilled nursing facilities and nursing homes and hospice and stuff that for those people that need care. Sure Part A also covers some health services as well, but Part B includes the medically necessary services, if you will, the supplies to diagnose medical conditions, and preventative services. For illnesses, and oftentimes this includes the vaccinations and C. Part C that is usually at no cost. Okay, Part A

is no cost? Part C is now okay, do we look at the advantage or supplements. And by the way, this is when you see a lot of the advertisements come out on television. Right, Please don't believe every paid advertisement or paid spokesman that you see on television because it can be very misleading. They're trying to get you to call in and get your numbers so then they can solicit you. So most people know that. But the advantage

supplements, let me interrupt you for a second. I want to understand so because I don't fully understand this. So Part A and Part B when you're eligible, do Part A and part BE come right along with it? Or where is it a supplement? When do you pay more? Well, if you pay more when you get to part C C Part A it comes with no cost. Well, it's part of your tax paying dollars. So I don't want to say it comes with no costs. But then there's Part B,

which is preventive in those in part see is now the costs? You want to evaluate the difference because advantage and supplements, which, by the way, in Minnesota, Glenn tells me it's about fifty to fifty and we have a non biased approach. It's what fits in to your healthcare questions. Are you want a lot of men so, do you have a lot of doctoring

or do you not? Some people want to make sure that they don't have any medical bills, and others say, well, I'm perfectly healthy, I don't have any problems, so I'm willing to take more risk of not having it. So this is where that every year there's annual enrollment from September the middle of September to December seventh. We encourage people to shop it out every

year. I just read I think I forget what I think it was the Well Street Journal that had a study that Americans pay up to seven hundred plus dollars per year too much because they don't shop out their medicare and Medicare plans every year. Doesn't cost anything to shop it out. So I don't know why one wunt, but it's easy for humans to have complacency. Well so

and so is paid and I like it. Yeah, but there's something better, maybe maybe not Part d Kim. That's for product, prescription drug coverage. Are you a lot of meds and that also has an additional cost? Yes, it does. Now the different drugs and prescriptions, there's different formularies out there, and a lot of these medicare these prescription plans change every year as well, so you want to make sure what tier are you in. Others that are out there that are free, but they are very limited.

So again it comes back to let's talk about all the plans that are out there, what makes the most sense. And a lot of times people consult with well, my sister is up in northern Minnesota and she says so and so is the best. Well, guess what it's different. A lot of this can be zip code related, different parts of the state, different parts of the country. It depends upon. So it's not one glove fits all, not even kind of okay, So again, explore all the options.

What I do know is our respected veterans out there, a lot of them have the VA benefits or trycare. Usually those are very well taken care of, which they should be, and sometimes you don't certainly need any additional stuff. So again, dig in, have this conversation. Just don't pay attention

to what everything you hear on television or on the media. So Larry, when someone comes into your office, do your advisors walk through and help people shop their part, C their part D. Absolutely when you sit down with us, first of all, we're going to go through and educate. It's the meetings are usually one and a half. They can be an hour to two hours. Whatever one wants to time one wants to take. But again, we want to take time. We're not going to rush through this.

You know. So often I hear people say, well, so and so told me that this was the best plan and they sign here and I signed up. Well, you might be making a very big mistake. I hope not, because some of these, some of these, depending upon supplement or advantage, is only offered one time without any physical or some of the background. Again, Glenna could explain it better. And if you don't make the right decision, okay, you might miss an opportunity that you can't go back

on and change. So again, don't fall into that. We see people all the time, and you know, we have some folks that are on some pretty heavy duty medications. Sure, and you want to make sure that you're not missing some options that are out there that can help you save. So again looking at all the options, not being narrow minded, and yes we help people weekly with these decisions. Again, you can look you're not paying anymore by having somebody work for you. Six one two five zero four

eighty four hundred. That is the Haven Financial Group telephone number. You can also reach them at Hanfinancialgroup dot com. I want to back up for just a second because I want to understand this. So, because you've said shopping for these supplements can be pretty tough, and you really do need to go out there and shop for them. Again, going back to eligibility, So you're eligible for Medicare at sixty five, but it's not required that you sign

up then is that what you said? No, absolutely not, depending upon your circumstances. If you're married and your spouse is working and they have such good care, you're probably gonna stay on their care. Potentially that might be the right move. It might not be the right move. But you don't have to go sign up. You hear these I'm sixty five, so I was told I have to go sign up for so and so that is not

true. And I alluded earlier that if you're contributing to an HSA that will prohibit you from contributing if you do sign up for Medicare Part A. So talking through these things to avoid mistakes or surprises with education certainly could have been avoided. Are you automatically enrolled though at sixty five? Not automatically? No. If you don't sign up and you turn on Social Security eventually, then you automatically you should be automatically signed up. I always tell people just to

double check, just to be safe, not sorry. And how what would you say the percentage of your clients actually have a supplement? Most do correct well Medicare advantage versus Medicare supplements. When you sit down with us, we're going to educate you on the difference between the two. And there is significant difference. Okay, one is the government, the other is private healthcare. And there's also significant cost difference. So again in Minnesota, last I was

told fifty percent have advantage plans, fifty percent have supplement plans. What I'm going to say to that is, why is it you only see advantagement mostly Medicare advantage plans being advertised on television. Again, look at all the options that are out there. It's about fifty to fifty, but you don't have to. But circumstances are going to drive your decision making whether you're both retired,

if you're married, one's still working, one's not. Again, it's not one gluff, it's all retirement planning can be a bit overwhelming, but it feels like to me, Larry, this part of it is really one of the toughest parts it is. It can be very confusing. Think of the elderly trying to navigate some of this stuff. And you know, I just had somebody in that was taking care of mom who's now in her early nineties. They're from Savage, and she's like, how do these elderly people

even navigate through it? And you know I have the same question, because as long as I've heard Glenn and others in our office teach classes on it, I still get confused and overwhelmed. I always joke I have them teach the class because I still don't get it. So at the end of the day, you're not paying somebody anymore just because you go to the XYZ insurance company you get a better deal. Not the case at all. Explore all the options, all right, get yourself educated, folks. That is certainly

the answer. Even Financial Group at six one two five zero four eighty four hundred give them a call today or you can go to their website, Evenfinancialgroup dot com. Larry, this has been a really informative hour. I've enjoyed it and I've learned a lot from you today. Well thanks, Kim. You know, the future of your retirement is completely dependent on what you do now. Waiting doesn't do any good. A failure to plan as a plan

to fail, and we don't want anybody to do that. But there's no better time than today to make sure that you're truly prepared for anything and everything that might come your way, whether it's this year, next year, or whatever. And you know, I talk about all the retirement puzzle pieces, from the wealth management to the investments, to the topics we talked about today,

medicare, long term care, of state planning. All these retirement puzzle pieces need to fill up that puzzle and they should be coordinated and oftentimes they're working in different directions and for retirement, that's not good. So we have the ability to look at all these options. They don't have to be under the same roof. But we enjoy talking about these topics with you on a weekly basis. Thanks for visiting with us today listening in you're listening to the

Haven Financial Group radio show. I'm founder and CEO of Haven Financial Group. Have a blessed week and we look forward to being with you next week. Investment advisory service is offered through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Well Strategies LLC are not affiliated companies, and investments involve risk, and,

unless otherwise stated, are not guaranteed. Please consult with the qualified financial advisor and or tax professional before implementing any strategy discussed herein and comments regarding it 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.