Haven Financial Group Radio
Haven Financial Group Radio - 6/23/24
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. 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. You're tuned to the Haven Financial Group Radio Show with your host Larry Colvig and Kim Carrigan. Your guides to weekly retirement confidence. If you're interested in protecting and growing what you have, let us be your financial safe haven. The phone lines are always open at 612-504-8400. Now get your financial questions ready because the Haven Financial Group Radio Show starts now. Good morning and welcome to the Haven Financial Group radio show. I'm Larry Colvig, founder and CEO of the Haven Financial Group. Thanks for listening. Give us a call at 612-504-8400 or visit us online at Haven Financial Group dot com. All kinds of great retirement tools there. Kim, good to be with you again. Get is great to be with you as well Larry and I hope you're settling into a wonderful summer. It is certainly a hot one this year. Yeah, so we've gotten rain here to replenish the soil and replenish the lake. So much appreciated rain. So Larry, let's talk today about retirement accounts and the risk of ignoring them. I think that you know for everyone's sake who's listening, I think it would be great if we just talked about what some of the different kinds of retirement accounts out there might be. Yeah, retirement accounts are so important as you plan for retirement and just kind of getting back to the fundamentals. There's IRAs, there are employer-sponsored plans like 401ks, 403b's, other terminology like 457s. They're all employer-sponsored plans and there's different contribution limits with IRAs than 401ks. 401ks have higher contribution limits. So it's important to know how much you can put in and of course if your employer's obviously matching, it'd be silly not to put it into that. So when you do put money in pre-tax, it obviously reduces the tax liability in that given year. So we help people try to understand does it make sense to go into the pre-tax IRA 401k or Roth 401ks or Roth IRAs. Its taxes are relevant and continue to be relevant especially in retirement. So do you pay now or do you pay later and what makes the most sense and really that's where we sit down and kind of map out a contribution slash tax type of plan because it's extremely important to understand these limits. Absolutely and there are besides taxes which are certainly an important part of a great retirement plan. There are some limitations and there are some restrictions associated with some of these retirement plans. Can you walk through some of those? Yeah, just this last week we sat down with a client of ours, Lois, and she is a self-employed. And the prime example is she had not been taking advantage because she had no tax advice and there was opportunity a non-deductible amount of Roth money that she could backdoor Roth IRAs. So you know it's important to understand the rules and regulations, lances are CPA, and there's income limits with contributions to Roths. But yet there's certainly some ways to backdoor the Roths to get it into that position. So you know it's important to understand the early retirement penalty especially with IRAs. If you're not 59 and a half try to stay away from that because there's a 10% penalty for taking money out early. So again knowing the limitations, knowing what makes the most most sense and then having the right recipe within those IRAs. You know there's certain things like that IRAs should be holding like stocks, bonds, money market accounts, mutual funds. There's some common holdings and in other types of brokerage accounts we'd have strategically have some different types of investments in those. So Larry when you have a customer who comes in and they want to learn a little bit more about you know these kinds of retirement accounts, where do you start with them? I would imagine the first thing you start to ask them is are they available through your employer? Yes most definitely and not all employee-sponsored plans 401ks etc. are they're not certainly the same. So what investment options do you have? Are there any company matches? What are your fees associated with that? You know we take people through the exact same process every single time. We sit down ask questions as we call it a discovery meeting and then you know ask a lot of questions, take a lot of notes. There's no cost to do this and then we develop some sort of strategy and make some recommendations, some suggestions and if one chooses the implementation process then we're going to continue to modify and make changes to that. But as we can sit down with those that are getting closer to retirement or in retirement but the element of time as you and I talk weekly becomes that much more important and just last week we had a couple in and they go Larry we're more conservative now we're in our mid 60s yet their recipe for their portfolio was exactly what they were doing when they were in their 30s and 40s and they go we didn't like the results in 2022 or in 2007 to 2009. Well if you're doing exactly the same thing can you not expect exactly the same results so stress testing that portfolio having a plan you know you're not 30 or 40 now your mid 60s it probably shouldn't look exactly the same. Sure Larry I know you've talked about the time issue but you know is everybody eligible for these kinds of retirement accounts and more importantly are they for everybody? Well I certainly for people starting out they are a good starting spot because typically these employers sponsored 401ks that tend to have lower costs they don't have all the investments on their on the menu but you got to start somewhere to get somewhere and if there is a match involved with your employer I don't know why you wouldn't do it now when you get to retirement we do lots of 401k rollovers maybe you have orphan 401ks or so other 401ks that you're not contributing to we're all about simplification and consolidation and I had an individual last week that had six old 401ks well that's complicated and it really doesn't have to be complicated so if you're over 59 and a half you might want to look at 401k rollovers even if you're still working to look at all the investment options out there there's no cost for those rollovers and first of all you don't have to but there's other reasons why you wouldn't leave it in a 401k because of the rules and regulations that have changed in recent years. Absolutely so Larry let's go back just for a second though and and talk about I know you've said this is a really great way to get started and maybe you're getting started with a 401k when you're 23 years old and you've gone to work for someone at what point in as you begin to transition though into retirement do you I mean how do you explain to people how you can turn those dollars that have been tucked away for all those years into some kind of income how do you transition it in well that is that most difficult part for people is okay now I'm not working or I'm not contributing to the 401k eventually I need to start drawing for retirement income so we're gonna do a needs analysis what do you need on a monthly basis what are the tax ramifications where should we draw from in the most tax efficient way possible you know typically we start with the pre-tax IRA type of money and then or actually we would start with the brokerage account money then to the IRA money and then usually the the Roth IRA's are the last thing people touch so it's all part of the the discussion process where when why how much what makes the most sense and you know the biggest concern people have is do I have enough money to retire or when am I going to run out of money so you know just kind of getting a needs analysis and then mapping out a Monte Carlo projection for the next 30 35 years is a is a typical process that we walk people through yeah I you know when you start to think about I mean it's difficult enough when you're younger and you're trying to make decisions about how much to contribute and where to put your money and the tax ramifications and so on and so forth but it just seems to me that when you start to approach that retirement age and transitioning and then knowing how to manage your money at that point is the toughest part of retirement and why would you know this because you've never done it before and you guys are the experts who do know how to do that and and for that reason I want to tell people how they can sit down with members of your team and talk through first off as young people where to start to invest and how to look forward and then as you again begin to approach retirement how to transition your money into a great retirement it's 612 5048400 at 612 5048400 you call that number and you set up a free consultation with a member of Larry's team and talk about you know what you're looking for and what your needs might be they are the experts they understand how this process works you can also go to Haven Financial Group dot com to learn more about some of their educational seminars and you can sign up there they are free learn more about different subjects that relate to your retirement but you do have to sign up because they do go very very quickly there I want to talk in this program next about Social Security and inflation and how that affects your Social Security when you might want to draw inflation certainly inflation has been an issue in our lives here for the last couple of years yeah retirement for the Gen Xers might look a lot different than it did for the baby boomer generation because you know a lot of them had pensions and you know what you don't have to do it alone you know we help guide people professionally to help navigate through these financial environments financial decisions and it just starts with a conversation and there's certainly no cost for a conversation just give us a call set up a time again no cost for the consultation whatsoever let's talk about Social Security and inflation on the other side of the break you're listening to the Haven Financial Group Radio Show don't go too far we're gathering more important insights and retirement 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 Colvig and Kim Carrigan now back to the show welcome back to the Haven Financial Group Radio Show I'm Larry Colvig founder and CEO of the Haven Financial Group thanks for listening give us a call ask ask us questions 612 5048400 or visit us online at Haven Financial Group dot com Social Security inflation these wonderful topics are so exciting I think him who you know I realized that people you know who listen to the radio show on a regular basis probably think well I hear a lot about Social Security I hear a lot about inflation but I don't know how frequently we talk about them as they relate to one another and they're both such important issues when it comes to your finances so so Larry why don't you draw the the the issue here for us a spell it out why why inflation can have such a dire effect on Social Security well certainly we've talked a lot about inflation over the last couple years and it's real people's pocketbooks have been greatly affected and their savings but it also affects Social Security and that's one of the biggest income streams for retired Americans which Americans have relied heavily for I would say too heavily on Social Security it's a big decision it's why you know that we teach lots of classes on Social Security and tax classes that are very well attended I encourage listeners check out our website and see where we're going to be next because some educational thought should go into when you should collect Social Security for married couples we call it a we decision not just a me decision and you know these summer months will be the indicator as to what the cost of living adjustments are going to become October because they announced it every single October which we've seen some great increases because the cost of living adjustment to Social Security every year is not a guarantee and there's been a couple years where there's not been an increase where this year there's Social Security cost of living adjustments 3.2 in 2023 it was 8.7 wow that that was big inflationary cost in 2023 and in 2022 5.9 so we've seen some significant increases and for the historical buffs out there if you look back to 1980 in 1981 those two years we had a 14.3 increase and 11.2 increases so they are increases it's gonna be you know this summer months how we draw in inflation and then that'll be a good indicator but you know a lot of this part of inflation is due to oil prices so I don't see anything catastrophic here going forward but put some thought into when you take Social Security cost of living adjustments are not guaranteed but we've seen it to be proven to be very beneficial because it helped pay for all the things that are so expensive these days sure absolutely I mean I know that it really sounded amazing that there was an 8 point something percent increase you know two years ago but certainly the cost of groceries and as you just mentioned you know the gas prices at the pump you know those had gone up as well unfortunately so you maybe didn't see as much of that money go into your pocket as you did go right back out to your cost of living you you're saying you know really think about when you take it though so what does inflation have to do with when you draw your Social Security or does it at all and maybe we could just go down that road why you need to sort of examine what what's best for you when it comes to timing of drawing your Social Security yeah well first of all the earliest you're gonna take it is 62 and about 70 percent of Americans draw it at 62 which tells me there might be a lack of education now our job isn't to determine you should take it now or you shouldn't take it it's put some thought into it are you still working do you need the income what's the tax ramifications are you too full retirement age how much money can you make before they start withholding some so 62 full retirement age is based on your birthday in age 70 is going to be the latest that you're going to take it so you know oftentimes we see for couples the the lower breadwinner turn it on earlier depending upon circumstances of course and the lack the higher breadwinner what winter trying to get to as close to 70 as possible ultimately that's really driven by your your needs your expenses the income what it takes to have a comfortable retirement you know a cost of living adjustments yes they are important to keep up with inflation but I wouldn't put a lot into it it's not going to be a I don't think it's certainly a game changer but no we certainly like to see it when when things are so costly as they have been so Larry if you don't draw your Social Security until you're a little bit older so let's say you draw it at 68 what's the I realize it's individualized but what might be the difference in the amount that you get in a single check versus if you had started drawing at 62 well certainly depends upon what you've paid into Social Security what I can tell you that is from 62 to 66 you see a 6% increased plus the cost of living adjustment from 66 to 70 you see an 8% plus the cost of living adjustment so last year you if you're delaying you almost saw a 17% increase so in general waiting to claim provides you with a greater benefit yes and we're looking to maximize so if you have longevity maybe it makes sense to wait there's is a break even point which for many most people it's somewhere between 10 to 12 years as the break even maybe you turn it on earlier because you don't we want to delay drawing off those IRA accounts again maybe that makes sense maybe it does make sense but I can tell you for those that come out to our classes and they come in for a no cost consultation they do walk out of our office with an actual Social Security maximization report it literally is a report based upon their circumstances on what makes the most sense at a given time and people find that to be very very beneficial to the degree that oh this makes sense and they actually take that report when they to the Social Security office when they start drawing so just know that there is no cost and it can be very very helpful because it's not the same for everybody and at the end of the day it's needs-based if you need the money turn it on it's I know it can be very challenging for people to wait till 70 just because it's like well you're giving up all that time so again it's an individual it's an individual situation well that and that was what I was gonna ask you because if I'm sure there's a lot of people who think listen if I was to amortize that from 62 on to however long I draw Social Security in the end I'm gonna probably get the same amount of money that I would have gotten had I started at 70 is is that typically true again that break even is typically 10 to 12 years so I would say if you have longevity in the side and either side of the family if you're married that one of you should wait because again you will live well into your 80s into 90s well then you're going to be ahead problem is we don't have a crystal ball and at the end of the day what is your income needs where are you going to draw from in the most tax efficient way possible and okay Social Security is taxed at the state level if you're over a hundred thousand dollars adjusted gross income that was a law that just changed last year if you're under that Minnesota is not going to tax it but it will be taxed at the federal level so all of these retirement topics Social Security taxes cost of living adjustment all these are pertinent to that retirement conversation because at the end of the day Social Security makes up a big chunk of money for the average adults this might be a question that sounds sort of silly but I bet a lot of people out there are wondering can I find out how much I've paid in to Social Security is there a way to get that number yeah a lot of people don't get paper statements anymore but if you go to Social Security dot gov and set up a username and password but which by the way I'm going to encourage every listener to do that I don't care what age you are big and it really for two reasons number one to monitor to make sure that there's not mistakes that have been made mistakes do happen yes believe it or not even with the Social Security Administration I know that's hard to believe but at the end of the day I've had I've had clients bring in their report and there was errors and there was omissions I had a gentleman from Eden Prairie here a couple years ago where there was ten years of earnings history missing from his report oh my god that's not something you want to find out today you're gonna sign up for Social Security so being proactive not reactive because you know it's gonna take time energy and effort to fix that problem and the other reason is unfortunately the world we live in senior fraud is worse every single year make sure somebody's not already collecting on your Social Security number and you say it could never happen it's happened to Jay Leno it's happened to prominent people and if it can happen to them I hope it never happens to you that's why Social Security dot gov great resource to keep an eye on it absolutely so I'm glad we mentioned that and again it's Social Security dot gov and then you just you set up your own account and that way you can keep an eye on what's happening when it comes to your Social Security if you would like to sit down talk to Larry a member of his team it's six one two five zero four eight four zero zero six one two five zero four eight four zero zero you can go to Haven Financial Group dot com you can check them out there as well let's talk about some tax surprises when we come back on the other side of the break you're listening to the Haven Financial Group radio show 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 are you worried that your financial strategy might be missing something well you're in the right place Larry Colvig is back and ready to help you find your financial safe haven good morning and welcome back to the Haven Financial Group radio show thanks for listening I'm Larry Colvig founder and CEO of the Haven Financial Group give us a call at six one two five zero four eight four zero zero or visit us online at Haven Financial Group dot com or set up a time come in to visit with us our offices in Burnsville Minnesota 35 W and Burnsville Parkway very laid back atmosphere there's no cost for a discussion just to discuss your needs questions worries concerns and related to in relation to any of the retirement puzzle pieces let's talk about something that everyone absolutely hopes never happens to them but does happen to people on a pretty regular basis and that is an unexpected tax bill you know maybe you've sold something over the course of the year you've drawn some money out somewhere maybe you've gotten some money and you just weren't expecting it it happens more frequently than people even want to admit doesn't it Larry it does it does in about a two months ago I had a lady then somehow she was convinced to liquidate her 401k which caused a taxable event on her whole 401k which was you know it was a major major tax burden so the definition of unexpected tax surprise is you know maybe a capital gain or an income taxes really hard to digest and really hard to pay for and we really want to avoid those to the best of our ability all right let's give some examples we just said you know maybe you've sold well you liquidate your 401k that certainly would be a very quick way to get a tax bill some others selling a house of course yeah capital gains tax if you if you've stayed in the house it's a main resident obviously for a couple there's up to 500,000 if it's your main residence but if it's a rental property there's different rules that apply to that so making sure you you don't do something to create a taxable event like that or you know we do a lot of tax loss harvesting the investment team does you know rebalancing and liquidating investments not yet not looking at the cost basis and of course long-term capital gains is any asset or investment you hold for more than a year in a day so when we do bring accounts over we want to look at what that cost basis is and finding out the tax ramifications before somebody goes ahead with doing that because those long-term capital gains brackets are 0% 15% and 20% so a lack of attention and maybe an unfortunate liquidation could result in some serious tax liabilities and you know of course then we get to the age of required minimum distributions it's also it said all sounds great and you're always told to put money in pre-tax which is great but then we get to the age of 73 or if you're eight years out to age 75 we want to make sure that you're prepared for required minimum distributions which is when you're forced to take money out the federal government becomes impatient and they make you start taking out just over 4% based upon the total value at the end of the year of those pre-tax accounts so again paying attention to those different timelines and then again more income could possibly mean higher Medicare part be premiums as well so avoiding these unfortunate circumstances avoiding I always say surprises aren't necessarily funded any age let alone in retirement especially when it comes to taxes right absolutely so you guys can sit down with people if they know that they're gonna sell a house or they're gonna have one of these maybe capital gains in the course of the next year or they need to liquidate some things and you can come up with solutions so what are some of those solutions and how do you approach that with clients yeah I'm always amazed at the lack of attention and that a lot of people are getting when it comes to tax advice or tax planning tax planning is an added value piece to what we do here at Haven Financial Group and Lance is our CPA he loves to make sure that Uncle Sam's not getting any more and then they really deserve and you know we're having ongoing annual Roth IRA conversations to see if conversions are a good opportunity they have been in recent years because of the low tax brackets that we've had and so often that in these conversations people have missed opportunities for these last several years and you can't go back and do anything about it but what you can do is going forward be forward thinking tax planning to make sure we're not missing out on some of these Roth conversions or zero capital gains tax and maybe a backdoor Roth was a good idea but yet nobody talked to you about it and if you're selling other real estate stuff doing a like-to-like exchange or what's called a 1031 exchange to avoid and deferring those taxes all this is part of the tax planning discussion but if you're not doing any tax planning you're probably not having these discussions and how do you know that you're not missing out on opportunities that might not be here forever because these tax laws are going to change in 2026 right sitting down with people walking through first off just some of the ideas that you have in preparation so that they're prepared then of course you have what you just mentioned the changing of laws that that's something that I think a lot of people don't realize that maybe they're missing windows of opportunity to protect their money because laws are changing and obviously you have experts who take care of and stay on top of those kinds of issues almost definitely and behind the scenes we're looking at if the markets are volatile you know tax loss harvesting selling something off the losers off in creating a a tax situation which can be beneficial to you and then maybe purchasing an equivalent that is priced a little bit lower so you know there's no singular plan that can protect all of your risks associated with retirement but identifying opportunities when they become opportunities which is the low tax rates that are not going to stay here forever we believe retirement is more than a 45 minute to an hour discussion once or twice a year especially when you're factoring in the investments money management insurance long-term care estate planning tax planning all this is part of retirement it's much more than a pie chart that says I have stocks and bonds so we believe that the coordinated approach in discussing all of these over the course of years really because retirement hopefully is many many years for you that's what you know we we want to spend the time and give people the time that they're really they're really do especially in retirement more more so in retirement than ever I think it was you Larry who said along the way that there's a lot of people during their earning years who have their taxes prepared versus in your retirement years when you have to have a full-on strategy completely agree yes for sure get your taxes prepared that's kind of important otherwise there could be some serious penalties however tax planning during the course of throughout the year right should lead to tax preparation there really should be no surprises and every tax year oh my goodness I hope this amount of money I can't believe well rather than talking about the same problem year after year after year you know lands so and us will help you develop a plan to avoid those negative outcomes like maybe better withholding maybe estimated tax payments or just avoiding some of these negative results when they could have been fixed throughout the year which leads to tax preparation so and I also see a lot of people Kim that are paying way too much for tax preparation and they're not getting any planning with the preparation right right yeah the worst time to plan for your taxes for the year is about December 15th that doesn't doesn't really help you too much does it no it does not let's tell everybody how they can come in and talk about this kind of holistic approach you give Haven Financial Group a call you go in and you sit down I love that Larry always says the only thing you might find a little snobby is their taste in coffee because they are particular about that but if that's the case that's okay with me coffee and cookies and chat to find out if if Haven Financial Group is the right fit for you and and if you're the right fit for them and if so then you begin to get to know one another you talk about some of your issues like your tax planning or your state planning or what you want to do during your retirement and what your expectations of the next 20 years might be and then you begin to build a plan a plan that's intertwined so that you know your taxes are are helping with your estate planning and your estate planning is related to your investments and so on and so forth so let me give you the number so you can get that process started it's 612 5048400 612 5048400 you can also go to Haven Financial Group.com there you can learn more about some of the free seminars there educational seminars that are offered around the city so they're convenient for everyone they're all different topics and maybe you're interested in all of them and maybe there's some specific areas that you'd like to learn more about you sign up there you do want to sign up they'd like to know how many people are gonna attend and they do fill up very quickly. All right we have just a bit more to go here Larry and what are we looking to talk about next? Well first of all I want to add one thing Kim you can come in and sit down with us and won't cost you anything and we'll take you know take the time to learn about your unique situation and at the end of the day I wanted to add yeah we are coffee snobs but we also have sweet Martha's cookies Kim did you know that? So anybody that is going to start on the state fair they know sweet Martha's cookies so we have the real deal. We're going to talk about required minimum distributions in the next segment Kim about timelines and things associated with RMDs that can sometimes recap up if you haven't planned accordingly. That sounds terrific you're listening to the Haven Financial Group Radio show. Don't go too far we're gathering more important insights and retirement 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 Colbig and Kim Carrigan now back to the show. Welcome back to the Haven Financial Group Radio show I'm Larry Colbig founder and CEO of the Haven Financial Group. Thanks for listening this morning next segment required minimum distributions or RMDs they're crucial they can sneak up on people quickly there's been law changes and rule changes and we want to dig into some of those. You know Larry this is one of the reasons why I really want to stress to folks who are listening that working with professionals like you and your team this can make all the difference in your retirement because these dates do sneak up on you and people who are not involved with these dates all the time don't even really I think know what they are. So let's start with the one that you feel is the most important. Yeah required minimum distributions there's been recent law changes many people still think that at the age of 70 and a half but it was 70 half for years. A couple years ago last year it was 72 this year it's 73 and eight years down the road the requirement goes to 78 75. Now that may sound all fine but as those IRA pre-tax accounts grow you could be forced to take more money out later which could cause more tax implications. So just being prepared for that it's why if there is an opportunity to do IRA to Roth conversions in the earlier years of retirement you know early mid 60s that's a great opportunity to minimize potential taxes later. Now those RMD amounts are based upon what your balances are at December 31st of every given year so sometimes people say well how does the government know how much IRA money I have well they certainly do know because it's reported to the IRS every December 31st so they know exactly how much you have now the other part of that is well what percent did they make you take it take out that's based on federal mortality tables so probably doesn't make people too comfortable to know that the IRS knows exactly how much you have and they know exactly how long you're gonna live not exactly but you could look at it that way if you wanted to so the total is about just over four percent of the total amount of pre-tax money that you have and you know we see it all the time for couples that the baby boomer and generation and others have done a good job for a lot a lot of folks of saving in those those accounts they get to age 73 and all of a sudden now they have another 50 to 80 thousand dollars of income that can cause a lot of tax implications so it's a good problem to have but if there's ways to minimize those tax implications early on like conversions you know wait maybe waiting to claim Social Security is a good option to take advantage of drawing off of IRA or conversion and again just knowing opportunities you know I just last week I had Barbara who's a very charitable client she did a qualified charitable distribution to about a dozen of her favorite charities and she does that every single year again just knowing what tax tools are out there to take advantage of to minimize the tax implications individually so I think it's pretty obvious but I'm gonna ask it anyway if you miss the deadline so you get to 73 and whatever age is there anything that can be done then or is it too late and then you're just gonna have to pay the price that's a really good question Kim because over all the years I've done this I people say well I don't want to take my so my RMDs right well it's a good idea to take him because up until this this year there was a 50% penalty for not taking your RMDs now they have minimized that I think it's now if you ask for mercy or grace which by the way is not fun to do when it comes to the IRS there can be a 20 or 25 percent not not that went from 50 I think 20 or 25 and if you plead your case maybe they'll reduce it to 10 percent just take your RMDs out and I'll never forget Gene some time ago a client of mine from Elko Newmarket he asked me well what do I do with these RMDs and his wife said that he had not taken her on a vacation for like 25 years so I just said playfully take your wife on a vacation she's been complaining about it he goes you know that's a pretty good idea so it worked out for her because they took a vacation about that I love that idea yeah so there's penalties you just don't want to deal with and you know it just stay on the graces of you know of the IRS now I will tell you that Lance our CPA here he has no problem taking on the IRS where where people see fit in federal we just had this conversation this week that clients have not got their checks cashed for what they paid in and then the IRS these mailers have gone out and these clients call and say well what's the deal I sent the check-in well the IRS is so far behind that the checks haven't been cash and these now these computer generated letters have gone out and nobody wants to get a letter from the IRS because it puts some fear in people and the IRS is so far behind that don't panic and Lance loves to tackle those situations just to help clients rest assured that everything's okay let me go back if we could to this idea of not taking or taking along the way and you should be taking obviously talk to me about how people who are your clients are alerted to these dates are you constantly talking to them about them are you reaching out as they how do people know what these different anniversary dates if you will these dates are well certainly anybody that works with us knows that we're big into the education piece and we're gonna inform them you know a lot of the RMDs we have set up automatically so every year they come out at the same time you don't have to do that but it get out of sight out of mind it does put a lot of a piece of mind into people but for us it's about education you know setting out newsletters quarterly newsletters drawing attention to these but if you're only having a meeting once or twice a year you're probably not getting the attention so you you could miss an opportunity and mistakes do happen but if you're working with somebody that's proactive and you have a partner that's working on your behalf on your side that shouldn't be a concern we want to be as involved as people want us to be involved and knowing that that we're here and as a partner we work for people give us people that piece of mind that while Larry and the team is paying attention and that's important that there's peace of mind that goes with that there's a lot of peace of mind Larry and it's why I asked you the question because I do think that one of the things that people when they get into retirement want to do is stop worrying about you know deadlines and and problems and issues and want to think that somebody is on their team I mean I realize you have to you have to put effort into it it's your dollars and your money and your situation you certainly don't want to just set it and forget it but I think by by working with a team that understands what the ramifications can be it has to be very comforting to a lot of people yeah all the retirement puzzle pieces that you and I talk about on a weekly basis they're all important pieces to the puzzle and without all the pieces you can't put it all together you know I think next week we're gonna talk about some long-term care and Medicare and you know the topics and not very exciting but all of these pieces are so important in the estate planning carries our estate planning attorney and Glenn with with all the other health care stuff and you know these conversations aren't necessarily fun but if we're having enough of these conversations it gives people the confidence to know why they're doing something or why they're not doing something that they're entertaining and exploring all the options that are on the table whereas if you're not having these conversations on a regular basis then how do you know you're doing the right thing that's absolutely right yeah so let's give everybody the telephone number it's 612-504-8400 I'm gonna slow that down and give it to you again it's 612-504-8400 you reach out tell them you heard Larry on the radio and you're calling to see if you can set up a consultation come in and talk to members of the team you can also go to thehavenfinancialgroup.com that'shavenfinancialgroup.com there you can learn more about the team and you can also learn more about some educational seminars that are coming up in the near future yeah Larry it just seems to me that there's so much about retirement that's positive and there's so much about it that can feel very overwhelming and if you have professionals working with you on your team you know you're not out there by yourself trying to navigate this you know what can be a bumpy road at times yeah sometimes it's easier said than done you know there are many moving parts to the retirement puzzle that depends upon your own unique situation and you know you've worked hard for most people a lot of people have worked very hard to build whatever wealth small meeting with large that they have and and you know now might be the time to protect it for years and years to come will help people with their situation their unique situation create a plan and not just leave it and forget about it but modify it and make adjustments and you know when life happens and challenges come people's way and our clients know that we want to be reached out we want to be updated so that we can make the proper modifications for them you know the future of your retirement is completely completely dependent on what you do now you know sometimes you know people say well it's just not the right timing there's never going to be the right timing right you got to start somewhere to get to somewhere and the old saying a failure to plan as a plan to fail nobody wants to fail but if you have failed to put a plan together or you don't know what your plan is or you haven't take a look at it or a peek under the hood for months or years now would be the time to do it especially as you prepare for those retirement years it's even financial group folks six one two five zero four eight four zero zero six one two five zero four eight four zero zero haven't financial group dot com another really informative show Larry thank you so much thanks Kim good to be with you we'll look forward to next week investment advisory service is offered through guardian wealth strategies LLC haven't financial 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