Haven Financial Group Radio
Haven Financial Group Radio - 7/28/24
Lucky Land Slots asking people what's the weirdest place you've gotten lucky lucky in line at the deli I guess I hide my dentist's office more than once actually do I have to say yes you do in the car before my kids PTA meeting really yes Excuse me. What's the weirdest place you've gotten lucky? I never win and tell well there you have it You could get lucky anywhere playing at lucky land slots calm play for free right now Are you feeling lucky? No purchase necessary VGW group would be operated by law 18 plus terms and conditions apply 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. Thanks for listening good to be with you again Kim We got a lot to talk about politics all over the place But we want to bring it back full circle to retirement so good to be with you again It's great to be with you as well. Hey before we get started I have to ask you the Olympics now underway. Are you an Olympics guy? Oh, we love watching the Olympics We absolutely do so we'll be glued to it as much as we possibly can We're the exact same way at my house My daughter is absolutely addicted to it, and she's coming to visit from away And she said can we please watch the Olympics? We're like come on down. We're gonna do it. Absolutely. So that's right Yeah, it's kind of a fun couple of weeks It takes you away from the politics that obviously you're gonna engulf our lives for the next couple of months There's no two ways about that. So maybe everybody should enjoy the Olympics while you can It's a I would agree because you need a little break away from it because it's just it just bombardes you from every angle and You know every talking head in every direction. It's like oh you take just take a break, right? Absolutely Well, you know Larry the minute that the Olympics come to an end that those commercials are gonna start and we'll all be able to recite Most of them by the end of of October. Yeah, I'm sure that I'm sure they're gonna be all kind and friendly, too, won't they? Thank you for pointing that out The name of our show today is changes on the horizon for retirement planning and of course those changes are certainly related to the political Landscape that's out there. So we're gonna talk a little bit about some of the proposed changes that could take place after the November election How those could affect your retirement? We're gonna begin with project 2025 policy proposals and how that could affect your retirement Then we'll talk about Americans thinking they need one point five million dollars to retire the question is is that correct? Is that really the magic number then the fallacy of the magic retirement savings number? Maybe that answers it for people and retirement solutions in an age of inflation and low savings So we've got a fantastic show for you coming your way But we're gonna get started talking like we said Larry about a project 2025 and some of the proposals that they have of course That's the heritage group. They're a conservative think tank and they have laid out many proposals that the Republican side of the ticket are looking at very closely and considering Yeah, major changes. We'll see what you know, they always come out with these things, but will it happen? Who knows? Obviously, we had the current president opt out of this next election But they're obviously there's the conservative viewpoint that if Trump does get in that there's gonna be a major overhaul And that's what this project 2025 policy is all about, you know Just a touch on a few of them and you know change is difficult I mean my wife would say I don't grasp change well whatsoever But there's gonna have to be some changes no matter which side of the aisle you're on some you're gonna like some You're not gonna like the tax system overhaul is gonna be a big one as far as this proposal What some see is a really good thing I necessarily don't see it as a bad thing as we attempt to change the tax part in the US a Flat 15% for some and a 30% rate for others, you know Some say it would actually hurt the middle class more I'd have to see more numbers before I comfortably would make a real good response on that You may create better tax breaks Maybe for retirees or pre retirees not sure so that's a big one student loan forgiveness You know, that's big a big part of this administration right now Well, you know, I have a tough time because I have four daughters in college and you know, they're paying their part I paid my part so some would say that's not fair to forgive and if you're gonna do that You need to forgive everybody's student debt So in a government we just can't afford that as a country So the elimination of loan forgiveness is part of this project 2025 as well So again, we'll see what happens. There's got to have to be much more dialogue I'm sure there'll be all kinds of fighting and there's a lot more to this as well Well, and let's take that back to retirees for just a moment again tax system overhauls that are being proposed and Possible student loan forgiveness, you know, there's a lot of pre retirees and retirees who are paying student loans off for their kids right now That could have a big impact if some of them are maybe gonna be able to opt out for portions of the those loans That could have a big impact on a retiree. It certainly could They're talking about ending the tax cuts and jobs Act that potential eliminates many deductions and tax breaks That could impact the tax liabilities for retirees or pre retirees, you know in recent years You know, most people have an itemized for their taxes because I think the standard deduction for a couple is Over $30,000 right now. So it could bring some of these things back in tech There's the ever-growing concern and we almost talk about it weekly Kim about social security While project 2025 claims not to advocate for cuts, you know, it stresses balancing the budget which Imagine that of balancing the budget When's the last time they've balanced the budget? I can't even remember when that last time was so again There's gonna be certain things that people like certain things that don't like, you know abortion will get thrown in there And there's rumors of this, you know, the climate change may be a thing of the past of project 2025 And you know, I find it very interesting that they talk about this and we know the source the Heritage Foundation But yet Tom Emmer from Minnesota was on and he's like, I don't know anything about this project 2025 You know, even Trump has denied any connections with it, right, you know, it's politics. What do you believe? What don't you believe? Dare we believe anything? But at the end of the day, we have to have, you know, faith in our system We have to grasp change to the best of our ability one other one. That's a big part of this, you know Is the concern of the Justice Department some major overhaul in the Justice Department? Health care they want to do with a do away with affordable affordable Obamacare Again major discussions on all fronts. There's a lot of talk a lot of chatter Will this ever be implemented? Maybe some things all of it. Probably not But time will tell here So let's talk about what you at Haven Financial Group would be telling your Pre-retirees as well as those who are already in retirement when they come in and they say, you know, Larry We're a little bit concerned about the possibility of tax system overhauls or concerned that, you know, if there's a conservative Administration, maybe Social Security cuts will happen. Talk to us a little bit about how you're talking to your clients about this And what they should do to prepare for possible changes like this. Yes, Kim, our our discussion that never changes the content might change But we're gonna walk all everybody through the same process. We're under certain we're under suit and rules right now If the rules change we want to be notified of the changes so we're big into educating Life happens things change and we can only be prepared for what we know is current and then make changes if those things do change so Again getting walking people through. Well, do you have a plan? Do you not have a plan? If so, is it an old plan? Is it a current plan? What consists in your plan? Again talking through these things of expenses and taxes and you know, I've said it many times we're big into tax planning which leads to successful tax preparation in a lancer CPA He's involved in a lot of my meetings and our investment teams meetings with clients because Most people aren't getting that tax discussion and you know tax loopholes Where can we what can we do to minimize the taxes? You know, where do you draw from for retirement, you know filling up that 12% tax bracket because who knows that tax bracket right now Is said to go up to a 15% in two years now. Maybe will that change? Well, we'll see But again educating Discussing these things giving people confidence No matter what who's in who's not in the how the rules change That's that's where we're consistent sure so what I hear you saying is that whether these plans are implemented or they're not Really the whole idea here for those of you listening and wondering how to prepare for this is to have a plan Have a plan and the folks at Haven Financial Group They would love to help you put together a plan or take a look at the plan that you have that already maybe exists and Help you maybe massage it a bit to make sure that it continues to move you in the right direction as you move through your retirement Get hold of the hip folks at Haven Financial Group. Let me tell you how you do it It's the number is 612 504 8400 That's 612 504 8400 You can go to the Haven Financial Group dot com website there You're going to see some Educational seminar dates that are coming up and if you'd like to attend one they are free They do like to know how many people are attending because they do fill up very quickly So again, you can go to Haven Financial Group dot com if anything you hear over the course of this broadcast this morning You know rings true to you and then make sure you make the call it's 612 504 8400 Larry when we come back, let's talk about the magic number for retirement. I have a feeling you're going to say there is no magic number Opposed one and we'll see what you think. 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 listeners. My name is Larry Colvig founder and CEO of the Haven Financial Group Give us a call at 612 504 8400 Or visit us online Haven Financial Group dot com again. Thanks for listening every week We discuss crucial retirement and financial topics, you know the state of the economy the good the bad the ugly and How to survive in retirement and how to plan accordingly Kim the magic number. I think you mentioned Yes, the magic number for retirement, well, you know Larry everybody knows that inflation and of course election years all these kinds of things they have a lot real impact on Our savings they have impact on our projections. They have impact on our spending and There was a recent study that revealed that people think they need 50% more to retire now Then they did five years ago, which I think is a really big number and is is really surprising. So let's talk a little bit about this Retirement magic number first off. Do you believe there's a magic number? I do not believe there's a magic number I think that in the industry we've done a disservice to Announce that it's one and a half million or four million or two million You know, it's individual and you've heard me say it before because I have we have clients that haven't that have 200,000 And they're happy as can be and they're gonna have the best retirement ever And then we have those that have five million that risk running out of money So I don't know you can put a magic number now Has have people felt it more with the inflation the last several years of course and there is a lot of concern The perceived amount required for a comfortable retirement has surged to 1.46 like I said one and a half million 15% increase I think that's probably pretty accurate because everything is so expensive And it's still you know, they're trying to get inflation under control, but we got a long ways to go So what this is done. It's created a lot of anxiety and worry potentially a retirement crisis, you know, the statistics are staggering that You know, 79% are worry about it and Six and tenuous adults with investable assets. I mean, they just a lot of people are not planning. They're not able to save And all these are things of effective retirement planning now We shouldn't be surprised because you know history has a way of repeating itself You know with years of high inflation, you know, people's financial hopes goals and long-term expectations You know have radically shifted therefore people's plans should have shifted to account with these different things and You know, I think it just comes down to Developing a discipline, you know, not not getting yourself so worked up over some of these things and Again, that's where it comes to Us helping people understand what they're doing, you know, just last, you know Some people are in a better shape than they think they are. I just think of Scott and Judy last week from Lakeville You know, they thought they were in a terrible retirement position they had about 400,000 of retirement assets and But both of them had pensions and both of them are gonna have adequate Social security and they left here after we looked at their plan and we've we tweaked it You know, they were so happy because they thought they were in a much better much worse position than they thought So we see the opposite side of the spectrum too that people think they're in a good spot And they're certainly not in a good spot. So again having a plan and sticking to it Well, you know it what you're saying here to me Larry sort of indicates that You need to start this plan a little sooner than maybe some people are even doing because things do happen in life You know, you can get to 48 years old and lose your job and that doesn't mean you can't get another job But that might put a bump in the road and that might mean you have to dip into savings And that means maybe you're not saving the way you would planned You know, or things happen, you know, someone can't work at all anymore and so you have to shift things or you know, so I think the idea of people starting their retirement planning at 58 years old really really Can be problematic and maybe as part of the problem why Americans aren't saving so much Yeah, I think more than a magic number. I think people need to look at, you know What are their income expectations? Where is it gonna come from? How much is needed? Does that entail social security that embrace is a pension if you're lucky enough to have one and then what is it? You need to in addition to live a comfortable monthly In live a comfortable lifestyle in retirement So I think guaranteed income is more important than the magic number by far Right and starting to plan for that guaranteed income. So talk a little bit about When you sit down with people instead of saying you need a magic number or use to tell them we need to find and do some Guaranteed income. How do you go about planning that? Well at the very it starts at the very beginning Discovery meeting we call it them getting to know us Maybe they came out to a class and by the way You can see all our classes that we have at Haven Financial Group.com. We have some great one coming up We have them all summer throughout the entire year whether it's investments or Medicare Social Security taxes New one coming up the truth about annuities class check out our site from there No matter if you come in come to a class or just come in and visit that discovery will be asking questions Oftentimes people go with nobody even has ever asked me that question whether it's are you charitable as about the kids Yeah, we're gonna boil it down to What are your income expectations? What are those amounts? We're gonna continue to ask if you have what your expenses are and Encourage you to put pen to paper to make sure that we're as accurate as possible It entails all the retirement puzzle pieces from from estate planning to insurance to nursing home coverage to Taxes all all the retirement puzzle pieces. Do you have all the pieces? Did they go to the same puzzle or are you missing someone you get done with it? From there we come up with a strategy if you will a Strategy a plan that eventually will hopefully people will implement and it's not just putting on the shelf and leave it It's hey, let's to get together quarterly Semi-annually monthly for crying out loud if that's them. What gives you confidence. We're not against that now Not everybody needs that that attention or what I can tell you Kim is people have are getting a lack of attention Retirement is more than one meeting a year or two meetings a year for 45 minutes to an hour It there's more to it than that and people should be getting more attention and they're just not so Larry during the course of those meetings with all of those clients and sit downs you guys can put together strategies for retirement income Right, so I know that's obviously a big part of the strategy. What are some of those ideas? How do you go about that? I know you talk about pension obviously there's social security, but then obviously there's investments You must talk about those kinds of things too. Yeah, whether it's dividends from your current investments We'll get into a discussion of annuities of appropriate But where where is the best place to draw from in the most tax efficient way possible? You know taxes is all always going to be a relevant conversation, you know I know it's been very frustrating for people over the years with this high inflation But you know I read a statistic that nearly two and five individuals have abandoned the idea of setting a retirement savings target Right goals are very important. I'm very goal oriented anybody that knows me knows that the beginning of every year I write down goals whether business-wise and personal and again Accountability to what you're doing and your actions are so important So, you know, we're not about a number, but again looking at benchmarks in the industry You know, I mentioned many times so for couples. We like to see you know 50 to 100 grand liquid for retirement Having enough investments that are protected from from downward spikes in the market and then Risk in the stock market is fine, but having a good balance Going into retirement and that's different for everybody Simple observation all the years. I've done this though is most people have no idea necessarily what they're doing Until something negative happens. They're happy when the good happens when the bad happens. They're like what happened? We want to address these issues prior to something negative happening and that means stress testing your portfolio Looking that the good years of the market the bad years of the market and again actually was nice having Kyle on last week because him and the investment team are are a major parts of this puzzle when it comes to working with Haven As we continue to monitor people's accounts, you know, we send out millions of dollars every first in first and 15th of every month For retirees that need retirement income, but guess what when that money comes in they know That we've addressed the tax situation They know throughout the year if we can tax loss harvest We're looking at all the variables that go with that and again Details you want if you want to pay attention to details as you get closer in in retirement because those accumulation years They're all done now. It's the distribution phase of life And Larry, I know you say this each and every week, but I just think it's so worth reiterating I'm sure there's a lot of people who are out there right now thinking well Larry. I don't have a lot of investments I don't have you know a lot of Fancy, you know strategies, but my my spouse and I have been really good about saving and we've got that money You know sitting in the bank Are you interested in talking to us those those folks have a retirement coming to right? They do you know everybody in our industry wants to you know to go fishing for the big fish and that's great But we believe everybody should have the same opportunities So if you're listening and you have a small amount of assets a large amount of assets and everything in between At Haven we don't have any minimums At a minimum. Let's have a conversation That's where it starts You know, there's in the industry that you know if you don't have a half million investable Well, then we don't want to talk to you. Well, I find that ridiculous because there's circumstances life happens So again at any stage. It's better to have some conversation than then put your head in the sand and not have any conversation Yeah, absolutely six one two five zero four eight four zero zero That's how you get hold of the folks there at Haven Financial Group set up a consultation Go in sit down with members of the team and talk about what it is you would like to have happen in your retirement It's six one two five zero four eight four zero zero or go to Haven Financial Group.com. That's where you're gonna find out about those educational seminars Lots of them coming up the rest of the month of August and certainly into the fall All right, come in your way the fallacies of that magic retirement savings number You know, we've already heard Larry say that at Haven Financial Group They don't necessarily think there is a magic number, but let's talk a little bit more about what it might take you to retire comfortably 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. Welcome back to the Haven Financial Group Radio Show I'm Larry Colvig founder and CEO of the Haven Financial Group an independent advisory firm in all retirement areas all the retirement puzzle pieces so important Give us a call six one two five oh four eighty four hundred or send us an email online at Haven Financial Group dot com Kim the man the fallacy of the magic number we talked about that and how income I think is more important, but it's still out there Well, I think you know when you talk about the magic number You have to go back to the magic question that I think does exist for a lot of people and that's Do I have enough money to retire and probably for a lot of those people? It would be great if they could come and sit down across the table and look at you and say do I have enough money and you say Well, you've hit the magic number, but again, there is no magic number So that's why you want to sit down with experts to try to you know Look at your dollars and and make your dollars work for you once you get to retirement. Would you say that's true? I'd say it's true. I don't think it's the most beneficial way putting a number on it I don't think that's a good target for retirement preparation some statistics out there right now are staggering with the concern of do people have enough? You know, there was a study done by Schroeder's that a large percent feel they're anticipating falling short of the goal with three and five predicting savings of less than 500,000 and a third expecting not to reach 250,000 all that aside those numbers are important And you might have your number that number certainly has gone up as we talked about because of inflation But I think it's if I would just say where do you start? You know factors to consider in retirement planning, you know I would say determine your retirement time horizon, you know, what is the timing? Is it 10 20 30 years out? You know, I mentioned estimate your expenses actually Estimate but actually put make sure you're being as accurate and real as possible calculate your your aftertax returns Assess your risk tolerance. I'm just kind of giving you a basic checklist here Sure do a state planning don't wait till you're older a state planning was never designed to be a senior topic It was designed when you had kids got married had something consider inflation investments And I'm I'm shocked how many times over even the last couple years with inflation Roaring that some some advisors don't even factor it into their projections, which to me is really really silly I don't know how you can't and start planning as early as you possibly can anybody knows the power of compounding over time can make a huge difference so again some basic basic checklist items that I Think could help people alleviate some of the stress and a lot of that stress ended up causing health concerns So just kind of a checklist so Larry What do you say to people who maybe started to save a little later in life when they finally do come in and meet with you? Are there other strategies or their ideas that you throw out for them? No, it's gonna be the same process It's gonna be the same discussion Oftentimes people get caught and well, I got started late. So I got to take a whole bunch more risk Well, if you go to the casino, I don't recommend bringing your checkbook. That probably is not a good idea so again matching it up for For what your risk level at a certain age now granted if you're younger You can take more risk because God willing the element of time is on your hands But it's just developing that discipline weekly when I ask folks that come into our office, you know You've done a great job. What's been your secret? Well, we talked last week about the envelope approach But it's all about the discipline of money Expenses and saving, you know a lot of times the younger generation says well I don't have any money to any extra to put in my 401k Well, if if you don't if you just set it up where you're it's automatically coming out It's out of sight out of mind and you'd be surprised how much that can build in a very short amount of time and you know We're tailoring retirement planning individually You know, there's no cookie cutter. I mean there shouldn't be any necessarily cookie cutter It's not the same for everybody you build in lifestyle. We factor in do you want to travel? You know health care is a big expensive retirement I just had somebody last week that pretty much everybody in their family seemed to have dementia or Alzheimer's and Let's face it. Nursing homes is extremely expensive. So we're gonna talk about all these different things and Develop an understanding of what's important what's not important what I do know and as I found that this statistic that You know retirement savings for adults age 45 to 54 was about 255,000 and 2019 Well, 55 to 64 Had approximately 405 or if 408,000 There's a significant gap on what the expectations needed are and what people are doing. So again, no universal There's no universal magic numbers. Hey, what's important? How do you get there and let's develop a plan? Absolutely. Let's tell everybody how they can get hold of Haven Financial Group. It's 612 804-8400 If you are looking to sit down and talk to an expert about You know how to put together a plan or maybe you already have a plan and you'd like someone to take a look at it Maybe your plan needs a stress test You need to find out if you have have put together a plan in the way that can endure some of the inflationary times that we have seen Here of late the folks at Haven Financial Group can do just that for you. It's 612-504-840-000 You can go to Haven Financial Group.com. That is their website and there you can learn more about Haven Financial Group about Larry And his team you can also learn more about educational seminars that they offer throughout the course of the year They are free They do ask that if you'd like to attend one that you sign up because they like to get a head count get an idea of how many People will be there and they do fill up very quickly. We talk about those those educational seminars pretty frequently Larry and it's always worth it talking about it again because I think we often have a new audience, but you guys offer these all around the Minneapolis area and at different times of the week and on different subject matters tell everybody about that we do so security and tax Medicare made simple as another class RMD in taxes a kind of a wide brush on all the different retirement topics Investment classes again, you can find them all online. You know the truth is Kim no matter what your number is whatever that is Your savings gold really hinges on personal factors, you know needs Risks preferences goals objectives specific to you again It's it's not the same as everybody else So if you want to find out what your savings target is or what it should be based on and what factors It should be based on all it takes to start is getting a whole of us set up a time to come in Again six one two five zero four eighty four hundred or haven't financial group.com. There is no cost Kim There's no cost. There's we're not high pressure headquarters. I joke. This isn't a timeshare sales meeting You get to know us we get to know you and see what's all see what all this is about I so I also want to go back to the educational seminars That's also free and gives you an opportunity to ask some questions And I think that's really important for people I think when people educate themselves about some of these topics they realize that they need help putting you know These plans together you go and you listen about Social Security you go and you listen about estate planning you realize that it's you know We don't do this all the time that you do need those experts So I think these these seminars are just a really great opportunity for anyone who's listening Yeah, there are no there is no cost for any of these classes. There's no cost to come in When people work with us. Hey, I'm all we're all about full transparency. There is no secrets. We're not hiding anything I love when clients well, how do you get paid? We'll discuss how we get paid. We're not free. I have a wife and four daughters They're all be going to med school or college We're not free, but I can tell you this Nothing happens without you knowing exactly the cost You're not going to be the one that says I have no idea when I'm paying those guys It's all about full disclosure in every area of retirement So I get a kick out of people that well, we're worried about you because we never know if we're going to pay you Well, we'll cross that bridge if we ever get to that bridge sure absolutely again It's six one two five zero four eight four zero zero six one two five zero four eight four zero zero zero Or even financial group.com coming up in our next segment We're going to talk about retirement solutions and an age of inflation and low savings We've talked about this throughout the show Obviously inflation has taken a bite out of a lot of pre retirees and retirees budgets So we're going to talk about ways to get around that or to plan for that Because that we have seen through some of the studies that we have cited Many people say their savings are low. They're lower than they have been for four Larry just told us two in five people recent study showed that people gave up on their savings Goals, so let's talk about that and some of the solutions for those issues coming up right here on the Haven Financial 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. Thanks for listening this morning. Give us a call at six one two Five zero four eight four zero zero or Haven Financial Group.com set up a time to come on in there is no cost There's no commitment no obligation. We'll walk out with more education and we have good good We're coffee snobs. Let's just put it that way Kim and some fresh cookies to throw in there as well So again, just come on in. We love to visit with you. Yeah, you know Larry We mentioned this I think every week because this is who you are and it's so important But your wife works in the firm. You've got the four girls You know, you are a family man. I know you talk about your mom and dad still being on the farm You're a family man And I think you have a real appreciation for when people come in and they're trying to protect what they've worked so hard for all their lives Whether it's for their own personal retirement or it's something they want to pass on to their kids You know, I think you have a real attachment to that kind of thing It is the where the passion comes from I have been in this industry quite a long time. I'm not going to date myself I'm just not gonna go there Kim, but you know, I I've seen families affected by this, you know I we've been through market corrections, you know, whether it's health issues whether it's the stock market collapsing You know people's lives are affected by the decisions. They make and you know, we'd like to be a partner with those Help people make educated decisions. So you're right and we have that chemistry Throughout the office everybody. Yes family is extremely important. They ask them blessed to have mom and dad still with us And at the end of the day, you know, we affect people's lives And uh, that's where the passion really comes from and that's what spread I I'm very proud throughout the whole organization Absolutely. Well, let's talk about retirement solutions in this age of inflation and unfortunately low savings. So Um, let's bring in with the the issue one of the things that I think a lot of people Consider doing is withdrawing the equity from their I'm sorry the problem of withdrawing from equities for their income Um, because if you're dependent on the stock market, this can be a real problem We see this frequently if you're you know in your 60s Uh, you don't have time on your side. So when we have a dip in the markets that can be a really scary thing Yeah, the element of time comes back into play and this is a big focus of what we do Income no more working no more paycheck. Now. How do you how do you start your own paycheck? The distribution plan tied to the tax plan This is where we really get into it because and it's why it's so important to have good liquidity Some principal protected investments and then the stock market is great But you don't want to start drawing from those equities if the market's down You want to draw from something else and let that come back up because the markets do fluctuate and we call that sequence of returns risk Early retirement markets go down rather than if the alternative if the markets go up You know, there's a slide that I show that with all the same thing except the it was inverted where People had exactly the same amount the markets when for one they went up the others went down And in 21 years one was broke and 20 and 30 years later the other one had twice as much money So Time does matter and time is of the essence. So uh, when you're saving, you know, we want to hit these, you know savings marks prior to retirement because You you want you want to draw off those types of accounts when the markets are down Sure, not those equities and you know income in monthly income should be the focus And because what does it take to cover those expenses cover the needs before they cover the wants You know, that's what it's really all about Certainly when you know, you want to house you House over your head you want to health care all the things that you need And then we'll factor in the wants as far as your target savings goals. So monthly should really be the focus Absolutely. I know that you you you guys teach a seminar on annuities A lot of people have a negative feeling about annuities others, you know Just aren't educated or don't know enough about them And then I know that there are some annuities that um, you think are a pretty good idea. What about annuities? Yeah, everybody has their opinion on anything and we're all entitled to our own opinions I included Uh, but there's four types of annuities now first of all listeners don't have to use any annuities at all because you don't There's some people out there that only do annuities. Well, you should never put all your eggs in one basket But if you're looking at monthly income and if you're looking at income The discussion with us is going to go. Do you have any pensions? Uh, if so, how much and when Do what what will your social security be? When are you going to take your social security? Are you going to wait to let it roll up? Uh, if you're married, maybe the younger one takes it a little earlier What does that income look like and for many people? They're not going to have pensions. So How do you how do you develop your own self-directed pension? Well, you can do that by um You know stagering or latering CDs You can do that by setting up some sort of systematic withdrawal out of your stock market investments Great, but if the markets are down we just talked about you don't want to do that Uh, or you can use annuities and here's what i'll say Start with education. There's four types of annuities There's immediate annuities There's variable annuities There's fixed annuities and there's fixed index annuities What i'll say is that when i'd say 75 percent of people that have annuities Do not know which one of the four they have no I'm not saying panic, but you Uh, that could be a recipe for something that you don't want especially retirement. I just last week. I had a john and sandy from bernsville in Uh, they came in we sat down. I think it was a second or third meeting. They had to evaluate their current statements And they have done a great job saving they both have pension so security strong Yet they had a variable annuity a large amount and a variable annuity that had an income rider on it They don't need any more income They're paying exorbitant amount of money. They didn't know they were paying exorbitant amount of money For something for a bells and whistles on their account that they're never going to need And that's the problem. If you don't know which one you have That you could be paying for something Uh, and most people have no idea what they are paying so Identify which one of the four you have and again we review that again unbiased We just let you know. Well, this is how it works and for many people they don't know how it works and some can be very confusing Uh, some can have way higher fees Um, and a lot of people don't even know it. I had an engineer and about a month ago He's like I'd never get a variable annuity Guess what he had two of them. He didn't know it. Wow in fact He felt kind of silly which that wasn't the point is he goes. I would never have one and now I have two so Avoid the surprise is what I will tell you is if income additional guaranteed income is something you need And want in it in addition to your pension or Social Security They can be used very effectively Uh for guaranteed lifetime income to secure that you're never going to run out of income Even though the investment might go to zero now, let's let's talk about this full circle when you come in about What are you giving up? Are you giving up some liquidity? What's the term to it? What's the cost if any? And not all of them have costs and right now with the higher interest rate environment Some of the payouts on these are very very attractive now Again, just don't jump into something because it sounds good Um, you know, if it sounds too good to be true. I'm saying get more information However in our industry, there's lots of financial marketing and you got to be careful Um, I see it in the back of the starch rib. I hate annuities and you should hate annuities Well two of the four I don't really I don't like either But guess what your social security is an annuity payment Your pension is an annuity payment. I guarantee you're going to cash those checks But have a good understanding of how they work what they cost And what are you giving up? That's what's so important. Absolutely So let's sum this up this week. Um, some of the things that we have talked about and that's that You know, there could be some changes coming down the pike thanks to the fact that this is an election year And we don't at this stage of the game We know that we will have a different administration no matter what because uh now President biden stepping out of the race. So things are going to look different So we've talked a little bit about some of those changes. We've talked about whether there is a magic number To retirement, um, you know, do you need to have saved a certain amount of money before you can retire? We talked about some retirement solutions as a result of inflation issues and low savings It's part of that being annuities. Um, and and so to sum this up this week larry I think what I've heard you say more than anything is that life happens Outside issues happen and you need a plan you do a failure to plan is a plan to fail I don't know what's going to happen. Yes. You are correct. There is going to be a new administration in You know change can be difficult. I didn't mention on the project 2025, which I found very interesting that the federal agencies Uh, this is proposing a scaled down federal government Um, I'm all personally we're all entitled to our opinions about less government not more government Uh, they even talk in here about Uh doing away with the department of education department of homeland security And other ones, uh that eat up a lot of money whether that happens or not I don't know but there's no telling which policy suggestions will come to fruition or not You can only control the things that you can control and that's having an individual plan Making sure you're paying attention to it Perhaps having a partner that you can rely on navigate through these good times and bad times because You know history has a way of repeating itself. It's not just you know, it may seem like we've never seen times like these Well, maybe we haven't but there's been other times that have felt the same way So we can only control what we can control and you know, and that's making good educated retirement decisions And I talk frequently about the coordination Of all these retirement topics now they don't have to be under the same roof But the intention when I started havin financier group was to have multiple personalities In a variety of these retirement areas Lances are cpa carry is our estate planning attorney the investment team of 12 Uh the insurance and medicare All of these things should be coordinated. They work together. They should work together But oftentimes they work in different directions and nothing is better than the best compliment I can get Larry, it's nice having all these things here where you guys have multiple personalities To bounce things off of each other And I'll tell you what that gives peace of mind and another thing that makes me happy is When people say it, I bet you I heard it five times last week We love coming here. It feels so good. It feels so comfortable We're so glad we made this decision As a as a business owner. Nothing could make me happier. So the folks who are listening out there Let's make a good decision here and go in and visit with the folks at havin financier group The number of six one two five zero four eight four zero zero they can help you control the things that you can control Again, it's six one two five zero four eight four zero zero Give them a call today or go to havin financier group.com Larry, I will be in front of the television watching the olympics. I will as well Look forward to it and we look forward to next week visiting with you I hope all the listeners have a very blessed fruitful week Investment advisory service is offered through guardian wealth strategies llc Haven financial group and guardian wealth strategies llc are not affiliated companies and investments involve risk and unless otherwise stated are not guaranteed Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed herein And comments regarding a 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 pain ability of the issuing company I'm victoria cash. Thanks for calling the lucky land hotline If you feel like you do the same thing every day press one If you're ready to have some serious fun for the chance to redeem some serious prizes press too We heard you loud and clear So go to luckylandslots.com right now and play over 100 social casino style games for free get lucky today At luckylandslots.com No purchase necessary vqw group void prohibited by law 18 plus terms of condition supply