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Retirement Readiness · Money In Motion with Klaas Financial

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This is Money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place ebby Thursday
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morning and our phone lines are open for you right now. Love to get
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your questions for our retirement planning professionals from Class Financial, CJ Claus and Malia
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Quavis. The telephone numbers this morning to get on the air six O eight
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three two one thirteen ten. That's three two one thirteen ten. We'll get
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you on the air with CJ and Malia Doorfkate can learn more about Class Financial
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on the website class financial dot com. That's k l a as financial dot
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com. Great website to learn about Class Financial, learn more about the team
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at Class Financial. There's separate divisions also Prime Opportunity. There to sign up
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for the weekly market Paul's newsletter. It's a nice little weekly email you receive.
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It's going to snapshot of what's been going on in the markets. Also
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a link to the most recent podcast that available to you at class financial dot
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com. That's klaas Financial dot com. You can also listen back to this
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in previous show's podcast all at the website speaking of ways to get in touch
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and of course having that conversation. The telephone number for Class Financial six O
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eight four four two five six three seven. It's gonna be no charge for
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that initial gets to know you appointment at Claus Financial. It will be complimentary
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to you again. The telephone number six O eight four four two five six
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three seven. The telephone I'm going to get on the air this morning six
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eight three two one thirteen ten. That's three two one thirteen ten and joining
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us this morning as mentioned our our retirement planning professionals c J. Claus and
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Malia Quavis. CJ. How are you doing this week? I'm doing great?
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How are you, Sean? I'm doing well. Malia. Did the
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storms wake you up this morning? They sure did. But we need the
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rain. We do, we sure do. And I think the farmers are
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thinking, thank goodness this morning, little rain. Never heard. We've got
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a conversation this week about preparedness, and speaking of farmers, they're always prepared.
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We're going to talk about readiness when it comes to retirement and things that
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you need to do both mentally and physically when it's time to retire, and
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making sure everything's all set in and plays that planning. I know you guys
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at Class Financial that is a big part of what you guys do and one
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of your one of your priorities is the planning of everything. As we talk
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with are retirement planning professionals. Don't forget it's an open conversation, a great
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opportunity if you've got any type of question about retirement. Love to get you
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on the air. Six eight three two one thirteen ten. That's three two
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one thirteen ten. Cool thing we do on the show each and every week
2:21
is the Class Quiz Question the week. This week will be no exception and
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have a chance for you to win a fantastic prize a twenty five dollars gift
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card two best buy from the folks at Class Financial'll tell you a bit a
2:30
little bit later in detail how you can win that prize by playing the class
2:35
Quiz question week. Little tip. Typically both the question and answer to the
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class Quiz question leek come up during the program, so listen closely. And
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before we get rolling on this week's conversation, speaking of the class Quiz question
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a week, let's take a look back at last week's question and get the
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answer there as well. Yeah, so last week, we had a great
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conversation about social security understanding when you should potentially pull it. Our question was,
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according to Social Security, if you were born after the year nineteen sixty,
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what do they consider your full retirement age to be, which we also
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referred to as FRA around here, is at age sixty five or age sixty
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seven. So a shout out to our winner last week, Donnie of Manona,
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correctly answered age sixty seven is considered full retirement age if you were born
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after the year nineteen sixty. So listen carefully to today's question. Funny thing.
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Donnie's got a brother in named Danny and he's Danny and Monana. So
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yeah, you funny guys hi and not as smooth as I hope the congratulations
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of Donnie. You two can I chance to win a little bit later on
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in the program this morning. Speaking of last week's show, anytime we get
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advice and conversation going about social security, there's always a lot of interest and
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a lot of great information and some great calls and some great questions. You
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can always listen back to previous shows podcasts up at claus financial dot com.
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That's Klaas Financial dot com. Speaking of questions. I'd love to get you
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on the air this morning six two thirteen ten. That's six eight three two
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one thirteen ten. This week we are going to be talking about retirement readiness,
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and you know, maybe we're thinking that, you know, mentally,
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physically, it's time to retire, but suggestions, let's get some of those
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for making sure everything's in place before we make that decision. That's an important
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thing to do. Be prepared, isn't it, CJ. It is.
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Yeah, so many people we speak with have been thinking about retirement for a
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while, but you know, the question becomes, how do you know that
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retirement for yourself at a specific age is a possibility. So we thought today
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that we would just spend some time to go through a retirement readiness checklist.
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So as we're going through this kind of check things off in your brain as
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you say, yep, I've taken care of that item or that item,
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and some of these things are going to be kind of checks and others are
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going to be considerations because often while you may be able to check a box
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to say yep, I'm ready, there can be other surprises that come along
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the way. So we'll talk about that a little bit as well. So
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the first consideration in our checklist today for retirement readiness is to choose your retirement
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date. This seems pretty obvious. You have to choose a date to then
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be able to project whether or not you're going to be prepared for that date.
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But here's some considerations around choosing that date. Obviously, the longer you
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work, you are likely to be in a financially better position, since you
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can delay pulling from your portfolio, and you can be adding more to your
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retirement accounts and even delay drawing social Security, which will make your social Security
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benefit bigger. But it's worthwhile to consider your expected retirement date from several additional
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angles, not just the financial dimension. You want to consider quality of life
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issues like health and whether you can continue to do your job later in life.
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Research has suggested that people often do a poor job of estimating when they
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expect to retire, As it turns out people who thought they would retire on
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earlier side of things often end up working longer than they estimate it, whereas
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many who had anticipated delaying retirement weren't able to do so. The reality is
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that of these there's these unforeseen health issues or unexpected layoffs that often force people
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out of the workforce earlier than they might consider is ideal. So listen,
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what we're kind of getting into here is that so I've done some aniogram studying.
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I don't know if any many of our listeners have done anyagram setting,
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but there's different personality types, and especially for those who are a perfectionist aniogram
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type, it can be very hard when plans get derailed. And it's not
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just perfectionist. Truth be told, we all have some of the anagram numbers
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in us. When we build plans. The whole idea is to say I
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got a plan in place, and now that the plans in place, I
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know where I'm going. And then you get laid off or and then you
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get sick, and this can sometimes really derail us, both mentally, physically
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financially, And so we would say any plans you pull together, hold them
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loosely, because boy oh boy, life has a way of surprising us.
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So you know, some people continue to work longer than they anticipated because they
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need to from a financial perspectives, but others work longer because they just love
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what they're doing, or because as I mentioned, they got laid off and
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or I'm sorry, they had to because their employer wouldn't give them a retirement
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benefit until later. So there's a lot of things that can impact how long
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you will work. You do want to start by setting a date, but
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you want to hold that loosely and just be flexible as you move forward.
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Talking this morning with c J, Class and Malia Quaevis, our retirement planning
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professionals from Claus Financial love to get you on the air this morning. If
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you've got a question, I got to just pick up phone and gifts call
7:48
six eight three two one thirteen ten. That's six O eight three two one
7:54
thirteen ten will get you on the air with Malia and CJ. Our retirement
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planning professionals from Claus Financially can learn more about financial on their website class Financial
8:01
dot com that's k l a as Financial dot com and their telephone number six
8:07
O eight four four two five six three seven at six O eight four four
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two five six three seven. So some of the reasons why folks may work
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longer than they had planned, CJ, what are some of those reasons?
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Oop? Sorry, can you hear me? Yep? Yep, sorry,
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I had myself on myself get there. I think this is uh yeah,
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yeah, I think I think blah, this is into your section. Okay,
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So so you know, back to what CG is discussing about your your
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goal of win to retire. You know, I kind of think of a
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goal, as you know, has a specific date so that you're moving toward
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it, whether you're rather than just like, oh it's floating. I think
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I'm going to retire. I don't know when I'm gonna tire. We we
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don't. We can't work towards something we don't have a date associated with it.
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But understand that date can fluctuate, as he mentioned, with the different
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types of situations that might occur that you're unaware of and being flexible. So
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number two on our retirement readiness checklist is really for you to also look at
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how much you currently spend. So a lot of our listeners, you know,
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income's coming in, incomes going out, but they don't really pay attention
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necessarily to their budget. So we really want you to look at your pre
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retirement spending on a yearly basis, and then we're going to take a look
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at how much you think you'll spend in retirement. So again reality and what
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you think perception maybe is a little different. So one common rule of thumb
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we talk about is maybe the eighty percent rule. So what that says is,
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in retirement, you'll need to replace about eighty percent of your working income.
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We fluctuate on this ourselves. It depends on our clients, but some
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people actually spend seventy percent of their pre retirement income and some spend as much
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as one hundred percent or more. So again it goes back to a goal.
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Excuse me, what are your goals in retirement? And so if you
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think you're going to continue doing the same thing, which is a fairly frugal
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lifestyle, then maybe you won't need to replace one hundred percent. However,
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if you're one of those people waiting to get out and see the world and
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travel, that might cost actually more than you're replacing one hundred percent of what
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you're doing right now. So we really want you to understand a starting point,
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what do you spend today, so that we can look at how much
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you're going to need to be replacing. So what we've seen here is that
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some new retirees may not necessarily find themselves living unless retirement experience difference for everybody,
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but a recent Employee Benefit Research Institute survey found that thirty percent of retirees
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reports spending more than they had originally expected in retirement. So that's important to
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understand that only nine percent reported they were spending less. So what we would
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say is, you know, we want to as we exit our current fashions
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and maybe go out into retirement, we want to be able to do whatever
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we want to be able to do. You know, we don't want to
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feel like we can't spend a dollar. But one thing CJ and I have
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observed over many, many years is that our clients who are frugal, they
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tend to remain frugal in retirement. They really do. And if you're a
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spender, I'm sorry to tell you you're probably still going to be a spender
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in retirement. So we kind of have to adjust what your income is going
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to look like per your own situation. And that's why we would suggest you
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sit down with your financial advisor and figure what's proper for you. Really important
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stuff to be thinking about as you're preparing for and planning for retirement. Don't
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forget speaking of if you are in that position, you've got some questions.
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You've got a great opportunity right now to get on the air with CJ and
11:46
Maliah. All I can do is give us got to give us a call
11:48
here at station six O eight three two one thirteen ten. That's six O
11:52
eight three two one thirteen tent. We'll get you right down the air with
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our retirement planning professionals from Class Financial. Don't forget. You can learn more
11:58
about Class Financial on their website class financial dot com. That's k l a
12:03
as Financial dot com. Great website again to learn more about Class Financial.
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Also great opportunity there to sign up for the weekly market Pulse newsletter. Again.
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That all available to you at class financial dot com and the telephone number
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six O eight four four two five six three seven. No charge for the
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initial gets no you employment tech Class Financial, it will be complimentary to you.
12:22
Again the number at the office six O eight four four two five six
12:24
three seven. And to get on the air this morning, it's the regular
12:28
station number six O eight three two one thirteen ten. That's six O eight
12:31
three two one thirteen ten. We'll continue our conversation with c Jan Malia and
12:35
take your call next as Money in Motion with Class Financial continues right here on
12:39
thirteen ten w IBA. This is Money in Motion with Class Financial, a
12:48
fun and informative show designed to help you get answers to all your retirement questions
12:52
in one place. Their full lines are open for you right now at six
12:54
O eight three two one thirteen ten. That's six O eight three two one
12:58
thirteen ten. Chatting this morning with our retirement planning professionals CEJ Claus and Malia
13:03
Quavis. Of course they come to us from Claus Financial online Claus Financial dot
13:07
com. That's Klaas Financial dot com. Don't forget about the telephone number six
13:13
eight four four two five six three seven no charge. FINANCIALLL get to know
13:16
you appointment at Clause Financial. It will be complimentary to you again their number
13:20
six O eight four four two five six three seven. And to get on
13:24
the air this morning with your question six eight three two one thirteen ten.
13:26
That's six O eight three two one thirteen ten. With the rain we've had,
13:30
I had a chance to mold along the other day and I was listening
13:33
to a podcast with Dana Carvey and David Spade from Saturday Night Live. And
13:37
I've listened to it before, and what's interesting is they talk with folks that
13:41
were on Saturday Night Live and their time there and a lot of them,
13:43
you know, five ten years, and one of the things you always hear
13:46
about them is when they're ready to move on. They're always ready to move
13:50
on. And then they talk about how like a week or month later,
13:52
they're like, did I do the right thing? Was I prepared? Was
13:56
I planned? Ready? And I thought, you know, that's kind of
13:58
like stuff we talk about with c Jan Malia each week, is making those
14:01
plans and of course executing them obviously on a much smaller scale. And you
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talk about career on on that show, just a couple of years for a
14:09
lot of those folks, but really interesting stuff. And along those lines,
14:11
we're talking this week about getting ready to retire and some some things need to
14:18
be making sure that are in place before you do it. As we chat
14:20
with our retirement professionals, CJ Clausumilia Quavis, what about CJ. You knows,
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as we're looking out for potential income source and retirement also you know the
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question of running out of money. These are these are obviously very serious things
14:35
to be to be planning for to prevent. Yes, yeah, they are.
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I'm just shocked that you didn't do a Simpsons references. I'm still sorry,
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I'm still recovering versifying. Yes, it was a different show. Yeah,
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that's right, it's diversifying. That's good. Yeah. So looking at
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where you will drive your income is the third critical item on our kind of
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retirement readiness checklist that we're going through here this morning. So considering how much
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of your income needs will be supplied by sources other than your portfolio in retirement.
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These would be things like social Security or pensions, or if your spouse
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is continuing to work, or if you will have part time work in retirement.
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It's actually important to sit down before you retire and gather those all up
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and kind of figure out how much how much income is going to be coming
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in. The reality is Moline. I spent a lot of time doing this
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because there's a number of people who say, gosh, I just don't think
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I've saved enough. And sometimes they come in and we go, oh,
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yeah, you don't have a ton saved. But it turns out they worked
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for the Stay of Wisconsin and maybe they were a police officer and they have
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a really generous pension. And so there's a fair number of our clients who
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do not use their portfolio at all for income in retirement. Let me repeat
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that there's a fair number of our clients who do not use their portfolios thank
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you know, four or three b taxable investment account, stocks, bonds,
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cash at all to meet their monthly income neans in retirement because their socialecurity and
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pensions are so large. So it's really important to start looking at where your
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income will come from. The next step is to quantify how much income you'll
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receive from those sources, and of course consider how those decisions can enlarge or
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shrink your benefits. So again, if you say, oh, I'm going
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to receive two thousand dollars a month from soci security, well, what if
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you worked longer, or what if you retire earlier, or what if you
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draw social security earlier? How is that going to impact that quote unquote two
16:30
thousand dollars a month that you think you're gonna get. So if you want
16:36
to learn more about that, we've done oh about one hundred shows I think
16:38
on social security, and so understanding social security is one of those big key
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components of having a successful retirement. Now, on the other hand, opting
16:47
for your pension payout that doesn't just cover you, but maybe covers you and
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your spouse. Is another important consideration around this income checklist, because ultimately,
16:59
if you have a pen, they're going to give you multiple claim options when
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you go to retire and elect that benefit. What I'm referencing is there's single
17:07
life joint and fifty percent survivor joint. In one hundred percent survivor for the
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state of Wisconsin, there's an option called one hundred and eighty Well it's one
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hundred and eighty months I believe of guaranteed income, but then life for a
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spouse. So there's a bunch of different claim options that you've got to just
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be aware of and evaluate, sit down with your financial advisor to figure out
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what is best for you. These decisions are all very important, and the
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more of your income that you're able to replace with source security or pension,
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then the less you'll have to rely on your portfolio to pay your bills.
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And obviously, if you can get those income streams large enough by working longer,
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that can also help. So with regard to whether your portfolio will last
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through retirement. This is kind of number four on our retirement readiness checklist.
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So let's assume for a moment that you've been listening to me here and going,
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well, that's great CJ for those people who work for the State of
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Wisconsin or for any other private pension system. But I'm just going to have
18:07
Social Security and that is not going to be enough for me. So that's
18:11
pretty critical to pause and say, all right, then you are going to
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have to save enough in that portfolio to then decumulate that portfolio and make sure
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it doesn't run out of money before you pass away. So people will say,
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well, okay, so what's a reasonable withdrawal rate? And this sounds
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complex, but it's actually quite simple. It's this concept of if I have
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I'll just use large numbers. If I have a million dollars saved for retirement
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and Social Security is not enough for me to live comfortably, how much can
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I reasonably expect to draw from that portfolio oversay a thirty year retirement. And
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so for people who've listened to our show before that it depends. It depends
18:52
on how aggressive you are, It depends on what your goals are in terms
18:55
of leaving money to beneficiaries, It depends on a lot of different factors.
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At that rate of withdrawal is going to be somewhere between three and five percent
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is probably a good target spot for you to begin. If picking that four
19:07
percent probably be a good place to begin. But you're gonna still want to
19:11
sit down with a financial planner because you're gonna want to assess what is the
19:15
risk of that four percent with market volatility, and how should you invest the
19:19
dollars to make sure that four percent is sustainable to you? And are you
19:23
retiring at forty or are you retiring at seventy because those withdrawal rates can change
19:29
dependent upon when you are retiring. But again we would suggest to just be
19:33
a little bit flexible with these numbers, sit down with a financial planner and
19:37
make sure that you go through in detail what you can expect to have coming
19:41
out of your accounts in retirement. Very fascinating stuff, important stuff this week,
19:45
as we chat with our retirement planning professionals from Class Financial, c J
19:49
Clawson Malia Quavis got time. If you've got a question, we'd love to
19:52
have you join us this morning six eight three two one thirteen ten. That's
19:56
six o eight three two one thirteen ten. We'll get you right on the
19:59
show. Learn more about Class Financial on their website class financial dot com.
20:03
That's k l as financial dot com. Also an opportunity there to subscribe and
20:07
listen back to this in previous shows podcasts. I know obviously in the morning
20:11
we have things going on. We don't always get to sit tight and sometimes
20:15
we'll be listening back or maybe we want to listen back, and of course
20:18
check that out at class financial dot com and the podcasts are all available to
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you right there. Speaking of Class Financial, their website class financial dot com
20:25
and they're telephone number six O eight four four two five six three seven.
20:29
No charge for financially gets no appoyment tech Class Financial. It will be complimentary
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to you. Again. They're number six to eight four four two five six
20:34
three seven. And you get on the air six A three two one thirteen
20:37
ten. That's three two one thirteen ten. We'll continue our conversation with Malia
20:41
CJ and you next as Money in Motion with Class Financial continues here on thirteen
20:45
ten w IBA. This is Money in Motion with Class Financial, a fun
20:53
and informative show designed to help you get answers to all your retirement questions in
20:57
one place. Coming up just a moment, will do the Class Quiz question
21:00
the week a chance for you to win a twenty five dollars gift card to
21:04
best Buy from our friends at Class Financial. Don't forget about the website class
21:07
financial dot com. That's klaas financial dot com. Learn more about Class Financial
21:14
all online class financial dot Com. They're tell for number six O eight four
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four two five six three seven. No charge for that initial gets no you
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appointment tech Class Financial, it will be complimentary to you again. They're telephone
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number six O eight four four two five six three seven. Talking about important
21:30
steps when it comes to planning for retirement and getting ready both mentally and physically
21:33
to retire. And something we haven't talked about, we don't like to talk
21:37
about, but it's a reality and that's three letters called tax. So let's
21:41
talk about how important it is when it comes to tax management of retirement income.
21:47
Aaliyah. Yeah, So this is this is one area that you really
21:49
do need to slow down a little bit on and a lot of our self
21:52
doers perhaps have experienced this when they maybe cashed out something and went, WHOA,
21:59
I wasn't expecting to pay taxes on that. What a surprise. So
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this is really super important as you ask yourself if you understand the taxation of
22:07
what your future retirement is going to look like. So this is number five
22:11
on our readiness checklist today. So it would be really really simple, and
22:15
for some people perhaps it is, but for most of us it's not.
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If you could just bring a single portfolio into retirement and just draw off of
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that would be very very simple to understand the taxation of that, but the
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reality is generally more complicated. So most retirees hold their assets in a variety
22:33
of tax silos. Kind of think about them like that, where we might
22:37
have some tax deferred dollars, which many of us have in four oh one
22:41
ks or four O three b's, we might have taxable investment accounts that as
22:45
you take money from those types of investments, you perhaps will pay some capital
22:51
gains on which is a different type of taxation. And then you might have
22:55
row I raise out there or off four O one ks. So that money,
22:59
of course is going to come to you without taxes associated with it.
23:03
So men, each of those accounts obviously carries its own tax treatment, which
23:08
is going to have implications for the types of taxes you're going to pay throughout
23:12
the years. And and so how do we look at harmonizing your income,
23:18
you know, understanding which tax tax bracket, how your tax bracket is going
23:22
to be affected every year. You know, can we take extra from one
23:26
account so we can quote fill up the little brackets so you're not spilling into
23:30
the next bracket, because we really want to make sure we're not missing,
23:33
you know, missing something when it comes to tax time for you, and
23:37
our clients are very good about that because nobody likes surprises in April all of
23:41
the following year, so very important understand where you're going to take the income
23:47
from. Also, we look at you know, some people are encountering RMD
23:53
distributions which keep on getting pushed out. Of course, we're now at age
23:57
seventy three, used to be seventy and a half. But how are the
24:02
RMD distributions that you're going to face in retirement going to affect the whole picture?
24:07
You know? And one thing about rmds, people say, Okay,
24:10
I'm being forced to take this income out, I'm being forced to pay the
24:12
taxes on it. This is all true. You will have to start slowly
24:18
taking it out. However, it doesn't mean you have to spend it.
24:21
So many people misunderstand that. They're like, Okay, I have to take
24:23
it out, I have to pay taxes and I have to spend it.
24:26
No, many people simply turn it into they transferred into an after tax account
24:33
and it starts growing again. And yes, you eventually do pay more taxes
24:36
on that as well through the growth. But important understand these different lines of
24:41
income sources, the Social Security, perhaps your RMD's in the future, money
24:48
from your wrath. I raise all these different sources coming to fund this monthly
24:52
income number that we were discussing earlier, So we want to make good choices
24:57
as we're doing that. And then out side of tax management, just a
25:00
couple other things to be aware of as you're considering. Am I right?
25:06
Am I ready for this retirement on date? Do you have a plan for
25:10
your health insurance? I don't want to go off the air not having pointed
25:14
that out, you've got to have a plan. And if you're pre sixty
25:17
five, that's really really important. Is most of my debt paid off?
25:21
Critical? Very helpful to not have major fixed expenses as you go into retirement.
25:26
Are your estate plans in order? And do I have ample emergency funds?
25:30
So so many things to think about. At the same time, we
25:33
just like to make sure that you're starting to think about them as you assemble
25:37
your own future retirement. And all these different items we've had on the checklist
25:42
this week, don't forget. If you want to review them, you can
25:45
listen back at the podcast clause financial dot com. Also, many of those
25:48
items are also included in standalone podcasts we're talking about, you know, things
25:52
like health insurance, debt, taxes, all those different areas. We've done
25:56
very very in depth, great podcasts with our tirement planning professionals available at class
26:02
financial dot com. That's Klaas financial dot com. Check that out there.
26:06
Of course, you can learn more about class Financial on their website class financial
26:10
dot com. The telephone number six O eight four four two five six three
26:14
seven, no charge for the initial gets no appointment tech Class Financial, it
26:17
will be complimentary to you again their number six O eight four four two five
26:21
six three seven. Speaking of the phone number for the office here in Madison.
26:23
Time Now for the class quiz question the Week. It works like this,
26:26
In just a moment, I will ask you the class quiz question the
26:30
Week. You'll then have thirty minutes from the end today's program to call the
26:33
Class Financial office right here in Madison at six o eight four four two five
26:37
six three seven. If you are the first call with correct answer, you
26:40
will win this week's prize, which is a twenty five dollars gift card to
26:44
best Buy. This week's class quiz question the week is this, what percentage
26:48
of retirees report that they ended up spending more than they expected in retirement?
26:55
Is a ten percent or more than thirty percent? Telephone number six so eights
27:00
four four two five six three seven first wealth correct answer, Well win,
27:03
that's twenty five dollars gift card two best Buy. And don't forget that's Class
27:07
Financial's office here in Madison. No charge for the initial gets. No employment
27:10
at Class Financial. Yes, it's complementary t s six eight four four two
27:14
five six three seven on the website Class Financial dot com. Sejmliah it is
27:18
always great chatting with you guys. Enjoy this beautiful day. Thanks, thanks,
27:21
news comes your way next right here on thirteen ten WIBA. This is
27:30
Money in Motion with Class Financial Asset Advisors, LLC, a registered investment advisor
27:37
registered with the SEC. The content of this show is for informational purposes only,
27:42
and should not be considered individual investment advice. Class Financial does not offer
27:48
tax or legal advice. Any opinion offered during the course of this show is
27:52
the opinion of that particular investment advisor representative, and not necessarily the opinion of Class financialst