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Where To Live · 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. Phone
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lines are all but for you right now here at thirteen ten WIBA questions four
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hour retirement planning professionals from Class Financial see j Claus and Malia Quavis. I
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gotta just pick up phone gives a ring six so eight three two one thirteen
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ten. That's three two one thirteen ten. We'll get you right on the
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air. Of course, you can learn more about Class Financial to air website
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Class financial dot com. That's Klaas Financial dot com. Great website to learn
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more about Class Financial, learn about their separate divisions. Also a prime opportunity
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there to sign up for the weekly market Pulse new see you get a little
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snapshot of what's been happening in the markets. Also a link to the most
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recent podcast. Again that available to you at class financial dot com. You
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can also, of course subscribe to the podcast right online that's class Klaas Financial
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dot com and the telephone number six O eight four four two five six three
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seven No charge for that initial gets now appotment Claus Financial. It is complimentary
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to you again the number six, So eight four four, two, five,
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six three seven and join this morning by CJ. Klass and Malia Quavis.
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CJ, how are you doing this week? I'm doing great? How
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are you sewing? Doing? Fantastic? Great to talk with you. Malia.
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You know what I'm going to ask you about today? Do you have
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a good idea? Falls in the air and it has to do with fall.
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You know, on social media, if you if you go to like
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a certain page enough, they will they will give you like a top fan
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and I probably would get a top fan badge for class financial dot com.
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Today is new picture to day. Yeah, beginning of fall. Actually it
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was last week, so you missed. It was on September first, because
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we're really timely in our organization. Doesn't surprise me the smallest. Yeah,
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better late than never. That's okay, yes exactly. Check of course out
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the website Clause financial dot com. That's Klaas Financial dot com. Because we're
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talking with CJ and Malia this week, we are going to actually be talking
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about if you should or should not sell the home. We've got maybe the
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kiddos out of the house and he maybe got a bunch of space what are
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some considerations there. We're gonna talking with Ce generally about just that this week,
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but also it's a prime opportunity to get on the air with your question
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six eight three two one thirteen ten. That's three two one thirteen ten.
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And before we start this week's topic and this week's conversation, another really cool
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thing that goes on each and every week on the program is the Claus Quiz
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Question the Week, a chance for you to win a fantastic prize. This
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week no exception, our friends from Claus Financial had provided a twenty five dollar
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gift card to Portillo's. I was just there over the weekend. Got that
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cake shake. Oh my gosh, I love the thing. Anyway, we're
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gonna get distracted. Distracted, you two can go through at Portillo's if you
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win. Again, just listen closely to the program oftentimes with the question and
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answer till the Class Quiz Question the Week come up during the program. And
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before we get talking this week on this week's topic, let's take a look
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back actually at last week's Class Quiz Question the week. Get the question and
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the answer there as well. Yeah, so last week we had a great
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conversation about debt a debt can be great. We talked about it and how
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you can look at it and maybe work toward eliminating it so that when you
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retire you will have less of it and more income to enjoy. So if
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you didn't hear it, go back to last week and definitely take a listen.
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So last week's question was true or false. In the first quarter of
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twenty twenty three, household debt balances in the United States reached a record high
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of seventeen trillion. That's with a T dollars True or false, So Peggy
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correctly answered. First caller answered correctly. The answer was true. So everyone
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helped the economy, maybe not their personal balance sheets. So you want to
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take take special note of reducing your debt, not increasing it. So thanks
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for listening. Great great question there, and of course a great work Peggy,
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And of course if you missed any part of that program, you could
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always listen Backcloths Financial dot Com. That's Klaas Financial dot Com. As mentioned.
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Of course, we're talking this week with CJ and Lee about you know,
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working with folks in retire met or kind of getting settled into retirement.
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A lot of folks kind of have that question about should I or should I
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not sell that home? Is that? Is that a common one there?
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CJ. It's very common. Yeah, I think we all understand it.
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Conceptually. It's this idea that, hey, as I was maybe accumulating wealth
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or had a young family, that we moved into various housing situations dependent upon
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our needs or the school districts that we wanted to be in. And then
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as you get closer to retirement, often those dynamics change, right, those
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dynamics change from the standpoint of hopefully Lord willing the children are independent and are
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out of the house. There may be even grandchildren. Kids can be scattered
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all over the United States, and furthermore, you often end up with a
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home that's more than you need. And you know, I'll take my situation
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our home when our children leave. My children are still in high school.
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Effectively, when my children leave, it's it's more home than my wife and
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I would need. And yet my wife loves the idea of, you know,
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maintaining a singular home. This is just kind of our dynamic. And
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yet interestingly enough, we may be forced out of our home at some points.
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As a matter of fact, we see this happen quite often with our
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clients where they may want to stay in a home because maybe it's appropriate for
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them, and maybe it's even a single story home, all of those good
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things, but they get forced out simply because they're unable to maintain it or
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don't want to have to, you know, have somebody mold alawn while they're
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gone, things like that. So your particular circumstances have a huge impact on
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that. But we're going to just kind of go through some of those considerations
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around should you sell the house, do you want to move to a warmer
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climate, do you want to live in a condo, you want to live
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in a retirement community. You get the idea. We're gon we're gonna kind
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of go through some of these things. So here's some considerations of things you
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might want to be looking at relative to moving in inner before retirement. Number
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one would be everyone's opinions matter, but yours matters most. So let me
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explain what I mean by that. Inevitably, when you start talking about selling
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the family home, especially if it's a home you've been in quite a while,
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your children, maybe even your grandchildren are all gonna say no or maybe
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yes, But everybody will have this strong opinion because they all we all have
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attachments to things, and listen, it's easy to have an opinion about something
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that you're not in charge of. Let me repeat that, it's very easy
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to have an opinion about them that you're not in charge of, or that
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you're not responsible for paying for, maintaining or living in. So this happened
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even inside of my own family unit on my wife's side of the family.
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There's this question that came up, should we have those should be not and
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ever was like, oh no, keep it and nobody ever visited the home.
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But it was rather just if you want me to have an opinion,
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I'll have one. So everybody's opinion matters, but yours matters most. You
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want to decide how do you want to live, Where do you want to
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live? How important are the state income taxes to you? How important is
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it for you to be near your children and grandchildren. How important is it
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to have a single story home versus condo living. Your opinion matters most.
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Talking this morning with our retirement planning professional CJ. Clossom Lee A Quavis,
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phone lines are open six o eight three two one thirteen ten. That's three
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two one thirteen ten. Love to get you on the air with CJ and
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Malia. Don't forget about Clause Financials website Clause financial dot com and they're number
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six O eight four four two five, six three seven And CJ. You
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were talking about some of the maybe more emotional considerations. You mentioned that T
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word, though there's obviously some financial questions as well, aren't there. Yeah,
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So we call these quantitative versus qualitative questions. So qualitatively you can ask
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questions like what's my quality of life in the home? What do I want
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to live? What do I care about? Quantitatively, there's questions around taxation.
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So yes, if you're going to move to another state or even to
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another county, say in Wisconsin, you want to be aware of what is
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the what does that tax environment look like? Now, if you're not moving
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out of the state, at least you'll be aware of what the state income
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tax environment it looks like. And for those who don't remember, here in
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the state of Wisconsin. And I say here in the state of Wisconsin,
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because most of you listening to me are probably in the state of Wisconsin.
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Some might be hearing me in Illinois. But for you who were here in
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Wisconsin, there is state income tax on the state pension, so the employee
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trust funds pension. For the most part, there is state income tax on
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your retirement account distributions. There is not state income tax on Social Security income,
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okay, and that state income tax goes somewhere between like five percent up
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to seven and a half percent. Those are rough ranges, but it's a
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progressive tax depending upon how much income. You have. In other states,
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say Florida, there is no state income tax, but there might be other
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taxes you have to be aware of. So taxation of the state that you
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are going to move into, property taxes, sales taxes, state income taxes
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on your sources of income are really important to consider. As a matter of
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fact, there are currently nine US states with no state income tax. Those
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are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee,
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Texas, Washington, and Wyoming. Remember that some of these states make up
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for this with higher taxes and other areas such as you know, sales taxes
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or real estate tax levies, things like that, but not the case in
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all of them. A matter of fact, I've heard i'll call it a
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misnomer from people, which is the state's got to get it from somewhere,
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so it all flushes out the same in the end. Wrong. That is
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flat out dead wrong if you are looking on a dollar for dollar basis,
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depending upon where you are in the stage of your life. Let's take Florida
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as an example. They have a relatively low property tax, a relatively low
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sales tax, and no state income tax. If you are a retiree,
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that is a massive financial difference to you, then it would be say in
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the state of Wisconsin. So be cautious with just kind of saying, I
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don't want to do the hard work to actually run the math, so I'm
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just going to assume it's all the same. It is not. You want
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to be aware of where you're living and that tax environment would look like,
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and for the more of the housing environment. So to defend those who say,
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maybe Florida isn't a great place to end up, which I'm not saying
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if it is or isn't, but the property costs have of course gotten quite
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a bit higher in Florida, not to mention the risk of hurricanes and destroying
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property things like that. And finally, just be focused on kind of cost
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of living review that true cost comparison across everything. So we're not only talking
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about taxes here, but also things like if you're going to move into a
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progressive living community, which are becoming much more popular, that progressive living community
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could be much more expensive as your life progresses. It may or it may
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not, but we have become really big fans of seeing some of our clients
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as they get older. They're less confident going up and downstairs. They're just
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anxious about not having family around. Often these progressive living senior communities can be
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fant has stick and I mean that sincerely, where you move in basically to
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your own condo, and then as your life progresses, you can go from
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fully independent to semi independent to dependence too skilled nursing care even and it offers
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this continuity of living for you as you age. So a lot of things
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to consider, but there's a few highlights, really important ones there as well.
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As we talk with CJA Classimilia Quabus our retirement planning professionals from Clause Financial.
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A prime opportunity for you right now to get on the air with your
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question. I could just pick up that phone, give us a rank six
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O eight three two one thirteen ten. That's three two one thirteen ten.
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The website for Claus Financial. It's Claus Financial dot com. That's Klaas Financial
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dot com. And their telephone number six O eight four four two five six
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three seven. No charge for then initially get to know you epointment tech Claus
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Financial. It will be complimentary to you again their number six O eight four
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four two five six three seven. And to get on the air here at
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station, all I gotta do is call six O eight three two one thirteen
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ten. That's six O eight three two one thirteen ten. Looks like weather
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for today is going to be perfect. Maybe earlier this week you thought,
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oh it's too hot to humid. Weather does play a role. We'll get
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the details from c Jan Malia and take your call next as Money in Motion
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with Class Financial continues right here on thirteen ten Wiva. This is Money in
12:18
Motion with Class Financial, a fun and informative show designed to help you get
12:22
answers to all your retirement questions in one place. It's always a great day
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to call in with your question. Six O eight three two one thirteen ten.
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That's six O eight three two one thirteen ten. Leved gits on the
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air with our retirement planning professionals c J Class Emilia Quavis whose they come to
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us from Class Financial to website Class Financial dot com. That's klaas Financial dot
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Com. Their telephone number six O eight four four two five six three seven.
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No charge for that initial get to no you apployment at Class Financial.
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It will be complimentary to you again. They're number six O eight four four
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two five six three seven. The full nine year at station six O eight
12:56
three two one thirteen ten. Talking this week about some of the things you
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should think about when it comes to where you're going to live in retirement and
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as folks in your retirement or in retirement start to make some decisions. And
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Malia, something I love asking you about because I think both of you and
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I love the same type of weather, which is what is the weather going
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to be like? And is that a consideration when it comes to planning for
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where to live in retirement. Yeah, I mean, at the end of
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the day, it is quantitative when you're sitting down thinking about where's the best
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place for me to retire, you know, where I won't run out of
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money, because that's everyone's biggest concern. But certainly, certainly the qualitative parts
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come back into your thoughts, because if you've dealt with winters here in the
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Midwest for a number of years, the idea of being able to live full
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time or three quarter time elsewhere where the weather's just kind of normal, whatever
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normal is anymore, I don't know what that is, really comes to play.
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So many of our clients actually, unfortunately have health conditions, and that
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honestly helps dictate for them where they should live. So some have moved to
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the desert areas and that's helped them with their their asthma perhaps, or just
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a whole bunch of different situations. So you know, arthritis certainly comes into
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play as we get older. So you know, the thought of and I
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didn't understand this honestly twenty years ago, where my clients sometimes are fearful of
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falling on ice, I didn't understand that till I fell on ice about ten
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years ago. And I'm like, yeah, when you're getting older, the
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thought of potentially falling on ice. Even young CJ. Here has fallen on
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ice years ago, and I remember, it's like a wake up call.
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And when you're older, right outside the office, it was real. Yeah,
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So you know it's a wake up call when you're elderly, you know,
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and things can happen really fast. So looking at whether is a condition
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is a situation that you should consider. The other part of this is really
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about the recreational activities you enjoy. So maybe you know you love golf,
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but you can't play a year round here, so that might make you want
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to look at three season climates Tennessee, Texas or the Carolinas perhaps, or
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you know, I grew up in southern California and I used to watch Californians
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moved to Oregon and Washington and they're like, Oh, it's so beautiful up
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there, and I'll tell you, within six months they were back in southern
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California because there's not as much sun there. So we do have sun worshippers
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who like to move to places that have the most sunny days of the year.
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So our research shows at Arizona has an average of two hundred and eighty
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six sunny days a year, New Mexico two hundred and seventy eight, California
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two fifty eight, and number eight is Florida but two hundred and thirty seven.
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So people honestly do move for the sun. That's an important factor for
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them. And then we have people who consider just being a snowbird. In
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fact, I had one client who's a snowbird and I said, oh,
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well, where do you live, you know, six months out of a
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year, and they said, Minnesota is where I live. And then I
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come down to Illinois and that's where I'm snowbirding. I'm like, wow,
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I hadn't heard that one before. So we're all different, right, it's
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all relative. So then the question comes up, as we said, why'd
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even think about perhaps moving locations or downsizing, and so we look at savings,
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savings of your dollars and so, you know, we often think about
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healthcare, and that's important as you're looking at communities certainly, but remember other
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than healthcare, housing will be your single greatest monthly expense. That's what we
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found in retirement studies. So according to Bureau for Labor Statistics, home costs
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represent the largest expense for retirees and that actually accounts for thirty six percent of
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their annual expenses. So back to the quantitative, this is very very important.
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So retirees who who want to perhaps extend out their nest egg need to
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really take a look at housing expenses. So you know, it obviously costs
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less to heat and cool a smaller space than a larger one. So if
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you're used to spending and say two hundred and fifty dollars a month on utilities
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for a two thousand square foot home, downsizing to a thousand square foot won't
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necesscessarily cut that bill in half, but it definitely will reduce it, perhaps
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by a third, which can help. And then it stands to reason that
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you know, maintaining a smaller space all the way around, will will actually
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decrease and even if your home is paid off, which again we encourage you
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to enter retirement debt free. Even if it's paid off, though, that
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percentage on your home's value definitely comes into play because you're going to continue to
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maintain it, whether it be a new roof for or just keeping it up
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maintaining it. But as CJ mentioned, we do see sum retirees moved to
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age restricted communities. He was talking about progressive care, but there's a lot
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moving to what we call fifty five and batters what they're calling them, and
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that gives people living situations where there is very little upkeep that they're responsible for.
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And sometimes we've seen this they're moving into luxury homes, condos, manufactured
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homes out in Arizona. So those are being found, Those communities are being
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found throughout the United States and really help retirees. You basically have a level
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living experience in the house, no stairs and also a lot of amenities.
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So those are things to look at. Talking this morning with our retirement planning
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professionals c J. Claus and Malia Quavis. If you've got a question,
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love to get you on the air. Bill we lost you there, If
18:48
you call back, we'll get you right on the air. If you've got
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a question for CJ. Melia loved to get you on this morning six three
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two one thirteen ten. At six O three two one thirteen ten. The
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website class financial dot com. That's class k LA, Yes financial dot com.
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Tellph number six O eight four four two five sixty three seven and to
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get on the other this one in three two one thirteen ten. That's six
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O eight three two one thirteen ten. Do we have any kind of numbers
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or any type of research into where folks are going, Malia, Yeah,
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So we look at a couple of different studies and lists because people love lists,
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and according to twenty twenty two United Van Lines National Movers Study. I
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think they know where people are moving right because they're moving them. Top ten
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states where retirement was cited as the main reason for moving was Vermont, Oregon,
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Rhode Islands, South Carolina, and North Carolina. So some interesting actually
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stats there because we always assume it's always Florida. And then the next list
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is according to wallet Hubs best States to retire in twenty twenty three, whereas
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in twenty twenty two, Florida was named number one. Twenty twenty three,
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Virginia took the top spots, and so again categories to look at affordability,
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which we've discussed, quality of life, and access to healthcare. So actually
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was that access to healthcare that brought Florida down. So you want to look
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at everything and what's important to you, and sometimes it is simply the weather,
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or sometimes it is simply the expense. Talking this morning with c J.
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Class and Malia Quavis, our retirement planning professionals from Claus Financial. We'll
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continue our conversation with CJ and Malia in just a moment in the meat time.
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Have you haven't been to the website yet? Check them out online class
20:30
Financial dot Com that's Klaas Financial dot Com. And the telephone number six o
20:36
eight four four two five six three seven. No charge for that initially get
20:40
to know you appointment at Class Financial. It will be complementary to you again
20:42
that number six eight four four two five six three seven. We'll talk about
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some of the other things that we should factor and when it comes to picking
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maybe a specific type of home, what things you need to think about,
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We will do that, and of course we'll have the Class quiz question leak.
20:56
All of that coming up next as Money in Motion with Class Financial.
21:00
Use here on thirteen ten w IBA. This is Money in Motion with Class
21:08
Financial, a fun and informative show designed to help you get answers to all
21:12
your retirement questions in one place and talking with our retirement planning professionals. CJ.
21:18
Class, Emilia Quavis from Class Financial, the website Class Financial dot Com
21:22
that's Klaas Financial dot Com and the telephone number six eight four four two five
21:26
six three seven. So how do we know? Like, so, we've
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talked earlier about some of the some of the considerations about actually moving, but
21:36
what about things about the decisions and considerations when we're changing housing and things we
21:41
need to be looking at for the right for the right decision CJ. This
21:45
really is a process. So before you make any good decision, you'll need
21:51
to evaluate your current situation and then compared against what you want your future to
21:56
look like. So the following are some questions that you might want to ask
22:00
yourself as you begin to assess the current and the future. So, first
22:07
off, how many bedrooms do you really need? Often we'll talk to people
22:11
and they'll say, I'm just in the same home. It's you know,
22:14
it's breaking the bank, but I've got six bedrooms and every once in a
22:18
while, every ten years, my kids will come back and stay in them.
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You get my point, Probably not a great financial planning decision, and
22:23
certainly if it's breaking the bank, something you might want to consider. How
22:27
many floors are in your current house and do you want to need that many
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floors? And then what happens as you age relative to risk of going up
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and downstairs. So that's honestly one of the most common ones we hear as
22:38
people age. Do I have a basement and do I need a basement?
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Do I store a lot in that basement? Do I need to clear out
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a bunch of that stuff. So listen, If any of you have ever
22:49
been part of doing an estate sale for a loved one or a family member
22:55
or even a friend, you know that as you clear out a house from
23:00
somebody who's passed, for about the first hour or two, there's nostalgia and
23:07
you know, oh, look at this, and then it's like, get
23:08
it out right. Even things that are worth hundreds of dollars, you're like,
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I don't know, put it out on the curve for two bucks,
23:17
because the value of that is in the eye of the beholder, and often
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when you're just looking to clear things out, the value really drops and therefore
23:25
you're not getting as much out of it as you probably could. So it
23:27
set another way, as you get older, your kids and grandkids are not
23:30
going to care as much about this stuff. So one thing you can do,
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even if you stay in your home, is just to clear out the
23:36
basement and all the junk you have in there. You know, do you
23:38
have a three car garage and will you still need that as you move forward?
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Do you have a big yard that takes you a long time to mow
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and edge and then are you able to continue to do that? Do you
23:48
have a pet? Will you need a place for your pet in the future
23:51
as you move to a new place. So these are just examples, but
23:53
some things you'll want to consider if you're considering moving out of your current home.
23:59
And what about two cgs we talk about some of the other things to
24:00
consider professional services. You go to the doctor, and you probably have a
24:06
good relationship with your doctor. Those are certainly things that you need to weigh
24:08
as well, aren't they They are. As a matter of fact, I
24:11
would say healthcare near you is probably one of the top considerations. So Malia
24:17
hinted at this in her prior section as well, around what is the medical
24:21
care around you? Because as you age again both I guess two things pop
24:25
up. If you're in a progressive living community, often those progressive living communities
24:30
are close to communities that have good medical care, because you don't the progressive
24:36
living communities don't want to have a humongous cost if they need to ship people
24:38
off to a hospital as they go down in health. So usually those progressive
24:44
ones are in you know, communities like Madison, like Chicago's bigger cities where
24:48
they have access to a larger medical community. But if you're staying in your
24:52
home or you're just downsizing to a condo, you still have to ask this
24:56
question because as you age inevitably health the lines. We actually have this this
25:00
phrase in our office. Which is the time to roll the dice with your
25:04
health insurance or your access to healthcare community is not as you age, It's
25:11
when you're younger, right, So let me rephrase that. The timeframe to
25:18
take some risks, so to speak, with your health insurance, maybe having
25:21
higher deductible plan, or take some risks with not having immediate access to health
25:26
to like a doctor or medical community is when you're young, not as you
25:33
get older. So as you get older that becomes more and more important.
25:37
And then other things like are there any shopping facilities near you? What's the
25:41
social and cultural activities that are available to you? Is there public transportation in
25:45
cases you get older you don't want to have to drive on your own.
25:48
Are you close to any family members or at least in a region where they
25:52
live. So a lot of considerations, but we would really say, of
25:56
all those considerations, the one you really want to slow down as that medical
26:00
community. Probably number two on that list would be closest to family members.
26:04
So who's kind of around you that you'll be able to age with and see
26:08
grow up? Talking this morning with c J. Classim quis our retirement planning
26:12
professionals from Class Financial, the website Class financial dot com, Dolphin number six
26:17
to eight, four four two, five, six three seven. Gotta get
26:18
to the Class financials of course, Money in Motion quiz question of the week
26:22
in just a moment, but real quick before we wrap up. Are there
26:25
anything anything else, Malia that we might be overlooking or just things we need
26:29
to remember when it comes to planning or thinking about moving. Yeah, I
26:33
think some final considerations are are your adult kids moving back in? That's a
26:37
serious one. You think you're an empty nuster and then things change. But
26:42
the last one we want to leave you with is, honestly, you just
26:45
prefer to stay in your current home and on and when we look at AARP
26:49
they their survey found that three quarters of adults fifty and older say they just
26:55
want to stay in their current homes or communities. Nothing wrong with that,
26:59
but our first questions to our clients is where are your laundry facilities in your
27:03
house? And if they tell me they're in the basement down twenty stairs,
27:07
fifteen stairs that needs to be elevated to the main floor so you can stay
27:14
in your own home. So take into consideration those types of things. If
27:18
that's really heavy on your heart, that you just want to stay right where
27:21
you're at, wrong with that, that is fantastic. Years ago, I
27:22
thought it'd be a great idea to pair college kids with with retirees where one
27:27
half could get them to and from appointments and the other half could keep them
27:32
in keep them in line, and of course make sure that they're yeah,
27:33
just just you know, kind of a nice little little community. But that's
27:37
for another day. So yes, it's it's always great to have company,
27:41
always great socialize, always great also to ask questions. And one of the
27:45
great things about class financial is an initial appointment. It's not going to cost
27:48
anything to start that conversation. All I gotta do is pickup phone, give
27:51
them a call tolf when number six O eight four four two five six three
27:53
seven, and of course website class financial dot com. That's klaas financial dot
27:57
com. Speaking of the time number six to eight four four two five six
28:00
three seven. Time Now for the class quiz question a week. It works
28:03
like this and just a moment, I'll ask you the Class quiz question a
28:07
week. You will then have thirty minutes from the end of today's program to
28:08
call the Class Financial Office right here in Madison at six eight four four two
28:12
five, six three seven, And if you are the first call with correct
28:15
answer, you win this week's prize, which is a twenty five dollars gift
28:18
card two Oh yeah, portillos. This week's Claus Scows question a week is
28:22
this. According to the Bureau for Labor Statistics, the largest expense for retirees
28:27
is home cost do Home costs account for twenty five percent of retirees annual expenses,
28:33
or more than thirty five percent of them. Telephone number six to eight
28:37
four four two five, six three seven. First call with the correct answer
28:40
win the twenty five dollars gift card two portillos. And again that's Class Financials
28:42
Office right here in Madison. No charge then could to know you appointment.
28:47
It will be complimentary to you the number six eight four four two five,
28:49
six three seven. Malia CJ. It's always great chatting with you guys.
28:52
You enjoy this beautiful day. Thanks Shuns. News comes your way next right
28:56
here on thirteen ten Wiva