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Nine Mistakes · 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, and
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our phone lines are open for you right now at three two one thirteen ten.
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That's three two one thirteen ten. Gets you on the air with our
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retirement planning professionals from Class Financial, CJ, Class and Malia Quavis. You
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can learn more about Class Financial on their website Class Financial dot com. That's
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Klaas Financial dot com. The telephone number six O eight four four two five
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six three seven, no charge for the financial gets no you appointment at Class
0:37
Financial. It is complementary to you. Again, they're telephone number six O
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eight four four two five six three seven and of course telephone number to get
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on the air with CJ and Malia six O eight three two one thirteen ten.
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That's six O eight three two one thirteen ten. Couple of things keep
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in mind during the program mentioned checking things out on the website. I gotta
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mention as well, we'll do the Class Quiz Question of the week coming up
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a little bit later in the show. Chance to win a fantastic prize a
1:00
twenty five dollars gift card too Best Buy pay close tension. Typically, both
1:03
the question and answer to the Coast Quiz Question Week come up during each week's
1:08
program. Before we start our conversation this week about mistakes people need to avoid
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with retirement planning, let's say hello to our retirement planning professionals, CJ.
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How are you doing this morning? I'm doing great? How are you?
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Sean? Doing really well? And of course joining us as Malia Quavis Malia,
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where the heck have you ben? Did you get some vacation time or
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something? Yeah? I did. I spend a lot of time waiting for
1:27
an airplane to show up. So I'm happy to be back. Yes,
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that is happy. That is the absolute worst. Good to have you back.
1:37
And we've got again a very exciting and very informative, informative show ahead
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about some mistakes folks need to avoid when it comes to retirement planning. Mentioned
1:45
the Class Quiz question the week again chance to win a twenty five dollars gift
1:49
card to Best Buy that provided by our friends at Class Financial. And before
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we start this week's conversation, let's take a look back at the Class Quiz
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question leak from a couple of weeks ago get the question and the answer there
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as well. Yes, So thanks for listening during the summertime, all of
2:02
you callers that try to get the right answer after our shows two weeks ago.
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Our question was true or false the two most common forms of employer contributions.
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Notice I said employer contributions into a four oh one K plan included include
2:20
a non elective three percent contribution or a matching formula. So we had a
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great discussion two weeks ago about employers and what they can do in designing their
2:30
own four one K plans for their employees. So the correct answer to that
2:35
was true. Congratulations to Tom of Waterloo he got that answer correct. And
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listening carefully today for the question you can win something too, and you mentioned
2:45
also last a couple of weeks ago, the program great opportunity if you did
2:49
miss any of that show. As Millia mentioned, of course, it is
2:52
kind of that summer holiday season, a lot of us taking road trips or
2:54
heading out of town to go visit friends, family, or spend some time
2:58
on the beach. If you miss any part the program, you can always
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listen back at class Financial dot com. That's Klaas Financial dot com. While
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you're there you can sign up for the weekly Market Pulse newsletter. It's a
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great weekly email you'll receive it gives you a snapshot of what's been going on
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in the markets. Also a link to the most recent program that available for
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you at class financial dot com. Tell number six to eight four four two
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five six three seven and the number to get on the air this morning six
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O eight three two one thirteen ten. That's six O eight three two one
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thirteen ten. So this week we're going to be talking about nine mistakes people
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need to avoid with their retirement planning. What should we then be aware of
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when it comes to our own planning CJ. Yeah, being retirement planners,
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ideally, we want to help people avoid these mistakes, and so we're going
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to go through a bunch of common mistakes nine to be specific, that we
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see people making as they approach retirement. So if you have your pen and
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paper out, you can write these down or by the way, we do
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post this podcast to our website, so you can always go there and re
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listen to it if you don't have pen and paper in it. But starting
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with and what we're going to do, by the way, is we're going
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to name the mistake, and then we'll give a little bit of an explanation
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for each of these nine. So mistake number one is staying too aggressive in
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your portfolio as you approach retirement. So this one is somewhat intuitive, but
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we see it commonly. It's this idea that, hey, I want to
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make up for lost time, and so I know I'm close to retirement,
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but gosh, the market's done really, really well, and some of my
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friends have said, I can dump it in these few stocks and I'll make
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a lot of money. And so I know I'm getting close to retirement,
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but I just really want to eke out every bit of return that I can.
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This is not a good idea because ultimately, the years in which you
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can and should be taking on more risk are the years that you are further
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away from retirement and don't need income out of that portfolio. As you get
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closer to retirement, whether you feel ahead or behind, you should, in
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most circumstances look at backing off that risk. Do investments that can generate income.
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These are known as fixed income investments. Whether this be a money market
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fund or a CD or a bond of some sort. That's typically what people
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will start to back off into as they get closer to retirement. So again
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mistake number one staying too aggressive in your portfolio as you approach retirement. Don't
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do that. Mistake number two is retiring without considering health insurance costs. As
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a matter of fact, of the nine we're going to discuss today, this
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is one of the top. As a matter of fact, the most common
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age we see people retiring at is age sixty five. For anybody who knows
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when Medicare begins, that's at age sixty five. And you know why people
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are waiting till sixty five to retire, because then they can just flip onto
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Medicare. If you don't flip onto Medicare because you're not sixty five yet or
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you're not eligible, then you need to be aware of a few common options
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that are available. Common option number one would be COBRA. COBRA stands for
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Consolidated to Bust Budget Reconciliation Act. We're going to go read the act,
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have fun with that, but the idea of it is COBRA is this government
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required extension of your group health insurance plan for employers with twenty employees or more
6:14
for up to eighteen or thirty six months. Again, you need to actually
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talk to your employer about this, make sure they're part of that requirement.
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But the idea here is you can stay on that group plan instead of having
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to hop to something else for some set period of time. Now here's the
6:30
key. This can be expensive because if the employer was covering a good portion
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of that cost before, now you're going to be in charge of all of
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that premium plus an extra two percent for administrative cost. So you're going to
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want to be aware of that option, but also aware of the cost.
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Another option we see again if you're retiring or just leaving employment before age sixty
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five is your spouse's health insurance. So if a spouse or partner and they
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have health insurance it's available to you that you can jump on. That could
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be another good option. Another one would be if you're a veterans. Sometimes
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you can get VA benefits, and so that's something to kind of pause if
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you are a veteran, talk to the VA and see if you have kind
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of a health plan that you can get there. And then finally is the
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Affordable Care Act. So Affordable Care Act is just think of this as the
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major medical insurance that you can get if Cobra doesn't work or Cobra has run
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out, or you don't have a spouse's health insurance. You don't have VA.
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You're under sixty five, so Medicare is not there. You need to
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get a health insurance plan. This is where your state exchange comes into play,
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which is the Affordable Care Act. You can go to healthcare dot gov
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and get more information about that. This varies greatly. They call it the
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Affordable Care Act, although I chuckle at that naming methodology. And this is
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not a political statement, by the way. This is just I chuckle at
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it because it's really not affordable for many people. It's affordable for some,
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and that's good. If your income is low enough, it can be really
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affordable for you. If your income is higher, it can be super not
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affordable. And so just you're gonna want to get educated on what that looks
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like. Really important information this morning from CJ class emleequabas our retirement planning professionals
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from Class Financial. Great opportunity right now, get on the air if you've
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got a question six o eight three two one thirteen ten. That's three two
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one thirteen ten. Learn more about Class Financial on their website Class financial dot
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com. That's Class klaas Financial dot com and their telephone number six O eight
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four four two five six three seven. No charge for the ninitial get to
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know you appointment at Class Financially. It is going to be complimentary to you
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again the number six O eight four four two five six three seven. So
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CJ. Mistake one two aggressive number two not thinking about health insurance costs.
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What is mistake number three, my friend? Yeah, Mistake number three is
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not being tax wise. So again, sometimes we run into people who will
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even listen to the show for years and years and years, and they'll come
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in and say, hey, I'm near retirement. I've ever heard of you.
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Guys, I feel like I know you and I heard your concept about
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being debt free when you enter retirement. So good news I am. And
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we go fantastic so happy for you, and we say how did you do
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that? And they say, well, yesterday I pulled two hundred thousand dollars
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out of my four oh one K plan and paid off my mortgage, and
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we go, you did what? So here's the point. I'm making everything
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in context, right, So being debt free absolutely, but of course you
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pull two hundred thousand dollars out of your four one K plan. That will
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add two hundred thousand dollars of income in many circumstances. So the point being
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you want to be aware of tax consequences relative to decisions that you make as
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you approach retirement and especially as you're in retirement. Another example of this would
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be at age seventy three now for most Americans is when required minimum distributions begin.
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Well, it's actually either seventy three or seventy five, depending upon when
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you were born. But that's another tax element that's going to be forced upon
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you, whether you understand it or not, and it'll be important for you
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to have an accountant or financial advisor who can walk you through the implications of
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these different tax consequences. Very important stuff there for sure. Talking with our
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retirement planning professional CJ Closs and Malia Queas great time to join us right now.
10:13
If you've got a question about retirement planning, we'd love to get you
10:16
on the air six O eight three two one thirteen ten. That's six O
10:20
eight three two one thirteen ten. We'll get you on the air with Malia
10:24
and CJ. With your question. Don't forget as well. You can learn
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more about Class Financial on their great website class financial dot com. That's Klaas
10:31
Financial dot com. And the telephone number six O eight four four two five
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six three seven. It's for the office right here in Madison. No charge
10:37
for the initial get to know you appointment at Quass Financial. It will be
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complimentary to you again their number six O eight four four two five six three
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seven, and the phone lines are open six A three two one thirteen ten.
10:48
That's six O eight three two one thirteen ten. We'll continue our conversation
10:52
with CJ and Malia about those mistakes you need to avoid when it comes to
10:56
retirement planning. We will get those those mistakes folks they often see, and
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then of course we'll take your call next as Money in Motion with Class Financial
11:05
continues right here on thirteen ten WIBA. This is Money in Motion with Class
11:13
Financial, a fun and informative show designed to help you get answers to all
11:16
your retirement questions in one place, and the phones are a little open for
11:20
you right now at six O eight three two one thirteen ten. That's three
11:24
two one thirteen ten. Gets you on there with CJ, Class and Malia
11:26
Quavis. They are our retirement planning professionals from Class Financial to website Class Financial
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dot Com. That's Klaas Financial dot Com. Also, of course their telephone
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number for the office here in Madison six O eight four four two five six
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three seven. No charge for the initial get to know you appointment Class Financially,
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it will be complimentary to you again their number six O eight four four
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two five six three seven. Breaking down the nine mistakes people need to avoid
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when it comes to retirement planning and CJ made us, got us through the
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first three, made us aware of some very important things to member. What
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about choices when it comes to taking your pension if you have one, are
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their potential mistakes to avoid in that decision? Malia, Yes, and so
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we've devoted a whole show on this in the past. As far as just
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slowing down. So if you are one of those lucky people, which is
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a diminishing number in the private sector at least that is going to have some
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type of pension coming to you as you go into retirement, we would just
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say take your time evaluating your pension options. So that's our mistake number four
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when people don't fully evaluate those In fact, Sometimes people will come into us
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as CJ said, you know, hey, yeay, I paid off my
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house. How'd you do that? Well, people say, oh, I
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signed up for my pension a few months ago and this is what I chose.
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And I'm not saying that they necessarily always choose the wrong option, but
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they haven't evaluated all the special options that you have available to you and understanding
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what your specific situation may dictate in the type of income you want for now
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and into the future for your loved ones. So sometimes people will say,
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well, well, my buddy I worked with him for thirty years and he
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picked this choice for his pension, so I just did the same thing.
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So that's where we say slow down. What you want to do is look
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at the different pension options. So there's usually going to be a single option,
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which is usually the highest payout. There's going to be a joint option,
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which is usually a fifty fifty or some other calculations similar to that,
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meaning that if you chose joint, it's going to be a lesser amount per
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month. However, upon your passing, the remaining fifty percent or I should
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say, the same amount would continue on for your surviving spouse and there's usually
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like maybe ten different options depending on the type of pension, how it was
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structured. And finally we're seeing more and more of this as a lump some
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option. And again sometimes people say I just want all the money out right
13:56
now and then I can invest it myself, and that may be the right
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choice, but we want to make sure it makes sense in your situation because
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that will be your lump sum. Of course, we want to keep it
14:07
tax efford so you're not going to just have it paid out directly to you.
14:11
You would roll it into an I R A because that would keep the
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tax status the same, meaning that you're not going to have to pay income
14:18
until that's distributed month to month or however you're going to take the money out.
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So you just want to be very careful because this is a life decision,
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usually irrevocable, and you want to get this right. So you might
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have your Social security, you may have a pension, you may have investments,
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but we want to make sure if a pensions coming to you, that
14:37
you're taking it in the right manner for yourself. So mistake number five,
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which we talked about two weeks ago again with our retirement director on our show
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is about not maxing out a company match. So we were talking about from
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the employer's perspective, well, from an employee perspective. If you're not act
15:00
sing out your four oh one K or four to three B contribution and your
15:05
company is offering a match to say three percent, and you're not putting any
15:09
money in for any particular reason, you are just leaving free money on the
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table, which we don't like to leave free money on a table. So
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we want you to make sure you're reviewing your four one K documents sign up
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maximize that amount to make sure that you're getting the match at a very minimum.
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So for example, if you contribute six percent of your salary, your
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employer might match three. Every plan is different, but you want to understand
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the particulars of your plan. Again, as retirement planners, we want you,
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especially as you're approaching retirement, you're probably in your highest earning years.
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So we're going to tell you we want you to shoot to max out your
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four h one K contribution, which in twenty twenty three is twenty two thousand,
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five hundred if you are under fifty, and if you're over fifty,
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an additional seventy five hundred, so thirty thousand dollars. If you are able
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to put forth that effort of dollars, we would like to see that added
16:11
if possible. So max out your company match is what our opinion would be
16:17
really nice. Oh that's gonna really quick say, had a really nice feature
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if your if your office, if your workplace offers it. Fantastic stuff this
16:25
morning, So we chat with Malia and CJ. Don't forget I got a
16:26
phone line open for you if you got a question six O three two one
16:30
thirteen ten. Learn more about Class Financial on their website class financial dot com.
16:33
That's klaas Financial dot com. Tell phone number for Class Financial six O
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eight four four two five six three seven. Sorry about that, Malia,
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what's what do we need to know about? Mistake number six? Yeah,
16:44
so four was not fully valuating your pension options, Mistake number five not MAXI
16:49
now a company match, and number six is not looking at your Social Security
16:53
income figures properly. So we always tell our listeners to go to SSA dot
16:59
gov at what your options are going to be the approximate amount you should be
17:03
receiving at various ages, and so many times we see people perhaps taking their
17:08
Social Security income too early. Sometimes they don't understand that the longer you wait,
17:15
the higher the actually monthly benefit will be. And remember that the earliest
17:22
you can draw in most circumstances. We're not talking survivor or anything, but
17:26
most circumstances you can draw at age sixty two, So that's the earliest.
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But remember that your full retirement age, and again you can see this on
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SSA dot Gov is probably in the area of sixty six or sixty seven years,
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depending on the year you were born. So most of our most of
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our listeners today are probably going to fall into that category if you're born after
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nineteen sixty. So what you need to understand is if I pull it too
17:56
early, meaning before that full retirement age, there are income limits if you're
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still working. So that's very very important to understand. Nobody likes to feel
18:06
like they're receiving a benefit and then they feel some of it is getting pulled
18:08
back because that's exactly what Social Security will do. So for example, in
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twenty twenty three, if you're actually retiring this year and you have not reached
18:19
your full retirement age, your income limit is actually fifty six thousand and five
18:25
twenty okay, But if you retired, say last year, and you're still
18:30
working, your income limit is twenty one thousand and two forty. And so
18:37
what that means is if you make more than that, they're going to deduct
18:41
a dollar for every two dollars over that amount from your Social Security benefit.
18:47
So the point here is you want to sit down with your financial planner or
18:51
your accountant perhaps and find out, you know, doesn't make sense for me
18:55
to draw my Social Security if I'm still earning good wages because effect of that
19:00
benefits going to get pulled back. Does it make sense to wait till my
19:03
full retirement age because at that point I can earn as much as I want
19:07
and my Social Security benefit will not be affected. And then finally, we
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talk about this many times, is can I actually wait till age seventy perhaps
19:18
or anytime after my full retirement age. If I wait between full retirement age
19:23
and age seventy, I will receive an additional eight percent per year for those
19:27
three years, depending on when I actually decide to collect. So eight percent
19:33
increase per year again kind of sounds like free money. So if you can
19:37
wait and maybe pull a pull income from other sources be at your pension and
19:44
perhaps your investments. It might make sense, especially if you're married, you
19:48
would want to look at what makes sense in your situations. So we just
19:52
want people to slow down. That's really what we're talking about this morning.
19:55
Look at those Social Security income figures properly, really important to see as to
20:00
be made. And you definitely, as Malia mentioned, you want to take
20:03
it slow and of course understand the stuff. We're gonna break down a couple
20:07
more mistakes seven, eight and nine. We'll get those with CJ. Will
20:10
also do the class quiz question the week next. Don't forget in the meat
20:12
time. If you haven't been to the website yet Class financial dot com.
20:15
That's klaas financial dot com. Check that out. Not only can you listen
20:19
back to this in previous show's podcast, you can also sign up online for
20:22
the weekly Market Pulse newsletter that at class financial dot Com. The telephone number
20:27
six O eight four four two five six three seven. No charge for that
20:30
initial get to know you appointment tech Class Financial. It will be complimentary to
20:34
you again their number six O eight four four two five six three seven.
20:37
We'll take it down the home stretch next as Money in Motion with Class Financial
20:41
continues right here on thirteen ten WIBA. This is Money in Motion with Class
20:51
Financial, a fun and informative show designed to help you get answers to all
20:55
your retirement questions in one place. Absolutely great show this week. As always,
21:00
don't forget if you miss part of the program. Maybe you stepped out
21:03
to grab that cup of coffee. Quite jealous of you. Drop the grandkids
21:06
at kiddles off at school. I guess no school time this year's summer school.
21:08
Maybe band practice I know a lot of kids are doing. Maybe a
21:11
miss part of the show. You can always listen back at class Financial dot
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Com. That's Klaas Financial dot Com. And as we've kind of worked our
21:18
way through these mistakes that folks need to avoid when it comes to retirement planning
21:22
a lot of these things, we go much deeper in depth than some of
21:26
the previous show's podcasts as well, So definitely check it out online. Class
21:29
Financial dot Com. That's Klaas Financial dot Com. TELF number six O eight
21:33
four four two five six three seven No charge for the financial gets to know
21:37
You appointment at Coloss Financially eight is complimentary to you. Again. The telephone
21:41
number six O eight, four, four, two, five, six,
21:42
three seven. As we're talking about the nine mistakes to avoid when it comes
21:48
to retirement planning, we left off at number six. That would naturally bring
21:51
us to number seven and CJ. What other mistakes should we be avoiding?
21:56
Yeah, so mistake number seven that we see people making as they approach retirement
22:02
would be planning to work in debtitly, So this thing comes from people who
22:07
know they haven't saved enough, and they go, I'm just gonna always work,
22:10
and we say, oh, well, that is not ideal. Obviously,
22:14
it signals that maybe they feel they haven't saved enough. Although often people
22:18
are more critical of themselves than they should be, just as an FYI,
22:23
So often they'll eventually meet with us and we'll say, oh, you're you're
22:26
in better shape than you might think. But this idea that I'm just going
22:30
to work indefinitely actually is often forced upon you that you can't. So fifty
22:36
three percent of workers expect to work beyond age sixty five to make ends meet
22:40
in retirement. This is according to Transamerica's Center for Retirement Studies. Yet you
22:45
can't count on being able to bring in a paycheck if you need it,
22:49
And the reason is because while more than half of today's workers plan to continue
22:53
working in retirement, the reality is that just one in five Americans age sixty
22:59
five and over are actually employed. That's about twenty percent. And this is
23:03
according to the US Department of Labor Statistics. So you see the mismatch,
23:07
don't you. Fifty three percent say they're going to twenty percent? Actually only
23:12
are now? Is it because you know people met with us and figured out
23:17
they're doing better than they thought they were. I doubt it. I think
23:19
it's probably more health issues pop up and they're just not able to continue working
23:26
the way they thought they'd be able to. Mistake. Number eight is putting
23:30
your kids first before your retirement. So I know some of you are cringing
23:37
right now, because I get it. I have three children and often that
23:41
you know, you have to sacrifice so much for them that even throughout retirement,
23:45
this behavior continues. And what can happen is you, you know,
23:49
you sell your soul to get them through college, and then they don't quite
23:53
launch the way that you wanted to them too. And then and then the
23:56
grandkids come along and you want to help them, and before you know it,
24:00
you're actually working into your seventies because you have to, because you've given
24:06
all your money to the kids and grandkids. Be cautious of this. You
24:10
can while you can borrow for like purchasing a home or borrow for purchasing a
24:17
car, you cannot borrow for retirement, and therefore your kids are in a
24:22
better place to be able to borrow for their needs than you are to be
24:26
able to borrow for your retirement. So don't make the mistake of putting your
24:30
kids first for too long. You're gonna eventually have to prioritize yourself so that
24:34
you can get some money set aside for retirement. And finally, mistake number
24:40
nine is drawing too much out every year from your portfolio. So think of
24:45
this as the at the at the moment you retire, as you're stopping that
24:49
working income, you're launching into retirement. And that launch point, as you
24:55
can imagine, is critical. Right it's have I saved enough? How do
25:00
you answer that question? And often this launch point can be clouded by the
25:07
fact that people don't know what that math should be, so they say,
25:11
yes, I've paid off my debt, I've saved enough, I know I'm
25:15
in good shape, and we'll say what's your plan and they say, my
25:18
plan is just to pull ten percent a year out of my four O one
25:22
K plan for the rest of my life. And I'm sixty I'm sixty years
25:26
old today, we go dope, oh no, that's not going to work.
25:30
The launch point is predicated on really bad math because you're planning to pull
25:34
too much out of your account. So long story short, just make sure,
25:37
in our humble opinion, you know, seek out professional guidance as you're
25:42
starting this launch point of retirement, just to make sure that you've checked all
25:45
of those boxes so that you're not going to be, you know, God
25:48
forbid, eighty two years old and running out of money, needing to find
25:52
another place to live. And there you go. There are are nine mistakes
25:56
to avoid as you get close to retirement, and one great way to avoid
26:00
these mistakes is to work with retirement planning professional. In The folks at Class
26:03
Financial love to talk with you. All I gotta do is give him a
26:04
call six O eight four four two five six three seven No charge that initial
26:08
get to know your appointment at Class Financial. It will be complimentary to you
26:11
again their number six O eight four four two five six three seven. The
26:15
website Class financial dot com. That's klaas Financial dot com. Mention the telephonomber.
26:21
You want to hold on to that as well, because it's time now
26:23
for the Class Quiz Question the Week. It works like this, In just
26:26
a moment, I will ask you the class quiz question the Week. You
26:29
will then have thirty minutes from the end of today's program to call the Class
26:30
Financial office right here in Madison at six O eight four four two five six
26:34
three seven. If you are the first car with correct answer, win this
26:37
week's prize, which is a twenty five dollars gift card two best Buy.
26:42
This week's class quiz question the Week is this, what is the earliest age
26:48
you can pull your Social Security benefit? Telephone number six O eight four four
26:52
two five six three seven. First call correct answer win the twenty five dollars
26:56
gift card two best buy. And again that's Class Financial's office right here in
27:00
Madison six to eight four four two five six three seven. No charge financially
27:03
gets no appointment at Class Financially. It will be complimentary to you again their
27:07
number six O eight four four two five six three seven. See Jamie It's
27:11
always great chatting with you guys. You enjoy this most beautiful day. Thanks.
27:15
Thanks, We'll head to the fair next here on thirteen ten WIBA.
27:23
This is Money in Motion with Class Financial Asset Advisors LLC, a registered investment
27:30
advisor registered with the SEC. The content of this show is for informational purposes
27:36
only and should not be considered individual investment advice. Class Financial does not offer
27:41
tax or legal advice. Any opinion offered during the course of this show is
27:45
the opinion of that particular investment advisor representative, and not necessarily the opinion of Class Financial