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An Important Topic - No One Wants to Discuss · Money In Motion with Klaas Financial

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  Speaker 1: Thirteen ten wui B Money in motion with Coss Financial
• 0:04
  Speaker 1: don't forge. You can learn more online thewebsite Coss Financial
• 0:07
  Speaker 1: dot com. That's class Klaas Financial dot com. There telephone
• 0:12
  Speaker 1: number six O eight four four two five six three seven.
• 0:15
  Speaker 1: No charge for the initial get to know you appointment
• 0:17
  Speaker 1: tech Coss Financial. It will be complimentary to you again
• 0:20
  Speaker 1: their number six O eight four four two five six
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  Speaker 1: three seven. Joined this week by CJ Closs and Eric Schwartz. CJ,
• 0:27
  Speaker 1: how you doing this morning?
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  Speaker 2: I'm doing great. How are you? Sean?
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  Speaker 1: I'm doing really good. Great to talk with you. Eric,
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  Speaker 1: how have you been?
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  Speaker 3: Not too bad? Sean? Good to talk to you today.
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  Speaker 1: It's great to talk with you. And I will start
• 0:37
  Speaker 1: off the show thanking you guys for doing this for
• 0:41
  Speaker 1: folks that probably know I'm off on vacation, which means
• 0:44
  Speaker 1: this week's show is pre recorded. But the good news
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  Speaker 1: is still have a chance to win a fantastic prize
• 0:48
  Speaker 1: with our Class Quiz Question the week. Chance to win
• 0:51
  Speaker 1: a twenty five dollars gift card UH with our with
• 0:54
  Speaker 1: our prize and the Class Quiz Question the Week. So
• 0:56
  Speaker 1: little tip. If you pay close attention to the program,
• 0:58
  Speaker 1: it's about every time the question and answer come up
• 1:00
  Speaker 1: during each week's program, and again you can learn more
• 1:03
  Speaker 1: online classfinancial dot com. They're telping Mrs six so week
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  Speaker 1: four four, two, five, six, three seven. This week we
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  Speaker 1: are going to be talking about kind of a topic.
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  Speaker 1: It's an important a topic but a lot of folks
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  Speaker 1: don't always want to talk about, which is funeral planning.
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  Speaker 1: We're going to get into that in just a moment.
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  Speaker 1: But first I mentioned the class quiz question the week.
• 1:20
  Speaker 1: Let's actually take a look back at last week's program
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  Speaker 1: and get the question an answer there as well.
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  Speaker 3: Yeah, thank you to our winner and everybody else for
• 1:29
  Speaker 3: listening last week. And our question was what is the
• 1:32
  Speaker 3: earliest you can generally apply and receive your Social Security
• 1:36
  Speaker 3: retirement benefit? Is it age fifty nine or age sixty two?
• 1:41
  Speaker 3: And the correct answer is, of course age sixty two.
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  Speaker 1: Oh fantastic, And I have you missed any part of
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  Speaker 1: that Programnever You can always listen back to it at
• 1:48
  Speaker 1: classfinancial dot com. While you're there, you can listen back
• 1:51
  Speaker 1: to this previous shows podcast. You can also sign up
• 1:54
  Speaker 1: for the weekly Market Pulse newsletter. It's a fantastic weekly email.
• 1:58
  Speaker 1: A little snapshot of what's been going on market. Also
• 2:01
  Speaker 1: link as well to this podcast again right at clossfinancial
• 2:05
  Speaker 1: dot com to scroll down towards the bottom you can
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  Speaker 1: get connected right there. As mentioned, we're going to be
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  Speaker 1: talking about funeral planning and of course when you guys
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  Speaker 1: are working with folks in retirement planning, it's a big
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  Speaker 1: important topic that comes up. Can you tell us why
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  Speaker 1: it's something folks should be considering ahead of time?
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  Speaker 2: CJ? Yeah, absolutely so. As you know, Sean, we work
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  Speaker 2: with people to try to plan appropriately for retirement, and
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  Speaker 2: that includes things like tax and insurance, and it also
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  Speaker 2: includes estate planning. And as part of that kind of
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  Speaker 2: estate planning element, we often will run across people that
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  Speaker 2: we work with who pass away suddenly or unfortunately, and
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  Speaker 2: then their families are kind of left trying to figure
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  Speaker 2: out what's going on now. Obviously, one of the benefits
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  Speaker 2: of working with a good financial advisor is that hopefully
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  Speaker 2: they are keeping track of your kind of big picture
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  Speaker 2: finances where everything is approximate values of all of it.
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  Speaker 2: So that certainly helped the family. But you know, if
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  Speaker 2: you think this through, that's an element that the family
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  Speaker 2: will care about. But if you suddenly pass away and
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  Speaker 2: there are no funeral arrangements. I will just tell you
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  Speaker 2: this is another one of those areas where your family
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  Speaker 2: can end up infighting. Right, You've got the one child
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  Speaker 2: who says, well, I think mom and dad would have
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  Speaker 2: just wanted us to cremate them and like, you know,
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  Speaker 2: just move on. And then you've got the other child
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  Speaker 2: who goes, I don't know what they wanted. I never
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  Speaker 2: talked to them, but we need to do something. And
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  Speaker 2: then you've got the third child who said mom and
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  Speaker 2: dad had so much money, we can just pay for
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  Speaker 2: the thing ourselves, and even if it's eighty thousand dollars,
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  Speaker 2: let's just do it. Well, I mean, imagine if that's you.
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  Speaker 2: Imagine if you're one of those children. That's tough because one,
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  Speaker 2: you know how relationships are inside of families with siblings.
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  Speaker 2: It's like one is like the penny pincher and the
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  Speaker 2: other is the spending on everything, running out of money.
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  Speaker 2: And so I think you get the idea. It is
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  Speaker 2: important to not only focus on getting your basic estate
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  Speaker 2: planning documents, order wills, trust, powers of attorney. Those are good,
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  Speaker 2: and we have entire shows we have dedicated to that topic.
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  Speaker 2: But beyond that, it is the actual structure of what
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  Speaker 2: you want to have play out when you die. I
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  Speaker 2: think funeral flowers, even I've seen people do music and
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  Speaker 2: pictures and everything. All of that is predetermined so that
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  Speaker 2: when you pass away, it is just the children carrying
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  Speaker 2: out those wishes, which is typically most of this has
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  Speaker 2: already been paid for by then, instead of having the
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  Speaker 2: children have to make all those decisions on your behalf. Now,
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  Speaker 2: I don't know about you. I don't love the idea of,
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  Speaker 2: you know, pre planning my death and what that what
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  Speaker 2: that service is going to look like. However, I will
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  Speaker 2: tell you now from working with people and getting to
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  Speaker 2: see this play out, unfortunately, it is another one of
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  Speaker 2: the best gifts you can give to your children is
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  Speaker 2: just to say, you know what, we want to be
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  Speaker 2: buried here here, We've already got the plots. We either
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  Speaker 2: want to be cremated or we don't want to be cremated.
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  Speaker 2: We want you know, we've already pre paid for the
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  Speaker 2: funeral arrangements with the food and the flowers and the stuff.
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  Speaker 2: And here's a couple of songs we want played. You
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  Speaker 2: guys figure out the rest. You get the point that
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  Speaker 2: is eighty percent of it right there, Okay, Now, with
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  Speaker 2: all this being said, we're going to go through some
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  Speaker 2: practical steps you can take to actually plan for your
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  Speaker 2: funeral arrangements. But I should begin by giving you a disclaimer.
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  Speaker 2: We are not funeral directors. Obviously, we know a lot
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  Speaker 2: about estate planning and financial planning, but we don't handle
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  Speaker 2: the actual contracts to establish a funeral plan with a
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  Speaker 2: you know, a plot and a headstone and all of that.
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  Speaker 2: So you will want to actually talk to good local
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  Speaker 2: funeral homes or funeral directors, advanced planning specialists. There's a
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  Speaker 2: lot of different names for them, but they can actually
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  Speaker 2: help you pre pay for these items. So within this context,
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  Speaker 2: let's give you some steps to take. Step number one
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  Speaker 2: would be on deciding on final arrangements, like would you
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  Speaker 2: like to be buried, cremated, or donate your body to science.
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  Speaker 2: Each option comes with some choices. If you want to
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  Speaker 2: be buried, you'll need to decide on a casket, a
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  Speaker 2: burial plot, and service details. If you want to be cremated,
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  Speaker 2: think about where your ashes will be kept or scattered.
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  Speaker 2: As you know, some people will take their ashes to
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  Speaker 2: a particular country or a state, or an ocean whatever
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  Speaker 2: that can be nice or generous for you to have
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  Speaker 2: planned out prior to your death. A twenty twenty four
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  Speaker 2: National Funeral Directors Association Consumer Preferences survey found that cost
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  Speaker 2: effectiveness is like fifty four and a half percent, simplicity
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  Speaker 2: is forty two and a half percent, and personal preference
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  Speaker 2: twenty four percent were among the top reasons people choose
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  Speaker 2: cremation over a burial. So different percentages attached to different
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  Speaker 2: things here, but you get the idea. People will often
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  Speaker 2: choose cremation because they view it as cost effective, simple,
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  Speaker 2: or it's just a personal preference. In twenty twenty four,
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  Speaker 2: the cremation rate was expected to be sixty one point
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  Speaker 2: nine percent compared to a burial rate of thirty three
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  Speaker 2: point two and so and by the way, by the
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  Speaker 2: year twenty forty five, they expect cremations to reach about
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  Speaker 2: eighty two point one percent. So listen, I think there
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  Speaker 2: used to be burial rates where you know, buried in
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  Speaker 2: a casket was super super high and very few people
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  Speaker 2: got cremated. We're actually seeing those numbers start to shift,
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  Speaker 2: and funeral homes and funeral directors are aware of this
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  Speaker 2: and they can accommodate all of those elements based upon
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  Speaker 2: your wishes. We're also seeing things like donation to science.
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  Speaker 2: This requires arrangements way ahead of time with an accredited program,
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  Speaker 2: but that's another great option. We've seen people who get
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  Speaker 2: cremated and then actually are buried in an urned that's
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  Speaker 2: part of a tree, and so there's like these kind
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  Speaker 2: of organic tree farms that are actually people's ashes that
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  Speaker 2: were put and it's pretty cool. I think all of
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  Speaker 2: these things are great options. You see the idea, don't
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  Speaker 2: you just on the final arrangements of what's to happen
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  Speaker 2: with your body. We've talked about four different options. I'll
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  Speaker 2: bet each one of your children has their own strong
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  Speaker 2: opinion about which one that should be. Don't leave it
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  Speaker 2: to them to make that decision. Try to plan some
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  Speaker 2: of this on your own.
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  Speaker 1: So one of the other benefits of my son being
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  Speaker 1: an only child. Let's arguing though. I'm talking this morning
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  Speaker 1: with our retirement planning professional CJ. Class and Eric Schwartz.
• 8:34
  Speaker 1: Of course, they come to us from Class Financial online.
• 8:36
  Speaker 1: Class Financial dot com. That's Class k l a A
• 8:39
  Speaker 1: s Financial dot com. Great website. I mentioned earlier the
• 8:42
  Speaker 1: opportunity to stop on by to subscribe and listen back
• 8:45
  Speaker 1: to this podcast. I also mentioned the weekly Market Pulse newsletter.
• 8:48
  Speaker 1: It's a great weekly email. Got a little snapshot of
• 8:51
  Speaker 1: what's going on in the markets. Also linked to the
• 8:53
  Speaker 1: most recent podcasts I get it. You should subscribe as well.
• 8:55
  Speaker 1: Just head on over to classfinancial dot com. That's Class
• 8:58
  Speaker 1: k l a A s FI finance dot com. You
• 9:00
  Speaker 1: can also learn more about the team there. You can
• 9:02
  Speaker 1: also learn about the separate divisions of Coss Financial how
• 9:04
  Speaker 1: they can help you or if you an employer. Again,
• 9:06
  Speaker 1: all that information available to you at Cossfinancial dot com.
• 9:10
  Speaker 1: There telephone number six soh eight four four two five
• 9:13
  Speaker 1: six three seven. No charge for the initial get to
• 9:15
  Speaker 1: know you appointment at Coss Financial. It will be complementary
• 9:18
  Speaker 1: to you again. Their number six oh eight four four
• 9:20
  Speaker 1: two five six three seven looks in your conversation with
• 9:23
  Speaker 1: c gen Eric. We'll do that next as Money in
• 9:25
  Speaker 1: Motion with Coss Financial continues right here on thirteen ten
• 9:28
  Speaker 1: wi b A. This is money in Motion with Coss
• 9:33
  Speaker 1: Financial right here thirteen ten WUIBA chatting this morning with CJ.
• 9:36
  Speaker 1: Coss and Eric Schwartz, a retirement planning professionals from Coss Financial.
• 9:40
  Speaker 1: The website costs Financial dot com. That's COSS k l
• 9:43
  Speaker 1: aas Financial dot com. Great website. Hope you get a
• 9:46
  Speaker 1: chance to check that out. If not, head on over
• 9:48
  Speaker 1: there later today. While you're there, sign up for the
• 9:50
  Speaker 1: weekly Market Pulse newsletter. There telephone number six oh eight
• 9:53
  Speaker 1: four four two five six three seven. No charge for
• 9:56
  Speaker 1: that initial get to know you appointment at COSS Financial.
• 9:58
  Speaker 1: It will be complementary you again their number six so
• 10:01
  Speaker 1: eight four four two five six three seven. Talking this
• 10:04
  Speaker 1: week about the importance of planning ahead when it comes
• 10:06
  Speaker 1: to making funeral arrangements. And I got that first step
• 10:09
  Speaker 1: of course, putting together those final arrangements from CJ and Erica.
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  Speaker 1: Let's bring you in on this conversation. I see the
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  Speaker 1: funeral market is valued. It hits some substantial number twenty
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  Speaker 1: billion dollars annually. That means understanding cost and options pretty important.
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  Speaker 1: What do people need to know there, Well.
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  Speaker 3: Sean, I would say what people need to know is,
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  Speaker 3: like everything in life, it is not cheap to die, unfortunately,
• 10:32
  Speaker 3: but I'm just kidding. We see about two point four
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  Speaker 3: million funerals take place each year in the US, so
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  Speaker 3: obviously being informed can help you make really really good
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  Speaker 3: for the best decisions for your family before I get
• 10:48
  Speaker 3: into costs, So I wanted to just kind of touch
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  Speaker 3: on some of the trends we're seeing in funeral planning.
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  Speaker 3: CJ was just talking about one of those, and that's
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  Speaker 3: green burials. So about sixty eight percent of Americans and
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  Speaker 3: twenty four which was up from sixty percent just the
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  Speaker 3: year before, are now interested in environmentally friendly options such
• 11:08
  Speaker 3: as biodegradable caskets and other natural burials. CJ was talking
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  Speaker 3: about these these places where people who a group's people
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  Speaker 3: that are interested in this are are kind of coming
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  Speaker 3: together to be to be laid to rest in similar
• 11:25
  Speaker 3: places working on sustainability. There's a large center out in
• 11:30
  Speaker 3: Verona here locally that does that. So that is a big,
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  Speaker 3: a big shift in the industry that we're seeing. The
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  Speaker 3: other one that's that's pretty common and probably won't surprise
• 11:40
  Speaker 3: people is virtual services. So since COVID nineteen, many funeral
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  Speaker 3: homes now offer live streaming options. This just makes it
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  Speaker 3: easier for you know, distant family members to participate, and
• 11:51
  Speaker 3: it's definitely something that we're seeing grow in popularity. But
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  Speaker 3: let's talk about those costs. Costs can obviously vary widely.
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  Speaker 3: The median cost of a funeral in the US in
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  Speaker 3: twenty twenty four was eight thousand, three hundred dollars, while
• 12:07
  Speaker 3: average burial costs were between seven and ten thousand dollars. Now,
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  Speaker 3: if you're talking about cremation, that's more like between fifteen
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  Speaker 3: hundred and five thousand. But as you can see, not
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  Speaker 3: not cheap. In Wisconsin, the average burial costs around eighty
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  Speaker 3: two hundred dollars, while a full service cremation is about
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  Speaker 3: sixty one hundred dollars. Some of the things you need
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  Speaker 3: to be thinking about, you know, when it comes to
• 12:30
  Speaker 3: you know, we see these big numbers, it's like, well,
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  Speaker 3: what is that actually paying for? What is that covering
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  Speaker 3: that's going to be covering things like the funeral home fees,
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  Speaker 3: the casket or the urn, the burial plot are hearsed,
• 12:43
  Speaker 3: flowers and staff services, and what we actually see, and
• 12:47
  Speaker 3: this may not surprise people, but we see many families
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  Speaker 3: kind of unintentionally overspending because they're you know, they're in
• 12:54
  Speaker 3: they're in a time of greef. They feel that it's
• 12:56
  Speaker 3: the time pressure to get things figured out. So it's
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  Speaker 3: just another reason that's planning a head can only help
• 13:01
  Speaker 3: the situation and The other thing that we see a
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  Speaker 3: lot is generally in an effort to whether make things
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  Speaker 3: more efficient or easier to pull together, or you know,
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  Speaker 3: maybe it's even earn some more money. We see a
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  Speaker 3: lot of times funeral homes will sell things in packages.
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  Speaker 3: And what this can do is, yes, it may make
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  Speaker 3: things a little bit simpler, but it also ends up
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  Speaker 3: putting people in position to pay for a lot of
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  Speaker 3: things that maybe they didn't want or need. So consumers
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  Speaker 3: should be aware that the Federal Trade Commission's Funeral Rule
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  Speaker 3: ensures transparency and it allows you to choose only the
• 13:41
  Speaker 3: goods and services you want and receive price information upfront,
• 13:45
  Speaker 3: and it ensures that you aren't pressured into unnecessary purchases
• 13:49
  Speaker 3: or services when you're making funeral arrangements. So it can, yes,
• 13:54
  Speaker 3: be more work in a time of like I said,
• 13:56
  Speaker 3: grief and just feeling rushed. But do you have the
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  Speaker 3: option to not just buy off the shelf, you know,
• 14:03
  Speaker 3: the whole the whole package that maybe includes a whole
• 14:05
  Speaker 3: lot of things that that you don't want or need.
• 14:08
  Speaker 1: Really good guidances we're talking up sorry about that. Just
• 14:11
  Speaker 1: stalking this morning with Eric Schwartz and CJ. Closs They
• 14:14
  Speaker 1: are our retirement planning professionals from COSS Financial. You can
• 14:17
  Speaker 1: learn more online the website COSS financial dot com. That's
• 14:19
  Speaker 1: Coss k l A A S Financial dot com. And
• 14:22
  Speaker 1: they're telephone number six soh eight four four two five
• 14:25
  Speaker 1: six three seven. No charge for the initial gets to
• 14:27
  Speaker 1: know your appointment tech Loss Financial. It will be complimentary
• 14:30
  Speaker 1: to you again their number six oh eight four four
• 14:32
  Speaker 1: two five six three seven. Sorry about that, Eric, before
• 14:34
  Speaker 1: I interrupted you. I know you want to talk a
• 14:36
  Speaker 1: little bit about the costs, don't you.
• 14:38
  Speaker 3: Absolutely, Yeah, no problem, Sean. I was just I was
• 14:41
  Speaker 3: about to move from the hey, here's the big bill
• 14:43
  Speaker 3: to Okay, how do we actually pay for that? So? Uh,
• 14:48
  Speaker 3: there's a number of ways to pay for for funerals.
• 14:50
  Speaker 3: So life insurance is an example. Many retirees will keep
• 14:52
  Speaker 3: older life policies to cover final expenses. Some of them
• 14:56
  Speaker 3: even opt for specifics final expense insurance, which offers smaller
• 15:00
  Speaker 3: coverage amounts, but they're kind of tailored to meet the
• 15:04
  Speaker 3: cost of a funeral. You could have a savings plan,
• 15:07
  Speaker 3: so just setting aside money monthly can work if you're disciplined,
• 15:10
  Speaker 3: but if you pass away before reaching your savings goal
• 15:13
  Speaker 3: your family may need to cover the difference. You can
• 15:17
  Speaker 3: also set aside a separate bank account that a trusted
• 15:19
  Speaker 3: family member could access with funds that are set aside
• 15:22
  Speaker 3: specifically for the future need. There are pre need contracts,
• 15:27
  Speaker 3: so some funeral homes will let you pre pay for
• 15:29
  Speaker 3: your services, and this is obviously very convenient, but payments
• 15:34
  Speaker 3: are often required within three to five years, and they
• 15:36
  Speaker 3: can be costly even if you're on like a payments plan.
• 15:41
  Speaker 3: And then finally, estate funds right, so you could rely
• 15:44
  Speaker 3: on a state assets to pay for the funeral. It's
• 15:46
  Speaker 3: not always ideal since you know, especially if things are
• 15:50
  Speaker 3: going through probate, it can take a while to access funds,
• 15:53
  Speaker 3: but just using funds from your estate to pay for
• 15:56
  Speaker 3: a funeral is also an option.
• 15:58
  Speaker 1: They're really fascinating stuff. We talked this morning with Eric
• 16:01
  Speaker 1: Schwartz and CJ. Closs. Our retirement planning professionals from Class
• 16:04
  Speaker 1: Financial cover a little bit of everything on this program.
• 16:06
  Speaker 1: Don't forget. If you ever want to listen back, you
• 16:08
  Speaker 1: want to share the show, you can always head on
• 16:10
  Speaker 1: over to Coss Financial dot com. That's Coss k l
• 16:13
  Speaker 1: a A S Financial dot com. There you can learn
• 16:16
  Speaker 1: more about the team at Class Financial separate divisions. You
• 16:18
  Speaker 1: can sign up also for the weekly Market Pulse newsletter
• 16:21
  Speaker 1: again that available to you at Cossfinancial dot com. That's
• 16:24
  Speaker 1: k l aa S financial dot com. There tell for
• 16:27
  Speaker 1: what number six o eight four four two five six
• 16:29
  Speaker 1: three seven. No charge for that initial get to know
• 16:31
  Speaker 1: your appointment at Coss Financial. It will be complimentary to
• 16:34
  Speaker 1: you again their number six oh eight four four two
• 16:36
  Speaker 1: five six three seven. Put some of the stuff into action.
• 16:39
  Speaker 1: We'll also head on over to the Money and Motion
• 16:41
  Speaker 1: listener question corner and have the Class quiz question leak
• 16:44
  Speaker 1: for you. We will do that next as Money in
• 16:45
  Speaker 1: Motion with Coss Financial continues right here on thirteen ten
• 16:49
  Speaker 1: w U I b A. This is Money in Motion
• 16:52
  Speaker 1: with Coss Financial right here thirteen ten double U I
• 16:55
  Speaker 1: b A. Mention the website Coss Financial dot com. That's
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  Speaker 1: Coss k l a as Financial dot Com. I'll be
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  Speaker 1: at a chance to stop by the side. If not,
• 17:03
  Speaker 1: head on over there later today. Don't forget. You can
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  Speaker 1: listen back to this in previous shows podcasts. Also learn
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  Speaker 1: more about Class Financial again all online. That website Coss
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  Speaker 1: Financial dot com that's colss hey l AA S financial
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  Speaker 1: dot Com at twelve number six So eight four, four, two, five,
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  Speaker 1: six three seven talking about funeral planning this week on
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  Speaker 1: the program, and we talk about the costs and way
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  Speaker 1: to pay the ways to pay? Are their steps and
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  Speaker 1: what are some of those steps that folks can be
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  Speaker 1: taking to complete their funeral planning and really help out
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  Speaker 1: their family members. C.
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  Speaker 3: Jay.
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  Speaker 2: Yeah, great questions, Sean. So, so here's six key steps
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  Speaker 2: to make sure your wishes are documented and accessible as
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  Speaker 2: it relates to kind of final final plans after you
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  Speaker 2: pass away. So step number one would be pick a
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  Speaker 2: photo and choose a high resolution image you'd like to
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  Speaker 2: use for memorial programs or newspaper announce announcements. Number two,
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  Speaker 2: write your life story so you know your story best.
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  Speaker 2: Just doubt down some key facts to help your family
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  Speaker 2: members with your obituary and with any kind of final
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  Speaker 2: statements they'd like to make. Step number three specify burial
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  Speaker 2: or cremation plans. So, if you prefer burial, consider buying
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  Speaker 2: a burial plot. If you prefer cremation, then decide where
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  Speaker 2: you would like your ashes to go. Number four, figure
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  Speaker 2: out your service preferences. Do you want a formal memorial
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  Speaker 2: a celebration of life or something unique. Just write it down.
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  Speaker 2: Step five create a contact list, so provide names and
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  Speaker 2: numbers of people who should be notified. That's a big one,
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  Speaker 2: by the way, that's a really big one, right because
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  Speaker 2: people will say, hey, you know, when I die, I'll
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  Speaker 2: find everything, and then my kids will My kids will
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  Speaker 2: figure it out, and you goo figure out what they
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  Speaker 2: don't know who you know, they don't They don't know
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  Speaker 2: who you want to have have you know, notified and
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  Speaker 2: then invited. But you get the idea, So create a
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  Speaker 2: conduct list, and then you know. Final Step number six
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  Speaker 2: is keep documents accessible. Store these details in a safe place,
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  Speaker 2: physical or digital, and let a trusted family no member
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  Speaker 2: know where they're located. And when we say documents, we're
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  Speaker 2: talking like your estate plans, wills, trust, powers of attorneys,
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  Speaker 2: along with these written instructions we're talking about because every
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  Speaker 2: once in a while, somebody does all the work to
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  Speaker 2: do this and then the kids go, there's this safe
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  Speaker 2: We can't help it up. I shouldn't be laughing. It's
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  Speaker 2: actually very not a laughable event. It's pretty horrible. But
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  Speaker 2: you get the idea. Just so just make sure those
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  Speaker 2: are those are six good steps to go through. If
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  Speaker 2: you don't remember them or couldn't write them down, don't worry.
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  Speaker 2: We podcast this and put it up on our website.
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  Speaker 2: You can go back to those six steps. But if
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  Speaker 2: you just follow those six steps, you should, you know,
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  Speaker 2: have a kind of a clearly laid out plan after
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  Speaker 2: your passing.
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  Speaker 1: Really good guidance and great information. Yeah, one of those
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  Speaker 1: tougher topics where you're like, you know, this kind of
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  Speaker 1: makes you a little uneasy, but it's such a very,
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  Speaker 1: very important things, as we've talked about this morning with
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  Speaker 1: c Jan Ericus. As Eric CJ mentions, excuse me mentioned
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  Speaker 1: there you a always listen back. I've missed part of
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  Speaker 1: the show at cossfinancial dot com. That's Coss Klaas Financial
• 20:05
  Speaker 1: dot com. Subscribe to the podcast right outline. Speaking of
• 20:07
  Speaker 1: getting the website Coss financial dot com great opportunity. If
• 20:10
  Speaker 1: you've got a question you'd like answered on the program,
• 20:13
  Speaker 1: you can always email the program s. Head on over
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  Speaker 1: to cossfinancial dot com and submit your question for the
• 20:18
  Speaker 1: Money and Money in Motion listener question corner. As a
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  Speaker 1: matter of fact, Alisha, she wrote in this week, she says,
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  Speaker 1: I'm forty years old and would love to retire in
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  Speaker 1: my mid fifties. What steps should I take now to
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  Speaker 1: help make that a reality.
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  Speaker 2: Yeah, it's a really good question, Alisha, and thanks again
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  Speaker 2: for submitting the question through our website. Makes it a
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  Speaker 2: little bit easier for us to be prepared in answering it. Although,
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  Speaker 2: by the way, I do like live questions, so if
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  Speaker 2: we're ever on the air and somebody wants to call in,
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  Speaker 2: we do like those. But yes, Alicia, great great questions.
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  Speaker 2: So I would say retiring in your mid fifties is
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  Speaker 2: ambitious but achievable. It just requires careful planning and disciplined execution.
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  Speaker 2: And this is good for everybody to hear if you
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  Speaker 2: are interested in retiring early, and we would define early
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  Speaker 2: retirement as anything before sixty five. Sixty five is when
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  Speaker 2: Medicare kicks on. You're close typically close to your full
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  Speaker 2: retirement age for Social Security, so sixty five is kind
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  Speaker 2: of the most common retirement. If you plan on retiring early,
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  Speaker 2: which is any time before that, you're gonna really need
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  Speaker 2: to plan, especially Alicia, if we're talking mid fifties, that's
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  Speaker 2: almost a decade earlier. As you can imagine, you're going
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  Speaker 2: to have to be quite intentional. So here's some things
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  Speaker 2: to consider. Number one would be define your retirement goals,
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  Speaker 2: so estimate your desired lifestyle and retirement expected expenses, potential
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  Speaker 2: income sources, consider different factors like travel and inflation and
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  Speaker 2: all that. Number two would be to maximize retirement contribution.
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  Speaker 2: So if you really plan on retiring early, contribute, contribute,
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  Speaker 2: contribute to save as much as you possibly can into
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  Speaker 2: like iras four to one case things like that. Now,
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  Speaker 2: interestingly enough, the next step is because of oversaving into
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  Speaker 2: the wrong we'll call it registration type. So as much
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  Speaker 2: as we love those retirement accounts, sometimes they can have
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  Speaker 2: restrictions where you can't touch them before age fifty nine
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  Speaker 2: and a half without a penalty. So obviously, if you
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  Speaker 2: want to retire at say fifty five fifty four, you're
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  Speaker 2: going to have to think about not only saving aggressively
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  Speaker 2: into retirement accounts, but potentially saving aggressively into what we
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  Speaker 2: call taxable brokerage accounts or roth iras, things like that.
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  Speaker 2: And then, obviously, Alisha, if you're forty years old, you're
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  Speaker 2: going to want to think about investing for growth because
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  Speaker 2: you've got about fifteen years until you want to retire.
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  Speaker 2: I'm guessing fifteen years. You didn't say exactly when in
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  Speaker 2: your mid fifties, but let's say fifteen years. That gives
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  Speaker 2: you enough time to be focused on growing your portfolio,
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  Speaker 2: which would be a diversified mixt of equities. Also, Alicia,
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  Speaker 2: you're going to want to eliminate debt prior to retirement.
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  Speaker 2: And some people don't get this, but I will just
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  Speaker 2: encourage you for us. Retirement and retirement planning is not
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  Speaker 2: a concept. We live it and breathe it every single day.
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  Speaker 2: And what I will encourage you is I get to
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  Speaker 2: retire thousands of times, meaning like with my clients, I
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  Speaker 2: see it happen all the time. And one just undeniable
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  Speaker 2: truth is that retiring without debt brings a lot less stress,
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  Speaker 2: and even even being able to step into retirement with
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  Speaker 2: debt is really hard for a lot of people. So
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  Speaker 2: plan on eliminating your debt before you retire, and then
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  Speaker 2: consider make sure you're considering healthcare related costs because obviously
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  Speaker 2: if you're retiring before sixty five, you got to get
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  Speaker 2: gap insurance up until Medicare and then finally you know,
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  Speaker 2: run some projections of this adjust regularly and just make
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  Speaker 2: sure you stay on top of it, so Alicia, there's
• 23:39
  Speaker 2: kind of are synthesized in a nutshell things to consider
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  Speaker 2: if you want to retire in your mid fifties. And
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  Speaker 2: I'll add one thing at the end, you're probably gonna
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  Speaker 2: want to work with a financial planner. I know that
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  Speaker 2: sounds like we're trying to, you know, push you towards
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  Speaker 2: our organization. We're really not. Just you're probably going to
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  Speaker 2: want to meet with a qualified financial advisor or retirement
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  Speaker 2: special list because retiring that early is quite complicated, and
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  Speaker 2: so you just might want to get a partner in
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  Speaker 2: that process.
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  Speaker 1: Really really ambitious, really good to hear too as well
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  Speaker 1: as we talked this morning with CJ. Closs and Eric Swartz,
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  Speaker 1: our retirement planning professionals from Coloss Financial. The website coss
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  Speaker 1: financial dot com. That's Coss Klaas Financial dot com. Great
• 24:18
  Speaker 1: website and resource. Learn more about Colss Financial. They're telephone
• 24:21
  Speaker 1: number six so eight four four two five six three seven.
• 24:24
  Speaker 1: No charge for the init she'll get to know the
• 24:25
  Speaker 1: appointment deck Loss Financial. It will be complementary to you.
• 24:28
  Speaker 1: Again the number six oh eight four four two five
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  Speaker 1: six three seven. You want to hold on to that
• 24:32
  Speaker 1: telephone number because It's time now for the Closs Quiz
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  Speaker 1: Question the Week. It works like this, just a moment,
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  Speaker 1: I'll ask you the Class Quiz question the week. If
• 24:38
  Speaker 1: you are the first qualth correct answer, you win this
• 24:40
  Speaker 1: week's prize twenty five dollars gift card. Again Class Quiz
• 24:43
  Speaker 1: Question Week. Is this true or false? In the United States,
• 24:46
  Speaker 1: approximately twenty just pardon me, approximately two point four million
• 24:51
  Speaker 1: funerals take place each year. Is that true or is
• 24:54
  Speaker 1: that false? Telephone number six o eight four four two
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  Speaker 1: five six three seven. First call correct answer win this
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  Speaker 1: week's Pride Guy. I gotta tell phone number six oh
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  Speaker 1: eight four four two five sixty three seven. Of course,
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  Speaker 1: that's Class Financial Office right here in Madison. That number
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  Speaker 1: six oh eight four four two five six three seven. CJ.
• 25:10
  Speaker 2: Eric.
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  Speaker 1: Thank you guys so much for doing this this week.
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  Speaker 1: You guys have a great day. We'll talk real soon.
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  Speaker 2: Thanks Sean.
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  Speaker 1: And again and again that website Cossfinancial dot com. That's
• 25:19
  Speaker 1: Coss k l aa S Financial dot com. This is
• 25:22
  Speaker 1: Money in Motion with Coss Financial Asset Advisors LLLC, a
• 25:26
  Speaker 1: registered investment advisor registered with the SEC. The contents of
• 25:30
  Speaker 1: this show are for informational purposes only. And should not
• 25:33
  Speaker 1: be considered individual investment advice. Class Financial does not offer
• 25:37
  Speaker 1: tax or legal advice. Any opinion offered during the course
• 25:40
  Speaker 1: of this show is the opinion of that particular investment
• 25:44
  Speaker 1: advisor representative and not necessarily the opinion of COSS. Financial
• 25:48
  Speaker 1: News comes your way next right here on thirteen ten
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  Speaker 1: wib A