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Planning Tips for Retirement · Money In Motion with Klaas Financial

• 0:00
  Speaker 1: Join this week by our retirement planning professionals, Malia Quavis
• 0:03
  Speaker 1: and Kyle Kite. They come to us from Klass Financial.
• 0:06
  Speaker 1: Their website Klossfinancial dot com. That's Class k l aa
• 0:11
  Speaker 1: s Financial dot com. Their telephone number six oh eight
• 0:14
  Speaker 1: four four two five six three seven. No charge for
• 0:17
  Speaker 1: that initial get to know your appointment tech Coss Financial.
• 0:20
  Speaker 1: It will be complimentary to you again. Their office number
• 0:22
  Speaker 1: here in Madison, six oh eight four four two five
• 0:25
  Speaker 1: six three seven. I'm gonna be talking about wrapping up
• 0:27
  Speaker 1: the year and some retirement goal planning with Malia and
• 0:30
  Speaker 1: Kyle this morning. Don't forget though, if you have any
• 0:32
  Speaker 1: questions related to retirement. Of course, they are our retirement
• 0:36
  Speaker 1: planning professionals from Class Financial and they are here for you.
• 0:38
  Speaker 1: I just pick a phone, give us call six oh
• 0:40
  Speaker 1: eight three two one thirteen ten. That's six oh eight
• 0:43
  Speaker 1: three two one thirteen ten. I'll get you on the
• 0:45
  Speaker 1: air with folks from Class Financial. Speaking of our friends
• 0:48
  Speaker 1: from Class Financial, Malia, how are you doing this morning?
• 0:51
  Speaker 2: Very good? That Christmas list is counting down quickly, isn't it.
• 0:56
  Speaker 3: Yeah?
• 0:56
  Speaker 1: With that late late Thanksgiving and it is it is
• 0:59
  Speaker 1: just are you s keeping a warm. I know for
• 1:01
  Speaker 1: folks that don't know you're you're originally a Califora It's
• 1:04
  Speaker 1: been a number of years, but you're a California native.
• 1:06
  Speaker 3: Are you standing war? Yeah?
• 1:07
  Speaker 2: Yeah, this is a little chilli. I think we got
• 1:09
  Speaker 2: to wear our extra long underwear.
• 1:12
  Speaker 1: I think you're right on the Santa's on to something
• 1:15
  Speaker 1: with that outfit. Kyle, how have you been?
• 1:18
  Speaker 3: I'm doing great, Sean, good to talk with you.
• 1:21
  Speaker 1: Are you are, Kyle? Are you from Wisconsin? Are you
• 1:23
  Speaker 1: with native Wisconsin or Midwesterner?
• 1:26
  Speaker 3: Nope, native Midwesterner. I'm born and raised right out right
• 1:29
  Speaker 3: by our Rockford office.
• 1:30
  Speaker 1: Oh fantastic.
• 1:31
  Speaker 3: Which is I'm used to it? Yeah?
• 1:33
  Speaker 1: Yes, sure you are as used to it as you
• 1:36
  Speaker 1: can for sure. Of course, we've got a fun conversation.
• 1:40
  Speaker 1: Had an important conversation ahead as well with Melia and Kyle.
• 1:43
  Speaker 1: We're going to talk again about retirement goal planning. It's
• 1:46
  Speaker 1: always great to listen to the program, but don't forget
• 1:48
  Speaker 1: if you step out of the car, maybe you miss
• 1:50
  Speaker 1: part of it, or you want to listen back. You
• 1:51
  Speaker 1: can always check out the podcast available to you online
• 1:54
  Speaker 1: at klassfinancial dot com. That's Closs k l a as
• 1:57
  Speaker 1: Financial dot Com. Also great feature of the program is
• 2:00
  Speaker 1: the class Quiz question the week. Your chance to win
• 2:02
  Speaker 1: a fantastic prize this week is no exception. You have
• 2:05
  Speaker 1: a chance to win a twenty five dollars gift card
• 2:07
  Speaker 1: to Cheesecake Factory from our friends at Class Financial. And
• 2:10
  Speaker 1: before we get to our conversation about retirement goal planning
• 2:14
  Speaker 1: as we ring in the new year, let's actually talk
• 2:17
  Speaker 1: about last week's class Quiz question week get the question
• 2:19
  Speaker 1: and answer there as well.
• 2:20
  Speaker 3: Malia.
• 2:22
  Speaker 2: Yeah, so last week we had a great conversation about
• 2:24
  Speaker 2: maybe considering raining in some of that holiday spending so
• 2:29
  Speaker 2: they you don't end up on the other side of things,
• 2:31
  Speaker 2: which is probably more debt on your on your books
• 2:34
  Speaker 2: than you would care to have. So the question last
• 2:37
  Speaker 2: week was true or false. Winter holiday spending in the
• 2:41
  Speaker 2: US and twenty twenty four is estimated to be about
• 2:44
  Speaker 2: nine hundred and eighty billion dollars true or false. Correct
• 2:48
  Speaker 2: answer was true and it was as we saw black Friday.
• 2:52
  Speaker 2: The results were tremendous out there, So congratulations to our
• 2:56
  Speaker 2: winner from last week who correctly answered that that was
• 2:59
  Speaker 2: Rachel of one on a key. So listen carefully. Today's
• 3:02
  Speaker 2: question for the price.
• 3:04
  Speaker 1: And again that's a chance to win a twenty five
• 3:05
  Speaker 1: dollar gift card to Cheesecake. Fact, we'll tell you a
• 3:07
  Speaker 1: little bit later on in the program how you can
• 3:09
  Speaker 1: win that. As Malia mentioned though, it's definitely important to
• 3:12
  Speaker 1: pay close attention because just about every time the question
• 3:14
  Speaker 1: answer comes up during this show. Of course, the website
• 3:17
  Speaker 1: of mbend their costs financial dot com. That's cost financial
• 3:20
  Speaker 1: dot com. And as mentioned, we look towards the end
• 3:23
  Speaker 1: of the air. Of course, twenty twenty five is nearly here.
• 3:26
  Speaker 1: Are there retirement goals that we should probably be doing
• 3:29
  Speaker 1: right now, Kyle planning.
• 3:31
  Speaker 3: For Yeah, absolutely, Sean. As always, you know, these years
• 3:33
  Speaker 3: fly by. I joke with people it feels like July
• 3:35
  Speaker 3: fourth was just yesterday. But here we are already at
• 3:38
  Speaker 3: Christmas time. But there's no better time than right now
• 3:41
  Speaker 3: to start looking at potential adjustments that you may want
• 3:43
  Speaker 3: to make into twenty twenty five, to make sure you're
• 3:46
  Speaker 3: moving towards those goals that you're shooting for down the line.
• 3:49
  Speaker 3: So today we've got some great ideas to help you
• 3:52
  Speaker 3: start out on the right foot, but really to before
• 3:55
  Speaker 3: we get into twenty five, the first thing that we
• 3:57
  Speaker 3: should do is look back at what we where at
• 4:00
  Speaker 3: today and what went on. Obviously, So the first one
• 4:04
  Speaker 3: is to assess your current debt. Excuse me, so, as
• 4:07
  Speaker 3: Malia said, sometimes around the holidays, people spend a little
• 4:09
  Speaker 3: bit extra on those Christmas presents and things like that.
• 4:12
  Speaker 3: So you got to include any of this that you
• 4:14
  Speaker 3: may have just accumulated over the holidays here and really
• 4:18
  Speaker 3: understand the amount of interest you're paying to hold onto
• 4:20
  Speaker 3: that debt, because again, credit cards tend to be really
• 4:23
  Speaker 3: high interest. But also look at your mortgage debt and
• 4:26
  Speaker 3: does it make sense to make an extra payment or
• 4:28
  Speaker 3: two per year, as you've heard us talk in the past.
• 4:31
  Speaker 3: By doing that extra mortgage payment a year, that really
• 4:34
  Speaker 3: cuts down on the time that you're paying on that mortgage.
• 4:36
  Speaker 3: It's pretty pretty wild when you look at the big
• 4:39
  Speaker 3: picture of it. And then can you another year to
• 4:43
  Speaker 3: avoid a higher car payment? So obviously, car companies are
• 4:46
  Speaker 3: really good about running good advertisements this year with special
• 4:49
  Speaker 3: financing and all that kind of stuff to kind of
• 4:51
  Speaker 3: tempt you into this. But if yours is doing fine,
• 4:53
  Speaker 3: does it make sense to hold onto it for a
• 4:55
  Speaker 3: little while longer to keep those payments lower. Obviously, and
• 4:59
  Speaker 3: with debt obvious just comes your overall monthly budgets. Does
• 5:02
  Speaker 3: your paycheck go every month? Is it going to just debt?
• 5:05
  Speaker 3: Do you have so many bills out there that you
• 5:07
  Speaker 3: don't feel like you've got a lot left over? Is
• 5:09
  Speaker 3: it going towards something that you're not even conscious of? Right,
• 5:12
  Speaker 3: so going out to eat a few times more than
• 5:14
  Speaker 3: you realize, or spending a little more when you do
• 5:16
  Speaker 3: go out those types of things, and then understanding where
• 5:19
  Speaker 3: you and your household spend your income every month, will
• 5:22
  Speaker 3: all properly allocate funds towards something beyond just today. So
• 5:26
  Speaker 3: this is something that we always, you know, want to
• 5:28
  Speaker 3: want to be conscious of and make sure we know
• 5:30
  Speaker 3: where every dollar's going. Obviously, talking this small number three
• 5:33
  Speaker 3: would be review your emergency savings account, so again make
• 5:36
  Speaker 3: sure you have to you have a plan to have
• 5:39
  Speaker 3: at least that three to six months is kind of
• 5:41
  Speaker 3: the gold standard that he's shooting for, but it can
• 5:44
  Speaker 3: always go up a little bit like that, and it's
• 5:46
  Speaker 3: really a good good time to see if there's any
• 5:48
  Speaker 3: adjustment you can make to start saving a little bit
• 5:51
  Speaker 3: more here and there. And then reviewing your retirement account.
• 5:54
  Speaker 3: So a lot of times you want to look at
• 5:56
  Speaker 3: how much you put away last year and then did
• 5:59
  Speaker 3: you take advantage of the full company match, and can
• 6:02
  Speaker 3: you improve upon this in twenty twenty five by simply
• 6:05
  Speaker 3: increasing your percentage. So this is one of those little
• 6:07
  Speaker 3: things that we try to get people to do, is
• 6:10
  Speaker 3: that a lot of times, as you go into the
• 6:11
  Speaker 3: new year, you'll likely get a raise or something like that,
• 6:14
  Speaker 3: and you should be taking part of that raise. And
• 6:16
  Speaker 3: even just increasing your four to one K contribution by
• 6:19
  Speaker 3: one or two percent, you may not even feel it
• 6:21
  Speaker 3: on the paycheck, go a long way over the long
• 6:24
  Speaker 3: term for you talking this morning with it. And then
• 6:26
  Speaker 3: obviously when you're putting into the retirement accounts, you've got
• 6:29
  Speaker 3: to be aware of what the contribution levels are. So
• 6:31
  Speaker 3: these tend to adjust every year, and in twenty twenty
• 6:34
  Speaker 3: five they're going to be going up slightly. So it's
• 6:36
  Speaker 3: going to be going up to twenty three thousand, five
• 6:39
  Speaker 3: hundred for just a regular four oh one K or
• 6:41
  Speaker 3: four h three B planes that are under age fifty.
• 6:44
  Speaker 3: But remember if you're over age fifty, you get a
• 6:47
  Speaker 3: catchup of seven five hundred dollars this next year, so
• 6:50
  Speaker 3: you could be putting in a toll of thirty one
• 6:52
  Speaker 3: thousand if you're over the age of fifty. And now
• 6:55
  Speaker 3: there's a new little wrinkle that we have to be
• 6:56
  Speaker 3: aware of that if you're between the ages of sixty
• 6:59
  Speaker 3: and sixty three, they've actually come out with an extra
• 7:03
  Speaker 3: catchup contribution, if you want to think of it that way,
• 7:06
  Speaker 3: to get your total catchup to eleven thousand and two fifty.
• 7:10
  Speaker 3: So the most that you could be putting in as
• 7:12
  Speaker 3: a sixty, sixty one, sixty two, or sixty three year
• 7:14
  Speaker 3: old is actually a thirty four thousand and seven to fifty,
• 7:17
  Speaker 3: not that thirty one thousand for people under the age
• 7:20
  Speaker 3: of sixty. And remember these are four to one k
• 7:23
  Speaker 3: contributions that I just talked about, But IRA contribution levels
• 7:26
  Speaker 3: are a little bit different. So IRA contribution levels in
• 7:29
  Speaker 3: twenty twenty five are going to be the same as
• 7:31
  Speaker 3: they were in twenty twenty four, which is seven thousand
• 7:34
  Speaker 3: dollars for people under the age of fifty and one
• 7:36
  Speaker 3: thousand dollars catch up for those over the age of fifty,
• 7:39
  Speaker 3: so you can put a total of eight thousand and
• 7:40
  Speaker 3: if you're over the age of fifty. Nice. And then finally,
• 7:44
  Speaker 3: the one big thing that sometimes people forget about these,
• 7:48
  Speaker 3: and they're really really powerful accounts where big fans of these,
• 7:51
  Speaker 3: which is a health savings account, So these are associated
• 7:55
  Speaker 3: if you have a high deductible health plan through your
• 7:57
  Speaker 3: employer or if you're on the exchange and a high
• 8:00
  Speaker 3: deductible health plan. This is an account that you can do.
• 8:04
  Speaker 3: It's a health savings account. As I mentioned, that's tax
• 8:07
  Speaker 3: advantage way to save money. So this is what we
• 8:10
  Speaker 3: call triple tax preferred here, so HSA contribution. So the
• 8:13
  Speaker 3: money you put in actually reduces your tax will income.
• 8:17
  Speaker 3: And then you can invest HSA funds. A lot of
• 8:20
  Speaker 3: people leave them sitting in like a cash money market
• 8:22
  Speaker 3: savings account type thing, but you can actually invest them
• 8:25
  Speaker 3: if it's at the right custodian and if you if
• 8:27
  Speaker 3: the investment grows, you're going to get tax free growth
• 8:30
  Speaker 3: on that. And then as long as you pull it
• 8:32
  Speaker 3: out for qualified medical expenses, it's actually tax free. So
• 8:36
  Speaker 3: again that's the triple tax I was talking about. You
• 8:38
  Speaker 3: get the deduction when you put it in, it grows
• 8:40
  Speaker 3: tax free, and it comes out tax free as long
• 8:42
  Speaker 3: as you use it for qualified expenses. And in twenty
• 8:45
  Speaker 3: twenty five you're gonna be able to put aside as
• 8:47
  Speaker 3: much as forty three hundred bucks for an individual and
• 8:50
  Speaker 3: then eighty five fifty for a couple or a family
• 8:52
  Speaker 3: with an extra thousand dollars catch up if you're over
• 8:55
  Speaker 3: the age of fifty five, So again about fifty three
• 8:57
  Speaker 3: hundred or ninety five to fifty if you're over the
• 8:59
  Speaker 3: age of fifty. And another good thing about these is
• 9:02
  Speaker 3: even if you do them for medical expenses, once you
• 9:04
  Speaker 3: turn sixty five, they basically become another IRA and that
• 9:07
  Speaker 3: you can pull the money out and you just have
• 9:09
  Speaker 3: to pay the income tax on it, but you don't
• 9:11
  Speaker 3: have to pay the penalty because if you take it
• 9:13
  Speaker 3: out for non qualified medical expenses, they do penalize you,
• 9:16
  Speaker 3: so you want to make sure you're using it for
• 9:18
  Speaker 3: that if you can. But once you get over sixty five,
• 9:20
  Speaker 3: that penalty goes away, which is a nice little thing
• 9:23
  Speaker 3: to have with those as well.
• 9:24
  Speaker 1: Yeah, sounds like an amazing tool to make use of
• 9:27
  Speaker 1: this morning, as we talk with Kyle Kite and Malia Quavis,
• 9:29
  Speaker 1: our retirement planning professionals from COSS Financial. You can learn
• 9:32
  Speaker 1: more about Class Financial on the website cossfinancial dot com.
• 9:36
  Speaker 1: That's COSS k l AA S financial dot com. You
• 9:39
  Speaker 1: can learn more about the team at Costs Financial. You
• 9:42
  Speaker 1: can also learn about the separate divisions and sign up
• 9:45
  Speaker 1: for the weekly Market Pulse newsletter. It's a nice little
• 9:48
  Speaker 1: email you get once a week. It's got a snapshot
• 9:50
  Speaker 1: of what's been going on in the markets recently, as
• 9:52
  Speaker 1: well as a link to the most recent podcast that
• 9:54
  Speaker 1: is free to you over at cossfinancial dot com. That's
• 9:57
  Speaker 1: Coss k l aa S Financial dot com. Scroll down
• 10:00
  Speaker 1: towards the bottom you'll see a little envelope that says
• 10:02
  Speaker 1: stay current. That's where you can subscribe to the weekly
• 10:05
  Speaker 1: Market Pulse newsletter. Speaking of staying current and staying connected
• 10:08
  Speaker 1: with COSS Financial. Of course, you can always call their
• 10:10
  Speaker 1: office right here in Madison six ' oh eight four
• 10:13
  Speaker 1: four two five six three seven. No charge for that
• 10:15
  Speaker 1: initial get to know your apployment Tech Loss Financial. It
• 10:18
  Speaker 1: will be complementary to you again that telephone number six
• 10:21
  Speaker 1: oh eight four four two five six three seven. We'll
• 10:23
  Speaker 1: get some details on some of the other things you
• 10:25
  Speaker 1: should be considering doing when it comes to retirement goal planning.
• 10:28
  Speaker 1: As we look towards twenty twenty five, with Malia and Kyle,
• 10:31
  Speaker 1: we will do that next as Money in Motion with
• 10:34
  Speaker 1: Coss Financial continues right here on thirteen ten. WIBI joined
• 10:40
  Speaker 1: this week by our retirement planning professionals from COSS Financial,
• 10:43
  Speaker 1: Malia Quavis and Kyle Kite. Of course, you can learn
• 10:45
  Speaker 1: more about everyone at COSS Financial, including Malia and Kyle
• 10:49
  Speaker 1: if you head on over the website cossfinancial dot com
• 10:51
  Speaker 1: that's Coss Klaasfinancial dot com. Under the about tab you
• 10:56
  Speaker 1: can get to know the team there. Speaking of being
• 10:57
  Speaker 1: at the website, a lot of fantastic information about class
• 11:00
  Speaker 1: financial things about their separate divisions. Also chance to sign
• 11:03
  Speaker 1: up for the weekly Market Pulse newsletter that available to
• 11:06
  Speaker 1: you at Cossfinancial dot com. There a telephone number office
• 11:09
  Speaker 1: right here in Madison six' oh eight four four to
• 11:11
  Speaker 1: two five six three seven. No charge for that initial
• 11:14
  Speaker 1: get to know your appointment tech Loss Financial. It will
• 11:17
  Speaker 1: be complementary to you again their number six oh eight
• 11:19
  Speaker 1: four four two five six three seven. Looking this week
• 11:22
  Speaker 1: towards twenty twenty five, talking about retirement goal planning and
• 11:27
  Speaker 1: Malia as as we're kind of going through some of
• 11:29
  Speaker 1: these steps, I've got to guess there's a lot more here.
• 11:31
  Speaker 1: Are there some other areas we should be considering when
• 11:34
  Speaker 1: it comes to planning and of course getting ready for retirement.
• 11:37
  Speaker 2: Yeah, I think we've got to. We've compiled a really
• 11:39
  Speaker 2: great list here today just for people to say, hmmm,
• 11:43
  Speaker 2: am I missing something in some of these areas that
• 11:45
  Speaker 2: we're discussing. So one of them, certainly is taking the
• 11:49
  Speaker 2: time to review your asset allocation that you have within
• 11:53
  Speaker 2: your retirement assets. So you know, I do think the
• 11:57
  Speaker 2: holidays is a good time to slow down a little
• 11:59
  Speaker 2: bit and take a peak, you know, under the hood
• 12:01
  Speaker 2: and see what has happened this year. If you don't
• 12:04
  Speaker 2: have a financial advisor you're meeting with, certainly do this
• 12:07
  Speaker 2: on your own and really reflect how your investments have performed.
• 12:13
  Speaker 2: And perhaps they're out of they're out of whack at
• 12:18
  Speaker 2: this point. And I mean that in a good way,
• 12:20
  Speaker 2: because what we've seen is a lot of growth in
• 12:23
  Speaker 2: certain sectors and you may be needing to rebalance so
• 12:27
  Speaker 2: that your strategy is what it should be at this
• 12:31
  Speaker 2: point in your life. So really take time to make
• 12:34
  Speaker 2: sure that you are allocated the way you should be
• 12:37
  Speaker 2: for risk and then also looking at your time horizon.
• 12:41
  Speaker 2: So many people are like, yeah, I mean, I'm not
• 12:44
  Speaker 2: going to retire for fifteen years, well, that obviously might
• 12:47
  Speaker 2: not be quite as important as someone retiring in five
• 12:51
  Speaker 2: or two. So you really want to understand, you know,
• 12:54
  Speaker 2: your situation and how much risk you should have out
• 12:57
  Speaker 2: there on the table. Many people we've had shows about this.
• 13:00
  Speaker 2: Many people are heavy in their own company stock. Nothing
• 13:04
  Speaker 2: against your current company, whoever that may be. I'm sure
• 13:07
  Speaker 2: they're high performing and that's great, and I'm sure when
• 13:10
  Speaker 2: there's a great year, you believe that will always be
• 13:13
  Speaker 2: the case. Same with certain certain stocks you might hold individually.
• 13:19
  Speaker 2: But what we've seen is, especially when we're planning for retirement,
• 13:22
  Speaker 2: we don't want that much risk concentrated in one single stock.
• 13:26
  Speaker 2: And sometimes that happens without you even realizing it because
• 13:29
  Speaker 2: as you do retirement contributions, those come in the form
• 13:33
  Speaker 2: of company stock. So you really want to take us
• 13:36
  Speaker 2: a good look at what is compiled in your current
• 13:39
  Speaker 2: four oh one K or four oh three B. So again,
• 13:42
  Speaker 2: as you get closer to retirement, it's important that your
• 13:45
  Speaker 2: allocation matches up with your goals and timelines. The next
• 13:49
  Speaker 2: item we want you to do is put together a
• 13:51
  Speaker 2: net worth statement, So you want to take time to
• 13:54
  Speaker 2: carefully review your bank and investment statements. Tally all your debts,
• 13:59
  Speaker 2: I know that's the one. We'll gulp it and your savings,
• 14:02
  Speaker 2: put it together. And what you're gonna do is you're
• 14:04
  Speaker 2: gonna take your assets minus liabilities and determine your net worth.
• 14:09
  Speaker 2: Now assets do include your home and your car and
• 14:13
  Speaker 2: so forth, plus your investments, and then we subtract out
• 14:18
  Speaker 2: your liabilities that would include of course some mortgage, car loans,
• 14:23
  Speaker 2: personal loans, and of course credit card debt. And what
• 14:27
  Speaker 2: we want to do is kind of try to stay
• 14:28
  Speaker 2: on track from you know, quarter to quarter to make
• 14:31
  Speaker 2: sure we are slowly decreasing that debt and hopefully increasing
• 14:36
  Speaker 2: the assets, whether it be savings or savings in your
• 14:40
  Speaker 2: bank or certainly your retirement savings. It's really important to
• 14:44
  Speaker 2: know where you're at. And you know, speaking to my
• 14:47
  Speaker 2: daughter the other day and I said, well, so have
• 14:50
  Speaker 2: you looked at your four one K this year? And
• 14:53
  Speaker 2: she's in her twenties and she goes, she goes, I can't.
• 14:56
  Speaker 2: I'm not going to look at that because I know
• 14:58
  Speaker 2: I can't touch that yet.
• 14:59
  Speaker 3: Mom.
• 15:00
  Speaker 2: And I'm like, well, it's always a good thing to
• 15:02
  Speaker 2: see the baramna go up right, we don't like to
• 15:05
  Speaker 2: see it go down. We all understand that, but just
• 15:07
  Speaker 2: see incrementally that it increases. That should give you a
• 15:11
  Speaker 2: good feeling as you approach retirement. We also want you
• 15:15
  Speaker 2: to review your Social Security benefits. Either review or set
• 15:19
  Speaker 2: up an account at social SSA dot gov Social Security Administration.
• 15:25
  Speaker 2: You can get a statement online and that will give
• 15:28
  Speaker 2: you information about your earnings records, your estimated benefits, and
• 15:32
  Speaker 2: how much you or your family would receive in disability,
• 15:36
  Speaker 2: survivor or retirement benefits. So you know, we have our
• 15:39
  Speaker 2: clients do this on a regular basis. They no longer
• 15:42
  Speaker 2: send out those nice little statements unless you request it,
• 15:46
  Speaker 2: but typically just go online. You can see what your
• 15:49
  Speaker 2: benefit's going to look like at your full retirement age, which,
• 15:52
  Speaker 2: if everyone's listened to our show enough years, that's known
• 15:56
  Speaker 2: as your FRA. And you know we also talk about
• 16:00
  Speaker 2: you might want to hold back and not collect at
• 16:03
  Speaker 2: your FRA. You might want to wait till age seventy,
• 16:07
  Speaker 2: so those delayed retirement credits start adding into your future benefit.
• 16:12
  Speaker 2: And those delayed retirement credits are as much as eight
• 16:15
  Speaker 2: percent per year from that FRA up to age seventy,
• 16:19
  Speaker 2: So you want to understand because social security for most
• 16:22
  Speaker 2: people is going to be a good portion of their
• 16:25
  Speaker 2: future income. We also want you to review your beneficiary,
• 16:29
  Speaker 2: so we want to make sure all your investment accounts
• 16:31
  Speaker 2: reflect who should receive your assets if you're no longer here.
• 16:35
  Speaker 2: You want to make sure your will or your trust
• 16:39
  Speaker 2: also reflect the same beneficiaries. And then we also want
• 16:43
  Speaker 2: to want to make sure you have your power of
• 16:44
  Speaker 2: attorney documents in place, so that would be power of
• 16:48
  Speaker 2: attorney for property meaning investment assets as well as real
• 16:53
  Speaker 2: estate and other assets. We also want you to have
• 16:55
  Speaker 2: your health power of attorney in place so people could
• 16:59
  Speaker 2: speak on your behalf if you were unable to, so
• 17:02
  Speaker 2: make sure you do that. We would say review your
• 17:04
  Speaker 2: beneficiaries on a yearly basis because things change in families
• 17:09
  Speaker 2: and we want to make sure that your wishes are
• 17:11
  Speaker 2: carried out as you would like them to be.
• 17:13
  Speaker 1: Talking this morning with Malia Quavis and Kyle Kite. They
• 17:16
  Speaker 1: are all retirement planning professionals from Class Financial. Their website
• 17:19
  Speaker 1: class financial dot com that's Class k l aas Financial
• 17:22
  Speaker 1: dot com. And the telephone for the office right here
• 17:25
  Speaker 1: in Madison six so eight four four, two, five, six
• 17:28
  Speaker 1: three seven and Malia. While we're reviewing things, there could
• 17:31
  Speaker 1: be certain insurance policy life insurance policies. You probably want
• 17:35
  Speaker 1: to make sure that those are up to date as well,
• 17:37
  Speaker 1: don't you.
• 17:38
  Speaker 3: Yeah.
• 17:39
  Speaker 2: Interestingly enough, some people have carried life insurance policies for
• 17:43
  Speaker 2: fifty plus years, like they got them when they're in
• 17:46
  Speaker 2: their twenties, And we're reviewing with people and they're in
• 17:49
  Speaker 2: their mid mid seventies, and well, we will really look
• 17:54
  Speaker 2: at the death benefit, how much has been put into
• 17:58
  Speaker 2: the policy? Is there a cash vew you attached to
• 18:00
  Speaker 2: the policy? And what we hear many times is people say, well,
• 18:04
  Speaker 2: I've been putting I've been paying my premium for fifty
• 18:07
  Speaker 2: plus years, and I don't want to stop paying it.
• 18:10
  Speaker 2: But then we look at really the details again and
• 18:13
  Speaker 2: go does it make sense to be keeping it for
• 18:15
  Speaker 2: that amount of death benefit? Or better yet, can we
• 18:18
  Speaker 2: actually take that cash value and apply that towards the
• 18:22
  Speaker 2: premium at the very least, So you really want to
• 18:25
  Speaker 2: look at does that make sense to keep the policy
• 18:28
  Speaker 2: in place? Please, please, please do not go out and
• 18:30
  Speaker 2: cancel these policies until you've reviewed them with somebody. But
• 18:34
  Speaker 2: you also want to make sure that you have beneficiaries
• 18:38
  Speaker 2: on those policies that still reflect your current life. And
• 18:42
  Speaker 2: then finally we're going to say, you know, we're big
• 18:44
  Speaker 2: planners here, so we want you to begin goal planning
• 18:47
  Speaker 2: for your retirement. I don't care if it's fifteen years,
• 18:51
  Speaker 2: twenty years out, or five years. We want you to
• 18:53
  Speaker 2: start planning. So when do you ideally want this to happen?
• 18:58
  Speaker 2: Obviously that's a moving could be a moving timetable for you.
• 19:02
  Speaker 2: Where would you want to live in retirement? How much
• 19:05
  Speaker 2: money do you need to make that a reality? Again,
• 19:08
  Speaker 2: you're going to sit down, hopefully with a financial planner
• 19:11
  Speaker 2: at some point and say, okay, tell me what do
• 19:14
  Speaker 2: I need and how am I going to get there?
• 19:17
  Speaker 2: And so with that, they will tell you what steps
• 19:20
  Speaker 2: you need to take today to reach that tomorrow, which,
• 19:22
  Speaker 2: believe it or not, is just around the corner. So
• 19:26
  Speaker 2: we just would say slow down, we'll assess where things
• 19:30
  Speaker 2: are at today so you can get to that future.
• 19:32
  Speaker 1: Just fantastic information this week. A lot of information on
• 19:35
  Speaker 1: this week's program. Do't forget if you missed any of it.
• 19:38
  Speaker 1: If you can always listen back to this in previous
• 19:40
  Speaker 1: shows podcast right online at classfinancial dot com that's coss
• 19:44
  Speaker 1: k l Aasfinancial dot Com. Artel for number six oh
• 19:47
  Speaker 1: eight four four two five, six three seven. No charge
• 19:51
  Speaker 1: for that initial get to know your appointment that clause financial.
• 19:53
  Speaker 1: It will be complimentary to you again. They're number six
• 19:56
  Speaker 1: oh eight four four two five six three seven. We'll
• 19:58
  Speaker 1: do the class quiz question so weak walls to take
• 20:00
  Speaker 1: it down the home stretch with Kyle. We will do
• 20:02
  Speaker 1: that next as Money in Motion with Coss Financial continues
• 20:05
  Speaker 1: right here on thirteen ten Wibi, it's money in Motion
• 20:09
  Speaker 1: with Coss Financial. Don't forget about the website class financial
• 20:12
  Speaker 1: dot com. That's Coss Klaasfinancial dot Com. They're telling phe
• 20:16
  Speaker 1: number six so eight four four two five six three seven.
• 20:19
  Speaker 1: Talking this week with Malia Quavis and Kyle Kite, talking
• 20:22
  Speaker 1: about planning when it comes to retirement planning. Of course,
• 20:24
  Speaker 1: this time of year, a lot of us putting things
• 20:26
  Speaker 1: into perspective with the new year upon us, twenty twenty
• 20:28
  Speaker 1: five will be here in no time. And had some
• 20:31
  Speaker 1: great tips so far, and Kyle continuating along with that,
• 20:35
  Speaker 1: there are some things that we should be keeping in
• 20:37
  Speaker 1: mind as we plan for retirement, aren't there?
• 20:39
  Speaker 3: Yeah, absolutely, Sean, We're going to switch gears a little
• 20:41
  Speaker 3: bit of the softer stuff now outside of the numbers.
• 20:43
  Speaker 3: But a big thing that we notice, obviously when we
• 20:46
  Speaker 3: deal with so many retirees is to stay active and
• 20:49
  Speaker 3: exercise your mind and your body. So know one that
• 20:52
  Speaker 3: retirement may be around the corner, and of course the
• 20:54
  Speaker 3: uncertainty that comes with that. Keeping yourself active will help
• 20:57
  Speaker 3: you get to the retirement you're dreaming of. So don't
• 21:00
  Speaker 3: wait till you retire to get healthy and exercise can
• 21:02
  Speaker 3: almost always help reduce stress. So most people, if they
• 21:05
  Speaker 3: have grandkids, that's going to be a big part of it.
• 21:07
  Speaker 3: They want to be able to chase them around and
• 21:08
  Speaker 3: all that kind of stuff. But also exercise in your
• 21:11
  Speaker 3: mind as well, so puzzles, doing all kinds of stuff,
• 21:14
  Speaker 3: and socially too, get out with friends, those types of
• 21:16
  Speaker 3: things that all leads to a fulfilled retirement. And you know,
• 21:19
  Speaker 3: find a hobby. So if you already have one, great,
• 21:21
  Speaker 3: spend some more time on that and things like that.
• 21:24
  Speaker 3: But if not, take a class or try something new,
• 21:27
  Speaker 3: because retirement may just be a few years away. You
• 21:30
  Speaker 3: want to start figuring out what the next bring. Right now,
• 21:34
  Speaker 3: a lot of people are picking up pickleball, it feels
• 21:36
  Speaker 3: like all of our clients have gotten into this thing.
• 21:38
  Speaker 3: So's that's a good one to keep moving and obviously
• 21:40
  Speaker 3: meet some great people too. And then another one is
• 21:43
  Speaker 3: to just evaluate your current job. So is your job
• 21:46
  Speaker 3: creating each stress? Is it time to find a new job,
• 21:48
  Speaker 3: and do you need to find a second job to
• 21:50
  Speaker 3: get your debt paid off sooner? So, like I said
• 21:53
  Speaker 3: so many times, where we're working with people that are
• 21:54
  Speaker 3: close to retirement, and if you've got your nest egg
• 21:57
  Speaker 3: built and you know you're looking really good for retirement,
• 22:00
  Speaker 3: you may just want to kind of take your foot
• 22:01
  Speaker 3: off the gas, but not fully retire, and just find
• 22:04
  Speaker 3: something a little less stressful for the last few years
• 22:06
  Speaker 3: of your career, honestly. Also, speak to your partner about
• 22:10
  Speaker 3: your joint financial situations mean that you can't have separate
• 22:14
  Speaker 3: bank accounts and some separate goals, but it's at least
• 22:17
  Speaker 3: good to all be on the same page so that
• 22:19
  Speaker 3: you guys know what you're working towards and what that
• 22:21
  Speaker 3: retirement could look like in the future, and live within
• 22:25
  Speaker 3: your means. So this is kind of where we started
• 22:27
  Speaker 3: the show, which is stop unnecessary spending. So evaluate every purchase.
• 22:31
  Speaker 3: Is it a need or a want? Remember that debt
• 22:33
  Speaker 3: makes everyone stressed and does not help you retire quicker.
• 22:36
  Speaker 3: So this is one of the questions that we always
• 22:38
  Speaker 3: get asked, you know, is how much do I need
• 22:40
  Speaker 3: to retire? And that number looks different for everybody, because
• 22:43
  Speaker 3: people that may not make a ton of money, but
• 22:45
  Speaker 3: they're good at living within their means, they're good at
• 22:47
  Speaker 3: sticking to a budget. They can have a very successful
• 22:50
  Speaker 3: retirement just because they've lived within those means. And meet
• 22:55
  Speaker 3: with a financial advisor to bring together your questions and
• 22:57
  Speaker 3: formulate a plan to accomplish your goals. And a lot
• 23:00
  Speaker 3: of people like to do this on their own. And
• 23:03
  Speaker 3: obviously you could find some great stuff out on the
• 23:05
  Speaker 3: internet and YouTube and all that kind of stuff now,
• 23:07
  Speaker 3: but all those answers that you're getting out there aren't
• 23:10
  Speaker 3: tailored to your specific situation. Nation is obviously going to
• 23:14
  Speaker 3: be different than your neighbors or maybe even your closest friends.
• 23:17
  Speaker 3: So you want to make sure that someone that you're
• 23:19
  Speaker 3: meeting with an outside council that is making sure you're
• 23:21
  Speaker 3: on the right track and accomplishing all those goals that
• 23:24
  Speaker 3: you want to And finally listen to our Money and
• 23:27
  Speaker 3: Motion show or our podcast, So we do this every Thursday.
• 23:30
  Speaker 3: We've been doing it for a lot of years now,
• 23:31
  Speaker 3: and we obviously post all of these on our website,
• 23:34
  Speaker 3: so we've got a lot of great resources on our website,
• 23:37
  Speaker 3: and like I said, listening to just these shows play back,
• 23:39
  Speaker 3: we've covered a lot of these topics that we just
• 23:41
  Speaker 3: kind of clossed over today, but we do in depth
• 23:45
  Speaker 3: shows on all of them that we've covered today.
• 23:47
  Speaker 1: Really good advice this morning from Kyle Kaite Emily Aquavis,
• 23:51
  Speaker 1: our retirement planning professionals from Class Financial. Yeah, the website
• 23:54
  Speaker 1: is fantastic. Class Financial dot com. That's Class Klaasfinancial dot com.
• 23:59
  Speaker 1: Really to listen back to this in previous shows podcast there,
• 24:02
  Speaker 1: and as Kyle mentioned, we go in great depth and
• 24:05
  Speaker 1: do a lot of these topics we covered this week
• 24:07
  Speaker 1: and previous shows, so you can definitely check those out
• 24:09
  Speaker 1: online at Klassfinancial dot com. That's Coss k l aas
• 24:13
  Speaker 1: Financial dot com. The telephone number for the officer right
• 24:16
  Speaker 1: here in Madison six oh eight four four two five
• 24:18
  Speaker 1: six three seven. No charge for that initial get to
• 24:20
  Speaker 1: know you appointment at COSS Financial. It will be complimentary
• 24:23
  Speaker 1: to you I got a telephon number six oh eight
• 24:25
  Speaker 1: four four two five, six three seven. Go on and
• 24:27
  Speaker 1: hold on to that telephone number now because it's time
• 24:29
  Speaker 1: for the class Quiz question of the week. It works
• 24:31
  Speaker 1: like this. In just a moment, I'll ask you the
• 24:33
  Speaker 1: class quiz question the week. We'll then have thirty minutes
• 24:35
  Speaker 1: from the interday's program to call the COLSS Financial office
• 24:37
  Speaker 1: right here in Madison at six oh eight four four
• 24:39
  Speaker 1: two five six three seven. If you are the first
• 24:42
  Speaker 1: caller with the correct answer, you'll win this week's prize,
• 24:44
  Speaker 1: which is a twenty five dollars gift card to Cheesecake Factory.
• 24:48
  Speaker 1: This week's COLSS Quiz question the week? Is this true
• 24:51
  Speaker 1: or false? IRA contribution levels in twenty twenty five will
• 24:56
  Speaker 1: remain the same at seven thousand dollars. If you are
• 25:00
  Speaker 1: under the age of fifty, Is that true or false?
• 25:03
  Speaker 1: Telephone number six O eight four four two five, six
• 25:06
  Speaker 1: three seven. First call quick ans went that twenty five
• 25:08
  Speaker 1: dollars gift card to the cheesecake factory. Deffer gets, well,
• 25:10
  Speaker 1: that's CSS Financial's office right here in Madison. No charge
• 25:13
  Speaker 1: for that initial gets Tony appointment at COSS Financial. It
• 25:16
  Speaker 1: will be complementary to you again their number six O
• 25:18
  Speaker 1: eight four four two five six three seven Melia Kyle,
• 25:22
  Speaker 1: It's always great chatting with both of you guys.
• 25:24
  Speaker 3: Have a fantastic day, Thanks Sean, Thanks Sean.
• 25:27
  Speaker 1: Doctor Marty Greer joins US next year on thirteen ten
• 25:30
  Speaker 1: do wleu ib a