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