WEBVTT 1 00:00:00.160 --> 00:00:00.880 The full lines. 2 00:00:00.880 --> 00:00:03.160 They are open to you right now at six oh 3 00:00:03.240 --> 00:00:06.320 eight three two one thirteen ten. That's three two one 4 00:00:06.400 --> 00:00:09.839 thirteen ten. If you have questions for our retirement planning 5 00:00:09.839 --> 00:00:13.720 professionals from Class Financial, they are here for you. Of course, 6 00:00:13.720 --> 00:00:16.879 you can learn more about Class Financial on their website 7 00:00:16.879 --> 00:00:20.320 Cossfinancial dot com. That's Coss k l a A s 8 00:00:20.719 --> 00:00:24.440 Financial dot com. Great resource. Learn more about Coss Financial, 9 00:00:24.480 --> 00:00:26.640 the separate divisions, how they can help you, or if 10 00:00:26.640 --> 00:00:29.039 you're an employer. As a matter of fact, you're an employer, 11 00:00:29.039 --> 00:00:31.679 We're going to be talking about something very specific to 12 00:00:31.719 --> 00:00:34.039 you about the important role that you play in retirement planning. 13 00:00:34.039 --> 00:00:36.719 But you can learn more about Class Financial on their 14 00:00:36.759 --> 00:00:39.840 website Coss Financial dot com. That's Coss k l a 15 00:00:40.000 --> 00:00:43.000 A s Financial dot com and their telephone number six 16 00:00:43.079 --> 00:00:46.600 oh eight four four two five six three seven. No 17 00:00:46.880 --> 00:00:48.840 charge for that initial get to know you appointment tech 18 00:00:48.880 --> 00:00:53.079 Coss Financial. It will be complementary, complementary to you again 19 00:00:53.119 --> 00:00:55.560 their number six oh eight four four two five six 20 00:00:55.679 --> 00:00:58.479 three seven. And joining us this morning are CJ. Coss 21 00:00:58.560 --> 00:01:00.799 and Forrest Ross of Class Financial. 22 00:01:01.320 --> 00:01:01.600 C J. 23 00:01:01.719 --> 00:01:02.600 How you doing this week? 24 00:01:03.200 --> 00:01:05.519 I'm doing great. It's a beautiful day today, Sean. 25 00:01:05.319 --> 00:01:07.519 It is we just and uh Forest, we'll get to 26 00:01:07.640 --> 00:01:09.159 just one moment. I do want to say. We have 27 00:01:09.879 --> 00:01:11.920 folks that listen to the station. They hear you and 28 00:01:11.959 --> 00:01:15.959 I are actually actually you talking about the spring is 29 00:01:16.239 --> 00:01:18.480 ready for warm temperatures in spring, and I'm like, I 30 00:01:18.599 --> 00:01:20.239 guess mort I said, c J. We may need to 31 00:01:20.359 --> 00:01:22.200 just go in by the forecast. We may already need 32 00:01:22.239 --> 00:01:23.400 to re record that one. 33 00:01:23.439 --> 00:01:27.079 I know what, an't you know? We're early March still, 34 00:01:27.120 --> 00:01:30.239 and it feels like we're May already, so it's pretty nice. 35 00:01:30.280 --> 00:01:32.400 It's not going to complain. Nice thing too, is your 36 00:01:32.400 --> 00:01:35.319 plan right for retirement? If you don't like the early 37 00:01:35.359 --> 00:01:37.920 March weather when it gets snowy and grummy, you can 38 00:01:38.200 --> 00:01:40.560 you can take some time to Florida somewhere beautiful like that. 39 00:01:40.879 --> 00:01:43.719 Also joining us this morning is Forrest ross Forest. Great 40 00:01:43.719 --> 00:01:45.560 to have you back. You're ready for the beautiful day. 41 00:01:46.079 --> 00:01:48.359 Good morning, the sun is shining and everybody's happy. 42 00:01:48.640 --> 00:01:49.560 Darn right they are. 43 00:01:49.680 --> 00:01:51.560 What a great day and what a great topic I 44 00:01:51.599 --> 00:01:53.879 had as well as we talk with CJ and Forrest. 45 00:01:54.040 --> 00:01:55.799 Don't forget of course, they come to us from Class 46 00:01:55.799 --> 00:01:58.640 Financial that website. Coss financial dot com. That's Class k 47 00:01:58.920 --> 00:01:59.640 l a a s. 48 00:01:59.680 --> 00:02:00.000 Financial. 49 00:02:00.599 --> 00:02:02.760 As mentioned, we're going to be talking about the important 50 00:02:02.799 --> 00:02:05.560 role that employers play when it comes to retirement planning 51 00:02:05.760 --> 00:02:07.760 and some steps you can take when it comes to 52 00:02:08.400 --> 00:02:11.280 ensuring your financial future. One of the cool features of 53 00:02:11.319 --> 00:02:13.560 the program is the Closs Quiz Question the Week your 54 00:02:13.599 --> 00:02:16.319 chance to win a fantastic prize this week, no exception. 55 00:02:16.360 --> 00:02:17.639 You'll have to chanswer for you a little bit later 56 00:02:17.680 --> 00:02:20.159 on this morning to win a twenty five dollars gift 57 00:02:20.159 --> 00:02:23.680 card to the cheesecake factory. Our friends from Class Financial 58 00:02:23.719 --> 00:02:25.520 have provided that will tell you a little bit later 59 00:02:25.560 --> 00:02:28.000 on how you can win the class quiz quesch the 60 00:02:28.000 --> 00:02:29.319 week how you can win that prize. 61 00:02:29.439 --> 00:02:31.280 Little tip pays very well. 62 00:02:31.080 --> 00:02:32.639 And gives you a little leg up on everybody if 63 00:02:32.639 --> 00:02:35.080 you pay close Stenson the program, because just about every show, 64 00:02:35.159 --> 00:02:37.960 the question and answer come up during the program. Before 65 00:02:38.000 --> 00:02:40.719 we get rolling on this week's conversation, let's actually look 66 00:02:40.759 --> 00:02:43.599 back at last week's show and review the question and 67 00:02:43.599 --> 00:02:44.919 get the answer there as well. 68 00:02:44.919 --> 00:02:46.639 For the Class Quiz question of the week. 69 00:02:47.280 --> 00:02:50.719 Yeah you bet well. Firstly, thanks everyone for listening and 70 00:02:51.479 --> 00:02:53.599 for participating in this stuff. We have a good time 71 00:02:53.639 --> 00:02:55.599 with it and we hope you do as well. And 72 00:02:55.719 --> 00:02:58.520 congrats to our winner from last week, which was Lisa 73 00:02:58.560 --> 00:03:02.840 of Wanna Key. Lisa correctly answered the following question it 74 00:03:02.919 --> 00:03:06.599 was true or false. You can make a twenty twenty 75 00:03:06.639 --> 00:03:11.120 four contribution to an IRA up until April fifteenth of 76 00:03:11.439 --> 00:03:14.439 this year. Is that true or false? And Lisa was 77 00:03:14.520 --> 00:03:16.599 correct in saying that is true. 78 00:03:17.520 --> 00:03:20.120 Great work, Lisa, You too can be like Lisa Payple's 79 00:03:20.240 --> 00:03:22.120 tension to the program to the class quiz question leak 80 00:03:22.240 --> 00:03:24.639 a little bit later on in this half hour, as mentioned, 81 00:03:24.680 --> 00:03:26.960 we're going to be exploring the important role, the vital 82 00:03:27.000 --> 00:03:30.680 role that employers play in retirement planning, in practical steps 83 00:03:30.719 --> 00:03:33.800 you can take to secure your financial future. 84 00:03:33.960 --> 00:03:35.199 It's all still spout that CJ. 85 00:03:36.479 --> 00:03:38.199 Yeah. So some of these insights we're going to talk 86 00:03:38.240 --> 00:03:41.159 about came from the Retirement Survey and Insights Report from 87 00:03:41.159 --> 00:03:44.840 twenty twenty four by Goldman Sachs Asset Management. They provide 88 00:03:44.919 --> 00:03:48.479 valuable data and solutions to help both employers and employees 89 00:03:48.639 --> 00:03:53.199 navigate retirement savings. But with us today, as you've already mentioned, 90 00:03:53.199 --> 00:03:55.520 we have Forrest Ross, who is our director of Retirement 91 00:03:55.560 --> 00:03:58.280 Services here at Coloss Financial and so he's going to 92 00:03:58.319 --> 00:04:00.639 dig into some of this data and the finding, So 93 00:04:00.759 --> 00:04:01.560 Forrest go ahead. 94 00:04:02.439 --> 00:04:05.560 Thanks CJ, and thanks for having me on the show 95 00:04:05.599 --> 00:04:08.840 again this morning. Good morning everybody, and let's start by 96 00:04:08.840 --> 00:04:12.479 first of all, discussing what employers can do to help 97 00:04:12.599 --> 00:04:17.680 their employees plan for their retirement, specifically through the four 98 00:04:17.720 --> 00:04:20.360 oh one K plan that they're providing to their employees. 99 00:04:20.399 --> 00:04:25.040 And this survey and other research really indicates that employees 100 00:04:25.519 --> 00:04:30.240 put a high value on retirement savings support and financial 101 00:04:30.240 --> 00:04:32.360 advice that they can get from their four to oh 102 00:04:32.439 --> 00:04:35.000 one K plan. And this kind of makes sense when 103 00:04:35.000 --> 00:04:37.720 you think about it, because when you're planning for retirement, 104 00:04:37.759 --> 00:04:41.240 a lot of people can feel overwhelmed and just not 105 00:04:41.279 --> 00:04:43.680 sure what to do if they don't have the right guidance. 106 00:04:44.360 --> 00:04:48.360 So what can employers do to help provide some support 107 00:04:48.519 --> 00:04:51.360 to their employees through the four one K plan? And 108 00:04:52.040 --> 00:04:56.040 this survey indicated a couple of key ways employers can help. 109 00:04:56.800 --> 00:05:02.240 First of all, they can help by provide personalized planning 110 00:05:02.319 --> 00:05:05.680 tools through their four to oh one K plan. So 111 00:05:05.800 --> 00:05:11.519 these days, there's a lot of online calculators projection tools 112 00:05:11.879 --> 00:05:16.279 that can help employees figure out what's the right amount 113 00:05:16.279 --> 00:05:17.920 for me to save in my four to oh one 114 00:05:17.959 --> 00:05:20.680 K plan and how big of a nest egg do 115 00:05:20.759 --> 00:05:23.759 I need when I retire. That's one of the big 116 00:05:23.839 --> 00:05:26.319 questions that we get all the time when we're talking 117 00:05:26.319 --> 00:05:29.920 about participants about their four oh one K plan is 118 00:05:30.040 --> 00:05:32.000 how much do I save? How much do I need? 119 00:05:32.079 --> 00:05:35.079 And again, a lot of these tools can really help 120 00:05:35.160 --> 00:05:37.839 answer some of those questions for people and put a 121 00:05:37.920 --> 00:05:43.000 very complex question into very easy and understand terms. Next, 122 00:05:43.040 --> 00:05:46.639 an employer can provide financial advice through their four oh 123 00:05:46.680 --> 00:05:51.399 one K plan so employees consistently show that they value 124 00:05:51.439 --> 00:05:56.920 access to professional advice. Whether that comes through in person 125 00:05:57.000 --> 00:06:00.879 one on one meetings or group meetings or phone comsultations 126 00:06:01.160 --> 00:06:04.920 or zoom meetings. You know, there's multiple different ways that 127 00:06:05.000 --> 00:06:09.439 employers can provide that kind of access to employees that 128 00:06:09.480 --> 00:06:14.399 can really help them get some good guidance. Next, they 129 00:06:14.439 --> 00:06:18.319 can also look at expanding retirement plan features in their 130 00:06:18.360 --> 00:06:21.240 four oh one K plan. There's been some recent legislation 131 00:06:22.000 --> 00:06:26.519 that allows employers now some more innovative features like adding 132 00:06:26.560 --> 00:06:32.680 the option for student loan repayment matching program, emergency savings accounts, 133 00:06:32.879 --> 00:06:35.920 or even guaranteed income choices and all of those can 134 00:06:35.959 --> 00:06:41.120 really enhance an overall retirement plans effectiveness and also assist 135 00:06:41.240 --> 00:06:47.279 the employees as well, and then finally educate your employees 136 00:06:47.360 --> 00:06:50.279 again through the four oh one K plan with retirement 137 00:06:50.319 --> 00:06:56.879 with workshops and webinars, people really appreciate being able to 138 00:06:57.079 --> 00:06:59.920 access some of these wellness what we would call financial 139 00:07:00.120 --> 00:07:04.639 wellness tools, maybe when they're at home with their spouse 140 00:07:04.720 --> 00:07:08.720 at night. So giving the employees access to some of 141 00:07:08.759 --> 00:07:12.759 these more comprehensive financial planning topics through webinars and workshops 142 00:07:13.120 --> 00:07:15.959 can really be valuable to them as they're trying to 143 00:07:16.079 --> 00:07:18.279 navigate their financial situation. 144 00:07:18.759 --> 00:07:21.079 Talking this morning with Forest Ross and CJ. Closs or 145 00:07:21.079 --> 00:07:23.600 retirement planning professionals from Class Financial. If you've got a 146 00:07:23.680 --> 00:07:25.680 question'd love to hear from this morning telephone Mrs six 147 00:07:25.839 --> 00:07:28.160 eight three two one thirteen ten. That's six h eight 148 00:07:28.399 --> 00:07:30.959 three two one thirteen ten. Learn more about Class Financial 149 00:07:31.000 --> 00:07:32.839 online Cossfinancial dot com. 150 00:07:32.920 --> 00:07:36.879 That's coss Klaas Financial dot com for us. Anything else 151 00:07:36.920 --> 00:07:37.240 I know? 152 00:07:37.279 --> 00:07:40.600 Obviously, the relationship employer employee is a unique one. There's 153 00:07:40.639 --> 00:07:43.800 also some some other areas that that employers can be 154 00:07:44.120 --> 00:07:45.639 really beneficial with their employees. 155 00:07:45.680 --> 00:07:46.120 Isn't there. 156 00:07:46.560 --> 00:07:50.439 Yeah, absolutely, and the survey really said that employers have 157 00:07:50.519 --> 00:07:55.000 a unique opportunity to what they call go from default 158 00:07:55.199 --> 00:07:59.319 to engage planning experience for their employees. So this means 159 00:07:59.360 --> 00:08:02.839 going beyond just the standard features like auto enrollment or 160 00:08:02.879 --> 00:08:07.040 auto escalate and really help provide their employees with a clear, 161 00:08:07.600 --> 00:08:11.439 personalized roadmap so that way they can use these different 162 00:08:11.519 --> 00:08:15.639 tools in the forum that they're being provided for through 163 00:08:15.639 --> 00:08:18.480 their four oh one kese services to help them really 164 00:08:18.519 --> 00:08:21.560 make intelligent, thoughtful financial decisions. 165 00:08:21.680 --> 00:08:24.360 Great stuff this morning Forrest Ross and CJ closs O, 166 00:08:24.399 --> 00:08:27.120 our retirement finding professionals from Class Financial. I mentioned that 167 00:08:27.160 --> 00:08:31.000 website class financial dot com. That's coss k l aas 168 00:08:31.120 --> 00:08:33.200 financial dot com. Hope you get a chance to stop 169 00:08:33.200 --> 00:08:35.480 by there today. You can learn more about colss Financial, 170 00:08:35.559 --> 00:08:37.080 you can learn about the team. You can learn about 171 00:08:37.080 --> 00:08:39.679 CJ and Forrest and Malia and everyone over at claus 172 00:08:39.720 --> 00:08:43.720 Financial Eric as well of course all online at classfinancial 173 00:08:43.759 --> 00:08:45.639 dot com. Also, while you're there, you can sign up 174 00:08:45.679 --> 00:08:48.240 for the weekly Market Pulse newsletter. It's a great weekly 175 00:08:48.279 --> 00:08:51.120 email comes in your inbox. We'll snapshot of what's been 176 00:08:51.159 --> 00:08:53.000 going on in the market. Also link to the most 177 00:08:53.039 --> 00:08:56.879 recent podcast again. That available to you at classfinancial dot com. 178 00:08:56.919 --> 00:08:59.320 Betel for number six oh eight four four two five 179 00:08:59.440 --> 00:09:01.960 six three seven. No charge for that initial get to 180 00:09:01.960 --> 00:09:04.799 know you appoyment tech COSS Financial. It will be complementary 181 00:09:04.799 --> 00:09:07.279 to you again. Their telephone number six oh eight four 182 00:09:07.360 --> 00:09:09.840 four two five six three seven. Looks you to our 183 00:09:09.879 --> 00:09:12.080 conversation with cjn Forrest. We'll talk a little bit about 184 00:09:12.080 --> 00:09:14.320 four oh one k's and you. We'll do that next 185 00:09:14.320 --> 00:09:17.080 as Money in Motion with Coss Financial continues right here 186 00:09:17.279 --> 00:09:21.759 on thirteen ten wiv A talking this week with Forrest 187 00:09:21.879 --> 00:09:22.600 Ross and CJ. 188 00:09:22.679 --> 00:09:23.039 Closs. 189 00:09:23.039 --> 00:09:25.200 Of course they come to us from Class Financial. The 190 00:09:25.240 --> 00:09:30.240 website coss financial dot com. That's klaasfinancial dot com. Great 191 00:09:30.279 --> 00:09:32.759 website and resource to learn more about COSS Financial. Don't 192 00:09:32.759 --> 00:09:34.799 forget if you missed part of the program, you want 193 00:09:34.799 --> 00:09:36.600 to listen back to the show, or maybe you want 194 00:09:36.600 --> 00:09:38.799 to share some of the information with friends and family. 195 00:09:38.879 --> 00:09:42.159 Of course, the podcast available to you at Cossfinancial dot com. 196 00:09:42.279 --> 00:09:45.240 Their telephone number six oh eight four four two five 197 00:09:45.399 --> 00:09:47.799 six three seven. No charge for that initial get to 198 00:09:47.799 --> 00:09:50.679 know your appointment at Colss Financial. It will be complementary 199 00:09:50.679 --> 00:09:54.240 to you again. Their number six oh eight four, four, two, five, six, 200 00:09:54.360 --> 00:09:57.320 three seven. Talking in that last segment with Forrest about 201 00:09:57.360 --> 00:10:00.720 the employer side of retirement planning, let's kind of shift 202 00:10:00.759 --> 00:10:03.559 gears then and talk about what folks can do as 203 00:10:03.600 --> 00:10:05.720 it comes to being a four to oh one K 204 00:10:05.879 --> 00:10:09.240 plan participant. What can regular people do to kind of 205 00:10:09.279 --> 00:10:11.360 take control of their retirement planning? 206 00:10:11.399 --> 00:10:11.679 CJ. 207 00:10:13.200 --> 00:10:16.840 Yeah, So, whether your your employer offers extensive resources or 208 00:10:16.840 --> 00:10:19.919 you're managing this process on your own, there are some 209 00:10:20.039 --> 00:10:22.440 actionable steps you can take to kind of set yourself 210 00:10:22.519 --> 00:10:26.000 up for success with your employer sponsored retirement plan. Now, 211 00:10:26.039 --> 00:10:28.320 as I start talking about some of these actionable steps, 212 00:10:28.399 --> 00:10:31.600 just remember when we say this, often people go, what 213 00:10:31.720 --> 00:10:35.440 are they talking about? Employer sponsored? These are your traditional 214 00:10:35.559 --> 00:10:38.720 So if you work somewhere often not always, but often 215 00:10:38.759 --> 00:10:41.759 your employer will offer things like simple irays or SEP 216 00:10:41.799 --> 00:10:44.360 I rays or four oh one ks or four h 217 00:10:44.399 --> 00:10:46.399 three v's or fourty sevens or four oh one a's 218 00:10:46.399 --> 00:10:48.960 and there's all these different terminologies, but the idea being 219 00:10:49.039 --> 00:10:53.039 it is the your employer who is sponsoring that retirement 220 00:10:53.120 --> 00:10:56.399 plan for your benefit. So those are the plans we're 221 00:10:56.440 --> 00:10:58.399 talking about here, And these are the plans that have 222 00:10:58.480 --> 00:11:02.039 different resources potent available to you. We're going to talk 223 00:11:02.039 --> 00:11:04.799 about some of those resources and how to empower you. 224 00:11:05.559 --> 00:11:09.919 So Number one, take advantage of various employer resources. So 225 00:11:10.679 --> 00:11:13.799 things like if your employer provides financial planning tools or 226 00:11:13.879 --> 00:11:18.759 advisor access, we would suggest use those tools. These resources 227 00:11:18.759 --> 00:11:22.519 can simplify decision making and clarify your path to retirement. 228 00:11:23.039 --> 00:11:25.559 Check with your h artist's team at your employer to 229 00:11:25.600 --> 00:11:28.440 see what benefits are available. And when we say that, 230 00:11:28.519 --> 00:11:30.759 we're referencing, like you go to the website for the 231 00:11:30.759 --> 00:11:33.480 four to one K plan, often they'll have these calculators 232 00:11:33.519 --> 00:11:37.960 like calculate if you're saving enough to actually retire someday now. 233 00:11:38.000 --> 00:11:40.240 Often if you work with a financial advisor, they will 234 00:11:40.279 --> 00:11:43.399 do these same calculations for you. But the of course, 235 00:11:43.440 --> 00:11:47.759 an advisor costs money, right Whereas these employer financial planning 236 00:11:47.799 --> 00:11:50.799 tools that are on the website, they may be less robust, 237 00:11:50.879 --> 00:11:52.879 but they can at least give you a sense of 238 00:11:52.960 --> 00:11:56.559 if you're headed the right direction. Number two would be 239 00:11:56.559 --> 00:12:01.960 to increase your contributions. Even small increases in retirement contributions 240 00:12:02.000 --> 00:12:06.039 can make a big difference over time. For example, raising 241 00:12:06.080 --> 00:12:09.120 your four one K contributions by just one percent annually 242 00:12:09.240 --> 00:12:12.000 can add tens of thousands of dollars to your retirement 243 00:12:12.039 --> 00:12:16.879 savings through compound growth over a lifetime. If your employer 244 00:12:16.960 --> 00:12:21.679 offers matching contributions, obviously be sure to take full advantage, 245 00:12:22.039 --> 00:12:24.440 and it's essentially what we would call free money for 246 00:12:24.519 --> 00:12:27.679 your future. Do be aware of some of the maximum 247 00:12:27.679 --> 00:12:30.559 contribution limits. We've talked about this in previous shows, but 248 00:12:30.840 --> 00:12:33.600 if you are under the age of fifty in twenty 249 00:12:33.639 --> 00:12:35.919 twenty five, you can contribute up to twenty three thousand, 250 00:12:36.000 --> 00:12:38.200 five hundred dollars into your four to win K or 251 00:12:38.240 --> 00:12:40.879 four h three B. And if you're over the age 252 00:12:40.879 --> 00:12:44.039 of fifty, you get an additional seventy five hundred dollars 253 00:12:44.080 --> 00:12:47.320 catch up contribution, and believe it or not, starting this 254 00:12:47.399 --> 00:12:50.240 year and in future years, if you're over fifty, but 255 00:12:50.440 --> 00:12:55.559 specifically sixty to sixty three, your catchup amount is eleven thousand, 256 00:12:55.600 --> 00:12:59.240 two hundred and fifty dollars. So be aware of these ages. 257 00:12:59.279 --> 00:13:01.840 These are amounts going to want to like try to 258 00:13:01.919 --> 00:13:05.120 contribute to those four one K plans as much as possible. 259 00:13:05.200 --> 00:13:07.440 Really good detail, go ahead. 260 00:13:07.320 --> 00:13:09.159 John, I was gonna say, and it's some really good details. 261 00:13:09.159 --> 00:13:11.320 As we talk with CJ and Forrest this morning over 262 00:13:11.519 --> 00:13:13.960 you learn more online the website class financial dot com. 263 00:13:13.960 --> 00:13:17.440 That's Claus k l a A S Financial dot Com 264 00:13:17.440 --> 00:13:19.480 and CG. I know a big CJ over the year 265 00:13:19.519 --> 00:13:21.600 is a big thing. I mean, We've done entire shows 266 00:13:21.600 --> 00:13:24.759 about diversification, and I've got to guess that this expands 267 00:13:24.799 --> 00:13:28.399 through through all aspects of retirement planning, doesn't it. 268 00:13:28.399 --> 00:13:28.840 It does. 269 00:13:29.000 --> 00:13:31.080 Yeah, it's a good point, Sean. So we talk about 270 00:13:31.080 --> 00:13:34.440 diversification within your investments obviously, So it's this notion of 271 00:13:34.480 --> 00:13:36.559 don't put all your eggs in one basket. So we 272 00:13:36.639 --> 00:13:38.840 call this be aware of the risk of your decision 273 00:13:38.840 --> 00:13:41.519 making right. It's kind of like the person who says, hey, 274 00:13:41.559 --> 00:13:43.919 if I drink and drive, it's unlikely that I will 275 00:13:43.919 --> 00:13:48.720 get pulled over, and you go, yeah, but you might die, right, 276 00:13:49.639 --> 00:13:52.480 not to mention you might kill other people. So it's 277 00:13:53.120 --> 00:13:56.639 right when you look at at these factors of decisions 278 00:13:56.639 --> 00:13:59.600 that you make. Similarly, like on diversification, you have to 279 00:13:59.639 --> 00:14:03.600 look at the consequence of being wrong. So the consequence 280 00:14:03.600 --> 00:14:05.480 of putting all your money in one investment is if 281 00:14:05.480 --> 00:14:09.279 that investment doesn't do well, it ruins you financially. So 282 00:14:09.320 --> 00:14:11.639 in a similar way. And by the way most people 283 00:14:11.679 --> 00:14:13.960 get this, they go, yeah, yeah, yeah, but think of 284 00:14:14.000 --> 00:14:18.000 that through the lens of financial planning decision making, such 285 00:14:18.000 --> 00:14:21.440 as like I save everything into my four oh one 286 00:14:21.519 --> 00:14:25.200 K plan. Well, if you do that, are you are 287 00:14:25.240 --> 00:14:28.120 you aware of your debt load? Are you paying down 288 00:14:28.159 --> 00:14:30.840 your debt? Are you building up an emergency reserve so 289 00:14:30.840 --> 00:14:33.120 that if you lose your job you can actually live 290 00:14:33.240 --> 00:14:35.879 without having to tap your four oh one K plan 291 00:14:35.960 --> 00:14:39.000 before you're eligible. You get the idea that would be 292 00:14:39.039 --> 00:14:43.879 diversification of financial planning focus. So don't just think about 293 00:14:43.919 --> 00:14:46.279 saving into your four one K plan. Think about the 294 00:14:46.399 --> 00:14:49.279 rainy day fund, the high interest credit card debt, the 295 00:14:49.399 --> 00:14:52.879 auto loan that you have, the mortgage. Diversify your focus 296 00:14:52.919 --> 00:14:55.399 outside of the four one K plan. And Forest can 297 00:14:55.399 --> 00:14:58.240 attest when he goes to different employers that we work 298 00:14:58.279 --> 00:15:01.360 with where we sponsor the four one K or I'm 299 00:15:01.399 --> 00:15:03.600 not sorry not sponsor, but we're the advisor on the plan, 300 00:15:04.000 --> 00:15:06.840 he will often be talking about these topics. So he 301 00:15:06.919 --> 00:15:09.120 will say, hey, here's not only what you need to 302 00:15:09.159 --> 00:15:11.559 be doing in terms of saving into your retirement plan, 303 00:15:11.799 --> 00:15:16.399 but have you been thinking about these other topics. Step 304 00:15:16.480 --> 00:15:19.639 number four would be to just educate yourself. So if 305 00:15:19.720 --> 00:15:22.519 you're listening to this show, you can you can check 306 00:15:22.559 --> 00:15:26.799 the box because you're already educating yourself. But read articles, 307 00:15:26.919 --> 00:15:30.159 listen to podcasts. You know, often our clients will reach 308 00:15:30.200 --> 00:15:33.000 out to us and say, hey, what podcast do you 309 00:15:33.080 --> 00:15:35.840 listen to? And so truly I love this question because 310 00:15:35.840 --> 00:15:38.919 I could give you, you know, three or four fantastic 311 00:15:39.000 --> 00:15:42.720 financial podcast to just up your IQ. And then you know, 312 00:15:42.799 --> 00:15:45.480 Number five on our list is review and adjust your 313 00:15:45.519 --> 00:15:48.480 plan regularly. So this would be your estate plans, your 314 00:15:48.559 --> 00:15:51.799 financial plans, your insurance plans. This is the whole of 315 00:15:51.840 --> 00:15:55.240 your financial picture. You need to review it pretty consistently. 316 00:15:55.799 --> 00:15:57.919 We believe this is where a financial planner can be 317 00:15:58.039 --> 00:16:02.559 a huge value add because they will systematize or automate 318 00:16:03.039 --> 00:16:06.360 the ongoing review of your financial plan. We often find 319 00:16:06.399 --> 00:16:08.360 that if people do it on their own, they spend 320 00:16:08.399 --> 00:16:10.639 all their time on one topic. Right. Like one might 321 00:16:10.639 --> 00:16:12.480 be like, I love my investments and I look them 322 00:16:12.559 --> 00:16:14.519 up every single day, and then you go, do you 323 00:16:14.559 --> 00:16:17.320 have an estate plan? And they go, no, if I die, 324 00:16:17.320 --> 00:16:18.799 I don't know where my money is going. But I've 325 00:16:18.799 --> 00:16:21.279 got these great investments that are really great. You get 326 00:16:21.279 --> 00:16:23.759 my point. The idea is a good financial planner. We'll 327 00:16:23.759 --> 00:16:25.799 be looking at the scope of your financial life and 328 00:16:25.879 --> 00:16:27.919 kind of forcing you to pull your head out of 329 00:16:27.919 --> 00:16:28.919 the sand and look at it all. 330 00:16:29.080 --> 00:16:31.519 Talking this morning with CJ. Closs and Forrest Ross. They 331 00:16:31.559 --> 00:16:34.759 are our retirement planning professionals from Class Financial. I mentioned 332 00:16:34.759 --> 00:16:38.039 the website too, colssfinancial dot com. That's coss k l 333 00:16:38.080 --> 00:16:41.080 Aasfinancial dot com. Great website there, Tell for what number 334 00:16:41.120 --> 00:16:43.960 six oh eight four four two five, six three seven. 335 00:16:44.120 --> 00:16:46.039 Don't forget no charge for that initial get to know 336 00:16:46.039 --> 00:16:48.720 you apployment dech loss Financial. It is complimentary to you 337 00:16:48.799 --> 00:16:51.360 again their number six oh eight four four two five 338 00:16:51.559 --> 00:16:55.519 six three seven and CJ laid out really good information there. 339 00:16:55.519 --> 00:16:57.799 And I've got a guest though, for ust take some 340 00:16:57.879 --> 00:17:00.000 time and effort to kind of put that stuff into practice, 341 00:17:00.159 --> 00:17:00.639 doesn't it? 342 00:17:01.200 --> 00:17:04.279 Oh? Absolutely? And you know, we really feel the key 343 00:17:04.559 --> 00:17:07.400 is to first of all, get started, take some initial action, 344 00:17:08.000 --> 00:17:11.200 and then stay consistent. You know, whether you're an employer 345 00:17:11.759 --> 00:17:17.279 looking to really empower your employees to make good financial decisions, 346 00:17:17.400 --> 00:17:19.960 or you're an individual striving just to get kind of 347 00:17:20.000 --> 00:17:23.920 on the right track and establish some financial security. Intentional 348 00:17:24.000 --> 00:17:27.480 planning and steady action can really make all the difference. 349 00:17:27.680 --> 00:17:30.160 So forst and what is kind of that personalized plan, 350 00:17:30.200 --> 00:17:30.960 what does that look like? 351 00:17:31.519 --> 00:17:32.079 Yeah, you know. 352 00:17:32.079 --> 00:17:36.119 It's interesting because it's different for everybody, right, I mean, 353 00:17:36.160 --> 00:17:38.440 my plan is going to look different from CJS and 354 00:17:38.480 --> 00:17:41.599 CJ's is going to look different from yours. So you know, 355 00:17:41.640 --> 00:17:44.519 you really have to really try to look at your 356 00:17:44.680 --> 00:17:48.359 unique circumstances and come up with, you know, what is 357 00:17:48.400 --> 00:17:51.480 your income, what are your goals, and then do some 358 00:17:51.519 --> 00:17:55.319 really specific planning and projecting for how does your future 359 00:17:55.359 --> 00:17:58.599 look and how are all those different financial pieces that 360 00:17:58.640 --> 00:18:01.279 we talked about earlier going to fit together. But then 361 00:18:01.359 --> 00:18:04.359 you also have to be aware of, you know, things 362 00:18:04.400 --> 00:18:06.599 happen in life. It can throw you a curveball, so 363 00:18:06.640 --> 00:18:08.400 your plan has to be able to kind of be 364 00:18:08.440 --> 00:18:11.559 flexible and be able to accommodate some of those unexpected 365 00:18:11.559 --> 00:18:13.759 things that can come up as well. 366 00:18:13.920 --> 00:18:15.039 Talking this morning with CJ. 367 00:18:15.200 --> 00:18:18.599 Closs and Forrest Rosser Retirement Planet professionals from Class Financial 368 00:18:18.599 --> 00:18:21.200 website Class Financial dot Com Tellphy number six so eight 369 00:18:21.440 --> 00:18:25.240 four four two five six three seven. So Forrest, let's 370 00:18:25.279 --> 00:18:27.880 let's kind of work out some hypothetical scenarios. 371 00:18:27.920 --> 00:18:29.559 And kind of put this into action. 372 00:18:30.359 --> 00:18:32.480 Yeah, thanks, So, just to give a couple of quick 373 00:18:32.519 --> 00:18:36.119 examples here, let's say that we have Sarah and she's 374 00:18:36.200 --> 00:18:40.599 a thirty five year old mom working, so she's trying 375 00:18:40.640 --> 00:18:46.440 to juggle her child care, her childcare costs, mortgage all 376 00:18:46.440 --> 00:18:50.079 of her expenses, and you know, without a plan, maybe 377 00:18:50.079 --> 00:18:52.400 she's not able to even contribute to a four oh 378 00:18:52.440 --> 00:18:54.559 one K plan through her employer. If she does it, 379 00:18:54.599 --> 00:18:57.559 maybe it's just sporadically. But if she sits down and 380 00:18:57.599 --> 00:19:00.720 takes the time to develop a plan with a professional, 381 00:19:01.240 --> 00:19:03.680 maybe she's able to establish a budget to kind of 382 00:19:03.680 --> 00:19:07.079 get control of her expenses. That then she can start 383 00:19:07.079 --> 00:19:09.759 saving small, consistent amounts into a four to oh one 384 00:19:09.839 --> 00:19:13.000 K plan and maybe even increase it as time goes 385 00:19:13.039 --> 00:19:15.519 on and she gets pay raises, and those kind of 386 00:19:15.559 --> 00:19:18.079 action items can really help put her on track to 387 00:19:18.160 --> 00:19:22.240 be successful overall. And let's also take a look at 388 00:19:22.240 --> 00:19:26.240 maybe a second person, Jim, who's maybe thirty years old, 389 00:19:26.319 --> 00:19:31.440 hearing retirement and Jim realizes that he didn't start saving 390 00:19:31.519 --> 00:19:34.880 for his retirements until later in life, maybe either his 391 00:19:34.960 --> 00:19:38.400 late thirties or early forties, and he really feels like 392 00:19:38.480 --> 00:19:40.759 he's behind the eight ball, right, He's like, I didn't 393 00:19:40.799 --> 00:19:42.960 start until later. You know, how am I ever going 394 00:19:43.039 --> 00:19:45.240 to get where I need to go? And the answer 395 00:19:45.319 --> 00:19:47.440 is he can still get there, but maybe he needs 396 00:19:47.480 --> 00:19:50.920 a plan to help make him realize that he can 397 00:19:51.039 --> 00:19:54.200 use those catch up contributions that we talked about earlier 398 00:19:54.559 --> 00:19:57.279 or other things to help make up for that lost time, 399 00:19:57.680 --> 00:20:00.160 so that way he can get back on track and 400 00:20:00.200 --> 00:20:03.960 optimize his savings and help really enhance his nest egg 401 00:20:04.039 --> 00:20:08.279