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