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Speaker 1: It is coming to us.

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Speaker 2: Ladies and gentlemen, Welcome to Safe Money Strategies on WRKO.

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Speaker 2: I'm William Kelly and it's an honor to carry on

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Speaker 2: a family legacy rooted in real world values and practical advice.

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Speaker 2: Kelly Financial was founded in two thousand and three by

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Speaker 2: my parents, my late father Bill Kelly and my mother

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Speaker 2: Kelly Kelly and Braintree and Burlington, Massachusetts. Just two years later,

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Speaker 2: Dad launched Safe Money Strategies on WRKO as a no

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Speaker 2: nonsense callin radio show focused on common sense planning and

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Speaker 2: protecting wealth. Over the past two decades, Dad became a

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Speaker 2: pillar in New England finance, an engineer, turn entrepreneur, author

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Speaker 2: and philanthropist who believed in giving back and walking the talk.

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Speaker 2: Since our show has remained a Saturday morning staple, offering

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Speaker 2: insight and empowerment. Here at Kelly Financial, we help steward

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Speaker 2: over eight hundred million dollars across our affiliated business, including

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Speaker 2: more than six hundred million dollars managed by our sec

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Speaker 2: registered investment advisory. Where fiduciary care and our family first

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Speaker 2: philosophy guides us on safe money strategies. You'll hear candid

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Speaker 2: conversations with the team my mother Kelly, myself, advisors Charlie Gable,

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Speaker 2: Mike Ducett, Greg Workman, Greg Murray, my sister Mary Madeline,

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Speaker 2: and Tom Schlager. We live by two rules, never quit

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Speaker 2: and carry on, and we're here to help you do

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Speaker 2: the same when it comes to your money. Stick around,

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Speaker 2: take notes, and join the conversation. To learn more or

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Speaker 2: get our free guides or schedule a consultation, visit Kellyfinancial

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Speaker 2: dot org or call us at eighty eight eight eight

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Speaker 2: hundred one eight eight one.

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Speaker 1: This is Safe Money Strategies.

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Speaker 2: Next up Forever Young with Kelly Kelly and myself William

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Speaker 2: Kelly Junior.

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Speaker 3: Safe Money Strategies with William Kelly and Kelly Kelly eight

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Speaker 3: hundred eighteen eighty one.

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Speaker 4: Each week on Safe Money Strategies, we take a moment

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Speaker 4: to step back from the headlines and have a real conversation,

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Speaker 4: the kind you might have around the kitchen table. This

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Speaker 4: is a part of the show we call Forever Young

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Speaker 4: is where I sit down with my son William Kelly Junior,

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Speaker 4: and we talk about life, what's going on in the world,

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Speaker 4: in our family, and what really matters most when you're

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Speaker 4: planning for the future sometimes is light sometimes is.

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Speaker 5: Thoughtful, but it's always real. Good morning William.

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Speaker 1: Good morning Mom. How are you?

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Speaker 5: I'm doing great? How about yourself?

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Speaker 2: You know, typically i'd be doing good ladies and gentlemen.

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Speaker 2: Don't get me wrong, my college experience has been great,

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Speaker 2: but the roommate experience not so much. And so this week,

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Speaker 2: if I sound a little down, I'll explain why. So

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Speaker 2: that's today's part of today's story. My mom and I

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Speaker 2: before we started, you know, we were preparing before we

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Speaker 2: hit the microphone.

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Speaker 1: We're thinking, what do we talk about?

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Speaker 2: Surely we can't talk about your roommate, right, And I

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Speaker 2: was like, you know, life isn't always perfect. No, it's not,

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Speaker 2: you know, so I feel like it'd be kind of

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Speaker 2: dishonest if we tried to fake it.

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Speaker 1: Don't get me wrong, there's been good stuff.

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Speaker 2: Like this week we had the CEO, which is the

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Speaker 2: Entrepreneurs Club, had a big meeting and students were able

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Speaker 2: to showcase their products and people were able to attend,

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Speaker 2: and I was able to make some great connections. Classes

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Speaker 2: have been going very well. I'm days ahead of my homework.

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Speaker 2: I've been trying to keep that momentum up and I

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Speaker 2: love my professors.

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Speaker 6: Good.

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Speaker 5: I only had to drop one, William.

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Speaker 2: I only had to drop one wasn't quite my style.

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Speaker 2: And the dining hall food. I've been trying to survive

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Speaker 2: through that. Ladies and gentlemen, I've I've been losing weight.

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Speaker 5: Have you been hitting your protean goals?

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Speaker 1: No, I have not, for you haven't.

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Speaker 2: Yeah, it's been a little tough, and i'd say the

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Speaker 2: you know, the good things are my friends, you know,

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Speaker 2: my academics, you know, the community, and my activities and

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Speaker 2: stuff outside the room.

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Speaker 1: Inside the room, not so much ladies and gentlemen.

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Speaker 2: So I I've moved out already, so this has been

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Speaker 2: taken care of.

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Speaker 1: But I had a roommate.

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Speaker 2: The first day I met him, very nice kid, really

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Speaker 2: nice guy, and I thought, yeah, I can work with

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Speaker 2: this guy. You know, he's he's from the he's not Dominican,

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Speaker 2: but he's Dominican by ancestry, and his parents are from

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Speaker 2: the Dominican Republic. And as many you know, we lived

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Speaker 2: in a dr for a while, but this guy grew

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Speaker 2: up in Massachusetts.

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Speaker 1: So I was thinking, oh, you know, we have this

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Speaker 1: in common. I know he likes to go.

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Speaker 5: I was guy excited myself.

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Speaker 1: Yeah, yeah, yeah, right, and so the room was super neat.

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Speaker 2: You didn't have much of a social life, so you know,

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Speaker 2: he's in the room quite frequently, et cetera. And the

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Speaker 2: first day I go hang out with some of my

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Speaker 2: friends and I come back.

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Speaker 1: What do I know, Ladies and gentlemen, he's smoking a

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Speaker 1: joint in the room.

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Speaker 4: William, I'm still in shock over all of that.

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Speaker 1: Me too.

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Speaker 2: So keep in mind, I have a couple of things

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Speaker 2: in there, all my I have clothes hanging, my bed sheets,

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Speaker 2: my towels, one of dad's suits is in there. All

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Speaker 2: my belongings are in there. The whole room wreaked the

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Speaker 2: marijuana at Bryant University. Ladies and gentlemen, Oh my word.

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Speaker 2: And I thought this was cheating Shong. I couldn't believe it. William,

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Speaker 2: I said, dude, what are you doing. Previously we had

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Speaker 2: a discussion about marijuana. I said, listen, I don't really

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Speaker 2: care what you do, as long as you just don't

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Speaker 2: do it in the room, that's all. I said. Yeah,

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Speaker 2: I said, especially like smoking weed, you know, just do

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Speaker 2: it in your car. He told me he likes to

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Speaker 2: smoke weed. I said, okay, just do it in your car.

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Speaker 2: That's it. And a discussion, right, I think there's yeah, yeah,

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Speaker 2: and he said okay, yeah, I'll do that and I

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Speaker 2: was like all right, great, and so that was end

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Speaker 2: of that discussion. And then within the day, ladies and gentlemen,

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Speaker 2: the whole room reeks, and I was just like, what

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Speaker 2: are you doing? And so I go to Reds Life

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Speaker 2: and I say, I can't hand this. I'm like, I'm

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Speaker 2: not trying to get anybody in trouble. I don't care,

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Speaker 2: but I don't want to live in a room with

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Speaker 2: marijuana smoke everywhere. Like going to bed that night, everything

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Speaker 2: smelled will yeah read even after opening the window and

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Speaker 2: trying to air it down.

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Speaker 4: When Mary mavilin I visited you, it smelled like a

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Speaker 4: skunk in there.

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Speaker 1: Guess what.

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Speaker 2: He kept doing it when I wasn't in the room

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Speaker 2: and he would open the window. And the funny thing

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Speaker 2: is is in the first night he did it. I

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Speaker 2: remember I walked in and he handed it like like

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Speaker 2: he was offering me, and he's like, you want to puff?

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Speaker 2: And I was like no, thank you. I was like,

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Speaker 2: what the heck, dude, what's your problem? And I just couldn't.

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Speaker 2: I was in shock. And the funniest part The best

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Speaker 2: part about this is you know how people who smoked

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Speaker 2: the open the window and maybe they have the fan

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Speaker 2: blowing towards outside. Yeah, the fan was blowing towards inside.

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Speaker 2: It was blowing inside the room. So the smoke is

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Speaker 2: just circulating in the room. And I was like, dude,

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Speaker 2: are you crazy? What are you doing?

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Speaker 1: And so I went to bed that night with my

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Speaker 1: cover smelling like dope.

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Speaker 2: Oh William I will say it was tough because res

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Speaker 2: life didn't have many options for me. But thank the

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Speaker 2: good Lord, a very good friend of mine has a

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Speaker 2: double single, and in the double single he has a

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Speaker 2: whole open bed, a whole other side. It was the

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Speaker 2: perfect opportunity. I like this guy. We can work together.

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Speaker 2: I knew it was going to be a good match.

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Speaker 4: And good at least you got it figured out in

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Speaker 4: the beginning more or less.

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Speaker 1: Yeah, but that is I had to get that off

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Speaker 1: my chest.

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Speaker 4: Leaves and gentlemen, I wasn't sure if you were going

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Speaker 4: to talk about it or not.

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Speaker 5: But that has definitely consumed your weake.

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Speaker 4: It really has around all this snow and to be trapped.

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Speaker 5: I was in a room of marijuana.

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Speaker 2: Barely like nice people over there, but they haven't really

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Speaker 2: offered much that that helps. And I had to figure

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Speaker 2: this out on my own pretty much just by pure luck.

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Speaker 1: This room was available with this person.

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Speaker 4: So I know, Well, Mayor Mallin said, I hate to

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Speaker 4: say this, but he could commute.

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Speaker 5: Yeah, make you could, but I mean it'd make it hard.

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Speaker 1: It really would have wake up.

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Speaker 5: It's just like an hour.

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Speaker 4: It takes about an hour, just about, especially when it's

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Speaker 4: Red hour.

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Speaker 5: Oh yeah, a little bit more, I think.

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Speaker 1: So it's it's so that would be tough. It really was.

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Speaker 4: So I think you need to experience the full college experience.

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Speaker 1: Yeah.

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Speaker 2: Yeah, I'm not too close to home, and you know,

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Speaker 2: Kelly Financial for example, opens a little later, you know

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Speaker 2: what I mean. So it's like like at nine o'clock,

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Speaker 2: you know what I mean, compared to having an eight

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Speaker 2: am you know. And plus I need to get ready

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Speaker 2: in the morning, so I got a lot that time,

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Speaker 2: and then some extra time in case like say flat

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Speaker 2: tire for example.

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Speaker 1: Right, you know what I mean. So I thank god

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Speaker 1: this is over. Jesus.

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Speaker 5: Well, I think you were.

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Speaker 4: You handled it well and you were quite diplomatic.

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Speaker 1: So, ladies and gentlemen, the first lesson that I've.

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Speaker 2: Learned in call it non academically is be choosy about

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Speaker 2: who you select. I had a professor that I had

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Speaker 2: I had to drop her class because she said, it's

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Speaker 2: very difficult to get an A in this class. Everything

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Speaker 2: is analog, et cetera. And I said, you know what,

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Speaker 2: this is not for me. It's not even a topic

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Speaker 2: I'm interested in. I'm going to go find something else

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Speaker 2: that fulfills his credit.

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Speaker 1: And what do you know?

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Speaker 2: Political science does? And he's an amazing professor. His rate

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Speaker 2: my professor is four point four point eight out of

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Speaker 2: five stars.

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Speaker 7: Wow.

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Speaker 2: So so far, I wrote a hopefully a very good paper.

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Speaker 2: I have to see how I did on that for him.

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Speaker 2: And he's very clear about his expectations. Good and he

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Speaker 2: has a clear path to succeed in this class. Whereas

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Speaker 2: his previous professor, who starkly reminded me of a English

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Speaker 2: professor that I had at portsad Abbe, I already knew

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Speaker 2: it was going to be a bad recipe for disaster,

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Speaker 2: so I made sure to drop that immediately. So I

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Speaker 2: have a great lineup of first semester classes.

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Speaker 1: I'm blessed. I have a great group of friends.

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Speaker 2: I'm blessed good and there are some great, great organizations

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Speaker 2: over here at Brian, especially like the club meetings for

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Speaker 2: CEO and it just it's.

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Speaker 1: A great network of people.

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Speaker 8: Good.

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Speaker 2: I'm considering rushing a fraternity Sigma Kai. I've spoken to

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Speaker 2: a lot of the folks over there, and I have

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Speaker 2: to find the rush information for the KAY and you know,

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Speaker 2: obviously I'll check out other fraternities and see if anything

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Speaker 2: works out for me.

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Speaker 1: Ladies and gentlemen. I don't know if you've seen an

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Speaker 1: animal house, but that's the frat.

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Speaker 5: I want to be stop at, William, those.

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Speaker 2: Are the people I want to be with. That's that's

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Speaker 2: the life I want in college. Nothing else.

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Speaker 5: Have you even seen that movie?

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Speaker 1: I haven't watched the entire thing. I've seen parts of it.

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Speaker 5: It's been so many years to watch it.

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Speaker 2: With you before I went off to college, and for

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Speaker 2: some reason you thought it was a bad idea.

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Speaker 7: I don't know.

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Speaker 1: Yeah, I can't put my I can't you know, I

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Speaker 1: can't put together on that.

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Speaker 5: You're funny, William. Oh my end of things. I started

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Speaker 5: my workouts.

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Speaker 1: Oh that's true. You want to talk?

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Speaker 4: Yeah, well, William, for Christmas, you gave me a package

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Speaker 4: of I'm not even sure the name of the package

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Speaker 4: you gave me. But but it included a number of

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Speaker 4: workouts in gym membership.

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Speaker 5: And so I started and she was tough.

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Speaker 1: Oh yeah.

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Speaker 4: That first session I had Mary Madviline was actually home

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Speaker 4: and she was like, Mom, you look shot, said I

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Speaker 4: am beyond shot.

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Speaker 1: I don't know about this.

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Speaker 4: So but the next session was better, and so I'm

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Speaker 4: getting there.

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Speaker 5: I'm getting there.

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Speaker 1: Good.

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Speaker 2: I knew she'd be tough on you, and I did

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Speaker 2: warn you, but you don't experience it until you've experienced it.

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Speaker 1: You don't know what I'm.

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Speaker 5: Saying until I use muscles I have not used in years.

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Speaker 1: That's good.

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Speaker 2: She's going to build those up, William. She's one of

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Speaker 2: the most qualified trainers I know all of them there.

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Speaker 2: So I'm very happy that you're starting this fit.

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Speaker 4: I like the fact that we're close in age and

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Speaker 4: she knows what she's talking about. And this is for

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Speaker 4: those of you who've been following us along.

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Speaker 5: This is William's pre K teacher.

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Speaker 2: Yes, who turned Jim Trader Yes after she retired from

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Speaker 2: her job and her son said, come on over. She

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Speaker 2: had an incredible fitness journey herself. Actually, she was very

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Speaker 2: obese and she had a lot of health problems. And

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Speaker 2: if you look at her now or before and after picture,

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Speaker 2: which she boasts about that, as she should, because she

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Speaker 2: wants to show what can happen, right, And she looked

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Speaker 2: younger than whenever, and she looks better.

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Speaker 1: Too, i'd argue, than when I knew her, when I

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Speaker 1: when she was my preschool teacher years ago, when I

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Speaker 1: was at my.

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Speaker 4: School, when she started this journey, this fitness journey, five

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Speaker 4: years ago, and she has stayed with it.

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Speaker 2: And obviously you're not in a deep area right now, Mom,

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Speaker 2: but I'm happy you're doing this for your health longevity.

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Speaker 2: And I want to say I encourage all of our

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Speaker 2: clients to start something like this, and it was easier said.

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Speaker 5: Than done, but it is because it's not fun.

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Speaker 4: No, the first time was horrible, Like I had dreams

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Speaker 4: at night that I couldn't walk down the stairs the

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Speaker 4: next morning.

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Speaker 1: And actually it.

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Speaker 4: Wasn't as bad the next day as I thought it

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Speaker 4: was going to be. And then the next time, you know,

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Speaker 4: I showed up.

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Speaker 5: I showed up.

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Speaker 1: You know what she says.

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Speaker 2: She says, I don't care if you just come in

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Speaker 2: the gym and just hang out there for five minutes,

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Speaker 2: just go to the gym.

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Speaker 1: That's it. Step one. Just go to the gym. That's it.

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Speaker 1: Just go be there, fill up your water bottle and leave.

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Speaker 1: Just go to the gym. That's it.

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Speaker 2: That was That is one of the best pieces of

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Speaker 2: advice for people who are a little reluctant. In my opinion,

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Speaker 2: I think that it doesn't always have to be all misery,

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Speaker 2: and especially when you look at it. I mean, if

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Speaker 2: you have strong bones from you know, strong resistance training,

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Speaker 2: you know, you decrease the risk of fractures, you increase

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Speaker 2: your metabolic health, which means that your body can produce

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Speaker 2: energy more efficiently, and your quality of life.

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Speaker 1: You know, ideally we all.

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Speaker 2: Live into our eighties and one hundreds, but what's the

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Speaker 2: quality of getting there or preventing an early death in

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Speaker 2: that respect from something chronic And so I think that

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Speaker 2: it can change your life, ladies and gentlemen. I've seen

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Speaker 2: it all the time because when I was working there

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Speaker 2: over the summer, and I will return there over the

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Speaker 2: summer as well. You see people, and you meet people,

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Speaker 2: and you see there before and afters, or you see

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Speaker 2: people in their current befores and you just watch the

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Speaker 2: discipline and.

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Speaker 1: It's really it's really heartwarming to see that.

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Speaker 2: So Bullfrog Fit and Portsmanthrone Island. Ladies and gentlemen, if

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Speaker 2: you want to show up, I want to help them.

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Speaker 2: Give them some free advertising. They really are wonderful people.

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Speaker 1: They are so we recommend them one hundred percent.

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Speaker 4: Absolutely do keep us on your dial. We've got a

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Speaker 4: lot of great content coming your way. Mike do Sin

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Speaker 4: and Greg Workman will explain why retirement income doesn't just happen,

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Speaker 4: it needs to be coordinated to bring clarity, confidence and

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Speaker 4: peace of mind. Mary Madeline Kelly and Greg Murray will

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Speaker 4: explain why doing nothing with your money may quietly cost

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Speaker 4: you more than you think, and how having a plan

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Speaker 4: can replace uncertainty with confidence. When William and I come back,

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Speaker 4: we'll share how simple tax awareness can help families feel

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Speaker 4: more calm, confident, and in control, especially during unpredictable seasons

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Speaker 4: of life.

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Speaker 5: And of course we'll close.

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Speaker 4: The hour with some wit and wisdom from the late

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Speaker 4: Bill Kelly. His words continue to inspire and guide us.

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Speaker 4: That's a wrap for forever, Young thank you for listening,

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Speaker 4: and William, thank you for joining me.

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Speaker 5: We'll be back with more great content. I love you,

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Speaker 5: Honni Allod too.

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Speaker 9: All right, listen to this because this hits close to

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Speaker 9: home for a lot of you. If you're part of

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Speaker 9: the Sandwich generation, you already know what that really means.

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Speaker 1: You've got kids who still.

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Speaker 9: Need help, parents who are starting to need help as well.

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Speaker 9: You may be earning more than you did years ago,

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Speaker 9: but you are also carrying a lot more responsibility college costs, healthcare,

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Speaker 9: supporting family. Whyet the taxes can take a bigger bite

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Speaker 9: than many people expect, because here's the truth. Taxes aren't

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Speaker 9: just about what brackets you're in. They're about where your

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Speaker 9: money is sitting, how it gets taxed when life changes,

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Speaker 9: and life changes fast. That's why Kelly Financial has put

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Speaker 9: together an educational investor guide. It's called Tax Strategies for

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Speaker 9: Retirement Buckets create tax Choices. It explains in plain English

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Speaker 9: how different tax buckets work, why flexibility matters when you're retiring,

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Speaker 9: family needs, caregiving overlap. It's what you need now. Get

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00:16:58,240 --> 00:17:03,200
Speaker 9: a complementary copy free call eight eighty eight hundred eighteen

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Speaker 9: eighty one eight eighty eight hundred eighteen eighty one or

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Speaker 9: email Kelly at Kelly Financial dot org Kelly at Kelly

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Speaker 9: Financial dot org.

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Speaker 1: Welcome back, to save money strategies. I'm like du SAT

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Speaker 1: chief operating officer, and as always I'm joined by Greg Workman,

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Speaker 1: investment advisor. Greg. Last week we spent the entire show

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Speaker 1: talking about retirement expenses, which ones go up, which ones

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Speaker 1: go down, and which disappear altogether. Today we're focusing on

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Speaker 1: the other side of the equation. That's right, Mike.

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Speaker 6: Retirement planning is about balance expenses around one side, income

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Speaker 6: is on the other. Can't fully understand one without the other.

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Speaker 6: And yet most people focused almost exclusively on what retirement

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Speaker 6: will cost without having clarity around how income will actually show.

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Speaker 1: Up, and that's what stress tends to creep in during

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Speaker 1: your working years. Income is simple, you earn a paycheck.

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Speaker 1: In retirement, income often comes from multiple sources, starts and

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Speaker 1: stops at different times, and is taxed in different ways exactly.

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Speaker 6: Retirement income doesn't just happen, it's coordinated. For most of

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Speaker 6: the people we work with, income comes from a few

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Speaker 6: primary sources social security, sometimes a pension, and in some

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Speaker 6: cases rental income or other cash flowing assets. Once we

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Speaker 6: understand those, we can line them up against expenses and

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Speaker 6: determine whether there's a surplus or a shortfall.

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Speaker 1: Let's start with social security, because for the vast majority

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Speaker 1: of retirees it forms the foundation of their income plan.

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Speaker 6: And even though almost everyone receives Social Security, very few

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Speaker 6: people truly understand their options. Social Security is not just

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Speaker 6: one number. It's a decision with long term consequences.

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Speaker 1: Claiming at age sixty two full retirement age, or waiting

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Speaker 1: until age seventy can mean tens or even hundreds of

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Speaker 1: thousands of dollars in difference over a lifetime. That's why

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Speaker 1: we don't make assumptions.

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Speaker 6: We run multiple Social Security claiming scenarios to see how

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Speaker 6: each option impacts lifetime income, cash flow, and survivor benefits.

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Speaker 1: For married couples, this becomes even more important. Source security

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Speaker 1: isn't just about maximizing today's check. It's about coordinating benefits

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Speaker 1: so that income continues for the surviving spouse.

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Speaker 6: And sometimes the strategy that produces the biggest check isn't

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Speaker 6: the strategy that makes the most sense financially. Other income sources, health,

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Speaker 6: longevity expectations, and portfolio assets all factor into the equation.

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Speaker 1: Another income source we see, though less frequently than in

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Speaker 1: the past, is a pension.

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Speaker 6: Unfortunately, traditional defined benefit pensions are becoming less common as

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Speaker 6: employers shift toward defined contribution plans like for one case,

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Speaker 6: but for those who do have a pension, the decisions

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Speaker 6: are often permanent.

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Speaker 1: We help clients evaluate options such as taking a lump

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Speaker 1: sum versus monthly income, choosing life only or joint and

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Speaker 1: survivor benefits, understanding how pension income interacts with social security,

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Speaker 1: and evaluating what happens if one spouse passes away.

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Speaker 6: These are not decisions that you want to make an isolation.

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Speaker 6: A pension can provide predictable lifetime income, which can reduce

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Speaker 6: pressure on investment assets, but only if it's structured properly

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Speaker 6: within the overall plan.

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Speaker 1: We also work with many people who have rental property

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Speaker 1: or other income producing assets.

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Speaker 6: Rental income can be a great supplement and retirement, but

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Speaker 6: it needs to be evaluated realistically. We look at net

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Speaker 6: income after maintenance, taxes, insurance, and vacancies, not just the

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Speaker 6: rent check.

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Speaker 1: We also talk about sustainability. Managing property and retirement can

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Speaker 1: feel very different at age seventy than it does at

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Speaker 1: age fifty five.

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Speaker 6: Rental income can absolutely reduce reliance on investment withdrawals, but

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Speaker 6: only if it's reliable and aligned with lifestyle goals.

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Speaker 1: Once we've identified all sources of income social security, pensions,

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Speaker 1: rental income, we compare them to expenses.

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Speaker 6: This is where everything comes together. We calculate monthly income

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Speaker 6: and match it against monthly expenses to determine whether there's

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Speaker 6: a cash flow surplus or a deficit.

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Speaker 1: If income covers anticipated expenses, that's a great position to

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Speaker 1: be in. It allows investments to be positioned more strategically, and.

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Speaker 6: If there's a shortfall, that's not a failure. It's simply information.

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Speaker 6: It tells us how much needs to come from the

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Speaker 6: portfolio and helps shape the investment strategy.

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Speaker 1: Understanding cash flow allows you to turn the page and

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Speaker 1: make smarter investment decisions.

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Speaker 6: Mike, let's walk through a hypothetical client example that reflects

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Speaker 6: what we commonly see.

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Speaker 1: In this example, we'll call them John and Susan. They

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Speaker 1: were naring retirement with multiple income sources, social Security, a

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Speaker 1: pension option, and a rental property. They felt prepared, but

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Speaker 1: they weren't confident.

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Speaker 6: They didn't know whether their income would actually cover their expenses,

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Speaker 6: and that uncertainty made it difficult to commit to a

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Speaker 6: retirement date.

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Speaker 1: So in this hypothetical example, we slowed everything down we

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Speaker 1: ran social security scenarios, evaluated pension options, reviewed rental income,

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Speaker 1: and then compared everything to their expenses. The result was clarity.

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Speaker 6: They could see exactly how much income was guaranteed and

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Speaker 6: how much flexibility they had. That understanding change how they

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Speaker 6: felt about investing.

445
00:22:32,480 --> 00:22:35,439
Speaker 1: And risk, and this is where income planning becomes the

446
00:22:35,480 --> 00:22:37,080
Speaker 1: foundation for everything else.

447
00:22:37,280 --> 00:22:40,160
Speaker 6: Once we know the income picture, we can help determine

448
00:22:40,200 --> 00:22:44,640
Speaker 6: the best investment allocation to complement the plan, rather than

449
00:22:44,720 --> 00:22:47,360
Speaker 6: guessing or reacting to the markets.

450
00:22:47,520 --> 00:22:50,960
Speaker 1: If your approaching retirement and unsure how your income sources

451
00:22:51,000 --> 00:22:53,560
Speaker 1: will work together, we encourage you to start with our

452
00:22:53,600 --> 00:22:57,000
Speaker 1: Safe Money Strategy's workbook. It helps organize your thoughts and

453
00:22:57,080 --> 00:22:58,800
Speaker 1: leads to a complementary conversation.

454
00:22:59,080 --> 00:23:04,120
Speaker 6: Confidence in reti hirement starts with understanding your income.

455
00:23:04,320 --> 00:23:05,760
Speaker 1: Stay with us, We'll be right back.

456
00:23:10,160 --> 00:23:14,760
Speaker 3: Kelly Financial Services eight eight hundred eighteen eighty one.

457
00:23:15,560 --> 00:23:19,480
Speaker 4: I'm Kelly Kelly from Kelly Financial. Is your financial advisor

458
00:23:19,560 --> 00:23:23,280
Speaker 4: a fiduciary? In other words, are they legally required to

459
00:23:23,400 --> 00:23:27,640
Speaker 4: act in your best interest. My complimentary book, Retire Your Fear,

460
00:23:27,760 --> 00:23:31,240
Speaker 4: Plan Your Future explains what a fiduciary is and will

461
00:23:31,280 --> 00:23:35,000
Speaker 4: help you understand if an advisor is really putting you first.

462
00:23:35,240 --> 00:23:38,200
Speaker 4: For the book, call eight eight eight eight hundred eighteen

463
00:23:38,240 --> 00:23:42,040
Speaker 4: eighty one or email Kelly at Kellyfinancial dot org.

464
00:23:42,160 --> 00:23:44,920
Speaker 5: We're Kelly Financial. Come Retire with Us.

465
00:23:46,400 --> 00:23:49,159
Speaker 10: I'm John Boudris, and welcome to a new edition of

466
00:23:49,240 --> 00:23:50,800
Speaker 10: Kelly Financial's.

467
00:23:50,240 --> 00:23:51,439
Speaker 1: What would Bill Say?

468
00:23:51,800 --> 00:23:54,960
Speaker 10: The Wit and Wisdom of the Late Bill Kelly. Today

469
00:23:55,040 --> 00:23:57,080
Speaker 10: we'll address fact from fiction.

470
00:23:57,600 --> 00:23:59,760
Speaker 8: You can always make money if you haven't if you

471
00:23:59,800 --> 00:24:02,520
Speaker 8: lose it all, it's very difficult to do that. So

472
00:24:02,600 --> 00:24:04,800
Speaker 8: you have to have a plan. If the market goes

473
00:24:05,240 --> 00:24:07,480
Speaker 8: up quite a bit or down quite a bit, you

474
00:24:07,560 --> 00:24:09,879
Speaker 8: have to be ready. And how do you sort fact

475
00:24:09,960 --> 00:24:10,520
Speaker 8: from fiction?

476
00:24:10,840 --> 00:24:15,359
Speaker 10: Download Kelly Financial's Consumer Guide simply called the Value of

477
00:24:15,400 --> 00:24:18,800
Speaker 10: an Objective Opinion. With so much at steak with your

478
00:24:18,840 --> 00:24:23,280
Speaker 10: retirement future, you don't just want any financial advice, but

479
00:24:23,480 --> 00:24:28,520
Speaker 10: objective financial advice, and as a fiduciary, Kelly Financial puts

480
00:24:28,680 --> 00:24:33,320
Speaker 10: your interests above all else. Go to Kellyfinancial dot org

481
00:24:33,480 --> 00:24:36,399
Speaker 10: or call eight eight eight eight hundred and eighteen eighty

482
00:24:36,440 --> 00:24:37,680
Speaker 10: one to get the guide.

483
00:24:37,800 --> 00:24:40,080
Speaker 1: Ladies and gentlemen, sort fact from fiction.

484
00:24:40,240 --> 00:24:45,640
Speaker 10: We are Kelly Financial Services. Come retire with us.

485
00:24:45,640 --> 00:24:49,800
Speaker 3: The Money Wrap with Kelly Financial Advisors Greg Murray and

486
00:24:49,960 --> 00:24:51,879
Speaker 3: Mary Madeline Kelly.

487
00:24:52,720 --> 00:24:55,680
Speaker 7: Hello, this is Greg Murray, senior vice president and chief

488
00:24:55,760 --> 00:24:59,000
Speaker 7: Compliance officer at Kelly Financial Services. Trying to me today

489
00:24:59,080 --> 00:25:01,720
Speaker 7: is Mary Madeline Key, one of our wealth advisors. How

490
00:25:01,720 --> 00:25:02,520
Speaker 7: are you doing today?

491
00:25:02,680 --> 00:25:02,840
Speaker 6: Hi?

492
00:25:02,920 --> 00:25:06,040
Speaker 11: Greg, I'm doing well. Thanks for asking. It's been really

493
00:25:06,080 --> 00:25:08,840
Speaker 11: hard not skiing these past two weeks with all of

494
00:25:08,880 --> 00:25:13,400
Speaker 11: this snow we've been getting. Unfortunately, I have other responsibilities now,

495
00:25:13,720 --> 00:25:15,879
Speaker 11: but I know that there'll be other great pal days

496
00:25:15,920 --> 00:25:16,640
Speaker 11: on the horizon.

497
00:25:16,880 --> 00:25:19,680
Speaker 7: I know exactly how you feel. Watching all the snowfall

498
00:25:19,720 --> 00:25:21,960
Speaker 7: and not being able to get out there has been brutal,

499
00:25:22,119 --> 00:25:24,520
Speaker 7: and that's the scary you know. The worst feeling isn't falling,

500
00:25:24,720 --> 00:25:27,119
Speaker 7: it's standing at the base of the mountain watching everyone

501
00:25:27,160 --> 00:25:30,119
Speaker 7: else go while you're stuck waiting. And honestly, that's a

502
00:25:30,119 --> 00:25:32,200
Speaker 7: pretty good setup for what we're talking about today.

503
00:25:32,400 --> 00:25:35,320
Speaker 11: And I'm really excited about today's topic because it's something

504
00:25:35,359 --> 00:25:37,880
Speaker 11: we see all the time and it surprises people when

505
00:25:37,880 --> 00:25:39,920
Speaker 11: they realize what it's actually costing them.

506
00:25:40,080 --> 00:25:42,399
Speaker 7: That's right. Today, we're talking about the hidden cost of

507
00:25:42,440 --> 00:25:43,760
Speaker 7: doing nothing with your money.

508
00:25:43,840 --> 00:25:47,440
Speaker 11: Yes, and when people hear that, they usually think, well,

509
00:25:47,520 --> 00:25:50,719
Speaker 11: doing nothing sounds safe, no big risks, no big moves.

510
00:25:51,160 --> 00:25:53,960
Speaker 11: But what many people don't realize is that doing nothing

511
00:25:54,080 --> 00:25:57,119
Speaker 11: is still a financial decision, and it often comes with

512
00:25:57,200 --> 00:25:58,200
Speaker 11: real consequences.

513
00:25:58,400 --> 00:25:58,840
Speaker 1: Exactly.

514
00:25:58,920 --> 00:26:01,399
Speaker 7: Let's start with the most about is what cash sitting

515
00:26:01,400 --> 00:26:04,080
Speaker 7: on the sidelines. A lot of people feel comfortable keeping

516
00:26:04,119 --> 00:26:07,119
Speaker 7: money and checking accounts, saving accounts, or money markets because

517
00:26:07,119 --> 00:26:07,760
Speaker 7: it feels.

518
00:26:07,520 --> 00:26:10,760
Speaker 11: Stable, and there's nothing wrong with having cash for emergencies

519
00:26:10,840 --> 00:26:13,720
Speaker 11: or short term needs. But when too much money sits

520
00:26:13,720 --> 00:26:17,040
Speaker 11: idle for too long, inflation quietly eats away at its

521
00:26:17,040 --> 00:26:17,879
Speaker 11: purchasing power.

522
00:26:18,040 --> 00:26:20,760
Speaker 7: Even when interest rates are higher, inflation and taxes can

523
00:26:20,800 --> 00:26:23,520
Speaker 7: still mean your money isn't actually growing in real terms.

524
00:26:23,680 --> 00:26:26,480
Speaker 11: So the first hidden cost of doing nothing is loss

525
00:26:26,480 --> 00:26:29,800
Speaker 11: of purchasing power. Your money may look the same on paper, but.

526
00:26:29,720 --> 00:26:31,119
Speaker 5: It buys less over time.

527
00:26:31,400 --> 00:26:34,840
Speaker 7: Another hidden cost is missed opportunity. Markets don't wait until

528
00:26:34,840 --> 00:26:37,399
Speaker 7: you feel ready. People often tell us I'm just waiting

529
00:26:37,400 --> 00:26:38,680
Speaker 7: for things to calm down.

530
00:26:38,640 --> 00:26:41,840
Speaker 11: And the reality is markets are always dealing with something.

531
00:26:42,040 --> 00:26:46,639
Speaker 11: There's always uncertainty headlines, elections, or global events. Waiting for

532
00:26:46,680 --> 00:26:51,480
Speaker 11: the perfect time often means missing long term growth opportunities.

533
00:26:50,960 --> 00:26:54,080
Speaker 7: And of course, investing in Ball's risk, including the potential

534
00:26:54,160 --> 00:26:57,640
Speaker 7: loss of principle, but avoiding investing altogether has risked too.

535
00:26:57,760 --> 00:26:59,280
Speaker 7: They're just quieter and easier to.

536
00:26:59,280 --> 00:27:02,440
Speaker 11: Ignore exactly, and we often see this with people who

537
00:27:02,440 --> 00:27:06,280
Speaker 11: have retirement accounts sitting in very conservative allocations for years,

538
00:27:06,680 --> 00:27:09,320
Speaker 11: not because it fits their plan, but because they were

539
00:27:09,320 --> 00:27:10,520
Speaker 11: afraid to make a decision.

540
00:27:10,640 --> 00:27:13,240
Speaker 7: Another cost of doing nothing shows up around tax planning.

541
00:27:13,560 --> 00:27:15,719
Speaker 7: But people don't take action early in the year, they

542
00:27:15,760 --> 00:27:16,720
Speaker 7: lose flexibility.

543
00:27:16,880 --> 00:27:21,040
Speaker 11: Yes, things like roth conversions, charitable strategies, or even adjusting

544
00:27:21,040 --> 00:27:24,360
Speaker 11: withholding work best when you plan ahead. Waiting until December

545
00:27:24,440 --> 00:27:27,919
Speaker 11: often means your options are limited or gone altogether, so for.

546
00:27:28,040 --> 00:27:32,000
Speaker 7: Crastination can actually lead to higher taxes simply because opportunities

547
00:27:32,000 --> 00:27:32,639
Speaker 7: weren't used.

548
00:27:32,800 --> 00:27:35,760
Speaker 11: And then there's the emotional cost. People who do nothing

549
00:27:35,840 --> 00:27:39,600
Speaker 11: financially often carry a lot of background stress. They're constantly

550
00:27:39,640 --> 00:27:42,199
Speaker 11: wondering am I doing the right thing? Or am I

551
00:27:42,240 --> 00:27:43,000
Speaker 11: falling behind?

552
00:27:43,160 --> 00:27:46,520
Speaker 7: That uncertainty can be exhausting. Ironically, even if people who

553
00:27:46,600 --> 00:27:48,760
Speaker 7: planning and money can feel anxious if they don't have

554
00:27:48,800 --> 00:27:49,960
Speaker 7: a plan exactly.

555
00:27:50,200 --> 00:27:53,440
Speaker 11: Financial confidence doesn't come from having more money. It comes

556
00:27:53,440 --> 00:27:55,240
Speaker 11: from knowing what your money is doing.

557
00:27:55,359 --> 00:27:55,879
Speaker 5: And why.

558
00:27:56,000 --> 00:27:57,840
Speaker 7: We also see the cost of doing nothing when it

559
00:27:57,840 --> 00:28:01,159
Speaker 7: comes to life changes. People delay this same after retirement,

560
00:28:01,280 --> 00:28:04,159
Speaker 7: a job, chage, inheritance, are selling a home, and that

561
00:28:04,240 --> 00:28:06,720
Speaker 7: money just sit there without a clear purpose, and sometimes

562
00:28:06,800 --> 00:28:07,480
Speaker 7: years go by.

563
00:28:07,760 --> 00:28:11,160
Speaker 11: At that point, the biggest loss is just financial it's time.

564
00:28:11,560 --> 00:28:13,879
Speaker 11: Time is one of the most powerful tools we have,

565
00:28:14,200 --> 00:28:15,000
Speaker 11: and you can't.

566
00:28:14,800 --> 00:28:16,880
Speaker 7: Get it back. So let's be clear. We're not saying

567
00:28:16,920 --> 00:28:20,320
Speaker 7: people should rush into decisions or take unnecessary risks, not

568
00:28:20,440 --> 00:28:20,840
Speaker 7: at all.

569
00:28:21,080 --> 00:28:24,680
Speaker 11: The goal isn't action for action's sake, it's intentional action.

570
00:28:25,359 --> 00:28:28,280
Speaker 11: Even choosing to stay conservative should be a conscious choice

571
00:28:28,320 --> 00:28:28,760
Speaker 11: tied to.

572
00:28:28,720 --> 00:28:31,800
Speaker 7: A plan exactly. Doing nothing without a reason is very

573
00:28:31,800 --> 00:28:34,280
Speaker 7: different from choosing a strategy that fits your goals.

574
00:28:34,480 --> 00:28:37,159
Speaker 11: So let's summarize for our listeners. Some of the hidden

575
00:28:37,200 --> 00:28:39,920
Speaker 11: costs of doing nothing with your money include loss of

576
00:28:39,960 --> 00:28:44,840
Speaker 11: purchasing power due to inflation, missed investment opportunities, fewer tax

577
00:28:44,880 --> 00:28:49,680
Speaker 11: planning options, increase stress and uncertainty, and lost time, which

578
00:28:49,680 --> 00:28:51,400
Speaker 11: you can't replace perfect subverary.

579
00:28:51,520 --> 00:28:54,960
Speaker 7: It is always important to remember that investing involves risk,

580
00:28:55,240 --> 00:28:58,960
Speaker 7: including the potential loss of principle, and every financial decision

581
00:28:58,960 --> 00:29:03,160
Speaker 7: should be made in the content for individual goals and situation, absolutely,

582
00:29:03,400 --> 00:29:06,200
Speaker 7: But the key takeaway here is simple. Having a plan

583
00:29:06,360 --> 00:29:09,160
Speaker 7: is almost always better than having no plan, and that's

584
00:29:09,160 --> 00:29:11,440
Speaker 7: where we can help. At Kelly Financial. We help people

585
00:29:11,480 --> 00:29:14,840
Speaker 7: move from uncertainty to clarity, not by taking reckless risks,

586
00:29:14,880 --> 00:29:17,760
Speaker 7: but making thoughtful, informed decisions.

587
00:29:17,200 --> 00:29:19,960
Speaker 11: Because the biggest risk for many people is at long

588
00:29:20,040 --> 00:29:23,040
Speaker 11: term market volatilly it's standing still for too long.

589
00:29:23,200 --> 00:29:25,400
Speaker 7: Well said, that's going to wrap things up for today.

590
00:29:25,600 --> 00:29:27,320
Speaker 7: If you're sitting on money, I'm not sure what to

591
00:29:27,320 --> 00:29:29,400
Speaker 7: do next, give us a call. We'd be happy to

592
00:29:29,400 --> 00:29:30,760
Speaker 7: help you explore your options.

593
00:29:30,920 --> 00:29:34,080
Speaker 11: Absolutely well, Greg, I thank you for your time and

594
00:29:34,200 --> 00:29:35,200
Speaker 11: I'll see you next week.

595
00:29:35,440 --> 00:29:38,360
Speaker 3: To get in touch with Greg Murray or Mary, Madeline

596
00:29:38,400 --> 00:29:41,960
Speaker 3: Kelly or any member of the Kelly Financial team, call

597
00:29:42,120 --> 00:29:44,280
Speaker 3: aight A eight eight hundred.

598
00:29:44,200 --> 00:29:45,760
Speaker 1: Eighteen eighty one.

599
00:29:48,400 --> 00:29:52,920
Speaker 3: Save Money Strategies with William Kelly and Kelly Kelly Call

600
00:29:53,040 --> 00:29:57,000
Speaker 3: the team on eight eight eight hundred eighteen eighty one

601
00:29:57,840 --> 00:30:03,160
Speaker 3: than Care.

602
00:30:03,880 --> 00:30:09,160
Speaker 4: Welcome back to save Money Strategies right here on WRKO.

603
00:30:09,560 --> 00:30:11,400
Speaker 5: I'm Kelly Kelly.

604
00:30:11,120 --> 00:30:13,480
Speaker 2: And I'm William Kelly, and today we're talking to a

605
00:30:13,480 --> 00:30:16,680
Speaker 2: group of people who are caring a lot financially, emotionally,

606
00:30:16,840 --> 00:30:17,480
Speaker 2: and mentally.

607
00:30:17,760 --> 00:30:21,800
Speaker 4: If you're helping an aging parent, if you're supporting an

608
00:30:21,880 --> 00:30:25,280
Speaker 4: adult child, and you're still trying to protect your own

609
00:30:25,320 --> 00:30:29,760
Speaker 4: household and your own retirement, you are part of what's

610
00:30:29,840 --> 00:30:31,800
Speaker 4: called the Sandwich generation.

611
00:30:32,120 --> 00:30:34,800
Speaker 2: And while that name sounds simple, that reality behind it

612
00:30:34,880 --> 00:30:36,000
Speaker 2: is anything but simple.

613
00:30:36,360 --> 00:30:40,560
Speaker 4: These are the years when life feels full, your calendar

614
00:30:40,680 --> 00:30:46,000
Speaker 4: is full, your responsibilities are full, and your financial decisions

615
00:30:46,080 --> 00:30:48,320
Speaker 4: feel heavier than ever before.

616
00:30:48,920 --> 00:30:51,920
Speaker 2: Because these years often happen during your peak earning years,

617
00:30:52,280 --> 00:30:54,880
Speaker 2: but also during your peak responsibility.

618
00:30:54,200 --> 00:30:57,560
Speaker 4: Years, You're trying to do the right thing for everyone,

619
00:30:58,080 --> 00:31:02,360
Speaker 4: but sometimes it feels like no matter how much you earn,

620
00:31:02,920 --> 00:31:05,040
Speaker 4: it never feels like enough.

621
00:31:05,520 --> 00:31:08,680
Speaker 2: That's because earning more doesn't always mean keeping more, especially

622
00:31:08,760 --> 00:31:10,640
Speaker 2: when you're supporting multiple generations.

623
00:31:10,920 --> 00:31:16,640
Speaker 4: The Sandwich generation typically includes adults in their forties, fifties,

624
00:31:16,760 --> 00:31:21,840
Speaker 4: and sixties who are caring for parents while still supporting children.

625
00:31:22,520 --> 00:31:25,560
Speaker 2: Sometimes that means college tuition, sometimes it means helping a

626
00:31:25,600 --> 00:31:28,160
Speaker 2: grown child get back on their feet, and sometimes it.

627
00:31:28,120 --> 00:31:30,960
Speaker 1: Means medical support, housing, or caregiving for a parent.

628
00:31:31,200 --> 00:31:35,880
Speaker 4: And all of this usually happens during your highest earning years,

629
00:31:36,320 --> 00:31:39,360
Speaker 4: when your income may be higher than it's ever.

630
00:31:39,160 --> 00:31:43,360
Speaker 2: Been both higher income comes, higher tax brackets, fewer deductions,

631
00:31:43,440 --> 00:31:44,600
Speaker 2: and less flexibility.

632
00:31:44,800 --> 00:31:48,840
Speaker 4: Many people assume that if they're supporting family, the tax

633
00:31:48,920 --> 00:31:52,520
Speaker 4: system will recognize that automatically.

634
00:31:52,080 --> 00:31:55,400
Speaker 2: But most families quickly discover this isn't how the system works.

635
00:31:56,080 --> 00:32:00,960
Speaker 4: Instead, they feel squeezed earning more but keeping LSD when.

636
00:32:00,760 --> 00:32:04,160
Speaker 2: That pressure shows up in more ways than people expect.

637
00:32:03,760 --> 00:32:07,320
Speaker 4: And for many families, that pressure doesn't show up all

638
00:32:07,360 --> 00:32:07,880
Speaker 4: at once.

639
00:32:08,560 --> 00:32:10,200
Speaker 5: It builds quietly.

640
00:32:10,880 --> 00:32:15,720
Speaker 4: It shows up in small decisions that slowly become heavier.

641
00:32:16,560 --> 00:32:19,800
Speaker 4: Do we help moms stay in her house another year?

642
00:32:20,680 --> 00:32:24,320
Speaker 4: Do we co sign for our child's apartment? Do we

643
00:32:24,400 --> 00:32:27,760
Speaker 4: dip into savings to cover something unexpected?

644
00:32:28,360 --> 00:32:30,600
Speaker 2: And none of those decisions feel optimal in the moment,

645
00:32:30,680 --> 00:32:33,800
Speaker 2: They feel necessary, they feel human, but they also reshape

646
00:32:33,840 --> 00:32:36,480
Speaker 2: your financial life in ways most people never plan for.

647
00:32:36,800 --> 00:32:40,320
Speaker 4: What makes this even harder is that these years are

648
00:32:40,480 --> 00:32:47,080
Speaker 4: already busy. You're juggling careers, health, family schedules, and future goals,

649
00:32:47,520 --> 00:32:52,040
Speaker 4: so taxes often get pushed to the side until something changes.

650
00:32:52,720 --> 00:32:55,520
Speaker 2: And when something does change, families are often surprised by

651
00:32:55,520 --> 00:32:57,479
Speaker 2: how quickly their tax picture can shift.

652
00:32:57,680 --> 00:33:02,560
Speaker 4: Caregiving doesn't just affect yourself gradule. It affects your finances,

653
00:33:02,800 --> 00:33:05,480
Speaker 4: your cash flow, and your tax return.

654
00:33:05,840 --> 00:33:09,440
Speaker 2: You might be paying for prescriptions, groceries, utilities, housing, or

655
00:33:09,440 --> 00:33:10,320
Speaker 2: in home care.

656
00:33:10,160 --> 00:33:10,680
Speaker 1: For a parent.

657
00:33:11,280 --> 00:33:15,360
Speaker 4: You may be helping an adult child with rent, car payments,

658
00:33:15,640 --> 00:33:16,720
Speaker 4: or student loans.

659
00:33:16,960 --> 00:33:19,480
Speaker 2: But many families are surprised to learn that support doesn't

660
00:33:19,480 --> 00:33:22,080
Speaker 2: automatically qualify for deductions or credits.

661
00:33:22,280 --> 00:33:25,960
Speaker 4: And if you reduce work hours or take consulting income

662
00:33:26,120 --> 00:33:31,000
Speaker 4: to create flexibility, that can change your tax situation in

663
00:33:31,200 --> 00:33:32,400
Speaker 4: unexpected ways.

664
00:33:32,960 --> 00:33:35,520
Speaker 2: Income shifts can push you into a different tax bracket

665
00:33:35,640 --> 00:33:38,000
Speaker 2: or affect Medicare surcharges.

666
00:33:37,520 --> 00:33:42,520
Speaker 4: And that complexity causes many families to miss benefits they're

667
00:33:42,520 --> 00:33:43,320
Speaker 4: eligible for.

668
00:33:43,640 --> 00:33:45,560
Speaker 1: This is where awareness begins to matter.

669
00:33:45,720 --> 00:33:50,080
Speaker 4: For example, the Child Independent Care Credit may apply to

670
00:33:50,240 --> 00:33:52,840
Speaker 4: elder care, not just childcare.

671
00:33:53,080 --> 00:33:55,680
Speaker 2: The credit for other Dependents may apply to aging parents

672
00:33:55,720 --> 00:33:57,280
Speaker 2: who don't qualify as dependents.

673
00:33:57,560 --> 00:34:02,280
Speaker 4: Education credits can help when support adult children, but income

674
00:34:02,400 --> 00:34:04,160
Speaker 4: limits and rules matter.

675
00:34:04,880 --> 00:34:07,920
Speaker 2: Many families miss these simply because they assume they don't qualify.

676
00:34:08,200 --> 00:34:12,120
Speaker 4: Tax relief exists, but is rarely automatic.

677
00:34:12,760 --> 00:34:16,319
Speaker 1: One unusual year, selling a home, receiving a bonus, or

678
00:34:16,360 --> 00:34:18,520
Speaker 1: consulting can change your tax picture.

679
00:34:18,760 --> 00:34:24,920
Speaker 4: It may trigger medicare surcharges, higher future taxes, or loss credits.

680
00:34:25,239 --> 00:34:28,360
Speaker 2: Families often underestimate how timing affects taxes.

681
00:34:28,760 --> 00:34:32,760
Speaker 4: Taxes aren't just about how much you earn, They're about

682
00:34:32,800 --> 00:34:34,480
Speaker 4: when and how you earn it.

683
00:34:34,719 --> 00:34:39,040
Speaker 2: Healthcare is often the largest unexpected expense for Sandwich generation families.

684
00:34:39,280 --> 00:34:43,279
Speaker 4: Hsas can offer unique tax advantages when eligible.

685
00:34:43,920 --> 00:34:46,879
Speaker 2: Out of pocket medical costs may qualify for deductions when

686
00:34:46,960 --> 00:34:47,719
Speaker 2: tracked properly.

687
00:34:47,920 --> 00:34:53,160
Speaker 4: Many families lose deductions simply because they aren't organized consistently.

688
00:34:53,719 --> 00:34:56,440
Speaker 2: Hi Kelly Financial we help family see how taxes fit

689
00:34:56,480 --> 00:34:57,400
Speaker 2: into the bigger picture.

690
00:34:58,040 --> 00:35:02,400
Speaker 4: We focus on education, not complexity, clarity.

691
00:35:03,040 --> 00:35:06,879
Speaker 2: We show families how different tax buckets create flexibility, and.

692
00:35:06,920 --> 00:35:12,320
Speaker 4: We offer our free guide tax strategies for retirement. Buckets

693
00:35:12,480 --> 00:35:18,400
Speaker 4: create tax choices to help families understand how today's choices

694
00:35:18,560 --> 00:35:20,040
Speaker 4: shape tomorrow's income.

695
00:35:20,440 --> 00:35:23,960
Speaker 2: Because good tax decisions aren't about loopholes, they're about clarity.

696
00:35:24,480 --> 00:35:28,560
Speaker 4: When we return, we'll look at practical tax aware ways

697
00:35:28,960 --> 00:35:35,120
Speaker 4: families can reduce stress and protect flexibility.

698
00:35:36,280 --> 00:35:40,399
Speaker 3: Safe money strategies brought to you by Kelly Financial Services.

699
00:35:40,600 --> 00:35:44,360
Speaker 3: Call eight eight eight eight hundred eighteen eighty one or

700
00:35:44,440 --> 00:35:46,400
Speaker 3: visit Kellyfinancial dot org.

701
00:35:46,960 --> 00:35:50,920
Speaker 10: Ready to enjoy your golden years without worry. At Kelly Financial,

702
00:35:51,040 --> 00:35:54,359
Speaker 10: we know retirement planning can be overwhelming. With more than

703
00:35:54,400 --> 00:35:58,120
Speaker 10: twenty two years of experience, our friendly team of advisors

704
00:35:58,200 --> 00:36:01,359
Speaker 10: makes it easy and stress free. Trust us to help

705
00:36:01,400 --> 00:36:04,880
Speaker 10: you create a secure and enjoyable future. For a free

706
00:36:04,960 --> 00:36:09,240
Speaker 10: initial retirement consultation, called eight eight eight eight hundred eighteen

707
00:36:09,280 --> 00:36:13,480
Speaker 10: eighty one or email Kelly at Kellyfinancial dot org. We're

708
00:36:13,560 --> 00:36:16,160
Speaker 10: Kelly Financial. Come retire with us.

709
00:36:16,480 --> 00:36:21,000
Speaker 3: Safe Money Strategies with William Kelly and Kelly Kelly. Call

710
00:36:21,120 --> 00:36:25,080
Speaker 3: the team on eight eight eight hundred eighteen eighty one.

711
00:36:26,239 --> 00:36:33,799
Speaker 4: Care Welcome back to Save Money Strategies on WRKO.

712
00:36:34,280 --> 00:36:35,839
Speaker 5: I'm Kelly Kelly.

713
00:36:35,880 --> 00:36:36,840
Speaker 1: And I'm William Kelly.

714
00:36:37,080 --> 00:36:39,439
Speaker 2: In our first segment, we talked about why taxes feel

715
00:36:39,480 --> 00:36:43,120
Speaker 2: heavier when you're supporting parents, children, and your own household

716
00:36:43,239 --> 00:36:44,080
Speaker 2: at the same time.

717
00:36:44,480 --> 00:36:49,319
Speaker 4: And if that sounded familiar, you're not alone. For many families,

718
00:36:49,480 --> 00:36:54,120
Speaker 4: this season of life can feel overwhelming, not because they

719
00:36:54,160 --> 00:36:57,360
Speaker 4: don't care, but because they care deeply.

720
00:36:57,920 --> 00:36:59,960
Speaker 1: They're trying to show up for everyone.

721
00:37:00,000 --> 00:37:02,719
Speaker 2: When something feels too complex or too emotional, it often

722
00:37:02,760 --> 00:37:03,760
Speaker 2: gets pushed aside.

723
00:37:04,200 --> 00:37:07,120
Speaker 4: That's especially true when it comes to taxes.

724
00:37:07,520 --> 00:37:11,080
Speaker 2: During caregiving years, most families are focused on people, not paperwork.

725
00:37:11,360 --> 00:37:15,480
Speaker 4: Your attention is on your parents, help your children's future,

726
00:37:15,800 --> 00:37:17,920
Speaker 4: and keeping your own household.

727
00:37:18,000 --> 00:37:21,600
Speaker 2: Running tax rules can feel disconnected from real life. They

728
00:37:21,640 --> 00:37:24,760
Speaker 2: often feel cold, complicated, and hard to navigate.

729
00:37:25,239 --> 00:37:28,359
Speaker 4: And when people feel overwhelmed, they don't lean in.

730
00:37:28,719 --> 00:37:29,760
Speaker 5: They step back.

731
00:37:30,520 --> 00:37:33,560
Speaker 2: That's when opportunities are missed, not because people don't care,

732
00:37:33,640 --> 00:37:35,600
Speaker 2: but because they're already caring so much.

733
00:37:36,360 --> 00:37:40,799
Speaker 4: Most tax mistakes come from overwhelm, not ignorance.

734
00:37:41,600 --> 00:37:44,000
Speaker 1: So what actually helps families feel more in control?

735
00:37:44,239 --> 00:37:48,160
Speaker 4: For many families, the first step toward feeling more in

736
00:37:48,280 --> 00:37:53,600
Speaker 4: control is realizing they're not behind, they're not failing. They're

737
00:37:53,640 --> 00:37:57,600
Speaker 4: responding to a season of life that was never designed

738
00:37:57,640 --> 00:37:58,400
Speaker 4: to be simple.

739
00:37:59,040 --> 00:38:01,880
Speaker 2: We see this come and feeling like they've done something wrong,

740
00:38:02,160 --> 00:38:04,319
Speaker 2: when in reality, they've just been doing something hard.

741
00:38:04,560 --> 00:38:10,000
Speaker 4: They've been helping parents, supporting children, managing careers, and still

742
00:38:10,040 --> 00:38:12,120
Speaker 4: trying to say for their own future.

743
00:38:12,760 --> 00:38:15,680
Speaker 5: That's not mismanagement, that's life.

744
00:38:16,160 --> 00:38:18,480
Speaker 2: And when you stop blaming yourself, you can start seeing

745
00:38:18,480 --> 00:38:20,080
Speaker 2: your financial picture more clearly.

746
00:38:20,600 --> 00:38:25,800
Speaker 4: That's where awareness changes everything, not by making things perfect.

747
00:38:26,080 --> 00:38:27,880
Speaker 4: But by making them visible.

748
00:38:28,120 --> 00:38:30,560
Speaker 2: When families understand where their money is coming from, where

749
00:38:30,560 --> 00:38:33,520
Speaker 2: it's going, and how it's tax the fog begins to lift.

750
00:38:34,239 --> 00:38:38,120
Speaker 4: Instead of feeling reactive, they start to feel intentional.

751
00:38:38,680 --> 00:38:41,080
Speaker 2: They realize they don't need to solve everything today, They

752
00:38:41,080 --> 00:38:43,200
Speaker 2: just need to understand the framework they're working within.

753
00:38:43,840 --> 00:38:48,640
Speaker 4: That's why education is so powerful. It replaces fear with

754
00:38:48,840 --> 00:38:51,680
Speaker 4: clarity and pressure with perspective.

755
00:38:52,360 --> 00:38:55,240
Speaker 2: It gives families language for what they're experiencing and structure

756
00:38:55,280 --> 00:38:56,280
Speaker 2: for how they move forward.

757
00:38:56,840 --> 00:39:00,919
Speaker 4: Because when you're part of the Sandwich generation, the emotional

758
00:39:01,000 --> 00:39:05,400
Speaker 4: load is already heavy. The financial side doesn't need to

759
00:39:05,440 --> 00:39:06,440
Speaker 4: add to that weight.

760
00:39:07,239 --> 00:39:09,279
Speaker 2: And this is where the idea of tax buggets become

761
00:39:09,320 --> 00:39:10,320
Speaker 2: more than a concept.

762
00:39:10,640 --> 00:39:11,960
Speaker 1: It becomes a practical tool.

763
00:39:12,520 --> 00:39:16,799
Speaker 4: Different accounts are taxed in different ways. Some are taxable,

764
00:39:17,000 --> 00:39:20,880
Speaker 4: some are tax deferred, and some may provide income with

765
00:39:21,040 --> 00:39:22,920
Speaker 4: different tax characteristics.

766
00:39:23,239 --> 00:39:26,200
Speaker 2: When families understand how their money is spread across these buckets,

767
00:39:26,280 --> 00:39:27,200
Speaker 2: something changes.

768
00:39:27,400 --> 00:39:32,280
Speaker 4: They begin to see choices, not restrictions, caregiving creeds, uneven

769
00:39:32,280 --> 00:39:33,000
Speaker 4: income needs.

770
00:39:33,320 --> 00:39:35,239
Speaker 1: Some years you may need more others less.

771
00:39:35,600 --> 00:39:40,720
Speaker 4: Having options across different tax treatments gives you flexibility during

772
00:39:41,000 --> 00:39:42,520
Speaker 4: unpredictable seasons.

773
00:39:43,160 --> 00:39:45,839
Speaker 1: Buckets don't limit you. They give you options, and.

774
00:39:45,760 --> 00:39:49,440
Speaker 4: That flexibility matters when life isn't predictable.

775
00:39:49,800 --> 00:39:51,520
Speaker 1: Caregiving can change how you work.

776
00:39:51,680 --> 00:39:55,319
Speaker 4: You may move to part time consulting, or take a

777
00:39:55,400 --> 00:39:56,560
Speaker 4: career pause.

778
00:39:56,560 --> 00:39:58,080
Speaker 1: And those changes can feel.

779
00:39:57,920 --> 00:40:03,960
Speaker 4: Unsettling, butareness allows families to plan rather than react.

780
00:40:04,800 --> 00:40:08,319
Speaker 2: Understanding how income shifts affect taxes helps prevent stress at

781
00:40:08,360 --> 00:40:09,000
Speaker 2: filing time.

782
00:40:09,600 --> 00:40:13,880
Speaker 4: Unpredictable income doesn't have to mean unpredictable stress.

783
00:40:14,280 --> 00:40:17,319
Speaker 2: Many families assume support equals dependency.

784
00:40:16,920 --> 00:40:19,840
Speaker 4: But the IRS has specific definitions.

785
00:40:20,239 --> 00:40:23,880
Speaker 2: Shared housing, caregiving, and financial help don't automatically qualify for

786
00:40:23,960 --> 00:40:24,800
Speaker 2: tax benefits.

787
00:40:25,440 --> 00:40:27,840
Speaker 5: That disconnect can be frustrating.

788
00:40:28,080 --> 00:40:31,080
Speaker 2: The IRS cares about definitions, not good intentions.

789
00:40:31,400 --> 00:40:35,520
Speaker 4: Understanding the rules helps families plan realistically.

790
00:40:35,960 --> 00:40:38,200
Speaker 1: Small habits make a big difference.

791
00:40:38,120 --> 00:40:42,239
Speaker 4: Tracking caregiving and education expenses throughout the year.

792
00:40:42,600 --> 00:40:44,120
Speaker 1: Keeping documents in one.

793
00:40:43,960 --> 00:40:48,920
Speaker 4: Place organization supports peace of mind, not perfection.

794
00:40:49,600 --> 00:40:52,719
Speaker 2: Organization is one of the most underrated tax strategies.

795
00:40:53,080 --> 00:40:58,480
Speaker 4: At Kelly Financial, we help families understand how tax awareness

796
00:40:58,520 --> 00:41:00,800
Speaker 4: supports long term flexibility.

797
00:41:01,440 --> 00:41:05,480
Speaker 2: We focus on education, coordination, and clarity, not pressure or prediction.

798
00:41:06,080 --> 00:41:09,560
Speaker 4: The goal is to help families support loved ones without

799
00:41:09,640 --> 00:41:11,320
Speaker 4: derailing their own future.

800
00:41:11,920 --> 00:41:15,680
Speaker 2: Our complimentary guide tax Strategies for Retirement Buckets Create tax

801
00:41:15,760 --> 00:41:20,560
Speaker 2: Choices explains how tax efficiency can create income choices over time.

802
00:41:20,760 --> 00:41:25,400
Speaker 4: Because confidence comes from knowing you have choices. If today's

803
00:41:25,440 --> 00:41:30,840
Speaker 4: conversation resonated with you, our complementary guide goes deeper into

804
00:41:30,880 --> 00:41:32,080
Speaker 4: these ideas.

805
00:41:32,320 --> 00:41:34,799
Speaker 2: It's designed to help you better understand how different tax

806
00:41:34,800 --> 00:41:39,080
Speaker 2: buckets can create flexibility, especially during unpredictable seasons of life.

807
00:41:39,200 --> 00:41:42,359
Speaker 4: You can request your copy by calling eight eight eight

808
00:41:42,440 --> 00:41:48,240
Speaker 4: eight hundred eighteen eighty one or by visiting Kellyfinancial dot org.

809
00:41:48,680 --> 00:41:51,640
Speaker 2: And up next, we have more informative conversations coming your way.

810
00:41:51,960 --> 00:41:55,680
Speaker 4: You're listening to safe Money Strategies.

811
00:41:55,200 --> 00:42:02,919
Speaker 5: Right here on WRKO.

812
00:42:00,239 --> 00:42:04,359
Speaker 3: Money Strategies brought to you by Kelly Financial Services. Call

813
00:42:04,520 --> 00:42:08,280
Speaker 3: eight eight eight eight hundred eighteen eighty one or visit

814
00:42:08,360 --> 00:42:09,959
Speaker 3: Kelly Financial dot org.

815
00:42:11,080 --> 00:42:13,400
Speaker 1: Welcome back to Save Money Strategies. I'm Mike Dusatt with

816
00:42:13,480 --> 00:42:17,000
Speaker 1: Greg Workman, investment advisor here at Kelly Financial. In the

817
00:42:17,000 --> 00:42:19,720
Speaker 1: first half of the show, we focused on the income

818
00:42:19,840 --> 00:42:23,640
Speaker 1: side of the retirement equation, social Security pensions, rental income

819
00:42:23,880 --> 00:42:27,160
Speaker 1: and how lining those up against expenses creates clarity, and.

820
00:42:27,120 --> 00:42:30,839
Speaker 6: That clarity is what allows retirees to stop guessing and

821
00:42:31,000 --> 00:42:34,759
Speaker 6: start planning. Once you know whether you have a surplus

822
00:42:35,120 --> 00:42:40,680
Speaker 6: or a shortfall, you can make smarter decisions about investments, risk,

823
00:42:41,160 --> 00:42:42,560
Speaker 6: and withdrawals.

824
00:42:42,719 --> 00:42:45,200
Speaker 1: This is where many people get it backward. They start

825
00:42:45,200 --> 00:42:48,440
Speaker 1: with investments, asking how should my money be allocated before

826
00:42:48,520 --> 00:42:51,839
Speaker 1: understanding what the money actually needs to do. That's exactly right.

827
00:42:52,080 --> 00:42:56,440
Speaker 6: Investment allocation should support the income plan, not drive it.

828
00:42:56,800 --> 00:42:59,960
Speaker 6: Once we know how much income is guaranteed and how

829
00:43:00,000 --> 00:43:03,000
Speaker 6: how much needs to come from investments, we can design

830
00:43:03,000 --> 00:43:05,640
Speaker 6: a portfolio that complements the plan.

831
00:43:05,880 --> 00:43:09,400
Speaker 1: If core expenses are already covered by social Security and pension,

832
00:43:09,800 --> 00:43:13,080
Speaker 1: that gives us flexibility. The portfolio doesn't need to carry

833
00:43:13,080 --> 00:43:15,200
Speaker 1: the full weight of income production.

834
00:43:15,040 --> 00:43:17,879
Speaker 6: And if there's a gap, we know precisely how much

835
00:43:17,920 --> 00:43:21,520
Speaker 6: needs to be generated and for how long. That's very

836
00:43:21,560 --> 00:43:25,520
Speaker 6: different from guessing or relying on a generic four percent rule.

837
00:43:25,640 --> 00:43:28,600
Speaker 1: Let's talk about withdrawals, because this is where mistakes can

838
00:43:28,640 --> 00:43:29,280
Speaker 1: be costly.

839
00:43:29,480 --> 00:43:33,040
Speaker 6: Withdrawals aren't just about how much you take. They're about

840
00:43:33,080 --> 00:43:37,400
Speaker 6: where the money comes from. Taxable accounts, tax deferred accounts,

841
00:43:37,440 --> 00:43:41,080
Speaker 6: and tax free accounts. All behave differently.

842
00:43:41,239 --> 00:43:44,280
Speaker 1: Taking withdrawals in the wrong order can increase taxes, reduce

843
00:43:44,360 --> 00:43:48,839
Speaker 1: longevity of the portfolio, or unintentionally push retirees into higher

844
00:43:48,880 --> 00:43:49,600
Speaker 1: tax brackets.

845
00:43:49,680 --> 00:43:54,440
Speaker 6: That's why we coordinate withdrawals with social security, timing, pension income,

846
00:43:54,760 --> 00:44:00,680
Speaker 6: and required minimum distributions or rmds. The goal is to

847
00:44:00,800 --> 00:44:05,240
Speaker 6: create steady income while improving tax efficiency over time.

848
00:44:05,360 --> 00:44:08,719
Speaker 1: Another important concept we talk about is sequence of returns risk.

849
00:44:08,960 --> 00:44:11,759
Speaker 6: This is something many people haven't heard of, but it

850
00:44:11,840 --> 00:44:16,319
Speaker 6: can have a major impact. Poor market returns early in

851
00:44:16,400 --> 00:44:20,640
Speaker 6: retirement when withdrawals are happening, can do lasting damage to

852
00:44:20,680 --> 00:44:21,480
Speaker 6: a portfolio.

853
00:44:21,680 --> 00:44:24,319
Speaker 1: That's why income planning is so important. If we can

854
00:44:24,360 --> 00:44:27,400
Speaker 1: limit with drawers during down markets by using guaranteed income

855
00:44:27,640 --> 00:44:30,680
Speaker 1: or conservative assets, we reduce pressure on the portfolio.

856
00:44:30,880 --> 00:44:34,120
Speaker 6: It's not about avoiding growth, it's about structuring the plan

857
00:44:34,280 --> 00:44:38,080
Speaker 6: so market volatility doesn't derail retirement.

858
00:44:38,320 --> 00:44:41,200
Speaker 1: Once the investment strategy is in place, we stress test it.

859
00:44:41,360 --> 00:44:43,640
Speaker 1: We ask important what if questions.

860
00:44:44,040 --> 00:44:47,320
Speaker 6: What if markets to climb, What if inflation is higher

861
00:44:47,480 --> 00:44:51,280
Speaker 6: than we expect. What if one spouse lives much longer

862
00:44:51,320 --> 00:44:52,239
Speaker 6: than anticipated.

863
00:44:52,320 --> 00:44:55,680
Speaker 1: Stress testing helps reveal weaknesses before the become problems.

864
00:44:55,760 --> 00:44:59,319
Speaker 6: And it allows us to make adjustments proactively instead of

865
00:44:59,360 --> 00:45:02,080
Speaker 6: reacting emotionally when markets are volatile.

866
00:45:02,200 --> 00:45:06,240
Speaker 1: Let's revisit our hypothetical client example from earlier John and Susan.

867
00:45:06,440 --> 00:45:10,319
Speaker 6: After analyzing their income and expenses, we knew exactly how

868
00:45:10,360 --> 00:45:13,399
Speaker 6: much income was guaranteed and how much needed to come

869
00:45:13,440 --> 00:45:14,319
Speaker 6: from investments.

870
00:45:14,440 --> 00:45:17,400
Speaker 1: That allowed us to design an allocation that balanced growth

871
00:45:17,440 --> 00:45:21,000
Speaker 1: and protection, not because of market predictions, but because of

872
00:45:21,000 --> 00:45:22,080
Speaker 1: their cash flow needs.

873
00:45:22,120 --> 00:45:25,239
Speaker 6: We also built a withdrawal strategy that aligned with their

874
00:45:25,280 --> 00:45:30,680
Speaker 6: tax situation had adjusted over time as required minimum distributions

875
00:45:30,760 --> 00:45:32,480
Speaker 6: or rmds approached.

876
00:45:32,600 --> 00:45:35,440
Speaker 1: The biggest change wasn't just in the numbers, it was

877
00:45:35,480 --> 00:45:39,440
Speaker 1: in how confident they felt they understood that again, they

878
00:45:39,520 --> 00:45:42,080
Speaker 1: understood the plan and knew why their money was invested

879
00:45:42,080 --> 00:45:42,719
Speaker 1: the way it was.

880
00:45:42,880 --> 00:45:45,839
Speaker 6: One of the biggest problems we see is retirees being

881
00:45:45,880 --> 00:45:50,760
Speaker 6: placed into model portfolios without understanding how income is supposed

882
00:45:50,800 --> 00:45:51,200
Speaker 6: to work.

883
00:45:51,320 --> 00:45:53,520
Speaker 1: A portfolio can look good on paper and still be

884
00:45:53,600 --> 00:45:56,439
Speaker 1: wrong for the retirees if it doesn't align with cash

885
00:45:56,480 --> 00:45:57,040
Speaker 1: flow needs.

886
00:45:57,120 --> 00:46:02,560
Speaker 6: That's why retirement planning has to be personal. Your income, sources, expenses,

887
00:46:03,000 --> 00:46:05,360
Speaker 6: tax situation, and goals.

888
00:46:05,560 --> 00:46:08,560
Speaker 1: They're all unique. Retirement planning isn't a one time event.

889
00:46:08,760 --> 00:46:13,920
Speaker 6: Income changes, tax laws change, markets change. That's why regular

890
00:46:13,960 --> 00:46:16,240
Speaker 6: reviews are always critical.

891
00:46:16,280 --> 00:46:20,799
Speaker 1: Ongoing reviews allow us to adjust allocations, update withdrawal strategies,

892
00:46:20,880 --> 00:46:24,560
Speaker 1: and revisit social security and pension assumptions as life evolves.

893
00:46:24,680 --> 00:46:27,560
Speaker 6: When you step back, retirement income planning really comes down

894
00:46:27,640 --> 00:46:32,120
Speaker 6: to three things. Understanding income sources, matching them to expenses,

895
00:46:32,360 --> 00:46:35,560
Speaker 6: and building an investment strategy that supports the plan.

896
00:46:35,680 --> 00:46:39,120
Speaker 1: When those pieces work together, retirement feels more predictable and

897
00:46:39,239 --> 00:46:42,880
Speaker 1: far less stressful. If you are nearing retirement and unsure

898
00:46:43,040 --> 00:46:46,720
Speaker 1: how your income, investments, and withdrawals fit together, we encourage

899
00:46:46,760 --> 00:46:49,120
Speaker 1: you to start with our Safe Money Strategies workbook.

900
00:46:49,200 --> 00:46:52,200
Speaker 6: It's a simple way to organize your information and begin

901
00:46:52,400 --> 00:46:56,440
Speaker 6: a complementary conversation focused on clarity not pressure.

902
00:46:56,600 --> 00:46:58,480
Speaker 1: That's all the time we have for today. Thanks for

903
00:46:58,560 --> 00:47:01,080
Speaker 1: listening to Safe Money Strategies. We'll see you next week.

904
00:47:07,080 --> 00:47:08,240
Speaker 1: I'm William Kelly Junior.

905
00:47:08,480 --> 00:47:10,560
Speaker 2: As we start a new year, many families are thinking

906
00:47:10,640 --> 00:47:13,720
Speaker 2: about fresh starts, not just financially, but how young people

907
00:47:13,719 --> 00:47:14,319
Speaker 2: prepare for.

908
00:47:14,239 --> 00:47:16,839
Speaker 1: What comes next. I've had the unique.

909
00:47:16,520 --> 00:47:20,240
Speaker 2: Experience of growing up around real conversations with our clients, families,

910
00:47:20,400 --> 00:47:24,920
Speaker 2: parents and grandparents about money, responsibility, and long term thinking.

911
00:47:25,200 --> 00:47:28,080
Speaker 2: Not theory, real life, and it's important to remember that

912
00:47:28,200 --> 00:47:31,520
Speaker 2: all investing involves risk, including the potential loss of principle,

913
00:47:31,800 --> 00:47:35,560
Speaker 2: which is why habits, education, and perspective matter so much

914
00:47:35,600 --> 00:47:38,080
Speaker 2: from the start. That's why I wrote Only the Good

915
00:47:38,080 --> 00:47:41,320
Speaker 2: Investor Young as a straightforward guide to the basics of money,

916
00:47:41,400 --> 00:47:45,040
Speaker 2: habits and decisions that matter over time. Whether you're a client,

917
00:47:45,120 --> 00:47:47,920
Speaker 2: a parent or grandparent, or someone just starting out. This

918
00:47:48,000 --> 00:47:51,480
Speaker 2: is meant to be practical, clear, and encouraging. For offering

919
00:47:51,480 --> 00:47:55,600
Speaker 2: complimentary signed copies to our WRK listeners and clients. It's

920
00:47:55,640 --> 00:47:59,359
Speaker 2: also available on Amazon and softcover or Kindle. Call eighty

921
00:47:59,440 --> 00:48:03,279
Speaker 2: eight eighty one or email Kelly at Kelly Financial dot org.

922
00:48:03,520 --> 00:48:06,680
Speaker 1: Good have its start early. Andy lost a lifetime.

923
00:48:07,280 --> 00:48:11,760
Speaker 9: Joining us now as she always does. At this time,

924
00:48:12,200 --> 00:48:16,920
Speaker 9: she is the co founder, CEO, and president of Kelly

925
00:48:17,040 --> 00:48:21,919
Speaker 9: Financial Services, and yes, that is her wonderful.

926
00:48:21,400 --> 00:48:29,240
Speaker 5: Name, Kelly Kelly Kelly. How are you good morning, Jeff?

927
00:48:29,400 --> 00:48:30,320
Speaker 5: I am good.

928
00:48:30,840 --> 00:48:34,279
Speaker 4: As we head into twenty twenty six, a lot of

929
00:48:34,320 --> 00:48:38,719
Speaker 4: retirees feel uneasy hearing all the talk about taxes not

930
00:48:38,880 --> 00:48:42,480
Speaker 4: because they've done anything wrong, but because the rules keep

931
00:48:42,600 --> 00:48:45,680
Speaker 4: changing and it's hard to know what really applies to them.

932
00:48:46,000 --> 00:48:49,680
Speaker 4: What we see is that tax confidence doesn't come from

933
00:48:49,719 --> 00:48:54,799
Speaker 4: predicting Washington. It comes from understanding how your own retirement

934
00:48:54,880 --> 00:49:00,640
Speaker 4: works right now. Understanding how social Security iras and investment

935
00:49:00,719 --> 00:49:04,640
Speaker 4: income or tax may not sound interesting, but it can

936
00:49:04,760 --> 00:49:09,400
Speaker 4: quietly make a real difference. That's why Kelly Financial created

937
00:49:09,600 --> 00:49:14,560
Speaker 4: an investor guide called Tax Planning in Today's environment. It

938
00:49:14,680 --> 00:49:19,319
Speaker 4: explains in plain English how retirement income is tax and

939
00:49:19,360 --> 00:49:22,359
Speaker 4: how different income sources affect what.

940
00:49:22,400 --> 00:49:23,800
Speaker 5: You keep after taxes.

941
00:49:24,200 --> 00:49:26,759
Speaker 4: If you'd like a copy, give us a call or

942
00:49:26,840 --> 00:49:31,840
Speaker 4: email us at Kelly at Kellyfinancial dot org. Jeff, have

943
00:49:31,920 --> 00:49:35,240
Speaker 4: a wonderful weekend, My best grace, send the kiddos.

944
00:49:35,560 --> 00:49:38,360
Speaker 9: Thank you, Kelly, all the best to you and everyone

945
00:49:38,400 --> 00:49:42,080
Speaker 9: at Kelly Financial. To get a free copy of that guide,

946
00:49:42,080 --> 00:49:43,160
Speaker 9: and I urge all of you.

947
00:49:43,120 --> 00:49:45,640
Speaker 1: If you can do get it call now.

948
00:49:45,719 --> 00:49:49,600
Speaker 9: Eight eighty eight eight hundred eighteen eighty one eight eighty

949
00:49:49,600 --> 00:49:50,799
Speaker 9: eight eight hundred.

950
00:49:50,640 --> 00:49:53,280
Speaker 1: Eighteen eighty one, or you can.

951
00:49:53,160 --> 00:49:58,799
Speaker 9: Actually email Kelly herself personally Kelly at Kellyfinancial dot org.

952
00:49:59,239 --> 00:50:02,920
Speaker 9: That's Kelly Kellyfinancial dot.

953
00:50:02,800 --> 00:50:13,480
Speaker 3: Org Safe Money Strategies A eight eight hundred one eight

954
00:50:13,719 --> 00:50:14,480
Speaker 3: eight one.

955
00:50:15,120 --> 00:50:18,920
Speaker 4: Each week on Safe Money Strategies, we share a moment

956
00:50:19,040 --> 00:50:24,040
Speaker 4: from Bill Kelly, not just about money, but about life, family,

957
00:50:24,480 --> 00:50:28,000
Speaker 4: and the values that quietly shape who we are. In

958
00:50:28,040 --> 00:50:32,399
Speaker 4: today's reflection, Bill talks about longing for the people we love,

959
00:50:32,800 --> 00:50:34,239
Speaker 4: finding meaning in the.

960
00:50:34,239 --> 00:50:36,080
Speaker 5: Life we're living, and why.

961
00:50:36,040 --> 00:50:39,799
Speaker 4: Understanding your financial world can give you a sense of

962
00:50:39,880 --> 00:50:41,520
Speaker 4: peace and perspective.

963
00:50:42,040 --> 00:50:43,880
Speaker 5: Here's Bill Kelly.

964
00:50:46,080 --> 00:50:46,880
Speaker 1: I woke up.

965
00:50:46,760 --> 00:50:49,160
Speaker 8: One night in the middle of the night, as I

966
00:50:49,200 --> 00:50:52,759
Speaker 8: often do, and I had something on my mind, and

967
00:50:52,800 --> 00:50:56,480
Speaker 8: I needed to speak with my grandfather. I looked at

968
00:50:56,480 --> 00:50:59,440
Speaker 8: the clock and I said, I've got to call gramp

969
00:51:00,440 --> 00:51:03,120
Speaker 8: and I went back to sleep. And in the morning,

970
00:51:03,160 --> 00:51:05,960
Speaker 8: the first thing I did was I reached for the phone,

971
00:51:06,040 --> 00:51:10,160
Speaker 8: and I remembered my grandfather had passed away and there

972
00:51:10,280 --> 00:51:14,839
Speaker 8: was no one to speak with. That being said, we

973
00:51:14,920 --> 00:51:18,240
Speaker 8: often do that in life. We wish that other person

974
00:51:18,280 --> 00:51:21,799
Speaker 8: were there so that we could speak with them, and

975
00:51:21,840 --> 00:51:25,320
Speaker 8: we need their advice, their attention, maybe a word or two.

976
00:51:25,480 --> 00:51:28,479
Speaker 8: If I could have five minutes with my dad, I'd

977
00:51:28,520 --> 00:51:31,440
Speaker 8: have so many things to ask him, and I know

978
00:51:31,480 --> 00:51:35,759
Speaker 8: I'd be satisfied well, now I say I would be satisfied,

979
00:51:36,040 --> 00:51:39,600
Speaker 8: but probably at the four minute mark, I'd probably be

980
00:51:39,680 --> 00:51:45,680
Speaker 8: asking God for another five minutes. So that's called life.

981
00:51:45,840 --> 00:51:49,799
Speaker 8: That's called life. My life is a dream. I don't

982
00:51:49,840 --> 00:51:51,520
Speaker 8: know what yours is like. If I can help you

983
00:51:51,600 --> 00:51:53,799
Speaker 8: in any way, I certainly would like to do that.

984
00:51:54,440 --> 00:51:58,080
Speaker 8: And believe me, all types of people call in from

985
00:51:58,120 --> 00:52:02,319
Speaker 8: this show and all types of circumstances, and I try

986
00:52:02,360 --> 00:52:06,480
Speaker 8: to help every one of them. People need help, and

987
00:52:06,560 --> 00:52:11,440
Speaker 8: we sure do enjoy being part of that process. I

988
00:52:11,520 --> 00:52:16,200
Speaker 8: live a charmed life and I love every minute of it.

989
00:52:16,520 --> 00:52:19,439
Speaker 8: I have a new child, as you know, two year

990
00:52:19,440 --> 00:52:24,600
Speaker 8: old William, and I have a wife who is really

991
00:52:25,160 --> 00:52:29,440
Speaker 8: a girlfriend, a wife, a best friend, a mom to

992
00:52:29,640 --> 00:52:34,240
Speaker 8: the children, a great homemaker, and she helps at the office.

993
00:52:34,239 --> 00:52:37,640
Speaker 8: Many of you have spoken with my wife, Kelly, so

994
00:52:37,719 --> 00:52:39,240
Speaker 8: you know that it's true.

995
00:52:39,480 --> 00:52:40,200
Speaker 1: Mary Madeline.

996
00:52:40,360 --> 00:52:43,720
Speaker 8: My daughter is just a model citizen. And of course

997
00:52:43,760 --> 00:52:47,279
Speaker 8: my two year old son, William, he is the light

998
00:52:47,320 --> 00:52:50,560
Speaker 8: of my life. He's learning a lot about trains. He

999
00:52:50,600 --> 00:52:53,440
Speaker 8: went down to Georgia last week and he got to

1000
00:52:53,480 --> 00:52:57,520
Speaker 8: meet a real cow, which astounded him because he loves cows.

1001
00:52:57,520 --> 00:52:59,879
Speaker 8: It was one of the first where's he could say,

1002
00:53:00,080 --> 00:53:02,759
Speaker 8: cows and he has a great time. He had a

1003
00:53:02,800 --> 00:53:06,160
Speaker 8: great time on Uncle Chip's farm where there were hundreds

1004
00:53:06,160 --> 00:53:08,919
Speaker 8: of cows, So I think they call him cattle down

1005
00:53:08,960 --> 00:53:13,080
Speaker 8: there and up here they're dairy cows. So it's a

1006
00:53:13,080 --> 00:53:16,000
Speaker 8: great life. How can we help you, well, whatever it is,

1007
00:53:16,080 --> 00:53:18,960
Speaker 8: let us know. You don't have to sign a bunch

1008
00:53:19,000 --> 00:53:21,520
Speaker 8: of papers to get help. If we can make a

1009
00:53:21,600 --> 00:53:24,600
Speaker 8: quick call for you, let us know. If you don't

1010
00:53:24,600 --> 00:53:26,600
Speaker 8: want to visit and you want to just talk on

1011
00:53:26,640 --> 00:53:30,000
Speaker 8: the phone, that's good too. But we're here for you

1012
00:53:30,400 --> 00:53:32,880
Speaker 8: to do as much as we can, so don't be

1013
00:53:32,920 --> 00:53:36,760
Speaker 8: afraid to dial us up. So what did I decide

1014
00:53:36,800 --> 00:53:39,239
Speaker 8: when I wanted to have this show? I wanted to

1015
00:53:39,320 --> 00:53:44,759
Speaker 8: say what was on my mind. I'm a registered investment advisor.

1016
00:53:45,239 --> 00:53:48,560
Speaker 8: If you want me to sell you iras for a

1017
00:53:48,560 --> 00:53:51,080
Speaker 8: couple of hours every Saturday, I guess I could do that,

1018
00:53:51,560 --> 00:53:53,759
Speaker 8: but frankly, I would get sick of it and you

1019
00:53:53,840 --> 00:53:56,799
Speaker 8: would too. And there are about twenty other people doing

1020
00:53:56,840 --> 00:53:59,880
Speaker 8: that right now on various stations in this area.

1021
00:54:00,080 --> 00:54:02,600
Speaker 1: You know who they are, you know what they do.

1022
00:54:03,080 --> 00:54:05,640
Speaker 1: But for me, this is the way I wanted to

1023
00:54:05,680 --> 00:54:07,600
Speaker 1: do it. This is the way we're doing it.

1024
00:54:07,960 --> 00:54:10,560
Speaker 8: One gentleman said, I was going to home depot and

1025
00:54:10,600 --> 00:54:13,200
Speaker 8: I had to wait fifteen minutes in the car to

1026
00:54:13,280 --> 00:54:15,920
Speaker 8: wait for you to finish one of your stories. So

1027
00:54:16,640 --> 00:54:19,239
Speaker 8: that's a pretty high compliment. We're going to try to

1028
00:54:19,280 --> 00:54:22,239
Speaker 8: inform you, try to tell you about some things that

1029
00:54:22,400 --> 00:54:25,360
Speaker 8: happened to shape the present, and we're going to try

1030
00:54:25,400 --> 00:54:29,280
Speaker 8: to create a little bit of interest in different areas.

1031
00:54:29,800 --> 00:54:31,520
Speaker 8: But I want to try to point out to you

1032
00:54:31,680 --> 00:54:35,239
Speaker 8: some of the advantages you might have by doing things

1033
00:54:35,320 --> 00:54:37,719
Speaker 8: a certain way. Look, you don't want to be my

1034
00:54:37,760 --> 00:54:40,240
Speaker 8: best friend. You might want to get something squared away

1035
00:54:40,280 --> 00:54:45,759
Speaker 8: for yourself. You might want to improve performance or potentially

1036
00:54:46,160 --> 00:54:49,520
Speaker 8: reduce risk. If you want to do that, that's a

1037
00:54:49,560 --> 00:54:53,200
Speaker 8: great idea. Risk is your friend when you're twenty five

1038
00:54:53,320 --> 00:54:57,080
Speaker 8: years old, and I don't mean driving eighty Mount Washington.

1039
00:54:57,160 --> 00:55:00,040
Speaker 8: I mean risk in the market is your friend, and

1040
00:55:00,200 --> 00:55:03,320
Speaker 8: when you're young and as you age, it becomes your enemy.

1041
00:55:03,920 --> 00:55:07,120
Speaker 8: Believe me, working people do not demand a premium for

1042
00:55:07,160 --> 00:55:07,560
Speaker 8: their risk.

1043
00:55:07,640 --> 00:55:08,359
Speaker 1: I don't know why.

1044
00:55:08,440 --> 00:55:12,080
Speaker 8: It's because they're used to being told what's what you

1045
00:55:12,160 --> 00:55:15,919
Speaker 8: need to understand what's in your portfolio. We were looking

1046
00:55:15,960 --> 00:55:18,680
Speaker 8: at some bonds the other night in a client's portfolio.

1047
00:55:18,719 --> 00:55:22,240
Speaker 8: I wasn't sure if they were insured, and I wanted

1048
00:55:22,280 --> 00:55:24,920
Speaker 8: to find out for that client. We tried to call

1049
00:55:24,960 --> 00:55:28,280
Speaker 8: the issuer, but we called the brokerage firm and found

1050
00:55:28,320 --> 00:55:29,840
Speaker 8: out were they insured?

1051
00:55:29,960 --> 00:55:30,080
Speaker 4: No?

1052
00:55:30,600 --> 00:55:31,719
Speaker 1: Were they municipals?

1053
00:55:31,880 --> 00:55:36,080
Speaker 8: Yes? Can a municipal bond lose its value if it's

1054
00:55:36,120 --> 00:55:36,800
Speaker 8: not insured?

1055
00:55:37,360 --> 00:55:41,719
Speaker 1: Yes? Is everything going hunky dory right now?

1056
00:55:42,320 --> 00:55:42,480
Speaker 8: No?

1057
00:55:43,280 --> 00:55:45,960
Speaker 1: Does that mean that bond is going to lose its value? No?

1058
00:55:47,280 --> 00:55:49,680
Speaker 8: But I wanted the client to know and I told

1059
00:55:49,760 --> 00:55:53,360
Speaker 8: them that what was happening with this investment and understand

1060
00:55:53,400 --> 00:55:58,000
Speaker 8: what it was. I did not suggest this. It was

1061
00:55:58,000 --> 00:56:02,160
Speaker 8: in their portfolio from times past. It pays a very

1062
00:56:02,200 --> 00:56:05,480
Speaker 8: high rate of interest. Do I recommend this bond to you? No?

1063
00:56:05,800 --> 00:56:08,920
Speaker 8: Do I not recommend it? No, it's not a recommendation.

1064
00:56:09,680 --> 00:56:13,120
Speaker 8: It's just an example that I'm making to you to

1065
00:56:13,320 --> 00:56:17,560
Speaker 8: understand that you need to understand everything that's in your portfolio,

1066
00:56:18,480 --> 00:56:20,080
Speaker 8: and when you do that, you get a little bit

1067
00:56:20,080 --> 00:56:20,880
Speaker 8: more empowerment.

1068
00:56:24,440 --> 00:56:29,279
Speaker 3: Call Kelly Financial Services eight eight eight hundred, eighteen eighty one.

1069
00:56:29,520 --> 00:56:33,560
Speaker 4: I'm Kelly Kelly from Kelly Financial. Whether you're in your sixties,

1070
00:56:33,640 --> 00:56:37,800
Speaker 4: seventies or eighties. Financial advice is important when it comes

1071
00:56:37,840 --> 00:56:40,880
Speaker 4: to preserving your nest egg. We have a free investor

1072
00:56:40,920 --> 00:56:44,719
Speaker 4: guide called Designing your Fiscal House to Weather the Elements,

1073
00:56:44,880 --> 00:56:48,680
Speaker 4: which highlights the steps needed to build a balanced portfolio.

1074
00:56:48,960 --> 00:56:51,840
Speaker 4: For the guide, call eight eight eight eight hundred eighteen

1075
00:56:51,920 --> 00:56:56,000
Speaker 4: eighty one or email Kelly at Kellyfinancial dot org.

1076
00:56:56,280 --> 00:56:59,000
Speaker 5: We're Kelly Financial. Come retire with.

1077
00:56:58,920 --> 00:57:03,920
Speaker 3: Us, Save money strategies with William Kelly and Kelly Kelly.

1078
00:57:04,280 --> 00:57:06,479
Speaker 3: Go to Kelly Financial dot org.

1079
00:57:12,040 --> 00:57:14,600
Speaker 12: All opinions expressed by the host, his guests, or employees

1080
00:57:14,640 --> 00:57:16,520
Speaker 12: of Kelly Financial Services are solely their own and do

1081
00:57:16,520 --> 00:57:19,280
Speaker 12: not reflect the opinions of Kelly Financial Services. Information has

1082
00:57:19,280 --> 00:57:21,240
Speaker 12: been obtained from sources deemed to be reliable, but their

1083
00:57:21,240 --> 00:57:23,000
Speaker 12: accuracy and completeness cannot be guaranteed.

1084
00:57:23,040 --> 00:57:23,080
Speaker 2: The