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Speaker 1: It is coming to us, So.

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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.

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Speaker 3: 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 call in radio show focused on common sense planning

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

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Speaker 2: a pillar in New England finance, an engineer turned entrepreneur,

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Speaker 2: author and philanthropist who believed in giving back and walking

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Speaker 2: the talk. Since our show has remained a Saturday morning staple,

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

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

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

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Speaker 2: sec registered investment advisory, where fiduciary care and our family

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

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

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Speaker 2: Charlie Gable, Mike Ducett, Greg Workman, Greg Murray, my sister

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Speaker 2: Mary Madeline, and Tom Schlager. We live by two rules,

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Speaker 2: never quit and carry on, and we're here to help

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Speaker 2: you do the same when it comes to your money.

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

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

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

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Speaker 2: eight eight hundred one eight eight one.

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Speaker 3: 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 4: Safe Money Strategies with William Kelly and Kelly Kelly eight

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Speaker 4: eight hundred eighteen eighty one.

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Speaker 5: Each week on Safe Money Strategies, we take a moment

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Speaker 5: to step back from the headlines and have a real conversation,

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Speaker 5: the kind you might have around the kitchen table. This

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Speaker 5: is a part of the show we call Forever Young

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Speaker 5: is where I sit down with my son, William Kelly Junior,

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Speaker 5: and we talk about life, what's going on in the world,

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Speaker 5: and our family and what really matters most when you're

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Speaker 5: planning for the future. Sometimes it's light, sometimes it's thoughtful,

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

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Speaker 3: Good morning Mom. How are you.

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Speaker 5: I'm doing wonderful. How about yourself?

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Speaker 2: I've been fantastic and college is finished with his first

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Speaker 2: two weeks pretty much, so wow.

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Speaker 5: It's that the house has been quiet.

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Speaker 2: I bet I haven't even checked the fridge. I guarantee

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Speaker 2: there's less food than there now. It was very good

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Speaker 2: to see the animals again. It's good to be back

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Speaker 2: here on Aquinnock Island.

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Speaker 5: We're glad to have you.

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Speaker 3: Yeah, thank you.

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Speaker 2: So I don't even know where to begin, ladies and gentlemen.

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Speaker 2: It's been an experience already.

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Speaker 3: I've made a lot of friends.

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Speaker 2: I've probably added about fifty people on Instagram, and wow,

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Speaker 2: I had a lot of connections. I spoke to the

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Speaker 2: president of the CEO Club for Entrepreneurs.

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Speaker 3: And it was by pure chance.

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Speaker 2: I was in the gym working out and I was

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Speaker 2: working on a set with this guy and he, you know, I.

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Speaker 3: Was just telling him a little bit about me.

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Speaker 2: He said, oh, you're an entrepreneur. I said, I'm the

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Speaker 2: president of the CEO Club. He said, let me get

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Speaker 2: you in touch with the Dean and everything, and let's

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Speaker 2: get you on the list if we can get you

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Speaker 2: to the opening house. I wasn't able to make it

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Speaker 2: because I have class that day, but it was a

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Speaker 2: great introduction. Good Right is a fantastic business school.

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Speaker 3: I would say.

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Speaker 2: My only complaint is that the guy to girl ratio

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Speaker 2: is thirty five sixty five for our sixty five thirty five,

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Speaker 2: so that is going to be a little bit of

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Speaker 2: a challenge. But ladies and gentlemen, there are surrounding colleges.

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Speaker 2: I'm not stressed out about that, and I think I'm

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Speaker 2: just going to get my first semester sort of grounded,

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Speaker 2: you know what I mean. Yeah, but it's been an

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Speaker 2: easy It's been an easy introduction, though it really hasn't

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Speaker 2: been that hard.

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Speaker 3: Good Yeah.

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Speaker 2: People have been extremely helpful. Good I've had positive experiences

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Speaker 2: with pretty much all the kids and the faculty. They

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Speaker 2: are fantastic, So they set you up for success over there.

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Speaker 3: They really do care about you. Yeah.

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Speaker 2: So it's a lot different from high school because the

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Speaker 2: teachers are not on your case. You need to be

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Speaker 2: responsible for doing your own scheduling and for how you're

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Speaker 2: going to plan your time and how you'll study for

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Speaker 2: your class. So as my mom likes to say, just

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Speaker 2: focus on the basics and then after that everything will follow.

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Speaker 2: So just make your bed, you know what I mean.

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Speaker 2: Just keep the room kind of tidy, and you know,

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Speaker 2: social life is good. Just make sure that your studies

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Speaker 2: are good, and after that you'll succeed good.

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Speaker 5: So you started off with the idea, the one idea, Yes,

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Speaker 5: tell us all about this one idea? What is it? So?

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Speaker 2: Idea is a program that Bryant University has been requiring

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Speaker 2: for the ability to graduate for the past fourteen or

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Speaker 2: fifteen years. An idea is a program where you are

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Speaker 2: separated in the cohorts, and each cohort is separated into teams,

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Speaker 2: and you and your team are supposed to figure out

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Speaker 2: a solution of how they are going to tackle a

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Speaker 2: question by basically prototyping a product. So, in short, you're

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Speaker 2: presented with a primary question. Our question was how do

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Speaker 2: we improve the patient and family experience at Hasbro Children's Hospital.

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Speaker 2: And then following that we had to come up with

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Speaker 2: a sub question. Basically, after empathizing with the user, need

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Speaker 2: to do a little bit more in depth research and

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Speaker 2: then we find a more specific question. We asked a

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Speaker 2: more specific question and our specific question was how do

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Speaker 2: we improve the efficiency of communication and information in hospitals,

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Speaker 2: specifically Hasbros in Providence. So we all travel to Hasbro

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Speaker 2: Children's Hospital. We live with one of their directors there.

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Speaker 2: I asked a million questions.

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Speaker 5: I know you did.

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Speaker 2: It was a fantastic and it is really a beautiful hospital.

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Speaker 2: But our job was to kind of take notes and

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Speaker 2: to look around and see what's missing here? What are

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Speaker 2: the problems if we spoke to people, what do they

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Speaker 2: have to say? And so our team prototyped product which

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Speaker 2: would prety much serve as a transportable tablet and the

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Speaker 2: tablet would be able to attach on the hallway or

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Speaker 2: like in the room or on your bedside, so to speak,

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Speaker 2: basically and easy to access areas, and you'd be able

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Speaker 2: to attach and detach it and on there it would

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Speaker 2: have all the information you would need. So basically, what

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Speaker 2: is your prescriptions? What are the doctors and nurse notes?

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Speaker 2: How can we use AI to simplify it for people?

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Speaker 2: How can we use AI to translate it for people?

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Speaker 2: Because in Providence people are speaking like sixty four different languages.

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Speaker 3: Not everybody speaks for English, okay, and so some folks

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Speaker 3: came in.

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Speaker 2: We had some sort of mentors, you know for a

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Speaker 2: lack of better term, that came in and that work

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Speaker 2: in the field. And one of these people was a

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Speaker 2: nurse and she explained to us that communication is very key.

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Speaker 2: It's hard, especially with language barriers, and putting that on

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Speaker 2: the tablet that would auto translate would be huge. And

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Speaker 2: not only that, but a glossary where they can go

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Speaker 2: and find terminology would be even more helpful because sometimes

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Speaker 2: people will go on Google and if they want to

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Speaker 2: look up symptoms or something, Google will give you the extreme.

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Speaker 2: You got to be careful where you get your medical

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Speaker 2: information from. So this would be a tractor s doctor

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Speaker 2: Google right. Doctor Google is not a good doctor and

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Speaker 2: not licensed either, so that is a big part of

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Speaker 2: the project as well the prototype and a trusted source,

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Speaker 2: something that's encrypted that would be HIPPOC compliant. And let's

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Speaker 2: say somebody tries to steal it, it shuts off when

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Speaker 2: at least the building and as a tracker in it,

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Speaker 2: that would be the solution for that. So you have

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Speaker 2: to find workarounds, You have to address pain points that

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Speaker 2: you want to address for the user and the consumer.

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Speaker 3: So we perform really well. I got an a in

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Speaker 3: the course.

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Speaker 2: It was a three credit course, seventy two hour course

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Speaker 2: in four days. Ladies and gentlemen. They had us up

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Speaker 2: at midnight at one point, so it is very, very intense.

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Speaker 2: But you know what, it was a great kick to

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Speaker 2: the start of my time at Bryant because I met

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Speaker 2: a lot of great people and made a lot of

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Speaker 2: really good friends, and I really enjoyed it good.

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Speaker 5: So I think, well, congratulations, thank.

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Speaker 3: You very much.

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Speaker 2: Moving forward, it was a great way to start my

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Speaker 2: career here. It was wonderful on top of that, but

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Speaker 2: given my book out a lot, especially to certainly leaving

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Speaker 2: an impression. I've given some to some kids and some

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Speaker 2: people can't believe that I wrote a book. I don't

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Speaker 2: blame them. It's a little odd that a nineteen year

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Speaker 2: old has a book.

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Speaker 3: But I love doing it. It's probably my favorite icebreaker.

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Speaker 2: It's to give books to people. It's like, hey, you

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Speaker 2: want to copy, let me give you a copy real quick.

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Speaker 3: So I gave some.

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Speaker 2: I gave one to my advisor, I gave them to

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Speaker 2: all my professor So I.

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Speaker 5: Think we have to put in another order for your books.

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Speaker 3: We do.

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Speaker 5: We have burned through the books you've sent out so

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Speaker 5: many what five hundred? Yeah?

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Speaker 3: What the heck, ladies and gentlemen.

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Speaker 2: We thought that we would just run off of our

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Speaker 2: reserve copies and we'd be fine forever. Like usually you

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Speaker 2: don't usually get a reprint.

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Speaker 5: Ever, right, So it's like, and that doesn't include what

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Speaker 5: you've sold on Amazon. No, you've sold a lot of them.

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Speaker 3: I have.

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Speaker 2: I honestly haven't even keeping track of that either, because

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Speaker 2: I've been focused on school so much.

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Speaker 5: You have been giving your father a run for his

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Speaker 5: money on the books.

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Speaker 3: That's incredible.

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Speaker 5: It was so long ago. I'd have to go to

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Speaker 5: the records to see how it, you know, perform. Yeah,

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Speaker 5: but I mean we were, we were shipping out so

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Speaker 5: many of his books Senior Safe Money Strategies.

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Speaker 2: But I mean, I'm willing to bet he probably gave

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Speaker 2: out like a thousand or so, if I had to.

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Speaker 5: Guess, way more than that. Okay, But I'm saying, like

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Speaker 5: when it was first introduced and where you're at now,

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Speaker 5: I think you have beat him. Possibly, Yeah, but oh yeah, no,

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Speaker 5: we ordered we there were a lot of his books printed.

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Speaker 2: That's incredible.

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Speaker 5: But I'm just saying, you know, like in the short

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Speaker 5: amount of time. I think you are you are beating him.

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Speaker 5: Possibly beautiful is the only way to say it. Wow,

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Speaker 5: he would be he would be happy about this.

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Speaker 3: I wish he could see it.

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Speaker 2: I mean, I know he can, but it's you know,

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Speaker 2: it'd be great to see his realcity, you know what

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Speaker 2: I mean.

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Speaker 3: Wonderful.

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Speaker 2: Well, ladies and gentlemen, I have some stuff I have

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Speaker 2: to do before I run back to campus.

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Speaker 3: It was a great chat.

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Speaker 5: It's great seeing you, William you as well. You look different,

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Speaker 5: do I?

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Speaker 3: Yeah, I fixed my beard up a little bit.

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Speaker 5: Yeah, you cleaned it up a little bit.

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Speaker 3: I had to.

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Speaker 2: I didn't have a comb for the first couple of days,

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Speaker 2: and uh, I was looking a little scruffy. One of

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Speaker 2: Dad's old friends, enlisted friends in the in the National Guard,

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Speaker 2: responded to one of my Instagram stories and he said

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Speaker 2: that I was holding a baby bunny in my arms.

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Speaker 2: I hope that's a beard eating rabbit.

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Speaker 5: So they had animals. They are right, that's a good idea.

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Speaker 3: It was genius.

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Speaker 2: And it was like this little baby bunny swaddle.

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Speaker 5: And I think I saw a puppy and the pictures we.

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Speaker 3: Puppy's a pig.

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Speaker 2: There was a baby tig the baby pig kind of want.

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Speaker 3: To be left alone, so I left.

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Speaker 2: Oh they're all adorable.

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Speaker 3: Oh that is so it was genius.

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Speaker 2: It was genius that was so smart to Briant.

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Speaker 5: Yeah, yeah, so it kind of helped like make everyone

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Speaker 5: happy and exactly. Yeah, that's good. Do keep us on

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Speaker 5: your dial. We've got a lot of great content coming

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Speaker 5: your way. Mike do Set and Greg Workman will explain

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Speaker 5: why understanding how your expenses change in retirement may be

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Speaker 5: even more important than how your investments perform, and how

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Speaker 5: clear planning can replace guest work with confidence. Mary, Madeline

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Speaker 5: Kelly and Greg Murray will talk through a question so

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Speaker 5: many retirees are asking, should you pay off your mortgage

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Speaker 5: or can it make sense to keep it? When William

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Speaker 5: and I come back, we'll share simple practical ways retirees

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Speaker 5: can stay calm, organized, and confident about taxes and retirement

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Speaker 5: planning in twenty twenty six and beyond. And of course

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Speaker 5: we'll close the hour with some win and wisdom from

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Speaker 5: the late Bill Kelly. His words continue to inspire and

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Speaker 5: guide us. That's a wrap for forever Young. Thank you

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Speaker 5: for listening, and William, thank you so much for joining me.

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

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Speaker 5: love you too.

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Speaker 6: And if you're looking for the perfect gift for a

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Speaker 6: young person in your life.

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Speaker 2: I've got it.

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Speaker 6: It's a brand new book written by William Kelly Junior

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Speaker 6: from Kelly Financial Services and it's called Only the Good

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Speaker 6: Investment Young.

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Speaker 3: This book is powerful.

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Speaker 6: It gives teenagers called to students, young adults the roadmap

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Speaker 6: they need to start saving, planning and investing.

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Speaker 3: The right way.

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Speaker 6: And I'll tell you even people my age, yes and

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Speaker 6: I'm fifty six, are reading it. William actually quotes me

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Speaker 6: the coooner Man in the book. I'm in the book.

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Speaker 6: So you can grab your copy right now on Amazon.

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Speaker 6: Just search Only the Good invest Young, and if you're

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Speaker 6: part of Cooner Country you can get a copy absolutely free.

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Speaker 6: Just tell them the coooner Man sent you and call

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Speaker 6: eight eight eight eight hundred eighteen eighty one or email

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Speaker 6: Kelly at Kellyfinancial dot org. Only the Good invest Young

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Speaker 6: get it today.

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Speaker 1: Welcome back to safe money Strategies. I'm like you, said,

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Speaker 1: chief operating officer here at Kelly Financial, and I'm.

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Speaker 7: Greg Workman, an investment advisor at Kelly Financial. Thank you

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Speaker 7: for spending part of your weekend with us Greg.

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Speaker 1: Today we're tackling a topic that's absolutely critical to retirement planning.

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Speaker 1: But let's be honest, not exactly exciting.

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Speaker 2: That's right.

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Speaker 7: Today we're talking about retirement expenses, not investments, not market

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Speaker 7: performance expenses. What they look like today, how they change

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Speaker 7: in retirement, and why. Understanding them is one of the

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Speaker 7: most important steps in building a successful retirement plan.

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Speaker 1: And this ties directly into the safe money strategies process.

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Speaker 1: One of the biggest components of building a written retirement

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Speaker 1: plan is itemizing expenses. For most people, this is not

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Speaker 1: the most enjoyable exercise, but it might be the most

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Speaker 1: important one. We often say this on the show. Retirement

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Speaker 1: isn't just about how much money you've saved. It's about

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Speaker 1: how much money you'll need and when you'll need it.

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Speaker 7: You can have a solid nest egg, but if your

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Speaker 7: expenses are misunderstood or underestimated, that plan can unravel quickly.

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Speaker 1: One of the biggest mistakes we see is assuming retirement

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Speaker 1: expenses will simp be lower across the board.

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Speaker 7: Some expenses do go down or disappear, but other expenses

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Speaker 7: increase and some show up for the first time.

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Speaker 1: Let's ground this with a quick client style example.

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Speaker 2: We'll call them Joe and Maria.

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Speaker 7: Joe is sixty four, Maria is sixty two. Joe plans

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Speaker 7: to retire at sixty five, and Maria a year or

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Speaker 7: two later. Like many couples, they told us early on,

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Speaker 7: once we retire, our expenses will drop.

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Speaker 1: They felt confident about that until we started breaking things

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Speaker 1: down line by line.

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Speaker 2: That's when reality set in.

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Speaker 3: Let's start with the good news.

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Speaker 1: Some expenses really do decrease or disappear altogether.

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Speaker 7: Work related expenses are a big one. Commuting costs, gas tolls, parking,

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Speaker 7: vehicle wear and tear. It all adds up.

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Speaker 1: Then there's professional clothing, dry cleaning, lunches out, and convenience

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Speaker 1: spending during the workday.

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Speaker 7: Joe alone was spending several hundred dollars a month getting

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Speaker 7: to and from work and eating on the go.

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Speaker 1: Another major change retirement savings contributions. Once you retire, you

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Speaker 1: are no longer funding a four to h one k

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Speaker 1: or IRA.

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Speaker 2: That's an important shift.

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Speaker 7: People forget they've been living on less than their gross

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Speaker 7: income for decades.

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Speaker 1: Payroll taxes can also drop off. Social Security and Medicare

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Speaker 1: taxes no longer apply to wages, once you stop working.

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Speaker 7: For some retirees, mortgage payments disappear if their home is

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Speaker 7: paid off.

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Speaker 1: That's never an assumption, but when it happens, it's meaningful.

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Speaker 7: Other expenses that may drop off include child's related costs,

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Speaker 7: college funding, income replacement, life insurance, and or disability insurance.

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Speaker 1: Joe and Maria were surprised by how many LIONE items

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Speaker 1: were tied directly to working or raising kids.

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Speaker 7: Now, let's talk about the other side of the coin.

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Speaker 7: Expenses that increase in retirement. Healthcare tops the list, even

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Speaker 7: with Medicare. Health Care costs don't go away mums, deductibles, copays, prescriptions,

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Speaker 7: dental vision, hearing.

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Speaker 2: It all adds.

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Speaker 1: Up in healthcare inflation has historically run higher than general inflation.

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Speaker 7: Joe and Maria assumed Medicare would cover everything. Once we

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Speaker 7: talked through realistic projections, will that assumption changed a bit.

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Speaker 1: Another surprise for many retirees is lifestyle spending.

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Speaker 7: Retirement brings time, and time creates opportunity.

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Speaker 1: Travel, hobbies, dining out, golf, visiting, family, spending on grandkids.

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Speaker 1: Things that were occasional become routine.

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Speaker 2: For many people.

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Speaker 7: The first phase of retirement is the most active every

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Speaker 7: day is a vacation and often the most expensive period

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Speaker 7: in retirement.

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Speaker 1: Then there are expenses people don't always anticipate.

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Speaker 7: Medicare supplements, long term care, planning, home projects, helping adult children,

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Speaker 7: increased charitable giving.

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Speaker 2: Spending doesn't disappear, it shifts.

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Speaker 7: Another critical area that people over look is taxation.

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Speaker 1: Taxes don't feel like an expense the way groceries or

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Speaker 1: utilities do, but for retirees they can be one of

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Speaker 1: the largest line items.

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Speaker 7: Especially once required minimum distributions begin or when Social Security

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Speaker 7: becomes taxable.

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Speaker 1: During working years, taxes are mostly automatic. In retirement, they

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Speaker 1: become more visible and more controllable.

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Speaker 7: Joe and Maria assume that taxes would be lower simply

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Speaker 7: because they were not working. Once we modeled income and

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Speaker 7: expenses together, taxes then became a major planning consideration.

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Speaker 1: Housing is another area that surprises people, even with a

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Speaker 1: paidoff mortgage, property taxes, insurance, utilities, maintenance and repairs while

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Speaker 1: they continue, and many retirees finally tackle projects they've postponed

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Speaker 1: for years. Renovations, accessibility upgrades, or deferred maintenance.

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Speaker 7: Those aren't monthly expenses, but they absolutely need to be

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Speaker 7: planned for.

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Speaker 1: That brings us to what we call lumpy expenses, irregular

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Speaker 1: but in inevitable.

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Speaker 7: Costs such as new roofs, cars, appliances, and major home repairs.

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Speaker 1: If we only plan for monthly spending, these costs can

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Speaker 1: derail a retirement plan.

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Speaker 7: That's why we aim to identify those items early in

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Speaker 7: the Safe Money Strategies planning process.

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Speaker 1: This is exactly why expense itemization is such a big

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Speaker 1: part of what we do.

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Speaker 2: It's not about perfection, it's about clarity.

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Speaker 1: When clients categorize expenses, what continues, what increases, what disappears.

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Speaker 1: It turns guesswork into planning.

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Speaker 7: Joe and Maria told us that this was the most

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Speaker 7: eye opening part of their retirement plan.

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Speaker 1: One last dynamic worth mentioning couples often view expenses very differently.

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Speaker 7: One spouse focuses on fixed bills and the other on

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Speaker 7: discretionary spending.

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Speaker 1: Itemizing expenses forces alignment and sparks meaningful conversations.

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Speaker 7: Joe and Maria said this exercise help them get on

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Speaker 7: the same page for the first time in years.

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Speaker 1: We encourage clients to think of this not as budgeting,

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Speaker 1: but as designing their retirement lifestyle.

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Speaker 7: You're not tracking pennies, you're defining what retirement looks like

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Speaker 7: for you.

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Speaker 1: Once people see it that way, the exercise becomes far

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Speaker 1: more meaningful.

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Speaker 7: When we come back, we'll talk about how we stress

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Speaker 7: test retirement income against real world expenses, factor and inflation,

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Speaker 7: and build plans that adapt over.

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Speaker 1: Time, and we'll show you how you can start this

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Speaker 1: process yourself using the Safe Money Strategies workbook.

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Speaker 3: Stay with us, we'll be right back.

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Speaker 4: Kelly Financial Services eight eight hundred eighteen eighty one.

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Speaker 5: I'm Kelly Kelly from Kelly Financial. Is your financial advisor

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Speaker 5: a fiduciary? In other words, are they legally required to

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Speaker 5: act in your best interest? My complimentary book, Retire Your Fear,

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00:20:51,720 --> 00:20:55,240
Speaker 5: Plan Your Future explains what a fiduciary is and will

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00:20:55,240 --> 00:20:58,959
Speaker 5: help you understand if an advisor is really putting you first.

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Speaker 5: For the book, call eight eight eight eight hundred, eighteen

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Speaker 5: eighty one or email Kelly at Kellyfinancial dot org. We're

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Speaker 5: Kelly Financial. Come Retire with us.

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Speaker 8: I'm John Boudris, and welcome to a new edition of

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Speaker 8: Kelly Financial's What Would Bill Say? The Wit and Wisdom

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Speaker 8: of the Late Bill Kelly. Today we'll address fact from fiction.

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Speaker 9: You can always make money if you haven't if you

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Speaker 9: lose it all, It's very difficult to do that.

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Speaker 3: So you have to have a plan.

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Speaker 9: If the market goes up quite a bit or down

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Speaker 9: quite a bit, you have to be ready.

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Speaker 3: And how do you sort fact from fiction?

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Speaker 8: Download Kelly Financial's Consumer Guide simply called the Value of

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00:21:39,359 --> 00:21:42,760
Speaker 8: an Objective Opinion. With so much at stake with your

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Speaker 8: retirement future, you don't just want any financial advice, but

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00:21:47,480 --> 00:21:52,520
Speaker 8: objective financial advice, and as a fiduciary, Kelly Financial puts

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00:21:52,680 --> 00:21:57,160
Speaker 8: your interests above all else. Go to Kellyfinancial dot org

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00:21:57,480 --> 00:22:00,600
Speaker 8: or call eight eight eight eight hundred eighteen eighty one

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00:22:00,680 --> 00:22:01,680
Speaker 8: to get the guide.

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Speaker 3: Ladies and gentlemen sort fact from fiction.

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Speaker 8: We are Kelly Financial Services. Come retire with us.

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Speaker 4: The Money Wrap with Kelly Financial Advisors Greg Murray and

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Speaker 4: Mary Madeline Kelly.

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Speaker 10: Hello, this is Greg Murray, Senior Vice president and Chief

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Speaker 10: Compliance Officer at Kelly Financial Services. Joining me today is

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Speaker 10: Mary Madeline Kelly, one of her wealth advisors. How are

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00:22:25,400 --> 00:22:26,000
Speaker 10: you doing today?

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Speaker 11: I'm doing great.

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Speaker 8: Greg.

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Speaker 11: I realized I haven't given a Melly update in some time,

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Speaker 11: so I thought I would let our listeners know that

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Speaker 11: my six month old puppy, Melly is doing wonderfully. She's

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Speaker 11: so sweet, smart, social, and she loves eating. She's in

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Speaker 11: a routine of eating three times a day, which I'll

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Speaker 11: continue until she is about one year old. But I

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Speaker 11: do worry about that transition to two times a day

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Speaker 11: as she looks forward to those feedings from the second.

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Speaker 10: She wakes up. I really do wish I got to

447
00:22:54,880 --> 00:22:58,000
Speaker 10: see Melly more often. Having an office dog would be amazing.

448
00:22:58,240 --> 00:23:00,640
Speaker 10: But changes will be hard for an understand then she's

449
00:23:00,760 --> 00:23:02,760
Speaker 10: still going to be getting the same amount of food,

450
00:23:02,840 --> 00:23:03,720
Speaker 10: just based out longer.

451
00:23:03,840 --> 00:23:06,720
Speaker 2: Over time, she'll get used to it. And it's funny.

452
00:23:06,480 --> 00:23:10,240
Speaker 11: Thinking about Mellie's routine and how small changes can feel

453
00:23:10,240 --> 00:23:14,040
Speaker 11: big at first really reminds me of today's topic, because

454
00:23:14,080 --> 00:23:17,680
Speaker 11: in financial planning, especially around retirement, we see the same thing.

455
00:23:17,960 --> 00:23:20,680
Speaker 11: A decision that sounds simple can actually have a lot

456
00:23:20,680 --> 00:23:23,639
Speaker 11: of layers, and today's topic is one we get asked

457
00:23:23,640 --> 00:23:26,280
Speaker 11: about all the time, especially from people who are approaching

458
00:23:26,320 --> 00:23:29,840
Speaker 11: retirement or recently retired. Should I pay off my mortgage

459
00:23:29,840 --> 00:23:32,040
Speaker 11: now or does it ever make sense.

460
00:23:31,840 --> 00:23:32,280
Speaker 2: To keep it?

461
00:23:32,400 --> 00:23:34,400
Speaker 10: That's right For a lot of people, being debt free

462
00:23:34,400 --> 00:23:37,400
Speaker 10: feels like the ultimate financial goal, and emotionally paying off

463
00:23:37,400 --> 00:23:40,000
Speaker 10: your mortgage can feel incredibly satisfying.

464
00:23:39,560 --> 00:23:42,679
Speaker 11: Absolutely, and for some people paying it off is the

465
00:23:42,760 --> 00:23:45,480
Speaker 11: right decision. But what we want to talk about today

466
00:23:45,680 --> 00:23:48,840
Speaker 11: is that financially paying off a mortgage isn't always the

467
00:23:48,920 --> 00:23:52,000
Speaker 11: automatic best move, especially in today's environment.

468
00:23:52,200 --> 00:23:52,640
Speaker 3: Exactly.

469
00:23:52,760 --> 00:23:55,320
Speaker 10: Let's start with the first big reason people consider keeping

470
00:23:55,320 --> 00:23:58,880
Speaker 10: a mortgage interest rates. Many homeowners locked in historically low

471
00:23:58,920 --> 00:24:00,600
Speaker 10: mortgage rates over the pasth past years.

472
00:24:00,920 --> 00:24:03,919
Speaker 11: Right, if you have a mortgage at say three percent

473
00:24:04,040 --> 00:24:06,679
Speaker 11: or four percent, paying that off early means giving up

474
00:24:06,720 --> 00:24:10,160
Speaker 11: the opportunity to use your money elsewhere, potentially in investments

475
00:24:10,240 --> 00:24:15,000
Speaker 11: or strategies that may offer higher long term returns. Of course,

476
00:24:15,080 --> 00:24:19,480
Speaker 11: that's not guaranteed, and investing always involves risk, including the

477
00:24:19,480 --> 00:24:20,760
Speaker 11: potential loss of principle.

478
00:24:21,040 --> 00:24:22,080
Speaker 3: That's an important point.

479
00:24:22,240 --> 00:24:24,560
Speaker 10: Keeping a low interest rate mortgage can allow your money

480
00:24:24,560 --> 00:24:27,080
Speaker 10: to stay invested in working for you, rather than tying

481
00:24:27,160 --> 00:24:28,560
Speaker 10: up large amounts of cash in.

482
00:24:28,520 --> 00:24:31,600
Speaker 11: Your home, which brings us to the second benefit liquidity.

483
00:24:31,800 --> 00:24:35,200
Speaker 11: Once you put money into your house, it's not easily accessible.

484
00:24:35,440 --> 00:24:38,840
Speaker 11: You can't tap it quickly without refinancing, taking out a loan,

485
00:24:39,119 --> 00:24:40,120
Speaker 11: or selling the home.

486
00:24:40,400 --> 00:24:44,160
Speaker 10: Especially in retirement, having accessible cash can be incredibly valuable

487
00:24:44,240 --> 00:24:48,320
Speaker 10: for emergencies, healthcare expenses, travel, or even helping family members.

488
00:24:48,440 --> 00:24:51,560
Speaker 11: We often remind clients you can't write a check from

489
00:24:51,600 --> 00:24:55,480
Speaker 11: your kitchen countertop. Keeping some liquidity can provide flexibility and

490
00:24:55,560 --> 00:24:56,240
Speaker 11: peace of mind.

491
00:24:56,440 --> 00:24:59,760
Speaker 10: Another consideration is tax planning. In some cases, mortgage in

492
00:24:59,760 --> 00:25:03,320
Speaker 10: SHU may still be deductible depending on your situation. Well,

493
00:25:03,440 --> 00:25:05,640
Speaker 10: that's not a reason on its own to keep a mortgage.

494
00:25:05,640 --> 00:25:09,000
Speaker 10: It can factor into the overall picture. Yes, and even

495
00:25:09,040 --> 00:25:12,760
Speaker 10: beyond deductions. The way you use your cash matters. For example,

496
00:25:13,040 --> 00:25:15,480
Speaker 10: using a large sum to pay off a mortgage could

497
00:25:15,520 --> 00:25:18,760
Speaker 10: increase your taxable income if it comes from a retirement account.

498
00:25:18,840 --> 00:25:20,760
Speaker 10: That's a great point. Pulling a lump sum from an

499
00:25:20,800 --> 00:25:22,760
Speaker 10: IRA or four a one K to pay off a

500
00:25:22,800 --> 00:25:25,680
Speaker 10: mortgage could push you into a higher tax bracket, affect

501
00:25:25,720 --> 00:25:28,760
Speaker 10: Medicare premiums, or increase how much of your Social Security

502
00:25:28,800 --> 00:25:29,280
Speaker 10: is taxed.

503
00:25:29,520 --> 00:25:33,119
Speaker 11: So sometimes the tax cost of paying off the mortgage

504
00:25:33,160 --> 00:25:37,600
Speaker 11: outweighs the interest savings, especially if that withdrawal wasn't planned carefully.

505
00:25:37,720 --> 00:25:41,320
Speaker 10: Another potential benefit of keeping a mortgage is inflation. Over time,

506
00:25:41,359 --> 00:25:44,800
Speaker 10: inflation tends to reduce the real cost of fixed payments.

507
00:25:44,480 --> 00:25:47,280
Speaker 11: Your mortgage payments stay the same, but your income and

508
00:25:47,400 --> 00:25:51,280
Speaker 11: asset values may increase over time. In that sense, inflation

509
00:25:51,480 --> 00:25:54,439
Speaker 11: can actually work in your favor with a fixed rate mortgage.

510
00:25:54,480 --> 00:25:57,040
Speaker 10: Of course, this only applies if the mortgage is manageable

511
00:25:57,119 --> 00:25:58,800
Speaker 10: and doesn't strain your cash flow.

512
00:25:58,840 --> 00:26:02,920
Speaker 11: Right, and that's an important distinction. This conversation isn't about

513
00:26:03,040 --> 00:26:07,320
Speaker 11: carrying debt irresponsibly. It's about understanding when keeping a mortgage

514
00:26:07,320 --> 00:26:08,720
Speaker 11: can be a strategic choice.

515
00:26:08,760 --> 00:26:11,760
Speaker 10: We should also talk about emotional comfort, because that matters too.

516
00:26:11,840 --> 00:26:14,280
Speaker 10: For some people, being debt free provides peace of mind

517
00:26:14,320 --> 00:26:16,720
Speaker 10: that outweighs any financial advantage of keeping the.

518
00:26:16,640 --> 00:26:20,960
Speaker 11: Mortgage, and that's completely valid. Financial planning isn't just about spreadsheets.

519
00:26:21,000 --> 00:26:23,760
Speaker 11: It's about how you feel. The right answer depends on

520
00:26:23,800 --> 00:26:26,200
Speaker 11: your comfort level, goals, and overall plan.

521
00:26:26,440 --> 00:26:29,560
Speaker 10: So the key question isn't should everyone keep their mortgage?

522
00:26:29,680 --> 00:26:34,000
Speaker 10: It's does keeping your mortgage make sense given your income, assets, taxes,

523
00:26:34,040 --> 00:26:35,160
Speaker 10: and goals.

524
00:26:34,880 --> 00:26:37,800
Speaker 11: Exactly, And that's where personalized planning comes in.

525
00:26:38,000 --> 00:26:39,560
Speaker 2: So let's summarize for our listeners.

526
00:26:39,640 --> 00:26:42,400
Speaker 10: Some potential benefits of keeping a mortgage instead of paying

527
00:26:42,400 --> 00:26:45,800
Speaker 10: it off include preserving liquidity, keeping money invested for long

528
00:26:45,920 --> 00:26:50,600
Speaker 10: term growth, avoiding large taxable withdrawals, using inflation to your advantage,

529
00:26:50,720 --> 00:26:52,720
Speaker 10: and maintaining financial flexibility.

530
00:26:52,920 --> 00:26:56,720
Speaker 11: Perfect summary, and as always, it's important to remember that

531
00:26:56,760 --> 00:27:00,600
Speaker 11: investing involves risk, including the potential loss of prints and

532
00:27:00,680 --> 00:27:03,520
Speaker 11: strategies should be evaluated in the context of your full

533
00:27:03,560 --> 00:27:04,359
Speaker 11: financial picture.

534
00:27:04,440 --> 00:27:07,640
Speaker 10: At Kelly Financial, we help clients walk through this exact decision,

535
00:27:07,840 --> 00:27:11,200
Speaker 10: comparing scenarios, stress test and cash flow and making sure

536
00:27:11,240 --> 00:27:14,000
Speaker 10: the choice aligns with both financial and personal comfort.

537
00:27:14,080 --> 00:27:17,439
Speaker 11: Because the right decision isn't always the most obvious one,

538
00:27:17,760 --> 00:27:20,879
Speaker 11: it's the one that supports your lifestyle and long term security.

539
00:27:21,040 --> 00:27:23,160
Speaker 10: Well said, that's going to wrap things up. If you're

540
00:27:23,200 --> 00:27:25,600
Speaker 10: wondering whether paying off your mortgage or keeping it makes

541
00:27:25,640 --> 00:27:27,520
Speaker 10: sense for you, give us a call. We'd be happy

542
00:27:27,520 --> 00:27:28,640
Speaker 10: to walk you through the numbers.

543
00:27:28,840 --> 00:27:31,760
Speaker 11: Absolutely well. Have a great rest of your weekend. Greg.

544
00:27:31,920 --> 00:27:35,200
Speaker 4: To get in touch with Greg Murray or Mary, Madeline Kelly,

545
00:27:35,520 --> 00:27:39,080
Speaker 4: or any member of the Kelly Financial team, call atat

546
00:27:39,080 --> 00:27:47,200
Speaker 4: eight eight hundred eighteen eighty one. Safe Money Strategies with

547
00:27:47,240 --> 00:27:51,000
Speaker 4: William Kelly and Kelly Kelly Call the team on at

548
00:27:51,040 --> 00:27:53,760
Speaker 4: eight eight hundreds eighteen eighty one.

549
00:27:55,119 --> 00:28:03,879
Speaker 5: Care, good morning, and welcome back to Safe Money strategies.

550
00:28:04,240 --> 00:28:07,800
Speaker 5: I'm Kelly Kelly here with my son William Kelly Jr.

551
00:28:08,320 --> 00:28:11,480
Speaker 5: And William As we begin a new year, it feels

552
00:28:11,560 --> 00:28:14,840
Speaker 5: like a lot of people are thinking more carefully about

553
00:28:14,880 --> 00:28:18,159
Speaker 5: their finances than they did a few years ago.

554
00:28:18,680 --> 00:28:19,160
Speaker 3: That's true.

555
00:28:19,160 --> 00:28:23,160
Speaker 2: Mom After inflation, market swings, and rising everyday costs, many

556
00:28:23,200 --> 00:28:27,160
Speaker 2: retirees are paying closer attention to how all pieces fit together.

557
00:28:27,359 --> 00:28:32,520
Speaker 5: Especially in retirement, because income is more structured. You're no

558
00:28:32,600 --> 00:28:37,000
Speaker 5: longer receiving a paycheck every two weeks. You're relying on

559
00:28:37,080 --> 00:28:41,720
Speaker 5: Social Security, on savings and investments.

560
00:28:41,040 --> 00:28:43,200
Speaker 3: And that makes financial surprises feel bigger.

561
00:28:43,400 --> 00:28:47,400
Speaker 5: Which is why taxes matter more than people realize. Not

562
00:28:47,560 --> 00:28:53,000
Speaker 5: because anyone enjoys talking about taxes, but because taxes quietly

563
00:28:53,080 --> 00:28:58,080
Speaker 5: affect how much income people keep and how confidently they plan.

564
00:28:58,560 --> 00:29:01,160
Speaker 2: That's why today we're not here to predict tax policy.

565
00:29:01,560 --> 00:29:05,400
Speaker 2: We're here to talk about something more useful, awareness.

566
00:29:04,840 --> 00:29:09,160
Speaker 5: Because confidence does not come from guessing, it comes from

567
00:29:09,200 --> 00:29:10,200
Speaker 5: being prepared.

568
00:29:10,800 --> 00:29:14,400
Speaker 2: One thing often discussed in retirement planning circles is that uncertainty,

569
00:29:14,920 --> 00:29:17,760
Speaker 2: not numbers, creates The most concerned.

570
00:29:17,560 --> 00:29:21,920
Speaker 5: People are rarely worried about spreadsheets. They are concerned about

571
00:29:21,960 --> 00:29:23,840
Speaker 5: what they don't understand.

572
00:29:24,360 --> 00:29:26,960
Speaker 2: They wonder whether something important is changing that they might

573
00:29:26,960 --> 00:29:28,160
Speaker 2: be missing, and that.

574
00:29:28,080 --> 00:29:33,360
Speaker 5: Feeling can make even a solid financial situation feel uncomfortable.

575
00:29:33,800 --> 00:29:36,360
Speaker 3: That's why understanding that basics matters so much.

576
00:29:36,600 --> 00:29:40,280
Speaker 5: Many people feel overwhelmed by tax language.

577
00:29:40,760 --> 00:29:44,560
Speaker 2: Terms like TOX brackets, taxable income, and required distributions can

578
00:29:44,600 --> 00:29:46,000
Speaker 2: sound intimidating.

579
00:29:45,880 --> 00:29:50,160
Speaker 5: But most stress comes from confusion, not complexity.

580
00:29:50,640 --> 00:29:52,479
Speaker 3: You do not need to be a TOX expert. You

581
00:29:52,480 --> 00:29:53,360
Speaker 3: need a clear picture.

582
00:29:53,840 --> 00:29:57,920
Speaker 5: For example, many retirees are surprised to learn that not

583
00:29:58,160 --> 00:30:01,560
Speaker 5: all retirement income is tax the same way.

584
00:30:02,120 --> 00:30:06,040
Speaker 2: Social Security pensions, retirement accounts, and investing income all follow

585
00:30:06,080 --> 00:30:06,800
Speaker 2: different rules.

586
00:30:07,320 --> 00:30:11,920
Speaker 5: Understanding that alone can remove a lot of unnecessary worry.

587
00:30:12,400 --> 00:30:14,680
Speaker 2: And one thing that people don't always realize is that

588
00:30:14,720 --> 00:30:17,880
Speaker 2: small income changes can have ripple effects.

589
00:30:17,520 --> 00:30:21,760
Speaker 5: And additional withdrew a bonus year of income or a

590
00:30:22,000 --> 00:30:26,640
Speaker 5: change in investment income can sometimes affect taxes in ways

591
00:30:26,720 --> 00:30:28,240
Speaker 5: people do not expect.

592
00:30:28,720 --> 00:30:31,480
Speaker 2: That is why having a basic understanding of how income

593
00:30:31,560 --> 00:30:33,960
Speaker 2: flows through the tax system is helpful.

594
00:30:33,680 --> 00:30:37,000
Speaker 5: Not to micromanage, but to avoid surprises.

595
00:30:37,640 --> 00:30:41,080
Speaker 2: Another misunderstanding is what tax preparation actually means.

596
00:30:41,640 --> 00:30:47,720
Speaker 5: Many people assume it means complex strategies or major financial moves.

597
00:30:48,320 --> 00:30:51,080
Speaker 2: In reality, preparation is mostly about organization.

598
00:30:51,720 --> 00:30:53,640
Speaker 5: Knowing where your records are.

599
00:30:53,840 --> 00:30:56,320
Speaker 2: Keeping beneficiary designations, current.

600
00:30:56,440 --> 00:30:59,200
Speaker 5: Reviewing retirement account statements.

601
00:30:58,720 --> 00:31:02,560
Speaker 2: Periodically, organizing healthcare and charitable records.

602
00:31:02,520 --> 00:31:06,160
Speaker 5: And understanding require distribution timelines.

603
00:31:06,360 --> 00:31:09,720
Speaker 2: Good preparation is not about doing more, It's about being organized.

604
00:31:10,280 --> 00:31:14,760
Speaker 5: Most tax stress does not come from the tax rules themselves.

605
00:31:15,280 --> 00:31:17,360
Speaker 2: It comes from waiting until the last minute.

606
00:31:17,520 --> 00:31:20,440
Speaker 5: When people wait, everything feels urgent.

607
00:31:20,880 --> 00:31:23,200
Speaker 3: When people start early, everything feels manageable.

608
00:31:23,640 --> 00:31:27,080
Speaker 5: There is a big difference between reacting under pressure and

609
00:31:27,200 --> 00:31:28,440
Speaker 5: preparing calmly.

610
00:31:28,960 --> 00:31:31,720
Speaker 2: Preparation is not about making decisions today, It's about giving

611
00:31:31,760 --> 00:31:32,440
Speaker 2: yourself time.

612
00:31:32,800 --> 00:31:37,560
Speaker 5: Another topic retires think more about as they age is healthcare.

613
00:31:37,920 --> 00:31:40,880
Speaker 2: Healthcare events can affect both lifestyle and finances.

614
00:31:41,400 --> 00:31:46,040
Speaker 5: That is why retirement education often includes discussions of long

615
00:31:46,160 --> 00:31:48,240
Speaker 5: term care planning, not to.

616
00:31:48,200 --> 00:31:50,560
Speaker 3: Push decisions, but to improve understanding.

617
00:31:51,000 --> 00:31:55,360
Speaker 5: When people see how health and finances connect, they feel

618
00:31:55,400 --> 00:31:57,440
Speaker 5: more in control of the bigger picture.

619
00:31:57,920 --> 00:31:59,960
Speaker 3: The super education becomes so valued.

620
00:32:00,720 --> 00:32:06,160
Speaker 5: At Kelly Financial Services, we created our guide Tax Planning

621
00:32:06,320 --> 00:32:08,719
Speaker 5: in Today's Environment for this reason.

622
00:32:09,320 --> 00:32:11,800
Speaker 2: It is designed to explain how today's tax rules work

623
00:32:11,840 --> 00:32:12,880
Speaker 2: in plan language.

624
00:32:13,040 --> 00:32:17,480
Speaker 5: It walks through how different income sources are generally treated

625
00:32:18,000 --> 00:32:22,200
Speaker 5: not as recommendations, but as education, because when people understand

626
00:32:22,200 --> 00:32:25,800
Speaker 5: the landscape, they feel more confident planning ahead.

627
00:32:26,560 --> 00:32:28,440
Speaker 2: At the end of the day. This is not about

628
00:32:28,480 --> 00:32:29,920
Speaker 2: memorizing TALX codes.

629
00:32:30,240 --> 00:32:34,000
Speaker 5: It is about feeling informed instead of uncertain.

630
00:32:34,560 --> 00:32:36,440
Speaker 3: It's about knowing you and not drifting.

631
00:32:36,920 --> 00:32:40,360
Speaker 5: It is about feeling prepared rather than surprised.

632
00:32:40,880 --> 00:32:42,480
Speaker 3: That is what awareness provides.

633
00:32:43,000 --> 00:32:46,080
Speaker 5: If you would like a copy of our educational guide

634
00:32:46,120 --> 00:32:50,280
Speaker 5: tax Planning in Today's environment, you can request it by

635
00:32:50,360 --> 00:32:54,280
Speaker 5: calling eight eight eight eight hundred eighteen eighty one or

636
00:32:54,440 --> 00:32:57,960
Speaker 5: emailing Kelly at Kellifinancial dot org.

637
00:32:58,360 --> 00:33:00,640
Speaker 2: It is a helpful resource for anyone wants a clear

638
00:33:00,720 --> 00:33:03,720
Speaker 2: understanding of how toxes fit into retirement planning, and.

639
00:33:03,720 --> 00:33:07,880
Speaker 5: When we return, we will share simple practical steps retires

640
00:33:07,960 --> 00:33:13,120
Speaker 5: can take to state organized, calm and confident moving.

641
00:33:12,840 --> 00:33:20,760
Speaker 4: Forward safe money strategies brought to you by Kelly Financial Services.

642
00:33:20,960 --> 00:33:24,760
Speaker 4: Call eight eight eight eight hundred eighteen eighty one or

643
00:33:24,840 --> 00:33:26,760
Speaker 4: visit Kellyfinancial dot org.

644
00:33:27,360 --> 00:33:31,280
Speaker 8: Ready to enjoy your golden years without worry. At Kelly Financial,

645
00:33:31,400 --> 00:33:34,760
Speaker 8: we know retirement planning can be overwhelming with more than

646
00:33:34,800 --> 00:33:38,520
Speaker 8: twenty two years of experience. Our friendly team of advisors

647
00:33:38,560 --> 00:33:41,760
Speaker 8: makes it easy and stress free. Trust us to help

648
00:33:41,800 --> 00:33:44,400
Speaker 8: you create a secure and enjoyable future.

649
00:33:44,680 --> 00:33:45,600
Speaker 3: For a free.

650
00:33:45,320 --> 00:33:49,600
Speaker 8: Initial retirement consultation called eight eight eight eight hundred eighteen

651
00:33:49,680 --> 00:33:53,400
Speaker 8: eighty one or email Kelly at Kelly Financial dot org.

652
00:33:53,600 --> 00:33:56,000
Speaker 8: We're Kelly Financial. Come retire with.

653
00:33:55,960 --> 00:34:01,360
Speaker 4: Us safe money strategies with William Kelly. Kelly Kelly call

654
00:34:01,440 --> 00:34:05,440
Speaker 4: the team on eight eight hundred eighteen eighty one.

655
00:34:06,080 --> 00:34:07,000
Speaker 10: Taking care.

656
00:34:09,280 --> 00:34:11,720
Speaker 5: All right, William. In the first part of the show,

657
00:34:11,760 --> 00:34:16,239
Speaker 5: we talked about something that really resonates with retirees that

658
00:34:16,480 --> 00:34:19,880
Speaker 5: when it comes to taxes, the goal is not to

659
00:34:19,960 --> 00:34:23,600
Speaker 5: predict what Washington is going to do next year or

660
00:34:23,640 --> 00:34:24,680
Speaker 5: five years from.

661
00:34:24,520 --> 00:34:27,560
Speaker 3: Now, because nobody can do that exactly.

662
00:34:27,960 --> 00:34:33,000
Speaker 5: The goal is awareness understanding how the tax system interacts

663
00:34:33,040 --> 00:34:36,440
Speaker 5: with retirement income so you're not caught off.

664
00:34:36,280 --> 00:34:39,279
Speaker 3: Guard, because the surprise is what throws people off.

665
00:34:39,880 --> 00:34:44,240
Speaker 5: Yes, retirees will tell us I didn't think I changed anything,

666
00:34:44,400 --> 00:34:46,240
Speaker 5: but my tax bill did.

667
00:34:46,520 --> 00:34:47,640
Speaker 3: And that feels unfair.

668
00:34:48,160 --> 00:34:51,160
Speaker 5: It does, but most of the time is not one

669
00:34:51,239 --> 00:34:55,680
Speaker 5: dramatic change. It's a series of small shifts that add up,

670
00:34:56,160 --> 00:35:00,319
Speaker 5: like what like the way retirement income is layered. During

671
00:35:00,440 --> 00:35:05,200
Speaker 5: working years, income is simple. Wages come in, taxes are

672
00:35:05,239 --> 00:35:07,040
Speaker 5: withheld into story.

673
00:35:07,520 --> 00:35:10,560
Speaker 3: But in retirement, income comes from everywhere.

674
00:35:10,640 --> 00:35:17,200
Speaker 5: Right, social Security, IRA distributions, investment income, maybe a pension,

675
00:35:17,680 --> 00:35:22,040
Speaker 5: maybe rental income, and each one is taxed.

676
00:35:21,760 --> 00:35:25,080
Speaker 2: Differently, So retirees become their own payroll department.

677
00:35:25,520 --> 00:35:27,960
Speaker 5: That's a great way to say it. You're managing the

678
00:35:27,960 --> 00:35:31,920
Speaker 5: flow now, and the order and timing of that flow

679
00:35:31,960 --> 00:35:33,080
Speaker 5: can matter.

680
00:35:33,239 --> 00:35:36,160
Speaker 2: Which is something people were never taught exactly.

681
00:35:36,480 --> 00:35:41,080
Speaker 5: Most people were taught how to save, not how to distribute.

682
00:35:40,880 --> 00:35:43,240
Speaker 3: And distribution is where taxes become visible.

683
00:35:43,800 --> 00:35:48,560
Speaker 5: Yes, especially when a large portion of retirement savings is

684
00:35:48,600 --> 00:35:53,560
Speaker 5: in tax deferred accounts like traditional iras and four oh one.

685
00:35:53,480 --> 00:35:57,720
Speaker 2: Case, because every dollar that comes out is generally taxable.

686
00:35:57,760 --> 00:36:02,719
Speaker 5: That's right, and that income does not exist in isolation,

687
00:36:03,440 --> 00:36:05,800
Speaker 5: is stax on top of everything else.

688
00:36:06,480 --> 00:36:09,279
Speaker 2: So one decision can quietly affect several parts of the

689
00:36:09,320 --> 00:36:10,759
Speaker 2: picture exactly.

690
00:36:10,920 --> 00:36:16,640
Speaker 5: A larger IRA withdrawal can increase income taxes, potentially affect

691
00:36:16,840 --> 00:36:21,040
Speaker 5: Medicare premiums, and sometimes can even change how much of

692
00:36:21,080 --> 00:36:22,960
Speaker 5: Social Security is taxed.

693
00:36:23,440 --> 00:36:26,439
Speaker 2: That's what makes people feel like the rules are working against.

694
00:36:26,080 --> 00:36:28,799
Speaker 5: Them, and it's not that the system is trying to

695
00:36:28,840 --> 00:36:34,000
Speaker 5: trip people up. Is that it's layered and interconnected.

696
00:36:33,520 --> 00:36:35,800
Speaker 3: Which is why awareness is so important.

697
00:36:36,320 --> 00:36:41,279
Speaker 5: Yes, because when people understand that these connections exist, they

698
00:36:41,320 --> 00:36:45,960
Speaker 5: can plan more calmly instead of reacting emotionally.

699
00:36:45,719 --> 00:36:48,840
Speaker 2: And emotional tax decisions are usually rush tax.

700
00:36:48,600 --> 00:36:54,879
Speaker 5: Decisions exactly, just like emotional investment decisions, they tend not

701
00:36:54,960 --> 00:36:56,040
Speaker 5: to age well.

702
00:36:56,600 --> 00:36:59,680
Speaker 2: So what does tax awareness really look like for a retiree?

703
00:37:00,120 --> 00:37:04,319
Speaker 5: It starts with understanding that retirement taxes are not just

704
00:37:04,480 --> 00:37:09,480
Speaker 5: what bracket you're in. They're about how income is created.

705
00:37:09,440 --> 00:37:11,760
Speaker 3: Meaning where the money comes from matters.

706
00:37:12,320 --> 00:37:17,799
Speaker 5: Yes, taxable accounts, tax deferred accounts, and tax free accounts

707
00:37:18,280 --> 00:37:20,439
Speaker 5: all behave differently, and if.

708
00:37:20,360 --> 00:37:22,439
Speaker 2: All your money is in one category, you have fewer

709
00:37:22,520 --> 00:37:24,400
Speaker 2: lovers to pull exactly.

710
00:37:25,040 --> 00:37:28,400
Speaker 5: That's when people feel boxed in. So part of tax

711
00:37:28,440 --> 00:37:34,880
Speaker 5: planning is flexibility, very much so, not perfection flexibility.

712
00:37:34,360 --> 00:37:37,560
Speaker 3: Because no one gets the future exactly right right.

713
00:37:37,920 --> 00:37:40,760
Speaker 5: We're not trying to design a plan that only works

714
00:37:40,840 --> 00:37:45,000
Speaker 5: if Congress behaves perfectly. We're trying to design a plan

715
00:37:45,120 --> 00:37:48,799
Speaker 5: that can adapt, which is a very different mindset.

716
00:37:49,160 --> 00:37:49,600
Speaker 2: It is.

717
00:37:50,040 --> 00:37:54,120
Speaker 5: Instead of asking what will tax rates be, the better

718
00:37:54,239 --> 00:37:58,840
Speaker 5: question is is my retirement income structured, so I'm not

719
00:37:59,000 --> 00:38:00,520
Speaker 5: dependent on one answer.

720
00:38:01,120 --> 00:38:03,319
Speaker 3: That's a powerful shift, it is.

721
00:38:03,680 --> 00:38:07,000
Speaker 5: And when people make that shift, they stop chasing.

722
00:38:06,760 --> 00:38:11,160
Speaker 2: Headlines, they stop reading every article as it called action, and.

723
00:38:11,080 --> 00:38:16,400
Speaker 5: They start focusing on what they can control structure, timing,

724
00:38:16,640 --> 00:38:17,880
Speaker 5: and balance.

725
00:38:18,000 --> 00:38:20,560
Speaker 3: Which is exactly what we see calm retirees doing.

726
00:38:21,080 --> 00:38:25,560
Speaker 5: Yes, the retirees who feel most confident aren't the ones

727
00:38:25,560 --> 00:38:29,720
Speaker 5: who guess the future correctly. They're the ones whose plans

728
00:38:29,760 --> 00:38:31,600
Speaker 5: were built to handle change.

729
00:38:32,000 --> 00:38:35,320
Speaker 3: So taxes become something they manage, not something they.

730
00:38:35,160 --> 00:38:39,680
Speaker 5: Fear exactly, And that's important because taxes are not a

731
00:38:39,800 --> 00:38:44,239
Speaker 5: one time event in retirement. They are a recurring expense

732
00:38:44,840 --> 00:38:47,359
Speaker 5: like healthcare, like inflation.

733
00:38:47,520 --> 00:38:50,200
Speaker 2: Which means they deserve a seat at the planning table,

734
00:38:50,719 --> 00:38:51,680
Speaker 2: not front.

735
00:38:51,440 --> 00:38:56,399
Speaker 5: And center in a panic, but consistently present in the conversation.

736
00:38:57,080 --> 00:38:59,080
Speaker 2: And that's really what we mean by awareness.

737
00:38:59,440 --> 00:39:04,800
Speaker 5: Yes, awareness doesn't mean obsessing. It means understanding the moving

738
00:39:04,880 --> 00:39:08,080
Speaker 5: parts well enough to make steady decisions.

739
00:39:08,400 --> 00:39:10,759
Speaker 2: Because steady decisions compound.

740
00:39:10,760 --> 00:39:15,680
Speaker 5: Exactly over twenty or thirty years of retirement. Small tax

741
00:39:15,760 --> 00:39:20,800
Speaker 5: decisions repeated consistently can make a meaningful difference.

742
00:39:20,719 --> 00:39:22,759
Speaker 2: And that's what most people miss when they think about

743
00:39:22,800 --> 00:39:24,200
Speaker 2: taxes only in April.

744
00:39:24,760 --> 00:39:29,920
Speaker 5: Right in retirement, tax planning becomes year round thinking, not

745
00:39:30,320 --> 00:39:34,680
Speaker 5: year round worrying. That's a great distinction, and that's also

746
00:39:34,800 --> 00:39:40,200
Speaker 5: why we created our educational guide, tax Planning in Today's.

747
00:39:39,760 --> 00:39:43,120
Speaker 2: Environment, because people kept saying, I just want to understand

748
00:39:43,160 --> 00:39:44,840
Speaker 2: how this works now that I'm retired.

749
00:39:45,280 --> 00:39:49,720
Speaker 5: The guide walks through how taxes interact with retirement income,

750
00:39:50,200 --> 00:39:54,480
Speaker 5: why timing and structure matter, and how retires can think

751
00:39:54,480 --> 00:39:58,840
Speaker 5: about taxes in a changing environment without trying to predict

752
00:39:58,880 --> 00:39:59,480
Speaker 5: the future.

753
00:40:00,080 --> 00:40:05,120
Speaker 2: It's not about loopholes or gimmicks. It's about fundamentals, helping

754
00:40:05,160 --> 00:40:07,640
Speaker 2: people understand the framework so they can make better long

755
00:40:07,719 --> 00:40:08,680
Speaker 2: term decisions.

756
00:40:08,960 --> 00:40:12,280
Speaker 5: If you like a copy of Tax Planning in Today's Environment,

757
00:40:12,440 --> 00:40:14,719
Speaker 5: we're happy to send it to you.

758
00:40:14,719 --> 00:40:16,799
Speaker 2: You can call us at eighty eight eight hundred one

759
00:40:16,840 --> 00:40:20,040
Speaker 2: eighty one or email Kelly at Kelly Financial dot org

760
00:40:20,239 --> 00:40:22,240
Speaker 2: and request your complimentary.

761
00:40:21,600 --> 00:40:24,759
Speaker 5: Copy, and if you'd like to talk through how these

762
00:40:24,800 --> 00:40:29,080
Speaker 5: ideas apply to your own situation, you can also request

763
00:40:29,120 --> 00:40:33,040
Speaker 5: a complementary appointment with one of our fiduciary advisors.

764
00:40:33,640 --> 00:40:37,440
Speaker 2: Again, no pressure, just a chance to get clarity, because.

765
00:40:37,080 --> 00:40:40,799
Speaker 5: The goal isn't to predict every tax change, it's to

766
00:40:40,840 --> 00:40:43,680
Speaker 5: be aware enough to stay steady through them, and that's

767
00:40:43,760 --> 00:40:49,320
Speaker 5: what smart retirement planning is really about.

768
00:40:49,800 --> 00:40:53,879
Speaker 4: Safe Money Strategies brought to you by Kelly Financial Services.

769
00:40:54,080 --> 00:40:57,880
Speaker 4: Call eight eight eight eight hundred eighteen eighty one or

770
00:40:57,960 --> 00:40:59,879
Speaker 4: visit Kellyfinancial dot org.

771
00:41:01,520 --> 00:41:04,200
Speaker 1: Welcome back to Safe Money Strategies. I'm Mike d Said

772
00:41:04,239 --> 00:41:05,200
Speaker 1: and I'm Greg Workman.

773
00:41:05,360 --> 00:41:08,000
Speaker 7: Before the break, we spent some time talking about how

774
00:41:08,040 --> 00:41:12,399
Speaker 7: retirement expenses change, what goes down, what goes up, what

775
00:41:12,520 --> 00:41:16,000
Speaker 7: drops off, and what new expenses may appear.

776
00:41:16,160 --> 00:41:19,200
Speaker 1: We also talked about why expense itemization is such a

777
00:41:19,239 --> 00:41:22,279
Speaker 1: critical step in the safe Money Strategies process, even though

778
00:41:22,280 --> 00:41:24,840
Speaker 1: it's not exactly anyone's favorite homework.

779
00:41:24,920 --> 00:41:27,440
Speaker 7: Now, in this second half, we're going to talk about

780
00:41:27,480 --> 00:41:31,640
Speaker 7: how those expenses are actually used to build and test

781
00:41:32,000 --> 00:41:33,479
Speaker 7: a retirement income plan.

782
00:41:33,719 --> 00:41:35,920
Speaker 1: One of the most common things we hear from Perspective

783
00:41:35,920 --> 00:41:39,239
Speaker 1: clients is we don't know our expenses exactly, but we

784
00:41:39,280 --> 00:41:40,400
Speaker 1: have a ballpark number.

785
00:41:40,280 --> 00:41:41,000
Speaker 3: And that makes sense.

786
00:41:41,080 --> 00:41:44,200
Speaker 7: During your working years, a paycheck every two weeks covers

787
00:41:44,239 --> 00:41:46,000
Speaker 7: a lot of imprecision.

788
00:41:45,520 --> 00:41:46,640
Speaker 2: Retirement is different.

789
00:41:46,800 --> 00:41:51,440
Speaker 1: Income becomes intentional social security pensions portfolio withdrawals.

790
00:41:51,560 --> 00:41:55,600
Speaker 7: If expenses are off by even ten percent, that difference

791
00:41:55,680 --> 00:41:57,200
Speaker 7: compounds over time.

792
00:41:57,320 --> 00:42:00,279
Speaker 1: That's why we don't build plans on rough estimates, build

793
00:42:00,320 --> 00:42:01,719
Speaker 1: them on realistic assumptions.

794
00:42:01,840 --> 00:42:05,839
Speaker 7: Once expenses are itemized, the next step is categorizing them.

795
00:42:05,920 --> 00:42:08,960
Speaker 1: We break them into essential and discretionary expenses.

796
00:42:09,200 --> 00:42:15,560
Speaker 7: Essential expenses are the basics housing, food, utilities, insurance, healthcare,

797
00:42:15,800 --> 00:42:16,680
Speaker 7: and transportation.

798
00:42:16,920 --> 00:42:21,920
Speaker 1: Discretionary expenses are lifestyle driven travel, dining out, hobbies, entertainment, gifting.

799
00:42:22,080 --> 00:42:24,640
Speaker 7: This isn't about cutting discretionary spending.

800
00:42:24,719 --> 00:42:26,640
Speaker 2: It's about understanding flexibility.

801
00:42:26,680 --> 00:42:31,440
Speaker 7: When markets are strong, discretionary spending can flourish when markets

802
00:42:31,480 --> 00:42:35,120
Speaker 7: are volatile. It gives retirees options.

803
00:42:35,320 --> 00:42:38,880
Speaker 1: This is where expense planning directly impacts investment decisions.

804
00:42:38,920 --> 00:42:43,080
Speaker 7: If essential expenses are covered by predictable income like social

805
00:42:43,120 --> 00:42:47,400
Speaker 7: security or pensions, it reduces pressure on your investment portfolio.

806
00:42:47,520 --> 00:42:50,759
Speaker 1: That can allow for a more balanced, thoughtful investment strategy.

807
00:42:50,840 --> 00:42:56,160
Speaker 7: If essential expenses rely heavily on portfolio withdrawals, risk management

808
00:42:56,239 --> 00:42:58,000
Speaker 7: becomes even more important.

809
00:42:58,080 --> 00:43:02,239
Speaker 1: Expenses don't just affect spend, they influence how aggressively or

810
00:43:02,280 --> 00:43:04,800
Speaker 1: conservatively a portfolio should be structured.

811
00:43:04,920 --> 00:43:07,840
Speaker 7: Another reason we itemize expenses is inflation.

812
00:43:08,040 --> 00:43:10,200
Speaker 2: Inflation doesn't hit all expenses equally.

813
00:43:10,320 --> 00:43:14,120
Speaker 7: Healthcare costs historically rise faster than general.

814
00:43:13,760 --> 00:43:18,120
Speaker 1: Inflation, housing utilities, and insurance often follow different inflation paths

815
00:43:18,239 --> 00:43:19,680
Speaker 1: than discretionary spending.

816
00:43:19,760 --> 00:43:22,360
Speaker 7: If we assume what inflation right across the board, we

817
00:43:22,480 --> 00:43:23,400
Speaker 7: lose accuracy.

818
00:43:23,560 --> 00:43:27,000
Speaker 1: Joe and Marie's plan reflected higher inflation for healthcare and

819
00:43:27,080 --> 00:43:29,440
Speaker 1: more moderate assumptions for lifestyle expenses.

820
00:43:29,560 --> 00:43:33,320
Speaker 7: Once expenses and inflation assumptions are in place, we stress

821
00:43:33,400 --> 00:43:34,080
Speaker 7: test the plan.

822
00:43:34,239 --> 00:43:35,480
Speaker 3: We ask important questions.

823
00:43:35,640 --> 00:43:39,000
Speaker 1: What if markets underperform early in retirement, What if healthcare

824
00:43:39,040 --> 00:43:42,400
Speaker 1: costs rise faster than expected. What if one spouse lives

825
00:43:42,440 --> 00:43:44,359
Speaker 1: well beyond average life expectancy.

826
00:43:44,520 --> 00:43:48,520
Speaker 7: These are not fear based scenarios, they're realistic ones.

827
00:43:48,680 --> 00:43:51,680
Speaker 1: Stress Testing shows whether it plan bends or breaks.

828
00:43:51,920 --> 00:43:55,360
Speaker 7: This is where a sequence of returns risk enters the picture.

829
00:43:55,560 --> 00:43:58,640
Speaker 1: That's the risk of experiencing poor market returns early in

830
00:43:58,680 --> 00:44:00,880
Speaker 1: retirement while trows are beginning.

831
00:44:01,000 --> 00:44:04,920
Speaker 7: If expenses are underestimated, withdrawal rates increase.

832
00:44:04,760 --> 00:44:08,640
Speaker 1: And higher withdrawals during down markets can permanently impact a portfolio.

833
00:44:08,840 --> 00:44:13,120
Speaker 7: Accurate expense planning helps mitigate this risk by aligning withdrawals

834
00:44:13,200 --> 00:44:14,239
Speaker 7: with reality.

835
00:44:14,320 --> 00:44:16,680
Speaker 1: It's not uncommon for us to work with couples who

836
00:44:16,760 --> 00:44:20,239
Speaker 1: will consider delaying retirement because they felt expenses were out

837
00:44:20,239 --> 00:44:20,840
Speaker 1: of control.

838
00:44:21,040 --> 00:44:25,560
Speaker 7: Oftentimes, when we itemize their spending, the issue is not overspending,

839
00:44:25,719 --> 00:44:26,600
Speaker 7: its uncertainty.

840
00:44:26,680 --> 00:44:30,000
Speaker 1: They may have been financially ready but emotionally hesitant.

841
00:44:30,120 --> 00:44:31,360
Speaker 2: The clarity of seeing.

842
00:44:31,120 --> 00:44:34,160
Speaker 7: Expenses laid out gave them the confidence to move forward.

843
00:44:34,239 --> 00:44:37,560
Speaker 1: Another important point, retirement expenses aren't static.

844
00:44:37,719 --> 00:44:42,360
Speaker 7: Early retirement often includes higher discretionary spending. Every day is

845
00:44:42,400 --> 00:44:46,280
Speaker 7: a vacation, including travel, activities and experiences.

846
00:44:46,440 --> 00:44:50,080
Speaker 1: Later years may see reduced travel but increased health care costs.

847
00:44:50,200 --> 00:44:52,760
Speaker 3: That's why planning isn't a one time event.

848
00:44:53,040 --> 00:44:56,720
Speaker 1: Expense assumptions should be revisited and adjusted over time.

849
00:44:57,000 --> 00:44:59,920
Speaker 7: One of the most common comments we hear after come

850
00:45:00,000 --> 00:45:03,680
Speaker 7: completing this process is I feel more.

851
00:45:03,520 --> 00:45:07,600
Speaker 1: Confident, not because everything is guaranteed, but because everything is understood.

852
00:45:07,880 --> 00:45:11,800
Speaker 7: Expense clarity replaces guesswork with intention.

853
00:45:12,080 --> 00:45:14,800
Speaker 2: It allows retirees to enjoy spending, not fear it.

854
00:45:14,920 --> 00:45:19,480
Speaker 7: We want to emphasize this again. Expense itemization is not budgeting.

855
00:45:19,600 --> 00:45:22,920
Speaker 7: It's not about restriction. It's about design. You're defining the

856
00:45:22,960 --> 00:45:25,640
Speaker 7: lifestyle you want retirement to support.

857
00:45:25,800 --> 00:45:29,240
Speaker 1: Once that's clear income and investment decisions fall into place.

858
00:45:29,360 --> 00:45:33,480
Speaker 7: If you're listening and thinking this feels overwhelming, that's normal

859
00:45:33,600 --> 00:45:34,400
Speaker 7: and we get it.

860
00:45:34,560 --> 00:45:37,960
Speaker 1: That's exactly why we created the Safe Money Strategies Workbook.

861
00:45:38,120 --> 00:45:41,920
Speaker 7: It walks you through expense categories step by step in

862
00:45:41,960 --> 00:45:46,080
Speaker 7: a way that's practical, approachable, and manageable, and we offer.

863
00:45:45,960 --> 00:45:48,960
Speaker 1: A complementary conversation to review it with you and see

864
00:45:48,960 --> 00:45:51,560
Speaker 1: how it fits into a broader retirement strategy.

865
00:45:51,680 --> 00:45:55,360
Speaker 7: Retirement planning isn't about guessing, it's about preparation.

866
00:45:55,600 --> 00:45:58,840
Speaker 1: Understanding your expenses is one of the most important steps

867
00:45:58,960 --> 00:46:00,280
Speaker 1: toward a confident retire fairman.

868
00:46:00,440 --> 00:46:04,600
Speaker 7: To request your Safe Money Strategies Workbook or schedule a

869
00:46:04,680 --> 00:46:09,160
Speaker 7: complementary conversation with our team, visit our website at Kelly

870
00:46:09,280 --> 00:46:12,600
Speaker 7: Financial dot org or give us a call eight eight

871
00:46:12,680 --> 00:46:15,240
Speaker 7: eight eight hundred eighteen eighty one.

872
00:46:15,320 --> 00:46:17,640
Speaker 2: Thanks for listening to Safe Money Strategies. We'll see you

873
00:46:17,680 --> 00:46:18,240
Speaker 2: next week.

874
00:46:22,640 --> 00:46:25,279
Speaker 5: I'm Kelly Kelly. As we start off a new year,

875
00:46:25,440 --> 00:46:29,239
Speaker 5: many families are thinking about fresh starts, not just financially,

876
00:46:29,360 --> 00:46:32,440
Speaker 5: but how we prepare the next generation for life. At

877
00:46:32,520 --> 00:46:36,080
Speaker 5: Kelly Financial, our work has always been about helping families

878
00:46:36,160 --> 00:46:40,080
Speaker 5: make thoughtful long term decisions, including how the next generation

879
00:46:40,200 --> 00:46:43,640
Speaker 5: gets started. And while all investing involves risk, including the

880
00:46:43,680 --> 00:46:47,760
Speaker 5: potential loss of principle, we believe education and good habits

881
00:46:47,760 --> 00:46:51,000
Speaker 5: are the foundation for smart choices over time. That's why

882
00:46:51,040 --> 00:46:54,280
Speaker 5: we're offering Only the Good invest Young, a book written

883
00:46:54,360 --> 00:46:57,960
Speaker 5: by my son, William Kelly Junior. It's a clear, encouraging

884
00:46:58,000 --> 00:47:01,160
Speaker 5: guide to the basics of money response, ability and habits

885
00:47:01,160 --> 00:47:04,399
Speaker 5: that matter over time. If you have a child, a grandchild,

886
00:47:04,480 --> 00:47:07,640
Speaker 5: for someone just beginning, this is a thoughtful place to start.

887
00:47:07,800 --> 00:47:11,920
Speaker 5: We're offering a complimentary signed copy to our WRKO listeners

888
00:47:11,920 --> 00:47:14,880
Speaker 5: and clients. Call eight eight eight eight hundred and eighteen

889
00:47:14,920 --> 00:47:18,919
Speaker 5: eighty one or email Kelly at Kellyfinancial dot org. It's

890
00:47:18,960 --> 00:47:21,759
Speaker 5: a simple message and a meaningful way to begin the year.

891
00:47:23,040 --> 00:47:27,440
Speaker 6: Joining us now as she always does at this time.

892
00:47:27,920 --> 00:47:32,640
Speaker 6: She is the co founder, CEO, and president of Kelly

893
00:47:32,760 --> 00:47:37,640
Speaker 6: Financial Services, and yes, that is her wonderful.

894
00:47:37,120 --> 00:47:40,840
Speaker 3: Name, Kelly Kelly Kelly.

895
00:47:41,640 --> 00:47:46,520
Speaker 12: How are you good morning, Jeff, I am good. As

896
00:47:46,560 --> 00:47:49,840
Speaker 12: we get into twenty twenty six, a lot of people

897
00:47:49,880 --> 00:47:53,680
Speaker 12: feel pressure to do something with their money, especially when

898
00:47:53,760 --> 00:47:58,279
Speaker 12: headlines are allowed and uncertainty feels constant, and what we

899
00:47:58,440 --> 00:48:02,000
Speaker 12: see time and time again is that people don't run

900
00:48:02,000 --> 00:48:06,440
Speaker 12: into challenges because they lack information. They run into challenges

901
00:48:06,520 --> 00:48:11,080
Speaker 12: because they drift away from basic financial principles when fear

902
00:48:11,160 --> 00:48:18,200
Speaker 12: starts to influence decisions, things like spending, discipline, diversification, controlling costs,

903
00:48:18,239 --> 00:48:19,040
Speaker 12: and behavior.

904
00:48:19,560 --> 00:48:22,400
Speaker 5: These are not exciting ideas.

905
00:48:21,880 --> 00:48:25,320
Speaker 12: But ignoring even one of them over time can quietly

906
00:48:25,480 --> 00:48:29,840
Speaker 12: cost a family hundreds of thousands, even millions of dollars.

907
00:48:30,200 --> 00:48:33,439
Speaker 12: That's why our team will be spending time talking through

908
00:48:33,520 --> 00:48:37,239
Speaker 12: what we call the twelve Financial Principles that matter Most

909
00:48:37,280 --> 00:48:41,080
Speaker 12: for twenty twenty six, a framework that reminds people that

910
00:48:41,239 --> 00:48:46,920
Speaker 12: long term success is built on fundamentals, not predictions. Jeff,

911
00:48:46,960 --> 00:48:50,160
Speaker 12: have a wonderful weekend. My best of grace than the kiddos.

912
00:48:50,600 --> 00:48:53,440
Speaker 6: Thank you, Kelly, all the best to you and everyone

913
00:48:53,480 --> 00:48:56,160
Speaker 6: at Kelly Financial. If you want to get in touch

914
00:48:56,239 --> 00:48:59,280
Speaker 6: with them, the number to call eight eighty eight hundred

915
00:48:59,480 --> 00:49:03,719
Speaker 6: eighty eighty one eight eighty eight eight hundred eighteen eighty one,

916
00:49:04,400 --> 00:49:09,120
Speaker 6: or you can actually email Kelly herself personally Kelly at

917
00:49:09,239 --> 00:49:15,120
Speaker 6: Kellyfinancial dot org. That's Kelly at Kelly Financial dot org.

918
00:49:20,600 --> 00:49:27,400
Speaker 4: Safe Money Strategies at eight eight hundred one eight eight one.

919
00:49:27,760 --> 00:49:31,720
Speaker 5: Each week on Safe Money Strategies, we share a moment

920
00:49:31,880 --> 00:49:35,759
Speaker 5: from my husband, Bill Kelly, not just about money, but

921
00:49:35,920 --> 00:49:41,040
Speaker 5: about life, faith, family, and the values that quietly guide

922
00:49:41,120 --> 00:49:45,200
Speaker 5: us when no one is watching. In today's reflection, Bill

923
00:49:45,280 --> 00:49:48,799
Speaker 5: talks about doing the right thing, standing up for what

924
00:49:48,880 --> 00:49:52,560
Speaker 5: you believe in, and the small signs that remind us

925
00:49:52,600 --> 00:49:55,960
Speaker 5: were on the right path even when the world fills

926
00:49:56,080 --> 00:50:00,919
Speaker 5: loud and uncertain. Here's Bill Kelly.

927
00:50:01,560 --> 00:50:05,120
Speaker 9: The politicians lecture you and say you're going to have

928
00:50:05,200 --> 00:50:08,400
Speaker 9: to make sacrifices. Well, ladies and gentlemen, from the looks

929
00:50:08,400 --> 00:50:10,879
Speaker 9: of you, and from my meetings with you, and from

930
00:50:10,920 --> 00:50:14,279
Speaker 9: the type of people you are, you make sacrifices every day,

931
00:50:14,800 --> 00:50:18,440
Speaker 9: one of which is paying an incredible amount of taxes, gladly,

932
00:50:18,520 --> 00:50:22,120
Speaker 9: by the way, paying taxes and not complaining. No one

933
00:50:22,280 --> 00:50:25,759
Speaker 9: likes their taxes, but for the most part, Americans are squares.

934
00:50:26,280 --> 00:50:29,360
Speaker 9: The reason that shows like this are so popular is

935
00:50:29,400 --> 00:50:33,399
Speaker 9: because we basically let you know that it's okay. It's

936
00:50:33,400 --> 00:50:35,880
Speaker 9: okay to want to have your home paid off, not

937
00:50:36,000 --> 00:50:39,480
Speaker 9: have a mortgage. That's a nice goal to have. It's

938
00:50:39,480 --> 00:50:42,960
Speaker 9: okay to save money on taxes, give yourself permission, you

939
00:50:43,000 --> 00:50:46,640
Speaker 9: can do it. That's okay, ladies and gentlemen. It's okay

940
00:50:46,680 --> 00:50:50,080
Speaker 9: to want to have a family, that's okay. It's okay

941
00:50:50,120 --> 00:50:52,719
Speaker 9: to want to stay married to your wife. Those are

942
00:50:52,760 --> 00:50:56,600
Speaker 9: good things. It's okay to not spend money to the

943
00:50:56,680 --> 00:51:01,960
Speaker 9: extent that it creates bankruptcy. It's okay to be I

944
00:51:02,080 --> 00:51:04,560
Speaker 9: was thinking, how would I know if I'm doing the

945
00:51:04,640 --> 00:51:06,960
Speaker 9: right thing or not by speaking out?

946
00:51:07,360 --> 00:51:11,319
Speaker 3: Who's going to attack me. Who's going to say that

947
00:51:11,400 --> 00:51:17,640
Speaker 3: I'm an uneducated, unqualified spokesperson for the squares of the world.

948
00:51:17,760 --> 00:51:22,000
Speaker 3: I guess the conservatives, the people who love Jesus.

949
00:51:22,520 --> 00:51:25,200
Speaker 9: I'm not a preacher. I'm a sinner, and I make

950
00:51:25,239 --> 00:51:28,800
Speaker 9: that clear to everyone I meet. I had a Catholic

951
00:51:28,920 --> 00:51:32,080
Speaker 9: priest in the office and he was coming in to

952
00:51:32,160 --> 00:51:33,960
Speaker 9: check it out, and I asked him if he could

953
00:51:34,280 --> 00:51:38,040
Speaker 9: hear my confession, at which he did, and I said, boy,

954
00:51:38,320 --> 00:51:40,320
Speaker 9: that must have shocked you. And I thought to myself,

955
00:51:40,520 --> 00:51:43,360
Speaker 9: we're not going to do business, obviously, but I wanted

956
00:51:43,400 --> 00:51:46,920
Speaker 9: to confess, and he went right along. He was fine

957
00:51:46,920 --> 00:51:48,880
Speaker 9: with it. He said, I've been in many, many places

958
00:51:48,880 --> 00:51:52,240
Speaker 9: where this has happened. He said, in boardrooms, in ships,

959
00:51:52,719 --> 00:51:54,879
Speaker 9: where the captain asked me to come in and see

960
00:51:54,920 --> 00:51:57,480
Speaker 9: him in his office, and he said it's nothing new

961
00:51:57,520 --> 00:51:59,640
Speaker 9: to me, it's just the way things are. And he

962
00:51:59,680 --> 00:52:03,279
Speaker 9: actually did invest us some money. We were pleased to

963
00:52:03,320 --> 00:52:08,360
Speaker 9: do that. So we love God, we love the Lord,

964
00:52:08,760 --> 00:52:13,000
Speaker 9: we love this commonwealth. It's allowed us to do business

965
00:52:13,160 --> 00:52:15,600
Speaker 9: and I think it's a great climate. So how do

966
00:52:15,680 --> 00:52:20,760
Speaker 9: I know personally for me that I'm on the right track. Well,

967
00:52:20,960 --> 00:52:23,600
Speaker 9: I started to think about my grandfather who raised me,

968
00:52:24,280 --> 00:52:28,360
Speaker 9: and we spent hour after hour together all through my youth,

969
00:52:29,000 --> 00:52:32,239
Speaker 9: and he was there for every major crisis in my

970
00:52:32,320 --> 00:52:37,160
Speaker 9: life or turning point or great time too. He was

971
00:52:37,200 --> 00:52:40,960
Speaker 9: always there to help me. But I said, I need

972
00:52:40,960 --> 00:52:43,560
Speaker 9: a sign Somehow Can I go to sleep and dream

973
00:52:43,640 --> 00:52:45,400
Speaker 9: and talk to you there? Can I go back and

974
00:52:45,440 --> 00:52:47,719
Speaker 9: read the letters I wrote to you. I just need

975
00:52:47,719 --> 00:52:49,800
Speaker 9: a sign that I'm doing the right thing, that I

976
00:52:49,880 --> 00:52:52,440
Speaker 9: should continue to stand up for what I think is

977
00:52:52,560 --> 00:52:55,200
Speaker 9: right and for what the people think, the people who

978
00:52:55,239 --> 00:52:59,000
Speaker 9: call this show what they think is right. I need

979
00:52:59,040 --> 00:53:02,600
Speaker 9: to know that answer, is what I said in my mind,

980
00:53:02,600 --> 00:53:05,920
Speaker 9: and I was talking right to my grandfather. So Tuesday morning,

981
00:53:06,719 --> 00:53:10,040
Speaker 9: Kelly gets up and takes Mariy Madlin to school. I'm

982
00:53:10,040 --> 00:53:13,400
Speaker 9: watching William. We're eating some yogurt, and Kelly walks in

983
00:53:13,400 --> 00:53:16,319
Speaker 9: the door. Now, my grandfather always wore flannel shirts with

984
00:53:16,440 --> 00:53:19,800
Speaker 9: two pockets, and they were pendletons for the most part.

985
00:53:20,200 --> 00:53:23,120
Speaker 9: Or he bought them at Anderson Little or W. T. Grantz,

986
00:53:23,120 --> 00:53:26,160
Speaker 9: that's it. And he would sometimes order some out of

987
00:53:26,160 --> 00:53:27,720
Speaker 9: a catalog, a Seers catalog.

988
00:53:28,000 --> 00:53:28,919
Speaker 3: So that's what he wore.

989
00:53:28,960 --> 00:53:31,160
Speaker 9: And then he had his beautiful white shirts he'd wear

990
00:53:31,520 --> 00:53:33,760
Speaker 9: when we went to church. He kept his suits perfect.

991
00:53:34,120 --> 00:53:36,000
Speaker 9: When you saw him at a wedding, you would have

992
00:53:36,040 --> 00:53:39,600
Speaker 9: thought he was the president of Industrial National because of

993
00:53:39,600 --> 00:53:41,719
Speaker 9: the way he dressed. But then when we saw him

994
00:53:41,719 --> 00:53:44,279
Speaker 9: on the farm, he had on his green khakis and

995
00:53:44,400 --> 00:53:46,160
Speaker 9: his flannel shirt.

996
00:53:46,480 --> 00:53:47,719
Speaker 3: And that was it. Now.

997
00:53:47,719 --> 00:53:50,920
Speaker 9: I had always regretted that I hadn't saved some of

998
00:53:50,960 --> 00:53:53,320
Speaker 9: his shirts, But when he passed on, I was overseas

999
00:53:53,360 --> 00:53:55,920
Speaker 9: at the time, working for the Department of Defense, and

1000
00:53:55,960 --> 00:53:59,120
Speaker 9: I had to rush back here for the funeral. Anyway,

1001
00:53:59,200 --> 00:54:01,759
Speaker 9: Kelly comes in. She's got a flannel shirt on. I said, boy,

1002
00:54:01,840 --> 00:54:04,680
Speaker 9: that's a good looking shirt you have on it, brand new,

1003
00:54:04,760 --> 00:54:07,880
Speaker 9: I said, she said, yeah, I said, look sharp. It

1004
00:54:08,040 --> 00:54:11,840
Speaker 9: was a red and black plaid flannel shirt with two pockets.

1005
00:54:11,840 --> 00:54:14,880
Speaker 9: I said, you know, my grandfather used to wear shirts

1006
00:54:15,000 --> 00:54:17,400
Speaker 9: just like that, and she said, yes, I remember you

1007
00:54:17,480 --> 00:54:19,560
Speaker 9: telling me that. And I said where did you get it?

1008
00:54:19,600 --> 00:54:22,560
Speaker 9: She said, I can't remember. It was hanging in my closet.

1009
00:54:23,000 --> 00:54:25,120
Speaker 9: So that night I said, look at the label of

1010
00:54:25,120 --> 00:54:27,680
Speaker 9: that shirt when you take it off, and so shea.

1011
00:54:27,960 --> 00:54:31,719
Speaker 9: It says Penalton on it, and it says in permanent ink,

1012
00:54:31,800 --> 00:54:35,000
Speaker 9: it says Timothy Murphy. And I said, you're kidding me.

1013
00:54:35,320 --> 00:54:36,880
Speaker 9: I went in the room and there it was. It

1014
00:54:36,920 --> 00:54:39,000
Speaker 9: was his shirt, and I thought I didn't have one

1015
00:54:39,000 --> 00:54:42,040
Speaker 9: of his shirts left, and I looked and there it was.

1016
00:54:42,080 --> 00:54:46,360
Speaker 9: It was written is handwriting on that collar, Timothy Murphy.

1017
00:54:46,880 --> 00:54:49,359
Speaker 9: I was shot. The shirt is just like it's brand new.

1018
00:54:49,440 --> 00:54:51,440
Speaker 9: I don't know how I could have missed it, first

1019
00:54:51,440 --> 00:54:54,000
Speaker 9: of all, the second of all, I was so grateful

1020
00:54:54,040 --> 00:54:56,560
Speaker 9: to have it. I'd forgotten that it even existed, or

1021
00:54:56,560 --> 00:54:58,759
Speaker 9: I didn't know. So I said, well, I'm going to

1022
00:54:58,800 --> 00:55:00,920
Speaker 9: take this to the cleaners and I want to keep

1023
00:55:00,960 --> 00:55:04,200
Speaker 9: it and William can wear it someday. And Kelly said fine.

1024
00:55:04,560 --> 00:55:07,560
Speaker 9: But that was my answer right in front of me.

1025
00:55:08,200 --> 00:55:12,560
Speaker 9: That was speaking from beyond that was somebody who I

1026
00:55:12,719 --> 00:55:16,839
Speaker 9: love and loved To me, it was a message at

1027
00:55:16,840 --> 00:55:20,120
Speaker 9: a time when I was praying for an answer and

1028
00:55:20,200 --> 00:55:23,560
Speaker 9: asking for some kind of sign as to whether I'm

1029
00:55:23,600 --> 00:55:26,680
Speaker 9: on the right or wrong track. I believe I'm on

1030
00:55:26,719 --> 00:55:29,680
Speaker 9: the right track here, and I know you do too.

1031
00:55:30,360 --> 00:55:32,600
Speaker 9: It was a miracle to me to have this shirt

1032
00:55:32,920 --> 00:55:35,720
Speaker 9: which went to the dry cleaners in a separate bag

1033
00:55:35,760 --> 00:55:38,560
Speaker 9: with a note not to do anything to it except

1034
00:55:38,640 --> 00:55:41,360
Speaker 9: dry clean it, iron it and fold it and be

1035
00:55:41,480 --> 00:55:44,240
Speaker 9: very careful with it. To me, that was a miracle,

1036
00:55:44,960 --> 00:55:48,719
Speaker 9: and to me that was a message. And I'd be

1037
00:55:48,719 --> 00:55:52,040
Speaker 9: interested to know what you think about that, But to me,

1038
00:55:52,120 --> 00:55:55,560
Speaker 9: it was affirmation to keep moving ahead, which we're going

1039
00:55:55,600 --> 00:55:58,719
Speaker 9: to do. And we're going to continue to let you

1040
00:55:58,800 --> 00:56:02,160
Speaker 9: know what's on our minds, and we're going to continue

1041
00:56:02,200 --> 00:56:04,920
Speaker 9: to do our best for you, for those of you

1042
00:56:04,920 --> 00:56:08,640
Speaker 9: who do visit with us in every way to respect

1043
00:56:08,719 --> 00:56:13,040
Speaker 9: your retirements, your families, your wishes, the things that are

1044
00:56:13,080 --> 00:56:16,200
Speaker 9: important to you, the values that you think are important,

1045
00:56:16,560 --> 00:56:20,200
Speaker 9: so we can enjoy that just as much as possible.

1046
00:56:25,239 --> 00:56:29,520
Speaker 4: We'll call Kelly Financial Services eight eight eight hundred eighteen

1047
00:56:29,680 --> 00:56:30,279
Speaker 4: eighty one.

1048
00:56:30,560 --> 00:56:35,319
Speaker 5: I'm Kelly Kelly from Kelly Financial. Whether you're in your sixties, seventies,

1049
00:56:35,440 --> 00:56:38,920
Speaker 5: or eighties, financial advice is important when it comes to

1050
00:56:39,040 --> 00:56:42,240
Speaker 5: preserving your nest egg. We have a free investor guide

1051
00:56:42,280 --> 00:56:46,120
Speaker 5: called designing your Fiscal House to Weather the Elements, which

1052
00:56:46,200 --> 00:56:50,040
Speaker 5: highlights the steps needed to build a balance portfolio. For

1053
00:56:50,120 --> 00:56:53,200
Speaker 5: the guide, call eight eight eight eight hundred eighteen eighty

1054
00:56:53,239 --> 00:56:58,600
Speaker 5: one or email Kelly at Kellyfinancial dot org. We're Kelly Financial.

1055
00:56:58,840 --> 00:56:59,880
Speaker 5: Come retire with that.

1056
00:57:00,719 --> 00:57:05,480
Speaker 4: Safe money strategies with William Kelly and Kelly Kelly. Go

1057
00:57:05,560 --> 00:57:07,359
Speaker 4: to Kfinancial dot org.

1058
00:57:12,920 --> 00:57:15,480
Speaker 2: All opinions expressed by the host, his guests, or employees

1059
00:57:15,520 --> 00:57:17,400
Speaker 2: of Kelly Financial Services are solely their own and do

1060
00:57:17,440 --> 00:57:20,160
Speaker 2: not reflect the opinions of Kelly Financial Services. Information has

1061
00:57:20,160 --> 00:57:21,840
Speaker 2: been obtained from sources deemed to be reliable.