Explorez tous les épisodes du podcast Take Back Retirement
| Titre | Date | Durée | |
|---|---|---|---|
| 100: What GenX Women Need to Know About Retirement | 15 Oct 2024 | 00:34:53 | |
“We’re nothing if not resourceful. That’s our generation’s superpower.” -Kevin
In celebration of the 100th episode of Take Back Retirement, our hosts Stephanie and Kevin Gaines reflect on the defining characteristics of their very own generation–Gen X–and key lessons that women in this age bracket can put into practice today in preparing for retirement.
From the seismic shift from pensions to 401(k) plans, to navigating the rollercoaster of financial events like the 1987 Black Monday and the dot-com bubble at the turn of the century, today’s conversation explores the pivotal moments that molded an entire generation's approach to financial planning.
Our hosts shed light on the realities of midlife day-to-days in the 2020s, from dealing with the fallout of being the “Sandwich Generation” to considerations around financially supporting family members amid shaky times.
At the same time, Stephanie and Kevin celebrate the unique brand of resourcefulness that defines GenX, emphasizing their quest to find “balance, flexibility, and self-determination.”
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 99: The Challenges and Opportunities of Defining Your Identity in Retirement with Elizabeth Parsons | 01 Oct 2024 | 00:45:23 | |
“Suddenly you've got to create the content of your life, and that's a completely new enterprise for most people we work with, and it's scary until you can get your hands in the clay and feel confident about having a process.” -Elizabeth Parsons
How do you deal with the massive shift that comes with stepping away from a high-powered career and into retirement?
Our hosts Stephanie McCullough and Kevin Gaines chat with Elizabeth Zelinka Parsons, founder of Encoraco, who has dedicated her life to guiding high achievers through the emotional and psychological challenges of retirement.
After leaving behind a prestigious legal career, Elizabeth was left feeling listless and incomplete. It was her relentless drive to rekindle that sense of purpose that led her to found a company that helps men and women just like her experience a “positive and empowered transition” into their post-career life.
Listen in as Elizabeth teaches us how to overcome the loss of identity and structural void that often accompany retirement. She discusses the art of designing a Life Mosaic, ways to recognize what's missing from your day-to-day, the importance of grieving the end of a career, and why it’s time for all of us to redefine the traditional notion of retirement!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 90: Guiding Women to a Richer, More Fulfilling Retirement with Dan Haylett | 16 May 2024 | 00:52:45 | |
“Human beings going into retirement will find every excuse to not spend their money” - Dan Haylett
Our hosts Stephanie McCullough and Kevin Gaines sit down with financial advisor Dan Haylett. As the host of the “Humans Vs Retirement” podcast, Dan tells us how he inspires retirees to grab life by the horns and experience true wealth in their later years.
Listen in as Dan breaks down the five Fs of retirement, how to find meaning in a post-career life, the importance of asking what it is you’re retiring to rather than simply what you’re retiring from, and how to overcome the fear of spending your savings once you finally cross that threshold into retirement.
He also addresses the all-too-common fear of running out of your hard-earned money after stepping away from your career life. Dan teaches us to shatter that paradigm by putting our money to work and reframing the idea of “leaving a legacy” to our children.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 89: Navigating the Emotional and Practical Realms of Eldercare Management with Nancy May | 01 May 2024 | 00:54:56 | |
"Dad, you trusted me with everything. I'm trusting you with the truth.” -Nancy May
Our hosts Stephanie McCullough and Kevin Gaines sit down with Nancy May, who drops some real truth bombs relating to eldercare and supporting aging parents and relatives. Nancy’s personal journey sheds light on the complexities and sacrifices involved in this critical role. This candid discussion unpacks the essentials, from establishing a durable power of attorney to assembling a dependable team of legal and financial advisors.
When the care of loved ones falls into your hands, knowing how to navigate family dynamics and the challenges of coordinating care is crucial. This episode peels back the layers of emotion and responsibility that come with making critical decisions, whether it's choosing the right elder care facility or handling the financial burdens that come with it.
The conversation turns to practical strategies for caregiver training, maintaining a cohesive care team, and ensuring the highest quality of life for our aging parents. Nancy's resources, such as her book "How to Survive 911 Medical Emergencies," and her podcast, Eldercare Success, provide listeners with actionable advice and the essential conversations to have now for a better-prepared future. Listen in for a deeper understanding of the eldercare landscape, and the tools to confidently step into the role of caregiver.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 88: Radical Self-Acceptance: A Path to Financial Wellness for Women with ADHD with Diann Wingert | 15 Apr 2024 | 00:56:50 | |
“Every single thing in my life that has ever terrorized me and terrified me, and I avoided like nobody's business, when I finally either had no place else to run, or I chose to turn around and face it, it has never been as bad as I thought it would be. It has never been as shameful as continuing to avoid.”
Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group chat with Diann Wingert, a seasoned cognitive behavioral coach, about all things financial and mental well-being as a woman with ADHD.
Ever wondered how ADHD plays out differently in women? This episode shatters misconceptions, revealing why so many women slip through the cracks of diagnosis. Our hosts and Diann dissect the subtypes of ADHD, emphasizing the often overlooked inattentive presentation common in women. Diann’s journey to diagnosis at 60 underscores the urgency for awareness and tailored support. They tackle the daily battles and the broader societal implications, like the struggle with impulse control that can drive compulsive shopping and the resulting financial and emotional toll.
Finally, Stephanie, Kevin, and Diann wrap up with a powerful call to radical self-acceptance and the transformative effects of mindfulness in combating cognitive biases. Discover how embracing your unique ADHD traits can lead to more effective self-advocacy and stronger relationships. By adopting lifestyles that play to our strengths, women with ADHD can lead less stressful and more fulfilling lives. Tune in for a heart-to-heart that promises not only understanding but also actionable strategies for thriving with ADHD.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 87: Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown | 31 Mar 2024 | 00:42:40 | |
“It's not a line that you are either academic or creative, or you are either scientific or creative, or you are either mathematical…They're not separate.” -Claire Waite Brown
Ever felt like your creative spark got lost in the shuffle of life? Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group sit down with Claire Waite Brown, the host of the Creativity Found Podcast and founder of CreativityFound.co.uk
Claire helps us break down the barriers that have kept us from embracing our inner artist, whether it's the false notion that creativity equals advanced skill or the stifling labels of our youth. Claire's stories of individuals who've rekindled their creative pursuits later in life are nothing short of inspiring, serving as a beacon for all of us looking to weave creativity back into our lives.
Our hosts and Claire dive into the world of creative hobbies, not just as pastimes, but as vital social and physical lifelines that enrich our existence and connect us to others. They explore the personal and practical obstacles that often hold us back from our creative endeavors, from limited resources to internal doubts. But here's the kicker: embracing creativity isn't just about picking up a paintbrush or a microphone; it's a journey of self-discovery and growth that's waiting for us to take the first step, at any stage of life.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 86: The Success Number: Calculating What You Really Need to Earn with Ella Glasgow | 15 Mar 2024 | 00:48:38 | |
“I first ask this question: What is the number to make you feel successful? You and no one else. It might be a scary number. There’s nothing wrong with fear.” -Ella Glasgow
Ever felt the anxiety-inducing pressure of pinning a price tag on your brainchild? Our hosts Stephanie McCullough and Kevin Gaines break that down with guest Ella Glasgow, who's not only a virtual event maestro and vocalist but also a sage when it comes to the alchemy of pricing your services.
Our hosts and Ella steer into the heart of the matter, unveiling the concept of a financial success number—a personalized number that varies wildly between individuals. The journey here is not just about the figures; it's a deep dive into the psyche, untangling the knotted threads of fear that often sway our financial direction. This episode guides you through the practical steps, almost like a financial recipe, to define, calculate, and strategize your way from your present financial landscape to your very own vision of success.
The episode crescendos with an exploration into the intersection of self-assurance and the daunting task of pricing one's worth. Charging for services can often feel like a tightrope walk over a chasm of self-doubt. Yet, this chat reveals how to transform that trepidation into tenacity by pricing based on value and not the whispers of fear. With Ella's insights and personal stories of triumph, this episode isn't just a conversation—it's a confidence booster shot for entrepreneurs (current and potential!) ready to stand tall and claim their worth in the marketplace.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 85: Mastering Tax Season: Strategies for Preparation, Document Gathering, and Future Planning | 29 Feb 2024 | 00:32:53 | |
“If they're only worried about that current year, then that's what they're going to focus on. Let your accountant know, ‘I'm interested in what my tax bill's going to be three, five years down the road. So, if there's something we need to be doing, let's have a conversation.’” Tax season is among us. Or as Kevin would sing, “It’s the most wonderful time of the year!” Whether you share Kevin’s sentiment, or not so much, you’ll want to tune into this one as our hosts Kevin Gaines and Stephanie McCullough peel back the curtain on the world of tax preparation, sharing their own stories of triumph and tribulation. Their chat isn't just theory; they offer actionable tips and stress the importance of software as a reliable sidekick, ensuring you can step into tax season with your head held high and your numbers in order.
Gathering tax documents can feel like a scavenger hunt. Stephanie and Kevin break down the must-have forms, from W-2s to various 1099s, and share strategies for proactively obtaining them, sometimes needing to look beyond the mailbox to online portals. They delve into the importance of keeping an organized record of deductible expenses for smoother and more accurate reporting.
This conversation is designed to help you understand the vital details so that you can either compile your documents like a pro or hand them off to one without a hitch. So join in, and let's chart a course through the fiscal galaxy, armed with knowledge and a dash of humor, because taxes don't have to be all that taxing, after all.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 84: The Retirement Expense You Can't Afford to Ignore: Planning for Healthcare Costs | 15 Feb 2024 | 00:27:00 | |
“If you're looking at the costs of medical expenses over time, they've actually historically grown faster than regular inflation. Healthcare is expensive, and it goes up faster than the rest of your spending; don’t overlook it.”
Listen in as our hosts, Stephanie McCullough of Sofia Financial, and Kevin Gaines of American Financial Management Group tackle the critical yet often underestimated topic of healthcare costs in retirement. They uncover the harsh reality that healthcare expenses can become a significant financial burden if not properly accounted for in your retirement plan. Shedding light on the unpredictable nature of health and the associated costs, they stress the importance of being prepared for more than just your mortgage or grocery bills. They also debunk the common misconceptions around Medicare and long-term care.
Stephanie and Kevin explore the complexities of managing retirement funds with future taxes in mind. They highlight the strategies to mitigate the tax hit when withdrawing from IRAs and 401(k)s, and how these can impact your Medicare premiums through the Income-Related Monthly Adjustment Amount (IRMAA). Learn about the benefits of Roth conversions and how Health Savings Accounts (HSAs) and Roth accounts can be powerful tools in reducing your tax burden. They also discuss the 'widow penalty' in tax brackets and the need for strategic planning, especially when it comes to Social Security and the real rate of medical expense inflation. This episode is packed with insights to help you secure your financial health.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 83: Combatting Fraud and Protecting Your Financial Future with AARP's Kathy Stokes | 31 Jan 2024 | 00:52:24 | |
“If you know about a certain scam, you're 80% less likely to engage with it. So, please tell everybody you know.” -Kathy Stokes
Could your loved ones be vulnerable to a $9 billion wave of deception? Kathy Stokes from AARP joins our hosts Stephanie McCullough and Kevin Gaines to unravel the complexities of fraud that's sweeping the nation, hitting older adults the hardest. With victims often bearing the burden of shame, they’re challenging the stigma and equipping you with the knowledge to identify scams and shield your family.
Amidst the digital age, where swindlers lurk behind screens, this episode takes a hard look at the emotional web of online romance scams, originating from the most unexpected places like vacant Cambodian casinos. The conversation navigates through the tactics of cybercriminals as they exploit trust for financial gain.
Stephanie, Kevin, and Kathy outline the actionable steps every individual should consider, from skepticism towards unsolicited communication to the merits of credit freezes. AARP's robust network of fraud-fighting volunteers and their educational resources are just a call or click away, serving as your allies in the battle against fraudsters who target your wallet and well-being.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber | 15 Jan 2024 | 00:53:59 | |
“People tend to underestimate both how long they'll live and how long they'll spend in retirement. That's something that we really need to be realistic about.” - Heather Schreiber
Have you ever wondered how the labyrinth of Social Security intricacies might be uniquely affecting your retirement plan? Our hosts Stephanie McCullough and Kevin Gaines sit down with Heather Schreiber, a Social Security sage, to dissect the complex world of retirement planning for women. In this episode, the spotlight is on the hidden challenges women face due to career pauses, and how these disruptions can significantly alter the course of their Social Security benefits. They’re not just discussing the issues but also providing the guidance needed to traverse these rocky terrains with confidence.
Navigating the bends and turns of the Social Security benefits calculation can feel like a daunting task. However, armed with knowledge such as how the Primary Insurance Amount (PIA) works, and understanding the bend point formula, women can better position themselves for retirement. Heather explains how the PIA is influenced by a full 35-year earnings record and how earnings-related reductions can be avoided. Whether you're considering working past retirement age or have already begun receiving benefits, this conversation is packed with insights on how to bolster your retirement income.
But wait, there’s more! Our hosts along with Heather go beyond the basics and enter the realm of survivor and spousal benefits, an area where strategic planning can make a substantial difference. They unravel how the decisions of the higher-earning spouse can have far-reaching effects on survivors and discuss the nuances between survivor and spousal benefits. All of this critical information and more in this episode of Take Back Retirement, brought to you by Sofia Financial and American Financial Management Group.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 81: Answers to Our Most Common Questions | 01 Jan 2024 | 00:33:54 | |
Ever feel like you're wading through murky waters when it comes to retirement planning? You're not alone. Stephanie McCullough and Kevin Gaines of Sofia Financial and American Financial Management Group illuminate the path with their expertise, debunking pervasive myths that cloud the judgment of many investors.
They kick things off by setting the record straight on investment growth, cutting through the confusion surrounding account consolidation, and revealing the true engine of growth—percentage rates. Diversification is another victim of misunderstanding, and they’re untangling the real meaning from the common misperception that more accounts always equals better diversity.
As the discussion wades deeper, Stephanie and Kevin tackle the intricacies of IRAs with precision. Did you know that your 401(k) doesn't barricade the door to IRA contributions? Our hosts share why tax deduction eligibility is a whole different ball game. Plus, they don't shy away from the tough stuff—like financial emergencies—guiding you through the maze of withdrawal rules to keep penalties at bay. The conversation then turns to market volatility and holding steady to your investment strategy. So buckle up and tune in; this episode is your financial GPS, navigating you away from common pitfalls and towards a more secure retirement.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 98: Conquering Internalized Ageism and Living Your Best Life after 65 with Ande Lyons | 16 Sep 2024 | 00:47:41 | |
“Age is just another journey that we need to learn to love and embrace, and see as the gift it is!”
Our hosts Stephanie McCullough and Kevin Gaines are joined by Ande Lyons, host of the Don't Be Caged by Your Age podcast. She’s redefining what it means to thrive after 65, and teaches us how to combat ageism at every level—whether it's institutional, societal, or internalized.
Finding and maintaining confidence and a sense of purpose in retirement is seldom easy. Ande gives us tips to stay engaged in later life, as well as essential steps for financial and mental wellness, all in order to ensure a life in retirement that’s worth the journey.
Our hosts and Ande also dive deep into the mindset shift that allows us to "age out loud.” Learn how platforms like Meetup.com can help build communities that bridge age gaps, and hear inspiring personal anecdotes about overcoming self-imposed limitations to pursue new passions after 65.
As Ande says, by embracing and reframing how we see those golden years, we open ourselves up to the possibility of new beginnings, renewed health and vigor, and exciting adventures that we never would have dreamed of pursuing in pre-retirement!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 80: Reinventing Money Talks: Emotion, Accountability, and Retirement Planning with Erika Wasserman | 15 Dec 2023 | 00:41:54 | |
“You'll start seeing some things that are really helping you in life and some that are hurting you. And when you don't have an outlet or a way to review these things, we stay to our consistent habits just like with our diet.”
Dive into the world of financial therapy with our guest, Erika Wasserman. Fully 81% of Americans were taught not to talk about money, and that has a profound impact on emotional well-being and relationships. Join us as Erika shares both her personal journey and practical advice on navigating the complexities of financial silence, and find out how she empowers individuals to break free from its shackles. Are you ready to explore the key to trust, harmony, and financial well-being?
When it comes to managing finances, an accountability partner can be a game-changer. Erika helps us understand the traits that make a perfect accountability partner. This person needs to be invested in your successes, hold you accountable when you trip up, and be your partner in devising innovative solutions.
Retirement planning can be an emotional journey - one in which money, feelings, and values are intricately linked. Erika leads us through a visualization exercise, and encourages that instead of struggling with a rigid budget, we instead think about a 'Yes Plan' - a prioritization of expenses that vibe with our own values.
Let this episode inspire you to curate a clear vision for your retirement, setting you up for a fulfilling future. Tune in now for a transformative financial journey.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 79: Small Steps, Big Impact: How Prioritizing Self-Care Transforms Your Finances with Emi Kirschner | 30 Nov 2023 | 00:41:48 | |
"You have a choice about everything, and not choosing is still a choice. Prioritize yourself and ask for what you need." - Emi Kirschner
What if you were told that self-care isn't just an indulgence, but a key player in achieving personal and professional success? Our hosts Stephanie McCullough and Kevin Gaines chat with Emi Kirschner, a seasoned investor, serial entrepreneur, and coach to women business owners.
They pull back the curtain on the issue of avoidance, especially when it comes to financial planning and essential self-care, and share insights about why we often avoid these important tasks and how changing our mindset can lead to a transformation in our personal and business finances. Emi shares some pearls of wisdom about the power of self-care and its direct impact on productivity and clarity.
Stephanie, Kevin, and Emi then tackle one of the most challenging topics - the taboo around financial conversations. They share personal experiences and insights on breaking societal norms and approaching these conversations with curiosity rather than apprehension. Tune in for an episode that challenges norms, encourages curiosity and most of all, prioritizes self-care!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 78: The Essential Rules to Know When You Inherit an IRA | 15 Nov 2023 | 00:33:21 | |
“The account you inherit as far as the IRS is concerned, it's not your retirement account. You are just receiving the money from it. It's still the original owner's retirement account.”
Have you ever considered the complexities that come with inheriting retirement accounts? They can be a minefield of rules and regulations that, if not handled with care, can result in irreversible mistakes. Our hosts Stephanie McCullough and Kevin Gaines untangle these complex rules, shedding light on the importance of paying attention when dealing with inherited accounts. Because once that money is taken out, it doesn't go back in. They also look at how the rules change when the original contributor has started their required distributions.
Did you know that spouses have a unique privilege when inheriting retirement accounts? They can transfer the accounts into their own and take full ownership. But like everything else in life, there are rules to follow.
And then comes the all-important matter of tax considerations. From the repercussions of not emptying the account within ten years to the importance of naming your own beneficiaries, and the complications that arise when inheriting an inherited IRA - Stephanie and Kevin cover it all. That said, it’s important to remember that each situation is unique and requires specific guidance.
Under the SECURE Act, there are now 3 kinds of retirement plan beneficiaries for determining post-death payouts after 2019:
1. Non-Designated Beneficiary (NDB) These are not people. Examples: Estate, charity or non-qualifying trust (non-look through trust)
2. Non-Eligible Designated Beneficiary (NEDB) All designated beneficiaries who do not qualify as EDBs (see #3 below). Examples: grandchildren, older children, some look-through trusts
3. Eligible Designated Beneficiary (EDB) The SECURE Act exempts these beneficiaries from the 10-year rule. However, if the account owner dies before the RBD, an EDB can elect the 10-year rule. EDBs must be designated beneficiaries.
5 Classes of Eligible Designated Beneficiaries:
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 77: How to Decide Whether to Go Back to Work After Divorce | 31 Oct 2023 | 00:33:51 | |
“The thing you’ve got to start with is what does life cost you? What does it cost to be you in this world?”
Listen in as our hosts Stephanie McCullough and Kevin Gaines tackle some big questions in this episode of Take Back Retirement, like "Do I need to go back to work after retirement or a divorce?" and "What kind of financial considerations should I have?" They walk through how to evaluate your life costs, not just the regular monthly expenses, but those that come up less frequently, like holidays, vacations, and any extra costs that come with having children or pets. They also discuss how to handle assets after a divorce, the different types of assets, tax implications, and the importance of planning for the future.
Stephanie and Kevin examine figuring out how much you can safely withdraw from your investments or savings if you need to supplement your income. They shed light on the 4% rule, which suggests that you should not withdraw more than 4% of the balance of your account each year. Plus, they discuss possible ways to reduce expenses and the importance of having a plan ahead of time. This episode is packed with valuable insights and practical advice, don't miss out!
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Resources: Organizations that support women returning to the workforce:
Related Take Back Retirement Episodes:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 76: What Women Need to Know About Financial Recordkeeping: Lessons from Client Stories | 16 Oct 2023 | 00:49:22 | |
“In the world of the IRS, if it's not documented, it's not real.”
Get set for a value-packed journey as our hosts Stephanie McCullough and Kevin Gaines tackle the critical topic of keeping financial records in this latest episode of Take Back Retirement. But they don’t go it alone. They invite two clients - Steve and Doug - and two experts – Enrolled Agent Marianne Borneman and CPA Sonya Pappas - to give a well-rounded perspective on just how important record keeping really is.
First, discover how proper documentation can serve as a shield in financial disputes as Stephanie and Kevin introduce two of their clients - Steve and Doug. They share their personal experiences dealing with pension plans, tax determinations, and the powerful role of keeping precise records in securing their interests.
Next, learn from Marianne about the possible hazards of not having accurate documentation when dealing with the IRS and how it may prompt the tax collectors to dig even deeper. Sonya shares valuable tips on maintaining record security and the necessity for a systematic approach to saving and purging documents. Tune in, learn, and protect your financial future by mastering the art of vigilant record-keeping!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 75: The Gift of Organizing and Decluttering your Documents and Photos, with Angie Hyche | 30 Sep 2023 | 00:48:29 | |
“This could be the most loving gift you could ever give your children. The most loving way of spending your time to give them this gift, it's priceless. Preparation leads to peace. It absolutely does.”
Imagine a world where your family isn't left with a mountain of your disorganized documents and possessions after your death. Our hosts Stephanie McCullough and Kevin Gaines chat with Angie Hyche, a professional organizer, author, speaker, and podcaster, who brings us unique insights into the freedom that order can bring.
Turning the spotlight on planning for aging parents and our own aging future, this episode delves into the importance of not just passing on material items, but the values we want to instill in our children. Angie shares her experience of helping her parents and in-laws navigate the process of organizing their belongings, emphasizing the vital necessity of these conversations around end-of-life planning.
Stephanie, Kevin and Angie round off by tackling the challenge of organizing both physical and digital documents. From the ABC sorting process for photos to the importance of having a system to track important documents, they explore it all. Angie shares her tips on how to make sure digital assets are accessible to loved ones and how to approach the process of ‘death cleaning.’ This episode is perfect for anyone seeking to create order, prepare for the future, and leave a meaningful legacy for loved ones.
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You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 74: Taking Charge: Carol Marak's Strategy for Solo Aging and Retirement Planning | 15 Sep 2023 | 00:49:52 | |
“Once you are aware of your top risks that you will likely face later on, it's amazing how your brain just starts to automatically think about, ‘Well that's interesting, I wonder if I could live that way.’ Or ‘I wonder if I could pick up that exercise. I wonder if I could start walking a mile a day just to start getting in better shape. I wonder if I could change my diet instead of eating this cookie, I should maybe have this piece of fruit instead.’ That's the way the mind works.”
Ever asked yourself 'Who will take care of me as I age?' If so, this episode is for you. Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group engage in a profound conversation with Carol Marak, an author, speaker, and mentor who has tackled this very question head-on. Her journey to a secure future will inspire you as she shares her path to financial stability, strategic relocation, and developing a comprehensive framework for successful solo aging.
Our hosts along with Carol delve into the profound interconnectedness of retirement planning and life purpose, exploring how changes in one's living environment can dramatically influence health and fitness. Get ready to understand the challenges faced by individuals transitioning from significant careers and the role financial advisors play in helping navigate these waters.
Stick around as they explore the significance of early planning for the future, taking into consideration factors such as family medical history, lifestyle choices, and overall life satisfaction. Carol emphasizes the importance of strong social connections and support base, regardless of whether you have kids or not. Tune in and get set to rethink solo aging through the lens of Carol Marak.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 73: Back to Basics: Essential First Steps to Taking Control of Your Finances | 31 Aug 2023 | 00:26:53 | |
“It’s not about deprivation. It’s about balance. It’s about taking care of your today self and your future self.”
Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month.
Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies.
They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of each, from lower costs to matching options and pre-tax savings. They also touch on setting up a regular investment account with no limits or restrictions. Their ultimate aim is to emphasize the importance of establishing an investment plan that suits you and doesn't cause unnecessary stress. This episode is your guide to making informed and confident decisions about your financial future.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 72: Bringing a Woman's Perspective to Money and Retirement with Financial Planner and Author Kim Curtis | 15 Aug 2023 | 00:42:26 | |
“Conversations around money should be: what do you want? Who do you want to be? And how do we help you get there? Not only you individually, but your collective. Your collective is your family, your community, and beyond”
Imagine a world where the language of money is universal, inclusive, and aligns with your life's purpose and passion. That's exactly the world Kim Curtis, CEO of Wealth Legacy Institute, envisions and is working towards. This episode exposes the unspoken gender dynamics in finance and the male-centric language that often excludes crucial aspects like life, passion, and joy. Kim takes us on her unique journey, from changing careers at 30 and overcoming money shame, to becoming a successful financial planner.
Have you ever wondered how gendered financial language affects retirement strategies? Our hosts Stephanie McCullough and Kevin Gaines, along with Kim reveal the different retirement scenarios for men and women. They highlight the importance of community in retirement, providing insightful strategies to expand relationship circles and combat loneliness and boredom. Kim's candid discussion about her past experiences and how they have shaped her approach with clients is a testament to her holistic approach to finance.
In the world of finance, skills extend far beyond number crunching. According to Kim, financial professionals also need resilience, self-awareness, and mediation skills. She shares valuable advice on recognizing biases in investing, understanding the differentiations between financial professionals, and the importance of patience and ownership in financial planning. All this and more in this episode of Take Back Retirement.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 71: She Did It! Real Retirement Stories with Gretchen "G-Rex" Schoser | 31 Jul 2023 | 00:45:23 | |
Get ready for an inspiring conversation with tech retiree and podcast host, Gretchen Schoser. Gretchen, aka G-Rex, invites us into her world to talk about trading tech for a mic, her journey toward retirement, and the mental health battles she’s faced along the way. Tune in as she unpacks her new podcast, “Sh!t That Goes On In Our Heads,” which she co-hosts with Dirty Skittles, and how it acts as a comforting refuge during challenging times, not only for the hosts but also their listeners.
Our hosts Stephanie McCullough and Kevin Gaines follow Gretchen through her post-retirement adventures in Europe and her extended Florida retirement party. Gretchen’s travels are a testament to living in the moment and creating beautiful memories, inspired by her friend Booky, who, in the face of terminal cancer, lived life on her terms.
Stick around as Gretchen teases us with glimpses of her upcoming book. She shares her tale of self-discovery, setting healthy boundaries, and how she's using her newfound freedom to help others navigate the podcasting world. Get cozy, you won’t want to miss a minute of G-Rex’s inspiring journey.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 97: Why Do We Avoid Retirement Planning? | 30 Aug 2024 | 00:34:59 | |
“Most pre-retirees and retirees need and want help with the critical retirement decisions they face, but they’re not always certain where to find it.”
Is your retirement plan only scratching the surface? Our hosts Stephanie McCullough and Kevin Gaines uncover the common pitfalls that have kept retirees unprepared for the realities of their post-work years.
Drawing from the groundbreaking Stanford Center on Longevity study entitled Disconnected: Reality Versus Perception in Retirement Planning, Stephanie and Kevin talk about why it’s imperative to envision and plan for all aspects of retirement—beyond just your finances.
Learn how to overcome the natural human instincts that cause us to overlook important retirement considerations, and how to find advice specific to your unique life circumstances.
Our hosts also explain why retirement is a process rather than a destination, and how embracing flexibility can reduce financial stress and increase peace of mind. They explore how personal stories and periodic reminders can keep you on track, and why working with a real financial planner can provide invaluable holistic guidance.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 70: Women, Retirement, and the Lessons of Behavioral Finance | 15 Jul 2023 | 00:30:45 | |
“The human brain is actually wired to trip us up, to shoot ourselves in the foot when it comes to money and investing. A little bit of self-examination can help pull us out of these knee-jerk reactions.”
Prepare for a knowledge voyage as our hosts Stephanie McCullough and Kevin Gaines redefine retirement for women, bringing insights from behavioral finance, a fascinating field that explores how we make decisions around money. By the end of this episode, you'll have a deeper understanding of financial behaviors and how to make smarter choices.
Our hosts dissect the concept of the gambler's fallacy to shed light on their own decision-making patterns, with Kevin sharing a personal anecdote to highlight its real-life impact. Following that, prepare for a compelling discussion on mental accounting, a concept that will change how you view your money's value depending on its source. Our hosts explore a study that reveals intriguing patterns in spending "found money" versus hard-earned cash. To wrap up, they look at practical ways to leverage mental accounting in creating a budget and improving your chances of financial success. This episode is a journey toward financial empowerment.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 69: New Survey Illuminates Retirement Confidence and Planning by Gender and Generation | 01 Jul 2023 | 00:27:44 | |
What if you discovered that the typical American is on track to have only 78% of the income needed for retirement expenses? Brace yourself, because that's exactly what our hosts Stephanie McCullough and Kevin Gaines are about to unpack.
Talking about retirement planning can be daunting, but it's never too late to start. Our hosts share some fascinating findings from a recent survey, like men's overconfidence in investing, despite women scoring higher in financial literacy! They also reveal the intriguing confidence levels across different generations. Whether you're a baby boomer, a Gen-Xer, or an older millennial, you’ll find insights to help you plan better and invest smarter.
Stick around as our hosts dive into the various approaches to retirement planning. They're going to explore everything from catch-up provisions and reducing expenses to planning for a long life. Plus, the importance of seeking professional advice when investing for retirement cannot be overstated. So buckle up as Stephanie and Kevin venture through these crucial topics, equipping you with the knowledge and motivation required to secure your retirement with confidence. Get ready to redefine retirement on your terms!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 68: Energetic Resources and Your Financial Journey with Stacey Stern | 15 Jun 2023 | 00:47:53 | |
“[A wise money decision is] one that honors yourself. And to really honor yourself, you need to know yourself, to know who you are and what your values are, and know that your self is not one set entity or one personality set in stone.”
With over 18 years of experience as an executive coach, Stacey Stern joins Take Back Retirement to share her unique approach to navigating life transitions and finding more meaning, impact, fulfillment, joy, and peace of mind. Our hosts Stephanie McCullough and Kevin Gaines dive into her journey into coaching, how she works with a wide range of clients, and her insights on overcoming money stress.
They explore the concept of energetic resources and how they play a role in our perceptions and experiences with money. Stacey introduces us to the Energy Leadership Index Assessment (ELI) and how it helps clients gain insight into their beliefs and values, allowing them to make better decisions and manage stress more effectively. They also discuss the impact of gender inequity and early childhood messages on our ability to charge what we're worth.
Stick around as they tackle the importance of managing money stress and mental health by using tools and tips to help you identify energy drainers, delegate worry, and 'dilute' tasks for a more enjoyable life experience.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 67: Embracing Midlife Growth: Aging, Beauty, and Self-Discovery, with Dara Goldberg | 31 May 2023 | 00:40:41 | |
“We are supposed to view aging as a privilege, but we are shamed for showing visible signs of it. How absurd. And because we live in a society where our outward beauty equates to worth and value, we automatically feel that our value is going down and our worth, and we see that our visibility is going down.”
Are you embracing your midlife growth spurt or feeling overwhelmed by it? Join our hosts Stephanie McCullough and Kevin Gaines as they chat with Dara Goldberg, founder of the Endless Beauty Collective and LovinMidlife.com, who shares her personal experience of navigating this transformative period in life. Listen in as they discuss managing anxiety, redefining self-care, and learning to accept the emotions that come with midlife changes.
Dara, along with our hosts, delves into the challenges of finding mental and physical space for self-care while addressing internal and external resistance as we pivot toward a focus on our true desires. Dara sheds light on the significance of understanding who we are now and making choices that align with our current needs. Moreover, they explore the dynamics of shifting relationships as we prioritize our well-being and how small changes can make a big difference.
Stick around until the end as they tackle the issue of ageism, particularly within the beauty industry, and its impact on younger generations. Together with Dara, they examine the power we hold as consumers to push back against brands perpetuating fear and negativity around the aging process and the importance of redefining aging on our terms.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 66: Transform Your Relationship with Money: Lessons from Bari Tessler | 15 May 2023 | 01:05:41 | |
“I've heard everything at this point, meaning nothing would surprise me. I've heard all sorts of versions of shame, anger, sadness, anxiety, family stories - beautiful and painful, and betrayal and embarrassment.”
Our hosts Stephanie McCullough and Kevin Gaines had a fascinating conversation with Financial Therapist Bari Tessler, founder of The Art of Money, about her unique methodology that integrates financial and emotional literacy. Bari enlightens us on the importance of understanding the connection between our mind and body, and how this knowledge can be applied to our financial well-being. You'll learn about the role of bookkeeping in developing financial intimacy, the concept of money dates to review your finances, and the benefits of breaking down money management into small, achievable goals.
Bari shares her insights on how most people have shame or other difficult emotions around money. This is rarely talked about and not yet taught in school. Stephanie, Kevin, and Bari explore how to find a money management style that works best for you and the importance of self-forgiveness when working with our money stories. Plus, they dive into the idea of inner-child work, a therapeutic technique that helps us better understand our younger selves and the decisions we have made around money.
And be sure to listen to the end where they discuss the art of managing financial decision-making anxiety and aligning your choices with your values. You won't want to miss this enlightening conversation that’s sure to help you change your relationship with money and bring you a step closer to financial clarity and happiness.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 65: Achieving Longevity and Financial Stability: A Holistic Approach with Dr. Laura DeCesaris | 28 Apr 2023 | 00:45:29 | |
What if the secret to a long, healthy life is not expensive programs, supplements or equipment, but actually the free actions you take every day? In this episode, functional medicine-trained health strategist Dr. Laura DeCesaris joins the podcast to explore the importance of prioritizing health span over lifespan.
Stephanie, Kevin, and Laura explore essential health habits that contribute to longevity, such as getting outside daily, having a supportive community, managing stress, and eating a variety of foods, as well as the challenges people face in prioritizing these habits and the deceptive nature of fad diets and quick-fix solutions. Shifting our mindset towards long-term health and wellness habits is crucial, and better education around basic health and nutrition is necessary.
Most importantly, they also discuss the intersection of health and finance, emphasizing the value of investing in preventative measures and education about one's health. Tune in for actionable and realistic advice on improving your health and longevity, and how it parallels with financial planning for a fulfilling retirement.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 64: What is Money Insurance? | 15 Apr 2023 | 00:30:03 | |
Given the recent headlines and failure of two banks, Stephanie and Kevin felt is was time for a high-level overview on the government insurance programs that serve as backstops by protecting you from the potential failure of financial services companies.
Listen in as they break down the most important acronyms within the alphabet soup of federal government agencies.
They discuss the FDIC insurance program, how the SIPC protects investors should a firm go belly-up, why pensioners (and pensioners-to-be) need to familiarize themselves with the PBGC, and how to go about the best state insurance program for your goals!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 63: She Did It! Real Retirement Stories with Jackie Koski | 31 Mar 2023 | 00:55:29 | |
Jackie Cummings Koski has overcome poverty, divorce, and the struggles of single motherhood. Yet, she was able to retire from her corporate job of 20 years in 2019 at the early age of 49! That whole time, she’s made less than six figures.
Jackie sits down with Stephanie and Kevin to discuss how she overcame those adversities and the wake-up call that totally changed her view of her finances.
Four years later, after leaving corporate America, 53-year-old Jackie is following her big dream of creating a financially-literate society!
Listen in as she shares an inspiring journey that began in rural South Carolina, where she lived below the poverty line in a single-parent household alongside her six siblings. Committed to “not grow up poor,” Jackie decided to study all she can about investing and the stock market and joined the Financial Independence, Retire Early (FIRE) community later on.
Years after beginning to implement what she’s learned, Jackie was able to put together a powerful cash flow strategy for retirement despite never earning beyond six figures in her sales career.
Coupling her realization that “you don’t have to be wealthy to teach about money” with her dream to make a real impact on the world, Jackie has dedicated her post-retirement life to educating others on financial literacy. That began with her daughter, to whom Jackie dedicated her 2014 book Money Letters 2 My Daughter.
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Follow Jackie Koski on Instagram at www.instagram.com/finomenal_woman.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 62: What Women Need to Know About Longevity | 15 Mar 2023 | 00:34:24 | |
In financial planning, the big question that we’re trying to answer is how to put a client’s resources to work in a way that gives them the best chance to meet their goals—their financial wants and needs—for the rest of their lives.
To accomplish this, there are a lot of factors we have to guess at: How much will life cost them? How about inflation? What will happen to investment markets? What will the client want for themselves 20-30 years from now? One of the biggest unknowns, which impacts every other factor, is this: How many years does my client have left to live?
Of course, we’ll never know that number. What we can try to determine are the risks that our clients may face the longer they live, and by extension, create an action plan to build them the longest runway of wealth possible, protecting them for the years ahead.
Listen in as Stephanie and Kevin lay out the most important of these action steps, including maintaining your physical and mental health and relationships, creating additional sources of income, determining the best time to claim your Social Security, and covering your long-term care expenses.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 61: Pre-Plan for Caregiving Needs with Special Guest Mim Senft | 28 Feb 2023 | 00:49:35 | |
Today, we sit down with Mim Senft, author, keynote speaker, and facilitator for national conferences. She is the Co-Founder and Managing Director at Motivity Care, a company that takes the complexity out of caregiving management by providing personalized “chief of staff” support.
Mim has over 25 years of corporate experience in project management, benefits design, and health and wellbeing program strategy and implementation. She holds certifications in group benefits, worksite wellness and property casualty insurance.
Listen in as Mim shares her journey in the elder care space or, as she calls it, the “silver economy.” She dives deep into the critical, yet commonly-overlooked steps needed to prepare for an individual’s caregiving needs—and how Motivity Care streamlines the entire process.
Mim discusses the huge amounts of time and money lost by family members who unexpectedly have to take on the role of caregiver—and it’s always unexpected! She speaks on the value of a reciprocal “care partner” relationship and how anyone can begin laying the foundation for their own caregiving needs right now!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 96: Surviving Financial Infidelity with Jess Bost | 15 Aug 2024 | 00:53:55 | |
"Financial infidelity is in the category of infidelity and the root of it is a hiding and a lying about the truth."
Join our hosts Stephanie McCullough and Kevin Gaines as they chat with Jess Bost, CFP at Lake Avenue Financial. She’s spent over 15 years coaching people to get from where they are to where they want to be. It’s a passion that finds its roots in her inspiring journey to overcome her own financial struggles.
For Jess, those struggles revolved around one of the toughest periods in her life: dealing with financial infidelity. Listen in as she opens up about the moment she discovered that her partner had been living a financial double-life–hiding mounting credit card debts, separate bank accounts, and loans that eventually led to their separation.
Jess reflects on how the shock of that revelation compelled her to take ownership of her finances, leading her down a path into the world of financial services and, thankfully, eventual reconciliation with her partner.
Through Jess’s experiences, you’ll learn why it’s so important to get clear about your strengths and weaknesses around financial management, as well as, if applicable, those of your partner. Jess is a staunch advocate for no-nonsense, transparent dialogue between spouses, especially early on in the relationship.
By getting clear about each other’s money management roles in marriage, you’ll be able to nip financial infidelity in the bud!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 60: What Women Need to Know About Annuities | 15 Feb 2023 | 00:32:40 | |
Today, we talk all about annuities. Yet another powerful tool in your toolbox for taking control of your retirement, you can think of an annuity as a way to “buy” your own pension.
But it’s just that: a tool. Like any other financial vehicle, there are pros, cons, and tradeoffs to think about.
An annuity is a contract issued mostly from insurance companies that provides a guaranteed income stream. Mainly, annuities are used for retirement.
Some people look at annuities as the best thing since sliced bread. For others, annuities are a total time and money-sink to even consider. But for most folks, we’d wager the reality is somewhere in between.
Listen in as Stephanie and Kevin lay out the must-knows of the complicated topic of annuities, and suggest some questions to ask oneself when it comes to making use of a specific annuity for your retirement plan.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 59: Knowing Your Money Mindset Can Improve Your Money Management with Kat Sanford | 30 Jan 2023 | 00:39:38 | |
Why is money so darn challenging?
Today’s guest, money mindset coach Kat Sanford, sits down with us to do a deep dive on that very question!
Kat’s personal story saw her chasing the modern world’s definition of “success”—and experiencing burnout as a result. She realized that changing her path requires addressing her money blocks. She did just that, and has since dedicated her career to helping other women entrepreneurs do the same!
“How you do money,” Kat says, “is how you do everything.”
Listen in as she explains why a lack of awareness around your money mindset and what’s influencing it creates negative spending habits. She then breaks down the eight unique money personalities and how awareness of your archetype can help you make better money choices!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message! | 15 Jan 2023 | 00:36:23 | |
Believe it or not, the IRS wants you to save for retirement. To that end, they’re always trying to come up with new tax breaks—not to mention very specific conditions you need to meet in order to enjoy those tax breaks!
This brings us to the topic of today’s conversation: the introduction of Secure Act 2.0, a new law ushering in changes to rules and parameters related to retirement accounts.
Listen in as Stephanie and Kevin discuss the highlights of this Secure Act 2.0, offering insights on how you can continue saving for your dream retirement in light of this new law!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 57: What Women Need to Know if there's a Recession | 30 Dec 2022 | 00:34:32 | |
Recession.
We’ve seen the headlines, in all their dramatic glory.
Today’s episode isn’t about defining “recession” and all its complexities (a topic on which no one ever seems to agree!). Instead, it’s about the reality that recessions are simply a part of the economic cycle and, more importantly, that it’s something everyone has to deal with when it does come.
We have no control over the economy, and that’s okay. What we can—and must—control is our economy. Stephanie and Kevin share how we can do just that, from dealing with scary stock market fluctuations, to having a Plan B in case you lose your job (or your spouse loses theirs), to creating more financial flexibility and tapping into your assets, and more!
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You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 56: How Do We Reduce Financial Anxiety? with Lindsay Bryan-Podvin, Financial Therapist | 15 Dec 2022 | 00:40:42 | |
Today, we sit down with Lindsay Bryan-Podvin, social worker, financial therapist, speaker, and author of The Financial Anxiety Solution. Lindsay reflects on how her own lived experience led her to choose financial therapy as a career path.
Listen in as Lindsay shares how she aims to close “the gap in how we talk about money,” highlighting the importance of having regular conversations with those you trust “about how money makes you feel.”
We also discuss the need for more people to be open about sharing their money stories in order to collectively send the message that no one is alone on their financial anxiety journey. Lindsay speaks on where affirmations fall short and why it’s much more productive to create neutral-to-positive associations with money.
Finally, Lindsay talks about the often-overlooked value of getting in touch with your body in order to create a stronger relationship with money, and she gives some super practical tips on how to ask for a raise.
Key Topics:
Resources: Where to find Lindsay Bryan-Podvin:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 55: Lessons from the Career of Janet Yellen with Jon Hilsenrath, Author | 30 Nov 2022 | 00:56:53 | |
Today, we sit down with Jon Hilsenrath, a senior writer for The Wall Street Journal, where he has written about economics and finance since 1997. We’re going to learn a little economic history but also a very human story of a woman’s career in a male-dominated field, and of a couple unconventionally sharing family responsibilities long before that was common. Jon has been a Pulitzer Prize finalist several times.
Jon is here to talk about his new book Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval. It details the storied career of former Federal Reserve Chair and now U.S. Treasury Secretary Janet Yellen, who is regarded as one of the most influential economic policymakers of her generation.
Listen in as Jon dives into the story behind the writing of the book and his biggest takeaways from his research on the life and times of Janet Yellen and her husband, distinguished economist George Akerlof.
After offering his four lessons on breaking the glass ceiling, Jon does a deep dive into Yellen’s involvement amid the country’s most pivotal economic downturns in recent times, namely the Global Financial Crisis and the COVID lockdowns.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 54: Why Women Need to Know About Divorce (special series wrap-up) | 15 Nov 2022 | 00:11:03 | |
In this quick bonus episode, Stephanie and Kevin wrap up their multi-episode series on why women need to know about divorce, being that divorce is a very common topic that they see with their clients.
Divorce is a big financial issue that most people don’t plan for, making it all the more difficult and scary to navigate. That’s why Stephanie and Kevin created this lineup of professionals to touch on different areas around divorce and finances. These professionals save people money by providing mediation so people don’t have to go straight to the “robes and gavels.”
Check out the video version of this episode!
Check out all six episodes in the series:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 53: She Did It! Real Divorce Stories with Monica Scudieri | 15 Nov 2022 | 00:47:40 | |
Today, Stephanie and Kevin are joined by Monica Scudieri, who successfully navigated her way through a financially difficult divorce into retirement. Fifteen years ago, Monica divorced, acquiring hundreds of thousands of dollars of debt, with two children to care for in a difficult job market. She quickly had to learn to manage her money, and to stretch her paychecks after a long period of not thinking about finances.
Monica soon came to understand that, to her, security meant not relying on a singular paycheck. Without consistent job security, she found adopting additional income provided her with the solace of knowing she could pay bills and provide for her family, even if her salary suddenly disappeared.
She cites the FIRE movement (Financial Independence, Retire Early) as a turning point in her approach to money management. She talks about overcoming the shame and guilt of struggling to provide, which is especially prevalent among women. Retirement is not on the top of the minds of younger people in the workforce, and it’s important to consider what your needs are and will be. Identifying what you want and need is essential to engaging with your motivation. Monica shares the moment in which she felt faith in her journey, which marked a turning point in her financial wellness.
Monica again emphasizes the value of secondary incomes, especially ones that are fulfilling to you. She herself has pursued real estate as a means of additional income, explaining that it’s something that is intellectually engaging for her, and fits within her lifestyle. She uses the pie as an analogy for building out streams of income: Everyone needs a primary source, or crust, that looks fairly similar across the board, but everyone’s filling is different, and dependent on their tastes, or interests.
Stephanie and Monica note the importance of identifying your financial priorities before breaking down what you need financially. Monica shares the initial inspiration for her book, Grab Your Slice of Financial Independence. In addition to her book, she offers individual consultations as a financial coach to help clients plan their financial futures, and shares anecdotes of moments where her work felt most meaningful.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 52: What Women Need to Know About Divorce from an Estate Planning Attorney with Rebecca Sallen | 31 Oct 2022 | 00:46:34 | |
Our series on navigating divorce continues in this episode as we sit down with estate planning attorney Rebecca Sallen.
Having gone through her own divorce, Rebecca brings important insights into why hiring an estate planner is absolutely worth the investment if you’re going through a divorce.
Plus she covers commonly-overlooked considerations amid divorce, including the importance of having trusts (if you’re a parent), having preparations in place in case of disability or even death before the finalization of the divorce, and caring for the mental health of both yourself and your dependents during and after the whole process.
Rebecca founded her own law firm in 2011, serving families and individuals in Pennsylvania and New Jersey. Her team provides individual wills and trusts to decrease the costs and other headaches related to estate administration. She also teaches estate and tax law to attorneys, accountants, and other professionals, and is a published author in a number of legal journals.
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 51: What Women Need to Know About Divorce from a Mediator, with Ellen Morfei | 15 Oct 2022 | 00:48:06 | |
In this episode, we welcome Pennsylvania-based divorce mediator Ellen Morfei. With years of professional experience in conflict resolution, Ellen has worked with many couples in getting to a good divorce. Ellen provides mediation, workshops, conflict coaching, facilitation, and consulting to businesses, individuals, families, and organizations.
She not only addresses a couple’s specific issue, but also builds conflict competence to help them manage future conflict more productively. She also offers services to help prevent the development of unproductive conflict during challenging life transitions.
Listen in as Ellen dives deep into this crucial subject, as well as her biggest lessons learned along the way regarding relationships, money, and other juicy topics!
She explains who would most benefit from hiring a professional mediator, how to work with a mediator alongside a divorce lawyer, how to ensure a successful mediation by preparing well in advance, and the value of having a divorce mentor throughout this stressful process.
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 95: Ready to Retire? Here are Five Crucial Questions to Ask Yourself | 31 Jul 2024 | 00:35:44 | |
“We believe that a simpler financial life, a less fraught financial life is one where you align your dollars with what's most important to you, with the life you want to lead, with your values.” - Stephanie Have you ever found yourself asking if the perfect moment to retire will ever come? Or whether you’ll even have enough to live on when that moment arrives?
These are tough questions that countless people grapple with. Our hosts Stephanie McCullough and Kevin Gaines talk ‘purposeful retirement’ and how you can set goals and navigate your post-work life with flexibility and a foolproof strategy!
They introduce five essential questions to help align your financial resources with your desired retirement lifestyle. By understanding why you are retiring, what you want to do, who you are retiring for, where you want to spend your later years, and how things can change going forward, you forge a path that is both fulfilling and financially stable!
Stephanie and Kevin show how meaningful planning can prevent the pitfalls of an aimless life in retirement. They introduce the concept of "time bucketing," which helps in making the most of your newly available hours.
You’ll also learn how to navigate common obstacles around our limited medical infrastructure and how to find the perfect retirement community. Find out how to pivot with grace and realign your priorities when you’re (inevitably) faced with changes along your retirement journey!
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 50: What Women Need to Know About Divorce from a Divorce Coach with Sheila Brennan | 30 Sep 2022 | 00:44:58 | |
Today, Stephanie and Kevin are joined by Sheila Brennan, a divorce coach, who after being thrust into divorce herself 15 years ago, chose to use her experience to help others who struggled with the process. A divorce coach, she explains, is a relatively new concept, which is most easily described as a wedding planner for divorces. She helps her clients piece together their ideal divorce plan, and prepares them to execute it.
Aside from the obvious (a lawyer), there are many different types of professionals that can aid one with a divorce, like a CPA and a therapist. Stephanie compares a divorce coach to a doula, as they act as a similar support element for clients. Sheila emphasizes the pragmatism she uses in her approach to her work, and how her objectivity can serve someone who is likely very emotional. Sometimes, she says, clients come to her prematurely, at which point she’ll advise them to take a beat before proceeding with divorce. Divorce means breaking a complex legal contract, and most people don’t consider its nuances when signing it. While recently, divorce rates have gone down slightly at large, gray divorces (those for people aged 50 and older), have increased, and are more often initiated by women. With gray divorce, the financials are more sensitive as they can impact retirement funds, and the parties are outside of earning years in which they can make up for it. Sheila recommends consulting strategies outside of court, such as using a mediator. She cites children as a primary complication of divorce, explaining that even when they are adults, there can be complications.
Stephanie asks if it’s easier for the initiator, as they’ve had more time to think about the divorce. Aside from the emotional elements, Sheila doesn’t often see the initiator making plans beyond requesting the divorce. Often, when women are approached by their husbands about divorcing, she’s noticed, they take initiative in actioning it, which she reminds them is not their responsibility. Sometimes, following the grieving part of a divorce, there’s a transformative process, where the individual realizes their newfound freedom in decision-making.
For someone considering divorce, she recommends learning the skills needed for negotiation, along with equipping yourself with knowledge about and access to finances. She closes by reiterating that divorce is costly, and employing specialists beyond lawyers not only better readies you for an ideal outcome, but saves both parties money.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 49: What Women Need to Know About Divorce from a Forensic Accountant with Tracy Coenen | 15 Sep 2022 | 00:42:26 | |
Today, Stephanie and Kevin are joined by Tracy Coenen, a renowned forensic accountant whose work involved fraud investigations on both a corporate level and in divorces. Kevin asks if Tracy’s work is as exciting as it seems in the movies. Her work, as she says, is to find the money and is exciting in a different way.
To kick off the Take Back Retirement divorce series of episodes, Stephanie inquires why forensic accounting is important in divorces. In many cases, one spouse has a clearer understanding of the state of their finances than the other, and for the spouse who is less involved, they can miss out on a significant amount of money in the division of the marital estate. Contrary to depictions in pop culture, offshore accounts and shell companies aren’t all that common. Additional bank accounts unknown to one spouse, however, are far more likely to emerge.
A forensic accountant isn’t always entirely necessary, Tracy explains, as much can be found by an individual, as outlined in her Divorce Money Guide. She emphasizes the importance of each spouse needing to have an adequate picture of finances to ensure a fair division of assets. She notes that sometimes, like with gambling or money spent on affairs, there is potential for money to be made back. It is not just money that is to be found in these investigations, but also debts that one spouse may not be aware of.
In an individual’s pursuit of information, Tracy advises, it is important to go through legal channels, and not give a judge reason to question your behavior. Hidden income also can emerge in these investigations, which can easily be found in tax returns. Tracy shares a story of success with a client, where she found utilities being paid on a property the wife was unaware of.
Most forensic accountants bill hourly, but Tracy charges a fixed fee. They discuss their estimates of the frequency in which money is hidden from a spouse, and possible gender imbalances in whom money is being hidden from. Regardless of prospective changes in marital status, Tracy encourages less financially savvy spouses to make an effort to be more involved, and suggests how to approach your savvy spouse with questions, something she plans to address in her forthcoming Marriage Money Guide. She also recommends, as she has done, for the financially involved partner to develop contingency plans in the event they can suddenly no longer care for finances.
In part, Tracy created the Divorce Money Guide to aid those unable to afford forensic accounting.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 48: Why Women Need to Know About Divorce (a special series) | 15 Sep 2022 | 00:07:56 | |
Today Stephanie and Kevin introduce a special multi-episode series on why women need to know about divorce, being that divorce is a very common topic that they see with their clients.
Divorce is a big financial issue that most people don’t plan for, making it all the more difficult and scary to navigate.
That’s why Stephanie and Kevin have created this lineup of professionals to touch on different areas around divorce and finances. These professionals save people money by providing mediation so people don’t have to go straight to the “robes and gavels.”
Check out the video version of this episode!
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 47: She Did It! Real Retirement Stories with Amy Andersson | 01 Sep 2022 | 00:55:29 | |
Today, Stephanie and Kevin are joined by Amy Andersson, the founder of Price Turner CFOs who, before starting her own business, was let go by a Fortune 100 company and was unexpectedly forced to rechart her path. She introduces her story, talking about her initial mindset towards work, which was rooted in the idea that corporate America would care for her. She shares how she transitioned into finding new work that better suited her, emphasizing the importance of recognizing the skills one has that others may not. For Amy, interpersonal connections served as the base her business was built upon. Realizing most of her connections were rooted in her previous job, she found she could build them in unexpected places, like the dog park.
She shares the story of how she named her company. Her initial ideas didn’t work out, and so she outsourced help, in keeping with her mantra: Do your best and outsource the rest. She briefly touches on how getting a dog helped her get back on her feet and advises all to follow suit, advice seconded by Kevin.
Amy struggled to initially recognize the value of the work she provided, explaining that it took time and an external advisor to help her understand how to properly price herself. For her, that meant not selling services, but emotion. Her clients don’t need to understand the intricacies of the service she provides them, they just need to understand how those services can make their lives better. In the same way her advisor helped her, Amy utilizes her own skills to help clients ensure they are caring for themselves in ways they might never have anticipated they needed to.
The pandemic spotlighted the necessity of Amy’s career shift, reminding her that she is fulfilled by helping others, something that doesn’t necessarily always take form in obvious ways, like nonprofit work, but can also come to fruition through her business practices. She shares the difficulties she faced when shifting her mindset after initially being let go, and how in building her own business, she’s come to further understand what she wants to work on, and what’s important for her to set herself up for after she finishes working.
She reiterates the importance of developing relationships and building your network, advising people to make an effort to connect with others so that if you hit a roadblock, you have a support system to lean into. For her, one of the groups she found this in was Hope Lodge, a place that provides patients and their caregivers lodging when seeking treatment outside their hometown. Amy closes by emphasizing the importance of self-worth, especially for women entering male-dominated fields.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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