Take Back Retirement: Recent Episodes
Stephanie McCullough & Kevin Gaines
You’re a woman on the cusp of “retirement” naturally feeling some anxiety. We are two financial planners who take this subject seriously (but ourselves less so). We will help you feel more confident about your choices by cutting through the myths and mysteries. Through conversations and interviews with both subject-experts and women who have gone through what you are approaching, you will have the correct information and motivation to be in control of your future.
"You need to uncouple your self-worth from your income."
Amy Bernstein does not like the word "retired". Our hosts, Stephanie McCullough and Kevin Gaines, aren't too fond of the word either.
A former journalist and federal government communications veteran, she didn't quit anything cold. She shortened her commute first, then went part-time, then, when the pandemic made her last part-time job untenable, took the final step.
What followed was less a plan than experiments guided by whatever sparked joy. These "experiments" included playwriting classes, a first novel written on the train, and a book-coach certification that flipped a switch.
Six novels and a nonfiction guide for doubting creatives later, Amy has built a life that pays in confidence and craft more than dollars, and insists that trade is no downgrade. She believes that culture rewards money, title, and productivity so completely that anything creative reads as indulgence, something to feel guilty about squeezing in around "real" obligations.
Reading a book, listening to music, mastering a soufflé. These are creative acts whether or not monetized, and treating unmonetized creativity as worthless has it backwards. Her book, Wrangling the Doubt Monster, does not promise to cure self-doubt; it normalizes it, insisting doubt can ride along without driving the car.
Stephanie and Kevin are all about the idea that retirement rarely trips people up financially. It is the identity vacuum of "who am I once the job title disappears" that catches people off guard, and creativity is where many will find their answer!
Key Topics:
- From "Have To" to "Want To": Redefining Retirement (04:28)
- Overcoming the Guilt of Taking Time for Yourself (10:08)
- Normalizing Creative Self-Doubt (12:42)
- Permission to Experiment (and Fail) Without a Master Plan (22:02)
- Creativity as Therapy (28:38)
- Stephanie and Kevin's Wrap Up (31:28)
Resources:
- https://amywrites.live/
- Take Back Retirement Episode 87: Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown
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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"As with all things with the IRS, document, document, document."
Our hosts, Stephanie McCullough and Kevin Gaines, explain what actually happens when you move an investment or retirement account from one custodian to another.
The mechanics may seem as simple as filling out a form and waiting a few days. But Kevin walks through the fine print that trips up even seasoned advisors. Taxable accounts can usually move without triggering a sale, so cost basis and unrealized gains transfer intact.
Retirement accounts are where the real danger lives.
There are two ways to move retirement money: a trustee-to-trustee transfer, where the funds never touch your hands, and a 60-day rollover, where they briefly become yours.
The second path can be a minefield because, if you miss the 60-day window by even a day, the money is reclassified as a taxable distribution. The only way back is IRS self-certification for a handful of approved hardships, or a costly private letter ruling. And if you mix up traditional and Roth buckets during a move, you risk an illegal conversion or double taxation.
Beyond the rollover clock, Kevin brings up the mandatory 20% withholding on 401(k) distributions, and after-tax "basis" dollars that shouldn't be taxed twice. Then there's Form 5498, an easily discarded document that turns out to be essential for tracking IRA contributions and conversions for years to come.
Needless to say, all of this can be overwhelming. That's why it's so important to ask questions, document everything, and use direct transfers whenever possible.
Key Topics:
- Taxable Accounts and Custodians, Defined (04:38)
- The Myth That You Have to Sell Everything to Move (06:26)
- Transfer vs. Rollover: The Critical Difference (13:37)
- Inside the 60-Day Rollover Danger Zone (17:39)
- RMDs, Penalties, and the First-Dollar Rule (21:31)
- After-Tax Basis: Money You've Already Paid Tax On (26:51)
- The Mandatory 20% Withholding Trap on 401(k) Rollovers (31:50)
- Annuities and Surrender Periods (35:21)
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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Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the estate and gift tax system. This is different from the income tax system, and both are federal tax systems that everyone needs to be aware of when planning for retirement.
At the end of the day, the IRS is getting paid. The only two questions, then, are: Who pays? and When? Our hosts tackle these questions and more.
While today's discussion is a big picture overview of the estate and gift tax system, it will give you a general grasp of the concepts and vocabulary that will make your next meeting with your accountant or estate planning attorney a more insightful and productive one.
Key Topics:
- "At the end of the day, the IRS is getting paid." (2:28)
- Defining estate taxes. (3:00)
- What are "exclusion amounts?" (5:58)
- Defining gift taxes. (8:00)
- Maximizing how much your beneficiaries inherit. (11:37)
- "My parents can only give me $16,000 a year…" Why this isn't true. (17:14)
- "I want to avoid probate, because if I can do that, then I'm not going to pay estate tax…" Why this isn't true. (21:55)
Resources Mentioned:
- Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?
- Take Back Retirement Episode 32: True Confessions of Two Financial Planners.
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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"Take charge. Your retirement is your time."
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with Dr. Andi Simon, corporate anthropologist and author of Rethink Retirement, whose research offers a bracing corrective to how most people think about life after work.
Andi spent years embedding herself in senior living communities on the west coast, interviewing residents who had done everything "right" financially and still found themselves empty, bored, and stripped of identity.
Through it all, she's concluded that retiring from something is not the same as retiring to something.
The central tension Andi identifies is one of agency. Retirement is a transition most people face without any rehearsal. Unlike a career, which assigns identity, purpose, and daily rhythm almost automatically, retirement demands that individuals build those things from scratch. Most people don't realize this until the calendar is suddenly, completely clear.
Her research also surfaces a loneliness epidemic quietly accelerating among retirees. Work colleagues disappear, and friendships built around shared roles don't transfer easily. Also, relationships don't deepen automatically just because time is now available. Instead, they must be deliberately cultivated.
Andi suggests trying new activities, building community intentionally, and recognizing which old roles to carry forward and which to release.
Above all, she invites near-retirees to take charge, not just of their portfolio, but of the life waiting on the other side!
Key Topics:
- What is a Corporate Anthropologist? (02:31)
- Research in Senior Living (05:57)
- Identity Loss When Work Ends (07:49)
- Retirement Myths Held by the Youth (11:02)
- Talking with Your Adult Children About What Matters to You (19:54)
- "How Do I Have Purpose, Agency, and Meaning in This New Chapter?" (21:09)
- The Loneliness Epidemic in Retirement (24:00)
- Building New Community From Scratch (25:29)
- When Retirement Is Forced Upon You (36:09)
- Overcoming Retirement Misconceptions and Finding Your Unique Path (39:14)
- Stephanie and Kevin's Takeaways (42:28)
Resources:
- AndiSimon.com
- Andrea Simon on LinkedIn
- Andi Simon on Substack
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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"Don't sit around waiting to feel motivated. You take some little actions, and that often gives you the motivation and the momentum to move forward."
Our hosts, Stephanie McCullough and Kevin Gaines, sit down to work through a HerMoney.com list of ten things to do when retirement is a decade away. The meta-lesson turns out to be bigger than any single item on it!
The list, from Jean Chatzky's financial information service for women, gives them a useful scaffold, but what they keep returning to is the paralysis that keeps so many people from starting at all. Planning for retirement can feel like pushing a stone uphill; getting moving makes it roll the other way.
The list items themselves span the practical and the personal. Test-drive potential retirement destinations before committing. Tackle home repairs now, while you still have a paycheck. Start volunteering, not just to give back but to road-test how you'll spend your time when work no longer fills it.
On the financial side: understand what Medicare actually covers (spoiler: not dental, vision, or long-term care). Build your HSA if you're eligible. Track down old 401(k)s and check the beneficiaries on every account. Create your Social Security account online and verify your earnings record for errors. And on claiming age, Kevin pushes back on the blanket advice to "always wait" because Social Security strategy depends on how it fits the rest of your specific plan.
The bonus tip says it all: say it out loud. Telling people you're planning to retire creates accountability. It makes the stone easier to push!
Key Topics:
- Trying Out Retirement Destinations (04:32)
- Home Repairs, Renovations, and Aging in Place (07:25)
- Volunteering: A Test Drive for Your Time (12:11)
- Reclaiming Your Calendar… and Your Identity (13:34)
- Healthcare Costs, Medicare Myths, and HSAs (16:56)
- Building a Social Network Outside the Office (21:11)
- Checking In on Pensions and Old 401(k)s (25:23)
- Why the 10-Year Mark Is the Right Time to Find a Financial Planner (27:32)
- Social Security: "Wait" Is Not a One-Size-Fits-All Answer (29:54)
- Creating Your Social Security Account (and Checking Your Earnings Record) (30:47)
- Say It Out Loud (32:10)
Resources:
- Retirement Readiness Quiz: https://www.aarp.org/money/retirement/readiness-quiz/
- The 5 Years Before You Retire and other books by Emily Guy Birken: https://www.emilyguybirken.com/books
- HerMoney.com Article Discussed in this Episode: https://hermoney.com/invest/10-things-you-should-do-when-retirement-is-10-years-away/
Take Back Retirement Episodes Referenced:
- Making Your Own Story: Finding Meaning After 50 with Diane Gansauer
- Redefining Retirement: Finding Your Creative Voice Through Comedy with Lynn Harris
- The Challenges and Opportunities of Defining Your Identity in Retirement with Elizabeth Parsons
- Practicing for Retirement: Balancing Creative Pursuits and Financial Planning with Mary Jo Hoffman
- Simplifying Medicare: What's Important For You To Know with Susan Sloan
- Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown
- Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
- Smarter Social Security: Getting What's Yours Without Panicking
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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"It's all about these different pieces and how they can fit together. And it's not just how they fit together in good ways, but also how they fit together in bad ways."
Our hosts, Stephanie McCullough and Kevin Gaines, sit down to unpack a letter from a reader of The Retirement Strategy Report who signed off as "Get What's Mine Before It's Gone", ready to claim at 62 just to lock in something before the trust fund runs dry.
That reader is right to be anxious. The Social Security OASI Trust Fund is now projected to deplete by 2033, at which point ongoing tax revenues would cover only about 77% of promised retirement benefits. That's an automatic across-the-board cut of roughly 23%!
Add frozen income thresholds from 1983 (with an 85% taxation tier added in 1993) that quietly pull more retirees into taxation every year, plus Medicare's IRMAA surcharges that jump off income cliffs, and you've got a retirement income picture that's genuinely complex.
But claiming early doesn't solve any of it. A 23% cut hits whether your monthly benefit is $1,400 or $2,200. The math still favors patience, as 77% of a larger number is always better than 77% of a smaller one.
What does help is projecting your taxable income now and managing it deliberately.
Kevin's core suggestion is to avoid leaving all your money in traditional, pre-tax retirement accounts and wait for RMDs to force a reckoning. Use lower-income years (early retirement, career transitions, entrepreneurship) to draw down those accounts at the 12% bracket instead of the 22% or 24% you might face later. Convert some to Roth. Build out taxable investment accounts alongside tax-deferred and tax-free buckets, so you have flexibility every year.
The goal isn't to predict what Congress will do. It's to build a retirement with enough moving parts that whatever happens, you have room to adjust.
Key Topics:
- How Social Security Fits Into Our Retirement (02:15)
- Should You Claim Early to "Get Yours"? (06:30)
- How Social Security Benefits Get Taxed (10:22)
- IRMAA and Medicare: The Hidden Hit on Your Net Check (17:19)
- Roth Conversions and the Case for Acting in Low-Income Years (19:39)
- Tax Diversification: Balancing Your Buckets (29:02)
Resources:
- Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber: https://takebackretirement.com/podcasts/getting-the-most-from-social-security-smart-strategies-for-women-with-heather-schreiber/
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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"If you are feeling that you are not powerful, you are wrong. You are very powerful just in and of yourself. And in community, it's just multiplied." - Missy Sue Mastel
Most people think impact investing is only for the ultra-wealthy. Missy Sue Mastel, a financial strategist with three decades in nonprofit capacity building, disagrees.
Our hosts, Stephanie McCullough and Kevin Gaines, welcome Missy to explore how everyday investors and retirees can drive meaningful change without writing a massive check. The conversation centers on what Missy calls "hypergrowth capitalism": a system so focused on Q3-over-Q2 returns that no one stops to ask how much is enough, or what the money is actually for.
Her alternative framework begins with better questions. Missy cites the popular claim that women speak roughly 21,000 words a day compared to men's 7,000 (a figure worth noting has been disputed by research). The point is that the conversations we choose to have carry real power, and directing some of them toward nonprofits, fund managers, and community organizations can matter more than most people realize.
The bridge she's building is what she calls Sustain Exchange: connecting corporations that need sustainability credibility with nonprofits that need operational capacity and funding.
Retirees are a key piece of that puzzle. A retired doctor advising an under-resourced community health clinic, a former CFO helping a local nonprofit understand its balance sheet. That's capacity building money alone can't buy!
Even for those not ready to volunteer, choosing mutual funds aligned with your values amplifies the advocacy those funds carry into shareholder meetings. Your few thousand dollars may not move a corporation alone, but it adds weight to the voice of a fund that will.
As the saying goes, never doubt that a small group of thoughtful, committed people can change the world. (Margaret Mead)
Key Topics:
● What Is "Hypergrowth Capitalism" and Why It Falls Short (04:17)
● Asking Better Questions Instead of Waiting for More Wealth (08:08)
● How Corporations and Nonprofits Can Partner for Sustainability (12:42)
● Progress vs. Replacement: Where AI and Capitalism Miss the Point (22:00)
● Retirees as Nonprofit Capacity Builders (29:29)
● Putting it All into Action (33:22)
● Stephanie and Kevin's Wrap Up (36:55)
Resources:
- ImpactNonProfits.co: https://impactnonprofits.co/
- Missy Sue Mastel on LinkedIn: https://linkedin.com/in/missy-s-mastel-596751
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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"Scammers rely on emotion. If they can catch you in that half second of panic, then they might be able to get you to do something."
41% of American adults have lost money to scams. And that's only those who reported it.
Our hosts, Stephanie McCullough and Kevin Gaines, are back to talk all about money scams because the problem keeps growing, and because the scammers, as Kevin puts it, keep learning.
The core mechanism hasn't changed either. Scams are all about manufactured panic. Whether it's a Social Security alert, a fake IRS demand, or a "computer security team" that called out of nowhere to say you've been hacked, the goal is to knock your skepticism offline before it fires. According to behavioral science, acute panic literally impairs the higher-order reasoning you'd need to catch the trick.
The antidote is AARP's three-step model: pause, reflect, protect. The research behind it illustrates that awareness of a specific scam makes you 80% less likely to fall for it. Their free Fraud Watch Network sends alerts several times a month, and Stephanie suggests that even skimming the subject lines is protective.
As Kevin likes to say, "Always independently verify."
If someone sends you a phone number to call, that number is already suspect. The best long-term defense isn't paranoia but connection. That means staying in regular contact with people who aren't in panic mode when you are.
Key Topics:
- AARP Fraud Watch Network and the 80% Awareness Effect (04:29)
- Why Smart People Still Get Caught (06:08)
- The IT Support Scam (13:05)
- IRS Impersonation and the Tax Season Warning (19:00)
- "Pause, Reflect, Protect" in Practice: Charity Call Story (21:48)
- Romance Scams, Friendship Scams, and the Loneliness Factor (24:53)
- Final Tip: Make More Friends, Call Your Mother (28:51)
Resources:
- Take Back Retirement Ep 74: https://takebackretirement.com/podcasts/taking-charge-carol-maraks-strategy-for-solo-aging-and-retirement-planning/
- Take Back Retirement Ep 83: https://takebackretirement.com/podcasts/combatting-fraud-and-protecting-your-financial-future-with-aarps-kathy-stokes/
- AARP Link: https://www.aarp.org/money/scams-fraud/
- "Pause, Reflect, Protect" Article: https://www.axios.com/local/des-moines/sponsored/train-your-brain-to-spot-scams-before-they-strike
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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"You need to come up with your own number, not using someone else's, because your situation is going to be different from someone else... and it's going to change over time, and that's still okay."
A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire.
There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it's really all just one mathematical equation with one distinct, perfect answer.
…Except this belief is completely, utterly unfounded.
Listen in as Stephanie and Kevin dismantle the notion that hitting your "magic number" is the key to your retirement success.
They explain why coming up with a specific dollar amount for that next chapter in your life may not be as simple as you think, the psychological dangers of focusing solely on such a number, and how to really diversify your assets to maximize your freedom in your retirement years.
Key Topics:
- Is there really such a thing as a "magic number" to retirement? (01:46)
- Do you really know what the next chapter of your life is going to look like? (06:01)
- We're guessing, and that's OK! (08:07)
- Not all dollars are created equal. (09:03)
- Keys to diversification. (12:23)
- Why the notion of a "magic number" is psychologically dangerous. (13:23)
- "You don't have to have all those dollars in your hand on day one of your retirement." (14:57)
- Why hitting a "magic number" doesn't guarantee smooth sailing in retirement. (17:45)
- "Your money is here for a reason. Don't lose sight of the reason." (18:26)
- Stephanie and Kevin's Wrap-Up (21:01)
Resources Mentioned:
- "Doom, Despair and Agony on Me"
- Take Back Retirement Episode 7: Here's a Secret: We're Guessing, and That's OK
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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"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.
Key Topics:
• Cash and Cash Flow (05:15)
• Looking at the Trends (08:13)
• How Much Cash Should I Have and Where to Put It? (10:58)
• How to Invest More Money (20:24)
• Don't Get Intimidated by the 1099 Form (24:15)
• Savings vs. Investment (25:51)
• Wrap-Up (28:23)
Resources:
• Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
• Take Back Retirement Episode 12: What Women Need to Know About IRA's, with Sarah Brenner
• Take Back Retirement Episode 45: What Women Need to Know about Target Date Funds
• Put One Foot in Front of the Other - Santa Clause is Coming to Town (skit)
• HEE HAW Gloom Despair And Agony On Me | Classic Her Haw TV (skit)
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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"A lot of women feel as though this is 'my role, this is my job, and if I have to ask for help, there's something wrong with me.' It doesn't mean failure. It just means that you're taking care of yourself as well as your loved ones." - Laura Lynn Morrissey
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with Laura Lynn Morrissey, founder of Silver Savvy. She brings a unique perspective, combining two decades at Fidelity Investments with hands-on experience building and selling home care companies in Boston!
Laura Lynn's journey into senior care began while simultaneously climbing the corporate ladder and serving as a caregiver for her mother since age seven. Through both experiences, she learned the magic of putting clients first and treating aging individuals with dignity.
She discovered that many professionals would direct conversations to family members while ignoring the person actually receiving care. That's a dynamic she intentionally reversed in her own practice.
The centerpiece of her work is life care planning, a comprehensive approach treating the aging process as thoughtfully as planning a wedding or college education. This framework examines seven key areas: purposeful living, lifelong learning, social connections, healthcare planning, financial confidence, exercise routines, and home safety.
Most homes aren't built for aging, and simple issues like losing ankle mobility can cascade into dangerous falls.
She also talks long-term care insurance, revealing surprising complexities most policyholders don't understand. The elimination period (essentially a deductible) requires paying out-of-pocket for 30-120 days before benefits begin. It's a shock to many families expecting immediate coverage.
Laura Lynn stresses the importance of honest assessments, noting that proud individuals often minimize their limitations during evaluations, potentially jeopardizing their claims.
With physician shortages looming and assisted living facilities facing two-to-three-year waitlists, Laura Lynn advocates for proactive planning before emergencies strike. Her advocacy services include filing claims, coordinating with doctors, preparing clients for assessments, and writing follow-up letters clarifying what proud individuals might downplay during evaluations.
Key Topics: ● Lessons from Caregiving and Home Care Business (03:25)
● What is Life Care Planning? (11:26)
● Aging in Place: Exercise and Home Safety (16:01)
● Assisted Living Realities and Wait Lists (18:21)
● Long-Term Care Insurance Misconceptions (25:51)
● Understanding the Elimination Period (29:08)
● Benefit Triggers and Activities of Daily Living (38:45)
● The Assessment Process and Advocacy Role (40:38)
● Appealing Denied Claims (46:31)
● Stephanie and Kevin's Wrap-Up (49:18)
Resources:
- Laura Lynn Morrissey in LinkedIn
- SilverSavvy Website
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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"There are ways to get some more net dollars to the charity, having a smaller financial impact on your own situation. It just takes a little bit of looking at [your financial situation]."
Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group tackle the ins-and-outs of charitable giving, and reveal how strategic planning can maximize impact while preserving your financial security. While charities treat all dollars equally (they pay zero taxes), how you give dramatically affects your bottom line!
First up, they cover critical 2026 tax changes, including a new above-the-line deduction ($1,000 single, $2,000 married) and an unfortunate 0.5% AGI floor for itemizers.
Donating appreciated assets (stocks or mutual funds held over a year) beats cash donations, because you avoid capital gains taxes while deducting the full current value, not just what you paid.
Donor-advised funds emerge as timing powerhouses, letting you bunch donations in high-income years while distributing to charities over time.
For those 70½ and older, Qualified Charitable Distributions (QCDs) from IRAs offer tax-efficient giving that doesn't count as income. That's crucial for avoiding Medicare IRMAA surcharges and Social Security taxation pitfalls. The 2026 QCD limit is $111,000 per person.
Estate planning gets attention, too. Naming charities as IRA beneficiaries saves heirs from devastating tax bills on inherited retirement accounts. Stephanie and Kevin also offer creative strategies involving life insurance policies and charitable trusts.
The key takeaway is the importance of consulting professionals early in the year. Tax laws change constantly, and thoughtful planning transforms charitable impulses into maximum impact without jeopardizing your retirement security.
Key Topics:
- New 2026 Tax Rules for Cash Donations (5:44)
- Donating Appreciated Assets and Capital Gains (08:08)
- Donor-Advised Funds: Timing and Flexibility (14:09)
- Qualified Charitable Distributions (QCDs) from IRAs (18:41)
- Estate Planning: Beneficiary Designations for Charities (26:05)
- Creative Strategies: Life Insurance and Charitable Trusts (30:22)
Resources:
- Women + Roth IRA's – What Should You Be Aware Of? (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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"My goal in life, my purpose in life, is to spark conversations. And in 2026, my goal is to spark 10,000 financial conversations." -Erika Wasserman
Our hosts, Stephanie McCullough and Kevin Gaines, welcome back financial therapist Erika Wasserman to discuss her groundbreaking new book Conversations with Your Financial Therapist.
Invited by Wiley Publishing to write about the emotional side of money, Erika created a practical guide wrapped in storytelling, featuring seven composite characters navigating real financial conversations throughout their lives.
The heart of the book is the Money Mindset Method. It's a five-step framework using the word MONEY itself: Make the conversation comfortable (setting matters!), One question at a time (resist throwing in the kitchen sink), Nurture shared goals (understanding the "why" behind decisions), Evaluate practical solutions (brainstorm separately, then share), and Yes to compassion (for yourself and others).
This repeatable approach gives people tools to practice at home once they've built the confidence.
Erika emphasizes that talking about money is a skill most of us never learned. With 81% of people taught not to discuss finances (without even knowing why), we're left without the vocabulary or framework for these crucial conversations.
Our money mindsets come from our backgrounds, religion, culture, and personal experiences, yet we merge finances with partners who have completely different histories without ever discussing them.
The book includes incredibly practical nuggets such as actual conversation scripts for specific scenarios, visual diagrams showing different ways couples can structure their finances, and the wisdom that what works at 23 won't necessarily work at 40.
When we normalize talking about money, we create ripple effects, modeling healthier relationships with finances for the next generation watching us!
Key Topics * The Money Mindset Method Framework (07:33) * Make the Conversation Comfortable (13:34) * Using "Passwords" to Take Breaks During Hard Talks (21:36) * Practical Scripts for Real Conversations (24:43) * Visual Diagrams: Different Ways to Merge Money (27:35) * Where Money Mindsets Come From (30:34) * Kevin's and Stephanie's Wrap Up (38:49)
Resources:
- YourFinancialTherapist.com
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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"In a life well lived, there's always going to be more things you may want to do than you can do with time, energy, money, and attention." -Carl Richards
Stephanie and Kevin welcome Carl Richards, creator of the iconic "Sketch Guy" column in The New York Times, for an inspiring conversation about his latest book, "Your Money: Reimagining Wealth in 101 Simple Sketches." Over 17 years in the making, this collection distills complex financial concepts into simple drawings designed to spark the conversations that truly matter!
Each sketch focuses on a single idea, creating entry points for conversations that words alone can't generate. You won't get all the answers, but that's okay! The true goal is to help people start talking about money in meaningful ways.
Stephanie and Kevin explore several of their favorite sketches, beginning with "The Getting Ahead Trap": a bar graph showing that money needed to "get ahead" has no top, while money needed for "having enough" is surprisingly small.
Makes sense. After all, step zero of financial planning is understanding what's most important to you. Without that clarity, discussions about dollars and vehicles are pointless.
Carl emphasizes that "your values are not at war, they're in conversation". That's probably his favorite line in the entire book!
"None of us were really taught how to talk about money," Carl reflects, especially the deep conversations about worries and values rather than just CNBC-style market talk.
The book gives us permission to be imperfect. Financial planning is educated guessing, goals are guesses, and things change. Not only is that okay, but it's reality.
Carl encourages "deep hugs and big spreadsheets" when clients need certainty, while gently helping them understand that precision isn't always possible or necessary.
Most importantly, money isn't just math. Algorithms can't feel anxiety about major decisions or pride in achieving goals. Human guidance remains essential, even as technology advances.
Key Topics
· Creating Conversation Starters, Not Answers (03:35)
· The Getting Ahead Trap vs. Having Enough (05:03)
· Real Financial Planning: Money Meets Life (07:27)
· Values in Conversation, Not at War (09:29)
· The Price of Silence About Money (12:29)
· Money Isn't Just Math (15:35)
· Goals Are Guesses (and That's Okay!) (21:30)
· Standing Between Clients and Big Mistakes (27:24)
· Stephanie and Kevin's Wrap-Up (30:32)
Resources:
· Carl's Weekly Newsletter, Book, and other 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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"This is a generation that is incredibly scrappy. This is a generation that gets it done. We actually know how to find the resources when we need to." – Kerry Hannon
Our hosts, Stephanie McCullough and Kevin Gaines, welcome Kerry Hannon and Janna Herron, co-authors of "Retirement Bites: A Gen X Guide to Securing Your Financial Future," for a candid conversation about why this overlooked generation faces unique retirement challenges, and why there's still plenty of time to turn things around!
The timing couldn't be better. With the oldest Gen Xers turning 60 this year, this generation of approximately 64-65 million Americans born between 1965 and 1980 finds itself squeezed between caring for aging parents and supporting adult children while confronting their own retirement reality.
"We were kind of the Guinea pig generation when it came to the 401(k)s," Janna explains. Gen X caught the worst of both worlds: pensions were disappearing while 401(k)s were arriving without proper education about their importance. Early contribution limits were low, automatic enrollment didn't exist, and many default investment options were conservative money markets rather than growth-oriented funds.
But Kerry and Janna reject the doom-and-gloom narrative. "This is a generation that is incredibly scrappy," Kerry insists. "This is a generation that gets it done."
They believe in starting with vision before worrying about numbers. If you don't know what you're saving for, it's super hard to get excited about doing it. Kerry encourages vision boards and refrigerator lists of life experiences you don't want to miss.
Janna shares how she and her husband hold quarterly "financial summits" and maintain a separate savings account for their dream teardrop camper. "It's fun to look at our little savings fund and go, look how much closer we are."
Retirement doesn't mean stopping work entirely, but reimagining what it means to work! Knowledge workers can transition to consulting, pursue deferred dreams, or explore new fields. The key is planning ahead and continuing to learn.
Perhaps most importantly, they stress addressing health now. Retirement is the time when you can get your health together so that you have better health outcomes when you get older, and save money at the same time.
Gen X's cynicism might be legendary, but channeling that scrappy, resilient spirit could be exactly what secures their financial future!
Key Topics:
· Why a Book for Gen X Now (1:40)
· The 401(k) Guinea Pig Generation (4:39)
· Home Equity as a Bright Spot (12:05)
· Creating Your Retirement Vision (15:07)
· Working Longer as Strategy (21:43)
· AI and the Future of Work (28:29)
· Finding the Right Financial Advisor (30:47)
· Healthcare: The Hidden Retirement Cost (37:21)
· Stephanie and Kevin's Wrap Up (38:44)
Resources:
· Retirement Bites: A Gen X Guide to Securing Your Financial Future (book)
· Kerry Hannon (website)
· Janna Herron (LinkedIn)
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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"Creating safe spaces for people to talk about money is one of the most powerful things we can do right now to make the world better for change." -Meg Wheeler
Our hosts Stephanie McCullough and Kevin Gaines sit down with Meg Wheeler, CPA and founder of the Equitable Money Project, who's on a mission to demolish the shame surrounding money conversations through accessible financial education.
Her approach shows us that the path to financial confidence isn't about becoming an expert. It's about learning to simply talk about money without judgment.
"Why should we know this when we've never been taught it in school?"
Meg challenges the pervasive shame many people feel about their financial knowledge gaps. After all, we don't feel ashamed about not knowing brain surgery or environmental science because we were never taught those subjects either!
The real problem isn't lack of knowledge, but the absence of safe spaces to discuss money openly.
Meg's work centers on creating a community where people can share their financial stories without fear. She emphasizes that most people's situations aren't unique. Whether it's medical debt from our broken healthcare system or struggling with inconsistent business income, the factors contributing to financial challenges are systemic rather than personal failures.
She suggests going for incremental progress rather than perfection.
"Every quarter we want you to pick just one thing within one of those buckets to focus on," she explains, referring to her three-pillar framework: set up foundations, stabilize, and grow. This approach makes wealth-building feel achievable rather than overwhelming.
Perhaps most powerfully, Meg advocates for teaching children about money early. Her eight-year-old has a debit card and checks his bank balance before purchases. Not because he's learning to become a financial professional, but because money should not be feared but normalized.
Financial empowerment begins not with expertise, but with conversation, community, and compassion toward ourselves and others navigating the same challenges.
Key Topics ● Meg's Path to Financial Education (02:26)
● The Problem with "Financial Literacy" (04:28)
● Why We Feel Shame About Money (05:21)
● Information vs. Quality Education (05:56)
● Creating Safe Spaces for Money Talk (14:07)
● Teaching Kids About Money (16:13)
● Learning the Language of Money (17:43)
● The Three Pillars of Wealth Building (25:51)
● Overcoming Emergency Fund Shame (26:54)
● Business Owner Tips and Avoidance (33:00)
Resources:
- Equitable Money Project website
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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"It is never too late to start something new and to put your energy into something that you've loved your whole life, but you've never had time to focus on."
Our hosts, Stephanie McCullough and Kevin Gaines, explore the strategic path to entrepreneurship in midlife with the Corporate Escape Sherpa herself, Tabatha Jones!
After 30 years in corporate tech leadership, Tabatha made her leap at age 50 and now guides women through building profitable businesses before they leave their steady paychecks behind.
"If it's not on your calendar, if it's not something you are focused on doing, it just becomes a someday, which becomes a never, which becomes regret."
Tabatha's approach challenges the typical entrepreneurial narrative. Rather than dramatic leaps of faith, she advocates for methodical preparation while your corporate job finances your dream. She saved three years of expenses before leaving, far beyond the typical 6-12 months, and systematically eliminated debt, paid off her house, and even installed solar panels to reduce future living costs.
Her "Freedom Framework" starts with the crucial question of "why", and she insists on going at least five layers deep.
"When you stay at that surface level why... it's not enough to keep you going," Tabatha explains. From there, entrepreneurs identify their "what" (skills and gifts), "who" (ideal clients), and finally "how" (the business model). In that order!
Chances are, you need a financial reality check as a prerequisite to creating your freedom plan. Tabatha has clients highlight every expense on their credit card statements, hunting for "money leaks" like forgotten subscriptions. One client discovered three gym memberships she'd forgotten about. Another realized her pricing meant she'd need 100 clients monthly just to break even!
Most powerfully, Tabatha reminds us that midlife career changes require different strategies than younger transitions. While thirty-somethings can "dip their toe" in entrepreneurship and return to corporate easily, the job search for midlifers now takes 8-12 months.
Building your business foundation while employed isn't just smart. It's essential!
Key Topics
- The Corporate Escape Sherpa Philosophy (02:17)
- Tabatha's Journey Through 2020 Pandemic Pivot (03:30)
- The Freedom Framework (08:44)
- Why Midlife Transitions Need Different Strategies (09:49)
- Finding Money Leaks and Financial Planning (19:18)
- Client Success Story: Travel Agency Launch (30:37)
- Celebrating Wins and Managing Entrepreneurial Mindset (32:48)
- Stephanie and Kevin's Takeaways (38:10)
Resources:
· Tabatha Jones on LinkedIn
· CorporateEscapeSherpa.com
· Freedom Builder System
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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"You don't build courage by avoiding what you're afraid of. You build courage by moving through it." -Diane Gansauer
Our hosts, Stephanie McCullough and Kevin Gaines, explore an extraordinary midlife reinvention with Diane Gansauer, who traded a high-profile government position for one of the few full-time funeral celebrant roles in the United States.
Her transformation proves that stepping away from prestige can lead to real personal fulfillment!
"I became more effective and a happier person," Diane reflects on leaving her role as deputy director of a Colorado state agency overseeing multimillion-dollar conservation grants. The political pressures and visibility of managing programs for Great Outdoors Colorado had worn thin.
"What I liked best was really the work one-on-one with families," she says.
Her journey to funeral celebrancy began serendipitously when a wealthy philanthropist, whose ranch had received conservation grants, learned about her occasional memorial officiating. This connection led to a position with North America's largest funeral services provider, where she ultimately celebrated over 400 lives.
The role required mastering the art of storytelling. Working with grieving families, she learned to capture the essence of lives lived. That's a skill that demands deep listening and authentic connection. This was intimate work that stood in stark contrast to her previous bureaucratic responsibilities.
But Diane's reinvention didn't stop there. Upon retirement, she embarked on the Continental Divide Trail, completing 3,100 miles from the Mexico border to Canada.
"It doesn't matter what other people are doing, it's between you and the mountain."
Her experiences culminated in her book "The Waypoints," in which she weaves together insights from honoring 400 lives and conquering thousands of miles of trail.
Midlife transitions aren't about climbing higher on conventional ladders. Sometimes they're about finding entirely different mountains to climb, ones that align with who we're becoming rather than who we thought we should be!
Key Topics
● Career Transition from State Government (3:45)
● Becoming a Funeral Celebrant (6:00)
● Learning the Art of Life Stories (9:53)
● Diane's Process of Working with Clients (17:57)
● Why Diane Wrote Her Book (23:24)
● Continental Divide Trail Challenge (28:15)
● Kevin and Stephanie's Wrap Up (46:58)
Resources:
• The Waypoints: From 400 Farewells and 3,000 Miles (book) • Diane Gansauer on Substack
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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"Comedy is power because when you make people laugh, you make people listen." -Lynn Harris
Our hosts, Stephanie McCullough and Kevin Gaines, explore the unexpected world of midlife comedy careers with Lynn Harris! She's the founder of Gold Comedy, a comedy school and professional network specifically designed for women and non-binary creators seeking to build comedy careers or creative side hustles.
Lynn's journey from journalist and standup comic is proof that midlife transitions can be moments of opportunity and not just crisis. She describes a "very vocal, powerful, creative, awesome cohort" of women in their forties, fifties, and better who arrive at Gold Comedy with a clear message: "I'm doing this."
These aren't bucket-list dabblers. They're women like Rocky, a retired high school art teacher who came saying, "I know I'm funny, but I don't know how to write a joke." Three years later, she's touring with her half-hour solo show and writing for a sketch team. Or Billie from Portland, whose pilot "Batshit Debbie" is now in development with a well-known comedian attached.
Lynn tells us that comedy serves as more than entertainment.
"Humor," she says, "inspires trust." When a comic takes you through a setup to an unexpected punchline, everyone's connected. "You all who got that joke have something in common," Harris explains.
Technology has democratized access to comedy education. No longer must aspiring comics brave potentially hostile open mics or relocate to major cities. Through Zoom classes and social media, women can develop their craft from home, finding their unique voice without geographic or social barriers.
Most importantly, Harris reminds us that while natural talent helps, comedy is learnable. It requires practice, understanding the science of humor, and most crucially, developing your unique perspective.
That's something midlife women already possess in abundance!
Key Topics:
- Gold Comedy's Mission and Midlife Students (3:04)
- Empty Nest as Creative Catalyst (6:24)
- Rocky's Journey from Art Teacher to Touring Comic (11:01)
- Can Anyone Learn to Be Funny? (13:42)
- Women Still Facing One-Woman-Per-Show Reality (18:27)
- How Comedy Builds Trust and Connection (27:18)
- Remote Comedy Education Breaking Down Barriers (32:59)
- Stephanie and Kevin's Wrap Up (39:05)
Resources:
- Classes, events, and info at GoldComedy.com
- Gold Comedy on Instagram (DM and mention that you heard Lynn on this episode for a 10% discount!)
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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“Stop stopping. If something is stopping you from doing this thing you know you should do, just stop stopping.” - Diane di Costanzo
Former Chief Content Officer and Financial Journalist Diane di Costanzo proves it's never too late to take control of your financial future! Our hosts, Stephanie McCullough and Kevin Gaines, chat with her in this inspiring episode of Take Back Retirement.
At 48, she had saved just $28,000 for retirement. It’s a number that felt shamefully inadequate against the backdrop of million-dollar retirement commercials. Yet eighteen years later, she successfully retired and embarked on a four-and-a-half-month adventure across Asia and East Africa.
Diane was awarded Content Marketer of the Year in 2022 by the Content Marketing Institute and served as Chief Content Officer at Foundry 360, part of Dotdash Meredith. Her transformation began with a simple conversation with a financial advisor who reframed her situation: she had no debt and some savings.
Her philosophy of "radical transparency" about money emerged from her work editing Millie, a financial magazine for women, where she discovered that not talking about money perpetuates inequality and ignorance. She practices what she preaches, openly sharing specific numbers about her savings and even publishing her daughter's wedding budget in a magazine article.
The key to her success wasn't complex financial wizardry but consistent action. She maximized employer 401(k) matches, utilized catch-up contributions after 50, and became an evangelist for Health Savings Accounts. This account offers "quadruple tax-free" benefits when contributed through payroll deduction by avoiding federal income tax, FICA taxes, while providing tax-free growth and tax-free withdrawals for medical expenses.
Her mantra "stop stopping," captures the paralysis many feel about retirement planning.
As Diane tells us, small amounts invested consistently over time create meaningful wealth, finding the right financial advisor is about personality fit as much as expertise, and retirement timing isn't always perfect.
Key Topics
- Travel Adventures and Retirement Celebration (04:43)
- Radical Transparency About Money (08:08)
- Starting Retirement Savings at 48 (11:00)
- “Stop Stopping” Philosophy (15:30)
- Health Savings Accounts Benefits (17:08)
- Sequence of Return Risk Discussion (24:11)
- Finding the Right Financial Advisor (29:06)
- Stephanie and Kevin’s Wrap Up (37:06)
Resources:
- DianeDico.com
- @dianedico on Instagram
- Diane on LinkedIn
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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“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.
Key Topics:
- Intro to Behavioral Finance (03:10)
- Biases (07:33)
- Recency Bias (AKA Availability Bias) (15:44)
- Mental Accounting (18:42)
- Flipping These Findings to Our Advantage (Action Steps) (25:55)
Resources:
- Predictably Irrational (book)
- Seinfeld Skit: Even Steven
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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“Generativity. Think of it as generating something from yourself and putting it into the world.”
Our hosts, Stephanie McCullough and Kevin Gaines, explore the positive side of aging with Dr. Deborah Heiser, an applied developmental psychologist who pivoted from studying depression and Alzheimer's to researching what we actually have to look forward to as we age.
"You can run faster than me, but I'm happier than you."
Dr. Heiser's transformation began at a dinner party when someone challenged her: "What do we have to look forward to as we age? You are studying everything that scares us." This moment sparked her journey into understanding generativity—an emotional developmental milestone we reach in midlife where we feel compelled to give back and make our mark on the world.
The conversation reveals a powerful truth: we're biologically programmed to become happier and more fulfilled as we age. This isn't the superficial happiness of opening presents, but the deep satisfaction of asking "Did I matter?" and finding ways to generate impact. Whether through podcasting, volunteering, or passing down family recipes on grandmother's index cards, we're all engaging in mentorship, often without realizing it.
Dr. Heiser makes a crucial distinction between doing your job and true mentoring. A teacher advising students is working; mentoring happens outside the classroom, through voluntary emotional connections. Her book "The Mentorship Edge" helps readers recognize and quantify their impact, filling what she calls their "impact bank."
Most importantly, she reminds us that midlife identity shifts aren't crises but opportunities to pull forgotten aspects of ourselves from the back of the closet and engage parts of our identity we've neglected while surviving our earlier years.
Key Topics:
- Why We Get Happier as We Age (03:08)
- Understanding Generativity and the Difference Between Generous and Generative (11:07)
- Identity Shifts in Midlife (17:11)
- Family Traditions as Mentorship (22:53)
- Mentorship vs. Doing Your Job (23:30)
- Reframing Negative Perspectives on Aging (25:46)
- Stephanie and Kevin’s Wrap-Up (36:30)
Resources:
- Dr. Deborah Heiser on Psychology Today
- On LinkedIn
- Her Website
- The Mentorship Edge (book)
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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"What I really was grieving was the loss of what I'd hoped my marriage would have been." – Pat Fenner
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with author and podcaster Pat Fenner, who shares her powerful journey through "gray divorce"—divorce that happens to women over 50, typically after a decade or more of marriage.
After 37 years of marriage, Pat found herself having to start over at an age when most couples are planning retirement together. Her story brings to light the unique challenges facing women in gray divorce, from employment gaps that make renting an apartment nearly impossible to the crushing blow to self-worth that comes with feeling "unemployable" after decades focused on family.
Pat's transformation from feeling like she'd "end up being a greeter at Walmart" to building a successful podcast production business offers hope and practical wisdom. Her journey highlights hidden skills many women possess but don't recognize—skills developed through years of unpaid but invaluable work managing households, raising children, and caring for aging parents.
Perhaps most powerfully, Pat discusses reclaiming her identity and becoming what she calls the family "matriarch,” which is not someone who controls, but someone who serves by sharing hard-won wisdom. Her advice to women in similar situations is to take inventory of your skills, involve yourself in family finances before you have to, and remember that "being a grown ass woman" isn't selfish. It’s actually inspiring!
Key Topics
- “What the Heck is Gray Divorce?” (03:46)
- Employment and Housing Challenges (05:44)
- The Emotional Toll and Self-Image Impact (06:17)
- Discovering Hidden Skills and New Purpose (18:59)
- Overcoming Financial Shame (22:58)
- Redefining Retirement Goals (25:17)
- Embracing the Role of Matriarch (31:20)
- Stephanie and Kevin's WrapUp (35:49)
Resources:
- ReBuilding Your Life After a Gray Divorce (book)
- Pat Fenner Website
- Pat Fenner Gray Resources
- Silver Women with a Bright Future Podcast
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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“‘Let me know if you need anything’ is one of the most useless things you can say.”
–Paula Harris
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with financial advisor and author Paula Harris, who shares practical insights on how to support someone grieving the loss of a spouse.
Drawing on years of experience working with widowed clients and her own faith-rooted perspective, Paula shares thoughtful, actionable ways to be present during what can be one of life’s most isolating seasons.
Drawing from her publications Rise Up: A Widow’s Journal and A Grief Journal, Paula offers a unique blend of guided writing, storytelling, and actionable tools to help people process grief on their own timeline.
She urges those within a widow or widower’s circle to move beyond clichés like “let me know if you need anything.” Instead, she offers specific, compassionate actions—from hanging Christmas lights to making a weekly check-in call.
Paula also explains the dangers of isolation, the risks of financial exploitation, and how a personal touch in your condolences can go a long way. She reminds us, above all, that grief manifests differently for each and every person. And so, dealing with it requires a great deal of tact and empathy.
“Show up,” she says. “Be Present.” Ask gentle questions. And never underestimate the healing power of presence, story, and a handwritten note.
Key Topics
· Why Casseroles and Flowers Aren’t Enough (05:15)
· Better Ways to Show Up for a Grieving Friend (06:59)
· How Grief Evolves Over Time (20:38)
· “Don’t Be a Purse”: Financial Boundaries for Widows (21:38)
· The Power of Handwritten Notes and Storytelling (28:42)
· How Advisors Can Ethically Support the Bereaved (35:27)
· Stephanie and Kevin’s Wrap Up (39:25)
Resources:
· WHCornerstone.com
· Paula Harris’ Ted Talk
· Wisdom Wednesday with Paula Harris (YouTube Channel)
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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“Body work, brain work, and world work - all longevity habits fit into those three categories.” -Allison Davis
When author and naturopath Allison Davis turned 60, she didn't accept it as the “gateway to old age”—she saw it as a turning point. Our hosts, Stephanie McCullough and Kevin Gaines, talk with Allison about her transformative journey and her new book, Sixty Is a Good Start: A Powerful Body, A Purposeful Life, and a Plan to Make It Happen.
Allison recounts a yearlong period of reflection that led to saying “yes” to new challenges, most notably, the intense 75 Hard program. But her real insight lies in making change sustainable through what she calls the “self-perpetuating circle of purpose”: small, habit-based practices in three categories—Body Work, Brain Work, and World Work.
Drawing on research from Blue Zones and longevity science, she outlines a holistic strategy grounded in baby steps, accountability, and environment. Whether it’s putting fruit at eye level in the fridge or walking with a group of friends every (or nearly every) morning, Allison makes the case that aging well isn’t about an overhaul, but intention.
Allison’s ultimate goal is to help us reimagine our next chapter—not as a slow fade, but as a season of vitality, purpose, and community.
Key Topics:
- Allison’s Turning Point at age 60 (03:12)
- The Power of Saying Yes and the Misogi Method (05:42)
- Completing 75 Hard and the Role of Community (07:37)
- Introducing the Body/Brain/World Framework (15:34)
- Blue Zones, Longevity, and Daily Habits (17:21)
- How Environment Shapes Behavior (20:07)
- The Power of Baby Steps and Planning (21:36)
- Optimism, Accountability, and Positive Aging (29:48)
- Key Takeaways (35:25)
Resources:
- Sixty Is a Good Start: A Powerful Body, A Purposeful Life, and a Plan to Make It Happen (book)
- Allison McCune Davis Website + Link to the 60-Day Dare
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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“There is not good or bad with money”
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with financial therapist Wendy Wright to unpack the emotional complexities that often underlie our financial behaviors. Wendy believes that money issues aren’t just math problems—they’re emotional ones too!
Rather than focusing on dollars and cents alone, Wendy helps her clients understand why they avoid budgeting, overspend in emotional moments, or feel incapable of managing money.
Her mantra? “Abundant, compassionate curiosity and zero judgment.”
Wendy discusses common patterns like the belief of being “bad with money,” the influence of childhood messages, and the emotional burden of debt. She advocates for intentionality, self-awareness, and sustainability over perfection, as well as financial journaling and identifying emotional triggers to help people rewrite their “money stories” and build healthier, more resilient habits.
“Nothing's going to work for you if it’s not sustainable.”
Healing your relationship with money begins with something as small as a $10 weekly savings goal. It’s totally unhelpful to label yourself as “good” or “bad” with money. Personal finance is a deeply personal journey that benefits from reflection, not just spreadsheets.
Whether you're confronting debt, struggling with avoidance, or simply seeking a more peaceful relationship with money, give yourself permission to start exactly where you are—with grace.
Key Topics:
- Wendy’s Financial Therapy Framework (03:20)
- Avoidance and Emotional Burdens (08:39)
- The “Bad with Money” Myth (10:45)
- Algorithmic Influences on Money Shame (13:22)
- Debt, Shame, and Sustainability (15:10)
- Money as a Tool, Not a Goal (31:28)
- Where to Begin: Curiosity, Not Judgment (34:14)
Resources:
- WendyWrightFinancialTherapy.com
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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“Usually, people are not trying to kill you or keep you alive for nefarious reasons, unless you're very old and very rich and very mean.” -Patricia De Fonte
When most people think of estate planning, they imagine dividing assets among children or a spouse—but Patricia De Fonte, founder of De Fonte Law, offers a broader and deeper perspective. Our hosts, Stephanie McCullough and Kevin Gaines, sit down with Patricia to explore what “estate planning with heart” really means, especially for those without children or partners.
People often name child-free individuals as caretakers without their consent, adding invisible burdens. To anybody in this situation, Patricia urges taking ownership: ask questions, know what’s expected, and ensure fair compensation.
Far from dry legal jargon, Patricia’s approach to estate planning is a refreshing blending of emotional realism with practical wisdom. The stories she shares—from hospital disputes to posthumous family rifts—tell us just how crucial it is to name the right people, update our documents, and make our values explicit.
She encourages everyone to assemble a personal and professional support team, use tools like detailed healthcare directives, and even consider gifts for healthcare proxies as acts of compassion.
Plan not just for assets, but for relationships and peace of mind.
Key Topics:
- Patricia’s Philosophy on Estate Planning (03:38)
- Burden of the Unasked Role (05:11)
- The Dangers of Safe Deposit Boxes (07:04)
- Healthcare Directives and Family Conflict (08:59)
- The Reality of Fiduciary Roles (15:17)
- “What do You Mean by Liability?” (32:33)
- Updating Documents and Avoiding DIY Pitfalls (39:16)
- Stephanie and Kevin’s Wrap-Up (49:43)
Resources:
- DeFonteLaw.com
- De Fonte Law on YouTube
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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“Do your research. Do your planning yourself until you get that confidence to project it to the world, and whatever they say will bounce off your armor because you know you’re doing the right thing.” -Shannon Russell
Thinking about trading your day job for a business of your own? You’re not alone—and you’re not crazy.
Our hosts, Stephanie McCullough and Kevin Gaines, talk with Shannon Russell, a career transition coach who specializes in helping women reinvent themselves through entrepreneurship. Shannon shares her journey from TV producer to franchise owner to business coach, along with insights from her new book, Start Your Second Act.
They dive into everything from identifying whether your passion project can really become a business to managing financial risks, exploring different business models, and handling the emotional side of career reinvention. Shannon emphasizes the importance of doing your homework—researching the market, testing ideas on a small scale, and being honest about your needs and goals.
Whether you’re chasing flexibility, meaning, or a new income stream in your second act, Shannon’s here to offer your encouragement and practical advice for building something that truly fits your next chapter!
Key Topics:
- Shannon Russell’s Story (04:32)
- Hobby vs Business (06:43)
- “If It Were a Job, I Wouldn’t Enjoy It As Much” (11:10)
- “It’s Not Gonna Be an Overnight Success” (16:45)
- Adding Extra Streams of Revenue (20:54)
- The Importance of Having a Mentor or Accountability Group (24:33)
- About Shannon’s Upcoming Book (30:20)
- What Shannon Would Do Differently in Business (33:30)
- Overcoming Potential Identity Crises When Entering Your Second Act (35:34)
- Getting Clear On Your “Why” (40:00)
- Takeaways (42:07)
Resources:
- Shannon’s new book: Start Your Second Act
- Second Act Success
- Second Act Success Podcast
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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“We’re talking about giving space to practice. Not only practice the relationships but also practice managing money.” -Sean Maher
Most people plan their estate down to the last dollar, but forget to prepare for the emotional fallout that almost always comes from a lack of proper communication between family members.
Our hosts, Stephanie McCullough and Kevin Gaines, sit down with husband and wife team Sean and Jill Maher to talk about their book The Greatest Gift: 9 Principles for the Transfer of Your Legacy Along with Your Wealth, which journeys into the emotional side of passing down wealth and family legacy.
The idea for the book came after Sean, a financial advisor, saw a well-planned inheritance fall apart when a family started fighting after their parents passed. He brought the issue home to Jill, a mental health counselor, who pointed out that what he was really seeing wasn’t a planning problem—it was grief. Together, they’ve come up with nine key principles that help families avoid drama and stay connected regarding inheritance.
The big takeaway? It’s not just about the money. No matter how much (or little) you're passing on, what matters most is communication, shared values, and emotional safety.
Jill and Sean suggest families start having small, low-pressure meetings early, while everyone’s still around to talk things through. It’s about creating space for honest conversations, building trust, and setting expectations. Their advice blends practical planning with emotional wisdom, encouraging people to treat legacy as a relationship, not just a transaction.
At the heart of it all, their message is simple: don’t avoid the tough conversations—have them, and carry them out with love.
Key Topics:
- Why Sean and Jill Wrote The Greatest Gift (03:52)
- “You’re Passing on Not Just Money, But Also Legacy” (05:23)
- How to Set Up and Facilitate the Inheritance Conversation with a Family (09:59)
- Setting Expectations Upfront to Nip Objections in the Bud (20:55)
- Why Sharing Your Story is So Critical (27:54)
- Nurturing Independence (33:26)
- Creating a Safe Environment for Your Children (43:23)
Resources:
- The Greatest Gift Book USE COUPON CODE: takebackretirement for $5 off and free shipping!
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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"In a blended family, fairness and mutual understanding are key, especially when navigating the complexities of prenuptial and postnuptial agreements.” -Donna Kendrick
Navigating love after loss or divorce comes with a host of emotional and financial complexities, especially when blending families.
Our hosts, Stephanie McCullough and Kevin Gaines, speak with Donna Kendrick, a financial planner who has lived through these transitions herself. After losing her husband unexpectedly, Donna rebuilt her life and career with a mission to help families in flux—widows, divorcées, and newly blended households.
She shares how combining lives means combining financial baggage too, from income disparities and home equity dilemmas to prenups, life insurance, and estate planning. Donna’s candid story highlights the power of transparency and empathy in financial conversations, especially when trust has been tested.
Her advice? Begin with individual clarity—define your needs, wants, and non-negotiables—then collaborate with your partner.
Donna emphasizes the importance of communication, fairness, and ongoing adjustment as life evolves. Her blend of financial savvy and emotional wisdom offers a powerful reminder: managing money in remarriage is less about spreadsheets and more about mutual understanding.
Key Topics:
- Donna Kendrick’s Story (00:00)
- Reprioritizing Your Beneficiaries in a Blended Family (12:30)
- Why Donna Decided to Remarry (16:01)
- Letting Your Kids Know About Their Future Financial Realities (21:16)
- Factors When Considering Remarriage (27:28)
- What Donna Did Wrong During the Process (and What She Did Right) (32:18)
- Key Takeaways (37:31)
Resources:
- Connect with Donna
- Widow, Wisdom & Wealth Podcast
- Take Back Retirement Ep 109: Remarriage & Money: Janice Guinn Joins the Conversation on Love, Legalities, and Life Planning
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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Our hosts Stephanie McCullough and Kevin Gaines sit down with Steve and Jill Marshall of Silver Path Consulting to discuss all things future care, from housing, to finance, to family support.
Jill and Steve lament the current lack of societal preparedness for a growing senior population, often referred to as a “silver tsunami” that’s growing bigger each year.
They stress the importance of starting early discussions about aging within families, the benefits and drawbacks of different living arrangements, and an effective way to handle comprehensive information and resource management between the adult children of aging parents.
The Marshalls also discuss essential legal documents like wills, durable power of attorney, and healthcare power of attorney. Drawing from the recent tragic situation around the passing of Gene Hackman and his wife, they also discuss some technological solutions that adult children can use to facilitate elder care and the value of expert consultation to provide neutral, third-party advice that can ease family tensions.
Key Topics:
- Preparing for the Silver Tsunami (04:47)
- How to Talk About Future Living Arrangements with Your Aging Parents (10:39)
- Discussing the Costs of Future Care (17:00)
- Role Modeling to Your Children the Right Way to Prepare for Future Care (23:07)
- What Most People Overlook (28:06)
- Ensuring Everyone in the Family Has a Role (32:30)
- The Gene Hackman Case (38:53)
- Steps You Can Take Today to Secure Your Aging Parents’ Future (45:12)
Resources:
- Silver Path Consulting
- Take Back Retirement Ep. 74: Taking Charge: Carol Marak’s Strategy for Solo Aging and Retirement Planning
- Take Back Retirement Ep. 83: Combatting Fraud and Protecting Your Financial Future with AARP’s Kathy Stokes
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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Congratulations on your remarriage! How do you ensure that your finances are in order as you step into this next phase of your life?
Our hosts Stephanie McCullough and Kevin Gaines explore the vital legal and financial considerations of remarriage, from beneficiary designations to tax implications, with guidance from fellow Financial Planner at Sofia Financial, Janice Guinn!
There are legal considerations aplenty when deciding between cohabitation and remarriage. Money talks can often be the elephant in the room, but they're essential for maintaining harmony in marriage. A partner's reluctance to engage in these conversations could be a red flag. Financial transparency is key to building a healthy and lasting partnership.
Our hosts also get into the nitty-gritty on taxes and retirement plans, trusts and long-term care, as well as pre and post-nuptial agreements!
Key Topics:
- The Most Important Step: Discussing Your Goals and Expectations (03:53)
- Financial Obligations to Children and Parents When Remarrying (08:26)
- Joint or Separate Bank Accounts? (13:42)
- Long-Term Care as You Age (20:08)
- Estate Planning and Pre/Post-Nuptial Agreements (23:21)
- How Remarriage Impacts Your Taxes (31:37)
- “If You Are Under 60, Think Twice About Getting Remarried.” (34:18)
- Retirement Plans and Beneficiaries (38:04)
- To Marry or Cohabit? (40:31)
- What About Trusts? (42:42)
Resources:
- Take Back Retirement Episode 66: Transform Your Relationship with Money: Lessons from Bari Tessler
- Take Back Retirement Episode 43: The Psychology of Money and Marriage with Special Guest Ed Coambs
- Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?
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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There is no one right way to retire. Even if you don’t do everything you had hoped to do, you can still build a plan so that you can do more of the things you want and less of the stuff you don’t. In this episode, we’re Taking Back Retirement by redefining the old image and definition of this phase of life. Our hosts Stephanie McCullough and Kevin Gaines break it down in this rerun episode dating back to episode 2 from 2020.
Key topics:
- Redefining Retirement to What YOU Want to do (02:12)
- When Things Don’t Go According to Plan (07:34)
- How Technology is Changing Retirement (10:19)
- Being Realistic (12:24)
- Other Ways You Can Make Money While Retired (14:05)
- Preparing for Your #2ndHalfPlan (15:31)
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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“It's nice to get millions when you're 65, but wouldn't it be better if you gave [your children], say, 10s of 1000s when they are in their 20s and 30s?” -Meir Statman
Our hosts, Stephanie McCullough and Kevin Gaines, are joined by world-renowned behavioral finance expert Dr. Meir Statman to explore the intricate dance between human behavior and financial decision-making!
Dr. Statman is a pioneer in the world of behavioral finance, currently serving as a professor and researcher at Santa Clara University. He attempts to understand how people make financial choices and how those choices are reflected in financial markets.
Listen in as Dr. Statman unpacks the cognitive and emotional shortcuts we often take when making financial decisions, and challenges the traditional economic views that advocate for purely rational financial choices.
He also introduces his latest book, "A Wealth of Wellbeing," which offers a human-centered approach to finance, and shares his personal journey from traditional to behavioral research–complete with anecdotes that bring his theories to life!
“Spend money, don’t waste it.”
Dr. Statman explores the link between our money mindset and wellbeing, drawing insights from sociology, psychology, and economics. He explains how we can align our aspirations with present realities, encouraging thoughtful sacrifices today for financial independence tomorrow.
From pursuing your vocation, to engaging in meaningful philanthropy, to striking that elusive balance between saving and spending, Dr. Statman traces the path to a life well lived–not just in the quantity of years, but in their quality!
Key Topics:
- Why Dr. Statman Wrote His New Book (00:00)
- Dividends Versus Capital Appreciation (07:09)
- The Connection Between Finance and Wellbeing (20:00)
- The Problem with Oversaving (29:31)
- How Much Self-Control Is Too Much? (38:48)
- “How About Our Four-Legged Friends?” (41:03)
- Addressing the Fear of Your Kids Dying Before You (48:51)
- How Society’s Attitude Towards Money Has Changed Over the Decades (56:27)
Resources:
- Dr. Meir Statman on LinkedIn
- A Wealth of Well-Being (book)
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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Picture a world where your money isn't controlled by any government, but rather exists in the form of digital code. That's the idea behind Bitcoin and cryptocurrency, where freedom meets cryptography, and transactions are recorded transparently on a blockchain.
But we get it–to those looking to add cryptocurrency to their portfolio, the subject of decentralized finance can be pretty intimidating. Our hosts, Stephanie McCullough and Kevin Gaines break it down with special guest Marianne Borneman, founder of Access Tax Solutions, the home of Real Clear Tax Advice.
They look into how Bitcoin differs from traditional money, dissecting its digital nature and the security measures you need to protect your assets. From choosing reputable digital wallets to setting up complex passwords, they guide us through safeguarding your investments in this new financial frontier.
Understanding the tax implications of your Bitcoin transactions is essential to avoid unwanted surprises. Our hosts and Marianne share practical scenarios illustrating the importance of documenting every purchase and sale, and how using Bitcoin as a gift or payment can impact your tax obligations. Whether you hold physical assets or prefer investing through ETFs, they explain how these choices affect your tax strategy and what to watch out for in terms of legal and security challenges.
Ever wondered what it takes to mine Bitcoin or why it's often compared to gold? They dive into all that, including where it actually derives value from. They explore the concept of scarcity and how collective belief underpins currency value, drawing parallels between Bitcoin and precious metals like gold. In wrapping, they discuss the most common frauds and scams to watch out for as you navigate the world of crypto!
Key Topics:
- “What the Heck is Bitcoin?” (03:55)
- How Safe is Crypto? (10:05)
- How to Use Cryptocurrency (11:25)
- Crypto and Taxes (17:52)
- Owning Physical Assets Versus ETFs (29:32)
- Common Crypto Scams (33:07)
- Bitcoin Mining (45:49)
- When Does a Crypto Transaction Qualify as a Taxable Event? (52:09)
- Where Does Bitcoin Derive Value From? (55:46)
Resources:
- Learn more about Kathleen Marianne Borneman and her services here
- Take Back Retirement #83: Combatting Fraud and Protecting Your Financial Future with AARP’s Kathy Stokes
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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“It really does cost us in terms of our ability to learn about money, embrace failure, the mistakes that we made and we learn from them, to actually get closer to the people in our lives, whether that is our adult children, whether that's a partner, whether that's a friend. So there's a lot of ways in which money silence kind of keeps us locked up in a way that I don't think is useful.” - Kathleen Burns Kingsbury
Our hosts Stephanie McCullough and Kevin Gaines invite Kathleen Burns Kingsbury back to the show. She brings her invaluable expertise as a money mindset coach to discuss societal pressures women typically face regarding finances.
With the re-release of her book "Breaking Money Silence," Kathleen offers fresh insights, focused on empowering women to break their silence around money discussions both in the home and the workplace.
Kathleen kicks things off by exploring the psychological obstacles to financial empowerment. Roadblocks like guilt, fear of being seen as greedy, and imposter syndrome frequently obstruct the path to confidence for many women–and men.
She reminds us that it's important to surround yourself with mentors and peers who respect individual needs and foster an environment free of money shame. It all begins with open and authentic conversations.
Kathleen teaches that it’s important to build your own "financial dream team" that prioritizes relationships over sales. She unpacks the art of leveraging each partner’s strengths, in addition to open communication, in order to minimize money arguments and bring couples closer to their financial dreams!
Key Topics:
- Why Kathleen is Re-Releasing “Breaking Money Silence” (04:05)
- “What is My Relationship with Money?” (7:03)
- How Do Your Financial Beliefs Serve or Sabotage You? (14:40)
- The Human Side of Finance (18:49)
- Building Financial Knowledge (26:01)
- Managing Money as a Couple (29:10)
- What About Single Women? (36:02)
Resources:
- Learn more about Kathleen Burns Kingsbury and her services at www.kbkwealthconnection.com
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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Volatility and recession and crashes! Oh, my! Today, our hosts Stephanie McCullough and Kevin Gaines give their best strategies for successful investing when the world’s feeling dangerous.
They kick things off with some pointers on riding out market ups and downs. It all comes down to sticking to a long-term investment plan, no matter what’s happening around you. Remember the 2008 financial crisis? Stephanie and Kevin talk about how markets always bounce back and why it’s best not to fret over the dramatic headlines.
They also discuss ways to manage your wealth during short-term crises. It’s important to keep a nice stash of cash for those “just in case” moments, such as being between jobs or moving to a new city. Knowing your expenses inside and out is a big confidence booster, making you feel more in control when life throws those curveballs.
Stephanie and Kevin also detail the importance of having open money talks with your family. Talking through retirement savings and possible inheritances with your loved ones can keep future surprises at bay.
Our hosts wrap up by breaking down the difference between market sentiments vis à vis economic realities, hammering home the all-important lesson that investing is a marathon, not a sprint!
Key Topics:
- A Note on Scary Headlines (00:00)
- The Market as a “Discounting Mechanism” (07:11)
- Knowing When to Cash Out and When to Reenter the Market (14:28)
- “How Bad Do You Really Think It’s Going to Get?” (19:19)
- Preparing for Short-Term Emergencies (22:09)
- Having Money Conversations with Your Loved Ones (29:45)
Resources:
- Elm Wealth Crystal Ball Trading Game
- Take Back Retirement Ep 64: What is Money Insurance?
- Take Back Retirement Ep 66: Transform Your Relationship with Money: Lessons from Bari Tessler
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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Our hosts Stephanie McCullough and Kevin Gaines discuss the emotional side of money management with Meghan Dwyer, a Certified Financial Planner and the host of the "Money Isn't Scary" Podcast.
Meghan's vision-mission is all about challenging societal norms and empowering women to take charge of their finances with confidence. She helps us uncover the hidden emotional influences that shape our financial decisions and shares her insights on moving from a mindset of fear to one of abundance.
“How we earn our money is emotional,” says Meghan. “How we spend our money is emotional. How and why we save our money is emotional.”
Our hosts and Meghan explore how our feelings around money are often inherited from past generations. Meghan emphasizes the importance of gaining clarity around, and processing, these emotional roots to make more informed money choices. She discusses the societal pressures of consumerism and the lack of financial education that can leave many feeling anxious or ashamed about their financial literacy.
“Your relationship with money is parallel with your relationship with yourself.”
Self-reflection helps us in aligning our financial decisions with personal values. Through practical exercises, Meghan teaches us how to identify our core values—whether it's family, adventure, or otherwise—and ensure our spending aligns with what truly matters to us.
Meghan also stresses the importance of self-compassion, especially when our financial choices don't perfectly align with our values. She encourages us to embrace emotional triggers as tools for growth and to focus on what money can achieve in terms of our values, rather than just its numeric worth.
Key Topics:
- What Stands in Our Way When It Comes to Financial Wellness? (3:34)
- “Money is Emotional!” (12:12)
- Minimizing Overwhelm When Beginning Your Money Healing Journey (19:16)
- The Importance of Knowing Your Values (24:39)
- Rewriting Our Money Stories and Beliefs (32:21)
- Avoiding the Comparison Trap (40:20)
- Stephanie and Kevin’s Key Takeaways (43:00)
Resources:
- Money Isn’t Scary Podcast
- Money Isn’t Scary Website
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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“Prevention is better than cure. Don't feel overwhelmed by all this. Would you remove your own kidney? You would go to a professional to get it done.” -Denise Appleby
Renowned IRA and retirement plans expert Denise Appleby joins our hosts Stephanie McCullough and Kevin Gaines for a crucial conversation on managing your retirement accounts effectively, especially as 2024 comes to a close.
Having trained thousands of financial, tax, and legal professionals, Denise shares her invaluable insights on year-end retirement planning strategies, covering the complexities of Required Minimum Distributions (RMDs) and the potential pitfalls of rollovers.
They talk about the challenges family members face when inheriting IRAs and handling 401(k) withdrawals, including those aged 73 and older.
In addition to RMDs, they also cover Roth conversions and Qualified Charitable Distributions (QCDs), giving you much-needed clarity on suitability assessments and precise reporting needs.
Denise explains the differences between transfers and rollovers, providing real-life examples of costly mistakes and IRS penalties that typically come from common misunderstandings. By sharing these cautionary tales, Denise demonstrates the importance of consulting knowledgeable financial advisors to guide you through these often-daunting processes, ensuring your retirement plan remains on track!
Key Topics:
- How to Manage Your Retirement Accounts Before the Year Ends (3:28)
- Navigating IRS Publications and Regulations (10:08)
- What’s Eligible for a Rollover? (22:24)
- Understanding Beneficiary IRAs and R&D (26:56)
- Direct Versus Indirect Roth Conversions (37:52)
- A Primer on Qualified Charitable Distributions (44:08)
- Stephanie and Kevin’s Key Takeaways (52:26)
Resources:
- DeniseAppleby.com
- Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
- Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
- Take Back Retirement Episode 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!
- Take Back Retirement Episode 78: The Essential Rules to Know When You Inherit an IRA
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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Our hosts Stephanie McCullough and Kevin Gaines sit down with Pam Starsia, who swapped her corporate lawyer gig for the world of estate planning, and now runs a firm alongside her husband. Once a pro in high-stakes mergers and acquisitions, Pam’s now all about creating personalized, relationship-focused estate plans. Listen in as she takes us through the sometimes-tricky and always-emotional landscape of family legacy planning.
“If you have the resources to pay for help, do so. You deserve it.”
Pam unpacks the Personal Family Lawyer model she follows, which emphasizes the human side of legal advice to meet a family’s evolving needs. Her insights help us balance the emotional and practical sides of family legacy planning, offering a new take on the whole process beyond just writing a will.
When dealing with clients, Pam’s all-in on personal touch. Our hosts and Pam chat about the emotional twists that can pop up, like sibling dynamics and particularly sentimental items. She dishes out practical tips for navigating these situations, reducing conflicts, and making sure everyone in the family gets a say.
They also explore some unique aspects of estate planning, like the question of your furry friends, and Pam gives us the lowdown on setting up options like pet trusts to ensure they’re cared for in the future. She reminds us that estate planning isn’t just a one-time deal—it’s an ongoing process that adapts to changing laws, relationships, and life situations.
Key Topics:
- From Corporate Lawyer to Estate Planning Attorney (3:31)
- The Advantages of the Personal Family Lawyer Model (9:45)
- Staying Accountable as an Estate Planning Attorney (15:46)
- Being Thorough with Clients (25:28)
- The Challenge of Working with the “Sandwich Generation” (31:37)
- Dealing with Joint Trustees (34:30)
- Pet Trusts: Making Sure Your Fur Babies Aren’t Forgotten! (39:46)
- Why It Literally Pays to Plan with an Attorney (47:44)
- Stephanie and Kevin’s Key Takeaways (50:10)
Resources:
- Starsia Law Website
- Starsia Law on Facebook
- Starsia Law on Instagram
- Starsia Law on LinkedIn
- PersonalFamilyLawer.com if outside of NY
- Who Gets Grandma’s Yellow Pie Plate? (Article)
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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“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.”
Key Topics:
- The Defining Characteristics of GenXers (5:14)
- Why GenXers are More Cautious with Money (10:11)
- The “Sandwich Generation” (12:41)
- “How Do We Deal With All This Crap?” (18:05)
- Accepting That You Can’t Control Everything (22:28)
- Financially Supporting Family (32:02)
- Key Takeaways (34:12)
Resources:
- Leave a Voice Memo for Take Back Retirement
- Personal Financial Inventory Downloadable Resource
- Take Back Retirement Ep 15: What Women Need to Know About Social Security
- Take Back Retirement Ep 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
- Take Back Retirement Ep 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
- Take Back Retirement Ep 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski
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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“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!
Key Topics:
- Elizabeth’s Career and Post-Career Journey (3:47)
- Elizabeth’s Typical Client (09:16)
- Finding New Ways to Channel Your Professional Skills (19:03)
- Why it’s Important to “Grieve” The Loss Of Your Career (20:39)
- Existential versus Categorical Identity (28:00)
- Consider Navigating Retirement with a Buddy! (32:22)
- Metrics for Success (37:06)
- Key Takeaways (41:50)
Resources:
- Learn more about Elizabeth Zelinka Parsons and Encoraco at www.encoraco.com
- Pre-order Elizabeth’s Book “Encore: A High Achiever’s Guide to Thriving in Retirement”
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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“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!
Key Topics:
- Internalized Ageism… What the Heck Does that Mean? (3:30)
- Overcoming Internalized Ageism (11:08)
- Managing your Energy Portfolio and “Aging Out Loud” (21:55)
- Finding Interest Groups with Meetup.com (27:37)
- “Ambition is Ageless!” (34:12)
- Key Takeaways (42:40)
Resources:
- Ande Lyons on LinkedIn
- Don’t Be Caged By Your Age (podcast)
- Take Back Retirement Ep 83: Combatting Fraud and Protecting Your Financial Future with AARP’s Kathy Stokes
- Thelma (movie)
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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“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.
Key Topics:
- Envisioning Your Later Years (4:56)
- “Human Beings Are Bad at Money.” (11:02)
- Overcoming Our Self-Imposed Planning Barriers (12:57)
- Just Yank the Bandaid Off! (15:20)
- Implementation Costs (19:30)
- Finding Advice Specific to You and Minimizing Uncertainty About Your Future (21:30)
- Which Of These Sentences Makes You Most Inspired to do Retirement Planning? (24:25)
- Financial Advisor vs “Stock Jockey” (28:45)
- Planning for Contingencies (30:02)
Resources:
- The study by Stanford Center on Longevity entitled Disconnected: Reality Versus Perception in Retirement Planning
- Take Back Retirement Episode 7: Here’s a Secret: We’re Guessing, and That’s OK
- Take Back Retirement Episode 95: Ready to Retire? Here are Five Crucial Questions to Ask Yourself
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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"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!
Key Topics:
- Jess’s Journey to Financial Services (3:56)
- Dealing with Her Partner’s Financial Infidelity (12:36)
- What Makes a Great Financial Advisor? (19:01)
- Defining Financial Infidelity (24:17)
- Figuring Out Your Own and Your Partner’s Ability to Manage Finances (35:20)
- Changing Mindsets and Beliefs Around Money through Financial Therapy (41:04)
- How to Deal with Financial Infidelity (44:07)
- Stephanie’s and Kevin’s Wrap-Up (49:26)
Resources:
- JessBost.com
- Jess Bost on LinkedIn
- Take Back Retirement #66: Transform Your Relationship with Money: Lessons from Bari Tessler
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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“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!
Key Topics:
- Why are you retiring? (4:47)
- What do you want to do? (11:10)
- Who are you doing this for? (13:45)
- Where do you want to do this? (19:07)
- How can things change? (24:09)
- Overcoming reluctance to spend your savings (31:18)
Resources: * Take Back Retirement #74: Taking Charge: Carol Marak's Strategy for Solo Aging and Retirement Planning
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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“Think about practicing for retirement long before you get there.” -Mary Jo Hoffman
Our hosts Stephanie McCullough and Kevin Gaines sit down with aeronautical engineer-turned-artist Mary Jo Hoffman. Renowned for her captivating photography project, Still, Mary Jo shares her extraordinary journey from a 17-year career as a scientist into becoming a renowned essayist and found nature photographer!
Discover the pivotal moment when Mary Jo and her husband decided to switch roles in their professional lives, allowing her to fully embrace her creative passions. She talks about her spur-of-the-moment family move to France, which offered a cultural immersion for their children and a glimpse into what retirement could look like for her.
Balancing family life with a burgeoning creative career is no small feat. Mary Jo explains how she was able to integrate her newfound passion into her daily routine, and her secrets to staying productive as a creative while also being a stay-at-home parent.
They also delve into the practicalities of sustaining a creative career without compromising financial stability. Learn how living below your means can create the space needed for artistic endeavors.
Stephanie, Kevin, and Mary Jo touch on the importance of exploring various interests in preparation for retirement. According to Mary Jo, adaptability and thoughtful planning are non-negotiables on the road to a rewarding post-career life!
Key Topics:
- Practicing Retirement (0:03:38)
- Diving Headfirst into the Arts in Retirement (0:14:56)
- Being a Creative and Raising Kids (0:19:25)
- “Start Now and Start Soon!” (0:25:27)
- Monetizing Her Art and Writing Her First Book (0:31:24)
- “Taking a Picture a Day” (0:44:28)
- Why Mary Jo Had to Retire Before Becoming a Found Nature Photographer (0:48:27)
- What Most Retirees Love to Do (0:53:29)
- Our Closing Thoughts (0:56:58)
Resources:
- Mary Jo on Instagram
- STILL (blog)
- STILL: The Art of Noticing (book)
- Take Back Retirement Episode 87: Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown
- Take Back Retirement Episode 16: She Did It! Real Retirement Stories with Lori Osterberg
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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“It wasn't nearly as traumatic for me as I was expecting it to be. I was a little concerned about how I would transition from having to get up and having that routine to creating a new one.” - Sharon
Welcome to another edition of Real Retirement Stories - a series of Take Back Retirement. Our hosts Stephanie McCullough and Kevin Gaines chat with Sharon Johnson. After an illustrious 22-year career as an executive assistant at ABC Television, Sharon didn't slow down—instead, she switched gears and found a new calling co-hosting the 80s TV Ladies Podcast. Join in to hear her incredible journey from the bustling world of television execs to the equally dynamic realm of podcasting, where she revisits iconic 80s TV shows with a modern feminist perspective. Sharon’s story is a testament to the transformative power of embracing change and finding joy in unexpected places.
Sharon originally envisioned her retirement as a time for travel and catching up on missed TV series, but life had other plans. Through her podcast, she rekindled her love for classic 80s shows like "A Different World," gaining fresh insights into the progressive roles women played both in front and behind the camera. Sharon also shares her serendipitous entry into the television industry in the mid-90s, working for an independent production company, and how those experiences shaped her understanding of TV production and storytelling.
Whether you’re intrigued by the behind-the-scenes workings of TV production or the fresh perspectives that come with retirement, Sharon’s story is a celebration of staying active, engaged, and ever-curious. Don’t miss this inspiring episode filled with nostalgia, wisdom, and the boundless opportunities that come with retirement.
Key Topics:
- Sharon’s Original Plan for Retirement (04:07)
- 80s TV Shows and their Portrayal of Women (06:29)
- TV Industry Changes and Experiences of Women Behind the Camera (11:35)
- Retirement Concerns and Health Insurance Planning (17:27)
- Retirement and Transition from Office to Remote Work During COVID-19 (22:01)
- Analyzing Programs such as Grey’s Anatomy and Remington Steele (25:56)
- Retirement Planning, Identity, and Transition (37:37)
- Stephanie and Kevin’s Wrap-Up (43:13)
Resources:
- 80s TV Ladies Podcast
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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“If the average life expectancy for a woman is around 86, 87, fully 50% of women live longer than that. So, you can't plan just to age 87.”
Can a simple quiz change the way you think about retirement? Our hosts Stephanie McCullough and Kevin Gaines uncover the hidden gems (and not-so-shiny stones) within retirement planning quizzes and surveys, especially a revealing retirement income literacy quiz from the American College of Financial Services. Our hosts dismantle common myths, like the idea that Medicaid will seamlessly cover long-term care costs, and arm you with the knowledge to navigate these complex waters.
Have you ever considered how rising long-term care costs and inflation might impact your golden years? This discussion, inspired by findings from the National Institute for Retirement Security, paints a vivid picture of these pressing issues. From Medicare and Social Security to life insurance, 401k plans, and annuities, Stephanie and Kevin dissect the tools at your disposal. By highlighting the importance of basic investing principles and the balance of risks, they aim to help you safeguard your savings against inflation and elongate your nest egg for a potentially longer retirement.
In a climate where up to 80% of women sense a looming retirement crisis, how can you alleviate your retirement anxiety? Our hosts explore the shift from employer-provided pension plans to self-funded retirements, and why Social Security remains a lifeline for many. Rising living, healthcare, and long-term care costs are at the forefront of concerns, making financial planning more crucial than ever. All this and much more in this episode of Take Back Retirement!
Key Topics:
- Why Did Stephanie and Kevin Take a Retirement Income “Literacy” Quiz? (02:11)
- Long-term Care, Medicare vs Medicaid, and More (04:10)
- What Women Think about Retirement (07:49)
- Life Expectancy Beyond 65 and its Impact on Retirement Finances (14:37)
- Looking Beyond Investments in Retirement Planning (19:08)
- Women's Outlook on Retirement (Crisis) (21:40)
- Longevity “Literacy” (27:32)
- Wrap-Up (32:26)
Resources:
Take Back Retirement Episodes:
- 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
- 15: What Women Need to Know About Social Security
- 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
- 60: What Women Need to Know About Annuities
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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“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.
Key Topics:
- The Five Fs of Retiring Successfully (3:42)
- Helping Retirees Find Purpose in Retirement (8:45)
- Reframing the Structure of Your Life in Retirement (18:24)
- Overcoming Frugality (25:00)
- Embracing Future Adjustments (32:32)
- Getting Comfortable with Uncertainty (36:40)
- Asset Location, Asset Assignment (40:20)
- The New Retirement Mindset (48:11)
- Stephanie and Kevin’s Wrap-Up and Takeaways (51:52)
Resources:
- www.humansvsretirement.com
- The Humans vs Retirement Podcast
- The Human Quirk of Relative & Absolute Outcomes
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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"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.
Key Topics:
- Welcome, Eldercare Expert, Nancy May (02:33)
- Financial and Emotional Impacts on Caregivers of Aging Parents (04:04)
- Caregiving Responsibilities and Decision-making for Aging Parents (07:50)
- End-of-life and Estate Planning (13:21)
- Aging Care Facilities, What to Know (23:42)
- The Importance of Understanding Contracts and Quality of Care (28:45)
- Finding and Managing Trusted Caregivers for Elderly Parents (38:27)
- Stephanie and Kevin’s Wrap-up and Takeaways (49:42)
Resources:
- HowToSurvive911.com
- How to Survive 911 Medical Emergencies (book)
- Eldercare Success Podcast
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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“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.
Key Topics:
- Welcome, Diann Wingert (02:32)
- ADHD in Adults, and Differences in Presentation between Men and Women (04:26)
- ADHD Diagnosis and Management for Women and Implications of Different Subtypes (08:49)
- ADHD Challenges and Diann’s Experience with a 25-Year Gap in Diagnosis (13:54)
- The Challenges of Working from Home for Women with ADHD (18:43)
- ADHD, Impulsive Spending, and Other Financial Hurdles (22:45)
- Personal Finance, ADHD, and Mindfulness (27:11)
- Avoidance, Lack of Planning, and Other Financial Challenges (33:52)
- Overcoming Negative Self-Talk and Self-Doubt Through Mindfulness and Affirmations (39:01)
- Stephanie and Kevin’s Wrap-Up (52:46)
Resources:
- The Driven Woman Entrepreneur Podcast
- DiannWingertCoaching.com
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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“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.
Key Topics:
- Welcome Claire Waite Brown! (02:35)
- Creativity, Self-Expression, and Labeling (03:10)
- The Benefits of Creative Hobbies for Adults (08:17)
- Creativity and Personal Growth (18:24)
- Creative Pursuits and the Challenges of Monetizing Them (23:48)
- Creative Journeys and Overcoming Challenges (28:38)
- Where to Re-Spark Your Creative Flame (33:01)
- Stephanie and Kevin’s Wrap-Up (38:40)
Resources:
- CreativityFound.co.uk
- Creativity Found Podcast
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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“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.
Key Topics:
- Welcome, Ella Glasgow! (02:12)
- How Ella Arrived to this Work (05:00)
- Understanding Money and Business for Creatives (09:02)
- Success and Financial Goals through Personalized Equation (13:39)
- Budgeting and Financial Success (18:07)
- Personal Growth through Financial Literacy (22:10)
- Pricing Your Worth and Confidence in Business (27:48)
- Using AI Tools for Market Research and Understanding Audience Needs (38:25)
- Retirement Planning and Financial Goals (43:36)
- Stephanie and Kevin’s Takeaways (44:30)
Resources:
- Ella Glasgow on LinkedIn
- BeyondVirtualEvents.com
- Dream Ignition Bootcamp: Ella’s Course she’s offering for $97 for listeners of Take Back Retirement
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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“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.
Key Topics:
- Tax Season is Here! DIY vs Professional Help (02:09)
- Tax Preparation and Documentation (10:52)
- Tax Planning and Strategies for Small Business Owners (15:45)
- Tax Planning, Retirement Savings and IRAs (20:45)
- Tax Planning Strategies for Retirement Accounts and Income Brackets (26:18)
- Wrap-Up (29:40)
Resources:
- Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
- Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
- Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
- Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know
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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“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.
Key Topics:
- Healthcare Expenses in Retirement Planning (02:25)
- Medicare Costs and Supplemental Insurance (04:36)
- Income-Related Monthly Adjustment Amount (IRMAA) (06:58)
- Medical Expenses Planning for Retirement and Tax Implications (13:09)
- Spouses of Different Ages Who Want to Retire Simultaneously (17:46)
- Inherited IRAs, Tax Brackets, and the Widow Penalty (18:38)
- Inflation Rates and Medical Expenses (21:56)
- Wrap-Up (24:18)
Resources:
- Request to lower an Income-Related Monthly Adjustment Amount (IRMAA)
- Take Back Retirement Episode 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
- Take Back Retirement Episode 62: What Women Need to Know About Longevity
- Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know
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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“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.
Key Topics:
- Welcome Kathy Stokes! (01:47)
- Financial Fraud’s Impact on Victims, Specifically Elders (02:33)
- Phone Scams and How to Identify Them (11:25)
- Protecting Seniors from Scams (18:11)
- Law Enforcement Response to Financial Scams (22:33)
- Online Safety and Cybersecurity (33:36)
- AARP, Getting Direct Support (42:44)
- Stephanie’s and Kevin’s Takeaways (47:12)
Resources:
- FWN@aarp.org
- Victim Helpline 877-908-3360
- CryptoScam from Wall Street Journal (free podcast): https://www.wsj.com/podcasts/the-journal/pig-butchering-a-texting-scam-with-a-crypto-twist/296e499f-ba82-46f2-ade9-5b70710d558e
- NPR story on crypto scam https://www.npr.org/2023/06/25/1180256165/crypto-scam-senior-victims-spirebit
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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“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.
Key Topics:
- Kevin’s Dream Has Come True…Welcome, Dream Guest Heather Schreiber - Social Security Expert (01:06)
- Heather’s Passion for Consumer Advocacy and Reliable Guidance (03:37)
- Women’s Retirement Challenges and Planning Strategies (05:43)
- Social Security Benefits and Earning Limits for Widows/Widowers (09:47)
- Social Security Claiming Strategies (18:43)
- Social Security Spousal Benefits and Filing Strategies (24:00)
- Social Security Divorce Rules (26:55)
- Social Security Cost of Living Adjustments (33:19)
- Retirement Planning and Taxes (35:00)
- Social Security Claiming Strategies for Singles (40:40)
- Stephanie and Kevin’s Wrap-Up (47:58)
Resources:
- HLSRetirementConsulting.com
- HLS Retire on YouTube, Facebook, and Instagram
- HLS Retire on YouTube, Facebook, and Instagram
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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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.
Key Topics:
- Growth Rate of Money in One Account vs Multiple Accounts (01:23)
- Investment Accounts and Diversification (03:14)
- IRAs, Contributions, and Emergency Funds (07:47)
- IRA and 401(k) Clarification (12:25)
- Financial Options for Emergencies (13:04)
- Borrowing and Credit (17:47)
- Changing Investment Strategy Because of World Events and Headlines (21:05)
- Investment Strategies for Various Life Stages (24:19)
- Retirement Planning with Nuanced Investment Strategies (29:59)
Resources:
- Movie Clip: There is always… Threat (Men in Black)
- Tack Back Retirement Ep. 12: What Women Need to Know About IRA’s, with Sarah Brenner
- Tack Back Retirement Ep. 44: Don’t Try This at Home! Unique Situations Call for Unique Strategies
- Tack Back Retirement Ep. 64: What is Money Insurance?
- Tack Back Retirement Ep. 27: Health Savings Accounts (HSA’s): What Women Need to Know
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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“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.
Key Topics:
- Intro to Erika Wasserman (01:07)
- “Wait, there’s a field called Financial Therapy?!” (02:35)
- Three Ways We Get Our Money Beliefs (06:34)
- Finding an Accountability Partner for Financial Success (07:24)
- Financial Infidelity and Accountability in Relationships (12:26)
- “Let’s Talk About Finances, Baby!” Card Deck (17:25)
- Retirement Planning and Prioritizing Spending Obligations (20:39)
- Retirement Planning Sensory Exercises (24:52)
- Financial Habits and Therapy (30:43)
- The Money Egg (31:55)
- Stephanie and Kevin’s Wrap-Up (35:48)
Resources:
- YourFinancialTherapist.com
- Email erika@yourfinancialtherapist.com and mention TAKE BACK RETIREMENT for $50 off the Money Egg Exercise mentioned at 31:45 of episode
- “Let’s Talk About Finances, Baby!” Card Deck
- Erika on LinkedIn, Instagram, Facebook @yourfinancialtherapist
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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"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!
Key Topics:
- Intro to Self-Care and Finances (02:42)
- Breaking Down Financial Tasks into Manageable Steps (05:10)
- Overcoming Overwork and Finding Balance (09:56)
- Work-Life Balance and Productivity (15:01)
- Prioritizing Self-Care and Inner Knowledge for Success (19:19)
- Financial Planning, Avoiding Procrastination, and Breaking Taboos (24:16)
- Overcoming Limiting Beliefs and Taking Control of Finances (30:09)
- Self-Care, Mindfulness, and Financial Wellness (36:05)
- Wrap-Up (36:43)
Resources:
- https://www.emikirschner.com/
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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“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:
- Non-Designated Beneficiary (NDB)
These are not people.
Examples: Estate, charity or non-qualifying trust (non-look through trust)
- 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
- 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:
- Surviving spouses
- Minor children of the account owner, until age 21 - but not grandchildren
- Disabled individuals – under the strict IRS rules
- Chronically ill individuals
- Individuals not more than 10 years younger than the IRA owner. (Those older than the IRA owner also qualify.)
SECURE Act Videos Here
Key Topics:
- Inheriting an IRA or Another Type of Retirement Account (02:00)
- Unique Rules of Inherited Accounts (05:31)
- Inherited IRA Rules and Options for Spouses and Non-Spouses (10:26)
- IRA Inheritance Rules and RMDs (15:49)
- The 10-Year Rule (20:52)
- Inherited Retirement Accounts and Potential Pitfalls (30:34)
- Wrap-Up (31:00)
Resources:
- Take Back Retirements Episodes:
- 12: What Women Need to Know About IRA’s, with Sarah Brenner
- 18: How Do We Prepare for the Worst? with Mary Beth Simón
- 20: Women + Roth IRA’s – What Should You Be Aware Of?
- 40: What Women Need to Know About Income Tax
- 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!
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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“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!
Key Topics:
- Intro: How to Decide Whether to Go Back to Work After Divorce (02:10)
- It’s Not Solely a Financial Question (03:32)
- How Much Does Life Cost You? Looking at Spending (06:56)
- Looking at the Income Side of the Equation (11:42)
- Retirement Savings and Investment Spending Strategies (17:01)
- Making That Money…Pulling in Some Income (24:35)
- Wrap-Up (31:24)
Resources:
Organizations that support women returning to the workforce:
- https://betterbalancelife.com/
- https://www.irelaunch.com/
- https://womenbacktowork.org/
- https://theriveter.co/voice/best-websites-for-moms-reentering-workforce/
Related Take Back Retirement Episodes:
- How Do We Reduce Financial Anxiety? with Lindsay Bryan-Podvin, Financial Therapist
- You Want to Retire Before Age 65? Here’s What You Need to Know
- Retire on Your Own Terms – Or Don’t!
- What Women Need to Know About IRA’s, with Sarah Brenner
- Women + Roth IRA’s – What Should You Be Aware Of?
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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“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!
Key Topics:
- Introducing the Importance of Record Keeping (00:54)
- Exploring Record Keeping with Client Steve (02:41)
- Exploring Record Keeping with Client Doug (12:55)
- Exploring Record Keeping with Expert Marianne Borneman (20:28)
- Exploring Record Keeping with Expert Sonya Pappas (33:27)
- Stephanie and Kevin’s Wrap-Up (45:45)
Resources:
- Find Marianne Here - Thetaxreductionnetwork.com
- Sonya on LinkedIn - GSM Advisory Group on LinkedIn
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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“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.
Key Topics:
- Introduction to Angie Hyche (01:08)
- How Angie Arrived to be a Professional Organizer of Documents (02:10)
- Organizing Personal Affairs and Prioritizing What Matters Most (05:02)
- Helping Elderly Parents with Organizing (09:46)
- Organizing and Preserving Family Photos (15:25)
- Organizing Paper Documents and Deciding what to Keep (20:08)
- Organizing Digital Assets and Passwords for Easy Access After Death (25:51)
- Planning for End-of-Life Tasks and Possessions (32:04)
- Clutter’s Impact on Mental and Physical Wellbeing (37:35)
- Stephanie and Kevin’s Wrap-Up (42:27)
Resources:
- Shipshape Solutions
- Uncluttered Podcast
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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“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.
Key Topics:
- The Pivotal Moment Carol Realized She Needed to Take Action (02:16)
- How Carol and Sisters Determined the Categories to Plan their Parents’ Will (07:57)
- How Do You Know if You’re Financially Stable? (15:27)
- How Do You Have Conversations with Clients about Finances? (19:41)
- Patient Advocates (25:52)
- Bringing Family History into the Picture (30:27)
- When to Start Thinking About Retirement (35:53)
- The Importance of Having a Support System (41:41)
- Planning is a Verb, Not a Noun (44:04)
Resources:
- Carol Marak: Solo and Smart Aging Website
- Carol Marak on LinkedIn
- SOLO AND SMART: The Roadmap for a Supportive and Secure Future© (book)
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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“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.
Key Topics:
- Cash and Cash Flow (04:10)
- Looking at the Trends (06:41)
- How Much Cash Should I Have and Where to Put It? (09:42)
- How to Invest More Money (20:17)
- Don’t Get Intimidated by the 1099 Form (22:48)
- Savings vs. Investment (23:39)
- Wrap-Up (25:20)
Resources:
- Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
- Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
- Take Back Retirement Episode 45: What Women Need to Know about Target Date Funds
- Put One Foot in Front of the Other - Santa Clause is Coming to Town (skit)
- HEE HAW Gloom Despair And Agony On Me | Classic Her Haw TV (skit)
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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“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.
Key Topics:
- Kim’s Story and and Career Change to Financial Planning (02:09)
- Gendered Language in Financial Planning (11:13)
- How We Show Up Around Money (15:44)
- Happiness Doesn’t Retire (24:52)
- Women in the Financial Planning Field (27:18)
- The Psychology of Money and the Gender Issues in Financial Planning (31:29)
- Wrap-Up (37:04)
Resources:
- WealthLegacyInstitute.com
- FinancialLiteracyPress.com
- Kim’s most recent book, Retirement Secrets: Keys to Living Happy, Healthy and Free
- @happinessdoesntretire on IG
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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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 thrilling 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.
Key Topics:
- Gretchen’s Path to Retiring (03:12)
- The Birth of Sh!t That Goes On In Our Heads Podcast (09:08)
- The Europe Trip (11:15)
- “Don’t Wait. Make Those Memories” (16:28)
- More On Gretchen’s Podcast (20:33)
- Gretchen’s Upcoming Book (31:58)
- Where Did the Title of Gretchen’s Podcast Come About? (42:27)
- Wrap-Up (50:19)
Resources:
- Sh!t That Goes On In Our Heads Podcast
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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“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.
Key Topics:
- Intro to Behavioral Finance (01:58)
- Biases (06:21)
- Recency Bias (AKA Availability Bias) (14:32)
- Mental Accounting (17:30)
- Flipping These Findings to Our Advantage (Action Steps) (24:43)
Resources:
- Predictably Irrational (book)
- Seinfeld Skit: Even Steven
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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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!
Key Topics:
- The Importance of Knowing Your Financial Situation (03:09)
- Don’t Get Hung Up on Perfection (06:12)
- Men Are More Confident Than Women About Investing Despite Women’s Higher Financial Literacy (08:47)
- How Optimistic Are You About The Future and Your Retirement? (11:49)
- Planning Creates Power and Leads to Purpose (17:29)
- Making Money in Retirement (21:17)
- Investing More Conservatively for Retirement (25:09)
Resources:
- Take Back Retirement Episode 62: What Women Need to Know About Longevity
- Fidelity Research: America’s Retirement Preparedness Level Declines Amid Continued Volatility
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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“[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.
Resources:
- StaceyStern.com
- ELI Assessment
Key Topics:
- How Stacey Arrived to Her Line of Work (02:41)
- Exploring Money Stress (09:24)
- Risk Tolerance Questionnaire (21:39)
- The Often Surprising Results Behind the Energy Audit (32:42)
- How Stacey Defines a Wise Money Decision (43:38)
- Stephanie and Kevin’s Wrap-up (46:13)
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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“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.
Key Topics:
- The Uncertainty Around Midlife Growth (03:56)
- The Beauty Industry is Selling Us Wrong (08:45)
- Self-Care and Pivoting in Life (13:43)
- How Much Resistance to Change is Internal vs External (18:49)
- Pushback on the Idea of Selfishness (21:38)
- Saying No to Harmful Brands (26:14)
- "We’re Not Ageless, We’re Agefull” (30:52)
- Supporting The Right Brands and People (35:55)
Resources:
- The Pro-Age Woman Magazine
- @DaraDoesMidlife on Instagram
- EndlessBeautyCollective.com
- Pro-Age Brand Guide
- dara@LovinMidlife.com
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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“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.
Key Topics:
- Financial Therapy and Somatic Psychology (0:02:12)
- Body Check-In (0:07:11)
- Shame and Other Difficult Emotions Around Finances (0:10:14)
- Money Dates (0:17:38)
- Early Integrations of Financial Therapy and Financial Planning (0:22:05)
- Titration: Breaking Things Down into Small Steps (0:28:51)
- Titration and Self-Forgiveness (0:36:27)
- Renaming Categories and Honoring Life Transitions (0:44:23)
- Managing Financial Decision-Making Anxiety (0:50:05)
Resources:
- BariTessler.com
- The Art of Money: A Year-Long Money School with Bari Tessler
- The Art of Money (book and workbook)
- 27 Ways to Make a Money Date Your Own
- Bari Tessler on Instagram and Facebook
- Take Back Retirement Episode 32: True Confessions of Two Financial Planners
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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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.
Key Topics:
- Redefining Longevity and Health in Retirement (1:57)
- Mindset Shifts for Healthy Habits (8:02)
- Healthy Aging & Health Advice Red Flags (15:36)
- The Intersection of Health and Finance (24:52)
- Longevity Through Healthy Habits and Education (38:08)
- Stephanie and Kevin’s Wrap-up (41:11)
Resources:
- @dr.lauradecesaris on Instagram and all the social media platforms (*except Twitter)
- Dr. Laura Decesaris’ website
- Take Back Retirement Episode 62: What Women Need to Know About Longevity
- Monty Python Galaxy Song
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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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!
Key Topics:
- What is the FDIC? (4:16)
- Limits on FDIC coverage (8:21)
- Defining “ownership category” (10:48)
- “What can I do to have more protection on my money?” (14:43)
- What is the SIPC? (16:32)
- Defining “custodian” (19:15)
- What the SIPC protect you from (and what it does not) (21:20)
- Defining “separate capacity” (24:28)
- What is the PBGC? (25:52)
- State insurance programs (27:00)
- Our closing thoughts (27:53)
Resources:
- Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
- Here’s a comprehensive description of FDIC deposit insurance coverage for the most common account ownership categories: www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits
- SIPC website for more details: https://www.sipc.org/ - see the “For Investors” section
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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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.
Key Topics:
- Jackie’s long journey to successfully retiring from her corporate job at 49 (2:25)
- Getting over the fear of investing following her divorce (9:06)
- Creating a plan to have enough saved for retirement (14:47)
- Writing the book Money Letters 2 My Daughter (16:17)
- Jackie’s thoughts on the financial planning industry (20:48)
- How Jackie’s definition of retirement changed over time (26:18)
- What drew Jackie to the FIRE community (30:05)
- Creating an “anti-budget” (35:12)
- The importance of doing a net worth statement (39:27)
- Advice to those looking to build up their retirement account in today’s economy (44:17)
- Stephanie and Kevin’s closing thoughts (49:19)
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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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.
Key Topics:
- “What are the risks that our clients face?” (2:57)
- The four Ls of retirement (6:17)
- Action steps to have enough in retirement (10:52)
- Looking after your health (15:54)
- Addressing the loneliness issue (19:55)
- Getting creative with your income sources (22:56)
- When to claim Social Security (25:18)
- Diversifying your assets by the risks they’re designed to address (28:11)
- Long-term care expenses (31:01)
- “What can I do today that my future self will thank me for?” (32:10)
Resources:
- The Harvard Study of Adult Development
- Financial Regret at Older Ages and Longevity Awareness
- Living to 100 life expectancy calculator
- Take Back Retirement Episode 61: Pre-Plan for a Caregiving Needs with Special Guest Mim Senft
- Take Back Retirement Episode 15: What Women Need to Know About Social Security
- Take Back Retirement Episode 60: What Women Need to Know About Annuities
- Take Back Retirement Episode 17: What Women Need to Know About Long-term Care
- Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski
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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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!
Key Topics:
- Mim’s background in and passion for the elder care space (2:24)
- The impact a caregiver can have on an individual (4:28)
- “Plan when you can, not when you have to” (9:57)
- The Motivity Care story (12:54)
- How to speak with family members who are reluctant to have these conversations (15:43)
- Why having your own concierge manager can literally be life-saving (17:48)
- A Motivity success story (22:32)
- The importance of having a “care partner” (33:06)
- How to start pre-planning today (38:30)
- Stephanie and Kevin’s thoughts on today’s conversation (43:04)
Resources:
- Learn more about Motivity Care at www.motivitycare.com
- Motivity Care on LinkedIn
- Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski
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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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.
Key Topics:
- “What the heck is an annuity?” (3:30)
- Why you need to wait until you’re 59½ before taking money out of an annuity (4:38)
- How annuities are taxed (5:42)
- Taking advantage of the lifetime income option (8:42)
- Other income options to consider (12:02)
- The cons of annuities and how best to work around them (15:34)
- The Four Ls of our needs in retirement (17:00)
- Deciphering important annuity jargon (18:07)
- Fitting an annuity into your retirement plan (20:37)
- Questions to ask yourself (23:20)
Resources:
- Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
- Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
- Take Back Retirement Episode 3: Turning Your Retirement Savings to Retirement Income
- Take Back Retirement Episode 15: What Women Need to Know About Social Security
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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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!
Key Topics:
- “What the hell is ‘money mindset’ and why should we care?” (2:01)
- “There’s hope: You can always shift your money mindset!” (6:23)
- The 8 Sacred Money Archetypes (9:41)
- You now know your money personality. Now what? (19:52)
- Working with a financial planner without getting overwhelmed by shame (24:24)
- Building up the willingness to do the work (28:57)
- Unapologetically building abundance (37:38)
Resources:
- Get in touch with Kat Sanford at www.katsanford.com
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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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!
Key Topics:
- How the government incentivizes you to put money away for your future (2:10)
- About Secure Act 2.0 (3:43)
- An increase in access to Roth accounts (4:20)
- Required minimum distributions around retirement plans (7:15)
- Inherited/beneficiary IRAs (11:57)
- Secure Act 2.0 and RMD penalties (15:27)
- Catch-up contributions (20:54)
- 529 plans (college savings plans) and Roth IRAs (27:37)
- Questions to ask yourself to make better savings/investment-related decisions (32:31)
Resources:
- Take Back Retirement ep. 27: Health Savings Accounts (HSA’s): What Women Need to Know
- The 10 Most Important Things Secure 2.0 Will Do for Your Retirement, in Plain English (article)
- Ed Slott: Pay Attention! Secure 2.0 Dates Are ‘All Over the Place’ (Article)
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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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!
Key Topics:
- “What the heck is a ‘recession’?” (1:50)
- The importance of having a long-term view of the stock market (5:34)
- Losing your job during a recession (10:21)
- Increasing your flexibility (12:49)
- Your Plan B (17:19)
- Health insurance (19:12)
- Tapping into your assets (20:53)
- Loans from retirement plans (27:04)
- Health savings accounts (28:59)
- Life insurance and social security benefits (30:04)
- Our closing thoughts (31:46)
Resources:
- Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
- Take Back Retirement Episode 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
- Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
- Take Back Retirement Episode 42: What Women Need to Know When the Stock Market Goes Down
- Take Back Retirement Episode 55: Lessons from the Career of Janet Yellen with Jon Hilsenrath, Author
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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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 why financial planners need to factor emotion and rapport into account when building trust with clients.
Key Topics:
- What led Lindsay to choose financial therapy as a career path (3:21)
- Why we need to talk about money (7:58)
- Giving people the tools to address their own needs (10:31)
- Seeing your “financial anxiety journey” to the end (12:39)
- Nipping bad money beliefs in the bud (15:05)
- Asking for a raise (18:15)
- Why building a healthy relationship with money involves getting in touch with your body (22:35)
- Inviting the client on a journey before trying to solve their problem (27:59)
- “Procrastination is the other side of the coin from perfectionism.” (35:23)
- Our final takeaways (40:21)
Resources:
Where to find Lindsay Bryan-Podvin:
- Podcast
- Website
- Book
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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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:
- Why Jon wrote a book about Janet Yellen (2:51)
- “Why do we care about the Federal Reserve?” (7:14)
- Janet Yellen’s relationship with her husband, Nobel-prize winner George Akerlof (13:37)
- “Lean in, but only when it counts.” (20:39)
- “Have a higher purpose” (21:21)
- Keeping our eyes open to the evolving landscape to help us adapt to it (26:14)
- Yellen’s role in the American Rescue Plan (30:12)
- Looking to our common identity as Americans (43:40)
- The two biggest surprises Jon encountered when doing research for the book (45:43)
- Our final takeaways (57:27)
Resources:
- Jon Hilsenrath’s new book, Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval
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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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:
- 48: Why Women Need to Know About Divorce (a special series)
- 49: What Women Need to Know About Divorce from a Forensic Accountant with Tracy Coenen
- 50: What Women Need to Know About Divorce from a Divorce Coach with Sheila Brennan
- 51: What Women Need to Know About Divorce from a Mediator, with Ellen Morfei
- 52: What Women Need to Know About Divorce from an Estate Planning Attorney with Rebecca Sallen
- 53: She Did It! Real Divorce Stories with Monica Scudieri
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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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:
- Introducing Monica Scudieri (00:51)
- Financially working through divorce (02:21)
- Persevering through financial difficulty (09:01)
- The FIRE movement (11:22)
- Overcoming shame and guilt (12:22)
- Building knowledge around retirement (13:59)
- Finding motivation (19:10)
- Identifying your turning point (22:03)
- Secondary incomes (26:09)
- Identifying financial priorities (33:10)
- The ideation of Grab Your Slice (34:09)
- Monica’s work as a financial coach (36:52)
- Recap (46:41)
Resources:
- Grab Your Slice of Financial Independence https://www.grabyourslice.com/book
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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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.
Key Topics:
- Why talk to an estate planner if you’re going through divorce? (2:18)
- Why having a trust is important if you have kids (6:48)
- “The prenup is a floor, not a ceiling.” (12:16)
- Creating a disability panel (14:14)
- What if one of the spouses dies before the divorce is finalized? (19:02)
- The difference between Family Court and Orphans’ Court (22:11)
- Why having mental health support is vital (25:28)
- Updating your beneficiary forms (28:55)
- Finding an estate planning attorney long after your divorce (32:56)
- “You do not need to do everything.” (36:17)
- Our closing thoughts (41:20)
Resources:
- SallenLawFirm.com
- Contact Rebecca: 215-992-9662
- The SECURE Act videos
- Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?
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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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.
Key Topics:
- What Ellen does as a divorce mediator, and how to work with one alongside an attorney (1:46)
- How to choose a mediation-friendly attorney (6:00)
- Women, money, and divorce (10:50)
- “Who makes a good candidate for mediation?” (16:05)
- Ellen’s approach to mediation and the type of relationship she wants to develop with couples (17:55)
- Addressing conversations around “fairness” during the divorce process (25:15)
- How to prepare for a successful mediation (29:59)
- “You have to advocate for yourself.” (37:00)
- Finding a divorce mentor (40:05)
- Our closing thoughts (43:10)
Resources:
- The War of Roses
- Loretta Lynn - Rated “X” 1973
- Learn more about Ellen’s work with Progressive Conflict Solutions at www.progressiveconflictsolutions.com
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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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.
Though people often approach her with the understanding that their divorce is the worst divorce, she sees them as incomparable. She doesn’t see divorce as something that can come out ‘well’ for someone, as it’s like a war, and why couldn’t we find a way to resolve this without having a war?
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:
- Introducing Sheila Brennan (00:51)
- What’s a divorce coach? (02:11)
- Beyond the legal elements (05:17)
- Divorce doula (08:41)
- Pragmatics (10:20)
- Navigating, not overcoming (11:29)
- Avoiding divorce (14:00)
- The contract (15:38)
- Divorce rates (17:44)
- Gray divorce (17:59)
- Strategy (18:37)
- Nonfiscal problems of divorce (20:59)
- Is it easier being the initiator? (29:31)
- The transformation (33:33)
- Advice (35:53)
- The price of peace (38:33)
Resources:
- brennandivorcecoach.com
- sheila@brennandivorcecoach.com
- 484-254-4148
- Episode 26 The Importance of Negotiating, with Kathleen Burns Kingsbury
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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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:
- Introducing Tracy Coenen (00:51)
- Is forensic accounting exciting? (02:44)
- Why is it important in divorce? (05:35)
- Where money is found (07:33)
- The Divorce Money Guide (09:03)
- Dividing assets (11:21)
- Retrieving missing money (12:31)
- Hidden debts (13:21)
- Keeping it legal (13:45)
- Hidden income (14:54)
- Anecdotal success story (16:43)
- Paying a forensic accountant (18:12)
- Building an understanding of finances (22:32)
- Expenses in divorce (29:50)
Resources:
- https://www.divorcemoneyguide.com
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.
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:
- Introducing Tracy Coenen (00:51)
- Is forensic accounting exciting? (02:44)
- Why is it important in divorce? (05:35)
- Where money is found (07:33)
- The Divorce Money Guide (09:03)
- Dividing assets (11:21)
- Retrieving missing money (12:31)
- Hidden debts (13:21)
- Keeping it legal (13:45)
- Hidden income (14:54)
- Anecdotal success story (16:43)
- Paying a forensic accountant (18:12)
- Building an understanding of finances (22:32)
- Expenses in divorce (29:50)
Resources:
- https://www.divorcemoneyguide.com
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.
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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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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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:
- Rethinking her original plan (2:38)
- Recognizing your abilities (7:10)
- The emotional toll (8:36)
- Building connections (11:42)
- Naming her company (12:56)
- Pricing and understanding the value in your work (18:02)
- Motivation in work (24:08)
- Adjusting your mindset and vision (29:31)
- Building a network (36:58)
- Hope Lodge (41:48)
- The importance of self-worth (44:42)
Resources:
- Price Turner CFOs https://priceturnercfos.com
- Amy Andersson LinkedIn https://www.linkedin.com/in/amyandersson/
- Hope Lodge https://www.cancer.org/support-programs-and-services/patient-lodging/hope-lodge.html
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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Today, Stephanie and Kevin are joined by Judith Kurnick, a second act coach, a speaker, and a writer who guides lawyers, executives, and business owners in escaping the corporate life and designing their next chapter. Judith shares how her personal experiences informed her work. She shares her work philosophy, which emphasizes that she is not the expert, and her job is to partner with clients and help alter their perspectives. She discusses the varying factors that make it difficult for individuals to shift their mindsets, and then talks about what impacts the timetables of these shifts.
Judith explores the types of things she explores with her clients, comparing the process to buying a house. She starts with identifying one’s top five drivers, and then comping up with a scenario or several that work for you, and then eventually preparing to launch their new life through clear planning. She talks about how exploring possibilities can help get one past feeling stuck. Judith explains the differences between resume virtues and eulogy virtues, stressing the increasing importance of meaningful work and relationships.
She then shares ageism she has witnessed, and the ways in which COVID exacerbated it. She provides examples of simple ways to combat ageism through language, like calling someone an older adult instead of a senior. They discuss the different things that “retirement” can mean for people. Judith touches on research around aging, and how it can be both scary and thrilling, pointing to the effect of psychology on it.
Stephanie and Kevin close with a reflection on their conversation with Judith, reiterating the importance of meaningful work, deep relationships, sense of community, and maintaining your physical and mental self-care for people as they age.
Key Topics:
- Introducing Judith Kurnick (0:51)
- Judith’s work path (01:49)
- Her work philosophy (04:37)
- Shifting mindsets (06:15)
- Timetables (09:00)
- Steps for planning (10:52)
- Feeling stuck (18:29)
- Resume virtues versus eulogy virtues (24:40)
- Ageism (30:12)
- Using language to combat ageism (33:55)
- Retirement (35:28)
- Possibility of life after 50 (36:08)
- Research around aging (40:08)
- Reflections on their conversation with Judith (47:29)
Resources:
- Judith Kurnick Coaching
- Don’t Retire, REWIRE!
- Encore Network
-
ChangingTheNarrative
- Take Back Retirement Episode 25: What’s Your Number?
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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Today, Stephanie and Kevin explore the pros and cons of target date funds. They open in returning to an idea that’s fundamental to their podcast and their practice: When it comes to retirement, one size does not fit all. And though, in an ideal world, everyone would have the time, energy, and interest to properly diversify their investments, in reality, most people don’t. Target date funds are named as such based on the approximate date that an investor plans to start withdrawing money, and as the date approaches, the portfolio manager rebalances the fund to become more conservative.
Kevin explains how they ‘de-risk’ your allocation by adjusting investments according to your target retirement date. Stephanie explains how these types of funds are used not only for retirement, but also for accounts like 529s, which are advantaged college saving plans. So, continuing with that example, as the date of writing the first check for college approached, the investments would become more conservative. In the time farther from that date, the investor is in the ‘accumulation phase,’ meaning with each paycheck, money is being added, and they don’t have to worry as much about their investments.
They address the problems that target date funds present, like the inability investors have to differentiate short-term money from long-term money when they are pulling funds out. When you begin pulling money out, they recommend, it’s important to segregate your money in those categories.
Stephanie then introduces glide paths, which is the formula defining the asset allocation mix of a target date fund, and how target date funds associated with different years aren’t all that different, they’re just on different points of the glide path. They close reminding listeners that target date funds are not “fix it and forget it forever.” And, again, that one size does not fit all.
Key Topics:
- Introduction (00:39)
- One size doesn’t fit all (01:22)
- Target date funds (02:29)
- How they save the investor time and energy (03:14)
- De-risking allocation (05:54)
- Enrollment-based options (08:16)
- Accumulation phase (09:12)
- Problems with target date funds (11:10)
- Options within choosing a target date fund (14:58)
- Glide paths (18:33)
Resources:
- Take Back Retirement Episode 15: What Women Need to Know About Social Security
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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How exactly do you measure the value of financial planning? It’s a tough concept to grasp for many, because it just seems so… intangible. Most people think that it’s all about investment management. That’s certainly a big slice out of financial planning, but it ain’t the whole pie!
As Kevin reminds us, great financial planners help their clients get crystal clear on their life path by helping them make wiser money-related decisions.
Listen in as our hosts describe not only the technical side of their role as advisers, but also the art of financial planning. Because every person’s situation is unique, there is no such thing as one-size-fits-all advice.
But there are common issues that men and women considering retirement have to deal with. Stephanie and Kevin do a deep dive into four unique planning situations to illustrate the value of real financial advice!
Key Topics:
- What “money stuff” will your financial planner help you with? (2:00)
- Example 1: A women entrepreneur in her 40s who is undercharging for her services (5:28)
- Example 2: A single man in his 50s who is feeling underappreciated at work (9:12)
- Example 3: A woman in her early 60s who’s job came to an end a little too early (15:57)
- Example 4: A woman in her 80s near the end of her life (Deathbed Roth Conversion) (20:31)
- The value of real financial planning (30:32)
Resources:
- Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
- Take Back Retirement 33: What Women Need to Know about the Estate and Gift Tax System
- Clip from Misery: I’m You Number One Fan
- Clip from Dukes of Hazzard: Johnny Paycheck at The Boar’s Nest
- Clip from Johnny Paycheck - Take This Job and Shove It
- Clip from Apollo 13: Fit This Into the Hole for This using Nothing but that…
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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Today’s special guest is Ed Coambs, a firefighter turned certified financial planner turned licensed marriage and family therapist! He is the founder of www.healthyloveandmoney.com.
He has become an internationally-recognized thought leader around “financial therapy,” specifically financial couples therapy: He works with couples who might be in financial despair or frustration, and he moves toward what he calls “financial intimacy and connection.”
Listen in as Ed explains the psychology of anxiety around money and how to regain your comfort and confidence when it comes to your financial wellbeing, as well as the keys to financial maturity.
He also speaks on one of the biggest common mistakes that many couples make when setting standards around their financial life early on in the relationship: talking about the “function” of money, but not the “meaning” of money.
Finally, Ed dives deep into the connection between the strength of a marriage and a couple’s shared relationship with money. He stresses the importance of showing up to create a safe haven for your partner, so that they feel comfortable about the financial choices they make.
Key Topics:
- Explaining financial anxiety (2:36)
- Helping your children become confident with money as they grow up (7:41)
- Defining “psychological growth edge” (11:11)
- Setting standards around finances with your significant other (12:51)
- What couples can do to improve their shared relationship with money (17:47)
- Making your partner feel safe when making financial decisions around you (25:14)
- All about attachment theory (35:23)
- The value of working with a financial planner or therapist (44:15)
- “We love to put people into a box; but, people don’t always fit perfectly into a box.” (46:19)
- Ed’s resources (47:41)
- Stephanie and Kevin’s takeaways (51:32)
Resources:
- Healthy Love and Money website
- The Healthy Love and Money Way (book)
- The Couples Guide to Financial Intimacy and other courses
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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Today, Stephanie and Kevin dissect stock market downturns. They first warn their audience not to get thrown by points, and to instead evaluate percentages as points are subject to change and can exaggerate the reality of a change. Stephanie emphasizes the importance of timeframes when looking at returns, addressing the human fixation on annual returns that are not necessarily the most accurate reflection of individuals’ returns. This opens a discussion of averages, which they reassure to listeners are, usually positive. Kevin explains where the most used estimate, an annual return of 8%, comes from, and why you rarely see somebody actually earn that average.
They then explore the innate desire for control, which sees investors wanting to maximize their earnings by investing at the trough and selling at the peak, a near impossible task. Great reward requires great risk, or as Stephanie puts it, “You have to ride the roller coaster. You've got to buckle yourself into that seat, grit your teeth, close your eyes if you need to, white knuckle, but you've got to ride it.” Despite what experts say, nobody knows when we’re at the top or the bottom of those peaks and troughs.
Stephanie and Kevin discuss the value of diversification. In sacrificing the possibility of massive gains, you also reduce some of the risk. Stephanie suggests the sandbox approach if you want to play, but still sleep soundly.
They look at evolutions of financial strategies for the individual, and the granular approach to finances which requires personalized financial planning and investment adjustments. Stephanie reminds listeners, “It’s never a bad time to check in and make sure that the strategy you picked, however many years ago, is still appropriate for you.”
Key Topics:
- Introduction (1:22)
- Points versus percentage (2:10)
- The importance of timeframes (4:27)
- Using averages to manage expectations (7:24)
- Volatility and higher returns (9:08)
- The dangers of timing the market (14:14)
- Diversification (17:46)
- Granular investment approaches (21:22)
- Reassessing your strategy (23:14)
Resources:
- Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
- Investing Done Right image (referred to at 19:20)
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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Today’s guest is Diane Blumenthal, who has been incredibly generous in sharing her own retirement story.
She took the leap into becoming a self-employed consultant after a long and very illustrious career in pharma and biotechnology.
Diane has helped build and transition companies from the startup and research and development phase into a fully integrated biopharmaceutical company with approved commercial, manufacturing, operations, and products.
She also has extensive experience in the transfer and scale-up of processes from the laboratory bench to commercial-scale manufacturing.
Listen in as Diane shares her journey as a female leader in a male dominated industry, how she planned for retirement and to continue working as a self-employed consultant afterwards, and why she firmly believes that success comes down to being comfortable with being uncomfortable.
Key Topics:
- Being a female leader in chemical engineering in the 1980s (6:57)
- Being comfortable with being uncomfortable (13:42)
- How Diane planned for her retirement (18:22)
- About stock options (22:41)
- What factors Diane considered when it came to retirement (26:25)
- Diane’s first day in retirement (28:29)
- Why Diane decided to continue doing consulting work in retirement (31:04)
- The biggest challenge and the best part of being self-employed (35:40)
- Diane’s three criteria for choosing work today (36:54)
- Knowing how to price your services (39:43)
- Diane’s advice to woman considering retirement and how to spend their time afterwards (43:35)
- “You don’t have to live like a king, but you don’t have to live like a pauper, either.” (46:37)
- Stephanie and Kevin’s takeaways (51:51)
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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In episode 33, Stephanie and Kevin gave us a broad overview of the estate and gift tax system. Now that we’ve reached the tail-end of tax season, our hosts sit down to do a timely deep dive on what women need to know about income tax—a subject that, unfortunately, isn’t as simple as all of us would love to believe it is.
While state taxes are obviously important to consider when planning out your strategy, in this conversation, Stephanie and Kevin focus primarily on federal income taxes since these are the rates we’re all faced with year after year.
Today’s discussion centers around how the federal government aims to incentivize certain behaviors from citizens via the tax code, and how our tax bracket dictates the types of choices we need to consider when it comes to all of our major financial decisions.
Key Topics:
- “How do taxes and financial planning come together?” (2:44)
- Our ever-changing federal tax rates (6:31)
- Why being at the 32% tax bracket doesn’t actually mean you have to pay 32% of your income in taxes (12:38)
- “What the heck is a ‘deduction’?” (16:13)
- How your tax rate impacts what you can do with your retirement savings vehicles (20:50)
- Required minimum distributions (26:56)
- The pitfalls of planning too well (29:55)
- What happens to your wealth when you pass away, depending on your tax bracket (34:05)
- Why a health savings account (HSA) is the perfect savings vehicle (35:31)
Resources:
- Take Back Retirement Episode 33: What Women Need to Know about the Estate and Gift Tax System
- Take Back Retirement Episode 12: What Women Need to Know About IRA’s, With Sarah Brenner
- Take Back Retirement Episode 20: Women + Roth IRA’s - What Should You Be Aware Of?
- Take Back Retirement Episode 22: Why You Spend The Way That You Do With Maggie Klokkenga
- Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know
- Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?
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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“I’d like to work with a financial advisor, but I just don’t have enough money.”
Sound familiar? It’s a common objection when it comes to that all-important decision to get help in managing your money. But to this, Stephanie and Kevin have only this to say:
“But you have questions. Therefore, you need answers.”
Remember, there are no one-size-fits-all strategies when it comes to money advice. The most important first step is to figure out what you’re hoping an advisor can do for you.
Listen in as Stephanie and Kevin share the three questions you must answer if you’re considering hiring a financial advisor, the real value of having the right advisor, and what to do if your current advisor is unable to offer you the relevant information you need in your present circumstances.
Key Topics:
- The three questions to ask if you’re thinking of hiring a financial advisor (2:40)
- “What are you hoping an advisor could do for you?” (5:10)
- “I don’t help people save money. I help people spend money.” (7:02)
- Why you should ask your potential advisor how they get paid (9:28)
- A financial advisor helps you ask smarter questions (11:25)
- The value of an advisor (14:26)
- The right approach to investing (17:30)
- Is it time to let your current advisor go? (23:20)
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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Today, Stephanie and Kevin welcome Joe Saul-Sehy and Emily Guy Birken, the co-authors of Stacked: Your Super-Serious Guide to Modern Money Management.
Emily is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. She has the amazing ability to make complex financial topics relatable.
Joe is the creator and co-host of Stacking Benjamins, probably one of the most popular personal finance podcasts out there. He was a financial advisor for 16 years. Prior to that he, like many of us, made plenty of money mistakes. This motivated him down the path he is on today.
Today’s discussion centers around why our guests decided to write a funny book on the “serious” topic of personal finance. And we’re excited that they’re stopping in Philly next week (Sunday, April 10) on their book tour! Stephanie will be there to get her book signed. Come out and join us – say hello in person.
Key Topics:
- What motivated Joe and Emily to opt for a humorous approach to personal finance? (4:18)
- “My goal is to create financial surround sound that isn’t in your face.” (12:11)
- Teaching in a more engaging way (15:32)
- Why we shouldn’t shame our “Inner Veruca Salt” (19:40)
- Giving readers permission to spend their money (22:48)
- How fear gets in the way of us achieving our financial goals (27:56)
- The most fun chapter in the book (31:05)
- Picking the right advisor (37:10)
- How to get in touch with Joe and Emily (46:33)
- “What’s one question you wish we asked?” (49:35)
- Stephanie and Kevin’s closing thoughts (53:30)
Resources Mentioned:
- Stacked: Your Super-Serious Guide to Modern Money Management
- StackingBenjamins.com/Stacked (book tour info)
- EmilyGuyBirken.com
- @emilyguybirken on Twitter
- Joe Saul-Sehy on Twitter
- The Stacking Benjamins Podcast
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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Today, Stephanie and Kevin welcome special guest Kylelane Purcell, who for over 30 years has been writing, editing, and managing communications in the investment industry. She has worked as an analyst at Morningstar, a manager at American Century Investments, and VP of Investment Communications at T. Rowe Price.
In 2005, she started her own company, Purcell Communications. She has come to take a keen interest in sustainable investing, and is in fact the lead on ESG-orientated research and thought leadership at her firm. She also partnered with Ben Vivari to start the sustainable investing initiative Till Investors, whose mission is to empower sustainable investors with the right knowledge they need to thrive as sustainable investors.
Listen in as we get Kyle’s take on all things values-aligned investing.
Key Topics:
- “The financial industry does not have a great reputation for explaining what they do clearly.” (2:11)
- The challenge with ESG investing (5:33)
- Kyle’s preferred ESG vehicles (9:25)
- Factors that active managers look for (12:40)
- The greenwashing problem (16:05)
- “Sustainable investing is a vote for accountability.” (18:41)
- Addressing common objections towards ESG (22:16)
- The upcoming wealth transfer (31:27)
- Stephanie and Kevin’s closing thoughts (38:29)
Resources Mentioned:
Till Website
Till on Twitter
Till on LinkedIn
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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Today, Stephanie and Kevin sit down with Janine Firpo, a seasoned values-aligned investor and social innovator. She has been working at the intersection of women and money for a long time, having held positions in Apple Computer, Hewlett Packard, The World Bank, and the Bill and Melinda Gates Foundation.
In 2017, she left her successful career to focus on how women can create a more just and equitable society using their money. In May 2021, she released the book Activate Your Money: Invest to Grow Your Wealth and Build a Better World.
Janine makes sure to walk the walk as well, having moved all of her money into investments that she feels good about. Last year, she joined forces with Ellen Remmer to found a nonprofit called Invest for Better where women come together to learn about values-aligned investing.
Key Topics:
- Releasing Activate Your Money and teaching women via Invest for Better. (2:20)
- How articles on financial issues traditionally differ when written for men versus women. (7:02)
- Making investing fun. (8:35)
- Why asset allocation is critical to your wealth-building goals. (13:45)
- The ESG philosophy and evaluating how well companies align with it. (15:34)
- “My goal is to invest every single dollar I have in ways that align with my values… and that includes my cash.” (17:41)
- The problem with “two-pocket thinking.” (23:01)
- “When you invest sustainably, you not only don’t give up financial return, but you can actually outperform.” (25:29)
- Why Janine decided to commit to values-aligned investing. (28:20)
- How to find better funds. (30:48)
- Knowing when to break up with your financial advisor and finding the right advisor. (34:18)
- “This is a marathon, not a sprint.” (40:45)
- Stephanie and Kevin’s closing thoughts. (43:57)
Resources Mentioned:
- Activate Your Money: Invest to Grow Your Wealth and Build a Better World (book)
- activateyourmoney.net
- investforbetter.org
- asyousow.org
- Activate Your Money on YouTube
- Janine Firpo on LinkedIn
- Janine Firpo on Twitter
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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“We focus on sustainability not because we’re environmentalists, but because we’re capitalists and fiduciaries to our clients.”
That’s a quote by Larry Fink, CEO of BlackRock, the world’s largest asset manager, and it gets to the heart of today’s episode, in which Stephanie and Kevin revisit the topic of ESG (Environmental, Social, and Governance) investing.
If you haven’t already, take a listen to the previous episode of the podcast (episode 34) where our hosts delved into ESG investing with the inimitable Liz Simmie of Honeytree Investment Management.
Listen in as Stephanie and Kevin give a brief history of ESG and explore exactly what each of these three letters mean in the context of pinpointing companies that align with this purpose-driven movement. They also discuss some considerations to make if you’re somebody who is looking into this fascinating approach to investing.
Key Topics:
- Why is TBR talking ESG? (2:31)
- Kevin gives a brief history of ESG and SRI (Socially Responsible Investing). (4:02)
- Stephanie’s take on SRI. (6:02)
- Unpacking each letter in “ESG.” (8:38)
- The ESG philosophy and evaluating how well companies align with it. (11:02)
- “But you’re giving up performance! Why would you want to do that?” (15:12)
- Compromises that some make when investing in ESG funds. (17:58)
- Considerations around ESG investing for beginners. (21:42)
Resources Mentioned:
- Take Back Retirement Episode 34: What the Heck is ESG Investing with Liz Simmie
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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Today, Stephanie and Kevin sit down with Liz Simmie, Co-Founder of Toronto-based Honeytree Investment Management, which just so happens to be one of the very few women-led responsible asset management firms around the world.
Honeytree truly believes that ESG (Environmental, Social, and Governance) data is just as important to assessing a company’s long-term growth and risk as financial data, and so they integrate both, equally. In other words, ESG is real investing!
With the belief that, “ESG is a core function of the board and the management team and part of day-to-day operations in all aspects of the business,” Liz tackles the all-too common pitfalls of ESG initiatives and by extension the usual criticisms that crop up against them. She paints a detailed picture of ESG done right and its resulting impact on an organization’s long-term bottom line.
Values-aligned investing is a big topic for us in 2022, so we’re excited to dive deep into the nuts and bolts of ESG investing with Liz!
Key Topics:
Defining “ESG” (2:03)
Liz’s journey and Honeytree (9:05)
Addressing greenwashing, pinkwashing, and other ESG stereotypes (15:40)
“Both Canada and Europe are way, way, way behind the U.S. on workforce racial diversity disclosure.” (23:35)
The case for stakeholder-governed businesses (26:53)
“We remember when ESG was SRI (Socially-Responsible Investing)…” (31:39)
“We’re whatever the opposite of activist investors are.” (37:35)
How to connect with Liz (41:50)
Stephanie and Kevin’s closing thoughts (43:38)
Resources Mentioned:
- Follow Liz on Twitter at twitter.com/LizSimmie
- Learn more about Honeytree Investment Management at www.honeytreeinvest.com.
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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Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the estate and gift tax system. This is different from the income tax system, and both are federal tax systems that everyone needs to be aware of when planning for retirement.
At the end of the day, the IRS is getting paid. The only two questions, then, are: Who pays? and When? Our hosts tackle these questions and more.
While today’s discussion is a big picture overview of the estate and gift tax system, it will give you a general grasp of the concepts and vocabulary that will make your next meeting with your accountant or estate planning attorney a more insightful and productive one.
Key Topics:
“At the end of the day, the IRS is getting paid.” (2:47)
Defining estate taxes. (4:02)
What are “exclusion amounts?” (6:14)
Defining gift taxes. (8:16)
Maximizing how much your beneficiaries inherit. (11:53)
“My parents can only give me $16,000 a year…” Why this isn’t true. (17:30)
“I want to avoid probate, because if I can do that, then I’m not going to pay estate tax…” Why this isn’t true. (22:11)
Resources Mentioned:
- Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?
- Take Back Retirement Episode 32: True Confessions of Two Financial Planners.
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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Today, Stephanie and Kevin offer a unique perspective on the show by diving deep into their own backgrounds as financial planners.
The two kick things off with a brief history of their first jobs before reflecting on their first ever roles in the financial services industry.
Then, Stephanie discusses the inspiration behind Sofia Financial and how she and Kevin came to work together.
Finally, the pair do a rapid-fire Q&A, revealing a few little known tidbits about our hosts, from their guilty pleasures to their financial pet peeves to their dumbest purchases!
Key Topics:
- Stephanie and Kevin’s first jobs. (1:27)
- Entering the financial services industry. (6:37)
- From boiler room newbie to Certified Financial Planner. (12:28)
- “Where did ‘Sofia’ come from?” (16:05)
- What Kevin likes best about his current role. (20:22)
- How about Stephanie? (24:07)
- Rapid-fire Q&A. (26:17)
Resources Mentioned:
- Video: “Guy Suddenly Gets Disappointed After Looking at His First Paycheck”
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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Trusts.
What the heck are they and why might it be a good idea for you to have one?
Most people believe that trusts are this elusive thing reserved for the uber-wealthy…
…or have only heard of it as being a sort of plot device in a movie or murder mystery.
Joining us today is attorney Shannon Evans, a recognized expert in the area of trusts and estate planning. She practices out of Las Vegas and is a frequent speaker on the conference circuit.
With so much confusion around trusts, Shannon is a refreshing presence that gets to the heart of the matter real quick. She demonstrates that trusts are a lot more pedestrian—and a lot more useful—than most would think.
Key Topics:
So… What is a trust, exactly? (3:27)
Who should have a trust? (8:06)
What is an “irrevocable trust”? (14:39)
What you should take into consideration if someone asks you to be a trustee. (18:40)
In which state should you set up your trust? (22:48)
Why should you NOT have IRAs in trusts? (25:33)
Who is the fiduciary of a trust? (29:31)
Updating beneficiaries (33:51)
Stephanie and Kevin’s closing thoughts (40:49)
Resources Mentioned:
- Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski
- Evans & Associates
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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You did it. You made the leap.
You left behind that corporate 9-to-5, the micromanaging boss, the freeloading coworker...
Now, you’ve started your own thing. You have endless potential. The world is your oyster. You can do what you’ve always dreamed of.
It’s a dream many of us are striving for. But, it’s easy to forget that we still should be saving for retirement. As a self-employed person or a business owner, how do we pick the right retirement plan to set ourselves up for success?
Listen in as Stephanie and Kevin shine a torch to guide us down the exciting but often muddy path to retirement by speaking on how to choose between the different retirement savings options available.
Key Topics:
“SEP-IRAs still may be the best option for you, but…” (2:37)
How do you save for retirement on a tax-favored basis if you’re self-employed? (2:50)
How to decide on the best plan or account option for you. (9:25)
The traditional and Roth IRA. (13:58)
The SEP-IRA. (20:10)
The SIMPLE IRA. (24:11)
How to save “gobs and gobs of money” with a pension plan. (28:35)
Stephanie and Kevin’s closing thoughts. (30:35)
Resources Mentioned:
- IRS Publication 560
- https://www.irs.gov/retirement-plans/retirement-plans-for-small-entities-and-self-employed IRS landing page for Small Business retirement plans
- https://www.irs.gov/pub/irs-tege/rollover_chart.pdf Rollover Chart
- Take Back Retirement Episode: 12: What Women Need to Know About IRA's, with Sarah Brenner
- Take Back Retirement Episode: 20: Women + Roth IRA's - What Should You Be Aware Of?
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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“How much money should I have in the bank?”
It’s a question that Stephanie and Kevin hear on a very regular basis.
No doubt about it: it’s important to have cash on hand; but, with a well-thought-out financial plan, you can really start to make cash work for you.
Listen in as Stephanie and Kevin invite listeners to sort out the purpose of their dollars to know where they should be going. They delve into the question of liquidity and the actual level of accessibility of different cash vehicles, from your bank checking account to your Venmo wallet.
After explaining the characteristics of cash and where to keep it, they talk about how much one should have in cash, and how to invest in your financial future if you happen to have more than enough cash.
Key Topics:
The job of money. (1:41)
What exactly does “cash” mean and where should you put it? (3:32)
The difference between saving and investing. (5:56)
Different places in which you can hold cash. (08:41)
Why your line of credit doesn’t count as part of your cash. (11:28)
Three factors to take note of in order to figure out how much cash you need. (12:58)
“Cash gives you flexibility, and you want flexibility when you’re not sure.” (16:50)
Have more cash on hand than you need right now? What do you do with it? (20:35)
How to invest without tax breaks. (24:59)
Why Stephanie is a big fan of cash. (28:51)
Resources Mentioned:
- Take Back Retirement Episode 20: Women + Roth IRA’s - What Should You Be Aware Of? (https://bit.ly/3Bpd1Zz)
- Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know (https://bit.ly/3vX0Bap)
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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Today’s guest is Dr. Barbara Provost, a business coach, professor, and entrepreneur with a Doctorate in Adult and Higher Education. She has a long history as a consultant in the financial services sector.
Dr. Barb has taken her expertise into her latest venture, Purse Strings, which offers free financial education and resources for women.
Listen in as Dr. Barb shares how her initiative aims to tackle the lack of safe spaces for women to ask questions and take control of their financial future. She also offers practical strategies for marketing to women (hint: it’s not as simple as “pink-it-and-shrink-it”!).
Key Topics:
- The Purse Strings origin story. (1:55)
- What to know about working with women. (7:39)
- How women learn vs men. (11:41)
- “I started being really thoughtful about how I spent all of my money.” (11:00)
- How more women have taken up more positions of authority. (15:33)
- How Purse Strings serves as a support group for women in times of transition. (18:41)
- Communicating with women in a business conversation. (22:49)
- “Respect and dignity is everything.” (25:30)
- Questions from women that surprised Dr. Provost when she first started Purse Strings. (25:57)
- “If we’re not talking about money, we’re not learning about money.” (31:50)
- How to learn more about Purse Strings. (33:41)
- Stephanie and Kevin’s biggest takeaways. (35:18)
Resources Mentioned:
- Purse Strings Website
https://pursestrings.co/
- Purse Strings Facebook Group
https://www.facebook.com/groups/pursestringfinanciallyfearlesswomen
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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Today we talk all things Health Savings Accounts. An HSA can be a really powerful savings tool but, like everything else in the world of finance, it literally pays to know the game and play by the rules.
The HSA can serve as a long-term savings account for medical expenses sometime in your lifetime—whether one week down the road or 40 years down the road. It is the only type of account that, when done right, gives you triple (and maybe quadruple) tax advantages.
This sounds like a great deal, which then begs the question: “Why isn’t everybody starting an HSA and dumping all their money into it?”
Listen in as Stephanie and Kevin answer that question and more, including best practices for putting money in and taking money out of your account, what your HSA may be able to cover that a typical medical insurance plan doesn’t, and how to ultimately decide whether or not to take advantage of this (potentially) powerful financial vehicle.
Key Topics:
- The difference between a Flexible Spending Account (FSA) and an HSA. (4:25)
- The HSA’s four tax advantages. (07:29)
- “So, this sounds awesome. Why doesn’t everybody put all their money into this thing?” (9:01)
- If you have a high-deductible health plan, can you put a large sum into an HSA? (11:28)
- Considerations around HSA catch-up contributions. (15:11)
- When to take money out of an HSA. (16:30)
- What your HSA covers that your typical medical insurance doesn’t. (20:02)
- “What happens if I die and I’ve got a balance in my HSA?” (24:06)
- How to decide whether or not to open an HSA. (28:15)
- “With an HSA, you don’t have to have earned income.” (32:21)
Resources Mentioned:
- Take Back Retirement episode 24: She Did It! Real Retirement Stories w/ KT
https://takebackretirement.com/podcasts/she-did-it-real-retirement-stories-w-kt/
- Take Back Retirement episode 15: What Women Need to Know About Social Security
https://takebackretirement.com/podcasts/what-women-need-to-know-about-social-security/
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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Today, we sit down with Kathleen Burns Kingsbury, a wealth psychology expert, founder of KBK Wealth Connection, and host of the Breaking Money Silence® Podcast.
Kathleen is a highly sought-after speaker for financial industry conferences and is the author of five books, her latest being Breaking Money Silence®: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life.
Listen in as Stephanie, Kevin, and Kathleen dive into the rather sticky topics related to women, money, and power, from dealing with unconscious bias in the workplace, to gathering the courage to ask for a raise, to considerations around money and power dynamics within couples.
Key Topics:
What does money and power for women mean to Kathleen? (2:41)
Our thoughts on how women seek financial advice versus men. (4:47)
Cultural barriers to women's empowerment around their finances. (10:00)
The power of building a support system. (11:29)
Dealing with unconscious bias and gaining the courage - and skills - to ask for a raise. (13:29)
Psychologically, what gets in the way of women charging what we’re really worth? (17:18)
“I don’t want to ask for more because it’s greedy to do so.” (22:55)
Kathleen’s advice to spouses around power and money dynamics. (27:43)
Shared goals versus independent goals. (32:15)
Kathleen’s upcoming courses and programs. (33:45)
About Kathleen’s Creating Wealth From The Inside Out Workbook. (35:05)
Stephanie and Kevin’s closing thoughts. (38:00)
Resources Mentioned:
- Use Code: TAKEBACK10 to get 10% off any full priced course!
- Breaking Money Silence® Learning Lab (online courses)
https://courses.breakingmoneysilence.com/
- Negotiating Your Fees with Confidence Master Class
http://www.breakingmoneysilence.com/negotiating-masterclass/
- Negotiating Your Fees with Confidence Course
https://breakingmoneysilence.vipmembervault.com/products/courses/view/1026985
- How to Conquer Your Fear of Negotiating (free online course)
https://breakingmoneysilence.vipmembervault.com/products/courses/view/1023642
- Breaking Money Silence®: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life (book)
https://www.breakingmoneysilence.com/books/
- Creating Wealth From The Inside Out Workbook (book)
https://www.breakingmoneysilence.com/books/
- Other books by Kathleen Burns Kingsbury
https://www.breakingmoneysilence.com/books/
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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A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire.
There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it’s really all just one mathematical equation with one distinct, perfect answer.
…Except this belief is completely, utterly unfounded.
Listen in as Stephanie and Kevin dismantle the notion that hitting your “magic number” is the key to your retirement success.
They explain why coming up with a specific dollar amount for that next chapter in your life may not be as simple as you think, the psychological dangers of focusing solely on such a number, and how to really diversify your assets to maximize your freedom in your retirement years.
Key Topics:
- Is there really such a thing as a “magic number” to retirement? (2:05)
- Do you really know what the next chapter of your life is going to look like? (5:02)
- We’re guessing, and that’s OK! (7:06)
- Not all dollars are created equal. (08:18)
- Keys to diversification. (11:20)
- Why the notion of a “magic number” is psychologically dangerous. (13:07)
- “You don’t have to have all those dollars in your hand on day one of your retirement.” (15:00)
- Why hitting a “magic number” doesn’t guarantee smooth sailing in retirement. (16:41)
- “Your money is here for a reason. Don’t lose sight of the reason.” (18:16)
- Don’t just look at how many dollars you’re accumulating, but the types of dollars. (22:20)
Resources Mentioned:
- “Doom, Despair and Agony on Me” https://www.youtube.com/watch?v=-IIKE9p5SEw
- Take Back Retirement Episode 7: Here’s a Secret: We’re Guessing, and That’s OK
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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Today’s guest is KT, who speaks on how she was able to retire at the age of 54.
She was inspired to retire early only a decade prior. It wasn’t an easy road, but it was absolutely worth it.
Listen in as KT describes her unique retirement journey and the money mindset transformation that she had to undergo to reach her goals. She shares her favorite books and other resources that armed her with valuable knowledge along the way, as well as how her efforts to increase her financial intelligence impacted her own kids’ view toward money for the better.
Key Topics:
- Why did KT decide to retire early? (2:30)
- “You found something to retire to rather than retire from.” (7:09)
- KT’s inspirations for investing her way to retirement. (9:00)
- “I started being really thoughtful about how I spent all of my money.” (11:00)
- Getting your kids on board with your financial strategy for retirement. (12:21)
- Defining the “FIRE movement.” (15:55)
- Considerations around the Four Percent Rule. (18:38)
- Pivoting away from the bank and investing on your own terms. (20:21)
- KT’s advice for women who want to go down a similar path to hers. (23:05)
- How KT established a tax strategy to bring her closer to early retirement. (25:28)
- What KT likes to splurge on. (29:48)
- Stephanie and Kevin’s biggest takeaways. (32:57)
Resources mentioned:
- Your Money or Your Life (book by Vicki Robin)
- The Simple Path to Wealth (book by JL Collins)
- I Will Teach You to be Rich – SECOND EDITION (book by Ramit Sethi)
- Taxes Made Simple (book by Mike Piper)
- The Millionaire Next Door (book by Thomas Stanley & William Danko)
- Money Moustache (blog by Peter Jonathan Adeney)
- Take Back Retirement Episode 19: You Want to Retire Before Age 65? Here’s What You Need to Know (episode that Kevin references at 1:25)
- Take Back Retirement Episode 22: Why You Spend The Way You Do with Maggie Klokkenga (episode that KT references at 28:45)
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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What nuggets of wisdom can we take away about retirement planning from a famous baseball contract?
It turns out, quite a few!
Listen in as Stephanie and Kevin unpack Bobby Bonilla Day and the circumstances that led to the former MLB player receiving a $1.19 million paycheck every year for 25 years—and the lessons you can extract from this story to better prepare you for those golden years.
Key Topics:
The story behind Bobby Bonilla Day (2:25)
“Why are we talking about some baseball contract?” (5:00)
Lesson #1: Understand your goals (5:57)
Lesson #2: Embrace the magic of deferred gratification (8:39)
Lesson #3: Build more wealth in the long run via compound interest (11:04)
Lesson #4: Know your risk-reward tradeoff (13:02)
Lesson #5: Note down historical returns (16:20)
Lesson #6: Take inflation into account (20:51)
Lesson #7: Know the value of working with experts (22:53)
“The key is to make an informed decision.” (25:44)
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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We’re naturally spenders and not savers. It’s just how we’re wired. By the time we realize we may have a problem with how we’re managing and spending our money, we’ve already built up intense feelings of overwhelm and shame that are difficult to overcome.
How can we begin to change our negative money scripts and move from a mindset of scarcity to a mindset of abundance starting today?
Today’s guest is Maggie Klokkenga, a financial coach with dual credentials as accountant and financial planner. After 20+ years in the financial industry, Maggie recently started her own firm in Illinois and works with clients all over the country, focusing in particular on financial coaching for couples and families planning for college. She views it all through the lens of the psychology of money.
Listen in as Maggie shares how she “reduces overwhelm and shame around money by helping her clients get out of the red and into the black.”
She gives us a mini history lesson and science lesson to help us all understand why we’ve made past spending choices, which can empower us to change our current spending patterns and achieve those financial goals.
Key Topics:
What Maggie does for a living (1:37)
Why we develop “overwhelm and shame” around money (2:21)
Changing your money script (6:16)
Becoming aware of our fight-or-flight response with money (15:33)
Going from a scarcity mindset to an abundance mindset (27:30)
George Kinder’s three questions to change your perspective on money for the better (32:22)
The four categories of money scripts (38:35)
Reach out to Maggie to learn how you can transform your view around money at maggie@makeamoneymindshift.com. Visit her website at www.makeamoneymindshift.com.
You can also find her on her socials:
https://www.facebook.com/makeamoneymindshift/
https://www.instagram.com/makeamoneymindshift/
https://www.linkedin.com/company/make-a-money-mindshift-llc/
https://www.youtube.com/channel/UCJeDCaRI3Aw7I7W1Xvqq-Kw
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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Medicare is a huge part of your retirement. Whether you’re looking to arm yourself with the information you need in preparation for the next stage of your life, or you’re already there and simply want to learn how you can do better with what you currently have, this is the episode for you.
Susan Sloan, a licensed agent and longtime friend, joins us to do a deep dive into everything women need to know about Medicare.
Her passion for her field came about when she noticed that there was a lack of understanding about the ins-and-outs of health insurance not just among patients, but among their doctors, too.
As Susan herself says, “Doctors and hospitals, and insurance companies live on two separate planets.”
This drove her to become not just an insurance salesperson, but an insurance advocate.
Listen in as Susan defines the business of the hospitals and insurance companies; exactly when and how to apply for Medicare; what’s covered by Medicare Parts A, B, C, and D; the difference between supplemental plans and Medicare Advantage plans; and how insurance agents can represent you.
Key Topics:
How does Susan know so much about Medicare and health insurance? (1:54)
When it comes to Medicare, what exactly do you need? (6:57)
“If you have a retiree program, sometimes you have to take everything or you get nothing.” (16:00)
The difference between Medicare Part A and Part B. (17:01)
Always ask your provider what services are covered under your Medicare plan. (23:10)
How Medicare Advantage Plans (Part C) work differently. (24:30)
Can you switch Advantage Plans? (31:16)
What if you have health issues heading into retirement at 65? (36:18)
About Medicare Part D. (38:30)
“It costs you nothing to use an agent.” (42:15)
Our closing thoughts. (45:54)
Reach out to Susan to learn how to take the frustration out of health insurance. Get in touch with her at www.realhealthquotes.com. Our favorite video from her library covers the strict rules around the marketing of Medicare insurance plans http://www.realhealthquotes.com/wp-content/uploads/2020/07/Susan-Sloan-talking-about-Fraudulent-Medicare-Solicitors.mp4.
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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In the United States, we can’t talk finances without talking taxes. It shouldn’t come as a surprise that taxes are an inevitable part of our reality and are inescapable. The best (and only) way to go about navigating taxes is to, as Stephanie and Kevin like to say, “be smart about it, know what’s going on, then make your decisions.”
A Roth IRA is a tool that falls under the category of tax planning. So, it’s vital to be aware of exactly what it is and how best to make use of it depending on your circumstances and goals.
“What's a Roth IRA, anyway?” you may ask. Basically, it's a special retirement account that was created in 1997 by Senator William Roth as part of one of the tax reform acts that get passed periodically. One of the primary differences between the Roth and the traditional IRA is that, unlike the traditional IRA, you are not taxed on the dividends you earn from the Roth.
Listen in and learn other notable differences between the traditional IRA and the Roth IRA, the rules around taking money out of a Roth, three scenarios in which one would want to open a Roth IRA; and how to prepare your Roth savings for your next of kin.
Key Topics:
“What the heck is a Roth IRA, anyway?” (3:06)
Differences between the traditional IRA and the Roth IRA (5:35)
Can you really take money out of a Roth IRA whenever you want? (14:49)
The five-year clock for IRA accounts (18:40)
Why even open a Roth IRA? (23:05)
Leaving a legacy: Passing on your Roth money to the next generation (32:47)
What is the “deathbed Roth conversion” strategy? (35:22)
Ultimately, what are your priorities? (37:24)
Check out Kevin's video here: https://www.youtube.com/watch?v=lloGStTwFdw
Check out our previous episodes for more information on this topic.
12: What Women Need to Know About IRAs with Sarah Brenner
- https://podcasts.apple.com/us/podcast/12-what-women-need-to-know-about-iras-with-sarah-brenner/id1534658342?i=1000509034189
15: What Women Need to Know About Social Security
- https://podcasts.apple.com/us/podcast/15-what-women-need-to-know-about-social-security/id1534658342?i=1000514954805
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.
Retiring "early" is a process that contains many more moving pieces than most people think. In this episode, we tackle these factors one-by-one and offer some advice on how to cover all your bases before taking the plunge into retirement.
The first question we have to address is, why 65? It’s true that, historically, Social Security kicked in once you turned 65 and so did a number of pension plans (you know, the ones your grandparents might have had). But today’s realities are different to what they were decades ago.
Listen in and learn how to determine what your lifestyle is going to cost upon retiring and what you need to understand about Medicare, Social Security, and other programs going into retirement. We also touch on the three key assets and how to prepare them in covering your short- and long-term goals: your retirement accounts, your non-retirement assets, and your illiquid assets.
Key Topics:
First of all, why 65? (1:26)
The first question we ask any of our clients who want to retire at 65 (2:38)
What to know about Medicare eligibility and retirement (04:22)
Why 65 is no longer the magic age for claiming Social Security benefits (6:33)
Know your assets and expenses (8:24)
“What is the least amount that I have to do until I can figure out what I can do?” (10:08)
Why you shouldn’t rely on your savings or Social Security checks (11:58)
What people often miss when it comes to their retirement assets (14:24)
Utilizing your taxable savings (17:48)
What to do to retire before 59 1/2 (19:04)
Addressing your short- and long-term needs around with your investments (21:05)
Are your savings enough for what you want to do upon retirement? (24:36)
What could go wrong with your plan? (28:18)
Read the article on the EBRI study mentioned by Stephanie.
“Retirees are overly optimistic about their financial future” on MarketWatch
-> https://www.marketwatch.com/story/retirees-are-overly-optimistic-about-their-financial-future-11620090728
Learn what is considered the full retirement age by birth year at
https://www.ssa.gov/oact/progdata/nra.html
Check out our previous episodes for more information on this topic.
Thinking Beyond Retirement:
04: Give Yourself Permission to Plan Your Next Chapter, with Randi Levin
08: Retirement is More than Money with Autumn Nessler
Retirement Spending:
05: A Simple Framework for Thinking About Retirement Expenses
Social Security Basics:
15: What Women Need to Know About Social Security
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
www.takebackretirement.com.
“Most of us do not do enough to prepare for the unexpected.” How sure are you that you, your family, and your business are ready in times of emergency?
Our guest today is Mary Beth Simón. She founded Niche Partnership Consulting “to solve real-world problems faced by individuals and entrepreneurs” with particular emphasis on helping them create their contingency plan to keep business and life running smoothly in an emergency.
Listen in and learn why most people’s “contingency plans” are seldom robust enough when challenging times arrive and the most common things that they overlook when it comes to having their plan ready for deployment. Mary Beth also explains why contingency plans are not just for the elderly or sickly and why it is, in fact, never too early for anybody to start preparing theirs.
Key Topics:
What does Mary Beth do, exactly? (1:52)
Optimizing our processes to be ready in times of emergency (4:45)
Why Mary Beth has her clients create a paper plan as opposed to a digital plan (07:00)
What most people don’t realize when it comes to having a contingency plan ready (8:02)
How a leader and their second-in-command can best prepare for the unexpected (10:32)
The process that Mary Beth uses when working with business owners (14:32)
“There aren’t that many people that you can pay to figure it out in an emergency.” (15:55)
Why do people avoid preparing for the inevitable? (18:07)
Why everybody needs a contingency plan (21:50)
How Mary Beth works with different kinds of clients on their plans (26:30)
Three things that anybody can do to be more prepared right now (31:26)
Mary Beth’s group program (34:23)
Why the time to have tough conversations is now (36:35)
“I don’t need it. My life is simple.” (37:36)
“It’s easier to plan when you’re not in the middle of a storm.” (38:56)
Reach out to Mary Beth to learn how to be prepared in times of emergency. Download her free contingency plan kit at www.nichepartnershipconsulting.net/kit.
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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What the heck is long-term care and why should we care?
Only 12% of women feel highly knowledgeable about long-term care and only 27% have a plan to fund it despite the fact that 50% of women expect to require it.
The first thing to note is that, when we talk about long-term care, we’re not talking about medical care or health insurance. Long-term care (also known as custodial or even unskilled care) is about having assistance with personal tasks and what’s referred to as “activities of daily living” (ADLs)—the stuff you need to do to just exist.
The six primary ADLs are: bathing, dressing, eating, transferring (i.e., getting out of bed onto a chair), toileting, and continence. There is also an additional seventh item that is often brought up: cognitive decline.
40% of individuals aged 65 and up will need long-term care at some point in their lives. That number is 60% for 75-year-olds and up. Statistics also show that, for several reasons, women tend to need long-term care more than men.
Listen in and learn actionable strategies that you can use today to start preparing for the possibility that you or your loved ones will need long-term care.
Key Topics:
The common long-term care story (1:12)
What long-term care is not and what it really encompasses (4:20)
The six (plus one) ADLs (6:22)
Startling statistics regarding long-term care (7:49)
“Doesn't the government take care of this? Doesn’t Medicare cover it?” (9:17)
How should you prepare for long-term care? (13:47)
What are the costs? (17:05)
A primer on long-term care insurance (21:13)
The three types of people when it comes to long-term care (26:28)
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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Today’s guest is Lori Osterberg. She is an author, content creator, educator, and, in her own words, a “Gen-Xer who has been setting the online world on fire for the past 20 years.”
Currently in a little town outside Portland, OR, Lori is living what she recently realized to be her dream life. She writes up to three books a year and just recently published her ninth novel.
Lori recalls how at the start of their careers she and her husband lived through several rounds of corporate downsizing. They got to a point where they decided enough was enough—it was time to take control.
Since then, Lori and her husband have been in business for themselves, bringing together their interest in computers with their artistic skills in photography. Then when their daughter was looking at colleges she first heard of the “gap year” concept. Inspired, they decided to truly maximize their freedom and explore new possibilities. As it turns out, their gap year turned into a gap rest-of-their-lives!
Listen in and learn how Lori achieved the freedom to do what she loves, and how she helps other women over 40 do the same.
Key Topics:
How Lori’s doing right now (2:06)
Lori’s journey from corporate to business owner to globe-trotting romance novelist (4:05)
Navigating big challenges in 2020 and those lingering in 2021 (9:25)
How Lori got to the point where she could semi-retire (11:16)
What Lori knows now that she wishes she knew then (15:33)
Meeting fellow “gap year lifestyle” folks (17:15)
“There’s something freeing in letting stuff go.” (18:54)
Keeping in touch with friends and family while living a mobile life (21:14)
Has this lifestyle impacted Lori’s writing? (22:11)
Lori’s tips for people who want to have a lifestyle like hers (24:00)
How Lori got her husband, family, and friends onboard with her gap life plan (26:36)
The pros and cons of moving to or retiring in Mexico (29:42)
“It’s never been about retirement. It’s about freedom.” (33:35)
How to get in touch with Lori (36:02)
“Don’t think about your current situation. Think about where you want to go.” (36:32)
Find out more about Lori at www.visionofsuccess.com and her books at www.loriosterberg.com.
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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Social Security is the foundation for every retirement income plan, and it seems really simple: you hit retirement age then turn around and start getting your money. In fact, the benefits you can reap are actually much more powerful than most people think; however, it’s also a more complicated topic than many of us realize.
In this episode, we highlight several important points that women specifically need to know about Social Security (while going down a rabbit hole or two along the way!).
Listen in and learn the factors that make the Social Security experience different for men and women, and what to know if you’re not working for pay, are divorced, or a widow. Finally, we answer the question: Is it true that Social Security is going bankrupt?
Key Topics:
Breaking down the complications of Social Security (2:36)
How the Social Security experience is different for men and women (3:59)
Why is it important to check your earnings record? (07:11)
Must-knows about Social Security taxes (9:28)
What do you get from your Social Security if you don’t work outside the home? (11:40)
What about divorced women? (13:17)
What about widows? (15:51)
Three important dates to note down (17:08)
Considerations around claiming benefits before full retirement age (18:15)
Why the government may withhold some of your benefits (22:30)
Paying income tax on your Social Security (24:14)
Addressing concerns around Social Security solvency (27:58)
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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Today’s guest is Cathy Sikorski. She is a practicing attorney in elder law. At the same time, she has personal experience being a caregiver for elders and not-so-elders. Her bestselling book, Who Moved My Teeth?: Preparing for Self, Loved Ones and Caregiving, combines her 25-plus years of legal and practical experience into a guide for preparing yourself or your loved ones for the complicated future of healthcare and caregiving.
Initially a small-town general practice attorney, Cathy was initially driven to hone her skills just as a person taking care of the elderly, but quickly realized that elder law is legal practice unto itself. Her work as a caregiver, then, led her to embrace elder law as a profession.
Elder law is a relatively young legal practice that was established only in 1994 because “the issues” surrounding the practice “are becoming so much more prevalent in everyone’s life. How do we take care of Mom and Dad as they get older? What are their choices?”
Listen in and learn how having an elder law attorney can help you, alongside your other lawyers (i.e. estate), a financial advisor, to plan and prepare for retirement. Cathy also offers some best practices and hard truths about being a caregiver.
Key Topics:
An introduction to Cathy and her eight separate experiences as a caregiver (2:01)
What’s elder law all about and how did it shape Cathy’s other work as a caregiver? (4:08)
What areas does an elder law attorney cover? (06:03)
How these attorneys also aid their clients’ spouses, especially on the financial side (8:56)
The difference between elder lawyers and estate lawyers and what to know about wills (10:53)
Why your different lawyers, financial advisor, and accountant all need to collaborate (14:15)
What conversations do you need to have with aging family members today? (15:47)
“Please check every darn beneficiary designation that you have.” (18:58)
Considerations around of your spouse’s IRAs, 401(k), and other retirement accounts (22:07)
Cathy on her life as a caregiver (26:03)
Visit takebackretirement.com for a free caregiver contract.
Who can become a paid caregiver? (31:12)
The importance of having a support group as a caregiver (33:13)
How to contact Cathy (35:06)
Three action steps to take today (36:06)
You can reach out to Cathy at https://cathysikorski.com or send her an email at cathy.sikorski@gmail.com
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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About eight years ago, we had a client—let’s call her Alison. She was in her late 30s and doing great in her career. Her income was picking up. We had thought about the best way for her to save her money for the things she wanted to do, among which was to leave her high-stress job before the age of 65. One day I got a text. Her husband had died. Her whole plan had gone sideways.
In financial planning, we focus on planning for your future. We talk a lot about what you want to do, what you enjoy, and what you dream about. But we also have to talk about what to do if things go wrong. Given that we've all just lived through 2020, we know that things can go terribly wrong, and we know people (perhaps ourselves included) who have suffered horrible tragedies.
Listen in and learn the four steps to take in case your financial plan goes wrong, and why it literally pays to redefine how we view change.
Key Topics:
What should you actually do when the plan blows up? (3:24)
Step One: Do nothing (5:25)
Step Two: Find a support group or other people to talk to (08:36)
Step Three: Preserve your flexibility (11:53)
Step Four: Address the life decisions before the money decisions (13:45)
Remember, we don’t create financial plans; we do financial planning (16:30)
“In the midst of these changes, disruptions, and upsets, be at peace with your finances.” (18:12)
The real purpose of the emergency fund (20:58)
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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Today’s guest is Sarah Brenner. Sarah is the Director of Retirement Education at Ed Slott and Company. She truly is an expert in IRAs—Individual Retirement Accounts—which for so many of us form the crux of our plan to save for retirement. But best – she knows how to explain the complicated stuff clearly.
Listen in and learn the key things women need to know, especially after widowhood and divorce. We’re talking best practices, long-term benefits, and common pitfalls regarding both traditional and Roth IRAs.
Most of us think IRAs are pretty simple: you put money in and take money out. But in reality, the rules are very detailed and it’s easy to mess up. And the problem with IRAs is that if you get it wrong, the penalties can be steep.
Key Topics:
An introduction to Sarah and her work (3:34)
Why IRAs are an “overlooked tool” and “a great strategy for saving for retirement” (5:05)
The next step once you understand the type of account you have (09:40)
Traditional versus Roth IRA (14:03)
Clearing misconceptions around Required Minimum Distributions (21:01)
How does a beneficiary IRA work? (25:27)
Differences between a “transfer” and a “rollover” (31:36)
What you need to know regarding IRAs and divorce (33:31)
A real-life case of an IRA-related mishap (38:16)
You can reach follow Sarah and read her wisdom on IRAs at www.irahelp.com.
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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In this episode we speak of the issues and fears people, especially women, tend to have around investing and how often times that fear or uncertainty leads to a late or complete lack of action taken in investing. We believe that there’s no “perfect” time to enter the market and that “time in the market is more important than timing the market.”
It’s important to look at investing as a long-game and know that even substantial dips in the market recover and yield overall great gains in the long run. This is apparent when looking back at the previous 20+ years of the S&P 500 and noting the early-2000s Dotcom crash followed by an even bigger stock market crash 7-8 years later, followed by COVID years later. In spite of these crashes and dips in the stock market, the overall trend is growth over time.
Despite the natural human tendency to avoid uncertainty and risk, the best time to enter the stock market is usually now.
Tune in for all the nitty gritty details.
Key Topics:
“Joe from Jersey” was hesitant to invest because he was always waiting for that “perfect moment” that may have never came. (4:14)
The professional investors know that nobody will get every call right in this “game of numbers.” (5:42)
“Time in the market is better than timing the market.” Money invested should be long term money. (7:15)
Jeff Gundlach considers 70% a high success rate, even with an entire staff of researchers. (10:43)
Even professionals know that it is impossible to call investments correct all the time. (13:00)
The biggest barrier to being a good investor are the thoughts in our heads. (13:55)
“Being right early, feels an awful lot like being wrong.” Leaving the stock market. (16:10)
It is really almost impossible to time when to get out of the stock market. (17:10)
Explaining the charts of the past years of the S&P 500. (18:39)
CLICK HERE for a supplementary video explaining the charts.
Just because you know something, it doesn’t mean that the investments are going in that direction. (20:38)
DALBAR tracks investment performance including the average return of mutual funds, stocks, bonds, cash, hedge funds, and more. (21:14)
Choosing the “right” investment. How fear of making the wrong choices causes people, especially women, to make no investment decision at all. (25:05)
No matter how good or bad the decisions are that people make, there will always be a small segment of return that simply depends on luck. (28:12)
Look at the expenses of the investments that you are in and focus on diversification. (31:42)
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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Today’s guest is Wealth Empowerment Coach Sheila Netti. Sheila is an amazing source of knowledge on all things money management and financial education. In this conversation, she goes down memory lane to talk about her personal retirement journey.
Having grown up in the projects in 1960s Harlem, the environment where Sheila spent her childhood was far from the safest and most prestigious. Couple that with a father who, despite toiling day after day to provide for his family, was unable to move the needle on his family’s socioeconomic status.
Sheila realized, from the ripe young age of eight, that something had to change. She recounts her path to retirement, from her initial dream of becoming a nuclear physicist as a child, to joining the Navy in order to pay for college, to making the decision that she would retire by the age of 55.
Listen in and learn how Sheila changed her behaviors and beliefs to achieve financial freedom and, later on, how she found a passion for helping other women do the same.
Key Topics:
Sheila’s journey to retirement (1:49)
I retired at 55! ...Now what? (7:30)
Setting up the business (12:22)
Sheila’s plan for putting away money over time (16:44)
How Sheila approached investing (22:19)
“Money and emotions don’t mix.” (25:36)
“I didn’t need to pay myself with things. I shifted to experiences.” (29:18)
What was harder: saving or not spending? (31:29)
Why Sheila became a wealth coach (35:43)
Teaching your kids how to manage money (38:07)
How investing in real estate played a role in Sheila’s plan (40:09)
The biggest challenge that Sheila’s coaching clients are facing around money mindset (45:18)
“Be confident in your ability to be powerful with money.” (47:20)
Reach out to Sheila to learn how to take control of your financial destiny. Visit her website at www.sheilanetti.com.
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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A common topic for this time of year is New Year’s Resolutions. From what we’ve seen, a lot of people’s New Year’s Resolutions often involve money, and the stuff regarding our finances that we know we should do and feels simple. But it never really is easy, is it?
The sad thing is, it’s not so much the resolutions themselves that are hard, but keeping our mindset on track to follow through with them as the months go by. It’s easy to say, “Starting January 1, I’m going to spend less money.” You might be able to fight against that first shiny object, and maybe even the second and third one. But eventually, as it happens, life catches up and we let our temptations get the best of us.
One great way to start gaining a sense of control around your spending is to do an analysis of your credit card statements and find out which “holes” you need to plug. Don’t begin with a prescribed budget or a spending regimen—simply find out how you’re spending your money.
Then control the flow. Almost done with a car payment? Plan to redirect that money in the future to your savings to avoid wasted funds down the road. Control your environment as well. For example, clean out your email inbox and unsubscribe from sale alerts; or set up a new email entirely dedicated to communications involving said sales and offers.
When it comes to eliminating debt, start small and don’t make things too rigid. Don’t underestimate the psychology of small wins. For this (and any money-related resolutions, for that matter), it helps to give yourself visual goal posts or even an accountability partner as you pay down your debts. You’re more likely to stay motivated if you can see your progress in real time.
Key Topics:
The typical half-life of New Year’s Resolutions (1:16)
“Personal finance is more personal than it is finance.” (4:33)
Make strong decisions around where you want your money to flow (7:58)
Set up your environment for success (9:37)
Paying down debt (11:28)
What’s different now that you’re going to actually accomplish this resolution? (17:19)
Why are you avoiding what you know you ought to do? (20:20)
Making sure your financial advisor is the right fit for you (22:05)
Happy New Year! (25:07)
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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“Who are you going to be without your business card? When everybody else is working Monday through Friday, what the heck is going to be taking up your time? How are you going to use your skills and talents?”
There are millions of women, right now, who are wondering what their life could look like after leaving behind their successful and hard-won career. They know they want to retire, but with decades of life left to live, the fundamental question that’s ever-present as they get closer to that last day of work is, “What’s next?” In this episode, we cover how to navigate this crucial transition and design an exciting and purposeful post-career life.
Today’s guest is Retirement Options Coach Autumn Nessler. She is the founder of An Intentional Life, LLC, which assists women in the creation of a lifestyle plan through educational workshops, research-based assessments, and one-to-one coaching. Autumn works with her clients to create a non-financial retirement plan by helping women in hard-won careers deal with what she calls the “choice overload” that comes when they leave that job, so that they have the full confidence to forge their path going forward and live life on their own terms.
Key Topics:
What Autumn does for work and who she works with (1:38)
Autumn’s own “ah-hah” moment that led her down her current path (5:07)
Answering “What lies ahead?” for high-powered women thinking of retirement (10:45)
“Why does it have to be a crisis for us to take care of ourselves?” (16:12)
How to be intentional (18:51)
Why we’re living in one of the best periods of history (21:56)
Rethinking retirement (26:58)
An example of a client’s success story (28:28)
The idea of a post-pandemic world should inspire you to be creative about your future (32:02)
Reach out to Autumn for a “clarity session” on your potential post-career life via autumn@designretirement.org. Visit her website at www.designretirement.org.
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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As human beings, we crave certainty. We want to know what’s going to happen and to know that we’re going to be okay. When looking into the financial future, we have to realize that a key ingredient of any analysis is assumptions or, to be blunt, guesses. Stephanie and Kevin tell us, however, that guessing isn’t wrong. It serves a purpose. It’s an ongoing exercise that narrows down the cone of uncertainty from experience to experience, week after month after year.
Planning is a living, breathing, ongoing thing. Do yourself a favor and relax, even if the path ahead is still a little foggy. An imperfect execution is better than waiting for the “perfect” plan to come together (hint: Don’t count on it!).
Key Topics:
Dealing with uncertainty while working with your financial planner (3:42)
What planning a trip to Disney World can teach us about the value of making guesses (7:40)
Thinking like a weatherman to narrow the cone of uncertainty (11:36)
“Relax! Give yourself some latitude to change your mind.” (14:30)
Overcoming paralysis by analysis (17:12)
Lighten up, Francis (18:56)
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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Many of us are fortunate enough to have parents who are living. That means that someday, they may need care. What are the impacts of a parent’s need for care on our lives? Today we welcome Certified Senior Advisor Lindsey Poeth to Take Back Retirement. Lindsey shares great information on the types of care, but more importantly how to start to talk about it with your family members.
The most important advice is to start early. Have the conversation and start to do some research long before you are forced to do it.
Key Topics:
- Becoming a caregiver for parents can put your retirement goals on the back burner (4:05)
- It’s crucial to plan ahead (9:15)
- “The number one feedback I get is, we should have done this years ago” (13:59)
- What the process could look like: “they did it on their terms” (19:35)
- How long does the research and decision process take? (23:54)
- The role of long-term care insurance (25:19)
- The big takeaway? Start talking! (28:25)
- The importance of knowing where stuff is (30:13)
- It’s OK to ask for help, and you don’t have to go it alone (33:12)
Find our guest Lindsey Poeth, Certified Senior Advisor, at www.OasisSeniorAdvisors.com/Mainline
LPoeth@YourOasisAdvisor.com 484.947.4266
https://www.linkedin.com/in/lindsey-poeth-350288140/
https://www.facebook.com/OasisMainline/
Resources mentioned:
- Free CHECKLIST – 10 Signs to Consider Senior Living can be downloaded here https://bit.ly/10SignsSeniorLiving
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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What do we need our money to do for us in “retirement?” Yes, pay our regular bills and hopefully some fun along the way. But there’s more to it, and important pieces that people often overlook. Stephanie and Kevin share a helpful framework for thinking about financial needs, and what type of assets are best suited to provide each out. Note The Four L’s is borrowed from renowned retirement researcher Dr. Wade Pfau.
Key topics discussed:
- What are the Four “L”s? 1:00
- Knowing what you got 3:33
- Longevity 7:46
- Lifestyle 9:08
- Liquidity 11:00
- Legacy 11:23
- What goes where 14:53
- The importance of being flexible 25:33
- “It’s A Family Affair” 32.42
- Gifting 41:44
List of resources mentioned in episode, suggested reading & social media handles, contact information for guests:
● Forbes article, “Giving While Living, Not Just for Billionaires”
If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
Follow Stephanie:
Twitter: twitter.com/SofiaFinancial
Facebook: facebook.com/SofiaFinancial
YouTube: youtube.com
Linkedin: linkedin.com/in/StephanieMcCullough
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Twitter: twitter.com/2ndHalfPlan
Facebook: facebook.com/afmgplanning
YouTube: youtube.com
Linkedin: linkedin.com/in/KevinmGaines
Many people picture moving into retirement as: One day you're working and the next day you're retired. As we learn from life transition expert Randi Levin, CEO & founder of Randi Levin Coaching,moving into retirement is best done with preparation. It does not have to be an overnight event. In this episode of Take Back Retirement we walk through different ways to approach this major life transition as well as various things to consider that may not immediately come to mind. Most important we understand that this about you and not following a cookie-cutter process that everyone else is doing.
Key topics discussed:
- Why Randi hates the word retirement (05:19)
- Retirement’s not a light switch (06:56)
- The value of planning ahead (10:17)
- Permission is so important (11:20)
- What are we investing in? (18:52)
- A broader definition of “investment” (25:53)
- What is self-leadership? (33:20)
You can find Randi at https://randilevincoaching.com/, and her FaceBook group The Recalibration Network at https://www.facebook.com/groups/recalibration/.
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If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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Building your retirement income plan can become complex. There’s a lot to put together. You know what assets you have, but how do you organize all of these tools to work together to create sustainable income?
It’s kind of like a jigsaw puzzle. The first step is to separate the pieces into categories. Even though everyone’s pieces will look a little different, Stephanie and Kevin help you see how you can use different vehicles as retirement income.
Key topics discussed:
- Categorizing what assets you have is the first step to start your retirement income plan (01:08)
- Using U.S. Government funded programs such as Social Security & Medicare (03:12)
- Other sources of possible income (06:55)
- Your IRA is not just an investment vehicle (09:28)
- Using your home as equity (10:41)
- What role do annuities and life insurance play? (12:07)
Resources mentioned:
- Free inventory worksheet can be downloaded here: https://download.filekitcdn.com/d/tcbLcNwXz1FStJwceH9fUD/eqHQ9efpu2KDhRG4yH9Rpu
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If you like what you’ve been hearing on this podcast, 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 all of the information about this episode at sofiafinancial.com/podcast
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There is no right way to retire. Even if you don’t do everything you had hoped to do, you can still build a plan so that you can do more of the things you want and less of the stuff you don’t. In this episode we’re Taking Back Retirement by redefining the old image and definition of this phase of life.
Key topics discussed:
- The cultural change between generations. (00:04)
- Redefining retirement to what YOU want to do (02:12)
- When things don’t go according to plan (06:06)
- How technology is changing retirement (08:53)
- Being realistic (11:53)
- Other ways you can make money while retired (13:03)
- Preparing for your #2ndHalfPlan (15:06)
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If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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When you were young, you wanted to do everything! You had the time but not the money to do it all.
When you started working and maybe raising a family, you had more money, but not the time.
Now that you’re nearing “retirement,” whatever that means, you ideally have the money AND time to do what you want.
But now what? How do you turn savings into income that is going to support everything you want to do?
In this episode Stephanie and Kevin want to help you Take Back Retirement by discussing these key topics:
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What exactly is Retirement Income Planning? (01:30)
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Should you work in retirement? (03:00)
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Making the unknowns known (06:35)
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The dangers of committing to a plan too early OR Designing your perfect retirement is always evolving(08:13)
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Prioritizing what you want to do (12:21)
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Be wary of salespeople (17:16)
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If this is your first time tuning in we encourage you to subscribe to the show so you can hear all of the other fun episodes that we have coming up in the next few weeks.
We would also love to hear your thoughts. What are the stresses that you’re facing when you think about the financial side of retirement? Email us at stephanie@sofiafinancial.com
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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Welcome to the Take Back Retirement podcast! Where two financial planners help women age 50 and better break down the myths and mysteries of retirement so they can gain clarity and take action around their next chapter.
The show will be a combination of conversations between hosts Stephanie McCullough and Kevin Gaines, interviews with subject-matter experts, and conversations with women who have been there and have stories to share.
While it’s a serious topic, we’re also going to have fun with it. We believe the best learning happens when we are able to relax and enjoy.
We don’t give cookie-cutter advice. Everyone’s experience, situation, and priorities are unique. We’re here to empower you to ask the right questions so you can gather the information you need to make wise decisions.
Because when women feel smart about money, they are able to control their future!
The show launches in September 2020 with two episodes per month.
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