Her Retirement’s Walk the Talk Podcast: Recent Episodes
Lynn Toomey
Walk the Talk by Her Retirement founder Lynn Toomey is an educational podcast focused on health and wealth for women preparing for and transitioning into retirement.
In this episode, host Lynn Toomey sits down with Dr. Daniel Crosby, a psychologist, author, and Chief Behavioral Officer at Orion, to discuss the intersection of financial success and personal fulfillment. Dr. Crosby shares insights from his latest book, The Soul of Wealth, which explores how individuals can make financial decisions that align with their values and lead to a more meaningful life. He breaks down why simply accumulating wealth isn’t enough for happiness and how intentional spending, investing, and saving can create a richer, more fulfilling life. Dr. Daniel Crosby is a psychologist, behavioral finance expert, and the Chief Behavioral Officer at Orion. With multiple best-selling books to his name, including The Behavioral Investor and The Laws of Wealth, Dr. Crosby specializes in understanding the psychological factors that influence financial decision-making. His work focuses on helping people make smarter, more intentional choices with their money by bridging the gap between financial knowledge and behavior. His latest book, The Soul of Wealth, offers practical, research-backed insights on how to manage money in a way that fosters happiness and long-term well-being.
In this episode of Lunch and Learn Live with Lynn, we dive into the critical topic of life insurance and its role in securing your financial future and protecting your loved ones. Did you know that only 52% of Americans have life insurance? Lynn explores the importance of life insurance, especially during Life Insurance Awareness Month, and discusses real-life stories that highlight why proper coverage is essential.
She breaks down the two main types of life insurance: term life insurance, with its straightforward and affordable structure, and permanent life insurance, which offers lifelong coverage with added benefits like cash value accumulation. Lynn also explains the different variations of permanent life insurance, such as whole life, universal life, and index universal life (IUL), and how they can be tailored to your financial goals.
Learn about the potential benefits of IUL policies, from tax-deferred growth and market-linked returns to supplemental retirement income options. Whether you're approaching retirement, currently retired, or considering life insurance for younger family members, this episode offers valuable insights into making informed decisions about your financial security.
Join Lynn for this essential conversation and take the next step in safeguarding your future!
In this episode of The Her Retirement Podcast, host Lynn Toomey talks with Paul Long, a storyteller and thought leader in the realm of “olderhood”—a term he uses to redefine the traditional concept of retirement. They explore the outdated notion of retirement, debunk common myths, and discuss how individuals can create a new, purposeful phase of life beyond the conventional retirement years. Paul shares his insights on navigating this new reality, emphasizing health, relationships, and meaningful work.
Listeners will hear about:
- The importance of staying relevant, active, and fulfilled as we age
- The dangers of entering retirement without a clear plan for purpose and fulfillment
- Key steps to take when approaching this new stage of life, including focusing on health, relationships, and lifelong learning
- Why traditional retirement can be a trap and how to create a personalized "new way forward"
Whether you're nearing retirement or simply looking to live a more intentional life, this episode offers practical tips and inspirational advice for anyone at any stage. Paul Long is a speaker, writer, and founder of the platform "A New Way Forward," where he helps individuals approaching retirement redefine their later years. With a background in journalism and content creation, Paul now focuses on the intersection of aging, purpose, and transformation. He shares valuable insights on how to navigate the new reality of aging, using his experience and research to challenge outdated stereotypes. Through his content on LinkedIn, YouTube, and Substack, Paul empowers people to live a fulfilling life well into their later years.
In this episode of the Her Retirement Lunch and Learn Live, Lynn discusses eight essential strategies to help you secure a more intentional and financially stable retirement. These strategies, grouped under the acronym "HEROS" (Her Efficient Retirement Optimized Strategies), are designed to maximize your wealth, protect your income, and ensure long-term financial security. Topics include smart spending and saving, semi-retirement opportunities, protected growth investments, and the importance of tax and legacy planning. Tune in to learn how you can implement these practical steps for a more confident retirement journey!
Jan Golden is the founder of Age-Friendly Vibes, a company focused on creating age-positive greeting cards that flip the script on traditional ageist messaging. She started the business at age 60, motivated by an anti-ageist greeting card contest in Denver. A graphic designer and web developer by trade, Jan now sells over 200 designs of greeting cards, stickers, and art prints in stores worldwide, including in the US, UK, Australia, and Ireland. Her work challenges the negative stereotypes of aging, providing creative, pro-age messages that celebrate the positive aspects of getting older. Jan advocates for finding passion later in life, highlighting her own journey of transitioning into her "encore career" after a successful career in IT.
Kellie Newell is a former corporate professional from the UK who decided to take a bold step by leaving her long-time career in the hospitality industry to embark on a year-long solo journey across Southeast Asia. After a series of life changes, including the end of a relationship and her last child leaving for university, Kellie felt a need to rediscover her purpose. With just £12,000 in savings, she chose to budget travel, staying in hostels, enjoying street food, and embracing the freedom of spontaneous exploration. Throughout her travels in Vietnam, Cambodia, Laos, Thailand, and Malaysia, Kellie connected with people from all over the world, immersing herself in local cultures and breathtaking landscapes. Her journey is a testament to living fearlessly and finding joy in the unknown.
Mindset Matters: Shifting from Scarcity to Abundance Ellen Rogin discusses the importance of mindset in financial wellness. Understand the difference between scarcity and abundance thinking and how to adopt a more positive outlook.
Ellen Rogin is a former financial advisor, renowned author, abundance activist, and financial intuitive. With a background in practical financial planning and a deep intuitive ability, Ellen combines these skills to help individuals unlock their financial potential. She believes in the power of generosity and gratitude as key drivers of prosperity and has developed unique methods to activate abundance in her clients' lives. Ellen is the author of "Picture Your Prosperity: Smart Money Moves to Turn Your Vision into Reality," a New York Times bestseller that guides readers in creating visual financial plans. Her work has empowered many to shift from scarcity thinking to an abundance mindset, leading to greater financial wellness and fulfillment.
Dr. Orlena is a former pediatrician who has transitioned into a health and wellness coach, residing on the beautiful Mediterranean coast of Spain. With a medical background and a passion for helping women lead vibrant, healthy lives, Dr. Orlena focuses on sustainable lifestyle changes that promote physical and emotional well-being.
After relocating to Spain 13 years ago, she pivoted from traditional medicine to create a holistic health platform that empowers women to lose weight, gain energy, and enjoy life to its fullest. Dr. Orlena emphasizes the importance of enjoyable exercise, nutritious eating, quality sleep, and emotional wellness. She encourages her clients to develop positive habits and make small, impactful changes that contribute to long-term health and happiness.
Dr. Orlena is dedicated to inspiring women to embrace their best selves through her four-pillar approach to wellness: nutritious eating, enjoyable exercise, restful sleep, and emotional well-being. Her philosophy is rooted in the belief that a balanced life filled with joy and self-care is the key to lasting health and vitality.
Jacqueline Perez, affectionately known as Jack, is a dynamic entrepreneur and the visionary founder of Kuel Life, a vibrant digital platform dedicated to empowering women in midlife. With a career spanning several decades and industries, Jack has consistently demonstrated her commitment to creating value and fostering community among women navigating the complexities of midlife transitions.
Jack's professional journey began in the corporate world, where she garnered extensive experience in consulting and marketing. Armed with an MBA, she excelled in the demanding environments of Fortune 50 companies and later co-founded a PR and marketing firm in San Francisco. Her entrepreneurial spirit was evident early on as she successfully balanced the demands of her career while raising her son as a single mother.
In 2017, inspired by her own challenges during menopause and the lack of available resources, Jack founded Cool Life. This innovative platform is not just a directory but a carefully curated community where powerhouse women share their expertise on topics ranging from health and wellness to financial security and personal growth. Cool Life is a testament to Jack's belief in the importance of supporting and empowering women through every stage of life.
Beyond her professional achievements, Jack is a passionate advocate for normalizing the conversation around aging and providing women with the tools they need to live their best lives. Her ability to connect, inspire, and lead is evident in the thriving community she has built.
Jack is also a sought-after speaker and thought leader, known for her candid discussions about the realities of midlife and her unwavering dedication to helping women redefine what it means to age gracefully and powerfully. As she approaches her 60th birthday, Jack continues to inspire and lead with the same energy and enthusiasm that has defined her multifaceted career. https://kuellife.com/
Annie Baker is a seasoned Realtor with over 25 years of experience across multiple states and countries. In 2010, she discovered her passion for helping seniors downsize, inspired by her first senior client, Lillian. This experience led her to specialize in senior real estate, focusing on the importance of integrity and building a trusted team to assist seniors in their transitions. Originally from Atherton, CA, Annie has lived in Canada, Finland, and various parts of the U.S., giving her a personal understanding of moving and real estate. Alongside her professional career, Annie is dedicated to volunteering with Hospice of the Valley and participating in "Furry Friends" dog therapy with her dog, Winston. Annie’s commitment to kindness, expertise in real estate, and personal experiences make her a compassionate and knowledgeable advocate for her clients.
Sharon K. Gillenwater is a dynamic tech startup founder, seasoned business executive, and inspirational speaker whose mission is to demystify entrepreneurship and make it more accessible for everyone. With a passion for fostering inclusive and ethical business practices, Sharon has made a significant impact on the entrepreneurial landscape.
She is the author of the acclaimed book Scaling With Soul: How I Built & Sold a $25 Million Tech Company Without Being an Ahole. In this insightful work, she shares the compelling story of how she built, scaled, and successfully sold Boardroom Insiders, a company that provides in-depth executive profiles and insights for sales and marketing professionals. Sharon's approach emphasizes integrity and empathy, proving that success in business doesn’t require compromising one’s values.
Join us as Sharon delves into her entrepreneurial journey, offering valuable lessons and practical advice on building a tech company from the ground up. Her experiences and insights are sure to inspire and empower anyone looking to navigate the challenging yet rewarding world of entrepreneurship.
Meet Anne Lester, a seasoned leader on a mission to empower rising professionals to save smart and retire happily, all on their own terms. With an impressive background, including 20 years as Head of Retirement Solutions at J.P. Morgan and co-founding The Aspen Leadership Forum on Retirement Savings with AARP, Anne brings unparalleled expertise to the table. Her exceptional contributions to Americans' economic security earned her the prestigious Ray Lillywhite Award in 2020. A dynamic speaker and emcee, Anne engages audiences of all ages and professional backgrounds, from under-45 crowds to financial industry events like P&I and NAPA. She has also been featured in top-tier media outlets such as Bloomberg TV, CNBC, Barron's, and Forbes, showcasing her expertise in retirement planning and financial security. Anne is currently working on a groundbreaking book, "Your Best Financial Life: Save Smart Now for the Future You Want," slated for release in 2024 by William Morrow. With an academic background in international economics and Japan studies from Johns Hopkins and a B.A. from Princeton, including a Fulbright Graduate Research Fellowship, Anne brings a wealth of knowledge and insight to her work. Personally, Anne and her husband are parents to two children—a Gen Z-er and a Millennial—both on their journey to financial preparedness for retirement.
In this enlightening podcast episode, Wendy Werneth and Dana Malstaff from Camp Reinvention, seasoned coaches and mentors, share invaluable wisdom and guidance for women navigating life transitions. Wendy, a seasoned life coach, and Dana, a successful entrepreneur, emphasize the transformative potential of their 12-week program, designed to help women rediscover their passions and chart a fulfilling path forward. They encourage listeners to take action and approach life with curiosity, highlighting the importance of embracing imperfection and challenging limiting beliefs. Wendy underscores the notion that past experiences do not define one's future, emphasizing the opportunity for growth and change at any age. Host Lynn, who also leads "Never Too Late to Launch" for women over 50, finds resonance in empowering women to explore new opportunities. As the conversation unfolds, they delve into topics such as retirement, entrepreneurship, and the endless possibilities for personal and professional fulfillment. Listeners are invited to explore Camp Reinvention and ponder the empowering question: "Wouldn't it be cool if..."
Listen in to this episode as Lynn chats with Mike Drak, author, retirement lifestyle designer, public speaker, and senior contributor at Booming Encore. Lynn and Mike talk about how to prevent retirement shock, retiring and then going back to work (on your terms), the advantages of semi-retirement, and how to live a good, long life.
Listen in to this week’s episode as Lynn talks with Dr. Nicole Marcione about how to age well by prioritizing your longevity, desire, and vibrancy. Dr. Nicole's expertise is in helping midlife women navigate their aging process by reconnecting with their body, their intuition, and their desire; blending the Science of Longevity with the Art of Living a vibrant, sensual life. It’s time to feel good, reconnect and trust our bodies. Let’s Get her Done.
As a Certified Professional Coach, Maureen focuses on helping individuals lead with greater impact and on training teams to perform with higher effectiveness. In addition, I lead group training and development sessions around the 7 imperatives of effective leadership. Maureen has over 25 years of business leadership experience partnering with clients such as P&G, General Mills, Burger King, and United Airlines at top advertising shops, including Grey, Saatchi & Saatchi, and McGarry Bowen. Before becoming an Executive Coach and Trainer, she designed countless mentoring, training, and leadership programs for her teams while driving unprecedented growth for her clients. Maureen hails from the Midwest but has lived happily in and around New York for 25 years. Maureen received a BA in Marketing and Communication from The University of Dayton and her Professional Coaching Certification (CPC) from the Institute for Professional Excellence in Coaching (iPEC). She’s also a certified Energy Leadership practitioner (ELI-MP), a certified practitioner of DiSC, an Amazon bestselling author, and an avid podcaster on the topic of leadership and potential. Some people say it’s easier said than done; Maureen feels it’s easier done than said. She emphatically believes Ralph Waldo Emerson was right when he said, “Do the thing, and you will have the power.”
https://www.mfalveycoaching.com/
This week Lynn talks with Scott Fulton, president of Home Ideations, President of the National Aging in Place Council and a member of the American College of Lifestyle Medicine. Scott and I chat about aging in place, his concept, and Wealthspan, and his five pillars of longevity: mind, environment, diet, activity and community.
In this week's episode, Lynn sits down with fitness coach Barbara Hawken to talk about demystifying menopause. Barbara is a Transformation Coach for affluent Moms and executive women who want to feel more radiant and energetic. Food, fitness, mindset, and lifestyle are all focuses in Barbara's programs.
In this week's episode, Lynn sits down with renowned journalist, Social Security expert, and Retirement Professional, Mary Beth Franklin, CFP to discuss getting the most out of your Social Security benefits.
As an award-winning journalist for over 40 years, including a stint on Capitol Hill for United Press International, Mary Beth has written about big-picture policy issues, such as the federal budget and tax legislation, as well as consumer-focused personal finance advice articles on how to maximize Social Security benefits, minimize tax bills, and enroll in Medicare. She spent 13 years as the tax and retirement editor at Kiplinger’s Personal Finance magazine and subsequently educating financial advisors as a Contributing Editor at Investment News. At Kiplinger, She also edited the annual Retirement Planning Guide and monthly Retirement Report newsletter.
In 2016, she received the prestigious Jesse H. Neal Award for Best Instructional Content for her article “Demystifying Social Security.” That same year, she received a Hero Award from the Women’s Institute for Secure Retirement (WISER) for her educational efforts to improve retirement security for women.
In 2021, Editor and Published presented her with an EPPY award, citing her “On Retirement” column as the best business blog of the year. In 2022, she received the runner-up EPPY award in the same category, and she also received the Investment News Trailblazer award for her contributions to the retirement income planning profession as part of Investment News’ annual Women to Watch event.
You can find out more about Mary Beth Franklin and her services at https://marybethfranklin.com/
https://www.linkedin.com/in/mary-beth-franklin-ab7a9a3/
https://twitter.com/MBFretirepro
In this week's episode, Lynn sits down with Jeanne Thompson to discuss work life balance towards the end of our careers. Jeanne Thompson is an author, speaker, transformational coach, former Fortune 50 HR executive, and now a retiree. As a Certified High Performance Coach (CHPC) trained by the High Performance Institute, founded by Brendon Burchard, and a Rapid Transformational Therapy Practitioner (RTTP), Jeanne partners with individuals, teams, and audiences in service of working to make them the best version of themselves they can be.
https://www.jeaninethompson.net/about-jeanine
Robert Laura is a retirement speaker, baby boomer expert, author, entrepreneur, and money manager. As the Retirement Activist, he’s committed to changing the way people think about and prepare for every aspect of retirement. Over the course of his career, he’s learned that retirement is one of the most fascinating and least understood phases of life, and he’s laser-focused on helping people create no-regrets retirement plans.
In his nationally syndicated columns at Forbes and Financial Advisor, he challenges the status quo of traditional retirement planning. He’s also the founder of RetirementProject.org and Naked Retirement, and he frequently appears in the Wall Street Journal, CNBC, Investor’s Business Daily, Yahoo Finance, The Street, and other publications. https://www.linkedin.com/in/robert-laura
In this week's episode, Lynn walks us through the episodic series of TikTok videos documenting the process of getting her mother elderly living assistance care.
“Old age” for our great-grandparents is now “middle age” for ourselves.
So what are you going to do with this gift of time?
For most of us, this is uncharted territory. Role models to help us navigate so many new sets of questions are limited.
This remarkable extension of our life expectancy has precipitated exciting changes in our attitudes toward aging. Nowadays, we are rejecting outdated models of “retirement.” Instead of stepping back, we are embracing this gift of time to shift, edit and expand in all areas of our lives. We are reimagining how we live, love, work, serve, and thrive in our “third act.”
Our “third act” is a time to seek meaning and arrive at our best life — with joyful, engaged, and truly purposeful decades ahead.
Creating a new way of living in this phase of life does not come naturally to most of us. It requires digging deep and sloshing around in uncomfortable, unknown waters. Vulnerability and insecurity can run high in the face of workplaces and a culture that has limited respect for “older” people.
Do you shift or leave a long-term career, re-enter the workplace after years of raising your family, launch a new business, or passionate initiative you have held back from pursuing for years? (Did you know that women over 50 own over 50% of small businesses?) Do you focus on a passion over income, choosing to learn new things and develop your talents? How do you deepen or change your relationships, spend more time with people you love, connect with new like-minded friends, and shape ways to serve and make an impact in the world?
Are you ready to set aside your fears, doubts, and limiting beliefs to fulfill your life’s desires? Do you want to get back in touch with who you are to create the life that you were meant to live? Are you ready for your “third act” quest? https://www.thirdactquest.com/about
Continuing the theme from last week’s episode on the non-financial aspects of retirement, Lynn shares a segment from a recent Her Retirement Masterclass she hosted. In the class, she talks about both the financial and non-financial aspects of retirement and in this segment, her Good Life framework and something she refers to as wealth planning. It gives you a framework and the opportunity to re-imagine and re-design your retirement life, aligning your purpose, vitality, connections, and contributions with your finances. Once you have this clarity, you can retire with intention…on your own terms. This is really the essence of life planning for retirement. In this segment, she shares some stats and suggestions for each of these sections of my framework. The non-financial side of retirement planning is just as important as the financial.
As a certified leadership coach with her company ULeadU Post Career Pathing based in Toronto, Canada, Marilyn works with professionals & business leaders approaching retirement & wondering what they’ll do with themselves if work isn’t a constant companion. With ULeadU Post Career Pathing they tap into their inner navigator to chart their own path & LEAD THEMSELVES into that next phase of life with confidence. With Marilyn's support, clients go deep into the non-financial aspects of retirement. This is more than lifestyle planning. The focus is on building self-awareness to shift mindset & take action vs. just dreaming about how to spend all that found time. Her clients envision & begin to design a post-career life that is as engaging & purposeful as their successful careers.
Email: Marilyn.hintsa@uleadu.ca
Website: www.uleadu.ca
Linkedin: linkedin.com/in/hintsa
Rachel Fox is the Director of Business Development at Sunny Day Fund, an employer-rewarded emergency savings program that enables your workforce to stabilize and shine financially. Sunny Day Fund is building innovative financial technologies, starting with employer-rewarded emergency savings that stabilizes workers’ finances and enables their pursuit of economic freedom. With Sunny Day Fund®, employers can help American workers save for brighter days ahead and grow with greater resiliency. https://www.linkedin.com/in/rachel-fox-142li/
In this week's episode, Lynn takes a closer look at Long-Term Care, as well as breaks down the new Secure Act 2.0 recently passed in December.
I kick off 2023 with my first episode of the year talking with Medicare/IRMAA specialist Dan McGrath. Dan is the co-founder of IRMAA solutions, a technology and training company focused on helping financial professionals provide better Medicare advice and data to their clients. In this eye-opening episode, Dan teaches us the basics of IRMAA… The Income-Related Monthly Adjustment Amount (IRMAA) is a surcharge or premium you may pay in addition to your Part B or Part D premium if your income is above a certain level. The Social Security Administration (SSA) sets four income brackets that determine your (or you and your spouse's) IRMAA. IRMAA costs can surprise many retirees, uninformed of its impact on a retirement budget. And because it’s based on retirement income, tax-deferred income sources can greatly (and unexpectedly) impact a retiree’s budget for healthcare costs.
Dan also shares his insights on why everyone should STOP contributing to tax-deferred accounts such as 401(k)s and opt for tax-free retirement income sources instead. We talk annuities, life insurance, and reverse mortgage too. A lot of ground in just an hour or so episode. We close the episode with Dan telling us why he believes “the financial services industry hates women.” It’s an interesting case study he uses to illustrate his perspective. Grab a pen and paper, as you’ll want to take notes on this episode, or plan to listen to it multiple times. Controversial topics that definitely get you thinking (outside the box).
The question in this week’s Her Retirement podcast is, Are Annuities the Answer? Annuities are a great option for those who would like to create a guaranteed income source in retirement. They are also a great hedge against market volatility. But what are they all about and are they for you? Take a listen and find out.
In this week’s episode, Lynn shares a recent chat with Linda Pringle Evans, host of the Womenomics podcast and soon-to-be national movement. Lynn and Linda have a great discussion about women, money entrepreneurship, and retirement. Lynn shares her perspectives on women's challenges, gaps, risks, and opportunities as they prepare to live a happiHER, healthiHER and wealthiHER life and retirement.
The Womenomic$ Show will inspire, motivate and equip more women entrepreneurs to become financially secure. This show is your guide to empowering women's economic growth and sustainability. Learn what it takes to become unapologetic for building wealth and inter-generational wealth. It's time for more women to LevelUp and experience financial freedom!
Carolyn is one of America’s most respected and accomplished voices on women as leaders and their relationship with power. A sought-after speaker, she was appointed by New York City’s former Mayor Bloomberg to his Commission on Women’s Issues, named Woman of the Year for the healthcare industry in 2012, and has co-authored numerous articles in the Harvard Business Review on Women’s Leadership, as well as Diversity and Inclusion. Across five decades, Carolyn has been a successful diplomat, Wall Street banker, management consultant, healthcare futurist, talent innovator, professor, author, philanthropist, wife, mother, and grandmother. Carolyn’s life journey navigating a man’s world has given her a unique perspective on living an epic life of meaning and purpose, regardless of the obstacles. Today, she uses her proprietary Decade Game to coach courageous women around the globe in business, civic society and philanthropy to step fully into their power at home, at work, and in the world. Carolyn is looking forward to the up-coming publication of her new book, “EPIC!: The Women’s Power Play Book”.} https://www.imaginal-labs.com/carolyn
This week Lynn Toomey explains the history of the Her Retirement platform and how the platform can help you live a better, more intentional, and financially secure retirement. She also discusses the concepts of lifespan, healthspan, and wealthspan and why you should keep these concepts in mind as you develop your retirement plan.
A girl name Stevyn is my guest on this week’s podcast and it seemed rather fitting to publish this episode during Thanksgiving week in which we chat about how women can be healthiHER as we age. Stevyn tells us in this chat that wealth is our biggest asset. And according to Annuity.org’s recent study, better health tops the list as something most baby boomers wished they focused on in their younger years. Stevyn gives us lades some great food for thought and ideas for making health and fitness part of our daily routine and giving three important tips to get in better health or to maintain our health as we prepare for, transition into and live in retirement. Take a walk (after your turkey dinner) and listen to these tips (and some tools) along with some other great ways to be “wellthy” now and in retirement.
In this week's episode, Lynn hops on a Zoom call with Susan Latremoille to discuss 9 steps to a rich life in retirement.
Susan spent over 35 years as a wealth advisor assisting clients to financially plan for their retirements. She saw a common thread among her clients. Having enough money to retire was only a piece of the retirement puzzle. It was the non-financial side that had the greatest impact on the predictability of a successful retirement. Susan is a Partner in Next Chapter Lifestyle Advisors.
Susan is a Certified SuccessFinder Practitioner. SuccessFinder is a powerful assessment that helps clients be clear about what motivates them and their lifestyle priorities.
Susan is a Family Enterprise Advisor, FEA, (Family Enterprise Exchange), and holds an Executive MBA. Susan is a former board member of Richardson Financial Group and holds her ICD.D designation (Institute of Corporate Directors). Susan is a certified Retirement Coach (CPRC). She is the author of The RichLife – Managing Wealth and Purpose, It’s Not Just about the Money – The Whole Life Approach to Wealth Management, co-author of On the Shoulders of Atlas- a Story about Transitioning a Family Owned Business and co-author – Thriving Throughout Your Retirement Transition.
Carol Lee has over 30 years of experience in the financial services industry and holds the Certified Financial Planner, Certified Financial Transitionist and Certified Divorce Financial Analyst® designations.
Carol Lee has an undergraduate degree from Augustana College and a Master’s Degree in Financial Planning from DePaul University. Carol Lee also has experience in the field of certification having served as the Managing Director of Education and Examination at the CFP Board of Standards in Washington, D.C.
Carol Lee is a member of the Institute for Divorce Financial Analysts, the Financial Planning Association, and a former Board member of FPA-Illinois.
Tune in this week to hear Lynn's conversation with divorce expert, Carol Lee Roberts.
Divorce after 50 - aka "gray divorce" - is becoming more common (for several reasons). Couples over 50 are now seeing the highest divorce rates among all age groups in the world. The United States has the highest divorce rate in the world, with nearly half of all marriages breaking up. Having gone through divorce twice, Lynn is all too familiar with the challenging process. Tune in to this week's episode to learn how to face one of life's toughest challenges as you close in on retirement.
To have a good financial standing, sometimes you have to face the things you would rather ignore. For example, death and what will happen to your finances when you pass away. However, everyone has to consider this, especially if you have a family or other dependents. This is where life insurance comes into play. Tune in to this week's episode to learn the essentials of life insurance.
In this week's episode, Lynn reviews fifteen questions that you should ask about your Social Security benefit. Social Security was never meant to be your only means of income. According to the Social Security Administration, Social Security replaces 40-50% of the average earner's income after retiring. Retirees will need 70-80% or more of their earnings to live comfortably. Find out what else you need to know about maximizing your benefit in this week's episode of the Her Retirement Podcast.
In this week's episode, Lynn reviews some strategies to lessen the blow inflation may inflict upon your retirement income.
Some more episodes on this topic:
Episode 56: What's Better Than Bonds?
Episode 45: Are Annuities the Answer?
In this week's episode, Lynn reviews five questions you should ask your mother, grandmother, or yourself. Some highlights include elder fraud and scams, health and mobility concerns, and tax advice.
This week Lynn chats with Luke Centrone of Reverse Mortgage Funding about how to use your housing wealth in retirement. Luke has been in the mortgage industry since 1996 and a Reverse Mortgage Specialist since 2014, with a total of 24 years of industry experience. “What I like most about my job is the satisfaction I feel in being able to help people,” Luke says. “Whether it’s refinancing an existing mortgage to make life easier and more affordable, providing an additional source of monthly retirement funds, or supplementing long-term health care via a line of credit, I make it my business to care for my clients. I take the time out to educate my clients about the product and help them to figure out if a reverse mortgage is right for them or not.”
On Monday, July 4, here in the good ‘ole US of A we celebrated the 246th anniversary of the adoption of the Declaration of Independence (Did you know it was actually formally signed on August 2nd?). A document in which America's founders affirmed that each individual is endowed with inalienable rights to "Life, Liberty and the pursuit of Happiness." Of course, you podcast host and Her Retirement founder Lynn Toomey added the Retirement part as she believes that life IS good, but retirement can be better, and this should also be an inalienable right. In this week’s episode, Lynn talks about how to plan for life, liberty, and the pursuit of happiness in retirement.
In this week’s episode, Lynn shares an overview of investing basics. Many of us women find ourselves a little confused when it comes to all the various investing terminology and strategies. While we believe an investment advisor is helpful to have during your accumulation years, a retirement advisor who understands how to create a “retirement optimized” investment strategy is VERY important. While you can certainly learn and manage your own investments, this is a time-consuming endeavor. While most of us won’t be managing our own investment portfolios and implementing retirement strategies, it is very important to at least understand the basic components of investing and the various investment options and how they work. When you know more, you can have more.
Hello and welcome to this week’s episode of the Her Retirement podcast. My question for this week is, What’s Better Than Bonds? Sounds kind of like the start of a knock knock joke. But it’s no joke. Bonds have historically played the safety role in your traditional portfolios. However, bonds are basically a bust these days. But, what’s the alternative? Can you still have a protection strategy that will outperform the abysmal returns of bonds? Well, that’s what I’m going to dig into in this week’s episode. Grab your headphones, go for a walk and open your mind to a pretty interesting and exciting opportunity in which you just might be able to have your cake and eat it to.
This week Lynn interviews Professor of Finance Emeritus at the Wharton School Jack Guttentag all about how to use your housing wealth to create an income stream in retirement via a reverse mortgage. Throughout his very long career, Professor Guttentag has been concerned with the difficulties faced by consumers in financial markets arising from the complexity and inexperience. He tackled these challenges first in connection with home mortgages, then with reverse mortgages and now with retirement planning – the most challenging of all.
Joining Jack is his business partner, Allan Redstone. The duo also discuss with Lynn their new software platform, Retirement Funds Integrator. The software integrates three major components of a retirement plan that have to this point been treated separately: financial assets, annuities, and HECM reverse mortgages.
https://rfiretirementplan.com
Most Americans expected to work for the same company for their
entire career with the hopes of receiving a pension that would enable
them to live comfortably in retirement. However, the reality is far
different. A survey published by the US Bureau of Labor Statistics states
that those individuals born between 1957 and 1964 (the later years of
the Baby Boom), are likely to hold an average of more than 12 jobs in
their working lifetime.
In this week's episode of the Her Retirement Podcast, Lynn reviews the major points to keep in mind when considering or actively pursuing a career change later in life.
https://herretirement.com/wp-content/uploads/2022/05/CAREER-CHANGE-CHECKLIST.pdf
This week Lynn sits down for a conversation with Laurence Kotlikoff, a professor of economics at Boston University, president of Economic Security Planning, and a New York Times best-selling author.
https://kotlikoff.net/
Want to purchase Larry’s new book, Money Magic? Go to the Her Retirement bookstore and support a small book reseller.
Interested in the Her Retirement software platform? Check out a free trial at Her Retirement.
Interested in Larry’s Maxifi software, but don’t want to try and figure out how to use it on your own? Email Lynn at: lynnt@herretirement.com
Listen in as Lynn has an insightful chat with Brian Saranovitz of Your Retirement Advisor. Brian shares his perspective on the state of the market and some key action steps to combat current and future market conditions.
In this week’s episode, Lynn Toomey talks with Andrea Hunt life coach and EFT practitioner. Listen in as they chat about the value of life coaching, life lessons, things you’d tell your 20-year-old self and traveling solo. It’s a mixed bag of great tips and ideas.
This week’s Her Retirement podcast was inspired by an article Lynn Toomey read recently on the BBC website entitled, “How Thinking About ‘future you’ can build a happier life.” She was also spurred on by a visit with her mom to a local senior center to get some advice on Medicare, elder care planning and the like. “Helping my 86-year-old mom put a plan in place for her future, definitely spurred me on to come home and do some visualizing, planning and recording this episode.”
Mr. Robson’s article encourages people to imagine and nurture their future self, including their health, wealth and happiness. Lynn loves the concept because health, wealth, and happiness is the focus not only of her podcast, but also the Her Retirement Platform. The author asks readers to think ahead to 10 years from now and consider if you’ll still fundamentally be the same person you are today, or will you hardly recognize yourself? Many researchers and psychological studies show that people’s responses to this question varies quite a bit. But their answer does point to some surprising behavioral tendencies. Put some headphones on and go for walk or listen while cooking dinner and find out the benefits of planning future you.
In this week’s episode of the Her Retirement podcast, Lynn Toomey covers part 2 of the True Costs of Retirement. Last week she covered, cost mistakes 1-8. This week she reviews 9-16. These are the 16 most devastating mistakes you can make when estimating your costs in retirement so make sure to take a listen to both episodes 48 and 49.
Most of us, if not all of us women, fear running out of money and becoming a bag lady in retirement.
One of the biggest mistakes is underestimating the true costs of retirement and not having a plan to address these costs. There’s a myriad of reasons your projected budget might not be enough to see you through a blissful retirement. Listen in to this week’s episode to hear about 8 of 16 costs that are more than you probably think. Next week, tune in to hear the rest. You won’t want to miss either episode.
Determining when, or if, you should convert your investments to a Roth IRA is an individual decision based on factors such as your financial situation, age, tax bracket, current investments, and alternate sources of retirement income.
Join Lynn in this week’s episode as she answers some important questions for you.
What is a Roth IRA?
What is the difference between a traditional IRA and a Roth IRA?
What accounts are eligible to be converted to a Roth IRA?
How can a Roth IRA conversion help protect me from future income-tax-rate increases?
What are the tax consequences of a Roth IRA conversion?
How can a Roth IRA conversion help provide a greater financial legacy for my beneficiaries?
How can a financial advisor help today’s investors? A financial professional can provide guidance about today’s financial climate, determine objectives, and assess progress toward those goals. Alone, an investor may find it difficult to do any of these tasks. Moreover, an investor may make self-defeating decisions. Listen in to this week’s episode to hear more about how a financial advisor can help investors stay the course and retire with more.
The question in this week’s Her Retirement podcast is, Are Annuities the Answer? Annuities are a great option for those who would like to create a guaranteed income source in retirement. They are also a great hedge against market volatility. But what are they all about and are they for you? Take a listen and find out.
Listen in to this episode as Lynn kicks off March and Women’s History Month. She shares a brief history of this annual retrospective along with some statistics on the progress women have made toward financial equality.
Planning and saving for retirement may seem like goals that are far in the future. Yet saving, especially for retirement, should start early and continue throughout your lifetime. Join Lynn in this week’s episode as she discusses reasons why saving more matters to women, how the Great Resignation has impacted our retirement savings, and eight questions to ask yourself as you commit to a savings plan.
Are you thinking about retiring at age Sixty-five? Is it possible? Is it even smart? Life expectancy continues to increase, which can often mean a longer retirement and may mean collecting Social Security longer. Sixty-five has long been thought of as the magic age for retirement. Join Lynn this week as she explores how this is changing, why it may be harder than previously thought and some tips to help you make the retirement decision.
Longevity risk in retirement is both our friend and our foe. Of course, a long healthy life sounds quite appealing. But longevity is also one of our biggest risks in retirement, especially for us women as we tend to live longer than our male counterparts. Listen in to this week’s episode as Lynn talks about the wealth and health effects of longevity. Lynn shares an overview of what she believes to be the healthiest way to eat and live long and prosper. Her opinion is backed up by numerous research studies, including one that was published this week on how eating a Mediterranean style diet can add a decade to your life. Grab your headphones, go for a walk (it helps you live longer) and listen in.
In this week’s episode Lynn talks about housing matters, including a Bankrate.com article she was recently quoted in on the trend of single women and homeownership, and a new tool to help people figure out where they want to live in retirement.
Where we end up living in retirement is a big issue that many people begin to think about as they get closer to retirement. It can be a very thought provoking, soul searching, and stressful decision. Join Lynn as she shares her own journey, challenges and ideas for making your choices a little easier. After all, housing matters… a lot in retirement.
In this week’s podcast, I’m talking about the growing concern over current stock market volatility and a question that’s on the top of everyone’s mind: Is this the beginning of the end? That is, the end of the bull market we’ve enjoyed for the last 12 years, or is this simply a short-term fluctuation? Well, no one knows for sure. How the market performs is not something we as investors can control. But, there are key concepts to understand and key things you should and shouldn’t do to protect yourself, your money and your retirement from stock market woes. Take a listen to this week’s episode to learn more.
This week Lynn is speaking to Brian Saranovitz of Your Retirement Advisor. This episode is an excerpt from a live Ask the Advisor Q&A session that was recorded in December of 2021. Brian kicked off the session with a discussion of what he calls the Multi-Discipline Retirement Strategies or MDRS. These are little known retirement optimized strategies that people can deploy in their plan to really improve their retirement outcome. This episode will give you some ideas you may not have heard before, so join Lynn to learn more.
In this episode Lynn discusses how much of your happiness is under your control. What does it mean to be happy now and in retirement? What is the relationship between money and happiness? Does more money mean more happiness. It’s easy to want more when you think of being happier and living better. And there’s little doubt that money can buy some (more) happiness. But the happiness we get from money is fundamentally limited. It leaves us wanting more, and it’s not enough on its own to enjoy a truly satisfying life. The reality is a lot of the things that can make us happy and enrich our lives have nothing to do with money. And some of the things that may bring us the most joy could already be within our reach.
Take a half hour out of your day and join Lynn as she shares some research on this very important topic. She’ll share several things you can do to improve your level of happiness in life and in retirement (and most of them don’t have anything to do with money).
Join Lynn this week as she discusses issues we should consider before we retire. There are so many different things we should think about as we prepare for and transition into retirement. Lynn put together a short checklist of main issues you need to be aware of before you retire.
Join Lynn as she talks about an article she recently saw in Forbes magazine entitled, What's The Future For The Retirement Security Of Women? Lynn will talk about some concerns, insights and solutions brought up in the article, and why she is optimistic about the future for women and their retirement.
Financial resolutions run rampant this time of year. But please do consider committing to your financial wellness. It’s important with any resolution (financial or otherwise) that you don’t bite off more than you can chew. In other words, set achievable and measurable goals, but limit it to a few, not a dozen resolutions.
Healthcare is a top concern for women as we transition into retirement. Listen in as Lynn interviews Medicare specialist Cheryl Boyles about our healthcare challenges, the ins and outs of Medicare and how much our healthcare is going to cost us.
This week Lynn discusses behavioral finance. Whether you are talking about fitness, food or finances, when one learns to control his or her behavior, anything is possible. Unconscious factors drive almost every financial decision you make. Join Lynn as she talks about how you can assess and reign in these behaviors to improve your financial well-being.
This week Lynn discusses your safe withdrawal rate. How much can you spend in retirement without outliving your money? It's one of the most fundamental questions confronting anyone who has retired—or is getting ready to.
This week Lynn talks about not shopping on Black Friday. There are much better ways to spend your time and your money. The message Lynn and Her Retirement share is how to be more intentional, efficient, and sustainable with your money. So of course, she is going to shun Black Friday. The temptations are huge, but it’s all a part of the big marketing machine to get us to spend more and have more. But do we really need to have more stuff? Join Lynn as she discusses some better ways to focus your time and money.
At Her Retirement, we are very research based. As a result, I like to base much of what I talk about on my podcast on industry research. This week I summarize some key points on the 2021 study by conducted by Allianz Life Insurance Company of North America. The study is called the retirement risk readiness study.
This week we’re talking about happiness in retirement. The most successful retirees are the ones with the biggest bank accounts, right? Not necessarily. Although good financial planning and a solid retirement strategy play major roles in being comfortable and content after leaving the workforce, there’s more to it. Let’s discuss.
In this week’s episode Lynn talks about couples having staggered or asymmetrical retirements and all the planning and discussions that must occur when deciding if the pair will retire at the same time or at different times. There’s a plethora of financial and lifestyle issues to consider and agree upon before making any retirement decisions. Most experts agree that it can be beneficial financially and mentally for one partner to retire sooner and one to retire later. But this decision is different for everyone.
This week Lynn talks about Long Term Care Planning and protecting your life savings. Join Lynn as she discusses some long-term care myths and statistics. Long-term care risks are very real. The only way to protect yourself is to proactively plan for them. That’s what we’re all about at Her Retirement. We’ll connect you; we’ve got you covered. Listen and learn more.
How concerned are you about inflation? More than 1 in 4 people say it’s their number one worry when it comes to the economy. You see it at the pump, in the grocery store, headlines trumpet the latest numbers. Their worries aren’t baseless. Inflation is often called a silent killer because it quietly raises prices all around us. But should you worry about it? Should it keep you up at night? If you know how inflation works and can keep your eye on the bigger pictures. You won’t sweat the fluctuations and can make better financial plans and decisions. It’s all about being informed. Let’s discuss.
This week Lynn explores her experience becoming an empty nester. Instead of talking about finances, Lynn talks about some of the things that happen to us on our journey to retirement.
This week I’ll discuss the three things you need to focus on when achieving financial wellness. One, you need to build wealth. Number two, you need to protect wealth. And number three, you need to distribute wealth. Some people in the industry often illustrate this as a mountain. When you're climbing up the mountain, you're building your wealth. When you reach the peak, you're protecting your wealth. And as you descend the mountain, you're distributing your wealth. I prefer to think of it as a continuum of life, where there's more or less emphasis at different points on that continuum, or in your life on those three phases of wealth. Join me as I talk more about this process.
There are two important components that make up the Estate Planning process: a Last Will and Testament and Trusts. While most people are aware of the purpose and structure of a Will, Trusts can be a little more difficult to understand. Listen to learn more.
I conducted this interview as a part of my Know More - Have More Facebook wellness group. Several of us read the Art of Money by author, Bari Tessler. I invited Bari to join us for a Zoom gathering with those that read the book. This interview is the recording from the event.
Grab your headphones, get out for a walk and learn about this very interesting concept that could potentially help you meet your retirement goals.
Check out Lynn's interview for the Smart Women with Money series. Lynn discusses retirement planning for women and some of the challenges we women face as we address our retirement preparedness.
If you are self-employed or own a business, worry not! We'll talk about the five main retirement options that you can look at. A traditional or Roth IRA, a solo 401K, SEP IRA, Simple IRA, or a defined benefit plan. Self-employment comes with some freedoms, but this doesn't mean you are exempted from saving for retirement.
In this week's episode, Lynn is interviewed as part of a Retirement Summit for women. The Summit focused on the lifestyle side of retirement, but the founder invited Lynn on as a guest to discuss the financial side of retirement.
📒 Show Notes and Resources 📒
Walk the Talk by Her Retirement founder Lynn Toomey is an educational podcast focused on health and wealth for women preparing for and transitioning into retirement.
Walk the Talk Podcast Webpage:
https://herretirement.com/podcast-page/
Resources to help you know more and have more now and in retirement with Her Retirement.
Find Her Retirement on the web:
https://herretirement.com/
https://www.facebook.com/herretirement
https://www.youtube.com/channel/UCznFSpe2-6HLDw-2WStzNcQ
Talk to a RetireMentor:
https://herretirement.com/talk-to-a-retirementor/
Contact Lynn directly:
lynnt@herretirement.com
Do Taxes in Retirement Matter? Yes, they absolutely do. Utilizing the proper tax planning strategy can potentially add 5-10 years to your retirement portfolio when withdrawing income. In this week's episode, Lynn is going to discuss 9 strategies that can potentially impact your retirement income in a big way!
This week I am going to be talking about the health side of the health/wealth equation.
Join me as I discuss how I decided to start lifting weights and running again, from being inspired by Jack LaLanne and the 2020 Olympics.
Social Security and Your Retirement Income...this week's podcast digs into this important income source.
Social Security accounts for about 33% of most retiree's income, yet many people don't know the proper claiming strategies and leave more than $110,000 on the table!
It's VERY important to understand Social Security. Not only does it provide a guaranteed income stream, it also offers longevity protection, spousal protection and even some inflation protection. The ultimate value of social security is often overlooked. Listen in to this week's Her Retirement podcast to learn all about this important retirement income source.
For most, family makes life – and life in retirement - rich and more enjoyable. But family can also complicate retirement. Retirement planning has traditionally centered on the needs of an individual or a couple. In the podcast I’ll be revealing some impacts that today’s family complexities and financial interdependencies have on retirement and talk about how pre-retirees and retires can better, plan, communicate, and collaborate with family to better balance family needs with their own long term retirement security. There are three converging trends that were identified in a Merrill Lynch and Age Wage survey that I’ll be referencing during the podcast. 1) Parenthood Doesn’t Retire; 2) Extended Lives. Extended Needs; and 3) Stretched and Stressed.
No amount of planning can prepare you for the loss of a husband or life partner. Either through death, abandonment or divorce. The financial fall-out can be devastating and hard to recover from. The mental fall-out can be much more damaging.
Listen to my podcast this week as I cover 8 steps to take if you find yourself suddenly single after the death of a spouse or life partner.
Our economy has changed over the last decade and we are currently seeing interest rates at an all-time low, and volatility on the rise. Today’s Boomer population faces changes and risks unprecedented in history. In response, retirement savvy Boomers are embracing a new investment approach to secure and protect an income that will last a lifetime. Learn more in this week’s podcast.
Life is short, take the trip. As much as we want to save and prepare for our retirement, we need to make sure that we prioritize some fun. Budgeting and saving is important, but cutting unnecessary expenses from the budget can allow us to use some funds in other ways that are important.
This week Lynn covers some steps to go over in creating a retirement income plan. Join her as she dives deep into each step of the process. At the end of the podcast, she shares exactly what she thinks you need to do next to create and implement a retirement income plan.
In this week's episode Lynn talks about the top ten 401k and IRA mistakes most people make. In her company, Her Retirement, Lynn reports seeing about 80% of people making these mistakes. By avoiding these mistakes you can optimize your 401K, IRA and retirement savings. Knowing more is having more.
On this week's episode Lynn Toomey is interviewed by Own the Microphone, Bridgett McGowen. Bridgett and Lynn discuss Lynn's company, Her Retirement, which supports women who want to overcome financial obstacles and navigate finances to and through retirement. Bridgett and Lynn also discuss difficult audience members, how to keep content fresh, and a touching story of how Lynn got to where she is today.
Finding the Right Advisor in a Sea of 300,000
There are more than 300,000 “financial advisors and planners” in the U.S. 80% of them are men and their average age is 58. The title financial planner or financial advisor is used to describe anyone from an insurance agent to a stockbroker to an investment advisor to a Certified Financial Planner (CFP). And there is no shortage of certifications and acronyms on advisor business cards. No wonder people are confused when trying to decipher who they should get financial or retirement advice from. In this episode we'll talk about all the various designation and what to look for when trying to find the right advisor for you.
Hi there. My name is Lynn Toomey and I'm the founder of Her Retirement. Welcome to my podcast. Her Retirement is all about helping women get educated and get planning and get implementing, not only implementing a financial wellness plan, but a life plan, a life plan that incorporates purpose, vitality, connection, contribution, and of course, financial wellness. Her Retirement is also about coaching. It's about helping you get to the point where you want to be, where you can be financially free and financially independent.
Lynn Toomey:
I actually woke up this morning, not intending to start my podcast today, although I've been thinking about it for quite some time. I had this brainstorm. I looked out the window and it was a beautiful day and I decided, "Today's the day." My brainstorm was that I didn't want to do one of those typical podcasts where I sit at my desk with a big microphone in my uncomfy office chair, and just start talking.
Lynn Toomey:
What I decided was because I love the outdoors, I love to be active and I really want women to be active also, I decided to do my podcasts in a different format. I came up with the idea of my podcast to be talk and walk, help and wealth. Basically, what I plan to do is I plan to get outside and I plan to talk and walk and record all of my thoughts and ideas on financial wellness and on planning for retirement.
Lynn Toomey:
Hopefully, as you listen to the podcast, you will be encouraged to do the same thing. Rather than sitting and listening, get up, get active, go for a walk, go for a bike ride, on your stationary bike of course. Do something while you're listening to me talking and walking. You'll have to deal with a little background noise, but that's okay. What I've decided to do with this podcast is to talk about my journey to and through retirement.
Lynn Toomey:
I'll tell you a little bit about myself, so you know my starting point, a little bit about where I've been and where I'd like to go. I'm hoping that this podcast will help women younger than me, maybe older than me, on their journeys to and through retirement. My hope is that we can do this journey together. I'm learning, I'm discovering, I'm researching. I'm getting more confident. I'm curious. I'm open-minded. These are all the things that I would like for you to be, as you embark on this journey or continue on your journey, wherever your starting point is.
Lynn Toomey:
A little bit about me. I'm 55 years old, and sometimes I feel like I'm just getting started. I read a lot about people that are getting ready to retire around my age and that seems like a very strange concept to me, even though my company is called Her Retirement. For me, the company is about preparing, better preparing for retirement. You basically should start that as soon as you start working.
Lynn Toomey:
Although my coaching and education programs focus on those later years as you approach retirement, let's say 10 years from when you plan to retire, really a lot of the concepts that I talk about should be embraced by women who are just starting their careers. So that when they are ready for that financial freedom date, that date when they're ready to retire from their full-time responsibilities of work or career, they can choose when they want to do that, gives them more options so you don't have to work until you're too tired to work and ready to give up.
Lynn Toomey:
That's really the concept behind Her Retirement. What I'm going to be doing is a lot of the things that I'm researching and uncovering about proper retirement planning and proper preparation, I'm actually the guinea pig. I'm trying these things for myself, because to be honest, I started out really, really well. I started out very strong. I made some really good decisions and I was on my path to really being able to choose my financial freedom date.
Lynn Toomey:
But, here I am at 55 and I'm still working, but I don't think I'd rather be doing anything else. I can't imagine retiring and not working now. I can't imagine not using my mind and my creativity and my problem-solving skills to be building a company. It's just who I am and what I love to do. For me, it's not necessarily a bad thing that I'm not ready to retire financially at 55. It's not a bad thing if you aren't ready for that either, financially or mentally. Everyone's path is different.
Lynn Toomey:
One of the things you can do is if you're younger and you're listening to this, if you start younger, you have more options. Rather than it being forced to work until you're 70, it can be a choice to work. It can be a choice to start a business in your later years. I think financial strength, financial independence just gives you more choices, and that's what I hope for everyone, regardless of when you start your journey.
Lynn Toomey:
Back to my story, like I said, I started young. I had a mother who ... I still have a mother, who still influences me every day, but she told me time and time again to make sure I got an education so that I could establish a really good career. I knew that that meant financial stability as well. Well, I did that, but somewhere along the way, I kind of lost my way. It wasn't intentional. It just happened that I met someone. I got laid off from a job. I became pregnant with twins, kind of all at the same time, and I wanted to make different choices for myself.
Lynn Toomey:
I wanted to be the stay-at-home mom. I wanted to raise my twin girls the way that I wasn't able to raise my older son. I didn't want to leave them at daycare while I traveled all over the world and made that big salary. I made the conscious choice to stay home with them, but I knew that I couldn't just stay home and do nothing. One, because my mind wouldn't let me do that. Two, I knew financially that didn't make sense. I invested in a business that I could own and run on my own terms, what I call a lifestyle business.
Lynn Toomey:
While it was tremendously fulfilling and it still exists some 18 years later, it didn't give me the financial fulfillment that I needed to fund my life and to save for retirement. While I don't regret it, I don't regret having twins, I don't regret meeting their father, I did put a lot of trust in their father. As it turned out, I ended up divorced and I ended up trusting perhaps the wrong person, at least with my financial situation. I became dependent on some promises that he made and he didn't fulfill on those promises.
Lynn Toomey:
In essence, I was alone and dependent upon myself. It was really impossible to raise three children on a struggling lifestyle business, but I pushed through and eventually I gave up that full-time business and I went back to corporate America where I knew that I could make a six-figure income and reestablish some financial stability. That gap, however, that time gap cost me a lot in terms of my retirement savings and it's affected my financial independence or my financial freedom date.
Lynn Toomey:
I can't retire right now at 55, but like I said, the good news is I wouldn't want to. I'm building a business that I love that I'm super passionate about. I'm going to be helping women with their retirement journeys and I'm going to be doing it with them. They're going to be learning as I learn. They're going to be discovering as I discover. I do have a little bit of a jump start. I've been in this industry for about seven years, learning, studying, and becoming pretty well-informed on financial wellness topics.
Lynn Toomey:
I feel that I can teach and lead while I walk beside the people I coach and the people I educate. I'm hoping to implement all of the ideas and I've already started implementing the ideas that I've come across from some of the top researchers in the retirement planning space in the world. I follow them. I read them and I practice what they preach and I've had great success so far.
Lynn Toomey:
If you're a little behind me in your journey, I can definitely share some great ideas with you, but I hope that you'll be inspired by my sharing my personal story as I move forward, as I make some mistakes. We're all human. I'm going to try to help you avoid some of the mistakes I've made in the past, but going forward, yeah, there may be some missteps. I may make some wrong choices. There's only so many things we can control as we go through this life and only so many things that we can try to get right.
Lynn Toomey:
One of the most important things as we do this, is to understand the risks that we face, financially and in our lives. I think this is one of the most important concepts that I want everyone to understand, is that it's critical to identify the risks that you may face and be prepared for those risks. Another way to look at it is, life's emergencies, be prepared for those things that can get in your way and can prevent you from having that financial freedom date.
Lynn Toomey:
In another podcast, I will talk about all of those risks. A lot of them, most of them, you can't control, but you can mitigate them and you can be prepared for them. One of the most important what-ifs, I like to call them, versus risks, is making sure you have that emergency fund. I know COVID was a huge what-if. Who knew that this could happen? But who knew that it could impact us so significantly?
Lynn Toomey:
Again, it wasn't something we could control, but if you had an emergency savings and let's say you got laid off, you're in good shape because you had that emergency savings. One of the most important concepts from a financial wellness perspective, and I think what Dave Ramsey refers to as baby steps, is to make sure you have that emergency fund and to make sure you're paying down your debt to as little as possible. Those are two core tenets of a strong financial foundation.
Lynn Toomey:
It's something I've worked hard at the last six years and I think I'm in good shape for that. Luckily, from my corporate career, when I was younger, I was smart enough to stash away some money in my 401(k). I knew at the very least I should do that. I may not have known what funds to allocate my 401(k) to, which many of us don't, we just kind of, "Oh, these stocks, these look good." You take a guess, which is pretty irresponsible I must say, but at least I put money away.
Lynn Toomey:
At 55, I'm not starting from scratch. I'm also the co-owner of a business. It's a financial advisory practice. I'm a silent shareholder. It's called Your Retirement Advisor. My significant other or life partner is my partner. He's actually been a financial advisor for 30 some odd years, and when I met him about eight years ago, he needed some help. He needed a marketing person and an operations person, and that's my background. I spent 25 plus years in high-tech marketing, launching products and companies.
Lynn Toomey:
Fortunately, we met at the right time. I needed some financial help and assistance and he needed some marketing and operational help. We decided to join forces with our expertise in our areas and we've been building Your Retirement Advisor for about seven years. While today I'm not very active in that business, I'm what's called a silent partner, I am rooting him on from the sidelines and giving him some strategic advice.
Lynn Toomey:
I bring up Your Retirement Advisor because it is an important part of my life. It is an important part of my future. While I chose not to go back to corporate America, when I left seven years ago, I did get involved and did start another business with my significant other. For me, that part of the business is a part of my future. We hope to sell it someday and we hope to fund our retirement, which brings me to another point. As a small business owner, it's really, really important to understand the value of your company.
Lynn Toomey:
Many, many small business owners have never done a business valuation, yet, they're counting on the value of their business to fund their retirement. First thing you need to do if you own a small business, and you're counting on it as your retirement fund, is to find out what it's worth today and what it might be worth at retirement. Many small business owners overestimate the value of their companies and therefore they're left with not as much money in retirement as they had hoped.
Lynn Toomey:
You also obviously need to make sure it's a sellable business. That's one of the things I'm working on getting a handle on right now, is, what exactly will this business that I am a shareholder in, be worth to me for my retirement when it is sold? I'm also obviously starting another business, Her Retirement, and yeah, truth be told, it's not a nonprofit business. I'm going to be offering my coaching services and my educational services.
Lynn Toomey:
Yes, someday I hope to either sell it to my children or sell it to someone else who's equally passionate about helping women plan a better retirement. I've chosen the small business route. Some people choose to stay in corporate America and continue to fund their 401(k)s and to have all those wonderful benefits of corporate life. Whatever you choose is it's really, really important to understand not only those risks, but the other most important thing is to understand how much you'll have and what you'll need in retirement. Then to understand your gaps.
Lynn Toomey:
Understanding your gaps prior to retirement is so important. It's what I've been really focusing on lately, is making sure I understand my gaps and what I'm going to do to fill those gaps before I make the decision on my financial freedom date, before I decide, "Okay. I'm done working, I'm done with my businesses, I'm ready to sell. I'm ready to go do something else." Before you make that decision, you need to decide if you're ready financially.
Lynn Toomey:
The second most important thing in preparing for retirement is making sure you're ready mentally, right? That's a whole nother podcast that I'll get into, probably several podcasts on that topic, because you're going to have over 2000 hours of time in retirement to fill time that you spent taking care of your children, your family, your friends, your relatives, your business, your career, whatever it is. However you spent those hours, 2000 of them, you'll need to fill in retirement. It's really, really critical to make sure you know how you're going to fill that time.
Lynn Toomey:
I think I'm getting to the end of my walk today. I really appreciate you all listening in. I know I kind of went off on a few different tangents, a few different areas of concern with retirement, including risks and being prepared and understanding your gaps. I'm going to close this podcast out for today, and I hope you join me on a future walk and talk as I share my journey to and through retirement. I hope to help you feel inspired and motivated and supported as you journey to and through retirement.
Lynn Toomey:
My biggest, biggest hope and passion is that women across the United States, and even the world, can know more and have more. That's my mission, to help you know more and have more, now and in retirement, because I believe knowledge is power. I want this podcast to be a place where you can go to get knowledge, true research-backed knowledge. Not the knowledge that's acquired from talking to your friend, to listening to some of those big industry companies, insurance companies, investment companies that have tons of marketing dollars and use it to put fodder and misinformation out there.
Lynn Toomey:
What I want you to do is make sure you are open-minded and willing to understand what the researchers, what the top academics who are following this space, have to say about retirement. That's the information I'm going to share with you. Along the way, I'm also going to provide you some tips and ideas and some connections to some really great services that you need to consider as you prepare for retirement.
Lynn Toomey:
There's lots of amazing work being done by people, really smart people that can help you retire with more. That's my goal, and I'm super excited to be on this journey and I welcome you to join me on this journey. Let's get walking, let's get talking. Let's know more and have more. Have an awesome day.