Money CHIC: Financial Wisdom and Advice for Single Women

On today's episode, we'll break down the top tax questions retirees are asking in 2023.

Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we'll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.

Here's some of what we'll discuss in this episode:

• What are the tax implications of withdrawing money from my retirement accounts? (2:03)
• Is pension income taxed differently than other forms of income? (6:31)
• Will your taxes change if you decide to move to another state in retirement? (8:40)
• What are the tax considerations for gifting money to children or grandchildren during retirement? (12:26)
• Are there any tax issues with starting a small (or side) business in retirement? (14:19)
• How would selling my home impact my taxes? (15:32)

Schedule a meeting with Shari: https://greenwaywealthadvisory.com/get-in-touch/

Want to learn more? Vist us online: https://greenwaywealthadvisory.com/podcast/

Today we open up the mailbag to get to a few of the questions that have come into the show and we'll hit on a few different financial topics that might also apply to your life.

From saving for college to working with multiple financial advisors to RMD withdrawals, this episode will touch on three items that come up frequently in our conversations. If you ever have a question for us, send it in and we'll do our best to feature it on a future episode.

Here's some of what we'll discuss in this episode:

• Is the 529 plan the best option for saving for retirement? (2:24)
• Does it make sense to work with two advisors for your financial planning? (7:11)
• Can you take your RMD withdrawals and invest it immediately into something else? (11:10)

Schedule a meeting with Shari: https://greenwaywealthadvisory.com/get-in-touch/

Want to learn more? Vist us online: https://greenwaywealthadvisory.com/podcast/

In this episode, we'll address five, unfortunately, common beneficiary mistakes. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly.

Some of the simplest mistakes can completely spoil an otherwise well-done retirement plan.

In this episode, we'll share:

• Under the law, if you name minors as beneficiaries, they can't receive every benefit until they're 18 or older. (2:26)
• The beneficiary designation automatically overrides your will, so it's important to ensure the two documents work together. (4:35)
• It's important to designate contingent beneficiaries. (7:41)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

With 2023 fast approaching, we have New Year's resolutions on our minds. Many of us set financial goals each year, and this year would likely be no different if it weren't for inflation.

In this episode, we will be discussing an interesting article that polled men and women to gauge their goals and mindset for the next year. Despite the impacts of inflation, we feel that there are solutions and ways to set achievable goals tailored to your individual circumstance. Listen to the episode to learn some of our tips to set yourself up for a successful financial resolution in 2023.

On this episode, we'll share:

• How inflation is impacting people's financial goals. (1:53)
• Are financial resolutions helpful? (3:05)
• How to stick to a financial resolution. (7:56)

The article:

https://www.fool.com/the-ascent/research/financial-new-years-resolutions/

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it's so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes.

In this episode, we'll cover 5 mistakes people make in their 401(k)s and how they can be avoided.

On this episode, we'll share:

• Have you left a 401(k) behind? (1:55)
• Here is a necessity that many people overlook. (5:47)
• The pros and cons of Target Date Funds. (7:30)
• When you may want to look into alternative options. (10:02)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

You need to make smart decisions during major life events, and we are here to help guide you. Whether it's a job change or divorce, we recommend taking three months to work everything out.

Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. We'll explain how to handle big changes the right way.

On this episode, we'll share:

• How to handle a job change. (4:48)
• How to handle divorce. (6:49)
• How to handle an inheritance. (8:41)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you're just guilty of thinking that the grass is greener on the other side.

We are all human and everyone makes mistakes, but should a mistake cost an advisor your business? Of course, there are variables at hand, but we will consider a few key points to ask yourself so you can know the answer to this question and some others. Let's discuss some common scenarios and whether they're legitimate reasons for leaving your advisor.

Here's some of what you'll learn in this episode:

• If an advisor makes a mistake, should you start shopping for a new one? (2:15)
• If your advisor's business has grown and you are getting less attention from that person, what should you do? (4:40)
• So, you went to a seminar, and you liked what you heard. Should you switch to this new advisor? (8:00)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we're sharing some of the most common retirement planning questions about taxes.

We'll share mistakes to avoid and how a proper plan can make a significant difference in your tax savings. Find out what strategies you can use while you're still working to improve your tax situation down the road.

Here's some of what you'll learn in this episode:

• How can you minimize the taxes you pay? (2:15)
• Am I going to have as many deductions in retirement as I did while working? (3:59)
• Will you be in a lower tax bracket when you retire? (5:31)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed.

In this episode, we are going to take a look into the mirror and see if we may have indicators of problems in our financial lives. These can look like negative emotions, poor decisions, and more. Will you pass the test? Let's find out.

Here's some of what you'll learn in this episode:

• Do you know how much it costs to maintain your current lifestyle? (2:24)
• Are you too focused on a specific net worth? (5:57)
• Are you avoiding financial planning? (7:45)
• Do you get too caught up in current events and how they impact your money? (10:38)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/

We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change?

Today we'll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement.

Here's some of what you'll learn in this episode:

• Our careers tend to be a large part of our identities, so finding meaning in retirement is important. (3:12)
• Some retirees become very stressed about the lack of structure during their day and here is what you can do to prepare for that. (9:01)
• It is common to delay retirement as it approaches, not because of insufficient funds, but because of emotional unpreparedness. (13:05)
• Why Shari talks about the emotional side of retirement with each of her clients. (14:18)

Want to get in touch? Start here --> https://greenwaywealthadvisory.com/get-in-touch/