Money CHIC: Financial Wisdom and Advice for Single Women

There are plenty of decisions that you'll make in the retirement planning process that can't be undone, so you want to make sure that you make the right call. In this episode, we'll explain why these decisions are so important and can't be undone.

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

• Should you start taking social security as soon as you can? (1:56)
• What are the perks of taking the spousal benefit option if your partner has a pension? (4:24)
• Why you should get life insurance early in life. (6:12)
• What to consider when choosing a retirement date. (8:16)

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

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let's explore some of those excuses and why they can be dangerous, and talk about how to overcome them.

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

• Why retirement planning today looks much more different than it did for your parents. (2:00)
• What you can do if finances stress you out and cause you to procrastinate. (7:15)
• Why we moved to more virtual conversation to tackle the issue of people being too busy. (8:06)
• The best place to start in financial planning if you're struggling to get going. (10:48)

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

Being a good advisor isn't about winning a popularity contest or just saying the same things that everyone else in the industry says. It's about giving the best advice that you can for each individual situation.

On today's show, we're going to peel back the curtain to discuss some areas where a good financial advisor's opinions might go against the grain with mainstream ideas in the industry.

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

• Why the standard 60/40 investment portfolio doesn't control risk like many peole think it does. (2:30)
• Leaving life insurance to you kids might be a better option than an IRA or other assets. (4:43)
• How to determine whether it's better to pay the mortgage off ASAP or stay on schedule. (7:40)
• Other investment options that might be more efficient than mutual funds. (11:31)

Get Additional Information: https://greenwaywealthadvisory.com/podcast/

A recent article from The Hill breaks down the potential EARN Act working its way through our government right now. Sort of like a Secure Act 2.0, the EARN Act could change essential things about retirement planning.

One of the biggest changes could be to RMD age requirements. It may push those RMDs to 75 for more tax growth. It also allows pre-retirees to save $10,000 more between the ages of 60 and 63. So, what do we think about these possible retirement planning changes and how could they make planning more flexible?

The article mentioned in today's show: Senate retirement bill benefits wealthy Americans | The Hill

What we discuss on the show:

1:29 – RMD age moving to 75

6:53 – Saving $10,000 more between 60 and 63

8:27 – It allows you the flexibility to save more

9:42 – Are Roth IRAs really a gimmick?

13:26 – B-partisan support for this bill

Get additional information: https://greenwaywealthadvisory.com/podcast/

What's the key to surviving a bear market, whether you are in retirement or you are preparing for retirement? A dip in the market may seem scary but it can be an opportunity for investors as well.

Surviving a bear market is all about balance and avoiding emotional decision-making that can harm your portfolio. An advisor helps remove the emotion from investing, let's not let our emotions guide our decisions. With the looming possibility of a recession there's a lot of advice floating around out there, who should you be listening to?

What we discuss on the show:

1:40 – Bear market is an opportunity for long-term investors

3:57 – Be aware of emotional decisions

6:22 – Do not change your 401(k) allocation

9:15 – Deciding to do nothing can be a great strategy

10:39 – If you find yourself in a hole stop digging

12:41 – Who should you listen to?

Get additional information: https://greenwaywealthadvisory.com/podcast/

Many people have been DIYing their retirement plans over the past decade and have done fairly well. But with new market volatility, a lot of people are looking for an advisor to help them through this turbulent time. What red flags do you need to be aware of? And what are some signs an advisor is the right fit?

If an advisor seems to work with all types of clients, they may not have the specialty or time to dedicate to your needs. It's certainly something to be aware of. If they are only giving you the good news, instead of the realistic news, you may want to consider what they're not telling you. On today's episode, we'll break down some red flags to be aware of when shopping around for a new advisor.

What we discuss on the show:

0:56 – Looking for red flags

2:30 – Working with all clients

5:01 – Only good news

7:11 – Too much jargon

8:37 - Can they explain it?

10:00 – Too much certainty

11:30 – All they do is talk

Get additional information: https://greenwaywealthadvisory.com/podcast/

When planning for retirement there are a lot of opinions and voices to listen to. Which side of the aisle should you follow? Many times, the "right answer" is going to depend on your own situation and plan.

Some think you always need to sell the house before retirement. But if paying off your house is hurting the rest of your financial plan, you may need to bring that mortgage into retirement.

A lot of people assume you don't need life insurance once your kids are grown and out of the house, but life insurance can leave a legacy and take care of a retired spouse if something were to happen to you. On today's episode, join us as we break down 6 financial debates on annuities, tax brackets, and more. Which side do you agree with?

What we discuss on the show:

1:18 – Sell the house before retirement

3:54 – Talk it through with your advisor

5:39 – You don't need life insurance after retirement

8:24 – Annuities are a rip off!

12:20 – You'll be in a lower tax bracket in retirement

15:14 – You should never use credit cards

17:42 – Start Social Security as soon as possible

Get additional information: https://greenwaywealthadvisory.com/podcast/

Math doesn't lie, but can these retirement numbers be misleading? Women have less saved than men, while disturbing this isn't necessarily surprising. Experts are estimating you need $1.04 million to retire comfortably. Assigning a dollar amount goal for retirement is difficult because everyone's experience is significantly different.

On today's episode, we are going to break down some recent retirement statistics and whether we think they encouraging or disturbing and what we can personally learn from these facts. How do these numbers impact your retirement planning journey?

What we discuss on the show:

1:01 – Almost Memorial Day

1:33 – Women have less saved

8:03 – Needing $1.04 million

10:47 – 55% of retirees will continue working

12:08 – 25% of Americans increased their savings

14:23 – 70 million people are taking Social Security

16:33 – Retirees spend an average of $6,600 on healthcare

18:19 – Do you some clients ignore parts of their plan?

Get additional information: https://greenwaywealthadvisory.com/podcast/

As you approach retirement there are some major things, you'll want to cross off your to-do list. Not only do you need to think about your financial future, but your physical health as well. We work so hard to save for retirement we want you to be able to enjoy it.

On the other hand, going into retirement with a plan of what you'll fill your free time with is crucial to enjoying your retirement. On today's episode, we'll break down some of the important things you want to consider as you count down the days to retirement, both financial and otherwise.

What we discuss on the show:

0:55 – The sun is shining!

1:27 – Get healthy and stay healthy

3:53 - Do you know what you're going to do?

5:15 – How are you going to fill your time?

8:41 – Catch up contributions and save more

10:15 – Paying off your debt

12:17 – Should you pay off the house?

13:51 – De-risking your portfolio

16:05 – Don't assume you'll pay less taxes!

Get additional information: https://greenwaywealthadvisory.com/podcast/

How many of your financial habits may be a bit unhealthy? We all know some of the basics of health - losing weight, eating healthier, and exercising. But how can we spot some similar unhealthy habits in the financial world?

Empty calories in the financial industry could be complex financial plan that you don't understand. On paper it looks great, but is it really working for you and is it improving your financial confidence? Sugar can be comparable to mutual funds. Added sugar comes in the form of hidden fees. Join us today as we explore some other ways to cut down on the financial calories and have a healthier financial plan.

What we discuss on the show:

1:09 – Using comparisons

1:54 – Empty calories

6:25 – Cutting out sugar

8:46 – Trans fats

11:32 – Intermitted fasting

Get additional information: https://greenwaywealthadvisory.com/podcast/