Money CHIC: Financial Wisdom and Advice for Single Women

We are opening up the mailbag today and answering some listener questions! Are you thinking of retiring early? Make sure you have a plan. You won't be able to access your 401(k) or IRA until you are 59 1/2 and Medicare eligibility isn't until 65. As you approach retirement what kind of risk should you be taking? Shari advises having risk buckets and working with your advisor to understand what kind of risk you can be taking on. We will also discuss if having multiple advisors is a good plan and why we need a budget for retirement. If you ever have a question, make sure to reach out to us!

Read and get additional financial information: https://greenwaywealthadvisory.com/episode-14-mailbag-retiring-early-multiple-advisors-and-more/

What we discuss on the show:

1:12 – We're into November

2:30 – What should we do if we want to retire around 55?

6:11 – What kind of risk should I be taking?

9:25 – Is it a bad idea to have two advisors?

13:00 – Do we need a budget in retirement?

Imagining a pyramid is a good way to think about your retirement plan structure. Your plan will be stable and thorough. You will need your base, a secured reliable income. These are guaranteed streams of income like Social Security or a pension. The middle of your pyramid will be the investments you've made while saving for retirement. Think of your 401(k) or IRA. The top is what you will do with your money. Will you travel? Will you leave it to your kids and grandkids? On today's episode, Shari explains each part of the retirement pyramid and why we need this strong structure.

Read and get additional financial information: https://greenwaywealthadvisory.com/episode-13-the-retirement-pyramid/

What we discuss on the show:

1:00 – Almost Halloween!

4:56 – Retirement pyramid

5:23 – Base of retirement structure

7:04 – Middle of the pyramid

9:28 – Having a plan for Social Security

12:09 – Top of the pyramid

15:45 – Desired income

There are benefits to different types of retirement accounts and when you will pay taxes on those accounts. Whether you should invest in tax-deferred accounts will depend a lot on your income level and personal circumstances. On today's episode, we are going to discuss the pros and cons of different types of taxable accounts and their tax consequences. We will be covering Roths, IRAs, CDs, and more. You'll want a plan that helps you be as tax efficient as possible.

Read and get additional financial information: https://greenwaywealthadvisory.com/episode-12-tax-consequences-on-various-retirement-accounts/

What we discuss on the show:

0:41 – Having some control with tax planning

2:30 – Tax-deferred accounts

3:14 – Required minimum distributions

6:17 – Roth accounts

9:38 – After-tax brokerage account

11:38 – Tax consequences to CDs

13:03 – Life insurance

A successful retirement plan for couples starts with communication and collaboration. Couples often avoid discussions about their finances and retirement plans, but this can lead to future financial issues. It is important to have conversations about your long term plans and how you will achieve them together. On today's show, Shari is speaking on some of the most common mistakes she sees couples make when it comes to financial planning.

Read and get additional financial information: https://greenwaywealthadvisory.com/ep-11-common-financial-mistakes-couples-make/

What we discuss on the show:

0:55 – Happy Birthday Shari!

3:46 – Personal couple stories

4:33 – Retirement plans for couples

7:11 – Your social security strategy

8:55 – Not speaking about retirement plan

12:31 – Not coordinating individual accounts

14:25 – Managing risk together

Our financial plans can have many gaps. Sometimes financial gaps can be uncomfortable to speak about like having to plan for long term care. Or perhaps you are thinking of retiring early but you may not be eligible to receive Social Security or Medicare just yet. In either case, addressing these gaps before they occur will be the best way to keep your retirement plan on track. Today, Shari is reviewing some of these gaps you may face in the future and what you should do about them now.

Read and learn more: https://greenwaywealthadvisory.com/ep-10-mind-the-gap/

What we discuss on the show:

0:49 – How is Shari?

2:10 – What is 'Mind the gap'?

2:50 – The paycheck gap

4:38 – Thinking of retiring early?

6:22 – Covering yourself medically

8:35 – The inflation gap

11:45 – Long term care gap

14:44 – The widow or widower's gap

So, you're experiencing some concerning symptoms? Let's have a visit with the money "doctor" to see what financial prescriptions you might need.

Website: https://greenwaywealthadvisory.com/

Phone: 703-255-2808

Email: [email protected]

There's an old quote that says, "Age is the price of wisdom." Let's talk about how that applies to the financial world.

Website: https://greenwaywealthadvisory.com/

Phone: 703-255-2808

Email: [email protected]

So much focus in the financial world revolves around accumulating money. There's all sorts of advice, how to guides and guardrails in place when it comes to saving and investing, but a lot less resources out there to help retirees navigate the period of time after retirement. This is known as decumulation, the spending down and managing of the assets you've accumulated through your life. And on this episode, we'll point at (at least) 5 things you must know about decumulation to retire successfully.

Website: https://greenwaywealthadvisory.com/

Phone: 703-255-2808

Email: [email protected]

On today's show, we take some mailbag questions that have been sent in from our listeners. We will discuss longevity and how it relates to social security arguing about money, and much more.

Website: https://greenwaywealthadvisory.com/

Phone: 703-255-2808

Email: [email protected]

At first glance, each of these statements seem like basic common sense that everyone agrees with. But when we look at the way people actually behave with their money, it seems that common sense is actually a bit uncommon.

Website: https://greenwaywealthadvisory.com/

Phone: 703-255-2808

Email: [email protected]