What unique challenges do women face in retirement planning? We talk with Russ Thornton, an experienced retirement advisor who specializes in helping women prepare for retirement. And we cover several topics of interest to anyone who's planning for retirement.

We discuss:

The story behind why he specializes in retirement planning for women

What he sees as the unique challenges women face in planning for retirement

What’s different about planning for retirement today versus 10 to 20 years ago

The key building blocks of a sound retirement plan

What many people don’t know about retirement planning - but should

The mistakes he sees people make in planning for retirement that can be avoided

How his clients navigate the challenges that come with the transition to retirement

How couples can get on the same page about retirement

His approach at Wealthcare for Women

The upside of life in retirement he sees his clients living today

Russ joins us from Atlanta.

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Bio

Russ Thornton has been a retirement advisor for over 25 years and specializes in helping women retire confidently on their own terms to comfortable, fulfilling lives, at his retirement advisory firm Wealthcare for Women. Russ was selected as one of Investopedia's Top 100 Financial Advisors in 2019, 2020, and 2021. Prior to establishing his own firm, Russ was a Financial Advisor with Merrill Lynch.

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For More on Russ Thornton

Wealthcare for Women

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Wise Quotes

On Not Deferring Living

"I like to always emphasize the idea that you can do things now and in retirement. You don't have to wait. And if you wait, you run the risk that you're not here. Tomorrow isn't promised. I'm sure we all have heard about, or maybe know, people that have planned to retire and for one reason or another, they never made it to retirement. Or they retired and in a year or two or three in something happened and they didn't even get to enjoy all the years they'd planned on. So, I think you need to think about how you can start enjoying your life today while still preparing for a comfortable and confident retirement ahead."

On Planning for How You'll Invest Your Time

"Clearly retirement planning revolves around making sure that you've got the financial pieces in place to support your life, no matter how long you live. But, I think it's worthwhile to also spend time thinking about how are we going to spend our time? And who are you going to spend your time with? What are you going to stop doing once you retired? Maybe that gives you the opportunity to eliminate some things in your life that by necessity that you're dealing with now related to work or other commitments."

On Shifting from Saving to Spending

"I find that it's often very difficult for people to make that mental shift from saving and accumulating to starting to spend, and as a result, I find a lot of people underspend - especially in the first few years of retirement.  When in reality, if they're going to overspend, maybe they should actually overspend a little bit more early in retirement when they're younger, more mobile, want to travel, and want to do more things."

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Podcast Episodes You May Be Interested In

Retire Happy – Dr. Catherine Sanderson

Why Retirement is About Much More Than Money – Ted Kaufman & Bruce Hiland

Advice for Successful Career Women Transitioning to Retirement – Helen Dennis

Ways to Retire on Less – Harriet Edleson

The Future You – Brian David Johnson

Who Will Take Care of You When You Are Older? – Joy Loverde