Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the estate and gift tax system. This is different from the income tax system, and both are federal tax systems that everyone needs to be aware of when planning for retirement.

At the end of the day, the IRS is getting paid. The only two questions, then, are: Who pays? and When? Our hosts tackle these questions and more.

While today's discussion is a big picture overview of the estate and gift tax system, it will give you a general grasp of the concepts and vocabulary that will make your next meeting with your accountant or estate planning attorney a more insightful and productive one.

Key Topics:

• "At the end of the day, the IRS is getting paid." (2:28)
• Defining estate taxes. (3:00)
• What are "exclusion amounts?" (5:58)
• Defining gift taxes. (8:00)
• Maximizing how much your beneficiaries inherit. (11:37)
• "My parents can only give me $16,000 a year…" Why this isn't true. (17:14)
• "I want to avoid probate, because if I can do that, then I'm not going to pay estate tax…" Why this isn't true. (21:55)

Resources Mentioned:

• Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?
• Take Back Retirement Episode 32: True Confessions of Two Financial Planners.

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"Take charge. Your retirement is your time."

Our hosts, Stephanie McCullough and Kevin Gaines, sit down with Dr. Andi Simon, corporate anthropologist and author of Rethink Retirement, whose research offers a bracing corrective to how most people think about life after work.

Andi spent years embedding herself in senior living communities on the west coast, interviewing residents who had done everything "right" financially and still found themselves empty, bored, and stripped of identity.

Through it all, she's concluded that retiring from something is not the same as retiring to something.

The central tension Andi identifies is one of agency. Retirement is a transition most people face without any rehearsal. Unlike a career, which assigns identity, purpose, and daily rhythm almost automatically, retirement demands that individuals build those things from scratch. Most people don't realize this until the calendar is suddenly, completely clear.

Her research also surfaces a loneliness epidemic quietly accelerating among retirees. Work colleagues disappear, and friendships built around shared roles don't transfer easily. Also, relationships don't deepen automatically just because time is now available. Instead, they must be deliberately cultivated.

Andi suggests trying new activities, building community intentionally, and recognizing which old roles to carry forward and which to release.

Above all, she invites near-retirees to take charge, not just of their portfolio, but of the life waiting on the other side!

Key Topics:

• What is a Corporate Anthropologist? (02:31)
• Research in Senior Living (05:57)
• Identity Loss When Work Ends (07:49)
• Retirement Myths Held by the Youth (11:02)
• Talking with Your Adult Children About What Matters to You (19:54)
• "How Do I Have Purpose, Agency, and Meaning in This New Chapter?" (21:09)
• The Loneliness Epidemic in Retirement (24:00)
• Building New Community From Scratch (25:29)
• When Retirement Is Forced Upon You (36:09)
• Overcoming Retirement Misconceptions and Finding Your Unique Path (39:14)
• Stephanie and Kevin's Takeaways (42:28)

Resources:

• AndiSimon.com
• Andrea Simon on LinkedIn
• Andi Simon on Substack

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"Don't sit around waiting to feel motivated. You take some little actions, and that often gives you the motivation and the momentum to move forward."

Our hosts, Stephanie McCullough and Kevin Gaines, sit down to work through a HerMoney.com list of ten things to do when retirement is a decade away. The meta-lesson turns out to be bigger than any single item on it!

The list, from Jean Chatzky's financial information service for women, gives them a useful scaffold, but what they keep returning to is the paralysis that keeps so many people from starting at all. Planning for retirement can feel like pushing a stone uphill; getting moving makes it roll the other way.

The list items themselves span the practical and the personal. Test-drive potential retirement destinations before committing. Tackle home repairs now, while you still have a paycheck. Start volunteering, not just to give back but to road-test how you'll spend your time when work no longer fills it.

On the financial side: understand what Medicare actually covers (spoiler: not dental, vision, or long-term care). Build your HSA if you're eligible. Track down old 401(k)s and check the beneficiaries on every account. Create your Social Security account online and verify your earnings record for errors. And on claiming age, Kevin pushes back on the blanket advice to "always wait" because Social Security strategy depends on how it fits the rest of your specific plan.

The bonus tip says it all: say it out loud. Telling people you're planning to retire creates accountability. It makes the stone easier to push!

Key Topics:

• Trying Out Retirement Destinations (04:32)
• Home Repairs, Renovations, and Aging in Place (07:25)
• Volunteering: A Test Drive for Your Time (12:11)
• Reclaiming Your Calendar… and Your Identity (13:34)
• Healthcare Costs, Medicare Myths, and HSAs (16:56)
• Building a Social Network Outside the Office (21:11)
• Checking In on Pensions and Old 401(k)s (25:23)
• Why the 10-Year Mark Is the Right Time to Find a Financial Planner (27:32)
• Social Security: "Wait" Is Not a One-Size-Fits-All Answer (29:54)
• Creating Your Social Security Account (and Checking Your Earnings Record) (30:47)
• Say It Out Loud (32:10)

Resources:

• Retirement Readiness Quiz: https://www.aarp.org/money/retirement/readiness-quiz/
• The 5 Years Before You Retire and other books by Emily Guy Birken: https://www.emilyguybirken.com/books
• HerMoney.com Article Discussed in this Episode: https://hermoney.com/invest/10-things-you-should-do-when-retirement-is-10-years-away/

Take Back Retirement Episodes Referenced:

• Making Your Own Story: Finding Meaning After 50 with Diane Gansauer
• Redefining Retirement: Finding Your Creative Voice Through Comedy with Lynn Harris
• The Challenges and Opportunities of Defining Your Identity in Retirement with Elizabeth Parsons
• Practicing for Retirement: Balancing Creative Pursuits and Financial Planning with Mary Jo Hoffman
• Simplifying Medicare: What's Important For You To Know with Susan Sloan
• Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown
• Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
• Smarter Social Security: Getting What's Yours Without Panicking

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"It's all about these different pieces and how they can fit together. And it's not just how they fit together in good ways, but also how they fit together in bad ways."

Our hosts, Stephanie McCullough and Kevin Gaines, sit down to unpack a letter from a reader of The Retirement Strategy Report who signed off as "Get What's Mine Before It's Gone", ready to claim at 62 just to lock in something before the trust fund runs dry.

That reader is right to be anxious. The Social Security OASI Trust Fund is now projected to deplete by 2033, at which point ongoing tax revenues would cover only about 77% of promised retirement benefits. That's an automatic across-the-board cut of roughly 23%!

Add frozen income thresholds from 1983 (with an 85% taxation tier added in 1993) that quietly pull more retirees into taxation every year, plus Medicare's IRMAA surcharges that jump off income cliffs, and you've got a retirement income picture that's genuinely complex.

But claiming early doesn't solve any of it. A 23% cut hits whether your monthly benefit is $1,400 or $2,200. The math still favors patience, as 77% of a larger number is always better than 77% of a smaller one.

What does help is projecting your taxable income now and managing it deliberately.

Kevin's core suggestion is to avoid leaving all your money in traditional, pre-tax retirement accounts and wait for RMDs to force a reckoning. Use lower-income years (early retirement, career transitions, entrepreneurship) to draw down those accounts at the 12% bracket instead of the 22% or 24% you might face later. Convert some to Roth. Build out taxable investment accounts alongside tax-deferred and tax-free buckets, so you have flexibility every year.

The goal isn't to predict what Congress will do. It's to build a retirement with enough moving parts that whatever happens, you have room to adjust.

Key Topics:

• How Social Security Fits Into Our Retirement (02:15)
• Should You Claim Early to "Get Yours"? (06:30)
• How Social Security Benefits Get Taxed (10:22)
• IRMAA and Medicare: The Hidden Hit on Your Net Check (17:19)
• Roth Conversions and the Case for Acting in Low-Income Years (19:39)
• Tax Diversification: Balancing Your Buckets (29:02)

Resources:

• Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber: https://takebackretirement.com/podcasts/getting-the-most-from-social-security-smart-strategies-for-women-with-heather-schreiber/

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"If you are feeling that you are not powerful, you are wrong. You are very powerful just in and of yourself. And in community, it's just multiplied." - Missy Sue Mastel

Most people think impact investing is only for the ultra-wealthy. Missy Sue Mastel, a financial strategist with three decades in nonprofit capacity building, disagrees.

Our hosts, Stephanie McCullough and Kevin Gaines, welcome Missy to explore how everyday investors and retirees can drive meaningful change without writing a massive check. The conversation centers on what Missy calls "hypergrowth capitalism": a system so focused on Q3-over-Q2 returns that no one stops to ask how much is enough, or what the money is actually for.

Her alternative framework begins with better questions. Missy cites the popular claim that women speak roughly 21,000 words a day compared to men's 7,000 (a figure worth noting has been disputed by research). The point is that the conversations we choose to have carry real power, and directing some of them toward nonprofits, fund managers, and community organizations can matter more than most people realize.

The bridge she's building is what she calls Sustain Exchange: connecting corporations that need sustainability credibility with nonprofits that need operational capacity and funding.

Retirees are a key piece of that puzzle. A retired doctor advising an under-resourced community health clinic, a former CFO helping a local nonprofit understand its balance sheet. That's capacity building money alone can't buy!

Even for those not ready to volunteer, choosing mutual funds aligned with your values amplifies the advocacy those funds carry into shareholder meetings. Your few thousand dollars may not move a corporation alone, but it adds weight to the voice of a fund that will.

As the saying goes, never doubt that a small group of thoughtful, committed people can change the world. (Margaret Mead)

Key Topics:

● What Is "Hypergrowth Capitalism" and Why It Falls Short (04:17)

● Asking Better Questions Instead of Waiting for More Wealth (08:08)

● How Corporations and Nonprofits Can Partner for Sustainability (12:42)

● Progress vs. Replacement: Where AI and Capitalism Miss the Point (22:00)

● Retirees as Nonprofit Capacity Builders (29:29)

● Putting it All into Action (33:22)

● Stephanie and Kevin's Wrap Up (36:55)

Resources:

• ImpactNonProfits.co: https://impactnonprofits.co/
• Missy Sue Mastel on LinkedIn: https://linkedin.com/in/missy-s-mastel-596751

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"Scammers rely on emotion. If they can catch you in that half second of panic, then they might be able to get you to do something."

41% of American adults have lost money to scams. And that's only those who reported it.

Our hosts, Stephanie McCullough and Kevin Gaines, are back to talk all about money scams because the problem keeps growing, and because the scammers, as Kevin puts it, keep learning.

The core mechanism hasn't changed either. Scams are all about manufactured panic. Whether it's a Social Security alert, a fake IRS demand, or a "computer security team" that called out of nowhere to say you've been hacked, the goal is to knock your skepticism offline before it fires. According to behavioral science, acute panic literally impairs the higher-order reasoning you'd need to catch the trick.

The antidote is AARP's three-step model: pause, reflect, protect. The research behind it illustrates that awareness of a specific scam makes you 80% less likely to fall for it. Their free Fraud Watch Network sends alerts several times a month, and Stephanie suggests that even skimming the subject lines is protective.

As Kevin likes to say, "Always independently verify."

If someone sends you a phone number to call, that number is already suspect. The best long-term defense isn't paranoia but connection. That means staying in regular contact with people who aren't in panic mode when you are.

Key Topics:

• AARP Fraud Watch Network and the 80% Awareness Effect (04:29)
• Why Smart People Still Get Caught (06:08)
• The IT Support Scam (13:05)
• IRS Impersonation and the Tax Season Warning (19:00)
• "Pause, Reflect, Protect" in Practice: Charity Call Story (21:48)
• Romance Scams, Friendship Scams, and the Loneliness Factor (24:53)
• Final Tip: Make More Friends, Call Your Mother (28:51)

Resources:

• Take Back Retirement Ep 74: https://takebackretirement.com/podcasts/taking-charge-carol-maraks-strategy-for-solo-aging-and-retirement-planning/
• Take Back Retirement Ep 83: https://takebackretirement.com/podcasts/combatting-fraud-and-protecting-your-financial-future-with-aarps-kathy-stokes/
• AARP Link: https://www.aarp.org/money/scams-fraud/
• "Pause, Reflect, Protect" Article: https://www.axios.com/local/des-moines/sponsored/train-your-brain-to-spot-scams-before-they-strike

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"You need to come up with your own number, not using someone else's, because your situation is going to be different from someone else... and it's going to change over time, and that's still okay."

A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire.

There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it's really all just one mathematical equation with one distinct, perfect answer.

…Except this belief is completely, utterly unfounded.

Listen in as Stephanie and Kevin dismantle the notion that hitting your "magic number" is the key to your retirement success.

They explain why coming up with a specific dollar amount for that next chapter in your life may not be as simple as you think, the psychological dangers of focusing solely on such a number, and how to really diversify your assets to maximize your freedom in your retirement years.

Key Topics:

• Is there really such a thing as a "magic number" to retirement? (01:46)
• Do you really know what the next chapter of your life is going to look like? (06:01)
• We're guessing, and that's OK! (08:07)
• Not all dollars are created equal. (09:03)
• Keys to diversification. (12:23)
• Why the notion of a "magic number" is psychologically dangerous. (13:23)
• "You don't have to have all those dollars in your hand on day one of your retirement." (14:57)
• Why hitting a "magic number" doesn't guarantee smooth sailing in retirement. (17:45)
• "Your money is here for a reason. Don't lose sight of the reason." (18:26)
• Stephanie and Kevin's Wrap-Up (21:01)

Resources Mentioned:

• "Doom, Despair and Agony on Me"

• Take Back Retirement Episode 7: Here's a Secret: We're Guessing, and That's OK

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"It's not about deprivation. It's about balance. It's about taking care of your today self and your future self."

Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month.

Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies.

They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of each, from lower costs to matching options and pre-tax savings. They also touch on setting up a regular investment account with no limits or restrictions. Their ultimate aim is to emphasize the importance of establishing an investment plan that suits you and doesn't cause unnecessary stress. This episode is your guide to making informed and confident decisions about your financial future.

Key Topics:

• Cash and Cash Flow (05:15)

• Looking at the Trends (08:13)

• How Much Cash Should I Have and Where to Put It? (10:58)

• How to Invest More Money (20:24)

• Don't Get Intimidated by the 1099 Form (24:15)

• Savings vs. Investment (25:51)

• Wrap-Up (28:23)

Resources:

• Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It?

• Take Back Retirement Episode 12: What Women Need to Know About IRA's, with Sarah Brenner

• Take Back Retirement Episode 45: What Women Need to Know about Target Date Funds

• Put One Foot in Front of the Other - Santa Clause is Coming to Town (skit)

• HEE HAW Gloom Despair And Agony On Me | Classic Her Haw TV (skit)

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"A lot of women feel as though this is 'my role, this is my job, and if I have to ask for help, there's something wrong with me.' It doesn't mean failure. It just means that you're taking care of yourself as well as your loved ones." - Laura Lynn Morrissey

Our hosts, Stephanie McCullough and Kevin Gaines, sit down with Laura Lynn Morrissey, founder of Silver Savvy. She brings a unique perspective, combining two decades at Fidelity Investments with hands-on experience building and selling home care companies in Boston!

Laura Lynn's journey into senior care began while simultaneously climbing the corporate ladder and serving as a caregiver for her mother since age seven. Through both experiences, she learned the magic of putting clients first and treating aging individuals with dignity.

She discovered that many professionals would direct conversations to family members while ignoring the person actually receiving care. That's a dynamic she intentionally reversed in her own practice.

The centerpiece of her work is life care planning, a comprehensive approach treating the aging process as thoughtfully as planning a wedding or college education. This framework examines seven key areas: purposeful living, lifelong learning, social connections, healthcare planning, financial confidence, exercise routines, and home safety.

Most homes aren't built for aging, and simple issues like losing ankle mobility can cascade into dangerous falls.

She also talks long-term care insurance, revealing surprising complexities most policyholders don't understand. The elimination period (essentially a deductible) requires paying out-of-pocket for 30-120 days before benefits begin. It's a shock to many families expecting immediate coverage.

Laura Lynn stresses the importance of honest assessments, noting that proud individuals often minimize their limitations during evaluations, potentially jeopardizing their claims.

With physician shortages looming and assisted living facilities facing two-to-three-year waitlists, Laura Lynn advocates for proactive planning before emergencies strike. Her advocacy services include filing claims, coordinating with doctors, preparing clients for assessments, and writing follow-up letters clarifying what proud individuals might downplay during evaluations.

● Lessons from Caregiving and Home Care Business (03:25)

● What is Life Care Planning? (11:26)

● Aging in Place: Exercise and Home Safety (16:01)

● Assisted Living Realities and Wait Lists (18:21)

● Long-Term Care Insurance Misconceptions (25:51)

● Understanding the Elimination Period (29:08)

● Benefit Triggers and Activities of Daily Living (38:45)

● The Assessment Process and Advocacy Role (40:38)

● Appealing Denied Claims (46:31)

● Stephanie and Kevin's Wrap-Up (49:18)

Resources:

• Laura Lynn Morrissey in LinkedIn
• SilverSavvy Website

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"There are ways to get some more net dollars to the charity, having a smaller financial impact on your own situation. It just takes a little bit of looking at [your financial situation]."

Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group tackle the ins-and-outs of charitable giving, and reveal how strategic planning can maximize impact while preserving your financial security. While charities treat all dollars equally (they pay zero taxes), how you give dramatically affects your bottom line!

First up, they cover critical 2026 tax changes, including a new above-the-line deduction ($1,000 single, $2,000 married) and an unfortunate 0.5% AGI floor for itemizers.

Donating appreciated assets (stocks or mutual funds held over a year) beats cash donations, because you avoid capital gains taxes while deducting the full current value, not just what you paid.

Donor-advised funds emerge as timing powerhouses, letting you bunch donations in high-income years while distributing to charities over time.

For those 70½ and older, Qualified Charitable Distributions (QCDs) from IRAs offer tax-efficient giving that doesn't count as income. That's crucial for avoiding Medicare IRMAA surcharges and Social Security taxation pitfalls. The 2026 QCD limit is $111,000 per person.

Estate planning gets attention, too. Naming charities as IRA beneficiaries saves heirs from devastating tax bills on inherited retirement accounts. Stephanie and Kevin also offer creative strategies involving life insurance policies and charitable trusts.

The key takeaway is the importance of consulting professionals early in the year. Tax laws change constantly, and thoughtful planning transforms charitable impulses into maximum impact without jeopardizing your retirement security.

Key Topics:

• New 2026 Tax Rules for Cash Donations (5:44)
• Donating Appreciated Assets and Capital Gains (08:08)
• Donor-Advised Funds: Timing and Flexibility (14:09)
• Qualified Charitable Distributions (QCDs) from IRAs (18:41)
• Estate Planning: Beneficiary Designations for Charities (26:05)
• Creative Strategies: Life Insurance and Charitable Trusts (30:22)

Resources:

• Women + Roth IRA's – What Should You Be Aware Of? (episode)

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.