“The account you inherit as far as the IRS is concerned, it's not your retirement account. You are just receiving the money from it. It's still the original owner's retirement account.”

Have you ever considered the complexities that come with inheriting retirement accounts? They can be a minefield of rules and regulations that, if not handled with care, can result in irreversible mistakes. Our hosts Stephanie McCullough and Kevin Gaines untangle these complex rules, shedding light on the importance of paying attention when dealing with inherited accounts. Because once that money is taken out, it doesn't go back in. They also look at how the rules change when the original contributor has started their required distributions.

Did you know that spouses have a unique privilege when inheriting retirement accounts? They can transfer the accounts into their own and take full ownership. But like everything else in life, there are rules to follow.

And then comes the all-important matter of tax considerations. From the repercussions of not emptying the account within ten years to the importance of naming your own beneficiaries, and the complications that arise when inheriting an inherited IRA - Stephanie and Kevin cover it all. That said, it’s important to remember that each situation is unique and requires specific guidance.

Under the SECURE Act, there are now 3 kinds of retirement plan beneficiaries for determining post-death payouts after 2019:

1. Non-Designated Beneficiary (NDB)

These are not people.

Examples: Estate, charity or non-qualifying trust (non-look through trust)         

2. Non-Eligible Designated Beneficiary (NEDB)

 All designated beneficiaries who do not qualify as EDBs (see #3 below).

Examples: grandchildren, older children, some look-through trusts

3. Eligible Designated Beneficiary (EDB)

The SECURE Act exempts these beneficiaries from the 10-year rule. However, if the account owner dies before the RBD, an EDB can elect the 10-year rule.

EDBs must be designated beneficiaries.

5 Classes of Eligible Designated Beneficiaries:

1. Surviving spouses
2. Minor children of the account owner, until age 21 - but not grandchildren
3. Disabled individuals – under the strict IRS rules
4. Chronically ill individuals
5. Individuals not more than 10 years younger than the IRA owner. (Those older than the IRA owner also qualify.)

SECURE Act Videos Here

Key Topics:

• Inheriting an IRA or Another Type of Retirement Account (02:00)
• Unique Rules of Inherited Accounts (05:31)
• Inherited IRA Rules and Options for Spouses and Non-Spouses (10:26)
• IRA Inheritance Rules and RMDs (15:49)
• The 10-Year Rule (20:52)
• Inherited Retirement Accounts and Potential Pitfalls (30:34)
• Wrap-Up (31:00)

Resources:

• Take Back Retirements Episodes:
• 12: What Women Need to Know About IRA’s, with Sarah Brenner
• 18: How Do We Prepare for the Worst? with Mary Beth Simón
• 20: Women + Roth IRA’s – What Should You Be Aware Of?
• 40: What Women Need to Know About Income Tax
• 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!

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.

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“The thing you’ve got to start with is what does life cost you? What does it cost to be you in this world?”

Listen in as our hosts Stephanie McCullough and Kevin Gaines tackle some big questions in this episode of Take Back Retirement, like "Do I need to go back to work after retirement or a divorce?" and "What kind of financial considerations should I have?" They walk through how to evaluate your life costs, not just the regular monthly expenses, but those that come up less frequently, like holidays, vacations, and any extra costs that come with having children or pets. They also discuss how to handle assets after a divorce, the different types of assets, tax implications, and the importance of planning for the future.

Stephanie and Kevin examine figuring out how much you can safely withdraw from your investments or savings if you need to supplement your income. They shed light on the 4% rule, which suggests that you should not withdraw more than 4% of the balance of your account each year. Plus, they discuss possible ways to reduce expenses and the importance of having a plan ahead of time. This episode is packed with valuable insights and practical advice, don't miss out!

Key Topics:

• Intro: How to Decide Whether to Go Back to Work After Divorce (02:10)
• It’s Not Solely a Financial Question (03:32)
• How Much Does Life Cost You? Looking at Spending (06:56)
• Looking at the Income Side of the Equation (11:42)
• Retirement Savings and Investment Spending Strategies (17:01)
• Making That Money…Pulling in Some Income (24:35)
• Wrap-Up (31:24)

Resources:

Organizations that support women returning to the workforce:

• https://betterbalancelife.com/
• https://www.irelaunch.com/
• https://womenbacktowork.org/
• https://theriveter.co/voice/best-websites-for-moms-reentering-workforce/

Related Take Back Retirement Episodes:

• How Do We Reduce Financial Anxiety? with Lindsay Bryan-Podvin, Financial Therapist
• You Want to Retire Before Age 65? Here’s What You Need to Know
• Retire on Your Own Terms – Or Don’t!
• What Women Need to Know About IRA’s, with Sarah Brenner
• Women + Roth IRA’s – What Should You Be Aware Of?

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.

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“In the world of the IRS, if it's not documented, it's not real.”

Get set for a value-packed journey as our hosts Stephanie McCullough and Kevin Gaines tackle the critical topic of keeping financial records in this latest episode of Take Back Retirement. But they don’t go it alone. They invite two clients - Steve and Doug - and two experts – Enrolled Agent Marianne Borneman and CPA Sonya Pappas - to give a well-rounded perspective on just how important record keeping really is.

First, discover how proper documentation can serve as a shield in financial disputes as Stephanie and Kevin introduce two of their clients - Steve and Doug. They share their personal experiences dealing with pension plans, tax determinations, and the powerful role of keeping precise records in securing their interests.

Next, learn from Marianne about the possible hazards of not having accurate documentation when dealing with the IRS and how it may prompt the tax collectors to dig even deeper. Sonya shares valuable tips on maintaining record security and the necessity for a systematic approach to saving and purging documents. Tune in, learn, and protect your financial future by mastering the art of vigilant record-keeping!

Key Topics:

• Introducing the Importance of Record Keeping (00:54)
• Exploring Record Keeping with Client Steve (02:41)
• Exploring Record Keeping with Client Doug (12:55)
• Exploring Record Keeping with Expert Marianne Borneman (20:28)
• Exploring Record Keeping with Expert Sonya Pappas (33:27)
• Stephanie and Kevin’s Wrap-Up (45:45)

Resources:

• Find Marianne Here -  Thetaxreductionnetwork.com
• Sonya on LinkedIn - GSM Advisory Group on LinkedIn

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.

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“This could be the most loving gift you could ever give your children. The most loving way of spending your time to give them this gift, it's priceless. Preparation leads to peace. It absolutely does.”

Imagine a world where your family isn't left with a mountain of your disorganized documents and possessions after your death. Our hosts Stephanie McCullough and Kevin Gaines chat with Angie Hyche, a professional organizer, author, speaker, and podcaster, who brings us unique insights into the freedom that order can bring.

Turning the spotlight on planning for aging parents and our own aging future, this episode delves into the importance of not just passing on material items, but the values we want to instill in our children. Angie shares her experience of helping her parents and in-laws navigate the process of organizing their belongings, emphasizing the vital necessity of these conversations around end-of-life planning.

Stephanie, Kevin and Angie round off by tackling the challenge of organizing both physical and digital documents. From the ABC sorting process for photos to the importance of having a system to track important documents, they explore it all. Angie shares her tips on how to make sure digital assets are accessible to loved ones and how to approach the process of ‘death cleaning.’ This episode is perfect for anyone seeking to create order, prepare for the future, and leave a meaningful legacy for loved ones.

Key Topics:

• Introduction to Angie Hyche (01:08)
• How Angie Arrived to be a Professional Organizer of Documents (02:10)
• Organizing Personal Affairs and Prioritizing What Matters Most (05:02)
• Helping Elderly Parents with Organizing (09:46)
• Organizing and Preserving Family Photos (15:25)
• Organizing Paper Documents and Deciding what to Keep (20:08)
• Organizing Digital Assets and Passwords for Easy Access After Death (25:51)
• Planning for End-of-Life Tasks and Possessions (32:04)
• Clutter’s Impact on Mental and Physical Wellbeing (37:35)
• Stephanie and Kevin’s Wrap-Up (42:27)

Resources:

• Shipshape Solutions
• Uncluttered Podcast

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.

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“Once you are aware of your top risks that you will likely face later on, it's amazing how your brain just starts to automatically think about, ‘Well that's interesting, I wonder if I could live that way.’ Or ‘I wonder if I could pick up that exercise. I wonder if I could start walking a mile a day just to start getting in better shape. I wonder if I could change my diet instead of eating this cookie, I should maybe have this piece of fruit instead.’ That's the way the mind works.”

Ever asked yourself 'Who will take care of me as I age?' If so, this episode is for you. Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group engage in a profound conversation with Carol Marak, an author, speaker, and mentor who has tackled this very question head-on. Her journey to a secure future will inspire you as she shares her path to financial stability, strategic relocation, and developing a comprehensive framework for successful solo aging.

Our hosts along with Carol delve into the profound interconnectedness of retirement planning and life purpose, exploring how changes in one's living environment can dramatically influence health and fitness. Get ready to understand the challenges faced by individuals transitioning from significant careers and the role financial advisors play in helping navigate these waters.

Stick around as they explore the significance of early planning for the future, taking into consideration factors such as family medical history, lifestyle choices, and overall life satisfaction. Carol emphasizes the importance of strong social connections and support base, regardless of whether you have kids or not. Tune in and get set to rethink solo aging through the lens of Carol Marak.

Key Topics:

• The Pivotal Moment Carol Realized She Needed to Take Action (02:16)
• How Carol and Sisters Determined the Categories to Plan their Parents’ Will (07:57)
• How Do You Know if You’re Financially Stable? (15:27)
• How Do You Have Conversations with Clients about Finances? (19:41)
• Patient Advocates (25:52)
• Bringing Family History into the Picture (30:27)
• When to Start Thinking About Retirement (35:53)
• The Importance of Having a Support System (41:41)
• Planning is a Verb, Not a Noun (44:04)

Resources:

• Carol Marak: Solo and Smart Aging Website
• Carol Marak on LinkedIn
• SOLO AND SMART: The Roadmap for a Supportive and Secure Future© (book)

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.

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“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 (04:10)
• Looking at the Trends (06:41)
• How Much Cash Should I Have and Where to Put It? (09:42)
• How to Invest More Money (20:17)
• Don’t Get Intimidated by the 1099 Form (22:48)
• Savings vs. Investment (23:39)
• Wrap-Up (25:20)

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.

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“Conversations around money should be: what do you want? Who do you want to be? And how do we help you get there? Not only you individually, but your collective. Your collective is your family, your community, and beyond”

Imagine a world where the language of money is universal, inclusive, and aligns with your life's purpose and passion. That's exactly the world Kim Curtis, CEO of Wealth Legacy Institute, envisions and is working towards. This episode exposes the unspoken gender dynamics in finance and the male-centric language that often excludes crucial aspects like life, passion, and joy. Kim takes us on her unique journey, from changing careers at 30 and overcoming money shame, to becoming a successful financial planner.

Have you ever wondered how gendered financial language affects retirement strategies? Our hosts Stephanie McCullough and Kevin Gaines, along with Kim reveal the different retirement scenarios for men and women. They highlight the importance of community in retirement, providing insightful strategies to expand relationship circles and combat loneliness and boredom. Kim's candid discussion about her past experiences and how they have shaped her approach with clients is a testament to her holistic approach to finance.

In the world of finance, skills extend far beyond number crunching. According to Kim, financial professionals also need resilience, self-awareness, and mediation skills. She shares valuable advice on recognizing biases in investing, understanding the differentiations between financial professionals, and the importance of patience and ownership in financial planning. All this and more in this episode of Take Back Retirement.

Key Topics:

• Kim’s Story and and Career Change to Financial Planning (02:09)
• Gendered Language in Financial Planning (11:13)
• How We Show Up Around Money (15:44)
• Happiness Doesn’t Retire (24:52)
• Women in the Financial Planning Field (27:18)
• The Psychology of Money and the Gender Issues in Financial Planning (31:29)
• Wrap-Up (37:04)

Resources:

• WealthLegacyInstitute.com
• FinancialLiteracyPress.com
• Kim’s most recent book, Retirement Secrets: Keys to Living Happy, Healthy and Free
• @happinessdoesntretire on IG

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.

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Get ready for an inspiring conversation with tech retiree and podcast host, Gretchen Schoser. Gretchen, aka G-Rex, invites us into her world to talk about trading tech for a mic, her journey toward retirement, and the mental health battles she’s faced along the way. Tune in as she unpacks her new podcast, “Sh!t That Goes On In Our Heads,” which she co-hosts with Dirty Skittles, and how it acts as a comforting refuge during challenging times, not only for the hosts but also their listeners.

Our hosts Stephanie McCullough and Kevin Gaines follow Gretchen through her post-retirement adventures in Europe and her extended Florida retirement party. Gretchen’s travels are a testament to living in the moment and creating beautiful memories, inspired by her friend Booky, who, in the face of terminal cancer, lived life on her terms.

Stick around as Gretchen teases us with glimpses of her upcoming book. She shares her tale of self-discovery, setting healthy boundaries, and how she's using her newfound freedom to help others navigate the podcasting world. Get cozy, you won’t want to miss a minute of G-Rex’s inspiring journey.

Key Topics:

• Gretchen’s Path to Retiring (03:12)
• The Birth of Sh!t That Goes On In Our Heads Podcast (09:08)
• The Europe Trip (10:47)
• “Don’t Wait. Make Those Memories” (14:39)
• More On Gretchen’s Podcast (16:58)
• Gretchen’s Upcoming Book (25:51)
• Where Did the Title of Gretchen’s Podcast Come About? (32:22)
• Wrap-Up (38:29)

Resources:

• Sh!t That Goes On In Our Heads Podcast

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.

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“The human brain is actually wired to trip us up, to shoot ourselves in the foot when it comes to money and investing. A little bit of self-examination can help pull us out of these knee-jerk reactions.”

Prepare for a knowledge voyage as our hosts Stephanie McCullough and Kevin Gaines redefine retirement for women, bringing insights from behavioral finance, a fascinating field that explores how we make decisions around money. By the end of this episode, you'll have a deeper understanding of financial behaviors and how to make smarter choices.

Our hosts dissect the concept of the gambler's fallacy to shed light on their own decision-making patterns, with Kevin sharing a personal anecdote to highlight its real-life impact. Following that, prepare for a compelling discussion on mental accounting, a concept that will change how you view your money's value depending on its source. Our hosts explore a study that reveals intriguing patterns in spending "found money" versus hard-earned cash. To wrap up, they look at practical ways to leverage mental accounting in creating a budget and improving your chances of financial success. This episode is a journey toward financial empowerment.

Key Topics:

• Intro to Behavioral Finance (01:58)
• Biases (06:21)
• Recency Bias (AKA Availability Bias) (14:32)
• Mental Accounting (17:30)
• Flipping These Findings to Our Advantage (Action Steps) (24:43)

Resources:

• Predictably Irrational (book)
• Seinfeld Skit: Even Steven

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.

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What if you discovered that the typical American is on track to have only 78% of the income needed for retirement expenses? Brace yourself, because that's exactly what our hosts Stephanie McCullough and Kevin Gaines are about to unpack.

Talking about retirement planning can be daunting, but it's never too late to start. Our hosts share some fascinating findings from a recent survey, like men's overconfidence in investing, despite women scoring higher in financial literacy! They also reveal the intriguing confidence levels across different generations. Whether you're a baby boomer, a Gen-Xer, or an older millennial, you’ll find insights to help you plan better and invest smarter.

Stick around as our hosts dive into the various approaches to retirement planning. They're going to explore everything from catch-up provisions and reducing expenses to planning for a long life. Plus, the importance of seeking professional advice when investing for retirement cannot be overstated. So buckle up as Stephanie and Kevin venture through these crucial topics, equipping you with the knowledge and motivation required to secure your retirement with confidence. Get ready to redefine retirement on your terms!

Key Topics:

• The Importance of Knowing Your Financial Situation (03:09)
• Don’t Get Hung Up on Perfection (06:12)
• Men Are More Confident Than Women About Investing Despite Women’s Higher Financial Literacy (07:24)
• How Optimistic Are You About The Future and Your Retirement? (11:28)
• Planning Creates Power and Leads to Purpose (17:00)
• Making Money in Retirement (19:41)
• Investing More Conservatively for Retirement (is it the right move?) (23:29)

Resources:

• Take Back Retirement Episode 62: What Women Need to Know About Longevity
• Fidelity Research: America’s Retirement Preparedness Level Declines Amid Continued Volatility

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.

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Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.