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In this episode, we’re joined by Brian Cook, owner of Right at Home in Lee’s Summit, Missouri. With nearly 20 years of experience in healthcare administration, Brian offers valuable insight into aging, long-term care, and how families can support loved ones in staying at home safely and comfortably.

As financial advisors, we understand that one of the biggest threats to a retirement plan is the rising cost of long-term care. Brian’s work directly supports families in managing that risk — not just financially, but emotionally and practically — by helping seniors age in place with dignity and independence. His organization focuses on helping clients age in place by providing non-medical home care services, including assistance with daily activities, transportation, and companionship. They are dedicated to improving the quality of life for aging adults while also being a trusted resource for families navigating the challenges of caregiving.

Equally important is the financial side of care — knowing how to plan for it and how to ensure your loved ones are protected. It all starts with a conversation. Whether you’re preparing for your own future or helping aging parents, there’s no better time to plan than now.

Contact Wise Wealth: www.wisewealth.com/contact-us, by email at [email protected], or by phone at 816.246.WISE (9473)

Right at Home (816) 277-0837 www.rightathome.net/lees-summit

The conversation continues with guest, Samantha Tiller who focuses on eight key areas where retirees need to be intentional in order to achieve peace of mind during their retirement. If you missed the last episode, be sure to go back and watch & listen to the first three areas of the “Retire Wellthy Framework” – financial wellness, occupational wellness, and social wellness.

Continue watching or listening this episode and learn the final 5 dimensions of the Retire Wellthy Framework:

Emotional wellness in retirement involves creating balance and managing daily emotional shifts. Key challenges include loss of identity and feeling disconnected. Building a routine with activities like meditation or outdoor walks helps maintain emotional health, fostering peace and contentment. A fulfilling retirement goes beyond finances—it’s about developing habits that support emotional well-being.

Environmental wellness focuses on creating pleasant, stimulating spaces in both your home and community. This includes improving your living spaces, considering your neighborhood, and ensuring your surroundings support your well-being. Simple changes can have a big impact, whether it’s enhancing your home environment or exploring new places that uplift and energize you.

Intellectual wellness in retirement is about staying curious and continuously learning, whether through creativity, new topics, or skills like language learning. It’s important to avoid stagnation and remain open to growth, exploring new interests and challenges to stay engaged and youthful.

Spiritual wellness in retirement involves reflecting on one’s relationship with a higher power and finding peace about life’s transitions, including aging and the afterlife. It’s important to make space for spiritual practices like prayer, meditation, or connecting with nature, helping to nurture the soul and maintain a sense of inner peace.

And finally…

Physical wellness in retirement involves a holistic approach, focusing on nutrition, activity, and sleep. Instead of jumping into a rigid fitness routine, it’s important to ease into healthy habits that suit your body’s current needs, while also being mindful of the other dimensions of wellness.

To learn more about how Samantha Lane helps retirees walk through all 8 dimensions of wellness, contact her at [email protected] or by phone at 913.522.9295. 

If you’re ready to take the next step and talk with one of our experienced financial advisors, schedule a complimentary 15-minute consultation.

Call: 816.246.WISE (9473)

Contact us: www.wisewealth.com/contact-us

In this podcast conversation, our guest is Samantha Tiller, the owner and founder of Lumina Coaching. She is a life transition coach specializing in helping people navigate significant life changes, particularly retirement. With her expertise, she helps clients find meaning, purpose, and direction after they retire, addressing the common fear of becoming aimless or disconnected. She emphasizes the importance of not only filling time with activities but also exploring deeper questions about identity and who one wants to be in this new phase of life.

Samantha shares her experience of working with clients both before and after retirement, helping them navigate feelings of uncertainty and find meaning in their new phase of life. She explains the common “honeymoon phase” of retirement, where people enjoy the initial freedom but eventually face a sense of emptiness after a few months of leisure activities. Samantha offers a coaching approach centered around the idea that awareness plus choice equals peace, encouraging retirees to reflect on what they want their post-work life to look like and how to achieve lasting contentment.

Learn the Retire “Wellthy” Framework which includes 8 dimensions of wellness:

Awareness in these eight areas allows retirees to move confidently into retirement, with a focus on balance and improvement, not perfection.

Being intentional about planning for a successful retirement requires focusing on more than just your financial wellness. That is why we are proud to have Samantha on our podcast, as we know how much she can benefit our clients.

For more information about her services, visit www.lumina-coaching.com.

Call: 816.246.WISE (9473)

Contact us: www.wisewealth.com/contact-us

Schedule a date & time online: https://calendly.com/myretirementsurvey/15min?month=2024-12

Many people dismiss reverse mortgages based on misconceptions. Watch & listen to this episode to learn more about the benefits of using a reverse mortgage as a part of your overall financial plan.

Meet our guest:

HARLAN ACCOLA, National Reverse Mortgage Director, Author of the book, Home Equity and Reverse Mortgages.

Harlan Accola has been in the mortgage industry for more than 20 years and is widely recognized as an authority on reverse mortgage loans and retirement finance issues.

The most rewarding part of his career has been helping homeowners and homebuyers aged 62 and older to realize the benefits of reverse mortgages and achieve better retirements.

In this episode, Harlan highlights that home equity, often overlooked, constitutes a significant asset for retirees—nearly $14 trillion is tied up in seniors’ homes. This equity is frequently unmanaged and is rarely utilized effectively, often passed to heirs who may not value it.

Using Reverse Mortgages:

Eligibility and Rules:

If you have questions about this topic or would like to know more about how Wise Wealth can help you with your unique situation, feel free to reach out.

www.wisewealth.com/contact-us

816.246.WISE (9473)

[email protected]

Guest Phil Graham | CEO @ The Beneficiary Liquidity Plan®

Phil Graham is the driving force behind the development and innovation of The Beneficiary Liquidity Plan®. Phil brings more than 25 years of financial services experience, with a focus on designing and distributing products through financial advisors. With the Beneficiary Liquidity Plan®, you can help ensure your loved ones have quick, easy access to the funds they need to settle your estate.

Many people have faced the burden of paying for a loved one’s funeral out of pocket, and in this episode, we explore ways to provide immediate financial relief for families through these tough times.

Sometimes it can take anywhere from 2 weeks up to six months to receive death certificates, which delays access to funds from financial institutions. For instance, in New Jersey, an 84-year-old widow had her joint bank account frozen after her husband died, as the bank required a state estate tax form and death certificate before releasing the funds.

Nearly everyone (close to 100%) wants their family to access funds for funeral costs, yet only about 8% have prepaid funerals. We recommend pre-planning (not pre-paying) to ease decision-making for beneficiaries.

Immediate Payment: The Beneficiary Liquidity Plan® allows for direct payment to the funeral home, eliminating financial stress for the family. For example, with a $25,000 allocation:

• Average funeral expenses (approx. $15,000) are covered.

• Remaining funds ($10,000) are deposited to the beneficiaries for immediate use.

For more information or questions on this topic, feel free to reach out to our team at 816.246.WISE (9473) or by email at [email protected]. If you’re not a client of Wise Wealth and lack a personalized financial plan, we offer a “Clarity Conversation” to help you get started. You can reach out via email, phone, or by taking our online quiz for a free copy of our updated book, “Simplify Your Retirement.” Our goal is to simplify your retirement planning so you can fully enjoy life.

816.246.WISE (9473) | [email protected] | www.wisewealth.com/book | www.wisewealth.com/contact-us

In the pursuit of financial freedom, retirement planning often revolves around achieving a specific nest egg or net worth target. However, true fulfillment in retirement extends beyond mere financial security. It encompasses a holistic approach that addresses uncertainties, unforeseen circumstances, and the desire to leave a lasting legacy.

In this episode, we discuss the multifaceted aspects of retirement planning, highlighting the importance of proactive decision-making, essential documents, and specialized expertise to ensure a fulfilling and secure retirement journey. While many financial advisors often focus on reaching a specific nest egg or net worth target to support this goal, experience shows there’s a further peak to strive for beyond mere financial security. The reality is a lot of people plan for about 30 to 35 years preparing for the day they retire, but you need to have a plan for the 30 to 35 years after you retire.

When you get to retirement, now there are unknowns. How long are you going to live? How much is inflation going to impact you? Am I going to need long-term care?

As you get closer to retirement, the risk increase, and the stakes are higher. Mistakes have to be avoided and you need to work with an advisor who specializes in the retirement phase of life. Specific investments are tailored for generating income, while others are geared towards growth.

The choice of investment aligns with the intended financial plan. Beginning with an income plan, one progresses to an impact plan which encompasses legacy, insurance, and tax planning. Unforeseen circumstances such as incapacitation or illness can suddenly shift control away from one’s intended decisions.

This uncertainty can detract from the enjoyment of retirement, raising concerns about the distribution and management of assets, as well as the designation of decision-makers in times of need. The goal of retirement planning is to minimize fear, frustration, and risks to fully enjoy retirement. Essential documents such as powers of attorney, encompassing healthcare and financial matters, are crucial. A living will specifies directives for medical care in certain situations, relieving loved ones of difficult decisions. A traditional will dictates asset distribution, preferably through contractual arrangements. It’s essential to document specific wishes and have them legally endorsed to ensure desired outcomes, particularly for personal items with sentimental value, to avoid potential conflicts among beneficiaries after one’s passing. It’s crucial to ensure that beneficiaries listed on policies accurately reflect your wishes, as these designations override the instructions in your will.

Naming beneficiaries expedites the transfer of assets without the need for probate, streamlining the process. Trusts can be simple or complex, but legal expertise is often necessary for complex situations. While we offer assistance, we recommend consulting qualified attorneys to ensure validity and effectiveness.

We stress to clients the importance of leaving more than just money behind—a legacy of values, beliefs, and memories. Encourage sharing messages, beliefs, and family stories through videos or other means, ensuring that the true essence of their legacy endures beyond financial assets.

📅 SCHEDULE A CONSULTATION: 816.246.WISE (9473), [email protected], www.wisewealth.com

In this insightful conversation, Stephen Stricklin discusses the complexities of financial planning, focusing on the contrasting viewpoints regarding investments in the stock market and insurance planning.

Leveraging his extensive industry experience, Stricklin underscores the significance of crafting a comprehensive plan that seamlessly integrates both aspects.

There is an imperative need for objective advice, especially from a firm like Wise Wealth which can objectively navigate the intricacies of both insurance and investments. Many biased financial advisors may favor one approach due to licensing, affiliations, or personal preferences.

Wise Wealth’s approach involves tailoring recommendations based on a thorough understanding of clients’ needs, initiated through a “Clarity Conversation,” followed by the “Possibilities Meeting” – exploring diverse avenues for achieving financial goals.

It’s important to understand that by investing in insurance you are transferring the risk to the insurance company which can lead to financial peace of mind.

Stephen and his co-host, Paul Brock talk about the significant financial risk associated with long-term care, the complexities of Medicare, and the role of life insurance.

In conclusion, it is crucial and imperative to adopt an objective and fiduciary approach when making decisions related to insurance.

Key Topics Discussed:

CONTACT US:

www.wisewealth.com

Email us at [email protected], or give us a call at 816.246.WISE (9473).

To request your copy of our book, Simplify Your Retirement, email us at [email protected], or visit our website www.wisewealth.com/contact-us.

Income Planning: Smart Investment Allocations for Maximum Peace of Mind

We understand that when retirees have a well-thought-out plan, they are more likely to experience true freedom. The ultimate goal of our retirement planning efforts is to achieve this freedom, enabling individuals to give, serve, and enjoy life without constraints.

Once a plan is established for each of these six areas: liquidity, income, growth, tax, legacy, and insurance, true freedom becomes attainable.

Our concept of freedom planning perfectly aligns with the mission of Wise Wealth, encapsulated by the hashtag #GSEL (give, serve, and enjoy life). To realize this vision, meticulous planning is necessary.

One of the most pivotal questions to ask in financial planning is, “What does retirement look like to you?” This question is crucial as the answer varies for each individual. Retirement, for some, entails serene moments in a rocking chair or spending time with grandchildren, while for others, it means constant travel and never staying at home. There’s no right or wrong answer, but an answer is essential.

The response to the question “What does retirement look like to you?” not only carries an emotional aspect but also a numerical component. When we discuss income planning, we are essentially determining that number.

At Wise Wealth, one of our guiding principles is that the plan determines the products. Using our easy-to-understand “3-Bucket Approach” we identify the purpose of the money—whether it’s for liquidity, income, or growth. and we firmly believe that a single portfolio cannot effectively serve all three purposes.

We believe a single portfolio cannot effectively serve all three purposes. Aligning investments with their intended purposes simplifies decision-making and enhances peace of mind.

Today, our focus shifts to the income bucket. We’ll discuss the rules governing how much should be allocated to this bucket and the investment options it offers.

Many individuals approaching retirement, particularly those who have managed their finances independently or worked with advisors focused on asset growth, may find this transition challenging. They are accustomed to growing their assets, often through 401(k) investments.

However, in retirement income planning, the dynamics change, requiring consideration of liquidity, safety, income, and growth.

Many people mistakenly believe they only have these two extreme options, either taking no risk and accepting minimal returns (barely keeping up with inflation) or risking everything with potential losses as the market fluctuates. The downside is that this type of strategy doesn’t lead to freedom or peace of mind. Individuals find themselves in constant fear, tied to market fluctuations, questioning every financial decision.

There are alternative options in the middle ground, that are less risky and more cost-effective, giving a more balanced approach.

Upon reaching retirement age, individuals should protect the portion of their money needed for an income stream. The rules for the liquid bucket involve determining your income number, solving for the gap by subtracting guaranteed income sources, and figuring out the least amount of assets needed to guarantee the required level of income.

Almost everybody has an income gap, and the income gap formula is straightforward. Take your income need in retirement, subtract any guaranteed income sources, and start with a clear budget. To determine your income need, write it down—request our complimentary retirement worksheet at [email protected].

Our goal as planners is not to sell annuities or CDs but to have as much money as possible growing for our clients while protecting their income needs. We advise individuals, even up to the first 5 to 10 years in retirement, to start allocating assets today to solve for that gap 10 years from now.

It’s never too early to start planning.

To request your copy of our book, “Simplify Your Retirement, email us at [email protected].

In planning for retirement, creating a budget is crucial for ensuring financial security and making work optional. The simplified approach involves dividing assets into three buckets: one for liquid expenses, another for income, and the third for growth.

The budget, a formal plan for managing monthly income, helps avoid overspending and provides the freedom to enjoy retirement.

Key points on budgeting for retirement:

Living Expenses vs. Lifestyle Expenses:

Distinguish between essential living expenses (e.g., housing, utilities, food) and desired lifestyle expenses (e.g., travel, recreation). Guaranteeing living expenses is crucial.

Start with the Basics:

Ensure a secure retirement by covering the necessities. Just as parents promise a roof, food, and clothes for their children, retirees should guarantee their own living expenses.

Healthcare Costs and Inflation:

Estimating healthcare expenses is a significant concern in retirement. A reasonable starting point could be $450 per person per month. Account for inflation in estimating future expenses. Regularly monitor and adjust the budget as circumstances change.

Customization is Key:

While there’s no one-size-fits-all solution, everyone needs to identify their unique retirement number. Use a budget worksheet, estimate high, and adjust for inflation over time. Six months before retirement, start living on the budget to ensure its feasibility. Adjustments can be made based on the real experience.

Remember, the goal is to retire with confidence, peace of mind, and the freedom to enjoy life without financial constraints.

📅 SCHEDULE A CONSULTATION:

816-246-WISE (9473) | [email protected] | www.wisewealth.com/contact-us