Widow, Wisdom & Wealth™: Thriving in Career and Parenthood After Loss

We all know the basics of being healthy: eating well, working out, refraining from processed foods, etc. On today's episode, we thought it would be fun to compare some common diet tips to retirement planning to help you fix some of those unhealthy financial habits.

Empty calories are in a lot of different foods, in our finances we can find these in auto-generated plans that aren't customized to your needs. There is a lot of hidden added sugar out there too and this can relate back to those hidden fees in your portfolio. Join us today as we break down various tips for improving your financial health!

Check out Donna's new book coming out soon: https://www.widow-wisdom.com/

What we discuss today:

1:03 – The retirement diet!

2:47 – Empty calories

7:17 – Added sugar

9:55 – Not all fees are bad

11:37 – Trans fats

15:31 – Calories and inflation

Get additional financial information: https://sephtonfinancial.com/podcasts/

Trying to keep up with news today feels like a 24-hour job. As if the year hasn't been unpredictable enough, now we have Elon Musk buying Twitter.

With everything happening, it's not surprising that markets have reacted by moving up and down even more than usual. If you've paid attention to any financial news or information, there are likely a few terms and phrases that you've been hearing more than others.

On this episode, we're going to discuss these investment terms and help you understand what they mean and why they're important. From volatility to inflation to recessions, we'll cover all of the financial news that's top of mind for many people today.

Check out Donna's new book coming out soon: https://www.widow-wisdom.com/

What we discuss today:

1:35 – Crazy markets recently

2:21 – Bear vs Bull Market

4:02 – Volatility

6:09 – Asset allocation

8:00 – Diversification

9:21 – Inflation

11:14 – Recession

15:32 – Fiduciary

18:04 – Suitability

Get additional financial information: https://sephtonfinancial.com/podcasts/

Life insurance can be intimidating for a lot of reasons but it has changed a lot over the years. On today's episode, we are going to explore some important reasons you may want to consider life insurance and what factors you should consider when making this important decision.

If you have a family, you really need to consider income replacement. Donna herself, was able to raise her family and send them to college because of life insurance after she unexpectedly became a widow. If you are closer to retirement if you were to pass, how would that impact your spouse's plan? Join us today as we explore 7 important things you should think about if you are considering life insurance.

Check out Donna's new book coming out soon: https://www.widow-wisdom.com/

What we discuss today:

1:16 – Income replacement

6:06 – Estate liquidity

7:07 – Locking in premiums

8:35 – Transferring family wealth

9:23 – Succession in business

10:25 – Tax-free income

12:41 – The right professionals and tools

14:17 – Long term care coverage

Get additional financial information: https://sephtonfinancial.com/podcasts/

In retirement planning, there are some big birthdays you need to keep in mind. When you turn 50, the government allows you to put additional catch-up contributions into your retirement accounts. This is a great way to save more if you feel the need to. A lot of people are unaware that when you turn 55 you can take withdrawals from your 401(k) without penalty, although they are still taxed and you'll want to follow the rules carefully. By 62, you can take Social Security, but will this be the best decision for your plan? On today's episode, we'll explore these ages and which important ones are crucial to your retirement plan.

Check out Donna's new book coming out soon: https://www.widow-wisdom.com/

What we discuss today:

1:03 – Donna's new book is coming out!

2:37 – Do you enjoy birthdays?

3:34 – 50 and catch-up contributions

5:47 – 55 and early withdrawals

7:02 – 59 ½ eligible to withdrawal

8:29 – 62 and Social Security

10:15 – 65 and Medicare

11:33 – 66 or 67 is full retirement age

12:38 – 70 the latest you can take Social Security

13:38 – 72 and required minimum distributions

16:27 – Prepare for tomorrow!

Get additional financial information: https://sephtonfinancial.com/podcasts/

The financial industry is full of jargon and designations that can be confusing to navigate. Do you know the difference between an IAR and an RIA? What is a CFP or a Series 66?

Donna herself is an IAR financial professional, meaning she can help clients with solutions that may be a better fit for widows or widowers. She's also a CFP, a certified financial planner, and a fiduciary. On today's episode, we'll discuss these designations, terms, and definitions and what they mean for your financial planning journey.

What we discuss today:

1:46 – IAR versus RIA

4:06 – What is a CFP?

6:01 – Series 65 or 66

7:53 – A fiduciary

8:56 – College degrees

10:50 – Changing hats

11:52 – Education and ethics

Get additional financial information: https://sephtonfinancial.com/podcasts/

How can guessing at retirement planning go wrong? On today's show, we'll discuss some of the major areas in retirement planning you don't want to guess at. Do you know how much income you'll need on a monthly basis? Guessing can leave you without enough money to cover your expenses in the future.

Do you know what major purchases you will need in retirement? A lot of people combine this with their emergency fund. However, if you are planning out these purchases you can save separately, keeping your emergency fund intact in case you really need it. You can guess at some things in life, but when it comes to your financial future it's best to sit down with a professional and plan it out.

What we discuss today:

2:12 – Monthly income

4:55 – Major purchases

8:39 – Impact of inflation

10:51 – Healthcare costs

Get additional financial information: https://sephtonfinancial.com/podcasts/

What are the most important parts of your retirement plan? It's great to make fun decisions regarding what you want to do in retirement, but are you also planning for how much time in retirement you'll have? We don't want you to outlive your money. The best time to start saving is now.

It's great to know how much you want to spend in retirement; however, you need to know where that money is going to come from. Without an income plan, you don't really have a retirement plan. On today's episode, we'll discuss some areas experts claim to be the most important part of retirement planning and whether Donna agrees.

What we discuss today:

1:11 – Happy Valentine's Day!

3:43 – Deciding what you want to do

5:00 – Start saving for retirement now

6:47 – How much income do you need?

7:45 – How much would you like to spend?

8:36 – Proper portfolio allocation

10:59 – Making your retirement fulfilling

12:12 – Picking the right planner and advisor

13:09 – What is the most important piece to you?

Get additional financial information: https://sephtonfinancial.com/podcasts/

A lot of people have been DIYing their financial plan, especially during the past decade when the market has been relatively good. But that won't always be the case and having an advisor can help you navigate market downturns and prevent you from making emotional financial decisions.

So, who needs an advisor? Well, most of us. Maybe you are too much of a procrastinator. Or perhaps you just don't have the time to learn about the market and different investment vehicles. That's exactly what an advisor can help you with. Join us today as we discuss some questions you should ask yourself if you are considering looking for an advisor.

What we discuss today:

0:51 – Happy February!

1:45 – Are you a procrastinator?

5:38 – What do you know?

6:57 – We don't know what we don't know

8:50 – Do you have the time?

10:56 – Navigating all the information

12:50 – Reading the headlines

Get additional financial information: https://sephtonfinancial.com/podcasts/

Family budgets, college, weddings, there is a lot to consider financially when it comes to our kids. On today's episode, we are going to discuss the role our kids play in our retirement plan. If you have children and depending on their ages, you've probably thought about this before.

If you have your kids later in life, you may be looking at these expenses as you approach retirement age. Or maybe you want to save some money for your grandchildren. But giving away your retirement money to pay for college or a wedding can be dangerous if you don't have a plan. There are many ways you can save and still protect both your future and your child's future. It's all about starting these conversations and plans early on.

What we discuss today:

1:17 – Catching up with Donna

2:41 – Paying for college

5:27 – Trouble with the job market

8:14 – Saving for your grandkids

9:40 – Special needs situations

12:20 – Generational wealth

13:59 – Leaving the house behind

Get additional financial information: https://sephtonfinancial.com/podcasts/

It's time for some fill-in-the-blank questions with Donna! What is the best way to be sure you won't run out of money in retirement? If you hit retirement and you don't have a plan in place, you will never know how much you can afford. You don't want to outlive your money.

What do most clients worry about when they first come to visit an advisor? Retirement is a big worry, but a lot of people are just looking for peace of mind, someone to tell them that everything is going to be okay. Join us today as we discuss the stock market, common retiree mistakes, and more!

What we discuss today:

1:20 – Welcome to 2022!

2:14 – The best way to be sure you won't run out of money is…

3:53 – The stock market has the ability to…

5:54 – If an advisor tells you … you should run away

7:40 – New clients are most worried about…

8:56 – The most common mistake pre-retirees or retirees make is…

11:54 – The most gratifying part of Donna's job is…

Get additional financial information: https://sephtonfinancial.com/podcasts/