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

Donna and her husband, Jim, have both navigated the path of stay-at-home parenting and are no strangers to what it looks like to manage finances during family transitions. We're excited to officially welcome Jim onto the podcast for the first time in today's episode. Together, Donna and Jim will share their unique perspectives on the emotional and financial implications of stepping away from the workforce to be stay-at-home caregivers.

One of the episode's key takeaways is the importance of communication within relationships, particularly concerning finances. Open and honest conversations between partners are crucial whether it's discussing retirement savings or the day-to-day budgeting for a blended family. Donna and Jim's story is a testament to the fact that with the right approach and guidance, it's possible to find balance and build a solid financial foundation, even in the face of life's transitions.

Here are the points we discuss in today's show:

0:00 – Intro

2:09 – Donna and Jim's experiences as stay-at-home parents

5:54 – Financial awareness and communication between partners

8:41 – Jim's time as a caregiver

14:08 – Seeking professional advice and building financial literacy

17:46 – The life-changing advice Donna took from Jim

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

Check out the video version of the podcast: Sephton Financial - YouTube

Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement. In today's episode, Donna gives us a glimpse at what financial wellness checkups look like at Sephton Financial.

Here are the points we discuss in today's show:

0:00 – Intro

1:02 – Reviewing your goals

3:04 – Checking your "vitals"

5:40 – Building financial immunity

7:18 – Screening your portfolio

9:13 – Debt diagnosis

11:41 – Preventative measures

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

Check out the video version of the podcast: Sephton Financial - YouTube

As much as any other threat, recognizing and avoiding scams has become an essential skill, particularly for retirees. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional.

Here's what we share in today's show:

• Some real-life examples of financial scams + surprising statistics
• Phishing, vishing, and smishing scamming techniques
• Some ways to spot some of these scams and protect your personal information
• What should you do if you fall victim to a scam?

CNBC Article

https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html

Thomson Reuters Article

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/

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

As International Women's Day approaches (March 8), it's the perfect time to reflect on the progress women have achieved in the financial realm over the past century. Despite this, the path to retirement is not without its unique challenges for women, and it's important to recognize the financial hurdles that they continue to face. From career interruptions to the impact of higher debt burdens, this is why retirement planning is different for women.

Here are the points we discuss in today's show:

• Career interruptions that women often face and how this impacts retirement savings
• Women's longer life expectancy + the impact of divorce on women's finances
• The higher debt statistics for women
• A lack of education when it comes to personal finance + women's confidence when it comes to finances
• The importance of both parties being involved in financial planning

Resources for this episode:

https://pubmed.ncbi.nlm.nih.gov/23331196/

https://www.troweprice.com/content/dam/iinvestor/resources/insights/pdfs/closing-the-gender-retirement-savings-gap.pdf

https://www.prnewswire.com/news-releases/bmo-survey-finds-american-women-significantly-less-confident-in-retiring-compared-to-men-301764524.html

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

This episode might be a bit counterintuitive. We're going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor?

Here's some of what we discuss in this episode:

• Ignoring account statements can be beneficial in avoiding overreactions to market fluctuations, but it's important to periodically check them to stay informed about your financial situation and unexpected changes
• Finding a balance between financial discipline and enjoying life's moments
• Being patient in entering the stock market can help avoid irrational decisions, but waiting too long may lead to missed opportunities
• Having too much in cash reserves may result in missed opportunities for growth and life experiences
• Overcoming procrastination when it comes to financial and estate planning
• Some of Donna's goals for the business in 2024

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

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today's episode, we're tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.

Here are some of the questions we talk about in today's show:

• "How do you get paid?"
• "What does your typical client look like?"
• "What is your investment philosophy?"
• "Do you have a particular strength or specialty?"
• "Do you provide educational resources?"
• "Will I be working with you, someone on your team, or both?"

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

We're back to wrap up our discussion on easy personal finance wins. While crafting a comprehensive financial plan is crucial, sometimes making minor adjustments in your portfolio can yield significant benefits. Listen in as we share some more powerful strategies to help get your financial house in order.

Here's some of what we discuss in this episode:

• Analyzing the tax efficiency of your investments
• Regularly reviewing and updating beneficiary designations
• Rebalancing your investment portfolio
• Accurately assessing and funding your emergency fund by tracking your spending patterns
• The benefits of automating your savings

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

It's important to eventually get a comprehensive financial plan for yourself, but sometimes even just a few minor adjustments in your portfolio can make a big difference. Let's discuss a few easy places to start…

Here's some of what we discuss in this episode:

• Establishing the right amount of yield cash as a financial safety net
• Cleaning up some old life insurance policies
• Consolidating retirement accounts when changing jobs to maintain control and stay organized
• Reconsidering managed accounts to ensure that they are actively managed and offer value for the fees paid
• Reviewing the fees and expense ratios of your mutual funds

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

Welcome back to Widow, Wisdom & Wealth! In this episode, we tackle the common complaints that arise during the financial planning process. Whether you feel like your advisor is taking too much risk, your account isn't growing the way you'd like, or you don't understand your financial plan, we'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.

Here's some of what we discuss in this episode:

• If you feel like your advisor is taking too much risk, it's important to assess your risk tolerance and align your investment portfolio accordingly
• Your account's performance may not match the market's performance. It's essential to consider your unique circumstances, investment goals, and risk tolerance when evaluating returns
• Understanding the various fees associated with your investments and financial planning
• Effective communication with your financial advisor is key. They should be able to explain complex concepts in a way that makes sense to you
• Recognizing the difference between financial planning and asset management

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

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs are a way for the government to collect taxes on your tax-deferred savings, such as traditional IRAs and 401(k)s. In this episode, Donna and Marc break down the basics of RMDs and explain how they are calculated based on your age and account balance.

Listen in as we share strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.

Here's some of what we discuss in this episode:

• What are RMDs and why do they exist?
• The recent changes in RMD rules, which has moved the RMD age to 73 + potential future changes
• Using RMDs for charitable giving + legacy planning options with RMDs
• How Roth conversions can help control tax brackets and provide tax-free growth

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