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

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed.

You might have watched your parents retire in their early 60s and think that's how it should still be for everyone. Have you considered that you'll likely live much longer than them, you probably don't have the pension that they had, and the costs for your healthcare during your retirement years will dwarf their costs? Don't feel entitled to retirement at a certain age unless you have a plan in place that shows you why and how it's possible.

Here is what you will learn in this episode:

• Do you really know how much it costs to fund your lifestyle? (1:37)
• Are you focusing more on a specific net worth instead of generating an income in retirement? (7:03)
• How has the way your parents' handled retirement affected you? (8:46)

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

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

Emotions play a big part in investing. They often dictate where you put your money, when you move your money, and whether or not you ask for help. Today we will be touching on some of the more common emotions investors may experience as they plan for retirement.

Market volatility has been stirring up a lot of less-than-pleasant feelings among investors, especially those that have been enjoying the last decade of a favorable market. We will give you some tools to help you navigate those feelings, so you stay confident in your plan for the future.

Here is what you will learn in this episode:

• The markets have been favorable for so long, that volatility can be stressful for newer investors. (3:21)
• How should you navigate fear through market volatility? (5:19)
• Hope is important, but you also need to strategize. (7:08)
• How pride can get in the way of long-term financial planning. (9:23)

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

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

There are plenty of decisions that you'll make in the retirement planning process that can't be undone, so you want to make sure that you make the right call. In this episode, we'll explain why these decisions are so important and can't be undone.

Here's some of what you'll learn in this episode:

• What happens if you take social security early, then change your mind? (2:05)
• Why making the right decisions with your pension plan is vital. (4:58)
• Can you change your mind about life insurance? Yes, but you'll want to keep these situations in mind. (7:16)
• What to consider when choosing your retirement date. (11:04)

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

Want to know the secrets to experiencing satisfaction in retirement? We've discovered five key situations to which your financial plan needs to lead you. If you can key in on these five points, you'll have a high chance to achieve retirement satisfaction.

Here's some of what you'll learn in this episode:

• How bucket planning can help you continue to have growth while having access to funds. (2:15)
• Ways to build confidence in your retirement plan. (4:36)
• The three non-negotiable goals you should have. (7:26)
• How to plan for independence in retirement. (9:37)

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

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

Going through a divorce at any age is difficult but doing it near or in retirement adds all sorts of additional complications. On part two of this conversation, we'll talk about some of the financial mistakes we see people make in the midst of a divorce when it comes to other assets besides the house.

Here's some of what you'll learn on this episode:

• The asset(s) you choose might have significant tax implications that you need to factor into the decision. (3:31)
• What is a QDRO and what does it mean for retirement savings accounts? (5:42)
• Why we always recommend clients look at their beneficiaries on retirement accounts during this process. (9:02)
• How to take cash from a settlement and make them retirement funds. (10:55)
• The first steps any person thinking about divorce should be taking to prepare their assets. (12:50)

Check out part one: https://sephtonfinancial.com/2022/08/ep-23-retirement-divorce-how-do-you-handle-your-home-part-1/

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

Going through a divorce at any age is difficult but doing it near or in retirement adds all sorts of additional complications. On this episode, we'll talk about some of the financial mistakes we see people make in the midst of a divorce.

Divorcee are often in a more complicated financial situation than many of the widows and widowers we work with. The reason being widows and widowers had their portfolio in front of them and everything was set while divorce makes planning and decision making difficult because so much is unsettled.

In this part one of our conversation, we'll focus on how the house gets handled,

Here's some of what you'll learn on this episode:

• Choosing the house over other financial assets isn't necessarily the best outcome. (3:12)
• How the mortgage gets settled during the divorce process. (8:25)
• The two factors you have to consider – the affordability of the home and the emotional connection to the home. (10:29)
• How the kids factor into this decision and what considerations need to be made. (14:59)

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

Visit us online: https://sephtonfinancial.com/

In some ways, retirement planning was easier for past generations. From the loss of pensions to changes in the market retirement planning just isn't what it used to be. Planning has even changed throughout the past five years. So, what do we need to prepare for that our parents and grandparents didn't?

We are living longer than ever before and therefore our plans need to support longevity. You have to self-fund for much longer now. Let's explore how a good financial advisor helps people overcome the additional challenges of today.

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

What we discuss today:

1:22 – Is retirement planning different?

3:42 – We are living longer

7:44 – Interest rates are historically low

9:42 – Access to information

12:34 – Is market volatility more pronounced?

16:13 – The value of having a professional

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

With current market volatility, you may be thinking of working with an advisor if you've been DIYing your retirement up until this point. However, with so many options and information out there what should you look for in an advisor?

If an advisor seems to work with a lot of clients, you definitely want to make sure they have time to customize and work with you personally. Does your advisor only tell you the good things and ignore the reality of the situation? On today's episode, we'll explore a few red flags to consider when looking to work with a new financial professional.

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

What we discuss today:

2:30 – Working with all clients

6:43 – Everything is going to be okay

9:16 – Too much jargon

11:51 – Too complicated

15:42 – They don't listen enough

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

Having an advisor that effectively communicates to you is essential in understanding your financial plan and the strategy they are helping you build. There are so many ways to communicate these days: in person, through phones, social media, podcasts, etc. Which do you prefer?

During the pandemic, 41% of advisors, including Donna, increased communication with their clients through zoom and technology. We were all at home, talking with one another on the phone or zoom was how we connected! Donna wants her clients to feel completely comfortable and educated, where clients can connect with her on a regular basis. On today's episode, we'll explore the idea of communication and the important role it plays in your retirement plan.

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

What we discuss today:

0:57 – How are you doing?

1:29 – 41% increased communication

4:21 – How did Donna sustain that communication?

5:09 – Contacting clients at least once a week

6:46 – Do you want to hear from your advisor often?

7:44 – What are the different ways to communicate?

9:04 – What challenges did Donna face with communication?

11:31 – Are more people coming back in person?

13:39 – What is Donna's communication philosophy?

15:16 – Newsletters, workshops, podcasts, etc.

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

So, what is the secret to a successful retirement? Oftentimes, it's learning to get out of your own way! When the market is volatile, we may be fearful and pull out of investments. On the other hand, sometimes we get too greedy and invest more than we should into a certain product.

If you're only making financial decisions based on a tax bill, you are probably leaving yourself open to some blind spots. Don't get into something simply for a tax advantage, make sure it fits into your whole portfolio. On today's episode, we'll explore a few different ways you can get out of your own way in order to have a successful retirement.

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

What we discuss today:

2:06 – Fear and greed

3:39 – The client's blind spot

4:22 – Just using taxes

5:53 – Paying versus deferring

7:03 – Too much cash

9:34 – Doing nothing

11:31 – Trusting non-professionals

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