By Dr. Laura Mattia, MBA, CFP®, CRPS®, CDFA™
The podcast currently has 13 episodes available.
On this episode we discuss what everyone should know about medicare and common mistakes which can cost hundreds of dollars and leave you exposed without the right care.
I know, we seem to talk a lot about it but the truth is that when it comes to money there is one single question we hear over and over again. Do I have enough to retire? Of for someone younger, will I have enough to retire? What if I don’t have enough to retire. Well sticking your head in the sand is not the answer. Not only does it assure you will not get where you want to be, the stress along the way of not knowing is worse.
If you decide you want to claim you financial power, you'll need to do some personal calculations based on when you want to retire, and how much you want to spend while in retirement. Keep in mind that any type of directional analysis is better than none so don’t sweat the detail.
Guest:
Jodi Perez, CFP® has some advice to share when It comes to retirement. Jodi is a Financial Advisor/Branch Manager with Raymond James and Co-Owner of Independent Financial Services. She has 35 years’ experience in the financial services arena and is fully licensed holding the Series 7, 24, 63, 65, life/health and variable annuity licenses. She is a Co-Director of Charity Chics North Tampa Pasco, a Board Member of the Financial Planning Association of Tampa Bay and the Student Mentor to the FPA of Tampa Bay Student Chapter at USF. She is also a member of the Advisory Board for the Personal Financial Planning Degree Program at USF’s Muma College of Business.
With more and more people reaching retirement age, making decisions on where to get an income stream becomes very important. Years ago many people retired with pensions where their employers determined how much income they would receive. The employer had the responsibility to determine how much money you could receive without running out of funds if you live a nice long life.
Today most retirees might have a 401(k) or other savings and they have no idea how to make it last. Social security is the primary source for a guaranteed income stream. That is income they can count on for the rest of their life. But even then most retirees don’t understand the decisions they need to make or the strategies they can choose to optimize this extremely valuable benefit. So We decided to ask an expert.
Mary Beth Franklin is one of the country’s leading experts on Social Security and Medicare.
An award-winning journalist and Certified Financial Planner, Mary Beth writes a weekly column on retirement issues for Investment News, a publication for financial advisers. She is also author of the ebook, Maximizing Your Social Security Retirement Benefits.
Previously, Mary Beth served as the tax and retirement editor for Kiplinger’s Personal Finance magazine and editor of Kiplinger’s annual Retirement Planning Guide. Earlier in her career, Mary Beth was a Capitol Hill reporter for United Press International. She is a frequent guest on numerous radio and television programs.
Many of you have planned for a comfortable retirement: where you want to live, how much you want to travel, how you would like to spend your days – and how you’re going to pay for it all. One thing that could derail this plan financially is your health. The related financial problem doesn’t stem from becoming sick and dying, but from becoming sick and living – and needing long-term care.
The financial risk that comes from this is greater for women than for men. This means that women are more likely to end up draining their retirement nest eggs – or greatly reducing their estates – to pay for long-term care. Most people don’t realize that Medicare generally doesn’t cover this expense.
So you need a plan to pay for long-term care. One smart solution is to buy insurance to cover this cost, but many people fail to arrange this coverage. Fortunately for us, today's guest, Margie Barrie is long term care planning specialist who provides considerations when thinking about your long-term care options.
Margie Barrie
A nationally recognized LTC expert, Margie has worked as an agent specializing in Long term care planning since 1990. Margie has been named as one of the industry's top ten power people by Senior Market Advisor Magazine and as one of the top 25 most creative people in the insurance industry by LifeHealthPro Magazine.
Since 2000, she has been writing her popular monthly column "LTCI Insider" for Senior Market Advisor and, as of 2014, for LifeHealthPro. She is the author of two books.
Margie is presently a long term care planning specialist with ACSIA Partners, the largest long term care planning agency in the country.
A much-sought after speaker, she has spoken at numerous industry conferences and provides Partnership and other training nationwide. She is also co-founder of the Executive Study Council, a group of the top 20 women leaders in the LTC industry.
We all have a relationship with money, some healthy and some not so healthy. According to Brad Klontz a well-known financial psychologist, “Financial health is having a conscious and purposeful relationship with money that is satisfying and isn’t overly stressful.”
It is that simple but I wonder how many people have mastered that level of wellness. The guest of this show, Dr. Mary Gresham, helps answer that question as she discusses her work as a Financial Psychologist. We discuss the work she does with individuals, couples and families on a variety of financial issues including conflicts over money, poor money habits, anxiety about decision-making and lack of assertiveness in money transactions. We discuss concerns around parenting and the benefits of including children in family financial decisions. Family financial meetings should focus on goals resulting in a spending plan. When children ask to spend money not in the spending plan, it is important to remind them about the family goals and to discuss the consequences of deviating from the plan.
As a clinical psychologist, Dr. Gresham has practical insights which can help women overcome difficulties with money through financial counseling and financial therapy.
About Dr. Mary Gresham
Dr. Mary Gresham is a psychologist who specializes in money issues. She coaches and consults with individuals, couples, and families in her practice. Additionally she consults with and trains financial and legal professionals on client issues related to money.
She is quoted in Money magazine, the WSJ and the New York Times for her expertise in this topic. She has given many presentations to mental health professionals and financial advisors on topics related to the psychology of money. She is a member of FPA, NAPFA, FTA, the Purposeful Planning Institute, APA and GPA and has been active in developing continuing education programs for psychologists.
For more information-
Visit: www.AtlantaFinancialPsychology.com
Twitter: @docgresh
Email: [email protected]
Books Dr. Gresham recommended
Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health by Brad Klontz and Ted Klontz
Make Your Kid A Money Genius (Even If You're Not): A Parents’ Guide for Kids 3 to 23 by Beth Kobliner
GUEST: Melissa Register, senior wealth planner, Fifth Third Private Bank
As 2016 draws to a close and we look towards 2017 many of us take time to reflect on our lives to determine what is working and what do we want to change. Many of us set new goals or reaffirm old ones. Formally sitting down and thinking about what you want to achieve in the new year can be inspiring and empowering. I actually go back to my spreadsheet where I have defined my life purpose, my values and I take the time to realign my goals with my long-term vision. This has kept me on a course towards fulfilling my dreams.
Whether inspired by a formal, sit down process or simply drawing the line in the sand and saying this year will be different, an estimated one in three Americans are said to make a New Year’s resolution related to their finances and it is important to recognize that actions you take now in December can impact your financial goals for the new year.
To support year-end planning success, Fifth Third Private Bank recently released digital guides with strategies for individuals and families to consider in preparation for tax season. Among the strategies, Fifth Third experts recommend reducing taxable income, maximizing investment opportunities and strategically planning for charitable giving. Melisa Register, senior wealth planner from Fifth Third Private Bank explains these strategies on this show.
About Melissa Register:
Melissa Register is a vice president and senior wealth planner for Fifth Third Private Bank. In this role, Melissa works with clients to develop strategies for all aspects of their financial lives, including tax, retirement, family wealth, business succession and estate planning.
Prior to joining Fifth Third, Melissa was a practicing attorney with experience in estate and trust planning, tax planning and corporate law. While in law school, Melissa received the University of Florida College of Law’s Certificate in Estates and Trusts Practice.
She holds a B.A. in French and international trade from Clemson University and a J.D. from University of Florida’s Fredric G. Levin College of Law. Melissa currently resides in Cleveland, OH.
For more information, please visit https://www.53.com/wealth-management/
Laura talks to Dr. Kathleen Rehl, a leading authority on widows and their financial issues. Since many women tend to marry older men and women have a longer life expectancy (about five years longer) than men there is a high probability that most women could find themselves a widow at some point in their life. Whether a widow is young or old, financially secure or not, there are things that can be done so that financial mistakes are not made, the widow is not taken advantage of and preparations are in place to ensure financial security for the remainder of her lifetime - which can often be a long and rewarding period of time in itself.
Dr. Kathleen M. Rehl , CFP®, CeFT™ shares insightful expertise and experience through her speaking, writing, mentoring and research. A widow herself, Kathleen is passionate about inspiring her “widowed sisters” and their advisors. She wrote the award winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Her work has been featured in The New York Times, Wall Street Journal, Kiplinger’s, and many other publications. The U.S. Army also uses her guidebook in their Survivor Outreach Services centers worldwide. After 17 years of providing personal financial advice, Kathleen now speaks, writes, mentors, and conducts research about women who have loved and lost. She owns Rehl WEALTH Collaborations LLC and is on the faculty of Sudden Money Institute. Kathleen is also the Dean of Women for the Purposeful Planning Institute.
Tools and Resources you can use to help yourself successfully make the non-financial transition to retirement.
We know that women live longer than men yet studies show they have less retirement savings and are less prepared for retirement. But retirement preparedness takes a lot more than just ensuring you have enough money. This interview is a reminder that financial happiness and well-being should be viewed wholistically with other non-financial aspects in order to make the best choices to prepare for retirement. Ideally you want an understanding of both financial and non-financial concerns so that you can weigh the pros and cons of all sides. Nancy Nelson, CFP ®, sold her financial planning practice in 2012 after more than 30 years as a fee-only planner. Nancy now mentors fellow retirees, and their advisors, on how to ease the transition from meaningful work to a meaningful retirement. Her hope is that as Baby Boomers are moving into retirement that they will change the entire approach to retirement just as they have changed every other life stage that they have passed through. And with encouragement from professionals they trust, she believes there can be a tremendous release of energy and talents that will truly change the world.
As a comprehensive financial advisor, I advise people on Medicare issues however I (as many of the planners out there) have not been officially trained in this area – we need to seek information and we have just as much trouble as the public in getting good information. That is why when I find an expert in such important areas as Medicare, I want to make certain to leverage that person to help people get the right answers and improve their chances of success.
Diane Daniels is a Medicare Advisor, who brings ten years of healthcare experience to her community. Ms. Daniels is the owner of Senior Advisors for Medicare & Medicaid (SAMM), which provides superior Medicare education to groups and individuals. Ms. Daniel’s belief in educating over selling has provided SAMM the ability to offer a large portfolio of Medicare products, which allows the individual to choose a Medicare plan that “fits” their lifestyle.
Ms. Daniels is a professional speaker and key person of influence, who has spoken at country clubs, retirement resort communities, professional associations, and networking group events. Ms. Daniels will be speaking at the Council of Aging conference in Orlando, this August.
Ms. Daniels appears on many radio and Podcast programs The Senior Voice Radio show (Tampa), The Bev Smith Radio Show (Washington D.C.) and The Financial Survival Network with Kerry Lutz, to name a few. Ms. Daniels collaborates with politicians and national associations to advocate for her clients.
Ms. Daniels passion for Medicare began as a seed when she was ten years old. With her parents divorced, Diane was raised by her grandparents. Her grandparents emphasized integrity, morals and helping other people who are less fortunate. Ms. Daniel’s grandparents literally set the foundation for her adult life.
Educating others about Medicare has allowed Ms. Daniels to pay back her grandparents in a much bigger way than just saying, “Thank you.”
Ms. Daniels is the author of “The Medicare Survival Guide,” which is available on Amazon.com, BarnesandNoble.com and AuthorHouse.com websites, in softcover or e-book editions.
Her contact info:
Toll Free - (855) 855 - 7266
(C) 813 - 731 - 1237
(F) 855 - 855 - 7266
www.callsamm.com
Divorce can be devastating, both emotionally and financially. Even in the best of circumstances where both parties are in full agreement and both want the divorce, the pressure is on since the same combined income that was used while they were married now must be stretched to pay expenses to operate two households instead of one. Historically most people never attempted to project what effect the various decisions might have on each spouse’s long term financial well-being. But this is key since the outcome will have a lasting financial impact, it’s important to address critical issues early on.
Our guest, Claudia Mott MBA, CFP, CDFA has come to help us understand our options. Claudia is not just concerned about how decisions affect you today or tomorrow but instead urges you to consider the long term consequences of decisions which you make when going through a divorce. Make sure to join us to hear how you and your family can navigate through this difficult life event with the best results possible.
The podcast currently has 13 episodes available.