Take Back Retirement (Stephanie McCullough & Kevin Gaines)
Explore every episode of Take Back Retirement
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 15 Apr 2022 | 39: Do You Need a Financial Advisor? | 00:27:57 | |
“I’d like to work with a financial advisor, but I just don’t have enough money.”
Sound familiar? It’s a common objection when it comes to that all-important decision to get help in managing your money. But to this, Stephanie and Kevin have only this to say:
“But you have questions. Therefore, you need answers.”
Remember, there are no one-size-fits-all strategies when it comes to money advice. The most important first step is to figure out what you’re hoping an advisor can do for you.
Listen in as Stephanie and Kevin share the three questions you must answer if you’re considering hiring a financial advisor, the real value of having the right advisor, and what to do if your current advisor is unable to offer you the relevant information you need in your present circumstances.
Key Topics:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 16 Dec 2021 | 31: What the Heck is a Trust, and Why Might I Need One? | 00:47:59 | |
Trusts.
What the heck are they and why might it be a good idea for you to have one?
Most people believe that trusts are this elusive thing reserved for the uber-wealthy…
…or have only heard of it as being a sort of plot device in a movie or murder mystery.
Joining us today is attorney Shannon Evans, a recognized expert in the area of trusts and estate planning. She practices out of Las Vegas and is a frequent speaker on the conference circuit.
With so much confusion around trusts, Shannon is a refreshing presence that gets to the heart of the matter real quick. She demonstrates that trusts are a lot more pedestrian—and a lot more useful—than most would think.
Key Topics: So… What is a trust, exactly? (3:27) Who should have a trust? (8:06) What is an “irrevocable trust”? (14:39) What you should take into consideration if someone asks you to be a trustee. (18:40) In which state should you set up your trust? (22:48) Why should you NOT have IRAs in trusts? (25:33) Who is the fiduciary of a trust? (29:31) Updating beneficiaries (33:51) Stephanie and Kevin’s closing thoughts (40:49)
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 01 Jul 2024 | 93: She Did It! Real Retirement Stories with Sharon Johnson | 00:49:56 | |
“It wasn't nearly as traumatic for me as I was expecting it to be. I was a little concerned about how I would transition from having to get up and having that routine to creating a new one.” - Sharon
Welcome to another edition of Real Retirement Stories - a series of Take Back Retirement. Our hosts Stephanie McCullough and Kevin Gaines chat with Sharon Johnson. After an illustrious 22-year career as an executive assistant at ABC Television, Sharon didn't slow down—instead, she switched gears and found a new calling co-hosting the 80s TV Ladies Podcast. Join in to hear her incredible journey from the bustling world of television execs to the equally dynamic realm of podcasting, where she revisits iconic 80s TV shows with a modern feminist perspective. Sharon’s story is a testament to the transformative power of embracing change and finding joy in unexpected places.
Sharon originally envisioned her retirement as a time for travel and catching up on missed TV series, but life had other plans. Through her podcast, she rekindled her love for classic 80s shows like "A Different World," gaining fresh insights into the progressive roles women played both in front and behind the camera. Sharon also shares her serendipitous entry into the television industry in the mid-90s, working for an independent production company, and how those experiences shaped her understanding of TV production and storytelling.
Whether you’re intrigued by the behind-the-scenes workings of TV production or the fresh perspectives that come with retirement, Sharon’s story is a celebration of staying active, engaged, and ever-curious. Don’t miss this inspiring episode filled with nostalgia, wisdom, and the boundless opportunities that come with retirement.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 Jun 2021 | 20: Women + Roth IRA's - What Should You Be Aware Of? | 00:42:40 | |
In the United States, we can’t talk finances without talking taxes. It shouldn’t come as a surprise that taxes are an inevitable part of our reality and are inescapable. The best (and only) way to go about navigating taxes is to, as Stephanie and Kevin like to say, “be smart about it, know what’s going on, then make your decisions.”
A Roth IRA is a tool that falls under the category of tax planning. So, it’s vital to be aware of exactly what it is and how best to make use of it depending on your circumstances and goals.
“What's a Roth IRA, anyway?” you may ask. Basically, it's a special retirement account that was created in 1997 by Senator William Roth as part of one of the tax reform acts that get passed periodically. One of the primary differences between the Roth and the traditional IRA is that, unlike the traditional IRA, you are not taxed on the dividends you earn from the Roth.
Listen in and learn other notable differences between the traditional IRA and the Roth IRA, the rules around taking money out of a Roth, three scenarios in which one would want to open a Roth IRA; and how to prepare your Roth savings for your next of kin.
Key Topics: “What the heck is a Roth IRA, anyway?” (3:06) Differences between the traditional IRA and the Roth IRA (5:35) Can you really take money out of a Roth IRA whenever you want? (14:49) The five-year clock for IRA accounts (18:40) Why even open a Roth IRA? (23:05) Leaving a legacy: Passing on your Roth money to the next generation (32:47) What is the “deathbed Roth conversion” strategy? (35:22) Ultimately, what are your priorities? (37:24)
Check out Kevin's video here: https://www.youtube.com/watch?v=lloGStTwFdw Check out our previous episodes for more information on this topic. 12: What Women Need to Know About IRAs with Sarah Brenner 15: What Women Need to Know About Social Security
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 30 May 2021 | 19: You Want to Retire Before Age 65? Here's What You Need to Know | 00:32:47 | |
Retiring "early" is a process that contains many more moving pieces than most people think. In this episode, we tackle these factors one-by-one and offer some advice on how to cover all your bases before taking the plunge into retirement.
The first question we have to address is, why 65? It’s true that, historically, Social Security kicked in once you turned 65 and so did a number of pension plans (you know, the ones your grandparents might have had). But today’s realities are different to what they were decades ago.
Listen in and learn how to determine what your lifestyle is going to cost upon retiring and what you need to understand about Medicare, Social Security, and other programs going into retirement. We also touch on the three key assets and how to prepare them in covering your short- and long-term goals: your retirement accounts, your non-retirement assets, and your illiquid assets.
Key Topics: First of all, why 65? (1:26) The first question we ask any of our clients who want to retire at 65 (2:38) What to know about Medicare eligibility and retirement (04:22) Why 65 is no longer the magic age for claiming Social Security benefits (6:33) Know your assets and expenses (8:24) “What is the least amount that I have to do until I can figure out what I can do?” (10:08) Why you shouldn’t rely on your savings or Social Security checks (11:58) What people often miss when it comes to their retirement assets (14:24) Utilizing your taxable savings (17:48) What to do to retire before 59 1/2 (19:04) Addressing your short- and long-term needs around with your investments (21:05) Are your savings enough for what you want to do upon retirement? (24:36) What could go wrong with your plan? (28:18)
Read the article on the EBRI study mentioned by Stephanie. “Retirees are overly optimistic about their financial future” on MarketWatch
Learn what is considered the full retirement age by birth year at https://www.ssa.gov/oact/progdata/nra.html
Check out our previous episodes for more information on this topic.
Thinking Beyond Retirement: 04: Give Yourself Permission to Plan Your Next Chapter, with Randi Levin 08: Retirement is More than Money with Autumn Nessler Retirement Spending: 05: A Simple Framework for Thinking About Retirement Expenses Social Security Basics: 15: What Women Need to Know About Social Security
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
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| 15 Sep 2022 | 49: What Women Need to Know About Divorce from a Forensic Accountant with Tracy Coenen | 00:42:26 | |
Today, Stephanie and Kevin are joined by Tracy Coenen, a renowned forensic accountant whose work involved fraud investigations on both a corporate level and in divorces. Kevin asks if Tracy’s work is as exciting as it seems in the movies. Her work, as she says, is to find the money and is exciting in a different way.
To kick off the Take Back Retirement divorce series of episodes, Stephanie inquires why forensic accounting is important in divorces. In many cases, one spouse has a clearer understanding of the state of their finances than the other, and for the spouse who is less involved, they can miss out on a significant amount of money in the division of the marital estate. Contrary to depictions in pop culture, offshore accounts and shell companies aren’t all that common. Additional bank accounts unknown to one spouse, however, are far more likely to emerge.
A forensic accountant isn’t always entirely necessary, Tracy explains, as much can be found by an individual, as outlined in her Divorce Money Guide. She emphasizes the importance of each spouse needing to have an adequate picture of finances to ensure a fair division of assets. She notes that sometimes, like with gambling or money spent on affairs, there is potential for money to be made back. It is not just money that is to be found in these investigations, but also debts that one spouse may not be aware of.
In an individual’s pursuit of information, Tracy advises, it is important to go through legal channels, and not give a judge reason to question your behavior. Hidden income also can emerge in these investigations, which can easily be found in tax returns. Tracy shares a story of success with a client, where she found utilities being paid on a property the wife was unaware of.
Most forensic accountants bill hourly, but Tracy charges a fixed fee. They discuss their estimates of the frequency in which money is hidden from a spouse, and possible gender imbalances in whom money is being hidden from. Regardless of prospective changes in marital status, Tracy encourages less financially savvy spouses to make an effort to be more involved, and suggests how to approach your savvy spouse with questions, something she plans to address in her forthcoming Marriage Money Guide. She also recommends, as she has done, for the financially involved partner to develop contingency plans in the event they can suddenly no longer care for finances.
In part, Tracy created the Divorce Money Guide to aid those unable to afford forensic accounting.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 01 Jun 2022 | 41: She Did It! Real Retirement Stories with Diane Blumenthal | 00:56:08 | |
Today’s guest is Diane Blumenthal, who has been incredibly generous in sharing her own retirement story.
She took the leap into becoming a self-employed consultant after a long and very illustrious career in pharma and biotechnology.
Diane has helped build and transition companies from the startup and research and development phase into a fully integrated biopharmaceutical company with approved commercial, manufacturing, operations, and products.
She also has extensive experience in the transfer and scale-up of processes from the laboratory bench to commercial-scale manufacturing.
Listen in as Diane shares her journey as a female leader in a male dominated industry, how she planned for retirement and to continue working as a self-employed consultant afterwards, and why she firmly believes that success comes down to being comfortable with being uncomfortable.
Key Topics:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 30 Sep 2023 | 75: The Gift of Organizing and Decluttering your Documents and Photos, with Angie Hyche | 00:48:29 | |
“This could be the most loving gift you could ever give your children. The most loving way of spending your time to give them this gift, it's priceless. Preparation leads to peace. It absolutely does.”
Imagine a world where your family isn't left with a mountain of your disorganized documents and possessions after your death. Our hosts Stephanie McCullough and Kevin Gaines chat with Angie Hyche, a professional organizer, author, speaker, and podcaster, who brings us unique insights into the freedom that order can bring.
Turning the spotlight on planning for aging parents and our own aging future, this episode delves into the importance of not just passing on material items, but the values we want to instill in our children. Angie shares her experience of helping her parents and in-laws navigate the process of organizing their belongings, emphasizing the vital necessity of these conversations around end-of-life planning.
Stephanie, Kevin and Angie round off by tackling the challenge of organizing both physical and digital documents. From the ABC sorting process for photos to the importance of having a system to track important documents, they explore it all. Angie shares her tips on how to make sure digital assets are accessible to loved ones and how to approach the process of ‘death cleaning.’ This episode is perfect for anyone seeking to create order, prepare for the future, and leave a meaningful legacy for loved ones.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 Jun 2022 | 42: What Women Need to Know When the Stock Market Goes Down | 00:28:46 | |
Today, Stephanie and Kevin dissect stock market downturns. They first warn their audience not to get thrown by points, and to instead evaluate percentages as points are subject to change and can exaggerate the reality of a change. Stephanie emphasizes the importance of timeframes when looking at returns, addressing the human fixation on annual returns that are not necessarily the most accurate reflection of individuals’ returns. This opens a discussion of averages, which they reassure to listeners are, usually positive. Kevin explains where the most used estimate, an annual return of 8%, comes from, and why you rarely see somebody actually earn that average.
They then explore the innate desire for control, which sees investors wanting to maximize their earnings by investing at the trough and selling at the peak, a near impossible task. Great reward requires great risk, or as Stephanie puts it, “You have to ride the roller coaster. You've got to buckle yourself into that seat, grit your teeth, close your eyes if you need to, white knuckle, but you've got to ride it.” Despite what experts say, nobody knows when we’re at the top or the bottom of those peaks and troughs.
Stephanie and Kevin discuss the value of diversification. In sacrificing the possibility of massive gains, you also reduce some of the risk. Stephanie suggests the sandbox approach if you want to play, but still sleep soundly.
They look at evolutions of financial strategies for the individual, and the granular approach to finances which requires personalized financial planning and investment adjustments. Stephanie reminds listeners, “It’s never a bad time to check in and make sure that the strategy you picked, however many years ago, is still appropriate for you.”
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 Nov 2022 | 53: She Did It! Real Divorce Stories with Monica Scudieri | 00:47:40 | |
Today, Stephanie and Kevin are joined by Monica Scudieri, who successfully navigated her way through a financially difficult divorce into retirement. Fifteen years ago, Monica divorced, acquiring hundreds of thousands of dollars of debt, with two children to care for in a difficult job market. She quickly had to learn to manage her money, and to stretch her paychecks after a long period of not thinking about finances.
Monica soon came to understand that, to her, security meant not relying on a singular paycheck. Without consistent job security, she found adopting additional income provided her with the solace of knowing she could pay bills and provide for her family, even if her salary suddenly disappeared.
She cites the FIRE movement (Financial Independence, Retire Early) as a turning point in her approach to money management. She talks about overcoming the shame and guilt of struggling to provide, which is especially prevalent among women. Retirement is not on the top of the minds of younger people in the workforce, and it’s important to consider what your needs are and will be. Identifying what you want and need is essential to engaging with your motivation. Monica shares the moment in which she felt faith in her journey, which marked a turning point in her financial wellness.
Monica again emphasizes the value of secondary incomes, especially ones that are fulfilling to you. She herself has pursued real estate as a means of additional income, explaining that it’s something that is intellectually engaging for her, and fits within her lifestyle. She uses the pie as an analogy for building out streams of income: Everyone needs a primary source, or crust, that looks fairly similar across the board, but everyone’s filling is different, and dependent on their tastes, or interests.
Stephanie and Monica note the importance of identifying your financial priorities before breaking down what you need financially. Monica shares the initial inspiration for her book, Grab Your Slice of Financial Independence. In addition to her book, she offers individual consultations as a financial coach to help clients plan their financial futures, and shares anecdotes of moments where her work felt most meaningful.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 29 Feb 2024 | 85: Mastering Tax Season: Strategies for Preparation, Document Gathering, and Future Planning | 00:32:53 | |
“If they're only worried about that current year, then that's what they're going to focus on. Let your accountant know, ‘I'm interested in what my tax bill's going to be three, five years down the road. So, if there's something we need to be doing, let's have a conversation.’” Tax season is among us. Or as Kevin would sing, “It’s the most wonderful time of the year!” Whether you share Kevin’s sentiment, or not so much, you’ll want to tune into this one as our hosts Kevin Gaines and Stephanie McCullough peel back the curtain on the world of tax preparation, sharing their own stories of triumph and tribulation. Their chat isn't just theory; they offer actionable tips and stress the importance of software as a reliable sidekick, ensuring you can step into tax season with your head held high and your numbers in order.
Gathering tax documents can feel like a scavenger hunt. Stephanie and Kevin break down the must-have forms, from W-2s to various 1099s, and share strategies for proactively obtaining them, sometimes needing to look beyond the mailbox to online portals. They delve into the importance of keeping an organized record of deductible expenses for smoother and more accurate reporting.
This conversation is designed to help you understand the vital details so that you can either compile your documents like a pro or hand them off to one without a hitch. So join in, and let's chart a course through the fiscal galaxy, armed with knowledge and a dash of humor, because taxes don't have to be all that taxing, after all.
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 29 Jan 2021 | 11: Why You Shouldn't Aim for Perfection in Investing | 00:35:38 | |
In this episode we speak of the issues and fears people, especially women, tend to have around investing and how often times that fear or uncertainty leads to a late or complete lack of action taken in investing. We believe that there’s no “perfect” time to enter the market and that “time in the market is more important than timing the market.” It’s important to look at investing as a long-game and know that even substantial dips in the market recover and yield overall great gains in the long run. This is apparent when looking back at the previous 20+ years of the S&P 500 and noting the early-2000s Dotcom crash followed by an even bigger stock market crash 7-8 years later, followed by COVID years later. In spite of these crashes and dips in the stock market, the overall trend is growth over time. Despite the natural human tendency to avoid uncertainty and risk, the best time to enter the stock market is usually now. Tune in for all the nitty gritty details. Key Topics: “Joe from Jersey” was hesitant to invest because he was always waiting for that “perfect moment” that may have never came. (4:14) The professional investors know that nobody will get every call right in this “game of numbers.” (5:42) “Time in the market is better than timing the market.” Money invested should be long term money. (7:15) Jeff Gundlach considers 70% a high success rate, even with an entire staff of researchers. (10:43) Even professionals know that it is impossible to call investments correct all the time. (13:00) The biggest barrier to being a good investor are the thoughts in our heads. (13:55) “Being right early, feels an awful lot like being wrong.” Leaving the stock market. (16:10) It is really almost impossible to time when to get out of the stock market. (17:10) Explaining the charts of the past years of the S&P 500. (18:39) CLICK HERE for a supplementary video explaining the charts. Just because you know something, it doesn’t mean that the investments are going in that direction. (20:38) DALBAR tracks investment performance including the average return of mutual funds, stocks, bonds, cash, hedge funds, and more. (21:14) Choosing the “right” investment. How fear of making the wrong choices causes people, especially women, to make no investment decision at all. (25:05) No matter how good or bad the decisions are that people make, there will always be a small segment of return that simply depends on luck. (28:12) Look at the expenses of the investments that you are in and focus on diversification. (31:42) If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and Linkedin. | |||
| 15 Oct 2024 | 100: What GenX Women Need to Know About Retirement | 00:34:53 | |
“We’re nothing if not resourceful. That’s our generation’s superpower.” -Kevin
In celebration of the 100th episode of Take Back Retirement, our hosts Stephanie and Kevin Gaines reflect on the defining characteristics of their very own generation–Gen X–and key lessons that women in this age bracket can put into practice today in preparing for retirement.
From the seismic shift from pensions to 401(k) plans, to navigating the rollercoaster of financial events like the 1987 Black Monday and the dot-com bubble at the turn of the century, today’s conversation explores the pivotal moments that molded an entire generation's approach to financial planning.
Our hosts shed light on the realities of midlife day-to-days in the 2020s, from dealing with the fallout of being the “Sandwich Generation” to considerations around financially supporting family members amid shaky times.
At the same time, Stephanie and Kevin celebrate the unique brand of resourcefulness that defines GenX, emphasizing their quest to find “balance, flexibility, and self-determination.”
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 31 Jul 2024 | 95: Ready to Retire? Here are Five Crucial Questions to Ask Yourself | 00:35:44 | |
“We believe that a simpler financial life, a less fraught financial life is one where you align your dollars with what's most important to you, with the life you want to lead, with your values.” - Stephanie Have you ever found yourself asking if the perfect moment to retire will ever come? Or whether you’ll even have enough to live on when that moment arrives?
These are tough questions that countless people grapple with. Our hosts Stephanie McCullough and Kevin Gaines talk ‘purposeful retirement’ and how you can set goals and navigate your post-work life with flexibility and a foolproof strategy!
They introduce five essential questions to help align your financial resources with your desired retirement lifestyle. By understanding why you are retiring, what you want to do, who you are retiring for, where you want to spend your later years, and how things can change going forward, you forge a path that is both fulfilling and financially stable!
Stephanie and Kevin show how meaningful planning can prevent the pitfalls of an aimless life in retirement. They introduce the concept of "time bucketing," which helps in making the most of your newly available hours.
You’ll also learn how to navigate common obstacles around our limited medical infrastructure and how to find the perfect retirement community. Find out how to pivot with grace and realign your priorities when you’re (inevitably) faced with changes along your retirement journey!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 28 Feb 2022 | 36: Strategies to Move Toward True Values-Alignment with Your Money | 00:49:05 | |
Today, Stephanie and Kevin sit down with Janine Firpo, a seasoned values-aligned investor and social innovator. She has been working at the intersection of women and money for a long time, having held positions in Apple Computer, Hewlett Packard, The World Bank, and the Bill and Melinda Gates Foundation.
In 2017, she left her successful career to focus on how women can create a more just and equitable society using their money. In May 2021, she released the book Activate Your Money: Invest to Grow Your Wealth and Build a Better World.
Janine makes sure to walk the walk as well, having moved all of her money into investments that she feels good about. Last year, she joined forces with Ellen Remmer to found a nonprofit called Invest for Better where women come together to learn about values-aligned investing.
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Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 Jul 2021 | 22: Why You Spend The Way That You Do With Maggie Klokkenga | 00:48:48 | |
We’re naturally spenders and not savers. It’s just how we’re wired. By the time we realize we may have a problem with how we’re managing and spending our money, we’ve already built up intense feelings of overwhelm and shame that are difficult to overcome.
How can we begin to change our negative money scripts and move from a mindset of scarcity to a mindset of abundance starting today?
Today’s guest is Maggie Klokkenga, a financial coach with dual credentials as accountant and financial planner. After 20+ years in the financial industry, Maggie recently started her own firm in Illinois and works with clients all over the country, focusing in particular on financial coaching for couples and families planning for college. She views it all through the lens of the psychology of money.
Listen in as Maggie shares how she “reduces overwhelm and shame around money by helping her clients get out of the red and into the black.”
She gives us a mini history lesson and science lesson to help us all understand why we’ve made past spending choices, which can empower us to change our current spending patterns and achieve those financial goals. Key Topics: What Maggie does for a living (1:37) Why we develop “overwhelm and shame” around money (2:21) Changing your money script (6:16) Becoming aware of our fight-or-flight response with money (15:33) Going from a scarcity mindset to an abundance mindset (27:30) George Kinder’s three questions to change your perspective on money for the better (32:22) The four categories of money scripts (38:35) Reach out to Maggie to learn how you can transform your view around money at maggie@makeamoneymindshift.com. Visit her website at www.makeamoneymindshift.com.
You can also find her on her socials:
https://www.facebook.com/makeamoneymindshift/ https://www.instagram.com/makeamoneymindshift/ https://www.linkedin.com/company/make-a-money-mindshift-llc/ https://www.youtube.com/channel/UCJeDCaRI3Aw7I7W1Xvqq-Kw If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 01 Jul 2023 | 69: New Survey Illuminates Retirement Confidence and Planning by Gender and Generation | 00:27:44 | |
What if you discovered that the typical American is on track to have only 78% of the income needed for retirement expenses? Brace yourself, because that's exactly what our hosts Stephanie McCullough and Kevin Gaines are about to unpack.
Talking about retirement planning can be daunting, but it's never too late to start. Our hosts share some fascinating findings from a recent survey, like men's overconfidence in investing, despite women scoring higher in financial literacy! They also reveal the intriguing confidence levels across different generations. Whether you're a baby boomer, a Gen-Xer, or an older millennial, you’ll find insights to help you plan better and invest smarter.
Stick around as our hosts dive into the various approaches to retirement planning. They're going to explore everything from catch-up provisions and reducing expenses to planning for a long life. Plus, the importance of seeking professional advice when investing for retirement cannot be overstated. So buckle up as Stephanie and Kevin venture through these crucial topics, equipping you with the knowledge and motivation required to secure your retirement with confidence. Get ready to redefine retirement on your terms!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 23 Nov 2021 | 30: Retirement Savings Options for Self Employed Women | 00:34:57 | |
You did it. You made the leap.
You left behind that corporate 9-to-5, the micromanaging boss, the freeloading coworker...
Now, you’ve started your own thing. You have endless potential. The world is your oyster. You can do what you’ve always dreamed of.
It’s a dream many of us are striving for. But, it’s easy to forget that we still should be saving for retirement. As a self-employed person or a business owner, how do we pick the right retirement plan to set ourselves up for success?
Listen in as Stephanie and Kevin shine a torch to guide us down the exciting but often muddy path to retirement by speaking on how to choose between the different retirement savings options available.
Key Topics: “SEP-IRAs still may be the best option for you, but…” (2:37) How do you save for retirement on a tax-favored basis if you’re self-employed? (2:50) How to decide on the best plan or account option for you. (9:25) The traditional and Roth IRA. (13:58) The SEP-IRA. (20:10) The SIMPLE IRA. (24:11) How to save “gobs and gobs of money” with a pension plan. (28:35) Stephanie and Kevin’s closing thoughts. (30:35)
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 31 Jul 2022 | 45: What Women Need to Know about Target Date Funds | 00:23:00 | |
Today, Stephanie and Kevin explore the pros and cons of target date funds. They open in returning to an idea that’s fundamental to their podcast and their practice: When it comes to retirement, one size does not fit all. And though, in an ideal world, everyone would have the time, energy, and interest to properly diversify their investments, in reality, most people don’t. Target date funds are named as such based on the approximate date that an investor plans to start withdrawing money, and as the date approaches, the portfolio manager rebalances the fund to become more conservative.
Kevin explains how they ‘de-risk’ your allocation by adjusting investments according to your target retirement date. Stephanie explains how these types of funds are used not only for retirement, but also for accounts like 529s, which are advantaged college saving plans. So, continuing with that example, as the date of writing the first check for college approached, the investments would become more conservative. In the time farther from that date, the investor is in the ‘accumulation phase,’ meaning with each paycheck, money is being added, and they don’t have to worry as much about their investments.
They address the problems that target date funds present, like the inability investors have to differentiate short-term money from long-term money when they are pulling funds out. When you begin pulling money out, they recommend, it’s important to segregate your money in those categories.
Stephanie then introduces glide paths, which is the formula defining the asset allocation mix of a target date fund, and how target date funds associated with different years aren’t all that different, they’re just on different points of the glide path. They close reminding listeners that target date funds are not “fix it and forget it forever.” And, again, that one size does not fit all.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 01 Sep 2022 | 47: She Did It! Real Retirement Stories with Amy Andersson | 00:55:29 | |
Today, Stephanie and Kevin are joined by Amy Andersson, the founder of Price Turner CFOs who, before starting her own business, was let go by a Fortune 100 company and was unexpectedly forced to rechart her path. She introduces her story, talking about her initial mindset towards work, which was rooted in the idea that corporate America would care for her. She shares how she transitioned into finding new work that better suited her, emphasizing the importance of recognizing the skills one has that others may not. For Amy, interpersonal connections served as the base her business was built upon. Realizing most of her connections were rooted in her previous job, she found she could build them in unexpected places, like the dog park.
She shares the story of how she named her company. Her initial ideas didn’t work out, and so she outsourced help, in keeping with her mantra: Do your best and outsource the rest. She briefly touches on how getting a dog helped her get back on her feet and advises all to follow suit, advice seconded by Kevin.
Amy struggled to initially recognize the value of the work she provided, explaining that it took time and an external advisor to help her understand how to properly price herself. For her, that meant not selling services, but emotion. Her clients don’t need to understand the intricacies of the service she provides them, they just need to understand how those services can make their lives better. In the same way her advisor helped her, Amy utilizes her own skills to help clients ensure they are caring for themselves in ways they might never have anticipated they needed to.
The pandemic spotlighted the necessity of Amy’s career shift, reminding her that she is fulfilled by helping others, something that doesn’t necessarily always take form in obvious ways, like nonprofit work, but can also come to fruition through her business practices. She shares the difficulties she faced when shifting her mindset after initially being let go, and how in building her own business, she’s come to further understand what she wants to work on, and what’s important for her to set herself up for after she finishes working.
She reiterates the importance of developing relationships and building your network, advising people to make an effort to connect with others so that if you hit a roadblock, you have a support system to lean into. For her, one of the groups she found this in was Hope Lodge, a place that provides patients and their caregivers lodging when seeking treatment outside their hometown. Amy closes by emphasizing the importance of self-worth, especially for women entering male-dominated fields.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 16 Sep 2024 | 98: Conquering Internalized Ageism and Living Your Best Life after 65 with Ande Lyons | 00:47:41 | |
“Age is just another journey that we need to learn to love and embrace, and see as the gift it is!”
Our hosts Stephanie McCullough and Kevin Gaines are joined by Ande Lyons, host of the Don't Be Caged by Your Age podcast. She’s redefining what it means to thrive after 65, and teaches us how to combat ageism at every level—whether it's institutional, societal, or internalized.
Finding and maintaining confidence and a sense of purpose in retirement is seldom easy. Ande gives us tips to stay engaged in later life, as well as essential steps for financial and mental wellness, all in order to ensure a life in retirement that’s worth the journey.
Our hosts and Ande also dive deep into the mindset shift that allows us to "age out loud.” Learn how platforms like Meetup.com can help build communities that bridge age gaps, and hear inspiring personal anecdotes about overcoming self-imposed limitations to pursue new passions after 65.
As Ande says, by embracing and reframing how we see those golden years, we open ourselves up to the possibility of new beginnings, renewed health and vigor, and exciting adventures that we never would have dreamed of pursuing in pre-retirement!
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 31 Jul 2023 | 71: She Did It! Real Retirement Stories with Gretchen "G-Rex" Schoser | 00:45:23 | |
Get ready for an inspiring conversation with tech retiree and podcast host, Gretchen Schoser. Gretchen, aka G-Rex, invites us into her world to talk about trading tech for a mic, her journey toward retirement, and the mental health battles she’s faced along the way. Tune in as she unpacks her new podcast, “Sh!t That Goes On In Our Heads,” which she co-hosts with Dirty Skittles, and how it acts as a comforting refuge during challenging times, not only for the hosts but also their listeners.
Our hosts Stephanie McCullough and Kevin Gaines follow Gretchen through her post-retirement adventures in Europe and her extended Florida retirement party. Gretchen’s travels are a testament to living in the moment and creating beautiful memories, inspired by her friend Booky, who, in the face of terminal cancer, lived life on her terms.
Stick around as Gretchen teases us with glimpses of her upcoming book. She shares her tale of self-discovery, setting healthy boundaries, and how she's using her newfound freedom to help others navigate the podcasting world. Get cozy, you won’t want to miss a minute of G-Rex’s inspiring journey.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 Jan 2021 | 10: She Did It! Real Retirement Stories with Sheila Netti | 00:51:47 | |
Today’s guest is Wealth Empowerment Coach Sheila Netti. Sheila is an amazing source of knowledge on all things money management and financial education. In this conversation, she goes down memory lane to talk about her personal retirement journey. Having grown up in the projects in 1960s Harlem, the environment where Sheila spent her childhood was far from the safest and most prestigious. Couple that with a father who, despite toiling day after day to provide for his family, was unable to move the needle on his family’s socioeconomic status. Sheila realized, from the ripe young age of eight, that something had to change. She recounts her path to retirement, from her initial dream of becoming a nuclear physicist as a child, to joining the Navy in order to pay for college, to making the decision that she would retire by the age of 55. Listen in and learn how Sheila changed her behaviors and beliefs to achieve financial freedom and, later on, how she found a passion for helping other women do the same. Key Topics: Sheila’s journey to retirement (1:49) I retired at 55! ...Now what? (7:30) Setting up the business (12:22) Sheila’s plan for putting away money over time (16:44) How Sheila approached investing (22:19) “Money and emotions don’t mix.” (25:36) “I didn’t need to pay myself with things. I shifted to experiences.” (29:18) What was harder: saving or not spending? (31:29) Why Sheila became a wealth coach (35:43) Teaching your kids how to manage money (38:07) How investing in real estate played a role in Sheila’s plan (40:09) The biggest challenge that Sheila’s coaching clients are facing around money mindset (45:18) “Be confident in your ability to be powerful with money.” (47:20) Reach out to Sheila to learn how to take control of your financial destiny. Visit her website at www.sheilanetti.com. If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and Linkedin. | |||
| 31 Dec 2021 | 32: True Confessions of Two Financial Planners | 00:41:35 | |
Today, Stephanie and Kevin offer a unique perspective on the show by diving deep into their own backgrounds as financial planners.
The two kick things off with a brief history of their first jobs before reflecting on their first ever roles in the financial services industry.
Then, Stephanie discusses the inspiration behind Sofia Financial and how she and Kevin came to work together.
Finally, the pair do a rapid-fire Q&A, revealing a few little known tidbits about our hosts, from their guilty pleasures to their financial pet peeves to their dumbest purchases!
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Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 30 Sep 2022 | 50: What Women Need to Know About Divorce from a Divorce Coach with Sheila Brennan | 00:44:58 | |
Today, Stephanie and Kevin are joined by Sheila Brennan, a divorce coach, who after being thrust into divorce herself 15 years ago, chose to use her experience to help others who struggled with the process. A divorce coach, she explains, is a relatively new concept, which is most easily described as a wedding planner for divorces. She helps her clients piece together their ideal divorce plan, and prepares them to execute it.
Aside from the obvious (a lawyer), there are many different types of professionals that can aid one with a divorce, like a CPA and a therapist. Stephanie compares a divorce coach to a doula, as they act as a similar support element for clients. Sheila emphasizes the pragmatism she uses in her approach to her work, and how her objectivity can serve someone who is likely very emotional. Sometimes, she says, clients come to her prematurely, at which point she’ll advise them to take a beat before proceeding with divorce. Divorce means breaking a complex legal contract, and most people don’t consider its nuances when signing it. While recently, divorce rates have gone down slightly at large, gray divorces (those for people aged 50 and older), have increased, and are more often initiated by women. With gray divorce, the financials are more sensitive as they can impact retirement funds, and the parties are outside of earning years in which they can make up for it. Sheila recommends consulting strategies outside of court, such as using a mediator. She cites children as a primary complication of divorce, explaining that even when they are adults, there can be complications.
Stephanie asks if it’s easier for the initiator, as they’ve had more time to think about the divorce. Aside from the emotional elements, Sheila doesn’t often see the initiator making plans beyond requesting the divorce. Often, when women are approached by their husbands about divorcing, she’s noticed, they take initiative in actioning it, which she reminds them is not their responsibility. Sometimes, following the grieving part of a divorce, there’s a transformative process, where the individual realizes their newfound freedom in decision-making.
For someone considering divorce, she recommends learning the skills needed for negotiation, along with equipping yourself with knowledge about and access to finances. She closes by reiterating that divorce is costly, and employing specialists beyond lawyers not only better readies you for an ideal outcome, but saves both parties money.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 15 Dec 2023 | 80: Reinventing Money Talks: Emotion, Accountability, and Retirement Planning with Erika Wasserman | 00:41:54 | |
“You'll start seeing some things that are really helping you in life and some that are hurting you. And when you don't have an outlet or a way to review these things, we stay to our consistent habits just like with our diet.”
Dive into the world of financial therapy with our guest, Erika Wasserman. Fully 81% of Americans were taught not to talk about money, and that has a profound impact on emotional well-being and relationships. Join us as Erika shares both her personal journey and practical advice on navigating the complexities of financial silence, and find out how she empowers individuals to break free from its shackles. Are you ready to explore the key to trust, harmony, and financial well-being?
When it comes to managing finances, an accountability partner can be a game-changer. Erika helps us understand the traits that make a perfect accountability partner. This person needs to be invested in your successes, hold you accountable when you trip up, and be your partner in devising innovative solutions.
Retirement planning can be an emotional journey - one in which money, feelings, and values are intricately linked. Erika leads us through a visualization exercise, and encourages that instead of struggling with a rigid budget, we instead think about a 'Yes Plan' - a prioritization of expenses that vibe with our own values.
Let this episode inspire you to curate a clear vision for your retirement, setting you up for a fulfilling future. Tune in now for a transformative financial journey.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 30 Aug 2024 | 97: Why Do We Avoid Retirement Planning? | 00:34:59 | |
“Most pre-retirees and retirees need and want help with the critical retirement decisions they face, but they’re not always certain where to find it.”
Is your retirement plan only scratching the surface? Our hosts Stephanie McCullough and Kevin Gaines uncover the common pitfalls that have kept retirees unprepared for the realities of their post-work years.
Drawing from the groundbreaking Stanford Center on Longevity study entitled Disconnected: Reality Versus Perception in Retirement Planning, Stephanie and Kevin talk about why it’s imperative to envision and plan for all aspects of retirement—beyond just your finances.
Learn how to overcome the natural human instincts that cause us to overlook important retirement considerations, and how to find advice specific to your unique life circumstances.
Our hosts also explain why retirement is a process rather than a destination, and how embracing flexibility can reduce financial stress and increase peace of mind. They explore how personal stories and periodic reminders can keep you on track, and why working with a real financial planner can provide invaluable holistic guidance.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 16 Oct 2023 | 76: What Women Need to Know About Financial Recordkeeping: Lessons from Client Stories | 00:49:22 | |
“In the world of the IRS, if it's not documented, it's not real.”
Get set for a value-packed journey as our hosts Stephanie McCullough and Kevin Gaines tackle the critical topic of keeping financial records in this latest episode of Take Back Retirement. But they don’t go it alone. They invite two clients - Steve and Doug - and two experts – Enrolled Agent Marianne Borneman and CPA Sonya Pappas - to give a well-rounded perspective on just how important record keeping really is.
First, discover how proper documentation can serve as a shield in financial disputes as Stephanie and Kevin introduce two of their clients - Steve and Doug. They share their personal experiences dealing with pension plans, tax determinations, and the powerful role of keeping precise records in securing their interests.
Next, learn from Marianne about the possible hazards of not having accurate documentation when dealing with the IRS and how it may prompt the tax collectors to dig even deeper. Sonya shares valuable tips on maintaining record security and the necessity for a systematic approach to saving and purging documents. Tune in, learn, and protect your financial future by mastering the art of vigilant record-keeping!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 15 May 2021 | 18: How Do We Prepare for the Worst? with Mary Beth Simón | 00:44:43 | |
“Most of us do not do enough to prepare for the unexpected.” How sure are you that you, your family, and your business are ready in times of emergency?
Our guest today is Mary Beth Simón. She founded Niche Partnership Consulting “to solve real-world problems faced by individuals and entrepreneurs” with particular emphasis on helping them create their contingency plan to keep business and life running smoothly in an emergency.
Listen in and learn why most people’s “contingency plans” are seldom robust enough when challenging times arrive and the most common things that they overlook when it comes to having their plan ready for deployment. Mary Beth also explains why contingency plans are not just for the elderly or sickly and why it is, in fact, never too early for anybody to start preparing theirs.
Key Topics: What does Mary Beth do, exactly? (1:52) Optimizing our processes to be ready in times of emergency (4:45) Why Mary Beth has her clients create a paper plan as opposed to a digital plan (07:00) What most people don’t realize when it comes to having a contingency plan ready (8:02) How a leader and their second-in-command can best prepare for the unexpected (10:32) The process that Mary Beth uses when working with business owners (14:32) “There aren’t that many people that you can pay to figure it out in an emergency.” (15:55) Why do people avoid preparing for the inevitable? (18:07) Why everybody needs a contingency plan (21:50) How Mary Beth works with different kinds of clients on their plans (26:30) Three things that anybody can do to be more prepared right now (31:26) Mary Beth’s group program (34:23) Why the time to have tough conversations is now (36:35) “I don’t need it. My life is simple.” (37:36) “It’s easier to plan when you’re not in the middle of a storm.” (38:56)
Reach out to Mary Beth to learn how to be prepared in times of emergency. Download her free contingency plan kit at www.nichepartnershipconsulting.net/kit.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 30 Sep 2021 | 27: Health Savings Accounts (HSA's): What Women Need to Know | 00:36:32 | |
Today we talk all things Health Savings Accounts. An HSA can be a really powerful savings tool but, like everything else in the world of finance, it literally pays to know the game and play by the rules.
The HSA can serve as a long-term savings account for medical expenses sometime in your lifetime—whether one week down the road or 40 years down the road. It is the only type of account that, when done right, gives you triple (and maybe quadruple) tax advantages.
This sounds like a great deal, which then begs the question: “Why isn’t everybody starting an HSA and dumping all their money into it?”
Listen in as Stephanie and Kevin answer that question and more, including best practices for putting money in and taking money out of your account, what your HSA may be able to cover that a typical medical insurance plan doesn’t, and how to ultimately decide whether or not to take advantage of this (potentially) powerful financial vehicle.
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Resources Mentioned: https://takebackretirement.com/podcasts/she-did-it-real-retirement-stories-w-kt/ https://takebackretirement.com/podcasts/what-women-need-to-know-about-social-security/
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 02 Feb 2022 | 34: What the Heck is ESG Investing with Liz Simmie | 00:49:35 | |
Today, Stephanie and Kevin sit down with Liz Simmie, Co-Founder of Toronto-based Honeytree Investment Management, which just so happens to be one of the very few women-led responsible asset management firms around the world.
Honeytree truly believes that ESG (Environmental, Social, and Governance) data is just as important to assessing a company’s long-term growth and risk as financial data, and so they integrate both, equally. In other words, ESG is real investing!
Values-aligned investing is a big topic for us in 2022, so we’re excited to dive deep into the nuts and bolts of ESG investing with Liz!
Key Topics: Defining “ESG” (2:03) Liz’s journey and Honeytree (9:05) Addressing greenwashing, pinkwashing, and other ESG stereotypes (15:40) “Both Canada and Europe are way, way, way behind the U.S. on workforce racial diversity disclosure.” (23:35) The case for stakeholder-governed businesses (26:53) “We remember when ESG was SRI (Socially-Responsible Investing)…” (31:39) “We’re whatever the opposite of activist investors are.” (37:35) How to connect with Liz (41:50) Stephanie and Kevin’s closing thoughts (43:38)
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 03 Oct 2020 | 03: Turning Your Retirement Savings into Retirement Income | 00:19:56 | |
Building your retirement income plan can become complex. There’s a lot to put together. You know what assets you have, but how do you organize all of these tools to work together to create sustainable income?
It’s kind of like a jigsaw puzzle. The first step is to separate the pieces into categories. Even though everyone’s pieces will look a little different, Stephanie and Kevin help you see how you can use different vehicles as retirement income.
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_____________ If you like what you’ve been hearing on this podcast, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
Follow Stephanie on Twitter, Facebook, YouTube and Linkedin. | |||
| 15 Nov 2023 | 78: The Essential Rules to Know When You Inherit an IRA | 00:33:21 | |
“The account you inherit as far as the IRS is concerned, it's not your retirement account. You are just receiving the money from it. It's still the original owner's retirement account.”
Have you ever considered the complexities that come with inheriting retirement accounts? They can be a minefield of rules and regulations that, if not handled with care, can result in irreversible mistakes. Our hosts Stephanie McCullough and Kevin Gaines untangle these complex rules, shedding light on the importance of paying attention when dealing with inherited accounts. Because once that money is taken out, it doesn't go back in. They also look at how the rules change when the original contributor has started their required distributions.
Did you know that spouses have a unique privilege when inheriting retirement accounts? They can transfer the accounts into their own and take full ownership. But like everything else in life, there are rules to follow.
And then comes the all-important matter of tax considerations. From the repercussions of not emptying the account within ten years to the importance of naming your own beneficiaries, and the complications that arise when inheriting an inherited IRA - Stephanie and Kevin cover it all. That said, it’s important to remember that each situation is unique and requires specific guidance.
Under the SECURE Act, there are now 3 kinds of retirement plan beneficiaries for determining post-death payouts after 2019:
1. Non-Designated Beneficiary (NDB) These are not people. Examples: Estate, charity or non-qualifying trust (non-look through trust)
2. Non-Eligible Designated Beneficiary (NEDB) All designated beneficiaries who do not qualify as EDBs (see #3 below). Examples: grandchildren, older children, some look-through trusts
3. Eligible Designated Beneficiary (EDB) The SECURE Act exempts these beneficiaries from the 10-year rule. However, if the account owner dies before the RBD, an EDB can elect the 10-year rule. EDBs must be designated beneficiaries.
5 Classes of Eligible Designated Beneficiaries:
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 28 Feb 2023 | 61: Pre-Plan for Caregiving Needs with Special Guest Mim Senft | 00:49:35 | |
Today, we sit down with Mim Senft, author, keynote speaker, and facilitator for national conferences. She is the Co-Founder and Managing Director at Motivity Care, a company that takes the complexity out of caregiving management by providing personalized “chief of staff” support.
Mim has over 25 years of corporate experience in project management, benefits design, and health and wellbeing program strategy and implementation. She holds certifications in group benefits, worksite wellness and property casualty insurance.
Listen in as Mim shares her journey in the elder care space or, as she calls it, the “silver economy.” She dives deep into the critical, yet commonly-overlooked steps needed to prepare for an individual’s caregiving needs—and how Motivity Care streamlines the entire process.
Mim discusses the huge amounts of time and money lost by family members who unexpectedly have to take on the role of caregiver—and it’s always unexpected! She speaks on the value of a reciprocal “care partner” relationship and how anyone can begin laying the foundation for their own caregiving needs right now!
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Mar 2021 | 15: What Women Need to Know About Social Security | 00:32:17 | |
Social Security is the foundation for every retirement income plan, and it seems really simple: you hit retirement age then turn around and start getting your money. In fact, the benefits you can reap are actually much more powerful than most people think; however, it’s also a more complicated topic than many of us realize. In this episode, we highlight several important points that women specifically need to know about Social Security (while going down a rabbit hole or two along the way!). Listen in and learn the factors that make the Social Security experience different for men and women, and what to know if you’re not working for pay, are divorced, or a widow. Finally, we answer the question: Is it true that Social Security is going bankrupt? Key Topics: Breaking down the complications of Social Security (2:36) How the Social Security experience is different for men and women (3:59) Why is it important to check your earnings record? (07:11) Must-knows about Social Security taxes (9:28) What do you get from your Social Security if you don’t work outside the home? (11:40) What about divorced women? (13:17) What about widows? (15:51) Three important dates to note down (17:08) Considerations around claiming benefits before full retirement age (18:15) Why the government may withhold some of your benefits (22:30) Paying income tax on your Social Security (24:14) Addressing concerns around Social Security solvency (27:58)
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. | |||
| 30 Nov 2020 | 07: Here's a Secret: We're Guessing, and That's OK | 00:20:28 | |
As human beings, we crave certainty. We want to know what’s going to happen and to know that we’re going to be okay. When looking into the financial future, we have to realize that a key ingredient of any analysis is assumptions or, to be blunt, guesses. Stephanie and Kevin tell us, however, that guessing isn’t wrong. It serves a purpose. It’s an ongoing exercise that narrows down the cone of uncertainty from experience to experience, week after month after year. Planning is a living, breathing, ongoing thing. Do yourself a favor and relax, even if the path ahead is still a little foggy. An imperfect execution is better than waiting for the “perfect” plan to come together (hint: Don’t count on it!). Key Topics: Dealing with uncertainty while working with your financial planner (3:42) What planning a trip to Disney World can teach us about the value of making guesses (7:40) Thinking like a weatherman to narrow the cone of uncertainty (11:36) “Relax! Give yourself some latitude to change your mind.” (14:30) Overcoming paralysis by analysis (17:12) Lighten up, Francis (18:56) If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 01 Jan 2024 | 81: Answers to Our Most Common Questions | 00:33:54 | |
Ever feel like you're wading through murky waters when it comes to retirement planning? You're not alone. Stephanie McCullough and Kevin Gaines of Sofia Financial and American Financial Management Group illuminate the path with their expertise, debunking pervasive myths that cloud the judgment of many investors.
They kick things off by setting the record straight on investment growth, cutting through the confusion surrounding account consolidation, and revealing the true engine of growth—percentage rates. Diversification is another victim of misunderstanding, and they’re untangling the real meaning from the common misperception that more accounts always equals better diversity.
As the discussion wades deeper, Stephanie and Kevin tackle the intricacies of IRAs with precision. Did you know that your 401(k) doesn't barricade the door to IRA contributions? Our hosts share why tax deduction eligibility is a whole different ball game. Plus, they don't shy away from the tough stuff—like financial emergencies—guiding you through the maze of withdrawal rules to keep penalties at bay. The conversation then turns to market volatility and holding steady to your investment strategy. So buckle up and tune in; this episode is your financial GPS, navigating you away from common pitfalls and towards a more secure retirement.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 01 Oct 2020 | 01: What the Heck is Retirement Income Planning? | 00:20:05 | |
When you were young, you wanted to do everything! You had the time but not the money to do it all. When you started working and maybe raising a family, you had more money, but not the time. Now that you’re nearing “retirement,” whatever that means, you ideally have the money AND time to do what you want. But now what? How do you turn savings into income that is going to support everything you want to do?
In this episode Stephanie and Kevin want to help you Take Back Retirement by discussing these key topics:
__________
If this is your first time tuning in we encourage you to subscribe to the show so you can hear all of the other fun episodes that we have coming up in the next few weeks. We would also love to hear your thoughts. What are the stresses that you’re facing when you think about the financial side of retirement? Email us at stephanie@sofiafinancial.com
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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| 15 Feb 2023 | 60: What Women Need to Know About Annuities | 00:32:40 | |
Today, we talk all about annuities. Yet another powerful tool in your toolbox for taking control of your retirement, you can think of an annuity as a way to “buy” your own pension.
But it’s just that: a tool. Like any other financial vehicle, there are pros, cons, and tradeoffs to think about.
An annuity is a contract issued mostly from insurance companies that provides a guaranteed income stream. Mainly, annuities are used for retirement.
Some people look at annuities as the best thing since sliced bread. For others, annuities are a total time and money-sink to even consider. But for most folks, we’d wager the reality is somewhere in between.
Listen in as Stephanie and Kevin lay out the must-knows of the complicated topic of annuities, and suggest some questions to ask oneself when it comes to making use of a specific annuity for your retirement plan.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Oct 2021 | 29: How Much Cash Should I Have and Where Should I Be Putting It? | 00:32:39 | |
“How much money should I have in the bank?”
It’s a question that Stephanie and Kevin hear on a very regular basis.
No doubt about it: it’s important to have cash on hand; but, with a well-thought-out financial plan, you can really start to make cash work for you.
Listen in as Stephanie and Kevin invite listeners to sort out the purpose of their dollars to know where they should be going. They delve into the question of liquidity and the actual level of accessibility of different cash vehicles, from your bank checking account to your Venmo wallet.
After explaining the characteristics of cash and where to keep it, they talk about how much one should have in cash, and how to invest in your financial future if you happen to have more than enough cash.
Key Topics: The job of money. (1:41) What exactly does “cash” mean and where should you put it? (3:32) The difference between saving and investing. (5:56) Different places in which you can hold cash. (08:41) Why your line of credit doesn’t count as part of your cash. (11:28) Three factors to take note of in order to figure out how much cash you need. (12:58) “Cash gives you flexibility, and you want flexibility when you’re not sure.” (16:50) Have more cash on hand than you need right now? What do you do with it? (20:35) How to invest without tax breaks. (24:59) Why Stephanie is a big fan of cash. (28:51)
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 17 Jul 2022 | 44: Don't Try This at Home! Unique Situations Call for Unique Strategies | 00:33:26 | |
How exactly do you measure the value of financial planning? It’s a tough concept to grasp for many, because it just seems so… intangible. Most people think that it’s all about investment management. That’s certainly a big slice out of financial planning, but it ain’t the whole pie!
As Kevin reminds us, great financial planners help their clients get crystal clear on their life path by helping them make wiser money-related decisions.
Listen in as our hosts describe not only the technical side of their role as advisers, but also the art of financial planning. Because every person’s situation is unique, there is no such thing as one-size-fits-all advice.
But there are common issues that men and women considering retirement have to deal with. Stephanie and Kevin do a deep dive into four unique planning situations to illustrate the value of real financial advice!
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Jul 2021 | 23: A League Of Their Own: Retirement Planning Lessons From A Baseball Contract | 00:28:47 | |
What nuggets of wisdom can we take away about retirement planning from a famous baseball contract?
It turns out, quite a few!
Listen in as Stephanie and Kevin unpack Bobby Bonilla Day and the circumstances that led to the former MLB player receiving a $1.19 million paycheck every year for 25 years—and the lessons you can extract from this story to better prepare you for those golden years.
Key Topics: The story behind Bobby Bonilla Day (2:25) “Why are we talking about some baseball contract?” (5:00) Lesson #1: Understand your goals (5:57) Lesson #2: Embrace the magic of deferred gratification (8:39) Lesson #3: Build more wealth in the long run via compound interest (11:04) Lesson #4: Know your risk-reward tradeoff (13:02) Lesson #5: Note down historical returns (16:20) Lesson #6: Take inflation into account (20:51) Lesson #7: Know the value of working with experts (22:53) “The key is to make an informed decision.” (25:44)
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Mar 2023 | 62: What Women Need to Know About Longevity | 00:34:24 | |
In financial planning, the big question that we’re trying to answer is how to put a client’s resources to work in a way that gives them the best chance to meet their goals—their financial wants and needs—for the rest of their lives.
To accomplish this, there are a lot of factors we have to guess at: How much will life cost them? How about inflation? What will happen to investment markets? What will the client want for themselves 20-30 years from now? One of the biggest unknowns, which impacts every other factor, is this: How many years does my client have left to live?
Of course, we’ll never know that number. What we can try to determine are the risks that our clients may face the longer they live, and by extension, create an action plan to build them the longest runway of wealth possible, protecting them for the years ahead.
Listen in as Stephanie and Kevin lay out the most important of these action steps, including maintaining your physical and mental health and relationships, creating additional sources of income, determining the best time to claim your Social Security, and covering your long-term care expenses.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com. | |||
| 15 Aug 2022 | 46: Retirement Doesn't Relate to Me, with Judith Kurnick | 00:53:13 | |
Today, Stephanie and Kevin are joined by Judith Kurnick, a second act coach, a speaker, and a writer who guides lawyers, executives, and business owners in escaping the corporate life and designing their next chapter. Judith shares how her personal experiences informed her work. She shares her work philosophy, which emphasizes that her job is to partner with clients and help alter their perspectives. She discusses the varying factors that make it difficult for individuals to shift their mindsets and then talks about what impacts the timetables of these shifts.
Judith explores the types of things she explores with her clients, comparing the process to buying a house. She starts with exploring one's self and then coming up with a scenario or several and then preparing to launch their new life through clear planning. She talks about how exploring possibilities can help get one past feeling stuck.
She then shares ageism she has witnessed and the ways in which COVID exacerbated it. She provides examples of simple ways to combat ageism through language, like calling someone an older adult instead of a senior. They discuss the different things that “retirement” can mean for people. Judith touches on research around aging, and how it can be both scary and thrilling.
Stephanie and Kevin close with a reflection on their conversation with Judith, reiterating the importance of meaningful work, deep relationships, sense of community, and maintaining your physical and mental self-care for people as they age.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Nov 2022 | 54: Why Women Need to Know About Divorce (special series wrap-up) | 00:11:03 | |
In this quick bonus episode, Stephanie and Kevin wrap up their multi-episode series on why women need to know about divorce, being that divorce is a very common topic that they see with their clients.
Divorce is a big financial issue that most people don’t plan for, making it all the more difficult and scary to navigate. That’s why Stephanie and Kevin created this lineup of professionals to touch on different areas around divorce and finances. These professionals save people money by providing mediation so people don’t have to go straight to the “robes and gavels.”
Check out the video version of this episode!
Check out all six episodes in the series:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 May 2023 | 66: Transform Your Relationship with Money: Lessons from Bari Tessler | 01:05:41 | |
“I've heard everything at this point, meaning nothing would surprise me. I've heard all sorts of versions of shame, anger, sadness, anxiety, family stories - beautiful and painful, and betrayal and embarrassment.”
Our hosts Stephanie McCullough and Kevin Gaines had a fascinating conversation with Financial Therapist Bari Tessler, founder of The Art of Money, about her unique methodology that integrates financial and emotional literacy. Bari enlightens us on the importance of understanding the connection between our mind and body, and how this knowledge can be applied to our financial well-being. You'll learn about the role of bookkeeping in developing financial intimacy, the concept of money dates to review your finances, and the benefits of breaking down money management into small, achievable goals.
Bari shares her insights on how most people have shame or other difficult emotions around money. This is rarely talked about and not yet taught in school. Stephanie, Kevin, and Bari explore how to find a money management style that works best for you and the importance of self-forgiveness when working with our money stories. Plus, they dive into the idea of inner-child work, a therapeutic technique that helps us better understand our younger selves and the decisions we have made around money.
And be sure to listen to the end where they discuss the art of managing financial decision-making anxiety and aligning your choices with your values. You won't want to miss this enlightening conversation that’s sure to help you change your relationship with money and bring you a step closer to financial clarity and happiness.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 May 2023 | 67: Embracing Midlife Growth: Aging, Beauty, and Self-Discovery, with Dara Goldberg | 00:40:41 | |
“We are supposed to view aging as a privilege, but we are shamed for showing visible signs of it. How absurd. And because we live in a society where our outward beauty equates to worth and value, we automatically feel that our value is going down and our worth, and we see that our visibility is going down.”
Are you embracing your midlife growth spurt or feeling overwhelmed by it? Join our hosts Stephanie McCullough and Kevin Gaines as they chat with Dara Goldberg, founder of the Endless Beauty Collective and LovinMidlife.com, who shares her personal experience of navigating this transformative period in life. Listen in as they discuss managing anxiety, redefining self-care, and learning to accept the emotions that come with midlife changes.
Dara, along with our hosts, delves into the challenges of finding mental and physical space for self-care while addressing internal and external resistance as we pivot toward a focus on our true desires. Dara sheds light on the significance of understanding who we are now and making choices that align with our current needs. Moreover, they explore the dynamics of shifting relationships as we prioritize our well-being and how small changes can make a big difference.
Stick around until the end as they tackle the issue of ageism, particularly within the beauty industry, and its impact on younger generations. Together with Dara, they examine the power we hold as consumers to push back against brands perpetuating fear and negativity around the aging process and the importance of redefining aging on our terms.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 28 Apr 2023 | 65: Achieving Longevity and Financial Stability: A Holistic Approach with Dr. Laura DeCesaris | 00:45:29 | |
What if the secret to a long, healthy life is not expensive programs, supplements or equipment, but actually the free actions you take every day? In this episode, functional medicine-trained health strategist Dr. Laura DeCesaris joins the podcast to explore the importance of prioritizing health span over lifespan.
Stephanie, Kevin, and Laura explore essential health habits that contribute to longevity, such as getting outside daily, having a supportive community, managing stress, and eating a variety of foods, as well as the challenges people face in prioritizing these habits and the deceptive nature of fad diets and quick-fix solutions. Shifting our mindset towards long-term health and wellness habits is crucial, and better education around basic health and nutrition is necessary.
Most importantly, they also discuss the intersection of health and finance, emphasizing the value of investing in preventative measures and education about one's health. Tune in for actionable and realistic advice on improving your health and longevity, and how it parallels with financial planning for a fulfilling retirement.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Mar 2022 | 37: The Importance and How-tos of Sustainable Investing, with Special Guest Kyle Purcell | 00:45:45 | |
Today, Stephanie and Kevin welcome special guest Kylelane Purcell, who for over 30 years has been writing, editing, and managing communications in the investment industry. She has worked as an analyst at Morningstar, a manager at American Century Investments, and VP of Investment Communications at T. Rowe Price.
In 2005, she started her own company, Purcell Communications. She has come to take a keen interest in sustainable investing, and is in fact the lead on ESG-orientated research and thought leadership at her firm. She also partnered with Ben Vivari to start the sustainable investing initiative Till Investors, whose mission is to empower sustainable investors with the right knowledge they need to thrive as sustainable investors.
Listen in as we get Kyle’s take on all things values-aligned investing.
Key Topics:
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Oct 2023 | 77: How to Decide Whether to Go Back to Work After Divorce | 00:33:51 | |
“The thing you’ve got to start with is what does life cost you? What does it cost to be you in this world?”
Listen in as our hosts Stephanie McCullough and Kevin Gaines tackle some big questions in this episode of Take Back Retirement, like "Do I need to go back to work after retirement or a divorce?" and "What kind of financial considerations should I have?" They walk through how to evaluate your life costs, not just the regular monthly expenses, but those that come up less frequently, like holidays, vacations, and any extra costs that come with having children or pets. They also discuss how to handle assets after a divorce, the different types of assets, tax implications, and the importance of planning for the future.
Stephanie and Kevin examine figuring out how much you can safely withdraw from your investments or savings if you need to supplement your income. They shed light on the 4% rule, which suggests that you should not withdraw more than 4% of the balance of your account each year. Plus, they discuss possible ways to reduce expenses and the importance of having a plan ahead of time. This episode is packed with valuable insights and practical advice, don't miss out!
Key Topics:
Resources: Organizations that support women returning to the workforce:
Related Take Back Retirement Episodes:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Mar 2024 | 87: Cultivating Creative Connections for Lifelong Wellness with Claire Waite Brown | 00:42:40 | |
“It's not a line that you are either academic or creative, or you are either scientific or creative, or you are either mathematical…They're not separate.” -Claire Waite Brown
Ever felt like your creative spark got lost in the shuffle of life? Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group sit down with Claire Waite Brown, the host of the Creativity Found Podcast and founder of CreativityFound.co.uk
Claire helps us break down the barriers that have kept us from embracing our inner artist, whether it's the false notion that creativity equals advanced skill or the stifling labels of our youth. Claire's stories of individuals who've rekindled their creative pursuits later in life are nothing short of inspiring, serving as a beacon for all of us looking to weave creativity back into our lives.
Our hosts and Claire dive into the world of creative hobbies, not just as pastimes, but as vital social and physical lifelines that enrich our existence and connect us to others. They explore the personal and practical obstacles that often hold us back from our creative endeavors, from limited resources to internal doubts. But here's the kicker: embracing creativity isn't just about picking up a paintbrush or a microphone; it's a journey of self-discovery and growth that's waiting for us to take the first step, at any stage of life.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 02 Oct 2020 | 02: Retire on Your Own Terms - Or Don’t! | 00:17:08 | |
There is no right way to retire. Even if you don’t do everything you had hoped to do, you can still build a plan so that you can do more of the things you want and less of the stuff you don’t. In this episode we’re Taking Back Retirement by redefining the old image and definition of this phase of life.
Key topics discussed:
__________ If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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| 15 Oct 2021 | 28: Dr. Barbara Provost of Purse Strings on Women, Power & Money | 00:38:47 | |
Today’s guest is Dr. Barbara Provost, a business coach, professor, and entrepreneur with a Doctorate in Adult and Higher Education. She has a long history as a consultant in the financial services sector.
Dr. Barb has taken her expertise into her latest venture, Purse Strings, which offers free financial education and resources for women.
Listen in as Dr. Barb shares how her initiative aims to tackle the lack of safe spaces for women to ask questions and take control of their financial future. She also offers practical strategies for marketing to women (hint: it’s not as simple as “pink-it-and-shrink-it”!).
Key Topics:
Resources Mentioned: https://www.facebook.com/groups/pursestringfinanciallyfearlesswomen
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Aug 2024 | 96: Surviving Financial Infidelity with Jess Bost | 00:53:55 | |
"Financial infidelity is in the category of infidelity and the root of it is a hiding and a lying about the truth."
Join our hosts Stephanie McCullough and Kevin Gaines as they chat with Jess Bost, CFP at Lake Avenue Financial. She’s spent over 15 years coaching people to get from where they are to where they want to be. It’s a passion that finds its roots in her inspiring journey to overcome her own financial struggles.
For Jess, those struggles revolved around one of the toughest periods in her life: dealing with financial infidelity. Listen in as she opens up about the moment she discovered that her partner had been living a financial double-life–hiding mounting credit card debts, separate bank accounts, and loans that eventually led to their separation.
Jess reflects on how the shock of that revelation compelled her to take ownership of her finances, leading her down a path into the world of financial services and, thankfully, eventual reconciliation with her partner.
Through Jess’s experiences, you’ll learn why it’s so important to get clear about your strengths and weaknesses around financial management, as well as, if applicable, those of your partner. Jess is a staunch advocate for no-nonsense, transparent dialogue between spouses, especially early on in the relationship.
By getting clear about each other’s money management roles in marriage, you’ll be able to nip financial infidelity in the bud!
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Feb 2024 | 84: The Retirement Expense You Can't Afford to Ignore: Planning for Healthcare Costs | 00:27:00 | |
“If you're looking at the costs of medical expenses over time, they've actually historically grown faster than regular inflation. Healthcare is expensive, and it goes up faster than the rest of your spending; don’t overlook it.”
Listen in as our hosts, Stephanie McCullough of Sofia Financial, and Kevin Gaines of American Financial Management Group tackle the critical yet often underestimated topic of healthcare costs in retirement. They uncover the harsh reality that healthcare expenses can become a significant financial burden if not properly accounted for in your retirement plan. Shedding light on the unpredictable nature of health and the associated costs, they stress the importance of being prepared for more than just your mortgage or grocery bills. They also debunk the common misconceptions around Medicare and long-term care.
Stephanie and Kevin explore the complexities of managing retirement funds with future taxes in mind. They highlight the strategies to mitigate the tax hit when withdrawing from IRAs and 401(k)s, and how these can impact your Medicare premiums through the Income-Related Monthly Adjustment Amount (IRMAA). Learn about the benefits of Roth conversions and how Health Savings Accounts (HSAs) and Roth accounts can be powerful tools in reducing your tax burden. They also discuss the 'widow penalty' in tax brackets and the need for strategic planning, especially when it comes to Social Security and the real rate of medical expense inflation. This episode is packed with insights to help you secure your financial health.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Mar 2023 | 63: She Did It! Real Retirement Stories with Jackie Koski | 00:55:29 | |
Jackie Cummings Koski has overcome poverty, divorce, and the struggles of single motherhood. Yet, she was able to retire from her corporate job of 20 years in 2019 at the early age of 49! That whole time, she’s made less than six figures.
Jackie sits down with Stephanie and Kevin to discuss how she overcame those adversities and the wake-up call that totally changed her view of her finances.
Four years later, after leaving corporate America, 53-year-old Jackie is following her big dream of creating a financially-literate society!
Listen in as she shares an inspiring journey that began in rural South Carolina, where she lived below the poverty line in a single-parent household alongside her six siblings. Committed to “not grow up poor,” Jackie decided to study all she can about investing and the stock market and joined the Financial Independence, Retire Early (FIRE) community later on.
Years after beginning to implement what she’s learned, Jackie was able to put together a powerful cash flow strategy for retirement despite never earning beyond six figures in her sales career.
Coupling her realization that “you don’t have to be wealthy to teach about money” with her dream to make a real impact on the world, Jackie has dedicated her post-retirement life to educating others on financial literacy. That began with her daughter, to whom Jackie dedicated her 2014 book Money Letters 2 My Daughter.
Key Topics:
Follow Jackie Koski on Instagram at www.instagram.com/finomenal_woman.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Aug 2023 | 72: Bringing a Woman's Perspective to Money and Retirement with Financial Planner and Author Kim Curtis | 00:42:26 | |
“Conversations around money should be: what do you want? Who do you want to be? And how do we help you get there? Not only you individually, but your collective. Your collective is your family, your community, and beyond”
Imagine a world where the language of money is universal, inclusive, and aligns with your life's purpose and passion. That's exactly the world Kim Curtis, CEO of Wealth Legacy Institute, envisions and is working towards. This episode exposes the unspoken gender dynamics in finance and the male-centric language that often excludes crucial aspects like life, passion, and joy. Kim takes us on her unique journey, from changing careers at 30 and overcoming money shame, to becoming a successful financial planner.
Have you ever wondered how gendered financial language affects retirement strategies? Our hosts Stephanie McCullough and Kevin Gaines, along with Kim reveal the different retirement scenarios for men and women. They highlight the importance of community in retirement, providing insightful strategies to expand relationship circles and combat loneliness and boredom. Kim's candid discussion about her past experiences and how they have shaped her approach with clients is a testament to her holistic approach to finance.
In the world of finance, skills extend far beyond number crunching. According to Kim, financial professionals also need resilience, self-awareness, and mediation skills. She shares valuable advice on recognizing biases in investing, understanding the differentiations between financial professionals, and the importance of patience and ownership in financial planning. All this and more in this episode of Take Back Retirement.
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 29 Dec 2020 | 09: New Year's Money Resolutions | 00:27:12 | |
A common topic for this time of year is New Year’s Resolutions. From what we’ve seen, a lot of people’s New Year’s Resolutions often involve money, and the stuff regarding our finances that we know we should do and feels simple. But it never really is easy, is it? The sad thing is, it’s not so much the resolutions themselves that are hard, but keeping our mindset on track to follow through with them as the months go by. It’s easy to say, “Starting January 1, I’m going to spend less money.” You might be able to fight against that first shiny object, and maybe even the second and third one. But eventually, as it happens, life catches up and we let our temptations get the best of us. One great way to start gaining a sense of control around your spending is to do an analysis of your credit card statements and find out which “holes” you need to plug. Don’t begin with a prescribed budget or a spending regimen—simply find out how you’re spending your money. Then control the flow. Almost done with a car payment? Plan to redirect that money in the future to your savings to avoid wasted funds down the road. Control your environment as well. For example, clean out your email inbox and unsubscribe from sale alerts; or set up a new email entirely dedicated to communications involving said sales and offers. When it comes to eliminating debt, start small and don’t make things too rigid. Don’t underestimate the psychology of small wins. For this (and any money-related resolutions, for that matter), it helps to give yourself visual goal posts or even an accountability partner as you pay down your debts. You’re more likely to stay motivated if you can see your progress in real time.
Key Topics: The typical half-life of New Year’s Resolutions (1:16) “Personal finance is more personal than it is finance.” (4:33) Make strong decisions around where you want your money to flow (7:58) Set up your environment for success (9:37) Paying down debt (11:28) What’s different now that you’re going to actually accomplish this resolution? (17:19) Why are you avoiding what you know you ought to do? (20:20) Making sure your financial advisor is the right fit for you (22:05) Happy New Year! (25:07)
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and Linkedin. | |||
| 15 Oct 2022 | 51: What Women Need to Know About Divorce from a Mediator, with Ellen Morfei | 00:48:06 | |
In this episode, we welcome Pennsylvania-based divorce mediator Ellen Morfei. With years of professional experience in conflict resolution, Ellen has worked with many couples in getting to a good divorce. Ellen provides mediation, workshops, conflict coaching, facilitation, and consulting to businesses, individuals, families, and organizations.
She not only addresses a couple’s specific issue, but also builds conflict competence to help them manage future conflict more productively. She also offers services to help prevent the development of unproductive conflict during challenging life transitions.
Listen in as Ellen dives deep into this crucial subject, as well as her biggest lessons learned along the way regarding relationships, money, and other juicy topics!
She explains who would most benefit from hiring a professional mediator, how to work with a mediator alongside a divorce lawyer, how to ensure a successful mediation by preparing well in advance, and the value of having a divorce mentor throughout this stressful process.
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 28 Feb 2021 | 13: What Happens When The Plan Goes Wrong? | 00:23:40 | |
About eight years ago, we had a client—let’s call her Alison. She was in her late 30s and doing great in her career. Her income was picking up. We had thought about the best way for her to save her money for the things she wanted to do, among which was to leave her high-stress job before the age of 65. One day I got a text. Her husband had died. Her whole plan had gone sideways. In financial planning, we focus on planning for your future. We talk a lot about what you want to do, what you enjoy, and what you dream about. But we also have to talk about what to do if things go wrong. Given that we've all just lived through 2020, we know that things can go terribly wrong, and we know people (perhaps ourselves included) who have suffered horrible tragedies. Listen in and learn the four steps to take in case your financial plan goes wrong, and why it literally pays to redefine how we view change.
Key Topics: What should you actually do when the plan blows up? (3:24) Step One: Do nothing (5:25) Step Two: Find a support group or other people to talk to (08:36) Step Three: Preserve your flexibility (11:53) Step Four: Address the life decisions before the money decisions (13:45) Remember, we don’t create financial plans; we do financial planning (16:30) “In the midst of these changes, disruptions, and upsets, be at peace with your finances.” (18:12) The real purpose of the emergency fund (20:58)
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Nov 2020 | 06: Crucial Questions to Ask about Senior Living Options, with Lindsey Poeth | 00:37:45 | |
Many of us are fortunate enough to have parents who are living. That means that someday, they may need care. What are the impacts of a parent’s need for care on our lives? Today we welcome Certified Senior Advisor Lindsey Poeth to Take Back Retirement. Lindsey shares great information on the types of care, but more importantly how to start to talk about it with your family members. The most important advice is to start early. Have the conversation and start to do some research long before you are forced to do it. Key Topics:
Find our guest Lindsey Poeth, Certified Senior Advisor, at www.OasisSeniorAdvisors.com/Mainline LPoeth@YourOasisAdvisor.com 484.947.4266 https://www.linkedin.com/in/lindsey-poeth-350288140/ https://www.facebook.com/OasisMainline/
Resources mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Jan 2023 | 59: Knowing Your Money Mindset Can Improve Your Money Management with Kat Sanford | 00:39:38 | |
Why is money so darn challenging?
Today’s guest, money mindset coach Kat Sanford, sits down with us to do a deep dive on that very question!
Kat’s personal story saw her chasing the modern world’s definition of “success”—and experiencing burnout as a result. She realized that changing her path requires addressing her money blocks. She did just that, and has since dedicated her career to helping other women entrepreneurs do the same!
“How you do money,” Kat says, “is how you do everything.”
Listen in as she explains why a lack of awareness around your money mindset and what’s influencing it creates negative spending habits. She then breaks down the eight unique money personalities and how awareness of your archetype can help you make better money choices!
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Mar 2021 | 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski | 00:43:00 | |
Today’s guest is Cathy Sikorski. She is a practicing attorney in elder law. At the same time, she has personal experience being a caregiver for elders and not-so-elders. Her bestselling book, Who Moved My Teeth?: Preparing for Self, Loved Ones and Caregiving, combines her 25-plus years of legal and practical experience into a guide for preparing yourself or your loved ones for the complicated future of healthcare and caregiving. Initially a small-town general practice attorney, Cathy was initially driven to hone her skills just as a person taking care of the elderly, but quickly realized that elder law is legal practice unto itself. Her work as a caregiver, then, led her to embrace elder law as a profession. Elder law is a relatively young legal practice that was established only in 1994 because “the issues” surrounding the practice “are becoming so much more prevalent in everyone’s life. How do we take care of Mom and Dad as they get older? What are their choices?” Listen in and learn how having an elder law attorney can help you, alongside your other lawyers (i.e. estate), a financial advisor, to plan and prepare for retirement. Cathy also offers some best practices and hard truths about being a caregiver. Key Topics: An introduction to Cathy and her eight separate experiences as a caregiver (2:01) What’s elder law all about and how did it shape Cathy’s other work as a caregiver? (4:08) What areas does an elder law attorney cover? (06:03) How these attorneys also aid their clients’ spouses, especially on the financial side (8:56) The difference between elder lawyers and estate lawyers and what to know about wills (10:53) Why your different lawyers, financial advisor, and accountant all need to collaborate (14:15) What conversations do you need to have with aging family members today? (15:47) “Please check every darn beneficiary designation that you have.” (18:58) Considerations around of your spouse’s IRAs, 401(k), and other retirement accounts (22:07) Cathy on her life as a caregiver (26:03) Visit takebackretirement.com for a free caregiver contract. Who can become a paid caregiver? (31:12) The importance of having a support group as a caregiver (33:13) How to contact Cathy (35:06) Three action steps to take today (36:06)
You can reach out to Cathy at https://cathysikorski.com or send her an email at cathy.sikorski@gmail.com
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Oct 2020 | 04: Give Yourself Permission to Plan Your Next Chapter, with Randi Levin | 00:34:49 | |
Many people picture moving into retirement as: One day you're working and the next day you're retired. As we learn from life transition expert Randi Levin, CEO & founder of Randi Levin Coaching,moving into retirement is best done with preparation. It does not have to be an overnight event. In this episode of Take Back Retirement we walk through different ways to approach this major life transition as well as various things to consider that may not immediately come to mind. Most important we understand that this about you and not following a cookie-cutter process that everyone else is doing.
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You can find Randi at https://randilevincoaching.com/, and her FaceBook group The Recalibration Network at https://www.facebook.com/groups/recalibration/. __________ If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
You can find the transcript and all of the information about this episode at sofiafinancial.com/podcast
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| 01 Oct 2024 | 99: The Challenges and Opportunities of Defining Your Identity in Retirement with Elizabeth Parsons | 00:45:23 | |
“Suddenly you've got to create the content of your life, and that's a completely new enterprise for most people we work with, and it's scary until you can get your hands in the clay and feel confident about having a process.” -Elizabeth Parsons
How do you deal with the massive shift that comes with stepping away from a high-powered career and into retirement?
Our hosts Stephanie McCullough and Kevin Gaines chat with Elizabeth Zelinka Parsons, founder of Encoraco, who has dedicated her life to guiding high achievers through the emotional and psychological challenges of retirement.
After leaving behind a prestigious legal career, Elizabeth was left feeling listless and incomplete. It was her relentless drive to rekindle that sense of purpose that led her to found a company that helps men and women just like her experience a “positive and empowered transition” into their post-career life.
Listen in as Elizabeth teaches us how to overcome the loss of identity and structural void that often accompany retirement. She discusses the art of designing a Life Mosaic, ways to recognize what's missing from your day-to-day, the importance of grieving the end of a career, and why it’s time for all of us to redefine the traditional notion of retirement!
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Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jan 2022 | 33: What Women Need to Know about the Estate and Gift Tax System | 00:26:50 | |
Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the estate and gift tax system. This is different from the income tax system, and both are federal tax systems that everyone needs to be aware of when planning for retirement.
At the end of the day, the IRS is getting paid. The only two questions, then, are: Who pays? and When? Our hosts tackle these questions and more.
While today’s discussion is a big picture overview of the estate and gift tax system, it will give you a general grasp of the concepts and vocabulary that will make your next meeting with your accountant or estate planning attorney a more insightful and productive one.
Key Topics: “At the end of the day, the IRS is getting paid.” (2:47) Defining estate taxes. (4:02) What are “exclusion amounts?” (6:14) Defining gift taxes. (8:16) Maximizing how much your beneficiaries inherit. (11:53) “My parents can only give me $16,000 a year…” Why this isn’t true. (17:30) “I want to avoid probate, because if I can do that, then I’m not going to pay estate tax…” Why this isn’t true. (22:11)
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Aug 2021 | 24: She Did It! Real Retirement Stories w/ KT | 00:37:44 | |
Today’s guest is KT, who speaks on how she was able to retire at the age of 54.
She was inspired to retire early only a decade prior. It wasn’t an easy road, but it was absolutely worth it.
Listen in as KT describes her unique retirement journey and the money mindset transformation that she had to undergo to reach her goals. She shares her favorite books and other resources that armed her with valuable knowledge along the way, as well as how her efforts to increase her financial intelligence impacted her own kids’ view toward money for the better.
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Resources mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jan 2023 | 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message! | 00:36:23 | |
Believe it or not, the IRS wants you to save for retirement. To that end, they’re always trying to come up with new tax breaks—not to mention very specific conditions you need to meet in order to enjoy those tax breaks!
This brings us to the topic of today’s conversation: the introduction of Secure Act 2.0, a new law ushering in changes to rules and parameters related to retirement accounts.
Listen in as Stephanie and Kevin discuss the highlights of this Secure Act 2.0, offering insights on how you can continue saving for your dream retirement in light of this new law!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Dec 2020 | 08: Retirement is More than Money with Autumn Nessler | 00:35:25 | |
“Who are you going to be without your business card? When everybody else is working Monday through Friday, what the heck is going to be taking up your time? How are you going to use your skills and talents?” There are millions of women, right now, who are wondering what their life could look like after leaving behind their successful and hard-won career. They know they want to retire, but with decades of life left to live, the fundamental question that’s ever-present as they get closer to that last day of work is, “What’s next?” In this episode, we cover how to navigate this crucial transition and design an exciting and purposeful post-career life. Today’s guest is Retirement Options Coach Autumn Nessler. She is the founder of An Intentional Life, LLC, which assists women in the creation of a lifestyle plan through educational workshops, research-based assessments, and one-to-one coaching. Autumn works with her clients to create a non-financial retirement plan by helping women in hard-won careers deal with what she calls the “choice overload” that comes when they leave that job, so that they have the full confidence to forge their path going forward and live life on their own terms. Key Topics: What Autumn does for work and who she works with (1:38) Autumn’s own “ah-hah” moment that led her down her current path (5:07) Answering “What lies ahead?” for high-powered women thinking of retirement (10:45) “Why does it have to be a crisis for us to take care of ourselves?” (16:12) How to be intentional (18:51) Why we’re living in one of the best periods of history (21:56) Rethinking retirement (26:58) An example of a client’s success story (28:28) The idea of a post-pandemic world should inspire you to be creative about your future (32:02) Reach out to Autumn for a “clarity session” on your potential post-career life via autumn@designretirement.org. Visit her website at www.designretirement.org. If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and Linkedin. | |||
| 31 Aug 2023 | 73: Back to Basics: Essential First Steps to Taking Control of Your Finances | 00:26:53 | |
“It’s not about deprivation. It’s about balance. It’s about taking care of your today self and your future self.”
Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month.
Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies.
They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of each, from lower costs to matching options and pre-tax savings. They also touch on setting up a regular investment account with no limits or restrictions. Their ultimate aim is to emphasize the importance of establishing an investment plan that suits you and doesn't cause unnecessary stress. This episode is your guide to making informed and confident decisions about your financial future.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Apr 2021 | 16: She Did It! Real Retirement Stories with Lori Osterberg | 00:42:02 | |
Today’s guest is Lori Osterberg. She is an author, content creator, educator, and, in her own words, a “Gen-Xer who has been setting the online world on fire for the past 20 years.”
Currently in a little town outside Portland, OR, Lori is living what she recently realized to be her dream life. She writes up to three books a year and just recently published her ninth novel.
Lori recalls how at the start of their careers she and her husband lived through several rounds of corporate downsizing. They got to a point where they decided enough was enough—it was time to take control.
Since then, Lori and her husband have been in business for themselves, bringing together their interest in computers with their artistic skills in photography. Then when their daughter was looking at colleges she first heard of the “gap year” concept. Inspired, they decided to truly maximize their freedom and explore new possibilities. As it turns out, their gap year turned into a gap rest-of-their-lives!
Listen in and learn how Lori achieved the freedom to do what she loves, and how she helps other women over 40 do the same.
Key Topics: How Lori’s doing right now (2:06) Lori’s journey from corporate to business owner to globe-trotting romance novelist (4:05) Navigating big challenges in 2020 and those lingering in 2021 (9:25) How Lori got to the point where she could semi-retire (11:16) What Lori knows now that she wishes she knew then (15:33) Meeting fellow “gap year lifestyle” folks (17:15) “There’s something freeing in letting stuff go.” (18:54) Keeping in touch with friends and family while living a mobile life (21:14) Has this lifestyle impacted Lori’s writing? (22:11) Lori’s tips for people who want to have a lifestyle like hers (24:00) How Lori got her husband, family, and friends onboard with her gap life plan (26:36) The pros and cons of moving to or retiring in Mexico (29:42) “It’s never been about retirement. It’s about freedom.” (33:35) How to get in touch with Lori (36:02) “Don’t think about your current situation. Think about where you want to go.” (36:32)
Find out more about Lori at www.visionofsuccess.com and her books at www.loriosterberg.com.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Apr 2023 | 64: What is Money Insurance? | 00:30:03 | |
Given the recent headlines and failure of two banks, Stephanie and Kevin felt is was time for a high-level overview on the government insurance programs that serve as backstops by protecting you from the potential failure of financial services companies.
Listen in as they break down the most important acronyms within the alphabet soup of federal government agencies.
They discuss the FDIC insurance program, how the SIPC protects investors should a firm go belly-up, why pensioners (and pensioners-to-be) need to familiarize themselves with the PBGC, and how to go about the best state insurance program for your goals!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Nov 2022 | 55: Lessons from the Career of Janet Yellen with Jon Hilsenrath, Author | 00:56:53 | |
Today, we sit down with Jon Hilsenrath, a senior writer for The Wall Street Journal, where he has written about economics and finance since 1997. We’re going to learn a little economic history but also a very human story of a woman’s career in a male-dominated field, and of a couple unconventionally sharing family responsibilities long before that was common. Jon has been a Pulitzer Prize finalist several times.
Jon is here to talk about his new book Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval. It details the storied career of former Federal Reserve Chair and now U.S. Treasury Secretary Janet Yellen, who is regarded as one of the most influential economic policymakers of her generation.
Listen in as Jon dives into the story behind the writing of the book and his biggest takeaways from his research on the life and times of Janet Yellen and her husband, distinguished economist George Akerlof.
After offering his four lessons on breaking the glass ceiling, Jon does a deep dive into Yellen’s involvement amid the country’s most pivotal economic downturns in recent times, namely the Global Financial Crisis and the COVID lockdowns.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Apr 2022 | 40: What Women Need to Know About Income Tax | 00:39:38 | |
In episode 33, Stephanie and Kevin gave us a broad overview of the estate and gift tax system. Now that we’ve reached the tail-end of tax season, our hosts sit down to do a timely deep dive on what women need to know about income tax—a subject that, unfortunately, isn’t as simple as all of us would love to believe it is.
While state taxes are obviously important to consider when planning out your strategy, in this conversation, Stephanie and Kevin focus primarily on federal income taxes since these are the rates we’re all faced with year after year.
Today’s discussion centers around how the federal government aims to incentivize certain behaviors from citizens via the tax code, and how our tax bracket dictates the types of choices we need to consider when it comes to all of our major financial decisions.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 29 Oct 2020 | 05: A Simple Framework for Thinking About Retirement Expenses | 00:35:23 | |
What do we need our money to do for us in “retirement?” Yes, pay our regular bills and hopefully some fun along the way. But there’s more to it, and important pieces that people often overlook. Stephanie and Kevin share a helpful framework for thinking about financial needs, and what type of assets are best suited to provide each out. Note The Four L’s is borrowed from renowned retirement researcher Dr. Wade Pfau.
Key topics discussed:
List of resources mentioned in episode, suggested reading & social media handles, contact information for guests: ● Forbes article, “Giving While Living, Not Just for Billionaires”
If you like what you’ve been hearing on this podcast, we invite you to go to wherever you’re listening to this episode subscribe and leave us a comment or review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Email us at stephanie@sofiafinancial.com.
Follow Stephanie: Twitter: twitter.com/SofiaFinancial Facebook: facebook.com/SofiaFinancial YouTube: youtube.com Linkedin: linkedin.com/in/StephanieMcCullough
Follow Kevin: Twitter: twitter.com/2ndHalfPlan Facebook: facebook.com/afmgplanning YouTube: youtube.com Linkedin: linkedin.com/in/KevinmGaines | |||
| 15 Sep 2023 | 74: Taking Charge: Carol Marak's Strategy for Solo Aging and Retirement Planning | 00:49:52 | |
“Once you are aware of your top risks that you will likely face later on, it's amazing how your brain just starts to automatically think about, ‘Well that's interesting, I wonder if I could live that way.’ Or ‘I wonder if I could pick up that exercise. I wonder if I could start walking a mile a day just to start getting in better shape. I wonder if I could change my diet instead of eating this cookie, I should maybe have this piece of fruit instead.’ That's the way the mind works.”
Ever asked yourself 'Who will take care of me as I age?' If so, this episode is for you. Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group engage in a profound conversation with Carol Marak, an author, speaker, and mentor who has tackled this very question head-on. Her journey to a secure future will inspire you as she shares her path to financial stability, strategic relocation, and developing a comprehensive framework for successful solo aging.
Our hosts along with Carol delve into the profound interconnectedness of retirement planning and life purpose, exploring how changes in one's living environment can dramatically influence health and fitness. Get ready to understand the challenges faced by individuals transitioning from significant careers and the role financial advisors play in helping navigate these waters.
Stick around as they explore the significance of early planning for the future, taking into consideration factors such as family medical history, lifestyle choices, and overall life satisfaction. Carol emphasizes the importance of strong social connections and support base, regardless of whether you have kids or not. Tune in and get set to rethink solo aging through the lens of Carol Marak.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Sep 2021 | 26: The Importance of Negotiating with Kathleen Burns Kingsbury | 00:41:50 | |
Today, we sit down with Kathleen Burns Kingsbury, a wealth psychology expert, founder of KBK Wealth Connection, and host of the Breaking Money Silence® Podcast.
Kathleen is a highly sought-after speaker for financial industry conferences and is the author of five books, her latest being Breaking Money Silence®: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life.
Listen in as Stephanie, Kevin, and Kathleen dive into the rather sticky topics related to women, money, and power, from dealing with unconscious bias in the workplace, to gathering the courage to ask for a raise, to considerations around money and power dynamics within couples.
Key Topics: What does money and power for women mean to Kathleen? (2:41) Our thoughts on how women seek financial advice versus men. (4:47) Cultural barriers to women's empowerment around their finances. (10:00) The power of building a support system. (11:29) Dealing with unconscious bias and gaining the courage - and skills - to ask for a raise. (13:29) Psychologically, what gets in the way of women charging what we’re really worth? (17:18) “I don’t want to ask for more because it’s greedy to do so.” (22:55) Kathleen’s advice to spouses around power and money dynamics. (27:43) Shared goals versus independent goals. (32:15) Kathleen’s upcoming courses and programs. (33:45) About Kathleen’s Creating Wealth From The Inside Out Workbook. (35:05) Stephanie and Kevin’s closing thoughts. (38:00)
Resources Mentioned:
https://courses.breakingmoneysilence.com/ http://www.breakingmoneysilence.com/negotiating-masterclass/ https://breakingmoneysilence.vipmembervault.com/products/courses/view/1026985
https://breakingmoneysilence.vipmembervault.com/products/courses/view/1023642 https://www.breakingmoneysilence.com/books/ https://www.breakingmoneysilence.com/books/ https://www.breakingmoneysilence.com/books/
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Mar 2024 | 86: The Success Number: Calculating What You Really Need to Earn with Ella Glasgow | 00:48:38 | |
“I first ask this question: What is the number to make you feel successful? You and no one else. It might be a scary number. There’s nothing wrong with fear.” -Ella Glasgow
Ever felt the anxiety-inducing pressure of pinning a price tag on your brainchild? Our hosts Stephanie McCullough and Kevin Gaines break that down with guest Ella Glasgow, who's not only a virtual event maestro and vocalist but also a sage when it comes to the alchemy of pricing your services.
Our hosts and Ella steer into the heart of the matter, unveiling the concept of a financial success number—a personalized number that varies wildly between individuals. The journey here is not just about the figures; it's a deep dive into the psyche, untangling the knotted threads of fear that often sway our financial direction. This episode guides you through the practical steps, almost like a financial recipe, to define, calculate, and strategize your way from your present financial landscape to your very own vision of success.
The episode crescendos with an exploration into the intersection of self-assurance and the daunting task of pricing one's worth. Charging for services can often feel like a tightrope walk over a chasm of self-doubt. Yet, this chat reveals how to transform that trepidation into tenacity by pricing based on value and not the whispers of fear. With Ella's insights and personal stories of triumph, this episode isn't just a conversation—it's a confidence booster shot for entrepreneurs (current and potential!) ready to stand tall and claim their worth in the marketplace.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Dec 2022 | 56: How Do We Reduce Financial Anxiety? with Lindsay Bryan-Podvin, Financial Therapist | 00:40:42 | |
Today, we sit down with Lindsay Bryan-Podvin, social worker, financial therapist, speaker, and author of The Financial Anxiety Solution. Lindsay reflects on how her own lived experience led her to choose financial therapy as a career path.
Listen in as Lindsay shares how she aims to close “the gap in how we talk about money,” highlighting the importance of having regular conversations with those you trust “about how money makes you feel.”
We also discuss the need for more people to be open about sharing their money stories in order to collectively send the message that no one is alone on their financial anxiety journey. Lindsay speaks on where affirmations fall short and why it’s much more productive to create neutral-to-positive associations with money.
Finally, Lindsay talks about the often-overlooked value of getting in touch with your body in order to create a stronger relationship with money, and she gives some super practical tips on how to ask for a raise.
Key Topics:
Resources: Where to find Lindsay Bryan-Podvin:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Sep 2022 | 48: Why Women Need to Know About Divorce (a special series) | 00:07:56 | |
Today Stephanie and Kevin introduce a special multi-episode series on why women need to know about divorce, being that divorce is a very common topic that they see with their clients.
Divorce is a big financial issue that most people don’t plan for, making it all the more difficult and scary to navigate.
That’s why Stephanie and Kevin have created this lineup of professionals to touch on different areas around divorce and finances. These professionals save people money by providing mediation so people don’t have to go straight to the “robes and gavels.”
Check out the video version of this episode!
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Jun 2021 | 21: Simplifying Medicare: What's Important For You To Know with Susan Sloan | 00:50:20 | |
Medicare is a huge part of your retirement. Whether you’re looking to arm yourself with the information you need in preparation for the next stage of your life, or you’re already there and simply want to learn how you can do better with what you currently have, this is the episode for you.
Susan Sloan, a licensed agent and longtime friend, joins us to do a deep dive into everything women need to know about Medicare.
Her passion for her field came about when she noticed that there was a lack of understanding about the ins-and-outs of health insurance not just among patients, but among their doctors, too.
As Susan herself says, “Doctors and hospitals, and insurance companies live on two separate planets.”
This drove her to become not just an insurance salesperson, but an insurance advocate.
Listen in as Susan defines the business of the hospitals and insurance companies; exactly when and how to apply for Medicare; what’s covered by Medicare Parts A, B, C, and D; the difference between supplemental plans and Medicare Advantage plans; and how insurance agents can represent you.
Key Topics: How does Susan know so much about Medicare and health insurance? (1:54) When it comes to Medicare, what exactly do you need? (6:57) “If you have a retiree program, sometimes you have to take everything or you get nothing.” (16:00) The difference between Medicare Part A and Part B. (17:01) Always ask your provider what services are covered under your Medicare plan. (23:10) How Medicare Advantage Plans (Part C) work differently. (24:30) Can you switch Advantage Plans? (31:16) What if you have health issues heading into retirement at 65? (36:18) About Medicare Part D. (38:30) “It costs you nothing to use an agent.” (42:15) Our closing thoughts. (45:54)
Reach out to Susan to learn how to take the frustration out of health insurance. Get in touch with her at www.realhealthquotes.com. Our favorite video from her library covers the strict rules around the marketing of Medicare insurance plans http://www.realhealthquotes.com/wp-content/uploads/2020/07/Susan-Sloan-talking-about-Fraudulent-Medicare-Solicitors.mp4.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. Stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Aug 2021 | 25: What's Your Number? | 00:24:34 | |
A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire.
There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it’s really all just one mathematical equation with one distinct, perfect answer.
…Except this belief is completely, utterly unfounded.
Listen in as Stephanie and Kevin dismantle the notion that hitting your “magic number” is the key to your retirement success.
They explain why coming up with a specific dollar amount for that next chapter in your life may not be as simple as you think, the psychological dangers of focusing solely on such a number, and how to really diversify your assets to maximize your freedom in your retirement years.
Key Topics:
Resources Mentioned:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Oct 2022 | 52: What Women Need to Know About Divorce from an Estate Planning Attorney with Rebecca Sallen | 00:46:34 | |
Our series on navigating divorce continues in this episode as we sit down with estate planning attorney Rebecca Sallen.
Having gone through her own divorce, Rebecca brings important insights into why hiring an estate planner is absolutely worth the investment if you’re going through a divorce.
Plus she covers commonly-overlooked considerations amid divorce, including the importance of having trusts (if you’re a parent), having preparations in place in case of disability or even death before the finalization of the divorce, and caring for the mental health of both yourself and your dependents during and after the whole process.
Rebecca founded her own law firm in 2011, serving families and individuals in Pennsylvania and New Jersey. Her team provides individual wills and trusts to decrease the costs and other headaches related to estate administration. She also teaches estate and tax law to attorneys, accountants, and other professionals, and is a published author in a number of legal journals.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Nov 2023 | 79: Small Steps, Big Impact: How Prioritizing Self-Care Transforms Your Finances with Emi Kirschner | 00:41:48 | |
"You have a choice about everything, and not choosing is still a choice. Prioritize yourself and ask for what you need." - Emi Kirschner
What if you were told that self-care isn't just an indulgence, but a key player in achieving personal and professional success? Our hosts Stephanie McCullough and Kevin Gaines chat with Emi Kirschner, a seasoned investor, serial entrepreneur, and coach to women business owners.
They pull back the curtain on the issue of avoidance, especially when it comes to financial planning and essential self-care, and share insights about why we often avoid these important tasks and how changing our mindset can lead to a transformation in our personal and business finances. Emi shares some pearls of wisdom about the power of self-care and its direct impact on productivity and clarity.
Stephanie, Kevin, and Emi then tackle one of the most challenging topics - the taboo around financial conversations. They share personal experiences and insights on breaking societal norms and approaching these conversations with curiosity rather than apprehension. Tune in for an episode that challenges norms, encourages curiosity and most of all, prioritizes self-care!
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jan 2024 | 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber | 00:53:59 | |
“People tend to underestimate both how long they'll live and how long they'll spend in retirement. That's something that we really need to be realistic about.” - Heather Schreiber
Have you ever wondered how the labyrinth of Social Security intricacies might be uniquely affecting your retirement plan? Our hosts Stephanie McCullough and Kevin Gaines sit down with Heather Schreiber, a Social Security sage, to dissect the complex world of retirement planning for women. In this episode, the spotlight is on the hidden challenges women face due to career pauses, and how these disruptions can significantly alter the course of their Social Security benefits. They’re not just discussing the issues but also providing the guidance needed to traverse these rocky terrains with confidence.
Navigating the bends and turns of the Social Security benefits calculation can feel like a daunting task. However, armed with knowledge such as how the Primary Insurance Amount (PIA) works, and understanding the bend point formula, women can better position themselves for retirement. Heather explains how the PIA is influenced by a full 35-year earnings record and how earnings-related reductions can be avoided. Whether you're considering working past retirement age or have already begun receiving benefits, this conversation is packed with insights on how to bolster your retirement income.
But wait, there’s more! Our hosts along with Heather go beyond the basics and enter the realm of survivor and spousal benefits, an area where strategic planning can make a substantial difference. They unravel how the decisions of the higher-earning spouse can have far-reaching effects on survivors and discuss the nuances between survivor and spousal benefits. All of this critical information and more in this episode of Take Back Retirement, brought to you by Sofia Financial and American Financial Management Group.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Jun 2022 | 43: The Psychology of Money and Marriage with Special Guest Ed Coambs | 00:56:36 | |
Today’s special guest is Ed Coambs, a firefighter turned certified financial planner turned licensed marriage and family therapist! He is the founder of www.healthyloveandmoney.com.
He has become an internationally-recognized thought leader around “financial therapy,” specifically financial couples therapy: He works with couples who might be in financial despair or frustration, and he moves toward what he calls “financial intimacy and connection.”
Listen in as Ed explains the psychology of anxiety around money and how to regain your comfort and confidence when it comes to your financial wellbeing, as well as the keys to financial maturity.
He also speaks on one of the biggest common mistakes that many couples make when setting standards around their financial life early on in the relationship: talking about the “function” of money, but not the “meaning” of money.
Finally, Ed dives deep into the connection between the strength of a marriage and a couple’s shared relationship with money. He stresses the importance of showing up to create a safe haven for your partner, so that they feel comfortable about the financial choices they make.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Jan 2024 | 83: Combatting Fraud and Protecting Your Financial Future with AARP's Kathy Stokes | 00:52:24 | |
“If you know about a certain scam, you're 80% less likely to engage with it. So, please tell everybody you know.” -Kathy Stokes
Could your loved ones be vulnerable to a $9 billion wave of deception? Kathy Stokes from AARP joins our hosts Stephanie McCullough and Kevin Gaines to unravel the complexities of fraud that's sweeping the nation, hitting older adults the hardest. With victims often bearing the burden of shame, they’re challenging the stigma and equipping you with the knowledge to identify scams and shield your family.
Amidst the digital age, where swindlers lurk behind screens, this episode takes a hard look at the emotional web of online romance scams, originating from the most unexpected places like vacant Cambodian casinos. The conversation navigates through the tactics of cybercriminals as they exploit trust for financial gain.
Stephanie, Kevin, and Kathy outline the actionable steps every individual should consider, from skepticism towards unsolicited communication to the merits of credit freezes. AARP's robust network of fraud-fighting volunteers and their educational resources are just a call or click away, serving as your allies in the battle against fraudsters who target your wallet and well-being.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Apr 2021 | 17: What Women Need to Know About Long-term Care | 00:29:19 | |
What the heck is long-term care and why should we care?
Only 12% of women feel highly knowledgeable about long-term care and only 27% have a plan to fund it despite the fact that 50% of women expect to require it.
The first thing to note is that, when we talk about long-term care, we’re not talking about medical care or health insurance. Long-term care (also known as custodial or even unskilled care) is about having assistance with personal tasks and what’s referred to as “activities of daily living” (ADLs)—the stuff you need to do to just exist.
The six primary ADLs are: bathing, dressing, eating, transferring (i.e., getting out of bed onto a chair), toileting, and continence. There is also an additional seventh item that is often brought up: cognitive decline.
40% of individuals aged 65 and up will need long-term care at some point in their lives. That number is 60% for 75-year-olds and up. Statistics also show that, for several reasons, women tend to need long-term care more than men.
Listen in and learn actionable strategies that you can use today to start preparing for the possibility that you or your loved ones will need long-term care.
Key Topics: The common long-term care story (1:12) What long-term care is not and what it really encompasses (4:20) The six (plus one) ADLs (6:22) Startling statistics regarding long-term care (7:49) “Doesn't the government take care of this? Doesn’t Medicare cover it?” (9:17) How should you prepare for long-term care? (13:47) What are the costs? (17:05) A primer on long-term care insurance (21:13) The three types of people when it comes to long-term care (26:28)
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Feb 2021 | 12: What Women Need to Know About IRA's, with Sarah Brenner | 00:47:28 | |
Today’s guest is Sarah Brenner. Sarah is the Director of Retirement Education at Ed Slott and Company. She truly is an expert in IRAs—Individual Retirement Accounts—which for so many of us form the crux of our plan to save for retirement. But best – she knows how to explain the complicated stuff clearly. Listen in and learn the key things women need to know, especially after widowhood and divorce. We’re talking best practices, long-term benefits, and common pitfalls regarding both traditional and Roth IRAs. Most of us think IRAs are pretty simple: you put money in and take money out. But in reality, the rules are very detailed and it’s easy to mess up. And the problem with IRAs is that if you get it wrong, the penalties can be steep. Key Topics: An introduction to Sarah and her work (3:34) Why IRAs are an “overlooked tool” and “a great strategy for saving for retirement” (5:05) The next step once you understand the type of account you have (09:40) Traditional versus Roth IRA (14:03) Clearing misconceptions around Required Minimum Distributions (21:01) How does a beneficiary IRA work? (25:27) Differences between a “transfer” and a “rollover” (31:36) What you need to know regarding IRAs and divorce (33:31) A real-life case of an IRA-related mishap (38:16) You can reach follow Sarah and read her wisdom on IRAs at www.irahelp.com.
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jun 2023 | 68: Energetic Resources and Your Financial Journey with Stacey Stern | 00:47:53 | |
“[A wise money decision is] one that honors yourself. And to really honor yourself, you need to know yourself, to know who you are and what your values are, and know that your self is not one set entity or one personality set in stone.”
With over 18 years of experience as an executive coach, Stacey Stern joins Take Back Retirement to share her unique approach to navigating life transitions and finding more meaning, impact, fulfillment, joy, and peace of mind. Our hosts Stephanie McCullough and Kevin Gaines dive into her journey into coaching, how she works with a wide range of clients, and her insights on overcoming money stress.
They explore the concept of energetic resources and how they play a role in our perceptions and experiences with money. Stacey introduces us to the Energy Leadership Index Assessment (ELI) and how it helps clients gain insight into their beliefs and values, allowing them to make better decisions and manage stress more effectively. They also discuss the impact of gender inequity and early childhood messages on our ability to charge what we're worth.
Stick around as they tackle the importance of managing money stress and mental health by using tools and tips to help you identify energy drainers, delegate worry, and 'dilute' tasks for a more enjoyable life experience.
Resources:
Key Topics:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 May 2024 | 91: Securing Your Retirement: Key Insights and Strategies | 00:34:11 | |
“If the average life expectancy for a woman is around 86, 87, fully 50% of women live longer than that. So, you can't plan just to age 87.”
Can a simple quiz change the way you think about retirement? Our hosts Stephanie McCullough and Kevin Gaines uncover the hidden gems (and not-so-shiny stones) within retirement planning quizzes and surveys, especially a revealing retirement income literacy quiz from the American College of Financial Services. Our hosts dismantle common myths, like the idea that Medicaid will seamlessly cover long-term care costs, and arm you with the knowledge to navigate these complex waters.
Have you ever considered how rising long-term care costs and inflation might impact your golden years? This discussion, inspired by findings from the National Institute for Retirement Security, paints a vivid picture of these pressing issues. From Medicare and Social Security to life insurance, 401k plans, and annuities, Stephanie and Kevin dissect the tools at your disposal. By highlighting the importance of basic investing principles and the balance of risks, they aim to help you safeguard your savings against inflation and elongate your nest egg for a potentially longer retirement.
In a climate where up to 80% of women sense a looming retirement crisis, how can you alleviate your retirement anxiety? Our hosts explore the shift from employer-provided pension plans to self-funded retirements, and why Social Security remains a lifeline for many. Rising living, healthcare, and long-term care costs are at the forefront of concerns, making financial planning more crucial than ever.
Key Topics:
Resources: Take Back Retirement Episodes:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
Find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Apr 2024 | 88: Radical Self-Acceptance: A Path to Financial Wellness for Women with ADHD with Diann Wingert | 00:56:50 | |
“Every single thing in my life that has ever terrorized me and terrified me, and I avoided like nobody's business, when I finally either had no place else to run, or I chose to turn around and face it, it has never been as bad as I thought it would be. It has never been as shameful as continuing to avoid.”
Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group chat with Diann Wingert, a seasoned cognitive behavioral coach, about all things financial and mental well-being as a woman with ADHD.
Ever wondered how ADHD plays out differently in women? This episode shatters misconceptions, revealing why so many women slip through the cracks of diagnosis. Our hosts and Diann dissect the subtypes of ADHD, emphasizing the often overlooked inattentive presentation common in women. Diann’s journey to diagnosis at 60 underscores the urgency for awareness and tailored support. They tackle the daily battles and the broader societal implications, like the struggle with impulse control that can drive compulsive shopping and the resulting financial and emotional toll.
Finally, Stephanie, Kevin, and Diann wrap up with a powerful call to radical self-acceptance and the transformative effects of mindfulness in combating cognitive biases. Discover how embracing your unique ADHD traits can lead to more effective self-advocacy and stronger relationships. By adopting lifestyles that play to our strengths, women with ADHD can lead less stressful and more fulfilling lives. Tune in for a heart-to-heart that promises not only understanding but also actionable strategies for thriving with ADHD.
Key Topics:
Resources:
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 31 Mar 2022 | 38: A Humorous Approach to Money, with Special Guests Joe Saul-Sehy and Emily Guy Birken | 00:56:28 | |
Today, Stephanie and Kevin welcome Joe Saul-Sehy and Emily Guy Birken, the co-authors of Stacked: Your Super-Serious Guide to Modern Money Management.
Emily is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. She has the amazing ability to make complex financial topics relatable.
Joe is the creator and co-host of Stacking Benjamins, probably one of the most popular personal finance podcasts out there. He was a financial advisor for 16 years. Prior to that he, like many of us, made plenty of money mistakes. This motivated him down the path he is on today.
Today’s discussion centers around why our guests decided to write a funny book on the “serious” topic of personal finance. And we’re excited that they’re stopping in Philly next week (Sunday, April 10) on their book tour! Stephanie will be there to get her book signed. Come out and join us – say hello in person.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jul 2023 | 70: Women, Retirement, and the Lessons of Behavioral Finance | 00:30:45 | |
“The human brain is actually wired to trip us up, to shoot ourselves in the foot when it comes to money and investing. A little bit of self-examination can help pull us out of these knee-jerk reactions.”
Prepare for a knowledge voyage as our hosts Stephanie McCullough and Kevin Gaines redefine retirement for women, bringing insights from behavioral finance, a fascinating field that explores how we make decisions around money. By the end of this episode, you'll have a deeper understanding of financial behaviors and how to make smarter choices.
Our hosts dissect the concept of the gambler's fallacy to shed light on their own decision-making patterns, with Kevin sharing a personal anecdote to highlight its real-life impact. Following that, prepare for a compelling discussion on mental accounting, a concept that will change how you view your money's value depending on its source. Our hosts explore a study that reveals intriguing patterns in spending "found money" versus hard-earned cash. To wrap up, they look at practical ways to leverage mental accounting in creating a budget and improving your chances of financial success. This episode is a journey toward financial empowerment.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Feb 2022 | 35: What Women Need to Know About Aligning Your Investments with Your Values | 00:24:34 | |
“We focus on sustainability not because we’re environmentalists, but because we’re capitalists and fiduciaries to our clients.”
That’s a quote by Larry Fink, CEO of BlackRock, the world’s largest asset manager, and it gets to the heart of today’s episode, in which Stephanie and Kevin revisit the topic of ESG (Environmental, Social, and Governance) investing.
If you haven’t already, take a listen to the previous episode of the podcast (episode 34) where our hosts delved into ESG investing with the inimitable Liz Simmie of Honeytree Investment Management.
Listen in as Stephanie and Kevin give a brief history of ESG and explore exactly what each of these three letters mean in the context of pinpointing companies that align with this purpose-driven movement. They also discuss some considerations to make if you’re somebody who is looking into this fascinating approach to investing.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 19 Jun 2024 | 92: What Women Need to Know about Inflation: What It Is, and Why You Should Care -- But Not Panic! | 00:35:05 | |
“Each dollar today buys less than the same dollar did 10 years ago. Which is why a lot of financial advisors are so focused on helping clients grow their money over time. It's not to become wealthy and die with the most money, it's because the cost of living goes up over time.” - Stephanie
Our hosts Stephanie McCullough and Kevin Gaines demystify the often-frustrating world of inflation and its daily impact on our wallets. They dive into how rising prices sneakily erode your purchasing power and why this is a crucial consideration for your financial plans, especially when eyeing retirement. Stephanie and Kevin shed light on how personal spending patterns can differ from the inflation rates reported in the news, making it essential to tailor your investment strategies to your unique lifestyle.
They also explore the intricate dance between inflation and interest rates, breaking down how the Federal Reserve's moves can affect everything from your savings account to your mortgage rates. As they transition to retirement planning, Stephanie and Kevin bust the myth that retirees should play it ultra-safe with their investments.
Learn why incorporating growth assets like stocks is critical to outpacing inflation and ensuring long-term financial security. Plus, discover the benefits of flexible spending and part-time income to make your retirement savings last longer. Don’t miss this insightful episode packed with practical advice for safeguarding your financial future.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 30 Dec 2022 | 57: What Women Need to Know if there's a Recession | 00:34:32 | |
Recession.
We’ve seen the headlines, in all their dramatic glory.
Today’s episode isn’t about defining “recession” and all its complexities (a topic on which no one ever seems to agree!). Instead, it’s about the reality that recessions are simply a part of the economic cycle and, more importantly, that it’s something everyone has to deal with when it does come.
We have no control over the economy, and that’s okay. What we can—and must—control is our economy. Stephanie and Kevin share how we can do just that, from dealing with scary stock market fluctuations, to having a Plan B in case you lose your job (or your spouse loses theirs), to creating more financial flexibility and tapping into your assets, and more!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 15 Jul 2024 | 94: Practicing for Retirement: Balancing Creative Pursuits and Financial Planning with Mary Jo Hoffman | 00:54:46 | |
“Think about practicing for retirement long before you get there.” -Mary Jo Hoffman
Our hosts Stephanie McCullough and Kevin Gaines sit down with aeronautical engineer-turned-artist Mary Jo Hoffman. Renowned for her captivating photography project, Still, Mary Jo shares her extraordinary journey from a 17-year career as a scientist into becoming a renowned essayist and found nature photographer!
Discover the pivotal moment when Mary Jo and her husband decided to switch roles in their professional lives, allowing her to fully embrace her creative passions. She talks about her spur-of-the-moment family move to France, which offered a cultural immersion for their children and a glimpse into what retirement could look like for her.
Balancing family life with a burgeoning creative career is no small feat. Mary Jo explains how she was able to integrate her newfound passion into her daily routine, and her secrets to staying productive as a creative while also being a stay-at-home parent.
They also delve into the practicalities of sustaining a creative career without compromising financial stability. Learn how living below your means can create the space needed for artistic endeavors.
Stephanie, Kevin, and Mary Jo touch on the importance of exploring various interests in preparation for retirement. According to Mary Jo, adaptability and thoughtful planning are non-negotiables on the road to a rewarding post-career life!
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 01 May 2024 | 89: Navigating the Emotional and Practical Realms of Eldercare Management with Nancy May | 00:54:56 | |
"Dad, you trusted me with everything. I'm trusting you with the truth.” -Nancy May
Our hosts Stephanie McCullough and Kevin Gaines sit down with Nancy May, who drops some real truth bombs relating to eldercare and supporting aging parents and relatives. Nancy’s personal journey sheds light on the complexities and sacrifices involved in this critical role. This candid discussion unpacks the essentials, from establishing a durable power of attorney to assembling a dependable team of legal and financial advisors.
When the care of loved ones falls into your hands, knowing how to navigate family dynamics and the challenges of coordinating care is crucial. This episode peels back the layers of emotion and responsibility that come with making critical decisions, whether it's choosing the right elder care facility or handling the financial burdens that come with it.
The conversation turns to practical strategies for caregiver training, maintaining a cohesive care team, and ensuring the highest quality of life for our aging parents. Nancy's resources, such as her book "How to Survive 911 Medical Emergencies," and her podcast, Eldercare Success, provide listeners with actionable advice and the essential conversations to have now for a better-prepared future. Listen in for a deeper understanding of the eldercare landscape, and the tools to confidently step into the role of caregiver.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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| 16 May 2024 | 90: Guiding Women to a Richer, More Fulfilling Retirement with Dan Haylett | 00:52:45 | |
“Human beings going into retirement will find every excuse to not spend their money” - Dan Haylett
Our hosts Stephanie McCullough and Kevin Gaines sit down with financial advisor Dan Haylett. As the host of the “Humans Vs Retirement” podcast, Dan tells us how he inspires retirees to grab life by the horns and experience true wealth in their later years.
Listen in as Dan breaks down the five Fs of retirement, how to find meaning in a post-career life, the importance of asking what it is you’re retiring to rather than simply what you’re retiring from, and how to overcome the fear of spending your savings once you finally cross that threshold into retirement.
He also addresses the all-too-common fear of running out of your hard-earned money after stepping away from your career life. Dan teaches us to shatter that paradigm by putting our money to work and reframing the idea of “leaving a legacy” to our children.
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If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
You can find the transcript and more information about this episode at www.takebackretirement.com.
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