We're spotlighting women's wealth in honor of International Women's Day and Women's History Month. Join us as we dig into some of the stats surrounding women's financial empowerment. From the rising number of women controlling wealth as they outlive their spouses to tackling stereotypes that hinder women's earning potential, this episode addresses the systemic barriers that impact women's financial journeys. 

Outline of This Episode

• [00:00] Women are increasingly managing wealth due to rising life expectancies, career earnings, and control over family finances
• [04:27] Participation in sports builds confidence, teamwork, and leadership. Parents and leaders should encourage girls to stay active in sports
• [07:24] Empower women by sharing domestic responsibilities and reconsidering biases to help reduce poverty
• [10:32] Despite choices for part-time or flexible jobs, women still earn about 8% less than men for the same roles. 
• [13:04] Women's earnings and potential often decrease when they become mothers, despite studies showing they are more productive than childless women
• [16:12] Men interrupt women 33% more than they do men, reflecting cultural norms of power and connection in communication
• [19:53] Prioritizing women's education and economic advancement benefits entire communities

Four categories are recognized under current regulations to qualify as an Eligible Designated Beneficiary (EDB). These include the surviving spouse, minor children of the decedent, a disabled or chronically ill individual as assessed at the time of the decedent's passing, and other individuals who are no more than ten years younger than the deceased account owner. If you fall into one of these categories, you'll be afforded more time and flexibility than Non-Eligible Designated Beneficiaries. This is due to recent regulatory changes, underscored by The Secure Act, altering the landscape of inherited IRAs.

Outline of This Episode

• [00:00] The complexities and benefits of being an eligible designated beneficiary (EDB) for inheriting an IRA.
• [03:34] Eligible designated beneficiaries have two key advantages: more time and flexibility in inheritance.
• [08:21] Withdrawing from an IRA before age 59 incurs a 10% penalty and income tax; RMDs depend on age, starting at 73 for most people.
• [10:10] The stretch IRA avoids a 10% penalty by basing RMDs on life expectancy. 
• [15:46] Timing distributions strategically can reduce tax liability. Wait until retirement to avoid high tax brackets. 
• [18:01] Evaluate options carefully when inheriting an IRA, considering tax implications and future changes.

***********

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.

Investing can often feel like riding a rollercoaster of exciting highs and daunting lows. This week, we’re digging into the intricacies of the financial planning process, focusing particularly on the importance of understanding market trends and the role diversification plays in safeguarding your wealth.

Outline of This Episode

• (03:08) Investing with diversification mitigates risk; US stocks average 10% annual returns over the long term but vary yearly.
• (08:39) US and China stock market gains were largely driven by speculative buying, with US stocks being pricier than international and small stocks.
• (12:07) Tech stocks are currently overvalued, reminiscent of past market bubbles
• (15:57) Bonds have a stable 5% return, but cash rates are volatile and are expected to drop to 3.9% this year.
• (17:37) Despite acknowledging the unpredictability of the future, experts from BlackRock, JPMorgan, Schwab, and Vanguard forecast international markets to outperform US markets over the next decade.
• (20:01) Diversification guards against risk and helps investors achieve their goals

***********

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.

Retirement, often portrayed as a glorious era of freedom and relaxation, has its own set of challenges beyond the financial arena. This week, we’re exploring the psychology behind retirement and discussing the four phases retirees go through. 

1. Vacation/Honeymoon Phase: The initial euphoria of not having to set an alarm.
2. Loss Phase: Often associated with disenchantment as the honeymoon phase wears off.
3. Trial and Error Phase: Trying out various activities to find what gives life meaning.
4. Reinvent and Rewire Phase: Adding a new sense of purpose and joy from activities outside oneself.

The excitement of retirement can last about a year. The dreamy honeymoon phase is great, but when reality sets in, it can be tough. The transition takes time and usually involves emotional highs and lows as retirees grapple with their newfound freedom while trying to preserve their sense of identity, purpose, and routine. 

***********

📬 Download your Free Retire On Purpose Guide here. 

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.