Widow, Wisdom & Wealth with Donna Kendrick

As much as any other threat, recognizing and avoiding scams has become an essential skill, particularly for retirees. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional. Here’s what we share in today’s show: Some real-life examples of financial scams + surprising statisticsPhishing, vishing, and smishing scamming techniquesSome ways to spot some of these scams and protect your personal informationWhat should you do if you fall victim to a scam? CNBC Article https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html Thomson Reuters Article https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/ Get additional financial information: https://sephtonfinancial.com/podcasts/

As International Women’s Day approaches (March 8), it’s the perfect time to reflect on the progress women have achieved in the financial realm over the past century. Despite this, the path to retirement is not without its unique challenges for women, and it’s important to recognize the financial hurdles that they continue to face. From career interruptions to the impact of higher debt burdens, this is why retirement planning is different for women. Here are the points we discuss in today’s show: Career interruptions that women often face and how this impacts retirement savingsWomen’s longer life expectancy + the impact of divorce on women’s financesThe higher debt statistics for womenA lack of education when it comes to personal finance + women’s confidence when it comes to financesThe importance of both parties being involved in financial planning Resources for this episode: https://pubmed.ncbi.nlm.nih.gov/23331196/ https://www.troweprice.com/content/dam/iinvestor/resources/insights/pdfs/closing-the-gender-retirement-savings-gap.pdf https://www.prnewswire.com/news-releases/bmo-survey-finds-american-women-significantly-less-confident-in-retiring-compared-to-men-301764524.html Get additional financial information: https://sephtonfinancial.com/podcasts/

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? Here’s some of what we discuss in this episode: Ignoring account statements can be beneficial in avoiding overreactions to market fluctuations, but it's important to periodically check them to stay informed about your financial situation and unexpected changesFinding a balance between financial discipline and enjoying life's momentsBeing patient in entering the stock market can help avoid irrational decisions, but waiting too long may lead to missed opportunitiesHaving too much in cash reserves may result in missed opportunities for growth and life experiencesOvercoming procrastination when it comes to financial and estate planningSome of Donna’s goals for the business in 2024 Get additional financial information: https://sephtonfinancial.com/podcasts/

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship. Here are some of the questions we talk about in today’s show: “How do you get paid?”“What does your typical client look like?”“What is your investment philosophy?”“Do you have a particular strength or specialty?”“Do you provide educational resources?”"Will I be working with you, someone on your team, or both?" Get additional financial information: https://sephtonfinancial.com/podcasts/

We’re back to wrap up our discussion on easy personal finance wins. While crafting a comprehensive financial plan is crucial, sometimes making minor adjustments in your portfolio can yield significant benefits. Listen in as we share some more powerful strategies to help get your financial house in order. Here’s some of what we discuss in this episode: Analyzing the tax efficiency of your investmentsRegularly reviewing and updating beneficiary designationsRebalancing your investment portfolioAccurately assessing and funding your emergency fund by tracking your spending patternsThe benefits of automating your savings Get additional financial information: https://sephtonfinancial.com/podcasts/

It’s important to eventually get a comprehensive financial plan for yourself, but sometimes even just a few minor adjustments in your portfolio can make a big difference. Let’s discuss a few easy places to start… Here’s some of what we discuss in this episode: Establishing the right amount of yield cash as a financial safety netCleaning up some old life insurance policiesConsolidating retirement accounts when changing jobs to maintain control and stay organizedReconsidering managed accounts to ensure that they are actively managed and offer value for the fees paidReviewing the fees and expense ratios of your mutual funds Get additional financial information: https://sephtonfinancial.com/podcasts/

Welcome back to Widow, Wisdom & Wealth! In this episode, we tackle the common complaints that arise during the financial planning process. Whether you feel like your advisor is taking too much risk, your account isn’t growing the way you’d like, or you don’t understand your financial plan, we'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future. Here’s some of what we discuss in this episode: If you feel like your advisor is taking too much risk, it’s important to assess your risk tolerance and align your investment portfolio accordinglyYour account's performance may not match the market's performance. It's essential to consider your unique circumstances, investment goals, and risk tolerance when evaluating returnsUnderstanding the various fees associated with your investments and financial planningEffective communication with your financial advisor is key. They should be able to explain complex concepts in a way that makes sense to youRecognizing the difference between financial planning and asset management Get additional financial information: https://sephtonfinancial.com/podcasts/

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs are a way for the government to collect taxes on your tax-deferred savings, such as traditional IRAs and 401(k)s. In this episode, Donna and Marc break down the basics of RMDs and explain how they are calculated based on your age and account balance. Listen in as we share strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. Here’s some of what we discuss in this episode: What are RMDs and why do they exist?The recent changes in RMD rules, which has moved the RMD age to 73 + potential future changesUsing RMDs for charitable giving + legacy planning options with RMDsHow Roth conversions can help control tax brackets and provide tax-free growth Get additional financial information: https://sephtonfinancial.com/podcasts/

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. This is a topic that’s close to Donna, having lost her husband in 2013 and facing many of the challenges we’re talking about in this episode. So we’ll explore actionable strategies to address these issues, such as the importance of life insurance and the ins and outs of spousal pension continuation. We hope this episode helps out anyone who is concerned with ensuring the financial well-being of their remaining family members and safeguarding your financial future and legacy in the face of loss. Here are some key takeaways from this episode: Donna shares her personal experience dealing with the loss of her husband and the financial challenges that she immediately faced in the aftermath.The changes in tax filing that surprises many widows and what you need to be prepared. Some of the financial planning strategies you can use to prepare yourself for this emotional situation.What are some of the things you need to be thinking about to help take care of your kids and grandkids. What Donna thinks about having a trust and why you need to work with an estate planning attorney about the options. If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Get additional financial information: https://sephtonfinancial.com/podcasts/

In this episode, we’re back to discuss the complex and often emotionally charged process of changing financial advisors. We'll share the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. In part one, we focused on making sure that your financial advisor aligns with your needs and goals. In this episode, we talk through what the transition to a new advisor looks like. Here are some key takeaways from this episode: When switching advisors, inform your current advisor about your decision and discuss the logistics of transferring your accounts. Be prepared for some paperwork and potential closing fees.When searching for a new financial advisor, ask about their credentials, qualifications, and specialization. Consider their investment philosophy, approach to portfolio management, and how they communicate with clients. After making the switch, be patient and give your new advisor at least a year to assess the performance and effectiveness of their services. Communication is key, so don't hesitate to ask questions or seek clarification if needed! Get additional financial information: https://sephtonfinancial.com/podcasts/

In this episode, we delve into the complex and often emotionally charged process of changing financial advisors. We'll discuss the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. Join us as we demystify the transition process and equip you with the knowledge you need to make informed decisions about who is best suited to guide your financial future! Here are some key takeaways from this episode: Many people form strong emotional connections with their financial advisors. However, it's important to balance this emotional connection with your current financial needs and goals. Before deciding to change advisors, identify your financial needs and goals. Create an avatar of your ideal advisor by listing the services and qualities you want to help assess whether your current advisor aligns with those requirements. Ask questions that matter to you. Inquire about your advisor’s use of technology, specialization, willingness to work with other professionals, and more. Make sure their answers align with your needs. Trust your instincts and feelings. If something doesn't feel right or you're not fully satisfied with the advice or services you're receiving, consider seeking a new advisor who better meets your expectations. Remember that finding the right financial advisor is a two-way street. Advisors also assess whether you're a good fit for their practice and approach. Get additional financial information: https://sephtonfinancial.com/podcasts/

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Donna work to resolve conflicts in these areas as they arise. Here’s some of what we’ll discuss in this episode: Agreeing on the right amount to have in an emergency fund. (3:06) Being on the same page about charitable contributions. (7:02) Deciding what to do with an inheritance. (10:25) Having protection planning conversations about insurance and long-term care. (13:49) How do you want to handle financial management in retirement? (16:36) Get additional financial information: https://sephtonfinancial.com/podcasts/

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples. Here’s some of what we’ll discuss in this episode: What level of risk should you take in your portfolio? (2:38) Deciding on the best age to retire as a couple. (5:24) Are you on the same page about paying for your children’s college education + legacy planning? (8:45) Should you downsize or not downsize? (11:08) Agreeing on your retirement lifestyle. (13:28) Get additional financial information: https://sephtonfinancial.com/podcasts/

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k). Here’s some of what we’ll discuss in this episode: If your employer does not offer matching contributions, there are many other vehicles that have guarantees. (2:46) Thinking about future tax increases. (6:41) Finding the balance between saving for long-term goals and paying off debt. (9:03) Keep it, roll it, or control it: three options for a 401(k) if you leave a company. (12:45) Find links to subscribe on your favorite app and get additional financial information: https://sephtonfinancial.com/podcasts/

Celebrate the spirit of July 4th with our latest episode as we tackle the concept of Financial Independence. While the American colonists fought for freedom from British rule, we’re here to discuss what you’re striving to be independent from in your retirement. We’ll unveil the common foes you’ll face on the journey. And good news, no muskets required for these battles! Here’s some of what we’ll discuss in this episode: Are you saving enough to afford your own long-term care and using Social Security well? (1:34) Not having to rely on your kids later in life. (4:22) Entering retirement with no debt. (7:29) Having the choice to work in retirement instead of being forced to work. (9:12) Independence from the stock market. (11:09) Get additional financial information: https://sephtonfinancial.com/podcasts/

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success. Tune in to this episode and develop healthy financial habits that pave the way for a secure future! Here’s some of what we’ll discuss in this episode: It’s important to be aware of your account statements. (2:29) Being addicted to the rising stock market. (5:48) The impact of procrastinating financial decisions. (7:38) Living beyond your means and mismanaging debt can be detrimental. (12:12) The danger of funding non-emergencies from your emergency fund. (14:58) The benefits of working with a financial professional. (17:50) Get additional financial information: https://sephtonfinancial.com/podcasts/

Today, we're diving into a topic that affects everyone, regardless of age or financial status: how age and wisdom impact financial planning. No matter where you are in life, your financial goals and priorities will change over time, and it's important to have a plan that reflects your unique needs. In this episode, we'll explore the ways in which age and wisdom impact financial planning strategies and provide practical tips and insights to help you make informed decisions about your finances. Here’s some of what we’ll discuss in this episode: How our views change as we age. (1:48) Why age matters in financial planning. (3:48) How life experiences affect financial planning. (7:56) Get additional financial information: https://sephtonfinancial.com/podcasts/

We are excited to have Kyle Tevlin, the founder, and creator of I Want a Fun Funeral, join us today. Kyle was inspired to create this unique funeral planning service after attending several funerals that left her feeling underwhelmed and disheartened. She noticed that many of these events felt somber and lacked the personal touch that she believed would better honor the lives of those being remembered. This inspired her to launch her business, a service that helps people plan personalized and creative funerals for themselves. In this episode, Kyle shares her insights on new funeral trends, effective strategies for communicating your final wishes to your family, and the advantages of planning a funeral that is meaningful to who you are. Join us as we explore new ways to think about end-of-life planning. Here’s some of what we’ll discuss in this episode: Kyle shares her journey to creating fun funerals. (1:13) Funerals can look any way you want. (5:48) The biggest advantages to planning a fun funeral. (14:49) What financial success means to Kyle. (25:38) Episode Resources: I Want a Fun Funeral: https://www.iwantafunfuneral.com/ Green Burial Council: https://www.greenburialcouncil.org/ Get additional financial information: https://sephtonfinancial.com/podcasts/

Are you aware that not all retirement accounts are created equal? In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and more. We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can make informed decisions for your retirement plan. Here’s some of what we’ll discuss in this episode: Pros and cons of 401(k)s, 403(b)s, and 457 plans. (1:36) Pros and cons of traditional and Roth IRAs. (4:29) Pros and cons of HSAs and FSAs. (9:46) What to keep in mind with Annuities, CDs, and Dividend Stocks (11:55) How do you choose the best option for your plan? (15:15) Get additional financial information: https://sephtonfinancial.com/podcasts/

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning and most of the time to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Here’s some of what we’ll discuss in this episode: The risk of waiting for a certain number in the bank before implementing your investment strategy. (2:15) How the “I’m going to get serious about saving next year” attitude often leads to missed opportunities. (5:44) The danger of pushing off reducing your risk. (7:41) Having a plan before picking a retirement date. (11:50) Get additional financial information: https://sephtonfinancial.com/podcasts/