Take Back Retirement

“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.

Key Topics:

• The Five Fs of Retiring Successfully (3:42)
• Helping Retirees Find Purpose in Retirement (8:45)
• Reframing the Structure of Your Life in Retirement (18:24)
• Overcoming Frugality (25:00)
• Embracing Future Adjustments (32:32)
• Getting Comfortable with Uncertainty (36:40)
• Asset Location, Asset Assignment (40:20)
• The New Retirement Mindset (48:11)
• Stephanie and Kevin’s Wrap-Up and Takeaways (51:52)

Resources:

• www.humansvsretirement.com
• The Humans vs Retirement Podcast
• The Human Quirk of Relative & Absolute Outcomes

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

"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.

Key Topics:

• Welcome, Eldercare Expert, Nancy May (02:33)
• Financial and Emotional Impacts on Caregivers of Aging Parents (04:04)
• Caregiving Responsibilities and Decision-making for Aging Parents (07:50)
• End-of-life and Estate Planning (13:21)
• Aging Care Facilities, What to Know (23:42)
• The Importance of Understanding Contracts and Quality of Care (28:45)
• Finding and Managing Trusted Caregivers for Elderly Parents (38:27)
• Stephanie and Kevin’s Wrap-up and Takeaways (49:42)

Resources:

• HowToSurvive911.com
• How to Survive 911 Medical Emergencies (book)
• Eldercare Success Podcast

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Welcome, Diann Wingert (02:32)
• ADHD in Adults, and Differences in Presentation between Men and Women (04:26)
• ADHD Diagnosis and Management for Women and Implications of Different Subtypes (08:49)
• ADHD Challenges and Diann’s Experience with a 25-Year Gap in Diagnosis (13:54)
• The Challenges of Working from Home for Women with ADHD (18:43)
• ADHD, Impulsive Spending, and Other Financial Hurdles (22:45)
• Personal Finance, ADHD, and Mindfulness (27:11)
• Avoidance, Lack of Planning, and Other Financial Challenges (33:52)
• Overcoming Negative Self-Talk and Self-Doubt Through Mindfulness and Affirmations (39:01)
• Stephanie and Kevin’s Wrap-Up (52:46)

Resources:

• The Driven Woman Entrepreneur Podcast
• DiannWingertCoaching.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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Welcome Claire Waite Brown! (02:35)
• Creativity, Self-Expression, and Labeling (03:10)
• The Benefits of Creative Hobbies for Adults (08:17)
• Creativity and Personal Growth (18:24)
• Creative Pursuits and the Challenges of Monetizing Them (23:48)
• Creative Journeys and Overcoming Challenges (28:38)
• Where to Re-Spark Your Creative Flame (33:01)
• Stephanie and Kevin’s Wrap-Up (38:40)

Resources:

• CreativityFound.co.uk
• Creativity Found Podcast

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Welcome, Ella Glasgow! (02:12)
• How Ella Arrived to this Work (05:00)
• Understanding Money and Business for Creatives (09:02)
• Success and Financial Goals through Personalized Equation (13:39)
• Budgeting and Financial Success (18:07)
• Personal Growth through Financial Literacy (22:10)
• Pricing Your Worth and Confidence in Business (27:48)
• Using AI Tools for Market Research and Understanding Audience Needs (38:25)
• Retirement Planning and Financial Goals (43:36)
• Stephanie and Kevin’s Takeaways (44:30)

Resources:

• Ella Glasgow on LinkedIn
• BeyondVirtualEvents.com
• Dream Ignition Bootcamp: Ella’s Course she’s offering for $97 for listeners of Take Back Retirement

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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.

Key Topics:

• Tax Season is Here! DIY vs Professional Help (02:09)
• Tax Preparation and Documentation (10:52)
• Tax Planning and Strategies for Small Business Owners (15:45)
• Tax Planning, Retirement Savings and IRAs (20:45)
• Tax Planning Strategies for Retirement Accounts and Income Brackets (26:18)
• Wrap-Up (29:40)

Resources:

• Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
• Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
• Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
• Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Healthcare Expenses in Retirement Planning (02:25)
• Medicare Costs and Supplemental Insurance (04:36)
• Income-Related Monthly Adjustment Amount (IRMAA) (06:58)
• Medical Expenses Planning for Retirement and Tax Implications (13:09)
• Spouses of Different Ages Who Want to Retire Simultaneously (17:46)
• Inherited IRAs, Tax Brackets, and the Widow Penalty (18:38)
• Inflation Rates and Medical Expenses (21:56)
• Wrap-Up (24:18)

Resources:

• Request to lower an Income-Related Monthly Adjustment Amount (IRMAA)
• Take Back Retirement Episode 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
• Take Back Retirement Episode 62: What Women Need to Know About Longevity
• Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Welcome Kathy Stokes! (01:47)
• Financial Fraud’s Impact on Victims, Specifically Elders (02:33)
• Phone Scams and How to Identify Them (11:25)
• Protecting Seniors from Scams (18:11)
• Law Enforcement Response to Financial Scams (22:33)
• Online Safety and Cybersecurity (33:36)
• AARP, Getting Direct Support (42:44)
• Stephanie’s and Kevin’s Takeaways (47:12)

Resources:

• [email protected]
• Victim Helpline 877-908-3360
• CryptoScam from Wall Street Journal (free podcast): https://www.wsj.com/podcasts/the-journal/pig-butchering-a-texting-scam-with-a-crypto-twist/296e499f-ba82-46f2-ade9-5b70710d558e
• NPR story on crypto scam https://www.npr.org/2023/06/25/1180256165/crypto-scam-senior-victims-spirebit

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“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:

• Kevin’s Dream Has Come True…Welcome, Dream Guest Heather Schreiber - Social Security Expert (01:06)
• Heather’s Passion for Consumer Advocacy and Reliable Guidance (03:37)
• Women’s Retirement Challenges and Planning Strategies (05:43)
• Social Security Benefits and Earning Limits for Widows/Widowers (09:57)
• Social Security Claiming Strategies (18:53)
• Social Security Spousal Benefits and Filing Strategies (24:09)
• Social Security Divorce Rules (27:04)
• Social Security Cost of Living Adjustments (33:36)
• Retirement Planning and Taxes (36:26)
• Social Security Claiming Strategies for Singles (42:03)
• Stephanie and Kevin’s Wrap-Up (49:24)

Resources:

• HLSRetirementConsulting.com
• HLS Retire on YouTube, Facebook, and Instagram
• HLS Retire on YouTube, Facebook, and Instagram

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

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:

• Growth Rate of Money in One Account vs Multiple Accounts (01:23)
• Investment Accounts and Diversification (03:14)
• IRAs, Contributions, and Emergency Funds (07:47)
• IRA and 401(k) Clarification (12:25)
• Financial Options for Emergencies (13:04)
• Borrowing and Credit (17:47)
• Changing Investment Strategy Because of World Events and Headlines (21:05)
• Investment Strategies for Various Life Stages (24:19)
• Retirement Planning with Nuanced Investment Strategies (29:59)

Resources:

• Movie Clip: There is always… Threat (Men in Black)
• Tack Back Retirement Ep. 12: What Women Need to Know About IRA’s, with Sarah Brenner
• Tack Back Retirement Ep. 44: Don’t Try This at Home! Unique Situations Call for Unique Strategies
• Tack Back Retirement Ep. 64: What is Money Insurance?
• Tack Back Retirement Ep. 27: Health Savings Accounts (HSA’s): What Women Need to Know

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. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.