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December 17, 2023 • 44 mins
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(00:01):
In your corner, saving one investorat a time, working for clients,
not companies, all while bullyproofing portfolios. Totally committed to sharing your academic truths
abottom missing always representing Main Street andnot Wall Street team. It's your some
money team and this is the SoundMoney Investment Show with Drawn Financial Advisors.

(00:26):
Hello and welcome to the Sound ManyInvestment Show with Brown Financial Advisors. I'm
Greg Brown and I'm James mor Than. We are a registered investment advisory firm.
We are independent. We do workfor clients, not companies. To
receive your complimentary and personalized financial incomeplan, give us a call five one,
three, five to seven, fivenine sixty five to four. Perhaps

(00:46):
you're seeking some advice, individual adviceat that on an old four one K
four to three B, some typeof employer sponsor plan, perhaps even INUA
analysis. Here's the point. Ifyou're no longer with the company, then
as a rule, you're money shouldnot be there either. We can help
you roll that out, whether itbe into a tax neutral iray or split
it via the nuay, but youstill take control of your money. Give

(01:08):
us a call five one, three, five, seven, five nine sixty
five to four. Visit our websiteBrownfinancial Advisors dot com, email share toots
to team at Brownfinancial Advisors dot com, and our home offices in Milford,
but we also have locations in BlueAsh, Westchester and Florence. Greg Well,
we're going to look at something heretoday that is about women. Ten

(01:30):
retirement planning tips for women. We'llsee if we get through all ten,
but you'll get the gest of itall in the big scope or big picture
of things and retirement planning just ingeneral. Just to address that I saw
I saw one of those statistics Jeames. There's that word statistics, and it
suggested that's seventy percent of those folkstrying to prepare for their future financially that

(01:53):
are entering into their late forties earlyfifties, that's seventy percent need holistic advice
at least three or four disciplines ormore investments. Financial planning, retirement focused
planning like income planning, and thenthese other aspects like you know, is
where are things in terms of legacylife insurance, this side of eternity,

(02:13):
preparing for the legal documents for theyou know, the hereafter and the things
they leave the party, and giftsand prizes, and the emphasis was seventy
percent of these consumer investors, peoplejust like you, just like us,
need people like us who do thisholistic thing where it says investments, insurance,
financial planning, income planning, socisecurity maximization, pinsion maximization, estate

(02:36):
planning, the whole enchalot, thekitchen sink, holistic like the Mayo Clinic
of Financial Services. But the otherstatistic that was bolted alongside of that said
that at least sixty seven to seventypercent of those folks are not getting it
and do not know where to goto look. So you're looking with your

(02:59):
ears right now. We're right here, and we would like to help you
man, woman, or child.The whole family tree we can help,
and oftentimes we help with that seniorcomponent of the family, the patriarch to
matriarch on down to the adult children, leading to the grandchildren, the children
of children. You know, wecan't save the whole world, but we

(03:19):
can work right through your family treeand prepare one generation at a time ahead.
Because what your parents are looking atis ending well. What they would
like to see as you inherit welland they would like to see you enjoy
your life in such a way thatwhen you're done, you can also share
it with the legacy and the generationthat follows, and we can line that

(03:42):
all up in help. But asmentioned today, kind of tilting this ship
a bit more towards women, andin this kind of profound top level,
you know, top down thought,in order for women to enjoy their ideal
retirement, there are wouldn't you know, special planning considerations, So women,

(04:03):
oftentimes they deal with unique challenges notfaced by menfolk when planning for their ideal
retirement's a little different quite often,if you didn't know this already, Women
live longer, typically earn less moneyfor whatever reason, and have a higher
chance of living alone in retirement.And there are some reasons for these these
factoids, but it's kind of likehitting the trifecta, but not in such

(04:27):
a good way right. If notproperly addressed, these and these other realities
can cause a significant financial stress andundermine the overall retirement financial security and with
that emotional security. And it's prettyimportant. It's important for all women,
whether married or not, divorced,widowed, single, et cetera, to
view retirement, this retirement investment conceptas a unique process too, that will

(04:55):
have some different considerations for them thatwould have maybe for some other folks doing
the same. So let's get tothe thought provoking questions that tight into today's
show. And some of these questions, yes, they may seem like they're
directed towards women because that's what theshow is all about today, but in
reality they could be applicable to allof us. So when we say,
you know, the individual, thecollective you out there, such as,

(05:17):
have you made retirement planning a prioritythat applies really to everyone, not just
the men folk, not just thewomen folk out there? Have you allowed
your spouse or partner to take controlof money matter? So this is how
involved are you in the finances inyour household, whether it be again the
individual you the collective view, ifyou've allowed your spouse or your partner to

(05:40):
take control and really just dictate thefinancial the money matters to the point that
you're not really sure of your positionfinancially or otherwise? Do you consider yourself
to be financially literate? Are youcomfortable asking questions when speaking with financial professionals?
Sometimes that's what we see the mostis that whoever it is in the

(06:00):
relationship, who's kind of taken theback seat. They don't ask enough questions.
They feel like they don't have theknowledge or the expertise to ask detailed
follow up questions, which James,we don't assume that that's the man or
the woman. You know, howirritating, how actually upfront insulting is it
when let's say someone like us isworking with a couple and the tendency is

(06:24):
to lean in towards the guy likehe's he's calling all the shots, he's
the mister money in the household.I mean literally, you want to see
someone see that other significant person sittingthere acting as though or it seems,
being treated as though they don't existor aren't in the room. That's not
how it is with us. Weassume you're equally footed that typically, as
James said, there's someone that's alittle stronger suited in the area of finance

(06:46):
where the other partner's more focused inother areas, and they work as a
team, and that's a good wayto be. But the assumption shouldn't be
one is stronger than the other untilwe know that as a matter of fact,
and then our goals come alongside ofyou both use me and strengthen you
to the level to where we're allequal quarterbacks in the huddle, because you
never know when one of the keyplayers is going to go down, and
the other is to know as muchas possible to keep on keeping on.

(07:10):
Just a thought. That's a goodreminder because it happens so many times.
I will say this more often thannot. It is the man who's leading
the way, but it's probably notas often as you might think. I'll
just leave it at that. Sohave you made it clear to your spouse,
your partner, your financial advisor that'salso not to be underrated to hear,

(07:31):
making it clear to everyone, includingyour financial advisor, what are your
most important financial objectives. And then, considering that women, at least statistically
often live longer than men, areyou confident that your retirement client will provide
sufficient income to live you know,this is maybe the subjective part about what's
a good long life. Are youclearly understanding or do you know the fees

(07:56):
and costs of associated with your investmentsor what's being charged by your broke by
it for financial advisor? Are youconcerned about your current investments and how they
match up with your desired or yourcurrent risk allocation? Do they match your
current or desired risk allocation? Doyou know the reasons why retirement planning for
woman needs to be different at leastsomewhat different than planning for men? And

(08:20):
do you really understand your investments?That's to say, what do you own?
Why do you own it? Gregany thoughts, Yes, When it
comes to those costs charged by yourbroker, financial people, whatever, please
remember don't get fooled by the lostled fee structure of what is their fee
versus what is the total cost ofinvesting with that organization, that firm,

(08:43):
that advisor, or that broker,Because Wall Street will pull one on you.
They'll lost light lead the fee towhere it sounds attractive and lower than
maybe the peer group that you're seeinvestigating or comparing, you know, reviewing,
assessing, and you'll fall for thatlower fee, lean towards that lower
fee structure without realizing it all aboutthe total cost of investing relative tier risk

(09:05):
and the types of solutions offered inthe context of the big picture of all
of the variety of services provided thatwork together synergistically to be more efficient and
with a better outcome with higher probabilityover time, which is really what you're
looking for? Just a thought therewell. A common example that would be

(09:26):
the mutual fund fees. Sometimes,once you only see what the mutual funds
is, what that outer fund isholding and the cost or the fees of
associated with that, what sometimes getsoverlooked and underreported would be what are the
internal fees? You know, whenonce you get past the outer layer,
is that particular mutual fund that you'reholding, does it hold other funds inside

(09:48):
the host fund? This is whereyou pilll back the layers of the onion,
so to speak, and you findthat there's other fees associated with this.
So that's you know, you wantto know where to look. And
one of the processes that we canhelp with is our par process. Our
portfolio analysis review can show you notonly what you have for the fees,
but the layers of fees and sometimesthe overlaps and redundancies that are inside your

(10:11):
portfolios. This happens quite a bitwhen people own different mutual funds, multiple
mutual funds inside their portfolio, andwhat they don't know, don't understand unless
they know how and where to look, is all the different individual companies,
the stocks if you will, thatare redundantly held inside of their portfolio.

(10:33):
So, for example, we're notsaying that Procter and Gamble is a bad
company. It's actually a good companyto own. But do you have to
own it or should you own it, say five, six, eight times
inside of your portfolio? Any thoughtsgreg on that before we get to break.
Yeah, may not be referring toyou know how many shares you own.
You might own five or six shares, you might own fifty shares,
but the point is you need toown fifty or sixty shares in five or

(10:56):
six different investment funds. Were strategiesor mutual funds or whatever the answers.
No, it's like everyone moving toone side of the raft and it's starting
to list and tips over and everyonegets wet and some drown. You're wondering,
well, what happened? There's justall the right people are on the
boat. It's all about weights andmeasure like everything else in life. There

(11:18):
there's much more off fund about theoffice. Five one, three, five,
seven, five, nine, sixtyfive to four calls We can help,
but stay tune. You're listening tothe Sound Money Investment Show with Brown
Financial Advisors Shore on fifty five KRCDetalk Station. Opinions expressed are solely those
of Brown Financial Advisors and should notbe interpreted as specific advice. Materials presented
are believed to be from reliable sourcesand no representations can be made as to

(11:41):
its accuracy. All ideas and informationshould be discussed in detail with one of
our qualified investment advisors prior to implementation. Market based investments involve risk, and
past performance is no guarantee of futureresults. Insurance based investments offer guarantees based
upon the claims paying ability of theissuing company. All insurance, tax and
mortgage services are offered through our ownInsurance and Tax Advisors LLC. Brown Financial

(12:03):
Advisors and Brown Insurance and Tax Advisorsare affiliated companies and may only transact business
in those states in which registered orwere otherwise legally permitted. Welcome back to
the Sound Money Investment shows. BrownFinancial Advisors. I'm Greg Brown and I'm
James boor Than. We are anindependent RIA that's a registered investment advisor firm.
We do work for clients, notcompanies. That's Main Street not Wall
Street. Our fund number five one, three, five, seven, five

(12:26):
nine sixty five to four. Website. Brownfinancial Advisors dot Com, email team
at Brownfinancial Advisors dot com, andour home offices in Milford, but we
also have locations in Blue Ash,Westchester, and Florence, greg We'll continue
with some retirement retirement planning tips forwomen in order to enjoy an ideal retirement.
They're likely some obstacles most people haveto overcome, but if you're a

(12:50):
woman, the challenges can be evengreater. Typically speaking, you see that
women will earn less in the workforce, So that's sporadic. It's not a
it's an even kill number, butit is true. And then this could
obviously result in accumulating less towards savingsfor retirement, you know, less extra
or excess or surplus income or sourcesof cash to stash, you know,

(13:13):
cash to stash. And because women, here's a good thing that can go
bad, right, living longer thanmen, The any nest egg that able
to be put aside as you know, collectively or individually over time must last
longer. And being a woman,it doesn't automatically mean you can't enjoy a

(13:35):
full and rewarding retirement by any means. We just need to approach maybe planning
retirement processes differently. A different focus, little different spin. You can put
the odds of this living your retirementin your favor by planning right, do
it intentionally, as long as youavoid some of these common pitfalls mistakes that
will touch upon. Like in theshow We're going to Look at We're gonna

(13:56):
try to get to ten retirement tipsas they apply especially important for women,
and right off the top, we'vetalked about in this show many times over
the years that women tend to bethat significant partner or spouse that tends to
lead the charge and taking care ofthe sick and the elderly, not always
one of the same, right,the children, even the husband when he's

(14:18):
down. I've heard it a milliontimes that we're babies when we're sick.
They've heard that, I'm sure ifyou've not dealt with it directly and found
it to be real. But theaging parents, you know, his parents
as the age, and then yourparents as the age. You know Dad,
separative mom, are both at thesame time and in sequence or all

(14:41):
four of these collective seniors at once. You're that person typically running them to
the doctors and the appointments and checkingdown on them and caring for them and
running in the store and getting thingsand make sure they have everything while also
taking care of either still your ownadult children, your adult baby, spouse,
and maybe who else grandchildren as theyentered the picture. It is seemingly

(15:03):
a loaded deck. So that's notnecessarily in this show, but I guess
it is now is one of thosenot tips but reality points. So whether
you have a spouse or a partnerof your own, you likely need to
have your own retirement plan as wellas the household retirement plan, because we
need to look at this as stagesof rockets. We fall away in stages.

(15:26):
Not everyone's going to live to makeit to the moon, right,
There's different stages of a three stagerocket that fall back to Earth on the
way to the journey there, andwe need enough fuel and supplies for at
least everyone or someone to get throughthe entire mission. So you plan as
you plan should be integrated with yourspouse and your partner's plan, but essentially
that your plan ensures your well beingand your future security too. So granted

(15:50):
they're basic principles and planning strategies thatshould be followed regardless of gender, but
retirement planning it needs to be approachedsomewhat differently for the women, and if
not, security and the ability toenjoy retirement itself can be easily undermined,
avoidably, but easily undermined. Here'sa cliche. How about this. Women
typically are the caregivers and men arethe care takers. Out You can look

(16:15):
at that a couple of different waysas far as the giving versus the taking.
But when it comes to making decisions, hopefully good decisions or better or
even the best decisions, this iswhere preparing for retirement is all about making
good decisions. It doesn't have tobe Don't let perfect get in the way
of good is maybe the point aboutthis. But you do need information,
You need appropriate information. You needto know what's important to consider. And

(16:38):
it does all start with recognizing thatretirement often does look different, sometimes much
different for women versus the men.And it doesn't you know, I'll say
this, it seems like there's notenough maybe books, articles, internet articles,
or retirement planning advice that's given oradequately taken these days, and much

(17:00):
the advice that you'll hear, whetherit comes from friends, family members,
professionals, sometimes it does often ignorethe very different realities that that women face
today as they age, as theyget older, as they sometimes you know,
not only grow apart, but alsolive apart from the men, and
it might easily result in making decisionsthat can lead to challenges that may not

(17:22):
be a parent for many years.Sometimes what you do today will affect what
you have down the road around thecorner. So, for example, the
women who typically interrupt their careers tobe the caregivers, they'll see that what
that has an impact on later inlife is that their social security benefits are
lower, their retirement benefits overall arereduced. So to help avoid this,

(17:47):
there are ten retirement planting tips thatare especially important for women to consider.
Greg started us off. What's numberone, Well, assume you, being
the woman, will live longer,so starting one of the biggest concerns is
longevity itself. It's a fact thatstatistically women live longer than men, and
this increased longevity might be the singlemost important retirement consideration for women. For

(18:11):
example, one of the fastest growingsegments of our population are the so called
centenarians. These are people who makeit to age one hundred and over.
This is a group you talk aboutthe skincare market exploding anyway, of this
group, women out number men nearlyfour to one. Longevity has far reaching

(18:32):
impact on many aspects of retirement planning. You sh'd well imagine, from healthcare
expensives to social security benefit timing.James kind of alluded to some of the
aspects of soci security will dig indeeper even income taxes, but by far
one of the most important considerations asit relates to the planning process the projections
of it all year over year,decade over decades, that women generally need

(18:53):
to help ensure that the retirement assetsthat you'll have right will provide the income
that you'll need for a longer periodof time, like the rest of year
forever. So quite simply, thelonger you live, the longer your savings
must last well. And here's somethingelse that exasperates the issue of living longer
is that typically en marriages, thewomen are the younger of the two,

(19:17):
and then on top of that,the woman outlives the man. So it's
almost like a double whammy impact onliving longer because you got married at a
younger age comparatively speaking to your partnerin the first place, and then you're
going to outlive them by sometimes threeto five years, you have the second
retirement, You have one with him, and then you have a whole other

(19:37):
retirement on your own. Yes,when he's really driving you up the wall,
just remember you'll have some time tomake up for it later. So
when it comes to Social Security,one of the few sources of income that
you can count on. And yes, regardless of what you see, read
and hear about Social Security and thesolvency of the program in the near term
future, at the very least,it's going to be completely solvent. And

(20:00):
our professional opinion is that Congress thegovernment will extend benefits and make it solvent
from beyond twenty thirty four to morelike twenty eighty four. That being said,
for the next at least ten tofifteen years, it is completely solvent.
We'll leave it at that. Andon the surface, as far as
planning for your benefits, it's kindof really simple. You can set it

(20:21):
and forget it, right. There'snothing to manage, no investment decisions to
make. Check just shows up inyour account month after month like it's on
autopilot. And most important at all, it's lifetime income that you cannot outlive.
Sounds great, right, but that'swhy it's vital for everyone, especially
the women, to make sure thatthey are maximizing their benefits from Social Security.

(20:42):
And here's the emphasis about the onebig problem that can often stand in
the way is that social Security,if you don't do it right, can
be complicated. Most people are notaware that there are actually thirteen different kinds
of benefit payments provided by the program. This might be the argument that says,
well, that's why it's going bankrupt, right, but many of them.

(21:03):
As far as these benefits can beespecially important for women, most people
know that they are eligible to receivewhat's called a retirement benefit based on your
work record, But what about thosespousal benefits and the other types of benefits.
Greg, Well, when I thinkabout all those benefits, and I
also think about the fact that ifyou like the sound of a Social Security
check being set it and forget ita check that just comes in your checking

(21:25):
account each month for your lifetime,a lifetime of income. Just know we
can emulate that through certain investments,we can get additional guarantees of consider it
another social Security check, consider ita pension check. Even if you don't
have a pension, We'll get youone started that will last a lifetime.

(21:45):
So it can be for a husbandand wife a joint benefit, or it
can be just a benefit that comesto you. It's your mailbox every month
for the rest of your life,just by using some of your investable assets
to accomplish this. So just keepthat in mind a lot of investment options
when it comes to working together tomake your financial plan work. On an
I know so basis, not anI hope so basis. There's more.
There's much more our front of adoubtfice five one three, five seven,

(22:07):
five nine sixty five four again fiveone three, five seven five nine sixty
five four call as we can help, but stay tuned. Listening to the
Sound Money Investment Show with Brown FinancialAdvisors here on fifty five KRC Detox Station.
Welcome back to the Sound Many InvestmentShow with Brown Financial Advisors. I'm

(22:30):
Greg Brown and I'm James more Than. We are an independent registered investment advisor
firm. We do re for clients, not companies, and it does all
start with the plan. That meansactually having a plan, knowing what you
own and why you own it.So whether you're seeking advice on Old four
one K four three b IRA rolloverinvestment planning, retirement planning, income planning,

(22:52):
tax planning, social security maximization,a Roth conversion analysis, in your
way analysis, and for some perhapseven an in service rollover All those and
more we can help five one,three, five, seven, five nine,
sixty five four website, Brownfinancial Advisorsdot Com, email team at Brownfinancial
Advisors dot Com, and our homeoffices in Milford, but we also have

(23:14):
locations in Blue Ash, Westchester andfloren Shaw, James. All those things
you rattled off, those are things? What are those things? All the
things that we do? Is aholistic firm? Is that correct? It's
like spokes in a wheel. Yes, yes, Uh, you can't get
that at your brokerage firm? No? Can you get that at your bank?
No? An insurance agent? No. Ninety four percent of financial services

(23:38):
do not offer holistic services such asthose. Correct? What do you need
in retirement? All those things?So, gosh, it sounds like we
were actually designed for you and youfor us, and that would be true.
We like an opportunity to share moreabout all these things and how it
can positively benefit and impact your life. And the more that you utilize,

(24:02):
the more efficiency and synergy you gain. The greater. The value proposition is
and that is on purpose, becausethat's what we want for you. We
want you to succeed on purpose.So give us a call so we can
assess things for you. First appointment'sall about you. Second appointment is all
about you. See. The firsttime around, we get the facts on
the table about you. The secondtime around, we share back all the
findings, analysis and information we have, plus all the recommendations. We don't

(24:26):
hold anything back. Do not holdanything back. No meta running cost you
a little bit of your time,casts us time and resources to present a
roadmap to you of how to doall these things. Then you decide.
With good information, people make greatdecisions, and we'd like to be your
next great decision in working together,but that'll be upon you. And then
worst case scenario, we just agreeto disagree, not now, maybe later,

(24:48):
and we move on. So pleasecontact it so we can help you.
Why wait, hey, if you'rethinking about it, if you've listened
for years and you thought maybe oneof these days, honey, we're going
to contact these people. Well,you know, if you're going to contact
us eventually anyway, why put offa good thing? Get it started today?
So the benefits can accumulate sooner overa longer period of time, also
to your greater benefit in ours twofor having getting to know you got an

(25:12):
opportunity to do so kind of leftoff with some social security thoughts and will
continue that with additional retirement benefits thatcome through that program. So that list
would include disability benefits, spousal benefits, divorced spousal benefits, child in care,
spousal benefits, widow widower benefits,child benefits disabled sounds like anoxy and

(25:34):
child benefits, mother father benefits,divorce what would benefit benefits, child grandchild
benefits and death benefits and all theabove. What does that mean to you?
Man? That's like reading the Bookof Matthew and the whole lineage of
Christ. It was a lot,right. The bottom line is it turns
out well for you if you utilizethe benefits in the right way, for
the right reason, at the rightphase of life. And we will help
you and consult you on that witha soci security Maximization report that will share

(25:59):
with you all of how soci securitywill work for you best and when and
how. But there are some benefitsto be aware of, So if those
were trigger points for you, ifyou have children under eighteen in the home,
If you've been divorced and you're wonderingabout benefits from soci Security program,
either yours or from the prior spouse, if you have lost a spouse,
widow, widow, or all ofthese things are just are their triggers?

(26:22):
You know? Are you do youhave grandchildren? And are you wondering about
the relative benefit relating to death andyou taking over taking care of a grandchild.
Let's just look at these together.Not enough time one show to cover
each one in depth, but nowbeyond some of those, there can be
a great deal of confusion over differentparts of the program. Those spousal benefits,

(26:45):
How does it really work? Howwould apply to you? Widow work
benefits, divorced spouse benefits? Canyou really take the Social Security benefit from
a former spouse? And I don'tmean that with that glean in your eye
like I'll get you it's no.They still get their benefit. You might
be able to access a similar benefitfrom their program their account without affecting them,

(27:06):
but benefiting you and divorce widow andwinter benefits. What's better the current
benefit, recent spouse benefit, pastspouse benefit? You take the higher of
all the above if you can.Well, let's look at that these benefits.
Of course, they all have theirown set of rules and exceptions and
variations of possibilities and amounts. Abig problem with sociecurity is that it can

(27:27):
be a use it or lose itprogram. So what you don't know?
Can it cost you money because youdon't get to use it? Therefore you
lose it because you didn't know aboutit. So it's up to you to
apply for the benefit. They can'tconsult you. They might try to console
you. We want you to notbe consolable. We want you to be
a winner, not needing consolations.So how do you apply if you don't

(27:49):
know what exists? How do youknow? Just the same with the state
planning, we'll tell people you know, when do you stop looking for something
you don't know even exists. That'swhy we want all your state documents done.
Prepare left with someone like us tocoordinate with success or future beneficiaries,
nears such as you have, sothey don't have to wonder about things that
you did when your folks passed andyou didn't know when to stop looking for

(28:11):
things you didn't know. If theyin fact existed. We want to help
you know these things and them.Two, a challenge for men and women
is equal. That is that youjust you don't know what you don't know.
Now, women living longer, anylifetime income benefit that can be found,
determined and utilized is going to bethat much more valuable, right because
the process and the power of time. So just know in this area around

(28:33):
financial advisors, we can and willhelp you with all of the above.
Now, when it comes to i'dsay here's some tips that are specific to
social Security when it comes to thebenefits, and this is specifically about the
survivor benefits or if you're looking atfor the women folk out there, the
widow benefits. And what happens oftenis that married couples and this is where

(28:56):
maybe they make a mistake, sometimesa big mistake. They decide to start
or when to start their benefits bynot considering the impact that that decision has
on the amount of the future widowand widower benefits. And again the survivor
benefits. So this is in someways a category or a subset of the
spousal benefits because it is somewhat tiedto the spouse's work record. Now,

(29:18):
there are certainly exceptions. Many marriedcouples do share such a circumstances where it's
the husband who has the larger retirementbenefit. And again, stereotypically this is
what happens. The husband usually hasa larger benefit of the two compared to
the wife's retirement benefits, and amajor reason for that is because women have
more breaks in their work history.Typically, what happens is traditionally they take

(29:41):
on the role of the caregivers.There's that term again, caregivers for children
or the aged parents, the infirm, if you will. And because women
live longer, it's often the wifewho survives the husband. The way that
the or the widow benefits work isthat the survivor received the larger of either
your own or his or her ownretirement benefit or the deceased spouse's benefit.

(30:07):
And again this is where it oftenmeans that the surviving wife will ultimately end
up relying on her deceased husband's benefitfor the balance of her life. But
that also means that her check herbenefit goes away. So many couples that
are in simmer circumstances can help adda great deal of confidence for the surviving
spouse by considering how they can optimizethe husband's Social Security benefit, which in

(30:30):
turn will serve to optimize the futurewidow's benefits. Greg Any thoughts, No,
it's a lot of information and thenhow it applies and what it looks
like when it's projected in a financialplan for you to your benefit is something
we invite you to come see sowe can have an income plan. Overall
financial plan recommendations on proper investments andsources of income those guaranteed such as soci

(30:52):
security. May be maximizing a pensionif you have one, and then creating
the additional guarantees of income from yourinvestments that you need so you can have
a comfortable retirement. And then there'ssome part of your investments. We might
be able to look at some riskoriented options because it'll be less risky to
you, right, because it'll bewith money you don't have direct dependency on
for cash flow, because we willhave solved for cash flow. Let's take
another one here, divorced spouse benefits. Now, divorce can have a negative

(31:17):
financial impact on both spouses, nodoubt about it. In some situations,
divorce might force a person to starthis or her solid security benefits as soon
as possible, which can greatly limitthe options and opportunities to optimize those benefits
by deferring and waiting and letting themgrow and enrich. Just may not be
enough time in the clock, youknow, because the circumstances. But divorce
can also open up some opportunities andstrategies that they're just not available for married

(31:41):
couples. Now, again, it'sa use it or lose system ultimately,
and because this many people, theyend up losing a great deal of money
or potential benefit as not being familiarwith the variations that are out there,
including the divorced spouse benefits. Nowinteresting fact that in some ways soci sciurity
favors divorced spouses over married couples.It's like, what, how's that?

(32:04):
Well, example, that you mightbe able to claim benefits based on your
ex spouse's earnings record even if heor she remarried. In this case,
the he because it's all about you, the she's if he remarried and new
spouse is also collecting spousal benefits,It's like, well, wait a minute,
you mean I could have been marriednow my ex is drawing their money

(32:29):
has a spouse drawing their money,or will have a spouse drawing their money
and I'm not that spouse, butI can draw two. Are we both
going to do him in? Andhe's not gonna have a dimed his name?
No, he will get his check. His spouse will get her portion
spouse benefit if that's what makes sensefor her, and you can still too,
perhaps if the conditions are favorable andcorrect for you to axsess it.

(32:50):
The same is true when the situationis reversed, the X might be able
to claim spousal benefits off your record, so it works both ways. Okay,
it's not about spite, it's aboutfinancial prosperity. So when these benefits
are successfully claimed, neither your exnor your ex's spouse will be notified.
So to be on the on thelowdown, right, James. Yeah,
we do here once in a whilewhere just maybe for spite, they want

(33:14):
to notify the X. It's justit's like itching, justtioning to let them
know, like hey, I gotyou, I got your I'm drawing benefits
off your work record, you sonof a gun or something like that.
Anyways, there's more, there's muchmore. Our fun Number five one three,
five, seven, five nine,sixty five four calls we can help,
but stay tuned. Listening to theSound Money Investment Show with Brown Financial

(33:35):
Advisors here on fifty five KRC theDetak Station. Welcome back to the Sound
Many Investment Show with Brown Financial Advisors. I'm Great Brown and I'm James Boorthham.
We are an independent ri i Athat's a registered investment advisory firm.
We do our friend clients, notcompanies. Our fund number five one,

(33:58):
three, five, seven, fivenine sixty five to four, website,
Brownfinancial Advisors dot Com, email teamat Brownfinancial Advisors dot Com, and our
home offices in Milford, but wealso have locations in Blue Ash, Westchester
and Florence. Greg Well, let'slook at some taxes, James. When
it comes to all this and there'smoney floating around, there's usually the taxman.

(34:19):
Oh, that's always fun to lookat and consider. But tax planning
can be important for both the womenand the men folk out there. But
one aspect that could prove to beespecially crucifal for women out there is that
many widows get an unwelcome surprise uponthe death of their spouse. Now this
might be when this happens versus youknow, the first year versus the second

(34:40):
year. But this is often labeleda widow's tax penalty, and it's triggered
when the death of the husband causesa shift from filing a joint tax return,
which is normal when you're both stillalive, right to filing single after
the death. Now, the yearof the death, you're still able to
file jointly, so you're after thedeath when now your filing status reverts to

(35:02):
filing single. Very likely. Now, if you do have children in the
household or dependence in the household,then you can do what's called a widow
or widower type of filing status.But nevertheless, usually what happens is that
you go from filing jointly to afiling single, and that basically cuts all

(35:22):
of your deductions and increases your taxliability by a factor of two. So
the situation that gets created was asurvivor's tax rate sometimes stays the same,
sometimes it goes up a little bit, sometimes it goes up a lot,
depending upon when you receive different typesof benefits or payments from the deceased person.

(35:44):
But again, this can also affectnot just the women, but the
men. Who are the surviving spouse. And again, because women typically outlive
their husbands, the chances are greaterthat it is the widow, therefore the
widow's tax penalty that will have thegreatest impact. Greg, let's look at
these tips and we'll kind of accelerateso we get through more of them.
But choosing a financial advisor wisely,you know, retirement's complicated, investing,

(36:07):
tax, and soci security many thingsyou've heard. Don't forget healthcare, Medicare
decisions, healthcare gap, pre Medicareage, health care decisions so much.
Before you can actually work effectively tortuyour retirement goals, need a plan,
the stepping stone approach, connect thedots and where you want to be on
time, intact successfully. That's whatwe want to do, is put together

(36:29):
planned and work the plan. Itnot only means you need help from a
knowledgeable financial advisor, but it's importantto work with someone and someone like us,
Folks like us that you feel comfortablewith and can cover all of these
areas and don't be shy about askingtough questions or approaching it with an interview
like style and build report through gainingconfidence through the answers that you feel comfortable

(36:51):
confident in is a result your questionsand check credentials. Our credentials are that
we work for you. We cannothave a conflict of interest. We put
your interest above our own. Thatis called a fiduciary duty. That is
unique. Perhaps the greatest importance isto work with an advisor with the skill
set that best serves your retirement planning. What phase are you and we see

(37:14):
so many folks still kind of doingthe old I'll ask you a question.
You still see a pediatrician, Well, of course not then leave those areas
that are equivalent in financial services andcome to the experts for this financial phase
of life equal to your retirement timing. So what does it mean that if
you're younger and still have a numberof years before retiring. What's that referred

(37:37):
to? As well? The accumulationphase or accumulation stage where your building assets
will help you invest and grow yourmoney through that process, that phase with
the plan, and then the transitioninto distribution and preservation where you're trying to
protect it while you use it.And then also kind of a later phase
or latter stage is to prepare forthe you know, after this side of

(38:00):
eternity, the legacy aspects. Soduring all these periods of time, it's
best to be served by not abroker, not a banker, not an
insurance agent, but a holistic financialadvisor who specializes and focuses on investing,
growing, financial planning, insurance,income planning, pension maximization, a state
and legacy aspects all in one.That would be us. We look forward

(38:24):
to meeting you on This is crucialto recognize that once you are retired or
close to retirement, that you're transitioninginto this distribution stage that can be sustainable.
Because you don't want to outlive yourmoney. It becomes very important to
adopt an appropriate blend of defensiveness onthe part of your money. For preservation
is your a proach. You're investingand with the goal preserving but while accumulating

(38:45):
and also seeding inflation while providing yourselfyou know, the cash flow, because
retirement's really about cash flow. Sojust some thoughts there. To accomplish these
objectives throughout accumulation, distribution, preservationand the cash flow phase of your retirement,
it requires a certain type of advisorto serve you best. So look

(39:06):
for us. We're right here.By the way, right here, can't
wait to see you meet you,assess where you are, present a direction
for you, all the recommendations,and then you decide if you see a
fit. It's pretty simple, allright. The next stip is about planning
for health care and kind of themindset goes like this. When we're young,
the mindset is, or the mentalityis, what is the best choice

(39:27):
if I need healthcare? And aswe get older, the mindset becomes,
what is my best choice when Ineed health care? It's not a matter
if, it's a matter of when. Now, good news this is also
the bad news, is Medicare providesgreat health options. And here's the good
news. There's lots of different choiceswhen it comes to your Medicare plans.
What's the bad news, Well,there's lots of choices when it comes to

(39:50):
your Medicare health plans. The goodnews again is that we can help with
this. So that's one of thereasons why working with a financial advisor,
someone who has knowledge about the Medicareand the different types of health plans,
to the benefits and the features thereofthat's the one like us, by the
way, that's why that can beso important, Greg, what's next,
Well, let's look at really puttingeverything in writing. You know you want

(40:15):
to have a financial advisor help createa formal, written long term financial plan.
The written plan will provide all theframework for defining your financial goals,
shaping those decisions, staying in context, staying in bounds so you can move
down the field and score getting thatend zone, stay in it in zone,
stay in the winner circle. Ifyou want to relate it to any
number of analogies would be just fine. It'll help you set your sights and

(40:37):
calibrate and reach those goals on term. Stay on track along the journey,
and stay in track inbounds once there, because there will be market conditions that
come and go unexpected, life events, some expected to all of this a
plan. You either have a planto succeed or by default, you have
a plan to fail. Guess whichone we want to join you in the

(41:00):
journey of James. All right.Another tip is having a backup plan.
This is like saying having contingencies.A lot of times we look at,
for example, beneficiary forms and there'sa primary beneficiary and there's what's known as
contingent level beneficiaries. This also happenswith power of attorney documents or other types
of directives where there's the primary plan, but what about the backup? What's

(41:22):
a contingency plan? So sometimes youcan say what's plan A Versus what's Plan
B. Sometimes it's the people thatneed to be thought of as plan A
versus Plan B. So who's thepower of attorney primarily, and then what
happens to the individual to collective view, if something happens to your primary power

(41:44):
of attorney person, who's the backup, who's the contingency option? So you
know, when it comes to lifeevents, don't let a critical life change
such as a marriage, divorced,would a hood illness. Sometimes the illness
is more incapacity than anything else,because of person doesn't die, they just
simply become incapable or enable to expressor make decisions upon their own. Don't

(42:07):
let these things derail your goals.Your financial advisor can work with you to
create a financial plan. And againthis is working with the right advisor to
make the right type of plan,to address the unexpected and to keep you
moving forwards and towards your goals.Greg understand what you own. You know,
although working with the financial advisor's vitalYou must also know and make sense

(42:32):
of the investments you hold. Whatare they for purposes of money, job
descriptions, how do they align.We will work with you to educate you
more on the basic investing principles ifthat's something that's missing in your repertoire of
knowledge base that you can look intosome classes, read books, trade journals,
all the things research, but youcan overthink this. You need a

(42:54):
trusted advisor who does this so youcan go enjoy retirement on your terms and
not be stuck in front of acomputer and trying to figure out the world
is. You never knew it beforebecause it wasn't your Bailey Wick or your
career path, but now you're goingto make a second career in retirement out
of all things financial. No,I hope that you're spending every day like
it's a Saturday and let us workwith you cohesively as your team. You

(43:15):
know, it's pretty great to havethat. I know that this is a
gender based cliche, but everyone hastheir guy, well it could be the
girl, but you have that specialperson to help guide and direct you as
your professional team that surrounds you tosucceed. Has your back. That's what
we need to do, James.Oh, and also planning for your family's

(43:37):
future. This is the legacy plan. So when planning your estate, create
a strategy that's designed to take careof your errors while also optimizing your retirement
income. Yes, you can doboth things and you can do them very
well. So work with they qualifiednot only financial advisor, but in a
state planning specialist to design a strategyfor passing on your wealth hopefully to your

(43:59):
life ones while enjoying the roots ofwhat you've worked hard for and learned throughout
your lifetime. Greg Any closing thoughts, Yeah, just financial independence for you.
It starts to determin your financial goals, putting in place of plan design
to help you reach them, andwe can do that together. There's more,
there's much more. Our fund aboutthe office five one three, five,
seven, five nine sixty five fourAgain five one three, five,

(44:22):
seven, five nine sixty five fourcall us. We can help now on
behalf of Greg myself. James.We want to thank you for listening today.
Have a great week. Remember thissound money where good things are believable,
achievable and trew for you.
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