Category: Education

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I Have Inherited an IRA—Now What? 5 Steps to Avoid Costly Mistakes (Ep. 52)

I Have Inherited an IRA—Now What? 5 Steps to Avoid Costly Mistakes (Ep. 52)

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Inheriting an IRA can feel like stepping into a financial minefield — but with the right guidance, you can avoid costly mistakes and make the most of your legacy.

How do you know which rules apply? What if you miss a critical tax deadline? What should you do first?

In this episode, I break down the five essential steps every woman should take after inheriting an IRA. I explain how the Secure Act changed the rules, when required distributions apply, and how to think about taxes and investment strategy.

Topics covered:

  • How to determine if you’re a spousal or non-spousal beneficiary
  • The importance of knowing your IRA type: Traditional vs. Roth
  • Required distributions and understanding the fine print of the 10-year rule
  • Tailoring investment strategies to your individual needs post-inheritance
  • Tips for tax-efficient distribution strategies, including qualified charitable distributions
  • And more!

Resources:

Connect with Eric Blake: 

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Medicare Tips and Tricks with Traci Grover (Ep. 51)

Medicare Tips and Tricks with Traci Grover (Ep. 51)

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Choosing a Medicare plan is just the beginning. What comes next can have a big impact on your healthcare and wallet.

In this episode, I sit down with Traci Grover, a seasoned insurance broker with Vital Health Coverage, to help you understand how to get the most from your Medicare benefits. We explore the dos and don’ts of enrollment, bust myths from TV ads, and cover key deadlines and decisions that could affect your long-term costs. 

Traci explores:

  • Essential Medicare enrollment tips
  • The importance of working with an experienced broker
  • The truth behind those flashy TV ads
  • What never to say when asked about your insurance at the doctor’s office
  • Navigating plan changes during annual election periods
  • The impact of prescription plans and how to manage them
  • Key deadlines to mark on your Medicare calendar
  • And more!

Resources:

Connect with Eric Blake: 

Connect with Traci Grover: 

About our Guest: 

Traci Grover is a dedicated health insurance agent and advisor who provides coverage for individuals of all ages. Her primary focus is the Medicare market. Traci has been an agent since 2018 and has worked in the healthcare industry for the last two decades. She helps consumers make smart decisions for a secure future when determining their healthcare insurance options.

Every client has unique individual needs. Traci bundles their priorities and needs into one protection package tailored specifically for them. It’s important to have an agent like Traci to help navigate the process and find the best fit. As people age and their needs change, they can rely on Traci to be available and ensure their health insurance needs are covered. Her clients range from those of Medicare age to young families, entrepreneurs, contract workers, individuals bridging to Medicare age, and those in between jobs. Her resources come at no cost to her clients.

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Women Will Soon Control the Financial Landscape – But Is the Financial Services Industry Ready? (Ep. 50)

Women Will Soon Control the Financial Landscape – But Is the Financial Services Industry Ready? (Ep. 50)

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The financial services industry is facing a significant shift as women are positioned to control an increasing share of wealth. This shift requires financial advisors to adapt their strategies to better serve women’s specific needs and priorities. 

Are firms ready to change their long-held practices to meet the needs of this growing client base?

In this milestone 50th episode, I explore the increasing control of wealth by women and the financial industry’s reaction to this change. I emphasize the necessity for advisors to change their methods to effectively serve women. Additionally, we share client stories that illustrate the specific concerns and needs of women in financial planning.

Key points:

  • The reasons behind financial advisors’ current concerns
  • Why women are poised to control a significant portion of U.S. wealth
  • The transition of financial responsibility that women experience post-divorce or widowhood
  • How understanding emotional connections to money impacts financial decisions
  • And more!

Resources:

Connect with Eric Blake: 

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Q&A: Social Security Secrets, Widow’s Penalty Warnings, and Working in Retirement (Ep. 49)

Q&A: Social Security Secrets, Widow’s Penalty Warnings, and Working in Retirement (Ep. 49)

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What should you know before claiming Social Security benefits?

Do you know the ins and outs of applying for benefits or how working affects your payments? Are you confused about common-law marriage eligibility?

In this episode, I answer listener questions about Social Security benefits, from clarifying the differences between spousal and survivor benefits to explaining the impact of working while receiving benefits and the new identity verification requirements. I also address specific scenarios, including those involving teacher pensions and common-law marriages, to provide clear guidance and help listeners make informed decisions about their retirement.

Tune in as we discuss: 

  • Social Security identity verification changes and how to navigate them
  • Survivor and spousal benefits—understanding your options
  • How taxes impact surviving spouses and the widow’s penalty
  • Insights into working in retirement and making informed choices
  • And more!

Resources:

Connect with Eric Blake: 

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How to Pay Taxes in Retirement: What You Need to Know (Ep. 48)

How to Pay Taxes in Retirement: What You Need to Know (Ep. 48)

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What happens when you retire and no longer receive a paycheck? How do you pay your taxes in retirement? 

This week on The Simply Retirement Podcast, I dive into this common concern among retirees. With the tax season freshly behind us, now’s a great time to address how you’ll handle taxes in your golden years.

Key topics:

  • Navigating IRS expectations for tax payments without a regular paycheck
  • Options for tax withholding from Social Security, pensions, and IRAs
  • Understanding marginal versus average tax rates in retirement
  • The advantages of estimated quarterly tax payments 
  • The rule of mandatory 20% tax withholding from company retirement plans
  • The importance of consulting a knowledgeable financial advisor or tax professional 
  • And more!

Resources:

Connect with Eric Blake: 

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Three Game-Changing Social Security Strategies (Ep. 47)

Three Game-Changing Social Security Strategies (Ep. 47)

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Your Social Security decisions can significantly impact your financial future. How can you make the most of these benefits while avoiding common pitfalls?

In this episode, I explore three lesser-known Social Security strategies that could transform your retirement income plan. From timing benefits to maximizing survivor payouts, I give practical advice to help you make informed decisions for a stronger financial future.

Episode Highlights:

  • Withdrawing Social Security applications to correct early filing decisions, including the repayment process and impact on benefits
  • Suspending benefits at full retirement age to increase future payouts or enhance survivor benefits for a spouse
  • Claiming six months of retroactive benefits for flexibility in tax and income planning
  • The tax implications of Social Security strategies, highlighting scenarios where planning minimizes lifetime tax liability
  • The importance of consulting financial advisors who specialize in retirement to tailor strategies to individual circumstances
  • And more!

Resources:

Connect with Eric Blake: 

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Solo Aging & Healthcare Decisions: How Patient Advocates Can Help with Nancy Ruffner (Ep. 46)

Solo Aging & Healthcare Decisions: How Patient Advocates Can Help with Nancy Ruffner (Ep. 46)

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Have you ever wondered how you would navigate the healthcare maze as you age, especially if you’re flying solo? 

Understanding the role of a Patient Advocate might just be the key to planning for your future with confidence and independence.

Join me on the Simply Retirement Podcast as I dive into the world of patient advocacy with Nancy Ruffner, an experienced Patient Advocate and Aging Strategist. Nancy shares insights into supporting individuals navigating complex healthcare decisions and sheds light on the “PIE framework,” an innovative approach to aligning the pieces of your retirement journey.

Nancy discusses:

  • What exactly Patient Advocate is and how they can support you
  • Why and when you should consider hiring a Patient Advocate
  • Navigating the costs and benefits of patient advocacy services
  • Building your retirement support team with the “PIE framework”
  • Exploring the unique challenges and opportunities of solo aging 
  • And more!

Resources:

Connect with Eric Blake: 

Connect with Nancy Ruffner: 

About Our Guest: 

Nancy Ruffner is a Patient Advocate, consultant, and accomplished speaker with a deep commitment to helping others navigate healthcare and aging-related challenges. Through the founding of a patient advocacy agency in 2013 she expanded her career by serving clients and mentoring peers, earning recognition for her expertise and approachable style. Today, Nancy consults online in healthcare navigation, aging matters, and Solo Aging, while inspiring audiences across the U.S. with engaging talks that consistently deliver transformative AHA moments.

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Listener Q&A: Social Security Fairness Act and Optimizing Social Security (Ep. 45)

Listener Q&A: Social Security Fairness Act and Optimizing Social Security (Ep. 45)

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Retirement planning can feel overwhelming, especially when navigating complex systems like Social Security.

Join me as I unravel the pressing questions around Social Security reform, empowering women to take charge of their financial future. From the Social Security Fairness Act updates to the Widow’s Penalty, this episode is packed with actionable strategies to help listeners achieve financial clarity and confidence in retirement.

Tune in to learn about:

  • The Social Security Fairness Act updates, including retroactive payments and accelerated timelines for increased benefits
  • The impact of government pension offsets and spousal benefits, clarifying eligibility for survivor benefits
  • Strategies to address challenges such as the Widow’s Penalty and potential tax implications for single filers
  • The importance of timely applications for Social Security benefits to avoid missing retroactive payments
  • Upcoming initiatives, including the Women’s Retirement Success webinar series, aimed at educating women on financial planning topics
  • And more!

Resources:

Connect with Eric Blake: 

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Eric Blake on Senior to Seniors: Simplifying Retirement for Women in Transition (Ep. 44)

Eric Blake on Senior to Seniors: Simplifying Retirement for Women in Transition (Ep. 44)

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Retirement planning can feel overwhelming, especially for women newly managing finances on their own.

How can you build financial confidence, make informed Social Security decisions, and reduce taxes? What steps can help you create a stable future and enjoy retirement without financial stress?

I was a guest on Senior to Seniors with Jim Mazziotti. In this episode, I share insights on retirement income strategies, tax-efficient planning, and the Simply Retirement Roadmap process.

In this conversation with Jim, I talk about:

  • My personal journey into financial planning and why I focus on helping women—especially those who are single, divorced, or widowed—prepare for retirement
  • The key components of his Simply Retirement Roadmap and how it simplifies financial decision-making
  • The importance of Social Security strategies, tax-efficient withdrawals, and retirement income planning
  • How the recently passed Social Security Fairness Act benefits women, particularly widows and teachers
  • Why many people delay financial planning due to fear, and how education and guidance can make retirement decisions easier
  • And more!

Resources:

Connect with Eric Blake: 

Connect with Jim Mazziotti: 

About Jim Mazziotti: 

Jim Mazziotti is a Realtor focusing in SENIOR REAL ESTATE with EXIT Realty Elite, located in Grapevine, Texas He is the former franchise owner/Realtor & principal managing broker, of Exit Realty located in Bend, Oregon. In his thirty-two years in the real estate business he and his team have closed more than 2000 residential and commercial real estate transactions, including residential, resort, senior and luxury properties. Jim has been recognized in the Top 1% in sales and listings and is the recipient of the ‘Esprit de Corps,’ one of EXIT Realty Corp Internationals most prestigious awards. Steve Morris, the founder and chairman of the board for EXIT Realty Corp International characterizes recipients of this award as “shining examples of what EXIT is all about and characterized by their community presence, professionalism and undaunted perseverance.”

Jim holds a number of certifications and designations including the ABR (Accredited Buyers Representative), SFR (Short Sales and Foreclosure Representative), MRP (Military Relocation Professional), SRES, (Senior Real Estate Specialist), REO Default Certified Professional, and is a Coach, Trainer & Speaker with the John C. Maxwell Organization, recognized as the top leadership organization in the world. Jim speaks and trains regularly across the United States and coaches real estate agents with his ‘Mazziotti Real Estate Accountability Coaching’ company.

Jim Mazziotti is a published author of the book titled The Challenge: How 144 Letters Changed My Life, The Life Of My Son And Will Change Your Life Too,” and sits on the Board of Directors for the National Guard Youth Foundation (NGYF) in Washington, D.C..

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Glowing Older: Embracing Aging, Wellness, and Purposeful Living with Nancy Griffin (Ep. 43)

Glowing Older: Embracing Aging, Wellness, and Purposeful Living with Nancy Griffin (Ep. 43)

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Living a fulfilling life as you age requires more than just financial preparation—it’s about embracing your values, fostering intergenerational connections, and planning with intention.

In this eye-opening episode of The Simply Retirement Podcast, host Eric Blake sits down with Nancy Griffin, CEO of Glowing Older and host of the Glowing Older podcast, to challenge outdated ideas about aging and retirement. Together, they dive into the misconceptions surrounding aging, the importance of life planning beyond just finances, and how to break free from ageism. Nancy shares her insights on how to live a fulfilling, purpose-driven life at any stage, emphasizing movement, social connection, and mindfulness as key factors for aging well. Whether you’re preparing for retirement or looking for ways to enrich your later years, this episode is packed with valuable advice to help you take control of your future.

Nancy discusses: 

  • Why the term “anti-aging” is misleading and how to shift your perspective
  • The benefits of intergenerational connections in combating stereotypes and fostering understanding
  • Why life planning—not just financial planning—is the key to a fulfilling retirement
  • The impact of ageism on society and actionable strategies to address it
  • Actionable steps for healthy aging, including physical activity, better sleep, and enriching social interactions
  • And more!

Resources:

Connect with Eric Blake: 

Connect with Nancy Griffin: 

About our Guest: 

Nancy Griffin is on a mission to help older adults live happier, healthier lives. Nancy showcases new paradigms of aging well on the Glowing Older podcast in housing, health, technology, intergenerational connections, purpose, and lifelong learning.

She is also the founder of SeniorTrade, a virtual village for senior living and aging services professionals, and ExposeAgeism, a movement to combat ageism in the spa, beauty, and wellness industries.

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