Tag: Retirement Planning

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Taking Control During Divorce: How Coaching Can Help You Make More Confident Decisions (Ep. 86)

Taking Control During Divorce: How Coaching Can Help You Make More Confident Decisions (Ep. 86)

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Divorce doesn’t have to be devastating.

It can be empowering when approached with clarity and the right support.

In this episode, I sit down with Karen Covy, divorce coach, attorney, and mediator, to explore how women can take control of the divorce process. We talk about choosing the right process for your situation, understanding your finances, and why preparation and strategy make all the difference in creating a smoother transition and stronger future.

Key Takeaways:

  • The importance of choosing the divorce process that best fits your goals and circumstances
  • Why most lawyers promote only the process they practice, and how coaching helps you find the right one for you
  • How planning early and understanding your financial picture can prevent years of regret
  • What it means to become the “CEO of your own divorce” and coordinate your full team
  • Practical first steps to start regaining confidence and clarity if you feel stuck or afraid to move forward
  • And more!

Resources:

 

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About our Guest: 

Karen Covy is a Divorce Coach, Lawyer, Mediator, Author, Speaker, and Podcaster. She coaches busy professionals and business owners all over the world to make clear, confident decisions about their most important relationships. She also helps them navigate through divorce with less conflict, unnecessary expense, and needless drama so that they can create the life they truly desire sooner rather than later. Karen is the author of When Happily Ever After Ends: How to Survive Your Divorce Emotionally, Financially, and Legally. She is also the creator of the online divorce programs, The Divorce Road Map 3.0 and How to Successfully Mediate Your Divorce, as well as the host of the podcast, Off the Fence: Mastering Decision-Making Divorce and More.

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Social Security: Essential Rules for Women and Divorcees (Ep. 85)

Social Security: Essential Rules for Women and Divorcees (Ep. 85)

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Understanding Social Security can feel complicated, especially when life events like divorce or widowhood come into play. 

In this episode, I join Karen Covy on her podcast, Off The Fence, to walk through the rules that often matter most for women.

We discuss how full retirement age works, how spousal, ex-spousal, and survivor benefits are determined, and what to know about the 10-year marriage rule. Our conversation also covers the Social Security Fairness Act and how it affects certain workers with pensions.

Together, we outline key considerations that can help listeners better understand their options when planning for future income.

Key Topics:

  • How full retirement age determines your benefit amount and why this number is critical to every Social Security decision
  • The difference between spousal, ex-spousal, and survivor benefits, and how remarriage affects your eligibility
  • The 10-year marriage rule for divorced individuals, and what documentation you need to claim benefits
  • How the Social Security Fairness Act eliminated penalties that primarily affected women with pensions
  • Strategic timing considerations when you’re still working and approaching retirement age
  • And more!

Next week, Karen will be joining me on the Simply Retirement Podcast to discuss how women can move forward with strength and strategy after divorce. Make sure you’re subscribed so you don’t miss it.

Resources:

Connect with Eric Blake: 

Connect with Karen Covy: 

About our Guest: 

Karen Covy is a Divorce Coach, Lawyer, Mediator, Author, Speaker, and Podcaster. She coaches busy professionals and business owners all over the world to make clear, confident decisions about their most important relationships. She also helps them navigate through divorce with less conflict, unnecessary expense, and needless drama so that they can create the life they truly desire sooner rather than later. Karen is the author of When Happily Ever After Ends: How to Survive Your Divorce Emotionally, Financially, and Legally. She is also the creator of the online divorce programs, The Divorce Road Map 3.0 and How to Successfully Mediate Your Divorce, as well as the host of the podcast, Off the Fence: Mastering Decision-Making Divorce and More.

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REPLAY: Social Security Fairness Act (Ep. 84)

REPLAY: Social Security Fairness Act (Ep. 84)

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Many people nearing retirement are unsure how recent rule changes might affect what they can receive.

What happens when long-standing limits disappear, and families finally gain access to benefits they were denied for years?

In this special replay, we revisit one of our most crucial and widely discussed episodes of the year: the one focusing on the Social Security Fairness Act.

I walk through the details of the Social Security Fairness Act and highlight its significant impact, especially on survivor and spousal benefits for women across the country. I explain how removing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) could open new income opportunities. Additionally, I discuss what these potential changes mean for teachers and public sector workers, and the immediate steps listeners should consider taking now.

Key takeaways:

  • How eliminating WEP and GPO shifts eligibility for many women previously reduced or blocked from benefits
  • Why survivor and spousal payments may now be available even if pensions once prevented them
  • How timing, age, and filing strategies still influence benefit amounts
  • Action steps for reviewing statements, applying promptly, and preparing for retroactive payments
  • Why staying informed is essential as Social Security adjusts to this major policy change
  • And more!

Resources:

Connect with Eric Blake: 

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Investing in Retirement – Part 4: Putting the Pieces Together for a Successful Retirement (Ep. 83)

Investing in Retirement – Part 4: Putting the Pieces Together for a Successful Retirement (Ep. 83)

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Retirement planning doesn’t end once you stop working; it evolves. 

In this episode, I wrap up my seven essential strategies for successful investing in retirement, focusing on two of the most pivotal: managing your tax burden and deciding whether to work with an advisor. 

I share how to plan ahead for taxes, the importance of timing withdrawals, and why every woman deserves a seat at the financial table.

Key Takeaways:

  • Why emotional decisions during market downturns often lead to poor outcomes
  • How to manage your lifetime tax liability, not just your yearly one
  • Why your retirement income plan should start 2–5 years before retiring
  • The key questions to ask before hiring a financial advisor
  • The importance of involving both spouses, especially women, in financial conversations
  • And more!

Resources:

Connect with Eric Blake: 

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Investing in Retirement – Part 2: Changing the Way You Think About Retirement (Ep. 81)

Investing in Retirement – Part 2: Changing the Way You Think About Retirement (Ep. 81)

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What if the way you’ve been told to protect your money in retirement is actually putting your future at risk?

In this episode, I continue our series on the seven essential strategies for successful investing in retirement. We tackle one of the most misunderstood aspects of retirement planning, defining the real purpose of your portfolio and reframing how you think about risk. This conversation is designed to shift your perspective from fear and preservation to growth and resilience.

Key takeaways include:

  • Why “not running out of money” and “preserving principal” are often conflicting goals
  • The impact of inflation and longevity on retirement income needs
  • A real-life story about my grandmother’s retirement and long-term care costs
  • How the financial crisis illustrates the value of having a retirement “war chest”
  • Risk in retirement as “years of income” rather than portfolio percentages
  • And more!

Resources:

Data References:

  • Average Life Expectancy at Birth (U.S.)

Connect with Eric Blake: 

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Investing in Retirement – Part 1: It Starts with Having a Plan (Ep. 80)

Investing in Retirement – Part 1: It Starts with Having a Plan (Ep. 80)

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Retirement is shifting in ways that require new thinking, new planning, and new strategies.

In this episode, I launch a new series on the seven essential strategies for successful investing in retirement. I explain how today’s retirement looks different than past generations, why the Great Wealth Transfer is so impactful for women, and why starting with a clear financial plan is more important than ever.

In this conversation, we cover:

  • How the retirement landscape has changed
  • Why investing in retirement is different than investing for retirement
  • The Great Wealth Transfer and its impact on women managing wealth for the first time
  • How values and goals form the foundation of your financial roadmap
  • Why a financial plan is the cornerstone of all retirement strategies
  • And more!

Resources:

Connect with Eric Blake: 

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7 Smart Giving Strategies for Family and Charities Before Year-End (Ep. 78)

7 Smart Giving Strategies for Family and Charities Before Year-End (Ep. 78)

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The holiday season often inspires generosity, but how you give can make a big difference for both your loved ones and your finances.

In this episode, I explore seven actionable gifting strategies you can use before the year ends to support your children, grandchildren, and favorite charities while also being mindful of tax planning opportunities. I walk through practical examples to help you give with purpose and joy.

Keypoints:

  • The $19,000 annual gift exclusion and how it works with lifetime estate tax limits
  • Gifting appreciated assets like stocks to family or charities to reduce taxes
  • Paying tuition and medical bills directly to providers without gift tax concerns
  • Leveraging 529 accounts, custodial accounts, and new temporary Trump accounts
  • Charitable giving strategies, including qualified charitable distributions and donor-advised funds
  • And more!

Resources:

Connect with Eric Blake: 

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Year-End Tax Planning Checklist for 2025 (Ep. 75)

Year-End Tax Planning Checklist for 2025 (Ep. 75)

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The final months of the year are the perfect time to review your finances and take action before December 31st. 

New tax laws bring both opportunities and risks, making this year’s planning even more important.

In this episode, I walk through my year-end tax planning checklist to help you understand the key areas that can impact your retirement, your taxes, and your long-term goals. I explain how to approach contributions, distributions, and deductions strategically while also touching on family gifting and estate considerations.

Key points:

  • Why reviewing your tax plan in October and November helps maximize opportunities before the year ends
  • How to use retirement accounts, Roth IRAs, and HSAs to reduce taxes and grow long-term wealth
  • The importance of required minimum distributions (RMDs) and qualified charitable distributions (QCDs)
  • Family gifting strategies and the unique advantages of 529 contributions
  • Deduction changes, charitable giving rules, and new provisions under the current tax law
  • And more!

Resources:

Connect with Eric Blake: 

Roth IRA earnings grow tax-free, and qualified withdrawals are also tax-free, provided certain conditions are met (e.g., the account has been open for at least 5 years and you are age 59½ or older, or meet another qualifying condition). Eligibility to contribute to a Roth IRA phases out at higher income levels. Non-qualified withdrawals of earnings may be subject to income taxes and a 10% early withdrawal penalty. Converting a traditional IRA or other tax-deferred account to a Roth IRA is a taxable event and may increase your current-year tax liability. Roth conversions cannot be undone.

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Social Security Claiming Strategies: Beyond the Breakeven Calculator (Ep. 74)

Social Security Claiming Strategies: Beyond the Breakeven Calculator (Ep. 74)

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Deciding when to start Social Security is more than a math equation. It’s about balancing life expectancy, risk tolerance, and long-term income needs.

In this episode, I explore the trade-offs of claiming early versus delaying for larger benefits. I explain how investing early benefits might change the picture, why survivor benefits matter, and how taxes and policy changes could influence your strategy. This conversation highlights the importance of tailoring the decision to your unique situation.

Key Points:

  • Why breakeven calculators don’t tell the full story about Social Security timing
  • The potential of investing early benefits into accounts like a Roth IRA
  • How spousal benefits and survivor planning influence claiming strategies
  • The role of taxes, risk tolerance, and other income sources in the decision
  • Possible future adjustments Congress may make to Social Security rules
  • And more

Resources:

Connect with Eric Blake: 

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Roth IRAs and Retirement: What You Need to Know (Ep. 73)

Roth IRAs and Retirement: What You Need to Know (Ep. 73)

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Roth IRAs can feel confusing—but when you understand how they work, they can become one of the most powerful tools in your retirement plan.

In this episode, you’ll discover how Roth IRAs may give you more control over your taxes in retirement, create flexibility for future withdrawals, and help protect your income for the long run.

We’ll cover the basics—what Roth IRAs are (and aren’t), how the rules for contributions, conversions, and withdrawals really work, and why Congress has been pushing Roth accounts more in recent years. You’ll also hear how Roth IRAs may help you avoid hidden tax traps like higher Medicare premiums or unexpected Social Security taxes.

Key takeaways:

  • Why Roth IRAs are not investments themselves, but tax-advantaged account types that act like umbrellas shielding money from future taxes
  • How Congress is encouraging Roth contributions through Secure Act 2.0, giving retirees long-term tax-free opportunities
  • The importance of tax diversification, comparing it to and even elevating it above portfolio diversification
  • Four ways to fund Roth accounts: contributions, conversions, rollovers, and backdoor strategies
  • The five-year rule, distribution order, and how Roth IRAs can help control tax brackets, Medicare premiums, and Social Security taxation
  • And more!

Resources:

Connect with Eric Blake: 

Roth IRA earnings grow tax-free, and qualified withdrawals are also tax-free, provided certain conditions are met (e.g., the account has been open for at least 5 years and you are age 59½ or older, or meet another qualifying condition). Eligibility to contribute to a Roth IRA phases out at higher income levels. For 2025, contributions begin to phase out at a modified adjusted gross income (MAGI) of approximately $150,000 for single filers and $236,000 for married couples filing jointly. Non-qualified withdrawals of earnings may be subject to income taxes and a 10% early withdrawal penalty. Converting a traditional IRA or other tax-deferred account to a Roth IRA is a taxable event and may increase your current-year tax liability. Roth conversions cannot be undone.

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