Tag: Social Security Strategy

Feature Image
7 Questions Every Woman Should Ask Before Hiring a Financial Advisor (Ep. 94)

7 Questions Every Woman Should Ask Before Hiring a Financial Advisor (Ep. 94)

By |

Choosing a financial advisor is one of the most important decisions you’ll make as you approach retirement, especially if you’re navigating it on your own. 

Yet many women don’t realize how much clarity and confidence can come from simply asking the right questions before committing to a long-term relationship.

In this episode, I walk through seven essential questions every woman should consider before hiring or changing a financial advisor. We discuss why so many women change advisors after losing a spouse, how to evaluate an advisor’s process, and what to listen for when recommendations are presented. I also explain why retirement income planning, Social Security strategy, and tax coordination require a different level of focus than simply saving for retirement, and how to think about value beyond just the advisory fee. 

Key Takeaways:

  • Why the commonly cited statistic about women changing advisors highlights the need for better conversations
  • The importance of understanding an advisor’s process before agreeing to work together
  • How to evaluate whether recommendations truly align with your goals, values, and concerns
  • Why retirement income planning, Social Security, and tax strategy require specialized focus
  • How to assess value beyond fees, including adaptability, communication, and long-term partnership
  • And more!

Resources:

Connect with Eric Blake: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Feature Image
Understanding The Widow’s Penalty and What You Can Do About It (Ep. 66)

Understanding The Widow’s Penalty and What You Can Do About It (Ep. 66)

By |

Losing a spouse is heartbreaking, but it can also trigger financial challenges that many women aren’t prepared for. 

The Widow’s Penalty is real, and it can have long-term consequences on income, taxes, and retirement.

In this episode, I walk through the Widow’s Penalty, what it is, why it disproportionately affects women, and what proactive steps can be taken to protect your financial future. We share real client stories, clear up tax myths, and offer strategies to navigate the road ahead with more confidence and clarity.

Key points:

  • How the Widow’s Penalty results in higher taxes and lower income due to filing status changes and reduced Social Security benefits
  • Why women are more impacted due to longer life expectancy, smaller Social Security/pension benefits, and caregiving interruptions
  • Real-life client examples, including challenging planning scenarios involving early widowhood and limited access to retirement assets
  • Important tax strategies, like using Roth conversions and capital gains harvesting during joint filing years
  • When couples should begin retirement planning conversations, emphasizing proactive communication before unexpected life events
  • 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 $146,000 for single filers and $230,000 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

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More