Tag: Women and Retirement

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Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

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Social Security decisions can feel overwhelming, especially when trying to understand spousal and survivor benefits. 

What benefits are you entitled to based on your spouse’s record? When should you claim them?

In this Q&A episode, I address two common Social Security questions that women face. I walk through the step-by-step process for determining spousal benefits for married couples and explore the strategic decisions widows face when choosing between their own retirement benefit and survivor benefits. I also share practical guidance for a recent widow navigating cash flow challenges, work decisions, and benefit timing in the early months after loss.

Key points:

  • The six-step process to determine spousal benefit eligibility and calculate the maximum benefit amount
  • How survivor benefits differ from spousal benefits and why this distinction matters for your strategy
  • Why starting one benefit early while delaying another can maximize lifetime Social Security income
  • Cash flow considerations when facing the decision to return to work while receiving benefits
  • The importance of sequencing decisions rather than rushing to solve everything at once
  • And more!

Resources:

Connect with Eric Blake: 

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Finding Your Financial Footing After Life’s Biggest Transitions with Tony Steuer (Ep. 88)

Finding Your Financial Footing After Life’s Biggest Transitions with Tony Steuer (Ep. 88)

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Major life transitions can leave you feeling lost and uncertain about your financial future.

How do you move forward when everything feels overwhelming? What questions should you even be asking when you’re navigating divorce, widowhood, or any significant financial change?

In this episode, I sit down with Tony Steuer, Author and Host of The Get Ready Podcast. Tony shares his perspective on why so many people freeze when facing financial decisions and how reframing your relationship with money, treating it like learning a new language, can transform confusion into confidence. We discuss practical steps for getting organized, recognizing red flags in advice you receive, and giving yourself permission to ask for help without shame.

Key Insights:

  • Why acknowledging overwhelm is the essential first step before making any financial decisions
  • The concept of financial fluency and how treating money like a new language removes shame from the learning process
  • Red flags that signal potentially harmful financial advice, including time pressure and isolation tactics
  • Simple organizational steps to inventory your financial life and understand what you actually have
  • How working with fee-based insurance consultants can provide unbiased reviews of existing policies
  • And more!

Resources:

Connect with Eric Blake: 

Connect with Tony Steuer: 

About our Guest: 

Tony Steuer, CLU, LA, CPFFE, is an internationally recognized financial preparedness advocate, award-winning author, podcaster and fintech advisor who is changing the way we think about money. Tony is the host of The Get Ready Money Podcast. Tony developed the Get Ready Movement to empower and educate people on all areas of personal finance. He is an Advisor at Insurance Nerds and Dingo Technologies, an expert content reviewer for Nerdwallet and Bankrate as well as a member of The Forbes Advisor Insurance Advisory Board. Tony is a five-time recipient of the Excellence in Financial Literacy Education Award as well as a member of the ThinkAdvisor’s LUMINARIES Class of 2022 as a Finalist in Thought Leadership & Education. Tony served as a long-term member of the California Insurance Department Curriculum Board.

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The Truth Behind Social Security Increases and What They Mean for Your Retirement (Ep. 87)

The Truth Behind Social Security Increases and What They Mean for Your Retirement (Ep. 87)

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That annual Social Security increase announcement can be confusing. 

Is it a bonus? Will it cover your rising costs? More importantly, how does it really affect your decisions about when to retire and when to claim your benefits?

In this episode, I unpack the new 2.8% cost-of-living adjustment for 2026. We explore how Social Security benefits grow differently before and after age 62, why the inflation measure might not match your personal expenses, and how your early work years still count. We provide clarity on how delaying your claim and continuing to work can increase your lifetime benefits, especially important for married couples planning for survivor income.

Key Points Covered:

  • The meaning behind the 2026 2.8% COLA and why personal inflation may be higher
  • How Social Security uses CPI-W, an inflation index for workers, which can undervalue senior expenses like healthcare
  • The role of wage indexing in growing your pre-retirement benefits and the “gap” from age 60 to 62
  • The powerful impact of delaying your filing age on your monthly benefit and future COLA dollar amounts
  • How working in your 50s, 60s, or 70s can replace low-earning years and permanently increase your benefit
  • And more!

Resources:

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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:

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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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 3: The Building Blocks of Your Retirement Portfolio (Ep. 82)

Investing in Retirement – Part 3: The Building Blocks of Your Retirement Portfolio (Ep. 82)

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Investing in retirement requires a completely different mindset, one focused on income, not just preservation.

In this episode, I continue our Seven Strategies for Successful Investing in Retirement series by explaining Strategy #4: Understanding the Role of Stocks in Retirement, and Strategy #5: The Value of Dividend Growth Investing. 

Together, these two approaches show how stocks can generate sustainable income and growth throughout your retirement years.

Key Takeaways:

  • Why stocks shouldn’t be viewed like gambling, and what their long-term record actually shows
  • How a balanced stock and bond mix can fuel income growth over decades
  • The real-world power of dividends to combat inflation and support retirement income
  • Why reacting emotionally during market downturns often hurts long-term outcomes
  • How dividend growth investing can provide ongoing income, compounding, and stability
  • And more!

Resources:

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The S&P 500 Index is an unmanaged index of 500 large U.S. companies. It is not possible to invest directly in an index. Index returns do not include fees or expenses.

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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.)

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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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