Widow, Wisdom & Wealth with Donna Kendrick

We’re back to wrap up our discussion on easy personal finance wins. While crafting a comprehensive financial plan is crucial, sometimes making minor adjustments in your portfolio can yield significant benefits. Listen in as we share some more powerful strategies to help get your financial house in order.   Here’s some of what we discuss in this episode: Analyzing the tax efficiency of your investments Regularly reviewing and updating beneficiary designations Rebalancing your investment portfolio Accurately assessing and funding your emergency fund by tracking your spending patterns The benefits of automating your savings   Get additional financial information: https://sephtonfinancial.com/podcasts/  

It’s important to eventually get a comprehensive financial plan for yourself, but sometimes even just a few minor adjustments in your portfolio can make a big difference. Let’s discuss a few easy places to start…   Here’s some of what we discuss in this episode: Establishing the right amount of yield cash as a financial safety net Cleaning up some old life insurance policies Consolidating retirement accounts when changing jobs to maintain control and stay organized Reconsidering managed accounts to ensure that they are actively managed and offer value for the fees paid Reviewing the fees and expense ratios of your mutual funds   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Welcome back to Widow, Wisdom & Wealth! In this episode, we tackle the common complaints that arise during the financial planning process. Whether you feel like your advisor is taking too much risk, your account isn’t growing the way you’d like, or you don’t understand your financial plan, we'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.   Here’s some of what we discuss in this episode: If you feel like your advisor is taking too much risk, it’s important to assess your risk tolerance and align your investment portfolio accordingly Your account's performance may not match the market's performance. It's essential to consider your unique circumstances, investment goals, and risk tolerance when evaluating returns Understanding the various fees associated with your investments and financial planning Effective communication with your financial advisor is key. They should be able to explain complex concepts in a way that makes sense to you Recognizing the difference between financial planning and asset management   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs are a way for the government to collect taxes on your tax-deferred savings, such as traditional IRAs and 401(k)s. In this episode, Donna and Marc break down the basics of RMDs and explain how they are calculated based on your age and account balance. Listen in as we share strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. Here’s some of what we discuss in this episode: What are RMDs and why do they exist? The recent changes in RMD rules, which has moved the RMD age to 73 + potential future changes Using RMDs for charitable giving + legacy planning options with RMDs How Roth conversions can help control tax brackets and provide tax-free growth   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.   This is a topic that’s close to Donna, having lost her husband in 2013 and facing many of the challenges we’re talking about in this episode. So we’ll explore actionable strategies to address these issues, such as the importance of life insurance and the ins and outs of spousal pension continuation. We hope this episode helps out anyone who is concerned with ensuring the financial well-being of their remaining family members and safeguarding your financial future and legacy in the face of loss.   Here are some key takeaways from this episode:   Donna shares her personal experience dealing with the loss of her husband and the financial challenges that she immediately faced in the aftermath. The changes in tax filing that surprises many widows and what you need to be prepared. Some of the financial planning strategies you can use to prepare yourself for this emotional situation. What are some of the things you need to be thinking about to help take care of your kids and grandkids. What Donna thinks about having a trust and why you need to work with an estate planning attorney about the options.   If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Get additional financial information: https://sephtonfinancial.com/podcasts/    

In this episode, we’re back to discuss the complex and often emotionally charged process of changing financial advisors. We'll share the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. In part one, we focused on making sure that your financial advisor aligns with your needs and goals. In this episode, we talk through what the transition to a new advisor looks like.   Here are some key takeaways from this episode: When switching advisors, inform your current advisor about your decision and discuss the logistics of transferring your accounts. Be prepared for some paperwork and potential closing fees. When searching for a new financial advisor, ask about their credentials, qualifications, and specialization. Consider their investment philosophy, approach to portfolio management, and how they communicate with clients. After making the switch, be patient and give your new advisor at least a year to assess the performance and effectiveness of their services. Communication is key, so don't hesitate to ask questions or seek clarification if needed!   Get additional financial information: https://sephtonfinancial.com/podcasts/    

In this episode, we delve into the complex and often emotionally charged process of changing financial advisors. We'll discuss the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. Join us as we demystify the transition process and equip you with the knowledge you need to make informed decisions about who is best suited to guide your financial future!   Here are some key takeaways from this episode: Many people form strong emotional connections with their financial advisors. However, it's important to balance this emotional connection with your current financial needs and goals. Before deciding to change advisors, identify your financial needs and goals. Create an avatar of your ideal advisor by listing the services and qualities you want to help assess whether your current advisor aligns with those requirements. Ask questions that matter to you. Inquire about your advisor’s use of technology, specialization, willingness to work with other professionals, and more. Make sure their answers align with your needs. Trust your instincts and feelings. If something doesn't feel right or you're not fully satisfied with the advice or services you're receiving, consider seeking a new advisor who better meets your expectations. Remember that finding the right financial advisor is a two-way street. Advisors also assess whether you're a good fit for their practice and approach.   Get additional financial information: https://sephtonfinancial.com/podcasts/    

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Donna work to resolve conflicts in these areas as they arise.    Here’s some of what we’ll discuss in this episode: Agreeing on the right amount to have in an emergency fund. (3:06) Being on the same page about charitable contributions. (7:02) Deciding what to do with an inheritance. (10:25) Having protection planning conversations about insurance and long-term care. (13:49) How do you want to handle financial management in retirement? (16:36)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.   Here’s some of what we’ll discuss in this episode: What level of risk should you take in your portfolio? (2:38) Deciding on the best age to retire as a couple. (5:24) Are you on the same page about paying for your children’s college education + legacy planning? (8:45) Should you downsize or not downsize? (11:08) Agreeing on your retirement lifestyle. (13:28)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k).    Here’s some of what we’ll discuss in this episode:  If your employer does not offer matching contributions, there are many other vehicles that have guarantees. (2:46) Thinking about future tax increases. (6:41) Finding the balance between saving for long-term goals and paying off debt. (9:03) Keep it, roll it, or control it: three options for a 401(k) if you leave a company. (12:45)   Find links to subscribe on your favorite app and get additional financial information: https://sephtonfinancial.com/podcasts/      

Celebrate the spirit of July 4th with our latest episode as we tackle the concept of Financial Independence. While the American colonists fought for freedom from British rule, we’re here to discuss what you’re striving to be independent from in your retirement. We’ll unveil the common foes you’ll face on the journey. And good news, no muskets required for these battles!   Here’s some of what we’ll discuss in this episode:  Are you saving enough to afford your own long-term care and using Social Security well? (1:34) Not having to rely on your kids later in life. (4:22) Entering retirement with no debt. (7:29) Having the choice to work in retirement instead of being forced to work. (9:12) Independence from the stock market. (11:09)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success. Tune in to this episode and develop healthy financial habits that pave the way for a secure future!   Here’s some of what we’ll discuss in this episode: It’s important to be aware of your account statements. (2:29) Being addicted to the rising stock market. (5:48) The impact of procrastinating financial decisions. (7:38) Living beyond your means and mismanaging debt can be detrimental. (12:12) The danger of funding non-emergencies from your emergency fund. (14:58) The benefits of working with a financial professional. (17:50)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Today, we're diving into a topic that affects everyone, regardless of age or financial status: how age and wisdom impact financial planning. No matter where you are in life, your financial goals and priorities will change over time, and it's important to have a plan that reflects your unique needs. In this episode, we'll explore the ways in which age and wisdom impact financial planning strategies and provide practical tips and insights to help you make informed decisions about your finances.   Here’s some of what we’ll discuss in this episode:  How our views change as we age. (1:48) Why age matters in financial planning. (3:48) How life experiences affect financial planning. (7:56)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

We are excited to have Kyle Tevlin, the founder, and creator of I Want a Fun Funeral, join us today. Kyle was inspired to create this unique funeral planning service after attending several funerals that left her feeling underwhelmed and disheartened. She noticed that many of these events felt somber and lacked the personal touch that she believed would better honor the lives of those being remembered. This inspired her to launch her business, a service that helps people plan personalized and creative funerals for themselves. In this episode, Kyle shares her insights on new funeral trends, effective strategies for communicating your final wishes to your family, and the advantages of planning a funeral that is meaningful to who you are. Join us as we explore new ways to think about end-of-life planning.   Here’s some of what we’ll discuss in this episode: Kyle shares her journey to creating fun funerals. (1:13) Funerals can look any way you want. (5:48) The biggest advantages to planning a fun funeral. (14:49) What financial success means to Kyle. (25:38)   Episode Resources: I Want a Fun Funeral: https://www.iwantafunfuneral.com/ Green Burial Council: https://www.greenburialcouncil.org/ Get additional financial information: https://sephtonfinancial.com/podcasts/    

Are you aware that not all retirement accounts are created equal? In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and more. We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can make informed decisions for your retirement plan.   Here’s some of what we’ll discuss in this episode:  Pros and cons of 401(k)s, 403(b)s, and 457 plans. (1:36) Pros and cons of traditional and Roth IRAs. (4:29) Pros and cons of HSAs and FSAs. (9:46) What to keep in mind with Annuities, CDs, and Dividend Stocks (11:55) How do you choose the best option for your plan? (15:15)    Get additional financial information: https://sephtonfinancial.com/podcasts/  

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning and most of the time to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.    Here’s some of what we’ll discuss in this episode: The risk of waiting for a certain number in the bank before implementing your investment strategy.  (2:15) How the “I’m going to get serious about saving next year” attitude often leads to missed opportunities. (5:44) The danger of pushing off reducing your risk. (7:41) Having a plan before picking a retirement date. (11:50)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Welcome to part two of our discussion about personality types and how your financial advisor should work with you. Last time we covered four different personality types, and we’ll be continuing that theme today with the remainder of our financial personalities. Most people fit into one of 8 personality categories. Find out which one best describes you and what that means when it comes to financial planning.  Here’s some of what we’ll discuss in this episode: Are you a silo stocker? (2:03) Are you an odd couple when it comes to finances? (6:28) Are you a gambler? (9:59) Get additional financial information: https://sephtonfinancial.com/podcasts/

Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals?  In this episode, we'll tackle the question of whether an advisor should tailor a plan to fit your personality. We'll discuss the pros and cons of different approaches and explore how understanding your financial personality can help you make more informed decisions.  Here’s some of what we’ll discuss in this episode: The financial personality is scarred from something that’s happened to them in their financial journey. (1:55) How we work with people that over-analyze to the point of being unable to make a decision? (5:55) The do-it-yourselfer does a good job but are they able to understand every piece of the financial puzzle?  (9:31) The person that buries their head in the sand to avoid having to learn everything about their portfolio. (15:00) Get additional financial information: https://sephtonfinancial.com/podcasts/

Are you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete. On this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible. Here’s some of what we’ll discuss in this episode: Donna addresses the danger posed by a market downturn early on in your retirement. (2:17) Most Americans don’t realize they have a tremendous opportunity to save money on taxes as they approach retirement. And if you factor in that taxes might go up in the future it highlights why this is often one of the biggest missing pieces in the average retirement plan. (7:42) Another overlooked area of planning is when people underestimate the likelihood they’ll have a long-term care need when they get older. (11:00) Donna underscores why it’s important to have a living and breathing financial plan and not one that you just set and forget. (15:10) Listen to the full episode to also learn about inflation, the dangers of rising medical costs, the challenges presented by RMDs, how to handle unexpected job losses and more… If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Get additional financial information: https://sephtonfinancial.com/podcasts/

In this episode, we’ll discuss five of the most common financial fears that come up in our conversations with retirees and pre-retirees. When you have one of these fears, what can you do to address them? Donna will tell you what approach we take with clients and how proper planning can alleviate much of the worry. Here’s some of what we’ll discuss in this episode: How we help someone address the fear of running out of money. (2:05) The life events that could deplete your nest egg in retirement. (4:11) Focusing on being more efficient with taxes so you don’t have to pay more than you need to. (7:04) What does a legacy mean to you and have you planned for it? (10:30) Having to alter the lifestyle and reduce the quality of life you hope for in retirement. (14:44)   Get additional financial information: https://sephtonfinancial.com/podcasts/

Today’s guest is Mark Davis. Mark is an estate lawyer with the law office, Connor Elder Law in Lafayette Hill. He has over 20 years of experience in the field of aging and disability services as a legal and public policy advocate. In this episode, we will discuss important aspects of estate planning. Mark shares his wisdom with us, from how to choose a lawyer to navigating establishing a will. On this episode, we’ll share: Listen here to learn about the power of attorney. (13:32) What is the timeline for a widow getting her will redone after her spouse passes? (21:58) Learn about finding a good estate lawyer. (28:06) If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Learn about our guest: https://connorelderlaw.com/ Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

Sometimes it might seem like talking to your financial advisor feels like talking to a therapist, and that’s ok. Let’s discuss some scenarios where it’s almost inevitable that a talk with your advisor seems like a counseling session. On this episode, we’ll share: Discussing career difficulties with your advisor. (5:27) Does money stress you out? (7:30) Sometimes you just need a sounding board, and that’s okay. (10:00) If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

You need to make smart decisions during major life events, and we are here to help guide you. Whether it's a job change or divorce, we recommend taking three months to work everything out.  Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. We’ll explain how to handle big changes the right way. On this episode, we’ll share: How to handle a job change. (3:09) How to handle divorce. (5:48) How to handle an inheritance. (8:54) If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

Getting through retirement can be a lot like running a marathon. From planning and preparation to a proper diet, a lot of these skills work in both worlds. With marathons, you don’t want to start to fast and tire yourself out before the finish. The same can be said for spending your retirement money. Today we’ll share some of the similarities of getting to the finish line in racing and retirement. On this episode, we’ll share: You might think you don’t need planning and preparation, but you’re wrong. (2:36) Your diet is essential for running and retirement planning. (5:27) Don’t start a race or your retirement too fast. (9:06) If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. You might have watched your parents retire in their early 60s and think that’s how it should still be for everyone. Have you considered that you’ll likely live much longer than them, you probably don’t have the pension that they had, and the costs for your healthcare during your retirement years will dwarf their costs? Don’t feel entitled to retirement at a certain age unless you have a plan in place that shows you why and how it’s possible. Here is what you will learn in this episode:  Do you really know how much it costs to fund your lifestyle? (1:37) Are you focusing more on a specific net worth instead of generating an income in retirement? (7:03) How has the way your parents’ handled retirement affected you? (8:46) Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

Emotions play a big part in investing. They often dictate where you put your money, when you move your money, and whether or not you ask for help. Today we will be touching on some of the more common emotions investors may experience as they plan for retirement. Market volatility has been stirring up a lot of less-than-pleasant feelings among investors, especially those that have been enjoying the last decade of a favorable market. We will give you some tools to help you navigate those feelings, so you stay confident in your plan for the future. Here is what you will learn in this episode:  The markets have been favorable for so long, that volatility can be stressful for newer investors. (3:21) How should you navigate fear through market volatility? (5:19) Hope is important, but you also need to strategize. (7:08) How pride can get in the way of long-term financial planning. (9:23) Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone. Here’s some of what you’ll learn in this episode: What happens if you take social security early, then change your mind? (2:05) Why making the right decisions with your pension plan is vital. (4:58) Can you change your mind about life insurance? Yes, but you’ll want to keep these situations in mind. (7:16) What to consider when choosing your retirement date. (11:04)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations to which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. Here’s some of what you’ll learn in this episode: How bucket planning can help you continue to have growth while having access to funds. (2:15) Ways to build confidence in your retirement plan. (4:36) The three non-negotiable goals you should have. (7:26) How to plan for independence in retirement. (9:37)   Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/ Get additional financial information: https://sephtonfinancial.com/podcasts/  

Going through a divorce at any age is difficult but doing it near or in retirement adds all sorts of additional complications. On part two of this conversation, we’ll talk about some of the financial mistakes we see people make in the midst of a divorce when it comes to other assets besides the house. Here’s some of what you’ll learn on this episode: The asset(s) you choose might have significant tax implications that you need to factor into the decision. (3:31) What is a QDRO and what does it mean for retirement savings accounts? (5:42) Why we always recommend clients look at their beneficiaries on retirement accounts during this process. (9:02) How to take cash from a settlement and make them retirement funds. (10:55) The first steps any person thinking about divorce should be taking to prepare their assets. (12:50)   Check out part one: https://sephtonfinancial.com/2022/08/ep-23-retirement-divorce-how-do-you-handle-your-home-part-1/    Get additional financial information: https://sephtonfinancial.com/podcasts/  

Going through a divorce at any age is difficult but doing it near or in retirement adds all sorts of additional complications. On this episode, we’ll talk about some of the financial mistakes we see people make in the midst of a divorce. Divorcee are often in a more complicated financial situation than many of the widows and widowers we work with. The reason being widows and widowers had their portfolio in front of them and everything was set while divorce makes planning and decision making difficult because so much is unsettled. In this part one of our conversation, we’ll focus on how the house gets handled, Here’s some of what you’ll learn on this episode: Choosing the house over other financial assets isn’t necessarily the best outcome. (3:12) How the mortgage gets settled during the divorce process. (8:25) The two factors you have to consider – the affordability of the home and the emotional connection to the home. (10:29) How the kids factor into this decision and what considerations need to be made. (14:59)   Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/   Visit us online: https://sephtonfinancial.com/