How well can you navigate the financial labyrinth as a woman in today's society? We've invited Liz Flint, Assistant Vice President and Business Development Consultant with MFS Investment Management, to shed light on this pressing matter.
Our engaging conversation covers the societal transformation of women's roles from the 1950s to now, where women constitute 57% of the labor force.
Liz, a working mother, walks us through her personal journey, sharing invaluable tips for financial security.
Brace yourself for some staggering statistics! Did you know that just a third of Americans budget their earnings, and a shocking 63% are unequipped to handle a $500 emergency?
Our discussion with Liz delves into the significance of budgeting, compounding, and
disciplined saving. We reveal how this trifecta can lead to financial stability and independence.
Ever wondered about the intricacies of Social Security benefits and the "Pink Tax"? Our chat with Liz unravels these concepts with personal anecdotes and real-life examples.
We speak about the longevity gap between genders and its financial implications.
The episode wraps up with a profound discourse on the transfer of generational wealth, the resources for managing caregiving, and the immense power of financial literacy and knowledge.
Remember, it's never too late to seek help from an expert. Join us for this enlightening conversation.
You're listening to Finance Roundtable, a podcast that focuses on demystifying your money. Your hosts, professor Jacob Gold, michael Koshell and Kelvin Gold, will educate and entertain you on all areas related to personal finance. Get back, relax and enjoy the show.Speaker 2:
Hello listener, you're listening to the Finance Roundtable podcast. I'm your host, professor Jacob Gold, and I'm joined by my two co-hosts, michael Koshell and Kelvin Gold. Women today face unique financial pressures, whether they are raising a family, caring for aging loved ones or saving towards their own long-term goals. In today's episode, we will review these challenges and offer tips specifically geared towards women to help them plan accordingly. It will not be a conversation about the stock market, but instead about the life issues that women face that have been known to impact a sound financial plan. Here today to navigate us through this maze is Liz Flint, assistant Vice President and Business Development Consultant with MFS Investment Management. Liz, welcome to the podcast and thank you for making the time to be with us today.Speaker 3:
Well, thank you so much for having me today. I'm really excited.Speaker 2:
We've been looking forward to this for some time. If you wouldn't mind introduce yourself to our audience and tell us what you do for MFS, of course, so I have had the privilege of knowing Jacob and his family for the last 25 years.Speaker 3:
I was actually introduced to you when we were in college. That's right, our freshman year in college, we actually was roommates with his now wife, Sarah. So he was one of the very first people that I met when I was on campus at Arizona State and we've been friends ever since. So it is a privilege to be here today and to be asked to be a part of this. So I work at a firm called MFS Investment Management. So we invented MFS invented the very first mutual fund back in 1924. Wow, so, I've worked with our firm for 22 years and what I do now is I work as a business development consultant. So I work on a team at MFS called Advisor Edge, and we have the opportunity to travel around the country to talk to financial advisors about what sorts of things are they doing to grow, adapt and have success, but also what are some of the issues that their clients are facing where we might be able to put together content, where we can deliver that in the form of advisor education programs, but also in the form of client education programs. So one of the things that I focus on are the unique and evolving financial needs of women. So that is why I am so excited to be here today and share a little bit about the things that I talk, about, my personal story and some great resources that you can be using if you are going through any of these things.Speaker 2:
Well, I think our audience has really done a benefit from this and we really appreciate you making the time.Speaker 3:
Of course, thank you.Speaker 2:
And what we've talked about, or what we've seen, is that things have evolved over the last 75 years for women, and we recognize that back in the 1950s, only about 30% of the US labor force was comprised of women, whereas today, in 2023, it's roughly about 57% of the US labor force is comprised of women. Now, with that and all those positives, we also recognize that about 17% of women have left or expect to leave the workplace to become a caregiver, with 7% caring for children and 10% caring for aging parents or family members. So women have a unique obstacle in front of them financially speaking, and I think our audience is really going to benefit from your perspective, as well as recognizing what things they can do to further their financial position, your thoughts on that as far as the labor market and the challenges that women are facing in today's society.Speaker 3:
Oh, of course. So just a little bit about me personally, because I think it kind of sets the stage on my thoughts about everything. So I was married for 13 years and got divorced about five years ago. So during that time my issues that were so important many, many years ago are totally different now, and my concerns for the future look a lot different as well. So I'm divorced, I'm raising two young kids Actually, I don't really think they're young anymore, they're teenagers now but two teenage boys, I work full time and I'm divorced. So my issues today are totally different than they were a few years ago and, like I said, my concerns for the future look a lot different as well. And if we go back to what you said in the 1950s so there was an image. And if you were to Google 1950s Good Housewife, there's an actual image that was in a textbook in the 1950s. That's this picture of this man in a business suit coming home from work and the wife is in an apron and she's baking a pie and along with it there were these rules that women followed and it was called the Good Housewife. And some of my favorites are and I'll read them to you because I think they're fascinating about where we are or where we were. But some of them say prepare yourself, take 15 minutes to rest so that you will be refreshed when he arrives. He has just been with a lot of work. Weary people, be a little gay and a little bit more interesting. His boring day may need a lift. Greet him with a smile Because ultimately, the goal was to make your home a place of peace and order where your husband can relax in body and spirit. So that was the 1950s. So then the 1970s hit. The 1970s was a game changer for women. As so many women, they started challenging these rules, they started entering the workforce, and that was the decade that the women's movement officially began that. More and more women they did. They started doing just that entering the workforce. And now today, things have definitely changed. As you said, back in the 50s, 30% of the US labor force was comprised of women. Today that number is over 57%, with over 29% being the family's primary breadwinner. So in addition to that, I think another thing that's also changed is how we fund our retirements. So when I was growing up, it was very common for somebody to work at the same job or the same company for their entire careers. And what happens when you retire? Well, you get a great retirement party, you get a beautiful gift that's wrapped with a pretty gold ribbon and many times you walk away with a really nice pension. Well, now, pensions are a thing of the past. Funding that retirement that falls on your shoulders, but also the work landscape. It looks different. People are working at five or six different companies or five or six different jobs, or you're working from home, or you're an entrepreneur, or, with the rise of the internet, there's so much business that's being done online. So the way that the workforce is, it looks different. The way that we're funding our retirement accounts, it looks different. And I think some of the things that we have to think about are what are these issues that women face and how can we be planning for it so we are comfortable?Speaker 2:
And what would you say, liz, that women need to be thinking about in that regard? I know that in looking at the notes of this, there was a section talking about brushing up on benefits, so individuals knowing what their retirement plan looks like, what's their health insurance coverage, what are some things that women should be aware of as they are trying to move forward financially and have enough financial capital to someday be able to retire on?Speaker 3:
Yeah. So I think right now, when you look at companies, companies are beefing up their benefits plans to not only attract top tier talent but also to retain top tier talent. So when you think about your benefits, it's going to be really important to not only understand your specific benefits but also understand your spouse's benefits, because I think they can contribute to the bottom line Absolutely. And so if you take a look at the firm that I work at, mfs, last year MFS gave every employee five additional relief days, so extra time to take care of ourselves and our families. So maybe it comes in the form of extra time off, maybe it comes in the form of contributing to that 401K plan or gym memberships, or paternity or maternity leave or pet insurance. All of these things can contribute to the bottom line. So a few months ago I had to take our dog, bella, into the vet so Bella's 16. And Bella wasn't eating very well and Bella was just kind of whimpering when you would pick her up. So we took her into the vet and the vet did x-rays and those x-rays came back and we were told that Bella has gas. So we paid over $250 to be told to put our dog on a bland diet. So thank goodness for pet insurance, because I have no idea what that bill would have looked like if we didn't have it. So when you think about your benefits, it's really important to understand what is included, whether it's again, maternity leave, taking time off to go back to school and advance your education, or your medical coverage. These are all really important things to be aware of and if you're not familiar with them, ask, right, just ask your human resources department, ask somebody, because again, these companies, they're beefing them up, they're changing them because they want to make sure that their employees are getting, you know, the best coverage.Speaker 2:
Because they don't want their employees to leave.Speaker 3:
That's exactly right yeah.Speaker 2:
The labor market is so tight right now that these corporations don't want to have to go out and find top talent. It's much easier to retain that talent. So give them what they need so they aren't looking over the fence and seeing that the grass is greener on the other side.Speaker 3:
No, you're exactly right, and I think, too, a lot of companies will actually reach out to employees to kind of see, ok, what are you interested in, what would you like to see as part of your benefits program, and incorporate, and incorporate that. But I think, too, it does change. And so just really making it, making yourself aware, educating yourself, just puts you in a better position. But again, not just yours, but also take a look at your spouses as well, because all of these things can contribute to that bottom line.Speaker 2:
Liz, would you do us a favor and explain a topic that I wasn't aware of prior to this podcast, but something that you brought up, and that's the pink tax. I find this extremely fascinating and very unfortunate for women.Speaker 3:
Yep, absolutely. So what the pink tax is is, it's the tendency for products marked specifically towards women to be more expensive. So if you take a look at I'll give a few examples so if you take a look at razors, like the pink razors tend to be more expensive than the blue razors. Or if you take a look at children's bikes, the pink bike tends to be more expensive than the non-pink bike. Same with bicycle helmets that pink one tends to be more expensive than the non-pink one. And a recent report that I saw shows that the pink tax cost the average woman over $1,300 a year. So when you're thinking about that and you're thinking about the different products, they're the same. They just might be a different color. And if you think about all these things that we've been buying since we were kids whether it's bikes or helmets or razors or whatever that is they can all add up over time. And I know that women tend to be more expensive than men. I know when we were married I was more expensive than my husband the clothes I was wearing, my trips to the salon. But also think about your trips to the dry cleaner. You take two white shirts to a dry cleaner. One is a man's and one is a woman's. Who's cost more? That woman's shirt costs more every single time. I don't know why. I've never really thought to ask. It's just something that we've become accustomed to. But it's all of these things that, as long as you're aware of it and knowledgeable about it and you can just make decisions based on that, the better.Speaker 2:
Yeah, I mean, it's so unfortunate. Unfortunately, it's a reality and it's an additional obstacle that women have to overcome. And so, really, when we recognize that certain products that are pink cost more, it just puts even that much more pressure on budgeting for households. And you have a formula and I use this same formula at ASU when I teach my students and that's that budgeting formula of, I believe, 50% necessities, 20% savings, 30% wants. How important do you think it is for individuals, and specifically women, to have a budget and to be aware of all the money coming in as well as the money that is leaving?Speaker 3:
Yep, absolutely. I think budgeting is crucial quite honestly, and I think there's some really staggering statistics regarding budgeting. I think only about 1 third of all Americans operate off of a budget and over 63% of Americans don't have enough money for a $500 emergency, and I was reading a survey recently that actually talked about what are some of the things that you would rather do than talk about money, and people actually said that they would rather spend time behind bars than talk about finances. So I don't know when we became this society where you would rather spend time in a cold, dark, damp concrete cellar than talk about finances, but that's what a lot of people think. And I look back to when I was growing up and you take a look at some of those good housewife rules that we talked about a few minutes ago, and nowhere on there does it say anything about managing finances or budgeting or the women doing that. And, like I said, even when I was growing up, we didn't really talk about it. We didn't talk a lot about savings or investments or the importance of that. So I think budgeting is incredibly important and, like you said, there's a number of different budgets that you can follow. The one that we talk about, or the one that I talk about when I do these presentations, is the 50-30-20 rule, so 50% to necessities, 30% to wants and then 20% to financial goals, which then brings me to my next point, where I'm often asked the question what is the biggest financial mistake that you see people make? And I always say don't put off until tomorrow what you can do today, meaning make sure that you are paying yourself first. And we always talk about the importance of the power of compounding and how important that is. And that is just this simple idea of putting away a little bit every day, a little bit every month, that small investment. It grows over time. You're reinvesting the gains, you are just continuing to invest in yourself and so really making sure that you are paying yourself first.Speaker 2:
That's a really good point. I actually just recently was talking with my students at ASU about just this and the fact that you do need to pay yourself first, because there's always things that you're going to be spending money on. And once you pay yourself first and I always challenge my students to save 10% to 15% of their gross income and I tell them that, whether you use it through your 401k or through a self-directed IRA or a brokerage account, put 10% to 15% away. If you're putting 10% to 15% away and you've done the calculations over 20, 30, 40 years and you feel like that's going to be enough for you, then once you save that money automatically through your paycheck, everything else that you get on a monthly basis there's guilt-free spending there, because you've taken care of your future self. First You've set the stage for long-term success and then in the present you can live so-called paycheck to paycheck, because you have your emergency of three to six months of living expenses set aside at the bank and then you've been saving 10% to 15% of your income and so then the rest is yours to enjoy. But if you don't do that, there's just never enough money to go around, and then an individual might say, well, I'll wait until my kids graduate from high school. And then they say, well, I can't afford to do it now, I'll wait until they graduate from college. And time can either work for you or against you. And it's so much better to start early, even with a small dollar amount, than just telling yourself OK, in the future I'm just going to make up for lost time and invest that much more.Speaker 3:
Yeah, absolutely, and I think too, what you're doing there is you're also getting into those healthy habits, really healthy habits of, yes, I'm putting away money and, like you said, a small amount at the beginning and then you just gradually can increase it over time. But I think it's better to start early, save often and really establish those healthy habits from a young age. Absolutely.Speaker 2:
And you tend to learn to live without it right.Speaker 4:
For sure yeah.Speaker 2:
And you forget that you're having that money come out of your paycheck every month and go into the 401K and, yeah, you definitely don't miss it once you get into that positive habit. Absolutely yeah that's great, kelly Mike. Any questions at this point?Speaker 5:
Oh, I think this is great. I'll comment a couple things. Yeah, using the term of paying yourself, I've shared with clients or I've done some work with some corporate accounts and meeting with employees. A lot of times I'll share paying your future self, because a lot of people, if they start saving, feel like it's a cost. I'm kind of restraining myself from this enjoyment now but may not hear the other side that well, I'm actually paying my future self and I try and plant that seed and I think if they think about it that way, they won't view that as a cost today, more of an investment for my future self. So I think this is great and thank you for all the information. It's fantastic.Speaker 3:
You're welcome.Speaker 5:
It's fantastic.Speaker 2:
Another thing I wanted to mention, Liz, is when we were talking about brushing up with benefits on your benefits is the topic of social security always comes up, and that's a complicated one, because you have your social security benefit and then you have the benefit of your spouse, and if you've been married to that individual for 10 years or longer, you can either choose to take your benefit or half of that spouse's benefit. Could you talk about the importance of people recognizing the power of social security and when to take it, when not to take it?Speaker 3:
Yeah. So I'll admit this I am definitely not a social security specialist or expert in any stretch of the imagination, but I do know how important it is. So whenever I talk about social security, I always tell people to make sure they're getting a second opinion, because there are so many different social security strategies that can be taken based on your specific circumstances, and what we're finding is that so many women would have been eligible for a higher benefit if they would have only known their options. So they're either going into that social security office or they are calling into that social security office and the individual on the other end of the line just isn't educated enough to make sure that they are declaring the best strategy because, as you said, there are so many different things that can come into play when you're thinking about, okay, what strategy is the best one to take. So whenever I think about social security, I always think about Jane Fonda for a couple reasons.Speaker 2:
Let's hear it.Speaker 3:
Okay, so Jane Fonda's been married three times. So her first husband was a gentleman by the name of Roger. Now they were married for less than 10 years. So in this equation he wouldn't count because, as you said, in order to be eligible off of an ex's benefit, you have to be married for over 10 years. So her next husband, after they got divorced, her next husband was a gentleman by the name of Tom Hayden. Now she and Tom were married for 17 years before that marriage dissolved and she married Ted Turner, and then she and Ted were married for 10 years before they got divorced. So in Jane's situation, she can either take her own benefit or she could take the spousal benefit off Ted or Tom, whichever is higher. So when I ever I think about social security, I always recommend talking to you know, getting a second opinion, really outline. Okay, let's think about everything in my life have I been married, have I been divorced, how long was I married, what does that look like? And then you can really lay out what is the best strategy to take. But it is going to be really important to get social security right, because so many women rely on social security as part of their retirement income and for many different reasons, but really it's because women costs more. We've talked a little bit about the pink tax, we've talked a little bit about dry cleaners, but also, women costs more from a healthcare standpoint, but not because we're consuming anymore in healthcare than a man, but because, on average, women live longer, typically it's about by about five to seven years. So, really making sure that we understand, okay, how can we best utilize our social security benefits? You know, yes, we are going to be spending more in healthcare expenses after our spouse passes away, so there's a number of different things that we need to think about when it comes to that.Speaker 2:
Yeah, absolutely, and I think with Social Security so many times, people just look to take it as quick as they can, which? would be at 62, or, if they're a widow, at 60. And that many times isn't the best strategy. And so to work with a financial advisor and to be able to look at the numbers and decide okay, instead of taking it at 62, maybe we wait until normal retirement age, you've got a few more years of working, your benefit is that much larger and you can kind of back into that equation a little bit better, instead of just taking what you can the moment it becomes available. So kind of be thinking bigger picture and all of those levers and using which lever makes the most sense for you For sure. Yeah, great, great point.Speaker 4:
Kelly, what about you? I'd like to hear you talk about how you joined MFS. Is that it's very, very similar to around my age? Absolutely yes absolutely so.Speaker 3:
I joined MFS. I started with MFS in August of 2001. So I just celebrated my 22nd year with us Congratulations. Thank you so much. So I was a student at Arizona State University and there was a college fair that I went to where MFS was part of that. At the time I didn't know much about MFS. It was a firm it is a firm, I should say that is based out of Boston and they were thinking about opening a satellite office right here in Phoenix. So I went and, quite honestly, I didn't know about them, I didn't know what they did, but I do remember interviewing. They were hiring a class at the time to work in their service center and I remember talking to my dad and he works with a number of advisors that have used MFS and all the advisors that he worked with said you know what?Speaker 4:
it's a really great firm and again I didn't know much about it.Speaker 3:
They weren't in Phoenix at the time and so they offered me a job. I got started with the initial class right here in Phoenix and everything that I've learned I've learned through MFS. So before this role that I have, I actually managed our sales team in Phoenix and before that I worked as a internal wholesaler. So I got all of my necessary licenses that you need to be in this business whether it's the six, the seven, the 63, I have principal licenses. But everything that I've learned about the industry, about the firm, has all been done through my time at MFS.Speaker 2:
It's wonderful, and you just don't hear of people being with a company for two plus decades, absolutely not so kudos to you.Speaker 3:
Thank you so much.Speaker 2:
But also kudos to MFS in the regards that they know talent when they see it, and you were talking about how companies are coming up with benefits to retain people. I would imagine that you're that type of person that the company looks at and says, we wanna keep Liz.Speaker 3:
Thank you.Speaker 2:
How do we keep her engaged? How do we keep her as an employee? Because she brings so much octane to the company.Speaker 3:
Thank you for saying that. Yeah, it's a great one of the things. So in my previous role, like I said, I managed our Phoenix sales team, and one of the things that we always got asked whenever we were interviewing people was what's one of the best things that you love about MFS and I always talk about the culture it's the culture, it's the people around, it's their ability to give you opportunities and see you succeed and really help and support all of that. But I think you're exactly right you don't see a ton of companies that do that anymore, and so I've just been incredibly fortunate with my time there and very, very grateful for all of the people within the organization that have helped me Get to where I am today.Speaker 2:
Well, I think that you're doing a great service for many individuals, whether Thank you users or in individual investors to Institutions. There's a lack of financial literacy out there, and to be able to educate in a way that's engaging but also using real-world examples, I think is it's difficult to find, and you've done a fantastic job of that.Speaker 3:
Well, thank you so much. What else can I be doing that would be helpful, or resources that you might want me to share?Speaker 2:
I'm happy to do that, oh, my goodness. Well, I guess maybe a question would be is? It sounds like you put together a lot of these presentations that you go out and teach at different conferences throughout the country. Is there a topic these days that you're working on that you want to add to your your slide deck of starting to teach, or are you Kind of doubling down on the material that you already have? What? Internally, you're a very creative person, so I know that you've been thinking about something Creating. What's something that you've been working on recently?Speaker 3:
So a few things that have been resonating with our team. The one is one of them is successfully transferring wealth to the next generation. And what does that look like? Because there's so many statistics and I'm sure you you've heard them before but when Wealth is transferred to the next generation, how quickly it's depleted within that generation. So how are some of the or what are some of the things that You're doing to make sure that that wealth transfer is successful, so that generational wealth transfer is a really is a really big one? The other thing that We've been doing, or that I've been doing lately, is on the topic of caregiving, because there's so many of us that are in this capacity where not only are we caring for our Children, but we're also being asked to care for our aging loved ones. And Rosalind Carter she said at first when she said it best, when she said there's four types of people in this world those who have been caregivers, those two are caregivers, those who will be caregivers and those who will need care themselves. So what we've done is we've put together Educational materials on that. What are some of the resources out there if you are in this caregiving capacity or if you will be in this caregiving capacity in the future. That can help you absolutely to make the journey just a little bit easier.Speaker 2:
I often talk with Sarah about the fact that we're kind of the meat in a sandwich bun. We've got our parents that we're Looking after, we have our children that we're looking after and we're right in the middle trying to make sure that everybody stays together and and that's overwhelming. And so I think any education to help prep someone mentally on what they may be responsible in the future and how that might positively or negatively affect their own life, I think is very valuable. So I think that that's wonderful that you and MFS or are moving down that path to just help people in that that transition situation. So it's it's best case scenario for everyone. Absolutely yeah, yeah, and you know we've been talking about the fact that this is our tenth episode of finance roundtable. You Now Bella Grace, are. My youngest child was our very first female guest. Okay, you are our second female guest, but we need more of a, a Female perspective, and you you speak so well. You were so kind. I told Mike ahead of time when you meet Liz, honestly she's gonna be one of the nicest people you ever met and I I would love to have you come back on To talk about different topics in the future, because you're just a lovely presence and I feel your perspective is going to be very well received by our audience, and so your, your TLC and everything that you do is just it's first-class. Liz and I've always known that, going back all the way to 1997 when we met at ASU. You've been a real blessing in my family's life and I know that Sarah speaks very highly of you and we just we care for you greatly as a person and as a as a professional. I have the utmost respect for you and so I just really appreciate you making the time today.Speaker 3:
Oh my gosh, it's, it's a pleasure. Thank you so much for having me. It was an honor to be asked to do this and I will Be honored to come back and and do it again. So thank you, you're too kind last words gentlemen, yeah, thanks again for the info. You're welcome.Speaker 5:
I really appreciate it, liz. I'm one of three kids, big brother, I got two sisters, so a lot of what you shared Sticks out and, as a big brother and protected with my sisters, my father had passed away years ago, so my mom's still around, so three females that make a big impact in my life are my two sisters and my mom. And one thing that I got from what you were sharing is just a reminder of creating an dependency, empowering yourself to Educate yourself, be informed about what's out there, benefits, whether it's with a company, friends, family, what are your resources available, and it sounds like a really paying attention to that and taking some action to that. Just empower yourself to take that control for that financial Success down the road. So so thank you for that this is very nice to hear, and you shared some personal perspectives. I think that's really important because it shows how real people are and how every situation is unique and that needs to be have attention towards, so so thank you for that.Speaker 3:
You're welcome.Speaker 4:
Yeah, I just wanted to say that for my generation it seems like financial literacy is something that a lot of us are seeking. In my dad's class there's a lot of kids that aren't even in the financial planning major or in finance in general. There's a lot to engineering students and computer science students and a lot of them are women and females. So it's really cool to see this like surge of this knowledge about that demographic coming up, and it seems like you're the absolute perfect martyr for that generation and for these people you know.Speaker 3:
Well, thank you, because I do agree with the fact that I don't think there's a ton of financial literacy courses. It sounds like it's getting much better now in schools or universities with the course that you're teaching, but when I was growing up, there wasn't any of it. I mean, I can't tell you how much trouble I got in opening up a credit card when I was on campus at Arizona State, taking cash advances out on this credit card and not really thinking about how I was going to pay it off or how that would impact my credit score, because I didn't have that knowledge. So I am definitely one of those people that you know. Knowledge is power and if you don't know something, ask. Ask a trusted professional, ask yourself, ask Mike, ask the team, because the more you know, the better for sure.Speaker 2:
Absolutely Well. The last note I want to do a little shout out to Ryan and Colin.Speaker 3:
Oh your two boys.Speaker 2:
I look forward to seeing you boys again here soon.Speaker 3:
Thank you, thank you so much. We look forward to seeing you and I will tell you they just adored coming over and spending time with your family, so we had a good time.Speaker 4:
Thank you so much.Speaker 1:
Oh, it's our pleasure, thank you. Thank you, liz, you're welcome. Thank you for listening to the Finance Roundtable podcast. Make sure to check out other episodes at wwwfinancetroundtablepodcastcom. We also encourage you to explore wwwjacobgoldcom to find articles, research, videos and more from Jacob Gold and Associates Incorporated. If you have a question that you would like to be answered on air, please call 480-998-4653, extension 12, and leave a message. This episode is brought to you by JJ&A, a private wealth management boutique firm located in Scottsdale, arizona. Are you feeling financially overwhelmed? Does the talk of money make you feel uncomfortable? Do you have concerns and questions about this economy, but you don't have a dependable source for answers? Are you trying to prepare for retirement, but not sure how much you need or what would an appropriate asset allocation look like? If you answered yes to any of these questions, then we encourage you to check out wwwjacobgoldcom. At jacobgoldcom, you can have access to videos, articles, podcast episodes and financial software that can help you on your financial journey. Once there, learn how JJ&A works with high net worth individuals and corporations on wealth management and financial wellness. Lastly, if you want to speak with someone from our team, we encourage you to call us at 480-998-4653. Now back to the show.Speaker 2:
Jacob Gold and Michael Koshell are financial advisors offering securities and advisory services through Cetera Advisor Networks LLC, doing insurance business in California as CFGAN Insurance Agency LLC, member, finra SIPC, a broker dealer and registered investment advisor. Cetera is under separate ownership from any other named entity. Jacobs California insurance license 0E55425. Michael's California insurance license 0K90130. The views depicted in this material are for information purpose only and are not necessarily those of Cetera Advisor Network. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisor Networks nor any of its representative may give legal or tax advice. Kelvin Gold is a marketing associate. Registered address is 14850 North Scottsdale Road, suite 255, scottsdale, arizona, 85254. 4. Distributions from traditional IRAs and employer-sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 and a half, may be subject to an additional 10% IRS tax penalty.