Wealth from Wisdom

The Daunting Challenges Women Face in Retirement

January 20, 2018
Wealth from Wisdom
The Daunting Challenges Women Face in Retirement
Chapters
Wealth from Wisdom
The Daunting Challenges Women Face in Retirement
Jan 20, 2018
Carson Wealth
Show Notes Transcript

Women live longer than men. And that poses several unique and daunting challenges that threaten their retirement. Learn what they are with Paul West.

Speaker 1:
0:00
Okay. And here's the legal Mumbo jumbo, the opinions voiced and welfare wisdom with Ron Carson or for general information only and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged. I may not be invested into directly investing involves risk including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through Cwm LLC, an SEC registered investment advisor.
Speaker 2:
0:30
This dud market hit another all time records as much as $10 billion in social security benefits go unclaimed every single year. Federal Reserve announced that they will raise interest rates by 205 the skyrocketing cost of healthcare and retirement could now run 350,000 for retirement. Today is a whole new ball game. It's loaded with challenges, obstacles, and trap doors that you can do this and we can be your guide. Welcome to wealth from wisdom with bear and hall of Fame Advisor, Ron Carson. Straightforward and objective advice and how you could make your money go further in retirement. And now here's your host, Ron Carson. If you're a woman or even if you have a wife, a sister, a mother, or a relative or a friend, what I'm about to share with you may shock you and hopefully motivates you to take action. The statistics are black and white. Women live longer than men.
Speaker 2:
1:24
In fact, 85% of the people who have celebrated their hundredth birthday. Yeah, we call those centenarians are actually women that may seem like good news on the surface for many of you out there listening today, but also can trigger a snowball of consequences that may threaten your financial security because if you're living longer, you'll core incur much more healthcare and medical expenses than you anticipate. I think about this, a 65 year old women could expect to spend more than $235,000 and out of pocket healthcare expenses in retirement, you're also more likely to need longterm care. It's estimated that seven and 10 women will need some form of longterm care. And even if you think about this, according to Forbes, a private room in a nursing home averages $92,000. Yeah, you heard me almost a hundred thousand dollars a year. And even just as simple home health aide can average 46,000 what does this all have mean?
Speaker 2:
2:20
Do you have a higher risk of running out of money in retirement because of longevity? And to make matters worse, you could actually face these financial challenges all by yourself. You know what? 90% of women will be solely responsible for their own finances at the end of their lives. And if you don't have a plan that could stand up to these challenges, you could be setting yourself up to fail. So coming up on today's show, we're going to talk about the unique challenges that threatened women and their financial security and the strategies that can help everyone conquer these challenges and retire successfully. Welcome to welcome wisdom. I'm your host today, Paul West, and I'm very excited to have a special guest today with us. Uh, Brock Thompson, vice president of client experience and an advisor across the Carson wealth network. So glad to have you here today, Brooke.
Speaker 2:
3:06
Thanks Paul. Yeah, yeah. So I'm going to really dig in and some insight you have. I mean, you're an expert, you talk about this across the country, but one of the things is you and I, we're doing is we're preparing for today's show is this isn't just a show for women. This is the show for everybody across the country. And then we're providing advise, we want to help people think about what's important for them, but we want to give some tips in this. And so what's really fascinating is just a few statistics I want to share with everyone is, you know, private wealth that, that all of us have and we collectively put to that together. That's about 20 trillion. Yes. With a t trillion dollars. And according to a 2013 statistic is that women are the breadwinners breadwinners in 40% of the households with kids.
Speaker 2:
3:56
So that's growing immensely. And they control two thirds of that 20 trillion. So you have to think about in all relationships and when you're providing advice and all types of advice on the longevity's statistics that are here in front of us. But also how has that relationship and interaction, I like to say in Brook, we talk about this frequently. There's dominant spouses and nondominant mouses and I, you know, we raised the term, is it a woman or a man? But many of us have that in marital relationships are a man and a man or a woman or a woman. But you have to help think through what's the advice. So my curiosity and my question do you broke, is maybe to get us started here is, is, you know, why do individuals like yourself, um, focus on helping women think through their financial lives?
Speaker 3:
4:46
Like you said, um, we have so many decisions that that need to be made every day as families, whether they are, you know, the dominant one or the non dominant one when it comes to the money, whether you're the man or the woman in the relationship, there's a lot of decisions to be made. And when you are the one that's responsible for all of those decisions every day, that's a huge burden to carry. And so first of all, we want to help to shift some of that burden, um, to equalize it a little bit. Second of all, um, we know that women face unique challenges were faced with the fact that, you know, we've got an earnings gap typically where women are earning less than men for doing the same job or, or the same amount of work. And so they're not able to save as much in their 401k planner in their retirement plan because they're not making as much money. Typically when families decide that one of the spouses is going to want to stay home with the kids or is going to be responsible for caring for elderly parents, um, usually that responsibility falls on the woman in the relationship. And because of that, typically they're not saving during those years either. And so now that you've said, you know, we live longer, we have higher healthcare needs, um, you know, it makes
Speaker 2:
5:58
sense to really look at these issues and say, how are we going to tackle these? How are we going to make plans for these situations? Yeah. I want to think of a big part of it here, Brooke is, is having the right conversation with your spouse. So for our listeners today, whether you're, you're a man or a woman, it's, it's a communication avenue that you have to figure out. And you know, as I think about my life and influential people in my life, I think about my grandmother. So broke, I go back and many of you listening today, here's something I want you to ponder. What was your first experience with money? You know, where's that first memory of saving or budgeting or spending? And mine is clear. So I remember, um, my mother's family's from Le Mars, Iowa, and I remember going up to Le Mars, Iowa probably once a month and doing the drive and we'd go up there and we'd play cards.
Speaker 2:
6:47
I mean, we just love to play cards. That's what our family did. But I'll never forget out of my memory that we would always play games, but they like to gamble a little bit. So, but we always did it with pennies. It was in the teaching and the thought process was, is how fun learn, but don't put a lot of your family's wealth at risk. So I remember when he's playing games like penny poker and pinching pennies and things like this that were very visible in my mind is the importance of a small dollar amount. But what you can learn from doing that. And then that's fun for me. And I think many of our listeners have memories of influential figures in their life. Yeah, absolutely. And, and think about, you know, just on a, on a family basis, think about the fact that you meet some really great memories for pennies on the dollar.
Speaker 2:
7:34
So from a personal finance standpoint, that's also a good tip for our families that are listening today. Yeah. Um, would also, it helps us and I love cards cause it teaches, you interact and it's, it's fun to chat and you know, everybody be together. But you can be against each other. So let's talk today broke about some of the pitfalls that we've seen families go down and making mistakes here. And so one of them is a, I'm going to tell you this all the time, is when your advisor or your team refresh tunnels isn't communicating with both people. So if you're in a partnership relationship and our spouse or marriage, whatever it is, is if the family doesn't have the right feeling, like you're talking to them, at the end of the day, you always, there's always someone that tastes control that that's life. That's it's human behavior. Uh, but if you're not getting felt like you're being talked to, that's a huge mistake.
Speaker 2:
8:29
And I think a lot of professionals, I don't just mean financial advisors, it can be any professional. Brooke, I told you about when he went to the car dealership not too long ago and telling me the story. Oh, it's hell yeah. I'm rarely wanting to get a new car. My husband got into a car accident and saddle lab. We were going out and looking at new cars and I had some time over my lunch break ins. I thought I was going to go scout out a couple of cars to see if we can maybe wanting to test drive them. And when I went there by, I was just,
Speaker 3:
8:56
Ah, you know, it was, I felt like I wasn't being heard that they didn't really think that I knew what I was talking about and that maybe I wasn't very serious about what was happening. Um, and then of course, you know, I decided that I wasn't going to go back there because of that. And at the end of the day I could have pulled the trigger right then and bought it if it would have been the right vehicle for our family. But because of that experience and not being listened to and, and especially feeling like I wasn't heard. And I think we get that a lot, right? And in this industry, um, when women, when we hear from women here, they're thinking about changing firms. Typically that's a lot of what we're hearing is that they didn't feel heard. They didn't feel like they were a part of the conversation when their advisor called the house, you know, he or she always asked for the husband, even if it was the wife who was making the bulk of the financial decisions.
Speaker 2:
9:54
Yeah. So a fascinating statistic that I think I'd share is that only 10% of women are very confident in their ability to fully retire with a comfortable lifestyle. And if you flip that and ask spouse, it's much higher and very different there. And that's because the level of involvement. So let's walk through a couple ideas and tips to help anybody and be more prepared and in control of your overall finances. So one is really best never to borrow or withdraw money from your retirement account. Anytime you're accumulating it. And before you get there to your actual retirement. Now if there's an emergency broke you gotta you gotta, you know, take care of what you gotta do, but also second, get rid of debt. You know, if you can get rid of debt, do that. I mean, so what are some of the tips you would suggest for a women and what should they be doing to be successful?
Speaker 2:
10:44
I think it starts with having a vision. And I think that a lot of that is just, you know, I always recommend whether you know you're a single person or whether you're in a relationship with somebody, sit down with a bottle of wine maybe and just picture your future. What does that look like? Where do you want to go? What do you want to do? And from there, find a trusted professional to bounce those ideas off of and, and really get the numbers behind it. Yeah. Well I think that definitely helps is you gotta you gotta know where you're going in order to get there. So when you're going into an event or you're going to pick up kids or you're going to church service, wherever it is, you know, the pathway to get there. It's simple, it's easy, but your financial life, you don't always necessarily know that pathway and how to get there.
Speaker 2:
11:29
And one of the biggest concerns you may have is are you going to run out of money in your retirement? And so, I mean, if you think about it, the statistics are pretty clear. You have a seven in 10 chance of needing long term care, Brock. I mean, that's a 70% you also creates a higher risk of running out of money if your entire life savings too soon. And that, think about this, what if it's just you one spouse left and you now have make all of these decisions on your own? You know what that is? That's scary. And it can be. So, you know, Brooke, through you and your team and many professionals across the country, you understand the unique challenges that people face in retirement. And you work with women in all stages of life. It doesn't matter if you're single, you're married, you're divorced, widowed, you know your team can actually help make the most out of every dollar. These individuals if save for their retirement, with what you've created is a women and wealth blueprint. So this is really a customized analysis to address specific needs for income. So security, healthcare, taxes, estate planning, et Cetera, et cetera. And this into Alison's you've created actually you're offering it to everyone at no cost. So there's really nothing you have to lose. So if you've saved 100,000 for retirement, call us now at (888) 419-8513 again, that's (888) 419-8513 don't leave your retirement to chance. Give us a ring at (888) 419-8513
Speaker 4:
12:51
he seemed good times and bad times and he's got the gray hair to prove it. You're listening to wealth from wisdom with Barron's hall of Fame Advisor, Ron Carson. He's a published author and has been featured in Forbes Investment News, the Wall Street Journal, CNBC, and more now back to well from wisdom with Barron's hall of Famer Advisor Ron Carson.
Speaker 2:
13:12
Welcome back. I'm Paul West and thanks for joining us today on welfare wisdom. I'm very pleased to have my cohost Brooke Thompson here. Joining me today, and this is this, six are very clear. Women live longer than men. In fact, 85% of people who have celebrated their 100th birthday are women. And if you're a woman, a woman, this may seem like really good news for you on the surface. However, it can trigger a snowball of consequences that threaten your financial security. So coming up in this segment, we're going to talk about the unique and daunting challenges that threatened women in retirement today and the strategies that can help you conquer them and yes, retire successfully, happily and importantly with peace of mind. And Brooke, we are talking on the commercial break here. You know about stability and thinking, you know, how do you help people stability. And you know, the statistic we shared before of only 10% of women are very confident in their ability to fully retire, doesn't give me confidence that everyone's been educated and communicated with in a way that makes them feel confident, comfortable, or candidly stable. And their thought process. What do you think?
Speaker 3:
14:22
No, I think it's crazy that, you know, we keep saying money doesn't buy happiness and I don't know if you disagree or if you agree with it, that's fine. There's some studies that say it does buy happiness, but only up to a certain level you have to a certain pin. Exactly. But I think that what everybody wants and what contributes to happiness is having a sense of stability in your life, right? Because if you're feeling really uncertain and insecure about your financial future, any future, like what's going to happen to me down the road, that's a scary feeling. Scary feelings don't tend to lend themselves to that overall feeling of happiness. Right? And so when we see these statistics that only 10% of women feel very confident that they're going to be able to make it through retirement comfortably. And then you think about the fact that 90% of women are going to be single in their adult lifetime and 100% responsible for their family finances, those two things together, uh, that, that's really scary.
Speaker 3:
15:19
It scares me for the women that they're coming into our offices then and seeking our help everyday. And it scares me even more for the women who don't know that they have resources and people to talk to. So, so if that's scary, and these are the statistics telling us, so we have choices in life, we can ignore them or we can do something about them. So what's your recommendation? What should they do now to help give them more stability or comfort related to these challenges that statistically are going to be headed there? Direction. What we know, Paul, is that there's a big confidence gap when it comes to women and investing. So my number one tip is just start, just get going. Just do something. Even if it's a tiny little step, even if it's, you know, talking to somebody at work about, you know, how to contribute more to step up your contributions to your 401k if it's reaching out and going through the blueprint or talking to one of us about some small ways that you can get started, that's key.
Speaker 3:
16:22
Once you get started, keep going. Well, and I think about all the time when especially people think about I'm going to take care of my kids. I'm going to take care of my job, I'm going to take care of the house. And so what happens? They rank their personal importance of the end. And so I'm going to give you the ability to use a word of selfish. It's okay to be selfish. It's okay to take care of you, taking care of you. Um, whether it's for men or for women is, is so important because you're going to feel better. So what's the number one for your book people have is they look at their financial life. Yeah, they're scared they're going to run out of money. Yes. I would argue that it's actually selfish not to be selfish about your own finances because all you're really doing is kicking the can down the road.
Speaker 3:
17:11
Somebody's going to have to take care of you. The burden is going to fall one direction or another. Absolutely. So if you haven't planned for that yourself, if you don't, if you're not selfish and taking that time to take care of yourself, it, and not just finances, but your, your health and your wellbeing and everything else. But if you're not as a woman, as a man, as anybody, if you're not taking time to take care of yourself and put these things in place, all you're really doing is asking your kids or somebody else that loves you to take that burden for you. Yeah, I mean, and how many of us have a backup plan, right? I mean, as as so important. Um, financially we should have one. But you know, we all think about, uh, oh, it's freezing cold. I've got a snow day. I can't get my kid somewhere. What's my backup plan?
Speaker 2:
17:50
What am I going to do? Who is my child care provider? Is it grandma and GRANDPA's? It another place? And you gotta have a plan in place to make that happen. But financially, people just avoid that. So I think it's a great tip of just get started. So what else do they need to do is they look at this, I mean, I think a big one for many of them is understand your social security brook, because we talked about this on the show frequently, but social security can represent, you know, 50% of your income when you're at a point, maybe you're the sole income earner. So at least go through a social security assessment analysis that's going to help you be more effective. Yeah. Is that, I mean that's going to tell you where to close that gap, right? Yeah. I think know how much we're going to be getting on a monthly basis.
Speaker 2:
18:34
And we were going to look at those social security, our social security statements and, and I think most people will be surprised at what that number is and not in a good way. And then they're going to realize, wow, I really need to start doing something. Yeah. So I'm going to share an idea here with everyone. So, um, you know, we're fortunate in the wealth from wisdom network. Uh, we had some people call in and I was actually able to witness conversation they're having with one of our advisers broke. This is really fun. So number one thing they wanted when they came in was they wanted to talk about do they have enough? Right? What's the magic number? Can they make it in retirement? And it was a husband and a wife. Um, and it was a situation we're, they both worked. You know, there's definitely a difference in who made what, and I'm not going to cover that here on the show today, but the peace of mind that's created when both people are on the same page in terms of their financing.
Speaker 2:
19:28
And I know many of you listening today, and again, it doesn't matter to us if you're a man or a woman. There's somebody who usually takes dominant control of your financial situation. It's not okay for the non dominant one of you listening to say, Oh, I trust you honey. It's all okay. I know you should trust them and don't. How I understand that trust is a fundamental tenant of a relationship. But you need to know enough. You know what, enough is different for everyone, but you can't know so little that if you're put in that situation where you're the only one remaining, you do not want to be stuck with that. And now, absolutely not. You know, if you're dealing with, um, in, in, uh, in the best case scenario here in a wonderful relationship and everything goes perfectly, um, and you know, you're, you're, even without that knowledge, you may be left.
Speaker 2:
20:20
I'm now very sad and alone and mourning the loss of your partner, your life partner. Um, to only have to figure out the financial stuff too. Like that seems pretty terrible to me to be in that situation. Um, on the other end of the scenario where things don't end, you know, in that fairytale vision, then that happens. That comes up. How are you supposed to pick up those pieces in that frame of also? And so if you can be in the right space throughout the relationship where both people are involved the entire time, you're just going to be a, in, in a better situation, no matter how things. Um, and, uh, at whatever point, I mean I think about this all the time, um, because we're obviously hitting their profession, but, so we go out to dinner. So you go to someplace here in Omaha and you go to dinner and the two of you that are having a dinner and it's so nice.
Speaker 2:
21:12
So here's what happens. You talking about the weather, you talk about husker football, Creighton basketball, you talk about current events. This is what you and your wife talk about. Is that what you're talking? Oh yeah. Oh is everyone know? Well, I mean we have kids, so we'll talk about kids. We talk about vacations we want to go on. Do you think we actually sit down and talk about our financial future? Rarely. I'm not gonna say never and I probably talk about it more because as I'm in this profession, but our listeners, they don't go there and say, hey, if you okay on our financial plan, I don't know. I don't know. Then what's the next thing you turn to something else subject and you avoid it. So, you know, I think of, we've talked, you know, many weeks ago about New Year's resolutions and it is fun right now to see how many people have a new year's resolution of financial health and financial security.
Speaker 2:
22:02
I'm gonna go back to what we said earlier, financial stability. Um, so if you haven't had a chance to think about that, you should because there's plenty of time left to do that. So let's keep going through a few more tips to help all of our listeners today. So one, um, is, you know, your retirement income plan broken. I mean, we see this all the time. Um, and I love it as a great story. I saw the other day, um, husband and wife wanting to make sure they had enough money to retire. They both worked hard and they both came in and they really hadn't had the conversation and the advisor was able to show them, you know, here's what you have, here's what you can spend in your retirement. Is that enough? Are you both going to feel confident? And they started, their chairs were far apart.
Speaker 2:
22:44
It's probably about a two foot gap between them. And when they got to the point where they learned that they'll have enough and they can sleep at night, you looked and their chairs were next to each other and they were holding hands, and that was a moment that you could see the chemistry and the relationship was they, one of them had trusted the other, I'm not going to say if it was the man or the woman in this one, but had trusted each other, but the other one had to be comfortable with that and they had to work together with the professional to help give them that peace of mind. Now you see that all the time too, when you're having any kind of uncomfortable relationship or any kind of uncomfortable conversation. Once you've had that, you always feel better about it, right? That's the sense of relief. Well, you get all of think of all the hormones that are released because of nervousness is one of the biggest things. Anxiety, anxiety, nervousness. So instead of just carrying that and living with that nervousness and anxiety, rip the bandaid off, having the conversation, you're going to feel better about it. Yeah. Well, and, and many people broke. And I know you've told this to me and is resonating in my mind is many women
Speaker 3:
23:47
lack the confidence to invest and, and so, um, one of the things is is you said get started, but how do they accelerate their confidence? Well, so I'll gal give you something right now to accelerate your confidence as a woman. When women invest, we tend to do better than men do. So why is that? Well, because when we are investing, typically women are in values based investors. And so when we're investing for something, it's, you know, we want to buy a vacation home in retirement, but it's not because we want that vacation home. We're not looking at it as the house. We're looking at it as a place to make memories.
Speaker 2:
24:21
Yeah. Memory, memory investing is super important. Um, and memory investing throughout your life. And so one of the memories we have is how hard we worked. Right? And so that makes me think about, you know, uh, how your income is going to help you get to there. You know, and one of the biggest ways you do that is through social security that you've generated through your lifetime, but getting your money out of Brooks securities. You know, as we've talked to people is it's a whole different story. If you make one mistake there, it could cost you tens or maybe hundreds of thousands of dollars. So what's Nice is you can actually get a customized social security analysis and yes, it needs to be customized. You'll learn how and when to claim your benefits, how you could pay fewer taxes on these benefits. And if you're actually eligible to put more dollars in your pocket every year.
Speaker 2:
25:04
So if you want a complimentary analysis, give us a call. (888) 419-8513 that's (888) 419-8513 don't lose out on tens of thousands of dollars. Give us a call. (888) 419-8513 how could you make your money go further in retirement? Learn how next unwell from wisdom with Barron's hall of fame adviser run Carson. He's a published author and has been featured in Forbes, investment news, the Wall Street Journal, CNBC, and more now back to welfare. Wisdom with Barron's hall of Fame Advisor Ron Carson. Welcome back. I'm Paul last and you're listening to the wealth from wisdom radio network. I'm joined today by my cohost Brooke Thompson. You know, if you've heard of a book, right? Men are from Mars, women are from Venus. Well that's a book and it's sold. How many copies? Over 50 million. About the psychological difference there are between men and women. And there's possibly more profound differences when an actually comes to money investing in retirement.
Speaker 2:
26:07
And that's why I have expert Brooke Thompson on the show with me today because did you know women live longer than men? They often can face higher healthcare and medical expenses. They have a seven in 10 chance of needing expensive longterm care. And as a result, they run a higher risk, unfortunately of running through their entire life savings too soon. So if you're a woman or even if you have a wife, a sister, a mother, or a relative or friend, I think about my daughter. Anybody here, you don't want to miss this segment because we're going to talk about the daunting challenges that face women and their financial security and strategies that could help you or help your family members conquer them to help you retire successfully in Brooklyn is that we think about everything that people can do. There's just phenomenal statistics out there on everything that happens. But you know, here's one for me is, um, 72% are saving retirement through retirement through a workplace retirement plan or outside of work and individual retirement account. But women start saving at age 28, which is much later than men. So they're going to live longer and they're already playing catch up or if they're behind the eight ball before we even get started here. Yeah, absolutely.
Speaker 3:
27:23
Was just working with a family not too long ago. Um, and they had, you know, basically started out like many of us do. Um, graduated from college, didn't have scholarships, took on a lot of student debt because they weren't working while they were in school either. Um, got out of college, got their first job. It felt like I'm a real adult now. I don't need roommates anymore. So they got the, the big fancy, you know, apartment in 10, we're paying the rent and had to furnish it and taking on all of that debt, get married, start having kids and they're not able to save for their kid's college. So what they realized was they're actually just setting their kids up for the same situation that they were in. Hm. Did learn from their own mistakes. They actually did learn and they made a decision. They said, we're going to get control over this right now. So they came in, came up with a strategy to start saving. Um, and, and they're in a great place in, they're on track to actually be able to send those kids to college. So it's a huge win.
Speaker 2:
28:24
That's good. I mean, so you know, a tip here is start saving as soon as possible. Um, don't be afraid of the stock market. So we've talked about that. Get the most from social security, we've been down that pathway. Um, but also make sure you benefit from your spouse's retirement accounts and spousal benefits for the social security because that's important. Understand you that you need to get your share of your spouse's pension. Um, and I think this is all about education is people need to spend the time and money. And I think, um, so then you came up with broke, I want to ask you about is a phrase called self made. Right? So tell me more. What does that mean? Well, I think everybody wants to be self made, right? Yeah. It's cool
Speaker 3:
29:03
to be self made and I think especially for women, um, well I guess for anybody it's, it's just cool to be self made. It takes help though, I think to be self made a lot of times, right? It's very hard to do it in a vacuum or completely on your own. And so at Carson wealth, what we want to do is be able to help women to become self made and give them the tools and the resources to be able to get there on their own.
Speaker 2:
29:29
Yeah. Well I think something's interesting you're doing and, and I think it's a great give back to the community. Um, and you're sharing with me on Wednesday, January 31st that you're actually hosting an event, helping educate women about money and how it relates to their family. So if you have a spouse, a daughter, a granddaughter, or anyone else in your interest in that you can actually give us a call at eight, eight, eight, four one nine 85, 13 and broke. You can, uh, give them a guest pass to come attend that event to learn more how it impacts their lives. And I think about, um, you know, one of the challenges that goes with all of us is, you know, the staggering statistics related to divorce. And, you know, at the end of the day, everyone's trying to divvy up puzzles and some go really well. Um, we see plenty that don't go so well.
Speaker 2:
30:18
Um, and many people fight for kids first, um, over financial resources. And I'm not saying one way is wrong or the other, that's your own personal preference, but you got to give your family help here. And so somebody who is not the dominant spouse and the finances has no idea. And maybe you know, a tip is they need to be fighting for that retirement plan as part of a divorce. When we see people who are going through a divorce, unfortunately and sometimes, fortunately, sometimes, let's be honest, they need to be able to make bad decisions. But when we see these situations happen and what we see so often is that money becomes a LePen of mass destruction when people are angry in relationships. And the other thing that we hear so often is, you know, the person who controls the money controls that relationship. So you want to have control over your assets.
Speaker 2:
31:08
You want to understand where things are. You can't start early enough, um, in a relationship, you know, by dividing and conquering this together so that you do have control. You do, you know where things are. And so that that money doesn't turn into that weapon of mass distraction at any point. Yeah, that'll just, it's like throwing gasoline on a fire at that standpoint. You don't want that to happen and I know many listeners have unfortunately gone through that experience, so you need the right people on your side to help you think through all of that because you're going to go through your natural progression in your brain on what to do. So just don't forget to negotiate retirement assets or pension plans because you forget about those business ownership and valuations that go along with it. Again, when you're man or woman, you've got to be thinking about these things.
Speaker 2:
31:52
It's such an emotional time. There is, I mean it's tough. There are days when I was going through my divorce that I felt like I couldn't see my hand in front of my face, let alone make rational decisions and this is what I do for a living. And so having a trusted advisor and somebody who can help you to make these decisions, somebody who can be objective and take away sort of that personal attachment to it and help you make the best decisions for yourself and for your future is so important. When you're in a time of transition in your life on someone that you trust. I mean, someone that has been down that pathway before. Um, you know, I think we were talking earlier, so if your marriage is having problems, do you go talk to four people, been divorced multiple times, or do you go talk to people that have worked it out and succeeded there?
Speaker 2:
32:44
Right. Well, you know, the direction, the direction that you think you're going to get better advice than failed advice. And so I was actually fortunate, you and I the other day, um, you know, we're at the Omaha Chamber of Commerce event. It was a great event. It was fun to Sports City and, uh, John Maxwell there a leadership expert, but I'm going to, you know, share something that I think is really important. And he said, you know, most leaders, um, send you places that they haven't been themselves. And think about that. That's probably true. Have they walked a mile in those shoes? And I'm not saying I have, they walked a mile, I've been divorced or widowed, but is your financial professional, have they walked a mile in understanding? And that's why I like, you know, Brooke, you and the team of people throughout the country that help people who have complications in understanding what women are going through or thinking business owners is, you know, is uh, you know, women aren't a niche.
Speaker 2:
33:45
You and I talk about this all the time. You're 50% of the population. No, not at all. But there's, there's differences. There's complications that go through that. So how, how do we address that? So how do we as family members, how do I go talk to my sister or my mother, my daughter about these challenges? He has rip the bandaid off Paul. Okay. You just have the discussion. Um, it's such an important thing to do and it just needs to happen. And we talked a little bit about it before. It can be uncomfortable, but whether you've been through it or whether you hadn't been through it, whether you're a man, whether you're, you're a woman, there are women in your life that can benefit from being armed with good knowledge. So we have good knowledge to share. Share it if you don't introduce them to somebody who can help them.
Speaker 2:
34:30
Yeah, I think then you're both going to collectively be feeling better. And I think one of the things we want to do is help people avoid fear. So I mean, do you ever worry, I mean about if your health took a turn for the worst and it could turn into financial disaster, do you? Yes, I do too. Do you wonder if you're ever going to need longterm care or if you can afford it? Yes. Yeah, me too. And do you worry about if you're 85 years old, you're full of life and vigor, but you're broke, right? That's a concern. That's a huge concern. Yeah. And unfortunately because of the statistics, women potentially or probability wise are going to face these challenges. And really here at Carson wealth, we do understand those challenges. You and your team, Brooke, you know, work with women just like you in all different stages of life.
Speaker 2:
35:12
Um, and so if you want help, you've created a women in wealth blueprint that can help everyone out through these challenges. It's a customized analysis, helping build a plan for you and your income, your taxes, your healthcare, all those things are important to you and your family and your life. And guess what? This won't cost you a dime. So if you saved over a hundred thousand for retirement, if you just give us a call and the team will help you at eight eight, eight four one nine 85 13 one of our female advisors will help answer this call and help you talk through this. That's (888) 419-8513 we're at (888) 419-8513
Speaker 4:
35:48
trust, transparency, accountability. These are the values that drive Ron Carson and Carson. Well, you're listening to wealth from wisdom with baron tall, the fame advisor, Ron Carson. Is it possible you could pick fewer taxes in retirement and keep this money for yourself? You could learn right here and right now, unwelcome wisdom with bear and Taller Boom advisor, Ron Carson. Welcome back
Speaker 2:
36:13
Paul West, and you're listening to the welfare wisdom radio network right here on Kfab in Omaha. I'm joined today by my cohost Brooke Thompson. If you're a woman or if you have a wife, a sister, or a relative, a friend, a mother, a daughter, it's a fact. Women live longer than men. And that may seem like good news on the surface for all of us, but it does trigger all sorts of consequences that could potentially threaten your financial security. And if you're living longer, you're going to incur more healthcare and more medical expenses. You also gotta have a 70% chance, yes, seven zero of needing expensive longterm care. And all of this adds up to one thing. You might run out of money in your retirement and no one wants that to happen, especially you. So coming up in our final segment, Brooke and I are going to reveal more strategies that help you conquer your retirement. You know, and as we think about all these things, broken life and what goes on, you know, there's some phenomenal statistics, but 82% of women are concerned the social security won't be there for them when they are ready to retire. And I think that's important even more than men. And then men are concerned also. Uh, but I think this is why it's going to continue to be elevated with presidents over the next 14 years with Congress, that this is going to be a critical element
Speaker 3:
37:36
of campaigning. I agree. I think it's, it's a huge concern, but, uh, that's what we're kind of known for, right? You've seen all of the, the cartoons and the stories lately in the, in the news about how women are just constantly thinking and worrying and our brains just work a little bit differently. So kind of makes sense to me that we would be very focused on is it going to be there, should I be worried about it? So if something you're worrying about and you're thinking about, the best way to attack something that you're thinking about and worrying about is just to address that. Right?
Speaker 2:
38:06
Yeah. So Brooke, I'm curious, you know, we've been on the show today sharing some tips, helping everyone live in more successful life. You know, giving them a language that's understandable to them, trying to help make the complex simple. Um, but I'm curious, you know, you help many families across the country, you help also coach a female professionals across the country.
Speaker 3:
38:28
Did you get into this profession? Um, because there's, uh, there's a great need for more in this, in this business and in this industry. And I'm so lucky that I got into it when I did and I love what I do every single day. And thank you for asking me, Paul. The reason that I got into this business, the reason that I started down this path was because when I was growing up on a farm, um, in very small town, Nebraska, 600 people, um, you know, I had sort of this ideal childhood playing out on the farm. Dad was a farmer and mom stayed at home until my parents got divorced. And then it all kind of changed overnight. Right? We left the farm, moved to the city, moved around a lot and things seemed scary. My mom did a great job. She did the best she had and she did the best she could with what she had.
Speaker 3:
39:15
Um, but after being a stay at home mom for so long, she didn't come equipped with the skills that she needed to go out and start earning that income day one. Right. And so things were scary. And um, it taught me from a very young age how important it is to have that safety net that built in safety net and also to have that knowledge. And I love helping other women to avoid that. And I, I knew in my life that I just wanted to be a resource for other women who are potentially facing a situation where they felt like they needed a safety net, where they needed some security in their life to be able to equip them and help them to have the tools that they need to be successful. Well, you just said something that, you know, for me resonates is your first money memory.
Speaker 3:
39:59
So you're right. Was uh, you know, growing up on the farm and dealing with a family, I shared mine earlier, it was playing cards with pennies. You know, many of our listeners have that. And I think something that has been really interested in observing your approach to this brook is you talk to people not at them, which I think is important. So if your financial professional, if you feel like they're talking at you than to you or with you, there's a mistake. But you also, you're smart about this is not using all this industry jargon and talking over people. And I think that's so important, um, for making people feel comfortable. Yeah. You know, we're all human beings. Whether our passion is personal finance like myself or, or whatever the case might be. We're all human beings and at the end of the day, most of us are a motors, right?
Speaker 3:
40:46
We make decisions based on emotions and we back it up with logic so it doesn't make sense for us to speak with our clients. And our friends and family. And when we're talking about money and a bunch of jargon and nonsense and things people don't understand, we need to talk about the relationship that you have with money and how you feel about that relationship. And if you don't like the relationship you have with your money, here's some ideas on how to change that. Yeah. And so you and I actually did a joint call a here the other day, uh, where we were helping spouses and uh, the woman was the dominant one related to the money, but it was, it was a great conversation. And what was fascinating to me is actually, interestingly enough, these two professionals are both in the financial business, but reached out to an independent firm. We're a fiduciary.
Speaker 2:
41:35
They know we're going to, they're going to give the best interest. But the conversation, even though they knew all the jargon and the terms, the conversation was all about how do you feel about this? How's this going to help you in your retirement? There may, if you remember this, their main goal was transferring their wealth to their children, right? So providing insight that they have to implement. You gave insight on how they can help do that, but I won't forget this was the comment at the end was from the dominant person was this was fabulous. This makes me feel so much more comfortable and things that I think we take for granted. So we could spend all day talking to you about Iras and RMDS and Iras and all of a sudden you're going to hear blah, blah blah. It's jargon. It's out there. Yeah. Um, but if you explained something in a way that people resonate, and my example is here, helping people understand transferring wealth to children is one of the most frequently reference pieces of information out on the Internet, on the Carson wealth.com website.
Speaker 2:
42:37
But what it's about is not taxes, always. How to get it to your kids. It's about when and how and how much and how to also protect them from themselves. Because we don't want a kid getting an influx of money and like, oh boy, there goes the car, there goes a trip to Vegas, there's a private jet. All of sudden they did it. Whatever it is. Well that's our legacy, right? It is. It is leaving a financial legacy. We don't want it. We don't want our kids to make poor decisions. And you know, we, we don't at all, but it's the information you provide them and not doing that. Because if we think about this and you shared this with me, is women are more concerned about the cost of living, sending the kids to college, right? Buying a home, having enough to retire. Um, I actually, you know, work with several widows.
Speaker 2:
43:20
I know you do too. It's, it's, it's, it's friend times. So how do we help give people peace of mind. And I just want to shout out again, I think why you're doing something really cool here in Omaha on Wednesday, January 31st, uh, it's an education night about tales with cocktails. So that's fun for everybody to, uh, for women and money. And if you're interested, you can give us a call at eight, eight, eight four one nine 85, 13. There is limited space. I know what 80% capacity out here. So if you want this, you better call now. Um, because it's important. So kind of, you know, wrapping up today show and just sharing some of our best ideas with you is make sure you start saving as soon as possible. Um, don't be afraid of the stock market. Don't be afraid of getting started. What are your favorite things you said to me today, Brooke, is what's the best thing to do?
Speaker 2:
44:09
Just get started. Just start. Just have that first 15 minute, 30 minute meeting. You're gonna feel better. Take care of yourself. It's okay to be selfish like we talked about because that can be helpful to you, but you can help put together the right plan for yourself. And whether the plan is about Iras or taxes or your fallen K he's facing, it can be scary if you don't understand enough about them. So go work with a professional who understands you and, and has walked a mile in your shoes and has helped other people avoid pitfalls and mistakes and it can help you sleep better at night. And if you want a complimentary analysis to help explain this to you, give us a call. (888) 419-8513 that's (888) 419-8513 we're going to help you save more, protect your family, learn and sleep well at night because you know you've taken care of your life, your family, and your money. So you want to talk about it. Give us a call. (888) 419-8513 I'll Paul West, I want to thank you Brooke Thompson for joining me today on the wealth from wisdom radio, network
Speaker 4:
45:16
risk, social security, income taxes, estate planning. Every week we talk about how to make your money go further in retirement right here on wealth from wisdom with Barron's hall of Fame Advisor Ron Carson.
Speaker 1:
45:30
Okay, and here's the legal Mumbo jumbo. The opinions voiced and Wellframe wisdom with Rod Carson or for general information only and are not intended to provide specific advice or recommendations for any individual to determine what is appropriate for you. Consult a qualified professional. All indices are unmanaged. I may not be invested into directly. Investing involves risk including possible loss of principle. No strategy assures success or protects from loss. Past performance is no guarantee of future results. Advisory Services offered through CW LLC, an SEC registered investment advisor.