HerMoney with Jean Chatzky Jean Chatzky Her Money

In this Mailbag, Jean talks to Cecilia, a 58-year-old listener, about asset allocation and portfolio management as she approaches retirement. She has a defined benefit pension and government benefits, but also wants to draw down on her portfolio for the first few years of retirement. 
They explore the need to adjust asset allocation, the role of fixed income in your portfolio, and the importance of building a cash cushion for the initial years of retirement. 

Have a question for us or want to jump on a call with Jean? Write in at mailbag@hermoney.com.
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Takeaways:

Consider adjusting asset allocation as you approach retirement, taking into account fixed income sources such as pensions.

Build a cash cushion to cover the initial years of retirement, reducing the need to sell investments at a loss during market downturns.

Consult with a financial advisor to create a comprehensive retirement plan, including strategies for cash flow management and mortgage payoff.

Evaluate the benefits of individual bonds versus bond funds, considering the potential volatility of bond funds and the security of principal with individual bonds.


Chapters:
0:00 Introduction
2:11 Asset Allocation and Retirement Planning
5:13 Cash Cushion for the Initial Years of Retirement
8:02 Consulting with a Financial Advisor
11:00 Mortgage Payoff Strategies in Retirement
12:57 Individual Bonds vs. Bond Funds
15:00 Conclusion

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
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When we think about our financial fears, one tops the list: Running out of money before we run out of time. According to the Center for Retirement Research at Boston College, half of all US households are at risk of not having enough income to maintain their standards of living in retirement.
The bottom line is that Americans have a problem and we know it. The good news is that we have the ability to fix this problem in our own individual lives, with tools we already have access to today. They’re called annuities, and more people are interested in, and buying annuities, than in years past.  
Minji Ro, Chief Strategy Officer at Gainbridge, and Jason Fichtner, Chief Economist at the Bipartisan Policy Center join us to talk about what annuities are, why economists like them, and the advantages of considering them as part of your retirement portfolio.

Chapters:
0:00 Intro
4:04 Defining Annuities: What They Are 
12:06 The Shift in Retirement Income Strategies Over Time
14:01 The Three Major Types of Annuities: Fixed annuities, Fixed Indexed Annuities, and Variable Annuities
21:23 Transitioning Mindset: From Saving and Accumulating To Spending And Securing Protected Income 
24:28 Annuities and Managing Longevity Risks As Women
30:00 Transition to Mailbag Segment
33:23 Retirement For Highly Compensated Employees
41:34 When To Get A Second Opinion From A Financial Planner

Takeaways:

Annuities can provide a guaranteed stream of income during retirement.

There are three main types of annuities: fixed, fixed index, and variable.

Economists like annuities because they offload risk and provide income protection.

There is a behavioral barrier to annuitization, but changing the framing and understanding the benefits can help overcome it.

Women, who earn less and live longer, should consider annuities to manage longevity risk.


Have a question for us? Write to us at mailbag@hermoney.com. 
While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
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For years, we’ve been told that we need a college degree to get anywhere in life and that a college education is the most important thing for our careers. But lately, young people have been asking themselves: do you really need a college degree anymore? 
Hannah Maruyama, one of those would-be college students, decided not to take that path. Now she’s making $100,000 a year working in AI and teaching other young people how to discover their passions without a degree. Her experience led her to found Degree Free, a community that helps people find good jobs without a college degree. 
She shares the steps to take to decide if a college degree is the right path for you.

Chapters: 
0:00 The Rising Cost of College and Alternative Paths
9:42 Applying for Jobs Without Meeting Qualifications
15:16 Deciding If College Is the Right Path
24:36 Career Paths Without College
27:43 Finding Apprenticeship Programs
33:30 Learning High-Value Skills

Takeaways:

The cost of college has become astronomical, leading many to consider alternative pathways to success.

There are various pathways to a successful career, including getting a job, on-the-job training, earning a license or certification, building a business, and learning a skill.

It is important to consider financial needs and personal interests when choosing a career path.

Critical thinking skills are valuable and can be developed outside of a college setting.

Parents should have open and honest conversations with their children about the necessity of college and explore alternative options.


Have a question for us? Write to us at mailbag@hermoney.com. 
While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
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We are just past the halfway point of 2024, and things aren’t feeling great economy-wise, despite the US economy reaching “superstar status,” according to a recent article in the Atlantic. 
Kyla Scanlon coined the term “vibecession” to explain this feeling. In her new book, “In This Economy? How Money & Markets Really Work,” she breaks down why what’s really going on in our economy feels at odds with what we’re experiencing in our day-to-day lives.  

Chapters:
0:00 Intro
4:08 The Disconnect Between Economic Data and Consumer Sentiment
9:10 Personal Economic Experiences
13:37 American Personal Savings Rate
21:26 Economic Impact of Upcoming Presidential Election
27:00 Mailbag Segment
31:25 Evaluating Credit Card Benefits
34:14 Managing Savings for Major Goals

Takeaways:

Despite the US economy's strong performance, many Americans have a negative perception of the economy — that’s what we call the “vibecession,” influenced by alarmist media headlines and the vague language used by the Federal Reserve.

Buying a house is challenging due to high mortgage rates and elevated home prices, with the housing market facing long-standing issues that will take time to resolve.

The stock market's all-time high does not necessarily reflect the financial well-being of consumers, as it is driven by a few companies and does not capture the experiences of all Americans.

Financial education and savings incentives are crucial to address the low savings rate among Americans and promote a healthier personal economy.

The upcoming presidential election could have significant economic implications, with different policy approaches potentially impacting tariffs, student loan debt relief, and other areas.

Adopting an adventure mindset and promoting innovation can help address economic challenges and lead to solutions to the housing crisis, rising healthcare costs, and climate change.


Have a question for us? Write in at mailbag@hermoney.com. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
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Have you ever stopped for a second and thought about all of the things you do at work in a week? There are some tasks most of us need to do to be successful at our jobs. But do you also find yourself doing other tasks like administrative work, planning and setting up for parties, or training new employees? And have these responsibilities started to take over your work days?  
If so, you’re not alone. These types of tasks are called “non-promotable tasks” and women volunteer for them far more often than men. 
Dorie Clark’s new book, The Long Game: How To Be A Long-Term Thinker In A Short-Term World delves into how the little tasks we do day to day at work may be harming our long-term career strategy.

Chapters:
00:00: Introduction
02:57: Busyness as an Anesthetic
07:42: Defining Long-Term and Short-Term Thinking
14:56: The Importance of Saying No
18:32: Optimizing for Interesting
25:56: Career Waves and Making Smart Choices
28:51: Conclusion

Takeaways:

Non-promotable tasks, such as administrative work and planning office parties, can take up valuable time and prevent you from focusing on tasks that align with your long-term career goals.

It is important to recognize and address overworking as a coping mechanism.

Long-term thinking involves considering the big picture and making choices that optimize for interesting and meaningful work.

Saying no can be challenging, but it is important to set boundaries and prioritize tasks that align with personal and professional goals.

Asking important questions, such as the total cost and physical/emotional impact of a task, can help evaluate requests and make informed decisions.

Navigating different phases of a career involves transitioning between learning, sharing, connecting, and reaping phases, and being willing to disrupt oneself to avoid stagnation.


Have a question for us? Write in at mailbag@hermoney.com. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
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According to the Institute for Women’s Policy Research, while white women earn 82 cents for every dollar earned by a white man, Black women earn just 64 cents. Dasha Kennedy says that for Black women specifically, there are a myriad of reasons for that. 
Dasha Kennedy is the founder of the Broke Black Girl, where she shares her personal journey of overcoming financial struggles and specific advice for Black women. Dasha is also a Financial Wellness Board member with National Debt Relief. This Black Women’s Equal Pay Day, she joins us to talk about how she’s pushing back against the gender wage gap and her favorite ways to save money in 2024.
Have a question for us? Write in at mailbag@hermoney.com.
Chapters:
00:00: Introduction
07:45: Creating Broke Black Girl
11:06: Spending Intentionally
16:22: Pay Yourself First vs. Prioritize Savings
17:57: Collecting Experiences Over Things
19:52: Debt Strategies
22:22: Renting vs. Buying
27:07: Mailbag Segment
29:01: Understanding Mutual Fund Fees
36:25: Credit Score Variability

Takeaways:

The gender pay gap is a persistent issue, and Black women face an even larger gap compared to white women.

Black women need specially tailored financial advice due to their unique experiences as the intersection of race and gender.

Strategies for overcoming debt include spending intentionally, setting spending limits, and prioritizing savings.

Collecting experiences can be more fulfilling than collecting material possessions.

Taking small steps and breaking down financial goals into manageable increments can lead to long-term progress.


Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices