Take Back Retirement Stephanie McCullough & Kevin Gaines

“The account you inherit as far as the IRS is concerned, it's not your retirement account. You are just receiving the money from it. It's still the original owner's retirement account.”
 
Have you ever considered the complexities that come with inheriting retirement accounts? They can be a minefield of rules and regulations that, if not handled with care, can result in irreversible mistakes. Our hosts Stephanie McCullough and Kevin Gaines untangle these complex rules, shedding light on the importance of paying attention when dealing with inherited accounts. Because once that money is taken out, it doesn't go back in. They also look at how the rules change when the original contributor has started their required distributions.
 
Did you know that spouses have a unique privilege when inheriting retirement accounts? They can transfer the accounts into their own and take full ownership. But like everything else in life, there are rules to follow.
 
And then comes the all-important matter of tax considerations. From the repercussions of not emptying the account within ten years to the importance of naming your own beneficiaries, and the complications that arise when inheriting an inherited IRA - Stephanie and Kevin cover it all. That said, it’s important to remember that each situation is unique and requires specific guidance.
 
Under the SECURE Act, there are now 3 kinds of retirement plan beneficiaries for determining post-death payouts after 2019:
 
1. Non-Designated Beneficiary (NDB)
These are not people.
Examples: Estate, charity or non-qualifying trust (non-look through trust)         
 
2. Non-Eligible Designated Beneficiary (NEDB)
 All designated beneficiaries who do not qualify as EDBs (see #3 below).
Examples: grandchildren, older children, some look-through trusts
 
3. Eligible Designated Beneficiary (EDB)
The SECURE Act exempts these beneficiaries from the 10-year rule. However, if the account owner dies before the RBD, an EDB can elect the 10-year rule.
EDBs must be designated beneficiaries.
 
5 Classes of Eligible Designated Beneficiaries:
Surviving spouses Minor children of the account owner, until age 21 - but not grandchildren Disabled individuals – under the strict IRS rules Chronically ill individuals Individuals not more than 10 years younger than the IRA owner. (Those older than the IRA owner also qualify.)  
SECURE Act Videos Here
 
 
Key Topics:
Inheriting an IRA or Another Type of Retirement Account (02:00) Unique Rules of Inherited Accounts (05:31) Inherited IRA Rules and Options for Spouses and Non-Spouses (10:26) IRA Inheritance Rules and RMDs (15:49) The 10-Year Rule (20:52) Inherited Retirement Accounts and Potential Pitfalls (30:34) Wrap-Up (31:00)  
 
 
Resources:
Take Back Retirements Episodes: 12: What Women Need to Know About IRA’s, with Sarah Brenner 18: How Do We Prepare for the Worst? with Mary Beth Simón 20: Women + Roth IRA’s – What Should You Be Aware Of? 40: What Women Need to Know About Income Tax 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!  
 
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“The thing you’ve got to start with is what does life cost you? What does it cost to be you in this world?”
 
Listen in as our hosts Stephanie McCullough and Kevin Gaines tackle some big questions in this episode of Take Back Retirement, like "Do I need to go back to work after retirement or a divorce?" and "What kind of financial considerations should I have?" They walk through how to evaluate your life costs, not just the regular monthly expenses, but those that come up less frequently, like holidays, vacations, and any extra costs that come with having children or pets. They also discuss how to handle assets after a divorce, the different types of assets, tax implications, and the importance of planning for the future.
 
Stephanie and Kevin examine figuring out how much you can safely withdraw from your investments or savings if you need to supplement your income. They shed light on the 4% rule, which suggests that you should not withdraw more than 4% of the balance of your account each year. Plus, they discuss possible ways to reduce expenses and the importance of having a plan ahead of time. This episode is packed with valuable insights and practical advice, don't miss out!
 
 
Key Topics:
Intro: How to Decide Whether to Go Back to Work After Divorce (02:10) It’s Not Solely a Financial Question (03:32) How Much Does Life Cost You? Looking at Spending (06:56) Looking at the Income Side of the Equation (11:42) Retirement Savings and Investment Spending Strategies (17:01) Making That Money…Pulling in Some Income (24:35) Wrap-Up (31:24)  
 
Resources:
Organizations that support women returning to the workforce:
https://betterbalancelife.com/ https://www.irelaunch.com/ https://womenbacktowork.org/ https://theriveter.co/voice/best-websites-for-moms-reentering-workforce/ Related Take Back Retirement Episodes:
How Do We Reduce Financial Anxiety? with Lindsay Bryan-Podvin, Financial Therapist You Want to Retire Before Age 65? Here’s What You Need to Know Retire on Your Own Terms – Or Don’t! What Women Need to Know About IRA’s, with Sarah Brenner Women + Roth IRA’s – What Should You Be Aware Of?  
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“In the world of the IRS, if it's not documented, it's not real.”
 
Get set for a value-packed journey as our hosts Stephanie McCullough and Kevin Gaines tackle the critical topic of keeping financial records in this latest episode of Take Back Retirement. But they don’t go it alone. They invite two clients - Steve and Doug - and two experts – Enrolled Agent Marianne Borneman and CPA Sonya Pappas - to give a well-rounded perspective on just how important record keeping really is.
 
First, discover how proper documentation can serve as a shield in financial disputes as Stephanie and Kevin introduce two of their clients - Steve and Doug. They share their personal experiences dealing with pension plans, tax determinations, and the powerful role of keeping precise records in securing their interests.
 
Next, learn from Marianne about the possible hazards of not having accurate documentation when dealing with the IRS and how it may prompt the tax collectors to dig even deeper. Sonya shares valuable tips on maintaining record security and the necessity for a systematic approach to saving and purging documents. Tune in, learn, and protect your financial future by mastering the art of vigilant record-keeping!
 
 
Key Topics:
Introducing the Importance of Record Keeping (00:54) Exploring Record Keeping with Client Steve (02:41) Exploring Record Keeping with Client Doug (12:55) Exploring Record Keeping with Expert Marianne Borneman (20:28) Exploring Record Keeping with Expert Sonya Pappas (33:27) Stephanie and Kevin’s Wrap-Up (45:45)  
 
Resources:
Find Marianne Here -  Thetaxreductionnetwork.com Sonya on LinkedIn - GSM Advisory Group on LinkedIn  
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“This could be the most loving gift you could ever give your children. The most loving way of spending your time to give them this gift, it's priceless. Preparation leads to peace. It absolutely does.”
 
Imagine a world where your family isn't left with a mountain of your disorganized documents and possessions after your death. Our hosts Stephanie McCullough and Kevin Gaines chat with Angie Hyche, a professional organizer, author, speaker, and podcaster, who brings us unique insights into the freedom that order can bring.
 
Turning the spotlight on planning for aging parents and our own aging future, this episode delves into the importance of not just passing on material items, but the values we want to instill in our children. Angie shares her experience of helping her parents and in-laws navigate the process of organizing their belongings, emphasizing the vital necessity of these conversations around end-of-life planning.
 
Stephanie, Kevin and Angie round off by tackling the challenge of organizing both physical and digital documents. From the ABC sorting process for photos to the importance of having a system to track important documents, they explore it all. Angie shares her tips on how to make sure digital assets are accessible to loved ones and how to approach the process of ‘death cleaning.’ This episode is perfect for anyone seeking to create order, prepare for the future, and leave a meaningful legacy for loved ones.
 
 
Key Topics:
Introduction to Angie Hyche (01:08) How Angie Arrived to be a Professional Organizer of Documents (02:10) Organizing Personal Affairs and Prioritizing What Matters Most (05:02) Helping Elderly Parents with Organizing (09:46) Organizing and Preserving Family Photos (15:25) Organizing Paper Documents and Deciding what to Keep (20:08) Organizing Digital Assets and Passwords for Easy Access After Death (25:51) Planning for End-of-Life Tasks and Possessions (32:04) Clutter’s Impact on Mental and Physical Wellbeing (37:35) Stephanie and Kevin’s Wrap-Up (42:27)  
 
Resources:
Shipshape Solutions Uncluttered Podcast  
 
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“Once you are aware of your top risks that you will likely face later on, it's amazing how your brain just starts to automatically think about, ‘Well that's interesting, I wonder if I could live that way.’ Or ‘I wonder if I could pick up that exercise. I wonder if I could start walking a mile a day just to start getting in better shape. I wonder if I could change my diet instead of eating this cookie, I should maybe have this piece of fruit instead.’ That's the way the mind works.”
 
Ever asked yourself 'Who will take care of me as I age?' If so, this episode is for you. Our hosts Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group engage in a profound conversation with Carol Marak, an author, speaker, and mentor who has tackled this very question head-on. Her journey to a secure future will inspire you as she shares her path to financial stability, strategic relocation, and developing a comprehensive framework for successful solo aging.
 
Our hosts along with Carol delve into the profound interconnectedness of retirement planning and life purpose, exploring how changes in one's living environment can dramatically influence health and fitness. Get ready to understand the challenges faced by individuals transitioning from significant careers and the role financial advisors play in helping navigate these waters.
 
Stick around as they explore the significance of early planning for the future, taking into consideration factors such as family medical history, lifestyle choices, and overall life satisfaction. Carol emphasizes the importance of strong social connections and support base, regardless of whether you have kids or not. Tune in and get set to rethink solo aging through the lens of Carol Marak.
 
 
Key Topics:
The Pivotal Moment Carol Realized She Needed to Take Action (02:16) How Carol and Sisters Determined the Categories to Plan their Parents’ Will (07:57) How Do You Know if You’re Financially Stable? (15:27) How Do You Have Conversations with Clients about Finances? (19:41) Patient Advocates (25:52) Bringing Family History into the Picture (30:27) When to Start Thinking About Retirement (35:53) The Importance of Having a Support System (41:41) Planning is a Verb, Not a Noun (44:04)  
 
Resources:
Carol Marak: Solo and Smart Aging Website Carol Marak on LinkedIn SOLO AND SMART: The Roadmap for a Supportive and Secure Future© (book)  
 
 
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

“It’s not about deprivation. It’s about balance. It’s about taking care of your today self and your future self.”
 
Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month.
 
Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies.
 
They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of each, from lower costs to matching options and pre-tax savings. They also touch on setting up a regular investment account with no limits or restrictions. Their ultimate aim is to emphasize the importance of establishing an investment plan that suits you and doesn't cause unnecessary stress. This episode is your guide to making informed and confident decisions about your financial future.
 
 
Key Topics:
Cash and Cash Flow (04:10) Looking at the Trends (06:41) How Much Cash Should I Have and Where to Put It? (09:42) How to Invest More Money (20:17) Don’t Get Intimidated by the 1099 Form (22:48) Savings vs. Investment (23:39) Wrap-Up (25:20)  
 
Resources:
Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It? Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner Take Back Retirement Episode 45: What Women Need to Know about Target Date Funds Put One Foot in Front of the Other - Santa Clause is Coming to Town (skit) HEE HAW Gloom Despair And Agony On Me | Classic Her Haw TV (skit)  
 
If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com
 
You can find the transcript and more information about this episode at www.takebackretirement.com.
 
Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. 
Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.