In episode 75 of Accessible Finance, we address an emotional and critical listener question from someone who has recently lost a spouse and feels overwhelmed with financial decisions. The discussion covers key initial steps such as pausing big decisions, getting organized, securing income sources, and the importance of involving trusted financial professionals. We discuss the tax implications of going from married filing jointly to single, handling RMDs, updating beneficiaries, and social spending's impact on well-being. Tune in for expert advice and insights aimed at helping those navigating this challenging time.

00:00 Introduction and Listener Question

00:56 Initial Steps After Losing a Spouse

01:55 Organizing Financial Documents

02:37 Dealing with Scammers and Predatory Behavior

05:47 Tax Implications and Financial Planning

07:02 Meeting with a Financial Professional

14:23 Adjusting Beneficiaries and Budget

16:11 Social Spending and Emotional Well-being

18:19 Key Takeaways and Final Advice

🎙️ Episode 74: Navigating Your Retirement in a Down Market Are you planning to retire but worried about the market downturn? Is it wise to push on or is waiting the better option? In this episode, Rachael and Eric tackle one of the toughest questions facing soon-to-be retirees: the market’s impact on your retirement timeline.

Key Highlights:Should you retire now or delay? Discover the decision-making frameworks that can help you weigh the risks and benefits of retiring in a bear market.

What does your shortfall look like? Eric dives into understanding the gap between your fixed income and your retirement spending needs.

How flexible is your spending? Rachael shares strategies on variable spending levels to make your retirement plan resilient to market fluctuations.

Interested in retirement strategies during volatile times? Listen to get invaluable insights that could help you navigate these uncertain times with confidence.

Got questions or stories about retiring during a market downturn? Email us at podcast@equilibriumfp.com. We are here to help!

👉 Listen now to arm yourself with the knowledge to make a sound retirement decision.

In episode 73 of Accessible Finance, hosts dive into a detailed listener question about retirees with pension plans. They discuss the implications of the Windfall Elimination Provision (WEP) ending, its impact on social security benefits, and the Government Pension Offset (GPO). The episode explores strategies for pension holders, including whether teachers should work summer jobs to earn social security credits. Key insights and advice are provided for optimizing retirement benefits and understanding the importance of social security contributions in light of these policy changes.

00:00 Introduction and Listener Question Overview

01:39 Understanding the Windfall Elimination Provision (WEP)

03:53 Explaining the Government Pension Offset (GPO)

07:46 Impact of WEP and GPO Elimination on Benefits

08:45 Advice for Teachers with Pension Plans

12:12 Social Security Credits and Optimal Strategies

13:58 Understanding Social Security Credits for Teachers

14:45 Evaluating Summer Jobs for Social Security Benefits

16:10 The Importance of Social Security Contributions

17:40 Checking Your Social Security Credits

18:37 Deciding Between Higher Pay or Social Security Benefits

20:38 Maximizing Your Social Security Benefits

21:49 Final Thoughts and Viewer Questions