Breaking Down Women’s Retirement Challenges (Plus: Meet My Co-Host!)

TPIR Ep 105 Full Show.mp3: Audio automatically transcribed by Sonix

TPIR Ep 105 Full Show.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker 1:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker 2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the Lgbtq+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of. A retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show.

Speaker 1:
Here's Matt McClure. Hello there, and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal and your confidant. Thanks so much for being a part of the show. As always, this time and every time. And speaking of parts of the show, you'll probably notice a different face on your screen if you're watching this on YouTube. Hi there in YouTube land, by the way, like and subscribe. I would appreciate it very much. And so would the person who is also on your screen right now, uh, Mr. Josh Rhett Noble. Josh, introduce yourself a little bit. Hi everyone. I am Josh Rhett Noble. I am not only Matt's husband, but I like to say I'm the attache to the advisor. I am not a financial advisor, but I'm here to basically ask questions of Matt and get some answers back that make it much easier for all of us to understand what we're discussing. He basically is going to keep me from saying things that are too wonky. Yeah, I'll be his wrangler. I will wrangle him in and put into layman's terms for the rest of us to understand. Yeah, well, that's the thing. Like, I feel like if you are in this business of like helping people with their finances and all that stuff. Like, it's easy to sort of talk in the lingo that you talk in. And that's why, like, I feel like if you know, regular old, you know, Jane Smith down the street, it turns on like Bloomberg TV.

Speaker 1:
Everything's going above her head. But I feel like we want to not do that. Right. We want to we want to just say it to the folks like, uh, like they need to hear it. Like they'll understand. Yeah. And I want to learn with you guys. That's what I want to do. So this is great for me just to have the excitement of being with Matt and to learn what we should be doing to help ourselves and everyone else. I'm exciting. Um, that said, no one ever. Um, all right, so, uh, a little bit of logistics out of the way. Uh, just for more logistics, um, go to the website, take pride in retirement.com. A lot of great stuff you can do there. You got all the different past episodes of the show. You've got links to all the socials. Uh, the, I'm talking to Facebook. I'm talking the instas talking your, um, your your blue skies, your threads, all the places, the YouTube machine as well. You can find us on all of those and I would appreciate it if you do. It really helps the algorithm. It helps us like increase our footprint and our in our sphere of influence, it enlarges our sphere of influence. It's almost sounds like something you need to go go to the doctor for an enlarged sphere. Um, anyway, a lot.

Speaker 3:
In in in in in in in.

Speaker 1:
Say, see, this is this is good. This is why he's here. Everybody he wants to say please subscribe. Yes. You know, that would help a lot. Subscribe. It'd be great. Yes. It comes with a song. If you subscribe, it comes with a song. Um, now I, I will say on today's show, we're going to focus because this is actually the next two shows. We're going to focus on Women's History Month because it is Women's History Month and there are, um, a lot of different retirement challenges for women that are very unique. And that of course, includes. It certainly doesn't exclude. And it definitely does include women in the LGBTQ plus community. We're talking lesbian couples, trans women, all types of people, all the different shapes and sizes of this wonderful sort of, you know, rainbow community that we're a part of. Yes. Can I give you a stat? Matt, give me a stat. Here's a stat. Women live five years longer than men, and that's according to the Social Security Administration. So I feel like that's something very interesting to think about when it comes to planning. I mean, it's sad for me and sad for you, but great for women whom we love. And I mean, it could sound positive, right, that that they live longer. But sometimes that creates planning challenges, right? Yeah. And one thing is like, think about lesbian couples. So with that, both partners are likely to live longer, right? So what how is that logistics happen when it comes to retirement for those types of people? Yeah.

Speaker 1:
No, it's it's creates different planning challenges. Like you said. I mean, for both. Um, types of couples, all different types of couples. But if you're talking about a husband and wife situation, obviously you'll want to coordinate your especially like your social security benefits. You're going to want to make sure that the higher earner, if possible, maxes out that benefit as much as possible so that then when the lower earning spouse, um, is, is maybe if they're the younger one, if they are, if they are left behind of the two, um, or if it is the woman who has earned less in that particular scenario, then she has a larger survivor benefit after that. Um, and then, you know, I mean, obviously with like, like a lesbian couple, if that life expectancy for both of them is longer, there are different, uh, circumstances that go into planning that, I mean, you've got to think about, uh, long term care. You've got to think about, you know, what's going to be your plan for Social Security and coordinating your benefits there because you got to take different life expectancies into consideration. And so that's the thing that I love to help people out with when we talk like one on one. And if you want to do that, go to take pride in retirement. I'd be happy to meet with you. We could do that one on one via Zoom, no matter where in the world you are. Where in the world is Carmen Sandiego? She is.

Speaker 1:
Wherever there is a Zoom connection is. Um, but then you can also go, uh, and give me a call if you'd like, 855246921185524692 11. Um and uh that's great. Subscribe wherever you get your podcasts as well. I'll say, guys, schedule this free consultation because it's free. And I'm not just saying that because I care about Matt. I always say that he's the advisor that cares because it's true. You know, you want someone in your corner that's going to have your best interest at heart. And he does, especially for the community. So just wanted to throw that out. Well thank you. And if you, uh, are a fan of Will and Grace, you might know that reference if you do leave it in the comments. All right. Um, so today we're going to be talking about why women face different realities, different longevity challenges. Talk about the widow's tax a little bit. And then the episode that's going to come out in a few days, episode two of this little sort of mini series, I guess we're going to talk Social Security strategies, which is huge. Um, financial education, also preparing the next generation as well. I mean, these are, these are big issues, right? Yes. So can I start with an opening question for you? Absolutely. Okay. So this is what I want you to do. I want you to break down what the longevity statistics really mean for retirement planning, because it could seem confusing. So if you could help us break that down.

Speaker 1:
Yeah, no, a few key points here. Right? Number one, with women living longer on average and. Right. And this is not, as we said a minute ago, this is not just us kind of spewing this, this, uh, as, as fact here with no basis. It's from the actual statistics from the Social Security Administration. They track these things and they have to because they provide the retirement benefits for, you know, so many Americans today. And so women live longer. So you're going to need more years of savings. If there is a woman involved in that relationship at all, no matter what that relationship looks like, or if you are single by yourself, you're gonna have to have more years of savings because you've got a longer life. That's just as simple as it is. That simple math, right? There are also, um, some like career interruptions that may come into play as well. 65% of women have their, um, their career interrupted due to caregiving, whether it's for, um, maybe an older spouse or if it's for a parent or if it's for a child even. Um, so that's a stat from AARP. And then also there's another stat that really, um, you know, when I was doing a bit of research for the show, this is the one that I still get just so irked about. And that is according to the Census Bureau, women only earn $0.82 for every dollar that men earn. And that is a travesty.

Speaker 1:
And so it not only does that mean that statistically speaking, anyway, if you're in, say, a lesbian couple, both of you are going to have to work longer to earn as much as you would if there were two men, if there were a woman and a man, like whatever other type of relationship that might have been. And so, you know, because of that, either you work longer or you're just left with a smaller retirement account. And then that coupled with lower Social Security benefits, because your Social Security benefits are based on your earnings throughout your lifetime, your highest 35 years of earnings. It just means that it's going to be, you know, careful planning is even more essential. And I will say, when you're in a lesbian couple situation, that planning is even more essential than in, say, a straight couple situation because you got two women. It's like multiply. You've got you've You're multiplied those concerns by two. Now does that mean that all is lost? All hope is gone? Absolutely not. But you know, you just gotta plan for it, right? Yeah. And I mean, that's thank you for clarifying that too. When it comes to the difference between those situations of retirement and I mean, like you said, this affects the LGBTQ plus women as well. So it's something that is interesting to actually hear what to do. And so how much difference does this make in actual dollars? Oh, it's, it's, um, I was going to say it's funny. It's sad actually, because it can make a difference of like hundreds of thousands of dollars.

Speaker 1:
I mean, we've seen that like even in even just when you're talking Social Security benefits, you can be talking at least, at least tens of thousands of dollars there. Yeah. And so it's huge. Um, and like I was saying earlier, like, if you multiply that because both partners are affected, it's, it's a big thing. And, um, you know, we talked about women living longer than, than men, according to the social Security Administration, uh, statistics that life expectancy, the average life expectancy for women 81 versus 76 for men. Um, according to, uh, those government stats. So yeah, I mean, it's, it's, uh, it's a huge deal. You got a plan for a longer life with less money and it doesn't make it easy. Yeah. And so basically just kind of wrap up that section. Lesbian couples, they potentially even more years to plan for, obviously, because they're going to live longer statistically. And then nearly two thirds of women are caregivers. Yeah. Yeah. That's absolutely right. And I mean, some strategies here, like one big one. I sort of alluded to this earlier in a different context, but delaying Social Security benefits can significantly increase your lifetime income. Now, is that necessarily the best thing for you based on your own individual life expectancy? Because we're talking, you know, 40,000 foot view right here. You know, we're talking like averages and all that. But if you are talking about like your own individual situation, because there's only one you, and there's only one person who's going to live exactly as long as you do.

Speaker 1:
And that is you, right? So you've got to plan for you, not for somebody else. And so the beauty of what I can do when I talked about the free consultation earlier, what I can do when I sit down one on one with folks or one on two or whatever the situation is, is I can run what's called an RSA roadmap, which is an in-depth Social Security analysis that can show you what the optimal decision would be for you, based on you, based on your earnings history, your life expectancy will send you like to a website with a quiz that asks you about all kinds of different things, and it will come up with a maximum life expectancy. So, you know, if you are able to delay. Absolutely. Do that 8% increase in your, uh, monthly benefit is what you receive when you delay past your full retirement age until age 70 right now. And so, you know, as a registered social Security analyst myself, It's crucial that you do that. And for women who are receiving those benefits longer, that increase is going to compound over time because not only do you get that 8% increase, if you, you know, per year past your full retirement age, if you wait until age 70, you also get the cost of living adjustments added to that as you go forward. So it's, it's huge.

Speaker 3:
So it's like getting like an 8% raise every year of waiting.

Speaker 1:
Yeah, exactly. Like, like, let's say your social Security, um, full retirement age right now is 67 probably for most people listening or watching. That's probably the case. So let's say it's 67. If you were to wait until age 70, you would get 124% of your benefit that you would have gotten at age 67. So you're getting 8% raise every year, and you're the one who makes the decision to do that. So it's like you sort of control your destiny in a lot of ways. You just got to make sure that it's the right decision for you. So I mean, super important go to take pride in retirement. Um, reach out for that free consultation because it is a crucial decision. Um, all of these are crucial decisions. The Social security piece is huge, though. Take pride in retirement. I'll be glad to run that RSA roadmap for you. Absolutely free of charge. Um, and you can also give me a call if that's the, if that's the route you want to go. You know, carrier pigeon, pony express, whatever you want to do, reach out, but the number is 85524692178552469211. All right so what we got next. Let's talk about longevity and the retirement income challenge. It's a challenge right. Do we like challenges. I don't know so depends on the challenge. Yes. I mean it sounds positive but it creates real challenges, right? So if you're like planning for 25, 30 or even 35 years of retirement, like touch on that.

Speaker 1:
Yeah. It's, um, you know, people are living longer. Not only do women live longer than men, people in general are living longer these days. So that's what we call longevity risk, right? The longevity risk is the risk of outliving your money. So it's like a little bit like when you, when you talk about, um, like, say, month to month budgeting and stuff like that, you would say, I want to make sure that I have more money than month, not more month than money. Right? So it's the same thing when you're looking long term as well. You want to make sure that you have more money than life, not more life than money. And so you've got to make sure and plan. And 1 in 4 women who are right now age 65 are going to live past age 90. Another stat from the Social Security Administration. So a quarter of you, if you are over 65 or if you are at the age of 65 right now, the odds are the stats show that you'll live past age 90. And so it's not just about building your savings, it's about creating an income strategy. Really, retirement is all about income. Like you get, you know, obviously when you are getting to retirement, you're planning for it. You got to accumulate funds to then turn into income. But the thing is, how are you going to do that? How do you flip that switch.

Speaker 1:
So having an income plan, an income strategy. So super important. And I really help clients plan for this all the time. I'm a certified annuity specialist as well. That's my other if you're watching on YouTube, that's what those last three letters behind me mean, C, a, s. And so I'm able to like, you know, help you find an income source through an annuity, which is like a personal pension that can be best for you. And as someone who acts in a fiduciary capacity, I can, um, you know, assure you that I am always going to act in your best interests, right? And not my own, not just trying to line my own pockets, but try to make sure that you are set up for success in retirement and get that retirement that you can take pride in. You also have to have a plan for healthcare costs, which increase later in life. 70% of people, according to the CDC, may need long term care. So all of that is really, really important when you're thinking about the longevity piece here. And when you're working with the LGBTQ plus community, what's the biggest misconception about longevity risk? Ah, that I want. I've heard this one. I've heard a big one. Um, a couple of times. I'm never going to be able to retire because I'm never going to be able to save up enough to then last the rest of my life. That's something that I've debunked many a time.

Speaker 1:
Um, but another big one is that people really underestimate how long retirement lasts, period. Like, you know, they're going to say, oh, I am going to work until I'm 70 or whatever, and then maybe I'll have to plan for 15 years of retirement or something like that. And no, I mean, with the increase in longevity, you know, statistically speaking, even post-COVID, people are living longer on average. And then, you know, you couple that with, um, you know, the fact that you are not going to be able to work forever, you know. You just the body breaks down and you get tired and and all those things. And you don't want to be working past a certain age. So having a plan is crucial. The biggest risk to your retirement and the biggest fear of retirees is running out of money. We've seen that in study after study. And so you've got to have the right balance. You know, not maybe not too aggressive when it comes to your income strategy early but not too conservative. You got to balance things out and you've got to make sure that you have multiple income sources. That's why I'm a big fan of annuities for most people. Maybe not all, but for most people, uh, usually you can find an annuity that will fit in with you and your plan and make it work for you. That's one income source, another income source, obviously Social Security, which we've talked about, um, but having a comprehensive strategy that includes income growth and, you know, being disciplined about any withdrawals that you make and having those predictable income streams, that is really where The the rubber meets the road.

Speaker 1:
That's where the cake is iced. That's where. I don't know, he loves a pun. I do. I love a pun again, analogy. Yeah. Uh, anyway, not too much. Not too little, just right. Exactly the Goldilocks situation. There you go. There you go. Classic. Yeah. Maybe they'll get that one. Yeah. I mean, you've surely you've read Goldilocks and the Three Bears. Um, but, uh, 1 in 4 women, as I said earlier, passed, uh, who are 65, going to live past 90. The length of retirement to prepare for, according to fidelity is not even just 30, but 30 plus years, right? It's the least you want to plan for. When I talk about annuities, I use only annuities that are going to, well, not exclusively annuities because there are some that are right for different situations that don't guarantee income for your entire life. But the kind I'm referring to right now would have something called an income rider, guaranteed lifetime income rider. So that income is guaranteed for your life. That's why it's called a guaranteed lifetime income writer. Good name. So it's not just a creative name, it actually means something. So having that as a guaranteed income source alongside Social Security really can give you peace of mind.

Speaker 1:
And if there's a, you know, potential for that increasing as you go along, that's really helpful too. Um, and then 70% of people 65 and older may need long term care, according to the federal government. That is, um, a big statistic. And you know, we've, we've both seen it in our lives, people needing long term care and it is not cheap. And so you got to have a plan for that too. And it's 70% that that's that's 25% of women. Yeah. Well, yeah. So, so 25% of women are going to live past age 90 and 70% of basically everybody. Yeah, are going to need long term care. And so yeah, and it's crazy to think about, and it's crazy to think about how much time you're going to spend in retirement as well. I mean, you've worked for, you know, people think they, you know, you work for 35, 40 years, right? Yeah. Well, I mean, I think that's also that just knowing those statistics, that's important, especially for our LGBTQ plus listeners, right? Yeah. Um, 100%. And, you know, I mean, what we do is when we get to that stage where we're meeting with folks, I like to run projections for at least age 95 and beyond, right? In a lot of cases, I'll run it for beyond, but at least age 95. Um, and it's even better, you know, if you want to plan to out to 100 rather than only to plan to 85.

Speaker 1:
And then you wake up on your 86th birthday and you're out of money, that is not a good place to be in. And, you know, we talked about lesbian couples earlier. You know, both may live past the age of 90. This type of planning super, super critical. So, you know, let me help you with it folks. I do this each and every day. Take pride in retirement.com is the website. Take pride in retirement.com. You can also give me a call 85524692178552469211. Yes call him. Call, call. Call me now. Call him now. Yeah. All right. Let's understand the widow's tax mat. So, um, you've mentioned this at home before, and it sounds, I don't know, surprisingly kind of scary, I don't know. So can you explain what it is? What is the widow's tax? So the widow's tax, it's not actually a tax, but it's how people refer to it. Like it's not technically a tax that's on the books as part of like, you know, IRS code or anything like that. Um, but it's the way that the tax structure and the way that you are, are paid, you know, your social Security benefits and that kind of thing. It all kind of comes together to create a extra, essentially a tax on you because your spouse is gone and it could be a widow's tax. Could be a widowers tax. Whatever the situation is for you. So, you know, like the spouse is alive, right? You're married, filing jointly.

Speaker 1:
So you've got wider tax brackets to to deal with there. But then one spouse dies. The surviving spouse then files single. And so higher rates at lower income levels. It's what your tax, you're taxed at higher rates for lower income levels. And then your income is also very likely going to go down because you lose one of the two Social Security benefits in the couple situation that you do get to keep the higher of those two checks every that's coming every month. But at the same time, you still lose at least a third of your income. So you've got to plan for that. We work with clients on that all the time, especially, you know, same sex couples who are who are married. It's a really big consideration. So the tax structure immediately changes the time the income drops. Correct? Essentially. Yeah. Because because you are treated as then, you know, for that following year anyway. For tax filing purposes as a single person and not as married filing jointly. So then it's a different set of, you know, standard deduction. It's a different set of tax brackets. All that stuff. And yeah, it's and it's the, it's crappy because it's the kind of stuff you don't want to have to think about when you've just lost a spouse, you know? But the income still declines even if you've been saving. So yeah, I mean, like, especially with that Social Security piece, right? Like, you know, and it could in other ways as well, like depending on what type of like, you know, even if you have, um, if your spouse has a pension, maybe that pension will go away.

Speaker 1:
Um, if that spouse dies, maybe there's not a provision for it to then continue on to you. But with the social Security piece, yeah, you lose one of those checks. It's and that's a huge that's a huge deal. Yeah. You do as I said, get to keep the higher of the two. But it's a it's a, you know, big hit. You don't want to lose, you know, a third of your income every month. That's not something that anybody wants to wake up to. But that's why it's so important for you to be planning. Oh, yeah. You know, this hearing all this, I know it can sound scary and overwhelming, but that's why the best thing you can do is to reach out and plan. Yeah. You know. Absolutely. Yeah. Reach out. Take pride in retirement. Take pride in retirement. That is the website. And again, you can go there. You can click on get your plan at the top of the page. I'll actually I'll send a free e-book to you as well if you'd like, just check that box on that particular page. And the book is called the Smart Retirement Plan. Colleague of mine wrote it. I wrote the afterword for it, which I'm very, very proud of.

Speaker 1:
And so I would appreciate you going there and get a, get a smart, um, retirement plan. Um, what I'm going to do here though is go to some solutions for the widow's tax because I think we've done a good job kind of explaining, at least encapsulating what it is. Right. So let's, um, thank you for your vote of confidence. Yes, I look, I'm understanding it much more than I ever have. Hearing you speak on this before. So I think that's why it's good to kind of put it down like this so we understand what's happening. And that's also why it's good that you are here. Thanks. So yeah, planning strategies do exist, but you've got to implement those while both partners are alive. You don't want to be caught, you know, surprised by this. So it's especially important for same sex couples as well who couldn't marry their whole lives. It might be a bit of planning that sort of falls by the wayside because that's not that always been the case for you. If you've married maybe later in life because of different factors, make sure that this is a piece that you take into consideration. Review your tax strategy together. Review it with a trusted advisor. I happen to know a guy. Um, consider Roth conversions. That's a way to eliminate taxes on that portion of your retirement income and optimize your social Security timing.

Speaker 1:
As I said, I'll run that RSS a RSA roadmap for you and I help clients navigate this all the time. It really is important to just have a plan going in. Yeah. And I've seen that firsthand. You have some great clients. And so basically you're being proactive instead of reactive. Yeah. It's much better to be proactive than reactive. I think in just in general, but especially when it comes to your finances. It's almost like another, um, another way to look at it is like, be prepared, not scared, right? Like if you're prepared, you don't have to be scared. Or as they say, say on Drag Race, if you stay ready, you ain't gotta get ready. Mhm. But yeah, it's, um, all this is important, important discussions to have. And if you're married, sit down with that partner with that spouse and a financial advisor. Um, and yeah, we'll, uh, what if they're both, I mean, it's very rare thing, but did you marry a financial advisor? I did not at the time. I wasn't at the time. But yes, I did become one. And now you know, there's just no going back. Um, but yeah, sit down with that trusted advisor. Take pride in retirement. Com if you want to find one. Um, all right, so, uh, we talked about how listeners can start working with me. How about let's, let's talk about how like, what happens during the consultation. Tell us what happens in that consultation.

Speaker 1:
So when I sit down with somebody, I really like to get a good idea of, you know, basically who they are, what their goals are, their situation, place in life and all that stuff. Get to know those retirement goals, the retirement lifestyle you want to live. It's a big one because there's a big difference between planning for, you know, constant travel and, uh, you know, sitting on the front porch and sipping a mint julep every day. Right? So, um, and I'm not sure which one of those I want in retirement, but you might be more sure yourself because I like travel and I like sipping mint juleps. So there you go. But the big thing is I like to have a real conversation with people. I'm not going to be this kind of like, you know, sleazy sales guy. Hopefully, you know that watching or listening to the show that I'm not going to be some sleazy, like sales guy like, oh, you gotta buy this timeshare person. Oh my God, that's a different story for a different we, we speak from experience on that one of being anyway. Anyway, that's a different, we'll go into that story at some point in time. Um, but what I do then after I get to know you have this real conversation, I'll evaluate your current plan, what you've got going right now. If you have one. If not, let's create one together, right? But if you've got a plan, I'll review it.

Speaker 1:
I'll review those accounts. I'll show you a clear recommendation for moving forward in your own life and your own situation with confidence. I'll answer any questions you've got, because retirement really should not be a guessing game at all. We're not throwing it at the wall and seeing what sticks here. We're coming up with a plan, right? And I work with people of all different walks of life shapes, sizes, um, you know, gay, straight, lesbian, trans, like all the, all the different colors of the rainbow of the LGBTQ plus community allies, anybody. I'll work with anybody. Right. Um, and it's a judgment free space when you work with me. It absolutely is. I'm looking at those numbers and I'm looking at ways to help you, to help you achieve your goals. And it's basically, I always say it's just a simple conversation, like in the beginning. It's not something to like freak out about or have to worry about, do I want to do? It's basically getting together and figuring out how you can help them. Yeah, from the very beginning. Simple conversation. See what you can do. Yeah. It's not a complicated thing. And that's the thing. I feel like a lot of people may feel uneasy about meeting with a financial advisor to begin with and just be intimidated by it. Don't be, because it's really not something to be intimidated by. All you do go to take pride in retirement.com.

Speaker 1:
Give a call to 85524692 11. There's no cost. There's no obligation at all. Um, and I would love to help you if I absolutely can. Well, Matt, we have covered a lot today, I feel. Um, hopefully. I think I understand a lot more and I'm hoping that your listeners and viewers are understanding that as well. So what do you want people to take away from this advice today? Couple of things I think. Um, number one, awareness really is the first step. They say knowledge is power, right? Applied knowledge really is true power. So so take the knowledge that you have, um, or gather new knowledge, gain new knowledge and then apply it to your, to your life, especially for women in the LGBTQ plus community. You know, we've been talking specifically about women's issues. A lot of this stuff is obviously applicable otherwise. But in honor of Women's History Month, we're focusing on specific women's issues this time around. And you know, once you understand the challenges, once you gain that knowledge, then you can apply it. You can, you can actually, um, proactively plan and not be reactive in the end. And so yeah, it's, it's, um, really is. If there's one sort of takeaway, it's that, yeah, knowledge is power, but applied knowledge is the true power because then you can actually take that knowledge, put it to work and make your life better. I love that, and we're going to cover more in a new episode too after this, right? Oh, yeah.

Speaker 1:
Absolutely. So we're going to cover, uh, more stuff. So this will be uploaded, uh, on this particular episode that we're doing right now will go up on Friday. The following Tuesday will be a new episode. We're going to talk about social security strategies for women, financial education, empowerment, preparing the next generation, and a lot of decisions that impact lifetime benefits for Social Security. I'm going to touch on that as well. So yeah, that's all coming up in the next one. I love it. And like Matt said, if you have any questions, if you want to reach out, check out Take pride in retirement comm. Matt, what's your phone number 855246 9211. What a nice number it is. It is. So I call, just call, text, email, whatever you want to do a complimentary consultation with Matt. And like I said, he's the financial advisor that cares. I am, um, and, uh, I thank you for being actually the actual co-host with me on this very first episode that you've done that I'm having fun with this. I had fun with it too. Thank you for inviting me. And I'm still working out my title. I like attache to the advisor, the attache to the advisor. I just feel like that has a nice ring to it. So that's probably what I'll stick with. We'll see. We shall see as time goes on. All right. Well, um, thank you and thank you for listening and or watching to this, uh, episode of Take Pride in Retirement.

Speaker 1:
Until next time, take pride in yourselves and take care of each other. We'll see you then. Thanks for listening. To Take Pride in Retirement. Members of the Lgbtq+ community deserve to work with the fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call 469211 or go online to take pride in retirement investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor. Bcm and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure and Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency. Registered investment advisors and investment advisor representatives act as fiduciaries for all of our investment management clients, we have an obligation to act in the best interest of our clients and to make full disclosures of any conflicts of interest, please refer to our firm brochure the ADV Too-a item four for additional information. Fixed annuities, including multi-year guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges, as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

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