Maximizing Benefits: When to Claim Social Security (Plus: Teaching the Next Generation)

TPIR Ep 106 Full Show.mp3: Audio automatically transcribed by Sonix

TPIR Ep 106 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. Here's Matt McClure. Well, hello.

Speaker 1:
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. And I would like to thank you for being a part of the show. As always, this is the show where we talk about Lgbtq+ retirement issues, and I'm still trying to figure out, um, his official title, but for now, we're going to call him the attache to the advisor, my husband, Josh noble. How's it going? That's me, the attache to the advisor. It's going happy to be back. The cultural attache to Greece. Oh, listen, people will know. Surely someone will know what that's from. I really hope so. It's like every time I do my intro for the show to I. I'm hoping that just all the gays just go crazy over the fact that it's the lyrics to the the theme song for The Golden Girls. Like, that's the point people. And if you've missed it, now you know, if you did not know, now you know. Uh, but no, thanks for so much for watching on YouTube. If you, if that is what you're doing, like and subscribe. Please subscribe. I would love that. Want to see the view numbers go up? Want to see those subscriber numbers go up. I want to tune to say subscribe. I'm going to find the correct notes to sing that at some point. Yeah. But yeah, please subscribe because that helps everyone.

Speaker 1:
It helps other people in our community and beyond. Learn some stuff, right? And that's why I said I'm, that's why I'm here as his attache to, uh, to basically figure out what all this can do for our community, for, for other people, because it can be scary to plan your retirement. And a lot of it is like, what is this like mentioning that? Like we talked about the widow's tax last week, a lot of people were not even aware of what that is. Right? Right. Yeah. So that's why I love that you bring to people is this information. And I'm here basically to ask questions and be like, now hold on now what are you talking about? Talk to me like I'm five years old and tell me what this means. I will explain it to you like you're five. Um, and that's and that's the goal here. And and you are here to keep me in check on that, right? Yes. So hopefully that's what we're going to do. Uh, we did talk about the widow's tax last time. We talked about longevity. We talked about earnings gaps and all that stuff today. And we kind of end it a little bit with some solutions because I didn't want it to be so much of a downer in the last episode. Um, but we're going to talk more about solutions this time. So some strategies for some, you know, for, for a stronger and more confident retirement, essentially a retirement you can take pride in, which is obviously the name of the show.

Speaker 1:
So well, you know, we've got, um, the so much to get to here over this next little bit. I will say once again, go to take pride in retirement.com schedule that initial consultation, uh, that is absolutely free of any cost, any obligation. Give you more info on that as we go along here. You can also give me a call 8552469211855246 9211. All right. So, um, you know, we're doing this series on Women's History month in celebration of all of the wonderful women in the LGBTQ plus community and beyond. And we're talking about different women's planning issues. So that's why we're talking about the things we're talking about here. And today, of course, as we mentioned, Social Security strategies, a bit of financial and education, preparing the next generation as well. And, uh, yeah, so let's, let's get right into it, shall we? Well, what I, you know, I noticed this article in USA today about should you take Social Security at 62. And like with that too, I feel like Social Security can be very confusing, right? But it's super important. So can you break it down? Yeah. Oh, yeah. Um, so it's kind of one of my things that I do. So as an RSA, which is a registered social security analyst, I work with people on these decisions all the time and try to help them not only maximize their benefit, like their monthly benefit, but make sure they're optimizing their benefit.

Speaker 1:
And by that, I mean the maximum like monthly number may not be the maximum lifetime number based on your own life expectancy and vice versa, right? So, um, women, because women are a larger share of Social Security benefits due to their longevity. We talked about that quite a bit last time. Women live longer than men. Um, women who are 65 and older, 90% of them in this country receive Social Security benefits. So that's nine out of ten women of a certain age of 65 or older receiving Social Security benefits. Now remember you're eligible at 62. You can delay as far out as age 70 right now until they should probably change the law again. Uh, but Social Security, that decision on when within that time frame to take it is so important because it makes up a significant portion of your overall retirement income. And I will say that survivor benefits. So the benefit that you're left with after your spouse is gone, um, that is going to be such a crucial part of the latter part of your life. And so you want to make sure that you have optimized your Social Security benefits to begin with, and that you coordinate those benefits with that spouse. It's so important and I can help you do it. Awesome. And in this USA today article, so what are the key claiming decisions that were in this boy? There are there.

Speaker 1:
It's funny because I in my Social Security seminars that I'll do every once in a while, I. And you've heard me do this, I'll mention the fact that there are like 27, something like 2700 different, you know, rules and decision points and all this stuff for Social Security. So that's why people, you know, it's complicated, right? It's overwhelming. It's yeah, it's not just like I turned 62. I take the money and run. Right. So you can start at 62, but that permanently reduces your monthly payment, right? There's, there's a window where you can kind of go back and say, let me have a do over. I've claimed too early or whatever. I want to delay more, but that's within the first year. There are some different rules and restrictions there. You got to pay the money back that you've received all that stuff. But if you're claiming age is 62 or any time before your full retirement age, for most people that's going to be 66, 66, and some months or the age of 67 is the maximum right now for anybody born after 1960. And so then, you know, for that, if you, um, anytime before whatever your full retirement age is that your, if you file, then first your social security benefit, monthly benefit is reduced forever and always. Do you get those same cost of living adjustments going forward as everybody else? Yes.

Speaker 1:
But you started with that lower number because you claimed early. So if you delay past your full retirement age now and you can do that all the way out to age 70, you get about 8% per year of an increase. So basically an 8% raise, like you said last time, Um, an 8% raise each and every year you delay. And so that can be huge. So if you wait until age 70, say for Social Security, full retirement age is age 67. You wait until 70, you got a 24% raise. So that's 124% of what your benefit would have been at full retirement age. And so I helped people, you know, as an RSA do this all the time and just kind of navigate all this because it can be scary, murky waters, right? Yeah. And as Wilson Phillips always saying, hold on for one more day because then it makes more sense, right? Now I will, I will counter, I will have this question though. So if someone needs money at 62, though, they need it, right? They feel like they need to go ahead and do this. So yeah. What are your thoughts on that though? Yeah, I mean, you know, it's something that I encounter quite a bit. Like if you, if you need the money at 62, I would say, you know, go ahead and take it because as, as I said, everybody's situation is different. Now when I say like, it's not just a situation where you can, you know, claim where you should claim at 62 and then go on, take the money and run.

Speaker 1:
I don't mean that as that's not an applicable thing to everybody, because there's no one universal rule for when what everybody should do and what everybody shouldn't do. In this case, if you ever hear anybody excuse me, if you ever hear anybody say that they are not acting in a fiduciary capacity. That's why I always love that. When you work with clients too, is that you literally don't push them to do anything that's going to go beyond what's going to help them. Yeah, you literally go, you know what? No, this is not a good lane for you because this is not going to optimize your life and your financial stability. This makes much more sense. And that's why I love watching you work with people. And I'm going, oh, I never thought about it this way, or this is going to be so much better for me in the long run. Yeah. And I love that's like one of my favorite things about my job is finding those things that maybe people didn't even know about, maybe didn't even know existed, different types of accounts or different, you know, benefits or navigating those decisions that they didn't know that, oh, if I did this at this time, that affects something else down the road, right? That's so like fulfilling to me.

Speaker 1:
And so, you know, again, that the whole decision of whether to take it at 62 or what age is a very personal decision if you can afford to wait, of course, those benefits compound over time. Um, and women who live longer. Yeah. If you are in especially as we mentioned in the last show in a lesbian relationship where you've got two women who on average are going to have longer life expectancies, but two of them, um, then you're going to want to, uh, maybe do delay that if you can. And those benefits are going to need them longer, so why not max them out? Um, there could be some scenarios in there and some considerations that you don't want to max that monthly benefit out. It's just what makes the most sense for you. And I can run an in-depth report on that. Yeah. And so the, the spousal and survivor benefits. This is important for same sex couples too, right? Yeah. Ever since, ever since marriage equality in 2015, The Obergefell decision, you know, remember those text messages? Oh yeah. We're waiting. We're waiting to send the text message. Oh, yeah. It's, um, it was a very exciting, exciting day. Um, and so this is something that's super important for all couples, all married couples. Um, now if you're not married, uh, you know, you can't take advantage of the spousal benefit, the survivor benefit, anything like that. But in a nutshell here.

Speaker 1:
No, this is me in a nutshell. Help. I'm in a nutshell. Oh, dear. Anyway, now, Austin Powers reference everybody. If you, uh. Lord, I'm I'm aging myself here. But anyway, so if you are married, the, uh, and your spouse is the higher earner of the two, the spousal benefit says you are eligible for up to 50% of your spouse's benefit. That is, if you don't either a don't qualify for your own benefit. You could qualify for that spousal benefit, because maybe you haven't worked enough to qualify, haven't earned enough credits to qualify, or if your, um, average, uh, your average index, monthly earnings, which is one of the calculations that they use to determine your benefit. If that's less than 50% of what your spouse's, uh, benefit is or your spouse's aim as that, um, that acronym there, then you could qualify for up to 50% of that benefit that your spouse is receiving now. Then after one spouse dies. So that's the spousal benefit, right? So then after one spouse dies, then the survival benefit comes in. The survivor benefit, that is, the surviving spouse gets the higher of the two benefits, not both. So the lower monthly check goes away. You keep the higher one no matter who was getting it to begin with. And then the higher earning spouse, if they claim early, that is potentially a big negative because that locks in the lower benefit for the survivor.

Speaker 1:
So you're going to want to max that out if that makes sense for you. It's a big planning consideration. Same sex couples. You know we couldn't marry until the last you know, a little over ten years nationwide. Anyway, we got married before that thanks to the state of New York. Um, but, uh, there's less time, you know, to plan and to take all those things into consideration. So don't let that go by. Don't, don't let that decision go by unmade, right? Or make it quickly or just on a whim. Um, and as I've said, you know, um, 8% is the annual increase for each year. You delay beyond full retirement age. That can make a huge difference, especially later on when you consider cost of living adjustments and you know, the spouse, that surviving spouse, keeping the higher of those two benefit checks, huge, huge thing for women. And this is the 2024 statistics. So that's, uh, you know, going back a little over a year now, but it was the latest statistic that we, uh, had here, average monthly benefit for women in 2024 was 1907 1907 a month. That's nearly $23,000 a year. So think about maxing that out, folks, because that's, um, you know, not the hugest amount of money. No, that doesn't sound like a lot to live on. Right? Yeah. And so that's why it's so the claiming decision is so important if you're able to delay and max that out. Absolutely. Do it.

Speaker 3:
Hold on for one more day.

Speaker 1:
Thank you. Sorry. It's in my head now. So I mean that's important obviously for the LGBTQ plus community. Yeah, absolutely. I mean, if you're if you're married, what I would do is review both of your strategies together. I can run an RSA roadmap report for you, taking into consideration both of your lifetime earnings as reported to the Social Security Administration. And then, you know, they hire earning spouse's benefit will often become the spousal or not spousal, but the survivor benefit that is when one spouse passes away. And so it's a household decision. So it's a decision you need to make together. Make it with a trusted advisor. And I happen to know I know one. I'm married to 1855246 9211 or take pride in retirement.com. And it's a free consultation. I know we keep saying that. And I love saying that Matt is the advisor that cares, which is obviously a play on an old joke saying too, but it's true because he is not someone who's going to come after your money and push you to do something that's not going to help you, that's that. His whole thing is helping people and doing it the right way. Yeah, that's why I do what I do. You know, I am just, you know, not in the business of selling somebody something that they're not going to benefit from or, you know, pushing something on somebody that is not going to benefit them. I act in a fiduciary capacity, which means I keep your best interests in my heart and mind at all times when I'm working with you.

Speaker 1:
So yeah, that's it. Take pride in retirement. 855246. 92. 11. Is that number? Yeah. And same sex couples will say again, especially need this. They need to think through what they're going to plan and do. And you're the perfect person for them to plan out that retirement. Yeah, I would, I would humbly agree. All right. So can we talk about financial confidence through education and planning? All right. So confidence. So I mean this is just as important as a technical strategy, right? Yeah. Oh 100%. Because it's you can sort of know all of the different sort of things to do, like from a, in a conceptual frame of mind that, that kind of thing. Yeah. But if that doesn't give you confidence in your plan, then it's, you know, you're only kind of halfway there essentially, because I think confidence leads to peace of mind and that solves so many problems. Um, when it comes to your retirement plan, it really, really does. And so that is. It's a big thing. Um, you know, the best strategy in the world just doesn't mean anything if you don't understand it and if you don't feel confident in it. And that also means, you know, you're not going to stick with it either. You know, if you if you don't feel confident in it, you're probably not going to stick with it. It's, it's almost like, oh, I'm going to start a new workout plan, but I'm not seeing results. So, uh, you know, I don't believe in this, so I'm not going to keep doing it.

Speaker 1:
And kind of the same with your financial plan. You got to be confident in it and understand it. Yeah. Hey, Matt, you know what time it is? What time is it? Stats time. Can I give you some stats? I need a big sound effect. Yo, bro, you want some stats? Yeah. Oh, yeah. Give me the stats on me. Ubs. 90% of women will be solely responsible for finances at some point. 90% of women. That's because they live longer, right? Yeah, yeah. Finra3 out of five women want to improve financial knowledge. That's because they're smart. I know we all curiosity to these women. Curiosity is the beginning of improving your knowledge. And so yeah, having that drive, that desire to do that, it's the beginning of it. Yeah. Being prepared. So what's the solution, though? Well, I have often said, and this was even before I, um, went into this industry, I've often said that I wish that there was more financial education in our education system. I learned how to line dance. Well, important skill to have. You know, I mean, I'm not gonna I'm not gonna downplay that at all, but I didn't learn to, uh, to line dance until, um, until college. But you must not have the same gym teachers we did in tiny southern towns. No, no, I was in a mid-sized southern town. So? So we delay our line dancing until college, but the, um. I've often said that we need more financial education in, in our education system, especially in like, say, high school age when people are getting ready to kind of go out into the world and, you know, do you know how to actually, you know, make sure you don't overspend? You know how to save.

Speaker 1:
Do you know how to plan for retirement? Do you know the importance of planning for retirement? Do you know how these different different accounts work? Or are you just going to be thrust into the workplace and not know anything? And so, you know, that's, that is so, um, disheartening to me that we don't have a better and more robust educational system as far as financial education. I wish I had it. If I had had that and I had that foundation, I wouldn't have made so many financial mistakes earlier in my life as well. And I would be in a better position even now, because the decisions we make early on in life affect us later on. Yeah. And also that you were navigating blindly. Yeah. Had no clue what you were doing. Right? Yeah, 100%. And you know, I will say educating yourself about finances is not about like putting pressure on yourself to become this expert like overnight. Write about your about your finances, about how the entire financial system works and the Fed's monetary policy and, you know, all of this stuff and how, you know, the tax system works and what to claim and what not and all that stuff. It's not about that. It's about building enough knowledge to make informed decisions and seeking advice from a professional, from an advisor that can help you along in that.

Speaker 1:
Um, you know, maybe do something like a little bit at a time. Choose one financial topic to learn something about maybe one per month or one every other month or something like that, just to increase your knowledge incrementally over time. Maybe social security, one month, maybe investment basics, retirement income strategies, uh, the next month, all that kind of stuff. And you mentioned some research from Finra earlier, it said that they've also found that understanding concepts leads to more confident decisions and fewer mistakes. That's one of the things that I love to do when I meet with people, is try to help educate them about their different options, because if you don't know what the options are, how in the world can you take advantage of them? Right. Right. And what I've noticed so much, when you've met with clients, people are afraid to ask you questions, but you want them to ask you questions. Oh, yeah. Yeah. Like, you know, I'm not a financial advisor and I didn't say Finra, so I feel silly because I said F I n r a o please. I listen, I when I started, that's why I'm just the attache to the financial advisor. I said all kind of things when I started working with it, but no, like, uh, especially when in my sort of other part of life, I produce a show for, um, someone who does stuff, works with federal retirees.

Speaker 1:
There are so many acronyms. Yeah. So it's like you'll learn them as you go along. So there you go. Um, but you want people to ask you questions. I want people to ask me questions. Absolutely. And it is. And really the the thing that I want to emphasize about not being afraid to ask questions is because A, I want you to feel confident. Obviously that's part that's part of the discussion. But B, it could also lead to something to something else to discovery about, because your question may reveal something to me as a financial advisor that I didn't know. And I'd be like, okay, wait, why do you ask that particular thing? And I'll be like, oh, you have this concern. Here's a possible solution for that. So it's a, it's a good like guidepost along the way of finding a solution to whatever you want. So yeah, ask any question you want when you meet with me one on one, 100%. The only bad question is the one that you don't ask. Right? Exactly. So and that's especially true for Lgbtq+ folks, uh, LGBTQ plus women, because you may have less access to maybe some tailored education. And so you want reliable information, I can provide you with that reliable information, and hopefully that will lead to empowerment because empowerment is is truly, truly valuable. Yeah. And I mean, in research is showing that women are taking the lead in financial decisions, right? Oh, yeah. So, I mean, if they're increasingly leading household finances, what do you feel about their what, what should we be thinking about for them? Well, yeah, I mean, and that goes to show why so many women, um, you know, in the stat that you shared earlier, three out of five of them want to improve their financial knowledge because they're taking that on.

Speaker 1:
And so, um, you know, greater participation in the finances of the household. That means stronger financial independence. So that's a good thing, I think, for all involved when, when people, uh, learn more, when they take on more about the things that they're learning that is, um, it's just a, it's a good thing. It is a net positive, not a net negative. An early engagement. Um, and, and learning on as early as possible can really help close, uh, savings gaps here. Um, if you start a few years earlier, that can make a significant difference, especially if you're, you know, learning about investing. If you do that a few years earlier. Boy, the power of compounding interest. Albert Einstein called it the eighth wonder of the world for a reason. So there you go. Um, but yeah, I mean, you mentioned 90% of women being solely responsible for their finances at some point. That's another reason this is so huge. And, um, $30 trillion, 30 trillion. Mckinsey says that is the number that's the amount of wealth expected to be controlled by women by the end of this decade. Um, that is just crazy. That's all the women. That's a lot of that's a lot of women, women, women.

Speaker 4:
Women, women, women.

Speaker 1:
There's a lot of money. So I mean, that's like more than half want. They want more education. And I mean 30 trillion with a T that's that's remarkable. It's an unfathomable amount, I think, to you and me. Yeah. Just, uh, so give us some tips, man. Yeah. So I mean, again, choose that one financial topic to learn about each month. I think that's helpful. Take small steps, right. Don't think you have to overwhelm yourself with a bunch of financial knowledge at once. Learn over the long term and that can lead to confidence. You're allowing that knowledge to really sink in, right? And so that leads to better decisions. Um, podcasts you can listen to, I've got a recommendation for a great one. Youtube channels you can visit. I've got a recommendation for a great one. Speaking of, please subscribe. Yes. Like the video? Subscribe to the channel.

Speaker 4:
Subscribe.

Speaker 1:
Still working out the software that we're workshopping it. Workshopping it. Um, and don't let this is, I think a big takeaway for the entire show. But for this section especially, don't let perfect be the enemy of the good. Because if you strive for perfection and you don't accept anything less than that, you deny yourself progress? Yeah. And so there are a lot of resources that are available and out there, including this podcast where you can get information like this. And so I would encourage you to do that go to take pride in retirement.com. And I'll meet with you one on one. You can set that up. It's absolutely free. Yeah. Let's talk about preparing the next generation of folks, the next generation. You know what? It's an exciting thing to think about because, you know, they say the children are our future. Um, but I would sing that by I don't know if we'll get in trouble for all the. I was going to say, where's Whitney? I believe I'll just do that. There you go. Um, but yeah, I mean, if we're talking about preparing the next generation for financial confidence, right? And so financial knowledge really can shape opportunities not just for this generation, whatever generation you happen to be a part of. If you are a Gen Xer or a baby boomer or a millennial, or if you're kind of on the cusp like both of us are, and we're kind of like that xennial generation.

Speaker 1:
What are you talking about? Um, yeah. So so yeah, I mean, no matter what generation you are, financial knowledge can really bridge a lot of those, you know, the gaps between the generations truly, because you can pass that knowledge down. And so, um, Finra says discussing money openly with your family equals stronger habits in younger generations. Another one of those things that I wish that we had done more in my household growing up. Yeah. Well, I feel like it was not only in the LGBTQ plus community, but as taboo in general to talk about money, right? Like it was always an odd thing for any family to, to do. And it's something that needs to be discussed. You know, you're talking about you wish that we had education earlier on in school about how to balance a checkbook. Not that many people do that anymore. Right? But you know what I mean? Like to to learn these essential tools that we didn't have. So it's sad that it was taboo to talk about. I know, and money is still one of those things that I feel like if there's more, um, you know, open communication, the less taboo it gets and the, and the, the more open communication, the better in any type of, you know, family relationship, personal relationship, whatever it is. Um, you can just the more open and honest that you are about it.

Speaker 1:
And if you communicate about it, um, just the better off you are, I mean, and we're seeing kind of a cultural shift toward that being less of a taboo thing. It still is that way, but getting a little bit less. So early exposure to things like budgeting, saving, investing that can increase that confidence we've been talking about and you know, it all, you know, passing this knowledge down to the next generation doesn't have to be complicated. No, you could just start with your own kids. Your grandkids. Yeah. Just, you know, start talking, you know, start communicating these things. Yeah. And even, you know, there are ways to even, like, make make it a game, you know? I mean, you know, have, have fun with, uh, you know, talking about money. It doesn't have to be this stuffy thing. Even if you want to, you know, get the kids playing monopoly or something like that. Maybe not the best example, but, um, you know, I mean, it's, it's doesn't have to be the most complicated topic in the world and it doesn't have to be something that's just stuffy. You know, if you're, if you've got, um, you know, kids or grandkids or if you've got nieces or nephews, we've got a couple of nieces and, um, maybe this is something that you could do for them, like open a savings account with them together.

Speaker 1:
Um, explain how that works, watch that balance grow over time, explain how it earns interest, right? And if they're older, you know, help them contribute to their first retirement account. Maybe open up an IRA with them, even if it's just a small amount that you put in there, you're starting them off on the right foot. And by the time, you know, even if they're, let's say they're 21, for example, and you open up an IRA and you put just a couple hundred bucks in it. By the time they're ready to retire. Even if they don't touch it, by the time they're ready to retire, the power of compounding interest, they'll be quite a bit of money in there. And so, you know, you're starting them off on a great, great position there and some great footing. The Cfpb Consumer Financial Protection Bureau says that financial education means that you are two times more likely to show positive behaviors later. So don't neglect it. I mean, this applies to spouses too, right? Not just kids. Yes. Yeah. Which is why you're here. Yeah. Um, no, I'm just saying. But but really though, I mean, when we're talking about women and Women's History Month, you know, women taking leadership roles in households and finances, that's such a good thing. Conversations about money within marriages are increasingly important, especially right now. I feel like, um, you know, we're sitting here, uh, recording this, um, you know, amongst rising prices of gas, amongst rising prices of groceries, amongst all of these, you know, upheaval in the world and all the stuff.

Speaker 1:
And it really is super important to just have those conversations, have, you know, be be open about it all. And, you know, sometimes one spouse kind of handles everything. And if something happens, then the other spouse is kind of thrown into the deep end with no prior knowledge of what is there and what, what, what you have, what's going on exactly. So, you know, we don't want that in our relationship. You don't want that. You want open communication in a relationship. That's what makes a relationship work across the board, right? Yes. And it's a lesson we have learned. Yes. Very well. Um, yeah. So understanding things like, you know, saving, investing, debt management that leads to that stronger foundation for your financial life and for your overall relationship. I feel like, um, you know, same sex couple, straight couple, any family configuration you can think of, it's all important. And, um, yeah, I mean, you know, we talked about this, um, a moment ago, but 54% of women want to learn more about investing and planning, according to Finra. It's it's huge. And I think that it is, um, you know, men get on board with this because I think you need to learn more too.

Speaker 1:
Yeah. I mean, it seems just like more people want more education, you know, they, and they see that positive behaviors compound like investment returns, right? So they're saying like, let's, let's do this now. Let's make the right decision. Let's be, let's communicate. Yeah, yeah, you got to have that open line of communication here. Um, and so a couple of smart tips to share with you before we close things out here. When it comes to passing that down to the next generation, does financial confidence that we often talk about encourage younger family members to start small? It doesn't have to be some huge thing, right? Open that savings account, teach basic budgeting, maybe that first retirement account like we talked about, and you're helping that next generation build lifelong positive habits. It's okay to make small mistakes early. You'd rather make them early than later on because the stakes are lower, right? When you when you start early and you know, these are valuable learning experiences and they prevent making big mistakes later, you're learning by doing, right. That's the best way I've always learned. And it's especially important for young Lgbtq+ people who face their unique challenges in life, maybe don't have that family support. Maybe you can as, as an as an elder gay, you can take that, you know, maybe a younger person kind of under your wing a bit and help them along these lines as well.

Speaker 1:
Um, free consultation is yours. It is theirs. It is anybody's who wants it go to take pride in retirement, take pride in retirement. Dot com is the website and you can also call 8552469211855246 9211. All right Matthew, so we have covered so much over the last two episodes. Longevity to Social Security to next generation. It's been a lot. And you know what? It's I'm glad that we cover so much ground when we talk about these different topics. And I'm glad that we've done this, you know, especially this focus on women for Women's History Month, right? Um, but the thing is, is like, we can give general information here on the show, but I can also give personalized information and recommendations to you one on one. And so that's what I want to drive home to you. But, but the thing is, you know, I mean, there are challenges for women in retirement planning. They're real. They are significant challenges, especially for Lgbtq+ women. It doesn't mean that solutions do not exist. You just might not know what they are. And it's, you know, if you feel overwhelmed, you're taking a step toward not feeling overwhelmed right now just by listening to the show, because I can help you not feel overwhelmed in your own personal financial life. And it really is about, you know, just being informed really, and taking action, you know, on that information that that knowledge that you've gained an action starts with education and conversation.

Speaker 1:
Yeah, I think those are two of the biggest takeaways, probably from at least this, this episode because we talked about, you know, passing it down to the next generation and, and all that and, you know, like family dynamics and stuff, having conversations, you know, making sure that you are learning as much as you possibly can from trusted sources about your own personal finances. Huge. Um, so yeah, I mean, we've talked about understanding social Security. We've talked about the widows tax, what that is, we've talked about teaching that that son or daughter, a niece or nephew or whomever about investing. These are all steps toward stronger financial futures. And that means having a retirement you can take pride in. And if any of this resonated or sparked any questions, please contact Matt. He would love to help you. Yeah. Take pride in retirement. Com is the website. Take pride in retirement.com or 8552469211855246 9211 is the number to call if you prefer that. All right. Mr.. Josh? Yes, Mr.. Matthews. Mr.. Noble, Mr. McClure that's going that's gonna do it, I think, for this particular episode, but I'm having fun with this. I'm just glad to not be the only one here lately who's just yapping away. As always a pleasure. Thank you for having me on. Thank you. And thank you for listening or watching the show.

Speaker 1:
Uh, we'll of course see you next time. And until then, 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. Dot com investment advisory services offered through Brookstone Capital Management LLC, 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 disclosure 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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