Season 3

Couples Talk Money

Episode Notes

According to a recent UBS poll, 60% of women surveyed let their spouses and partners handle their finances. This is not uncommon, even among wealthy couples. The gradual shifting of financial responsibility and knowledge to one person often begins early in the relationship. But if the couple goes through divorce or the family financial manager dies or becomes physically or mentally incapacitated, their spouse or partner will have to scramble to figure out where their money is, how it’s being invested, and how debts are being paid while they’re also dealing with a legal or healthcare crisis. That’s why it’s important for couples to discuss these issues candidly and transparently, especially before retirement, so that either spouse or partner gains the knowledge they need to step in and manage their finances should a crisis occur. If this task is too challenging or contentious for a couple to do on their own, they should consider hiring a fee-only fiduciary financial planner to help organize and document their income, debts, savings and investments and serve as their impartial educator and mediator. 

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In this episode, Pam, Terry and Richard discuss the pros and cons of socially responsible investing, whose increasing popularity is being driven mainly by women. In particular, they examine whether women sacrifice returns by investing in stocks or ESG funds that align with their personal values. The answer may surprise you.

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5 Tips for 401(k) Rollovers

Show Episode Notes

Directly rolling over a 401(k) plan to an IRA with a custodian like Fidelity, Schwab or Vanguard is something most people should do as soon as possible after they retire. Why? Because most 401(k) plan investment options are designed for people saving for retirement, rather than for those who need their nest egg to generate income to help pay for everyday expenses. Rollover IRAs offer access to a wider variety of investment options, many of which may have lower expenses than the funds in your 401(k) account. But since you may need money in your IRA to last 20 years or more, you may not feel confident making your own investment decisions. A low-cost robo-advisor can automatically invest your rollover IRA money but won’t be able to answer your questions or address your concerns. That’s why it may be worth paying more for the services of a fee-only fiduciary financial advisor. They not only can manage your investments but can come up with a comprehensive plan to address the financial opportunities and challenges you may face during retirement. 

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Show Episode Notes

Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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