I'm Stephanie Sammons, a CERTIFIED FINANCIAL PLANNER™ and the Founder of Sammons Wealth Management. I help successful women professionals who are in midlife plan for their ideal retirement. Learn more about planning, saving, and investing for your ideal retirement at Sammons Wealth Management.
reframe retirement for women

Show Notes for this Episode:

If you’re a working professional within 5 to 15 years of retirement, you are approaching one of the most important phases of your life. Retirement is not only the biggest financial decision you will ever make, but it’s also an exciting phase of life for renewal and reinvention!

In this episode, I talk about why we need to reframe retirement for women. This is not your parent’s or grandparent’s retirement. As women in midlife, we are living longer, healthier, and more active lives. I also provide a preview for what you can expect to hear going forward on the Retirement Money Gal™ podcast (a new name and new focus on preparing for your retirement years).

What is your vision for an ideal retirement? I believe we need to reframe retirement. We are facing a new retirement reality as women in our 40s, 50s, and 60s.

Tune in to this episode of the podcast to hear more about:

  • Why it’s important to retire to “something”
  • How to begin thinking about your vision for retirement
  • Why a work optional retirement is a good idea (work that you actually enjoy)
  • Why reinvention and reeducation are good for you in retirement
  • The money side of retirement and why retirement planning for women is so critical

Enjoy the show! And consider joining the new Retirement Money Gal™ Email Newsletter and Community!

Listen to the podcast on your favorite podcasting app: iTunes | Spotify | Google Podcasts

Thanks for listening to the Retirement Money Gal™ Podcast. If you enjoy the show, please subscribe, rate/review in iTunes, and share this episode with someone it can benefit!

Join the Women Retire Smart™ Community

Join the Women Retire Smart™ Community and email newsletter to receive new episode updates and exclusive resources for creating and living your ideal retirement! 

The Women Retire Smart™ Community is a virtual community and email newsletter for women professionals within 5 to 15 years of retirement who want to retire smart, secure, and happy!

At the beginning of season four of this podcast, I made an announcement that I was going to adjust the theme of this show. And that adjustment was to further clarify what we're talking about here. And what we're talking about is retirement. The concept, the idea, the phase of life that many of you are moving toward today. So now I am simply updating the name of the podcast to be consistent with that theme and the topics that go along with creating your ideal retirement lifestyle. And I thought long and hard about this, because to be quite honest, it takes a lot of time to change the name of a podcast. You have to change the artwork. You have to change the show notes. You have to change the website address and these sorts of things. But I felt that it was really important to update the name so that it was more consistent with the message and it will provide greater clarity and make it easier for women like us to find this podcast, even though a podcast are becoming extremely popular, this form of media has just taken off in terms of the growth.

Mainly because it's so much easier to access and listen to podcasts. We have on an iPhone, you have a builtin app for podcasts and Spotify has now gotten into the business of publishing podcast. So even though that's the case, the search functionality in these platforms is still pretty lackluster. It's hard to find good shows that are out there from very committed and dedicated publishers who may not be famous or celebrity or well known. And the search functionality doesn't go super deep on those platforms, but having the name retirement now as retirement money gal, instead of midlife money, gal will hopefully help this show get discovered by women like us, women who are in midlife, who are moving toward retirement. So nothing else has changed other than the name retirement money gal is the name of the show going forward. And hopefully that will make it crystal clear what this podcast is about and who it's for.

So let's talk about

Whether or not this podcast is a good fit for you. Retirement money, gal me, I am talking to women professionals like myself, who are within five to 15 years or so of retirement who are earning a six figure income or higher, and who are really starting to think about the reality of retirement and are interested and learning how to create their ideal retirement lifestyle from a personal perspective, a professional perspective and a financial perspective, all of these work together as you move to and through retirement. And I am really in the same boat. I'm a woman professional, I'm a business owner and I'm 50 years old about to turn 51. However, I do not view myself as being five to 15 years out from retirement. I will probably work another 20 years, at least maybe 25. And if that sounds crazy to you today, it's really not because we are living so much longer.

So we'll talk about that and why having a work optional retirement might be a really good idea for me. That's what I'm going for. That's what I want to do. Now, when I say women professionals, I'm talking about those of you who work in a corporate environment, those of you who work in a professional services career, such as a doctor, a lawyer veterinarian, and those of you who are business owners who own your own companies or own businesses, that's really who this show is designed for. And it's okay if it's not a good fit for you, based on where we have come and where the show has evolved from the, and this podcast has been up and running now for about a year and a half. And I have been the midlife money gal, all of that time. Most of that time, I had another little change in there, but now I'm feeling pretty good that this is the right direction to go in retirement money gal, okay, enough on that and probably way more than you cared to know about, but I thought it was important in case you noticed the new artwork, the new name of the show, the website, by the way, is retirement money, gal.com.

And even if you go to the old website address, midlife money, gal.com, it will redirect you to the new website. So all of the old show note links that you find within the episodes, when you're listening on your mobile device, those will go to the correct place. So you don't have to worry about that. If you're trying to find a resource or something that I talk about in that particular show.

So what is retirement? Anyway? You don't retirement is kind of a made up thing. And it was a word that was coined a long time ago when we were not living nearly as long as we are today, our life expectancy was a lot shorter in retirement. Kind of meant that you were, you were done, you were tired, you were exhausted. You were ready to hang up your shoes and lay back in the recliner and watch the TV relax. And then you probably were going to die within three to 10 years. Anyway. So that was that. So retirement was kind of a depressing idea. And today, because we are living longer and more active lifestyles, this is not your grandmother's retirement or your grandfather's retirement. It's probably not even the retirement of your parents. If they are still living, the concept of retirement has changed and it will continue to change because of the advances in healthcare and technology.

Retirement now is a new and exciting phase of life. And that's how I want you to start thinking about it. Reframe your ideas about retirement. Retirement is also typically the most important financial goal of working people. That is the ultimate place you're trying to get to. However, retirement is not a place. It's a journey. And instead of retiring from something you want to be able to retire to something else you want to really think about it and have a plan and a vision and a strategy for what in the world you're going to do when you are no longer working. This is really important. Otherwise it's difficult emotionally for people. Not only because they're not drawing a paycheck anymore, in most cases, because pensions are a thing of the past for most people, but also because you have nothing to do, you don't have a schedule.

So you have to create a schedule and create a life for yourself that you can retire to and stay active and enjoy and make it some of the best years of your life. We'll talk about this idea more, a lot more on this show. So retirement is also going to be one of the biggest, if not the biggest decision of your life. And it's really important to get it right, so that you can sustain your lifestyle throughout your retirement years, which could last depending on how old you are. And depending on when you want to retire 20, 30, 40 years, that's a long time to be retired if you think about it. So as you can see, I'm pretty passionate about the idea of retirement and really reframing retirement for women like us, who do not feel old. And I don't know about you, but I'm really sick and tired of the messaging and the marketing targeted at women who are in midlife, especially women who are 50 like myself.

I mean, as soon as I turned 50, I received the mailings from ARP, which basically say, you're old now, you know, you're a senior, uh, the golf club. I belong to just a little club here in the city. It's nothing fancy. It's a public golf club. They send out emails all the time for their women golfers. And if you're over 50, you, you get the senior golfer, which is just insulting. You are not a senior. If you are 50, you're not a senior until way down the road, way down the road in my book, until you're in your eighties, around the corner from my house, there's a new community that is going up being built. It looks like a really nice luxury apartment community. And the sign says, this is a community for 55 plus. So if you're 55 and up and they call it it's for active seniors. So I really, really wish that these people who are targeting women like us, who are in midlife, I wish they would quit making us older than we are, because the truth is you are only as old as you think you are. And that is just the reality. Now, if you think you're old, then you are, so there's a mental side to all of this. We will talk about this concept as well in the future, on the show. Another thing I want you to start thinking about is what does your ideal retirement look like?

Will it be relaxation where you envision yourself flopping on a beach somewhere, or traveling around the world, by the way, when we can return to travel, we're in the midst of a global pandemic right now. So most of us are not traveling, but I have no doubt. We will return to world travel, domestic travel. All that's going to come back in time. Reinvention will your ideal retirement include a work optional retirement where you continue to do something. You know, it's not all black and white. It's not all or nothing. When you think about retirement and you're never going to work again, it doesn't have to be that way. And in fact, I don't really encourage that. Now I'm someone who comes from a family where my father is getting ready to turn 76 and he's still working. He runs a local health and nutrition store and has for over 25 years, he retired at 50.

He sold his business at 50. And after about a year, he was bored to tears and he felt like his mind was completely going to waste and he wasn't active. And he just saw, this is not a good direction. This is not a good path for me to be on. I've got to be busy, I've got to be engaged. So by gosh, I'm going to do something that would be really fun and exciting for me. And he really paired his, his passion and his zest for life and something that he was very interested in health and nutrition and supplements. And at the time it was just a very small industry. Now it's huge, but he paired his passion and his interest with a career path, with a business that would be very fulfilling for him. And he's done extremely well. And I think the reason he's done extremely well is not only did he happen to choose a very strong industry that was growing rapidly, but he also chose something that he knew he would love to do.

And he works up at his retail store all day, every day, even on Saturdays, he takes Wednesdays off now, but that's basically it. And he doesn't work on Sunday. The store's closed on Sunday, but that's so motivating to me. Now, you may not be motivated by that. You may not want to have anything to do with a career once you retire and that's okay too, but it's something to think about. You know, maybe there are other ways that you can contribute and work and earn a little income that aren't as grueling or as taxing as your current career. If you're somebody who travels all over the country and you're constantly in meetings and you're exhausted and you have no freedom or flexibility in your work, I can understand why you would want that to end at some point. And I was in that same kind of career as a financial advisor, working for a large financial institution and as a manager, senior manager for the company, that's what I, I did.

And it was pretty grueling. I have to admit so I can understand wanting to transition out of that, but it doesn't mean you have to transition into doing really nothing. You might be able to work as a consultant to your company once you leave. And once you retire, he might be able to start your own business and get your own clients and customers with the knowledge and skills and experience that you in your career. So there are all kinds of options once you retire and your mind is probably still going to be sharp and you're going to want to stay active and engaged. It's good for us. It keeps us healthier, both mentally and physically. So it's something to think about. Doesn't have to be black or white all or nothing. You can have some options as you think about your vision for an ideal retirement.

What about recreation? Are there any sports and hobbies and interest that you would like to spend more time on in retirement and pursue? Do you enjoy things like golf or working out, walking, hiking, biking? What about hobbies and interests? What about things like art and music that you don't have time for? We need to think about this as a part of your retirement vision and all of the things that you want to do that you don't have the time to do. Now, you want to have a plan for how you're going to incorporate recreation into your retirement. If that's something that is important to you and then the other are, these are all ours. Relaxation was flopping on a beach. Re-invention was work, optional recreation, sports, hobbies, interests, re education. Yes, that's a word. What about going back to school and learning some new skills, doing something different, earning a certificate, even learning a new trade. These are all possibilities. And I do believe the cost of education as a result of this global pandemic is probably going to come down significantly. Online. Learning has now been accelerated. So I'm keeping my eye out for interesting educational opportunities out there for women like us who want to stay sharp and continue to advance our knowledge.

And then

There's also community and connection in retirement. There's evidence out there. There's research that talks about how important it is as we age to have a community around us, a family, friends, and even people outside of that, who are just a part of your community, community, what kind of social life, or are you going to have my mom who is 77? I think now plays a lot of golf. And she has developed so many close friendships over the years with her golf ladies. And they go to other clubs and play against other women who belong to those clubs. And she's made friends with those women as well. So she has this really robust social network of women and friends, and that just keeps her young. She loves to stay active, playing golf. She doesn't work, and she loves spending time with her friends. So it's a very important aspect of retirement.

There are a lot of people who think, gosh, it would be so great to move to a remote cabin, just me and my spouse up in the mountain and just live out the rest of our lives. And most of us would probably go crazy if we did that, if that was our sole residents, right? So isolation is not a good thing. And when you retire away from your career, you're not going to have that same engagement with your colleagues. Like maybe you're accustomed to, you're not going to be going to the office every day, that sort of thing. And maybe you've had a little taste of that, a little taste of what retirement might be like in general because of this global pandemic. So this has kind of been an interesting experience from that perspective. You know, how do you feel about it? Do you have more freedom and flexibility working from home?

And I've talked about this before on this show, but it's a good training ground to see what it might be like if you were retired and you weren't on a rigid work schedule. Like some of you I know are, and then some of you, obviously in the healthcare industry, you haven't had a single moment to probably sit down and your industry has really been hit and you've had to work extra hard and put in a lot of hours, which I know all of us very much appreciate and have gratitude for what you all in the healthcare industry do for us. All right. So that's the thinking on your ideal retirement. There are so many possibilities, but you have to have a vision and then you need to

Set goals that are aligned with that vision and then work toward those, those goals personally, professionally and financially.

That's the other side, the money side of retirement, which I'm going to continue discussing on this show as I have all along things like how do you make your money last long enough for your life expectancy, for how long you may live? How do you make sure that you plan for healthcare costs in retirement? Because you're going to have health insurance premiums with Medicare, and you may have additional costs if you get a supplemental plan and it all adds up and it's expensive. So that's something that has to be figured into the calculation for retirement. You have to understand what does it take to generate an income to sustain your ideal lifestyle? What can you afford in retirement? Or is there a range, you know, is there a range where you know what number you need and what it's going to cost to pay for all of your fixed expenses?

And then you've got discretionary expenses, kind of the wants of retirement travel would maybe fall into that. But what is it going to take? What kind of income sources do you have already? Things like social security and what else do you need to make up for the difference? That's the money side also. How should you be invested leading up to retirement and throughout retirement? Because I'm going to tell you many people think when you hit retirement, you just throw your money under the mattress and that's it. And then you just pull it out and live on it and hope it doesn't run out. That doesn't work. If your money doesn't grow, if your retirement nest egg doesn't grow, you can't keep up with rising costs. If you think about how costs have gone up over the years, you'll see what I mean. Think about what it used to cost to buy a home or buy a car groceries, these sorts of things.

So some portion of your nest egg needs to be allocated to growth oriented investments. So that's something to think about. How do you achieve success, where you don't run out of money and you keep your nest egg growing, but safety at the same time where you're able to pull out a reasonable amount of income and meet your ideal retirement lifestyle goals. And what about taxes in retirement? Taxes definitely come into play because you're pulling money a lot of times out of retirement accounts. Okay? And those distributions are taxable. And then at age 72 and beyond, you're required to take minimum distributions out of your retirement accounts that can affect your taxes as well. It's possible that social security could be taxed if you continue working. So there are all kinds of tax implications in retirement to think about. So this is the money side of retirement, and I know it can get a little dry and a little boring and maybe a little overwhelming.

And this is the stuff that I geek out on that I love. I love the math part of how money works in retirement, but at a minimum, I want you to be equipped with the knowledge about your financial life and your money and how it relates to retirement. I'll try to keep it more exciting when I talk about these money topics, but I want you to be educated about it. It's really, really important as women that we learn about our money and we face it and we get ourselves in a position where we can make the best decisions possible about our financial lives. So that's pretty much a big picture overview of what I'll be talking about on the show, the retirement money.

I'm also planning to bring on some guests to the shows so you can hear from other people, not just me. I'm going to share some of my favorite resources with you as we go along. And I'm also going to work toward building a real community of women here, because I think we can all benefit from sharing and connecting with each other. And it's really just our nature too, connect socially. So I'll be thinking about how we can more easily come together and get connected and grow as a community. But in the meantime, if you don't want to miss a thing, new episodes, loads that come out, resources, community, here's what I want you to do. I want you to visit retirement money, gal.com forward slash community retirement money, gal.com forward slash community. Just the word community, and get subscribed to the show so that you're included on everything that I put out there.

All right, I'm looking forward to continuing the journey with you. I hope you will stay on board and stay engaged with me. I will give you an opportunity to ask your questions. I'm thinking about also throwing in some Q and a episodes. Once I start receiving some questions, which I already have, I just need to get those organized. And I'm looking so forward to this journey and experience together. Thanks so much for listening and I'll be back next week. This show is for informational and educational purposes only. Please do not consider any of the content as personalized financial investment tax or legal advice.

Pin It on Pinterest

Share This