“If the average life expectancy for a woman is around 86, 87, fully 50% of women live longer than that. So, you can't plan just to age 87.”

Can a simple quiz change the way you think about retirement? Our hosts Stephanie McCullough and Kevin Gaines uncover the hidden gems (and not-so-shiny stones) within retirement planning quizzes and surveys, especially a revealing retirement income literacy quiz from the American College of Financial Services. Our hosts dismantle common myths, like the idea that Medicaid will seamlessly cover long-term care costs, and arm you with the knowledge to navigate these complex waters.

Have you ever considered how rising long-term care costs and inflation might impact your golden years? This discussion, inspired by findings from the National Institute for Retirement Security, paints a vivid picture of these pressing issues. From Medicare and Social Security to life insurance, 401k plans, and annuities, Stephanie and Kevin dissect the tools at your disposal. By highlighting the importance of basic investing principles and the balance of risks, they aim to help you safeguard your savings against inflation and elongate your nest egg for a potentially longer retirement.

In a climate where up to 80% of women sense a looming retirement crisis, how can you alleviate your retirement anxiety? Our hosts explore the shift from employer-provided pension plans to self-funded retirements, and why Social Security remains a lifeline for many. Rising living, healthcare, and long-term care costs are at the forefront of concerns, making financial planning more crucial than ever.

Key Topics:

• Why Did Stephanie and Kevin Take a Retirement Income “Literacy” Quiz? (02:11)
• Long-term Care, Medicare vs Medicaid, and More (04:10)
• What Women Think about Retirement (07:49)
• Life Expectancy Beyond 65 and its Impact on Retirement Finances (14:37)
• Looking Beyond Investments in Retirement Planning (19:08)
• Women's Outlook on Retirement (Crisis) (21:40)
• Longevity “Literacy” (27:32)
• Wrap-Up (32:26)

Resources:

Take Back Retirement Episodes:

• 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
• 15: What Women Need to Know About Social Security
• 21: Simplifying Medicare: What’s Important For You To Know with Susan Sloan
• 60: What Women Need to Know About Annuities

If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com

Find the transcript and more information about this episode at www.takebackretirement.com.

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