The Money Talk: How to Protect Your Family—and Your Dignity—in Retirement

3.21.25: Audio automatically transcribed by Sonix

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

Speaker1:
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.

Speaker2:
Welcome to Money Matters with Mike, with your host, Mike Zeno. Mike works hard each day to educate Americans like you on how to reach the financial freedom they've worked so hard for. And he can help you too. So now let's start the show. Here's Mike Zeno.

Speaker3:
What's up people? Happy Saturday. Welcome to the show where we dive into the strategies, the insights and tools you need in order to secure a confident and stress free financial future. I'm Mike Zeno, and my mission is to help you protect your nest egg, outsmart retirement risks, and live the life you've worked so hard to achieve, whether you're nearing retirement or already enjoying it. We're here to guide you every step of the way. And boy, do we have a ton of great information for you today. On today's show, we are going to discuss why now is the perfect time to have a financial conversation with your family. And plus, we'll teach you how to protect your portfolio from recent market volatility. As always, I have the distinct honor and privilege of being joined by the one and only my co-host and producer extraordinaire, Mr. Matt McClure. Matthew, how are you today, sir?

Speaker1:
I'm doing great, Mike. I hope you are as well.

Speaker3:
I am doing extremely well. Have been very, very busy. Ten hour days, seven days a week for the past six weeks. Uh, a lot of folks are are retiring, um, whether that is by choice or being forced out by the government. So, uh, yes, I have been busier than a one armed wallpaper hanger.

Speaker1:
There you go. It's, uh. Yeah, a lot going on there, of course. And, uh, as much as you work with with federal employees already, I can imagine a lot of people are coming knocking at your door these days. But yeah, it's kind of a good kind of busy, at least, at least for you to be able to help folks. And that's really, you know, it's what the show is about is helping people, you know, just really helping our listeners understand. Great, you know, financial concepts that may seem overwhelming, but kind of breaking those down into language that you can actually understand. And we're going to do that today. When we talk about that financial conversation that's so important to have. Um, also want to say here at the top of the show, um, a hearty hello to our listeners. Speaking of them, uh, in the Carolinas, whether you're listening to us on the radio or wherever, you might be listening to us via the podcast. And yeah, you can subscribe wherever you listen to podcasts, we'd love for you to do that. You can also go to Money Matters with mike.com, and you can see all of the past episodes there and just kind of hunt for one. That might be something like, if you've got a financial question and you're like, I bet these guys have talked about this before and chances are you're right, you can go there and get all of the previous episodes, video highlights, etc. are on YouTube and Facebook. Just go either of those places and search for money matters with Mike. And of course, Mike, you want to always emphasize that the listeners can always call you or reach out via the website because you're just here to help. And that really is what it all boils down to.

Speaker3:
That is exactly what it boils down to, folks. And whether you call me, whether you text me, whether you send a message to the Contact Us page, whether you message me on Facebook or on YouTube, I am here to help discuss how we can help you meet your financial goals, and we can help you with various aspects of retirement planning, whether that's risk management or estate planning, and just a whole lot more. Right? Because building sound financial plans is what we do best.

Speaker1:
That's right in Money Matters with Mike comm once again is the website. The number to call is 704 5601573704560 1573. All right. So yeah a lot of great stuff to get to here in the show. Of course. Why the financial conversations are so important to have, why they matter, and how being open and honest about money can really help you protect your retirement and strengthen family relationships. That's going to be just right off the top of what we're going to talk about. We'll also, you know, talk about how to talk about your retirement plans and what your family needs to know about your goals, your income and your lifestyle expectations, and a lot more. But first, let's let's get some inspiration for our conversation, shall we? We'll do that with the quote of the week.

Speaker4:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote comes from Ernie J. Zelinsky, who said this your best retirement plan for retiring, happy and prosperous. Don't be a burden on others. It's true. I mean, and if you plan and if you plan properly, that can definitely be the case.

Speaker3:
You know, Matt, when you first, you know, said those words, I was like, really? How how does how does that tie into our show? Right. But one of the greatest gifts that you can give yourself and your loved ones is a retirement that allows you to live independently without being a financial or emotional burden on others.

Speaker2:
Hungry for something to chew on? Here's some meat on the bone.

Speaker3:
The truth is, nobody wants to feel like a burden, and nobody wants to put their spouse, their children, or other family members in a position where they are going to have to sacrifice their own well-being to provide you with support. And that's why both careful and intentional retirement planning is essential not just for financial security, but for peace of mind and a fulfilling, worry free retirement. Think about it this way, right? If you don't have a clear plan in place, if you don't have enough guaranteed income to help cover your living expenses, your health care needs, and any unexpected costs, who is going to step in to help? And most often, it falls on family members who may not have the financial means. They may not have the time. They may not even have the ability to take on that responsibility. And this can obviously put a strain on relationships and just cause overall stress for every single person involved. Whereas a solid retirement plan ensures that you remain in Control of your own future. It means having predictable income that lasts at least as long as you do. A strategy for handling medical expenses and long term care, if that is needed, and the ability to be able to enjoy your retirement years with confidence. Okay. It's about protecting your dignity. It's about maintaining your independence and giving your loved ones the freedom to be able to enjoy time with you, rather than worrying about how in the world they are going to take care of you. Okay. At the end of the day, the best retirement plan isn't just about accumulating wealth. It's about securing your future in a way that allows you to live with purpose, with joy and financial freedom, while also protecting the people that you care about the most. That is what retiring, happy, and prosperous truly means.

Speaker1:
That is absolutely right and I love that and the way that you frame it because, yeah, you know, your dignity is paramount. Preserving that to, you know, even more than money a lot of times is making sure that you have that dignity for the rest of your life, the rest of your days here. And, you know, also helping your family at the same time with making sure that, as you said, they don't have to worry about you and about what's going to happen to you, about what kind of, you know, if you need medical treatment or if you need to go into a long term care facility or anything like that. You've already laid out all of those plans and of course communicated them to your family as well. That's super important. And that's, of course, kind of the main point of the show today is, is really to just make sure that not only do you have plans in place, but that once you have those plans in place that they're not just, you know, locked away somewhere, that only you have the key to that lock and you never show or share any share that with anybody who is, you know, one of your loved ones or all of your loved ones, preferably. Um, and so that's super important. Communication here is key. And, you know, we're calling it the money talk, but it's really about more than money. But we're calling it the money talk this time. And and why it matters. So so talk about that you know, kind of concept. Mike I know that conversations about money can be so difficult for people to have, even between, you know, spouses or really close family members. It's just a difficult thing to to get starting to talk about.

Speaker3:
Yeah. And I don't know why. I mean, when did money become so taboo, right? I mean, for many families, money is the last thing that anybody wants to talk about. And we're not talking about it in a, in a, in a braggadocious manner. Right. But if you know the first thing that can cause misunderstandings, confusion and even conflict, if it's left unspoken, that just underscores the importance of why the money talk matters. In fact, studies have shown that fewer than 30% of families have had meaningful conversations about end of life planning, and more than two thirds wait until a crisis strikes before addressing those critical financial decisions.

Speaker1:
Matt, that's like the last possible or the worst possible time. Rather, to to plan for a disaster is after the disaster has already hit. I mean, it's like, you know, well, boy, my my house just got blown away by a hurricane. Um, maybe I should think about getting some hurricane proof windows. Well, it's a little late for that. You know, it's just doesn't quite work that way. Um, so you've got to plan ahead. You've got to make sure that you plan for those things that are inevitable and the things that, you know, you don't know if they're necessarily going to happen, but you need to have a plan in place just in case they do. And you need to again communicate that and waiting until there is that emergency. Boy, that's that really puts everybody in a tough spot emotionally, financially, logistically and just just really not a good thing. And I think emotions play a lot in this whole conversation when it comes to money, right? I mean, it's just I think it's, um, there's a lot of psychology that goes along with this, but I think that emotions can get kind of raw when you start talking about money.

Speaker3:
Yeah, they do. And I think that's what makes the having the conversation so incredibly hard, whether it's for privacy reasons. Pride, right. Fear of being a burden or even a little embarrassment about maybe some of the past financial decisions that you've made. But having these conversations early and returning to them regularly every few years, especially as folks get on up in age and may be a little bit forgetful, that is the key to protecting your retirement, as well as helping your loved ones understand your wishes. And remember that open communication, folks. It's not just about dollars and cents. It's really about making sure that your legacy, your care, your values are carried out the way you want them to be carried out. And it does not just apply to parents talking with maybe their adult children. Okay. If you're part of a multigenerational family, these conversations work both ways, right? Maybe your kids are making college plans, and maybe your aging parents haven't shared their financial picture. Or maybe you're the one who's managing multiple generations at once, and you're sitting there juggling, you know, and juggling and juggling, and you're just praying that you don't drop any of the things that you're juggling either way. Aligning your goals and expectations just simply helps protect everyone involved.

Speaker1:
Yeah, it's absolutely right. And, you know, I guess one of the things is just getting started. I mean, just just really opening that door to the conversation is kind of the hardest thing. It's like, you know, they always say the first step is the most difficult one to take when you're doing something that's that's a difficult task to begin with. And this is no exception. I feel like. So if people do kind of need an idea for a place to start, like what should they do to just get the conversation, get that ball rolling?

Speaker3:
Yeah, I think maybe some simple, open minded questions like, hey mom or hey dad, you know, if they're still working, what does retirement look like for you? Um, or if they're already retired, maybe. What worries you most about your future? You know, how might you want to be remembered? I think that's a really good question. How do you want to be remembered, and then what financial goals are most important to you? I think having questions or answers to those questions, I think that really just would start to drive the conversation. And I know for me personally, I had my mom and I was on her probably for, for five years about, hey, we kind of need to have a conversation. And, you know, I was doing it early on, like when she was still in her 60s because I didn't want any of a potential crisis to force myself and my two younger brothers into having to make decisions. Right. I was I framed it as, hey, this is one of the biggest gifts that you can give to us so that we don't have to wonder how or what, or you know you want, or how you want to be remembered or anything like that. So once we actually had the conversation, what we found, it was actually more of a relief for her just knowing that, you know what, we cared and we were going to take care of every little detail that, you know, was associated with, you know, the potential of long term care and end of life planning. So, I mean, I think it's that important to, you know, just ask some simple questions to start the dialogue and if they seem a little bit resistant. Just be persistent, right? Doesn't have to be at your time because a lot of times the timing is right. Right. We're trying to protect their dignity, like I said. So just being a little understanding of that I think goes a long way when dealing with especially your parents.

Speaker1:
Yeah. No, this is very true. And folks, you know, if you want some help, maybe in, you know, just some ideas to start those financial conversations. And if you need help with your own financial situation and getting your, you know, ducks in a row, getting your I's dotted and your t's crossed, um, get some help from Mike Zeno because he is ready and able to help you just go to Money Matters with mike.com. That's Money Matters with mike.com. That's the website and you'll see the contact page there. Just reach out to them and set up a time for that initial consultation. It's free of any cost or any obligation. You can also give Mike a call 3704560. 1573. That is the number. All right. And so, you know, you just mentioned my sort of about the whole timing thing. And boy, that is so important because it's not like a lot of people just wake up in the morning, right, and say, I'm so excited to have this serious money conversation with the family. You know, it's not anything that I've ever done anyway.

Speaker3:
Yeah, that's for sure. You know, choosing when and where to have these discussions can actually make or break how well they might go. And first things first, avoid at all costs, avoid high stress situations and very, very busy family gatherings. So, you know, holidays might seem like a good opportunity because you have everybody under one roof. But between the mashed potatoes and the football games, right? Emotions are already running high. And instead maybe plan ahead a little bit. Set a specific date and a time when everyone who needs to be a part of the conversation can show up both focused and prepared. And maybe you even consider a neutral location, like going out to dinner in a private dining room setting, or maybe a private space at home, or even going to a trusted financial professionals office. If you want a professional present to guide you through the actual discussion. So and I think another key thing is, is to try not to tackle every single possible financial topic all at once. Just focus on 1 or 2 priorities, whether that's reviewing their retirement goals, introducing a long term care plan, or maybe updating updating. Um, easy for me to say, updating your estate documents. And so by just focusing on like 1 or 2 things, again, that opens the door for continued conversation over weeks or months if need be.

Speaker1:
Right. How do you eat an elephant? One bite at a time. You know, I mean, it's. Retirement can be. And all this, you know. Finances in general and planning for the future. Can be that big elephant. Just tackle it, you know? Just one bite at a time. And, you know, it's really better to have that series of manageable conversations than just that one big, overwhelming talk that everybody's like, okay, I never want to do this again. You know, and then just stops everything right there. Yeah. So exactly. 100%.

Speaker3:
They'll throw it in reverse and be like.

Speaker1:
We're out of here.

Speaker3:
Out of here. Right.

Speaker1:
Yeah. Well, um, Mike, another thing to really keep in mind, too, is not just talking about, you know, end of life decisions, which are difficult in their own right because of all the emotions involved in that. Of course, talking about, you know, here's where the bank accounts are and all of that sort of thing, but really about your own retirement plan. Having a discussion about that with your family, it's also important just to, you know, if for nothing else, just to keep everybody informed about what your plans are and what your life could look like in retirement.

Speaker3:
Yeah. And I think that you hit the nail on the head. Right. What does your plan actually look like? Having that money talk is paramount. Uh, in making your loved ones understand that you're there to help them and how their goals may impact both them and you. And so whether or not you have a retirement plan and if you do, whether it's good or bad, that is going to have an effect on your adult children, it's going to have an effect on your spouse and possibly even your grandchildren. Right? What if you plan to relocate or you plan to downsize, or you want to move closer to family? Do you think your family ought to know this? Right? Um, if you're planning on staying put and aging in place, well, your family might be part of that support system that helps actually make that possible. So a few key points to cover with your family when sharing your retirement goals is what your ideal retirement lifestyle looks like. Are you going to stay local? Are you going to move to Florida? You know, are you going to travel more often? Are you going to stay close to home? What are your income sources? Do you have a pension, social security investments, part time work. Right. These are all the different income sources that you might have. And then, you know, are you going to join a retirement community? Will you need help from family, whether it's transportation, maintaining your home, um, possibly even caregiving, if any of them are medically trained, you know. And what does your involvement in family life look like? You know, what role do you want to play? Maybe with grandkids? Uh, holidays I think is really important. Do you want, you know, the holidays at your house or do you recognize now, once your kids have kids that they probably want the holidays at their house, right? You know what other family obligations that you have. I mean, the bottom line is having the conversation just makes everything go so much more smoothly.

Speaker1:
That's absolutely right. You know, you gotta have open and honest conversations about all of these things. And you also have to keep in mind, you know, that when you're planning for retirement, like we often talk about three phases of retirement the go go years, the slow go years, and the no go years. And each of those really have different financial priorities, right? Kind of walk our listeners through what those kind of three phases mean.

Speaker3:
So the go go years, typically if you break down your retirement into decades or maybe 15 year periods, if you retire early, the first phase are your go go years. If you are going to travel, this is when you're young enough and you're healthy enough. And if you plan financially ahead, you'll have enough money to be able to go, go and go see the world. Write the next chapter after the go go years are the slow go years. You're still traveling. Probably nowhere near as much. Maybe incorporating some children or grandchildren into your trips. And then the final chapter would be your no go years. You've pretty much been there, seen that, got the t shirt and just feel like sitting at home sipping on the front. You know, some lemonade on the front porch or back porch, you know, watching the grands or great grands play in the yard. And each of those phases is obviously going to require different amounts of capital. So, you know, if you're thinking about starting your own family money meeting, we can actually help you set the stage. And all you have to do is give us a call (704) 560-1573 or visit Money Matters with Mike comm and schedule a free, no obligation consultation so that we can help you have these discussions with your family.

Speaker1:
Yeah, that's a great, great thing to do and get those questions answered. Get some clear vision for your retirement years and then help make the talk a lot easier when it you know, when the timing is right, as we've been saying. And just here in the last several minutes of the show, Mike, let's talk about healthcare and long term care plans, because those are obviously going to be some of the biggest, um, you know, expenses in retirement, especially during those slow go and no go years. Right. Those retirement or those healthcare and long term care, especially those bills are going to go up and they're not small. So that's really something else that's important to talk about. Do you have a plan for it. And how do you talk to the family about it?

Speaker3:
Yeah, I mean, if there is one part of the retirement conversation that tends to make people a little bit uneasy, it's it's actually healthcare in that end of life planning. But the reality is planning for medical cost and long term care is just as critical as planning for your retirement income. And the earlier you talk about it with your family, the smoother things will go. And if and when those care needs actually do arise. So, you know, why is it so important? Well, because nearly 70% of seniors will need some type of long term care during their lifetime. That's seven out of ten people. And this can mean anything from hiring in-home assistance to transitioning over into an assisted living facility. And those services can be expensive unless your family knows your preferences, that financial and emotional burden is going to fall on them to make those tough decisions in the middle of a crisis.

Speaker1:
Yeah, and if you think about that, that's the last thing that you want your family to be dealing with during a time where they are already dealing with so much. Right. And so, you know, when you're communicating these plans for health care and long term care with your family. Mike, what are the things that you need to, you know, go over. Give us a kind of a little mini checklist here.

Speaker3:
Yeah, I just chuckled because I remember having this conversation with my with my mom. Um, you know, we need to know as as children caring for aging parents, you know, what kind of health care coverage do you have? Obviously, most of the seniors will be on Medicare. It covers 50 million people. But do you have any supplemental insurance? Is there any type of long term care coverage because Medicare does not cover long term care, your preferred care setting? This is what made me chuckle because my mom's like, just walk me out in the woods and leave me. Right. You know, but, you know, are you somebody that would like to stay in your home or would you consider assisted living? Some of these facilities are really, really nice. Right? And then what are the caregiving expectations And are family members willing and are they able to provide that care? And then I think, financially speaking, you know, how those costs are going to be covered. What do you have in savings? Do you have insurances or is the family expected to all chip in? And then lastly, what about emergency planning? Who has access to your medical documents and knows all of your healthcare wishes? Do you have a do not resuscitate a DNR? Or do you want people you know doing everything in their power possible fighting for your life? Well, you need to let people know those types of things, right?

Speaker1:
That's so important. And it's something that I found out, you know, very much so when my dad was sick before he passed, you know, it was just what what was it that he wanted? And that's what we did. And of course, he had that advanced directive that that told us. So there were no questions really about what he wanted. So that made that part of it very much easier for us, even though of course it was still a very difficult time.

Speaker3:
And that is why estate planning and inheritance conversations are not just for the ultra wealthy. That is the farthest thing from the truth. I mean, if you don't have a will in place named beneficiaries, who are your powers of attorney, you know who's responsible for guardianship or caregiving. If, God forbid, you can no longer make those decisions on your own right. Are there any special items or heirlooms that you want a specific person to get? All of these things need to be discussed with your family so that there is no guessing during a crisis. Let your family mourn and be with you during that time.

Speaker1:
Yeah, and an estimated 68% of Americans don't even have a will. And that leaves it up to, you know, the state to decide what happens to your stuff. And you don't want that to happen at all. That's right. That's a word you don't want to hear at all, but. Well, Mike, that's going to do it for this edition of the show. Remember folks, Money Matters with mike.com is the website. Go there to reach out. Contact Mike with any of your questions and also schedule that free consultation. Mike, thanks so much for everything that you bring to the table each and every week. Sir. We'll talk to you next time.

Speaker3:
Thank you, Matt, for everything you bring to the table. But most importantly, thank you to each and every single one of our listeners, whether you're listening in the Carolinas Live or whether you're on any of our podcast stations, without you guys, we do not have an actual show. So if you learned anything today, please share it across socials. Tag Money matters with Mike and as always, make it a great day.

Speaker2:
Thanks for listening to Money Matters with Mike. You deserve to work with a licensed financial and insurance professional who can offer strategies for protecting and growing your hard earned money. To schedule your free no obligation consultation, visit Money Matters with mike.com or pick up the phone and call 704 560 1573. That's 704 5601573. Not affiliated with the United States government. Mike Zeno does not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or a specific result. All copyrights and trademarks are the property of their respective owners. Amara Life assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information. Fixed indexed annuities can help protect your retirement savings against market ups and downs. Nationwide's peak ten can help protect against market risk and provide guaranteed income for life. Peak ten also has an optional rider that offers an immediate 20% bonus based on your principal applied to your income benefit base. Call us now at 704 5601573. That's 704 5601573. Guarantees and protections referenced within are subject to the claims paying ability of Nationwide Life and annuity insurance company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company. Columbus, Ohio.

Speaker1:
Remember, all of Mike's listeners receive a free financial consultation just for listening to the show. Visit Money Matters with Mike comm to learn more and schedule an appointment. Thanks for listening to Money Matters with Mike and subscribing wherever you listen to podcasts.

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