Here’s what I’ve been reading this past week or so:

A Woman’s Guide to Making the Most of Social Security

“Women tend to live longer than men, so they need as much retirement income as possible. Whether you’re 30 or 60, here’s what you need to know.” This NY Times article walks you through how to optimize your Social Security benefit payments if you are single, divorced or widowed. If you are married, it also gives you considerations on when you and your spouse should take benefits to optimize the income for the surviving spouse if/when one of you dies before the other.

Key points are: (1) when to take your Social Security benefits is a VERY IMPORTANT decision and (2) if you delay taking your benefits, you receive 8% more for each year of delay after full retirement age (which is age 67 for most of us).

Burnout Culture Impacts your Financial Wellness

It’s fair to say that most, if not, all of us have experienced some form of burnout, especially after COVID-19. Burnout from our jobs, burnout from our families, burnout from caring. Like many of us, sometimes I was just done(!) with worrying about everything and would retreat into my land of pretend friends on my favorite tv show of the week. (By the way, I’m always on the hunt for new show recommendations. Please share. However, as much as I’d like to stay in the land of make believe forever, life continues. This article from Ellevest talks about how our mental wellbeing can effect how we approach and deal with our money. And if we are not in a good headspace, then our finances may suffer. The article points out that one way your finances can suffer is “You pass the bill onto Future You.”

Ellevest, a digital financial advisor for women+, is a great website to learn more about personal finance, career building and advocacy for women. I’ve followed Sallie Krawcheck, the founder of Ellevest, since her days as an equity analyst at Sanford Bernstein in the early 2000’s. She’s the real deal.

I Won over $55 Million in the California Lottery…

Raise your hand if you have thought about the amazing things you would do and buy if you won the lottery. While buying a PowerBall ticket and crossing your fingers isn’t a financial plan, it is something I enjoy doing once in awhile (more when the pot is bigger than $300 million!). The permission to dream about the wildest, most impractical, definitely obnoxious possibilities for a couple days is worth the 5 bucks to me. In his column, the “Moneyist” gives advice to someone who has actually won the lottery. The Moneyist is like Dear Abby, but for money. I always find it interesting to read about the money dilemmas people find themselves in.

WTF are Capital Gains?

Ever wonder what “capital gains” are and why the term keeps coming up in news feeds? There’s been lots of hubbub because of tax proposals introduced in President Biden’s American Families Plan. One proposal is an increase in the capital gains tax rate – for those of us making more than $1 million a year. Nicole Lupin, author of Rich Bitch, shares a quick write up of what capital gains actually are. If you are interested in learning basics about personal finance, her book is very readable (not filled with mind numbing financial jargon) with some helpful tips.

Meet the Moms who have Qualified for the US Olympic Team

As a kid, I loved the Olympics. I watched the trials and the main event. Of all the amazing Olympic games, athletes, and stories, the 1984 Summer Olympics in Los Angeles stands out the most. It was the Olympics that brought us Carl Lewis, Florence Griffith Joyner (FloJo and her nails!), Greg Louganis, and, of course, 16 year-old Mary Lou Retton.

At 8 years old, it was inspiring to see all of the young athletes compete and watch their personal segments on how much work, sacrifice, and pure grit was required to be the best at their sport – living away from their family and dedicating every waking moment to training so they might have a chance at Olympic glory. Totally inspiring! But now as a mother, reading about mothers going to the Olympics… Blows. My. Mind! These women are not only at the top of their profession but also have to deal with grown up stuff like earning money, paying bills, and making sure their kids are happy and healthy. These women have to deal with the stress and pressure of not just a singular, all-consuming dream but also of raising a decent human being. DAYUM! RESPECT! Guess I shouldn’t complain about carpool pick up… Special cheers to these amazing women!!

Enjoy! Happy 4th of July!

Disclosures:

BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.

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