Episode Transcript
[00:00:00] Speaker A: 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.
[00:00:27] Speaker B: Welcome to retirement your Way with Amerilife of Central Florida, the show that puts you in control of your financial future. Your hosts, Bradley and Madison Hardin, are a trusted husband and wife team dedicated to helping you design a retirement that fits your lifestyle, your goals, and your vision for the years ahead. From smart income strategies and Social Security planning to protecting your wealth and living life on your own terms, this is the place where financial clarity meets coastal confidence. Whether you're just entering the retirement red zone or already enjoying your golden years, Bradley and Madison are here to guide you every step of the way. This is retirement your way. Let's build the future you deserve.
[00:01:12] Speaker A: Hello, and welcome to another edition of retirement your way with Amerilife of Central Florida. Matt McClure here with you just, you know, I'm directing traffic and pushing buttons. The real star of the show this time around is Bradley Harden with Amerilife of Central Florida. Hey there, Bradley. How's it going?
[00:01:28] Speaker C: Good morning, Matt. How are you doing today?
[00:01:30] Speaker A: I'm doing very well. I appreciate it. We're, you know, getting into fall season, getting toward the end of the year, the holidays right around the corner, so, boy, it's getting busy and, you know, but, hey, I'm doing good. I'm surviving it, and I hope you are, too.
[00:01:47] Speaker C: Yeah, no, doing well. I'm already thinking about how much food I can fit on my plate for Thanksgiving, so I'm looking forward to it.
[00:01:53] Speaker A: There we go. You got a plan. You got to. You got butch these things strategically.
And, you know, it really is the time where we all stuff ourselves, so, you know, we'll. We'll look forward to it and then afterward, we'll all just sleep it off. You know, it's the. What is it? The tryptophan or whatever in the turkey that makes us sleep, I guess.
[00:02:13] Speaker C: Yeah, I know. I'm looking forward to that afternoon nap. Definitely.
[00:02:16] Speaker A: Definitely. So. But hey, if you are listening to the show. No, no turkey just yet. We're not talking turkey this week. We're actually talking communication here on the show. And it's kind of the. The missing ingredient in most financial plans. And so we're. We're going to talk about that, about why effectively communicating about your money is not optional. It really is essential for your Financial life. We'll talk about that. But hey, welcome to retirement your way with the married life of Central Florida. We do have a lot to get to here, but we want to say thank you for listening to the show because whether you're listening in, you know, the coastal Florida, you know, Daytona beach area there, you know, along the coast, or if you're listening via the podcast and yeah, you can get us wherever you subscribe to podcasts. We appreciate you, Bradley and Madison Hardin with a married life of Central Florida, would be glad to meet with you about your family, financial situation, your, your business, you know, and how that integrates with everything and getting a retirement that you can count on that retirement that is done your way.
You can listen to previous episodes of the show at the website plan retire your way.com as well. And you can also check us out on YouTube, just search for retirement your way there. And you know, hey, if you are realizing that you and your family could use a little help getting on the same page, that's exactly what Bradley and Madison help people do each and every day. Schedule that no cost consultation and they'll walk you through your situation, simplify all those moving pieces and help you build a plan that you can actually talk about with confidence and not like just avoid the scary money conversation. Give them a call, 386-977-9684 or go to plan retirement your way dot com. All right, Bradley, let's get to it. What's coming up here on the show today over this half hour?
[00:04:11] Speaker C: Well, thank you, Matt. I do appreciate you always kicking us off there. So today's overview of the show is why communication matters.
So we know that they can be tough, but we'll tell you why you don't want to avoid them.
Communicating with your spouse and your family will explain how to break through the money silence and have healthy, productive conversations.
Very importantly, is keeping in touch with your advisor. Your advisor is your financial quarterback. But they can only call a good play if they know the whole field, legal, communications.
You know, a lot of disasters occur once somebody has passes away or becoming incapacitated. And then the decisions or the ability to make changes is not very high.
And lastly, why communication is not optional. So we'll wrap up on creating a good foundation for a successful financial life.
[00:05:07] Speaker B: And now for some financial wisdom. It's time for the quote of the week.
[00:05:16] Speaker C: The single biggest problem in communication is the illusion that it has taken place.
So you can think about that, you know, oh, we've talked about it. We, we've come up with decisions. But have you, have you really is there that real solid foundation in that retirement plan in those decisions that do happen and once somebody passes away or becomes incapacitated.
So again, it's the illusion that that conversation has taken place and not the reality of it. So that's our financial wisdom quote of the week.
[00:05:48] Speaker A: Great, great quote there from George Bernard Shaw. And yeah, it's, it's so true because if you, it's so easy to miscommunicate or miss hear or just not communicate at all, think you know what's going on, but you really don't. And, and really that, that gets to the crux of the show today. I mean, let's start out, Bradley, with a, about why those conversations matter and why communication matters. Because it really is, it's the cornerstone of any good relationship is that communication.
And it leads to clarity and then clarity then can lead to a lot of confidence.
[00:06:28] Speaker C: Right? No, I agree. And at the end of the day it is all about the big picture. You know, most people think that successful financial planning is about picking the right investments, choosing the right advisor, trying to do the impossible of timing the market or finding the perfect product.
But really at the end of the day the truth is even the best financial plan falls apart without good communication.
So you know, research consistently shows that poor communication is one of the leading sources of financial stress among American families.
And you know, Madison and I, we try to do our absolute best to adapt to changings in our clients lifestyles, listening to their goals and helping them feel confident about the plan that's set in place.
And none of that would be possible without good communication.
So some key facts and figures is that some couples avoid the money conversation altogether because it always ends up in a fight.
Others divide responsibilities to the point where one partner is completely disconnected from the household finances.
And many retirees rely on assumptions rather than verified facts.
Assumptions about income taxes, long term care needs, survivor benefits or legal protection. And we find that all too true because maybe you heard some advice from your neighbor or from the TV or you're not getting that data from a reliable professional or advisor. So you just assume, oh, everything is fine, this isn't going to be a problem. But in all reality it is. And we see it time and time again. So you know, trying to have those conversations that make you feel confident that it's not going to end up in a fight, don't delegate everything to one of the persons in the household, have that open line of communication.
And they say that poor communication is also a major cause of lost money, missed deadlines.
This is a big one that we see is incorrect beneficiaries.
So think about that. You know, on your plans, on your account, on your policies.
We've seen time and time again that the beneficiary information is incorrect.
So on top of that there could be inefficient tax planning, unexpected legal issues, reduced retirement income.
And I tell you what, Matt, financial silence is very expensive.
[00:09:08] Speaker A: I bet. So because, I mean, if you, if you take a look at all of those different aspects there, all the different things that poor communication can lead to and this is, you know, according to research that has shown this time and time again, you know, I mean, so we, we could pick one particular study, but it would show essentially the same thing as a bunch of other ones.
But you know, the lost money, the missed deadlines, the incorrect beneficiaries like you, like you were mentioning there, all of the other things that all adds up and it adds up quick. And so, you know, this is really the, the, the cornerstone I feel like of not only what we're talking about here on the show today, but of a good financial relationship, whether you're talking about with your spouse, whether you're talking about with your advisor, or whether you're talking about like we'll get into in just a little bit like the legal system as well and making sure that things are set for when you or anyone else in your family or in your life passes. You've got to just make sure that all of those ducks are in a row and, and the ducks can be in a row, but if people don't know they're in a row, you got, you got problems. So you got to make sure that you communicate right.
[00:10:19] Speaker C: No, I agree. And you know, particularly here at the end of the year, you know, maybe you've thought about this and you haven't taken any action and you know, the, there's no better time than the present, as they say. But especially when we're doing these year end reviews trying to get set up and optimized for 2026 again, these are great times to have these initial consultations, do a quick review, make sure that those ducks you mentioned are in a row. And why it matters is because communication is not part of financial planning. It is financial planning. So Matt, when you talk openly with your spouse, advisor, the legal system, everything becomes simpler because there's no more guessing, no more conflict, no more surprises.
[00:11:05] Speaker A: Yeah.
[00:11:05] Speaker C: And like I said, maybe you've been thinking about it and you know, I know life's busy, everyone's got, you know, full schedule. And sometimes even my retired clients, you know, they're busier than when they were working. It's hard to strap them down. But at the end of the day, it's the year time for the year in review. Let's get those portfolios realigned, beneficiaries updated, and make 2026 a great year.
[00:11:28] Speaker A: Yeah, absolutely right. And you can get that process started, folks, by going to plan retirement your way dot com. That's plan retirement retirement your way dot com. You can also give Bradley and Madison a call today and give them a ring at 3869-7796-8438-6977, 9684. Again, that consultation is free of any cost or any obligation. All right, so we've done kind of the big picture, the overview part here. Let's break it down now and talk about really communicating with your spouse or your family, because I'll tell you, money is emotional. And when those emotions run high, communication can typically run low. I mean, it's, you know, especially if you, if you are afraid of the emotions coming into the picture and you just don't communicate anything to begin with.
[00:12:19] Speaker C: Right, right. No, I agree. And, you know, money, unfortunately, is the heartbeat of retirement planning. Life, food, presence, turkey, all the above. And so, you know, some of the stats that say why couples struggle to talk about money is even strong, committed couples struggle to discuss finances clearly. And some of those reasons may be that they just had different upbringings.
One partner may have come from a frugal household while the other grew up spending freely.
Maybe those that that couple has different risk tolerances.
One may be comfortable with market volatility, the other may prefer safety and stability.
And I can vouch for that. I've sat with many clients where, you know, one person thinks this way, one person thinks that way. And at the end of the day, it's about coming together and creating some type of plan that satisfies both people in power dynamics. If one partner earns more or manages all the finances, there can be little resentment. And the person that doesn't maybe feel like they contribute as much or make this decisions can feel overwhelmed. And we try to eliminate that feeling and get everybody on the same playing field.
Avoidance behavior.
So many people avoid money conversations because they feel shame, guilt, or fear of judgment. Maybe they just aren't sure and they don't want to come off as, you know, uneducated. And lastly, a stress response. You know, money stresses the brain the same way physical danger does.
So sometimes when it comes to it, people just simply shut down, become defensive.
You know, I'm not going to think about it or talk about it. And the problem's just going to go away, but really it's not going to go away. You know, communication breakdowns are normal, but they're also fixable. So we try to get everybody on the same playing field. Let's go through your goals, Mr. Jones, Mrs. Jones. Let's get everything out there and figure out what's going to make sense for the both of you.
Because, you know, the cost of not communicating has financial consequences.
One, you know, one thing could be hidden debt. One partner may be secretly covering bills on a credit card. Right. So if you don't know that, that could run into a problem.
Well, maybe you've got conflicting goals. One person wants to retire early and the other wants to keep working forever. And I've definitely seen that, you know, and we say, you know, well, we got to pick a time on the calendar to retire, because that's the whole point of working. You can't work for the rest of your life. You're gonna. That could also lead to bad communication and resentment from a spouse. And another topic would be portfolio mismatch.
So the in the invested spouse may be aggressive while the non invested spouse wants security.
Again, kind of going back to that different goals and making sure that we can align those goals with both.
You could have tax surprises or disaster during a crisis.
You know, if one spouse manages everything and then passes away, the surviving spouse may not even know what accounts exist, what to do, how to claim them. They don't have really, and they may not have any idea.
So again, that's what working with an advisor like Madison and I can help is we can avoid those points of conflict, those points of poor communication, and really get a plan that both people feel comfortable with.
[00:15:51] Speaker A: Yeah. And that's really what it comes down to, is making sure that you're both on the same page and the whole family really is on the same page. Usually we're talking about a spouse situation here, but you know, if the whole family needs to be on the same page as well in a lot of these situations too. And you know, I mean, you don't want those surprises, you don't want that resentment to build like you were talking about.
So folks, if any of that, and I'm sure it probably does, hits close to home or anything else we've been discussing or will continue to discuss here, that's a sign that it's time to get some clarity. So Give Bradley and Madison a call. They'll help you organize those finances, uncover those, those blind spots that you may have as well. Make sure that everybody that is important in your life knows the plan and understands their role in it. All you have to do is go to Plan Retirement Your Way.com. that's Plan Retirement Your Way.com. or give them a call. 386-977-9684. The number one more time, 386-977-9684. And they can help you communicate. You got to reach out and communicate with them first. And they can help you get the, get the ball rolling on the communication and that healthy communication in your money life.
So, so we've, you know, laid out the, the problem here and, and the, the, I guess the, the ways that you can trip up, the ways that you can avoid and the reasons that you avoid those money conversations. That can be very difficult. What are maybe some tools, Bradley, and some, and some strategies that families, you know, whether it be spouses or larger family units, can use for better communication?
[00:17:32] Speaker C: Yeah, that's a great point, Matt. And again, it's not all about identifying the problem, right? Because if we just spent the whole show saying here's all the problems, have a great day and didn't provide solutions, that'd be a little pointless again.
So we want to, we want to make aware of the things that can happen, but then also provide solutions. So, you know, some ideas are having tools and strategies for better family communication, and one of them is having a monthly money date, right? So we know that at least once a month, sometimes maybe twice a month, you should sit down with your spouse or partner to discuss spending, savings goals, upcoming expenses, financial wins, or any concerns. Right? So make it positive, not punitive.
This shouldn't be a point of conflict. It should be okay, here we are, let's check in for the month.
You know, last month we spent a little more and that's fine. You know, Bradley Madison made sure we had plenty of extra income and plenty of extra asset safety to be able to afford more spending in a given month. But maybe this coming month we, we pull back here or do this, make a little adjustment because if you just let it go unchecked, that could potentially run into long term problems. So again, once a month, checking in, checking, logging into the accounts, kind of seeing what that spending was and getting back in line for the next month, you and your partner should have a goal alignment worksheet. So if you're not retired, maybe putting down your what when you would like to retire.
What that lifestyle in retirement looks like a bucket list, or maybe it's a cruise every quarter or every year or a trip to Europe or whatever you want to do. Put some bucket list items together because that's what you work so hard for.
You know, if you're considering relocating, hopefully it's down here or in here to the sunny Volusia County, Daytona beach area.
Pick, pick where you want to be. You know, do you want an HOA with a lot of activities in the, in the community, or do you want maybe a little bit of elbow room so that way you can kind of keep to yourself.
And last would be caregiving expectations, right. If something were to happen to either one of you, you know, is there a plan in place for home care, long term care, things like that? So what would happen? And see if those align with each other.
Third would be an annual account review.
So both partners, you know, whether it's meeting with us on a quarterly or annual basis, you should always be both involved in checking those retirement accounts, your brokerage accounts, your pensions. Are you getting an increase in your pension next year, what your Social Security payments are going to look like or what they already are? And did you get the increase?
Reviewing the life insurance that you currently have, any debts and assessing that emergency fund.
So again, those are just some highlights of things to kind of go over at minimum once a year.
And lastly would be have some family financial planning conversations.
So if you have adult children or you have aging parents, depending on the age you are, number one, discuss what would happen if there was a long term care expectation.
You know, if you're a retiree, I heard, I've heard a lot is, oh, my son's going to move in, my daughter's going to take care of me and okay, well, what's that really look like for that adult child?
Are they going to quit their job? Are they really going to move in? Do they have children that they take care of?
So again, we want to get a realistic expectation there.
We also want to share where those important documents are stored.
You know, if your family doesn't know that there's accounts to be reviewed or accounts to be distributed, you know, that's lost money.
Talk about power of attorney, clarify who will handle what responsibilities.
And again, I know all that stuff sounds daunting and you don't have to do it alone.
Maslin and I sit down every day with people and put these plans together, reach out to the children, have these conversations about where the accounts are, what they're doing, who's the beneficiary.
So, again, you don't have to do this alone. And we're here to help you guys.
[00:21:53] Speaker A: Yeah, that's really the point here is you don't have to go it alone. And if you need that help, just reach out for that help. There's no shame in it. There should be no intimidation in it either because, you know, Bradley and Madison, I have, I've worked with them for a while now, and I can tell you they are probably the least intimidating people that I know.
So it's, it's really a great, very positive experience when you do sit down and take a look at all of this. And so just reach out for that free consultation. It is a process that you can begin and just help make life easier for yourself and for your whole family. 38697. 9684. That's 386-977-9684. Go to plan retirement your way dot com. Once again, that is plan retirement your way dot com. Let's talk now about really how important it is. And we touched on this just a little bit, but we'll dive deeper here into communicating with your financial advisor or your, you know, financial professional because, you know, good communication with your advisor, Bradley. It's, it's so essential to make sure that you're on the same page and, and you have that personalized plan that really is effective so that you can have a retirement that is done your way.
[00:23:15] Speaker C: Right. No, exactly, Matt. And, and, you know, all of our initial meetings with, with folks, the first thing we do is we just ask a lot of questions. You guys ask questions. And because we can't really build plans or give advice without knowing the full picture.
So we need that information.
We want to help build customized plans, recommend investments, coordinate tax decisions. We want to run retirement income projections and prevent any unnecessary risk. And I know as a retiree, the idea is you should be less risky as you age through retirement.
And there's plenty of times where people have retired or they're coming up to it and they've not written out that big risk factor.
So we want to make sure that we're not holding anything back and we have open communication with our clients. You know, some examples of gaps in communications with your advisor would be withholding debt balances.
So maybe you told the advisor all of the accounts you have, but you didn't tell them about any of your liabilities.
Maybe it's not sharing an upcoming job change or not disclosing certain health conditions because, you know, we, we need to know that type of stuff to make sure we can make that retirement last. Make it your way.
A big one is not telling your advisor when you're worried about market risk.
So again, that's something that can be mitigated. That's something that we can write out of a plan. Is market risk not mentioning you're supporting a family member financially, not updating your risk tolerance change after a major life event.
So again, first, for a lot of the clients we sit with that would be maybe they're coming up to retirement or just retired and they haven't updated that risk tolerance. Maybe they're still, you know, majority in equities and very low income producing assets and you're still in that growth phase where in retirement it needs to be more about decumulation and living on those earnings.
So what we should be communicating clearly are our goals, whether they be short term or long term.
Your fears, what are you afraid of? Running out of money crashes, health care, are there any major lifestyle changes coming up? Are you going to start a new job retirement?
Are you moving things like that?
We want to know about account movements. So are you withdrawing large sums from the plan, taking RMDs, should we rebalance to mitigate some of that risk?
And again, so those are all some very simple things that we go through on that initial meeting to try to determine what's the best path for you. Because at the end of the day, in all of these shows that we do, it is revolved around one thing and that's helping you live comfortable in retirement and being on the same page as your spouse, partner and your family.
So again, Matt, you know, those are some ideas and topics that we would cover in that initial visit.
So that way you're not surprised.
[00:26:26] Speaker A: Yeah, we're gonna want to eliminate those surprises as much as humanly possible there and just give Bradley and Madison a call, folks. I would encourage you to do that once again, 386-9767-9684 or you can go to plan retirement your way dot com. And also, you know, I think I said it last time around, I'll say it again, we always have ten pounds of show to cram into a five pound bag. And so we're just about getting to the end of our time here. But I wanted to mention as well, you know, the importance of communicating with the legal system also, you know, just making sure that you have a will in place, that you have your beneficiaries, as you said earlier, updated so that there's no question about where things can, can go because beneficiary designations pretty much override everything else. You know, just make sure that everything is up to date and that's all part of the overall plan. Now obviously Bradley and Madison, you know, are not estate planning attorneys or anything like that, but they can help you get all of those ducks in a row, connect you with, with teams of folks who can help you with those aspects and all work as a larger team to really make sure that you have that retirement your way. 386-977-9684 or plan retirement your way dot com. Those are the ways to reach out, get in touch and get that initial consultation which again is free of any cost or any obligation. Well, Bradley, that's going to do it for our time together here this week, but boy, it's flown and we'll just get ready to do it again next time around, huh?
[00:28:00] Speaker C: That sounds good, Matt. I do appreciate you, you know, on all these calls, all these, all these shows and I look forward to our next meeting.
[00:28:08] Speaker A: All right, well, we shall meet again next time around and we hope to have you listening to the show next time as well. We'll see you then.
[00:28:16] Speaker B: Thanks for joining us for Retirement your Way with Amerilion of Central Florida. Our goal is to bring clarity and confidence to your retirement journey. Remember, Bradley and Madison Hardin are here to help you create a personalized plan for the future you deserve. If you'd like to schedule a no cost, no obligation consultation, give the team a call at 386-977-9684 or visit planretirementyourway.com and don't forget to tune in next week week, same time, same place for more strategies, insights and support to help you live retirement your way. Investment Advisory Services offer through Brookstone Capital Management, llc, a registered investment advisor. BCM and Amerilife are separate companies but are affiliated through Common ownership Insurance. Products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents not affiliated with the United States government. Bradley and Madison Harden do not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended to 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 specific result. All copyrights and trademarks are the property of their respective owners. Amerilife 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.
