personal investments

Many widows need to sell their home or a rental or business after losing their spouse. What are the tax implications? Nicole and Summer talk through some different scenarios and some tax saving ideas. Make sure you get that step up in basis at the death of your spouse. And keep good records on the improvements to your real estate.

Resources

https://www.kitces.com/blog/step-up-in-basis-gifting-assets-spouses-estate-tax-unrealized-gains-separate-property-states/

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Audrey shares her story about losing her husband from cancer with 18 month old twins. She shares the journey of years of treatments knowing they had a terminal diagnosis, raising her kids, developing her career, and pursuing her goals. She talks the journey to get out of survival mode to prosperity.

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

This testimonial was provided by a current client. The client was not compensated, nor are there material conflicts of interest that would affect the given statement.  The statement may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services. 

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Social Security is a key benefit for widows. For many widows it is the only safety net they have when a spouse dies. For those who may have other assets like life insurance or retirement accounts, Social Security will still be a huge part of their financial plan. Here are some topics we cover:

• When can I get Social Security Survivor Benefits?
• Should I take my own Social Security or my Survivor Benefit?
• How much will my children get in Social Security Survivor Benefits?
• How long do Survivor Benefits last?

If you missed Part 1, go back and listen as it gives you important foundational information to understand this episode.

Check out a blog that Nicole wrote about the Widow’s Cap on Social Security https://rockhousefinancial.com/financial-planning/social-security-for-widows/

Resources

Zippia. "30+ Social Security Statistics [2023]: Average Social Security Benefit" Zippia.com. Dec. 12, 2022, https://www.zippia.com/advice/social-security-statistics/

AARP “How Does Social Security Work When A Spouse Dies?” aarp.org. May 05, 2023, https://www.aarp.org/retirement/social-security/questions-answers/social-security-spouse-dies.html#:~:text=If%20you%20are%20below%20full,on%20his%20or%20her%20own.

Social Security Website  https://www.ssa.gov

Social Security Webiste, Windfall Elimination Provision https://www.ssa.gov/benefits/retirement/planner/wep.html

Social Security Website, Government Pension Offset https://www.ssa.gov/benefits/retirement/planner/gpo-calc.html

PBS. “What Social Security’s Survivors Planner won’t tell you about taking widows benefits” pbs.org. Jun 16, 2014,  ttps://www.pbs.org/newshour/nation/what-social-securitys-survivors-planner-wont-tell-you-about-taking-widows-benefits

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Social Security plays a very important role in your finances. It’s not the most interesting topic and can be complex but you should be educated on the basics of this system as many people unknowingly discount the impact Social Security will have on their retirement or for their survivors. Here are some topics we cover:

• Will Social Security be there for me?
• At what age can I take Social Security?
• What is the spousal benefit?
• How do I know how much I get?
• Should I delay taking my benefits?

Check out our next episode, Part 2, for information on survivor and spousal benefits from Social Security.

Resources

Zippia. "30+ Social Security Statistics [2023]: Average Social Security Benefit" Zippia.com. Dec. 12, 2022, https://www.zippia.com/advice/social-security-statistics/

AARP “How Does Social Security Work When A Spouse Dies?” aarp.org. May 05, 2023, https://www.aarp.org/retirement/social-security/questions-answers/social-security-spouse-dies.html#:~:text=If%20you%20are%20below%20full,on%20his%20or%20her%20own.

Social Security Website  https://www.ssa.gov

Social Security Webiste, Windfall Elimination Provision https://www.ssa.gov/benefits/retirement/planner/wep.html

Social Security Website, Government Pension Offset https://www.ssa.gov/benefits/retirement/planner/gpo-calc.html

PBS. “What Social Security’s Survivors Planner won’t tell you about taking widows benefits” pbs.org. Jun 16, 2014,  ttps://www.pbs.org/newshour/nation/what-social-securitys-survivors-planner-wont-tell-you-about-taking-widows-benefits

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Deb has had many life experiences, losing her mom at 8 years old, getting married later in life, losing her husband in her 50s, having infertility and adopting a daughter, building a career and retiring, and then getting remarried to another widower. She talks about the principles of building a great foundation with your career and staying out of debt. And how important it is to have your legal preparations done, including a will, trust, and prenup.

Resources

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

This testimonial was provided by a current client. The client was not compensated, nor are there material conflicts of interest that would affect the given statement.  The statement may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services. 

Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC-registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Summary

One month after COVID-19 pandemic began, Marie unexpectedly lost her husband of 33 years. Despite this shocking loss, Marie was prepared in several ways to handle her finances and her new reality. She and Rob had completed their estate planning documents, she had a career in education, and even a list of passwords and logins put together. Her best advice to women is to “get your life in order,” because life never quite goes how you might plan. 

Resources

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

This testimonial was provided by a current client. The client was not compensated, nor are there material conflicts of interest that would affect the given statement.  The statement may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services. 

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Saving money sounds like a good idea, but the logistics might feel daunting. In this episode, we discuss options and priorities for saving. From emergency funds to Roth IRAs to education accounts, this episode helps clarify your options for saving.

Resources

Source: Americans Can’t Cover a $400 expense from the Federal Reserve Board publication, Economic Well-Being of U.S. Households in 2021

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

One benefit of putting money in a retirement account can be the tax savings. In this episode we talk about two different types of tax advantages you can elect when saving for retirement. The first is pre-tax often called traditional and the second is Roth. We cover saving into 401ks and IRAs. 

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Health Savings accounts can be a great way to save for unexpected medical costs and can also provide tax savings. We discuss different strategies when using your HSA depending on if your goals are to save for an emergency or invest for later medical expenses.

Check out other resources here

Nicole wrote a blog: https://rockhousefinancial.com/financial-planning/health-savings-accounts/

Healthcare.gov. What qualifies as an HSA eligible plan?

https://www.healthcare.gov/glossary/health-savings-account-hsa/

Fidelity Viewpoints. August 29, 2022. How to plan for rising health care costs https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs

CIGNA. Which Expenses are Eligible for HSA, FSA, and HRA Reimbursement? https://www.cigna.com/individuals-families/member-guide/eligible-expenses

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Having money set aside for emergencies brings huge relief and peace of mind. In this episode we discuss how much to put aside, where to put it, and when to use it.

Resources

For high-yield savings accounts, check out NerdWallet Top 5 High-Yield Savings Accounts or Bank Rate: Best High-Yield Savings Accounts.

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Matt was diagnosed with terminal cancer after 17 years of marriage to his wife Brynn. After a long battle, he passed away. Although Matt and Brynn had many discussions and preparations regarding their finances prior to his passing, there were still discoveries and surprises for Brynn like experiencing retail therapy, buying a home, and starting a full-time job. Despite this, Brynn has persevered and worked to keep her finances in check and her family afloat after losing her sweetheart.

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Annuities are complex insurance products that have compelling benefits especially for individuals nervous about market volatility. Come learn about the pros and cons of annuities with us. Why annuities are often targeted to widows.  And why it's a buyer beware situation if you are considering purchasing an annuity.

Other resources:

Nicole wrote a blog: Widows and Annuities: 5 Reasons You Should Think Twice

https://rockhousefinancial.com/financial-planning/annuities-bad-for-widows/

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Everyone has a background with money. How they think and feel about it depends on their experiences, starting with childhood. In this episode, we discuss these money scripts and help you to understand what your own money behaviors are and why. 

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

If you would like to learn more about Rock House Financial and the services offered see our website https://rockhousefinancial.com/

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. 

RH Advisors, LLC dba Rock House Financial is an SEC registered investment adviser and the opinions expressed on this show do not reflect the opinions of Rock House Financial or any sponsors of the podcast. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Past performance is not indicative of future performance.

Managing my personal finances and thinking about a future-proof investment plan has become the cause of my anxiety several times in life. While I am working on improving my relationship with money, taking bigger steps, such as making any kind of investment, has always seemed too far-fetched. Who is going to need my £100 (or some months even less)?

In this episode I decided to start tackling the uncertainty that some of you might be experiencing as well. I invited Varsha Nogaja, an expert with vast knowledge in financial services, to speak about her experience with personal investment plans and why she believes it is also important for other women to start early and not to be left behind.

We speak about how Varsha defied the odds as a girl from a traditional Indian community, we touch on why a career in tech might be a great opportunity at every age, especially encouraging women not to be afraid to look into it, and finally, we go into more detail on personal financial planning, where to start, how to approach the investment opportunities and how to make sure we choose the right options to gain some profit and not fall for scams. Hint - it’s all in the distribution of your resources.

Find Varsha on:
LinkedIn: Varsha Nogaja

Link to “The Divide” - social experiment video on YouTube

To learn more about me go to:
Instagram: @conversations.with.my.mind
LinkedIn: Ance Vanaga
Website: https://conversationswithmymind.buzzsprout.com
Email: conversationswithmymind@gmail.com

Photo credit: Infolklore
Lovely music created by: Harlowe King