Single, No Kids… No Problem? How Women Going Solo Can Retire with Confidence and Joy

0:02 Welcome to the Ask Good Questions podcast, broadcasting live every Wednesday, 6 p.m. Eastern Time on W4CY Radio at W4CY. com. This week and every week, we will reach for a higher purpose in money and life, as well as a focus on health and wellness. Now, let's join your host, Benita Bell Anderson, as together we start with Asking Good Questions. Hey, welcome to the Ask Good Questions podcast. This is your host, Bonita Bell Anderson, and I'm so happy you're here with us today. Today's topic is something near and dear to my heart as I have had many, many women clients, and this is more specifically for the women in the crowd, but you know, guys, it's always good to be up to speed on what's going on with those gals that are in your life. So with that, I'd like to invite my guest, Lisa Clements, to the podcast stage.

1:10 Hello there. Hello. Welcome, welcome. Thank you so much. Lisa is coming to us from Kansas, Overland Park, Kansas, correct? That's right. Right. And I am in Washington State. And let me tell you a little bit about Lisa. I was so happy to meet her because this is something that actually I just got back from a huge bucket list trip to Egypt. I was on a Renzi liveaboard. Surprisingly enough, or maybe not so surprisingly enough with our conversation today, there was a lot of single gals, solo gals who have chosen to not get married and not have kids. And so Lisa is a financial strategist and an investment manager who specializes in helping single women secure their financial futures. And she builds ongoing relationships and helps them save money on taxes and investments and all those things that you would hope that a good, trusted advisor would do for you.

2:14 She has drawn from over two decades of corporate executive experience in her own journey of building a seven-figure portfolio. So she delivers sophisticated financial guidance. This is someone who's, you know, she's in my wheelhouse. And so, welcome, Lisa. Is there anything you'd like to add to that? No, you nailed it. That was fantastic. I'm excited to be here and hope to be helpful today to our audience. Well, let's get right into it. So what does that mean? You. spent over 20 years as a corporate recruiting executive at places like Meta. And what is Meta?

2:59 Facebook, Instagram. In case anybody doesn't know what Meta is. And Accenture. What does Accenture typically do? It's a worldwide consulting organization. Gosh, over 300,000 employees. But they do a lot of consulting, outsourcing, and technology solution work for large clients. Like they would do the airline. Ticket processing system for a major airline, for example. Well, why in the world would you leave that world?

3:40 We're both laughing. Yeah, no, fair question. I loved that world. I had some great opportunities to manage North America recruiting or manage recruiting for our Indian operations or in the Philippines. I got to live and work in a variety of countries, which I loved, solving recruiting challenges, managing large recruiting teams. And after almost four years with Meta, I was living out in California, and my family was back in the Midwest.

4:23 And I was. Doing the corporate slog, you know, which after 20 years, it was often the same basic. Problems, just different environments. And I thought, one. I'm ready for a change. I'm ready for something different. I want to get back closer to my family. And I want to be in an area where I'm challenged and I'm learning again. So those were really the, I guess, instigating factors for why I would even consider leaving in the first place. Well, you know, really, that wasn't really a financial services type of thing that you were doing. I think back to my journey 27, 28 years ago when I was actually told by someone, you should look at financial services because you'd be good at it. Was there something about being a financial advisor that drew you to that?

5:29 Yeah, I think it was my own experience. Journey of having been you know contributing to a 401k my entire life yeah and then working for a large company that had stock as part of the compensation and I got to a point where I realized how critical managing my nest egg wisely was and so I turned to the industry for help for assistance. And most of the time you're not getting a whole lot of help from your employer. You're right. And they have, you know, they often will say you have access to such and such tool or such and such bone in line. But I, I wanted a personal relationship with someone that I could trust.

6:20 And so I started investigating what my options were. And it was a. Lot of people who didn't look like me, didn't have a journey like mine and, didn't, you know, they often just managed money, but they didn't look at the whole picture like taxes or estate planning or what kind of. Women kind of do it differently, don't we? We do. We do. At least my experience is I want to see the whole picture and I want to understand that I'm getting the value that I'm paying for. And when the industry average is a 1% fee of however much money you have every year, um, gosh, that, you know, once you're up above a million dollars, that, uh, that 1% is you're paying over $ 10, 000 a year to an advisor.

7:15 And so I go, that's a, that's a huge expense. You know, I don't care how rich you are. That's a big expense. So, yeah. And, and so seeing that, Made me, you know, as with most, I would say, business owners or entrepreneurs, you know, you see something that doesn't feel right to you and you go, gosh. I want to change that. And so that's really what brought it about for me. Well, then, and so it was kind of a natural thing, would you say, to focus on single women? Yeah, it's my own experience. The reason I focus on single women is really I'm 52. I've never been married.

7:55 And I have a real heart and empathy for people who are going through life alone. I just, I personally, it has been such a struggle for me in different seasons of life to look at my friends. You know, the number of times I was a bridesmaid, you know, always a bridesmaid, never a bride. Um, and it's not. That I have not been happy and thrilled for all my friends who have gotten married, you know, but it's that whole, like, gosh, you watch all that. And there's so much self doubt that comes into the picture. What's wrong with me? Why haven't I been able to figure this out?

8:39 Yeah. And then I, you know, I think, um, I just, I want a thought. It's not that I need to run out. You know, once you get to, at my age, at 52, I'm not, I don't, would I. Be open to marriage? Sure. But it may not ever happen. And what I really want is a thought partner. You know, I want someone to bounce ideas off of financially related topics and say, I'm thinking about, because often in money management, you know, there are so many ways we can We can manage it. So many ways in that cat. I can think of all kinds of times when people have come to me and said, well, I'm thinking about this or that. But yeah, it's very, very true. And when we think about it, like my recent experience on this big trip with gals who are, you know, now, Lisa, if you ever do get married, it's going to be when you least expect it.

9:42 Right. And you've already said, I'm happy to be single for the rest of my life. So what are the biggest challenges for women who are, they either got married, but they're not married now, they're single again, and there's no children, and they're they haven't had any children in their life what are those biggest challenges that that you see. I think the biggest challenges are that we have so many options so like i said i hate that metaphor skin that so many ways to skin the cat but It's fitting here, you know, and sometimes the options feel paralyzing because I, gosh, I could move to, you know, I could live anywhere. Oh, I could change careers if I want to. I could la la la. So it's like having those options is great. The total autonomy is fantastic.

10:44 But then we're also struggling with that. I'm saving, you know, I've got one income, no backup income. I'm saving for retirement on my own. Nobody else is going to, you know, I'm not in line. There's no white knight. Yeah, there's no white knight. There's no big inheritance coming my way that I'm aware of. And when I start aging, I mean, I'm already aging, but as you know, when I think about my 60s, 70s, 80s, I have to be very deliberate about my estate planning. Who is going to have power of. Attorney for me if I have dementia? Who is going to be able to handle my estate when I pass?

11:32 What do I do for long-term care? I love my siblings, but are they going to move me into their house and take care of me if... If I need help when I'm 85? Gosh. Yeah, they're really big questions. And I have seen people put it off because they don't want to deal with it. But then you have single women who feel like, oh my gosh, I'm behind. I think what you're doing is reframing that and saying, why do you say they're not behind? They're just Playing a different game.

12:16 Yeah. We, as single women, our tax brackets are more narrow. We don't have the backup. We do have to think about all these other things. But it's not a matter of being behind. We're never too late. What helps is taking the vague unknown and turning it into... Clarity, like a clear plan with possible backup options. Right. We have options when it comes to when we can claim our Social Security, if we want to work part-time in retirement.

12:56 I also challenge my clients to think, like, retirement is not an all-or-nothing state of life. Yes, no kidding. Yeah. I mean, I'm like, you know, I've been having a fantastic time doing this podcast for the last two years. And this is not, you know, this is definitely not sitting on the porch in a rocker. Most people are doing something. Look at all the experience and everything they've got. Exactly. I think our, you know, last few decades are a phenomenal time to give back, to mentor, to to really live into our purpose, to do the things we enjoy in community with others.

13:53 The research shows. Time and time again how very much we as humans need to feel connected to a higher purpose. We need to be a part of a community and we need to. Be contributing somehow to this world around us. Right. I mean, that's basically was the next thing I was going to mention. A lot of what I have done has been to talk about what's your purpose for your money? Yes. Really, what it is, is what's your purpose for life? And basically, what you're saying here is you're aligning your money with meaning, right?

14:37 Yes. Yeah, and that's the key question is, not how much money do you want to have? Do you want to be a millionaire? Do you want to be a multimillionaire? Do you want to, the real question is what is important to you in life and how does money serve. You in accomplishing those objectives? Right. So it is really important before I will even talk a retirement target, a savings target with anyone that, is to understand what they see life looking like. Are they on the water? Are they inland? Are they near family? Are they involved in a community? Are they in the arts? Are they in a church?

15:24 Are they having coffee every day. With different friends? Are they meeting up with mentees. From the business school at the community college nearby? Are they like, those are the things that I need to understand before we can even begin to go, well, what's the savings target then? What's the retirement bogey? Yeah. Yeah. So I, my, I have an example from years ago. This was a gal who got divorced from a pilot of a major airline and She came into me with a paper bag with her statements in it, you know, and goes like, you know, like handing me her statements. And she was completely intimidated by having to rework her finances and go through this huge change in her life. So how do you help women get past that?

16:28 I mean, I went through a divorce in my mid-40s, and I sure didn't have anybody... To help me, I wish I would have had me back then to help me, but I didn't have that. Right. Exactly. So I think that's one of the ways that you and I can be empathetic to people is because I think we understand better. But what would you say to help people get past a big change in their life where they're going to have to go it alone? First of all, I would say if you feel like you're not capable, you're wrong.

17:15 But there's a good reason why you feel that way. And it's because I think women are often taught to be careful with money. We're taught to be careful versus confident. And so, first of all, recognize you're going against a societal norm. training, subliminal messaging you've received all your life. So no wonder you feel that way. You're not alone. And it's not because you're not capable. It's because messaging about money to women is often different than what it is to men. Additionally, women are taught very often, and we can argue whether or not it's our DNA, our makeup, to be more risk averse, to be more cautious, to be intentional with everything we do. So if that's the going in position, no wonder retirement planning is intimidating.

18:17 You know, here we are. Lisa, I just thought of something. We're basically taught to be caretakers, right? Yeah. But I don't think that I don't think that extends to people realizing they need to first take care of themselves. Right. It's the fact that we're caregivers. We take career breaks. We live longer than men do. The financial industry is full of jargon, so it's hard to understand when you're coming at it from the outside. A lot of women I know have a major fear of messing up. We're Many of us are perfectionists, and if we're not perfectionists, we just don't want to, you know, mess it up.

19:09 We just don't want to be perfect. Yeah, yeah. And so it's about. Should they. I. Think what you're encouraging people to do is find a partner. I mean, basically, that's what this is, is finding somebody that you can work with To take care of this part of your life. Yes. And partner with you on it. It's not to abdicate responsibility. It's to get clarity. It's to, I often think about it with my clients as let's get some small wins.

19:49 You know, let's just set up some small wins in plain language with clear choices. And I can explain, you know, we don't have to talk in financial jargon. We don't have, you know, like, let's simplify it. And I think that takes so much of the intimidation out of it is when women and. I see them physically, the shoulders drop. When they go, oh, that's what you mean by a Roth? Oh, that's what you mean? That's what an annuity is? Oh, you know, and it's like all of a sudden the light bulbs come on and they go, oh, I finally feel confident to get on the phone with my insurance agent.

20:30 Right, right. You know, and I'm like, yes, that's what we're driving for. Do you feel there's something that women are afraid to ask an advisor about? Just a couple things come to mind. One, I think women are afraid to ask if they're a fiduciary. Like, are you. They even know what that means. Yeah, true. Like, a fiduciary is someone who doesn't sell products, but is just looking out for your best interests. Right. Which is a different standard. We should mention that. That is a different standard than someone who just has an insurance license. Not to bash people with insurance licenses...

21:13 But the insurance license is like a suitability standard. So I think the fiduciary standard is more well-rounded, wouldn't you say? Yes. It means that. I don't have a horse in the race about if we assess that you need or would benefit from having a long-term care insurance plan, I'm going to go out and shop wholesalers for you. And we're going to evaluate the plans you and I together. And we're going to decide if one of those plans is a good fit for you. If you select one, I don't get paid.

21:55 It makes no difference to, if you don't select one, it makes no difference. You know? So what it does is. When I'm not selling, when an advisor is not selling a product, whether it's an annuity and insurance policy or, then I don't have a horse in the race other than your best interest. Is this the best way to protect you or set income up for you? Well, let's shift gears a little bit. So let's say somebody's in her 60s, and I have actually had this happen where somebody comes into my office and they look like a deer in the headlights, and I'm going, oh, no. You know, what's realistic? What are you going to tell somebody who's, you know she's coming in saying, oh, I'm too late. So what would be realistic for her to know?

22:48 The first thing I say is it's never too late. It's never too late. We just need to bring clarity to what your options are. And we're going to need to put all options on the table. Like, what is our social security claimings? Do you claim at 62, 65, 67, 70? Do you work part-time or not? We need to get really clear about what your budget is and your spending, you know, and, and then we can, once we start putting things on paper and it becomes like, it becomes so much clearer. And what I find with my clients in their fifties and sixties is that as soon as we map it out, Like I'll use the financial planning tools, but I also use Excel and just put their age right along the top to show like, here's the income so we can visualize it. Right. It's amazing to me how we go, you know, a lot of women go, oh, well, it's not that bad.

23:48 You know, and I'm like, no, it's not bad at all. In fact, we can close that income gap with, you know, annuitizing part of your, you know, savings from selling the house. Or whatever you know like you got to put it all out. There well let's move into some like practical application type of things you know in red flags um okay so there's no spouse there's no children to step in if something happens to you what are we going to do about making decisions if something happens how how does a woman plan for solo aging. Yeah You want to have a few big deal.

24:30 Yeah. We want to have a few documents in place. One is a will or a trust. One is power of attorney for financial matters and power of attorney for. Healthcare and HIPAA authorization. So what that means is those four things right there cover you for when, if you are incapacitated and you're in the hospital, If you don't have anyone with medical power of attorney or HIPAA authorization, the doctor cannot legally talk to anyone about your medical situation because it's private.

25:14 And a. Lot of times, you know, God forbid, but... an accident happens. You're a healthy living life and everything, and then an accident happens and puts you in the hospital unexpectedly. So that hospital is going to have an issue if they don't have some way to know what your wishes are, right? Right. And that's a great point. I didn't mention advanced directives or documented wishes. So I take my clients through an exercise where we say, okay, who has your healthcare power of attorney so that if you were in the hospital in a coma and someone needed to make a decision, who would that person be?

26:04 How would the hospital know that? But then let's just document right now for that person what your wishes are. Are you an organ donor? Are you okay? We have to go through all the, do you want life-sustaining measures? Do you want, you know, how long. Would you want life-sustaining measures? Do you want pain alleviation? Do you want, you know, we go through and we document all of that. So not only do you have someone the hospital can call, but that person then has a documented list of your wishes that, of course, doesn't cover every situation, but covers a lot of the big questions that can happen in those kinds of dramatic situations.

26:48 Right. Let's go back a little bit to the whole thing with having that financial advisor partner that's going to help you with all of this. What about red flags? What would be some red flags that women should watch for when they're choosing or working with somebody and getting all these things set up? An advisor who only manages money. So they say, give us your money to manage and we'll meet with you once or maybe twice a year and we'll just talk about how your investments are doing. I'd say, eh, no thanks. I'd rather have someone who can look at my whole financial picture.

27:32 Number two, one who sells products. So if they sell insurance, if they sell annuities, if they sell anything that they're getting. A commission based on you buying, I would say, eh, no. They've got a horse in the race then like, then they're motivated to sell you a product you may or may not need. Now I'll assume the best and assume that of course they wouldn't sell you something you don't need, but you don't, you don't know that without knowing the person. If it's a family member or someone you've known for 20 years who sells, okay, I can understand not being concerned about that, but coming in off the street, that'd be something. Um, The other things are more behavioral. Like, do they rush you? Do they talk down to you?

28:20 Do they use a lot of jargon and you feel like, I should be. Understanding this, but I'm not. Those are red flags. You should feel confident, comfortable. Like you can ask as many questions as you want. You know, I'll often have two hour, two and a half hour calls with my clients. And it's because we're deep in this, if she does this, then the, you know, like that's the kind of relationship you want where, where you don't feel, um, yeah. Patronized talk down to, or like your concerns aren't valid. One of the first people that I met in the podcasting world was an older gal who, who got involved in a romantic scam after her husband had died. And you've talked about dating in your 50s, and so in keeping with this red flags topic, what about relationship red flags would there be? The biggest thing that I think that comes to mind is somebody having a relationship with someone, and then that person starts asking you for money.

29:37 Yeah. Oh, yeah. That's a huge one I think if you see extremes like a lot of spending or or the miser who doesn't spend anything I'd be like hmm what's going on there secrecy control getting defensive when you want to talk about money and they kind of change the subject or, well, I wasn't raised like that or, you know, that, um, and then guilt trips. Um, I have been on dates with men where, you know, we start talking about, you know, well, yeah, I saved, I saved quite a while. And they go, Oh, oh, well, it must be nice.

30:32 You know, and then you're like, oh, oh, oh, oh, oh, oh, oh, oh. Maybe let's turn off the video for Lisa. I think that, you know, we're having a little bit of technical issues, but I want to talk a little bit about women protecting themselves from becoming isolated or overly guarded. I mean, it's like there can be some issues with trying to do it, you know, getting back to, oh, I need to do everything right. So I think in a lot of cases women need to trust their gut. Wouldn't you say?

31:20 But they also need to protect themselves. So I think it's know thyself, right? To thy own self be true. Well, I would say, okay, Lisa, are you back with me? I'm thinking that our feed has been a little bit iffy. I'm back with you now. Okay, let's talk about enjoying life now while planning ahead. You know, obviously, here I am. I've just gotten back from a big bucket list trip. But, you know, you and I'm seeing all these gals who are way younger than me who are going on this trip. And so I think women are.

32:10 If they can get their mind wrapped around it, they can enjoy life now, like travel... wellness and fun while still planning responsibly for the future. I mean, is that, is that the kind of message you're trying to give to people that are clients? Absolutely. That I do not want your life to be treasury until you finally hit retirement. We have to build things that light ourselves up into our life. Now I follow a three tens rule where I tithe 10%. I save 10%. The 10% that I save is in my fund fund or my savings bucket for joy. It kind of serves two purposes, my emergency fund and my joy bucket.

32:59 And then 10% into retirement. So I take 30% of my net right off the top by going 10, 10, 10. Okay. Then I need to live off the remaining 70%. Right. Right. Which is so great. And, and, If somebody doesn't, I could just hear somebody saying, I can't do that. You start somewhere, right? That might be a goal that you get. Exactly. So it could be somewhere. Yeah, you could start off with three, three, three, you know, like 3% generosity, 3% savings, 3% retirement contribution. Okay.

33:42 Like that's perfectly fine to start there. Talk to me more about your savings bucket for joy. It's just having that intentional place where I am putting money for fun things. And fun things is completely up to you. It might be a massage. It might be nails, getting your nails done. It might be saving for a big trip. But it just complements that what we talked about a minute ago as far as having a deliberate plan to enjoy your money while you're earning it, not waiting until retirement to have any joy.

34:33 Yeah. Yeah. Right. Let's talk a little bit about charitable giving. That's basically generosity and giving should be part of this plan, right? And because if we're blessed to have the income to do this type of planning, but you're leaving a legacy without children in the mix, right? Right. Basically... Talk to me about figuring out what that would look like. Yeah.

35:14 First of all, philosophically, I just have to say, I have found great joy and provision, continued income, in making sure that I keep money active. make sure that I keep money moving through my, that I'm not a, I'm not a bucket. I'm a, like a cistern, I'm a spring when it comes to money. And so I think, I think we in general experience more joy and more provision and more abundance in our lives when we see ourselves as a conduit with money.

36:02 So that's a philosophical position that I would encourage people. To think about. You know, like, huh, do I try to collect it all and then hoard it? Or am I a conduit where I believe money will come and I will pass it on? It'll come and I will pass it on. When it comes to generosity, I think it could be everything. I think it can be everything from helping a niece or a nephew with college. I think. I really challenge women to think about. The impact you can have now instead of waiting for it to be a legacy impact. The books I have read have said, you know, a.

36:44 Lot of people think about generosity as a end of life thing and they're missing out on the joy that comes from giving and generosity and legacy giving while you're still alive. And it makes a lot of sense when I think about you know, gosh, my nieces and nephews, do I wait? They're getting married now. Do I wait until, you know, 25 years from now and I leave them some money? Or could I give them, you know, a couple thousand dollars to help with a house down payment now? Right. So think about it in terms of now and the future. Right.

37:27 One of the things that I've come to over time has been health is the first wealth, right? Yes. Because if you're doing all this stuff and you're thinking, I'm going to do something later, well, that later may never come and you need to take care of yourself. I'm very, very, very strong about this. You need to take care of your health and wellness so that you can enjoy your money, so you can go out and give, so you can use that money for a tool. So when you're aging solo... What would you say about that whole thing about health and wellness and this whole financial journey?

38:09 We have to be responsible for our nutrition, our physical movement, our preventive care, our intellectual health, and our spiritual health. Yes. We need to be plugged in. I, in my life, have often been an all-or-nothing kind of person. So if I'm working on my business and I'm, you know, oh, 14 hours a day working on my business, you know, and I am learning, the older I get, how important it is to be a fully integrated person because.

38:53 Yeah, if you don't have your health. I don't want to get. To 70 years old to be able to do the things the money could support. Right. Well, let's talk about some action steps. We are almost out of time, which always amazes me that time goes so fast. What would be a couple of steps a listener could take this week to feel more confident about her money? Log in to your retirement plan.

39:35 Whatever it is, 403B, 401K, if you're self-employed, if it's a SEP IRA or a solo 401K, just log in and check your balance. And check your contribution percentage. Yeah. Is it 2%, 4%, 10%, 12%? Sometimes people don't even know. Take an inventory. Take a financial inventory, checking account, and one banking account.

40:15 Fine. Just write it down. All right. Here's my net worth right now. I've got this much. In a house or, um, this much in my car and this much in checking savings and my IRA, you know, like just to give yourself a grounding of where everything sits right now is an action step. You can take. Um, So yeah, so those two things. Check your contribution, log into your retirement account, and just take an inventory of where your money is and do you know how to log in and access it all. Right. Yeah, because I've noticed that too. Sometimes people go, oh, I think I have a password. I'm not sure, you know.

40:56 And yeah, that whole avoidance thing, I've seen that way too often and encouraging people to do exactly what you're saying. So we're going to have to wrap up. Where can listeners find you and what's the best way to work with you if somebody wants to take a look at that? Absolutely. I am at Clear Springs Wealth. And tell me again why you chose that. Because. Yeah. I love the idea of money being an ever fresh spring, you know, and it continues flowing freshly into my life.

41:37 Um, so that's, yeah, clear springs. Um, and you know, God promises us as his children provision, like, like from a spring, um, there's a Bible verse I should know off the top of my head, but don't. So that's where the name comes from, but I'm on Tik TOK, Facebook, Instagram. If you just type in at clear Springs wealth, my website is that, and you can email me at Lisa at clear Springs wealth and just say, Hey, I'd. Love a free, you know, 15 minute chat. And I'd love to connect. And also, just to remind everyone, on my website, I have guest downloads where you can go and you can find, like, there'll be a flyer there with all of Lisa's information where people can go and find you that way as well.

42:36 Fantastic. Outstanding. So, Lisa, what would you. What wisdom would you like to impart as a closing thought? It's never too late. You're absolutely smart enough to figure this out. You just need the right partner, the right help to come alongside of you. And you're never alone. Never alone. There are people like myself who are here who even if we're not the right financial advisor for you. I can refer you to people. Use the people who offer the free contacts. Take advantage of it and then network your way to exactly what you need.

43:27 Yeah, the name of this podcast is Ask Good Questions. And all of the issues and all the problems that I've had in my life is because I did not ask good questions. So I am hoping, and the purpose of this is to help people ask questions that are going to be meaningful and helpful in their life. And I hope we've done that today. I hope so, too. I hope it's been beneficial. Well, thank you so much for joining us today, Lisa. And thank you all, everyone, for joining us on the Ask Good Questions podcast. And we will see you next time.

44:08 Take care. Today's episode is over, but we did ask good questions again, didn't we? Don't miss out as we broadcast live every Wednesday, 6 p.m. Eastern Time on W4CY Radio at W4CY. com. Join Benita Bell Anderson next week for more conversations with experts on finances, retirement, behavioral finance issues, health and wellness, and more. Until then, remember to ask good questions.