Ep 153 - How Women Can Take Control of Their Retirement Finances with Rachael Burns
In this empowering episode of Your Retirement Planning Simplified, Certified Financial Planner Rachael Burns shares expert strategies for women navigating retirement and building financial strength following widowhood or divorce. Joe and Rachael explore key financial planning steps, emotional pitfalls to avoid, and how women can gain confidence, control, and clarity in their finances during these pivotal life transitions.
Key Takeaways
· Financial Vulnerability After Loss Is Common—But Manageable
Women often face a drastically different financial reality in retirement after losing a spouse or going through divorce. This can include reduced income, increased expenses, and needing to navigate finances solo—sometimes for the first time.
· Emotional Decisions Can Harm Long-Term Stability
Newly single women may rush into financial decisions—like large gifts to family or big personal expenses—without fully understanding their financial capacity, often driven by guilt or a desire to feel in control.
· A Clear, Step-by-Step Process Is Critical
Rachael recommends an approach beginning with a full financial inventory, followed by identifying values and goals, and finally, mapping out a plan to ensure decisions are sustainable and aligned with long-term priorities.
· Estate Planning Is Urgent, Not Optional
While it’s a difficult conversation, updating estate documents (wills, powers of attorney, beneficiaries) after becoming single is essential to avoid future complications—especially for those with children or complex family structures.
· Empowerment Through Understanding
You don’t have to be a financial expert—just an expert in your own finances. Gaining visibility into your accounts, cash flow, and goals builds confidence and allows you to make informed, empowered decisions.
Ideas Worth Sharing
· “Empowerment starts with knowing where your money is.”
· “Fast decisions made in grief can be costly.”
· “You just need to be an expert in your own finances—not Bitcoin, not GameStop.”
· “Even if you didn’t want to be steering the ship, you are now—and you can chart the course.”
· “Communicating about finances is a loving act. The alternative is much more uncomfortable.”
Resources
Rachael Burns’ Website:
True Worth Financial Planning
Services for newly single women (widowed or divorced)
Includes a booking link for a free consultation
Rachael Burns’ Book:
SOAR. Four Simple Steps to Confidently Manage Your Finances After Divorce
Specifically written to help women plan their financial future after divorce
Digital copy available as PDF, ePUB & Kindle
Building Financial Strength After Loss: Empowering Women in Retirement
In this episode of Your Retirement Planning Simplified, host Joe Curry sits down with Rachael Burns, a Certified Financial Planner and founder of True Worth Financial Planning, to discuss an incredibly important and often overlooked topic—how women can build financial strength in retirement after losing a spouse or going through divorce.
Rachael specializes in working with women who are newly single, helping them navigate complex financial transitions with clarity and confidence. With nearly 20 years of experience in financial planning, Rachael now focuses exclusively on women who are either divorced or widowed—many of whom find themselves unexpectedly in charge of their financial future.
Why Retirement After Loss Can Feel Financially Overwhelming
Many women enter retirement expecting to share responsibilities and income with a partner. But after a divorce or the death of a spouse, that vision can shift dramatically. Rachael explains that this shift often reveals financial surprises. Some women discover they have more wealth than they realized; others are shocked by how little is left. In either case, the emotional weight of grief combined with unfamiliar financial realities has the potential to create a vulnerable and stressful situation.
Avoiding Emotional Financial Decisions
A standout message in the episode is the danger of making quick, emotionally-driven financial decisions. Rachael commonly sees newly single women wanting to give large sums to adult children or spend impulsively—often as a reaction to guilt or a need to feel in control. These actions, although well-intentioned, can be detrimental without first understanding what’s financially sustainable.
Rachael’s Financial Planning Framework for Women in Transition
To gain control following a significant change such as divorce or loss of a partner, Rachael recommends a clear, three-step approach:
Inventory Your Finances – Understand your income, expenses, accounts, and assets.
Clarify Your Goals – Identify what matters most to you going forward.
Build a Personalized Plan – Assess trade-offs, investment strategies, and create a roadmap to meet your goals.
This structured process helps women make informed financial decisions while reducing stress and uncertainty.
Estate Planning Is Essential—Not Optional
One key takeaway is the urgency of updating estate documents after becoming newly single. Wills, powers of attorney, and account beneficiaries must reflect your new reality. It’s not always easy to face, but as Rachael emphasizes, “Communicating about finances is a loving act.”
Empowerment Through Financial Clarity
Perhaps the most powerful message in the podcast is that you don’t need to be a financial expert—just an expert in your own finances. Knowing where your money is, how it works, and what options you have is the foundation of financial confidence.
Whether you're navigating life after loss or preparing ahead of time, this episode is a must-listen for any woman who wants to take charge of her retirement planning.