In this episode of the One of a Kind Financial Show Daily, host Mike Milligan (CFP) and consumer advocate Gary Nolan discuss a series of high‑impact retirement‑crisis scenarios and how proactive financial planning can mitigate them. They cover late‑life divorce, the financial ramifications of cognitive decline and dementia, pressures from adult children, spouses with problematic spending habits, concerns about heirs mismanaging inheritances, and the importance of stress‑testing a retirement plan against market downturns, inflation spikes, and rising interest rates. Throughout, they illustrate practical solutions such as using single‑premium and deferred income annuities, establishing trusts and estate guardrails, and creating a personalized “One of a Kind Financial Plan” that integrates taxes, income, investments, long‑term care, and legacy goals. The episode ends with a compliance disclaimer and contact information for listeners to schedule a free, no‑obligation consultation.
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Be one of a kind with Mike's Plan.
Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. Here we are finishing another week, that much closer to Thanksgiving and ultimately the holidays to end 2025. It's been a powerful week as I've been in Phoenix. I will be heading back to Norfolk today to start my preparation for Thanksgiving and then also doing some live events over the next couple of days for those in the 757 area code. I, I, I want to end this week from a segment from our most recent radio show where Gary and I talked about how life happens and, you know, how do you adjust your retirement plan when it happens. So as we get closer here to Thanksgiving, know I'm thankful for you for listening to the One of a Kind Financial Show daily, and most of all, for just being unique, because that's the only thing you can do, and that's what this world needs. It needs you to be one of a kind.
Have a great weekend.
Every retirement plan looks good on paper, but until real life happens, right? We plan for markets and taxes. What about divorce at 70, a child asking for a bailout, or a partner's Alzheimer's diagnosis? So here's the first question, because this happens a lot lately. It's been increasing quite a bit. What happens if I get divorced in retirement, Mike?
Oh my gosh, Gary. That's a— it's a tough topic. No one plans for divorce at 65 or 75, but it happens more than you think. We've talked about gray divorce often on the show here, but it's rising fast, especially among baby boomers. A late-in-life divorce does affect retirement income. It affects Social Security, it affects long-term care, and it affects estate planning. If you are facing this immediately, you're obviously in a life in crisis, life in turmoil.
Yeah.
It's best to talk through the financial It's best to talk through the financial ramifications of this before it's too late. Guys, if you think living with your partner is tough, trying to live single where you don't have enough financial resources. And so just as the divorce rate has tripled since 1990 for adults over 65, trying to navigate this without a financial plan in place could be disaster for you.
Yeah.
You really need to get a hold of Mike and the team because they can definitely help you out there. Here's a— these are tough topics. What if I develop dementia or my spouse does?
You know, Gary, I mean, I, I'm 49 years old and I feel like I forget something. Like, I just can't remember the name of, like, certain things before, right? Because, you know, maybe it's a, it's a cluttered mind, like I've got too much information in here.
Yes, same here. Yeah.
Right. But cognitive decline is one of the hardest realities. In life, but also in retirement. And it's not just health issues, it's a financial one. Decisions about power of attorney, account access, spending oversight, and long-term care can't wait. There's a professor, and I've mentioned this on the show before, there was a professor that was an Ivy League professor for years who used to consult with major banks and Wall Street companies, including Goldman Sachs. And when he retired, he took all of his retirement accounts, And he funded 13 different SPIAs and DIAs, single premium income annuities, deferred income annuities. And the reason he did it, he said, I may not be able to keep up with the track of everything that's going on in the financial markets and be able to make decisions because my mind may not be as sharp, but I will be able to tell if my checking account doesn't have enough money in it. And if it doesn't have enough, I'll just turn on the next annuity and then I'll turn on the next annuity.
Right.
And he ended up creating a plan that not only he could manage, but also his wife, who was not financially involved in this at all. And so, like, developing the mitzvah and the realities is the more you plan for it ahead of time, the easier that impact is going to have on a spouse or your children.
Right, right, right. And speaking about children, how do you say no to adult children who need your help? That happens a lot too.
Yeah, it is. And this is personal for a lot of people. I mean, I have 3 adult children, uh, uh, 2 of which are already out in the, uh, in the job force working, one that's in college that's going to be out there soon. And if my kids came to me, I wouldn't be an ATM, but I would help them out of a financial crisis.
Of course.
And so we all want to help our kids, right? But if they keep coming back to mom and dad over and over, helping them or fixing their problems, there's only so much you could do. Gary, you can do anything in life, but you can't do everything. And if they keep coming back and you do that every single time, You're giving up something for yourself in the future, right? And you're ultimately aiding them that when you're not here, they're gonna have no bailout in the future. And so you have to be able to, uh, have the tough conversations and put some constraints around like what a child bailout looks like.
The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan, your consumer advocate. Let's get you on the calendar, all set up with that comprehensive plan. There's no cost, there's no obligation. That phone number is 800-748-1838. 800-748-1838 or text the word ideas to 600-700. Get to talk to Mike this week. He's going to be manning the phones. 800-748-1838 or text the word ideas to 600-700. How do I keep supporting a spouse with bad spending habits? Boy, that's a, that's another tough one.
Wow.
Holy cow.
We're tackling some questions here today.
I know. My gosh. Money tension in marriage doesn't stop at retirement. If one spouse may want to save and the other wants to spend, or worse, one is hiding debt or gambling losses.
That's real, by the way.
We don't, we don't don't make all this stuff up. We actually had this in one of our client scenarios. Navigating financial conflict between couples in retirement is, I don't want to say it's our specialty, but man, we're pretty good at it. We're pretty good at answering the tough questions and showing people the outcome if bad choices still happen. And so one of the things I have to do is if you're in that situation, you don't feel like you could speak up, come into the office. Let me analyze it. I'll find it. You don't have to tell me to it, or you don't have to tell me what's going on. I can see it in the And then I could, uh, and we could address that and just again build a vision because you can do anything but you can't do everything.
Yeah, a couple of minutes left. What if I don't trust my heirs with a large inheritance? I mean, there are ways to deal with that too, isn't there, Mike?
Yeah, by putting some trust, like, you know, I mean, if there's a spending problem, an addiction problem, right, uh, maybe they have marital problems and you don't want like a future ex-daughter-in-law or son-in-law to get the money. There's estate planning strategies that you could do to put in there to put guardrails on what happens to your money after you pass away. And that's part of what we do with the one-of-a-kind financial plan if those things exist.
All right. Can I outlive my money even if I've done everything right?
If even wealthy retirees have this fear, what if I run out of money? See, market downturns and medical events, inflation and taxes can all erode what once seemed like a solid plan. One of the things we have to do is you have to stress test your retirement. And if you don't, if you're not, if you, if you've been retired for 5 or 6 years and you haven't stress tested your retirement, that's another reason to reach out and call us. Because without a stress test, you don't know where the pitfalls are ahead. Because right now the economic times look good, right? The stock market has been going up. Interest rates have been relatively high. But what, what, what if there's a 25% downturn in the market? What if interest rates go back to COVID levels? What if inflation goes to 1970 levels? That's what a stress test is, folks. And when you reach out to us, you know, we'll make sure that beyond some reasonable standard, uh, that, that, that, that, uh, that we'll give you some insurance that whether or not you can or will run out of money based off of, of what could happen in the future.
Yeah. And that's what you do with the One of a Kind Financial Plan. Am I right, Mike?
Yeah. The One of a Kind Financial Plan is there to relieve stress and anxiety. It's to take the burden of some of these questions away and it's to take the hard, the hard answers that have be made to these questions, and it puts them down on paper. And it starts with building the vision for what your retirement to be. See, everybody's vision is different for their life. We had some hard situations with these questions. Other people may not be going through this, and they may be looking at something that's much rosier or something that's a little bit more glorious in their future. Others may be looking about true fear and anxiety, can't sleep at night. The One of a Kind Financial Plan listens to you first. When we talk to you, it's all about you. It's all about your numbers. It's all about your situation. And then what we do is we build a plan to help you live a one-of-a-kind life that's built around taxes, retirement income, investments, long-term care, and legacy. Folks, let us be part of making these tough questions that you may have simple to understand and comprehend. The One of a Kind Financial Plan would do that. It makes the complex simple so that you can live a 800-748-1838.
That's the number to call to get on the calendar. 800-748-1838 or text the word ideas to 600-700.
One last message from our compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha LLC, an SEC-registered investment advisor. All opinions expressed by me, Mike, or any podcast guest are solely our opinions. And do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product, as we may have discussed. Investment advisory and financial planning services offered through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in general course in financial and investment planning. Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan LLC.
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