Horizons For Surviving Spouses

Meeting Host and Founder: Paula McMillan, CFP®, CPA/PFS, CGMA

Connect with Paula on LinkedIn

Overview:

Paula McMillan, CFP®, CPA/PFS, CGMA is a recognized thought-leader in navigating retirement readiness and the unique financial challenges of women.  Specifically, Paula’s passion is helping people balance living a desired lifestyle today with accumulating the savings needed for tomorrow through maximizing their financial position. She helps people answer the questions “Do I have enough? What strategies can I employ to have more?” Paula primarily does this through  collaborating with individuals, couples and families to create customized financial plans and investment strategies as a Senior Financial Advisor with Stearns Financial Group.

Professional Involvement:

An active leader in her profession, Paula is the Investment Subcommittee Lead on the AICPA Advanced Personal Financial Planning Conference Committee and a general member on the AICPA Personal Financial Specialist (PFS) Credential Committee and the Society of Financial Service Professionals Foundation Board. To advocate for the unique savings challenges faced by women, Paula founded and chairs Plenteous Financial Forum and the NCACPA Triad Women’s Initiatives Group. Paula is also an active member of the Greensboro Estate Planning Council and NAPFA.

Paula has been published and quoted in national and local publications, including US News & World Report, The Tax Adviser, Journal of Accountancy, Kiplinger’s and The Business Journal. Additionally, she created two national AICPA podcast series on retirement planning and women and wealth and is a TEDx presenter on the topic of Retirement: Longevity and Security. Furthermore, Paula regularly delivers presentations to national, regional and local audiences on financial life planning related topics.

Personal:

Outside of professional endeavors, Paula advocates for families in crisis in her local community as a member of the Family Service of the Piedmont Guild and the Northwest Guilford Women’s Club. She lives in Summerfield, NC where she enjoys being outdoors biking, hiking, running and kayaking with her husband Zach, son Zahn and pound puppy, Cash (after “Johnny Cash”).

Resources by Paula

FINANCIAL WELLNESS

• Yearend Tax Planning Strategies- AICPA LinkedIn Live: Yearend tax planning strategies delivered via LinkedIn Live interview/discussion.
• From Return to Plan – Taxes: The Start of Your Financial Plan-AICPA Take Charge: Your Money, Your Life: We all have some form of a plan for retirement. Some could fit on a Post-It Note, while others could be in a 100 page binder. What goes into a “comprehensive financial plan”? How does it differ from what you have today?  How do you get there?
• 16 Year-End Financial Planning Tips from the AICPA: Tax and financial planning strategies to take advantage of before the window of opportunity closes at year-end.
• Tax Strategies for Child Care Changes During the Coronavirus Pandemic – US News & World Report: New rules and strategies can help you make the most out of tax breaks if your child care needs change this year. It was a pleasure to work with reporter, Kimberly Lankford on this.
• Presentations Offered:
• Financial Wellness Strategies by Stage (Presentation):Defining financial wellness and what factors are most critical for employees to tune into by age and stage.
• Financial Wellness and Your Workforce (Presentation): For employees struggling with financial insecurity, living well today and planning for tomorrow can seem at odds –  and difficult to achieve. Employees want practical guidance focused on the single next thing to do — one step at a time.
• Financial Wellness Return on Investment [ROI] (Presentation): Building a business case for financial wellness, including specific company examples for illustrative purposes.
• From Tax Return to Financial Plan (Presentation): Don’t file and forget your tax return. Your return and supporting documents are a great place to begin a financial plan. Increased anxiety about personal finances and security brought about by COVID led me to create Plenteous Financial Forum. This Forum is designed to be a platform to bring financial professionals together to provide help and showcase the expertise of area financial professionals.

RETIREMENT READINESS

• TEDx Retirement Longevity and Security:  Will you have enough money in retirement? In other words, will you be able to weather thirty years of inflation, taxes and market volatility with no paycheck? If not, you are not alone. After all, retirement systems that provide retirees with financial support have changed.
• AICPA Retirement Podcast Series: Take a moment to dial into the Retirement Podcast Series to better understand key challenges, opportunities and solutions in retirement planning tackling issues such as: Will Your Clients Have Enough to Retire?; What is the National State of Retirement?; Making Conversations Count: Integrated Financial Planning; Lessons From the Ninth Hole: What Current Retirees Have to Say
• Amid Uncertainty, Financial Planning Clients Stick with Long-Term Plans – Journal of Accountancy: With financial plans built for the long term, major adjustments shouldn’t be necessary. Advisers who know their clients well and had already been doing the appropriate level of planning have been able to focus on identifying strategic opportunities rather than significant changes. After all, part of the reason we plan is because you do not want to be trying to fix the airplane as you are flying through the air.
• Four Tax and Financial Planning Tips to Share With Clients:  Uncertainty is a common theme these days. People worry about the future and face many personal finance questions. Help your clients minimize the cumulative lifetime taxes they and potentially their heirs will pay.
• What is Long-term Care Insurance and Do You Need It? To buy, not buy or one of the choices in between. This article provides important factors that should be considered in making your decision.
• The Cheapskate’s Guide to Retirement-Kiplinger: While there are many paths to wealth, most people who stay wealthy have a healthy respect for money – and can be very resourceful in their frugality. Paula enjoyed working with Kiplinger’s Retirement Report Editor, Mary Kane,  on this engaging, informative piece!
• Top Seven Mistakes When Claiming Social Security Benefits_AICPA The Tax Adviser: The first place most people start when planning for retirement income is Social Security. These are the top seven mistakes I see when claiming Social Security benefits. These are frequently made mistakes that can be very costly!
• Social Security: Now or Later?-Kiplinger: In claiming Social Security, delaying benefits will increase the size of your checks. However, it’s not the best strategy for everyone. It was such a pleasure to work with Sandra Block, Kiplinger Retirement Report Editor, on this engaging, informative piece!
• Presentations Offered:
• Retirement Longevity and Security (Presentation): Retirement: Longevity and Security is more difficult (and more critical) to manage than ever before with no pensions, longer lifespans and more.
• Inflation, Tax Volatility and No Paycheck (Presentation): Retirement planning is far more complicated than most people realize. Often, more time is spent planning for vacations than retirement. This procrastination can be costly. After all, the effects of the financial decisions you make, or fail to make, compound over time.
• Strategic Social Security Planning (Presentation): Social Security can be far more complicated than people realize. The decisions you make now can have a tremendous impact on the total amount of benefits you receive over your lifetime. This one-hour workshop will acquaint you with rules and strategies for claiming Social Security benefits.
• Investing and IRA Planning for Boomers (Presentation): As workers near retirement, you want to be sure you understand the important aspects of investing and IRA planning for Boomers, including where to take money from and when.
• Managing Healthcare Costs in Retirement (Presentation): Now is the best time to start planning for healthcare costs in retirement. Find out what you need to do to obtain the coverage you need and protect against rising costs.

WOMEN AND MONEY

• AICPA Women and Wealth Podcast Series: Take a moment to dial into the Women and Wealth Podcast Series to better understand key challenges, opportunities and solutions in advising women tackling issues such as: Financial Influence on the Move; Breadwinner Women Sandwiched Between Career, Children and Caregiver; Women Navigating Divorce, Independence and Finances; Widow Can Feel Like A Four Letter Word: Supporting the Surviving Spouse
• Women Breadwinners Bear Brunt, Feel Ill-Prepared-The Business Journal: As the primary breadwinners in 40% of families, women are increasingly moving into the driver’s seat when it comes to family finances. Surprisingly, instead of being cheered on by their relatives and others, most women disclose a different experience.
• AICPA Women Taking the Reins – Financial Influence on the Move: There is a shift in influence underway. Maybe you have seen it, heard it, or felt it. You are more likely to see more and more women at the table with you, seeking planning opportunities.
• Presentations Offered:
• Women Taking the Reins (Presentation):  There is a shift in influence underway. Maybe you have seen it, heard it, or felt it. You are more likely to see more and more women at the table with you, seeking planning opportunities.
• Financial Wellness for Women (Presentation): Defining financial wellness and what factors are most critical for women to tune into by age and stage.