Keen On Retirement

When people ask, “How’s the market doing?” the response is typically based on how the Dow Jones Industrial Average is doing (Dow for short). The Dow has been around since the late 1800s, so it has a long history of measuring how the US stock market has performed. Despite its popularity and longevity, the Dow has some quirks that make it not necessarily the best way to measure how the overall US stock market is performing. Recently, the powers that be decided to drop an iconic company that had been in the index off and on for more than 100 years. General Electric was one of the original companies in the index back in 1896 and has been continuously in the index since 1907. But not anymore. One of my core philosophies is that a successful investment strategy depends on viewing our economy through a very wide lens. And just as the Dow is bigger than GE, our economy is much bigger than just the Dow, or the S&P 500, or whatever other number the media is talking about on cable news. On today's show, we turn that

“Is the US Going Broke?” "Social Security's Coming Crisis” "The Economy's High Blood Pressure” "Exploding Federal Debt: Why So Dangerous?” "Joblessness is Here to Stay.” I know I’m not the only one who’s seen headlines like these in my social media and news feeds lately. And as worrisome as these hot takes sound, what’s even more concerning to my team at Keen Wealth is how they can scare investors into making mistakes that can ruin their financial planning. On today’s show, we discuss how to keep media scare tactics out of your head, out of your decision-making, and out of your portfolio.

Recently I took an amazing flight with my son, Devin, to St. George, Utah, near the Grand Canyon. Devin is a certified private pilot studying for his instrument rating, so it was a big help to have someone with his skill and knowledge in the copilot seat helping with navigation, communications with air traffic control, and helping to perform crosschecks – all of which make for a safe flight. We cruised above the Rocky Mountains at 17,000 feet, and at that altitude, you have to pay special attention to your oxygen levels. We kept our pulse oximeters on for most of the trip, which isn’t a technical requirement. But I always do my absolute best when it comes to getting out ahead of any potential issues that could occur over the course of a flight. (PICTURE) As we proceeded on our IFR flight plan, monitoring our O2 levels, overall systems and weather conditions, it got me thinking about some issues we’ve helped friends and clients get ahead of recently on the ground at Keen Wealth. So on today’s show, we talk abo

Graduation season always brings to my mind one important subject schools don’t usually cover: financial education. We parents have to take it upon ourselves to teach this important “class” at home. And the younger your kids are when you start these lessons, the more likely they are to take seed and create lasting, positive financial habits. On today’s show, we talk about how to introduce your young children to saving and investing, some important planning tips for young adults just entering the workforce, and how to involve your grown children in your estate planning.

2017 was a big year for internet hacks, with WannaCry, Petya, and the Equifax breach causing online headaches for people around the globe. Nothing quite that widespread or dramatic has rocked the internet so far this year, but that doesn’t mean we can all start relaxing about cybersecurity. In fact, some of the scams that are making the rounds right now mix online and offline tricks to try to capture your most important information. I received one in my own home mailbox recently!

More often than not, the milestones we look back on in the financial services industry are negative in nature: Black Monday in 1987, the dot com bubble burst around 2000, the collapse of Lehman Brothers in 2008, The Great Recession of 2007 – 2009, the Flash Crash of 2010. Even as we remember how these events made life incredibly difficult for a lot of folks in the moment, the economic lessons we learn tend to trend positive: time and time again, our resilient economy and continues its long-term upward trajectory. But the milestone we’re going to discuss today is unique because there aren’t many negative things to say about the Roth IRA, which this year turns 20. After two decades, the Roth IRA is still one of the best investment and retirement vehicles available to most folks of any age. That’s because it has some features that set it apart from traditional IRAs and other investment products.

The difference between the fiduciary and suitability standards is such a popular topic on “Keen on Retirement” because it’s such an important distinction. If you’ve never worked with a financial professional before, then you need to be crystal clear about the terms of your arrangement, the means by which the professional is compensated, and how committed both parties are to realizing your dream retirement scenario. If you’re still a little fuzzy on fiduciary vs. suitability, I think today’s episode is going to provide some real eye-opening clarity. With a little help from an expert guest, we’re going to talk through an example of the fiduciary standard in action right here at Keen Wealth headquarters.

When we open up the mailbag at Keen on Retirement we usually try to answer as many of the thoughtful questions our listeners send us as time allows. But this week is different. On today’s show, we tackle one big retirement question from a listener with a lot on his mind. Retirement is nearing for both him and his wife. Decisions have to be made about portfolio rebalancing, withdrawal rates, and legacy planning. The breadth of issues and wealth of options are intimidating, and worse, this listener isn’t sure who to trust with these important questions.

By the end of February, your financial institutions should have sent you all your relevant tax documents for 2017, like earning statements on your investment accounts, interest earned on savings, etc. If you’re missing anything important, you might want to get in touch with those institutions and make sure the info you need is on its way. This tax season is a bit unique because many people are wondering how the laws passed at the end of last year are going to affect their tax picture and their long-term financial planning. Remember: as we discussed in a previous podcast, the vast majority of folks aren’t going to be affected by the new tax laws until filing their taxes in 2019 for 2018. But on today’s show, we’re going tackle some other tax questions from listeners and Keen Wealth clients to help you get ready for this April.

The headlines and talking heads painted a very bleak picture last week as the market went through its first significant bout of volatility in two years. But at Keen on Retirement I’m not trying to scare you into clicking on another link or sticking around through the next commercial break. We want to give folks our honest perspective on what’s really going on in the markets and the state of the economy’s fundamentals. So, on today’s show, we take a clear-eyed, long-term look at the recent market fluctuations and key economic indicators, explain some of the reasons for Wall Street’s jitters, and discuss the potential effects on your portfolio.

On January 13th, I was walking through the grocery store with my mother and daughter when I noticed that I’d missed a call from my son, Devin, who was vacationing in Hawaii. I played Devin’s voicemail and listened as he very calmly told me that I didn’t have to worry. The alert of an incoming ballistic missile, headed for Hawaii, had been a false alarm. He was safe, after spending a terrifying 25 minutes huddled in a storm drain with about a dozen other people. This was the first I’d heard about the false missile alarm, which in a way was a mixed blessing. As it turned out, Devin was never in any real danger. Had I known about the alarm as it was happening, the stress and the worry might have been too much for this father to bear. Of course, my concern was nothing compared to what Devin went through, and on today’s show, he talks to us about how his experience impacted him in the moment, and how it’s changed his outlook on life.

My team at Keen Wealth has been hard at work pouring over the new tax bill that President Trump signed into law at the end of 2017. There’s much to unpack and a few details that still haven’t settled into place, but I know that my listeners and clients have questions. So while this probably won’t be our only episode this year on what might be the biggest change to the tax code in decades, today we will look at some of the most important changes this bill introduces. Hopefully this discussion will help folks cut through all the political clamor, and start thinking about the potential impact on their financial planning.

We were privileged to have so many clients, family, and friends join us to celebrate our 20th Annual Holiday Breakfast. As is our tradition, we rang in the season with great food, inspiring entertainment, and our Market and Economic Outlook Presentations for 2018. Matt’s presentation, entitled “Focus on the Fundamentals,” gave an outstanding overview of some of the key metrics that drove 2017’s strong markets.

We were privileged to have so many clients, family, and friends join us to celebrate our 20th Annual Holiday Breakfast. As is our tradition, we rang in the season with great food, inspiring entertainment, and our Market and Economic Outlook Presentations for 2018. In my presentation, I gave a brief overview of recent global turbulence as it related to fluctuations within the market.

At the end of the year the whole internet goes into list-making mode with lists for best movies, best TV shows, best songs, biggest political events and so on. I couldn’t help getting into the spirit a bit myself, so here’s my “Top 3” list of questions that clients and listeners have asked my team at Keen Wealth in 2017: How much money do I need to retire? How do I need to adjust my portfolio because of what’s happening right now in the news? What are Bitcoin and blockchain? Should I start investing in them? I think we’ve done a good job covering the first two questions in previous episodes this year. So on today’s show, I’m going to cross the final big question of 2017 off my list and talk about Bitcoin, blockchain, and cryptocurrencies – definitions, pros and cons, broader applications, and what moves, if any, you should consider as an investor.

Last week the Keen Wealth leadership team took a trip to Chicago for the Charles Schwab IMPACT® Conference. One of the biggest gatherings in the financial services industry, it is designed to educate attendees on new technologies, trends, and navigating hot-button issues. There were dozens of sessions, hundreds of vendors, and vast opportunities to learn. And Schwab put together an incredible lineup of speakers this year: former UK Prime Minister David Cameron, Washington insider (and Keen On Retirement podcast guest) Greg Valliere, Not Impossible Labs Founder and CEO Mick Ebeling, and best-selling author Michael Lewis (Moneyball, The Big Short), just to name a few. It’s inspiring to hear people who are at the top of their professions give their perspectives on big issues in business, politics, science, and culture. And it’s fun and a privilege to be surrounded by industry peers at invitation-only events like this and like the Barron’s Top Advisors Summit each year. But even more, I believe attendance is an i

2017 just hasn’t gotten any easier, has it? After ten months of natural disasters, internet hacks, political tumult, and celebrity scandal, I know I’m not the only one looking forward to the start of the holiday season for some much-needed light at the end of the tunnel. Hard as it’s been sometimes this year, my team at Keen Wealth always keeps its eyes on the big picture when we’re managing our clients’ money. And just last month, many of us in the financial industry were looking back at an infamous anniversary: October 19, 1987, aka “Black Monday” – the biggest one-day percentage drop in the history of the Dow Jones Industrial Average. Thirty years later, there’s a lot that Black Monday can teach us about market volatility, and long-term retirement planning. So, on today’s show, we open up the listener mailbag and apply the lessons of Black Monday to some important retirement questions.

I believe that your retirement equation breaks down into three parts: things that you have total control over (such as how much you save and where you put those savings and investments); things you have some control over (how long you work); and things that you have no control over (short-term market returns, government policy). Your retirement spending is a big focal point when we’re working with our clients at Keen Wealth. This process may initially feel restrictive at times, but approached prudently, we have found this to be one of the most fun and exciting pieces of the planning process. On today’s show, we discuss four important spending considerations that should factor into your retirement plan.

It happened again! The recent breach at Equifax is the third major cybersecurity disaster of 2017. WannaCry and Petya round out the “big three” that have gained widespread media attention. On top of that, earlier this month we found out that the Yahoo breach from 2013 was far worse than the company thought – 3 BILLION users had their accounts compromised! Over the summer I wrote a blog about how these kinds of hacks and scams are becoming more common, and way more sophisticated. But luckily people are doing a better job of educating themselves about cybersecurity threats as well. At Keen Wealth, we try to do our part to keep our clients and listeners informed about the latest online threats. On today’s show we discuss how the Equifax breach happened, and offer some simple but effective cybersecurity tips that will help protect your info, and your money.

Maybe the scariest thing about the 2017 hurricane season is that it’s not over yet. It’s hard to imagine dealing with anything more destructive than Harvey, Irma, and Maria this year, but historically, some of the strongest storms have hit the U.S. in October and November. And add in the devastation from the recent large-scale earthquakes, it’s clear that the strain Mother Nature has put on our disaster prep and response services will continue for some time. In life, as in finance, the best way to deal with problems is to get out ahead of them. On today’s show, Shawn Tipping and Bob Harris from Game Plan Experts join us to discuss what lessons in disaster prep families can learn from this year’s record-breaking weather, and how thinking ahead can fortify your financial planning as well.