Keen On Retirement

Your vacation is over, your kids are back in school … Time to pack up your swimsuit and eclipse glasses and get back to working on that nest egg! Fall always seems to spark a renewed sense of focus in my clients at Keen Wealth, so for today’s show, we thought it would be a good time to answer three big retirement questions from our listeners. 2017 continues to be a rough-and-tumble year, and when we’re talking about your money, it’s always a good idea to cut through the chatter on the news and the internet, and focus on the facts that really matter.

A year ago, on this podcast, we were discussing how the upcoming 2016 presidential election might affect the economy. Then, at the beginning of 2017, my clients and listeners wanted to know if the surprising “Trump rally” was for real, and how the new administration’s plans might affect taxes and popular retirement-planning tools. Now, my clients are asking: “Has the ‘Trump rally’ peaked? Is there something I can do to take advantage? Do I need to prepare my investments for a big correction?”

You’ll have to forgive me if I’m feeling a little nostalgic this week, but like many of you, I’m in the process of packing up my son for college. In just the last 18 years of Devin’s life, the world has changed so dramatically. That got me thinking about my Great Aunt Nina, born in 1901, who lived a full and eventful 100 years. It’s truly amazing to think about all the incredible things Aunt Nina saw in the course of her lifetime. But I also think that looking back can provide some perspective, and some reassurance, to anyone worried about the future.

If you’re new to investing, or just trying to educate yourself so that you can play a more active role in managing your money, wading through all the financial terms and acronyms used in our industry might make you feel like you’re drowning in alphabet soup. On today’s show, we try to demystify some of these financial terms and acronyms for our listeners. Because we adhere to the fiduciary standard at Keen Wealth, we always put the best interest of our clients first. We want to be as transparent as possible when it comes to your retirement planning, and sorting through this word jumble of financial terms and acronyms might be a big help.

For the first part of our working lives, our retirement plans are on autopilot. We save what we can every month, we contribute to our employer-match 401(k)s, and if we’re living within our means, we don’t think about the plan very much.  But at Keen Wealth, we often see that once our clients hit 50, a lightbulb goes on: “My retirement plan is not just numbers on a page. This plan is going to have to sustain me and my family for the rest of our lives.”  This webinar covers some common concerns that new and soon-to-be retirees have as they transition to the distribution phase of their investing.

We’ve all had a good chuckle seeing #adulting and #failuretolaunch on social media, describing the difficulty some millennials have adjusting to adulthood. But the numbers behind the hashtags aren’t funny. For the first time in 130 years, an 18-34-year-old is more likely to be living at home with his or her parents than to be living with a spouse or partner. Incredibly, 25% of adults aged 25-29 are still living at home. No one is teaching your kids basic savings strategies, budgeting, or retirement planning in school. This is one of those areas where parents have to take it upon themselves to educate their children and help provide for their futures. On today’s show, we speak both as parents and as financial professionals as we discuss some practical tips and strategies to educate your kids about their money.

Retirement planning isn't just about fueling up for the flight to that dream destination. A lot of my clients at Keen Wealth also want to plan the most tax-efficient and responsible ways to set aside resources now that will support their kids and grandkids as they get started on their financial journey. That may mean a college education, buying a first home, or even giving them a head start on their retirement planning. On today's show, we weigh the pros and cons of various investment and savings accounts to help you pick the best tools to provide for your child, and impart a little financial guidance to your heirs in the process.

Imagine getting on an airplane for a dream vacation that you’ve been saving and planning for your entire life. Just as you’re settling into your seat, there’s an announcement from the captain: “Ladies and gentlemen, we’ve completed our pre-flight check, but I didn’t worry about the required fuel this time. If we end up being short, hopefully we will catch a tailwind that will get us to our destination. Should be fine.” Would you stay on that flight, or would you join the crowd hustling towards the exits? If your retirement plan is that dream destination, then your investment assets and the income produced from them are the fuel. One of the most common questions we get from our clients at Keen Wealth is, “Do I have enough money to retire?” And the answer is, that depends. It takes more fuel to fly from Kansas City to Orlando than it does to St Louis. So where do you want to go? Are you properly fueled? On today’s show, we discuss how a smart spending plan and disciplined withdrawal limits will keep your retire

Tax season may – finally! – be behind us, but taxes are still very much on the minds of our listeners, and my clients at Keen Wealth. President Trump recently unveiled a new tax plan, the consequences of which are still being unpacked and analyzed. And changing taxes is just one part of the broader Trump economic plan that the president and Congress are trying to convert from campaign promises into actual legislation. On today’s show, we open the listener mailbag to answer some common questions about the Trump economic plan, and how it could affect your finances. We also take a look at life insurance for retirees, and revisit the crucial distinction between a fiduciary advisor and a broker.

The 2016 presidential election was filled with uncertainty, including how a President Trump or a President Clinton would affect the stock market. Last summer, when we discussed the potential impact of the election on the broader economic picture, many experts believed that Donald Trump would be bad for the markets. That prediction seemed to bear out on Election Night: as Trump's odds increased, the futures market decreased. But then, around 2:00 am, a funny thing happened. The market flipped. And we've been riding a Trump rally ever since. On today's show, we discuss the Trump rally and the market outlook for the rest of 2017.

Whether you are currently enrolled in Medicare or are planning for it in the future, this episode will provide you with important information you need to be aware of. Medicare’s options and intricacies can be overwhelming if you’re not prepared for them - and like many issues in financial planning - they are a moving target. That’s why at Keen Wealth Advisors we encourage our clients to talk to a licensed professional like our guest today, Cindy Stonum. Integrating your healthcare plan with your financial plan for retirement is an important way to make sure you’ve budgeted for regular monthly needs, and for any surprises that might spring up. On today’s show, Cindy walks us through the process of evaluating, choosing, and continuing to review the best Medicare options for your retirement situation. As you listen in, you will be surprised at the many tips and insights that Cindy shares.

When we're working with our clients at Keen Wealth Advisors, we understand that retirement planning is much more than just "getting the numbers right." Yes, you have to track your investments, budget your monthly bills, and calculate how living off retirement assets is going to affect your taxes. But a successful retirement is more than just a spreadsheet -- it's a whole new chapter of your life, and, with good planning, it can be a great chapter. On today’s show, my good friend Dick Blaisdell joins us to share his experiences of what it has been like during his 16 years of retired life to date.

Whether you're a long-term retiree or are on the glide slope, it's that time of year again to collect all of your various documents and prepare to file your taxes. Where your income is coming from, how it's reported, what forms you use, what has been withheld -- these are all things that need to be gathered and accounted for. It can be confusing and it seems that so much continues to change with respect to filing your tax returns. On today's show, we offer some timely and helpful advice on things we see the most in our firm during tax season. This episode will be especially helpful if you're new to the various 1099 forms.

When working with a financial advisor, how do you know whose best interest they are putting first--yours or theirs? If the advisor is required to put your best interests first, then they are operating under what’s called the fiduciary standard. If they are legally able to put their own interests before yours, then they are operating under a less stringent standard called the suitability standard. On today’s show, we discuss these standards, what changes may be coming, and how to understand the costs of your investments.

"How much money do I need to retire?” That’s one of many retirement questions we hear the most when helping clients with retirement planning. With retirement itself undergoing so many drastic changes, it’s not surprising that more and more retirees are trying to quantify their retirement needs and plan accordingly. On today’s show, we tackle this and other common retirement questions submitted by you, our clients and listeners. We do our best to provide expert analysis on the challenges and opportunities facing retirees.

As the IRS starts rolling out its forms to taxpayers, there’s a lot of uncertainty and misinformation, clouding big picture tax issues for both individuals and corporations. A good advisory firm is proactive and thinking ahead on behalf of its clients. Good firms consider market realities rather than the high emotions that dominate the current political landscape. We try to help our clients think about their money in the same way and we are continually monitoring the on-going changes to tax structure so that we understand how our clients will be impacted. On today’s show, we try to sort out the facts from the what-ifs, and make some considered observations about what President Trump may mean for your taxes. Which proposed reforms are most likely to become law? Will there be a compromise with the Democrats? And what should you be doing to prepare yourself and your money for the next four years?

The legendary baseball player Satchel Paige famously asked, "How old would you be if you didn't know how old you are?" Chronologically, the calendar may say we're a certain age, but how old do you feel? Today, we're going to share some thoughts on staying young at heart no matter what the calendar says your age is. We all know how important it is to have a hobby and stay social. You hear that in all the different retirement planning pieces that come out, but I wanted to go a little deeper today and share things that I've seen in my 25 years of practice that are working for people. These are things that I'm seeing my clients do to keep themselves staying young, productive, happy, content, and growing in retirement. As we start the new year, I want to thank you for being part of the Keen on Retirement community and taking the time to listen to our podcasts and read our blog posts. We are truly grateful for the opportunity to work with you and we look forward to an amazing 2017.

In this second presentation, my colleague Matt Wilson helps us understand what’s happening with interest rates, with wages and inflation, and with Trump’s policies. Are we heading into trade wars? What will happen to healthcare? What’s going on in the financial markets? Matt does a terrific job of putting all these things into perspective in an informative and entertaining way. On top of that, he helps us understand what we should do with all this information. Because as I like to say, we can talk all we want about the headlines, but it’s what we do in the trenches that really makes a difference for our clients.  

In this first of two presentations, I spend about 20 minutes and introduce several new Keen Wealth Advisors team members and share our business philosophy. I think it’s important for our clients to know how we operate our firm and understand the culture that we purposely create.

Most of us have put together a jigsaw puzzle at some point in our life. But if I asked you, "What is the most important piece of the puzzle?" how would you answer? Well, my co-host Steve hit me cold with that question and it led to a great discussion about the importance of vision and clarity in building a successful financial plan and living a fulfilling life. In today's episode, we also share a few of our favorite quotes and discuss some of the lessons learned behind them. We even got a few chuckles from sharing some "funny" quotes about money. As we near the end of the year, I want to thank you for being part of the Keen on Retirement community and taking the time to listen to our podcasts and read our blog posts. We are truly grateful for the opportunity to work with you and we look forward to an amazing 2017.