Keen On Retirement

According to a recent study by the Employee Benefit Research Institute’s Retirement Security Research Center, affluent retirees are, on average, more satisfied than retirees with modest assets and folks who are just managing to get by. Now that probably doesn't sound like a very eye-opening conclusion. But what the EBRI found was that it wasn't really money that made affluent retirees feel better about retirement. It was three factors that I believe should be a cornerstone of any retirement plan, no matter how big your nest egg is.

Making sure that you and your assets are protected at the end of your life is a standard part of our planning process at Keen Wealth. Over the past several years, we’ve welcomed many new clients who have been putting off estate planning decisions for far too long. Living through the pandemic gave these folks the sense of urgency they needed to sit down with my team and start thinking about the legacy they want to leave to their heirs.

In my nearly thirty years of helping folks manage the retirement transition, I've seen how prudent financial planning and attentive self-care can make your golden years one of the most fulfilling chapters of your life.

Working in some capacity is becoming a regular part of retirement for more and more seniors. But when you're no longer relying on a job to pay your bills or support your family, the meaning of work can take on an entirely different dimension. Transitioning to an encore career can let you make your values and your personal goals a cornerstone of your retirement life. And even if you are comfortable with the size of your nest egg, a little extra padding never hurts!

Many of my new clients want to know if they have enough money to retire. Once I explain that, at Keen Wealth, we don’t believe folks should be focused on hitting some magic number, the follow-up question is almost always, “OK … But how do my assets compare with other people my age?”

When we set our monthly budgets or make a long-term plan for retirement, it's common to separate line items into three categories: needs, wants, and wishes. Then, we do the sensible thing and prioritize our needs. Once the mortgage, car payments, utilities, and grocery bills are covered, we move on to deciding if we can schedule a date night at that new restaurant. Maybe a weekend getaway will have to wait until next month.