Keen On Retirement

Today's seniors may not have grown up with the internet the way their kids and grandkids have. But you've definitely "grown with" the tech and information revolution. Many boomers were still early in their careers when their employers came online. And as the world has evolved from email to smartphones to social media, they kept pace. Maintaining that curiosity and willingness to experiment with technology can open some exciting doors in retirement. Take time to learn about the latest breakthrough in these four areas. You might find a new hobby or a quality-of-life upgrade that makes life easier, more interesting, or more fulfilling.

When discussing the unique financial challenges that many senior women face, it's important to make clear distinctions between useless stereotypes and scientific facts. As I've written about and discussed frequently on my podcast, there's just no truth to outdated cliches about women needing more help than men when it comes to managing money. And while it may have been more common in decades past for married couples to leave the family's finances to the breadwinning man, that old-fashioned dynamic is rare today. But, according to longevity expert Maddy Dychtwald, it's a fact that women, on average, live six years longer than men. Whatever your marital status is, and however big your nest egg is, women have to be very intentional about how they plan to cover their needs during those extra years. My Keen on Retirement co-host, Steve Sanduski, recently talked to Dychtwald about her new book, Ageless Aging: A Woman’s Guide to Increasing Healthspan, Brainspan, and Lifespan. Their conversation was full of insightful and actionable advice for women who are aiming to live well long into retirement.

Earlier this month, millions of investors and financial professionals around the world turned their attention to Nebraska, where Warren Buffett spoke at Berkshire Hathaway's annual shareholder's meeting. Buffett's tone was a little more somber than usual, as this was the first shareholder's meeting since Charlie Munger's passing at age 99. But, as is usually the case, the news from Berkshire Hathaway was positive: strong earnings for shareholders and $189 billion in cash for the Oracle of Omaha to manage. Succession planning was also an important topic in the 93-year-old Buffett's comments. Over the years, as he's accumulated not just wealth but experience, Buffett has delivered many pithy observations that reflect how his wisdom reaches far beyond the markets. I would encourage seniors to reflect on how these seven quotes apply to not just your financial planning, but how you're planning to live in retirement.

A great many of the successful clients we're privileged to work with at Keen Wealth weren't born wealthy. They've grown their nest eggs, dollar by dollar, over years of hard work and diligent financial planning. As they're nearing retirement, these folks aren't just thinking about what life without work is going to be like -- they want to preserve their wealth to support them throughout their golden years and to build a lasting, inspiring legacy. Affluent seniors can use these five principles to start making their plans to enjoy, maintain, and even maybe grow their assets in retirement.

While inflation has generally improved in the past year or so, folks are still paying more for goods and services than they're used to. From a financial planning perspective, this short-term experience of above-average inflation has some valuable long-term lessons for seniors: throughout the course of your retirement, you should plan to cover rising prices every year as you're living off a relatively fixed income. The Federal Reserve tries to maintain an inflation rate increase of 2% per year, which it believes translates to a more stable economy. And even in years when inflation rates are below that target, modest upticks in costs will continue to compound and grow year over year. Let's take a look at how inflation typically affects three top-line retirement spending categories and how comprehensive financial planning can give seniors the resources they need to adjust to rising costs.

As a retiree, you might be done cashing a regular paycheck. But, as far as the IRS is concerned, you probably aren't done earning income or, in most cases, paying taxes. In fact, without precise planning around how and when you start tapping into your nest egg, you could open yourself up to higher tax liabilities in retirement than you had when you were working full time. Here's a very basic example of a retirement withdrawal strategy checklist that we use at Keen Wealth to help retirees minimize their taxes and maximize their resources for living a full and rewarding retirement.