Keen On Retirement

When I first started out in financial services more than 30 years ago, most folks received quarterly paper statements from their advisors or custodians updating them on how their accounts were doing. Today, retirees can use their phones to check on their nest eggs minute by minute if they want to … and, potentially, drive themselves crazy in the process.

U.S. life expectancy is trending in the wrong direction for the first time in decades. According to data from the Center for Disease Control, in 2014 the average American was expected to live 78.9 years. In 2021, after several years of plateauing life expectancy, that figure dipped to 76.4 years, the sharpest 2-year decline in over 100 years. From a financial planning perspective, Keen Wealth still believes that folks need to prepare for a retirement that's going to last, potentially, decades. But this latest life expectancy data does raise some important issues about what we can do both individually and in our communities to turn these trends around so that we can all enjoy our golden years to the fullest.

Last week, concerned customers pulled their deposits from Silicon Valley Bank and Silvergate Capital in California after both banks reported major losses on their balance sheets. This triggered another bank run at Signature Bank in New York. All three banks were heavily exposed to the tech sector, which has struggled this year, in part, because higher interest rates make it tougher for these companies to borrow cash and pursue long-term growth strategies.

Even happy, successful retirees can experience some turbulence as they transition into the second half of their lives. I hope that folks who are preparing for or just starting retirement can learn from some of the most common regrets that retirees have talked to me about so that your journey into retirement can be a little bit smoother.

Where do you see yourself when you picture your dream retirement? Lounging on the beach? Playing golf with new neighbors in a gated community? Taking a quick walk from your condo to watch your grandkids play soccer? Moving abroad for an authentic international experience? Enjoying the hustle and bustle of big city living? Let’s examine some of the pros and cons of relocating in retirement, including potential effects on your financial planning.

Planning a vacation is often a balancing act between quality and quantity. But retirees who opt for slow travel may not have to make that choice. Rather than rushing from one attraction to the next, slow travel lets you really immerse yourself in your destination and get the most from two valuable retirement resources: your money and your time. Here are three reasons retirees should consider adding some extra days, or even weeks, to your next travel itinerary.