Keen On Retirement

With the presidential election less than a week away, I know many folks are feeling like the present is on pause while we’re waiting on some important answers about the future. Matt Wilson, Keen Wealth’s Chief Investment Officer and President, analyzed the latest data surrounding the election, the health of the economy, and the early outlook for 2025 in his recent 2024 Q4 Market Update Webinar. Today we’re going to discuss some follow-up questions from webinar attendees that should provide a little more clarity about the relationship between your short-term and long-term financial planning.

If I were to make a list of the most common money worries that I've helped seniors deal with in my 30-plus years as a financial advisor, running out of money in retirement would probably be number one. Even folks who have been following a comprehensive financial plan and building wealth for decades can struggle with the idea of cashing their final paychecks and living off their nest eggs. So, I understand why a headline like "New study finds many seniors who retire at 65 will run out of money" can make some folks question their retirement plans. On today's show, we unpack the details of that study and discuss a practical approach to preparing for and enjoying your golden years.

Most retirees know that, once they turn 73 (if born after 1950), they are required by law to take required minimum distributions (RMDs) from their retirement accounts. But in financial planning, nothing is ever quite that simple. In the past several years, the rules around RMDs have changed in very significant ways. Those changes, other rules around how and when RMDs occur, and changes to the very nature of retirement create complex planning scenarios that affect all retirees in very different ways. To maximize your nest egg, make sure you discuss these lesser-known facts about RMDs with your financial advisor:

Most of us try to help our loved ones whenever we can and however we can. But when that "help" is money, our best intentions can turn bad very quickly. As uncomfortable as it may feel, if you don't integrate giving and lending into your overall financial plan, you're not just potentially enabling poor financial habits -- you could be jeopardizing your retirement. On today's show, we discuss five keys to lending money to loved ones that will help you preserve both your nest egg and your dearest relationships.

When you think about retirement, are you picturing Paris, golden beaches, grandkids, tee times, volunteer work, and long walks with your spouse? Great! Everyone approaching retirement age should have a vision that's inspiring, rewarding, and exciting to plan for. But a truly comprehensive financial plan isn't just about achieving goals. It's also about meeting challenges, both the ones we can predict and the ones that life throws at all of us. At Keen Wealth, we believe it's essential to get out in front of retirement's uncomfortable truths as early as possible. Just about every retiree will need to prepare for these five realities.

Early retirement is a goal that's become a very common plot point in the comprehensive financial plans we put together at Keen Wealth. Young Boomers and older Gen Xers who have the means to stop working or downshift into part-time employment want to enjoy the wealth they've worked so hard for while they're still young enough and able-bodied enough to play their favorite sports, see the world, and spend more quality time with family and friends. But there's much more to early retirement than just hitting a number. Several aspects of your financial plan should be fine-tuned and coordinated to ensure that your nest egg supports today's goals while also ensuring your long-term security in the latter years of retirement. Let's take a look at Keen Wealth's five-point checklist for retiring at 55.