Keen On Retirement™

In 1988, William Post won $16.2 million in the Pennsylvania lottery. A year later, he was $1 million in debt. First, he splurged: houses, cars, a plane. Then a former girlfriend sued him for a third of his winnings. His brother was arrested and convicted for hiring a hitman to kill Post and his then-wife in hopes that he'd inherit a share. And after sinking money into a failing family business, Post spent time in jail for firing a gun over the head of a bill collector. In the end, Post said he was happier living quietly on $450 a month and food stamps than he was when he was rich. Post's story is an extreme example of the bad decisions and bad luck that leave so many lotto winners wishing they'd never won at all. But while you're more likely to be struck by lightning than hit the winning numbers, an inheritance, a promotion, a legal settlement, selling a business, and reaching retirement can all create significant windfall scenarios as well. On today's show, we offer some tips on how to manage life-changing money, including tax planning, dealing with friends and family, and the kind of team that can help you protect your assets.

There is a bit of give and take to any successful retirement plan. But finding the right balance between living a fulfilling lifestyle today while also preserving your financial security for tomorrow can feel like a challenge. That's especially true when you are at or near retirement and begin to contemplate that, in retirement, you will no longer receive a paycheck from employment but will instead withdraw dollars from your retirement savings. And, to complicate a complicated issue even further, every financial talking head on social media and cable news seems to have conflicting ideas about how much money retirees "should" be spending from their nest eggs every year. So, where do these rules about a "safe" withdrawal rate come from? And just how useful are they in the current economic environment?

Married couple "Mark" (62) and "Lisa" (60) want to retire together in the next year. They shared their financial plan and their goals with two financial advisors. One advisor said they could retire. The other said that they should keep working. So ... Who's right? On today's show, we try to split the tie and help Mark and Lisa set the best course for a successful retirement.

Sometimes, financial independence just isn't enough. Most folks who've built up a high net worth know, deep down, that they don't need to wait until they're 65 to retire. But they keep working anyway, because having money doesn't necessarily make you worry about money any less. And besides, you're "supposed" to wait until you're at least 65 to retire. Right? Think about it this way: you don't keep playing the game after you've already won! And if you have enough money to fulfill your sense of purpose and secure your needs for the rest of your life, then however old you are, you've won. Here's why the affluent should consider rethinking their retirement timelines.

If you're only judging based on what's happening in the world and the financial markets, there's never a "perfect" time to retire. But 2025 is throwing a bunch of extra variables at seniors that are adding more complexity to an already complicated decision. Businesses are changing. The rules around investing are changing. And, most importantly, your life is changing. Your financial plan has to be flexible enough to keep pace while also maintaining focus on the best path towards your personal long-term retirement goals. On today's show, we discuss two listener questions that touch on alternative investments and how to think about portfolio management at various stages of your life.

Last week, I discussed how Keen Wealth's comprehensive planning process might assess a multi-million-dollar nest egg. I think these hypotheticals, including some back-of-the-napkin math, are useful in illustrating how retirement planning can work, and also the limits of focusing exclusively on your numbers. However, in the Keen Wealth offices, we don't work with hypotheticals. We work with real people, their real savings, their hopes, dreams, worries, and goals for the future. Every day, we help hardworking folks navigate complex financial issues that touch every part of their lives. We're honored that our clients have entrusted us with the responsibility of managing assets they've spent decades earning, and we want them to feel confident about their path to retirement. On today's show, we explore the Keen Wealth Advantage in action as we help a couple answer one of life's most important questions: Can we retire?