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As we near the end of the year, I want to thank you for being part of the Keen on Retirement community and taking the time to listen to our podcasts and read our blog posts. We are truly grateful for the opportunity to work with you and we look forward to an amazing 2017.
Health care costs are a wildcard for retirees and are only expected to rise due to an increase in life expectancy, a rise in the utilization of medical services, and rising prescription drug costs.
What if you are healthy at 100? Will your retirement savings last that long? We all know how important it is to create a retirement plan and save to ensure that we have enough to last through those Golden Years, but many people haven’t saved enough. Only one in four people aged 55 and over has more than $300,000 saved. Fortunately, most of our clients at Keen Wealth Advisors fall in that “one in four” category and have done a nice job saving for retirement.
One lesson that was driven home again during the recent 24-hour news cycle surrounding the election was, “Don’t believe everything you read and hear.”
Social Security was originally developed to be just a retirement safety net, but over time benefits grew and the system now covers an estimated 96% of Americans and makes up an average of 40% of a typical retiree’s income.
Sometimes our mind can play behavioral investing tricks on us and cause us to make suboptimal financial decisions. Dr. Daniel Crosby is one of the country’s leading authorities on behavioral investing. He joins the show today to discuss some of the key learnings from his new book, The Laws of Wealth. We review some of the rules of behavioral self-management and cover some key ideas to remember so we can all make sound financial decisions.