Keen On Retirement

Folks who attended our 2023 Q3 Market Outlook Webinar heard a much more positive message about the economy than the one you might be hearing on social media and cable news. Matt Wilson, Chief Investment Officer and President at Keen Wealth, always follows the latest data towards a no-nonsense picture of where we are and where we could be heading. On today’s show, we discuss why we’re cautiously optimistic about the rest of the year and answer some follow-up questions from webinar attendees.

According to a recent study of data from the IRS and U.S. Bureau of Labor Statistics, households that earn $652,657 or more per year are in the top 1% of earners in the nation. But the income you need to earn to be a "one-percenter" varies quite a bit on a state-by-state basis. And just like living well in California probably won't cost the same as living well here in the Midwest, your idea of what it means to be "wealthy" in life could be very different than your neighbor's, or even your spouse's. I believe that staying focused on those personal values and money goals is much more important than hitting some arbitrary number before retirement. Still, talking through these statistics can be a useful way to put your financial journey in perspective and have more purposeful conversations about money, happiness, and what's really important in life.

I try to encourage seniors to think about retirement as a beginning, not an end. That means it's never too late to dive into activities that you set aside for "someday" or never quite found time for when you were busy working and raising your family. And that definitely includes your health. I learned from my own personal fitness journey that if you set goals and commit to them, you'll be amazed what you can accomplish at any age. Try this quick three-step process to clear some mental, emotional, and financial hurdles that could be standing between you and a healthier retirement.

Without careful analysis and planning, taxes can become one of the biggest expenses for retirees -- if not the biggest. Matt Wilson, Chief Investment Officer and President of Keen Wealth Advisors, recently hosted a webinar discussing the tax issues you could face at four stages of retirement. Today's podcast episode hits on some of Matt's key points and answers important follow-up questions from webinar attendees. Together, this content provides a full picture of how Keen Wealth integrates both annual tax preparation and long-term tax planning into a comprehensive financial plan.

In the run-up to retirement, many folks are very focused on how their finances are going to change. But as you're working on an annual withdrawal strategy, reconsidering your monthly budget, and preparing to transition to Medicare, it can be easy to overlook how retirement will impact you psychologically and emotionally. And, unlike clocking out on that last day of work, the way your thoughts and feelings change in retirement won't be a "one-and-done" experience. It's likely that you'll go through many ups and downs as you progress through these five stages.

Is your brain getting the workout it needs to keep you mentally sharp in retirement? Medical science has established a pretty clear link between physical and mental health. According to Harvard Medical School, a variety of mental stimulation, paired with regular exercise and a healthy diet, can create new neural connections in your brain, regenerate new brain cells, and even protect the brain against the loss of cells in the future. The Mayo Clinic says that same mix of healthy living and thinking can lower your risk of developing Alzheimer’s or dementia. And CogniFit Research recommends “brain fitness” as a means to maintain working memory, planning ability, focus, and the speed at which we process information. Consider mixing some of these brain-boosting activities into your retirement wellness routine.