Keen On Retirement

I know I say this every time we answer listener questions, but these are some of my favorite episodes of Keen on Retirement. I love hearing from listeners trying to think through crucial financial planning issues and be proactive about their lives. And I'm thrilled that so many folks in our audience took the time to attend our most recent webinar on Retirement Spending, reflect on the info that Keen Wealth's Matt Wilson presented, and send in thoughtful follow-up questions on a wide range of essential topics.

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.

When our leaders in Washington passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, it marked a major change in retirement planning. In a sense, the government was codifying advice that many financial advisors -- including my team at Keen Wealth -- had been giving for years. The next generation of retirees is going to live longer, with more active lives than any before it. Very few younger workers are going to stay at the same company for decades and earn generous pensions. Very few older workers will automatically retire at 65. And for most folks, Social Security alone will not fund a safe, secure, and rewarding retirement.

"Sean" is 60, and he wants to retire by the end of this year. His wife, "Mary," is also 60, and she wants to retire in two-to-three years. Maybe. Sean has an IRA worth $1,000,000 and a health savings account with $5,000 in it. Mary has a 401(k) worth $800,000, an IRA worth $700,000, and company stock worth $100,000. They also have cash savings of about $600,000. They want to be able to spend $120,000 per year in retirement.

Thanks to the tremendous support of the Keen Wealth community, our podcast audience, and readers of our blog, I'm thrilled to announce that that the 2nd Edition of Keen on Retirement: Engineering The Second Half Of Your Life has hit Amazon's best-seller list! I think one of the reasons that folks have connected with the book is that I try to present up-to-date information on things like the SECURE Act and Medicare with an eye towards the big picture. And I think maintaining that wider perspective in your financial planning has only become more important since I published the 1st Edition of the book in 2019. The pandemic accelerated so many things in our society, from how we connect and communicate to how our government thinks about retirement. If you aren't working with an advisor and following a comprehensive financial plan, it's very easy to let the news of the day or the hot get-rich-quick pitch lead you off the path towards a safe, secure, and fulfilling retirement. On today's show, we talk about some of the additions I made to the 2nd Edition of my book. I sincerely hope that this new material and our discussion broadens your own perspective and helps you maintain focus on sound financial planning principles.