Keen On Retirement™

Change is in the air every fall – not just in the leaves and weather, but in your financial planning. At this time of year, the federal government announces some important rate adjustments that affect tax planning and retirement benefits for the year ahead. And complicating matters this fall is a government shutdown that has many seniors worried about the benefits and services that they’ve earned, and that they rely on. On today’s show, we answer questions from some very astute listeners in the Keen on Retirement audience who are already looking ahead and wondering what they need to prepare for as we move towards the end of the year.

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.

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?

You typically don't build up a multi-million-dollar nest egg by timing the markets, cutting corners, or getting lucky. The majority of the folks we work with at Keen Wealth who hit that kind of financial milestone get there because over many years they've collaborated with their advisor on a plan they have real confidence in. Through market swings and the inevitable ups and downs of life, they've worked hard, made adjustments, stuck to their plan, and built meaningful wealth. But as you near retirement, it's not about your number. It's about what your number can do for you. Here's an example of how Keen Wealth's comprehensive planning process goes beyond the math to determine if a $2.9 million nest egg is "enough" for a married couple to enjoy a successful retirement at age 65.

Are you ready to retire? Great! Why? Because you're turning 65 this year? Or 70? Or 75? Because you've hit your "retirement number" and you feel good about your nest egg? Because you like how the markets are performing? Because you finally paid off your mortgage? All these factors can contribute to a positive retirement transition. But none of them should "trigger" a rush into retirement either. Even if you're retiring in the right time frame, you could move too quickly and make some of these common mistakes that planning ahead with an advisor could help you avoid.