Keen On Retirement

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.

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.

On today's show, we discuss a topic that many of us will deal with from multiple angles: caring for elderly family members. Many baby boomers who are transitioning into retirement have also become caregivers for their parents or older relatives. At the same time, these retirees may be beginning to talk to their children or grandchildren about some estate planning basics and how they want to be cared for if they start to experience a decline later in life. These are some of the most challenging decisions to make and some of the hardest conversations to have. But making a plan while you and the people you're caring for are still healthy and opening up about your wishes with loved ones can make the tough times we all experience in life a little bit easier down the road.

For previous generations of seniors, "retirement" meant the end of work, period. The modern version of retirement often isn't that cut and dry. A growing number of seniors who have achieved total financial independence are "unretiring" not because they need money, but because working in some capacity makes their golden years more purposeful and enjoyable. If any of these thoughts about unretiring ring a bell, it might be time to sit down with your advisor and talk about what returning to the workforce could mean for your financial plan.

Why are we talking taxes on today’s episode, when the 2022 tax season is already over? Because taxes are a constantly evolving part of a comprehensive financial plan. The rules around tax planning and retirement change. Your taxable income changes. And, most importantly, your life changes. Today, we discuss some of the tax items on our checklist-driven planning process at Keen Wealth that keep every part of a financial plan in sync throughout the year.

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.