Keen On Retirement

As the founder and editor of HumbleDollar and personal finance columnist at The Wall Street Journal, Jonathan Clements has been providing readers with practical financial analysis for decades. But an article from early June might be the most impactful that he's ever written. Reflecting on his recent cancer diagnosis at age 61, Clements is candid about how facing mortality has forced him to reevaluate his personal, professional, and financial priorities. Sadly, Clements’ story also brought to mind so many folks I've worked with in my career who struggled to find the "right time" to retire, only to have life get in the way. Please, take these lessons from Clements’ experience to heart and don't put off retirement any longer than you have to.

Formulating a one-time, bulletproof financial plan would be incredibly simple if you could supply an advisor with just two pieces of information: exactly how much money you're going to spend every single year in retirement, and your date of death. Absent those two impossible data points, an effective, comprehensive financial plan has to be an ongoing, personalized, and adjustable process, no matter what size your nest egg is. On today's show, we talk through another case study to illustrate how my team at Keen Wealth helps folks plan for a retirement that's much more than just their numbers.

I couldn't be prouder to have my name above the door at Keen Wealth Advisors. If you've read my book, you know that I have a very personal connection to financial planning, and it's been my lifelong mission to help folks avoid the kinds of hardships that my father and I went through. Every day, Keen Wealth carries out that mission in so many different ways: educational events, informative blog posts and podcasts, and a comprehensive planning process that has secured retirement for hundreds of hardworking families over the years. But Keen Wealth is so much bigger than Bill Keen! The folks we have the privilege of serving can count on the support of a whole team of professionals who are passionate about every aspect of every financial plan we manage. On today's show, I talk with my co-host, Matt Wilson, the President and Chief Investment Officer at Keen Wealth, about the value of having a financial team with a disciplined process that understands your unique goals and works together to help you achieve them.

Most soon-to-be retirees have a broad understanding of the differences between living off their assets and living off a monthly paycheck. But making that switch and adjusting to new spending habits can be more complicated than you might think, especially if you aren't prepared for the rules around withdrawing from your retirement accounts and how your relationship to your money might change. In his most recent webinar, Matt Wilson, CFP® Chief Investment Officer and President at Keen Wealth explained the importance of making a plan for your retirement spending before you actually retire. Today's episode touches on some of the topics that Matt's webinar covered in depth, as well as important follow-up questions we received about budgeting, required minimum distributions, and managing the psychological and emotional challenges of retirement.

If you go back and skim the 200-plus episodes we've recorded of Keen on Retirement, you'll notice that every year or so, we devote an episode to the latest financial frauds and scams that are making the rounds. Especially as we head into tax season, it's important that folks remember the IRS, the Centers for Medicare and Medicaid Services, and the Social Security Administration are never, ever going to call you and ask for your banking info. We also regularly caution folks against clicking on suspicious emails or text message links, or making investments that seem too good to be true with the Bernie Madoffs of the world. On today's show, we talk about another type of financial "fraud" that's perfectly legal but potentially just as dangerous to your financial security: taking bad advice from unaccredited financial commentators and celebrities trying to further their own best interests, not yours.

We spend a lot of time on Keen on Retirement discussing how retirement is changing, from new laws and rules to generational shifts in how seniors work and live. But one constant in the retirement planning process is the importance of the age of 65. Many folks still feel like turning 65 means you've hit "retirement age," even though the government's definition is a bit different. And even if you continue to work well into your 70s, at age 65 there are some important decisions that should be coordinated as your vision for your Golden Years comes into focus. On today's show, we discuss why the age of 65 will be an especially important transition point for the next couple of years. We also answer listener questions about charitable contributions and required minimum distributions that might factor into your tax prep this spring.