Keen On Retirement

How many times have you read some variation of this headline, or heard that number thrown around in casual conversation? You might have even used this “conventional wisdom” to talk yourself out of starting your own company. Fifty percent makes it sounds like your odds of success are on par with flipping a coin and guessing heads or tails. But that’s the tricky thing about numbers: taken out of context, they can be deceiving. Let’s dig into that 50% a little deeper and ask, “Why do half of small businesses close?” According to the Small Business Administration, the number one reason, yes, is a lack of revenue. Number two? The owner retires. Number three? The owner sells the company. So, two of the top three reasons that most small businesses close aren’t necessarily negative! They might even represent a lifetime of fulfilling work leading to a profitable exit for the business owner! Recently, you might have come across some big numbers related to our economy that have you nervous about your nest egg. On today’s show, we dig into those numbers as well to separate the facts from the hype.

At Keen Wealth, we believe that financial planning isn’t just about money. It’s about using your money to live the best, most fulfilling, and happiest life you can.

How much about mom and dad’s financial picture should the kids be aware of? And when do kids need to know numbers and other hard details instead of just generalities?

A few times every year a new client walks into Keen Wealth so excited to start planning and saving that they think they’ve already done the work for me! They show me this big, beautiful spreadsheet they’ve put together that has everything: salaries, assets, liabilities, cash in the bank, investment accounts, their whole financial picture.

I know that retirement is just around the corner for many of my regular listeners and readers, and for many of our clients at Keen Wealth. In fact, some of you may have started 2019 with a resolution to make this your last year of full-time work. Once you’ve decided to retire and that reality starts to sink in, the scope of this life change can be daunting.

At the beginning of the new year, Keen Wealth makes it a priority to run through our financial planning checklists with clients. This helps us put a bow on the year we just finished and make sure that folks have everything in order to try to make the year ahead as productive and prosperous as possible.