Keen On Retirement

Many seniors have a "retirement number" stuck in their heads. It could be a net-worth goal that you want to hit so you can live an affluent, carefree retirement. Or it could be an amount you want to see compounding in your savings account. Maybe you've run some “4% Rule” calculations or plugged your financial info into a free "Monte Carlo Simulation Tool" to figure out your probability of running out of money. Unfortunately, focusing exclusively on these kinds of numbers could be more harmful than helpful when it comes time to plan for withdrawals in retirement. I think discussing four different approaches to financial planning may help folks see the bigger retirement picture and feel more confident about how they will spend their money.

The comprehensive financial plans we design at Keen Wealth factor in every piece of available information to help folks plan for what we know is coming and prepare for the unexpected. While recent events at home and abroad are raising some new questions, we did learn some important answers last week that will help folks get ready for 2024. On today's show, we discuss listener questions about Social Security, Medicare, Ukraine and Israel, and year-end financial planning.

Is 2024 going to be "The Year?" Are you aiming for retirement and starting to get serious about comprehensive planning? Or perhaps you're already retired and wondering if your financial plan needs to prepare for what could be a tumultuous year both politically and economically. In either case, Keen Wealth's philosophy is consistent: plan for what you can anticipate so that you can adjust to the unexpected. Your 2024 retirement planning checklist should start with these seven items.

How to Thrive in the New Age of Aging This summer, we've seen some very high-profile examples of just how much the norms on aging are changing. Once again, 61-year-old Tom Cruise scaled box office heights all over the world. 81-year-old Martha Stewart graced the cover of the Sports Illustrated Swimsuit Issue. Music legends Paul McCartney, Ringo Star, Dolly Parton, Peter Frampton, and Mick Fleetwood collaborated on a cover of "Let It Be" that hit the Billboard charts. The Rolling Stones released their first new song in 18 years. And at the end of August, arguably the most famous and influential investor in the world, Warren Buffet, turned 93. These are just a few of the "age influencers" who embody major trends in an important new study by Age Wave, "the nation’s foremost thought leader on issues relating to an aging population." Let's look at four key insights from The New Age of Aging that are changing how folks should think about and plan for their golden years.

As retirement closes the chapter of your life as a full-time worker, it opens a new chapter in your relationship with your spouse. Retirement can be a time for couples to reconnect with each other, strengthen bonds, explore new opportunities, and grow together. And now that you’re both free from the time constraints of working and raising a family, you can spend your time sharing activities you've always loved, as well as discovering new passions that could take retirement in surprising directions. I often recommend that new retirees start with a blank sheet of paper or a blank calendar and try to build out what a day, week, month, and year of their ideal retirement would look like. Here are some ideas you can use to fill in all those blocks with fun, fulfilling, and lasting memories.

Retirement will close an important chapter in the story of your life. But it also opens a brand-new chapter where you might be able to write stories that you've been dreaming about for decades and others that you've never imagined. Let's talk about how the power of personal storytelling, combined with the support of a comprehensive financial plan, can shape retirement into your vision of happy ever after.