Keen On Retirement

On today's show, we answer a request from a Keen on Retirement listener who's been reading Garrett B. Gunderson's popular book "Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity." You might have seen some of Gunderson's thoughts about alternative financial strategies passed around online, especially among folks who are skeptical about the markets and the government's role in economic policy. But while there's certainly no one way to create a financial plan, most investors who steer clear of "sacred cows" like investing in a diversified portfolio and funding their retirement accounts could be killing their chances of a secure retirement. Below are several of the points we discuss.

Seniors who aren't looking forward to retirement usually have more on their minds than just a job. In my experience, reluctant retirees are often struggling with a loss of identity. They're asking themselves complicated personal questions like, What am I going to do all day? What is my purpose at this next stage of life? Who am I if I'm not an engineer, or a doctor, or an executive? Reflecting on these issues and discussing them with friends, family, and your financial advisor ahead of retirement can help you approach this transition from a more positive place. Let's talk about some of the challenges around identity that retirees should be preparing for as well as some of the exciting opportunities you have to look forward to.

I am not what the kids would call a "Swiftie," but I recognize talent when I see it! So how did I end up in the capacity crowd at Arrowhead Stadium last week watching Taylor Swift? On today's show, we talk about my family's experience at "The Eras Tour" and tie that incredible night into a larger discussion about what money is really for, especially in retirement.

Without careful analysis and planning, taxes can become one of the biggest expenses for retirees -- if not the biggest. Matt Wilson, Chief Investment Officer and President of Keen Wealth Advisors, recently hosted a webinar discussing the tax issues you could face at four stages of retirement. Today's podcast episode hits on some of Matt's key points and answers important follow-up questions from webinar attendees. Together, this content provides a full picture of how Keen Wealth integrates both annual tax preparation and long-term tax planning into a comprehensive financial plan.

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.

At its meeting on June 14th, the Federal Reserve did something that it hasn't done in 15 months: it decided not to raise interest rates. This slight pause in the Fed's battle against inflation gives us an opportunity to discuss the state of our economy and the markets at the midway point of 2023. On today's show, we take stock of the latest market data, put current inflation and interest rates in their proper context, and consider the United States' place in the global economy.