Keen On Retirement

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.

As we head into the summer vacation season, one item that's high on many travelers’ wish lists is value. With the pandemic finally in the rearview mirror, high demand for travel is driving up costs. Additionally, the markets are still recovering, and consumer prices and inflation are still above average. That's enough to make even affluent retirees nervous about spending money on entertainment and leisure while nervous about their long-term security.

Matt Wilson's latest Market Update webinar touched on some important topics that you've probably seen in the headlines lately: interest rates, inflation, bank closures, the debt ceiling debate, and economic growth forecasts for the rest of the year. But if you're just getting your info on these things from social media or cable news, Matt's approach was likely a breath of fresh air. At Keen Wealth, we try to provide clear-eyed analysis without the hype so that folks can understand the practical effects that hot-button issues could have on their financial plans and their retirement. On today's show, we recap some of the bullet points from Matt's Q2 Market Update and answer a few follow-up questions from folks who attended the webinar.

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.

When I first started out in financial services more than 30 years ago, most folks received quarterly paper statements from their advisors or custodians updating them on how their accounts were doing. Today, retirees can use their phones to check on their nest eggs minute by minute if they want to … and, potentially, drive themselves crazy in the process.