Keen On Retirement

We often caution folks against treating their retirement accounts like a windfall. But how should you manage an ACTUAL windfall, such as a large inheritance, a bonus or buyout from your employer, profit from selling a business, or winning the lottery?

We're only a few days into 2023, but the stats tell us that plenty of folks are already struggling with their New Year's resolutions. In 2019, Strava, a social network for athletes, determined that 80% of people who made New Year's resolutions abandoned them by the second week of January. A 2021 CBS News poll found that 4% of individuals who make resolutions actually accomplish everything; 8% meet most of their goals; 16% meet some.

In 2022, we regularly addressed two connected topics that caused some worry for retirement-age seniors this year: the up-and-down economy, and how its fluctuations were affecting retirement planning. Not surprisingly, our Top 5 Podcasts and Blogs all touched on one or both of those topics.

Because of the strong ties that Keen Wealth has established with metro Kansas City’s thriving engineering community, we’ve gained real appreciation for the power of employee stock ownership plans, or ESOPs. The Harvard Business Review study shows that companies that implement this unique structure dramatically improve their performance by empowering their workers to think and act like owners. ESOPs can also improve workforce retention, which is a boon for both young workers seeking career stability and companies that are battling for talent in a tight labor market.

In my book, blogs, and podcasts, you'll often hear me call retirement "the best half" of life. And I truly believe that with the support of a comprehensive financial plan, your golden years can be a long and enriching chapter full of adventure, connection, and self-discovery. But it's also true that the realities of aging can cut some of that fun short. The older we get, the more our knees and backs start aching, the longer bumps and bruises linger, and the quicker we run out of energy. The good news is that we all have more control over our physical health than we sometimes realize. These tips can help you improve your self-care routine and set goals that will help you age well in the New Year and into retirement.

What does "wealth" mean to you? For some folks, wealth is a salary level that will provide a better life for their families. Other people define wealth by having the means to do what they want, when they want, or buy what they want, when they want. And for many older Americans, wealth might be a number that they want to hit as they approach retirement age.