Keen On Retirement

Generally, when folks hit their early 60s and feel like they're 3-5 years away from retirement, that's when they start assessing if they're truly ready. Typically, the kids are out of the house; grandchildren might even be in the picture. They've usually achieved some major milestones in their careers. They've enjoyed a few bucket-list experiences and want to start spending more of their time doing the things they love with the people they love. So, what does a clear path to retirement look like to a 62-year-old? As always, Keen Wealth has a checklist!

If I were to make a list of the most common money worries that I've helped seniors deal with in my 30-plus years as a financial advisor, running out of money in retirement would probably be number one. Even folks who have been following a comprehensive financial plan and building wealth for decades can struggle with the idea of cashing their final paychecks and living off their nest eggs. So, I understand why a headline like "New study finds many seniors who retire at 65 will run out of money" can make some folks question their retirement plans. On today's show, we unpack the details of that study and discuss a practical approach to preparing for and enjoying your golden years.

"Tax season" is year-round at Keen Wealth. As we meet with folks throughout the year and help them respond to life's ups and downs, we're constantly reevaluating their portfolios, budgets, and goals to look for more efficient and advantageous tax planning strategies. However, there are certain tax moves that you have to lock in by December 31st in order to apply them to your tax filings the following April. As we head into the fourth quarter of 2024, be sure to talk to your financial advisor and your tax professional about these 10 topics.

Between the 24/7 news cycle and the two-year election cycle of our government system, I'm sure I'm not the only one who feels like our country is in a permanent state of campaigning. And that means some folks who do follow politics and their investments closely are often hearing our leaders talk about tax policy every time they turn on the news. However, it's very important to distinguish between what candidates propose on the campaign trail, what's being debated in Congress, and what actually has a chance of becoming law. On today's show, we separate the facts and the fiction from sound bites on capital gains taxes that you might have heard in recent weeks -- and that you're likely to hear a lot more as we head into the final month of the 2024 campaign.

Most retirees know that, once they turn 73 (if born after 1950), they are required by law to take required minimum distributions (RMDs) from their retirement accounts. But in financial planning, nothing is ever quite that simple. In the past several years, the rules around RMDs have changed in very significant ways. Those changes, other rules around how and when RMDs occur, and changes to the very nature of retirement create complex planning scenarios that affect all retirees in very different ways. To maximize your nest egg, make sure you discuss these lesser-known facts about RMDs with your financial advisor:

Social Security can be one of the most flexible tools in your retirement toolkit. Some seniors will depend on it. Some will use it to achieve or even upgrade bucket list goals. Some might treat it as an additional investable asset. And others might make their survivor's benefits a central part of their estate planning. But I think all seniors will agree that no one wants their Social Security benefits to trigger unwelcome surprises at tax time. As you're weighing when to take Social Security and how to use your benefits, discuss these four topics with your financial advisor. You may have several options to lower your tax liability and maximize the value of your benefits to your comprehensive financial plan.