Keen On Retirement

Each year, we invite our clients and friends of the firm to an Open House at our headquarters. This year, we hosted over 400 guests! With all the storms recently in the Midwest, we were grateful to have enjoyed an almost perfect weather day for the event. As has become a bit of a tradition, we served Jack Stack barbeque with a special burnt ends demonstration, enjoyed a wonderful jazz band, snacked on Sheridan’s frozen custard, and crowded into photo booths. We sprinkled in some games to make for a wonderful amount of fun, fellowship, camaraderie and good times. We are so grateful that our friends and clients would spend an afternoon and evening with us to bring in the Summer.

So, what exactly is a reverse mortgage? What are the options that Chuck alludes to in his question? And is Magnum, P.I. giving you good advice in all those TV ads you’ve been seeing?

“If something happened to me, what would happen to my family?” I know this question is on the minds of many of the clients at Keen Wealth. It’s also the question that inspired my guest on today’s podcast, Polly Bartle Blomquist, to transition from family law to elder law and estate planning.

Coulda. Shoulda. Woulda. Three words we never want to hear from our Keen Wealth clients who are well into their retirements. And, I’m happy to say, three words we don’t hear very often! But we do work with retirees who tell us that there are things they wish they’d done differently. What’s interesting is that the major retirement regrets that clients share don’t really have to do with how their financial planning played out. Instead, these folks regret decisions they did, and didn’t, make that impacted how they lived in retirement.

How many times have you read some variation of this headline, or heard that number thrown around in casual conversation? You might have even used this “conventional wisdom” to talk yourself out of starting your own company. Fifty percent makes it sounds like your odds of success are on par with flipping a coin and guessing heads or tails. But that’s the tricky thing about numbers: taken out of context, they can be deceiving. Let’s dig into that 50% a little deeper and ask, “Why do half of small businesses close?” According to the Small Business Administration, the number one reason, yes, is a lack of revenue. Number two? The owner retires. Number three? The owner sells the company. So, two of the top three reasons that most small businesses close aren’t necessarily negative! They might even represent a lifetime of fulfilling work leading to a profitable exit for the business owner! Recently, you might have come across some big numbers related to our economy that have you nervous about your nest egg. On today’s show, we dig into those numbers as well to separate the facts from the hype.

At Keen Wealth, we believe that financial planning isn’t just about money. It’s about using your money to live the best, most fulfilling, and happiest life you can.