When we’ve talked to folks whom I would consider “successful retirees” on this show, there’s a common theme: stay active. Whether you continue to work, start volunteering, or throw yourself into a favorite sport or hobby, retirees have to make an intentional effort to get off the couch and maintain connections to their communities and their loved ones.
This time last year, many seniors had never heard of Zoom or made a video call. You knew about Netflix and Apple TV, but maybe you were waiting for your grandkids to set them up for you the next time they visited. You had social media accounts, but those were just for sharing family photos. After learning how to connect, stay informed, and keep yourself entertained during the pandemic, I’ll bet your cell phone and other household technology are much less intimidating than they used to be. So, if your TV and movie queue is starting to thin out, this might be the perfect time to explore podcasts.
“To all the clients I’ve worked with over the years, thank you for demonstrating that through hard work, character, and responsibility, it is possible to start from nothing and build a fulfilling retirement for you and your families."
“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.
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.
In March of 2009, the markets bottomed out in the aftermath of the housing crisis and bank collapses. Gigantic financial institutions teetered on bankruptcy and scrambled for government support. Millions of ordinary folks lost their homes or their jobs, and all saw their retirement savings decline in value. In the moment, it was hard to imagine how our economy would get back to normal.