Keen On Retirement

If you receive most of your financial advice from cable news and social media, you might feel like we're perpetually on the brink of a recession. The prospect of a major downturn can feel especially unsettling for those whose short-term financial goals include retirement. Even aspiring retirees who do understand the inevitable ups and downs of investing might worry that now isn't "the right time" to retire. One of the benefits of the Keen Wealth Advantage is that we don't just react to external economic events, we proactively plan for a wide variety of contingencies -- including recessions. And while retiring during a downturn might sound like bad timing, with proper planning it's possible to retire on your terms, and on your timeline, no matter what's happening on Wall Street. In some cases, following your retirement plan right through market volatility can even be advantageous.

With about a month until Tax Day on Tuesday, April 15th, you should, ideally, have all your financial documents collected. It might be a good idea to check in one last time with your financial advisor before you send your 2024 data to your CPA or start plugging away on your favorite tax software. But as you put a bow on last year, it's important to keep an eye on the future, especially for retirees. Cracking open your nest egg and sequencing how and when you use your assets and benefits is a complex process. Decisions you make today can affect your lifetime tax liability, the lifestyle you can enjoy during your Golden Years, and your legacy planning. On today's show, we use this combination of short-term and long-term perspective to tackle some listener tax questions and explain how the Keen Wealth Advantage can help you feel more confident about how taxes fit into your comprehensive planning.

The words “fun” and “taxes” probably don’t go together in your mind. But, as I mention on today’s episode, they do at Keen Wealth! Helping folks be good stewards of their money so that they can enjoy life to the fullest is one of the most rewarding parts of being a financial advisor. And as Tax Day approaches, I love seeing my team in action, working through our checklist-driven process to make sure folks aren’t overlooking any details or making any mistakes that might not be fixable. Whether you’re working with professionals or preparing your taxes solo, make sure these four common filing errors are on your radar.

Reviewing your estate plan is an important part of the year-end review sessions that we hold at Keen Wealth. At least annually, folks should make sure that their plan is still in sync with how they want to be cared for, how they want their assets distributed, and who they trust to settle their estate and preserve their legacy. But an estate plan check-up is also a good opportunity to review your feelings around what your money means to you, both while you're still around to enjoy it and after the next generation takes over. On today's show, we discuss lessons from two different approaches to estate planning that all seniors should think about as they prepare their financial plans for a new year.

"Sam" is 58 and he retired at the end of the first quarter of 2024. His wife, "Alice," is 65 and still working as a paid caretaker for the couple's son with special needs. Sam has $400,000 in a Roth IRA, $2 million in a traditional IRA and they have $400,000 in a joint taxable account. In 2024, Sam earned $75,000 and Alice earned $20,000. And, like so many couples in their age range, Sam and Alice want to know if their nest egg is ready to support them as they prepare for retirement. On today's show, we use Keen Wealth's comprehensive planning process to help "Sam and Alice" analyze their financial situation and identify some key decisions they'll need to make to keep their money and their lives in sync.

With the presidential election less than a week away, I know many folks are feeling like the present is on pause while we’re waiting on some important answers about the future. Matt Wilson, Keen Wealth’s Chief Investment Officer and President, analyzed the latest data surrounding the election, the health of the economy, and the early outlook for 2025 in his recent 2024 Q4 Market Update Webinar. Today we’re going to discuss some follow-up questions from webinar attendees that should provide a little more clarity about the relationship between your short-term and long-term financial planning.