Keen On Retirement

How are you feeling about the upcoming elections? Until about a week ago, I think that many folks might have had November on the periphery of their radar, especially if they don't live in a contested swing state. But the tragic events in Pennsylvania and the Republican National Convention in Milwaukee have probably changed that perception for all Americans. And as interest -- and emotions -- start running higher, it can become very difficult to separate your politics from your financial planning. On today's show, we discuss how elections typically impact the financial markets and what kinds of mistakes investors should try to avoid as we head deeper into election season.

"Robin" is a single mother of two high schoolers. She's 45 and she earns about $350,000 per year. Robin had never worked with a financial advisor before, and one of our clients referred her to Keen Wealth because she was looking for help with streamlining her finances and, hopefully, retiring in nine years. On today's show, we run Robin's case through Keen Wealth's checklist-driven, comprehensive planning process and explain how my team arrived at actionable strategies for achieving that early retirement goal.

I couldn't be prouder to have my name above the door at Keen Wealth Advisors. If you've read my book, you know that I have a very personal connection to financial planning, and it's been my lifelong mission to help folks avoid the kinds of hardships that my father and I went through. Every day, Keen Wealth carries out that mission in so many different ways: educational events, informative blog posts and podcasts, and a comprehensive planning process that has secured retirement for hundreds of hardworking families over the years. But Keen Wealth is so much bigger than Bill Keen! The folks we have the privilege of serving can count on the support of a whole team of professionals who are passionate about every aspect of every financial plan we manage. On today's show, I talk with my co-host, Matt Wilson, the President and Chief Investment Officer at Keen Wealth, about the value of having a financial team with a disciplined process that understands your unique goals and works together to help you achieve them.

A great many of the successful clients we're privileged to work with at Keen Wealth weren't born wealthy. They've grown their nest eggs, dollar by dollar, over years of hard work and diligent financial planning. As they're nearing retirement, these folks aren't just thinking about what life without work is going to be like -- they want to preserve their wealth to support them throughout their golden years and to build a lasting, inspiring legacy. Affluent seniors can use these five principles to start making their plans to enjoy, maintain, and even maybe grow their assets in retirement.

Are Joe Namath and William Shatner giving you the best possible advice about Medicare? During the Medicare Open Enrollment period last fall, you probably saw TV ads for companies selling Medicare Advantage Plans featuring these and other senior celebrities. That's because, under most circumstances, the Open Enrollment period is the one time per year that seniors can change their Medicare coverage. And, in recent years, Medicare Advantage Plans have become a popular way for seniors to cover more of their health care needs. However, rising costs are causing many insurance companies to change, and in some cases, stop offering Advantage Plans. On today's show, we discuss how potential changes could affect the healthcare piece of your comprehensive financial plan.

While inflation has generally improved in the past year or so, folks are still paying more for goods and services than they're used to. From a financial planning perspective, this short-term experience of above-average inflation has some valuable long-term lessons for seniors: throughout the course of your retirement, you should plan to cover rising prices every year as you're living off a relatively fixed income. The Federal Reserve tries to maintain an inflation rate increase of 2% per year, which it believes translates to a more stable economy. And even in years when inflation rates are below that target, modest upticks in costs will continue to compound and grow year over year. Let's take a look at how inflation typically affects three top-line retirement spending categories and how comprehensive financial planning can give seniors the resources they need to adjust to rising costs.