Keen On Retirement

"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.

If there's one thing we know that the financial markets like, it's certainty. And since the 2024 presidential election was settled overnight -- rather than the weeks it took to count votes in 2020 -- the markets have reacted to the certainty of our new political reality with very strong returns. But as Donald Trump prepares to return to the White House, there are still many lingering questions about how the economic vision he laid out on the campaign trail will or won't materialize. On today's show, we explore some of President-elect Trump’s policy proposals and how they could affect your retirement planning.

At Keen Wealth, we often describe tax-planning as an ongoing process, not just something we help folks accomplish every spring. And while Tax Day is certainly circled in red on our annual planning calendars, the end of the year is also an important deadline for some moves that could lower your tax bill. On today's show, we discuss three financial strategies that you and your advisor should consider before December 31st. Please note that we recorded this episode before Election Day. We'll give you our thoughts on how the new U.S. political environment could affect your financial planning in the weeks ahead.

The idea that retirees can live off Social Security alone is a bit of a holdover from the old "automatic retirement at 65" days. For the most part, your parents and grandparents weren't thinking about 30 or 40-year retirements, active living into their 70s or 80s, or cycling in and out of the workforce to pursue new challenges and passions. Most -- but not all -- of today's retirees would have a hard time relying solely on their Social Security benefits to cover monthly expenses, especially in the later stages of retirement when health care costs tend to spike. However, just because Social Security has a different place in the retirement equation than it once did, that doesn't mean your benefits aren't still incredibly valuable! If you work hard and plan ahead with your financial advisor, you can utilize these five strategies to boost your benefits, pad your nest egg, and hopefully feel a little more secure about your retirement spending plan.

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.