Keen On Retirement

If you go back and skim the 200-plus episodes we've recorded of Keen on Retirement, you'll notice that every year or so, we devote an episode to the latest financial frauds and scams that are making the rounds. Especially as we head into tax season, it's important that folks remember the IRS, the Centers for Medicare and Medicaid Services, and the Social Security Administration are never, ever going to call you and ask for your banking info. We also regularly caution folks against clicking on suspicious emails or text message links, or making investments that seem too good to be true with the Bernie Madoffs of the world. On today's show, we talk about another type of financial "fraud" that's perfectly legal but potentially just as dangerous to your financial security: taking bad advice from unaccredited financial commentators and celebrities trying to further their own best interests, not yours.

The pain of losing a loved one can be even harder to work through when you're tasked with settling their estate. As you're sorting through complex legal and family issues, you also have to worry about fulfilling your loved one's last wishes and ensuring that their legacy will live on. I hope this overview of settling an estate can help folks who are grieving work through the essentials as quickly and efficiently as possible. I also hope anyone in our audience who doesn't have an estate plan in place will understand how important it is to get your affairs in order and how a financial advisor can help at every stage of the process.

Organizing expert Marie Kondo encourages folks to look at their stuff and ask, "Does this spark joy?" The Swedes have a slightly less sunny spin on decluttering: döstädning, or, "death cleaning." As popularized in both a bestselling book and a Peacock reality show, death cleaning is a way for older adults to streamline their possessions so that their heirs won't have to when they're gone. “A loved one wishes to inherit nice things from you,” writes author Margareta Magnusson. “Not all things from you.” But “death cleaning” and the KonMari Method aren't just about clearing out your closets and saving your kids some hassle. Organizing your possessions and your home can have a liberating effect on how you live in retirement and how you plan for your legacy.

We spend a lot of time on Keen on Retirement discussing how retirement is changing, from new laws and rules to generational shifts in how seniors work and live. But one constant in the retirement planning process is the importance of the age of 65. Many folks still feel like turning 65 means you've hit "retirement age," even though the government's definition is a bit different. And even if you continue to work well into your 70s, at age 65 there are some important decisions that should be coordinated as your vision for your Golden Years comes into focus. On today's show, we discuss why the age of 65 will be an especially important transition point for the next couple of years. We also answer listener questions about charitable contributions and required minimum distributions that might factor into your tax prep this spring.

My team at Keen Wealth has seen retirement play out just about any way you can imagine. We've celebrated with folks as they've clocked out for the last time. We've seen photos of dream vacations, new homes, and new grandbabies. And we've used our comprehensive planning process to help folks adjust to some major challenges, recalibrate the best path forward, and keep progressing toward long-term goals. Unfortunately, we've also seen folks fall short of their retirement goals, often because they tried to "go it alone" at the start of their retirement transitions. If 2024 is going to be the year that you finally retire, talk to your loved ones and your advisor about how you can steer clear of these seven preventable retirement errors and set up your Golden Years for success.

When we fall behind on our holiday shopping lists, there are usually some last-minute deals and expedited shipping options that can help us catch up. But if you fall too far behind on your annual financial planning checklist, you might miss out on some important rule changes or time-sensitive strategies that could impact your retirement next year. Based on the questions we've been fielding lately from Keen on Retirement listeners and readers, I'm glad that so many folks are making time during the holiday hustle and bustle to think about some important issues and get a jump on their 2024 financial planning. On today's show, we discuss popular questions about next year's tax brackets, a controversial video about retirement withdrawals that's been making the rounds on social media, and how seniors should be planning for long-term care.