In 2022, we regularly addressed two connected topics that caused some worry for retirement-age seniors this year: the up-and-down economy, and how its fluctuations were affecting retirement planning. Not surprisingly, our Top 5 Podcasts and Blogs all touched on one or both of those topics.
But beyond crunching the numbers and analyzing the root causes of things like inflation and market volatility, I think the bigger issue that our discussions tackled was a question the folks we work with at Keen Wealth asked us many times: “Are we going to be OK?” No matter how many times you’ve heard your financial advisor tell you that volatility is normal and they suggest that the best thing for your portfolio is to hold the course, planning through an unsettled economy can be a very different experience when you’re a retiree or preparing to retire.
And my team at Keen Wealth understands that. I hope that our educational events, webinars, blogs, and podcasts have helped you to filter out some of the noise this year.
Top 5 Podcasts (by downloads)
Very few retirement questions have simple answers. A comprehensive financial plan, like ones we design at Keen Wealth, should provide for every aspect of your life. And as your life changes, a good plan should be ready to change with it.
The SECURE Act 2.0 was included in the omnibus spending bill that Congress passed just before Christmas. Our discussion from this past spring still provides a helpful overview of the government’s latest initiatives to encourage more people to invest in their retirements. Assuming President Biden signs the bill, expect a follow-up episode from us in the New Year to dig into the final details.
Another hot topic in 2022 was, “Are we in a recession?” In this episode and a complementary blog post, we discussed the technical definition of a recession, positive economic indicators that haven’t been making very many headlines, and a long-term perspective on how the markets have reacted to other challenging historical events.
For the first time since the pandemic, I was able to attend the Barron's Independent Summit with Matt Wilson, Keen Wealth’s Chief Investment Officer and President. This year’s summit balanced a practical assessment of current problems, such as the war in Ukraine, with a hopeful outlook for how financial advisors can prepare their firms and their clients for the future.
You may have seen the Inflation Reduction Act abbreviated to IRA over the summer, but this somewhat slimmed down version of President Biden’s Build Back Better Plan didn’t actually change retirement accounts. Backdoor Roth IRA conversions were left alone for now, as was the controversial carried interest tax loophole. And while inflation has been slowing lately, we’ll need more data to see if provisions like capping some prescription drug costs and a 15% minimum corporate tax rate are really moving the needle on Main Street.
Top 5 Blogs (by pageviews)
The checklists we use at Keen Wealth ensure that my team is always on top of relevant financial issues. Checklists also provide some structure to the financial planning process that helps clients understand how their money is working towards their long-term goals and what tasks we need to tackle throughout the calendar year.
The latest data from Fidelity provides some handy comparisons for folks who are wondering if they’re saving enough for retirement. But to plan for a truly successful retirement, you need to figure out how much your dream retirement scenario will cost you. Working with a financial advisor can help to alleviate this burden.
The Bridges Transition Model defines “transition” as the adjustments that we go through when an external event triggers a change. I applied this model’s three stages to an event that I know many of you are thinking about: retirement.
Getting older might not be easy, but there are some definite financial perks that come with age, including affordable health care, lots of shopping discounts, and the magic of compounding interest.
The combination of market volatility, rising inflation, high fuel costs, and global unrest had many seniors wondering if they needed to delay their retirement plans. But while feeling financially secure is an important part of retirement, in my experience, it's usually not reason enough to stop working. Reflect on these three questions, or discuss them with your spouse, and I think you’ll have a better idea if you're both financially and mentally prepared to retire.
Thanks again to everyone in our audience for supporting Keen on Retirement and Keen Wealth Advisors. If you know anyone who might enjoy our content, I’d appreciate you pointing them to our contact and subscription form. And if you have a question or topic that you’d like me to tackle in an upcoming blog or podcast, feel free to send me an email.
From the whole team at Keen Wealth Advisors, enjoy the rest of your Holidays and have a very Happy New Year.
Bill Keen is a financial advisor with nearly 30 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he focuses on providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to Forbes, U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.
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