Keen On Retirement

Earlier this month, I attended The Barron’s Advisor Independent Summit in Dallas with Keen Wealth's Chief Investment Officer and President, Matt Wilson. It's a real privilege to be invited to this annual conference where we can talk to and learn from some of the top minds in finance. While the program had been scheduled well in advance, the recent bank collapses in California and New York became one of the dominant topics. Matt and I recorded today's show live at the Summit so that we could share some of the key insights we heard from colleagues and other financial pros about the state of our banking system and the broader economic outlook for the year ahead. We also scale these issues down so that you can have a better understanding of how the big picture could affect your personal financial plan.

Last week, concerned customers pulled their deposits from Silicon Valley Bank and Silvergate Capital in California after both banks reported major losses on their balance sheets. This triggered another bank run at Signature Bank in New York. All three banks were heavily exposed to the tech sector, which has struggled this year, in part, because higher interest rates make it tougher for these companies to borrow cash and pursue long-term growth strategies.

We received very positive feedback from folks who attended our most recent educational webinar, "Timing is Everything." And, we also received some excellent follow-up questions that we're going to address on today's episode. Our conversation ranges from transportation costs to health insurance and asset allocations. We also discuss what we mean by “timing” in retirement and how Keen Wealth’s comprehensive planning process prepares folks for the best half of life.

Even happy, successful retirees can experience some turbulence as they transition into the second half of their lives. I hope that folks who are preparing for or just starting retirement can learn from some of the most common regrets that retirees have talked to me about so that your journey into retirement can be a little bit smoother.

All of us Chiefs fans have incredible memories of watching Super Bowl LVII that we're going to treasure forever. But not many of us had a seat as close to the action as my guest today, Teresa Hannon. "This game was such a nail biter," Teresa told me, "and where I sat was lower level, right by where the winning field goal was made. Just seeing it go through the goal post right by where I was sitting was incredible. And Arizona had perfect weather, it was 75 degrees every day there. The stadium was beautiful. And the experience of just being there was everything I imagined." But Teresa did more than just imagine this Super Bowl experience. She worked with her Keen Wealth advisor to make this trip part of her comprehensive financial plan. And as we discuss on today's episode, that plan helped give Teresa the means and the confidence to live her best life in retirement.

When our leaders in Washington passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, it marked a major change in retirement planning. In a sense, the government was codifying advice that many financial advisors -- including my team at Keen Wealth -- had been giving for years. The next generation of retirees is going to live longer, with more active lives than any before it. Very few younger workers are going to stay at the same company for decades and earn generous pensions. Very few older workers will automatically retire at 65. And for most folks, Social Security alone will not fund a safe, secure, and rewarding retirement.