Keen On Retirement

Today marks the third time I've had the honor to welcome retired FBI Special Agent Jeff Lanza to our podcast. In his 20-plus-year career, Jeff investigated cybercrime, fraud, organized crime, human trafficking, and terrorism. Jeff is now a regular on TV news, including CNBC, the Fox News Channel, "The Today Show," and "Good Morning America." He's the author of two books and has spoken around the globe and in 49 states, including lecturing at Princeton and Harvard University. On this episode, Jeff offers several actionable steps that folks can take to secure their online info and steer clear of the latest scams.

Retirement will close an important chapter in the story of your life. But it also opens a brand-new chapter where you might be able to write stories that you've been dreaming about for decades and others that you've never imagined. Let's talk about how the power of personal storytelling, combined with the support of a comprehensive financial plan, can shape retirement into your vision of happy ever after.

On today's show, we answer a request from a Keen on Retirement listener who's been reading Garrett B. Gunderson's popular book "Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity." You might have seen some of Gunderson's thoughts about alternative financial strategies passed around online, especially among folks who are skeptical about the markets and the government's role in economic policy. But while there's certainly no one way to create a financial plan, most investors who steer clear of "sacred cows" like investing in a diversified portfolio and funding their retirement accounts could be killing their chances of a secure retirement. Below are several of the points we discuss.

Seniors who aren't looking forward to retirement usually have more on their minds than just a job. In my experience, reluctant retirees are often struggling with a loss of identity. They're asking themselves complicated personal questions like, What am I going to do all day? What is my purpose at this next stage of life? Who am I if I'm not an engineer, or a doctor, or an executive? Reflecting on these issues and discussing them with friends, family, and your financial advisor ahead of retirement can help you approach this transition from a more positive place. Let's talk about some of the challenges around identity that retirees should be preparing for as well as some of the exciting opportunities you have to look forward to.

Folks who attended our 2023 Q3 Market Outlook Webinar heard a much more positive message about the economy than the one you might be hearing on social media and cable news. Matt Wilson, Chief Investment Officer and President at Keen Wealth, always follows the latest data towards a no-nonsense picture of where we are and where we could be heading. On today’s show, we discuss why we’re cautiously optimistic about the rest of the year and answer some follow-up questions from webinar attendees.

According to a recent study of data from the IRS and U.S. Bureau of Labor Statistics, households that earn $652,657 or more per year are in the top 1% of earners in the nation. But the income you need to earn to be a "one-percenter" varies quite a bit on a state-by-state basis. And just like living well in California probably won't cost the same as living well here in the Midwest, your idea of what it means to be "wealthy" in life could be very different than your neighbor's, or even your spouse's. I believe that staying focused on those personal values and money goals is much more important than hitting some arbitrary number before retirement. Still, talking through these statistics can be a useful way to put your financial journey in perspective and have more purposeful conversations about money, happiness, and what's really important in life.