Keen On Retirement

The "informal" definition of a recession is two consecutive quarters of negative Gross Domestic Product (GDP) growth. Based on that one metric, the U.S. slipped into a recession in the summer of 2022. So why is there still so much debate on this topic?

"Ben" and "Shirley" are 62 years old and married. Shirley retired at the beginning of 2022. Ben is still working, earning $130,000 per year and taking home about $7,000 every month. If Ben retired right now, he'd be eligible for $24,000 per year in Social Security; Shirley could collect $20,000. Ben has a 401(k) worth $1.1 million; Shirley's 401(k) is worth $300,000. They have $45,000 in Roth IRA accounts and $50,000 spread across their checking and savings. Their home is worth $400,000. In 2021, they refinanced the $100,000 balance on their mortgage for 30 years at 2.75%. They have $500,000 in life insurance coverage on Ben, and they're paying $13,000 a year in annual premiums. In part, they're paying those premiums because they have a special needs son, and Ben recently had a stent put in. At Keen Wealth, we call these financial details a person or couple's "case facts." And on today's show, we use these facts to help this couple answer the number one question on their minds, and on the minds of many of our listeners: If "Ben" retires this year, will they be able to replace the $7,000 post-tax income they have been living on and ultimately – will they be OK?

No one is ever truly prepared for the loss of a spouse. And what is already an emotionally challenging life transition can be even more difficult if a couple doesn't have a comprehensive financial plan that's designed to support both people together and separately. In this three-part series, I'll discuss how to Prepare for, Cope with, and Move forward from the death of a spouse, and how Keen Wealth's planning process can help.

Ongoing market fluctuations have caused many of us to ask some of the same questions in 2022. Are we headed for a recession? Will inflation subside sooner than later? Should the Federal Reserve have moved earlier or has it done too much? I hope that listening to today's episode will help folks understand why there are no simple answers to any of these questions. And, perhaps more importantly, I hope our listeners will come away with a better appreciation for how a comprehensive financial plan can help you answer the most important questions of all: How does what's happening in the markets affect my nest egg and my retirement? And ultimately, will I be ok?

No one is ever truly prepared for the loss of a spouse. And what is already an emotionally challenging life transition can be even more difficult if a couple doesn't have a comprehensive financial plan that's designed to support both people together and separately. In this three-part series, I'll discuss how to Prepare for, Cope with, and Move forward from the death of a spouse, and how Keen Wealth's planning process can help.

We received very enthusiastic responses from folks who attended our recent webinar, Maximizing Social Security Benefits. As always, Matt Wilson, Keen Wealth's President and Chief Investment Officer, did an outstanding job of presenting up-to-the-minute information explaining some strategies for integrating Social Security into a comprehensive financial plan.