Keen On Retirement

You should delay taking Social Security until you reach age 70. Unless, of course, you shouldn't. Or can't. Yes, my team at Keen Wealth generally advises folks to delay their benefits as long as possible so that those checks will, eventually, be bigger. But, like just about every detail of your comprehensive financial plan, timing your Social Security benefits is a complicated decision that depends on your unique situation and your specific goals for retirement. On today's show, we discuss some questions we typically ask folks who are considering taking their Social Security benefits as soon as they are eligible at age 62.

Early retirement is a goal that's become a very common plot point in the comprehensive financial plans we put together at Keen Wealth. Young Boomers and older Gen Xers who have the means to stop working or downshift into part-time employment want to enjoy the wealth they've worked so hard for while they're still young enough and able-bodied enough to play their favorite sports, see the world, and spend more quality time with family and friends. But there's much more to early retirement than just hitting a number. Several aspects of your financial plan should be fine-tuned and coordinated to ensure that your nest egg supports today's goals while also ensuring your long-term security in the latter years of retirement. Let's take a look at Keen Wealth's five-point checklist for retiring at 55.

At Keen Wealth, "tax season" is never really over. Our checklist-driven, comprehensive planning process is constantly taking in new information about the folks we work with and changes to tax law. By staying ahead of tax issues, we believe we can help limit surprises when April does roll around, especially for retired seniors who are living on a fixed income. I'm glad to see that there are folks in our audience who are staying on top of their taxes throughout the year as well. On today's show, we answer listener tax questions about gold, correcting mistakes on your tax return, and a form you might have received in the mail a couple of months ago.

Warren Buffett's historic business success and preternatural understanding of the markets earned him the nickname "The Oracle of Omaha." But, as we discussed in a blog post earlier this year, Buffett's life and career can teach folks about more than just market movements and investing principles. That includes estate planning. Since losing his longtime business partner, Charlie Munger, Buffett has been a little more forthcoming about succession at Berkshire Hathaway and his future plans for his large stake in the company. Affluent investors should think about four key public details in Buffett's estate plan as they plan to preserve their own legacies and provide for the next generation.

How are you feeling about the upcoming elections? Until about a week ago, I think that many folks might have had November on the periphery of their radar, especially if they don't live in a contested swing state. But the tragic events in Pennsylvania and the Republican National Convention in Milwaukee have probably changed that perception for all Americans. And as interest -- and emotions -- start running higher, it can become very difficult to separate your politics from your financial planning. On today's show, we discuss how elections typically impact the financial markets and what kinds of mistakes investors should try to avoid as we head deeper into election season.

No two retirements are ever the same. But in my 30-plus years of helping folks navigate the retirement transition, there's one common factor among the retirements that I would consider the most successful. Whether they were achieving an early retirement goal or retiring in the more traditional 65 and up window, the happiest retirees I've known are the ones who were focused on “retiring to” something, rather than “retiring from” work. Folks who just want to stop working because they don't like their jobs often discover that, without a positive mindset and intentional forethought about how they're going to spend their time, they don't like retirement all that much either! As folks near retirement, my Keen Wealth team often suggests that they take a whiteboard or a big sheet of paper and create a blank weekly calendar. Below are ten of the most common "retire to" activities folks are excited to add to their new schedules.