Keen On Retirement

On today’s show, my good friend Dick Blaisdell joins us to share his experiences of what it has been like during his 16 years of retired life to date.

In my last few blogs and podcasts, I’ve discussed how a good financial advisor, operating to the fiduciary standard, can help co-pilot your financial journey into retirement, and prepare you for accompanying changes to your taxes.

On today’s show, we offer some timely and helpful advice on things we see the most in our firm during tax season. This episode will be especially helpful if you’re new to the various 1099 forms.

As some of you may know, one of my passions is flying. And when I’m not in my office at Keen Wealth or relaxing with my family, you might find me in the cockpit. I’ve logged hundreds of hours as a pilot including many trips with passengers. To be legal and current to fly passengers requires me to make a minimum of three takeoffs and three landings within ninety days of a scheduled flight.

When working with a financial advisor, how do you know whose best interest they are putting first–yours or theirs? If the advisor is required to put your best interests first, then they are operating under what’s called the fiduciary standard. If they are legally able to put their own interests before yours, then they are operating under a less stringent standard called the suitability standard.

One piece of advice we give our clients at Keen Wealth Advisors is to make a financial plan that attempts to minimize surprises in retirement. Without a plan, many retirees get their first big surprise in the second week of April. And it’s not a fun surprise: when you stop receiving a paycheck and start living off your assets and investments, your tax filings can change dramatically.