Keen On Retirement™

In 1988, William Post won $16.2 million in the Pennsylvania lottery. A year later, he was $1 million in debt. First, he splurged: houses, cars, a plane. Then a former girlfriend sued him for a third of his winnings. His brother was arrested and convicted for hiring a hitman to kill Post and his then-wife in hopes that he'd inherit a share. And after sinking money into a failing family business, Post spent time in jail for firing a gun over the head of a bill collector. In the end, Post said he was happier living quietly on $450 a month and food stamps than he was when he was rich. Post's story is an extreme example of the bad decisions and bad luck that leave so many lotto winners wishing they'd never won at all. But while you're more likely to be struck by lightning than hit the winning numbers, an inheritance, a promotion, a legal settlement, selling a business, and reaching retirement can all create significant windfall scenarios as well. On today's show, we offer some tips on how to manage life-changing money, including tax planning, dealing with friends and family, and the kind of team that can help you protect your assets.

There is a bit of give and take to any successful retirement plan. But finding the right balance between living a fulfilling lifestyle today while also preserving your financial security for tomorrow can feel like a challenge. That's especially true when you are at or near retirement and begin to contemplate that, in retirement, you will no longer receive a paycheck from employment but will instead withdraw dollars from your retirement savings. And, to complicate a complicated issue even further, every financial talking head on social media and cable news seems to have conflicting ideas about how much money retirees "should" be spending from their nest eggs every year. So, where do these rules about a "safe" withdrawal rate come from? And just how useful are they in the current economic environment?

Charitable giving is a cornerstone of many comprehensive retirement plans. It's also a cornerstone of our mission at Keen Wealth Advisors. Our whole team takes great pride in serving as active members of our community, whether we're making monetary grants or lending a hand to projects around the greater Kansas City area. And through the efforts of the Keen Wealth Foundation, we're able to identify causes where we can have a high impact and share what we've learned about effective giving with friends and clients of the firm. On today's show, I'm honored to welcome the director of the Keen Wealth Foundation, my wife Carissa Keen, to discuss our philanthropic mission. Carissa also shares some best practices and a checklist that can help you feel more confident as you evaluate and consider which charitable causes and organizations you may want to support.

Just about all married retirees have seen "The Look" from their spouses. The "You're in my way" Look. The "Why are you doing THAT?" Look. The "I don't have time for this right now" Look. The "Are you really going to spend all day just sitting there?" Look. The "Maybe you shouldn't have retired" Look. When we see senior couples giving each other "The Look" during meetings at Keen Wealth, it's often because folks have been so wrapped up in planning the money side of retirement that they haven't given as much thought to how they'll spend their time. Discussing these common causes of Retired Hubby and Wifey Syndrome might help you and your spouse create space for each other and make the most of the moments you spend together.

Married couple "Mark" (62) and "Lisa" (60) want to retire together in the next year. They shared their financial plan and their goals with two financial advisors. One advisor said they could retire. The other said that they should keep working. So ... Who's right? On today's show, we try to split the tie and help Mark and Lisa set the best course for a successful retirement.

Sometimes, financial independence just isn't enough. Most folks who've built up a high net worth know, deep down, that they don't need to wait until they're 65 to retire. But they keep working anyway, because having money doesn't necessarily make you worry about money any less. And besides, you're "supposed" to wait until you're at least 65 to retire. Right? Think about it this way: you don't keep playing the game after you've already won! And if you have enough money to fulfill your sense of purpose and secure your needs for the rest of your life, then however old you are, you've won. Here's why the affluent should consider rethinking their retirement timelines.