Keen on Retirement: Recent Episodes
Bill Keen, Matt Wilson, Steve Sanduski
Do you want to make smarter decisions about your money and your life? Do you want to make sure you have enough money to retire comfortably? Join Founder and CEO of Keen Wealth Advisors, Bill Keen, as we discuss money, life, and everything in between. Whether you’re on your way to retirement or already there, these shows will educate and entertain you on your journey.
"Ute" (SUV), "chips" (French fries), "sunnies" (sunglasses), and "mates" (friends) are just a few of the slang terms I picked up earlier this year when the Keens visited our family in Brisbane, Australia.
Another was "super," which is short for "superannuation." This mandatory savings program is central to Australia's retirement planning. And recently, President Trump floated the idea of implementing a similar program here in the U.S.
On today's show, we discuss if taking some inspiration from our friends Down Under could provide a "super" solution to Social Security's looming insolvency and help more Americans build their nest eggs for retirement.
Keen on Retirement listener "Joe" is 51 and his wife is 60. They are thinking about an early retirement before either of them turns 65.
Joe wrote in asking about the best strategy for coordinating Social Security benefits around that retirement goal. Should they take his wife's benefits now? Delay benefits to keep their income low and make Roth conversions?
And since they're both too young to collect Medicare, how will their Social Security benefits affect their Affordable Care Act (ACA) subsidies?
The good news is that Joe and his wife are already thinking about the main topic of today's episode: when you pull one lever on your retirement plan, another piece adjusts.
Working with a professional advisor can help you navigate these interconnected decisions with greater clarity and confidence.
Are you feeling a little more anxious than usual about your money?
Given everything that's happening in the world right now, that's perfectly understandable.
What concerns me is the rising number of Americans who say that their money worries are nudging them towards high-risk speculation in crypto, meme stocks, and prediction markets.
And what's even more concerning is that folks aren't taking massive money risks just because they want to get rich quick. They're afraid that their peers and some of the bedrock assumptions of our financial system are leaving them behind.
Unfortunately, substituting a disciplined financial plan with speculative gambling rarely helps anyone catch up, let alone build wealth to secure retirement.
On today's show, we try to ease some of this financial anxiety by answering three listener questions that touch on some very common money fears.
Your phone buzzes with a text message that appears to be from your bank:
"Did you authorize a purchase on your debit card at a local apparel shop today? Reply YES if you recognize this. Reply NO if you don't, and a fraud specialist will contact you."
You reply, "No." A minute later, your phone rings. The man on the other end is calm, professional, and sympathetic.
"I'm from the fraud department. I'm going to help you stop this unauthorized transaction. I sent a six-digit code to your phone. Just read it back to me."
You do. He thanks you. The call ends.
Minutes later, three transfers leave your bank account. You call your bank and manage to cancel one. But two transfers totaling thousands of dollars are gone permanently. And because you voluntarily provided the man on the phone with that six-digit code, the bank is likely not liable for your loss.
This is a hypothetical example of what the FBI calls "takeover fraud." But the reality is that scams like this are targeting more and more seniors every single day.
On today's show, we review the latest data from the FBI's 2025 Internet Crime Report and some best practices that can help keep your money and personal info safe.
Are you ready for the Great Wealth Transfer?
Financial analysts estimate that older Americans will pass on as much as $124 trillion of personal wealth to their spouses, heirs, and charities over the next 25 years.
And, unfortunately, much of that wealth won't survive for another transfer. According to one study, 42% of heirs fall back to their pre-inheritance net worth in about 12 months. Meaning that, due to poor planning or poor fiscal discipline, the money is gone.
Whether you're a senior fine-tuning your legacy plan, a potential beneficiary, or a caregiver who might be tasked with settling a loved one's estate, folks have to plan ahead to make sure that wishes are honored and wealth is preserved, potentially for generations to come.
On today's show, we discuss some best practices for managing inheritances at both ends of a family's wealth transfer and taking a generational approach to comprehensive financial planning.
"Tom and Linda" are a married couple. They're both 55-years-old. Tom works as an operations manager for a regional manufacturer, and Linda works in corporate finance. They are both targeting retirement at age 65.
Complicating that 10-year runway is a situation that's becoming more and more common among Tom and Linda's generation: they're "sandwiched" between taking care of Linda's parents, who are in their early 90s, and their 25-year-old son, who is still living at home with them.
On today's show, we explain how comprehensive financial planning can help couples like "Tom and Linda" manage complex, multigenerational family variables while maintaining progress towards their retirement goals.
Feeling happy?
That could be because spring has finally sprung here in the Midwest.
Or, more specifically, it could be because you're part of the Keen Wealth audience right here in Overland Park!
A recent report by WalletHub ranked the 182 "Happiest Cities in America." The researchers evaluated 29 "key indicators of happiness, including depression rates, income growth, and average daily leisure time."
Fremont, California topped the list, and half of the top ten were cities in sunny California and Arizona. But the Midwest had a strong showing, too. Bismarck and Fargo, North Dakota both made the top five. And coming in at number six was ... Overland Park, Kansas!
While it's certainly gratifying to see well-deserved recognition for our city, I've always felt grateful to be living and working here. Yes, the reasonable cost of living, centrality for travel to other parts of the country, and variety of outdoor activities are all wonderful. But the sense of community here is really special. My team at Keen Wealth experienced that firsthand recently when the Keen Wealth Foundation and Charitable Impact Committee, led by my wife Carissa, had the honor of serving as the entertainment sponsor for "Kids Night Out," a massive gala that raised $3.5 million for the Boys and Girls Clubs of Greater Kansas City.
Taking care of each other, in our communities and in our homes, is one of the most direct ways that a financial plan can boost your spirits. On today's show, we answer questions from two listeners who are thinking about how different generations of Americans can help each other enjoy more security and happiness in retirement.
It's "a tradition unlike any other."
The $1.50 pimento cheese sandwich.
Every year at the Masters, you'll hear TV commentators wax nostalgic about what makes the world's most famous golf tournament unique: the course, the history, the cell phone ban.
And those sandwiches, which, at the very first Masters in 1934, cost just $0.30. If the pimento and cheese had kept pace with the rate of inflation since then, today it would cost $7.50. But the $1.50 price tag has stuck since 2003.
Other than Costco hot dogs ($1.50) and Arizona Iced Tea ($0.99), there aren't many other examples of products whose prices have stayed flat over time. In the past couple of years, we've all had to cope with costs that have risen a little faster than we're used to, not just at the grocery store but at the pump and on our utility bills.
As we discuss on today's show, protecting your nest egg against inflation and other variable costs is an important part of a comprehensive financial plan, especially once you retire.
When I think about the start of spring, I think about spending the Easter holiday with my family, the colors returning to our green spaces, a little more sunshine, and maybe a shower or two.
Hail the size of baseballs? Not a part of my vision!
But that's what a massive storm brought to Kansas City a few weeks ago. Like so many folks, I'm still fixing broken windshields and dents on my family's cars and having my roof checked out.
Of course, none of us can control the weather. But we can prepare for the unexpected by buying insurance, keeping some emergency cash in our savings, and making home upgrades that protect our most valuable assets.
And, as we discuss on today's show while answering three timely listener questions, the same principle applies to financial planning. We can't control what's happening in the world or how the markets react to the news of the day. But we can be proactive about how we weather the storms of inflation and volatility.
The 2026 news cycle is spinning at a dizzying pace. Technology is rapidly upending how we work and live. With midterm elections on the horizon, our leaders in Washington are sharpening their visions for the future and policy proposals. And geopolitical tensions across the globe are giving investors something new to react to -- and worry about -- on a daily basis.
On today's show, we unpack some of the major stories we're monitoring and give you a clear-eyed perspective on the current economic outlook.
Matt Wilson, Keen Wealth's Chief Investment Officer and President, recently hosted an excellent webinar on Tax Planning Through the Four Stages of Retirement. In addition to providing a thorough overview of the tax issues that seniors should be prepared for, Matt also wanted to remind folks that the best time to ask questions about retirement is before you retire.
And I'm glad that several of our webinar attendees took Matt up on that offer!
On today's show, we discuss three follow-up questions to Matt's webinar that touch on not just taxes but also the value of working with a financial advisor on a holistic plan for retirement.
According to the most recent available data, the IRS collected $5.1 trillion in taxes in 2024. Just ten years earlier, it collected $3.1 trillion.
We all grumble about paying the government this time of year. And gathering all our forms and statements while we're in the middle of a partial shutdown isn't going to make Tax Day 2026 any more pleasant. But those trillions are also signs of a healthy economy that continues to grow and generate wealth, which is good for your long-term financial planning.
Still, just because the government needs our tax dollars to provide essential services doesn't mean you should pay one dollar more than you're legally obligated to pay -- this year, next year, or over the course of your lifetime.
On today's show, we discuss some trends and best practices for both tax planning and tax prepping and why I believe
When was the last time you checked your penny jar?
If it's looking a little emptier than usual, that might be because we're in the middle of a penny shortage!
The U.S. Mint has ceased production of the penny because the cost of making one ($0.0369) is now almost four times what it's worth as legal tender.
While this is yet another step towards a more digital, cashless economy, you might want to take a look at that jar before you bring it down to the bank. Having fewer pennies in circulation could drive up the value of some rare pennies, like the $2.4 million 1943-D Lincoln Wheat Cent!
With more and more of our financial lives moving online, it's becoming more and more important to stay vigilant against potential scams and stay current on the rules.
As we discuss on today's show, one wrong click could share valuable information with a crook or trigger some unintended tax consequences – especially if you're managing your money solo.
During my recent trip to Australia, I learned that navigating a foreign country can feel normal but different all at the same time.
On the one hand, my family and I enjoyed the familiar experiences of being on vacation, such as unplugging from our daily routines, relaxing on a long flight, seeing the sights, and spending time with loved ones.
But once we arrived in Brisbane, we had to get used to a new landscape and a new set of rules. The huge time zone difference. Driving a "ute" (utility vehicle) on the left side of the road and overtaking (passing) on the right. Calling "French fries" chips and our friends "mate." Keeping an eye out for wild kangaroos.
Retirees may feel like they're facing a similar "familiar but different" financial landscape this tax season. While many of the strategies my team at Keen Wealth are discussing with folks are tried-and-true, some rules and details are changing due to new legislation that's going into effect. Your financial plan, and your financial team, need to be ready to adapt to these new rules so that you don't miss a key deduction and pay more in taxes than you really owe.
On today's show, we discuss the One Big Beautiful Bill Act's changes to the tax code and some specific provisions that require thorough proactive planning before you file your taxes in April.
The freshness of the New Year can also help us gain a fresh perspective on what's really important and what we want to accomplish.
From a comprehensive financial planning perspective, that might mean looking beyond your numbers and thinking about what your money is really for.
On today's show, my Keen on Retirement co-hosts and I share a few words of wisdom that I hope will help you maintain balance during the inevitable ups and downs of the markets, the news, and your life in the year ahead.
Longtime Keen on Retirement listeners and friends of the firm are probably familiar with The Big Hat.
Matt Wilson, our Chief Investment Officer and President, is the proud owner of an oversized Dow 100,000 cap that he wears on our show from time to time. And when folks visit our offices, such as during our annual Holiday Breakfast, they often spot Matt's hat in his office and have a bit of a chuckle about its pie-in-the-sky prediction. More than once, I've heard someone tell Matt, "Gosh, I'll never see that in my lifetime."
But ... is the Dow hitting 100,000 really all that far-fetched?
On our final show of 2025, we look to market history and current trends to give you a head start in your financial planning for 2026.
I also share some stories from my big Hollywood red carpet debut as part of the Keen Wealth Foundation's charitable mission.
"How am I doing?"
"Am I falling behind my peers?"
"Do I have enough money?"
"How does my nest egg measure up?"
My team at Keen Wealth spends a lot of time talking folks through these kinds of questions. And, as the years go by and folks enter their 50s, 60s and beyond, that conversation evolves and begins to coalesce around another question: "Can I retire?"
You might try to answer these questions on your own by comparing your account balances to benchmarks or rules of thumb you've seen on social media. But are "averages" really the best way to assess where you are on your financial journey, especially as you get closer to retirement?
On today's show, we dig into some recent data on retirement savings and discuss why achieving your financial goals is about more than dollars and decimal points.
Does your financial team provide you with comprehensive tax planning, or just annual tax reporting?
When you file your 2025 taxes next April, you're essentially just reporting your financial data from the previous year.
At Keen Wealth, tax planning is a proactive, year-round process we use to put your annual report in the best shape possible before the ink dries and windows close.
And when it comes to your 2025 tax return, some important windows are closing right now.
Today, on our 250th episode, we explore some recent changes to tax law and potential moves that you need to discuss with your financial advisor before the end of the year.
"This sounds too good to be true, but you've got to believe in those that are looking at it for you and trusting in the people with Pacific Life email addresses that are sending you the documents."
So many stories of financial fraud and mismanagement boil down to statements just like this one. All too often, the folks who are losing large sums of money are hardworking folks working 9-to-5s who don't have a team of professionals looking out for them, and whose finances may never recover.
But, in this case, the quote above is from racecar driver Kyle Busch, a two-time NASCAR Cup Series champion whose net worth is estimated to be around $80 million. Earlier this month, Busch and his wife Samantha sued Pacific Life insurance company for $8.5 million, alleging that Pacific Life misrepresented how a policy worked and lost almost $10.4 million that the Busches thought they were safely investing for retirement.
On today's show, we draw three important lessons from the Busches' lawsuit that could help you steer clear of a similar financial crash.
"Risk" and "uncertainty" are similar concepts. But your financial plan has to be prepared to cope with both.
I think that mix is what's making some folks a little uneasy right now. In addition to the typical risks that all investors accept, we're also dealing with uncertainty around the government shutdown and what the effects on the economy will be until our leaders get back to the negotiating table.
And, despite strong market returns this year, some observers are uncertain about the outsized impact that big tech companies might be having on portfolios.
On today's show, we try to clear away some of the fog around the shutdown and the latest market data so that folks can start clarifying their plans for 2026.
Change is in the air every fall – not just in the leaves and weather, but in your financial planning.
At this time of year, the federal government announces some important rate adjustments that affect tax planning and retirement benefits for the year ahead.
And complicating matters this fall is a government shutdown that has many seniors worried about the benefits and services that they've earned, and that they rely on.
On today's show, we answer questions from some very astute listeners in the Keen on Retirement audience who are already looking ahead and wondering what they need to prepare for as we move towards the end of the year.
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.
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.
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.
If you're only judging based on what's happening in the world and the financial markets, there's never a "perfect" time to retire. But 2025 is throwing a bunch of extra variables at seniors that are adding more complexity to an already complicated decision. Businesses are changing. The rules around investing are changing. And, most importantly, your life is changing. Your financial plan has to be flexible enough to keep pace while also maintaining focus on the best path towards your personal long-term retirement goals.
On today's show, we discuss two listener questions that touch on alternative investments and how to think about portfolio management at various stages of your life.
Last week, I discussed how Keen Wealth's comprehensive planning process might assess a multi-million-dollar nest egg. I think these hypotheticals, including some back-of-the-napkin math, are useful in illustrating how retirement planning can work, and also the limits of focusing exclusively on your numbers.
However, in the Keen Wealth offices, we don't work with hypotheticals. We work with real people, their real savings, their hopes, dreams, worries, and goals for the future. Every day, we help hardworking folks navigate complex financial issues that touch every part of their lives. We're honored that our clients have entrusted us with the responsibility of managing assets they've spent decades earning, and we want them to feel confident about their path to retirement.
On today's show, we explore the Keen Wealth Advantage in action as we help a couple answer one of life's most important questions: Can we retire?
According to a report from the Federal Trade Commission, Americans lost $12.5 billion to scams in 2024, a 25% increase from 2023.
That's why episodes like this one are among my least favorite to record and also among the most important.
We’ve all heard about so many folks losing large sums of money because they answered the wrong phone call or clicked on the wrong email link. The greed, cruelty, and, yes, ingenuity of today's fraudsters is only growing along with the technology available to them. Keeping our audience updated on the latest scams is an important part of Keen Wealth's educational mission.
On today's show, we discuss warning signs that you may be dealing with a scammer, as well as best practices for safeguarding your personal information and your nest egg.
Well ... we were wrong.
During our previous discussion about The One Big Beautiful Bill, we predicted that the final law would probably pass with a different name.
But, instead of the acronyms we're used to seeing lately, like the SECURE Act (Setting Every Community Up for Retirement Enhancement), President Trump and Congress stuck with the original title. For the most part, the final bill also maintains the big picture tax policy objectives that President Trump has been discussing since the start of his second term.
On today's show, we focus on the portions of the One Big Beautiful Bill that could have the biggest impact on retirement planning.
I believe that The Keen Wealth Advantage helps folks feel more confident about comprehensive financial planning and their road to retirement. I also believe wholeheartedly in the consumer being as educated as possible on their various options before entrusting their planning and investing to any financial advisor. This is one of the key reasons we are now in our 10th year of producing this podcast and blog, answering listener questions and giving listeners a candid “look behind the curtain” on all things personal financial planning.
When you're meeting with professionals who could be managing your life savings for the rest of your life, there has to be more than just a personality fit. While personality is important, you also need to know what questions to ask and what warning signs to look for. Do they have a disciplined process and the depth and breadth of experience and resources to undertake this most serious responsibility? Are you able to confidently discern what your overall client experience will look like and know that they take the appropriate steps to ensure your confidential information is protected and that rules and regulations are being complied with?
On today's show, we answer two discerning listener questions that will help you have more productive meetings with potential advisors.
By the time it works through Congress to President Trump's desk, The One, Big, Beautiful Bill will probably have a few different details, and a different name. But the version of the bill that recently passed in the House gives us a fair indication of where tax policy could be headed for the next few years.
On today's show, we discuss the current version of the 2025 tax bill, potential changes that Congress might make, and potential ways this bill could affect your financial plan.
According to a recent Wall Street Journal article, there were 580,887 pending Social Security claims in March 2025. That's an increase of more than 80,000 from a year ago. Many of those claimants are seniors who have not yet reached their reach full retirement age.
I'd love to believe that the majority of these folks are taking Social Security early as part of a carefully considered plan to achieve a specific goal, such as early retirement. But, unfortunately, fear and short-sightedness often play far too big a role in the Social Security decision, especially for seniors who aren't working with an advisor.
On today's show, we clear up some of the misconceptions around Social Security and explain how Keen Wealth incorporates this important benefit into our comprehensive planning process.
Matt Wilson, Chief Investment Officer and President of Keen Wealth, sure had a lot to work with when he put together his 2025 Q2 Market Update Webinar! It's been an eventful few months for the economy, and Matt delivered a clear analysis of everything from growth trends and interest rate expectations to the potential impacts of tariffs.
On today's show, we complete our Q2 outlook by discussing some of Matt's broader points and answering follow-up questions from webinar attendees.
Folks reach out to Keen Wealth for all sorts of reasons, at all different points in their lives. We talk to young couples just starting out who want to put themselves on a path towards financial security. New retirees want to feel secure about transitioning away from work. Older seniors come to us looking to secure their legacies and make life a little easier for the next generation.
And, sometimes, a person realizes they've been receiving bad financial advice, and they're hoping my team can help them clean up the mess.
On today's show, we discuss some warning signs that the person managing your money might not be putting your best interests first, as well as how Keen Wealth's comprehensive process can restore your confidence in your financial planning.
"Jim" (66) and "Karen" (64) both retired in the last six months.
Jim has an IRA with $900,000, and Karen has a Roth IRA with $300,000. They inherited a brokerage account with $600,000 and a cost basis of $500,000. They have $100,000 in an emergency cash fund.
Jim is receiving his Social Security benefits of $2,600 per month. He also has a pension of $1,800 per month.
Karen is planning to start receiving her Social Security benefits at 67, for $1,900 per month.
Their total net worth is $2.7 million.
And now, just months into their retirement, Jim and Karen are wondering if they retired too soon. Do they need to jump back into the workforce to protect their financial plan against current market volatility?
On today's show, we analyze "Jim and Karen's" situation in the context of our broader economic moment and comprehensive planning principles. I hope this case study will help anyone who's close to retirement gain some perspective about whether market movements should affect your short-term or long-term financial goals.
Tariffs are nothing new. They've been implemented at several points in U.S. history, including as recently as 2018. But there are a confluence of factors surrounding President Trump's current round of tariffs that make it worth discussing.
On today's show, we round up questions we've been receiving at Keen Wealth about tariffs to provide a comprehensive rundown of why Wall Street is interested and what you should discuss with your financial advisor.
With about a month until Tax Day on Tuesday, April 15th, you should, ideally, have all your financial documents collected. It might be a good idea to check in one last time with your financial advisor before you send your 2024 data to your CPA or start plugging away on your favorite tax software.
But as you put a bow on last year, it's important to keep an eye on the future, especially for retirees. Cracking open your nest egg and sequencing how and when you use your assets and benefits is a complex process. Decisions you make today can affect your lifetime tax liability, the lifestyle you can enjoy during your Golden Years, and your legacy planning.
On today's show, we use this combination of short-term and long-term perspective to tackle some listener tax questions and explain how the Keen Wealth Advantage can help you feel more confident about how taxes fit into your comprehensive planning.
The words “fun” and “taxes” probably don’t go together in your mind.
But, as I mention on today’s episode, they do at Keen Wealth!
Helping folks be good stewards of their money so that they can enjoy life to the fullest is one of the most rewarding parts of being a financial advisor. And as Tax Day approaches, I love seeing my team in action, working through our checklist-driven process to make sure folks aren’t overlooking any details or making any mistakes that might not be fixable.
Whether you’re working with professionals or preparing your taxes solo, make sure these four common filing errors are on your radar.
If you're spending a lot of your day scrolling on social media or glued to cable news, you might feel like your emotions are running a little high right now.
Major life transitions can also cause our feelings to spike, whether we're getting ready to send a kid to college or thinking about retiring.
But while letting your feelings in is just part of being human, letting too much emotion seep into your financial decision-making can be catastrophic for your long-term security.
On today's show, we discuss financial biases that we all should be on the lookout for as we try to manage both our emotions and our money.
A New Year brings excitement, hope, and a little extra motivation to achieve some major goals. But 2025 has also brought some uncertainty as well. Political, economic, environmental, and technological events have all made big headlines, sometimes all on the same day. If you're feeling a little unsure about your financial planning right now, you're not alone.
So, on today's show, we answer three timely listener questions that hopefully will give folks some perspective on where the economy is right now, where we could be headed, and how to set the best course for the rest of the year.
Happy 2025!
At Keen Wealth, we're often of two minds at the beginning of the New Year. On the one hand, Tax Day is just around the corner, so we're helping folks put a bow on last year's financials and making sure they not missing out on any potentially advantageous moves.
But this New Year also means a new president, a new congress, new laws, new facts and figures, and lots of new legislative proposals.
On today's show, we discuss some important changes coming to Social Security and retirement accounts in 2025, as well as the items that could be at the top of President-elect Trump's economic agenda.
What might be even better than having a Happy New Year?
Having a purposeful 2025.
Longevity experts who study "blue zones" where folks live the longest have popularized the Japanese concept of "ikigai," meaning roughly, "having a purpose in life." Their research shows that seniors who are motivated to get out of bed in the morning don't just live longer, they also feel more fulfilled and have healthier habits that nourish their minds, bodies, and souls.
On today's show, we discuss various ways that focusing on purpose could help you set better goals and achieve more in the year ahead.
Reviewing your estate plan is an important part of the year-end review sessions that we hold at Keen Wealth. At least annually, folks should make sure that their plan is still in sync with how they want to be cared for, how they want their assets distributed, and who they trust to settle their estate and preserve their legacy.
But an estate plan check-up is also a good opportunity to review your feelings around what your money means to you, both while you're still around to enjoy it and after the next generation takes over. On today's show, we discuss lessons from two different approaches to estate planning that all seniors should think about as they prepare their financial plans for a new year.
"Sam" is 58 and he retired at the end of the first quarter of 2024. His wife, "Alice," is 65 and still working as a paid caretaker for the couple's son with special needs. Sam has $400,000 in a Roth IRA, $2 million in a traditional IRA and they have $400,000 in a joint taxable account. In 2024, Sam earned $75,000 and Alice earned $20,000.
And, like so many couples in their age range, Sam and Alice want to know if their nest egg is ready to support them as they prepare for retirement.
On today's show, we use Keen Wealth's comprehensive planning process to help "Sam and Alice" analyze their financial situation and identify some key decisions they'll need to make to keep their money and their lives in sync.
If there's one thing we know that the financial markets like, it's certainty.
And since the 2024 presidential election was settled overnight -- rather than the weeks it took to count votes in 2020 -- the markets have reacted to the certainty of our new political reality with very strong returns.
But as Donald Trump prepares to return to the White House, there are still many lingering questions about how the economic vision he laid out on the campaign trail will or won't materialize. On today's show, we explore some of President-elect Trump’s policy proposals and how they could affect your retirement planning.
At Keen Wealth, we often describe tax-planning as an ongoing process, not just something we help folks accomplish every spring. And while Tax Day is certainly circled in red on our annual planning calendars, the end of the year is also an important deadline for some moves that could lower your tax bill.
On today's show, we discuss three financial strategies that you and your advisor should consider before December 31st.
With the presidential election less than a week away, I know many folks are feeling like the present is on pause while we’re waiting on some important answers about the future.
Matt Wilson, Keen Wealth’s Chief Investment Officer and President, analyzed the latest data surrounding the election, the health of the economy, and the early outlook for 2025 in his recent 2024 Q4 Market Update Webinar. Today we’re going to discuss some follow-up questions from webinar attendees that should provide a little more clarity about the relationship between your short-term and long-term financial planning.
If I were to make a list of the most common money worries that I've helped seniors deal with in my 30-plus years as a financial advisor, running out of money in retirement would probably be number one. Even folks who have been following a comprehensive financial plan and building wealth for decades can struggle with the idea of cashing their final paychecks and living off their nest eggs.
So, I understand why a headline like "New study finds many seniors who retire at 65 will run out of money" can make some folks question their retirement plans. On today's show, we unpack the details of that study and discuss a practical approach to preparing for and enjoying your golden years.
Between the 24/7 news cycle and the two-year election cycle of our government system, I'm sure I'm not the only one who feels like our country is in a permanent state of campaigning. And that means some folks who do follow politics and their investments closely are often hearing our leaders talk about tax policy every time they turn on the news.
However, it's very important to distinguish between what candidates propose on the campaign trail, what's being debated in Congress, and what actually has a chance of becoming law.
On today's show, we separate the facts and the fiction from sound bites on capital gains taxes that you might have heard in recent weeks -- and that you're likely to hear a lot more as we head into the final month of the 2024 campaign.
On the morning of September 11, 2001, I was driving on Southwest Trafficway, heading to my office on the Country Club Plaza in Kansas City. When I walked inside the world had changed. My colleagues were huddled around TVs watching the horrific, surreal footage from the terrorist attacks in New York.
About a month later I was in New York for business meetings and I saw the destruction first-hand. Everyone was wearing facemasks because the air was still heavy with soot. At Ground Zero, some parts of the remaining tower structures were still burning from the intense heat.
You could feel the grief and the fear. But there was also a remarkable sense of resilience. People were pulling together, helping each other, doing their part. And, little by little, the city, the country – and, yes, the markets -- began to recover.
On today's show, my cohosts and I discuss our memories of that terrible day before zooming out for an analysis of how major historical events can affect the global economy and individual investors.
Most of us try to help our loved ones whenever we can and however we can. But when that "help" is money, our best intentions can turn bad very quickly. As uncomfortable as it may feel, if you don't integrate giving and lending into your overall financial plan, you're not just potentially enabling poor financial habits -- you could be jeopardizing your retirement.
On today's show, we discuss five keys to lending money to loved ones that will help you preserve both your nest egg and your dearest relationships.
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.
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.
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.
Like any other part of a comprehensive financial plan, there's no one-size-fits-all blueprint for an estate plan. Every person is different. Every family is different. And, as illustrated in a recent Wall Street Journal article, if you don't work with professionals to preserve your legacy, your way, you could be putting your estate, your loved ones, and your well-being at risk.
On today's show, we discuss a listener question about how to tailor an estate plan to specific family dynamics, the essential parts of an estate plan, and some of the legal options folks should discuss with their attorney and financial advisor.
Formulating a one-time, bulletproof financial plan would be incredibly simple if you could supply an advisor with just two pieces of information: exactly how much money you're going to spend every single year in retirement, and your date of death.
Absent those two impossible data points, an effective, comprehensive financial plan has to be an ongoing, personalized, and adjustable process, no matter what size your nest egg is.
On today's show, we talk through another case study to illustrate how my team at Keen Wealth helps folks plan for a retirement that's much more than just their numbers.
"Robin" is a single mother of two high schoolers. She's 45 and she earns about $350,000 per year. Robin had never worked with a financial advisor before, and one of our clients referred her to Keen Wealth because she was looking for help with streamlining her finances and, hopefully, retiring in nine years.
On today's show, we run Robin's case through Keen Wealth's checklist-driven, comprehensive planning process and explain how my team arrived at actionable strategies for achieving that early retirement goal.
I couldn't be prouder to have my name above the door at Keen Wealth Advisors. If you've read my book, you know that I have a very personal connection to financial planning, and it's been my lifelong mission to help folks avoid the kinds of hardships that my father and I went through. Every day, Keen Wealth carries out that mission in so many different ways: educational events, informative blog posts and podcasts, and a comprehensive planning process that has secured retirement for hundreds of hardworking families over the years.
But Keen Wealth is so much bigger than Bill Keen! The folks we have the privilege of serving can count on the support of a whole team of professionals who are passionate about every aspect of every financial plan we manage. On today's show, I talk with my co-host, Matt Wilson, the President and Chief Investment Officer at Keen Wealth, about the value of having a financial team with a disciplined process that understands your unique goals and works together to help you achieve them.
Interest rates, inflation forecasts, and long-term market trends were just a few of the topics Matt Wilson, CFP® covered in our recent 2024 Q2 Market Update Webinar, "Gain Insights on the Economy & Markets." The follow-up questions we tackle on today’s show are largely geared toward folks who are approaching the retirement transition with some understandable anxiety. I hope that as we provide a little more detail on these important topics and the overall state of the economy, folks will feel more confident in their financial plans and more excited about retirement.
Are Joe Namath and William Shatner giving you the best possible advice about Medicare?
During the Medicare Open Enrollment period last fall, you probably saw TV ads for companies selling Medicare Advantage Plans featuring these and other senior celebrities. That's because, under most circumstances, the Open Enrollment period is the one time per year that seniors can change their Medicare coverage. And, in recent years, Medicare Advantage Plans have become a popular way for seniors to cover more of their health care needs.
However, rising costs are causing many insurance companies to change, and in some cases, stop offering Advantage Plans. On today's show, we discuss how potential changes could affect the healthcare piece of your comprehensive financial plan.
Most soon-to-be retirees have a broad understanding of the differences between living off their assets and living off a monthly paycheck. But making that switch and adjusting to new spending habits can be more complicated than you might think, especially if you aren't prepared for the rules around withdrawing from your retirement accounts and how your relationship to your money might change.
In his most recent webinar, Matt Wilson, CFP® Chief Investment Officer and President at Keen Wealth explained the importance of making a plan for your retirement spending before you actually retire. Today's episode touches on some of the topics that Matt's webinar covered in depth, as well as important follow-up questions we received about budgeting, required minimum distributions, and managing the psychological and emotional challenges of retirement.
The power of the human spirit. Resilience. Forgiveness. Advocacy. Redemption. Character. Faith.
These are just some of the words that came to mind when I reflected on our guest today, Stephany Bening, and the incredible story that she shares on this episode. Stephany and her children suffered a wrenching loss. But, guided by her faith, Stephany was able to turn that experience into a force for good that, hopefully, will make Missouri a lot safer and a little kinder for years to come.
If you go back and skim the 200-plus episodes we've recorded of Keen on Retirement, you'll notice that every year or so, we devote an episode to the latest financial frauds and scams that are making the rounds. Especially as we head into tax season, it's important that folks remember the IRS, the Centers for Medicare and Medicaid Services, and the Social Security Administration are never, ever going to call you and ask for your banking info. We also regularly caution folks against clicking on suspicious emails or text message links, or making investments that seem too good to be true with the Bernie Madoffs of the world.
On today's show, we talk about another type of financial "fraud" that's perfectly legal but potentially just as dangerous to your financial security: taking bad advice from unaccredited financial commentators and celebrities trying to further their own best interests, not yours.
Just after midnight on New Year's Day of 2012, I was standing in a pizzeria in New York with my wife Carissa. We had just watched “The Ball” drop in Times Square. Frank Sinatra's "New York, New York" was playing over loudspeakers. Confetti was in the air. Spirits were high. And I was filled with gratitude and hope for the year ahead.
Then I happened to see an email from my mother come in on my phone. What it said confused and worried me. I showed the email to Carissa, and she confirmed my reaction: "It is clear your mother is telling you goodbye."
On today's show, I discuss how this experience changed my life, as well as my approach to financial advisory and building community at Keen Wealth Advisors.
We spend a lot of time on Keen on Retirement discussing how retirement is changing, from new laws and rules to generational shifts in how seniors work and live. But one constant in the retirement planning process is the importance of the age of 65.
Many folks still feel like turning 65 means you've hit "retirement age," even though the government's definition is a bit different. And even if you continue to work well into your 70s, at age 65 there are some important decisions that should be coordinated as your vision for your Golden Years comes into focus.
On today's show, we discuss why the age of 65 will be an especially important transition point for the next couple of years. We also answer listener questions about charitable contributions and required minimum distributions that might factor into your tax prep this spring.
My team at Keen on Retirement has been hard at work analyzing the question that's top-of-mind for many of our listeners. And after crunching the numbers ...
Yes, it looks like Taylor Swift will be able to attend the Super Bowl! She's scheduled to perform in Tokyo the night before our Chiefs take on the 49ers, but thanks to a 17-hour time difference -- and, presumably, a private jet -- we do expect to see Taylor in Las Vegas.
All kidding aside, I'm especially excited for this round of listener questions. A couple of folks who have been with Keen Wealth for many years took the time to ask about important issues that may be relevant to your financial planning.
At the end of 2023, the Keen on Retirement podcast crossed a significant milestone: 200 episodes. To put that number in context, less than half of the 460,080 active shows on Apple Podcasts reach episode 4. It's a real testament to the quality of our discussions, Keen Wealth Advisors' commitment to financial education, the dedication of my cohosts, and the support of our subscribers that Keen on Retirement is still going strong as we begin our 9th year.
On today's show, my cohosts and I look back on our favorite episodes of Keen on Retirement and reflect on some of the common themes that connect our wide-ranging conversations about the economy, investing, comprehensive financial planning, retirement, and living well.
Happy 2024 from the team at Keen Wealth Advisors!
The Dow sent us into the New Year on a high note -- literally -- by hitting a new all-time high in December on the back of some very positive economic news. Employment and job creation are still strong. It looks like we're going to avoid the recession that some analysts have been predicting for the better part of two years. And the Federal Reserve is hinting that it might be done with interest rate hikes as well.
That's a pretty good jumping-off point for a year that, I can confidently predict, sure won't be boring. Elections, Olympics, big changes to how and where we work, advances in AI and other tech, ongoing conflicts across the globe, Leap Day -- there's a lot to look forward to in 2024, but also a lot of very serious matters to keep tabs on, and a lot of potential distractions to filter out of your financial planning.
On today's show, we dispel one such distraction from financial writer Harry Dent and share some economic data that should ground your thinking about your money in the year ahead. My co-hosts and I also share our New Year's goals with the hope that we'll get a little extra accountability from each other and our Keen on Retirement audience.
On November 28th, Berkshire Hathaway Vice Chairman Charlie Munger died at age 99. Munger and his partner, Warren Buffett, became billionaire sages whose words reverberated throughout the markets. Their appearances at Berkshire's annual shareholder meetings were appointment viewing for many financial professionals. And while Charlie's "Mungerisms" often served as a succinct counterpoint to Buffett's more loquacious commentaries, the two were almost completely in sync on how they thought about work, investing, and philanthropy.
On today's show, we reflect on the lives and legacies of these two business icons and discuss what lessons investors and seniors can learn from their phenomenal success.
When we fall behind on our holiday shopping lists, there are usually some last-minute deals and expedited shipping options that can help us catch up. But if you fall too far behind on your annual financial planning checklist, you might miss out on some important rule changes or time-sensitive strategies that could impact your retirement next year. Based on the questions we've been fielding lately from Keen on Retirement listeners and readers, I'm glad that so many folks are making time during the holiday hustle and bustle to think about some important issues and get a jump on their 2024 financial planning. On today's show, we discuss popular questions about next year's tax brackets, a controversial video about retirement withdrawals that's been making the rounds on social media, and how seniors should be planning for long-term care.
Being grateful can be hard work.
The media bombards us with so much bad news, and our lives are so full of everyday stresses that it's easy to lose sight of all the good things we have going for us. And when we're really low, gratitude might even feel a little out of reach.
However, as we discuss on today's show, intentionally incorporating gratefulness into your daily routine can create a positive mindset that improves all aspects of your life, from your health and your relationships to your financial planning.
One of the reasons my team at Keen Wealth puts so much care into personalizing our comprehensive planning process is that there's no one path to a successful retirement. Yes, we often incorporate some tried-and-true strategies and tools, like diversification, downside volatility protection, and Monte Carlo simulations. But as we discuss on today's show, even professional financial advisors have to sort through a wide array of options to help folks find their optimal plan. When you're managing your finances on your own, those options can be overwhelming and, in some cases, a little dangerous for your money.
After discussing four listener questions, I'd also like to share some exciting personal news and thank my alma mater, the University of Central Missouri.
The comprehensive financial plans we design at Keen Wealth factor in every piece of available information to help folks plan for what we know is coming and prepare for the unexpected. While recent events at home and abroad are raising some new questions, we did learn some important answers last week that will help folks get ready for 2024.
On today's show, we discuss listener questions about Social Security, Medicare, Ukraine and Israel, and year-end financial planning.
This year's annual Medicare Open Enrollment period runs from October 15th to December 7th. Whether you're already on Medicare or about to claim your benefits for the first time, seniors need to make sure they get the care they need at a price that fits with the rest of their comprehensive financial plan.
On today's show, we answer listener questions about Medicare Open Enrollment to help you get ready for this important part of your annual planning process.
In a recent survey, non-retired adults told investment firm Schroders that they will need approximately $5,000 per month "to enjoy a comfortable retirement."
But is that really enough?
Maybe!
Studies and surveys like these make for eye-catching headlines, but they skimp on the details. For example, where are these retirees planning on living? $5,000 per month is going to go a lot further in, say, Kansas City than it will on the coasts.
When are these folks planning to retire? If it's before 65, are they factoring health care premiums into that $5,000?
What about Social Security? Mortgage payments? Long-term care insurance? An annual travel budget to have a little fun?
These are the kinds of conversations and details that help my team at Keen Wealth arrive at something more reliable and personalized than a number: a comprehensive financial plan. The four case studies we discuss on today's show will give you a better idea of how that process could help you improve your plan for retirement.
It's worth celebrating just about any time our leaders on both sides of the political aisle can meet in the middle. But seniors in Kansas City should all be smiling now that, starting in 2024, they’ll get to enjoy a little bit more of their Social Security benefits. Thanks to a broadly bipartisan vote, Missouri is set to become the 39th state to make Social Security payments exempt from state taxes.
Of course, that also means many folks in our audience will have to factor in a new variable when they're deciding when to take Social Security. Luckily, Matt Wilson, Keen Wealth's Chief Investment Officer and President, recently hosted a comprehensive webinar on Maximizing Social Security Benefits that you can rewatch on our website. Today, we're going to discuss some follow-up questions Matt received from attendees.
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 Universities.
On this episode, Jeff offers several actionable steps that folks can take to secure their online info and steer clear of the latest scams.
Plus, I'm thrilled to announce that, for the first time since the pandemic, Jeff is once again teaming up with Keen Wealth Advisors for a live Cyber Security Conference on October 7th at the Overland Park Convention Center.
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.
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.
I am not what the kids would call a "Swiftie," but I recognize talent when I see it!
So how did I end up in the capacity crowd at Arrowhead Stadium last week watching Taylor Swift?
On today's show, we talk about my family's experience at "The Eras Tour" and tie that incredible night into a larger discussion about what money is really for, especially in retirement.
Without careful analysis and planning, taxes can become one of the biggest expenses for retirees -- if not the biggest.
Matt Wilson, Chief Investment Officer and President of Keen Wealth Advisors, recently hosted a webinar discussing the tax issues you could face at four stages of retirement. Today's podcast episode hits on some of Matt's key points and answers important follow-up questions from webinar attendees. Together, this content provides a full picture of how Keen Wealth integrates both annual tax preparation and long-term tax planning into a comprehensive financial plan.
At its meeting on June 14th, the Federal Reserve did something that it hasn't done in 15 months: it decided not to raise interest rates. This slight pause in the Fed's battle against inflation gives us an opportunity to discuss the state of our economy and the markets at the midway point of 2023.
On today's show, we take stock of the latest market data, put current inflation and interest rates in their proper context, and consider the United States' place in the global economy.
The connection between money and happiness has always been one of the most personal and complicated parts of the financial planning process. After all, "happiness" means something different to all of us. And those definitions can change as we progress through life, especially when we're navigating meaningful life transitions.
On today's show, we dive into some new research on money and happiness. We also discuss some of the important things in life that money can and can't buy and how a comprehensive financial plan can support your vision of happiness at every stage of your life.
On today's show, we discuss a topic that many of us will deal with from multiple angles: caring for elderly family members. Many baby boomers who are transitioning into retirement have also become caregivers for their parents or older relatives. At the same time, these retirees may be beginning to talk to their children or grandchildren about some estate planning basics and how they want to be cared for if they start to experience a decline later in life.
These are some of the most challenging decisions to make and some of the hardest conversations to have. But making a plan while you and the people you're caring for are still healthy and opening up about your wishes with loved ones can make the tough times we all experience in life a little bit easier down the road.
Here's a quick overview of the checklist-driven process we use at Keen Wealth to help folks at every stage of these transitions care for elderly family members.
Matt Wilson's latest Market Update webinar touched on some important topics that you've probably seen in the headlines lately: interest rates, inflation, bank closures, the debt ceiling debate, and economic growth forecasts for the rest of the year. But if you're just getting your info on these things from social media or cable news, Matt's approach was likely a breath of fresh air. At Keen Wealth, we try to provide clear-eyed analysis without the hype so that folks can understand the practical effects that hot-button issues could have on their financial plans and their retirement.
On today's show, we recap some of the bullet points from Matt's Q2 Market Update and answer a few follow-up questions from folks who attended the webinar.
Why are we talking taxes on today’s episode, when the 2022 tax season is already over? Because taxes are a constantly evolving part of a comprehensive financial plan. The rules around tax planning and retirement change. Your taxable income changes. And, most importantly, your life changes.
Today, we discuss some of the tax items on our checklist-driven planning process at Keen Wealth that keep every part of a financial plan in sync throughout the year.
I know I say this every time we answer listener questions, but these are some of my favorite episodes of Keen on Retirement. I love hearing from listeners trying to think through crucial financial planning issues and be proactive about their lives. And I'm thrilled that so many folks in our audience took the time to attend our most recent webinar on Retirement Spending, reflect on the info that Keen Wealth's Matt Wilson presented, and send in thoughtful follow-up questions on a wide range of essential topics.
Let's dig in!
Earlier this month, I attended The Barron’s Advisor Independent Summit in Dallas with Keen Wealth's Chief Investment Officer and President, Matt Wilson. It's a real privilege to be invited to this annual conference where we can talk to and learn from some of the top minds in finance.
While the program had been scheduled well in advance, the recent bank collapses in California and New York became one of the dominant topics. Matt and I recorded today's show live at the Summit so that we could share some of the key insights we heard from colleagues and other financial pros about the state of our banking system and the broader economic outlook for the year ahead. We also scale these issues down so that you can have a better understanding of how the big picture could affect your
We received very positive feedback from folks who attended our most recent educational webinar, "Timing is Everything." And, we also received some excellent follow-up questions that we're going to address on today's episode. Our conversation ranges from transportation costs to health insurance and asset allocations. We also discuss what we mean by “timing” in retirement and how Keen Wealth’s comprehensive planning process prepares folks for the best half of life.
All of us Chiefs fans have incredible memories of watching Super Bowl LVII that we're going to treasure forever. But not many of us had a seat as close to the action as my guest today, Teresa Hannon.
"This game was such a nail biter," Teresa told me, "and where I sat was lower level, right by where the winning field goal was made. Just seeing it go through the goal post right by where I was sitting was incredible. And Arizona had perfect weather, it was 75 degrees every day there. The stadium was beautiful. And the experience of just being there was everything I imagined."
But Teresa did more than just imagine this Super Bowl experience. She worked with her Keen Wealth advisor to make this trip part of her comprehensive financial plan. And as we discuss on today's episode, that plan helped give Teresa the means and the confidence to live her best life in retirement.
It's clear from our latest batch of listener questions that the Keen on Retirement audience has been paying attention to how recent legislation is affecting retirement planning. But today's episode should also clarify just how challenging it can be for folks to find the answers they need when so many details keep changing. My team at Keen Wealth doesn't just dig into the fine print: we understand how to apply these rules to individual financial scenarios and create appropriate outcomes for folks in retirement.
"Sean" is 60, and he wants to retire by the end of this year. His wife, "Mary," is also 60, and she wants to retire in two-to-three years. Maybe.
Sean has an IRA worth $1,000,000 and a health savings account with $5,000 in it. Mary has a 401(k) worth $800,000, an IRA worth $700,000, and company stock worth $100,000. They also have cash savings of about $600,000. They want to be able to spend $120,000 per year in retirement.
Like many couples heading into their golden years, Sean and Mary want to know if their retirement goals are attainable, and they want to know if they're going to be OK.
So, they start meeting with financial advisors.
Many of the advisors Sean and Mary sit down with start the conversation by digging into their finances, showing them charts and graphs, talking about how the market has performed historically, etc.
What happens when Sean and Mary walk into Keen Wealth Advisors?
On today's show, we use a fictional "Sean and Mary" as a case study for how our initial interview process works and how Keen Wealth uses bigger issues about life, purpose, and happiness to create individualized, comprehensive financial plans.
When our leaders in Washington passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, it marked a major change in retirement planning. In a sense, the government was codifying advice that many financial advisors -- including my team at Keen Wealth -- had been giving for years. The next generation of retirees is going to live longer, with more active lives than any before it. Very few younger workers are going to stay at the same company for decades and earn generous pensions. Very few older workers will automatically retire at 65. And for most folks, Social Security alone will not fund a safe, secure, and rewarding retirement.
In other words: folks have to start taking more personal responsibility for their retirement planning.
On today's show, we discuss the SECURE Act 2.0, which was included in the omnibus spending bill Congress passed at the end of 2022. Many of the changes in this sequel may seem like smaller tweaks compared to the original. But tracking these changes and using them to your advantage will be key to getting the most out of your nest egg and your retirement.
We're only a few days into 2023, but the stats tell us that plenty of folks are already struggling with their New Year's resolutions. In 2019, Strava, a social network for athletes, determined that 80% of people who made New Year's resolutions abandoned them by the second week of January. A 2021 CBS News poll found that 4% of individuals who make resolutions actually accomplish everything; 8% meet most of their goals; 16% meet some.
On today's show, we talk about some strategies that could help you set better 2023 goals and increase your likelihood of hitting them.
Because of the strong ties that Keen Wealth has established with metro Kansas City’s thriving engineering community, we’ve gained real appreciation for the power of employee stock ownership plans, or ESOPs. The Harvard Business Review study shows that companies that implement this unique structure dramatically improve their performance by empowering their workers to think and act like owners. ESOPs can also improve workforce retention, which is a boon for both young workers seeking career stability and companies that are battling for talent in a tight labor market.
On today’s show, I talk to three top executives from Henderson Engineers in Lenexa, KS about how they established their ESOP just over a year ago. No matter what industry you’re in, I think our conversation will help you understand how an ESOP works, some of the challenges around setting up an ESOP, and also the myriad of benefits for not only the employee owners but the client of these firms.
Joining me are: Kevin Lewis, CEO & President Dana Kettle, CFO and Kansas City Business Journal 2022 CFO of the Year Honoree Robin Broder, Chief Marketing Officer
Thanks to the tremendous support of the Keen Wealth community, our podcast audience, and readers of our blog, I'm thrilled to announce that the 2nd Edition of Keen on Retirement: Engineering The Second Half Of Your Life has hit Amazon's best-seller list!
I think one of the reasons that folks have connected with the book is that I try to present up-to-date information on things like the SECURE Act and Medicare with an eye towards the big picture. And I think maintaining that wider perspective in your financial planning has only become more important since I published the 1st Edition of the book in 2019. The pandemic accelerated so many things in our society, from how we connect and communicate to how our government thinks about retirement. If you aren't working with an advisor and following a comprehensive financial plan, it's very easy to let the news of the day or the hot get-rich-quick pitch lead you off the path towards a safe, secure, and fulfilling retirement.
On today's show, we talk about some of the additions I made to the 2nd Edition of my book. I sincerely hope that this new material and our discussion broadens your own perspective and helps you maintain focus on sound financial planning principles.
On our last episode, we ran through the changes to Medicare and Social Security that will affect seniors' benefits next year.
Today, we're going to complete our 2023 planning picture by discussing tax brackets and contribution limits for retirement accounts. We also examine whether or not gold and real estate should factor into your financial planning given the current levels of inflation.
The numbers are finally out!
And that means, if you haven't already started, it's time to get serious about working with your advisor to update your financial plan for 2023.
On today's show, we discuss the changes coming to your Social Security and Medicare benefits next year, as well as an important clarification on the rules for inheriting IRAs that could impact how you and your family members think about legacy and tax planning.
"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?
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, we I be ok?
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, presented up-to-the-minute information explaining some strategies for integrating Social Security into a comprehensive financial plan.
On today's show, we're complementing that webinar by answering some of the follow-up questions that Matt fielded. Taken together, this podcast and webinar will give you a thorough overview of Social Security, as well as important insights into the finer details and some recent changes that we've been monitoring at Keen Wealth.
As the calendar flips over to Fall, our checklist-driven process at Keen Wealth brings my team to some important action items to help folks prep for the year ahead. In particular, we want to make sure retirees are getting ready to review their Medicare coverage during the upcoming Open Enrollment period in November. And we're also waiting for the Social Security Administration to announce its benefit changes for 2023.
On today's show, we dig into some of the annual adjustments that could affect your retirement benefits next year and how we tie these projections into a comprehensive planning process.
As the calendar flips over to Fall, our checklist-driven process at Keen Wealth brings my team to some important action items to help folks prep for the year ahead. In particular, we want to make sure retirees are getting ready to review their Medicare coverage during the upcoming Open Enrollment period in November. And we're also waiting for the Social Security Administration to announce its benefit changes for 2023.
On today's show, we dig into some of the annual adjustments that could affect your retirement benefits next year and how we tie these projections into a comprehensive planning process.
What's in a name?
On Tuesday, President Biden signed the Inflation Reduction Act (IRA) into law (and let’s not confuse this IRA with the older “IRA” as in Individual Retirement Account). That's certainly less of a mouthful than, say, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and its proposed sequel. But will the IRA actually have an impact on inflation? Will it change how IRAs work? And what's this carried interest tax loophole that everyone was so worked up about?
These are just some of the questions that we've been fielding about the IRA at Keen Wealth. On today's show, we answer these questions and discuss five major bullet points about the new law.
Usually, the last part of a financial plan that folks want to talk about is their estate planning. People expect the conversation will be morbid, depressing, and depending on the family situation, maybe even a bit contentious. And while it's true that this can be an emotionally challenging process, I believe that there are ways to reframe how we think about estate planning so that we can feel more positive about what we're going to leave behind.
On today's show, we discuss the differences between estate planning and the comprehensive legacy planning that's part of our checklist-driven process at Keen Wealth.
"It depends!"
You'll hear us say that a lot on today's episode, in which we answer some very thoughtful and wide-ranging retirement questions from our listeners.
I hope our longer answers on these important topics are a reminder that while there are some universal principles upon which you can build a financial plan, the long-term success of that plan will depend on how you and your advisor work together to find the best solutions for your specific needs and goals.
Headline writers love superlatives: the "biggest" drop, the "highest" inflation rate, the "most" pessimism, and so on. Those words might generate clicks and keep you glued to cable news. But they don't tell the full story of where our economy has been, where it is right now, and where it's probably headed.
On today's show, we look to history for perspective on our current challenges and discuss some important opportunities that many investors should be thinking about during this market correction.
Last year, when the Social Security Board of Trustees released its annual report, there was quite a bit of handwringing. The economic hardships of 2020 had depleted reserves quicker than anticipated and projections were showing that Social Security could run out in 2034, one year ahead of previous estimates. By then, Social Security would only be able to pay approximately 78% of expected benefits to retirees.
As we discuss on today's episode, this year's report, released on June 2nd, is a bit more optimistic. But the ongoing social, political, and economic challenges that will affect your benefits in retirement mean it's critical that folks understand how these funds work, maintain realistic expectations, and work with an advisor to plan ahead.
What's your earliest memory about money? For me, it's the anxiety I felt as a boy, sitting in my father's apartment, waiting for his unemployment check to hit our mailbox. He suffered at times from anxiety and depression, which wasn't understood very well back then, so steady work was always a challenge for him. I remember buying him lunch at a malt shop once I started working -- not because I was trying to show how grown up, I was, but because we really needed the five dollars.
Those formative experiences drove me to a career that taught me how to take care of my own finances and help other people do the same. After nearly 30 years in financial services, I'm positive that there's a real connection between money memories, good financial habits, and mental health that influences our relationships, our emotions, our careers, and our progress towards a safe and secure retirement.
To help me explore these important intersections, I'm thrilled to welcome Dr. Megan McCoy to today's episode. Dr. McCoy is a licensed Marriage and Family Therapist and a Certified Financial Therapist-I. At Kansas State University, she's a Professor of Practice and Director of the Financial Planning Masters Program and key faculty in the Financial Therapy Certificate Program. Dr. McCoy is also an Executive Board member for the Financial Therapy Association and the Associate Editor of the Journal of Financial Therapy.
Market volatility. Inflation. Supply chain issues. Midterm primaries. War. Record gas prices. Rising COVID cases.
There's a little something to make everyone nervous about our global economic picture right now. That's why I thought it was important to devote another episode of our podcast to answering some of the questions that we've been fielding at Keen Wealth.
I hope that our perspective on these important issues will provide counterbalance to some of the headlines you might be seeing on social media and cable news. That's not to say everything is rosy right now in our economy. But if you step back and take in the whole picture, there are some positive indicators flying slightly under the radar and, potentially, some opportunities that could be advantageous for your long-term financial planning.
Whether you're an early retiree or a senior in the more traditional 65+ age range, my team at Keen Wealth understands that you have questions about navigating this major life transition.
But, as we discuss on today's episode, very few retirement questions have simple answers.
Arriving at the best decisions for you, your family, and your money is rarely as easy as following a rule of thumb or crunching your numbers one more time. A financial plan should be designed to provide for every aspect of your life. And as your life changes, a good plan should be ready to change with it.
Let's dig into some listener questions and examine where general planning principles meet the personalized, comprehensive planning process we use at Keen Wealth.
Last month, our leaders in Washington did something that felt almost unprecedented nowadays: they agreed on something!
The Sunshine Protection Act passed the Senate unanimously. If it gets passed by the House and signed by President Biden, turning our clocks back and forth will be a thing of the past and daylight savings time will be permanent starting in 2023.
All kidding aside, there is a slightly more pressing issue that's drawn broad bipartisan support in recent years: revamping retirement planning. In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed the House 417–3 and the Senate 71–23. Its pending sequel, the Securing a Strong Retirement Act, aka SECURE Act 2.0, just passed 414-5 in the House. Those majorities should tell you just how serious the government is about encouraging folks to take more ownership over their long-term financial planning.
On today's show, we (briefly) debate the pros and cons of leaving our clocks alone before digging into the details of SECURE Act 2.0 that could affect retirement if this new bill is passed.
A common talking point when we're having our internal team meetings at Keen Wealth is that we want our clients to be confidently living their best lives. I believe that if you don't have that confidence at every stage of your life, particularly in retirement, then there's something off about your financial plan.
Often, folks who go it alone overlook some key technical factors that a professional advisor would have been able to help them address. But there's also an emotional side to financial planning that can be much more important than any number in your portfolio. Folks who don't work to understand their feelings about money might not necessarily be setting themselves up to fail. But they could be missing out on ways to optimize their plans, their money, and their lives.
On today's episode, we discuss why some financial plans fail and how working with an advisor who cares about more than just your money can help.
Effective financial planning is all about looking ahead. That's true for both people who are working towards retirement, and for my team at Keen Wealth. I believe that our ongoing commitment to educational events, learning, and professional development is essential to the work we do for our clients. And as the founder and CEO, I'm also committed to growing Keen Wealth into a firm folks can trust and count on today, tomorrow, and into the next generation.
On today's show, I discuss some takeaways from the 2022 Barron's Independent Summit in Louisville, as well as a glimpse into the future of Keen Wealth with our Chief Investment Officer and President, Matt Wilson.
None of us can control a war, inflationary concerns, natural disasters, or market volatility. If you're worrying about how global events are going to affect your financial plan, try to focus on things you can control. As we discuss on today's show, right now that means efficient tax preparation so that you avoid some common filing mistakes before Tax Day on April 18th.
Talking about a personal investment plan against the backdrop of a major crisis may not seem appropriate. Obviously, the situation in Ukraine right now and the suffering of its people transcend the issues we usually discuss on our podcast. But the reality is that understanding how the markets react to geopolitical issues is part of being a responsible investor, especially as the battlefield expands into the economic arena in unprecedented ways. I hope that today's episode will give folks some important perspective on these issues even as we're all mindful of the larger stakes.
As I mentioned in a recent blog post, more than half of U.S. adults aged 55 and above are now retired. Obviously that figure includes seniors in the more traditional age range of 65-70 years old. But what about folks at the lower end of that statistic?
Some of these retirements might be temporary responses to pandemic safety concerns, burnout, or a transition to a new career. Others will be full early retirements for folks who want to get a jump start on their not-quite Golden Years.
Whatever the plan may be, retirement before age 59 1/2 can pose some significant cash flow challenges for folks who need early access to their IRAs and 401(k)s. On today's show, we discuss how incorporating IRS code 72(t) into a financial plan can help.
Health care is one of the most important aspects of planning for an early retirement. Medicare eligibility doesn't kick in until you reach age 65. Pre-65 retirees who don't have access to employer-subsidized health insurance could be facing some substantial costs for a number of years until they are eligible for Medicare.
On today's show, we discuss the various health care options for pre-65 retirees and how those options can affect the rest of your long-term retirement planning.
As divided as Americans may be about a whole bunch of issues, it's heartening to see that we do still agree on the importance of giving back. According to recent reports, as America faced some of its toughest challenges ever in 2020, charitable giving rose 5.1% to a record $471.44 billion.
That number is really remarkable when you think about how hard the pandemic hit so many individuals and businesses in their wallets. Add in the stress and uncertainty we were all dealing with and it's clear Americans really went out of their way to help important causes and communities in need.
That big boost in giving could also be a positive long-term trend, as many experts had worried that recent changes to tax laws might disincentivize charitable giving. As we discuss on today's show, effective giving plans for the year ahead should account for those changes while weighing some important options for doing the most good.
We're barely a week into the New Year, but I'll bet plenty of folks are already struggling with the resolutions they felt so excited about back in December. In fact, many people have given up already! According to some studies, 25% of resolutions fail after just a week. After 6 months, less than half of resolutions are still active.
A common theme in my reading on this topic is that most resolutions fail because they aren't specific or meaningful enough. On today's show, we discuss why 2022 should be the year you stop making resolutions and start making action plans to hit your top goals -- especially financial ones.
For the second year in a row, we decided that it would be prudent to hold our Holiday Market Outlook virtually. And while we're disappointed that we can't share the fellowship of our breakfast event with you, please know how grateful the Keen Wealth team is for the privilege of serving as your financial advisor. It's a very big deal to us when a client entrusts us with their life savings, and we take that responsibility very seriously.
While we can't serve breakfast this year, we can present another favorite holiday tradition: the annual Market Outlook Presentation from Matt Wilson, President and Chief Investment Officer at Keen Wealth Advisors. Some of the topics that Matt covers include:
- Forecast for 2022
- Inflation vs. Reflation
- Markets and the Wall of Worry
- The importance of the consumer
Stay tuned after Matt’s presentation for some holiday cheer from The Dickens Carolers.
As my team at Keen Wealth Advisors starts looking ahead to 2022, there are things we know, and things we don't know.
On the one hand, year-end announcements from the Social Security Administration, the IRS, and the Centers for Medicare and Medicaid Services have allowed us to start making some more detailed projections as we prepare for the year ahead.
But with a new COVID-19 variant circulating, inflation on the rise, and legislation still under debate in Washington that could affect taxes and retirement accounts, we have to maintain flexibility as well. As we discuss on today’s show, history tells us that financial planning requires a delicate balance between making the most out of the present and laying the groundwork for success in the future.
When "Sopranos" star James Gandolfini died in 2013, he left behind an estate worth $70 million. The musician Prince died in 2016, and earlier this year, the IRS valued his estate at over $160 million. Michael Jackson was worth $500 million when he died in 2009. Aretha Franklin's estate was worth as much as $80 million when she died in 2018.
And despite the ample resources available to each of these superstars, errors in estate planning basics prevented a smooth and orderly transfer of wealth to their intended heirs.
On today's show, we discuss how to prevent your own estate from getting tangled in red tape and bad blood.
Pop quiz: What do Black Tuesday 1929 and Black Monday 1987 have in common?
They both happened in October.
That's probably a big reason why October has a reputation for being the worst month for investing. But as we discuss on today's show, digging into the numbers and taking in the broader historical perspective reveals some more important lessons for investors who get spooked by volatility. We also bring that same long-term perspective to a couple questions our Keen Wealth clients have been asking recently.
Do budget deficits matter to the health of the U.S. government and economy?
That's been a hot topic of conversation among economists, especially as debate raged about the most effective way for the government to support folks during the pandemic. And it's been a topic that's popped up on a few of our Keen on Retirement episodes and blogs as well.
But while ideas like modern monetary theory are ... well, just theories right now, the battles in Congress over the federal debt ceiling and President Biden's Build Back Better Plan are going to have some real-world consequences before the end of the year. So, on today's show, we address some of the questions that we have received about federal debt, inflation, market volatility, and long-term retirement planning.
One reason we advise our clients not to overreact to election results is that the plans candidates propose on the campaign trail often look very different once they've worked through the U.S. lawmaking process. President Biden's agenda has struggled with that very reality in recent weeks. As Congress continues to debate and negotiate the Build Back Better Plan, perhaps the central topic of discussion has been balancing ambitious spending with changes to tax codes that would be necessary to pay for that spending.
We wanted to devote today's show to answering some of the questions that our clients have been asking about the Build Back Better Plan and their own tax planning. Rather than leaning one way or the other politically, our discussion stays centered on the numbers and potential rule changes that could affect retirees -- particularly high earners.
It's that time again!
Every year, during the open enrollment period from October 15th through December 7th, we recommend that all seniors review their Medicare coverage and see what new options might be available to them. It's also extremely important that new retirees who are signing up for Medicare for the first time get a handle on the ABCDs of Medicare, as well as the things that Medicare does and doesn't cover.
On today's show, we prepare you for Medicare Season 2021 and discuss some key aspects of your health care coverage that you'll want to investigate before open enrollment ends.
According to a recent study by Fidelity, a 65-year-old couple retiring today will need $300,000 to cover their medical expenses. Unfortunately, that eye-watering number only includes insurance premiums, deductibles, and copays. If you or your spouse need long-term care, which isn't covered by Medicare, your health care costs could end up putting a serious crack in your nest egg.
Now, I don't say that to scare anyone. The point of our conversation on today's episode is to underline just how important it is for seniors to understand what the potential out-of-pocket costs of long-term care can be, what kinds of long-term care insurance options are available, and how to incorporate your health care needs into your financial planning.
The pandemic closed a lot of doors in 2020. But for cybercriminals, business is always open. The more time folks spend socializing, working, shopping, and managing money online, the more sensitive data could be vulnerable to hacks and scams. Click on the wrong link or answer the wrong phone call and you could be at risk for significant financial loss or identity theft issues that can take weeks, months, or years to sort out.
On today's show, I'm happy to welcome back Jeff Lanza for a cybersecurity tune-up that will benefit all of us. During his 20-year career as an FBI Special Agent, Jeff investigated cybercrime, organized crime, human trafficking, and terrorism. He's also lectured at Harvard and Princeton and is a go-to expert for TV news and documentaries. Jeff recently updated his acclaimed book, Cybercrime: How to Stay Safe From Online Fraud and Identity Theft. And I'm pleased to announce that Keen Wealth Advisors will be hosting Jeff for a live presentation on cybersecurity at the Overland Park Convention Center on October 2nd.
Recently, while answering some listener questions about early retirement, I pointed out that every piece of your financial plan is connected to every other piece. Adjust one lever, and you might trigger some unexpected consequences if you're not working with a professional who can help you anticipate and prepare for further changes.
We're certainly seeing those same kinds of interconnected effects with concerns about inflation. Even as our economy continues to accelerate out of the pandemic, massive government stimulus combined with ongoing supply chain disruptions and low labor participation have driven up the consumer price index (CPI) this summer. That's affecting how many seniors are thinking about their household spending and retirement timelines. But, as we discuss on today's show, inflation is also affecting how the government is looking at Social Security.
The pandemic has given us all a new perspective on our lives and our work. I think that’s a big reason why we’ve had a number of our clients at Keen Wealth ask us about early retirement scenarios this year. After a year of locking down, missing friends and family, working from home, and in far too many cases, losing loved ones, folks want more than just financial security. They want to use their assets to live their best lives for as long as they can.
That’s what we want for our clients as well – in retirement and every step along the way. But the listener questions we answer on today’s show are a reminder that adjustments to your financial plan aren’t made in a vacuum. Each decision causes ripple effects that can be extremely hard to manage if you’re not working with a fiduciary advisor.
As good as it feels to be exiting the pandemic and enjoying a relatively normal summer, the ongoing economic fallout from COVID-19 and the levers our government pulled to accelerate recovery have a lot of folks worried about inflation. Those fears spiked recently after the Bureau of Labor Statistics reported that consumer prices rose by 5% during the month of May, the biggest jump since 2008. Those numbers are ringing alarm bells for some of our older clients who don't like being reminded of 1970s stagflation as they're nearing or beginning retirement.
On today's show, we discuss whether inflation is inherently bad, what rising costs say about the health of our economy as a whole, and how our investment philosophy accounts for inflation over the course of a modern retirement.
In recent months, my two daughters have given me a personal perspective on just how hot and how competitive the real estate market is right now. Both decided to buy homes in the Kansas City area, and both had to make unsuccessful bids on multiple houses before they were able to close on their new homes. That millions of families all over the country are trying to navigate these same issues is quite a turnaround from just a decade ago, when folks were hesitant to buy houses in the shadow of the Great Recession.
However, as we discuss on today's show, many economic factors that caused the housing market to collapse in 2008-2009 are contributing to the current housing boom. That doesn't mean we're headed for another bubble burst, but it does mean that folks need to weigh all their options if they're looking to buy or sell right now, especially if you're eying a potential retirement home.
Longtime Keen on Retirement listeners might remember a running gag where Matt Wilson and I would joke with our co-host, Steve Sanduski, about all the bitcoin we suspected he was hoarding. At the time, bitcoin had just emerged from one of its periodic freefalls and was starting to seep back into the general public’s awareness.
And then, in 2018-2019, it dropped again.
Today, as the value of one bitcoin hovers in the tens of thousands of dollars, this digital asset is back to making headlines and generating a lot of questions from our listeners. And it turns out that, all kidding aside, our buddy Steve really has been playing very close attention to how Bitcoin and other cryptocurrencies could affect our economy and our monetary system. He’s even started a new podcast, The Digital Money Advisor, focused on exploring these very issues.
So, on today’s show, we decided to put our co-host on the hotseat and ask Steve what he’s learned on his deep dive into bitcoin.
A few years ago, I was intrigued by the many news stories I was seeing about the new “tiny homes” helping homeless veterans around Kansas City. I reached out and connected with the Veterans Community Project, and the more I learned, the more impressed I was by the impact that the VCP is having. One number really stood out: over 90% of the veterans whom the VCP work with are able to get back on their feet and reacclimate into society.
Today, both my family and Keen Wealth Advisors are grateful supporters of the Veterans Community Project’s newest initiative, the VCP Veterans Navigation Campus. It’s a real honor to welcome VCP Co-Founder, Chief Project Officer, and retired U.S. Army Specialist Brandonn Mixon on today’s show to discuss how his remarkable team is transforming cities across the country and making sure that none of our heroes get left behind.
One year ago, despite lockdowns, skyrocketing unemployment, and major market volatility, my team at Keen Wealth was cautiously optimistic. We believed that most of the economic disruption our country was facing was a temporary and necessary response to battling COVID-19. And we believed that once vaccine development started progressing and the country started reopening, jobs would come back, the economy would roar to life, and the markets would respond in kind.
So far, 2021 has exceeded our expectations. But the latest jobs report and other key economic indicators show that we still have a ways to go before we’ve fully recovered from the pandemic.
On today’s episode, Keen Wealth’s Chief Investment Officer, Matt Wilson, discusses the data he presented in his most recent Market Update Webinar, as well as factors that could potentially slow down our economic momentum.
Greg Graves is the former president, CEO, and chairman of Kansas City's own Burns & McDonnell, which is 100% employee-owned and one of the most successful ESOPs in American history. Greg is also the author of a new book, Create Amazing: Turning Employees into Owners for Explosive Growth.
On today's show, Greg discusses his life as a new retiree as well as his vision for a more productive, profitable, and equitable American workforce.
As we discussed on our previous episode, many financial pros and taxpayers are working overtime this tax season to accommodate the American Recovery Plan Act’s changes to tax law.
But my team at Keen Wealth also has one eye on Tax Day 2022. President Biden and Congress continue to float some pretty significant tax proposals, including last week’s package focused on corporate tax rates. On today’s show, we dig into items aimed at individuals, particularly some potential changes that could affect retirees this time next year.
The American Recovery Plan Act (ARPA) doesn’t sound quite as catchy as the SECURE Act or the CARES Act. But the government’s new trillion-dollar plan to accelerate our country’s recovery from COVID-19 is no less consequential.
In many ways, its effects are going to be more immediate as well. Most folks who qualified for tax rebate checks have already received them. And, as we discuss on today’s show, ARPA’s changes to some aspects of tax law could require swift action for some folks before the extended 2020 tax deadline of May 17th.
According to his annual letter to Berkshire Hathaway shareholders, not even the great Warren Buffett was immune to pandemic-induced market volatility. Berkshire Hathaway’s 2020 earnings were down 48% compared to 2019. For the year, Berkshire Hathaway’s stock rose 2.4%, a relatively small ROI by Mr. Buffett’s lofty standards.
Reading Mr. Buffett’s thoughts on his company’s performance and our country’s economy always gives my team at Keen Wealth lots to think about as we’re fine-tuning our own outlook for the year ahead. Additionally, as we discuss on today’s show, Mr. Buffett has some significant insights about building long-term wealth that stand in sharp contrast to the GameStop mania that could be distorting how a generation of young investors view the markets.
In this webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, will cover a macroeconomic update of the markets, plus the key things we are watching right now and our outlook for the remainder of 2021.
During this webinar Matt discusses:
- What we think is next for the stock market.
- Impact of the new administration.
- Is the market disconnected from the economy?
- When will the level of US debt matter?
Now that one of the most contentious presidential elections in history is behind us, it’s finally time to start thinking about … the next round of elections!
According to our longtime friend Greg Valliere, Washington’s political pros are already looking ahead to the 2022 midterms. And that long-term perspective is already having a major impact on Joe Biden’s agenda for the first hundred days of his presidency, as well as the financial markets and the battle against COVID-19.
We’re so happy to welcome Greg Valliere back for this episode of Keen on Retirement. Greg is the Chief U.S. Policy Strategist at AGF Investments, a global asset management firm headquartered in Toronto. He’s also a frequent guest on CNN, Fox Business, Bloomberg Radio and TV, and CBS Radio News, and is frequently quoted in The Wall Street Journal, Barron's and The Washington Post.
In 2019 my family took a vacation to Cabo. When I looked at the photos from that trip, I didn't like what I saw.
The bottom line was, I had let myself get out of shape. I was overweight, feeling lethargic, and the pictures really brought home the fact that I needed to make some changes. On my own, I started eating better and exercising more. But I knew that wouldn't be enough to get the results I wanted.
So, I did what I've advised folks to do hundreds of times in my financial planning blogs and on my podcast: I called in the pros!
Micah and Diana LaCerte are the husband-and-wife team behind Hitch Fit, which offers in-person fitness training in Kansas City and virtual training all over the world. Diana is a two-time world champion fitness athlete, a published author, a motivational speaker, and a Kansas City Business Journal Women Who Mean Business Honoree. Micah is a Muscle Model World Champion and Iron Man Fitness Magazine Cover Model, a TV personality, and a motivational speaker. You can also see Micah and Diana in the recent Amazon Prime documentary Access Muscle.
After working with Micah and Diana for a year, I've dropped 60 pounds, trimmed my body fat to 7%, and, at age 52, I'm in the best shape I've ever been in.
On today's show, Micah and Diana discuss their fitness philosophy, their process, and the mental roadblocks that folks of any age can clear to transform their lives.
I’ve wanted Irene Smith to be a guest on my podcast for a long time.
And not just because she’s my stepmother.
When we’ve talked to folks whom I would consider “successful retirees” on this show, there’s a common theme: stay active. Whether you continue to work, start volunteering, or throw yourself into a favorite sport or hobby, retirees have to make an intentional effort to get off the couch and maintain connections to their communities and their loved ones.
Now, I’m not suggesting that everyone in their 80s should drive solo from Florida all the way to Kansas City – without GPS – like Irene did in order to visit me! But I do think the way Irene lives her life is an inspiration to all of us who are looking ahead and preparing to make the most of our Golden Years.
Let’s kick off 2021 with some positivity … and a pop quiz!
A recent study by Valuegraphics analyzed more than 500,000 surveys in 152 languages and determined that there are 56 values that drive all of human behavior. While the results did show some significant cultural differences between how these values are ranked, the top responses show that there is a lot of commonality when it comes to the really important things in life.
So, of those 56 values, can you guess the top three?
On today’s show we discuss these values and how a comprehensive financial plan can help support them. We also tie this theme into some interesting new data about retirement prep and a potential sequel to the SECURE Act that’s being discussed in Congress.
December is usually when we hold our annual Holiday Breakfast and Market Outlook Presentation at Keen Wealth. Unfortunately, due to COVID-19, we had to move this year's event online. The in-person educational and appreciation events we host at Keen Wealth have grown into a unique hallmark of our firm and are very important to us – especially the fellowship of our Holiday Breakfast. We look forward to getting back to hosting these events in the very near future.
In the latest edition of his annual Market Outlook Presentation, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, covers:
- Forecast for 2021
- Review and analysis of markets during 2020
- The current state of the economy
- What impact the vaccine may have
It’s certainly been an eventful couple of weeks since our last episode! There’s a very good chance that the first round of COVID-19 vaccines will be administered to our frontline medical heroes before the end of the year. We also saw the Dow Jones pass the historic 30,000 mark for the first time in history. And while that milestone reveals that there’s still some disconnect between Wall Street and Main Street in terms of our economic recovery, we certainly have some very positive signs pointing us towards 2021.
On the political front, as states around the country finished counting, recounting, and certifying their vote totals, President-elect Joe Biden started to formalize his transition and announce some of his cabinet nominees. As we move closer to Biden’s swearing-in on January 20th, we thought it would be a good time to remind folks of some changes that are coming to Social Security next year and also discuss potential changes that the President-elect pitched on the campaign trail.
After a historic week, it looks like America will head into the new year with a new president and some very encouraging news in the fight against Covid-19. The ways that these events have rippled through the markets are yet another reminder of just how complex – and how resilient – our economy is. In the weeks ahead, it will be very important that folks separate their personal feelings from their financial planning and stay focused on things that they can control.
On today’s show, we discuss how the markets have reacted to the election and the pandemic with an eye towards 2021.
In this webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, will cover a macroeconomic update of the markets, plus the key things we are watching right now and our outlook for the rest of 2020.
Some of the topics Matt covers in this webinar include:
- The upcoming election and implications for your investments
- Update on Covid-19
- The status of the economic recovery
- Our outlook for the remainder of 2020
In four of the last five presidential elections, the Democratic and Republican candidates were separated by just 5% of the popular vote. And, in two of those four elections, the winner of the popular vote lost the Electoral College.
So, while there’s a lot of anxiety surrounding just how close next month’s election might be, it’s worth noting that our country has made it through some very tight races in recent years. Moreover, if you dig a little deeper into the framework that our Founding Fathers designed, you’ll find some extra layers of contingency planning that can guide us through some complicated election scenarios and ensure that our government keeps functioning.
We hope that by talking through three of these election scenarios on today’s episode, we’ll help dispel some misconceptions, alleviate some worries, and provide some advice on how to keep the next month in U.S. politics in perspective when you’re thinking about your financial plan.
Nearly seven months later the Covid-19 situation remains very fluid. Infection and hospitalization numbers are stabilizing in some states and picking up in others. One constant has been the inspiring work that health care professionals and scientists are doing to help the sick and keep moving forward on a vaccine.
I want to make it clear that no one at Keen Wealth claims to be a doctor or an epidemiologist. But during major events that affect our clients’ lives, we do take it upon ourselves to stay on top of the latest developments. We want to be able to provide information that folks can trust. We also want to be on the lookout for any issues that could potentially impact our clients’ financial plans.
On today’s show, we discuss what our research and conversations with health care pros are telling us about the timetable for a Covid-19 vaccine. At the top of this episode, I also share a quick alert from the FBI about a telephone scam that’s making the rounds.
During the pandemic, we’ve talked quite a bit about potential positive outcomes of this unprecedented experience. One plus that I’ve noticed recently is that more people do seem to recognize the importance of having a financial plan, whether they’re just starting the process or refining some details with their fiduciary advisor in light of all that’s happened this year.
On today’s episode, we discuss 5 important areas where a financial plan can help keep your money in sync with your family’s needs, even when the unexpected happens.
In this webinar, Bill Keen and Matt Wilson welcome back Washington insider Greg Valliere for a conversation about the state of the U.S. economy in 2020 as well as a preview of the upcoming presidential election.
Some of the topics Greg Valliere discussed with Bill and Matt include:
- The U.S. economy and the outlook for interest rates.
- The surging budget deficits and the impact on markets.
- Prospects for tax changes in the next two years.
- Are trade disputes over?
- Important election factors – turnout, the pivotal issues, the key states, etc.
- How the markets may react to a Trump re-election – or a win by the Democrats.
- Geopolitical hot-spots – the Mideast, Asia, Brexit, etc.
Whenever the market experiences significant volatility you're likely to see "gold bugs" swarming your social media and cable news feeds. Investing in a commodity like gold that we perceive as "stable" sounds appealing when other investments, like stocks, seem unstable. And it's true that the price of gold has risen in 2020 as the economy continues to adjust to Covid-19.
But as we discuss on today's podcast, adding gold to your portfolio is not a surefire way to mitigate risk. And folks who move their assets out of the markets in order to buy gold could be making a long-term mistake.
So much of our focus this year has been on Covid-19 that you might have missed a major milestone that we passed recently. We are now less than 100 days away from what promises to be a very contentious and impactful presidential election. The economic side of the debate has started to take shape now that former Vice President Joe Biden has released some new tax proposals.
Of course, any presidential policy pitched on the campaign trail has to be taken with a grain of salt. And in my experience, folks tend to overestimate the impact that any one president can have on the economy, sometimes to the detriment of their long-term planning.
Still, it’s worth examining how a President Biden might affect the economy. So, on today’s show, we dig into the Biden tax proposals and also discuss what market history tells us about presidential elections, the markets, and your nest egg.
In this webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, will cover a macroeconomic update of the markets, plus the key things we are watching right now and our outlook for the rest of 2020.
Some of the topics Matt covers in this webinar include:
- The best quarter for stocks since 1998.
- Update on Covid-19.
- What the leading indicators are telling us.
- Is the market disconnected from the real economy?
- Why are stocks recovering?
- Our outlook for the remainder of 2020.
More often than not, the skills and processes that make folks successful in one business work in other businesses as well. I think that’s a big reason why Keen Wealth Advisors has been able to establish such a strong relationship with the engineering community in Kansas City and around the country. Engineers respond to our checklist-driven planning process because they use the same kind of diligence in their own work. And we love working with folks who are hardworking, curious, and dedicated to following through on a plan.
Another skill set that will position you to succeed just about anywhere: strong communication. My guest today, Anthony Fasano, was rapidly advancing at a civil engineering firm when he realized that the best engineers had mastered more than just math and design. Anthony founded the Engineering Management Institute, which provides career and personal development resources for engineers. Anthony is also the author of Engineer Your Own Success, Seven Key Elements to Creating an Extraordinary Engineering Career, and the host of The Engineering Career Coach Podcast, which Forbes cited as one of the 15 Most Inspiring Podcasts for Professionals.
Like my recent appearance on Anthony’s podcast, this episode will definitely appeal to the many engineers and employees of engineering firms whom we’re proud to work with at Keen Wealth. But the ideas that Anthony zeroed in on could get anyone thinking about skill sets that will help you further your own career, make a midlife career switch, or start your dream company once you retire.
The May 2020 jobs report could mark a turning point in our country’s struggle to get back on its feet after the Covid-19 pandemic. While some experts were bracing for up to 7 million more lost jobs, instead we got a pleasant surprise: 2.5 million jobs added and a 1.4% drop in unemployment.
The markets responded very favorably to this news. But with so many people still out of work and so many communities still struggling, it can feel like Wall Street and Main Street are way out of sync. So, on today’s show, we dig into some high frequency data that I think can help improve our perspective on where our economy is really moving.
Recently I had the honor of participating in a video conference with CEOs and small business owners in the greater Kansas City area where we shared our perspectives on how to reopen our local economy safely and effectively.
The organizer of that call was our region’s advocate at the Small Business Administration, and my guest today, Adrienne Vallejo Foster. Adrienne is currently running for Congress in the Third Congressional District of Kansas. She's a former mayor who also served as Executive Director of the Hispanic and Latino American Affairs Commission in Kansas. One of Adrienne’s current responsibilities is to assist in the Opening America’s Workplaces Again initiative by gathering feedback from small businesses in our region so that we have a voice in the decision making happening right now in Washington, D.C.
Last week’s job numbers have had a big impact on this week’s main topic of discussion: reopening. Communities around the country are starting to establish guidelines that will, hopefully, allow more folks to get back to work while also keeping the spread of COVID-19 in check.
In the meantime, folks who are hurting are starting to get some relief via extended unemployment benefits and federal tax rebate checks. Others are weighing new options created by the CARES Act, including coronavirus-related distributions (CRDs). If you’re thinking about using your retirement assets to navigate the pandemic, you’re definitely going to want to listen to our discussion on how CRDs may help.
I’m really happy that clients and other friends of Keen Wealth have continued to ask us questions about their financial planning over the past month or so. Those questions tell me that even as we’re dealing with all of the uncontrollable stresses surrounding the COVID-19 pandemic, folks are keeping at least one eye on the things they can control. There is still business to be conducted, bills and taxes to pay, and both short and long-term plans to make. And as an essential business, Keen Wealth has been able to make a smooth transition to our new health and safety realities so that we can stay available to our clients when they need us the most.
On today’s show, we go back to the mailbag to answer some questions we’ve received lately about oil prices, 2019 tax deadlines, and how the 2020 CARES Act affects the 2019 SECURE Act.
We’re getting our first small glimpses of light at the end of the COVID-19 tunnel this week. Spread of the disease could be peaking. The markets are starting to look a bit more stable. And our political and health care leaders are in the very early stages of discussing how and when to reopen businesses.
Still, I know we’re all dealing with a lot of anxiety and uncertainty, both in our personal lives and when we step back to take in the big picture. On today’s show, we check in on the current state of the markets and the economy, while also answering three of the most common questions that Keen Wealth clients and friends have been asking us over the past couple weeks.
The coronavirus pandemic continues to make recent market swings difficult to follow. Are the markets recovering or not? Are we still bearish or heading back to bullish? And what do these movements mean for your retirement planning?
Today’s episode is another up-to-the-minute look at the current economic situation.
We’ve all just gone through one of the most tumultuous weeks in recent American history – not just for the financial markets, but for how we live our everyday lives. So we’re releasing this podcast episode a little earlier than usual so that you can get our latest take on the coronavirus situation and the broader economic picture.
For today’s show, we put in some overtime to get you our up-to-the-minute take on how the coronavirus outbreak is affecting financial markets.
The short version: Outside shocks to the financial markets, like the coronavirus, can't be predicted, but we do plan for them. Outbreaks like Ebola, Zika, MERS and SARS have rattled the markets before. And while past performance does not guarantee future returns, after downturns like the one we’re experiencing right now, the markets are typically on the road to recovery within a short amount of time. We’re also optimistic about what other key economic indicators are telling us about the overall strength of the US economy.
However, that doesn’t mean we're Pollyanna or complacent. We continue to monitor the situation and are ready to take action if the situation warrants. Listen to this episode for our thoughts on the opportunity that volatility provides us to re-balance portfolios and other strategies to utilize when the market is low, what the government might do to help stabilize the markets, and the likelihood of a recession
In this Market Update Webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, takes a look back at what happened in 2019 in the markets and in the economy. And even more importantly, Matt takes a look ahead at what may be in store for 2020.
Some of the topics Matt covers in this webinar include:
- Upcoming election
- Current corporate earnings outlook
- Recession risks
- Health of the jobs market
- What the leading indicators are telling us
- Our expectations for the stock market for 2020
Clients and friends of Keen Wealth have questions surrounding the Setting Every Community Up For Retirement Enhancement (SECURE) Act that was passed at the end of 2019. And with good reason! In many ways, the SECURE Act represents a significant rethink of retirement and estate planning. The government has recognized that as folks begin working longer at a wider variety of jobs, individuals need to start taking more personal responsibility for their retirement planning. This shift will affect your own retirement and how your heirs will approach their financial planning.
On today’s show, we follow up our earlier overview of the SECURE Act with a deeper dive into three specific topics that our clients have been asking us about. As always, we try to keep the conversation light on industry jargon and technicalities. But the better you understand some of the SECURE Act’s most significant changes to retirement planning, the more confident you’re going to feel about your own plan.
I am honored that Anthony Fasano, Founder of the Engineering Management Institute, recently invited me to be a guest on his podcast, "The Engineering Career Coach."
Anthony is a professional engineer who learned early in his career that the success of an engineering firm relied heavily on its employees' ability to communicate and mange effectively. Anthony founded the Engineering Management Institute to bring his passion for engineering management training to engineering organizations worldwide through customized on-site and online training. Anthony's podcast was recently cited by Forbes as one of the 15 most inspiring podcasts for professionals.
The information in this podcast is going to be of particular interest to the many engineers and employees of engineering firms we work with at Keen Wealth. But all the topics that Anthony and I cover will be useful to anyone who is serious about planning for your future and your retirement, no matter where you work.
As a bonus, you can also watch our conversation below. Anthony's production team did a great job adding slides and graphics that you may find helpful.
At our annual Holiday Breakfast in December 2019, we presented "Forecast 2020: Silence the Noise."
At our annual Holiday Breakfast in December 2019, we presented "Forecast 2020: Silence the Noise."
Presents? Check.
Tree? Check.
Decorations? Check.
Food and drink? Check.
A thorough review of your tax-loss harvesting options?
See, I knew you were forgetting something!
Believe me, I understand that your checklist for the month of December is probably spilling onto another page already. And it’s not much fun to sit around the fire and think about filing taxes in April. But there’s less than two weeks left to consider some moves that could have a major impact on how you wrap up 2019 and progress into 2020.
On our last episode of the year, we go through the important year-end planning decisions that you, your spouse, and your fiduciary advisor need to discuss before December 31st.
If I were to list some of the incredible things my good friend Joe Ratterman has accomplished in his life, the fact that he’s a Guinness World Record holder might not even crack the top ten.
After a successful career in which he worked to improve competitive balance in the financial markets, Joe had earned the potential for an easy, carefree retirement. But his values, his faith, and his commitment to helping others wouldn’t let him go dormant. Today, I consider Joe to be one of the leading humanitarians and philanthropists here in Kansas City. Joe is an inspiration to me, and to anyone looking for a way to make the second half of their life potentially more meaningful and fulfilling than the first.
On this very special episode, I’m honored to sit down with Joe Ratterman to discuss his views on the evolution of the financial markets, how his values informed some major business decisions, and what he’s doing right now to help Kansas City’s most vulnerable citizens.
Happy Medicare Season!
You might not be getting any Hallmark cards marking this Fall tradition, but I know your mailbox is stuffed with notices from insurance companies, health care brokers, and the US government. That’s because the open enrollment period during which seniors can change their Medicare policies runs from now until December 7th. And even if you’re planning on sticking with your current coverage for another 12 months, there are some important things about your coverage as well as your spouse’s coverage that you should be considering before open enrollment closes.
On today’s show, we tackle four of the most common Medicare questions we’re fielding from clients at Keen Wealth right now. Hopefully this conversation will help you sort out the important notices about your health care coverage from the junk mail that belongs in your shred pile.
In this Market Update Webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, takes a look back at what happened in the third quarter of 2019 in the markets and in the economy. And even more importantly, Matt takes a look ahead at what may be in store for the remainder of the year.
Between 1992 and 2016, 56% of all workers age 50 and older were forced into an unexpected early retirement, according to a recent study by the Urban Institute and ProPublica. Some of these folks lost their jobs due to layoffs, corporate downsizing, and buyouts. Others decided to retire because of a pay cut or deteriorating conditions at their workplace. And still others retired due to health concerns or other personal issues.
Any time I see a statistic saying that something happens to 50% of retirees, that gets my attention. A number that big means unexpected retirement should be on everyone’s radar as they move into the second half of their careers. Fortunately, my Keen Wealth team is familiar in dealing with this all too common issue. So, on today’s show, we talk about the steps that we go through to help folks cope with unexpected early retirement and engineer a new path forward.
As regular readers and listeners know, I recently turned 50 and I do worry about the world that my generation is leaving behind for our children and grandchildren. If you get too caught up in chatter on cable news and social media, it can leave you feeling pretty scared and frustrated. And if you believe the stereotypes about the upcoming millennial generation, we’re leaving some pretty serious problems in the hands of kids who are entitled, self-absorbed, and incapable of handling basic adult responsibilities - or so they say.
That’s why I invited US Air Force Academy graduate, Second Lieutenant Matt Robbins on today’s show. I’ve known Matt since he was a 15-year-old volunteer at my flight school. Today, at 22, he’s working towards his Masters in aeronautical engineering as he begins his career serving our country. I think listening to Matt discuss his worldview, his commitment to service, and his pursuit of excellence is going to make you feel a heck of a lot more positive about how the next generation is going to reshape our world.
My listeners in the Kansas City area are going to love hearing Darcie Blake’s voice again!
Darcie was a radio mainstay here for nearly 30 years as the morning show co-host on KUDL and as a host on WHB. After leaving KUDL, Darcie founded The Radio Dish, where she hosted her own show, and started her own advertising company.
On today’s show, Darcie Blake sits on the other side of the desk to share some memories about her time on the air – from laugh-out-loud gaffes to some really serious events that she covered as a reporter. Then we discuss how Darcie and her husband handled the transition to retirement and what she’s doing today to make this half of her life as fulfilling as the first.
“To all the clients I’ve worked with over the years, thank you for demonstrating that through hard work, character, and responsibility, it is possible to start from nothing and build a fulfilling retirement for you and your families."
That dedication opens my new book, “Keen on Retirement: Engineering the Second Half Of Your Life.” It’s a summation of what it is we do every day at Keen Wealth Advisors. But it’s also my small way of recognizing what an honor it is to serve folks who are actively involved in their retirement planning. Most of our clients are self-made success stories who want to make their next chapter a success as well. They’ve built their wealth not by winning the lotto or inheriting a windfall, but through discipline, sacrifice, and commitment.
I appreciate the journey that these successful retirees have been on because it’s very similar to my own. On today’s show, I discuss how my personal history led me to a career in finance, why I decided to write this book, and what I hope readers will learn about engineering their best lives in retirement.
Generally, on Keen on Retirement, we don’t like to discuss proposals that are floating around in Washington. There’s so much politicized chatter in our newsfeeds every day that we prefer to wait until the facts get separated from the fiction, all the dust settles, and a new law is actually put into effect.
But we’re making an exception on today’s episode for the SECURE Act of 2019, which passed the House back in May and is currently kicking around in the Senate. The discussion surrounding the House version of the bill gives us some important insights on what the government is thinking about your nest egg and the future of retirement planning.
I talk a lot in my blogs and podcasts about understanding how to separate the news from the noise. In this Market Update Webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, takes a look back at what happened in the second quarter of 2019 in the markets and in the economy. And even more importantly, Matt takes a look ahead at what may be in store for the remainder of the year.
Picture this:
You’re not feeling well, so you go to the doctor. There’s a great medication for what’s ailing you, but the doctor won’t give it to you. The reason that medication wasn’t prescribed is that the company that makes that medication doesn’t pay your doctor. Instead, the doctor gives you another medicine that he says is a “suitable” replacement. After taking the “suitable’’ medication for a while you try to schedule a follow-up appointment. The doctor informs you that he’s not obligated to check in to make sure that the medicine prescribed is working.
I know this scenario sounds farfetched. But believe it or not, this is essentially the kind of agreement that millions of folks have with their financial professional!
On today’s show, we talk about how to make sure “pay to play” scenarios aren’t impacting your financial planning. We also discuss some important questions you should ask potential advisors to make sure your best interests are protected.
“If only I’d gotten in early on Amazon twenty years ago …”
It’s easy to slip into this kind of thinking when you read about the biggest companies in the world achieving a trillion-dollar valuation. Once upon a time, you could have bought that stock for peanuts, and today you’d be sitting on a fortune!
That’s why some folks clamor for a seat on the hype train when companies like Uber and Lyft announce their IPOs. These investors are afraid of missing out on another golden ticket.
But as we discuss on today’s episode, investing in an IPO isn’t as easy you might think. And the return on investment often isn’t as great as the hype train would have you believe.
We’ve talked many times on this podcast about the most effective ways to use your time and money to create real, lasting happiness. One of the great joys of my life has been working with Angel Flight Central, a volunteer organization that provides free transportation to folks whose medical and financial needs make commercial travel impossible.
I was so honored when Angel Flight appointed me to its board earlier in the year. Working with their leadership team to further the group’s mission has let me put my love of flying and business background to their highest possible uses. Angel Flight has also given me the great pleasure of working with an extraordinary group of devoted and big-hearted folks, including my guest on today’s podcast, CEO and Executive Director Don Sumple.
On this special episode of Keen on Retirement, Don talks about his transition from a successful broadcasting and media career to running a nonprofit organization. We also explore Angel Flight’s mission and how Don views retirement. Hopefully, this conversation will give you a new perspective on how reaching out into your community can make any stage of your life more rewarding.
We’re always happy to hear from Keen on Retirement listeners! On this week’s show, we’re answering a question from Chuck in Los Angeles that we’ve also been fielding from some of our clients at Keen Wealth:
Hi Bill,
I looked through your podcasts in search of one dealing with reverse mortgages. From what I have seen in the L.A. Times, this can be an important subject for retirees. I was hoping you would consider doing a podcast on this. Apparently, a reverse mortgage can make or break a person's financial situation and/or that of a survivor depending on the several options connected with them.
So, what exactly is a reverse mortgage? What are the options that Chuck alludes to in his question? And is Magnum, P.I. giving you good advice in all those TV ads you’ve been seeing?
In my experience, the folks who have the most positive financial outcomes are often the ones who are the most engaged in the planning process.
Now, that doesn’t mean I expect my clients to become expert portfolio managers! But if you’re working with a fiduciary advisor who is paying close attention to the issues of the day, you’re likely to feel more at ease about your investment strategy and more confident about reaching your long-term financial goals. That’s why educational seminars and webinars are such an important part of the Keen Wealth mission.
And that’s why I’m excited to bring you this special Market Update webinar presented by Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, and a frequent guest on my Keen on Retirement podcast.
In his presentation, Matt touches on some topics that I know are on your mind right now, including:
- Stock market trends
- The current economic environment
- Federal reserve policy
- Volatility in Q4 of 2018 and Q1 of 2019
- Our outlook for the remainder of 2019
I really appreciate all the clients and friends of the firm who took time out of their day to attend Matt’s webinar.
Whether you want to review this presentation again or are checking it out for the first time, you can click below to watch the video, listen to the audio as a podcast, or read the transcript.
Stay tuned to Keen on Retirement for information about upcoming events!
“If something happened to me, what would happen to my family?”
I know this question is on the minds of many of the clients at Keen Wealth. It’s also the question that inspired my guest on today’s podcast, Polly Bartle Blomquist, to transition from family law to elder law and estate planning.
“After I had kids, I realized the gravity of parenting,” Polly remembers. “Really, families did not know the process by which to ensure that their families were protected, and I became passionate about that. I learned everything that I could possibly learn and then went out on my own and started practicing estate planning.”
On today’s show, Polly shares her expert tips for preserving wealth, protecting your best interests, and creating a legally durable legacy plan that will honor your last wishes.
“50% of small businesses close.”
How many times have you read some variation of this headline, or heard that number thrown around in casual conversation? You might have even used this “conventional wisdom” to talk yourself out of starting your own company. Fifty percent makes it sounds like your odds of success are on par with flipping a coin and guessing heads or tails.
But that’s the tricky thing about numbers: taken out of context, they can be deceiving.
Let’s dig into that 50% a little deeper and ask, “Why do half of small businesses close?”
According to the Small Business Administration, the number one reason, yes, is a lack of revenue.
Number two? The owner retires.
Number three? The owner sells the company.
So, two of the top three reasons that most small businesses close aren’t necessarily negative! They might even represent a lifetime of fulfilling work leading to a profitable exit for the business owner!
Recently, you might have come across some big numbers related to our economy that have you nervous about your nest egg. On today’s show, we dig into those numbers as well to separate the facts from the hype.
In March of 2009, the markets bottomed out in the aftermath of the housing crisis and bank collapses. Gigantic financial institutions teetered on bankruptcy and scrambled for government support. Millions of ordinary folks lost their homes or their jobs, and all saw their retirement savings decline in value. In the moment, it was hard to imagine how our economy would get back to normal.
And yet, 10 years later, despite some ongoing volatility, the economy is once again trending positive. On today’s show, we talk about what the bottom of the financial crisis looked like, how the markets turned around, and the lessons that are most important to you, an investor preparing for or in retirement.
There’s never a dull moment in the world of finance!
In just the past six months or so the markets have passed some amazing historical milestones. We’ve reflected on one of the true revolutions in financial services, had a couple complicated runs of volatility, and the country made it through the contentious midterm elections that were fought against the background of some major economic challenges at home and abroad.
With so many big picture topics to discuss, it’s been a while since we opened up our mailbag. So, on today’s show, we answer questions submitted by listeners that touch upon issues that many folks will have to deal with at some point during their retirement.
When Dr. Daniel Crosby was in his 20s, he had a fateful conversation with his father about what he should do for a living. Dr. Crosby’s father was a financial advisor, but young Daniel didn’t think finance was a good fit for his interests and skill set.
“I remember saying to him, ‘Dad, but I'm a people person. I like to study human behavior and you just think about math,’ Dr. Crosby says. “He laughed and said, ‘Read these books and tell me if you don't think that emotion and human behavior plays into finance.’ And there was no turning back after that.”
Today, Dr. Crosby is the chief behavioral officer at Brinker Capital. He's also a psychologist, a New York Times bestselling author, and a behavioral finance expert who really understands what's happening at the intersection of our minds and the financial markets.
On today’s show, we talked to Dr. Crosby about his latest book, “The Behavioral Investor,” and the four psychological tendencies that he has seen prevent folks from building a bigger and better nest egg.
I know that retirement is just around the corner for many of my regular listeners and readers, and for many of our clients at Keen Wealth. In fact, some of you may have started 2019 with a resolution to make this your last year of full-time work. Once you’ve decided to retire and that reality starts to sink in, the scope of this life change can be daunting.
Well, we’ve got you covered with this special episode of Keen on Retirement. I went back into past podcasts and blog posts to put together a primer on five ways you can prepare to “retire right” and smooth your transition into retirement. And for those of you that are already retired, this episode will be a nice checklist for things to review and consider along your journey in retirement.
Earlier this year, Vanguard announced the passing of founder John Bogle, one of the best investors of our time and also one of the true innovators in the financial services industry.
Bogle founded Vanguard back in 1974, and one of the very first products they offered was revolutionary: a mutual fund that tracked the S&P 500. Before Vanguard, it was nearly impossible for an individual investor to monitor and invest in the 500 top companies that the Standard and Poor’s index tracks and weights based on performance. Bogle’s fund created a new way for investors of all sizes to tap into the wealth-building power of the markets that other firms have been emulating and refining ever since.
On today’s show, we dig a little deeper into how indexing works in 2019, the differences between passive and active investing strategies, and the key things you need to know if you’re thinking about adding an index to your portfolio.
If you’ve started to receive 2018 tax info from your financial institutions and can already feel a sense of dread building, let me try to put a more positive spin on this process. At Keen Wealth, we like to remind clients that, to some extent, taxes are a problem of prosperity. Sticking with disciplined savings and investment strategies, even during volatility, could help generate wealth and security for your family in the long run. Taxes are just part of the price tag that comes with achieving that dream retirement scenario.
However, there are mistakes that you could make when you’re filing taxes that can add up to a bigger bill than necessary, especially if you miss out on a particular strategy or deduction.
On today’s show, we discuss how to avoid four common tax preparation mistakes, possible ramifications of the new tax laws, and why meeting with a fiduciary advisor shouldn’t feel like spending time in a jail cell.
At our 21st Annual Holiday Breakfast in December 2018, we presented "Forecast 2019: Anticipating Change." You can listen to Matt's presentation in this podcast, or you can watch full video of the presentation, including data slides, at KeenonRetirement.com.
At our 21st Annual Holiday Breakfast in December 2018, we presented "Forecast 2019: Anticipating Change." You can listen to Bill's introduction in this podcast, or you can watch full video of the presentation, including data slides, at KeenonRetirement.com.
The stock market has recently been acting like that old saying about the weather, “if you don’t like it today, just wait for tomorrow.”
The past few months have been very bumpy in the stock market. Down big one day, up big the next, rinse and repeat.
With this bumpiness, we thought it would be a good idea to kick off the 2019 edition of Keen on Retirement by discussing the current state of the markets, how today’s volatility compares to historical norms, and how our planning process helps clients stay on course through turbulent stretches.
‘Tis the season here at Keen Wealth!
While folks are wrapping up their holiday shopping and party plans, we’re helping clients put a bow on their 2018 finances. This time of year I’m always moved and inspired by how many of our clients are looking outside of themselves, using the assets they’ve worked so hard for to improve our community and help those in need.
On today’s show, we discuss how charitable giving factors into your year-end tax planning preparation. A little forethought and some guidance from a financial professional can help you maximize your generosity – which could make a big difference in another person’s life this holiday season. According to experts, giving could give your own health and happiness a big boost as we head into the new year.
As we discussed earlier this year, 2018 marks the 40th anniversary of the IRA and the 20th anniversary of the Roth IRA. For decades, Americans have been using these investment accounts to take control of their retirement planning and provide their families with favorable wealth building vehicles. The Roth in particular has become extremely popular thanks to its tax-free accumulation. And, as more and more seniors are working in retirement, the ability to keep making contributions for as long as you’re earning income is attractive as well.
Both the traditional and the Roth IRA have been around long enough now that many of our clients at Keen Wealth are coming to us with questions about how to bequeath these assets or provide an inheritance to their families. Inheriting assets can have a big impact on year-end tax prep, so we thought it would be a good idea to devote today’s episode to this topic. If you have inherited an IRA, or believe you may soon, you still have a few weeks to think about the following key points.
Health care was on the minds of many voters during the mid-term elections, and I suspect this will continue to be a hot-button issue. Thanks to advances in medicine, technology, and standards of living, people are living longer and more active lives. However, with increased life expectancy comes higher health care costs and higher insurance premiums that you’ll have to account for longer into your retirement – especially if you’re a woman. Nevertheless, most of us are going to reach a point where we just cannot take care of our basic needs without a little additional help.
On today’s show, we’re giving our listeners an important overview of long-term care: who needs it, for how long, what Medicare does and doesn’t cover, and how to make sure your financial plan keeps you safe and comfortable throughout the later stages of your retirement.
“Are we going to be OK?”
I know some folks are asking themselves and their fiduciary advisors that question after a turbulent month for the markets. We’ve discussed both current and historical reasons for October’s volatility – which again, I have to stress, was perfectly normal and no cause for panic. But I understand that technical and theoretical analysis are cold comfort right now if you’re retired and depending on your investments to support you for the rest of your life.
So on today’s show, we’re going to move from the high-level view of the economy down to the trenches here at Keen Wealth. These are the strategies we use for both our working and retired clients during volatile times.
Last week I tried to provide some calm perspective on the recent fluctuations in the markets. Again, in summary: the corrections we’re experiencing right now are perfectly normal, and not nearly as scary as some of the headlines would have you believe.
One of the main factors that’s contributing to this volatile October is the pace and expected duration of the Federal Reserve’s current rising interest rate cycle. As you probably read, President Trump wasn’t very happy with the Fed, and a lot of folks on Wall Street weren’t either. So why the rate increase? If our economy is on track for yet another positive year, why did the Fed make an adjustment that tends to spook investors and slow things down?
On today’s show, we’re following up on last week’s news to break down how changing interest rates affect the economy and various investment vehicles. Hopefully this discussion will help folks understand what the Fed’s move really says about where the US economy is as 2018 draws to a close.
As much as we caution investors against making knee-jerk reactions to the news, your investments and your long-term planning don’t exist in a vacuum either. That’s why when I attend conferences like the Barron's Top Independent Advisors Summit or the Schwab Impact Conference, I like to come back with a report that I think will be beneficial to my clients and listeners. It’s just another way that we at Keen Wealth try to give the folks we work with a comprehensive financial-planning experience.
Matt Wilson and I recently travelled to Washington, D.C. for a series of briefings organized by my friends at CEO Coaching International. And yes, on the one hand, it seems like the tumult in Washington and the coming midterm elections could have serious implications for things like tax planning, estate planning, and even health care. But I also came away from these discussions feeling a bit more hopeful about our country’s politics than I have in quite some time, and I remain bullish on our economic outlook for the rest of the year.
On today’s show, I invited CEO Coaching International’s Chris Larkins to give his own perspective on what we learned in D.C. In addition to being a successful entrepreneur and CEO coach, Chris has a comprehensive political background. His expertise helps us cut through the noise that’s been clogging our TVs and social media streams and delivers solid, practical insights on the state of our politics and economy.
I suspect that a month or two from now, your inbox and social media feeds will be full of year-end tax-planning checklists and advice articles. But one of our mantras at Keen Wealth is, “get out ahead of issues as early as we can.” So on today’s show, we help our listeners get a jump on year-end tax planning. If you put off addressing these important items, you’re not just wasting time. You could be losing money.
The US economy has experienced some incredible gains over the last 40 years. Our GDP (the size of our economy) has tripled. The S&P 500, when you include reinvested dividends, has risen more than 9,000%. Since the 1980s, average household income in the U.S. has risen by one-third after inflation.
Couple all that tremendous economic growth with the huge advancements we’ve made in health care and technology, and it goes without saying that people are much, much happier today than they were a few decades ago. Right?
Wrong!
According to many surveys and studies, the overall happiness of people in the US has flatlined even as we’ve seen so much improvement in our standard of living and quality of life. The level of financial satisfaction people report has actually dipped a bit, despite the stock market’s long-term upward trajectory.
To be sure, media scare tactics and the 24/7 financial news cycle keep folks more on edge about their money than they need to be. But the data also shows that increased return on investment, in and of itself, doesn’t make people happier or their lives more fulfilling.
On today’s show, we discuss a new way to think about what your money is really for: improving Return on Life. We also debut a brand-new assessment tool on our homepage, the ROL Index, that you can take. Give it a try – I think the results are going to surprise you!
The number one question we get from clients and friends at Keen Wealth is, “How much money do I need to retire?” But that’s not the question we help our clients answer when we’re working on their financial plans. Contrary to all the late-night TV and internet ads, there’s not some magic number to hit, no secret formula for combined savings, assets and investments that’s going to guarantee a secure retirement.
So, on today’s show, we work through our preferred version of our most common question, which is: “How much do you need to live on in retirement?” We also apply this question and our checklist-driven process to one listener’s scenario for an insightful example of what having enough to live on in retirement can look like.
“I know I should probably make a will, but I’m not going to be around, so really, what do I care?”
Sound familiar?
Way too many folks hear this voice in their head whenever the subject of estate planning comes up. They don’t realize that an estate plan isn’t just a matter of deciding who gets what once we’ve passed. Most of us are going to need help handling our affairs at some point in our lives, whether due to the realities of old age or a serious incapacitation. Your estate plan protects your assets and your wishes in the event that you aren’t able to speak for yourself anymore. It can offer you safety and peace of mind now, and a blueprint for a lasting legacy once you’re gone.
On today’s show, we discuss the essential steps everyone needs to take to create an estate plan, and how your estate fits in with your big picture financial planning as well.
My Keen Wealth team can help you make well-informed decisions for your retirement. We can help you figure out how much to save and invest. We can help you figure out an annual withdrawal rate that will keep you happy and active without breaking the bank. We can put you in touch with the right tax and health care pros. We can help get your estate in order. Heck, we’ll even sit down with your children and explain to them the importance of starting their own financial plans as early as possible.
But the sad truth is this: even if your financial planning is perfect, if a cybercrook scams you out of your identity, or your nest egg, it could compromise your entire retirement.
We’ve talked quite a bit about cybersecurity lately as big breaches like Equifax or malware like WannaCry have been in the news. But on today’s show I’m bringing in the big guns: retired FBI Special Agent Jeff Lanza. In his 20-year career, Jeff investigated cybercrime, fraud, organized crime, human trafficking, and terrorism. He’s also a popular public speaker, media consultant, and author of a recently released book titled Cybercrime: How to Stay Safe from Online Fraud and Identity Theft.
At our 2017 Holiday Breakfast, Matt Wilson and I gave a presentation to our clients, families, and friends that analyzed the state of the economy at the end of a record year and attempted some predictions for where we could be headed in 2018.
So, halfway through the year, how’d we do?
At the risk of jinxing it, I’d say pretty good!
My Keen Wealth team expected some market volatility heading into the new year, but we felt that solid economic growth would help prevent a major downturn. And that’s pretty much where we’re sitting in July of 2018, although the current flat markets and our ongoing political dramas do have some investors nervous.
On today’s show, we talk about what happened in the first six months of the year and try to anticipate how those events and trends might be setting us up for the second half of 2018.
When people ask, “How’s the market doing?” the response is typically based on how the Dow Jones Industrial Average is doing (Dow for short). The Dow has been around since the late 1800s, so it has a long history of measuring how the US stock market has performed.
Despite its popularity and longevity, the Dow has some quirks that make it not necessarily the best way to measure how the overall US stock market is performing.
Recently, the powers that be decided to drop an iconic company that had been in the index off and on for more than 100 years. General Electric was one of the original companies in the index back in 1896 and has been continuously in the index since 1907. But not anymore.
One of my core philosophies is that a successful investment strategy depends on viewing our economy through a very wide lens. And just as the Dow is bigger than GE, our economy is much bigger than just the Dow, or the S&P 500, or whatever other number the media is talking about on cable news.
On today's show, we turn that wide lens on GE and the Dow to discuss what these popular market indicators really mean and answer the big questions we've been fielding from clients at Keen Wealth.
“Is the US Going Broke?”
"Social Security's Coming Crisis”
"The Economy's High Blood Pressure”
"Exploding Federal Debt: Why So Dangerous?”
"Joblessness is Here to Stay.”
I know I’m not the only one who’s seen headlines like these in my social media and news feeds lately. And as worrisome as these hot takes sound, what’s even more concerning to my team at Keen Wealth is how they can scare investors into making mistakes that can ruin their financial planning.
On today’s show, we discuss how to keep media scare tactics out of your head, out of your decision-making, and out of your portfolio.
Recently I took an amazing flight with my son, Devin, to St. George, Utah, near the Grand Canyon. Devin is a certified private pilot studying for his instrument rating, so it was a big help to have someone with his skill and knowledge in the copilot seat helping with navigation, communications with air traffic control, and helping to perform crosschecks – all of which make for a safe flight.
We cruised above the Rocky Mountains at 17,000 feet, and at that altitude, you have to pay special attention to your oxygen levels. We kept our pulse oximeters on for most of the trip, which isn’t a technical requirement. But I always do my absolute best when it comes to getting out ahead of any potential issues that could occur over the course of a flight. (PICTURE)
As we proceeded on our IFR flight plan, monitoring our O2 levels, overall systems and weather conditions, it got me thinking about some issues we’ve helped friends and clients get ahead of recently on the ground at Keen Wealth. So on today’s show, we talk about my big flight, and also about some common financial mistakes you can avoid with a little safety prep of your own.
Graduation season always brings to my mind one important subject schools don’t usually cover: financial education. We parents have to take it upon ourselves to teach this important “class” at home. And the younger your kids are when you start these lessons, the more likely they are to take seed and create lasting, positive financial habits.
On today’s show, we talk about how to introduce your young children to saving and investing, some important planning tips for young adults just entering the workforce, and how to involve your grown children in your estate planning.
2017 was a big year for internet hacks, with WannaCry, Petya, and the Equifax breach causing online headaches for people around the globe.
Nothing quite that widespread or dramatic has rocked the internet so far this year, but that doesn’t mean we can all start relaxing about cybersecurity. In fact, some of the scams that are making the rounds right now mix online and offline tricks to try to capture your most important information. I received one in my own home mailbox recently!
More often than not, the milestones we look back on in the financial services industry are negative in nature: Black Monday in 1987, the dot com bubble burst around 2000, the collapse of Lehman Brothers in 2008, The Great Recession of 2007 – 2009, the Flash Crash of 2010. Even as we remember how these events made life incredibly difficult for a lot of folks in the moment, the economic lessons we learn tend to trend positive: time and time again, our resilient economy and continues its long-term upward trajectory.
But the milestone we’re going to discuss today is unique because there aren’t many negative things to say about the Roth IRA, which this year turns 20. After two decades, the Roth IRA is still one of the best investment and retirement vehicles available to most folks of any age. That’s because it has some features that set it apart from traditional IRAs and other investment products.
The difference between the fiduciary and suitability standards is such a popular topic on “Keen on Retirement” because it’s such an important distinction. If you’ve never worked with a financial professional before, then you need to be crystal clear about the terms of your arrangement, the means by which the professional is compensated, and how committed both parties are to realizing your dream retirement scenario.
If you’re still a little fuzzy on fiduciary vs. suitability, I think today’s episode is going to provide some real eye-opening clarity. With a little help from an expert guest, we’re going to talk through an example of the fiduciary standard in action right here at Keen Wealth headquarters.
When we open up the mailbag at Keen on Retirement we usually try to answer as many of the thoughtful questions our listeners send us as time allows.
But this week is different.
On today’s show, we tackle one big retirement question from a listener with a lot on his mind. Retirement is nearing for both him and his wife. Decisions have to be made about portfolio rebalancing, withdrawal rates, and legacy planning. The breadth of issues and wealth of options are intimidating, and worse, this listener isn’t sure who to trust with these important questions.
By the end of February, your financial institutions should have sent you all your relevant tax documents for 2017, like earning statements on your investment accounts, interest earned on savings, etc. If you’re missing anything important, you might want to get in touch with those institutions and make sure the info you need is on its way.
This tax season is a bit unique because many people are wondering how the laws passed at the end of last year are going to affect their tax picture and their long-term financial planning. Remember: as we discussed in a previous podcast, the vast majority of folks aren’t going to be affected by the new tax laws until filing their taxes in 2019 for 2018.
But on today’s show, we’re going tackle some other tax questions from listeners and Keen Wealth clients to help you get ready for this April.