Retirement Revealed: Recent Episodes
Jeremy Keil
In The Retirement Revealed Podcast, join Jeremy Keil, CFP®, CFA as he helps you turn your investments into consistent retirement income. Listen in as Jeremy and his guests guide you towards making smarter retirement, investment, and tax planning decisions and discover how you can assemble all the pieces of your retirement puzzle in a way that’s right for you. For important disclosures, see www.keilfp.com
t automatically the best strategy under the 10-year rule, and how qualified charitable distributions may be available from inherited IRAs for eligible account owners.For disclosures and conflicts visit keilfp.com/disclosures.
re approaching retirement or helping a spouse make these important decisions, this conversation offers practical guidance to help you coordinate your retirement plan and make more informed Social Security choices.For disclosures and conflicts visit keilfp.com/disclosures.
s about creating the flexibility to enjoy it.For disclosures and conflicts visit keilfp.com/disclosures.
s learned since beginning the decumulation phase of his own financial life.For disclosures and conflicts visit keilfp.com/disclosures.
Jeremy Keil explains how putting your cash in the wrong spot could prevent you from earning thousands in interest during your retirement.
Many retirees spend a lot of time thinking about how to get better returns on their investments.
But very few spend time thinking about the return on their cash.
That’s a problem.
Because for many retirees, cash isn’t a small side account. It can be a meaningful portion of their overall financial picture—and if it’s sitting in the wrong place, it may be quietly costing thousands of dollars each year.
The average new retiree may have around $100,000 sitting in bank accounts, often earning around 0.4%, while higher-yield options closer to 3%+ are available.
That difference can mean roughly $3,000 per year in missed interest.
And it happens more often than you might think.
Why Cash Gets IgnoredThere are a few common reasons retirees leave cash sitting in low-interest accounts.
First, it’s easy.
Many people have used the same bank for years. There’s a sense of familiarity and convenience. Moving money feels like work.
Second, there’s a perception of safety.
Cash in a local bank feels secure. And while safety is important, many retirees don’t realize that other options—like high-yield savings accounts—can offer similar protections when properly insured.
Third, there’s inertia.
Cash tends to become an afterthought. Investors focus on stocks, bonds, and market performance, while cash quietly sits in the background.
But ignoring cash doesn’t make it harmless.
In some cases, doing nothing is actually the riskier move.
What Retirees Actually Want from CashWhen I ask retirees what they want from their cash, the answers are surprisingly consistent.
They want it to be:
- Available
- Safe
- Easy
Those are reasonable goals.
But what if you can achieve all three and earn more interest at the same time?
The idea that higher interest automatically means higher risk isn’t always true—especially when comparing FDIC-insured accounts or certain money market options.
Rethinking “Just in Case”One of the most common reasons people hold large amounts of cash is “just in case.”
That makes sense.
But it’s worth examining how often that “just in case” actually happens.
According to the Center for Retirement Research at Boston College, about 10% of annual expenses tend to be unexpected—things like medical costs, home repairs, or other surprises.
That’s exactly why cash matters.
But it also raises a question:
If you’re holding significantly more than what you typically need for unexpected expenses, could some of that money be working harder for you in the meantime?
Cash doesn’t have to sit idle to be available.
The Real Risk of Doing NothingThere’s a common belief that staying put is the conservative choice.
But that’s not always true.
I once met with an investor who described herself as conservative, but in reality, she was heavily exposed to stock market risk without realizing it.
She didn’t want to make a change to her investment strategy because she’d been doing it the same way for so long, the change felt risky.
When her investments tanked by 90% later on, the desire to “conservatively” keep things the same ended up being the very reason why her losses were so dramatic.
The lesson applies to cash as well.
Sometimes, not making a change feels safe—but it can lead to outcomes that are far from conservative.
If your cash is earning near-zero returns while inflation is around 3%, you’re effectively losing purchasing power each year.
That’s a quiet risk, but a real one.
Simple Ways to Improve Your Cash StrategyImproving your cash return doesn’t require a complex overhaul.
There are a few straightforward places to start:
- High-yield savings accountsOften available online, these can offer significantly higher interest rates than traditional banks. Sources to find these accounts include Bankrate.com and DepositAccounts.com.
- MaxMyInterest.comI recently was joined by Gary Zimmerman, president of MaxMyInterest, on the “Retire Today” podcast–make sure you listen to that episode to learn more about how this system works as a cash growth strategy.
- Money market funds in brokerage accountsMany brokerage accounts offer options that pay higher interest—but the default cash setting may not.
Cash Is a Tool, Not an AfterthoughtCash plays an important role in retirement.
It provides stability. It covers short-term needs. It gives you confidence that money will be there when you need it.
But cash should be treated as a tool, not an afterthought.
Used well, it supports your income plan and helps you stay flexible.
Ignored, it can quietly drag down your overall financial picture.
If you haven’t reviewed where your cash is sitting lately, now might be a good time.
Because sometimes the easiest improvement in your retirement plan isn’t found in the stock market.
It’s sitting in your savings account.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- “How Much Are Emergency Expenses for Retirees and Are They Prepared?” – Center for Retirement Research at Boston College
- “Here’s How to Earn a Fistful of Interest on Your Cash in 2026” – Jeremy Keil, Kiplinger.com
- “Growing Your Cash as a Retirement Asset with Gary Zimmerman” – Retire Today Podcast on the Mr. Retirement YouTube channel
- “The average amount in U.S. savings accounts–how does your cash stack up?” – Bankrate.com
- Compare high yield savings account options: Bankrate.com, DepositAccounts.com
- MaxMyInterest.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Author Ethan Lohr shares how the four buckets retirement income strategy helps retirees behavior-proof their retirement.
Many retirees face one similar problem that they struggle to name: the emotional shift from saving money to spending it. Retirement typically means going from “decades of saving to decades of retirement where you’re spending,” and that transition creates real anxiety for people who want their money to last.
Ethan Lohr’s answer is not just a better spreadsheet. It’s a “behavior-proof approach to reliable retirement income,” designed to help retirees make sound decisions even when fear, uncertainty, or market volatility show up.
Retirement isn’t just a financial transition. It’s a psychological one.
That mindset shift—from accumulation to distribution—creates anxiety for many retirees.
So while the biggest risk retirees often fear is a market drop, oftentimes the greater risk is a struggle to change your behavior.
The Real Risk in RetirementMarkets fall. Headlines scream. Fear creeps in.
Suddenly people make decisions they wouldn’t normally make—selling investments, abandoning a plan, or withdrawing too little money because they’re afraid to spend.
That’s why Ethan calls his framework a “behavior-proof approach to reliable retirement income.”
The goal isn’t just building a portfolio that works mathematically.
The goal is building a system that still works when emotions show up.
Because they always do.
The Four Buckets of Retirement IncomeTo help retirees think through their income strategy, Ethan uses a four-bucket framework.
Most people are familiar with the idea of dividing money by time horizon. But Ethan’s approach focuses more on the source of income rather than just the timing.
The four buckets include:
1. Cash ReservesShort-term funds designed to cover near-term spending and provide stability during market fluctuations.
2. Earned IncomeSome retirees continue to work part-time, consult, or pursue a business venture. This income can reduce pressure on investment withdrawals.
3. Secure IncomeReliable income streams such as Social Security, pensions, or annuity payments.
Ethan makes an interesting observation about this category. Many people say they dislike annuities, yet they happily accept Social Security each month.
“Virtually every American has an annuity right now called Social Security,” he noted.
4. Growth and Legacy InvestmentsLong-term investments designed for growth, flexibility, and potentially leaving assets to heirs.
The goal isn’t to split assets evenly among these buckets. Instead, the framework helps retirees understand where their income will come from and whether their plan aligns with their comfort level.
Why Frameworks MatterOne of the most helpful parts of Ethan’s approach is that it provides structure.
Without structure, retirement decisions can feel overwhelming. Every market move, every headline, every conversation with a friend can trigger doubt.
A framework helps retirees answer a simple question:
Where is my income coming from?
Once that question is clear, the rest of the planning process becomes easier.
The Spending GapAnother interesting challenge Ethan discussed is what advisors often call the retirement spending gap.
When retirees are surveyed, most say they want their money to help them live the life they want.
But when you look at their actual withdrawals, many spend far less than they could comfortably afford.
They say they want to enjoy retirement.
But their behavior suggests they’re afraid to.
Ethan describes the solution as helping retirees “live fully.”
In other words, the goal of retirement planning isn’t just preserving wealth.
It’s helping people feel confident enough to actually use it.
Retirement Is About More Than MathRetirement planning often focuses on investment returns, withdrawal rates, and tax strategies.
Those are important.
But they aren’t the whole story.
Retirement also involves psychology, identity, and the emotional shift from saving to spending.
A plan that only works on paper isn’t enough.
The best retirement plans are designed to work with human behavior—not against it.
That’s what makes them truly durable.
And that’s what makes them behavior-proof.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Lohr & Company
- The Four Buckets
- “The Four Buckets: A Behavior-Proof Approach to Reliable Retirement Income” by Ethan Lohr
- Ethan Lohr on LinkedIn
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains 3 smart ways to help your kids with money while avoiding IRS paperwork
Early in the year, I received an email from a couple asking a question I hear all the time:
“What’s the maximum we can give our kids?”
That question usually shows up in December. Parents are trying to get a last-minute gift in before the year ends, and the conversation quickly becomes about tax limits.
But that’s the wrong starting point.
If you’re thinking about giving money to your kids, the first question shouldn’t be “How much can I give?”
The better question is “What problem am I trying to solve?”
Many financial mistakes don’t come from bad intentions. They come from rushed decisions. And when it comes to family money, rushed decisions can create tax surprises—or even family tension.
If 2026 is the year you’re considering helping your kids financially, the smartest move is to think it through early.
Why Giving Money Isn’t Always the SolutionFinancial gifts don’t always produce the results we hope for.
In fact, research highlighted in The Millionaire Next Door suggests that frequent financial gifts can sometimes create the opposite of what parents want. Instead of building independence, they can unintentionally create dependency.
That doesn’t mean giving money is wrong.
It simply means the purpose behind the gift matters.
Once you understand the purpose, the decision becomes much clearer.
Over the years, I’ve noticed that most thoughtful financial gifts fall into three categories.
1. TimingSometimes parents simply want their children to enjoy the money earlier.
Many retirees know they’ll likely leave assets to their children someday. Instead of waiting until inheritance years down the road, they prefer to give some of that money earlier in life.
When kids are in their 30s or 40s, the financial impact of extra money can be significant. It may help them buy a home, invest earlier, or reduce financial stress during busy family years.
There’s also something meaningful about watching your kids benefit from the gift while you’re still around to see it.
Some people call this “giving with a warm hand instead of a cold hand.”
2. ReliefSometimes money can relieve a specific burden.
Maybe a child is changing careers and needs additional training. Maybe there’s a medical situation that insurance doesn’t fully cover. Maybe they’re dealing with a difficult life transition and just need a little financial breathing room.
In those situations, the goal isn’t simply giving money.
The goal is removing a barrier so your child can move forward.
That’s a very different type of gift than simply writing a check because it’s December and the tax calendar says you can.
3. ExperienceThe third category is the one I see most often.
Parents want to create experiences with their kids and grandkids.
That might mean taking the entire family on a trip. Renting a large vacation home for a week together. Booking a cruise where everyone can spend time together.
These moments often become some of the most meaningful uses of money in retirement.
You’re not just transferring wealth.
You’re creating memories.
The Tax Rules (Yes, They Matter)Of course, taxes still play a role.
For 2026, the annual gift tax exclusion allows you to give $19,000 per person per year without triggering any IRS reporting requirements.
But remember: the tax impact often comes before the gift happens.
If the money comes from a traditional IRA withdrawal, that withdrawal is taxable income. If it comes from selling appreciated investments, capital gains taxes may apply.
In other words, giving $57,000 to three kids might require withdrawing significantly more money depending on where those funds come from.
That’s why focusing only on the IRS limit can miss the bigger financial picture.
Share the “Why”Here’s one final idea I encourage families to consider.
When you give money, share the reason behind it.
Explain why you’re making the gift.
Is it about helping them move forward in life?
Is it about reducing stress during a tough moment?
Is it about creating family memories?
When children understand the meaning behind the money, they’re far more likely to appreciate the intention behind the gift.
And often, that meaning is far more valuable than the dollars themselves.
Start the Conversation EarlyIf you’re considering helping your kids financially this year, don’t wait until December.
Start the conversation now.
Ask yourself what you’re really trying to accomplish.
Because when giving money aligns with your intentions—not just tax rules—it can strengthen families, create meaningful experiences, and turn financial gifts into something much more valuable.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Read Jeremy’s article in Kiplinger magazine: “How to Give Your Kids Cash Gifts Without Triggering IRS Paperwork”
- What is the IRS Gift Tax Limit for 2026? – Mr. Retirement YouTube Channel – https://youtu.be/nGeT9SUd3qI
- Should You Give Away Your Money in Retirement? – Retire Today Episode 270
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
The retirement mindset mentor George Jerjian explains how a second chance at life inspires him to help coach people into retirement.
When George Jerjian was 52 years old, he was diagnosed with a bone tumor and given six months to live.
For three weeks, he believed that was it.
Then he was told he belonged to what he calls “the 2% club.” The cancer hadn’t spread. He would live.
That experience didn’t just save his life. It reframed it.
“Too often we just drift,” George said. “Even in retirement, we drift.”
That word — drift — captures something many retirees feel but rarely articulate.
For decades, retirement is the goal. You save. You invest. You plan. You finally reach the day when work stops.
But then what?
The Retirement MirageGeorge calls it the “retirement mirage.”
Culturally, we’ve been sold an image: golf, travel, grandchildren, freedom from responsibility. And for a season, those things can be wonderful.
But George challenges that assumption directly:
“If you retire at 65, you could last till 90 and beyond these days… but what people don’t realize is that no matter how much money they’ve saved, longevity has kind of wrecked the retirement equation.”
Retirement used to be short. Now it can last 20, 25, even 30 years.
That’s not a vacation. That’s a life stage.
In the Retire Today framework, we talk about SPEND, MAKE, KEEP, INVEST, and LEAVE. But underneath all five steps is identity. Who are you when the title on your business card disappears?
George put his experience plainly:
“When you retire, who am I now? I’m a nobody. I’m useless.”
That identity vacuum is where drifting begins.
From Bucket List to PurposeGeorge doesn’t dismiss the bucket list. He just reframes it.
“Don’t delay that. Get on to that. Do the stuff you want to do. Because once you’re satiated, you’ll start looking for something more meaningful to do.”
Travel. Play golf. Visit family. Do the things you’ve postponed.
But don’t confuse activity with purpose.
Retirement, he argues, is a rite of passage. A hero’s journey.
He references Joseph Campbell’s idea that “the cave you fear to enter holds the treasure you seek.” In other words, the discomfort you avoid may contain the growth you need.
That’s why one of the first exercises George gives clients is confronting mortality:
“On your deathbed, what is it you haven’t yet done that you always wanted to do?”
It’s uncomfortable. But clarity often lives on the other side of discomfort.
The D.A.R.E. MethodTo guide retirees through this transition, George created the D.A.R.E. method:
Discover – Understand what retirement truly is (and what it isn’t).
Assimilate – Learn how your mind works. Shift from a fixed mindset (“I can’t do this”) to a growth mindset (“I can’t do this yet”).
Rewire – Build new habits through repetition. The subconscious mind thrives on stability and patterns.
Expand – Step into growth rather than contraction.
That last one is particularly interesting.
Traditionally, retirement advice has focused on shrinking. Reduce risk. Cut expenses. Preserve capital. Prepare for decline.
George pushes back:
“With 20 years to go, this is not the time to settle in safe investments… your life has to match your investments.”
He isn’t dismissing prudent planning. But he is challenging the mindset of slow fade.
Retirement, in his view, is not about “drifting into oblivion.” It’s about repurposing.
Joy vs. HappinessAnother distinction George made is between happiness and joy.
“Happiness is ephemeral… it comes and goes. But joy is something you can still have even if you’re going through challenging times.”
Retirement won’t remove hardship. Health issues, family stress, and loss still occur.
But joy — rooted in gratitude and meaning — can persist.
“If you’re not thankful, you’re not thinking,” he said, connecting gratitude to awareness.
Gratitude expands possibility. Resentment contracts it.
From Retirement to RepurposePerhaps the most powerful shift in the conversation came near the end:
Move from the retirement mirage → to retirement meaning → to retirement repurpose.
Financial planning gives you options. But mindset determines whether you use them well.
You can save diligently and still drift. Or you can treat retirement as what it truly is: not an ending, but a new beginning.
And that beginning requires courage.
Because if you don’t choose who you’ll become in retirement, drift may choose for you.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- GeorgeJerjian.com
- George Jerjian on LinkedIn
- George Jerjian on Facebook
George Jerjian on Instagram - George Jerjian on Twitter/X
- George Jerjian on YouTube
- Books by George Jerjian
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains the 5 RMD (Required Minimum Distribution) mistakes in Retirement and how to avoid them.
A retiree recently called for help.
It was their first year taking Required Minimum Distributions. They had delayed their first RMD until April of the following year — which meant taking two distributions in one tax year. That part was allowed. In some cases, it can even be strategic.
But when they called their IRA custodian and asked, “How much should I withhold for taxes?” they were given the default answer: 10% federal withholding.
They assumed that must be right.
It wasn’t.
They ended up short on taxes by more than $10,000 — and owed penalties on top of that.
That situation wasn’t caused by breaking a rule.
It was caused by following the rule without a plan.
And that’s where most RMD mistakes begin.
I recently wrote an article for Kiplinger magazine titled “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” and for this week’s episode of the “Retire Today” podcast I decided to talk through each of these mistakes in detail.
Mistake #1: Waiting Until Age 73 to Create a PlanTurning 73 is not a strategy.
If you wait until the government forces your first RMD to think about it, you’ve already missed years of opportunity. The window between retirement and RMD age is often the most flexible tax-planning period of your life.
In those years, you may have:
- Lower earned income
- No required withdrawals yet
- Control over when and how you take distributions
That’s prime territory for intentional tax planning. Once RMDs begin, you’ve lost some flexibility.
In the KEEP step of the Retirement Master Plan, tax timing matters. RMDs don’t happen in isolation. They interact with Social Security, pensions, and brokerage income. Planning ahead—sometimes a decade ahead—can dramatically change the long-term outcome.
Mistake #2: Failing to Make Use of Qualified Charitable Distributions (QCDs)This one surprises me every year.
RMDs currently begin at age 73 (moving to 75 for those born in 1960 or later). But Qualified Charitable Distributions still start at 70½.
That means you can send money directly from your IRA to a charity before RMDs even begin.
Why does that matter?
Because a QCD:
- Reduces your IRA balance (lowering future RMDs)
- Keeps the distribution out of your taxable income
- May help limit Social Security taxation
- May help reduce Medicare premium surcharges
Many retirees continue writing checks to charities from their checking account, hoping for a deduction. With today’s larger standard deduction, many people don’t itemize at all.
Going directly from IRA to charity is often more tax-efficient—and sometimes dramatically so.
If charitable giving is already part of your plan, the tax strategy should be part of it too.
Mistake #3: Doing the Wrong Tax WithholdingWhen retirees call their custodian to take their RMD, they’re often asked:
“How much would you like withheld for taxes?”
The default federal withholding is often 10% for IRAs and 20% for 401(k)s. Many people assume, “That must be right.”
It often isn’t.
I recently saw a retiree who delayed their first RMD until April of the following year—which meant taking two distributions in one year. They defaulted to 10% withholding.
They ended up underpaying taxes by more than $10,000 and owed penalties.
The custodian can’t provide tax planning. That’s not their role.
Before taking an RMD, you need to project:
- What tax bracket you’ll land in
- Whether additional withholding is necessary
- How this affects your overall estimated payments
Again, this falls under the KEEP step. Don’t let the default settings dictate your tax bill.
Mistake #4: Not Realizing How Your RMD Income Affects the Rest of Your Tax ReturnRMDs don’t just increase taxable income.
They can:
- Make more of your Social Security taxable
- Push capital gains from 0% into taxable territory
- Trigger Medicare IRMAA surcharges
Many retirees focus only on their marginal bracket. But the real issue is tax cost, not tax bracket.
An extra $20,000 RMD might not just be taxed at 22%. It could cascade into additional taxation elsewhere.
That’s why projections matter. You don’t want to discover these ripple effects after the fact.
Mistake #5: Forgetting That the M in RMD means ‘Minimum,’ not ‘Maximum’The M in RMD stands for minimum.
It does not mean that’s the only amount you’re allowed to withdraw.
You can:
- Withdraw more than your RMD
- Complete Roth conversions after satisfying the RMD
- Send more than your RMD amount to charity (subject to QCD limits)
Sometimes taking more than the minimum makes sense—especially if it smooths taxes over multiple years.
RMDs are a rule. They are not a retirement strategy.
The Bigger LessonRMDs are not just a government requirement. They are a planning opportunity—or a planning hazard.
They affect your income plan (MAKE), your spending plan (SPEND), your tax strategy (KEEP), and even what you ultimately LEAVE behind.
The biggest mistake isn’t misunderstanding a rule.
It’s treating RMDs as an isolated event instead of part of a coordinated retirement master plan.
Because in retirement, small tax decisions compound just like investment returns may do.
And when handled intentionally, RMDs don’t have to derail anything at all.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
– Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
– “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” by Jeremy Keil, Kiplinger Magazine – https://www.kiplinger.com/retirement/required-minimum-distributions-rmds/rmd-mistakes-that-even-seasoned-retirees-can-make
– Create Your Retirement Master Plan in 5 Simple Steps – 5StepRetirementPlan.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Nate Miles joins Jeremy Keil to discuss how the Allspring retirement research reveals trends of concern among retirees and the options they have to address them.
Mike and Susan did what many couples do. They saved diligently. They crossed the $1 million mark before retirement. They felt prepared.
But when it came time to make actual retirement decisions—when to claim Social Security, how to withdraw from their accounts, how to manage taxes—they realized something uncomfortable:
They had spent decades saving… but very little time learning how to retire.
This example speaks directly to what this year’s Allspring Retirement Study uncovered.
As Nate Miles shared on the “Retire Today” podcast, this wasn’t a small or struggling population. Participants were 50+ with at least $200,000 in investable assets. A third of retirees surveyed had $1 million or more.
Yet only six out of ten retirees said they feel financially secure.
That gap between assets and confidence tells us something important: retirement success isn’t just about how much you’ve accumulated. It’s about how well you transition into distribution.
The Social Security MistakeOne of the most striking findings involved Social Security.
Nate explained:
“One third of our respondents claimed Social Security at 62 years old… because they believed the value or the benefit of waiting was not worth it. Yet they underestimated the value of waiting by 50%.”
Many respondents assumed the benefit grew at 4% per year when delayed. In reality, for most people, it grows closer to 8% annually between full retirement age and 70.
That misunderstanding alone can permanently reduce lifetime income.
In the MAKE step of the 5 Step Retirement Master Plan, Social Security is foundational. For many retirees, it represents 30–40% of their guaranteed income. Optimizing that decision isn’t optional—it’s essential.
And yet, education around it is surprisingly thin.
As Nate pointed out, there are “560-something permutations” of Social Security claiming strategies. It’s ubiquitous, but complicated. And too often, people default to the earliest date simply because it feels tangible.
The Tax Blind SpotThe second major theme of the study? Taxes.
Only about 20% of retirees reported using a tax-efficient withdrawal strategy.
Think about that. After decades of saving in multiple account types—traditional IRAs, Roth IRAs, brokerage accounts—most retirees are simply withdrawing from wherever feels convenient.
Nate put it plainly:
“Taxes matter for everyone, not just the high net worth crowd.”
In the KEEP step of retirement planning, how you withdraw can meaningfully impact how long your money lasts. Choosing between Roth and traditional dollars. Managing capital gains. Coordinating withdrawals with Social Security timing.
These aren’t abstract academic exercises. They are practical levers that affect real income.
Yet as Nate observed, most people spent 40 years having taxes withheld automatically from paychecks. They paid taxes—but they never actively managed them. Retirement flips that script completely.
Now you must choose.
The Psychological Shift No One Talks AboutNate shared that many retirees are comfortable spending above their retirement number—until their account dips below it. The moment it falls beneath that original balance, panic sets in.
Even if the plan accounts for drawdown.
Even if it’s sustainable.
Even if it’s expected.
That’s what I call the “accumulation paradox.” Economists assume you’ll build your assets and gradually spend them down toward zero. Real people assume the number should stay intact forever.
But retirement isn’t about preserving a scoreboard. It’s about funding a life.
This is where the SPEND step meets the INVEST step. You saved to use the money. And yes, at some point, your balance may begin to decline. That’s not failure. That’s function.
Advice Still MattersOne of Nate’s most memorable lines was this:
“Monte Carlo gets 10,000 cracks at retirement. You and I get one.”
We don’t get multiple trial runs. We get one real-life retirement. That’s why quality advice matters.
The study suggests people with pensions are more likely to use annuities. People with advice are more likely to use tax strategies. And people who understand their income sources are more confident.
Retirement is no longer just accumulation. It’s design.
And design requires intention.
If you’re within five years of retirement—or already there—ask yourself:
- Have I optimized my Social Security?
- Am I intentionally managing taxes?
- Do I have a clear income floor?
- Am I emotionally prepared to draw down assets?
Because as this year’s research shows, even million-dollar portfolios can feel uncertain without a plan.
Retirement isn’t about guessing well.
It’s about designing well.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Allspring 2026 Retirement Study: By Default or By Design?
- Nate Miles, Allspring Global Investments
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil examines how tax law changes might affect Roth conversion strategies for retirees in 2026.
A few years ago, Roth conversions felt like one of those rare financial strategies that was almost too obvious to ignore. Taxes were historically low. The Tax Cuts and Jobs Act had put a clear expiration date on those lower brackets. And for many retirees, the logic seemed airtight: pay taxes now at a lower rate so you don’t pay more later.
Fast forward to today, and that certainty just isn’t the same.
With new tax legislation making today’s lower tax brackets permanent—at least for now—many retirees are asking a very different question: Are Roth conversions still worth it in 2026 and beyond?
The short answer is yes. But not for the reasons many people think.
The real problem isn’t Roth conversions themselves. The problem is the assumptions people make about them.
Roth conversions exploded in popularity when it appeared obvious that taxes were about to rise. The assumption was straightforward: convert while rates are low, avoid higher taxes later, and you’ll come out ahead.
But that assumption rested on two ideas that don’t always hold up:
- That tax rates would definitely rise.
- That income in retirement would naturally fall.
For some people, both are true. For many others, neither is.
Markets have been strong. Retirement accounts are larger than expected. Capital gains, pensions, and Social Security stack on top of one another. And suddenly, retirement income isn’t as “low tax” as it once looked on paper.
The Difference Between Tax Bracket and Tax CostOne of the most common mistakes retirees make is focusing on their tax bracket instead of their tax cost.
On a tax return, you might see yourself in the 12% or 22% bracket and assume Roth conversions are inexpensive. But once Social Security enters the picture, the math becomes more complicated.
As additional income comes in, Social Security benefits that were once tax-free begin to become taxable—up to 85% of the benefit. In that phase-in range, every dollar withdrawn from a traditional IRA can cause more Social Security to be taxed. The result is an effective tax cost that can be significantly higher than the bracket suggests.
This is where many well-intentioned Roth strategies quietly go off track.
Medicare Premiums Change the EquationTaxes aren’t the only cost that matters.
Medicare income-related premium adjustments—often called IRMAA—are triggered when income crosses certain thresholds. These surcharges commonly appear in two situations: when required minimum distributions begin, and when one spouse passes away and income thresholds are suddenly cut in half.
A Roth conversion that pushes income just over one of these lines can increase Medicare premiums for years. That added cost has to be weighed alongside any future tax savings the conversion might create.
A Cautionary Roth StoryThis is where a real-world example brings the point home.
I once worked with a woman to determine the right amount of Roth conversions to do. We carefully mapped out a plan to spread conversions over three tax years so she could stay within reasonable tax and Medicare thresholds.
She was comfortable with the plan. The numbers made sense. We executed the first conversion near the end of the year and agreed to revisit the second one in January.
But after our meeting, she decided to take matters into her own hands.
Rather than following the plan, she converted everything at once. That single decision pushed her income from a moderate tax bracket into much higher ones, triggered additional Medicare premium costs, and permanently locked in taxes that were far higher than necessary.
The intent was good. The outcome was not.
The mistake wasn’t believing in Roth conversions—it was assuming that “more” was always better.
The Real Takeaway for 2026 and BeyondRoth conversions are not dead. But Roth assumptions are.
Lower tax rates today don’t automatically mean Roth conversions are cheap. A future tax increase isn’t guaranteed. And a zero-tax retirement is not always worth the price paid to get there.
Roth conversions should always be considered—but never assumed.
When done thoughtfully, in the right amounts, and at the right times, they can improve retirement income and flexibility. When done without planning, they can quietly undermine both.
And in retirement, the goal isn’t to win a tax strategy.
The goal is to create a better retirement.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Are Roth Conversions for Retirees Dead in 2026 Because of the New Tax Law? By Jeremy Keil, Kiplinger.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
A candid conversation with Eric Brotman on why retirement planning needs structure, flexibility, and fewer assumptions.
One of the things I’ve learned after years of retirement planning conversations is that most people aren’t short on opinions — they’re short on clarity.
They’ve heard plenty of rules.
They’ve absorbed countless headlines.
They’ve picked up advice from coworkers, friends, and financial media.
But when you slow things down and ask a simple question — “Why are you doing it this way?” — the answer is often some version of, “That’s just what I’ve always heard.”
I recently sat down on the “Don’t Retire… Graduate!” podcast with host Eric Brotman (author of “Don’t Retire, Graduate” and previous guest of my podcast back in the “Retirement Revealed” days) to discuss why building a better retirement plan starts with asking better questions.
Eric is the author of Don’t Retire, Graduate, and his core message is relatable to everyone entering retirement: retirement isn’t a finish line. It’s a transition — and transitions deserve thoughtful planning, not assumptions.
As Eric put it during our conversation, “Most people think retirement is a decision. It’s not. It’s a process.”
Why One-Time Decisions Matter So Much to a Retirement PlanWhen you’re working, mistakes are usually correctable. Save too little one year? You can increase contributions later. Invest poorly early on? Time often smooths things out.
Retirement doesn’t work that way.
Retirement is full of one-way doors — decisions you can’t easily undo. Social Security claiming. Pension elections. Medicare choices. Tax strategies.
Once those decisions are made, you often live with them for decades.
This is where many retirement plans quietly fail. Not because the investments are bad, but because the planning skipped the hard questions upfront.
The Quiet Problem of UnderspendingOne of the most interesting threads in our conversation was something I see often with clients but rarely see addressed directly: underspending.
People spend decades being disciplined savers. They’re rewarded for delaying gratification. Then retirement arrives — and suddenly they’re supposed to flip a switch and start spending confidently?
That transition is harder than most people expect.
Eric described it bluntly: “A lot of retirement plans are designed to avoid failure, not to support a great life.”
When plans are built entirely around extremely high “success rates,” the tradeoff is often living smaller than necessary. Retirees follow conservative rules, spend cautiously, and end up with more money at the end of life than they started with — not because they needed it, but because no one ever gave them permission to use it.
That’s how an effort to preserve your money in retirement can turn into a missed opportunity.
Why Rules of Thumb Aren’t EnoughRules like the 4% withdrawal guideline exist for a reason — they’re simple and memorable. But that simplicity comes at a cost.
Rules of thumb can be useful starting points, they become problematic when people treat them as guarantees rather than guidelines that require context.
Markets change. Taxes change. Spending changes. Life changes.
A retirement plan that assumes constant spending and ignores flexibility is solving a math problem that doesn’t exist in the real world.
What works better is a framework that expects adjustment — not perfection.
Retirement as a Graduation, Not an EndingThe phrase “Don’t retire, graduate” isn’t about working forever. It’s about intention.
Some people want to fully step away from work. Others want to consult, volunteer, or stay mentally engaged. Neither approach is right or wrong — but drifting into retirement without deciding is where dissatisfaction often starts.
What makes a difference for most retirees? Having a purpose to your life in retirement as a new chapter, not a conclusion to the entire book.
When you treat retirement as a graduation into something new, the planning naturally becomes more thoughtful. Spending decisions align with values. Time gets treated as intentionally as money. And confidence replaces guesswork.
The Real Goal of Retirement PlanningAt its core, this conversation wasn’t about beating markets or optimizing spreadsheets. It was about aligning math with real life.
A good retirement plan doesn’t just aim to avoid running out of money. It aims to help you live well — without constant second-guessing.
For many, effective retirement planning isn’t about dying with the most money. It’s about using the money you’ve earned to live well, without fear or constant second-guessing.
That’s a goal worth planning for.
If you’re approaching retirement — or already there — this episode will challenge some comfortable assumptions and help you think differently about what your plan is actually designed to do.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Eric Brotman on LinkedIn
- “Don’t Retire…Graduate!” podcast
- “Don’t Retire…Graduate!” on Amazon
- BFG Financial Advisors
- BFG University on YouTube
- Build Your Retirement Master Plan in 5 Simple Steps
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Retirement researcher Stefan Sharkansky explains why the 4% rule often leaves retirees underspending — and how a more flexible, math-driven approach can lead to a better retirement experience.
For decades, the 4% rule has been treated as a gold standard for retirement spending. In fact, I made video about it on my YouTube channel. If you ask most retirees how much they can safely spend, the conversation quickly turns to probabilities, simulations, and avoiding failure.
But what if the real risk isn’t running out of money — it’s not using it well?
In this episode of Retire Today, I’m joined by Stefan Sharkansky, whose background in math and computer science led him to question how retirement spending strategies are actually designed — and what they optimize for.
As Stefan put it plainly, “Under the average market scenario, following the safe withdrawal rate of 4% would leave you with more when you passed away than when you started.” In other words, many retirees are leaving too much money on the table in their retirement spending plan.
The Problem With “Safe” Withdrawal RatesMost retirement spending research focuses on one outcome: not running out of money.
Advisors often present plans as probabilities — a 90% or 95% chance of success — where “success” means the portfolio never hits zero. But this framing runs the risk of missing what retirees actually care about.
After all, if you have a 90% probability of success, what that really means is that 89% of the time, you could have spent more.
That insight flips traditional planning on its head. Instead of asking, “What’s the safest amount I can withdraw?” the better question becomes, “What level of spending lets me live well — while staying adaptable if conditions change?”
Why Retirement Spending Isn’t ConstantOne major flaw in the 4% rule is the assumption that spending stays flat year after year. Real life doesn’t work that way.
Spending often starts higher in early retirement with travel and experiences, dips in later years, then rises again due to healthcare needs. Taxes also change as retirees shift between taxable accounts, IRAs, and Roth accounts.
As Stefan noted, “This idea of constant spending never exists in the real world.”
Any retirement spending plan that assumes otherwise is solving the wrong problem.
A Salary-and-Bonus Approach to RetirementStefan’s research introduces a different framework — one that mirrors how people actually lived during their working years.
He described a model where retirees create:
- A stable, inflation-protected income base using Social Security and a ladder of TIPS (Treasury Inflation-Protected Securities)
- A variable ‘bonus’ income driven by long-term stock performance
“You have your salary from Social Security and your TIPS,” Stefan explained, “and then you get a bonus based on how the stock market does.”
In strong markets, spending can increase. In weaker years, spending adjusts — while working to help maintain long-term security. The key is that adjustment is assumed, not treated as failure.
Rethinking Risk ToleranceTraditional risk tolerance focuses on portfolio volatility — how much account values swing up and down. Stefan argues retirees should think differently.
“Risk tolerance should be about how much variability in income you’re comfortable with,” he said, “not just what percentage of stocks and bonds you hold.”
Some retirees prefer a higher guaranteed income floor with less variability. Others are comfortable with more income fluctuation in exchange for higher long-term spending. The right plan aligns income stability with personal preferences — not arbitrary rules.
Why This MattersMany retirees say the 4% rule “doesn’t work for them” — not because it’s unsafe, but because it doesn’t generate enough income to support the life they want.
Stefan’s research shows that when you plan for flexibility, rather than perfection, you can often spend more, not less — while still maintaining control.
The goal isn’t to maximize your ending balance. It’s to maximize your retirement experience.
Ultimately, you need to make your retirement spending plan in a way that not only is within your means, but meets your retirement goals.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Is the 4% Rule Outdated? New Research Reveals the TRUTH – Mr. Retirement YouTube Channel
- Stefan Sharkansky on LinkedIn
- TheBestThird.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Author Jesse Hurst explains how retirement planning helps reduce the guesswork of retiring through his book “PopEnomics”.
A lot of people approach financial planning with one big fear: that it’s going to feel restrictive. Budgets. Rules. Spreadsheets. Being told what you can’t do with your money.
But in this episode of Retire Today, I sat down with Impel Wealth Management president and author of “PopEnomics”Jesse Hurst to talk about why that assumption gets things exactly backward — and how the right kind of planning actually creates freedom.
As Jesse put it early in our conversation, “A lot of people think financial planning is very constrictive… and I think it’s exactly the opposite. I think it’s very freeing.”
Why Guessing Is the Default (and the Problem)Most people don’t lack motivation. They lack clarity.
Jesse explained that many retirees have vague hopes rather than defined goals. “Someday I want to retire and live a comfortable life,” sounds nice — but it’s not a plan. Without specifics, people end up guessing on some of the most important decisions of their financial lives.
How much should I save?
Should I prioritize paying off the mortgage?
Is Roth or pre-tax better for me?
Am I saving enough — or too much?
Without a defined target, people default to hearsay. “My coworker did this.” “I read an article that said 8% is enough.” That’s not planning — it’s outsourcing your decisions to someone else’s guess.
Why Stories Stick When Numbers Don’tJesse has a way with analogies. By tying retirement planning ideas to pop culture — music, movies, and familiar stories — he finds people actually remember them.
During the COVID period, Jesse began using pop-culture analogies more intentionally. One comparison between Federal Reserve policy and the movie Animal House took off online — and made him realize he’d found a powerful teaching tool.
That insight ultimately led to his book PopEnomics, where retirement planning meets rock anthems, movie classics, and everyday analogies.
Access to Information Isn’t the Same as WisdomOne of the most important observations Jesse shared came from reflecting on his decades in the profession.
Early in his career, the challenge was simply educating people about what options existed. Today, the challenge is the opposite. “There’s a big difference between access to information and the wisdom to apply it,” Jesse said.
Retirees today are overwhelmed with data — articles, headlines, opinions — but often still unsure what applies to them. That’s where planning shifts from information to interpretation.
The Retirement PuzzleJesse described retirement planning as a puzzle — one where each piece matters.
You can’t decide how to invest if you don’t know when you’ll retire.
You can’t know how much risk to take if you don’t know when you’ll need the money.
You can’t spend confidently if you don’t know whether your income supports it.
One story he shared involved a couple who lost track of where they stood financially after COVID, inflation, and market volatility. Using an airport analogy, Jesse explained, “If you don’t know where you are, you can’t figure out how to get to your gate.”
Clarity begins with knowing your starting point.
The Saver’s Mindset — and the Permission ProblemMany people who retire successfully built wealth through discipline — spending less than they earned, avoiding debt, and saving consistently. But those same habits can make it emotionally difficult to switch from accumulation to spending.As Jesse explained, “They have a hard time giving themselves permission to spend.”
He shared a powerful story of longtime clients who had ample income and assets — but struggled to enjoy them. The breakthrough came when they realized that if they didn’t use their money intentionally, someone else eventually would.
That shift — from fear to permission — is often one of the most important transitions in retirement.
The Bottom LineFinancial planning isn’t about restriction. It’s about clarity.
When you know what you’re saving for, what you’ve already done, and what your money can support, decisions become easier. Spending becomes intentional. And retirement becomes something you can enjoy — not just hope works out.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.
Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Create Your Retirement Master Plan in 5 Simple Steps
- Jesse Hurst on LinkedIn
- Impel Wealth Management
- PopEnomics.com
- PopEnomics: 12 Relatable (and Not Boring) Pop Culture Insights for Retirement Success
- Jesse Hurst on YouTube
- Jesse Hurst on Instagram
- Jesse Hurst on X
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Happiness expert Monique Rhodes explains why retirement often feels disorienting at first — and how creating a personal retirement roadmap can turn this transition into one of the most fulfilling stages of life.
Retirement is often marketed as the ultimate reward. After decades of work, deadlines, and responsibility, you finally arrive at a chapter filled with freedom, rest, and happiness.
But for many people, that moment doesn’t feel the way they expected.
In this episode of Retire Today, I sat down with Monique Rhodes, a happiness expert who works with people around the world — especially those approaching or entering retirement — to talk about why this transition can feel unsettling and how to approach it with intention.
Why Retirement Can Feel So UncomfortableFor years, work provides structure, identity, and a built-in sense of purpose.
Then one day, it’s gone.
Monique explained that retirement often removes all of that at once. “The structure, the identity, the daily sense of purpose — they all fall away at the same time,” she said. What’s left can feel like freedom… or confusion.
In fact, research shows that many people experience lower happiness in the first year of retirement than when they were working. Feelings of restlessness, anxiety, loneliness, and even grief are common — but rarely talked about.
This doesn’t mean retirement was a mistake. It means the transition requires more than financial preparation alone.
Comfort vs. HappinessOne of the most thought-provoking ideas Monique shared is that too much comfort can actually work against happiness.
She described how modern life is designed to remove friction — from climate-controlled homes to effortless entertainment. But living without any “edge” can dull creativity, resilience, and engagement.
“If we’re consistently living in comfort, we lose our ability to adapt,” she explained. Happiness, she argues, comes from a balance — not too tense, not too relaxed.
Monique used powerful metaphors throughout the conversation, from surfing ocean waves to tuning a guitar string. Too loose or too tight, and it doesn’t work. The same is true for life in retirement.
Retirement Is Not a Holiday — It’s a RedesignMany people enter retirement expecting it to feel like a permanent vacation. Monique sees this expectation create unnecessary disappointment.
“Retirement is sold to us as a never-ending holiday,” she said. “But when that structure disappears overnight, people are suddenly faced with the question of who they are.”
This is where her Retirement Roadmap comes in — a framework designed to help people intentionally rebuild purpose, routines, relationships, and meaning.
Rather than drifting through unstructured time, retirees are encouraged to create days that feel energizing and aligned with who they are now — not who their job required them to be.
Rebuilding Purpose From the Inside OutOne of the most powerful moments in the conversation was when Monique talked about building a new relationship with yourself.
After years of serving careers, businesses, and families, many retirees struggle to answer a simple question: What do I enjoy?
Monique often starts by asking clients to think back to childhood interests — art, music, movement, creativity — and explore those again without pressure. “Your purpose isn’t gone,” she said. “It’s just no longer handed to you by a job description.”
She emphasized that this phase of life offers something rare: the freedom to choose intentionally — where you live, how you spend your time, who you invest energy in, and what brings joy.
Three Questions Worth AskingToward the end of our conversation, Monique shared three questions she believes are foundational for a fulfilling retirement:
- Where do I want to be that makes me happiest?
- What do I want to do that makes me happiest?
- Who do I want to be with that makes me happiest?
These questions don’t have one-time answers. They evolve — and that’s part of the beauty of this stage of life.
The Bottom LineRetirement isn’t just a financial transition. It’s a psychological and emotional one as well.
When approached consciously, it can become one of the most liberating and meaningful chapters of life — not because everything is perfect, but because you’re living with intention.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Create Your Retirement Master Plan in 5 Simple Steps
- Monique Rhodes website
- In Your Right Mind Podcast with Monique Rhodes
- Monique Rhodes on LinkedIn
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Gary Zimmerman of Max® explains how to utilize your cash asset in retirement.
Cash is one of the most overlooked assets in retirement. Here’s how retirees can earn thousands more in interest while keeping their money safe and FDIC-insured.
Many retirees spend years carefully managing their investments — stocks, bonds, and retirement accounts get plenty of attention. But there’s one asset class that often gets ignored: cash.
In this episode of Retire Today, I’m joined by Gary Zimmerman, founder and CEO of Max® to talk about why so many Americans are earning next to nothing on their bank money — and how that quiet mistake can cost retirees tens of thousands of dollars over time.
As Gary explains early in the conversation, “People think that the bigger the bank, the safer it is. And that’s patently not true.” In fact, many of the banks that failed during past financial crises were among the largest institutions.
Why Cash Matters More in RetirementCash plays a unique role in retirement. It provides liquidity, stability, and peace of mind — especially when markets are volatile. But that doesn’t mean cash has to sit idle.
Gary shared that after years as an advisor, he started getting a flood of calls from clients during the COVID period. Their CDs were maturing, and rates were dropping instead of rising. “They were missing out on thousands of dollars in interest,” he said.
At the same time, trillions of dollars across the U.S. were sitting in bank accounts earning close to zero — while other savers were earning closer to 4% in the same type of FDIC-insured accounts.
That gap is not about risk. It’s about awareness and access.
FDIC Insurance: Safety Without Sacrificing YieldOne of the most important parts of the conversation focused on FDIC insurance.
Many people believe that as long as their money is at a big-name bank, it’s automatically safe. But FDIC insurance has limits — typically $250,000 per depositor, per bank, per ownership category.
As I shared in the episode, I regularly see “everyday millionaires” with far more than $250,000 sitting in bank-type accounts — without full insurance coverage.
Gary explained how spreading cash across multiple institutions increases FDIC protection and improves interest rates at the same time. “The more diversified you are, the more guarantees you get from the FDIC,” he said.
Why Banks Pay So Little (And Why They Can)A question many retirees ask is simple:
If higher rates exist, why don’t banks automatically pay them?
Gary’s answer was refreshingly blunt. Banks don’t raise rates unless they need your money. When a bank pays 0.1% or 0.2%, it’s often a signal: “They’re telling you they don’t want your money.”
Online banks, smaller institutions, and rate marketplaces compete aggressively for deposits — and that competition benefits savers who are willing to look beyond their local branch.
As Gary put it, “There’s an actual market for your money. Just like selling a house, you have to put your money on the market to get the best price.”
DIY vs. Using a ServiceCould retirees do all of this on their own? Yes.
But should they?
Gary compared the process to constantly switching phone plans or insurance providers. It works — but it requires attention, time, and discipline. Rates change, banks create teaser accounts, and some institutions quietly lower yields after a few months.
Max® was designed to automate that process. As Gary described it, the goal is to “spend five or ten minutes thinking about cash, then never think about it again.”
For many clients, that convenience translates into meaningful results. Gary shared that a retiree with $250,000 in cash could earn roughly $10,000 more per year, or $100,000 over a decade, simply by managing cash more effectively.
The Behavioral Finance Problem Nobody Talks AboutOne of my favorite parts of the conversation focused on behavioral finance.
People say they like their bank because it feels familiar. But when asked how they actually interact with it, the answer is usually: “I use the app.”
At that point, loyalty becomes expensive.
As Gary summed it up, “The bank owes you nothing. You owe the bank nothing.” Your savings should work as hard as you did to earn it.
The Bottom LineCash isn’t boring — it’s powerful when used correctly.
For retirees, optimizing cash can mean more flexibility, less risk, and thousands of dollars in additional income over time — without chasing returns or increasing exposure.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Gary Zimmerman on LinkedIn
- Max®:Your Best Interest
- Create Your Retirement Master Plan in 5 Simple Steps
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains the 5 steps you can take if you are planning to retire in 2026 or 2027.
If you’ve been planning to retire in 2026 or 2027, it might feel like you still have plenty of time. But in reality, retirement has a way of showing up earlier than expected — and when it does, the people who feel the most confident are the ones who prepared well in advance.
In this episode of Retire Today, I walk through five things you should do before you quit working if retirement is anywhere on your near-term horizon. These steps aren’t about picking a perfect retirement date. They’re about being ready — even if your plans change.
Why You Should Prepare Earlier Than You ThinkTwo important statistics shape this entire conversation.
First, the stock market is historically up about 70% of the time in any given year. That also means it’s down about 30% of the time. If you’re retiring soon, there’s a real chance that your account balances could be lower at retirement than they are today.
Second, most Americans retire about three years earlier than they expect. Health changes, job shifts, burnout, or family needs often move retirement forward — whether planned or not.
That’s why I encourage people to prepare for retirement three years ahead of time, even if they believe they’ll work longer. Planning early gives you flexibility. Waiting too long removes it.
1. Create a Written Retirement PlanThe first and most important step is to put your plan in writing.
Many people have a retirement date in mind, but when asked how everything will actually work, they don’t have clear answers. A written plan forces clarity.
This is where the 5-Step Retirement Plan comes in:
- What you’ll SPEND
- What you’ll MAKE
- What you’ll KEEP after taxes
- How you’ll INVEST
- What you’ll LEAVE behind
Putting this into a written retirement master plan turns scattered ideas into a coordinated strategy — and reveals gaps while you still have time to fix them.
2. Build a Lifetime Income PlanRetirement isn’t about having a big account balance — it’s about knowing where your income will come from every month.
Before you retire, you should know:
- How much income you need
- Where that income will come from
- Which accounts you’ll use first
- How taxes affect each withdrawal
At a minimum, you should map out the first 12 months of retirement income in detail. That includes Social Security, pensions, savings, brokerage accounts, and retirement accounts — and the tax rules that apply to each one.
Surprises here are costly. Planning removes them.
3. Make Your Retirement Plan Tax-SmartMany people assume their taxes will automatically go down in retirement. Sometimes that’s true — but not always.
Pensions, Social Security, required minimum distributions, and investment income can push retirees into higher tax brackets than expected. The key is understanding when you’ll have flexibility and using it intentionally.
Retirement often creates opportunities to:
- Shift income between tax years
- Take advantage of lower tax brackets
- Manage Roth conversions strategically
- Plan around healthcare subsidies
Taxes don’t disappear in retirement — they change. Planning ahead helps you adapt.
4. Plan Your Retirement HealthcareHealthcare is one of the biggest unknowns in retirement.
Before you retire, you should know:
- What coverage you’ll use immediately
- What it will cost
- How that coverage changes over time
- When Medicare becomes part of the picture
Options may include employer coverage through a spouse, COBRA, retiree health plans, ACA plans, or Medicare — and each comes with different costs and rules.
Healthcare planning isn’t just about insurance. It’s about understanding how medical costs interact with your tax plan and your income strategy.
5. Create a Retirement Investment PlanRetirement changes your investment timeline. You’re no longer investing only for growth — you’re investing for income and stability, too.
That means separating your money into:
- Short-term funds for near-term spending
- Long-term investments for growth over decades
Money you’ll need soon shouldn’t be exposed to short-term market swings. At the same time, money you won’t need for many years still needs growth to keep up with inflation.
The right investment plan balances both — and helps prevent panic decisions when markets get volatile.
The Bottom LineIf you’re planning to retire in 2026 or 2027, now is the time to prepare. Not because something bad will happen — but because preparation gives you options.
Retirement doesn’t have to be so stressful. With a written plan, a clear income strategy, smart tax planning, healthcare clarity, and a thoughtful investment approach, you can step into retirement with confidence — whenever it arrives.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Create your retirement master plan in 5 simple steps: www.5StepRetirementPlan.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil weighs the opportunities and risks associated with giving your money away to your kids and charity.
Most retirees I talk with don’t worry about whether they can give money away.
They worry about whether they should.
When you’ve worked hard, saved diligently, and reached a point where you have more than you need, a new question quietly creeps in:
What’s the purpose of the extra?
In this episode of Retire Today, I walk through what I see every day in real retirement plans — the good, the bad, and the unintended consequences of giving money to kids and to charity. Because while giving can be deeply meaningful, it can also backfire if it’s not done intentionally.
Giving to Kids: Blessing or Burden?When it comes to kids, I hear two very common philosophies.
One group says, “I’m not trying to leave money to my kids. If there’s something left, that’s fine.”The other says, “I worked hard for this money, and I want to make sure it helps my family.”
Both sound reasonable. But what actually happens is often more complicated.
In practice, most giving to kids happens by default, not by design — through inheritance. The problem is timing. If you pass away in your 80s or 90s, your kids are likely in their late 50s or 60s. Statistically, that’s when incomes and net worth tend to be the highest. In other words, that may be the moment they need your money the least.
I’ve also seen well-intentioned gifts create unintended pressure. Large down payments on homes can raise a child’s lifestyle without raising their income — leading to higher expenses, more stress, and sometimes less financial stability. Giving feels generous, but it can quietly shift responsibility away from your kids and onto you.
A better rule of thumb?
Give in ways that remove a burden, not create one.
Education costs, health care needs, or meaningful experiences often help without inflating expectations or expenses. Experiences, especially shared ones, tend to create far more joy — for you and for them — than writing a check and hoping it helps.
Giving to Charity: Now, Later, or Both?Charitable giving tends to be more intentional, but still incomplete.
Many people plan to leave money to charity someday, yet never think through what that looks like or how it fits into their broader retirement plan. Others give modest amounts each year but leave significant sums later — without ever telling the charities involved.
What I’ve seen repeatedly is this:
When people give with intention, their stress goes down and their satisfaction goes up.
In fact, people who have clarity around where their money will go often feel lighter — as if a quiet financial worry has been resolved. When charities know they’re part of your long-term plan, relationships deepen. You stay informed, feel more connected, and often find joy in seeing the impact of your giving while you’re still here.
There’s also strong evidence that giving makes people happier. Whether happier people give more, or giving makes people happier, may be up for debate — but in practice, generosity consistently shows up alongside fulfillment.
The Bigger Question Isn’t “How Much?”Most people ask me, “How much can I give?”That’s usually the wrong question.
The better questions are:
- Should I give?
- When should I give?
- How do I give in a way that actually helps?
Giving later through inheritance is easy. Giving earlier — thoughtfully and intentionally — is far more impactful. You get to see the benefit, adjust if needed, and align your money with what matters most to you.
In retirement, money isn’t just about security.
It’s about purpose.
When giving is done well, it doesn’t create regret — it creates meaning.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- “Die with Zero” by Bill Perkins
- Die With Zero by Bill Perkins | Discover the Ultimate Guide to Living Life to the Fullest – Mr. Retirement YouTube Channel
- “More Than Enough” by Dave Ramsey
- “The Millionaire Next Door” by Thomas Stanley and William Danko
- How much can I give my kids before paying IRS Gift Tax? – Mr. Retirement YouTube Channel
- What is the IRS gift tax limit in 2025? – Mr. Retirement YouTube Channel
- What is the IRS Gift Tax Limit for 2026? – Mr. Retirement YouTube Channel
- The “I Hate Budgets” Retirement Plan: Retire Intentionally with Zac Larson – Retire Today Podcast
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains the top 3 tax efficient strategies for charitable giving in 2025.
Most people give to charity because it’s meaningful to them — not because of the tax break. And that’s the right mindset. But if you’re already giving, it makes sense to be intentional and structure that giving in a way that helps you keep more of your hard-earned money.
In this episode of Retire Today, I walk through the top three charitable giving strategies for 2025, especially in light of new tax rules taking effect in 2026 and important changes already happening this year. With only a limited window left before year-end, now is the time to understand your options.
The key is planning — not reacting in April.
Why 2025 Is a Unique Giving YearLate in the year, you usually have a clear picture of your income and tax bracket. That makes it the perfect time to decide when and how to give.
With upcoming changes like:
- A new 0.5% AGI floor on charitable deductions starting in 2026
- A cap on the value of deductions for high earners
- A higher SALT deduction limit already in effect
2025 offers an opportunity to be proactive instead of passive. Depending on your income, it may make sense to pull future giving forward — or delay certain gifts until next year. But that decision should be made intentionally, not by default.
Strategy #1: Bunch Your Charitable DeductionsBunching means combining multiple years of charitable giving into a single tax year to exceed the standard deduction and unlock itemized deductions.
For example, if you normally give $10,000 per year to charity but don’t itemize, you may get no tax benefit at all. But by contributing two to four years of giving in one year, you may be able to itemize and deduct the full amount.
The most effective way to do this is through a donor-advised fund (DAF).
A DAF lets you:
- Take the tax deduction now
- Give to charities later, on your preferred schedule
- Keep your giving consistent for the organizations you support
This separates the timing of your tax deduction from the timing of your charitable gifts — a powerful planning tool when income fluctuates.
Strategy #2: Donate Appreciated Investments Instead of CashOne of the most tax-efficient ways to give is donating long-term appreciated investments from a taxable brokerage account.
When you sell an investment that has gone up in value, you owe capital gains tax. When you donate that same investment directly to charity (or to a donor-advised fund), you:
- Avoid paying capital gains tax
- Receive a charitable deduction for the full market value
- Remove a concentrated position from your portfolio
This strategy is especially effective after strong market years like 2023, 2024, and 2025, when many investors are sitting on significant unrealized gains.
To qualify, the investment must be held for more than one year (long-term capital gain). Many custodians automatically select the most tax-efficient shares when processing these donations, making the strategy easier to implement than most people expect.
Strategy #3: Use Qualified Charitable Distributions (QCDs)For those age 70½ or older, Qualified Charitable Distributions are often the most powerful giving strategy available.
A QCD allows you to send money directly from your traditional IRA to a qualified charity. That money:
- Never shows up as taxable income
- Can satisfy Required Minimum Distributions (once applicable)
- Reduces future RMDs by shrinking your IRA balance
Many retirees make the mistake of taking IRA withdrawals, depositing the money into checking, and then writing checks to charity. That approach often increases taxable income, affects Social Security taxation, and can raise Medicare premiums — even if a charitable deduction is available.
QCDs avoid those issues entirely by keeping the income off your tax return in the first place.
Even if you’re not yet subject to RMDs, starting QCDs early can still make sense if part of your regular spending includes charitable giving.
Putting It All TogetherThese three strategies often work best in combination:
- Use donor-advised funds to bunch deductions
- Fund those DAFs with appreciated investments
- Use QCDs once you reach age 70½
But none of this should be done blindly. The right approach depends on:
- Your income this year and next
- Whether you itemize or take the standard deduction
- Your charitable goals
- Your long-term retirement and tax plan
The most important step is projecting your tax situation before the year ends and making decisions on purpose — not by default.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- “Trump’s Big Beautiful Bill Could Change Retirement FOREVER!” – Mr. Retirement YouTube Channel
- “Maximize your Tax Benefits by BUNCHING Charitable Donations!” – Mr. Retirement YouTube Channel
- “How the SALT Deduction Cap Works If You Make Over $500,000 (2025 Tax Update)” – Mr. Retirement YouTube Channel
- “QCDs: The Tax-Smart Way to Give in Retirement (2025 Qualified Charitable Distributions Guide)” – Mr. Retirement YouTube Channel
- “What is the 2025 QCD Limit? (Qualified Charitable Distributions” – Mr. Retirement YouTube Channel
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explores 7 money moves you can consider before the new year to lower your taxes and keep more of your money in retirement.
Every December, people scramble to finish holiday shopping, travel plans, and year-end tasks. But one of the most important deadlines — your December 31st tax deadline — often gets overlooked until it’s too late. And once the calendar flips to January 1st, many of the smartest tax moves disappear.
In this episode of Retire Today, I walk through seven year-end tax steps you should consider to make sure April brings fewer surprises and more savings. With new tax laws taking effect, the stock market sitting near all-time highs, and contribution limits shifting in the coming years, this is the perfect moment to take control of your finances.
1. Manage Your Tax Bracket Before the Year EndsYour income may fluctuate from year to year — especially in retirement. Some retirees have unusually high-income years due to bonuses, pension payouts, early retirement packages, stock vesting, or unexpected distributions. Others have abnormally low-income years.
If you’re experiencing a higher income year, now is the time to pull deductions forward. Charitable giving, donor-advised fund contributions, and other deductible expenses can help lower your taxable income.
If you’re in a lower income year, you might choose to accelerate income instead — such as doing a Roth conversion or taking extra withdrawals at a better tax rate.
Year-end planning starts with projecting your tax return and understanding which direction to go.
2. Harvest Capital Losses — and Sometimes GainsEven in years when the market is high overall, you may still have individual positions sitting at a loss. Harvesting those losses can offset gains or reduce taxes now or in the future.
On the flip side, some retirees find themselves in the 0% long-term capital gains bracket, which creates the perfect opportunity to harvest capital gains on purpose. When you’re in a low tax bracket and gains cost nothing, you can reset your cost basis without additional tax.
This is one of the most underused year-end strategies — especially when markets have been climbing.
3. Review Mutual Fund Capital Gain DistributionsMany mutual funds issue their capital gain distributions in December. You may not receive the money in cash, but it still counts as taxable income.
Look up the estimated year-end distributions from your fund companies and double-check your brokerage account. Mutual fund distributions have surprised many retirees — and they can lead to unnecessary underpayment penalties if tax withholding isn’t adjusted in time.
4. Get Your Tax Withholding CorrectYears ago, tax underpayment penalties weren’t a big deal. But with high interest rates today, penalties now operate more like expensive interest charges for not paying taxes in the proper quarterly schedule.
If you expect to owe money for 2025, you may want to adjust withholding from your paycheck, pension, Social Security, or IRA distributions. For retirees over 59½, using IRA withholding is one of the easiest ways to catch up — and it is treated as if it was paid evenly all year.
To avoid penalties, don’t wait until spring. Make corrections before December 31st.
5. Use Qualified Charitable Distributions (QCDs)If you’re age 70½ or older, QCDs allow you to donate directly from your traditional IRA to charity tax-free. This is often better than taking withdrawals and giving afterward — especially if you use the standard deduction.
Even if you’re not yet required to take RMDs, QCDs can reduce your future RMD burden and help you give in a more tax-efficient way. With 2025 bringing updated QCD limits and ongoing rule changes, it’s smart to review your giving strategy now.
6. Make Annual Exclusion Gifts Before Year-EndIn 2025, the annual exclusion gift limit is $19,000 per person — and it remains the same for 2026. If you’re planning to help your children or grandchildren, consider spreading the gifts across the end of this year and the beginning of next year to maximize tax-free amounts.
For education planning, 529 plans also allow “superfunding,” letting you front-load up to five years’ worth of gifts. Year-end is an ideal time to execute these strategies thoughtfully.
7. Rebalance Your Investments (Especially After a Big Market Year)When markets rise sharply, your portfolio may drift into a risk level you never intended. A portfolio that started at 60% stocks may now sit at 68% or higher. That’s more risk than you signed up for — especially if you are nearing retirement.
Rebalancing is a critical part of your year-end checklist. It brings your risk back in line, prepares your portfolio for the next year, and supports the long-term stability of your retirement plan.
The Bottom LineYear-end planning isn’t just about taxes — it’s about taking control. Whether it’s adjusting your income, harvesting gains or losses, fixing withholding, giving strategically, gifting to family, or rebalancing your investments, December is your opportunity to make meaningful changes before the window closes.
Don’t let the deadline sneak up on you. Start now so April feels predictable — not painful.
Enjoying these episodes? Make sure to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- “QCDs: The Tax-Smart Way to Give in Retirement (2025 Qualified Charitable Distributions Guide)” – Mr. Retirement YouTube Channel
- Create Your Retirement Master Plan in 5 Simple Steps
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Dale Hall of the Society of Actuaries explains how to project your longevity and why informed life expectancy matters for retirement planning.
Most people build their retirement plan around a single number: life expectancy.
They’ll say, “My dad died at 78, my mom at 82, so I’ll probably be gone by then too.” Then they quietly design their plan to “run out” around that age.
But as my guest Dale Hall, Managing Director of Research at the Society of Actuaries, shared on the Retire Today podcast, that’s a risky way to approach the rest of your life.
“Even people who would rate themselves a little bit poorer in health are often very surprised of what their longevity can be.”
In other words: you may live much longer than you think. And if your money isn’t prepared for that, longevity becomes what author Moshe Milevsky calls “the great risk multiplier.”
Life Expectancy vs. Longevity: You’re Asking the Wrong QuestionIn the episode, we talked about a common problem: people treat life expectancy like death certainty.
If the table says your life expectancy at 62 is 84, most people assume, “I’ll probably die at 84.” But Dale pointed out that life expectancy is just the middle of the curve:
“Life expectancy is basically 50% of the time you’ll die before that age, and 50% of the time you’ll die after that age.”
The probability that you die exactly at that age is tiny.
That’s why I like to say, “The retirement longevity number you have in mind right now is probably wrong.” You shouldn’t just plan to make it to your life expectancy—you should plan for what happens if you live well past it.
Dale shared how the Longevity Illustrator tool (from the Society of Actuaries and American Academy of Actuaries) helps people see that full distribution, not just a single number. It shows the probability of living to 90, 95, 100—numbers that often shock people when they see them.
He ran it for himself and his wife and found that, even as healthy professionals:
“We were surprised by the probabilities of each of us living to a very old age… in our case, there’s something like a 40–45% chance one of us makes it to 95.”
For couples, that’s the key: you’re not just planning for one person, you’re planning for the last survivor. Your joint longevity is often much longer than either individual life expectancy.
Why Using Your Parents’ Ages Is DangerousAnother trap Dale and I discussed: anchoring your expectations to when your parents died.
In our Retirement Risk Survey work, the Society of Actuaries sees this all the time. People say, “My dad died at 70, so I probably will too.”
But as Dale explained, that ignores 25–30 years of medical progress:
“The landscape for health care, pharmaceuticals, and treatments is radically different than it was 15 or 25 years ago.”
Add in lifestyle changes—less smoking, better diets, more preventive care—and you’ve got a completely different mortality picture.
Your dad may have started smoking in Korea, eaten fast food daily, and had no statins or modern heart care. If you’re living a different lifestyle with better medicine, why would you assume the same outcome?
This is why tools like the Longevity Illustrator ask about age, sex, smoking status, and health. Those four factors explain a huge portion of the difference in longevity between individuals.
Longevity: The Risk That Multiplies All the OthersDale shared a line I love:
If you don’t live that long, inflation, markets, and healthcare costs don’t have as much time to hurt you. But the longer you live, the more chances you give those risks to show up—and the longer they have to compound.
That’s why longevity is a risk multiplier:
- More years for inflation to erode purchasing power
- More years for market downturns to hit your portfolio
- More years for health events, caregiving needs, or home repairs to show up as financial shocks
In the Society of Actuaries’ Retirement Risk Survey, retirees report all kinds of unexpected shocks: health issues, helping family, home maintenance, even fraud. Dale noted that about 20% of retirees reported a major financial shock in the recent survey period.
You can’t predict which shock you’ll get. But you can prepare by planning for a longer retirement horizon.
From “Life Expectancy” to “Life Prepare-ancy”One of my favorite moments in the conversation was when Dale reframed the whole concept.
He said he likes to “chop off the ‘expectancy’ and paste in the word ‘prepare’”—asking:
“What age should I be preparing to survive to?”
Instead of targeting the middle of the curve (life expectancy), he suggests planning out to the age where there’s still a 10–20% probability you’ll be alive. That might be 95 or even 100, depending on your situation.
And planning this way isn’t about being pessimistic—it’s about giving yourself a better chance of a confident retirement, rather than hoping your money runs out at the exact same time you do.
How to Start Using Longevity the Right WayHere’s how I suggest you use what we discussed:
- Stop using your parents’ ages as your planning horizon.
- Use tools like the Longevity Illustrator to see your full range of possible lifespans.
- Plan as a household, not just as individuals—one of you will likely live longer.
- Aim your plan at a “life preparancy” age, not just a life expectancy.
- Stress-test your retirement plan against long lives and nasty surprises, not just the average outcome.
Or, as I like to say: learn the math, do the math, and follow the math.
Your emotions will still show up, but a solid understanding of your longevity risk makes it much easier to stay calm and make wise decisions.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
About the Author:
Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel
Additional Links:
- Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
- Dale Hall on LinkedIn
- Society of Actuaries
- Email the Society of Actuaries: research@soa.org
- LongevityIllustrator.org
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Author Beth Pinsker shares her experience overcoming the challenges of financial caregiving based on her book “My Mother’s Money.”
Jeremy Keil dives into the details of estate planning, what people often miss and how to leave a legacy that lasts.
Paul Merriman shares what his 60+ years of investment experience says about fees, behavior, and building a plan you can actually stick to.
Author Jillian Johnsrud explains how mini retirements help people retire often in this week’s episode of “Retire Today” with Jeremy Keil.
Jeremy Keil compares long-term care insurance to self-funding long-term care through the lens of 3 clarifying questions.
Rona Guymon and Jeremy Keil discuss how the recent economic changes have affected retirement plans and strategies.
Kanwal Sarai of “Simply Investing” explains his 12 rules for dividend investing and how this strategy could be used in retirement planning.
Andrew Motiwalla explains how to prepare for long-term travel and how to incorporate travel into your retirement plan.
When I sit down with people to talk about retirement, one of the first things I hear is, “I want to spend more time with my grandkids and I want to travel.” And while grandkids may not need much planning, travel does—especially if you want to do it in a way that truly enriches your retirement years.
That’s why I was excited to sit down with Andrew Motiwalla, founder of The Good Life Abroad, on the Retire Today podcast. Andrew has spent 30 years in the travel industry and has built something unique for retirees who want more than just a quick trip. His company helps retirees live abroad for one or two months at a time, creating deeper, more immersive travel experiences.
From Checklist Travel to Immersive ExperiencesAndrew described three “phases” of travel that many retirees experience. The first is what he calls checklist travel. This is when you finally make it to those bucket-list destinations—the Eiffel Tower, Machu Picchu, the Taj Mahal—and snap the pictures you’ve dreamed of for years. It’s exciting, it’s rewarding, and for many, it’s where retirement travel begins.
But then comes phase two—intentional travel. This is when you begin asking bigger questions: Who am I? What do I really want out of retirement? Maybe you’ve always loved art and decide to spend a month in Florence studying Renaissance masterpieces. Or perhaps your family roots are in Poland, and you want to show your children and grandchildren where your story began. It’s travel with a deeper purpose.
Finally, there’s immersive travel. This is when travel becomes more than just a trip—it’s part of your lifestyle. Retirees may take language or cooking classes at home, then use extended travel to practice and grow their skills. Instead of being tourists, they start to live like locals, even if just for a short time.
Why Living Abroad Is DifferentOne of the biggest differences Andrew sees between standard vacations and what The Good Life Abroad offers is time. When you live abroad for a month or two, you’re not rushing from one destination to another. You can settle into an upscale apartment, shop at local markets, and develop routines—like a favorite café or a walking route through your neighborhood. You start to feel part of the community.
Just as important, Andrew’s company helps retirees avoid some of the biggest pitfalls of going it alone, such as loneliness or confusion about local customs. They provide a “community manager”—someone who knows both the local culture and the American mindset—to guide you to hidden gems like university concerts or local cooking classes. They also bring together a community of like-minded retirees, so you’re never traveling alone unless you want to be.
The Benefits Go Beyond TravelWhat struck me most in this conversation is how immersive travel can actually help retirees find new meaning and identity. For decades, your sense of self may have come from your job or raising your family. In retirement, those roles shift. Travel—done with purpose—can fill that space. You might start to identify as a “traveler,” a “culture lover,” or an “art enthusiast.” And along the way, you’ll meet others who share that passion.
This isn’t just about checking boxes; it’s about transformation. As Andrew put it, travel can be a vehicle for reinvention.
Practical ConsiderationsOf course, planning extended travel comes with questions. What about health care? What about visas? Andrew explained that for trips under 90 days, Americans can generally travel freely in most of Europe, and The Good Life Abroad includes travel medical insurance and access to English-speaking doctors in every city they serve. For longer stays, you may need to look into visas and local insurance, but for most retirees, a one- or two-month trip fits perfectly within the rules.
And if you’re traveling solo, Andrew reassured us that this model works just as well. Many of their travelers are single—widowed, divorced, or just pursuing retirement independently—and the built-in community makes it easy to form new friendships and connections.
Your Retirement, Your WayWhether you’re a lifelong learner eager to expand your horizons or simply someone who’s always wanted to “live like a local,” immersive travel may be one of the best gifts you can give yourself in retirement. As Andrew said, it’s never too late to keep learning, growing, and exploring.
Retirement isn’t just about financial freedom—it’s about personal freedom. And travel, when done thoughtfully, can be one of the best ways to embrace that freedom.
If you’ve ever dreamed of living abroad—even just for a month—this episode is for you. I invite you to listen to the full conversation with Andrew Motiwalla on the Retire Today podcast and start envisioning what your own “good life abroad” might look like.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- The Good Life Abroad
- Andrew Motiwalla on LinkedIn
- Five Step Retirement Plan
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Discover how step 5 of building your retirement master plan can help you leave a lasting legacy while avoiding the big 3 retirement risks.
When most people think about retirement planning, they picture saving money, managing investments, and planning income. But retirement is about more than how you live—it’s also about what you leave behind. And as I often remind my clients, it’s not what you leave them, it’s how you leave them that counts.
This is Step 5 in creating your retirement master plan: Leave. This final step ensures that the legacy you leave for your loved ones is intentional, meaningful, and well-prepared.
The Three Big Retirement RisksBefore we talk about estate documents, let’s step back and consider the risks that could derail your retirement if you don’t prepare for them. I call these the big three retirement risks:
- Living too long – Longevity sounds like a blessing, but it’s also the great risk multiplier. The longer you live, the more time inflation, market volatility, and health care costs have to erode your nest egg. Planning for longevity means stress-testing your retirement plan to make sure it lasts, not just for the “average,” but well beyond.
- Dying too soon – The flip side of longevity is the possibility that you don’t live as long as you expect. If that happens, what will your spouse or loved ones face financially? Choices around Social Security, pensions, and survivor benefits often come down to one-time, permanent decisions. Make sure you’re considering how your choices will affect the person you might leave behind.
- Failing health – A long retirement increases the odds of needing significant health care or long-term care. Whether you choose insurance or a self-funding strategy, you need a long-term care plan. It’s not just about the money—it’s about who will help you, where care will happen, and how those decisions align with your values.
Estate Planning: Protect and Pass OnOnce you’ve planned for the risks, you can move to estate planning, which I like to think of as your legacy protection plan. This has two main goals:
- Protect yourself and your spouse. Estate planning isn’t just about what happens after you’re gone. Powers of attorney for health care and finances, health care directives, and living wills are about protecting you while you’re still alive but may not be able to act for yourself.
- Make inheritance easy and tax-efficient. When you’re no longer here, the goal is to simplify the process for your heirs and minimize taxes. That usually involves a will and often a trust. But don’t overlook the importance of beneficiary designations—most retirement accounts, life insurance policies, and even bank accounts pass outside your will or trust. If your beneficiary forms don’t match your overall plan, your hard work can unravel quickly.
It’s About More Than MoneyLeaving a legacy isn’t just about dollars—it’s about leaving clarity, direction, and peace of mind. Too many families are left to navigate confusion, disputes, and court battles because the planning wasn’t done ahead of time. By planning for risks, creating the right documents, and making thoughtful decisions, you can leave behind more than just assets—you can leave behind confidence, stability, and a sense of care for those you love.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- FiveStepRetirementPlan.com – Free video course to create your retirement master plan.
- JeremyKeil.com – Learn more about my book Retire Today and find links to purchase.
- Leave a Legacy, Not a Mess – Estate Planning Guide (2025) with David Edey– Mr. Retirement YouTube Channel
- Step Zero of Creating Your Retirement Master Plan
- Step One of Creating Your Retirement Master Plan
- Step Two of Creating Your Retirement Master Plan
- Step Three of Creating Your Retirement Master Plan
- Step Four of Creating Your Retirement Master Plan
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Learn the number 1 investing mistake people make in retirement and how to build a retirement investment plan.
The market goes up, the market goes down, and too often retirees get caught chasing returns or trying to predict the next big winner. In Step 4 of the Retirement Master Plan, I want to help you avoid the number one investing mistake I see retirees make: trying to control what you can’t control.
Instead of focusing on the unpredictable, like short-term stock market moves or economic headlines, you can create a retirement investment plan built on the things you can control.
The Biggest Investing Mistake Retirees MakeAfter years of working with retirees, I’ve noticed a consistent pattern. The people who struggle the most with investing are the ones who try to outsmart the market. They want to pick the hottest stock, time their withdrawals perfectly, or find a “magic bullet” investment that bails them out of overspending.
But all too often I find the reality is this: the stock market isn’t the problem—spending is. Trying to control what you can’t control almost always leads to disappointment. The better approach is to focus on two things you can control:
- How much money you keep out of the stock market.
- How much risk you take within the stock market.
The Bucket StrategyOne of the most effective ways to simplify your retirement investing is by using a bucket strategy. Instead of viewing your portfolio as one big pool of money, divide it into two separate buckets:
- The Income Bucket (Short-Term Money): This is money you’ll need in the next few years to cover spending. It belongs in safe, short-term investments—bank accounts, money markets, or short-term bonds. Think of this as your paycheck replacement. You don’t want to rely on the stock market for cash you need next year.
- The Growth Bucket (Long-Term Money): Everything else goes here. These are dollars that you won’t need for several years, and they can be invested in long-term assets like stocks, bonds, and mutual funds. The purpose of this bucket is growth—helping your money keep up with inflation and supporting you for the rest of your retirement.
This framework takes the guesswork out of retirement investing. Short-term needs are protected, and long-term needs are invested for growth.
How Much Goes in Each Bucket?That’s the big question: how much should you set aside in your income bucket? The answer depends on your comfort level and your retirement spending needs.
- More aggressive investors may set aside just a year or two of cash flows in the income bucket.
- More conservative retirees may prefer 5, 7, or even 10 years of income safely set aside.
The rest belongs in the growth bucket, invested according to your personal risk tolerance. A simple way to figure this out is to ask yourself: on a scale of 1 to 10, how much risk am I comfortable with in the stock market? Your answer provides a starting point for how much of your growth bucket belongs in stocks versus bonds.
Rebalancing and RefillingRetirement investing isn’t a one-time decision. Markets move, portfolios drift, and your needs evolve. That’s why rebalancing and refilling are so important.
- Rebalancing: Over time, your portfolio might shift away from your intended risk level. Rebalancing helps you bring it back in line, so you’re not accidentally taking on too much (or too little) risk.
- Refilling the Income Bucket: As you spend from your income bucket, you’ll need to replenish it with profits from the growth bucket—ideally after the market has been up.
This ongoing process ensures that your retirement plan adjusts with you, rather than leaving you vulnerable to market swings.
Focus on What You Can ControlRemember, you can’t control the stock market, the economy, or political changes. But you can control:
- Your spending
- Your Social Security filing strategy
- Your tax planning
- Your allocation between short-term and long-term investments
- Your diversification and rebalancing decisions
When you focus on these controllable factors, you’ll build a retirement plan that is far more resilient and less stressful.
Final ThoughtsStep 4 of the Retirement Master Plan is all about creating a clear, practical investment strategy. By focusing on the income and growth buckets, regularly rebalancing, and refilling when needed, you’ll avoid the trap of trying to control what you can’t.
Next week, I’ll share the final step—planning for what you’ll leave behind. But for now, take some time to assess your own retirement buckets. Are you balancing safety with growth in a way that supports your dream retirement?
Because when you know more about your money, you’ll feel better about your money—and you’ll make better decisions for your future.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- FiveStepRetirementPlan.com – Free video course to create your retirement master plan.
- JeremyKeil.com – Learn more about my book Retire Today and find links to purchase.
- Step Zero of Creating Your Retirement Master Plan
- Step One of Creating Your Retirement Master Plan
- Step Two of Creating Your Retirement Master Plan
- Step Three of Creating Your Retirement Master Plan
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Learn how to keep more of your retirement income through tax planning in step 3 of the 5 step retirement plan.
When people think about retirement planning, they usually focus on two big questions: How much do I need to spend? and How much will I make in retirement? Those are important, but there’s a third question that often gets overlooked—and it could make or break your plan: How much of your money do you actually get to keep?
That’s what Step 3 of creating your retirement master plan is all about: keeping more of your hard-earned money through smart tax planning.
Why Taxes Matter So Much in RetirementDuring your working years, your income is pretty straightforward. You earn a salary, and taxes get withheld from your paycheck. In retirement, things look very different. You now have more control than ever before over what your tax bill will look like. That’s because you can decide when and how to pull money from your accounts.
Two factors play the biggest role here:
- Timing – the year (and sometimes even the month) when you withdraw money.
- Type – the type of account you take money from, like a traditional IRA, Roth IRA, brokerage account, or savings.
Making smart decisions with timing and type could mean saving thousands of dollars in unnecessary taxes over the course of your retirement.
The Power of TimingHere’s a simple example: if you withdraw money on December 31st versus January 1st, that income falls in two completely different tax years. Just a week’s difference could completely change your tax outcome.
But timing isn’t just about the calendar—it’s about your retirement phases:
- Before vs. after you stop working
- Before vs. after age 65 (Medicare starts)
- Before vs. after age 63 (Medicare looks back two years at your income)
- Before vs. after you turn on Social Security
- Before vs. after age 73 (required minimum distributions begin)
- Married filing jointly vs. filing as a single survivor
Every one of these milestones creates “before and after” windows where your tax planning can make a huge impact. If you’re not planning around these, you might end up paying more than you need to.
The Role of Account TypesNot all withdrawals are created equal:
- Traditional IRA/401(k): Taxable as income when withdrawn.
- Roth IRA: Withdrawals are generally tax-free.
- Brokerage Accounts: You’ll pay capital gains tax when you sell investments for more than you paid.
- Savings Accounts: Withdrawals are tax-free, though interest earned is taxable each year.
The key is mixing and matching withdrawals across these account types in a way that minimizes taxes now and later.
Roth Conversions: The #1 Tax-Smart ToolIf there’s one strategy that makes the biggest difference in retirement, it’s Roth conversions. Converting part of your traditional IRA into a Roth lets you pay taxes now (often at a lower rate) in exchange for withdrawals later.
But there are three big myths I hear all the time:
- “I can’t convert because I’m retired.” You can always convert as long as you have money in a traditional IRA.
- “I can’t convert because my IRA is too big.” You don’t have to convert the whole thing. You can convert in small amounts over multiple years.
- “More conversions are always better.” Sometimes there is a wrong time & amount to convert. The best approach is to convert the right amount, at the right time.
This is what I call the Golden Rule of Roth Conversions: choose the right year and the right amount. Get that right, and you could save tens of thousands of dollars. Get it wrong, and you might pay unnecessary taxes you can’t undo.
A Real-Life ExampleI worked with a couple who had room to do Roth conversions while staying in the 24% tax bracket. We created a plan to spread their conversions out over three years. But they decided to convert everything at once, thinking it wouldn’t matter.
Unfortunately, it did matter. Instead of keeping their conversions at the 24% tax bracket, much of their income spilled into the 32% and even 35% bracket. The result? I estimate they paid $23,000 more in taxes than they needed to.
That’s why timing and amount are so important. Tax planning in retirement isn’t a yes-or-no decision. It’s about making the right move at the right time.
Keeping More of What’s YoursAt the end of the day, Step 3 of your Retirement Master Plan is all about keeping more of what you’ve worked so hard to save. Taxes are one of your biggest expenses in retirement, but with careful planning, you can reduce their impact and free up more money to spend, share, and enjoy.
If you’d like to dive deeper into this, check out my book Retire Today: Create Your Retirement Master Plan in 5 Simple Steps, or head over to JeremyKeil.com to learn more.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- Step Zero of Creating Your Retirement Master Plan
- Step One of Creating Your Retirement Master Plan
- Step Two of Creating Your Retirement Master Plan
- www.5StepRetirementPlan.com
- Get your copy of “Retire Today”
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Learn how to maximize your Social Security and pension benefits in your retirement income plan.
Just because you’ve stopped working doesn’t mean you’ve stopped making money. In fact, some of the most important financial decisions you’ll ever make happen right at the start of retirement—and many of them are one-time, often irreversible choices. Get them right, and you could add hundreds of thousands of dollars in lifetime income. Get them wrong, and you may leave that money on the table.
That’s why Step 2 of creating your retirement master plan is all about building a lifetime income plan. At its core, this step focuses on Social Security and pensions, two of the most significant income sources for retirees. Unfortunately, I see too many people making decisions based on myths rather than math. Let’s walk through some of the most common misunderstandings and what you can do instead.
Myth #1: “It doesn’t matter when you file for Social Security—it all evens out.”This is one of the biggest misconceptions I hear. People think that if you file early at 62, you’ll get a smaller benefit for longer, and if you file late at 70, you’ll get a larger benefit for fewer years—so it must all balance out.
That logic might have been true back in 1983, the last time major Social Security changes were made. But two big things have changed since then:
- Interest rates are much lower. In the 1980s, if you took your benefits early and invested them, you could count on double-digit bank interest rates. Today, that’s just not the case.
- We’re living longer. Advances in medicine and healthier lifestyles mean people are living well into their 80s and beyond. The longer you live, the more valuable waiting for that larger Social Security check becomes.
The bottom line: today, the math overwhelmingly favors waiting, especially for the higher earner in a couple.
Myth #2: “I’ll just take Social Security early and invest the money myself.”I see spreadsheets all the time where people try to “prove” that filing early and investing the money comes out ahead. But those spreadsheets rarely account for important realities:
- Inflation adjustments. Your Social Security benefits grow with inflation, something no spreadsheet investment can perfectly replicate.
- Survivorship benefits. If you’re the higher earner, delaying increases the amount your spouse may receive if you pass away first.
- Tax advantages. Social Security is typically taxed more favorably than withdrawals from IRAs and 401(k)s.
Research has shown that, on average, you’d need an 8% annual investment return to come out ahead by filing early. That’s possible in the market, but it’s far from guaranteed—whereas the higher Social Security benefit from waiting is.
Myth #3: “I won’t live long enough to reach the break-even point.”Some people dismiss delaying Social Security because they think the odds of living long enough to benefit just aren’t there. But the statistics tell a different story.
- A 62-year-old man in average health who doesn’t smoke has a 70% chance of living to 80.
- A 62-year-old woman has an 80% chance of reaching 80.
- For couples, the odds are even stronger: there’s a 90% chance that at least one spouse will live past 80.
So if you think delaying isn’t worth it because you might not live long enough, the math shows that you’re actually betting against the odds.
Why Social Security Is Like InsuranceIt helps to think of Social Security for what it really is: old-age and survivor’s insurance. It’s designed to protect you if you live longer than expected, if inflation rises faster than you planned, or if your investments don’t perform as well as you hoped. Filing decisions should be based on maximizing that protection for you and your spouse.
What About Pensions?Many retirees also have pensions, and similar myths apply. But there are two key differences:
- No inflation adjustments. Unlike Social Security, most pensions don’t grow with inflation, which means their purchasing power decreases over time.
- Lump sum vs. monthly payments. With pensions, you often face the choice between taking a lump sum or monthly payments.
Here’s where caution is critical. Financial advisors sometimes push clients toward lump sums because they get paid for managing that money. Monthly pensions don’t generate fees, which means there’s less incentive for advisors to recommend them—even if they’re the better choice for you.
That’s why you need to do the math carefully. Compare the actuarial value of the monthly payment versus the lump sum, and factor in survivorship benefits for your spouse. This isn’t a decision to make lightly.
Turning Myths Into MathThe truth is, most people make costly mistakes with Social Security and pensions. Studies show that couples, on average, lose about $180,000 in lifetime benefits because of poor Social Security decisions. That’s why I urge you to base your retirement plan on math, not myths.
Your Social Security and pension are designed to provide steady, reliable income for life. By making smart, math-driven decisions today, you can ensure that income is maximized—not just for you, but also for your spouse and family.
Final ThoughtsStep 2 of your retirement master plan is all about creating your lifetime income plan. That means thinking carefully about Social Security, pensions, and how they’ll support you over the decades of retirement. Don’t rely on guesses, gut feelings, or myths. Instead, take the time to do the math—or better yet, work with someone who can walk you through the analysis.
If you want to dig deeper into these strategies, you can check out my book Retire Today: Create Your Retirement Master Plan in Five Simple Steps at JeremyKeil.com. And for more resources, head over to FiveStepRetirementPlan.com.
Because knowing more about your money will help you feel better about your money—and that leads to making better money decisions in retirement.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- Order your copy of “Retire Today”
- 5StepRetirementPlan.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Order your copy of Jeremy Keil’s new book “Retire Today” available now.
I am so excited to share some big news with you: my new book, Retire Today, is officially available!
This book is the result of years of helping people transition into retirement and seeing firsthand what works—and what doesn’t. My goal in writing Retire Today was to give you a simple, step-by-step guide to creating your own retirement master plan. Because the truth is, retirement doesn’t have to be overwhelming. With the right process, you can feel confident, prepared, and ready to enjoy life on your terms.
Why I Wrote Retire TodayOver the years, I’ve met countless people who’ve asked me the same questions:
- When can I actually afford to retire?
- How much will I spend in retirement?
- What if I run out of money?
- How do taxes, health insurance and Social Security fit into the picture?
What I realized is that most people don’t need complicated formulas or jargon—they need a clear framework that helps them make smart choices and avoid costly mistakes. That’s exactly what Retire Today delivers.
It’s not about chasing the “perfect” retirement plan. It’s about creating a personalized plan that works for you.
What You’ll Find in the BookInside Retire Today, I walk you through the five steps to creating your retirement master plan. Each step is designed to answer the most important questions you’ll face:
- How much will I spend in retirement?
- How can I maximize my monthly lifetime income?
- What can I do to reduce taxes?
- How can I make my investments last?
- How do I create and protect my legacy?
Each chapter includes real-life examples from people I’ve worked with. These aren’t just theories—they’re practical lessons that show you how small changes can make a big difference in your financial future.
Why This Book Matters NowWe live in uncertain times. Markets go up and down, tax laws change, and healthcare costs continue to rise. But no matter what happens, you can take control of your retirement today by following a clear, proven process.
The sooner you start, the more flexibility and confidence you’ll have. That’s why I encourage you not just to read the book—but to act on it.
Where to Get Your CopyYou can get your copy of Retire Today right now by visiting JeremyKeil.com.
And here’s my challenge to you: don’t just buy the book and put it on the shelf. Work through the steps. Build your plan. And take that first action toward the retirement you’ve always dreamed of.
Ready to Retire Today?This isn’t just the title of the book—it’s a mindset. Retire Today means having the confidence to know you’re prepared, whether you retire tomorrow, five years from now, or later down the road.
So if you’ve been waiting for the right time to take your retirement seriously, that time is now.
Grab your copy of Retire Today, start building your retirement master plan, and take control of your future.
Because your best years are ahead—and they start today.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: Retire Today – Podcast
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- Order your copy of “Retire Today”
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains step 1 of the 5 step retirement plan: retirement spending.
When it comes to retirement planning, one of the biggest questions people ask is: Where do I start? The truth is, before you think about investments, taxes, or even when to claim Social Security, you need to figure out one thing—how much you’re going to spend in retirement.
This is what I call Step One in creating your retirement master plan, which I’ve outlined in my book Retire Today. While many people assume retirement planning begins with assets and income, I believe it begins with spending. After all, if you don’t know what you’ll spend, how can you know how much income you’ll need?
Why Many Budgets FailWhen I sit down with people, their first instinct is often to start building a retirement budget. They think they need to track every coffee, grocery run, and gas fill-up to get an accurate picture. But here’s the problem—budgets are almost always wrong.
People underestimate their spending, forget about irregular costs, and end up thousands of dollars off the mark. I’ve seen it happen time and again. Instead of building from the ground up, there’s a simpler formula that works nearly every time:
Income – Savings = Spending.
Whatever comes from your paycheck into your checking account typically gets spent—unless you’re intentionally saving it. By starting here, you can find your true monthly lifestyle amount without overcomplicating things.
The Story of ThomasTake Thomas, for example. He had what I thought was the best budget I’d ever seen—two years of detailed expense tracking. Every expense logged, every penny accounted for. He proudly told me he spent $7,000 per month.
When we broke it down, though, we realized he didn’t need years of tracking to figure this out. His income was $104,000 per year. He saved $20,000 into investments. That left $84,000 for spending—or $7,000 per month. Exactly what his “perfect” budget said, but it took him two years to arrive at something the formula showed in minutes.
Don’t Confuse Saving with GrowingOne caution I often give people is not to confuse saving with growing. If you’re putting $500 into savings every paycheck, but pulling it out later for property taxes or vacations, that’s not saving—it’s managing cash flow. True saving means money you set aside for the long-term, not just for short-term annual expenses.
This distinction matters because when you’re projecting retirement spending, you need to know what’s truly ongoing versus what’s temporary or irregular.
The Costs People ForgetEven when people nail down their monthly lifestyle amount, I often see them forget two of the biggest retirement costs:
- Health Insurance – Before 65, you’ll likely pay much more out of pocket than once Medicare kicks in. A good rule of thumb is budgeting around $1,000 per person per month, but this varies widely.
- Taxes – Many retirees underestimate taxes, or treat them like a fixed bill. But taxes are flexible—you can plan, shift, and smooth them over time. That’s why I recommend using tax planning software or working with a planner who can show you different strategies.
Don’t Forget the “Non-Lifetime” ExpensesYour monthly lifestyle spending is the foundation, but retirement also comes with non-lifetime expenses—costs that won’t last forever, but you should still plan for.
These often include:
- Paying off a mortgage (which eventually goes away).
- Buying a new car (which will likely happen more than once if you retire in your 60s).
- Home renovations and repairs (you’ll notice more when you’re home full-time).
- Big trips and family events.
If you don’t plan for these, they’ll sneak up and throw your retirement plan off track.
Why Step One Matters MostRetirement is not about hitting a magic savings number—it’s about matching your income to your lifestyle. Step one is figuring out your lifestyle amount: how much you need each month to live comfortably. Once you know that, the rest of the retirement plan—your investments, your tax strategy, your Social Security timing—can all be built around it.
Too many people start at the wrong end of the problem. They focus on how much they’ve saved, and then try to make their lifestyle fit. But if you start with your lifestyle first, you’ll have a plan that feels realistic, sustainable, and personalized.
Take the First StepIf you’re planning for retirement, start today. Look at your income, subtract your true savings, and you’ll know your lifestyle amount. Then, don’t forget to factor in health insurance, taxes, and those one-time expenses.
This is step one of creating your retirement master plan. Once you’ve got it, you’ll have a clear starting point to build the retirement you deserve.
And if you want to go deeper, my book Retire Today walks you through all five steps in detail.
Because the truth is simple: if you know more about your money, you’ll feel better about your money—and you’ll make better decisions in retirement.
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: Retire Today – Podcast
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- www.5stepretirementplan.com
- www.JeremyKeil.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explains why personalized longevity estimates are the most important number in your retirement planning.
When most people think about retirement planning, the first number that comes to mind is how much money they’ll need to retire. And while that’s an important figure, I believe there’s another number that matters even more. I call it your retirement longevity number – and understanding it could have a significant impact on your retirement.
Why Your Retirement Longevity Number MattersYour retirement longevity number is about more than just life expectancy. It combines two crucial questions:
- When will your retirement begin?
- How long are you likely to live once it starts?
Those two factors together determine how long your retirement will actually last. And the truth is, most people get both wrong.
Many people assume they’ll work until 65. Yet surveys from the Employee Benefit Research Institute show that, on average, people retire about three years earlier than they expected. Health issues, job loss, or family responsibilities often force people into retirement before they’re ready.
On the other side of the equation, people underestimate their longevity. Too often, we use the wrong life expectancy number—like the one we see in news articles that cites the “average American life expectancy” of 78 years. But that’s the life expectancy of someone born today, not someone who’s already made it to 60 and beyond. If you’re reading this, you’ve already beaten those earlier odds.
Why the Newspaper Numbers Don’t Apply to YouHere’s the reality: if you’ve made it to age 60, your life expectancy isn’t 78. It’s closer to 84. And that’s just the average. Half of people will live longer than that.
But even more important is recognizing that life expectancy is not an expiration date. The chance you’ll die exactly at your life expectancy is only about 3.5%. That means almost everyone will live either shorter or longer than that estimate.
So if you’re planning to retire at 65 and think you’ll only need your money to last until 78, you’re setting yourself up for a rude surprise. In reality, the average person retiring at 62 will live until 84. That means planning for a 22-year retirement instead of the 13 years you might have originally expected. That’s a 69% longer retirement than you thought you’d need to prepare for.
The Cost of Underestimating RetirementGetting your longevity number wrong can have big financial consequences. If you underestimate how long you’ll live, you risk running out of money when you need it most. If you overestimate, you may end up working longer than you have to, or living too conservatively in retirement.
That’s why it’s so important to get a personalized estimate. Don’t just pull a number out of the air—like 85, 90, or 95. Instead, use tools designed to give you a better estimate based on your unique situation.
A Better Way to Estimate LongevityOne resource I recommend is LongevityIllustrator.org. In just five minutes, you can input your age, health, and other personal factors to get a more realistic picture of how long you might live.
This isn’t about predicting the future with certainty. It’s about preparing yourself for a range of possible outcomes so you and your family aren’t caught off guard.
Once you have your number, start by asking:
- What happens if I live shorter than expected?
- What happens if I live longer than expected?
Building your retirement plan with these possibilities in mind gives you flexibility and security no matter what happens.
Start Three Years EarlierAnother simple adjustment I encourage people to make is to move up their retirement age estimate by three years. If you think you’ll retire at 65, run the numbers as if you’ll retire at 62. That way, you’ll be ready if retirement comes sooner than expected.
And here’s the good news: being financially ready earlier gives you more options. You might retire early by choice. Or, if circumstances push you out of the workforce, you’ll be prepared instead of panicked.
Why This Number Should Come Before Everything ElseIn my book Retire Today, I outline five steps to creating a retirement master plan. But before even starting with step one, I encourage you to begin with what I call step zero—figuring out your retirement longevity number.
Without it, every other calculation is flawed. How much income you need, how much to save, when to take Social Security—all of these hinge on how long your retirement could last.
Take the First Step TodaySo, what’s the most important number in your retirement planning? It’s not your nest egg balance. It’s not even your projected monthly expenses. It’s your retirement longevity number.
If you want to feel confident about your retirement, start here. Figure out when your retirement might really begin, and how long it’s likely to last. Adjust your plan accordingly.
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- Is Your Retirement Facing a Midlife Crisis? With David Blanchett
- Is Your Retirement Plan Flawed? With David Blanchett
- EBRI/Greenwald Retirement Confidence Survey
- www.longevityillustrator.org
- www.5stepretirementplan.com
- Pre-order a copy of “Retire Today” (9/2 release) by Emailing podcast@KeilFP.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Mr. Retirement
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil interviews Anthony Napolitano about how he managed to adapt his retirement plan after an unexpected end to his career.
I often tell people that the majority of folks don’t get to choose the exact moment they retire. It’s a reality that’s hard to face, but it’s a truth I’ve seen play out time and again. That’s why I believe having a plan, even if you think you’re decades away from retirement, is the best kind of insurance you can have.
I recently had the pleasure of speaking with Anthony Napolitano on my podcast, Retire Today. Anthony’s story is a perfect example of why having a retirement plan is so crucial. He’s about 15 months into his retirement journey, and his story is a powerful reminder that while the road to retirement may be “somewhat planned, somewhat unplanned,” a solid foundation can make all the difference.
The “Aha!” Moment: From Saving to Planning
Anthony’s background is in finance, and he’s always been a “personal finance kind of nerd”. He consistently saved money throughout his working years, but he didn’t have an actual retirement plan until he was 47. His “aha!” moment came during a conversation with a colleague who asked him, “Do you actually have a retirement plan? Do you know where your income is going to come from?”. This question prompted Anthony to get serious about his future.
He worked with an advisor and created a plan that projected his income and expenses until age 95. This was the first time in his life he had such a detailed roadmap. His initial goal was to retire at 55, a full eight years away. But as often happens, life had other plans.
A Serendipitous Retirement
Anthony’s career path wasn’t a straight line to the finish. He was “downsized” from his company after 25 years. This unexpected break gave him a taste of what retirement might be like, and it really “steeled [his] nerves” and made him get serious about his plan. He eventually found another senior executive role, but two years later, he was retired again due to another “corporate restructuring”.
While the timing wasn’t his choice, Anthony was ready. He’d had the benefit of a financial plan and had spent the year leading up to his retirement focusing on the non-financial side of things. He had also started listening to personal finance podcasts during his daily walks, which reignited his love for the subject and gave him a ton of confidence.
Anthony’s story confirms what I’ve seen in my practice and what the data shows: on average, people retire about three years earlier than they plan. But having a plan in place gave Anthony the confidence to say, “I’m doing all right,” even when the decision was made for him.
Beyond the Numbers: The “Retirement Life Plan”
I was particularly impressed with Anthony’s “retirement life plan.” He’s a very structured person, and he’s applied that structure to his life in retirement. He didn’t want a generic “bucket list” but rather a framework for a balanced and purposeful life. He created four pillars for his plan:
- Health: He maintains a routine of daily walks and strength training a few times a week.
- Mindset/Hobbies: This was the area he had to work on the most, as he didn’t have many hobbies while working. Now, he enjoys hiking, cooking, traveling, off-roading, and gardening.
- Purpose: Anthony found his purpose in combining his love of sports and personal finance with his desire to help kids. He coaches at a local high school and is developing a financial literacy program for students.
- Relationships: Recognizing that relationships are crucial, especially for men who often struggle to maintain them, Anthony created a “friends project”. He has a weekly calendar reminder to reach out to friends, rekindling old connections and strengthening existing ones.
This structured approach allows him to constantly update and work on his life, ensuring he’s not just “floating around”. It also gives him a way to hold himself accountable and measure his progress.
A Journey of Self-Discovery
One of the most surprising things Anthony discovered was the challenge of being overcommitted, even to things he loved. He started coaching and working at a winery, two things he had always wanted to do. But the schedule and lack of freedom began to feel like a burden. He realized he needed to say “no” more often and find a better balance.
This realization is a testament to the fact that retirement is a journey, not a destination. It’s a time for trial and error, for exploring new things, and for continuously evolving. Anthony is grateful he can go through this process while he’s healthy and can fully enjoy it. His worst day in retirement is still better than his best day at work.
Anthony’s story is an inspiring example of how a thoughtful, proactive approach to both the financial and non-financial aspects of retirement can lead to a fulfilling and purposeful life. If you’re interested in sharing your own retirement story, please email me at podcast@keilfp.com. I’d love to hear it.
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- “Are You Headed for Retirement Heaven or Hell? With Mike Drak” – Retire Today Episode 243
- www.forthenapos.com – Anthony Napolitano
- Connect with Anthony on LinkedIn
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
“Retirement Revealed” is Now “Retire Today”! Introducing the next chapter of the “Retirement Revealed” podcast as “Retire Today”
After six years and 250 episodes of helping you turn your retirement savings into retirement income, we’ve got some exciting news: the Retirement Revealed podcast is now the Retire Today podcast!
Why the change? There are two big reasons—and both are worth celebrating.
1. A Fresh Start with Familiar WisdomFirst, after hundreds of episodes and years of invaluable conversations with financial experts and retirees, I felt it was time for a fresh start. Don’t worry—this isn’t a complete overhaul. And we’re still focused on the same core mission: helping you retire confidently by turning your savings into income and avoiding big retirement mistakes.
But just like your retirement plan needs to adapt and evolve, so does this podcast. That’s why I’ve rebranded the show with a name that better reflects what we’re all about: taking action today to create your retirement master plan.
2. A New Book: Retire TodayThe second reason for the change? I’m publishing a book!
My new book is called “Retire Today: Create Your Retirement Master Plan in Five Simple Steps”. It’s the culmination of everything I’ve learned over my 22 years as a retirement-focused financial advisor. And I’m beyond excited to share it with you.
If you want a preview or want to get on the pre-sale list, just email me at podcast@keilfp.com. I’d love to send you a discounted copy as a thank-you for being a loyal listener.
What to Expect from the Retire Today PodcastOver the next few weeks, I’ll be diving deep into the five-step retirement plan from the book. You might already be familiar with the framework, but now I’m bringing it to life—on the podcast and in print.
Here’s a sneak peek at the steps:
Step 1: SpendThis is all about understanding how much you need to spend each month in retirement. We’ll explore how to calculate your true retirement income needs and how long you might need that income to last.
Step 2: MakeJust because you retire doesn’t mean you stop making money. We’ll look at maximizing your Social Security, pension, and other income sources so you’re not leaving money on the table.
Step 3: KeepNo one likes paying more taxes than they have to. This step is about keeping more of what you earn by creating a tax-smart retirement strategy.
Step 4: GrowHere’s where investing comes in. It’s important—but only after you know how much you need, how long you’ll need it, and how to keep more of it. We’ll walk through how to invest based on when you’ll need the money and how much risk you’re comfortable taking.
Step 5: LeaveFinally, we’ll talk about legacy. Do you want to leave behind assets—or just a big tax bill? We’ll discuss how to plan for the legacy you truly want to leave.
A Mindset ShiftBeyond the numbers, retirement requires a mindset shift. Many people struggle with going from accumulating savings to actually spending it. We’ll explore how to confidently step into the next chapter of your life—mentally and financially.
What’s Next?To kick off the Retire Today podcast, I’ll be sharing a true retirement story from a listener who was laid off the same day he bought his second home. Spoiler alert: thanks to solid planning, he’s now enjoying his retirement more than ever.
So if you’ve been enjoying Retirement Revealed, you’re going to love Retire Today. It’s the same mission, with a fresh look and a powerful new resource–get on the pre-order list by emailing podcast@KeilFP.com today!
Don’t forget to leave a rating for the “Retire Today” podcast if you’ve been enjoying these episodes!
Subscribe to Retire Today to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetireTodaySpotify
Additional Links:
- www.5stepretirementplan.com
- Pre-order a copy of “Retire Today” (9/2 release) by Emailing podcast@KeilFP.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Media Disclosures:
Disclosures
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
Additional Important Disclosures
Jeremy Keil explores the incoming changes resulting from the “One, Big, Beautiful Bill” and how they might impact your retirement.
Jeremy Keil breaks down the Investopedia.com list of the 11 best low-risk investments for 2025.
Exploring Heather Schreiber’s 5 costly Social Security traps and exploring options of how to handle them.I’ve seen it time and again throughout my career: the intricacies of navigating Social Security can trip up just about anyone. So when I saw the headline “5 Sneaky Social Security Traps” in Heather Schreiber’s newsletter, I knew right away this was going to be something that deserved a closer look on the podcast.Let’s dive into these 5 Social Security traps–and these aren’t just random quirks—that can lead to unexpected gaps in income, tax surprises, or permanent reductions in your benefits. 1. The Entire Month RuleYou might think that turning 62 means you're automatically eligible for Social Security that month. Not quite.Social Security has a quirky rule: you have to be 62 for the entire month to receive benefits for that month. If your birthday is on June 15, you don’t qualify for June’s benefit. Instead, your eligibility starts in July, and your first payment doesn’t arrive until August.What’s even weirder is that the SSA counts your birthday as the day before you were born. So if you're born on June 2, you're considered 62 starting June 1 and therefore eligible for June benefits (which are paid in July).If you’re planning on your Social Security check arriving the month you turn 62, you could be left waiting an extra month or two—potentially throwing off your cash flow.2. Rest in Peace, Now Return to SenderJust like you must be alive the entire month to earn that month’s benefit, if someone passes away mid-month, they don’t qualify for that month’s Social Security payment—even if it’s already been deposited.This can be a shock to surviving spouses or family members when the SSA takes that money back. If a loved one passes away on June 14, and the June payment was already deposited in early July, that money must be returned. It wasn’t “earned” under SSA rules.So whether you're filing for your own benefit or helping a family member, remember: Social Security is earned month-by-month—and only if you’re alive for the full month.3. Lump Sum FOMO: When Free Money Isn’t Always FreeWhen you file for Social Security after your full retirement age, you have the option to take up to six months’ worth of benefits retroactively. That sounds great—who doesn’t like a lump sum?But here’s the catch: taking that lump sum means your official filing date is backdated. So if you file at age 68.5 and take six months retroactive payments, SSA treats you as if you filed at 68—reducing your benefit by 4%.That “free” $18,000–$20,000 could cost you thousands more over the course of your retirement. Sometimes it’s worth it, but many people take the lump sum without realizing the long-term cost.4. Under-Withholding Today May Lead to Regret TomorrowHere’s a situation I see far too often: retirees who start taking Social Security, forget to set up federal tax withholding, and then get a surprise bill come tax season.Unlike pensions or employer paychecks, Social Security doesn’t automatically withhold taxes unless you fill out a separate form (Form W-4V). If you don’t do this and your Social Security income is taxable, you could owe hundreds—or thousands—at tax time.Take the time to set up appropriate withholding levels. SSA allows you to choose from 7%, 10%, 12%, or 22%. 5. Medicare IRMAA and the Two-Year LookbackWhen you hit age 65 and enroll in Medicare, your premiums for Part B (and possibly Part D) can go up significantly if your income from two years ago was high.This IRMAA (Income-Related Monthly Adjustment Amount) surcharge can sneak up on you—especially if you had a one-time event like a Roth conversion, large capital gain, or business sale.If you had a significant drop in income due to retirement, job loss, or other life event, you can appeal your IRMAA using a life-changing event form (SSA-44). I’ve helped dozens of clients successfully reduce th...
Forensic consultant Paul Sippil explains little-known costs for business owners and plan participants and what you can do about them.When it comes to retirement planning, one of the most overlooked areas is the cost hiding within your 401(k) plan. I sat down with Paul Sippil, a forensic 401(k) consultant, in this week’s episode of the Retirement Revealed podcast. For the last 20 years, Paul has been helping employers and plan participants understand the full picture of what a 401(k) really costs–and most importantly, what you can do about it. What we revealed may surprise you: many of the fees you could be paying are seemingly invisible, unspoken, and quietly leaving your retirement savings.Your 401(k) Isn't "Free"One of the most common phrases Paul hears when talking with business owners and plan participants is: “I’m not paying anything.” And technically, they’re not—at least not directly. That’s because 401(k) fees often don’t show up on an invoice. Instead, they’re extracted from participant accounts through asset-based fees, commissions, and revenue sharing agreements that most people never even notice.Here’s the reality: if you’re in a 401(k), especially with a small to mid-sized employer, you could be overpaying. And no one may be telling you.The Bigger the Balance, the Bigger the FeeMany 401(k) service providers charge asset-based fees, meaning the more money you have in the plan, the more you pay—even if the services don’t change. That fee structure hits high-balance employees (often business owners or long-time participants) the hardest. For example, if your plan has $3 million in assets and your advisor is receiving 0.75% annually, that’s $22,500 per year in compensation—whether or not they’re actively helping you.Would you pay that if you received an invoice in the mail? However, when the fee is simply deducted from your account through share class expense ratios or revenue sharing, many people never realize it.Small Plans, Big ProblemsIf you work at or own a small business with under 100 employees, your per-participant fees are likely much higher than those in larger plans. According to the U.S. Department of Labor, large plans (those with over $100 million) can be up to 50% cheaper in relative costs. Smaller plans are often stuck with higher costs and less transparency.How to Spot the Hidden FeesFinding these costs isn’t easy, but there are tools:Form 5500: This publicly available tax form (found at www.efast.dol.gov) details plan costs and fund options for plans with over 100 participants.Review Share Classes: Funds come in multiple share classes. Some, like “R2,” may carry hefty embedded commissions. Ask your provider if lower-cost versions like “R6” are available.Watch for “Revenue Sharing”: This outdated and opaque compensation method allows brokers and recordkeepers to collect fees without ever issuing a bill.Why Transparency MattersPaul made an interesting point: if employers were required to write a check for 401(k) services as opposed to having the fees quietly and automatically withdrawn, he believes the plan-holders and business owners would actually negotiate those fees, thus resulting in lowered costs. But the industry thrives on invisibility—making it hard for both employers and employees to question or benchmark what they’re paying.That’s why we suggest a simple test: If your financial advisor can’t clearly explain what they’re being paid and what you’re getting in return, it’s time to ask better questions and evaluate your options.Self-Directed Brokerage Accounts (SDBA)If your current 401(k) doesn’t offer the investment options you want, ask your employer about adding a Self-Directed Brokerage Account. This feature allows you to invest in a wider range of funds—including ETFs and commodities—that may not be available in your default menu. Not every provider offers this, but it’s worth requesting.
Jeremy Keil explores Barron’s 5 strategies to respond to market volatility with your retirement portfolio.Are you feeling nervous about what today’s market volatility could mean for your retirement? You’re not alone. A recent Barron’s article titled “Market Anxiety Is Running High. How to Secure Your Retirement Portfolio” caught my attention—not just for the headline, but because it echoes what I hear from so many of you. Retirement can already feel uncertain, and when the stock market adds another layer of unpredictability, it’s natural to start asking: “What should I be doing with my investments?”Let’s explore five strategies—based on that Barron’s article and my own experience as a retirement-focused financial planner—that you can use to help protect your retirement income from the ups and downs of the market.1. Be Realistic About Market ReturnsThe last decade has seen significant growth for the stock market. From 2009 to 2024, returns were some of the strongest in history. But expecting this trend to continue indefinitely could lead to disappointment.In fact, projections from Morningstar suggest that U.S. equities could return just 3.4% to 6.7% annually over the next decade. Compare that to the roughly 20% growth we saw in 2023 and 2024, and it's a sobering reality check.Being realistic doesn’t mean avoiding stocks altogether—it means adjusting your expectations and preparing for a range of outcomes.2. Get Your Asset Mix Right (Based on When You Need the Money)While it may be tempting to invest based on how the market is performing at the moment, Barron’s suggests that your personal needs with your investment should be high on the list of drivers in your investment strategy.Your short-term money (needed within 1–3 years) could be in short-term, stable investments. Long-term money (needed 10+ years out) could go toward growth-oriented investments like stocks. Too often, I see people keeping everything in the market when they’re just a year away from retirement, hoping for “one more good year.” And sometimes it backfires—just like it did in early 2020 when COVID hit, and the market took a steep dive.Plan ahead. By adjusting your retirement investments 3 three years before your retirement date, you could have more of a buffer, just in case you retire earlier than expected.3. Diversify and RebalanceIt’s tempting to stick only with what’s worked recently—especially U.S. stocks, which have produced strong returns since 2009. But diversification means having exposure to different areas of the market, including international stocks. And while international stocks have lagged in recent years, 2025 has shown a surprising shift: as of early June, international indexes are up nearly 19%—ahead of the S&P 500's 2% gain.You never know when one part of your portfolio will outperform. That’s why it’s important not just to diversify, but also to rebalance—systematically adjusting your investment strategy to maintain your target allocation.4. Maintain a “Goldilocks” Level of CashCash can earn some decent interest—around 4% as of 2025. That doesn’t necessarily mean you should pile all your money into savings, but it does mean you have the option to keep a portion of your retirement funds in cash or high-quality bonds for short-term needs.How much cash is enough? Many financial advisors recommend keeping 1 to 5 years’ worth of withdrawals in cash or short-term investments. The right number for you depends on your retirement timeline, expenses, and risk tolerance.5. Bolster Other Sources of IncomeOne of the most underappreciated strategies for navigating market volatility is increasing your guaranteed income. That could include:Delaying Social Security to maximize your benefitMaximizing your pension payout, if availableExploring annuities to create additional income streamsI know the word “annuity” often brings up mixed feelings.
Author Allison McCune Davis shares her insights on why turning 60 can be a powerful new beginning.
Retirement author Mike Drak shares his story of emerging from the hardships of retirement to finding his own satisfaction.
Exploring how to transition from an achievement-based career to a fulfilling retirement lifestyle with author Elizabeth Zelinka Parsons.
Identify the uniqueness of your retirement situation and the variety of ways to build your retirement in a timely manner.
Jeremy Keil explores Kiplinger magazine’s article “11 Ways to Grow Your Wealth” and how to apply these strategies to retirement planning.
Learn how to build a retirement marked by intentional effort instead of fear with author Zac Larson.
Exploring the 4 major factors that need to be considered when deciding whether to buy your vacation home in retirement or continue renting.
How you can avoid the 3 biggest retirement mistakes and set yourself up for a secure and meaningful retirement.
Author Benjamin Brandt explains how retirement planning starts with the practice during your working years in order to prepare for a successful retirement
Insurance expert Mike Smith breaks down how long-term care health insurance options have evolved in 2025 to provide a wider variety of coverage choices in retirement.
Author Derrick Kinney explains how to escape a middle class mindset and become a millionaire.
Author and stand-up comedian Paul Ollinger shares how seeking a reasonably happy retirement makes for a greater sense of satisfaction.
Children’s book author and CERTIFIED FINANCIAL PLANNER® Jamie Bosse explains how to teach your grandchildren about money.
Jean Chatzky explores how retirement trends indicate that the middle class is winning at retirement and shares practical tips to prepare for retirement in 2025.
Exploring the unique challenges and needs of first responders in retirement with retirement coach and former police lieutenant Kimberly Stratman.When we need them most, first responders rise to answer the call. But what is waiting for them on the other side of the finish line once their career is over? It's a unique challenge, and one that deserves special attention. I recently had the privilege of speaking with Kimberly Stratman, a retired police lieutenant with over 30 years of experience, about her insights into this crucial transition. Kimberly's perspective, as a former officer, and the daughter, sister, mother, and wife of police officers, is truly invaluable.The Realities of First Responder Life (and How it Impacts Retirement)Kimberly's career with the Dallas Police Department, culminating in 20 years as a lieutenant, gave her a front-row seat to the realities of first responder life. She described the double-edged sword of promotion, how it distanced her from the street patrol work she loved, while simultaneously opening doors to teaching and sharing her knowledge. But beyond the daily grind, Kimberly shed light on the less glamorous aspects of the profession – the paperwork, the emotional toll, and the impact on personal lives.As she aptly put it, "Everything that makes us good to write about and makes for good viewing destroys marriages and careers." The constant stress, lack of sleep, rotating schedules, and exposure to trauma take a heavy toll, often leading to physical and mental health challenges. And, as Kimberly pointed out, "Up until just recently, we were supposed to handle all of that privately. We weren't even allowed to acknowledge that we were having any problems, or they would take your badge from you."The Unique Challenges of First Responder RetirementWhile anyone can struggle with retirement, first responders face a unique set of challenges. They often retire younger, leaving them with potentially decades of life to navigate. They carry the weight of their experiences, both emotionally and physically. And, as Kimberly emphasized, "First responders tend to drop dead a couple of years after retirement." This stark reality underscores the importance of proactive planning and self-care.The loss of identity is another significant hurdle. Kimberly shared her own experience of turning in her uniform, a surprisingly emotional moment that symbolized the end of an era. "When I turned my uniform in, it took me three times to… get it all together… And then when I took the last stuff in, I actually cried when I was driving away. It was very hard." This powerful anecdote highlights the deep connection between identity and career for first responders.Planning for a Successful Transition: More Than Just FinancesKimberly stressed that while financial planning is essential, it's just one piece of the puzzle. "Our time and our health, I would have to say, is even more important than the money." She emphasized the need for intentionality, both in career and retirement planning. "If you're very intentional about it, if you have a plan for it… it's just like everybody's worried about the money and that's important… But our time and our health… is even more important."She also highlighted the importance of addressing health issues proactively. "Know your numbers, be brutally honest with yourself… if you can't go out and do normal stuff… start addressing that." And, perhaps most importantly, she emphasized the crucial role of relationships. "You have to know if your marriage is strong… Work with your relationship with your children… The first responder hasn't been at any of the events… and so the retiree thinks, when I retire, I'm going to spend all this time with my kids. Well, the kids have moved on."The Importance of Early Planning and FlexibilityKimberly's perspective on retirement planning has evolved over time. She now believes that conversations about retirement should...
Learn how to turn regrets into motivation to build a better retirement with guest Lori Emerick of Aspen Group Consulting.
Learn how to find meaning and purpose in retirement after a life in public service with retired librarian and current retirement coach Susan Hawk Schneider.
Discover the power of viewing retirement as a rebirth instead of an ending with retirement coach Karen Carr.
Unlocking the power of relationships to enrich your retirement and reap the health & wealth benefits of social fitness with Susan Hogan.
Unlocking the power of relationships to enrich your retirement and reap the health & wealth benefits of social fitness with Susan Hogan.
Author and CEO of Childfree Wealth® Dr. Jay Zigmont explains the unique financial planning needs and strategies used in childfree wealth management.
Author and podcaster Dr. Jordan Grumet explores how to create your purpose instead of waiting for it to find you.
Author and estate planning expert Mark Shiller shares how to leave wealth to your kids and prepare them for success
Author and executor advisor David Edey shares how to prepare your estate and your executor to leave a legacy behind instead of a mess.
Learn how to build a fulfilling retirement by utilizing a growth mindset - with Wendy Leggett
Learn how to tap into the soul of wealth to build a life that breeds happiness and purpose in this episode of “Retirement Revealed” featuring Dr. Daniel Crosby.
Discover your purpose outside of your occupation and live your best life yet in retirement.
Take advantage of the power of your time in retirement with these mindset re-directs from retirement coach and author David Buck.
Understanding how the results of the 2024 election could affect your decisions in retirement.
It’s natural to wonder if political shifts will impact your financial decisions. Many are predicting major changes in legislation and economic strategy due to the results of the 2024 election, and while there is merit in anticipating major changes, I find that there are some general principles of managing your retirement plan that can help you navigate the uncertainties that come with changing winds of politics. With that said, let’s dive into some of the most common questions I’ve been hearing related to finances out of the 2024 election.
Why Elections Don’t Change Core Investment PrinciplesEach election season, it’s easy to get swept up in the latest political shifts. Maybe the stock market reacts positively or negatively, but does that mean you should make knee-jerk changes to your portfolio? Not necessarily. I often say this on my podcast and to my clients: the key to investment success isn’t trying to predict market swings based on elections or political figures—it’s about aligning your portfolio with your needs and timeframe.
Consider this: if you’re looking to use your funds in the short term, your investments should reflect that, emphasizing stability over volatility. Long-term needs, on the other hand, can typically tolerate a bit more fluctuation because they have more time to recover from market swings. Elections, presidents, and political shifts come and go, but your personal timeline and financial goals remain constant.
The Fed, Interest Rates, and Presidential InfluenceI often get asked how presidential elections and Federal Reserve decisions might interact and affect the economy. In the latest example, we saw the Fed drop interest rates recently, coinciding with the election. People wonder if this shift is tied to who holds office, but in reality, the Federal Reserve operates independently. Fed Chair Powell, for instance, has firmly asserted the Fed’s independence from political influence. The Fed’s mission is to focus on economic stability and not to sway with each political wind.
What does this mean for you as an investor? It reinforces the idea that you shouldn’t base your decisions on political shifts. Whether a president wants to cut taxes or pursue particular economic policies, your portfolio’s health is still more dependent on your timeline and objectives.
Social Security: Will It Be There for You?Social Security will likely go under the microscope in the next few years, particularly in relation to the taxation of benefits. Recent conversations have raised concerns about potential changes to Social Security taxes, especially with the suggestion that taxes could be lowered or even eliminated on benefits. While lower taxes sound appealing at first, they come with trade-offs. If taxes on Social Security benefits were reduced to zero, for example, that would cut about $50 billion annually from the Social Security trust fund—a significant portion of its funding.
If Social Security taxes decrease, it could mean fewer funds for future benefits, impacting the program’s sustainability. While no one can predict the future, the key takeaway here is that while tax reductions may have personal appeal, it’s essential to think about the policy implications.
Should You Be Doing a Roth Conversion Now?With the election results, many people are wondering if they should speed up their plans to convert to a Roth IRA. Historically low tax rates, thanks to recent policy changes, have made Roth conversions attractive. However, if recent election results signal that the current administration may extend these lower rates, the urgency to convert may diminish.
Still, a Roth conversion can provide substantial benefits if it aligns with your tax strategy. For many retirees, spreading out Roth conversions over multiple years can minimize tax impact. But remember—financial planning software and tax calculators work on assumptions, which often don’t account for policy changes. Flexibility and the ability to adjust over time will always serve you well.
Maximizing Your 401(k) ContributionsAnother common post-election topic revolves around new contribution limits for 401(k) plans. For 2024, contribution limits have increased slightly. If you’re aiming to max out your 401(k), it’s worth recalculating your contributions to take advantage of this extra room. And for those between ages 60 and 63, there’s a new opportunity to put aside even more with catch-up contributions. However, while an extra $500 or so may not seem significant, compounding can make a difference over time, so don’t overlook these adjustments if you’re nearing retirement.
The Proposed Change to Capital Gains Tax and Inflation IndexingIf you’ve heard discussions about the potential for capital gains to be indexed to inflation, you might be wondering how this could affect your portfolio. This proposal aims to adjust the taxable amount on long-term investments by accounting for inflation. For example, if you bought a stock for $10 and sold it for $20 after ten years, indexing for inflation might mean that only $7 of that $10 increase would be taxed as a capital gain.
If enacted, this could benefit investors by reducing the tax burden on long-term gains, but it’s still just a proposal. My advice here is simple: let’s wait until we see concrete policy before making changes to your investment approach. Holding onto stocks for the long term, regardless, continues to be a beneficial strategy.
Keep Politics Out of Your PortfolioFinally, let’s talk about the elephant in the room: political affiliation. Time and again, I’ve seen clients worried about market performance based on who wins an election. Yet history has shown that the market has performed relatively consistently over time, regardless of the president. So rather than making decisions based on who’s in office, focus on what matters to you: when you need the money, the type of risk you’re comfortable with, and what you hope to achieve.
This election cycle has been no different from the last in terms of stirring up financial worries. But staying steady and focusing on your plan has always been the winning approach for those in or approaching retirement. Elections are just a moment in time, while retirement requires a well-thought-out strategy that you can maintain through all of them.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- – “TRUMP WINS, NOW WHAT FOR YOUR INVESTMENTS?” – Mr. Retirement YouTube
- – “Why You Need to Rebalance Your Investments (2024)” – Mr. Retirement YouTube
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
5 Steps to prepare your savings within 12 months of your retirement.
When you’re on the verge of retirement, say within the next 12 months, you might think you’ve done everything you need to do: saving diligently, investing wisely, and maybe even attending a webinar or two. But have you truly prepared for the retirement you want? Based on real-life examples from my financial planning practice, I’ve found that many retirees wait too long to make crucial decisions about their savings and investments. Today, I’ll share some insights to help you avoid common pitfalls and ensure you’re ready for retirement when the time comes.
Waiting to Plan Can Cost YouRecently, I looked at data from our retirement webinars and noticed something surprising: most people attend our webinars after they’ve retired, not before. While it’s a good idea for anyone to join these webinars regardless of where you’re at in the retirement process, doing so before you retire could make a significant difference in the quality and security of your retirement.
If you’re planning to retire next year, you should start taking concrete steps now. Market fluctuations, unexpected health issues, or even company layoffs could drastically alter your timeline. Proactive planning is essential, especially when you’re this close to retiring.
Lessons from Real-Life RetireesLet me share two real stories from my clients that illustrate the importance of early retirement planning. In the fall of 2019, I met with a gentleman who was planning to retire on April 1, 2020. He liked our five-step retirement plan but decided to wait until he officially retired to start working with us. Unfortunately, just before his planned retirement date, the stock market dropped by 12% in a single day, and his portfolio took a significant hit. In March 2020, the market crash coincided with the onset of the COVID-19 pandemic, further complicating his situation. He contracted COVID-19 and ended up postponing his retirement every year—for 4 years. Starting his retirement plan earlier would have likely reduced the impact of the market downturn on his retirement savings and helped him hit his retirement target.
Another couple I worked with in 2019 were also approaching retirement, about two years out. After reviewing their portfolio, we discovered that they were taking on more risk than they realized. We adjusted their investments, cutting their exposure to market volatility by half. When the market dropped in March 2020, they were able to sustain their retirement plan because of the work we had done to restructure their portfolio. They stayed on course and retired exactly on time, enjoying their post-retirement life with grandkids and the retirement income they had planned for.
Don’t Wait for a Perfect Moment—It May Never ComeOne of the biggest mistakes I see is people waiting for the “perfect” retirement date or market condition before they take action. A couple of my clients were planning to retire at the end of 2020, hoping to continue growing their 401(k)s until the final day. But when the market dropped by 30% in March 2020, they panicked, moved their investments into cash, and were then laid off in June. Then they called me in July, after they were forced to retire, after the market dropped, after they moved to cash and missed on the market recovery. These clients missed out on market recovery because they had no plan in place to adjust their investments as they neared retirement. Instead of trying to time the market or wait until the last minute, take action now to safeguard your savings.
The Retirement Red Zone: Why Timing Is CriticalIf you’re within 10 years of retirement, you’re in what’s often called the “retirement red zone.” This period, which extends five years before and five years after your retirement date, is when market volatility can have the most significant impact on your retirement. During this time, a sudden market drop can lead to substantial losses that could take years to recover from, affecting the income you’ll have in retirement. By planning ahead and adjusting your portfolio, you can reduce the likelihood of such risks.
Key Steps for Pre-RetireesSo, what should you do if you’re planning to retire in the next 12 months? Here are five critical steps to take:
- Estimate Your Retirement Spending (SPEND)One of the easiest ways to estimate how much you’ll spend in retirement is by looking at your current take-home pay. Whatever shows up in your checking account now is likely what you’ll spend in retirement. Adjust this number for any anticipated changes, like paying off a mortgage or increased healthcare costs.
- Review Your Income Sources (MAKE)Retirement doesn’t mean you stop earning money. You’ll have Social Security, and possibly a pension or income from investments. Make sure to evaluate how you can maximize these sources. For example, delaying Social Security can increase your monthly benefit, especially if the higher earner in your household waits to claim.
- Plan for Taxes (KEEP)Taxes in retirement can be complicated, and they often fluctuate depending on your income level. Develop a strategy to manage taxes over your lifetime, rather than focusing on reducing them in any given year. This way, you’ll keep more of your savings in the long run.
- Reassess Your Investment Strategy (INVEST)As you approach retirement, it’s essential to rethink your investment strategy. You’ll no longer have the luxury of time to recover from market downturns. Consider dividing your assets into short-term and long-term buckets. Money you’ll need in the next few years should be in more stable, low-risk investments, while funds for later years can remain in growth-oriented assets.
- Plan Your Legacy (LEAVE)Finally, think about what you’ll leave behind. This includes not only financial assets for your loved ones but also a plan for managing any remaining debts or expenses. Planning your estate properly ensures that your legacy benefits your heirs without complications.
Start Your Planning NowIf you’re planning to retire soon, don’t wait until your retirement date to start making these critical decisions. By planning ahead, you’ll have peace of mind knowing that your savings are protected, and you’re set up for a successful retirement. For more guidance, visit FiveStepRetirementPlan.com and get started today!
Remember, it’s always better to be proactive. If you’re unsure where to begin, reach out, and let’s create a plan tailored to your needs.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- www.5stepretirementplan.com
- “Is Your Retirement Facing a Midlife Crisis?” – Retirement Revealed, guest David Blanchett
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Learn how to turn your grief into goals in order to make the most of your next chapter in life.
Today’s episode of Retirement Revealed touched on something deeply personal and profoundly moving. My guest, Lynn Banis, shared her story of navigating a series of heartbreaking losses: her mother, brother, dog, and husband, all within a short span of time. For anyone, that’s a staggering amount of grief to process. Yet, through it all, Lynn found a way to rebuild her life and find a new purpose.
It’s a journey that many face, especially in retirement, when life can take unexpected turns. Retirement is often painted as a time of relaxation, but for Lynn, it became a period of profound transformation, starting with a hurricane and a broken hip.
Caring for Her Mother: A Labor of LoveLynn’s journey into this new chapter began when her 100-year-old mother faced a life-threatening hurricane. Lynn asked her brother to bring their mother to safety, but a fall led to a broken hip, a major setback for anyone, let alone someone of her age. At that moment, Lynn became her mother’s primary caregiver until she passed at the remarkable age of 106.
What stands out here is not just the care that Lynn provided but the fulfillment she found in fulfilling a promise she had made long ago: to never let her mother be alone. “It was a blessing for both of us,” she shared. In that space, amidst the challenges of caregiving, Lynn found purpose. Her retirement took on a new meaning as she honored her commitment to her mother, a relationship that shaped her identity during this difficult time.
The Weight of Multiple LossesWithin three years, Lynn lost her mother, her brother, and then her husband. These were not the ordinary transitions into the golden years of retirement but rather a succession of grief. Her husband’s death, in particular, hit the hardest, coming unexpectedly and leaving her in a state of shock. As she described returning home to an empty house, it’s easy to imagine the profound loneliness and confusion she felt.
Lynn shared something so many can relate to: brain fog. This sense of disorientation, where even simple tasks become difficult and decision-making seems impossible, is common in the grieving process. “I always tell my clients not to make any big decisions for at least a year,” she advised, pointing to the risk of making life-altering choices during this period when your mind is not thinking clearly. And yet, she admits she didn’t follow her own advice.
The Healing Power of ActionDespite her own advice to wait, Lynn found herself downsizing her home. She moved, sold her house, and embarked on a new chapter. The busyness of moving kept her distracted, but her body eventually sent her a message to slow down. After settling into her new home, Lynn fell ill, a sign that her grief and exhaustion had caught up with her.
But this period of illness also led to an epiphany. In the quiet moments, Lynn realized that she had a new purpose—one built from her experiences of loss. Rather than letting the grief define her, she decided to use it as a catalyst for helping others. As she said, “I don’t care how old I am. I’ve been through this several times. I can help other people.” And so, she began her new venture of supporting widows and others through their own journeys of grief.
Finding Purpose in a New RealityOne of the most powerful insights Lynn shared was how she, and others like her, have to grapple with losing not just loved ones but also the future they had envisioned. Retirement is often seen as a time of freedom and joy, but when the future you planned is no longer possible, you’re left asking, “What now?”
Lynn spoke about the importance of finding a new purpose. This isn’t just about “moving on” but about actively creating something new from the ashes of loss. For her, it meant realizing that she still had so much to offer. “You need to find your purpose. What are you all about? What sets you on fire?” she asked. These are questions that anyone facing a major life transition can relate to.
For Lynn, it became clear that she wanted to help others who were struggling with loss, especially widows. She noted that many widows struggle with their identity after losing their spouse, feeling stuck in the label of “widow.” Lynn encourages them to redefine themselves as individuals with a new life ahead of them. “You’re not just a widow; you’re a single person now, with the opportunity to create your life,” she explained.
Creating a New Identity and LegacyLynn’s story is one of hope. Even after tremendous loss, she found a way to honor both her past and her future. She talked about creating an environment that supports who you want to be, surrounding yourself with people and things that nurture your new identity. It’s a reminder that even after loss, there is still room for growth, purpose, and joy.
As a psychologist and coach, Lynn now helps others do the same. She helps them align their values and beliefs, quiet their negative self-talk, and open their minds to new possibilities. In doing so, they begin to see a clear vision of the life they want to build moving forward.
Lynn’s story is a powerful testament to the resilience of the human spirit. Even in the face of profound loss, she found a way to create something new—something meaningful. And in doing so, she’s not only rebuilt her own life but is helping others to do the same.
If Lynn’s story resonates with you and you’re looking for support in your own retirement or transition, feel free to reach out. At Keil Financial Partners, we’re here to help you navigate life’s unexpected changes and create a plan for a fulfilling and purposeful retirement.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Contact Lynn Banis – lbanis@ameritech.net
- Widows Rising Together – Facebook – https://www.facebook.com/profile.php?id=61567127332821
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Learn how to master Medicare and get the coverage you need at the best rate available.
Too many people are guilty of making Medicare either too complicated or too simple. How do you find that middle ground? Last week’s episode of “Retirement Revealed” with Melinda Caughill was an extensive deep-dive into Medicare that provided impactful information related to making your Medicare decision. This week I’m breaking down the simple 6 step process to mastering Medicare based on Diane Omdahl’s book “Medicare for You”.
1. Timing Your Medicare Enrollment
One common misconception is that you must enroll in Medicare at age 65. While many people do, it’s not a one-size-fits-all rule. If you’re already receiving Social Security benefits, your enrollment is automatic. However, if you’re not, you’ll need to sign up manually. Consider your employment status and current health coverage. Many people are unaware that if you’ve got coverage through a group health plan from a current employer (either yours or your spouse’s), you might be able to delay your Medicare enrollment without penalty.
2. Choosing Your Medicare Path
Deciding between Original Medicare and Medicare Advantage is a crucial step. Original Medicare includes Part A (hospital insurance) and Part B (medical insurance) and gives you the option to add Part D for prescription drugs and Medigap policies for additional coverage. Medicare Advantage, on the other hand, bundles these services and often includes additional benefits. Consider your healthcare needs, budget, and flexibility preferences when making this choice. Remember, transitioning between these options down the line can be challenging, so weigh your long-term needs carefully.
3. Selecting the Right Plan
Once you’ve chosen your path, it’s time to select a plan. This often involves sifting through numerous brochures or consulting with an insurance agent. I suggest finding an independent brokerage insurance agent, preferably one who represents multiple companies to get a comprehensive view. In some regions, you might find both Medigap and Advantage plans offered by various companies. Your choice should align with your healthcare providers, drug prescriptions, and budget. Be cautious of biases; sometimes, agents might suggest plans with higher commissions.
4. Enrolling in Medicare
Enroll in Medicare well ahead of your birthday month to ensure you’re covered when you turn 65. The enrollment process is straightforward and can be done quickly online at ssa.gov. Registering early avoids gaps in coverage and ensures you’re ready to select your preferred plan when needed. Remember, enrolling in Medicare is the first step before selecting any specific Medigap, Advantage, or Part D plan, as you’ll need your Medicare number to proceed with these.
5. Enroll in a Plan
Take advantage of tools available like the Medicare.gov Plan Finder to assess your options. This resource helps you compare plans based on coverage, cost, and your healthcare needs. If this feels overwhelming, Melinda Caughill’s platform, HeyMOE.com, offers personalized assistance in finding the most cost-effective drug coverage plans. Keep an open mind and explore all available resources to make informed decisions about your Medicare options.
6. Annual Coverage Review
Medicare isn’t a one-time decision—it requires an annual review. Plans change, as do your health needs, so reassess your Medicare coverage every year. Changes in network providers, drug formulary updates, or shifts in your medical needs necessitate a yearly evaluation to ensure you’re still on the best plan. Use tools like the Medicare.gov Plan Finder for yearly assessments, or consult services like HeyMOE.com to avoid missing critical updates or cost-effectiveness opportunities.
By following these six steps, you can manage your Medicare choices with confidence, ensuring that your healthcare in retirement aligns with your personal needs and financial strategies.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- www.medicare.gov – Medicare Open Enrollment
- https://www.medicare.gov/plan-compare/ – Medicare Plan Finder
- www.heymoe.com – Annual Open Enrollment Plan Reminder & Evaluator, Melinda Caughill
- “Medicare for You” by Diane Omdahl: https://www.i65.com/store/medicare-for-you-book
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Melinda Caughill shares the secrets of Medicare enrollment in 2024, what to avoid and how to pick the right coverage.
As Medicare Open Enrollment begins, the importance of understanding Medicare and making the right decisions during the enrollment period cannot be overstated. For this week’s episode of “Retirement Revealed” I sat down with Melinda Caughill, co-founder of 65 Incorporated, to discuss her playbook for Medicare in 2024. This open enrollment period is particularly crucial due to significant changes that will affect all Medicare enrollees. Here’s what you need to know to navigate these waters wisely.
The Complexity of Medicare Choices
Medicare decisions are not as straightforward as picking a plan. Many people mistakenly believe it’s a simple choice between Medicare Advantage and a Medigap supplement. However, the decision path involves understanding whether to stick with Original Medicare or shift to private, corporate-run Medicare options. Each choice comes with its own set of advantages and challenges.
Original Medicare vs. Medicare Advantage
- Original Medicare: Under this path, the government serves as your healthcare provider, offering substantial coverage with reliable benefits. You add a Medigap policy to cover costs that Medicare doesn’t, and a Part D plan for prescription drugs. This provides predictable out-of-pocket costs but comes with monthly premiums.
- Medicare Advantage: This option, managed by private insurers, often advertises zero-dollar premiums and numerous perks such as dental and vision coverage. However, these plans require adherence to strict networks and prior authorization for services, creating potential hurdles in accessing care when you need it most.
Timing Is Everything
Understanding the right time to enroll or delay enrollment in Medicare is critical. For many, this means determining the best time based on current employment status or other personal circumstances. Each individual’s situation requires a unique approach to avoid penalties and ensure adequate coverage.
The Looming Impact of the Inflation Reduction Act
The Inflation Reduction Act introduces a $2,000 out-of-pocket maximum for Part D drug costs, which initially sounds like a positive change. However, as part of the cost-shifting measures, private insurers may increase premiums significantly or change what drugs are covered to offset their increased financial burden. This change, effective in 2025, starts impacting decision-making now. It underscores the necessity of reviewing your current drug plans during the upcoming open enrollment.
Choosing the Right Path
When faced with a decision of which Medicare path to choose, it’s critical to think long-term. While Medicare Advantage plans are enticing with their low upfront costs, the rigidity and potential high costs of care down the line need to be carefully considered. Original Medicare generally offers broader access to providers and clearer costs.
Avoiding Medicare Pitfalls
One of the biggest traps that enrollees fall into is relying on Medicare insurance salespeople without understanding potential conflicts of interest. Sales agents earn commissions based on sales from limited portfolios, which doesn’t always align with what’s best for you. Seek independent guidance to navigate your options without bias.
Tips for 2024 and Beyond
- Review Annually: Each year, from October 15th to December 7th, use the Medicare open enrollment period to reassess your Part D drug plan options and any Advantage plan changes.
- Plan Ahead: Stay informed about changes in Medicare that could impact costs, coverage, and your healthcare decisions.
- Seek Expert Advice: Use services like 65 Incorporated to ensure you’re making informed choices, especially if you’re approaching Medicare eligibility.
- Stay Informed on Policy Changes: The ramifications of the Inflation Reduction Act highlight a shifting landscape. Keeping abreast of these changes ensures your decisions are proactive rather than reactive.
Medicare has long-reaching implications, and navigating it successfully means more than just enrollment—it’s about understanding the full picture and getting the coverage that fits your specific needs. Whether you’re planning for the first time, reassessing your current coverage, or helping a loved one make these decisions, make the Medicare decision that fits your unique health and financial needs.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- www.i65.com – Melinda Caughill & Diane Omdahl, 65 Incorporated
- LinkedIn – Melinda Caughill
- www.medicare.gov – Medicare Open Enrollment
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Learn how to supercharge Social Security and capitalize on up to $200,00 that the average couple misses in retirement.
Did you know that the average couple is missing out on $100,000 to $200,000 in Social Security benefits over their lifetime? If that number sounds ridiculous–or you’re worried that you’re on that same track with your benefit–this blog is for you!
In today’s episode of Retirement Revealed, I’ll walk you through five strategies to help you maximize your Social Security benefits and avoid leaving money on the table. Whether you’re just starting to think about retirement or are approaching it soon, these tips will help ensure you get the most out of Social Security.
Tip #1: Full Retirement Age Is Not Your Maximum Retirement AgeOne of the most common misconceptions people have about Social Security is that filing at their “full retirement age” will get them the maximum benefit. This belief stems from the language used by the Social Security Administration, which calls it “full” retirement age. The problem is, full retirement age isn’t the maximum you can receive — age 70 is.
For most people, “full retirement age” is around 66 or 67. At that point, you are eligible to receive your standard benefit. But if you wait until age 70, your benefit grows by about 8% each year. That’s a significant increase, and it’s especially helpful for those who expect to live longer.
So when you hear “full retirement age,” think of it as just a baseline. If you want the maximum benefit, age 70 is your goal.
Tip #2: Don’t Forget About Spousal and Survivor BenefitsSocial Security isn’t just about your own retirement benefit. If you’re married or have been married, you may be eligible for spousal, ex-spousal, or survivor benefits – even survivor benefits on your ex-spouse! Coordinating these benefits can make a big difference in how much you and your spouse receive over your lifetimes.
For example, if you are widowed, you can start claiming a survivor benefit as early as age 60. You might choose to do this and then switch to your own retirement benefit at age 70 to maximize your income later on. Alternatively, if you’re married, you could claim your retirement benefit early and then switch to a survivor benefit when your spouse passes.
The key is to consider all the benefits available to you and coordinate them in a way that maximizes your total lifetime income, rather than focusing on just one benefit.
Tip #3: Focus on Lifetime Benefits, Not Immediate PayoutsA common mistake I see is people fixating on how much they’ll receive right away, rather than how much they’ll receive over their entire retirement. Many people want to start Social Security as soon as possible, thinking it will provide more money in the short term. But this short-term mindset can cost you in the long run.
Retirement is about ensuring you have enough income for the rest of your life, not just the next few months. When you’re planning for Social Security, think about how to maximize your benefits over your lifetime. This might mean delaying your claim, even though it’s tempting to start early.
Tip #4: Remember What Social Security Is For — Old-Age, Survivors InsuranceThe full name of the Social Security program is “Old-Age, Survivors, and Disability Insurance” (OASDI). It’s a safety net designed to help you in your old age, provide for survivors if you pass away, and offer inflation-adjusted income throughout your retirement.
Because it’s designed to provide protection against living longer than expected or running out of savings, you should approach Social Security as a form of insurance. It’s there to help you and your spouse maintain income stability for life. This mindset helps you prioritize long-term security over short-term gains.
Inflation adjustments are another reason to consider delaying Social Security. The longer you wait to claim, the higher your base benefit will be — and that higher benefit will continue to grow with inflation, offering better protection as the cost of living rises over time.
Tip #5: Manage Both Risks — Dying Too Soon or Living Too LongPeople often focus on one risk when it comes to Social Security: the fear of dying too soon and not getting enough out of the system. While this is a valid concern, there’s another risk to consider: living longer than expected. If you live longer than you planned for and you claimed Social Security early, you might find that your monthly benefit isn’t enough to support your needs in the later years of retirement.
When there are two of you, plan strategically. One strategy is to have the spouse with the higher benefit delay their claim as long as possible, possibly until age 70. This way, if one spouse passes away, the surviving spouse will receive the higher benefit for the rest of their life. On the other hand, the spouse with the smaller benefit might consider claiming earlier, ensuring that both partners are receiving income throughout their retirement, but that the larger benefit is maximized for when it’s most needed.
By balancing these risks and planning accordingly, you can optimize your Social Security benefits for both of you, providing financial stability regardless of how long you live.
Take the Next StepSocial Security is a crucial part of your retirement income, but it’s easy to make mistakes if you don’t approach it with the right strategy. Check out my free guide to more retirement tips to maximize your retirement over your lifetime at AvoidBigRetirementMistakes.com.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- www.avoidbigretirementmistakes.com
- “How to Get the Most Out of Your Social Security Benefits” – Geekwire.com
- “When is the Right Time to File for Social Security?” – Mr. Retirement YouTube Channel
- “How to Maximize a $2M Retirement” – Mr. Retirement YouTube Channel
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Debunking 3 Medicare myths and examining the ways you can avoid falling for common Medicare mistakes.
As you approach retirement, it’s easy to feel overwhelmed with the various decisions you need to make, especially when it comes to Medicare. In this post, I want to focus on three major Medicare myths that can lead to costly mistakes. Understanding these myths will help you navigate Medicare with confidence, helping you avoid unnecessary expenses and headaches.
Myth #1: Medicare Is FreeOne of the most widespread misconceptions is that Medicare is free. In fact, 72% of Americans believe this myth, and they’re often surprised when they reach 65 and realize that Medicare does indeed come with costs.
It’s true that Medicare Part A—which covers hospital insurance—is typically premium-free, as long as you or your spouse have paid Medicare taxes for at least 10 years. However, Medicare Part B, which covers doctor visits and outpatient care, does come with a monthly premium. As of now, that premium is roughly $175 per month. For many, that’s an unexpected expense.
Remember, Medicare is designed so that your taxes help cover about 80% of the costs. The remaining 20%, including premiums, is your responsibility. So, don’t be caught off guard when you’re faced with Medicare expenses as you enter retirement. Properly planning for those costs will ensure that you’re financially prepared when the time comes.
Myth #2: Everyone Pays the Same for MedicareHere’s another big myth: the idea that everyone pays the same amount for Medicare. Roughly half of Americans are under the impression that Medicare premiums are uniform, but that’s not the case.
Your Medicare premiums, specifically for Medicare Part B and Medicare Part D (prescription drug coverage), can vary based on your income. The government looks back at your income from two years ago to determine whether you’ll need to pay more through what’s called an Income-Related Monthly Adjustment Amount (IRMAA). For example, if you’re a couple and your income was above $206,000, or if you’re single and your income exceeded $103,000, you’ll end up paying extra for Medicare.
Now, before you panic, understand that this extra cost is only temporary. It’s calculated based on your income from a specific year—two years ago—and it only affects you for that one year. Afterward, it resets. So, if you had an unusually high income due to a one-time event, such as selling a property or receiving a large bonus, you won’t be stuck paying higher Medicare premiums forever.
In some cases, you can even appeal the extra charges if your circumstances have changed. For example, if you’ve recently retired, lost a spouse, or experienced a significant decrease in income, you can file for an adjustment. This is something we help our clients with regularly, and we’ve seen many successful appeals. So, if you get hit with an IRMAA notice, don’t worry—there are ways to address it.
Myth #3: Medicare Covers Long-Term CareThis myth can be particularly dangerous because it leads to a lack of planning for long-term care needs. Many people believe that Medicare will cover long-term care in a nursing home, but that’s not the case.
Medicare does cover short-term stays in a skilled nursing facility if you’re expected to recover after an illness, surgery, or injury. However, this coverage is limited to up to 100 days, and it only applies to situations where you are expected to improve.
On the other hand, if you need ongoing assistance with daily activities—like bathing, dressing, or managing a declining memory due to dementia—that’s where long-term care comes in. Unfortunately, Medicare doesn’t cover this type of care. You’ll either need to pay for it out of pocket, purchase a long-term care insurance policy, or, in some cases, qualify for Medicaid after depleting your assets.
Given that long-term care can be one of the most significant expenses in retirement, it’s crucial to plan ahead. Understanding that Medicare won’t cover these costs will help you prepare and ensure that you’re not left in a financially vulnerable position later in life.
What You Can Do to Avoid These Medicare MistakesNow that you’re aware of these three Medicare myths, you’re in a much better position to avoid costly mistakes. Here are some steps you can take:
- Plan for Medicare Costs: Don’t assume that Medicare is free or that your premiums will be the same as everyone else’s. Make sure you’re budgeting for Medicare premiums, especially if you expect to have a higher income in retirement.
- Understand IRMAA: If you’ve had a high income in the past, prepare for the possibility of paying extra for Medicare. But remember, this is temporary, and you may be able to appeal it if your income has decreased.
- Prepare for Long-Term Care: Medicare doesn’t cover long-term care, so you’ll need to explore other options, such as long-term care insurance or Medicaid. Don’t wait until you need care to figure this out—plan ahead to ensure you have the resources you need.
Once you understand the facts, limitations and cost of Medicare, you can adjust your retirement plan to make sure you’re getting the benefits you need as you plan for your future.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- i65.com – Medicare Resource
- “Medicare For You” – by Diane Omdahl
- Biography – Melinda Caughill, Cofounder of 65 Incorporated
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
David Blanchett discusses the survey results that reveal a building crisis among near retirees who are unprepared for retirement.
When we hear “midlife crisis,” we usually think of people making drastic changes like buying a sports car or changing careers. But when it comes to retirement, the stakes are even higher. A financial midlife crisis can significantly impact how well you live out your golden years. So, what’s going on? Why is this happening, and more importantly, how can you avoid it?
The Survey that Started It AllMy guest on this week’s episode of “Retirement Revealed” is David Blanchett, Managing Director, Portfolio Manager and Head of Retirement Research for PGIM DC Solutions. David shared that a recent survey by Prudential Financial brought this crisis into focus. The results were alarming but not surprising. Many Americans over 55 are feeling financially insecure, and they are beginning to worry if they’ll be able to retire comfortably, if at all. Interestingly, the survey showed that while older adults, like those in their 70s, tend to be more financially stable, those in their mid-50s are caught in a whirlwind of financial uncertainty.
A big part of the problem? These individuals are often feeling squeezed by multiple financial pressures: rising healthcare costs, providing care for aging parents, and often, supporting adult children who haven’t yet gained full financial independence. It’s no wonder that many 55-year-olds feel like they’re in the middle of a financial storm.
A Wish for an Earlier StartOne of the most common things David hears from clients in their mid-50s is, “I wish I had learned about this earlier.” Whether they’re talking about saving more, investing smarter, or working with a financial advisor, the sentiment is always the same: the earlier, the better. Many even express regret for not instilling better financial habits in their own children. David’s research echoes this, showing that those who start financial planning earlier—whether by themselves or with the help of an advisor—tend to feel more secure as they approach retirement.
It’s clear that proactive planning is crucial. But what does that actually mean for someone in their mid-50s? What actions should they be taking?
Caregiving: The Hidden Financial StrainAnother layer of complexity for many midlifers is the role of caregiving. Many people in their 50s are caring for aging parents, while still trying to prepare for their own retirement. In my conversation with David, we discussed the immense financial and emotional strain that caregiving adds to an already challenging situation.
One of my previous podcast guests, Danielle Miller, shared her own experience of providing care for her grandmother while still early in her career. Her story highlights a growing reality: caregiving responsibilities are falling on younger generations, often when they’re least prepared for the financial and emotional demands. What makes it even more challenging is the fact that women are more likely to bear the brunt of caregiving duties. Societal expectations and personal circumstances often leave women shouldering the responsibility, further complicating their financial planning for retirement.
Longevity: The Silent Risk in RetirementAnother major issue facing midlife Americans is the risk of outliving their savings. As David mentioned, many people focus too much on maximizing their income in the short term—getting the most out of Social Security or squeezing as much as possible from a pension. However, the real challenge is making your money last for your entire lifetime, and this is where things get tricky, especially for women.
If you’re part of a couple, it’s often the woman who outlives her spouse. Statistically, women tend to live longer, and this presents unique financial challenges. Traditional pensions, for instance, typically provide only partial payouts to surviving spouses, often cutting benefits by 25 to 50%. Without proper planning, a surviving spouse can face a significant drop in income.
That’s why it’s essential to consider products like joint annuities, which can provide a more secure income stream throughout both spouses’ lives. Right now, in the summer of 2024, the pricing for joint lifetime annuities is quite favorable. These products help mitigate the financial risks of longevity and can provide peace of mind for the surviving spouse.
What Can You Do Now?If you’re in your mid-50s and feeling the weight of financial uncertainty, you’re not alone. The good news is that there are actionable steps you can take today to improve your financial outlook. David provides some keys to how individuals, financial advisors, and employers can address the midlife retirement crisis:
- Individuals: The best thing you can do is save more. It may sound simple, but increasing your savings rate, even by a few percentage points, can have a huge impact on your retirement income. Also, make sure to start planning not just for the short term but for your entire lifespan.
- Financial Advisors: Our job is to help clients focus on what they can control and plan for the long term. This means educating clients on their options and helping them make informed decisions that account for future risks like longevity and market volatility.
- Employers: Employers can play a significant role in helping their employees prepare for retirement. Offering robust retirement plans and providing financial education in the workplace can make a huge difference in how employees approach their savings and investment strategies.
The Retirement Red ZoneOne of the best concepts that came out of Prudential’s research is the “Retirement Red Zone.” This refers to the critical years just before and after retirement when financial decisions are incredibly important. Mistakes made during this period can be costly and difficult to recover from, especially since you only get one shot at some major decisions, like filing for Social Security or choosing a pension payout.
For example, if you retire at 65, you’ve probably had around 1,000 paychecks in your lifetime. Each of those represents a chance to make financial adjustments. But when you file for Social Security or choose a pension option, you may only get one chance to get it right.
As David pointed out, being in the red zone means that every financial decision counts. That’s why it’s crucial to make informed, strategic choices during this time.
Final ThoughtsNavigating the midlife retirement crisis isn’t easy, but with the right planning, it’s entirely possible to come out on top. By taking proactive steps—whether through saving more, working with a financial advisor, or making thoughtful decisions about pensions and annuities—you can ensure a more secure and comfortable retirement.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- LinkedIn: David Blanchett
- David Blanchett, PGIM
- “How to Survive the ‘Retirement Red Zone’” – Kristian Finrock, Kiplinger Personal Finance
- “Protect Your Finances: Essential Tips for Family Caregiving with Danielle Miura” – Retirement Revealed Episode 162
- “AEI Social Security Expert Andrew Biggs Explains Why “there is No Retirement Crisis” – https://www.aei.org/press/aei-social-security-expert-andrew-biggs-explains-why-there-is-no-retirement-crisis/
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Understanding the options available to civil servants entering retirement under FERS.
If you’re one of the 2 million people in the federal workforce, this post is designed to help you make the most of your retirement plan by understanding the Federal Employee Retirement System (FERS). As we head toward the end of the fiscal year, it’s a great time to revisit how FERS works and how you can maximize your benefits.
Breaking Down FERS: The Three Key ComponentsBefore we dive into the details, let’s recap the basic structure of FERS. There are three main components that federal employees need to pay attention to:
- Pension: A defined benefit that provides income based on your years of service and salary.
- Thrift Savings Plan (TSP): A defined contribution plan, similar to a 401(k), where you can contribute pre-tax or post-tax (Roth) dollars.
- Social Security: Just like most employees, you’ll also receive Social Security benefits, so don’t forget to factor this into your retirement planning.
When thinking about retirement, it’s essential to plan not only for when to start your FERS pension but also when to tap into your TSP and file for Social Security. The coordination of these three components can make a big difference in your retirement income.
Maximizing Your FERS BenefitsRecently, I was asked by Money Geek how federal employees can maximize their retirement benefits. Two key strategies stand out:
- Maximize Your TSP Contributions: For 2024, you can contribute up to $23,000 to your TSP, with an additional $7,500 if you’re over 50 (catch-up contribution). The TSP is one of the most cost-effective retirement savings plans out there due to its low fees, so take full advantage of it!
- Know Your Full Retirement Age: Surprisingly, many people I talk to aren’t sure of their full retirement age (FRA) under FERS. Knowing this is crucial because it affects when you can receive your maximum pension benefit. For instance, retiring before age 62 or with fewer than 20 years of service could significantly reduce your pension payout.
There are some important distinctions to be aware of, particularly if you retire before age 62 or with fewer than 20 years of service. For example, retiring at 61 with 19 years of service gives you only 19% of your high-3 salary as a pension. However, waiting one more year to reach age 62 and 20 years of service increases that to 22%—a 15% boost in your pension for life! That extra year could be well worth it.
Understanding Your High-3 Average SalaryYour pension is based on your high-3 average salary, which is the average of your three highest consecutive years of earnings. While this is often your final three years, it’s not always the case. It’s important to accurately estimate your high-3 salary when planning your retirement.
Additionally, if you’ve had military service, you can potentially add military service credits to your federal service time. This could increase your pension benefit, so be sure to check your service record to ensure all your years are accounted for.
Special Considerations for Specific RolesCertain federal roles, such as law enforcement officers, firefighters, and nuclear materials couriers, are eligible for enhanced pension benefits. For example, they receive 1.7% of their high-3 salary for the first 20 years of service, compared to 1% for most employees. Members of Congress are also eligible for the 1.7% rate, making it important to know which category you fall into.
Steps to Take in the Years Leading Up to RetirementAs you approach retirement, there are four steps you should focus on to ensure you’re on track:
- Maximize Your TSP Contributions: The more you contribute, the more you’ll have for retirement. For those over 50, make sure you’re taking advantage of the catch-up contribution.
- Confirm Your Full Retirement Age: Double-check your FERS records to know exactly when you’re eligible for full retirement. Don’t rely on hearsay—verify the information yourself.
- Estimate Your High-3 Salary and Years of Service: This will help you calculate your expected pension. Make sure your service record is accurate with the Office of Personnel Management (OPM) to avoid any surprises.
- Consult a Financial Advisor: It’s always a good idea to work with someone who understands federal employee benefits. A Chartered Federal Employee Benefits Consultant can help you navigate the specific rules that apply to you.
Common Mistakes Federal Employees Make in Retirement PlanningOver the years, I’ve seen federal employees make several common mistakes in retirement planning. One of the biggest is failing to adjust their TSP investments as they approach retirement. Many people keep their TSP allocation at the same risk level they had in their 20s, even when they’re nearing retirement age. Be sure to reassess your risk tolerance as your retirement date approaches.
Another frequent mistake is not planning for the transition from a paycheck to a pension. It can take several months for your FERS pension to start, so having a financial cushion to cover this gap is crucial.
Plan Ahead and Get Expert HelpAs you prepare for retirement, whether you’re a federal employee, military personnel, or transitioning to corporate work, the same principles apply: know the rules, do the math, and follow the plan.
By maxing out your TSP contributions, understanding your full retirement age, and working with a knowledgeable financial advisor, you can ensure a smooth transition into retirement. Remember, the choices you make in the years leading up to retirement will impact your income for the rest of your life. Make sure you’re making informed decisions based on your specific situation.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “Understanding Retirement Plans and Options for Federal Employees” – moneygeek.com article
- Thrift Savings Plan contribution limits – www.tsp.gov
- FERS Information – U.S. Office of Personnel Management
- “How to Plan for a Military Retirement, with General Michael Meese” – Retirement-Revealed.com
- “Avoiding 10 Common Retirement Planning Mistakes Made by Federal Employees” – Retirement-Revealed.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Chet Bennetts shares insights on the study that highlights the challenges facing the average American seeking financial literacy.
When it comes to retirement, knowledge truly is power. The more you understand your financial situation, the better you can navigate the complexities of retirement planning and make informed decisions. In this week’s episode of the Retirement Revealed podcast, Chet Bennetts–program director of the CFP®/ChFC® Program at The American College of Financial Services–shared his insights from a comprehensive survey of over 3,700 people about their retirement knowledge. The findings were eye-opening, but they also provided guidance for what knowledge is lacking or obscured for the average retiree or near-retiree.
What Do We Know About Retirement?One of the key takeaways from Chet’s research is that Americans are quite knowledgeable about inflation and housing—two critical factors that heavily influence retirement outcomes. It’s encouraging to see that people are aware of how inflation can erode purchasing power and the importance of managing housing costs as they age. As Chet pointed out, these are areas where individuals have a significant amount of control, and it appears that many are making smart decisions to adjust their spending and housing situations in response to economic challenges.
This resilience in the face of inflation and rising housing costs is a positive sign. It shows that when retirees encounter financial obstacles, they often find ways to adapt and thrive. For instance, I recall working with a client about ten years ago who was eager to retire at 55. We ran the numbers, and the reality was that their income would drop by about 70% if they retired immediately. Despite this, they decided to go ahead with their plan. They made significant lifestyle adjustments, including taking on part-time jobs, which helped boost their income slightly. Today, nearly a decade later, they’re enjoying retirement and living comfortably on a reduced income. This experience highlights how important it is to be flexible and willing to make changes when necessary.
Areas for Improvement: The Gaps in Retirement KnowledgeWhile the survey showed that Americans are knowledgeable in some areas, it also revealed significant gaps in others. The topics where people scored the lowest included annuities, investments, long-term care, life expectancy, how to generate retirement income, and taxes. These are all critical components of a successful retirement strategy, and yet, they are the areas where many people feel least confident.
This lack of knowledge is concerning because these topics play a major role in ensuring financial security in retirement. For example, understanding annuities and how they can provide a steady income stream is crucial, as is knowing how to manage investments to avoid outliving your savings. Long-term care is another area that is often overlooked, but it’s a significant expense that can quickly deplete retirement funds if not planned for properly.
However, the good news is that these are precisely the areas where a good financial advisor can add value. Working with an advisor who can educate you on these topics and help you develop a comprehensive retirement plan can make a world of difference. As I always say, if you’re looking for a financial advisor, find one who prioritizes education. The goal should be to empower you with the knowledge you need to make informed decisions, not to overwhelm you with complexity.
Addressing Demographic Disparities in Retirement LiteracyThe survey also uncovered some demographic disparities in retirement literacy. For example, there was a five-point gap in retirement literacy between men and women, and a seven-point gap between different racial and ethnic groups. This is unfortunate but not entirely surprising, given the historical and societal factors that have contributed to these disparities. However, these gaps can be overcome through targeted education initiatives and by working with a financial advisor who understands the unique challenges faced by different demographics.
One promising finding from the survey was that working with a financial advisor can significantly boost retirement literacy. There was an 11-point increase in literacy among those who worked with an advisor compared to those who did not. This underscores the importance of seeking professional guidance when planning for retirement, especially if you’re feeling uncertain about your financial knowledge.
Practical Steps to Improve Your Retirement ReadinessIf you’re looking to improve your retirement readiness, there are several steps you can take. First, consider taking advantage of education initiatives designed to boost financial literacy. For example, Thrivent offers a program called “Money Canvas”, which provides free budgeting sessions. Another excellent resource is Dave Ramsey’s Financial Peace University, which offers comprehensive financial education.
Second, don’t hesitate to seek out a financial advisor who can help you navigate the complexities of retirement planning. A good advisor will take the time to explain your options, help you understand the risks and benefits of different strategies, and work with you to create a plan that meets your unique needs.
Finally, remember that retirement is a journey, not a destination. Your needs and circumstances will change over time, so it’s important to stay informed and be willing to adjust your plan as needed. By taking proactive steps to increase your financial literacy and working with a trusted advisor, you can feel more confident about your retirement and make better decisions that will lead to a secure and fulfilling future.
The road to retirement is filled with challenges, but it’s also full of opportunities. By learning more about your money, you’ll feel better about your financial situation and be better equipped to make the right decisions for your future.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- 2023 Retirement Income Literacy Study – The American College of Financial Services
- Money Canvas – Thrivent
- Financial Peace University – Dave Ramsey
- LinkedIn: Chet Bennetts
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Exploring the concept of “Infinite Banking” and comparing life insurance retirement plans to traditional retirement strategies.
If you’ve been browsing TikTok, Facebook, or LinkedIn, you’ve likely seen posts promoting life insurance as the “ultimate retirement solution”. But is it really the best way to go about planning for your retirement? Let’s explore.
Recently, I was asked to provide some insights for an article on life insurance retirement plans on Medium.com. This request led me to revisit the concept, particularly through the lens of Nelson Nash’s book, Becoming Your Own Banker. Nash’s work advocates for the idea of using dividend-paying whole life insurance policies from mutual insurance companies as a financial strategy, often referred to as the “infinite banking” concept.
As social media goes, once I began to research life insurance I was flooded with videos and articles online that all seemed to present life insurance retirement plans as not just an option, but as the way to save for retirement. This approach often positions these plans as a replacement for traditional retirement accounts like Roth IRAs or 401(k)s. But before jumping on the bandwagon, it’s essential to understand what these plans offer—and what they don’t.
Indexed Universal Life Insurance and Market ComparisonsOne of the most popular products being promoted is the indexed universal life insurance (IUL) policy. These policies are often sold with the promise that you can participate in market gains without the risk of market losses.
Sounds great, right? But let’s dig a bit deeper.
The interest credited to an IUL policy is based on the performance of a stock market index. However, unlike direct investments in the stock market, these policies don’t deliver the same returns. Research shows that the returns from IULs are much closer to what you’d expect from bonds, not stocks. Why? Because insurance companies primarily invest your premiums in bonds, making it challenging to generate stock market-like returns.
Should You Use Life Insurance for Retirement Planning?The real question isn’t whether life insurance should be your primary retirement vehicle but whether it should be part of your overall retirement strategy. Life insurance can play a role in retirement planning, but it’s crucial to approach it with a clear understanding of its strengths and limitations.
One of the biggest dangers with the current trend of life insurance retirement plans is the notion that this is the only way to plan for retirement. This one-size-fits-all mentality can lead to missed opportunities in other, often more flexible, retirement savings vehicles like Roth IRAs, 401(k)s, and brokerage accounts.
The truth is, the best retirement plan is one that incorporates multiple strategies, tailored to your unique financial situation. There’s no single product that will solve all your retirement needs.
The Infinite Banking Concept: A Deeper LookLet’s return to Nelson Nash’s infinite banking concept. Nash’s idea is to use whole life insurance policies to “become your own banker,” effectively recapturing the interest you would otherwise pay to banks. The concept hinges on the idea that by borrowing from your life insurance policy at a lower interest rate than what banks charge, you can save money in the long run.
Nash’s strategy made a lot of sense in the 1980s when interest rates on traditional loans were as high as 23%. During that time, borrowing from a life insurance policy at 8% was a no-brainer. However, in today’s environment, where mortgage rates are around 6.75% and personal loans average 12%, the advantages of borrowing against a life insurance policy aren’t as clear-cut.
Moreover, Nash’s assumption that life insurance policies would generate returns of 6-8% is increasingly difficult to validate today. Current policies are more likely to yield returns closer to 4.5%, which is roughly on par with what you might expect from a certificate of deposit (CD). The key difference is that CD interest is taxable, while life insurance growth is tax-deferred.
The Long-Term Nature of Life InsuranceAnother crucial aspect to consider is the long-term nature of life insurance policies. Nash correctly points out that it takes about seven years for a whole life insurance policy to break even. During this time, your contributions are essentially covering the cost of insurance and other fees, meaning your cash value is growing very slowly, if at all. This isn’t a get-rich-quick scheme—it’s a long-term commitment.
When someone pitches a life insurance retirement plan, ask them a few key questions: How long does it take to break even? What’s their commission on the sale? These are important factors to consider because they can significantly impact the overall effectiveness of the plan.
The Bottom Line: A Balanced ApproachSo, should you include life insurance in your retirement plan? The answer is, it depends. Life insurance can be a valuable tool, especially if you’re looking to protect loved ones from the loss of income due to your passing. It can also offer tax-deferred growth and, if structured correctly, a tax-free death benefit for your beneficiaries.
However, it’s crucial to view life insurance as part of a broader strategy. It’s not a replacement for traditional retirement accounts, nor is it a substitute for a well-diversified investment portfolio. The best approach to retirement planning involves a mix of strategies, tailored to your unique goals and circumstances.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Free retirement course: www.5StepRetirementPlan.com
- “Can a Life Insurance Retirement Plan Help Boost Your Finances?” Medium.com
- “Becoming Your Own Banker” by Nelson Nash
- “3 Things You Need to Know Before Buying Life Insurance”, Retirement Revealed Episode #67 featuring Mike Smith
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Examining the 5 reasons an earlier retirement might make sense for you.
When you originally planned for retirement, chances are you spent a lot of time focusing on the cold hard dollars and cents, calculating the optimal timing for your finances and adjusting your calendar accordingly.
My guest on this week’s episode of the Retirement Revealed podcast, Ashley Micciche, suggests that there might be more reason to retire earlier than you originally thought. Ashley breaks down 5 reasons to consider retiring as early as possible based on her experience with retirees.
1. Prioritizing Time with Family and FriendsOne of the most compelling reasons to retire early is to spend more quality time with loved ones. As we age, our relationships with family and friends often become our most cherished assets. Ashley pointed out that many people, particularly grandparents, find themselves yearning to spend more time with their grandchildren.
For many of Ashley’s clients, the pull towards a more relaxed lifestyle where they can be more present in their families’ lives is powerful. Retirement offers the flexibility to travel, to visit family who might live far away, and to build stronger bonds without the constraints of a demanding work schedule. This aligns with findings from the Harvard Study of Adult Development, which suggests that the quality of our relationships is a key determinant of both our longevity and the quality of life as we age.
2. Enjoying More Healthy and Active YearsRetiring early also allows individuals to make the most of their healthy, active years. The stories of generations of retired people often cite the toll extending their careers had taken on their health, some to the extent that they aren’t able to enjoy retirement the way they had hoped to while they were still working.
This is a common scenario that many retirees face—by the time they stop working, they are too physically exhausted or their health has deteriorated to the point where they cannot take advantage of the freedom retirement offers. Retiring early can provide the opportunity to travel, explore hobbies, and engage in physical activities while you are still in good health.
I recently saw this play out at our gym with a very active man in his early 70s who suddenly had an unexpected medical emergency and passed away during a workout. It was a stark reminder: we can’t predict how long we will remain healthy, and it’s important to enjoy life while we can.
3. The Freedom to Work on Your TermsIn today’s world, retirement doesn’t necessarily mean the end of work. Many retirees continue to work part-time, consult, or pursue passion projects. This flexibility is a relatively new development, as Ashley noted, contrasting it with her grandfather’s experience when retirement meant a complete stop to work.
Now, with the rise of the gig economy and the increasing demand for experienced professionals, retirees can choose to work on their own terms. Whether it’s working reduced hours, consulting, or starting a small business, there are many ways to stay engaged and productive without the pressures of a full-time job.
For those who are not ready to fully retire, this middle ground offers the best of both worlds—maintaining a sense of purpose and engagement while also enjoying the freedoms of retirement.
4. Shifting from Accumulation to FulfillmentAnother critical point Ashley brought up is the need to shift our mindset from accumulation to fulfillment. Many people are driven by the idea that more wealth will lead to more happiness. However, as we approach retirement, it’s crucial to ask ourselves, “How much is enough?”
Ashley brought up the latin concept of memento mori, which beautifully addresses this question. Translated as “remember you must die,” memento mori is a reminder to focus on what truly matters and to not get caught up in the endless pursuit of wealth, which can often lead to delaying retirement unnecessarily. Instead, the goal should be to live a life of fulfillment, making the most of the time we have rather than accumulating assets we won’t be able to enjoy.
5. Maximizing Your Happiness, Not Your SpreadsheetFinally, it’s essential to focus on maximizing your happiness, not just the numbers on your spreadsheet. This idea echoes the sentiment of the book Die With Zero, which encourages readers to think about life in terms of experiences rather than just financial security.
If you’re always waiting for the perfect financial moment to retire, you might find yourself working longer than necessary, missing out on the joys of life that retirement is meant to provide. It’s important to strike a balance between ensuring financial stability and taking the time to enjoy life’s precious moments.
ConclusionThe choice to retire ASAP is not just about leaving the workforce; it’s about embracing the opportunity to live life on your own terms. Whether it’s spending more time with family, enjoying your healthy years, or finding fulfillment beyond work, there are many reasons to consider an early retirement. As always, it’s important to approach this decision thoughtfully, ensuring that you’re financially prepared while also recognizing the value of time and the experiences it can bring.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Ashley Micciche, True North Retirement Advisors: https://truenorthretirementadvisors.com/
- True North Retirement Advisors Podcast: https://truenorthretirementadvisors.com/resources/podcast/
- “Retire with Ashley” YouTube Channel: https://www.youtube.com/@RetireWithAshley/
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
5 keys to preparing your retirement plan to withstand a stock market crash.
As you step into retirement, one of the biggest concerns you might face is the potential for a market crash right at the start. It’s a valid worry—after all, you’ve spent decades saving and investing to secure your future. The last thing you want is for a sudden downturn to wipe out a significant portion of your nest egg. Today, I want to dive into how you can prepare for this possibility and safeguard your retirement savings.
Understanding Sequence of Return RiskOne of the most critical concepts to grasp is something called “sequence of return risk.” It’s a fancy way of saying that the order in which you experience returns matters, especially when you’re withdrawing money in retirement. Even if your investments average 8% over time, a few bad years early on could have a disproportionately negative impact if you’re taking withdrawals at the same time.
Imagine this: you have a few great years of returns, followed by a significant loss. If those losses happen early in retirement, you’ll have less money left to recover and take advantage of potential gains down the road. This is why the timing of returns can make or break your retirement plan. When you’re adding money to your account during your working years, market downturns aren’t as concerning—after all, you’re buying shares at a discount. But once you start drawing down, those downturns can be devastating.
Implementing a Bucketing StrategyOne popular way to mitigate this risk is through a bucketing strategy. This involves dividing your investments into different “buckets” based on when you’ll need the money. You might have a cash bucket for the first few years of retirement, which isn’t exposed to the stock market’s ups and downs. Then, you’d have a growth bucket for long-term needs that can ride out the market’s volatility.
The key question is: how much should you keep in each bucket? It’s helpful to think in terms of years rather than months. For example, many experts suggest having at least three to six months’ worth of expenses in your cash bucket as an emergency fund. For your retirement plan, we take the conventional suggestion of “months” for an emergency fund and turn it into “years” for retirement.
Back in 2008, Warren Buffett famously advised that if you need money in the next five years, keep it safe in the bank. For money you won’t need for five years or more, keep it invested. The five-year mark is a useful rule of thumb because it took about five years for the stock market to recover from the dip it took after its 2007 peak. When you hit retirement you can adjust how much you have in safer assets based on the level of risk you want to take.
Adjusting Your Investments ProactivelyAnother way to prepare for a potential market crash is by adjusting your investment portfolio before you retire. As you approach retirement, you might want to gradually reduce your exposure to riskier assets like stocks and increase your holdings in safer investments.
For example, if you’re planning to retire in five years and your goal is to have seven years’ worth of expenses in your cash bucket by then, start shifting money gradually. Don’t wait until the last minute or after the market drops to make these adjustments. It’s all about being proactive rather than reactive.
Be Flexible with Your WithdrawalsFlexibility is another crucial element. The traditional 4% rule, which suggests withdrawing 4% of your portfolio annually, adjusting for inflation, works well—in theory. However, if the market crashes, sticking rigidly to this rule could mean taking withdrawals at the worst possible time.
Instead, consider adjusting your withdrawals based on market conditions. If your investments have had a good year, you might take a bit more. If they’ve had a bad year, tighten your belt and take out a little less. By being flexible, you can stretch your savings further and give your investments more time to recover.
Borrow Money to Live OnIt might sound counterintuitive, but borrowing money during a market downturn could be better than selling investments at a loss. For example, you could borrow against your cash value life insurance policy, tap into a home equity line of credit, or even borrow from yourself by drawing from a savings account that you intended to keep intact.
The idea here is to give your investments time to rebound. Once the market recovers, you can repay the borrowed funds. It’s a strategy that requires careful planning and a solid understanding of your financial situation, but it can be a creative and powerful tool to protect yourself in the right circumstances.
Build Your Guaranteed IncomeFinally, having a source of guaranteed income can provide peace of mind during market turbulence. This could come from Social Security, a pension, or even an annuity. Research shows that retirees with guaranteed income streams feel more comfortable spending their money and are less stressed during market downturns.
When you know that a portion of your income is secure, regardless of market conditions, it can make it easier to stick to your investment plan and avoid panic selling.
ConclusionMarket crashes are an inevitable part of investing, but they don’t have to derail your retirement. By implementing strategies like bucketing, adjusting your investments, being flexible with withdrawals, considering strategic borrowing, and building guaranteed income, you can create a robust plan that helps you weather the storm.
The goal isn’t to predict when a market crash will happen—it’s to be prepared for when it does. With the right approach, you can turn the uncertainty of the markets into an opportunity to strengthen your retirement plan and ensure that your savings last as long as you need them.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “Safety-First Retirement Planning” with Wade Pfau – Retirement Revealed episode #141
- “7 Pro Tips for More Dynamic Retirement Planning” with Justin Fitzpatrick – Retirement Revealed episode #70
- “Make Your Retirement Savings Last” – AARP Magazine
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Discovering how the “Retirement Spending Hatchet” provides a problem for the 4 percent rule and why Derek Tharp suggests risk-based guardrails offer a more dynamic way to respond to risks in retirement.
The 4 percent rule gained steam through the mid 1990s as a way to ensure your retirement lasts throughout your retirement years. I sat down with Derek Tharp, Ph.D., CFP®, CLU® assistant professor at the University of Southern Maine also known as the “Retirement Professor”, to discuss why he believes in a more dynamic approach to retirement spending.
The 4% Rule: An Outdated Approach?The 4% rule has long been a staple in retirement planning. It’s based on the idea that you can safely withdraw 4% of your retirement savings annually, adjusted for inflation, and not run out of money over a 30-year retirement. This rule was derived from historical data and designed as a conservative estimate to ensure retirees wouldn’t outlive their savings.
However, Derek argues that the 4% rule is more of an academic exercise than a practical tool for real-life retirement planning. He points out that it’s based on assumptions that don’t align with how retirees actually spend money. One of his key insights is what he and his coauthor, Justin Fitzpatrick, call the “retirement distribution hatchet.” This concept visualizes retirement spending patterns not as a smooth, linear drawdown but as front-loaded—heavier in the early years before Social Security and pensions kick in, creating a shape similar to a hatchet.
This observation is critical because it shows that many retirees’ spending needs are not constant but vary significantly over time. For instance, retirees might spend more in their early years when they’re still active, then spend less as they age, only to see spending increase again due to healthcare costs later in life. The 4% rule, with its focus on a steady, inflation-adjusted withdrawal rate, fails to account for these variations.
The Pitfalls of Probability of SuccessMany financial advisors aim for plans that boast a high probability of success—often 90% or more—which essentially means that there’s a 90% chance that the retiree won’t run out of money.
However, Derek suggests that this focus can lead to overly conservative plans. A high probability of success might sound reassuring, but it often means that retirees are underspending—saving too much for a rainy day that might never come. To put it another way, a 95% probability of success actually implies that 94% of the time, you could have afforded to spend more.
This focus on probability of success can also create anxiety, especially during market downturns. Retirees might panic if they see their plan’s probability of success drop, leading them to make unnecessary adjustments.
Risk-Based Guardrails: A More Flexible ApproachSo, if the 4% rule and probability of success have limitations, what’s the alternative? Derek advocates for risk-based guardrails, a more flexible and responsive approach to retirement spending. This method allows retirees to set initial spending levels and then adjust them based on the performance of their investments, all within predefined “guardrails.”
For example, if your portfolio performs well and exceeds a certain threshold (the upper guardrail), you might increase your spending. Conversely, if the market underperforms and your portfolio drops to a lower threshold (the lower guardrail), you’d reduce your spending to stay on track. This approach provides a structured yet adaptable way to manage retirement income, focusing on actual financial health rather than arbitrary success probabilities.
One of the key benefits of this method is psychological. Knowing that you have a plan for both good and bad market conditions can reduce the anxiety that many retirees feel when they see market fluctuations. You’re not left wondering if you’re spending too much or too little—you have clear guidelines that tell you when to adjust your spending.
Planning for Real-Life RetirementAt the end of the day, retirement planning should be about making the most of your retirement years, not just ensuring you don’t run out of money. Derek’s approach of using risk-based guardrails is about finding a balance—allowing you to enjoy your retirement while being prepared for whatever the market throws your way.
It’s about planning for life’s uncertainties with flexibility and understanding that your spending needs will change over time. Rather than sticking rigidly to a rule developed decades ago, or chasing the highest probability of success, it’s about creating a retirement plan that evolves with you and your circumstances.
Your retirement goals should be at the forefront of your retirement decisions–if your goal is to avoid every risk. Instead of making your plan look good on paper, make your plan work for the life you want to live in retirement. The traditional 4% rule and the fixation on high probabilities of success might not serve you as well as a dynamic, responsive approach using risk-based guardrails.
Your retirement should be about enjoying life and having peace of mind, not just about making sure your plan is “successful” by rigid, outdated standards.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “The Retirement Distribution “Hatchet”: Using Risk-Based Guardrails to Project Sustainable Cash Flows” – Justin Fitzpatrick & Derek Tharp
- “How Communicating Guardrails Withdrawal Strategies Can Improve Client Experience And Decrease Stress” – Derek Tharp
- “Reframing Monte Carlo Results to Increase Trust in Retirement Spending” – Derek Tharp
- Derek Tharp, “Retirement Professor” – www.retirementprof.com
- “Retirement Revealed” podcast episode with Justin Fitzpatrick
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Breaking down the 4 steps of the “live to 100” strategy as life expectancy increases and conventional retirement wisdom struggles to keep up.
Average life expectancy in the United States rises with each generation, and with that trend comes a lengthening of years lived after average retirement. As age 100 becomes more realistic for many people, how can you make sure your finances are set up in a way that takes care of you through your entire lifetime? This discussion was sparked by our recent podcast episode with Steve Sanduski, where we explored how financial planning needs to adapt as people routinely live healthy lives into their 100s.
The Retirement Spending SmileOne intriguing concept is the “retirement spending smile.” This theory suggests that you tend to spend more at the beginning of retirement, less in the middle, and potentially more again later on due to increased healthcare costs. If you stay healthy until 100, your expenses might not follow the traditional downward trajectory and could spike due to medical needs.
The AARP Article and LongevityShortly after our discussion with Steve, I came across an article in the AARP magazine about making your money last until age 100. It got me thinking: if you live to 100, it’s crucial to ensure your money does too. With advancements in healthcare, it’s becoming more likely that many of us will reach this milestone. Therefore, it’s essential to approach both your expenses and income with this long-term perspective.
Managing Your ExpensesLet’s start with managing your expenses if you anticipate a long life. Knowing your biggest costs in retirement is key. From my research, housing, taxes, and healthcare are typically your top three expenses.
- Housing:
- According to the Bureau of Labor Statistics, housing costs can be about 35% of your overall expenses, including utilities and maintenance. However, if we strip out the additional costs, the core expense of shelter itself averages around 20%.
- Consider paying off your mortgage before retirement or downsizing to reduce these costs. But be cautious with downsizing, as it often leads to additional expenses for new furniture and adjustments to your new home.
- Taxes:
- Surprisingly, taxes are often overlooked in retirement cost analyses. On average, they constitute about 7% of your expenses. One way to manage this is by diversifying your tax status across various accounts (traditional, savings, Roth, and brokerage accounts). This strategy gives you flexibility to adapt to changing tax laws over the decades.
- Healthcare:
- Healthcare costs increase as you age, making it essential to plan ahead. When you turn 65, deciding between a Medicare supplement plan and a Medicare Advantage plan is crucial. While the supplement plan might be more expensive upfront, it could save you significant out-of-pocket costs in the long run.
- Additionally, consider long-term care insurance to protect against the high costs of assisted living or nursing care, which can be financially devastating if unplanned.
Maximizing Your IncomeNow, let’s talk about your income strategy to make it last until 100.
- Social Security:
- When making decisions about Social Security, remember its full title: Social Security Old-Age, Survivors, and Disability Insurance. This program is designed to provide support in old age, for survivors, and in case of disability.
- Delaying Social Security benefits can maximize your lifetime income. Although filing early gives you more money now, waiting could result in higher monthly benefits later, which is crucial for long-term financial stability.
- Part-Time Work:
- Consider working part-time in retirement. For instance, would you prefer working full-time from age 60 to 65, or half-time from 62 to 70? Theoretically, the financial outcomes might be similar, but the extended work period can provide a more stable income stream and help stretch your savings.
- Annuities:
- Explore different income sources like annuities. These can convert your savings into a steady income stream, similar to a pension, providing financial security and often making retirees feel more comfortable spending their money. An article by David Blanchett suggests that having an annuity might give you a “license to spend,” enhancing your retirement enjoyment.
ConclusionIf you plan to live to 100, you’ll need to manage both your expenses and income proactively. On the expense side, focus on reducing housing costs, diversifying your tax status, and planning for healthcare expenses. On the income side, consider delaying Social Security, working part-time, and exploring annuities for a reliable income stream.
By taking these steps, you can ensure that your money lasts as long as you do, providing a secure and fulfilling retirement. Remember, it’s not just about surviving until 100 but thriving with financial peace of mind.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Retirement Revealed Episode 200 with Steve Sanduski
- “How to Make Your Money Last to Age 100”, AARP Magazine
- “Guaranteed Income: A License to Spend”, David Blanchett & Michael Finke
- U.S. Bureau of Labor and Statistics: https://www.bls.gov/cex/tables/cross-tab/mean/reference-person-age-by-income-65-or-older-2021-2022.pdf
- LongevityIllustrator.org
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Jeremy Keil and Steve Sanduski explore retirement trends by generation and examine what happens to financial planning when people start to live healthy routinely to age 100.
People are living healthier and longer, and it’s showing in the rising longevity averages in the United States. My guest in this week’s episode of “Retirement Revealed”, Steve Sanduski (Steve Sanduski Advisor Network) and I discuss how these trends and generational approaches are affecting the future of retirement and retirement planning.
The Increasing Longevity TrendTo set the stage, let’s consider some historical data. Back in 1900, the average life expectancy was about 47 years. Fast forward to today, and we’re looking at an average in the upper 70s. While the COVID-19 pandemic temporarily reduced this figure, advancements in technology, medicine, and our understanding of health and wellness suggest that people will continue to live longer, healthier lives. In fact, it’s not unreasonable to expect that many of us will live well into our 90s, or even reach 100 in good health.
A Greatest Generation Retirement ApproachSteve sees this trend reflected in his own family. Both of his parents are in their 90s and still maintaining their health. Their experiences in retirement are quite different but equally enlightening. “My dad had a traditional retirement, leaving his job at 58 with a pension and never working another day for pay. He has enjoyed a long retirement, filled with personal satisfaction and stability.”
Steve’s mom, on the other hand, retired from her career but found she needed to stay busy. She took various part-time jobs for about 20 years, moving in and out of the workforce. This contrast highlights the varied approaches people can take to retirement, depending on their personal needs and desires.
A Baby Boomer Retirement Approach At 62, Steve doesn’t see a traditional retirement on the horizon. Instead, Steve envisions a gradual transition, slowing down his work over time rather than stopping abruptly. Steve hopes this approach allows him to stay engaged and active, leveraging good health and passion for his work. Many people can’t wait to retire, but it’s crucial to consider what you’re retiring to, not just what you’re retiring from. Having a purpose or goal in retirement, such as spending more time with family, is key to a fulfilling retirement.
Shifts in Retirement ModelsThe traditional three-stage life model—learn, earn, and adjourn—is evolving. Today’s younger generations are adopting a multi-stage life model, moving in and out of various life phases. They might work for a while, take a sabbatical, return to school, or travel. This flexibility reflects changes in societal norms and economic conditions. Younger people today have witnessed events like the Great Financial Crisis and the opioid epidemic, shaping their views on life and retirement.
The Impact of Generational ExperiencesUnderstanding generational differences involves more than just looking at birth years. The cohort effect examines how shared experiences shape a generation. For instance, baby boomers grew up during a time of economic prosperity, while millennials and Gen Z have faced more economic volatility. Period effects, such as 9/11 or the 2008 financial crisis, impact everyone alive at that time, influencing their perspectives and decisions. Lastly, the life cycle effect considers how people’s needs and priorities change as they age.
The Role of Entrepreneurship and Personal ControlEntrepreneurship is more accessible today than it was in the past. Steve shared an interesting story about how entrepreneurship was talked about when he was growing up. As a young adult, Steve internalized conversations about the meaning of an entrepreneur is that you simply couldn’t find a job. Today, it’s celebrated as a path to success and independence. More people, especially younger generations, are taking control of their financial futures by starting their own businesses. This shift is partly due to the decline of defined benefit plans and the rise of defined contribution plans, putting more responsibility on individuals to save for retirement.
Planning for an Uncertain FutureWhile we should plan for a long retirement, we must also acknowledge the uncertainty of life. A poignant example is Jonathan Clements, a long-time personal finance writer just recently diagnosed with cancer at 61, with only 12 to 18 months to live. His situation reminds us not to delay enjoying life. Many younger people today are choosing to experience life fully, taking trips and pursuing passions while they are still young and healthy. This approach might mean working longer but ensures a balanced and fulfilling life.
Final ThoughtsAs we navigate these changing times, it’s essential to stay flexible and proactive in our retirement planning. Whether you’re nearing retirement or just starting to think about it, consider how you can blend work, leisure, and personal growth throughout your life. Remember, retirement is not just an end but a new beginning.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- LinkedIn: Steve Sanduski
- Steve Sanduski Advisor Network
- LongevityIllustrator.org
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Exploring the rules & options for how to handle the Social Security survivor benefit in the event of remarriage.
Today, we’re diving into a critical question: Will you lose your survivor Social Security benefits if you get remarried? There are more layers to this question than many people realize. Let’s peel these layers back and explore the options available for Social Security in remarriage.
The Importance of Survivor BenefitsWhen discussing Social Security, survivor benefits often stand out as a crucial decision point. Many people work hard to maximize these benefits for their spouses. However, mistakes can occur, sometimes due to errors by the Social Security Administration itself. Dr. Larry Kotlikoff, who appeared on our podcast back in the fall of 2022, has written a book on Social Security horror stories, many of which involve widows being underpaid. I’ll link to his book in the show notes so you can avoid such situations.
The Listener’s QuestionHere’s the scenario: a woman’s husband passed away at age 64 in 2017 while collecting Social Security disability benefits. She began collecting his benefits at age 64 because they were higher than her own. Now, at 70, she plans to remarry in August and wonders if she’ll still be able to collect these benefits.
Understanding Full Retirement AgeLet’s assume this widow’s full retirement age (FRA) is 67. It’s crucial to understand the distinction between survivor benefits and spousal benefits. When it comes to survivor benefits, the amount you receive maxes out at your full retirement age. If you start collecting before reaching your FRA, you’ll receive a reduced amount.
For example, if her survivor benefit is $2,000 at FRA and she started collecting at age 64, she’d face a 20% reduction, receiving $1,600 instead. If her own benefit at FRA is $1,500, she wisely chose the higher survivor benefit.
Remarriage and Survivor BenefitsThe critical point here is remarriage and its impact on benefits. If you remarry before age 60, you lose your survivor benefits from your previous spouse. However, remarrying after age 60 allows you to keep these benefits. I recall a couple thanking me after a Social Security presentation because they learned that marrying after she turned 60 allowed her to retain her survivor benefits.
In this podcast’s example case, she’s already over 60, so her remarriage will not affect her survivor benefits. Additionally, once she’s been married for a year, she could potentially switch to her new spouse’s benefits, although this is unlikely to be beneficial compared to her current survivor benefits.
The Overlooked BenefitHere’s where many people miss out: While collecting survivor benefits, your own retirement benefit continues to grow. By delaying your own retirement benefits until age 70, you can receive an 8% increase per year up to your FRA.
Using our example, if her own benefit at FRA was $1,500, by waiting until 70, it could grow by 24% to $1,860. Therefore, at age 70, she should switch to her own retirement benefit if it exceeds her current survivor benefit.
Real-Life ExampleAnother client of mine faced a similar situation. She started collecting survivor benefits at age 62 and planned to switch to her own retirement benefits at age 70. Interestingly, at age 69, Social Security informed her she could receive a slightly higher amount by switching to her own benefit. However, by waiting just one more year until 70, she’d gain significantly more per month for the rest of her life.
This highlights the importance of considering all scenarios and benefits before making a decision. Using tools like the Social Security Analyzer can help ensure you maximize your benefits by evaluating all possible options.
ConclusionSurvivor and spousal benefits, along with the impact of remarriage, can be complex. It’s essential to understand all the nuances and coordinate your benefits effectively. When you have all the information, you can make the decision that makes the most sense for you and your new spouse.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Social Security Analyzer: https://www.ssanalyzer.com/
- “Have More Money, Less Risk, and a Better Life” with Dr. Larry Kotlikoff: Retirement Revealed Episode 101
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Identifying and understanding 5 simple marriage money talk steps you can take to improve your understanding of finances within a marriage and work towards a common goal.
Money is one of the most contentious parts of any marriage. Today, I’m diving into a crucial topic: How can money talk transform your marriage and your retirement? In this episode I lay out five steps you can take to have better money talks with your spouse and re-visit a few moments from past episodes of “Retirement Revealed” where my guests illustrate these steps in a powerful way.
The Interconnection of Money and MarriageRecently, I read an article in AARP magazine emphasizing the importance of open and transparent discussions about money within marriage. Your thoughts, feelings, and behavior about money are deeply intertwined with your thoughts, feelings, and behavior about your marriage–even your spouse. Let’s get into the 5 steps you can take to improve money talks in your marriage.
Step 1: Think of Your Own GoalsArt & Sarah Rainer, “How to Talk with Your Spouse About Money” Episode 124 of Retirement Revealed
Our first guests, Art and Sarah Rainer, highlight the importance of taking time to discover your own money and life goals. It’s essential to start with how you feel about money and where you see yourself in the future. Understanding your personal financial aspirations is the foundation of effective money talks.
Step 2: Learn the Money Story of Your SpouseArt & Sarah Rainer, “How to Talk with Your Spouse About Money” Episode 124 of Retirement Revealed
Art and Sarah also discuss the significance of learning your spouse’s money story. Everyone has a unique financial background shaped by their experiences growing up. For instance, did your spouse’s parents talk openly about money, or was it a volatile subject? Knowing this background helps you understand why they think the way they do about finances and what they are aiming for.
Art shared a poignant story about a gentleman who was adopted and had a profound fear of abandonment. This fear influenced his financial behavior, making him overly generous to ensure others didn’t feel abandoned like he did. Understanding such stories can provide profound insights into your spouse’s financial decisions and priorities.
Step 3: Understand it May be Hard to Talk About Money for Personal or Societal ReasonsMarcia Mantell, “Retirement Planning for Women” Episode 181 of Retirement Revealed
Not everyone finds it easy to talk about money. Marcia Mantell explains that societal norms and personal experiences can make money a difficult topic for many, especially women. Despite the progress in talking openly about health and other personal matters, money remains a taboo subject for many.
Marcia recommends addressing this issue by understanding and acknowledging that it might be challenging for your spouse to talk about money. You can make this easier by breaking the silence around money and approaching the topic with empathy and patience.
Step 4: Openly Set up Different FundsMarcia Mantell, “Retirement Planning for Women” Episode 181 of Retirement Revealed
You don’t always have to manage finances together, but transparency is key. Marcia shares a personal story about setting up her “Freedom Fund,” which allowed her to save enough money to quit her corporate job and start her own business. This fund provided her with the independence and power to make significant life changes.
Discussing and possibly setting up individual accounts can give both partners a sense of autonomy while ensuring that financial goals are met. This approach requires open communication and mutual respect for each other’s financial needs and desires.
Step 5: Work With a Couple-Friendly AdvisorKathleen Burns Kingsbury, “Women, Money, and Power: Why It’s Time to Break Your Money Silence” Episode 34 of Retirement Revealed
Our final expert, Kathleen Burns Kingsbury, talks about the importance of working with a couple-friendly advisor. It’s crucial to find an advisor who understands and respects the dynamics of working with couples. Kathleen suggests asking potential advisors about their approach to working with couples and ensuring they include both partners in all communications.
She emphasizes that even if one partner is less involved, it’s important for both to be informed and feel valued in the financial planning process. This can prevent misunderstandings and ensure that both partners are on the same page regarding their financial future.
ConclusionPlanning for retirement isn’t just about crunching numbers; it’s about understanding how you and your spouse feel about money and working together to achieve your financial goals. The five steps we’ve discussed can help you transform your marriage through effective money talks:
- Think of your own goals
- Learn the money story of your spouse
- Understand it may be hard to talk about money for personal or societal reasons
- Openly set up different funds
- Work with a couple-friendly advisor.
If you’re interested in learning more, I’m giving away copies of books by our featured experts to the first three people who email me at podcast@keilfp.com. These books include “Breaking Money Silence” by Kathleen Burns Kingsbury, “Retirement Planning for Women” by Marcia Mantell, and “The Marriage Challenge” by Art Rainer.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Art & Sarah Rainer, “How to Talk with Your Spouse About Money” Episode 124 of Retirement Revealed
- Marcia Mantell, “Retirement Planning for Women” Episode 181 of Retirement Revealed
- Kathleen Burns Kingsbury, “Women, Money, and Power: Why It’s Time to Break Your Money Silence” Episode 34 of Retirement Revealed
- “Breaking Money Silence” by Kathleen Burns Kingsbury
- “Retirement Planning for Women” by Marcia Mantell
- “The Marriage Challenge” by Art Rainer
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Learn how to calculate the impact on your pension from changing your start date and evaluate the value of your pension based on your financial situation.
I recently received a question from a listener that sparked an interesting discussion about how to plan for your pension. In this episode of “Retirement Revealed” I dive into an example of how to calculate the total and annual value of your pension depending on when you start taking it.
The Listener’s ScenarioIs waiting until age 73 and a half too long to wait to start your pension if you and the wife are in excellent health? I’m 70 and would draw $7,500 but at 73 and a half it goes to $11,000 (a month).
Step 1: Assess LongevityThe first step in making any pension decision, much like with Social Security, is to evaluate your longevity. For this, I recommend using tools like Longevity Illustrator. Based on the information provided, I estimated a combined life expectancy of 24 years for our listener and his wife. This assumption is crucial because it impacts the overall value of the pension over time.
Step 2: Understand the Present ValueAnother critical aspect is understanding the present value of the pension. This becomes especially important when comparing a lump sum versus monthly payments. For instance, if someone offered you $500,000 today or $2,000 per month for the rest of your life, you need to translate that monthly payment into today’s dollars. I use tools like the Schwab Fixed Income Calculator to do this.
Evaluating the NumbersLet’s break down the numbers for our listener:
- At age 70, the monthly pension is $7,500.
- At age 73.5, the monthly pension increases to $11,000.
Assuming a combined life expectancy of 24 years:
- Starting at age 70: $7,500 per month for 24 years equals approximately $2,160,000.
- Starting at age 73.5: $11,000 per month for 20.5 years equals approximately $2,706,000.
This shows a 25% increase in expected payments by waiting until 73.5.
How does this growth rate compare to Social Security?To put it in perspective, Social Security typically grows by about 8% per year if you delay it. In this case, the listener’s pension grows from $7,500 to $11,000 over three and a half years, which translates to an annual growth rate of 11.6%. This is significantly higher than Social Security’s growth rate, indicating that waiting could be beneficial.
How does this growth rate compare to annuities?One of my preferred methods is to compare the pension amount with what an insurance company would offer for a similar annuity. For instance:
- To receive $7,500 per month starting today, it would require approximately $1,266,000.
- To receive $11,000 per month starting at age 73.5, it would require approximately $1,529,000.
This means waiting adds an expected return of $263,000 or 21% more, purely by delaying the pension.
Personalized Pension PlanningNot everyone’s pension will allow for such flexibility, but many do. The key is to gather all the information and make a well-informed decision. Remember, the goal is not just to maximize your pension today but to ensure you get the most value over your lifetime.
Maximizing Retirement IncomeWhen planning your retirement, it’s essential to consider all sources of income: pensions, Social Security, 401(k)s, etc. Sometimes, waiting on one source (like a pension) while drawing from another (like a 401(k)) can maximize your overall retirement income. For our listener, delaying the pension while potentially using traditional IRA or 401(k) funds could provide additional benefits, such as reduced required minimum distributions (RMDs) or opportunities for Roth conversions.
ConclusionThe decision to delay a pension requires careful consideration of various factors, including longevity, present value calculations, and overall retirement strategy. For our listener, waiting until age 73.5 appears to offer significant financial benefits. However, this analysis is specific to their situation. Always remember to evaluate your options thoroughly and seek professional advice tailored to your unique circumstances.
If you have more questions or need personalized advice, visit www.retirement-revealed.com and click “Ask Jeremy a Question” in the top right-hand corner.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “Get the Most from your Pension” – Retirement-Revealed.com
- “Should I Take a Lump Sum Payment or Monthly Annuity from My Pension?” – Retirement-Revealed.com
- Fixed Income Annuity Calculator – Charles Schwab
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Understanding the different ways financial advisors get paid and the circumstances that fit best for each fee structure.
A recent article in the AARP magazine sparked this discussion, and I’ll include a link to that in the show notes. The article delves into the different types of financial advisors and the various fee models they use. It’s essential to understand that not all advisors get paid the same way, and knowing these differences can help you make better decisions about your financial future.
Three Main Ways Financial Advisors Get PaidLet’s explore the three primary ways clients typically pay their financial advisors:
- Commissions
- When an advisor sells you a product, they receive a commission from the company offering that product. Common examples include mutual funds, life insurance policies, and variable annuities. When you purchase these products, the advisor gets a commission, which is a one-time payment.
- Assets Under Management (AUM) Fees
- This is an ongoing fee based on a percentage of the assets the advisor manages for you. If an advisor is providing you with continuous investment advice, you will likely pay a quarterly fee for this service. This fee model aligns the advisor’s interests with yours because their compensation increases as your investments grow.
- Financial Planning Fees
- These fees can be charged hourly, as a flat fee per project, or as a subscription model. For instance, you might pay $4,000 for a comprehensive retirement plan or $300 per hour for advice. Some advisors offer ongoing financial planning services for a monthly fee, similar to a subscription. This model is more like consulting, where the advisor helps you plan but does not manage your investments directly.
Choosing the Right Fee ModelThere’s no one-size-fits-all approach to paying for financial advice. The right model for you depends on your needs and preferences. If you need to purchase specific products like term insurance or mutual funds, paying a commission might be appropriate. If you want ongoing investment management, an AUM fee could be the best choice. And if you seek guidance without needing investment management, a financial planning fee model might suit you best.
The Importance of TransparencyWhen choosing a financial advisor, it’s crucial to understand how they get paid. Many people come into our office asking if we are fiduciaries, which is important, but they often forget to ask the critical question: “How do you get paid?” An advisor can be a fiduciary and still earn commissions, charge AUM fees, or collect financial planning fees.
Being transparent about fees helps build trust. If an advisor says, “You don’t pay me; the financial company pays me,” or if they fumble with their explanation, consider that a red flag. You should clearly understand how your advisor is compensated to avoid potential conflicts of interest.
Fee-Only vs. Fee-Based AdvisorsThere’s a common misconception about fee-only financial advisors. Many people believe fee-only means the advisor charges an hourly fee. However, fee-only can also mean charging a flat fee or an ongoing financial planning fee. If you specifically want an hourly advisor, consider the Garrett Planning Network, which specializes in hourly financial planning.
Most advisors are fee-based, meaning they can charge commissions, AUM fees, and financial planning fees. This hybrid model isn’t inherently bad, but it’s essential to know exactly how your advisor is compensated.
When interviewing potential advisors, be clear about your needs, ask how they get paid, and listen carefully to their explanations. Understanding these details can make a significant difference in your financial planning and retirement success.
If you have more questions or need personalized advice, visit www.retirement-revealed.com and click “Ask Jeremy a Question” in the top right-hand corner.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- NAPFA National Association of Personal Financial Advisors
- Fee-Only Advisor Resource: Garrett Planning Network
- “The High Price of Advice” https://www.aarp.org/money/budgeting-saving/info-2024/finding-inexpensive-financial-advice.html
- “5 Ways to Reduce Your Financial Planning Costs” https://www.aarp.org/money/investing/info-2023/cheaper-financial-planning-costs.html
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Discovering the link between Social Security spousal benefits within a couple and breaking down the consequences of deciding when each person starts taking it.
Managing your Social Security as a couple provides opportunities to maximize your available retirement income in a way that an individual cannot. In this episode of “Retirement Revealed” I’m going through an example based on a listener question to show how the spousal and survivor benefits work for Social Security, including how the smaller benefit is impacted by each decision the couple makes.
Here’s the question this episode is based off of:
“I’ll be 59 this year. My wife is seven years younger. She mostly stayed at home with the kids. My current thinking is that I take Social Security at full retirement age, 67. She takes her Social Security at 62, then at 67, I think she could switch and take her spousal benefit and receive more money than her own benefit. At 62, her total amount would be half of mine. Does that make any sense?”
The reason I like this question so much is that it requires us to understand the nuances of Social Security rules and play out different scenarios to figure out what makes the most sense for this couple–and this logic applies to any couple in a similar situation. Let’s break it down.
Understanding Spousal BenefitsFirst, it’s essential to understand that the concept of “file and restrict,” where someone could file for Social Security and restrict it to a lower amount, allowing their own benefit to grow, is no longer available. This option was phased out eight years ago. What we have now is something called “deemed filing.”
Deemed filing means that when you apply for Social Security benefits, you are essentially applying for all benefits you are eligible for at that time. So, if your spouse has already filed for Social Security, and you apply at age 62, Social Security will automatically compare your own benefit with your spousal benefit and give you the higher amount.
Will His Plan Still Work?The plan to have his wife take her own benefit at 62 and then switch to a spousal benefit at 67 is not feasible under the current rules. Once she files for Social Security at 62, deemed filing comes into play. Social Security will compare her own reduced benefit to her spousal benefit and provide her with the higher amount. But because she’s filing early, both her own benefit and the spousal benefit will be reduced due to early claiming.
Let’s use some numbers to illustrate this. Suppose the listener’s full retirement age benefit is $3,000, and his wife’s own full retirement age benefit is $800. Her spousal benefit, which is half of his full retirement age benefit, would be $1,500 at her full retirement age of 67. However, if she takes her benefit at 62, both her own benefit and her spousal benefit will be reduced. Her $800 benefit would be reduced to $560 due to early claiming (a 30% reduction), and her $1,500 spousal benefit would be reduced to $1,050 (also a 30% reduction).
The Importance of the Higher BenefitWhen planning for Social Security, it’s crucial to focus on maximizing the higher earner’s benefit. This is because the higher benefit will last longer, especially for the surviving spouse. In our listener’s case, the goal should be to maximize his own benefit by delaying his filing until age 70 if possible. By waiting until 70, his benefit would increase by 8% per year after full retirement age, resulting in a 24% increase over three years. If his full retirement age benefit is $3,000, waiting until 70 would increase his benefit to $3,720.
Survivor BenefitsMaximizing the higher benefit is not only about getting the most while both spouses are alive but also about providing the highest possible survivor benefit. When the higher-earning spouse passes away, the surviving spouse will receive the higher benefit amount. Therefore, delaying the higher earner’s Social Security can significantly impact the financial well-being of the surviving spouse.
Longevity ConsiderationsA crucial part of this decision is considering your longevity. Tools like the Longevity Illustrator (www.longevityillustrator.org) can help you understand the probabilities of living to various ages. Remember, the decision to delay Social Security is not just about your life expectancy but about the joint life expectancy of you and your spouse. There is a high probability that one of you will live longer than the average life expectancy, especially if one spouse is younger and female.
Where Does This Leave Us?To sum up, in the listener’s scenario, the most beneficial strategy would likely involve the higher earner delaying their Social Security benefit until age 70 to maximize the overall benefit and ensure the highest possible survivor benefit for the spouse. The spouse with the lower benefit should also carefully consider when to start their benefits, keeping in mind that any early claiming will result in a permanent reduction.
If you have more questions or need personalized advice, visit www.retirement-revealed.com and click “Ask Jeremy a Question” in the top right-hand corner.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “When is the Right Time to File for Social Security?” – Mr. Retirement
- www.longevityillustrator.org
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General DisclosureAdvisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
David Lau of DPL Financial Partners discusses the in’s and out’s of annuities, what to look for in a good annuity and how to utilize them properly in your retirement plan.
Annuities are a hot button topic among investors, but my guest in this week’s “Retirement Revealed” podcast, David Lau of DPL Financial Partners, sees the inherent problems with how annuities have been treated in the past. He shared his thoughts on how we can change the way annuities are purchased and perceived.
The Controversy of AnnuitiesAnnuities often find themselves at the center of controversy in the financial world. On the one hand, Nobel Prize-winning economists and retirees alike appreciate the security and guaranteed income they provide. Yet, the mention of annuities can provoke strong negative reactions, mainly due to their high fees and the commissions they generate for salespeople. The irony is that while people might dislike annuities, they cherish their pensions and Social Security, both of which are essentially forms of annuities but without the hefty fees.
High Commissions: The Root of the Problem?The high fees associated with annuities often stem from high commissions. This structure has led to situations where clients are sold products that might not be in their best interest, simply because they generate higher commissions for the advisor. For example, I had a client who was recommended to switch from one annuity to another. Upon review, the new annuity did not offer better guarantees, yet the advisor stood to earn a significant commission from the switch. This kind of practice erodes trust and tarnishes the reputation of annuities as a financial product.
The Long Surrender PeriodsAnother significant issue with many annuities is the long surrender periods. I recall a case where an annuity purchased in 2005 had a 17-year surrender period, with a penalty as high as 20% in the initial years. Such conditions can trap clients in unfavorable contracts, making it difficult for them to access their funds without substantial penalties. This lack of flexibility further contributes to the negative perception of annuities.
Evaluating the Real BenefitsDespite these drawbacks, annuities can be beneficial under the right circumstances. They offer tax deferral, guaranteed lifetime income, and downside protection, which can be valuable for certain individuals. However, it’s crucial to evaluate whether these benefits align with your financial goals. For instance, if you’re not seeking lifetime income or don’t need the tax deferral benefits, an annuity might not be the best choice for you.
The Importance of Tailored Financial AdviceWhat stands out in the annuity debate is the need for personalized financial advice. The Retirement Income Style Awareness (RISA) profile, for example, helps determine the best investment strategies based on your individual goals and risk tolerance. This approach contrasts with the one-size-fits-all mentality that sometimes pervades the industry. Everyone’s financial situation is unique, and the right financial product should fit their specific needs, not the other way around.
The Role of Different Financial AdvisorsUnderstanding the type of financial advisor you’re working with can also shed light on the recommendations you receive. Advisors affiliated with big brokerage firms, registered investment advisors, or insurance companies may have different biases and product offerings. For example, insurance company advisors might lean towards selling more insurance products, while registered investment advisors might not offer enough insurance options. Striking a balance and ensuring your advisor is independent and unbiased can help you receive more holistic and beneficial advice.
Moving Towards Fee-Based ModelsOne promising development is the shift towards fee-based models, which can eliminate the conflict of interest inherent in commission-based sales. By focusing on fee-based advice, advisors can recommend products that truly meet their clients’ needs without the influence of commission incentives. This model promotes transparency and builds trust between advisors and clients.
Once you have a clearer picture about the risks and benefits of annuities, you can approach them as another avenue to round out your investment strategy.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Watch the full episode with David Lau on the Mr. Retirement YouTube Channel: https://youtu.be/poadpc9ngCA
Additional Links:
- “The Ultimate Guide to Understanding Annuities” – Mr. Retirement
- DPL Financial Partners
- David Lau, LinkedIn: https://www.linkedin.com/in/david-lau-dpl/
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Identifying retirement sentiment from the Employee Benefit Research Institute and examining the strategies you can use to avoid unnecessary financial strain in retirement.
Today, I’m diving into the latest Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI), which uncovers some surprising trends and offers valuable lessons for your retirement planning.
The Early Retirement SurpriseOne of the headline findings from the EBRI survey is that, on average, people expect to retire at age 65 but end up retiring at 62. This three-year gap can be a significant surprise if you’re not prepared. While this trend isn’t new—Boston College’s retirement center reported similar findings back in 2011—it’s a stark reminder that many retire earlier than planned.
Reasons for Early RetirementThe survey reveals that nearly 70% of those who retired earlier than expected did so for reasons beyond their control. These reasons range from health issues and economic changes to family obligations, such as caring for aging parents. This unpredictability underscores the importance of being financially ready for retirement three years ahead of your target retirement date.
Imagine having a meticulously planned retirement schedule set for age 65, only to face an unexpected job loss or health crisis at 62. If your finances aren’t prepared for such an event, it can create unnecessary stress and financial strain. By planning for an earlier retirement, you can navigate these uncertainties with greater confidence and security.
Social Security: A Separate DecisionAnother key finding from the survey is the common misconception that retirement and Social Security benefits are intrinsically linked. Many people assume that they should start claiming Social Security as soon as they retire, but this isn’t necessarily the best strategy. The Social Security Administration even reinforces this misconception by linking the term “retirement date” with the start of benefits.
However, the decision to retire and the decision to claim Social Security are separate and should be made independently. Your goal should be to maximize your Social Security benefits by timing them correctly, which often means delaying benefits to increase your monthly payments. You can start the process by creating an account on ssa.gov to explore different scenarios and understand the implications of your choices.
Higher Than Expected ExpensesThe survey also highlights that over a third of retirees found their travel, entertainment, or leisure expenses higher than expected. Additionally, half of the retirees reported overall expenses that were greater than they had anticipated. This is particularly common in the first few years of retirement when new retirees often spend more on vacations and home improvements.
To manage this, plan for higher expenses, especially in the early years of retirement. Building a cushion for unexpected costs can prevent financial shortfalls and allow you to enjoy your retirement without constant worry about your budget.
Income Expectations vs. RealityOne of the more startling revelations from the survey is the gap between workers’ expectations and retirees’ realities regarding post-retirement work and pension income. While 75% of workers expect to continue working for pay during retirement, only 30% actually do. Similarly, many workers expect to receive traditional pension benefits, but the reality is that fewer people have access to such plans, particularly younger workers.
This discrepancy highlights the need to plan conservatively for your retirement income. Assume that you might not be able to work as much as you’d like or that your pension benefits might be lower than expected. By setting realistic expectations for your retirement income, you can avoid financial shortfalls.
Key Takeaways for Your Retirement Plan1. Be Ready Three Years Early: Prepare your retirement plan and investments as if you will retire three years earlier than your target date. This will give you a buffer against unforeseen circumstances and provide peace of mind. 2. Separate Retirement and Social Security Decisions: Treat your decision to retire and your decision to claim Social Security benefits as separate financial events. Focus on maximizing your Social Security benefits rather than taking them as soon as you retire. 3. Expect Higher Expenses: Plan for your retirement expenses to be higher than anticipated, especially in the first few years. This includes factoring in discretionary spending on travel and entertainment as well as unexpected home repairs or medical costs. 4. Adjust Income Expectations: Be conservative in your income projections. Don’t rely too heavily on post-retirement work or pension benefits that may not materialize as expected.
By integrating these insights into your retirement planning, you can create a more resilient and flexible financial strategy.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- 2024 Retirement Confidence Survey – Employee Benefit Research Institute
- “Retire at 65? It’s more like 62.” – The Wall Street Journal
- “Results From the 2024 Retirement Confidence Survey Find Workers’ and Retirees’ Confidence Has Not Recovered From the Significant Drop Seen in 2023, but Majorities Remain Optimistic About Retirement Prospects” – EBRI
- Social Security Administration
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Identifying the common health savings account mistakes, identifying key strategies to maximize your HSA and exploring some of the practical ways to utilize your HSA over your lifetime.
If you’re like many people, you might not be getting the most out of your HSA. Let’s explore why that might be and how you can change it.
Understanding HSA Contributions and LimitsFirstly, let’s clarify how much you can contribute to your HSA. The contribution limits for 2024 are $4,150 for individual coverage and $8,300 for family coverage. However, many people aren’t maximizing these contributions. Why? One common misconception is that you can only contribute through payroll deductions. While this is the most common method, you are able to contribute outside of your payroll deductions all the way up to the max. This could significantly enhance your retirement savings due to the triple tax advantage HSAs offer.
HSA vs. FSA: Don’t Confuse ThemAnother mistake is treating your HSA like a Flexible Spending Account (FSA). Unlike FSAs, HSAs don’t have a “use it or lose it” rule. Funds in an HSA roll over year after year and can be invested, allowing your money to grow tax-free over time. This means you can contribute the maximum amount to your HSA and not worry about spending it within the same year.
The Power of Investing Your HSAA significant error many people make is not investing their HSA funds. If you’re only earning a meager 0.5% interest on your HSA balance, you’re missing out on potential growth. In fact, I recently helped a client move their HSA to a provider offering a 5% interest rate, resulting in an additional $6,000 in interest annually. This change alone can make a substantial difference in your retirement funds.
Using HSAs for Qualified Medical ExpensesHSAs are often referred to as “medical IRAs” because they offer similar benefits but with added advantages. Contributions are tax-deductible, growth is tax-deferred, and withdrawals for qualified medical expenses are tax-free. This makes HSAs incredibly valuable for covering future healthcare costs, which are a significant concern for many retirees.
You can also use HSA funds for certain insurance premiums, such as long-term care insurance, COBRA, and Medicare Part B. This flexibility adds another layer of security for your retirement years.
Strategizing Your HSA UsageInstead of viewing your HSA as a passive asset, you can get more out of it by taking a more strategic approach:
- Max Out Contributions: Contribute the maximum allowable amount each year.
- Invest Wisely: Choose an HSA provider that offers high-interest rates or investment options.
- Delay Withdrawals: Pay for current medical expenses out-of-pocket if possible, and save the receipts. You can reimburse yourself later, allowing your HSA funds to grow.
- Keep Detailed Records: Maintain a spreadsheet of your medical expenses to simplify future reimbursements.
Planning for Excess HSA FundsIf you find yourself with excess HSA funds later in life, there are several options. Once you reach 65, withdrawals for non-medical expenses are treated like distributions from a traditional IRA, subject to income tax but no penalties. If you pass away, your spouse can inherit your HSA and continue to use it for qualified medical expenses. For other beneficiaries, the HSA balance becomes taxable income. Consider leaving excess HSA funds to charity, which can provide a tax-efficient legacy.
Maximizing your HSA can significantly bolster your retirement savings and provide a buffer against future medical expenses. To get the most out of your HSA, ensure you’re fully funding it, investing wisely, and using it strategically.
For more detailed guidance, check out my YouTube channel, Mr. Retirement, where I delve into the top HSA mistakes and strategies, and rank the best HSA providers based on interest rates and fees.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “Top 3 Strategies to get More out of your HSA” – Mr. Retirement YouTube
- “Ranking the 4 Biggest HSA Provider” – Mr. Retirement YouTube
- “3 Biggest HSA Mistakes” – Mr. Retirement YouTube
- “The Ultimate Guide to Health Savings Accounts (HSAs)” – KeilFP.com
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Home ownership is the goal of many retirees, but with the current landscape of interest rates, home prices and longevity predictions, the choice between renting or buying a home in retirement requires a closer look at the data.
Today, I’m delving into a topic that many retirees grapple with: whether to rent or buy a house in retirement. Additionally, we’ll discuss how to demonstrate enough income to secure a mortgage or get accepted into a rental apartment.
Understanding Income Requirements for Renting and BorrowingA common issue for retirees is proving sufficient income for renting or borrowing, especially when their Social Security is modest, or they haven’t started taking it yet. People often think that having substantial savings should be enough to qualify. However, banks and landlords typically focus on regular income rather than assets. Here’s a strategy to navigate this:
- Utilize High-Yield Savings Accounts: If you have significant savings, consider transferring some to a high-yield savings account. Set up automatic monthly transfers to your checking account to simulate a consistent income stream. This method can help demonstrate regular income over a few months, which is what lenders or landlords look for.
- Leverage Taxable Brokerage Accounts: Similarly, if you have a taxable brokerage account, arrange for regular transfers to your checking account. Ensure these transfers happen on the same day each month for a few months to establish a reliable income pattern.
By implementing these strategies well before you start house hunting or apartment searching, you can position yourself more favorably with lenders and landlords.
The Emotional Aspect of Buying vs. RentingWhen deciding whether to buy or rent, it’s crucial to address the emotional factors first. Personal experiences and emotions significantly influence this decision. Whether it’s a sense of security from owning a home or the freedom from maintenance responsibilities with renting, acknowledge how these feelings impact your choice.
Five Steps to Decide: Buy or Rent?To make an informed decision, follow these five steps:
- Avoid Decision-Making When HALT (Hungry, Angry, Lonely, Tired): Major financial decisions should be made with a clear mind. Consult with your financial advisor to discuss both the emotional and financial aspects of this decision.
- Determine Affordability: Understand how much you can afford. Generally, 36% of your gross monthly income is considered an appropriate amount for housing costs. If you have additional assets, factor in potential income from these sources to get a clearer picture of what you can afford.
- Assess the Timing: Is now the right time to buy? Consider current market conditions. For instance, as of May 2024, the cost of homeownership is about 50% higher than renting due to various economic factors. Evaluate if it makes sense to buy in the current market environment.
- Research the True Cost: Beyond the purchase price, consider additional costs like taxes, insurance, maintenance, and potential repairs. Homeownership comes with hidden expenses that can significantly impact your budget.
- Get Professional Help: If you decide to buy, engage a buyer’s real estate agent. They work in your best interest and can help you navigate the market, ensuring you get the best deal and avoid potential pitfalls.
Case Study: Renting vs. BuyingLet’s examine a real-life scenario. A retiree receives $3,200 monthly from Social Security and a pension, with $400,000 in a traditional IRA. Currently renting a condo for $1,600 per month, they are considering buying a similar condo for $275,000 to avoid potential rent increases.
Emotional Considerations:
- Fear of rent increases can drive the desire to buy.
- Past experiences with homeownership or renting can heavily influence this decision.
Financial Analysis:
- Current Rent: $1,600/month.
- Estimated Mortgage Payment: For a $275,000 condo with a 20% down payment and a 7% mortgage rate, the monthly mortgage is approximately $1,460. Including taxes and fees, the total monthly cost is about $2,050.
- Affordability: Using the 36% rule, they can afford up to $1,150 based on their current income, but this could stretch to $1,700 if they withdraw additional funds from their IRA.
- Cost Comparison: Renting remains cheaper at $1,600/month versus the $2,050/month for owning, excluding potential maintenance and repair costs.
Market Conditions:
- As of July 2023, the cost of homeownership is significantly higher than it was just a few years ago. The Federal Reserve Bank of Atlanta reported that the median American household spends 44% of its income on housing, indicating a challenging market for buyers.
Property Valuation:
- Similar condos in the area are priced around $260,000. A price per square foot analysis suggests a fair value of $230,000 for the desired condo, making the $275,000 asking price seem high. Additionally, the assessed tax value is only $210,000, hinting at potential tax increases if purchased at the higher price.
Deciding whether to rent or buy in retirement involves both emotional and financial considerations. By following the outlined steps, you can make a well-informed decision that aligns with your financial situation and lifestyle preferences. Remember, it’s essential to consult with your financial advisor and possibly engage a real estate professional to guide you through this process.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “How Much House Can I Afford?” – The Wall Street Journal
- “The Hidden Costs of Homeownership are Skyrocketing” – The Wall Street Journal
- “The Math for Buying a Home No Longer Works. These Charts Show You Why.” – The Wall Street Journal
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Navigating the risks to retirement, maintaining security and transforming your spending strategy from a “save-only” mindset in order to enjoy your retirement.
Today, we’re tackling a question that might surprise many: Are you spending too little in retirement?
Understanding Retirement SpendingRecently, I came across an intriguing article in Barron’s titled “These Retirees Have a Good Problem. They Aren’t Spending Enough.” This piece piqued my interest, and I dove deeper into the study it was based on, conducted by New York Life. For those who might not have access to Barron’s, I’ve linked the study and a similar article available for free from Insurance NewsNet.
The crux of the matter is this: Many retirees have diligently saved throughout their working lives, yet when it comes time to enjoy the fruits of their labor, they hesitate. Economists studying retirement behavior have two major questions:
- Why don’t retirees purchase more annuities for guaranteed lifetime income?
- Why do so many retirees underspend, even though they have sufficient savings?
The Fear of Outliving Your MoneyOne significant factor behind this conservative spending is uncertainty about future expenses, particularly healthcare. The study highlighted that only 16% of retirees withdraw regularly from their portfolios, while a staggering 30% don’t touch their savings at all. This cautious approach often stems from a fear of depleting resources prematurely, particularly in the face of potential health issues.
Changing the Spending MindsetBill Perkins’ book, “Die With Zero,” offers a compelling perspective on retirement spending. Perkins argues that money represents your life’s effort and energy. If you don’t spend it, you effectively waste those parts of your life. While I don’t fully endorse the notion that unspent money equates to wasted life, it’s essential to remember why you saved in the first place: to enjoy your retirement.
I’ve seen this firsthand with clients. One couple, for instance, would call me around the 25th of each month, asking for small withdrawals to cover their expenses, despite having ample savings. They felt guilty and stressed about depleting their funds. After some discussion, I convinced them to set up a systematic monthly withdrawal, which significantly reduced their anxiety and guilt.
The Comfort of Regular IncomeReceiving a consistent monthly payout can be incredibly reassuring. Think about it: during your working years, you received a regular paycheck, which provided financial stability. Replicating this in retirement can alleviate the stress of wondering if you can afford your monthly expenses. It allows you to enjoy your retirement without the constant worry of watching your account balance dwindle.
A quote from the Barron’s article resonates with many retirees: “Getting used to this new pattern of spending… I kind of need permission.” After decades of saving, shifting to a spending mindset feels strange. Saving money felt like a win, so spending it might feel like a loss. However, with proper planning, you can give yourself permission to enjoy the money you’ve saved.
The Role of InsuranceAnother significant concern for retirees is the potential cost of long-term care. This worry often leads to under-spending. However, insurance can mitigate these risks. The Employee Benefit Research Institute found that retirees with long-term care insurance spend more annually compared to those without. This insurance provides peace of mind, allowing retirees to spend more freely, knowing they’re covered for potential future expenses.
Planning for a Confident RetirementEffective retirement planning involves more than just accumulating savings. It’s about creating a strategy that allows you to enjoy your retirement years without fear. This often includes:
- Setting up Regular Withdrawals: Mimicking the paycheck cycle from your working years can reduce stress and make spending feel more natural.
- Considering Annuities: These can provide a guaranteed income stream, alleviating the fear of outliving your savings.
- Incorporating Insurance: Long-term care insurance can help manage the risk of significant healthcare expenses, allowing you to spend more confidently.
ConclusionThe study from New York Life and insights from Bill Perkins both encourage a similar sentiment: you’ve worked hard and saved diligently–now, it’s time to enjoy your retirement with confidence. Don’t let the fear of the unknown prevent you from living your best life.
If you’re looking for more ways to optimize your retirement income, minimize taxes, and avoid common mistakes, visit our website at KeilFP.com. And remember, knowing more about your money leads to feeling better about your money and making better financial decisions.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Barron’s article: “These Retirees Have a Good Problem. They Aren’t Spending Enough”
- Insurance NewsNet: “The Decumulation Paradox: Why many retirees underspend”
- New York Life study “Understanding underspending in retirement: The Decumulation Paradox reexamined”
- Employee Benefit Research Institute
- Bill Perkins’ “Die With Zero” review from Mr. Retirement: https://www.youtube.com/watch?v=JFAgKDRWdt4
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Financial freedom can be within reach if you utilize accurate forecasting, sound investing principles and the correct lens on your retirement years.
Many view retirement as a finish line, marking the end of a journey. My “Retirement Revealed” guest for this week’s episode, Eric Brotman, challenges that perspective and reframes it into another common tradition: graduation.
Eric founded BFG Financial Advisors in 2003 with the goal of helping busy, successful professionals and families plan for lifelong prosperity. His latest book, “Don’t Retire…Graduate!” takes a deeper look at what it takes to build a path to financial freedom and retirement at any age.
I appreciated Eric’s way of framing retirement as a step forward, not a retreat. He emphasizes seeing retirement as an opportunity for advancement into a new stage of life, advocating for financial independence over the necessity of work.
We delve into global interpretations of retirement, where Eric points out how language and cultural perspectives can shape our views. He shares insights from different cultures that redefine retirement, suggesting a broader, more positive outlook. I also found it interesting that our experience working with retirees equally suggested that people tend to focus more on the financial aspect of retirement before they retire, but once they do retire, it becomes less of a focus than they anticipated.
Eric reveals his ‘three secrets of the happiest retirees’: living debt-free, maintaining health, and finding a new purpose in life. These pillars, according to Eric, support a satisfying and vibrant retired life.
I always enjoy when someone can translate the principles of retirement planning into a format that resonates with a near-retiree in a way that other traditional terms might not. Eric’s insights offer a refreshing perspective on retirement. It’s not just about financial planning, but about redefining our later years as a time of growth and enjoyment. His book, ‘Don’t Retire, Graduate,’ provides a roadmap for those looking to make the most of their retirement years.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Eric Brotman, LinkedIn
- BFG Financial Planners
- “Don’t Retire…Graduate!” – by author Eric Brotman
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Addressing many of the biggest retirement risks as defined by the Society of Actuaries and exploring the steps you can take to build a secure future.
In one of my most recent episodes, my guest mentioned a report by the Society of Actuaries titled “Managing Post-retirement Risk: Strategies for Secure Retirement.” After I read the 36 page report, I decided to break down the risks they identify and provide some suggestions based on my experience as a financial planner after working with hundreds of retirees.
The report categorizes the risks into three groups: economic risks, personal planning considerations, and unexpected and unpredictable events.
- Economic Risks:
- Inflation: Maintaining purchasing power in retirement can be a challenge. Many people find success combating inflation by strategically utilizing Social Security. It might make sense to delay Social Security for the higher-earning spouse, as a means of increasing future income and inflation protection.
- Interest Rates: There is volatility in interest rates over the years; higher interest rates on investments such as certificates of deposit (CDs) and multi-year guarantee annuities currently offer opportunities for investors. I Bonds are another way to protect yourself against this volatility. Here is a video I made that outlines some of the in’s and out’s of how to invest in I Bonds: https://youtu.be/V8wzYitLJ_Q
- Financial Markets: Uncertainty in financial markets is a risk that is worth monitoring. Exploring long term insurance is another tactic that can be useful to make sure that you have money available for uncertain times while also having your major health concerns covered.
- Personal Planning Considerations:
- Longevity: Having an informed projection of your own longevity can play an important role in planning for a long life in retirement. Too often people make decisions about their retirement without using data. You can create your own longevity projection at LongevityIllustrator.org.
- Health Care Needs: Unexpected health care expenses can be a major disruption in your retirement. There are options available to manage this risk, such as long-term care insurance and setting aside funds specifically for health-related costs. When you make these choices, it can be helpful for everyone if you include your family members in the process.
- Unexpected and Unpredictable Events:
- Public Policy Changes: The unpredictability of changes in tax policies and can impact retirement planning. One of the ways you can strategically manage your tax liability is by timing your income and using Roth conversions when appropriate.
It is important to maintain a proactive approach to managing retirement risks–using insurance as a tool can also help mitigate potential financial challenges. Instead of settling on the first strategy you come across, you might find one that is better suited to your unique situation if you put in the time to explore different retirement strategies and options.
Year after year, retirees who take a comprehensive approach to retirement planning that takes into consideration factors such as inflation, interest rates, longevity, health care needs, and tax changes say they feel more confident with their retirement. And who needs more stress in retirement?
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Cracking the Code: Should I Cash In, Keep or Swap my I Bonds? – Mr. Retirement Video
- Longevity Illustrator
- Society of Actuaries “MANAGING POST-RETIREMENT RISKS: Strategies for a Secure Retirement”
- TheStreet.com article: “Advisers Can Add Social Security to Their Arsenal to Fight Inflation” by Jeremy Keil
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Examining key takeaways and trends uncovered in the Allspring Global Investments Retirement Survey results with Nate Miles, Allspring head of Global Client Strategy.
I’m always looking for more data on retirement and Social Security, so when I came across the Allspring Global Investments Retirement Survey and had a chance to speak with Nate Miles from Allspring, I jumped at the opportunity.
Nate Miles is head of Global Client Strategy at Allspring Global Investments. The Allspring Global Investments Retirement Survey focuses on near-retirees (aged 55 and older with more than $200,000 in investable assets and still working) and retirees (with the same asset threshold but no longer working). The survey examines the perceptions and knowledge levels of individuals and advisors, as well as the changes identified and made within the retirement landscape.
Key Insights from the Survey:
- The survey reveals a discrepancy between the confidence levels of retirees and near-retirees and the assessments made by advisors. Retirees and near-retirees tend to be more confident in their abilities compared to the advisors they work with.
- Retirees who regularly use financial advice from an advisor tend to be less confident in their own decision-making abilities but more confident in the decisions made on their behalf. This indicates the value of high-quality advice in guiding retirement planning.
- Advisors and clients often focus on different aspects of financial planning. While advisors may prioritize diversification and asset allocation, clients may seek assistance with budgeting, financial planning, Medicare, and long-term care planning.
- A key finding is that the order in which retirement planning decisions are made can impact clients’ satisfaction and success. Clients often approach advisors with investment-related questions, but their primary concerns revolve around budgeting, income, and other aspects of financial planning.
Insights on Retirees’ Attitudes:
- Retirees experience a shift in focus from asset stability to income generation once they transition into retirement. This shift highlights the importance of advisors helping clients manage the mental adjustment from accumulating wealth to generating income.
- Retirees are generally happier than near-retirees, as they focus less on financial matters and more on enjoying retirement life.
- Retirees demonstrate contentment with their financial situation, showing that they can adjust their spending and maintain a high level of happiness even if their income decreases by up to 25%.
Recommendations for Retirement Planning:
- It’s crucial for advisors to understand clients’ needs and priorities, especially as they transition from near-retirees to retirees.
- A focus on the basics, such as budgeting and income planning, is essential before delving into more complex investment strategies.
- Advisors should work closely with clients to establish a retirement planning process that addresses immediate concerns such as spending, income generation, tax planning, and investments.
- The study underscores the importance of empowering clients through education and guiding them in making well-informed financial decisions.
The results of the survey reinforce some of the beliefs I have developed over the past several years working with retirees and near-retirees, especially in terms of valuing retirement preparation and planning. Once you’ve developed a comprehensive and safety-first retirement plan, I find time and again that people are able to enjoy their retirement more with the confidence that they’ve got a plan they can trust.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Nate Miles, Allspring Global Investments
- 2023 Allspring Retirement Survey
- How to Know When to Start Social Security – Mr. Retirement Video
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Identifying the right start dates for Social Security depending on your unique situation, when your Social Security benefit will send you your first check based on your birthday, and IRMAA cost strategies.
Every month I take an episode of “Retirement Revealed” to answer listener questions about retirement, Social Security and real life financial scenarios that I think other listeners could benefit from exploring. This month, we dive into a topic I recently produced a video on–which I’ll provide a link to below)–a clarifying question about Social Security income related to Medicare and a closer look at income-related monthly adjustment amount (IRMAA).
0:45 – Social Security Scenario: I turned 67 in January. My wife will be 62 in October. She does not have Social Security on her own. We both expect to live to 82. When should we each start?
The optimal timing for claiming Social Security benefits takes into account individual life expectancies rather than relying solely on averages. I recommend people use a service like www.longevityillustrator.org to find your own personalized life expectancy estimate. Another important thing to keep in mind is the strategy that can come into play for couples with an age gap. You may be able to maximize your survivor benefit by delaying one of your benefits.
5:08 – SS + Medicare Question: I will claim Social Security when I turn 70 on Dec. 22. Will I receive my first check in December or January? Will my Medicare come out of that?
Social Security benefits are typically paid the month after your birth month. You have to have lived through your Social Security month in order to collect your first check. Medicare operates similarly–and yes, it is taken out of your Social Security. If you’re taking Medicare but you aren’t yet on Social Security, you’ll have to set up a different way to pay for Medicare. One way that works for many people is using “Medicare Easypay” and have your payment automatically deducted from your savings or checking account.
9:09 – Income-Related Monthly Adjustment Amount (IRMAA): We have to pay extra for Medicare this year. Is it every year? How is it calculated and can I avoid that?
When dealing with IRMAA, it’s important to proactively plan your income to minimize costs. IRMAA income thresholds are calculated based on your income 2 years prior, and if your income is higher than the threshold, you pay more for your Medicare coverage. Knowing this threshold is $120,000 in income for a single person and $206,000 for a married couple allows you to plan ahead with how you structure your income and avoid paying that extra amount for Medicare on an annual basis.
If you’ve got questions you’d like to have answered in a future episode of “Retirement Revealed” be sure to fill out the information on the yellow box to the right of this post.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Longevityillustrator.org
- SSA: The United States Social Security Administration
- How to Know When to Start Social Security – Mr. Retirement Video
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Author and journalist Marni Jameson shares her expertise in rightsizing as you enter retirement in order to maximize your life satisfaction and remove the clutter that can get in the way of it.
I ran across the book “Downsizing the Family Home” and I thought it was an excellent read, so when I had the chance to connect with its author, Marni Jameson, I jumped at the opportunity.
Marni is a syndicated journalist and renowned author of 7 books and a wonderful source of knowledge around how to handle estate planning and home management before you have to hand them off to your beneficiaries.
Marni’s journey began with the emotional process of downsizing her parents’ home, a task that proved to be both challenging and enlightening. Through this experience, she discovered the importance of respecting cherished belongings while also letting go of unnecessary clutter. Her subsequent books, including “Rightsize Today to Create Your Best Life Tomorrow,” delve deeper into this transformative process, urging readers to rethink their relationship with their possessions.
One of the key takeaways from our conversation was the concept of “rightsizing” rather than simply “downsizing.” Marni emphasized the importance of finding the perfect fit for your lifestyle, both physically and emotionally. Whether it’s moving to a smaller home, renovating your current space, or simply decluttering, the goal is to create a living environment that supports your well-being and future aspirations.
As we discussed the challenges of letting go of sentimental belongings and overcoming the fear of change, Marni reminded us that our possessions should enhance our lives, not weigh us down, and that the journey to rightsizing is ultimately a gift to ourselves and our loved ones.
Whether you’re approaching retirement or simply seeking a more fulfilling lifestyle, her insights will inspire you to declutter your home, declutter your mind, and embrace the freedom of rightsizing. You can find Marni’s books in the links below this post.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- At Home with Marni Jameson: https://www.marnijameson.com/
- “Rightsize Today to Create Your Best Life Tomorrow: https://www.simonandschuster.com/books/Rightsize-Today-to-Create-Your-Best-Life-Tomorrow/Marni-Jameson/9780757324840
- Books by Marni Jameson: https://www.marnijameson.com/book-scoop
- Facebook: https://www.facebook.com/MarniAtHome/
- Instagram: https://www.instagram.com/marniathome
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Navigating the choices and options available when you’re deciding when you should start taking Social Security.
In this episode of Retirement Revealed, I’m excited to tackle one of the most crucial questions in retirement planning: when to file for Social Security. As we kick off Social Security month, it’s worth looking back at last year’s Retirement Revealed episodes with guests like Mark Kiner and Devin Carroll.
For the first podcast of “Social Security Month 2024”, we’re unpacking a three-step process to determine the optimal time to file for Social Security.
- Get a personalized life expectancy estimate
The life expectancy estimates you’ll find in the paper are likely using formulas that have some inherent challenges. You need a more accurate estimate of your life expectancy-one that includes the factors that are impacting you. I’ve seen it proved time and again—relying on generic statistics won’t cut it. Your unique health, lifestyle, and family history all play a role in determining your life expectancy.
- Tailoring your Social Security estimate
Don’t settle for the one-size-fits-all projections from the government. Take the time to input your specific details, such as anticipated retirement age and income levels. By doing so, you’ll get a much clearer picture of what to expect from your Social Security benefits.
Just because you made a plan to start taking Social Security at a certain age, evaluating your options and getting creative with your start dates between you and your partner might provide you with the ability to draw on a larger amount for longer.
- View Social Security as insurance, not investment
This mindset shift can make a marked impact on how you approach your retirement planning. Social Security was designed to provide a safety net for people in their old age—a reliable source of income in your golden years.
Oftentimes, people view Social Security as an investment that they have to continue to build up, but that mindset can result in delaying your filing so long that your life ends before you have a chance to experience the benefits of your “investment.”
Ultimately, the best time to file for Social Security is when it maximizes your lifetime benefits. By following these steps and seeking personalized estimates, you can be more prepared to make the retirement decisions that work for your unique situation.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- Longevityillustrator.org
- Retirement Revealed episode with Mark Kiner
- Retirement Revealed episode with Devin Carroll
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
A “True Retirement Story” with Carl Landau, host of the “I Used to Be Somebody” podcast and co-author of “Pickleball for Dummies” that highlights the power of retirement planning
Every month I take one episode of “Retirement Revealed” to have a conversation with a retiree to hear their real-life experiences with retirement. It wasn’t long into my conversation with Carl Landau that I started to realize that his retirement journey would be both relatable and entertaining for anyone listening regardless of where they are in the retirement journey.
Carl retired from a career in magazine publishing and event & convention organizing after selling his business in 2019. I really appreciated his advice on how to know when to retire; Carl’s story of what his career felt like in the time leading up to pulling the trigger on retirement was very similar to many retirees I come across.
The term “unretirement” is something Carl talks about a lot, and I think the heart of that concept is one that resonates with a lot of people who are nervous about what retirement will look like when the pressures and deadlines of daily life aren’t coming from a career anymore. Whether it’s focusing on creating meaningful relationships or finding purpose in the things that interest him most, Carl is a great example of someone who is approaching retirement as an opportunity, not an outcome.
You’ll get a kick out of the story of how Carl was approached to write the book “Pickleball for Dummies” after never having written a book before. If you ever wanted proof that retirement can be just as much of an adventure as charting your career path, Carl’s experience with the sport of pickleball is enough proof in and of itself.
If there is one concept that stands out to me from our conversation, it’s the idea that preparing for a fulfilling retirement can pay dividends once you finally reach retirement. Financially, the preparations you make now will certainly dictate a significant amount of your retirement journey, but Carl’s experience and advice on the elements of retirement outside of finances highlight the importance of preparation just as much.
Enjoy this episode with Carl, and don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
- “Pickleball for Dummies” by Carl Landau et al.
- “I Used to Be Somebody” Podcast
- Connect with Carl Landau on LinkedIn
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.
Ready to lower your lifetime taxes? Looking for clarity around rules around gifting money to your kids? Unsure of whether you should keep your money in a traditional IRA or convert it to a Roth IRA? You’re not alone!
In this episode, I answer these listener-submitted questions and provide some real world examples of how you might apply this information.
- How to lower Required Minimum Distribution RMD taxes over time (1:04)
- Annual Gifting Limit: What’s the number and how does it work? (5:50)
- Should I Roth convert if I already have a lot of non-IRA investments? (11:16)
If you’ve got a question to ask me for the next Q&A, type it into the yellow box on the right.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Team
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.
For decades, retirement and social security content was focused on men, as men occupied the majority of jobs when Baby Boomers were the predominant generation in the workforce. But women have traditionally out-lived their spouses, meaning the primary manager of finances often has to switch from the person who set up their family’s retirement finances to the surviving spouse.
The result? Women often feel under-informed and under-supported once their spouse passes away. For this week’s episode of “Retirement Revealed” author Marcia Mantell joins the show to share her perspective and experience teaching retirement financial literacy to women.
Marcia, an expert in retirement planning, brings her wealth of experience to the discussion, aiming to empower women to take control of their financial future.
One of the keys to empowering women with their financial future is for women to get involved in financial planning as soon as possible. Marcia highlights the deficiency she sees in the financial industry that often results in a failure to to effectively communicate with women about retirement planning.
Social Security planning is often settled with the idea that both spouses live the same amount of time in retirement. The reality, however, is often very different. Marcia stresses the importance of understanding Social Security rules and making informed decisions to maximize benefits, especially considering the longevity of retirement.
One of the things I appreciate most about Marcia is her willingness to share her own experiences on these topics. Her story about developing the “Marcia Freedom Fund” combines the importance of getting involved in your family’s financial planning early with the value of understanding your options in Social Security and retirement.
You can find Marcia’s books on her website or at Amazon.com.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Resources:
- Marcia Mantell Consulting
- “Cooking Up Your Retirement Plan” by Marcia Mantell
- “What’s the Deal with Social Security For Women” by Marcia Mantell
- “What’s the Deal with Retirement Planning for Women” by Marcia Mantell
Connect with Jeremy:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book an Intro Call with Jeremy’s Teamy
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out the latest podcast episode on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.
When you’re preparing for your retirement, there are a lot of factors to consider. It’s tempting to put your retirement plan on autopilot once you’ve made that plan, but in this episode, I explore 3 simple but important steps you can take to make the most of your retirement investment.
Step 1: Explore Your Pension Options
Many overlook the impact of pension decisions on retirement income. When you consider all of your pension options, you can get a clearer picture of what might be the best way to utilize that pension instead of just approaching it the traditional way. By utilizing your company’s pension calculator, you can uncover potentially substantial additional funds.
Step 2: Project Your Social Security
Understanding your Social Security benefits and the different scenarios that are available to you in terms is another important step towards optimizing your retirement income. Instead of relying on the general numbers and assumptions everyone makes, diving into your personalized Social Security estimate can give you better information to make decisions that fit your needs.
Step 3: Don’t Make a Budget
It sounds counterintuitive, but the reality is that many people underestimate their actual spending as they forecast their retirement lifestyle. Time and again, retirees report their spending habits in retirement aren’t actually that much different than they were before retirement. By examining your actual spending habits from the past 12 months, you can gain insights into your true financial needs and create a sustainable & accurate plan for retirement.
Taking control of your finances and understanding your options is critically important to making the most of your retirement. Watch the full episode today on the Mr. Retirement YouTube page. Subscribe to receive new episodes every Wednesday.
___________________________________________________________________________
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book a call with Jeremy
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How to Make the Most of Retirement by Unretiring.
Summary:[179] – After you retire, will you pull a Michael Jordan and unretire?
In this episode, Jeremy Keil speaks with Richard Eisenberg, an unretired freelance writer and editor, and co-host of Friends Talk Money, about his unique approach to retirement. Richard shares his story of transitioning from a full-time 9-to-5 job to a more flexible lifestyle that includes part-time work, volunteering, mentoring, and spending time with family, including a new granddaughter. He discusses the importance of timing and readiness for retirement, the financial considerations, and the joy of choosing work that aligns with personal values.
The conversation also touches on the unexpected aspects of retirement, such as caregiving responsibilities, and how important it is to find that sweet spot between having a plan and just going with the flow. Richard’s story offers a different way of looking at retirement – it’s not just about slamming on the brakes; it’s about shifting into a lane that suits you best.
Richard discusses:
- What unretirement looks like
- Knowing when it’s time to retire
- Balancing scheduled and unscheduled time
- Unexpected retirement curveballs
- What pre-retirees should know about retirement
- Co-hosting the “Friends Talk Money” podcast
- And more
How to Make the Most of Retirement by UnretiringSometimes, making the most of your retirement is unretiring to meaningful work. Today’s post highlights tips about unretiring from someone who has redefined retirement, not just for themselves but for many others, Richard Eisenberg.
What does unretirement look like?Retirement is often envisioned as the final stage: the end of a long career and the start of a leisurely life. However, for some, retirement is not about stopping work; it’s about reshaping it. Unretirement isn’t a goodbye to professional life but an invitation to a new way of living.
Retirement can be a mix of part-time work, volunteering, mentoring, traveling, and family time. It’s about retiring the way you want to. This sentiment is something that resonates with many and is advocated for in various retirement-focused discussions. Retirement should be about freedom and fulfillment, not just the end of work.
Will I still have time for my family if I unretire?Unretiring is not just about going back to work, but also about still having the time to do what you love, be present for life’s precious moments, and step up to any unexpected challenges that may come your way, such as helping family members pack for a move to a new home or caregiving responsibilities.
Unretirement can offer the flexibility to be there for the family when it matters most without the constraints of a full-time job.
When should I consider retiring?The decision to retire often comes from an internal nudge, a feeling that it’s time to embrace the years ahead with the freedom to explore new opportunities.
This sentiment is common among those considering retirement, seeking financial advice not to question if they can retire but to ensure they do it right. It’s about making the transition smoothly, paying less in taxes, and avoiding common pitfalls.
Okay, I have financial planning taken care of. What else do I need to consider before I retire?While finances are a significant concern when moving from a steady paycheck to a fixed income, they are not the only factor.
The desire to continue working at a different pace and the ability to choose who to work with are equally important.
It’s about finding a balance that allows for both financial stability and personal satisfaction.
What does work look like in unretirement?Balancing work and pleasure in unretirement and having time to enjoy life’s pleasures is possible. This includes traveling, attending cultural events, and spending quality time with family.
Remember, retirement isn’t about retiring from work, but what’s meaningful to you that you’re retiring to, let it be hobbies or freelance work.
However, it’s also important to value unscheduled time, a concept embraced by many retirees. It’s about finding the right mix of activity and relaxation to make retirement truly enjoyable.
Work in retirement can be a continuation of your passions. Some may freelance, write columns, contribute to publications on various topics, or even mentor the next generation in their field.
This blend of work can keep one engaged and fulfilled, showcasing that retirement can be a time of continued professional contribution.
What Should I Take Away About Retirement?Retirement is not a one-size-fits-all experience. It’s a personal journey that can take many forms, from traditional leisure to a mix of work and play. It’s a powerful example of how retirement can be a time of growth, contribution, and joy.
We hope to inspire you to think about your own retirement in a new light. Remember, it’s not just about the numbers; it’s about crafting a life that brings you happiness and fulfillment.
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To learn more about unretirement, check out the resources below!
If you have any questions, feel free to contact us or our guest, Richard Eisenberg, using the contact information provided below!
Resources:
- The Most Overlooked Aspects of Retirement: A True Retirement Story with Fritz Gilbert
- Die With Zero by Bill Perkins
- Friends Talk Money
- Free Retirement Planning Video Course: 5stepretirementplan.com
- 3 Things You Should Know Before Choosing A Financial Advisor
- 7 Questions That Could Make or Break Your Retirement
- Subscribe to Retirement Revealed on Google Podcasts
- Subscribe to Retirement Revealed on Apple Podcasts
Connect With Richard Eisenberg:
- LinkedIn: Richard Eisenberg
- X (Twitter): @richeis315
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book a call with Jeremy
About Our Guest:
Richard Eisenberg is a consumer-service journalism editor with experience in all media: writing and editing for the web, magazines, newspapers, and books; writing and producing for TV; and hosting a podcast. He is the author/editor of two personal finance books.
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for more answers to listener questions about lifetime tax savings, social security scenarios, retirement spending strategies and more. Questions About Social Security, RMDs & Annuities.
[178] This week, Jeremy Keil answers questions from listeners spanning from Social Security planning scenarios to tax planning software limitations.
- Can you pull from your spouse’s lower Social Security benefit while you wait for your higher benefit to become available? (1:27)
- Do you need to constantly adjust your short term money buffer based on rebalancing and expected changes in spending & age? (7:20)
- How does tax planning software estimate your lifelong tax savings? (11:47)
- Is tax planning even possible without knowing what the market will do or how tax laws will change? (13:41)
If you’ve got a question to ask Jeremy for the next Q&A, go to www.Retirement-Revealed.com and type it into the yellow box on the right.
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Connect With Jeremy Keil:
- Jeremy@keilfp.com
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- YouTube: Retirement Revealed
- Book a call with Jeremy
Disclosures:
Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for The Health Tests You Need in Your 40s, 50s, and 60s to Be Healthy in Retirement.
Summary:[177] – Which health tests do you need in your 40s, 50s, and 60s for a healthy retirement?
In this episode, Jeremy Keil speaks with Dr. Bryan Beaumont, Medical Director and family medicine physician, about the importance of health screenings and lifestyle choices for a healthy retirement. They cover specific tests recommended for individuals in their 40s, 50s, and 60s, including colon cancer screenings, mammograms, and prostate cancer screenings.
Dr. Beaumont emphasizes the evolving nature of medical guidelines and the importance of regular check-ups with a primary care provider. They also touch on the financial benefits of maintaining good health to avoid the costs associated with chronic illness and medication. Their conversation concludes with a reminder to prioritize your health and well-being as you plan for retirement.
Dr. Beaumont discusses:
- The importance of health tests and screenings for different decades of life
- Discussion on cholesterol screening, mammograms, eye disease screening, and colonoscopy in the 40s
- Osteoporosis, lung cancer screening, and prostate cancer in the 50s
- The connection between health and financial well-being in retirement
- Why it’s important to maintain our health as we age
- And more
The Health Tests You Need in Your 40s, 50s, and 60s to Be Healthy in RetirementLet’s explore the essential health tests and screenings you need throughout your life to help you stay proactive about your health and have a healthy retirement.
What Health Screenings Should I Get in My 40s?In your 40s, health screenings become increasingly important.
The Wall Street Journal recently published The Health Tests You Need at Age 30, 40 and 50, highlighting the importance of cholesterol screening, mammograms, eye disease screening, and colonoscopies during this decade.
With the rise of colon cancer cases in younger individuals, it’s now suggested to begin colon cancer screening at age 45. Mammograms should also start at age 40 for those not at high risk.
Establishing care with a primary care provider early on is vital, as these guidelines may continue to evolve.
What Should I Look Out for Health-wise in My 50s?As you enter your 50s, the focus includes screenings for osteoporosis, lung cancer, and prostate cancer. If you have a history of smoking, consider beginning yearly low-dose CT scans at age 50.
Prostate cancer screening is recommended starting at age 50, but some may start earlier based on symptoms.
Pay attention to changes in urinary experience and frequency, and get regular screenings. A primary care provider is crucial to monitor these changes and discuss any concerns.
How Should I Approach My Health After 50?Staying proactive with your health is crucial as you age.
Consider additional screenings such as hepatitis C and HIV, and maintain regular discussions about mental health and well-being.
Regular check-ups can help monitor changes and address concerns early on.
How Does Health Affect My Financial Well-being in Retirement?Maintaining a healthy lifestyle is not only good for your body but also for your finances. Chronic illnesses and medications can be costly, so prioritizing your health and well-being as you approach retirement is essential.
How Can I Invest in a Healthy Lifestyle for Retirement?Avoiding unhealthy habits is key to longevity. Make informed lifestyle choices, such as maintaining a healthy diet and moderate alcohol consumption, to support a healthier retirement.
How Do I Find the Right Health Care Provider for Retirement?Like searching for a good financial advisor, finding a good doctor involves asking and being asked the right questions.
Your relationship with your provider is a personal one, so keep an eye out for someone you resonate with. You may need to explore different options to find a provider who aligns with your preferences and is receptive to your health goals.
Why Should I Treat Maintaining My Health as a Job in Retirement?In retirement, managing your health becomes a primary focus. Like a job, it requires dedication and effort. Engaging in simple activities, like regular walks, can have a significant impact on your physical and mental health.
ConclusionBeing proactive with your health is essential for a healthy retirement. Stay informed and make wise health decisions, just as you would with retirement investments and tax planning.
If you have questions or feedback, please feel free to reach out to us. Subscribe for more information about retirement planning, and here’s to your health and a prosperous retirement!
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To learn more about living a healthy retirement, check out the resources below!
If you have any questions, feel free to contact us or our guest, Dr. Bryan Beaumont, using the contact information provided below!
Resources:* The United States Preventative Task Force * The Wall Street Journal: The Health Tests You Need at Age 30, 40 and 50 * Earn and Invest: Two Decades of Financial Wisdom: Navigating Retirement Planning with Jeremy Keil * Die With Zero by Bill Perkins * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Bryan Beaumont:* LinkedIn: Bryan Beaumont
Connect With Jeremy Keil:* Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * YouTube: Mr. Retirement * Book an Intro Call with Jeremy’s Team
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Tune in to learn about the importance of understanding life expectancy for effective retirement planning. | Keil Financial Partners
What is it like to go from dreaming about retirement to actually being retired? Tune in to learn about the realities of retirement.
We’ve recently received a bunch of questions from our listeners and today Jeremy answers the first batch! Tune in to learn about Social Security, required minimum distributions, and annuities.
Conventional retirement wisdom is sound, but people make these 3 common mistakes when following it.Learn these 3 common retirement mistakes and what other options are available for your retirement plan.
Is your retirement plan flawed? Tune in to learn about the shortcomings of modern financial planning.
When you die, will you be able to look back at your life and say that you lived a regret-free life? Tune in to learn about how to live a regret-free life.
Have you unlocked your ultimate potential? Tune in to learn about how to unlock your ultimate potential.
“Can elections (and their outcome) significantly impact my finances?” This is a common question we get every time an election year is on the horizon! Tune in to learn about the potential impact of the 2024 elections on your retirement plan, plus how to navigate the looming changes in tax laws and Social Security.
There are only 10 days left in the tax year. What can you do right now to maximize your refund? Tune in to learn about strategies for maximizing tax refunds and retirement savings.
Is your tax person overworked and underpaid? Tune in to learn about the accounting industry and how you can avoid these tax preparation mistakes.
What if you could live a longer, richer life? Tune in to learn about his balanced wealth approach to live a longer and richer life.
Can the next 30 minutes save you a hundred grand or more in taxes over your lifetime? Tune in to learn about tax minimization strategies to save a hundred grand or more in taxes over your lifetime.
Is there a tax bomb hiding inside your retirement portfolio? Tune in to learn about how you can avoid the huge tax bills and Medicare surcharges that some retirees face.
Is there a right way and a wrong way to retire? Tune in to learn how to secure the right path to retirement.
How can you financially prepare to become a caregiver? Tune in to learn about the financial aspects of aging care and becoming a caregiver.
Have you ever been confused by Medicare? Today, we're going to figure out how to keep Medicare working for you. Tune in to learn about making medicare decisions to protect both your health and your money.
Do you want to get more out of life? Tune in to learn about how to live a life of abundance.
Tune in to learn about differences that Canada and the U.S. have when it comes to retirement accounts, tax, pensions and benefits. Find out how to get the most out of your u.s. and canada retirement accounts. | Keil Financial Partners
Retirement isn't just about reaching the finish line of your full-time career. It's about the incredible journey that begins afterward. It’s a journey that goes beyond just finances, where you enjoy life! Tune in to uncover the secrets to a happy, healthy, and free retirement where you can live life to the fullest.
You might not have the lifestyle of the rich and famous, but you can certainly invest like them. Tune in to learn about how to invest like a billionaire.
Should you fire your financial advisor? Tune in to learn about the 5 signs that maybe you should.
How much of your monthly retirement paycheck do you want to be guaranteed? That’s right. There are ways to have consistent, guaranteed sources of income in retirement. For example, an indexed annuity. Tune in to learn about how indexed annuities can benefit your retirement and the costs associated with them, so you can make an informed decision.
Are you banking on Social Security to cover all your retirement expenses? It's time to rethink that strategy. Tune in to learn about critical retirement topics, so you don’t don’t lose out on higher interest and more social security.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Should You Move To A Different State To Lower Your Retirement Taxes?
Summary:[153] – State taxes are a piece of your retirement planning puzzle, but are they really a big deal?
In this episode, Jeremy Keil talks about moving to a different state for retirement tax purposes. He goes over the potential trade-offs between lower income taxes and higher property taxes and other costs, the tax implications of living in different states, and the importance of considering factors beyond taxes, such as lifestyle and family connections, when choosing a retirement location.
Jeremy discusses:
- Why it’s important to consider the cost of living before moving states, not just the income taxes
- Which states don’t currently have an income tax
- The trade-offs between lower income taxes and higher property taxes in different states
- Why you should try out a potential retirement location at different points in the year before making a decision
- Why deciding to move to another state should be based on more than just tax reduction
- Why you should plan in moderation
- And more
Should You Move To A Different State To Lower Your Retirement Taxes?Should you move to a different state to lower your retirement taxes? It certainly sounds tempting, but there are a few different things to consider to determine if it’s worth moving to a different state to lower your taxes in retirement.
How does it affect my overall cost of living?Moving to a different state in retirement can impact your cost of living in various ways. State taxes, property taxes, sales taxes, and other local expenses all play a role. For example, some states have no income tax but might have higher property taxes or other costs.
And on top of that, the cost of living in different areas within a state can impact your overall financial situation.
It’s crucial to run the numbers and consider your specific financial situation to determine if the overall impact on your cost of living is favorable.
Are there any trade-offs?Yes, there are trade-offs to consider when moving states for retirement. While lower taxes might be appealing, other factors such as property taxes, cost of living, climate, and social connections need to be weighed.
Additionally, making a move solely for tax benefits might not lead to the expected financial windfall.
It’s important to look beyond taxes and consider the holistic impact on your lifestyle and finances.
Can a trial run help me make an informed decision?Whether you should move and where you should move to for retirement are two big decisions.
Playing make-believe and planning out your taxes and costs of living in various locations is a good start to making an informed decision.
Trying out a new location before making a permanent move is also a wise strategy. Spending extended time in a new state during different seasons and experiencing its lifestyle can give you a better sense of what it’s like to live there. Renting a place for a month or more through platforms like Airbnb or VRBO allows you to understand the local environment, costs, and overall comfort before committing to a permanent change.
What about my family?Family considerations play a significant role in retirement decisions, including where to live. Proximity to children, grandchildren, and other loved ones can influence your choice of location. Balancing your desire for a particular location with the need to stay connected with family is essential. Some retirees opt to split their time between different places to be closer to family during certain times of the year. Ultimately, maintaining a strong support network and family connections is a vital factor to consider.
Remember, every individual’s situation is unique, and what works for one person might not work for another. It’s crucial to assess your financial situation, personal preferences, and family dynamics before making any significant decisions about relocating for retirement.
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To learn more about retirement taxes, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* Don’t Move to Another State Just to Reduce Your Taxes * Taxes and relocating in retirement: What to think about now * 13 states that don’t tax your retirement income * Holistiplan.com * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * YouTube: Retirement Revealed * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
When is the best time to start researching long-term care facilities? What are the most important factors to consider when aging in place? Tune in to learn about aging in place and long-term care planning.
Can your personal beliefs determine your retirement readiness? They can affect your financial and longevity literacy. Tune in to learn about the latest research from TIAA on financial literacy, longevity literacy, and retirement readiness.
How can military personnel plan for a successful retirement? Tune in to learn about military retirement planning.
Whether you're facing scorching heat, pounding rain, freezing temperatures, or strong winds, keeping your home safe in every season is crucial to ensure your family's comfort and well-being. Tune in to learn about how you can prepare your home for all four seasons of the year.
Are you ready to retire? Make sure you’ve answered these questions. Tune in to learn about 5 important questions you need to think about and answer before you retire.
Are you ready to retire? Make sure you’ve answered these questions. Tune in to learn about 5 important questions you need to think about and answer before you retire.
Unfortunately, there are plenty of sales-focused financial advisors who don’t like working with engineers because they love to look under the hood at the numbers, but today’s guest, Bill Keen, loves working with them because he’s all about the math. Tune in to learn about how to engineer the second half of your life.
Are you overlooking taxes in your retirement plan? Tune in to learn about tax-wise retirement withdrawal strategies.
Real estate investing can be a lucrative venture for those who know how to navigate the market. Tune in to learn about investing in private real estate
The last two decades have flown by and we can’t imagine how quickly the next 20 years will go. Tune in to learn about the 20 years Jeremy Keil has worked in financial services.
We’re back with more information about preparing for retirement. Today, we’re focusing on how to prepare for retirement with the current upward inflation trend. Tune in to learn about designing your retirement income map.
Banks are supposed to make our money make more money, but what have you been getting in a bank? You probably haven’t received much of anything. Tune in to learn about how you can protect your money in the bank.
Everyone wants to feel a sense of safety with their retirement plan. That’s why Wade Pfau, Ph.D., CFA, RICP, Founder of Retirement Researcher came onto the latest episode of Retirement Revealed. Tune in to learn about safety-first retirement planning.
Learn about the 5 financial areas you should focus on when planning for retirement in your 60s. | Keil Financial Partners
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for 5 Steps To Plan For Your Retirement In Your Fifties.
Summary:[139] – If you’re in your fifties, you’re in your peak earning years, and finally have the time and money to do the things you’ve always wanted to do, but have you kept up with saving for retirement? You can save for retirement and still enjoy the fun part of being 50+.
In this episode, Jeremy Keil talks about how to plan for retirement in your fifties with five steps. He goes over the different catch-up contribution opportunities, avoiding lifestyle creep, researching your longevity, getting your insurance ready for the last decade of your career, and getting your investments ready for retirement.
Jeremy discusses:
- What saving opportunities become available in your fifties
- What lifestyle creep is and how to avoid it
- Why researching longevity is important to determine how much you’ll need in retirement
- The types of insurance you need to get ready for the last decade of your career
- How to prepare your investments as you approach your retirement
- And more
5 Steps To Plan For Your Retirement In Your FiftiesStep 1: Save For Retirement With Catch-Up ContributionsOne of the first steps to plan for retirement in your fifties is to take advantage of catch-up contributions. This means contributing more money to your retirement accounts than the standard limit. By doing this, you can make up for any past lost time or missed contributions.
There are a few different catch-up contribution opportunities available once you hit 50:
- 401(k)
- IRA
- Health Savings Account (HSA)
If you’re 50 or older and working, you can contribute $30,000 into your 401(k) in 2023. And for your IRA, you can contribute $1000 more than those younger than 50. If you are 55 or older, you have a $1000 catch-up contribution limit increase in your Health Savings Account (HSA).
Step 2: Avoid Lifestyle CreepAnother important step to planning for retirement in your fifties is to avoid lifestyle creep. This means being mindful of your spending habits and not increasing your expenses as your income increases.
When you’re in your 50s, you’re likely earning the most money you’ve ever earned and have the least expenses, leading to the temptation to spend more money because it’s available to you.
But you don’t want to spend more than you plan to during your retirement because if you spend more now on a regular basis than you plan to in retirement, the sudden financial limitation will feel restrictive.
So, one way to avoid lifestyle creep is to make sure you’re saving as much as possible. By putting money directly into your retirement savings instead of seeing it in your bank account, you’ll be less inclined to spend it now and have it readily available to you when you need it.
By avoiding lifestyle creep, you can save more money for retirement and ensure that you’re living within your means.
Step 3: Research Your LongevityMany studies show that you’ll spend more time in retirement than you expect, where you often retire earlier and live longer than you thought you would during your retirement.
Retirement is supposed to be fun. You can spend your fifties dreaming about your retirement, and what type of retirement you want to have, but while you’re dreaming about that fun retirement, we’d like you to research how you can make this retirement dream work.
Part of the research is to look at your longevity. Consider when you plan to retire, how long you’re likely to live and how much money you’ll need to support yourself during retirement.
There are two things you should consider when researching your longevity: setting an age range you want to retire as opposed to one specific date and taking into account the possibility of outliving your finances. Use tools like Longevity Illustrator to learn more.
By doing this, you can make informed decisions about your retirement savings and ensure that you have enough money to last throughout your retirement.
Step 4: Get Your Insurances ReadyAnother important step to plan for retirement in your fifties is to get your different insurances ready.
Insurance is important at the beginning of your career. You might have a new house, a new spouse, and kids and need things like term insurance and disability insurance. You get to a certain point where you feel like your house is paid for, your kids are out of the house, and you don’t need those insurances anymore.
Well, insurance is there to protect someone who’s going to be missing out on your income if you’re not there and that someone might be you. The older we get, the more likely we are to suffer health complications or become disabled, and if you’re 55 and at your peak earning years, planning to retire for the next ten years from now, you may not have all the money that you need for the rest of your life saved up.
You might need to protect yourself by still having disability insurance when you’re 50 and older. It’s important to consider it because even if some expenses go away, it doesn’t mean you don’t need that particular insurance.
The same thing goes for life insurance. Just because your mortgage is paid for and the kids are out of the house, it doesn’t mean your spouse doesn’t rely on you, especially if there is a large difference in income.
By reviewing your health insurance, life insurance, and other types of insurance to ensure that you have adequate coverage, you can protect yourself and your family from unexpected expenses and ensure that you’re prepared for any potential health issues that may arise during retirement.
Step 5: Prepare Your InvestmentsStep 5 is to prepare your investments when planning for retirement in your fifties. This means adjusting your investment strategy to ensure that you’re maximizing your returns while minimizing your risk.
It’s tempting to focus on growing your money until a specific date and then switch to income, but the reality is it’s not just a flick of a switch. As early as your fifties, it’s important to start adjusting your investments for retirement. It’s vital to have a well-thought-out plan for your investments as you smoothly sail toward retirement.
The retirement red zone carries greater risks as you approach your retirement. By proactively adjusting and changing your investments based on your plan, you can navigate potential investment risks and make informed decisions.
It’s important to work with a financial advisor to develop an investment strategy that’s tailored to your specific needs and goals. By doing this, you can ensure that your investments are working for you and helping you achieve your retirement goals.
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To learn more about preparing for your retirement in your fifties, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* ssa.gov * Retirement Revealed: Long-Term Care Insurance * Dave Ramsey: Who Needs Long-Term Care Insurance? * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How to Lead a Life of Significance.
Summary:[138] – More than 1.1 million American soldiers have died in wars fought since the United States declared independence in 1776. This Memorial Day, let’s reflect on the sacrifices made by those who served and their families.
In this episode, Jeremy Keil speaks with Chris Kolenda about how to lead a life of significance. Christopher D. Kolenda, a retired Army colonel and founder of the Strategic Leaders Academy, discusses his motivations for joining the Army, the importance of leading a life of significance, and what civilians can learn about leadership from warriors on the battlefield. He also touches on how studying history prepared him for his time in combat and reflects on what Memorial Day means to him, urging people to honor the troops who died under his command and those of other military leaders.
Chris discusses:
- Why he joined the Army
- What leading a life of significance means to him
- What civilians can learn about leadership from warriors on a battlefield
- How studying history prepared him for his time in combat
- What Memorial Day means to him and what we should think about while enjoying the Memorial Day Holiday
- How he honors the troops who died under his command and how you can too
- And more
How to Lead a Life of SignificanceWhat does leading a life of significance mean?Leading a life of significance means making a positive impact on the world around you. It means living a life that has purpose, meaning, and a sense of fulfillment. A significant life is one where you are actively working towards achieving your goals and making a difference in the lives of others.
A significant life doesn’t necessarily mean being famous or wealthy. It can be as simple as being a good parent, a supportive friend, or a dedicated employee. What matters most is that you are living a life that aligns with your values, beliefs, and goals.
For Chris Kolenda, serving in the Army and later founding the Strategic Leaders Academy to help solo practitioners and small business owners grow a meaningful, joyful, and profitable business gives him a sense of purpose.
What’s stopping people from leading a life of significance?Chris Kolenda identifies two main things that stop people from leading a life of significance.
The first is not being mindful and self-aware of what their goals and values are. He emphasizes the importance of knowing oneself and understanding their natural superpowers. This can be achieved without having to meditate for long periods of time.
The second thing is risk aversion. People tend to stay in their comfort zones and avoid taking risks, even if they are not satisfied with their current situation.
The problem is that the path to transformation lies beyond the comfort zone, in the chaos zone. This can be scary and overwhelming, but with a guide and a plan, people can navigate through it and take the necessary risks to move forward.
What can we learn about leadership from warriors on a battlefield?The lessons learned from warriors on a battlefield can be applied to leadership in any area of life. In order to be an effective leader, it is important to have character, competence, and caring.
Having strong character means being honest, trustworthy, and respectful towards others, and leading by example.
Competence is important because success depends on being able to execute tasks effectively and efficiently. To be competent, you must have the necessary skills and knowledge in your area of expertise, as well as the willingness to learn and adapt.
Finally, caring about the people you lead is crucial for leadership success. This means being empathetic, listening to their concerns, and offering support when needed. It also means being willing to make sacrifices for the greater good.
By embodying these three key lessons, a leader can build trust, inspire loyalty, and create a positive work environment where everyone can thrive.
To Sum it all up, leading a life of significance is about more than just achieving success or personal fulfillment. It’s about making a positive impact on the world around you and living a life that aligns with your values and goals.
To lead a life of significance, it is important to be mindful, self-aware, and willing to take risks outside of one’s comfort zone. Learning from warriors on a battlefield, effective leadership requires character, competence, and caring. By embodying these qualities, a leader can inspire trust, loyalty, and create a positive environment where everyone can thrive.
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To learn more about leading a life of significance, check out the resources below!
If you have any questions, feel free to contact us or our guest, Chris Kolenda, using the contact information provided below!
Resources:* Zero-Sum Victory: What We’re Getting Wrong About War * Leadership: The Warrior’s Art * The Counterinsurgency Challenge: A Parable of Leadership and Decision Making in Modern Conflict by Chris Kolenda * Retired U.S. Army colonel plans 1,700-mile bicycle trip to honor six paratroopers who died under his command * AARP: Veteran Cyclist Rides 1,689 Miles to Honor Fallen Soldiers * AARP on YouTube: Colonel Makes Powerful Honor Ride to His Soldiers’ Graves * Episode 110: Honoring Service Members on Veterans Day With Dale Kooyenga * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Chris Kolenda:* chris@strategicleadersacademy.com * Strategic Leaders Academy * Saber Six Foundation * LinkedIn: Chris Kolenda
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Christopher D. Kolenda currently serves as the Adjunct Senior Fellow at the Center for a New American Security and the Founder of the Strategic Leaders Academy, helping solo practitioners and small business owners grow a meaningful, joyful, and profitable business. He is also the Senior Military Fellow at King’s College London.
A West Point graduate, internationally renowned combat leader, and retired Army colonel, Chris is known for his unique warrior-diplomacy. He defied conventional wisdom in Afghanistan by developing a strategy that motivated a large insurgent group to switch sides, the only example of such success in the 20-year history of the war. Unsatisfied with the complacency in the White House, State, and the Pentagon, Chris inspired change in the military’s strategy and got Defense officials on board to push for new diplomatic initiatives.
As a trusted advisor to three 4-star generals and two Secretaries of Defense, Chris became the first American to have both fought the Taliban as a commander in combat and negotiated successfully with them in peace talks. After resigning from the government, he brought the wisdom of warrior-diplomacy to the private sector, helping business leaders challenge conventional wisdom, imagine the future, and implement innovations that soar their businesses to new heights. Alan Weiss has selected Chris for his consulting Hall of Fame.
Chris holds a Master of Arts in European History from the University of Wisconsin, and a Master of Arts in National Security and Strategic Studies from the U.S. Naval War College. He is also the author of several books, including Leadership: The Warrior’s Art, The Counterinsurgency Challenge, and Zero-Sum Victory: What We’re Getting Wrong About War.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How to Fix America’s Retirement System.
Summary:[137] – How can we reevaluate outdated components, implement innovative approaches, and revolutionize America’s retirement system?
In this episode, Jeremy Keil interviews economist Martin Baily about how we can fix America’s retirement system. He proposes practical solutions from reevaluating outdated components implementing innovative approaches, and identifying potential areas of agreement between political parties, to reforming Social Security, making informed decisions regarding annuities in retirement, and emphasizing the significance of long-term care insurance policies in retirement planning.
Martin discusses:
- What made him want to write The Retirement Challenge
- What parts of our outdated retirement system we should bring back
- What new innovations are needed with our retirement system
- Where Republicans and Democrats can agree when it comes to fixing America’s retirement system
- How he would fix Social Security
- What types of annuities make the most sense in retirement
- The importance of long-term care insurance policies in retirement
- And more
How to Fix America’s Retirement SystemShould We Bring Back The Traditional Pension System?The traditional pension system, which was once the backbone of America’s retirement system, should be brought back.
Pensions provided a guaranteed income for life, which was a significant benefit for retirees. However, pensions have become less common in recent years, and many employers have shifted to defined contribution plans, such as 401(k)s, which place the burden of saving and investing on the individual.
What New Innovations Does Our Retirement System Need?One innovation that could be beneficial is opening up the Thrift Savings Plan (TSP) to private investment companies. This would allow retirees to have more investment options and potentially higher returns.
Only about half of Americans have access to retirement savings plans like the 401k and 403b savings plans through their employers. Opening the TSP to private investment companies would give more Americans the opportunity to save for their retirement.
Additionally, annuities could be a valuable addition to the retirement system, as they provide a guaranteed income stream for life.
What Ways To Fix The Retirement System Can Democrats And Republicans Agree On?Both parties can agree that Social Security needs to be improved. Small adjustments to provisions, tax rates, and benefits could help solve the Social Security problem without having to raise the retirement age.
Our Social Security system is already unfair to people at the bottom end because they get smaller benefits, but they also don’t get benefits for as many years because they tend to die much younger than people with higher incomes. Raising the retirement age would worsen this already unfair condition.
Many believe it’s logical to raise the retirement age because we’re lying longer, we’re healthier for longer, but that’s not true of everybody, and it’s particularly not true of lower income individuals.
How Can We Fix Social Security?One idea Martin Baily proposed is to increase benefits for widows, who tend to have lower incomes than their male counterparts.
Another solution is to trim benefits at the upper end for wealthy individuals. Modest adjustments to provisions, tax rates, and benefits could solve the Social Security problem without having to raise the retirement age, which would be unfair to lower-income individuals who tend to have shorter life expectancies.
What Type Of Annuities Make The Most Sense In Retirement?The biggest concern for many retirees is outliving their money or running out of money during their retirement. Annuities provide a regular payout over your lifetime, which makes the worst case scenario of running out of your retirement savings a little less daunting.
Fixed annuities, which provide a guaranteed income stream for life, are a good option for retirees who want to avoid running out of money in old age. Variable annuities, which are tied to the stock market, can be riskier but offer the potential for higher returns. However, variable annuities also come with higher fees and expenses.
Because of the reliability of fixed annuities, Martin believes financial advisors should direct their retiring and retired clients towards fixed annuities instead of variable annuities.
Why Are Long-Term Care Insurance Policies Important In Retirement?Many retirees are holding onto their saved money instead of spending it during their retirement, as it was intended for. One of the reasons Martin Baily proposed is the fear of needing that money in the later years of their retirement in case they need long-term care.
That leads to the question: why don’t they invest in long-term care insurance?
Long-term care insurance policies are essential because they cover the costs of long-term care, such as nursing home care or in-home care. These costs can be significant and can quickly deplete retirement savings, but purchasing insurance is unacceptably expensive.
We need to find a way to decrease the cost of long-term care insurance policies because they can provide peace of mind and protect retirees from financial ruin in the event of a long-term care need.
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To learn more about fixing America’s retirement system, check out the resources below!
If you have any questions, feel free to contact us or our guest, Martin Baily, using the contact information provided below!
Resources:* The Retirement Challenge by Martin Baily * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Martin Baily:* Brookings: Martin Neil Baily * LinkedIn: Martin Baily
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Martin Neil Baily is Senior Fellow Emeritus in Economic Studies at Brookings. He is a Senior Advisor to the McKinsey Global Institute and to the Albright Stonebridge Group. Baily is the co-chair of the Financial Regulatory Reform Initiative of the Bipartisan Policy Center, and a member of the advisory panels of the Committee on Economic Development, and Macroeconomic Advisers. Dr. Baily earned his Ph.D. in economics in 1972 at the Massachusetts Institute of Technology. After teaching at MIT and Yale, he became a Senior Fellow at the Brookings Institution in 1979 and a Professor of Economics at the University of Maryland in 1989. He is the author of many professional articles and books, testifies regularly to House and Senate committees, and is often quoted in the press.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Become Distraction-Proof.
Summary:[136] – Retirement can be a time of great opportunity, but it can also be a time of great distraction. With so many options and so much free time, it can be easy to lose focus and become overwhelmed.
In this episode, Jeremy Keil speaks to Paul Kingsman about how to get rid of distractions. Paul draws on his own experiences as an Olympic athlete to share some personal stories and tips for becoming distraction-proof. He talks about the importance of having clearly defined goals, prioritizing time, and focusing on one thing at a time, and emphasizes the importance of rest and recovery, why you should learn from disappointments, and why seeking advice from seasoned individuals is helpful.
Paul discusses:
- How a support system helped him reduce distractions by enforcing the boundaries he set
- How he prioritized his time by deciding which activities were more important than others
- Why rest and recovery are so important to be able to do the things that are valuable to you, more often
- Why multitasking is a myth
- The importance of moving forward and not letting disappointment define you
- And more
How To Become Distraction-ProofHow does a support system help me avoid distractions?Having a support system can be key to avoiding distractions and staying focused on your goals. It was for former Olympic swimmer Paul Kingsman.
He credits his mother for running interference and helping him prioritize his sleep during training. She acted as a gatekeeper and took messages or told people to call back after 8:30 PM, which was the time Paul had set for himself to go to bed.
Because she helped him hold fast to his standard, he was able to maintain the necessary rest and recovery his body needed for his intense training regimen. Having a support system that understands and respects your priorities can help you stay on track and achieve your goals, even in retirement.
How can I prioritize my time and decide which activities are more important than others?Prioritizing your time and deciding which activities are most important can be a challenging task, especially during retirement when there seems to be an abundance of free time.
It is important to recognize that some activities, such as sleep, are essential for your overall well-being. While others may be less important (like taking calls late at night or catching up on your favorite TV series after spending the day with the grandkids,) you need to determine which activities hold the highest priority.
One technique that can be helpful is time blocking, where specific amounts of time are set aside for particular activities. This can apply to both work and retirement, allowing individuals to prioritize their time for activities that matter most to them, such as spending time with family, engaging in hobbies, or taking care of their health.
Why do I need to rest and recover before I can repeat?Rest and recovery are essential for anyone who wants to be able to do things over again and do it well.
Just like athletes, individuals need to take time to rest and recover after strenuous activities, which will allow them to perform better.
Repetition brings about mastery and security in any activity, whether it is a sport, hobby, or daily routine, so you should prioritize healthy routines and habits to avoid falling into bad habits, which can hinder their ability to repeat and improve.
Can I multitask and avoid distractions?The short answer is no, you can’t multitask and still avoid distractions.
For a longer answer, when it comes to avoiding distractions and multitasking, it’s important to choose what matters most and prioritize your time because multitasking is a myth.
Attempting to do multiple things at the same time can be detrimental to productivity because jumping between tasks creates distractions. Instead, focus on the top priorities and dedicate your time and effort to them.
It’s important to understand that just because you choose not to do something doesn’t mean it’s a bad idea, it may just need to be done at the right time and place. So don’t let trying to multitask and get everything done in one go become a bad habit. Time block and prioritize to get them all done when it’s appropriate to do them.
What’s the difference between moving on and moving forward?Moving on and moving forward are two different things that can be easily confused.
Moving on means letting go of negative emotions and not dwelling on a situation, while moving forward means using the experience to learn and grow, and taking positive steps towards achieving your goals.
Paul Kingsman shared his experience at the 1984 Olympics, where he finished 20th in the 200 meters backstroke, and how he used the disappointment to move forward and eventually win a bronze medal four years later. He believes moving forward requires accepting and analyzing the setback, learning from it, and then letting go of any negative emotions associated with it.
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To learn more about becoming distraction-proof, check out the resources below!
If you have any questions, feel free to contact us or our guest, Paul Kingsman, using the contact information provided below!
Resources:* The Distraction-Proof Advisor, book by Paul Kingsman * The ONE Thing by Gary Keller * Taming Your Time by Paul Kingsman * The Distraction-Proof Advisor Podcast * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Paul Kingsman:* Paul Kingsman * Linkedin: Paul Kingsman * Paul@paulkingsman.com
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Paul Kingsman leverages his financial services industry knowledge, practical experience as a financial advisor, and Olympic medalist background to help fellow advisors overcome distractions, focus on priorities, and attain success sooner. Building a meaningful life and a thriving financial advisory business both require purposeful effort. As a speaker, author, and executive coach, Paul provides pragmatic solutions to common business challenges, empowering his audiences, readers, and clients with actionable tools for success. He teaches tried-and-true techniques that work in the real world, enabling advisors to fulfill their potential and enjoy their hard-earned success.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for What Is Special Needs Planning?
Summary:[135] – Special needs planning is financial planning for individuals with disabilities and health concerns who have to navigate very complex systems, but not many people understand it well.
In this episode, Jeremy Keil speaks with Hannah Magrum, ChSNC® about special needs planning and how it differs from typical financial planning. Hannah dives into what special needs planning is and how it differs from typical financial planning. She talks about the different services and supports available within the education system that applies to financial planning, the difficulties some families face, and her top tips for families who are uncomfortable navigating the school system.
Hannah discusses:
- Why it’s important to work with someone who specializes in your specific financial needs
- How you can provide accommodations and be more understanding and supportive of those who need them
- How the different services and supports within the education system apply to financial planning
- Why some families find it difficult to accept the name of the disabilities given to their child in an IEP
- Three critical tips for families who feel uncomfortable navigating the school system
- And more
What Special Needs Planning IsSpecial needs planning is financial planning that focuses on individuals with disabilities and health concerns who have to navigate complex systems that people don’t generally understand.
This specific type of planning is taking all those complex systems and understanding how they are interwoven into the rest of someone’s financial plan.
Work With Someone Who Specializes In What You NeedThere are a variety of different specialties in financial planning.
It’s important to work with someone who specializes in your specific financial needs. For example, our specialty is around retirement planning and Hannah Magrum’s specialty is in special needs planning.
If you or a loved one has any special needs or a disability, then special needs planning would better cater to their financial planning needs.
How You Can Provide AccommodationsA big part of special needs planning is accommodating people’s needs.
Even outside of a place of business, we can be supportive and understanding by accommodating people’s needs.
Just ask them how you can. It’s best to never assume that someone does or doesn’t need help because not everyone’s disability is visible, and not everyone with a disability needs the same accommodations.
Everyone is different, so you can be supportive by asking about accommodations and offering them when needed.
Disability Support Within The Education System And Financial PlanningThe supports offered to people with disabilities apply to financial planning because those supports or services often come with a cost.
For example, the support that is offered in the education system to people with disabilities through an Individual Education Plan (IEP) can save them money because the school system covers the costs.
A special needs planner like Hannah is able to identify whether the school system should provide support, and help families seek said support by knowing how to ask for them.
Accepting Your Child’s Disability On File For Individual Education PlansSome families find it difficult to accept the name of the disabilities given to their child in an IEP
Accepting the terminology used in the IEP to describe or identify your child’s disability is necessary because that IEP will allow your child to receive the accommodations and resources they need.
The first thing that’s important to know is that the word disability isn’t bad. Many parents and families are uncomfortable with the word and feel as though it changes their child’s identity.
It does not. No one is defined by their disability.
Navigating The School SystemNavigating the school system and attending IEP meetings can be challenging when a child has a disability.
Hannah Magrum has 3 critical tips for families going into one of those meetings or who feel uncomfortable navigating the school system.
Tip one is to bring someone with you. Whether it’s a professional advocate or a family member, having their emotional support can be really beneficial.
The second tip is a reminder that you don’t need to sign anything in that meeting. You absolutely have the right to take that draft paperwork home with you and take the time that you need to make sure that you feel comfortable signing it.
The last tip is that if you make a request during that meeting that is then declined, request a response from the school district explaining their reasoning for declining the request. This means the school must document the no and the reason for the no. That gives you the information you need to know whether or not you need to go down the path of turning that no into a yes, or for some families, having that documentation is enough for them and now they know the reason behind it.
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To learn more about special needs planning, check out the resources below!
If you have any questions, feel free to contact us or our guest, Hannah Magrum, using the contact information provided below!
We are deeply saddened to hear of Judy Heumann’s passing. Her advocacy work and contributions to the disability community were immense, and she will be dearly missed. Please know that the podcast was filmed prior to her passing, and any mention of her was made with the utmost respect and admiration for her work. We can honor her legacy by continuing to fight for disability rights and accessibility for all.
Resources:* What Does Medically Complex Mean? * Chartered Special Needs Consultant® * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Hannah Magrum:* Hannah.Magrum@thrivent.com * 330-606-8645 * Thrivent * LinkedIn: Hannah Magrum * Facebook: Hannah Magrum
Connect With Jeremy Keil:* Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy * Retirement Revealed YouTube Channel
About Our Guest:As a Chartered Special Needs Consultant, Hannah Magrum focuses her practice around serving individuals and their loved ones with disabilities, health concerns, transitional and complex resource planning. Hannah brings a unique perspective not only as a parent to a child with multiple medical complexities but as an adult with a mobility disability. She understands the complexities that such planning can entail. She is also passionate about serving her community. Hannah is currently a Board member on Integrated Community Solutions, Head Chair of Kids First Medina, founder of SKM, Head Chair of Accessible to Everyone and Founder of HKMagrum Consulting.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Breaking Down 2023’s Social Security Trustees Report.
Summary:[134] – There are many possible changes to make to Social Security and Medicare that would reduce or eliminate the long-term financing shortfalls, but with each year that lawmakers don’t take action, the public has less time to prepare for the changes.
In this episode, Jeremy Keil talks about 2023’s Social Security Trustees Report. He breaks down the misconceptions surrounding Social Security, reveals the silver lining in the Social Security Trustees Report by highlighting the benefits of hospital and disability insurance, unpacks the challenges that need attention, explains why raising taxes isn’t a sole solution for Medicare Supplement, and shares suggestions for addressing Social Security concerns.
Jeremy discusses:
- Three things people commonly misunderstand about Social Security
- The positives about hospital and disability insurance from the Social Security Trustees Report
- The problems the Social Security Trustees Report lists that need to be addressed
- Why raising taxes alone won’t solve the problem with the Medicare Supplement program
- Some things we should consider when we try to fix Social Security
- And more
Breaking Down 2023’s Social Security Trustees Report3 Common Misunderstandings About Social Security1. How survivor benefits work:
Many people misunderstand how survivor benefits work in Social Security. For couples who are both receiving benefits, it doesn’t matter who dies first, the lower benefit goes away. This means that if one spouse has a higher benefit amount, it may be more advantageous for them to delay claiming Social Security to maximize their benefits for the surviving spouse.
However, some people may mistakenly file for benefits based on their own benefit amount without considering the impact on their spouse’s survivor benefit, resulting in potentially lower lifetime benefits for the couple.
- Social Security is going bankrupt:
While it is true that the Social Security trust fund is projected to run out of reserves by the year 2033, this does not mean that Social Security itself is going bankrupt.
Social Security is a pay-as-you-go system, and even if the trust fund is depleted, our taxes will continue to pay into the system, and benefits will still be paid out.
However, it may result in reduced benefits in the future if no changes are made to the program.
- How longevity works:
Many people underestimate the impact of living longer on their Social Security benefits. Delaying claiming Social Security benefits beyond the full retirement age can result in higher monthly benefits for the rest of one’s life. However, some people may claim benefits early, resulting in permanently reduced benefits for the duration of their retirement, especially if they live longer than expected.
It is important to consider one’s life expectancy and financial situation when deciding when to claim Social Security benefits to maximize lifetime benefits. For more information about how you can calculate your longevity, visit longevityillustrator.org.
Many people feel like they’ve lost a sense of control over their Social Security benefit because of all the negative news and misconceptions about it. Please remember that you have a significant level of control over your Social Security decisions.
The difference in benefits between filing at age 62 versus age 70 can be as much as 76%, which is three times greater than the potential impact of political and congressional decisions on Social Security. This highlights why it’s important to make informed choices about when to file for Social Security benefits and not solely relying on assumptions about the program’s future.
The Social Security Trustees Report NegativesThe Social Security Trustees report identifies several negative things in our Social Security system.
One major concern is the projected depletion of the Social Security retirement and survivors trust fund by the year 2033. This means that if no changes are made, the trust fund will not have enough funds to cover the promised benefits to retirees and survivors. Additionally, only 77% of the projected benefits could be covered by the taxes collected, which means that there may be a 23% reduction in benefits for future retirees and survivors.
Another issue highlighted in the report is the increasing costs of Social Security. It indicates that the costs of Social Security, based on average incomes of Americans, are projected to rise from about 14% to 18% in the future. However, the money coming in from taxes is relatively flat at 13% of the average income of $100,000. This means that there is a difference between the costs and the revenue, and there may be a need to increase taxes to cover the rising costs of Social Security.
There are also challenges related to Medicare Supplement Insurance. While Social Security taxes do not directly fund it, Medicare Supplement is funded mostly by general revenue taxes from the federal government, with some contributions from premiums and states. The lack of transparency in the funding of Medicare Supplement is seen as a concern, and the report suggests that there may be a need for additional funding to fully cover the costs of it.
Overall, these issues suggest that change is needed to ensure the long-term sustainability of the Social Security program, and simply raising taxes may not be sufficient to address these challenges.
The Social Security Trustees Report PositivesThere are many positives highlighted in the Social Security Trustees report to go along with the negatives.
One of the encouraging factors is the funding for hospital insurance, also known as Medicare Part A, which is primarily financed through taxes. Although the trust fund for hospital insurance is projected to be depleted in 2031, the taxes collected are expected to cover 89% of the costs, which suggests that a relatively small increase in taxes or cost-cutting measures could potentially address the shortfall.
We should also note the Social Security disability insurance program, which is currently 100% funded and projected to remain stable for the next 75 years, providing support to approximately 9 million people.
Another positive aspect of the Social Security program is its cost-effectiveness. Despite being a trillion-dollar program with a massive budget, the amount needed to run Social Security is only 0.5% of that budget.
So, we have some assurances about the sustainability of certain aspects of our Social Security program’s funding and benefits.
What We Should Consider When We Fix Social SecurityWhen considering how to fix Social Security, several important factors should be taken into account.
First and foremost, the program is a critical source of income for many Americans, particularly those aged 65 and older, with 30% of their income coming from Social Security. Almost half of Americans rely on Social Security for at least half of their income. So any changes to the program need to prioritize protecting those who need it most.
While the idea of gradually raising the full retirement age or increasing taxes across the board may seem like simple fixes, it’s important to consider the significant disparities in life expectancy based on income and race. Studies have shown that lower income individuals tend to have shorter life expectancies compared to higher income individuals, with a difference of up to 12 years. Similarly, there are disparities in life expectancy based on race, with minority groups often having shorter life expectancies compared to white individuals. So a blanket approach isn’t the best option because it can disproportionately affect certain groups of people.
Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls. Congress needs to consider such options for both Medicare and Social Security, like the proposal for Medicare in the president’s budget. With each year that lawmakers do not act, the public has less time to prepare for the changes.
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To learn more about The Social Security Trustees Report, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* How To Fix America: Social Security with Dr. Kotlikoff * Longevityillustrator.org * A Summary of the 2023 Social security Trustees Report * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Urgent I Bonds Update.
Summary:Urgent I Bonds Update: If you want I Bonds at 6.89% you need to buy on April 27th or earlier.
If you’re someone that has been buying I Bonds then you’ll be interested to see that the May inflation rate is dropping in half to 3.38% from the current 6.48% inflation rate. If you want to get more I Bonds at the 6.89% interest rate listen in as Jeremy Keil explains with Thursday April 27th is the last day for you to do that.
Jeremy discusses:
- How to get a 6.89% composite rate on I Bonds by purchasing them by Thursday, April 27th
- The current I Bonds 0.4% fixed rate for the life of the bond
- The variable inflation rate is currently at 6.48% for the next six months and will renew at 3.38%.
- If you buy I Bonds on or before April 27th, you’ll get a total of 5.41% over the next 12 months
- And more
Urgent I Bonds UpdateI Bonds are a unique investment option that provide a variable rate of return tied to inflation, making them an attractive choice for investors looking to hedge against inflation. In order to capture the current 6.89% inflation rate on I Bonds, they must be purchased before April 27th through treasurydirect.gov.
Right now, I Bonds offer a fixed rate of 0.4% for the life of the bond, combined with a variable inflation rate that renews every six months.
The renewal rate for inflation is currently 3.38%. By purchasing I Bonds before the April 27th deadline, investors can earn a total of 5.41% over the next 12 months. However, it’s important to note that cashing out within the first five years of ownership will result in missing out on the last three months of interest.
Overall, I Bonds can provide a solid investment opportunity for those looking to protect against inflation.
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To learn more about I Bonds, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Get The Most Out Of Your Social Security.
Summary:[133] – More than 90% of Americans aged 65 and older receive Social Security benefits. With so many people relying on this program, it’s important to understand how to make the most of it.
In this episode, Jeremy Keil speaks with Marc Kiner, CPA, about how you can get the most out of your Social Security benefits. Marc offers advice on getting the most out of your Social Security benefits, including the concept of situational Social Security, avoiding common mistakes, and maximizing your benefits.
Marc discusses:
- What situational Social Security is
- What people most often miss when they think about Social Security
- Why he doesn’t take advice from Social Security Administration
- What you should try to maximize when you file for Social Security
- And more
How To Get The Most Out Of Your Social SecurityMany Americans rely on Social Security for their retirement income. However, filing for Social Security benefits can be a complicated process, and it’s easy to make costly mistakes.
That’s why it’s essential to have a deep understanding of how the system works, what you should consider when making decisions, and how to get the most out of your Social Security benefit.
Follow along for some of the key concepts of Situational Social Security that can help you maximize your lifetime benefit.
What is Situational Social Security?Situational Social Security refers to the idea that everyone’s Social Security situation is unique. People have different life expectancies, health statuses, financial needs, and retirement goals, among other factors.
Therefore, there is no one-size-fits-all approach to Social Security filing strategies. Instead, you need to tailor your approach to your specific situation to maximize your benefits.
What are people most often missing when they think about Social Security?The family unit! Social Security benefits aren’t just for the individual filing for benefits; they are for the family unit as a whole.
That’s why you need to consider the impact of your filing decisions on your spouse, surviving spouse, and children. Many people make the mistake of focusing only on their benefits and not considering how their filing decisions affect their family’s long-term financial security.
What’s the biggest advantage of Social Security?One of the most significant advantages of Social Security is that it provides guaranteed monthly income for life, no matter how long you live.
This guaranteed monthly income can help you cover your essential expenses and provide a safety net against unexpected expenses or market downturns.
However, people often overlook this aspect of Social Security because they focus too much on the system’s math. Social Security is not just a math problem; it’s a real-life solution that provides tangible benefits to retirees.
Should you take advice from the Social Security Administration?The Social Security Administration is not in the business of providing financial advice. Their job is to administer the Social Security program and provide information about how the program works.
They are not authorized to provide personalized financial advice or recommend specific filing strategies. Because of this, it’s crucial to seek guidance from a qualified financial advisor with expertise in Social Security planning.
What should you try to maximize when you file for Social Security?People should be trying to maximize their lifetime benefits. Social Security is a lifetime benefit you will receive for as long as you live. So it’s important to focus on maximizing the total benefits you will receive over your lifetime, not just the monthly benefit amount.
Many people tend to focus more on the short-term gain of getting benefits as soon as possible, but this can be a costly mistake in the long run because it risks reducing your total lifetime benefits.
Overall, it’s essential to understand that everyone’s situation is unique, and there is no one-size-fits-all approach to Social Security planning.
By considering factors such as your health, life expectancy, financial needs, and retirement goals, you can make informed decisions that can help you maximize your lifetime Social Security benefits.
Don’t risk leaving money on the table. Seek guidance from a qualified financial advisor who can help you navigate the complexities of the Social Security system and develop a personalized filing strategy that meets your specific needs and goals.
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To learn more about How To Get The Most Out Of Your Social Security, check out the resources below!
If you have any questions, feel free to contact us or our guest, Marc Kiner, using the contact information provided below!
Resources:* How To Fix America: Social Security * Five Ways You Can Make the Best Social Security Decisions for You * LongevityIllustrator.org * Premier Social Security Consulting – Education * The Dynamic Duo of Social Security Planning With Jim Blair and Marc Kiner * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Marc Kiner:* mkiner@mypremierplan.com * 513-218-8505 * National Social Security Association * Premier Social Security Consulting, LLC * LinkedIn: Marc Kiner
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Marc Kiner, CPA® has 35 years experience in public accounting. Marc recently sold his CPA practice to concentrate on Social Security. His primary areas of service were to privately held businesses and individuals. Marc also consulted with clients on a variety of complex tax and business issues. Marc obtained his Bachelors of Science degree in Accounting and Finance and a Masters Degree from the University of Cincinnati. He is licensed to practice as a CPA in the state of Ohio.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Get Smarter About Social Security.
Summary:[132] – Did you know that Social Security benefits were initially intended to be a safety net for those who had not saved enough for retirement rather than a primary source of income? It wasn’t until the 1950s and 60s that Social Security became a major component of retirement planning for many Americans.
In this episode, Jeremy Keil speaks with financial advisor, Social Security educator, and Big Picture Retirement podcast host Devin Carroll about how you can get smarter about Social Security. Devin shares his thoughts about some needed Social Security updates and explains how to file for and get the best out of your Social Security by gathering all the factors and balancing them out instead of solving for one particular thing.
Devin discusses:
- Why Social Security needs to be updated soon, and what changes he hopes to see
- The pros and cons of Social Security calculators and how the addition of a longevity calculator can improve the accuracy of your results
- The importance of calculating your joint longevity when couples make decisions around Social Security
- How Social Security can help smooth the retirement ride and give a better experience
- And more
How To Get Smarter About Social SecuritySocial Security benefits have been a crucial component of retirement planning for Americans for decades. However, many people don’t fully understand how Social Security works or how to get the most out of their benefits. In this post, we’ll explore some key insights from a financial advisor and Social Security educator about how to get smarter about Social Security.
Why We Need Social Security UpdatesOne of the main topics covered in this discussion is the need for updates to the Social Security system. As the population ages and people live longer, Social Security will face increasing financial strain.
We need updated policies to strengthen the Social Security system and ensure its longevity. Devin Carroll suggests we will eventually see changes including increasing the full retirement age, raising the cap on taxable earnings, and adjusting the cost-of-living adjustment formula.
Should I Use A Social Security Calculator?Social Security calculators are a popular tool for individuals and couples to estimate their benefits. However, it’s important to understand the pros and cons of using these tools.
There are benefits of using Social Security calculators, such as being able to estimate your retirement benefits and explore different claiming strategies. However, these calculators can have limitations and may not be fully accurate.
A common mistake people make when planning for retirement is relying too heavily on online calculators. It’s important to remember that these calculators don’t take into account tax consequences or unexpected issues like early withdrawals. Sometimes, they can even be misleading; a slight change in life expectancy could entirely flip a recommended strategy. Instead, consider the big picture and how different elements like Social Security, investments, and taxes will work together to maximize your chances of a successful retirement.
Since the biggest factor in your Social Security decision is how long you’ll be getting the payments, we recommend using a longevity calculator, such as longevityillustrator.org in addition to a Social Security calculator to get a more accurate estimate of your retirement income needs.
The Importance of Joint Longevity in Social Security DecisionsFor married couples, Social Security decisions can have a significant impact on their retirement income. It’s important for couples to consider their joint longevity when making Social Security decisions. It’s not just about you, but the both of you, and especially the widow.
We emphasize the importance of calculating joint life expectancy when deciding when to claim Social Security benefits. You can do this with a longevity calculator like the one we mentioned above.
The decision of when to claim benefits should be based on the couple’s overall retirement income plan rather than just the individual’s needs.
Why Should I Take Social Security Earlier Than Expected?Social Security benefits can be an important source of retirement income and can help to smooth out the bumps in the road that retirees may face.
Social Security can help to provide a more stable retirement income, especially when financial challenges pop up down the road.
You will likely feel more comfortable spending your Social Security Income because you know it shows up every month, and taking that income doesn’t reduce your investment or bank account balances.
And remember, financial decisions such as taking Social Security are as much of an emotional decision as it is a financial one, so what looks perfect on paper might not be the right decision for you.
Why Should I Take Social Security Later Than Expected? What are two of the top worries retirees have with their money? Running out of it and not keeping up with inflation.
Social Security is probably the only income source you have that is guaranteed not to run out AND grows with inflation every year. Wouldn’t you want more of that? If so, the best way to get more income that grows with inflation and lasts the rest of your life is to wait on filing for Social Security and letting it grow at roughly 8 %/year.
This is especially important for the higher Social Security benefit in a couple as it’s the higher benefit that sticks around the longest and is the one paying the widow(er) for the rest of his or her life.
Our Final ThoughtsIn conclusion, getting smarter about Social Security is an important part of retirement planning.
By understanding the need for updates to the system, the pros and cons of Social Security calculators, the importance of joint longevity, and the benefits of Social Security as a retirement income source, individuals and couples can make more informed decisions about their retirement plans.
With the right knowledge and tools, you can maximize your Social Security benefits and enjoy a more secure retirement.
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To learn more about Social Security, check out the resources below!
If you have any questions, please contact us or our guest, Devin Carroll, using the contact information provided below!
Resources:* Retirement Revealed episodes and blog posts about Social Security * LongevityIllustrator.org * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Devin Carroll:* Social Security Intelligence * Big Picture Retirement * YouTube: @DevinCarroll * LinkedIn: Devin Carroll
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Devin Carroll is a financial planner with over 18 years of experience, and founder of Carroll Advisory Group. While many know him as a Social Security expert, he believes he’s still just a student of the topic. Devin loves sharing his learnings through his Social Security Intelligence blog and YouTube channel. When he’s not busy, he enjoys spending time outdoors with his family and finding any excuse to hop on his tractor.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for When Should You File For Social Security?
Summary:[131] – When should you file for social security? Most people think they should start taking social security payments as soon as they retire, but that misconception can lead to losing hundreds of thousands of dollars over their lifetime!
In this episode, Jeremy Keil talks about the most common mistakes he sees people make with social security. He addresses what most people get wrong about social security – when you should file for it – and explains how you can avoid those mistakes and maximize your social security benefits over your lifetime.
Jeremy discusses:
- The importance of longevity in determining when you should start taking Social Security
- The biggest misunderstanding people have between their social security date and retirement date
- The 3 things to keep in mind when determining your longevity and finding the best time to file for social security
- Why couples need to consider their longevity together, not just as individuals
- And more
When Should You File For Social Security?Social Security is an important source of income for many Americans during their retirement years. However, deciding when to file for Social Security benefits can be a complicated decision that depends on several factors. In this post, we will explore some of the key considerations that can help you determine when to file for Social Security.
How To Determine Your LongevityWhen deciding when to file for Social Security, one important factor is your health and expected longevity.
It’s important to consider the joint life expectancy rather than just the life expectancy of each individual spouse. The joint life expectancy is the average length of time that one or both spouses will live, and it’s important because Social Security benefits are designed to provide financial support for both spouses throughout their lifetimes.
Determining your longevity is easier than you may think! There are resources available like longevityillustrator.org to help you calculate your life expectancy and ssa.gov to get your own personalized Social Security estimate.
What’s Best For Your Financial NeedsYour financial needs are another important consideration when deciding when to file for Social Security benefits.
Many people make the mistake of deciding when to take their social security benefits based their political beliefs or how they feel about the government, and without running the math of their benefits or properly estimating their longevity. Instead, make sure you take the time to do the math and make your decision based on what’s best for your financial needs instead.
If you need income immediately to cover basic living expenses, you may want to file for benefits as soon as possible, even if it means a lower monthly benefit. However, if you have other sources of income or savings that can cover your expenses, waiting to file for benefits can help you maximize your monthly benefit.
The Different Considerations For CouplesIf you are married, it’s also important to consider your spouse’s needs when deciding when to file for Social Security benefits. Make sure you include your spouse’s longevity estimate and social security estimates in your calculations instead of just your own because this decision affects both of you.
Spousal benefits can provide a significant boost to your overall social security income, so it’s important not to overlook them when considering your options.
If you file for benefits early, your spouse may be eligible for a reduced spousal benefit. Additionally, if your spouse passes away before you, you may be eligible to receive survivor benefits, which can be a substantial source of income during a difficult time.
It’s important to understand the decisions you make when married affect the widow down the road and are probably the most important decisions to make around Social Security.
Seek Professional AdviceUltimately, the decision about when to file for Social Security will depend on your individual circumstances, and there may be factors that are unique to your situation. Consider seeking professional advice from a financial advisor or retirement planner to help you make an informed decision.
By keeping these tips and considerations in mind, you can make a more informed decision about when to file for Social Security, and ensure that you maximize your benefits and overall financial well-being in retirement.
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To learn more about when you should file for social security, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* How To Fix America: Social Security * Longevityillustrator.org * SSA.gov * Get What’s Yours – Revised & Updated: The Secrets to Maxing Out Your Social Security * Kiplinger: What’s Your Strategy for Maximizing Your Social Security Benefits? * SSA Checklist for Online Medicare, Retirement, & Spouses Application * Form SSA-10 | Information You Need to Apply for Widow’s, Widower’s or Surviving Divorced Spouse’s Benefits * SSA Retirement Ready Fact Sheet For Workers 18-48 * SSA Retirement Ready Fact Sheet For Workers 49-60 * SSA Retirement Ready Fact Sheet For Workers 61-69 * SSA Retirement Ready Fact Sheet For Workers 70 And Up * SSA Publications: SSA.gov/pubs * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How Do You Know When It’s Spiritually Time To Retire?.
Summary:[130] – Are you excited to retire, or are you a little reluctant? Whatever your stance is, you shouldn’t retire until you’re both financially and mentally ready.
In this episode, Jeremy Keil speaks with Steve Lopez, best-selling author and Los Angeles Times columnist, about how to answer the question, “When should I retire?”. Steve shares examples from this book, Independence Day: What I Learned About Retirement from Some Who’ve Done It and Some Who Never Will, and the individuals he interviewed when writing it.
Steve discusses:
- Why what you do is such a big part of your identity
- His pros and cons list to retirement
- The importance of going where life is and doing whatever provides fulfillment
- The various huge life adjustments that come along with retirement
- And more
How Do You Know When It’s Time To Retire?We talk about the various ways you can prepare to retire financially throughout our podcast episodes and blog posts, but you also have to be mentally ready to enjoy retirement. Read on to learn how identity, pros and cons of retirement, fulfillment, and big life changes all contribute to being ready for retirement.
Renew Your IdentityMany people identify with what they do for a living.
If a nurse, bank teller, police officer, teacher, author, psychologist, etc., retire, they lose their title and need to find a new identity.
So, after 50 years of working in your field, who will you be? Having a clear idea of who you are and what you want to do when you retire is crucial if you decide to leave your profession.
Steve Lopez, a best-selling author and Los Angeles Times columnist, shared the same anxiety about who he would be and what he would do if he stopped writing and retired. His hesitancy led him to interview a variety of people who were either hesitant to retire, ready to retire, or already retired. Based on what he discovered, he wrote a book about determining if you’re prepared to retire called Independence Day: What I Learned About Retirement from Some Who’ve Done It and Some Who Never Will.
Create A Pro & Con ListA lot of people might begin with a pros and cons list of retiring to determine whether they’re ready to retire or not.
Considerations about why you should retire include:
- You’ve worked long enough already
- Being young enough to do the things you want to do when you retire
- Not having to deal with deadlines or stress from work
Following this list is a list of considerations for why you shouldn’t retire:
- If you enjoy working
- If you’re not yet financially stable and ready
- If you feel like you should retire only because you you hit a certain age that society says you should retire
The most impactful summary of the retirement decision Steve shared with us is from a pen pal he met at a Los Angeles retirement community who said to get out while you can and do things while you’re young enough and healthy enough to enjoy them.
So if you have a bucket list for retirement, don’t let a pros and cons list hold you back from being able to experience and enjoy your retirement, but it’s a good place to start when you’re making your decision.
Seek Fulfillment, Not Just HappinessAlong with the pros and cons list, an important thing to consider when you decide if you’re ready to retire is fulfillment.
When you retire, where will you get your fulfillment?
For many, their career gives them a source of fulfillment, for others, their family does. Whether it’s a hobby, your family, or your job, you need to identify what makes you feel fulfilled before you retire to help ensure you have an enjoyable retirement.
If you have an idea of what you think you want to do when you retire, but aren’t sure if it will give you the same satisfaction as you have right now, the best option is to have a test run.
If you can sample the dream, you might find that it’s exactly what you want to do when you retire and help confirm your decision, or you might discover that it’s not what you thought it would be like. In that case, it gives you a little time to tweak and change your plans before you dive into being fully retired.
Retirement Is A Series Of Big Life ChangesWhenever you retire, everything changes, including your relationship with friends, colleagues, and your family who will get to spend more time with you than they ever did before.
These adjustments can be difficult for a lot of people. You might be ready to retire but your spouse might not be ready for that change, so you’ll have to figure out what to do with your newly-found time.
Another significant change many people struggle with is the shift from being a saver to becoming a spender.
A common source of anxiety about spending the money they saved their entire lives is not knowing if it will last them throughout their retirement.
There are many variables that can affect this, such as your life expectancy, medical expenses, and how you spend your money in your retirement plan. If you’re worried about calculating an accurate life expectancy for your retirement plan, check out our episode The Biggest Risks To Your Retirement (Part 1): Longevity.
Speaking with a financial advisor and building a secure retirement plan can help ease these anxieties and make your transition from a saver to a spender a smoother one.
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To learn more about retirement, check out the resources below!
If you have any questions, feel free to contact us or our guest, Steve Lopez, using the contact information provided below!
Resources:* Independence Day: What I Learned About Retirement from Some Who’ve Done It and Some Who Never Will * The Biggest Risks To Your Retirement (Part 1): Longevity * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Steve Lopez:* Steve.Lopez@latimes.com * Twitter: Steve Lopez * Facebook: Steve Lopez
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Steve Lopez is a Los Angeles Times columnist, four-time Pulitzer Prize finalist and best-selling author. He has been a columnist for Time magazine, the Philadelphia Inquirer, San Jose Mercury News and Oakland Tribune, after beginning his career in 1975 as a sportswriter. He is the winner of more than a dozen national journalism awards, including the H.L. Mencken, Ernie Pyle and Mike Royko awards.
Lopez has written three novels and a best-selling non-fiction book, The Soloist, a New York Times bestseller and winner of the PEN USA Award for Literary non-fiction. The book was the subject of a Dreamworks movie by the same name. His latest book, Independence Day: What I Learned About Retirement, from Some Who’ve Done It And Some Who Never Will, is scheduled for publication in September.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Overcome Financial Fear And Perfectionism To Live A Life Of Financial Wellness.
Summary:[129] – Financial wellness can seem elusive, with many hurdles to overcome, but today we’re tackling two major obstacles that often stand in the way of women’s financial success: fear and perfectionism. These barriers prevent women of all ages from feeling confident in their financial decision-making and can limit their ability to achieve financial wellness.
In this episode, Jeremy Keil and Brooke Napiwocki talk about financial wellness for women. From Be Financially Well’s female-focused workshops to the five key elements of financial wellness (beliefs, behavior, worth, wealth, and purpose), Brooke provides actionable insights and strategies for women of all ages. Brooke shares a wealth of information and resources to help women overcome these challenges and live fulfilling financial lives. Learn how to overcome fear and perfectionism, navigate retirement planning hurdles, and more in this educational discussion.
Brooke discusses:
- What prompted Be Financially Well’s female-focused workshops and how they work
- The 5 elements of financial wellness: beliefs, behavior, worth, wealth, and purpose
- How fear and perfectionism prevent women of all ages from being financially confident
- What the biggest hurdles are that women face going into retirement
- And more
How To Overcome Financial Fear And Perfectionism To Live A Life Of Financial WellnessMany women have feelings of fear and anxiety when it comes to money. It is important that women work on these feelings so they can feel confident in the financial world. Below are some tips on how women can start growing their confidence so they can live a life of financial wellness.
Be Aware of Feelings Around MoneyThere can be a lot of feelings around money that we try to ignore. Whether it’s the feeling of fear or anxiety, it is important to be aware of the kind of feelings you’re having when it comes to money so that you can work on them.
Start your Financial Education YoungIt can be scary if you are usually dependent on someone else to take care of your finances and that person one day isn’t there to help you. This is why it is important to expose yourself to handling your finances as soon as possible.
Starting young will be beneficial over time. You will be able to gain confidence in yourself in the world of finance and continue growing to ensure you are able to live a life of financial wellness.
If you have children, consider exposing them to money at a young age by bringing them along with you on your financial errands and allowing them to practice it when there’s a chance. Have that conversation with them that will prepare them for the future.
Be Aware of How Time, Fear, and Perfectionism Can Harm Your Financial ConfidenceTime, fear, and perfectionism can prevent people, especially women, from feeling fully confident when dealing with their finances. There is a confidence gap when it comes to men and women. Women tend to have perfectionist tendencies where if they feel that they would not be good at it or they won’t know all the answers, then they feel like they are unable to move forward.
When it comes to time, it is important to remember that your time needs to be used wisely. Prioritizing yourself is necessary to grow over time and prepare for the future.
If you constantly have a fear of making mistakes, it will hold you back from achieving something that could be greatly beneficial. Try to take risks and reach your full potential.
Perfectionism is something that is unachievable. It is important to be cautious and educated, but try to take some action along the way. Try to push through it and be brave.
Get involved and speak to financial advisors to get advice to help you along the way.
Don’t be afraid of retirement!Working with professionals can help with the anxiety leading up to retirement. The best way to get through this fear is to work through it, evaluate the situation, and create a plan.
Statistically, women tend to live longer, so they need to be involved in financial decision-making in a relationship. It is essential that both spouses are involved. Talk to your spouse about planning for healthcare and long-term care, as well as any other potential retirement planning needs.
Try thinking about what you need to know if your partner is no longer there to manage the finances. Communicate your concerns and work through them as a team to make sure you are prepared.
It is essential that women take the time to overcome the fear of finances. As scary as it is stepping into something so big and important, women need to focus on themselves to grow their confidence in the financial world so that they can live a knowledgeable and confident life.
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To learn more about overcoming financial fear, check out the resources below!
If you have any questions, feel free to contact us or our guest, Brooke Napiwocki, using the contact information provided below!
Resources:* Federal Reserve Bank of Minneapolis: Gender and Financial Literacy * TEMPO Talks: Reimagining Retirement * TEMPO Milwaukee * Investopedia: What Is a Bull Market, and How Can Investors Benefit From One? * The Upgrade: How the Female Brain Gets Stronger and Better in Midlife and Beyond by Louann Brizendine * How to Stay Financially Fit as You Grow Older With Barbara Micheletti, MS, Gerontologist * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Brooke Napiwocki:* Be Financially Well * Pegasus Partners * LinkedIn: Brooke Napiwocki
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Brooke Napiwocki, Wealth Advisor at Pegasus Partners, specializes in couple-friendly planning, education funding, post-divorce financial strategy, and values-based planning for mid-to-late career professional women and couples. She also founded Be Financially Well, LLC. Previously, Brooke worked for eight years in wealth management and eleven years in commercial banking with business owners, non-profits, and large institutions as a Senior Vice President/Director of Commercial Banking.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Recreate Your Sense Of Purpose After A Major Life Change.
Summary:[128] – Retirement is undoubtedly one of the most significant life changes we’ll ever face – a transition that requires careful planning, introspection, and the willingness to adapt to new circumstances.
In this episode, Jeremy Keil speaks with Molly Bloom about her story of resilience, personal growth and agency. Molly offers a glimpse into her experience of rebuilding her life’s purpose after a significant life-altering event and shares invaluable advice on how to apply these lessons to navigate the changes retirement may bring. Tune in to discover how you too can embrace your agency and cultivate the mindset needed to overcome challenges and create a fulfilling retirement.
Molly discusses:
- The transformative power of agency and how it can help us seize control of our lives
- The importance of meditation in reclaiming our identity after major life changes
- How meditation can help you align your mind with your values
- Why celebrities are just ordinary people
- What the retirement bill about superannuation means and why she supports it
- And more
How To Recreate Your Sense Of Purpose After A Major Life ChangeFocus on Agency to Gain ControlAgency is the ability to make choices and decisions that can shape your life. It is related to the idea of control, which is the belief you can influence the outcome of events in your life. Together, agency and control are important to understand because they play a critical role in shaping our psychological and emotional well-being when going through a major life change, such as retirement.
When someone feels that they have agency and control over their life, they are more likely to feel confident, capable, and self-assured. This makes coping with stress, handling setbacks and pursuing goals more attainable.
On the other hand, when someone feels that they lack agency and control, they are more likely to experience feelings of helplessness, hopelessness, and anxiety. They may feel trapped by their circumstances and unable to create meaningful change in their lives. This can lead to feelings of depression, low self-esteem, and a sense of being overwhelmed by the demands of everyday life.
Understanding agency and control is therefore crucial for anyone seeking to recreate their sense of purpose.
Help Others To Be Seen, Heard and RememberedIn the book and movie, Molly’s Game, Molly Bloom discusses her experiences with celebrities and famous individuals. In these experiences, she used agency and control to align how she reacted to the big life changes she encountered with her values.
In doing so, she learned that we should reframe our thinking from “what can I get out of this” to “what can I give” instead.
By looking at what you can give and how you can become authentically incentivized by providing people with a great experience and helping them feel taken care of, you make them feel seen, heard and remembered. This leads to great connections and people who will genuinely want to help you when you need it instead of a connection where people feel like you are after what they have.
Reframing our mindset from what you can get to what you can give will shift your focus onto your core values and who you are as a person, making you strive to be your best self for others.
Regain The Identity You ChooseIn today’s fast-paced world, many of us struggle with feeling disconnected from our true selves. We may find ourselves caught up in the demands of work, family, and other obligations, leaving us feeling overwhelmed and disconnected from our identity or sense of who we are.
Molly Bloom says the first step to regaining your sense of identity, agency and control is through practicing meditation. She recommends the work of neuroscientist Sara Lazar, Ph.D. who has conducted extensive research on the effects of meditation on the brain. To hear Sara Lazar’s work, see her TEDx Cambridge 2011.
Meditation can be a powerful tool for regaining our sense of identity and reconnecting with our core values. Sara Lazar’s studies have shown that regular meditation practice can lead to changes in brain structure and function that are associated with improved attention, emotion regulation, and empathy. These changes can help us to become more aware of our thoughts and feelings, and to respond to them in ways that are consistent with our values and goals.
By learning to cultivate a more mindful, compassionate, and self-aware approach to life, we can regain our sense of identity and begin to live more fully and authentically.
___________________________________________________________________________
To learn more about agency and a sense of purpose with Molly Bloom, and how you can apply her lesson of agency to retirement, check out the resources below!
If you have any questions, feel free to contact us or our guest, Molly Bloom, using the contact information provided below!
Resources:* Molly’s Game on IMDb * Molly’s Game by Molly Bloom * How Meditation Can Reshape Our Brains: Sara Lazar at TEDxCambridge 2011 * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Molly Bloom:* Twitter: Molly Bloom * Instagram: Molly Bloom
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Molly Bloom is a best-selling author, entrepreneur, and inspirational speaker. She gained international notoriety in the world of high-stakes underground poker, running exclusive games for celebrities and business moguls. Her memoir, “Molly’s Game,” was adapted into a hit movie in 2017. Since then, Molly has become a sought-after speaker, sharing her story of resilience, personal growth, and agency with audiences around the world. She’s also a passionate advocate for mental health and wellness, encouraging others to prioritize self-care and mindfulness.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How to Stay Financially Fit as You Grow Older.
Summary:[127] – Understanding how to make the most of whatever resources are available to you as you age and how to plan for the future can be daunting.
But it doesn’t have to be.
In this episode, Jeremy Keil speaks with Barbara Micheletti, MS, Gerontologist, about aging and money to help you prepare in advance for the inevitable age-related money issues. Barbara shares how she got to where she is today in her career and covers three of the most important subjects from her Aging and Money Blueprint Operating Program.
Barbara discusses:
- What a gerontologist does
- How to avoid becoming a bag lady
- The best way to avoid getting scammed as you get older
- The top ways to stay healthy and active as you age
- And more
Aging And MoneyWhat A Gerontologist Is And DoesA gerontologist specializes in aging adults. They are not medical doctors. They are trained on the biological, physiological, psychological, social, and cultural aspects of aging.
Gerontologists can also provide support in areas such as advocacy for elderly rights, financial planning and end-of-life decisions. Ultimately, their aim is to help aging adults live life to the fullest and remain independent for as long as possible.
The Number 1 Way To Avoid Becoming A ‘Bag Lady’As everyone ages, the likelihood of developing chronic diseases such as diabetes, hyperactive thyroid, hypoactive thyroid, blood pressure issues, etc., increases. Because women tend to live longer, they are often worried about becoming a ‘bag lady’ where they spent so much on their husband’s medical costs they don’t have much left to support themselves when they are a widow.
The number one way to avoid being financially destitute is to work with financial professionals. Barbara Micheletti believes it is of the utmost importance that women work with solid financial professionals because their financial future in many ways depends on it.
A retirement planner or financial planner can offer comprehensive financial planning, keep you invested in the stock market and interested and actively involved asking questions, and take stock annually of what is happening financially and physically in your life so you stay self-aware of your aging. Additionally, an insurance agent who offers long-term care, disability, and life insurance products can help you stay on top of your aging care needs.
Working with a financial professional to take care of your aging financial needs is like a professional golfer having a caddy to help with their game. You can do it yourself, but having professional help not only makes it easier but reduces the burden of worrying about it and provides you with some assurance that your finances are taken care of.
The Number 1 Way To Avoid Scams As You Get OlderA surprising statistic about scams is that men are fraud victims more often than women. Nonetheless, everyone is a potential victim of fraud.
According to the Federal Trade Commission, people aged 30 to 39 and 60 to 69 are among the most vulnerable to losing money to fraud, but those aged 80 and up lose the greatest amount of money to scams and fraudulent activity, on average.
So, we become more vulnerable to losing more money to scams the older we get. The number one way to avoid getting scammed as you get older is to question everything.
A lot of times, scammers act as authority figures like financial professionals, government officials, and even your family. So question everything and work with a financial professional who you trust because they can be a trusted second set of eyes and ears to help you identify a scam.
The Number 1 Way To Stay Healthy And Active As You AgeThe last of the top 3 issues is declining cognitive and physical health as we age.
The best way to prepare for and prevent age-related cognitive and physical decline is by staying healthy and active!
All our brains are slowing down, so in order to keep sharp, Barbara recommends any type of activity that connects both the mind and the body. So any physical activity that also challenges you mentally is your ideal exercise.
In Barbara’s research, she found that martial arts including Qi Gong, Tai Chi are very beneficial, and especially Brazilian jiu-jitsu which is really a form of “human chess” and a sport where you’re engaging in physical activity and a mental challenge, simultaneously.
If martial arts isn’t your thing, don’t fret! Any type of mind-body connection is optimal. It’s also important to include weight lifting in your exercise plan as you age to help prevent the loss of muscle mass and maintain your mobility.
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To learn more about aging and money, check out the resources below!
If you have any questions, feel free to contact us or our guest, Barbara Micheletti, using the contact information provided below!
Resources:* Aging and Money Blueprint Operating Program * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Barbara Micheletti:* barbara@interruptingaging.com * 480-416-6431 * Interrupting Aging * Facebook: Interrupting Aging * Facebook: Barbara Micheletti * LinkedIn: Barbara Micheletti * Instagram: @Interrupting_aging
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Barbara Micheletti, MS, Gerontologist is a 25 year Gerontologist consultant with 13 years of experience as a former award-winning insurance agency owner and business advisor along with being trained as a financial planner. Barb is on a mission to change the way financial planners, insurance professionals, and senior-focused industry leaders engage with their aging clientele in a rapidly aging society. She is the go-to expert for leaders and professionals in learning how to become an aging specialist and apply those skills to both current and future clients in an aging society.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Your 5 Step Gameplan to Lower Your Lifetime Taxes.
Summary:[126] – Everyone has to pay taxes, but only some know how to minimize their lifetime tax bill.
In this episode, Jeremy Keil is interviewed by Brian Haney about tax preparation vs tax planning. Jeremy explains the five steps everyone needs to take each and every year to lower their lifetime taxes.
Jeremy discusses:
- A high-level comparison of tax preparation vs. true tax planning
- The importance of marginal rates in tax planning
- How to lower your taxes over your lifetime in 5 steps
- What some of the common tax planning mistakes are
- And more
Your 5 Step Gameplan to Lower Your Lifetime TaxesThe number one rule to tax planning is to push your taxes away in a year when your tax rate is higher and pay taxes when your rate is lower. It sounds simple, but it’s easier said than done. Below are 5 steps to help you do that every year and lower your lifetime taxes.
Step 1: Get A Draft Tax Return Before Its FiledThe first step to lower your lifetime taxes is to get a draft tax return before it’s filed.
When you go to your tax preparer, they usually give you your final tax return and ask you to sign on the bottom line. They should wait until they have your signature, but sometimes they don’t. Sometimes they have already filed your tax return electronically, even though they shouldn’t have.
Get a draft of your return before it’s filed because there might be a mistake, and that draft tax return will allow you and your financial advisor to review it and correct any possible errors before it’s filed.
Step 2: Review With Tax Preparer What You Could Do To Make Differences To Last Tax YearGetting a draft of your tax return will trigger you to go to step number 2: reviewing your drafted tax return with your tax preparer.
With the draft of your return, you and your tax preparer can see what you can do to affect last years’ tax return, such as a Traditional or Roth IRA or HSA contribution.
Step 3: What Can We Do To Make A Difference This Year?After reviewing your draft tax return with your tax preparer to see what you can adjust for last year in step 2, step 3 is determining what you can do to make a difference on your tax return for this current year.
When you file last year’s tax return, it’s still early in the spring. You’ve got the rest of the year where you can make choices that will affect your taxes regarding your investments, Roth accounts, and charitable deductions, to name a few.
You can decide and plan out your year as you still have a lot of control over the current year because you haven’t done anything to affect your taxes for the year yet.
So, you want to look at what you need to do throughout the year to make a difference for this tax year in the springtime.
Step 4: Before The End Of This Tax Year Project Your Current Tax Years ReturnStep 4 is another review later in the year, around October or November.
Reviewing last year’s tax return again lets you project out what it would look like this year.
For example, if you made $100,000 in salary last year, you can look at your pay over the past 10 months or so and project out to see how close you’ll be to last year’s return or what differences you might have.
This comparison allows you to make choices about the next few months before your return has to be finalized and filed, allowing you to see opportunities to lower your tax bill, such as 401(k) or charitable contributions.
Step 5: Control What You Can, Protect What You Can’tThe final step, step number 5, is to control what you can and protect what you can’t control.
You have much more control over your tax situation than you think, especially in retirement. Put your focus on the first four steps of the plan to reduce your taxes, and spend less time worrying about the stock market, interest rates, or who the next president will be. When you can control your tax situation, take control, spend more time reviewing and going through the plan to lower your taxes.
Spend time controlling your own tax situation because you have that control and the ability to calculate how much it will save you over the next few years or over your lifetime.
___________________________________________________________________________
To learn more about tax planning, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* Don’t just do tax prep… do tax planning! – The Haney Guy Podcast * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy * Retirement Revealed YouTube Channel
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for 5 Money Decisions To Make Or Break Your Money Dependence.
Summary:[125] – Where do you sit on the scale of financial dependence?
In this episode, Jeremy Keil speaks with David Sandhu about money dependence. Specifically, David shares 5 money decisions to make or break your money dependence. He goes over stewardship, generosity, faith, contentment, and wisdom with a biblical perspective and details how these concepts lead to 5 important decisions everyone needs to make about their finances.
David discusses:
- Why we should think about stewarding our money instead of owning our money
- How being generous gives us more than greed does
- How to demonstrate your faith in the way that you handle your finances
- Why “enough” is difficult to determine when it comes to finances
- Whether God’s wisdom is available and relevant to your financial situation
- And more
5 Money Decisions To Make Or Break Your Money DependenceStewardship and OwnershipChristians believe we don’t own our money, but God does. It’s our job to act as a steward, not an owner. David Sandhu says stewardship is one of the key concepts for money dependence out of Jesus’s teachings.
In one story, Jesus talks about three servants who each received a different amount of money to take care of from their master. Three stewards, and each received a different amount. The stewards are essentially responsible for growing money. When the master in the story, we see that two of the servants invested the money and returned more than they were given, but the third servant buried the money and did nothing with it.
The lesson learned from this story is that you’re not measured by what you have (or accumulated) but by what you do with what you’re given.
Generosity And GreedNext on David’s list are generosity and greed. He paraphrases Paul and says that it is more blessed to give than it is to receive.
It makes us happier to give than receive; we often get more out of giving to others than keeping things for ourselves.
This concept also relates to the abundance and scarcity mindsets, where greed is something people can see and don’t necessarily find good in others. People will sometimes dismiss or hide their own greed, but don’t find it to be a good characteristic of others.
It’s easy to continue to want more than what you have, especially when saving for retirement, but there’s a lot more good that can come out of being generous with an abundance mindset.
When we loosen our grip from greed, we open our hands to more possibilities to give and sometimes we even get a benefit from that generosity!
FaithYou’ve probably read this subheading and asked, “what does my faith have to do with my finances?”
David believes his faith in God can be demonstrated through how he handles his finances.
Think of the quote “where your treasure is, there your heart will be also.” This quote can be read almost both ways – if you want to know what you truly treasure in life then check your bank account and you’ll see the evidence!
At the same time, the things you spend money on (perhaps a car, or kids sports, or your charitable donations) become the things you treasure.
Sometimes the actions follow the thoughts; other times your thoughts follow your actions!
Discontentment or ContentmentContentment is a difficult one for many of us. We often struggle with knowing what’s enough.
Do you believe what God has given you right now is enough? This goes hand-in-hand with greed, but are you building and collecting more just for the sake of having more, just because you can?
A lot of us have “just one more” syndrome where we never really feel or believe that what we have is enough for us because we constantly compare ourselves to others.
Stop comparing yourself to others.
There are a lot of surveys about how much people think they need for retirement, and the answer is almost universally “25% more than I have.”
The next time you reach your retirement finance goal and think “oh, just a little bit more to be safe won’t hurt.” take a step back and assess whether you’re looking for more out of contentment or need.
The concept of contentment is mentioned in Randy Alcorn’s book, Money, Possessions and Eternity. For more information and guidance about contentment, we recommend reading that book.
WisdomBiblical wisdom is our fifth money decision concept.
Counterculturally, David was part of the Financial Independence, Retire Early (FIRE) movement for a little over a decade. He was ready to retire early and was super happy up until his father passed away, when David re-evaluated his life.
He wanted to figure out “is it financial independence that I’m seeking, or is it financial contentment?”
David emphasizes, when you are studying financial contentment, you have to understand who is defining contentment for you. And that, for him, came out of the Bible, where this fifth question came from, “do I believe that God’s wisdom is available and relevant to my financial situation?”
He shares the story of Daniel, where Daniel is brought in front of a King and was asked to eat luxurious food and wine, but declined and stuck to his vegetables and water. David stuck to his convictions as he didn’t want to be bribed into following what the king wanted him to do. The king was impressed with David’s commitment and eventually said to him, king said you’re 10 times wiser than my council.
This story stuck with David because Daniel, who rejected the world’s view on what was important, embraced God’s view on what was important. David emphasizes what a powerful story that is to him because when he thinks about his finances, how he wants to save, give, invest and manage God’s resources, he knows all of the truths that he needs can be found in the Bible.
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To learn more about money dependence, check out the resources below!
If you have any questions, feel free to contact us or our guest, David Sandhu, using the contact information provided below!
Resources:* More Than Money Facebook Group * The More Than Money Podcast: Episode 115 | 8 Important 401(k) Questions Answered | Guest: Jeremy Keil * Money, Possessions and Eternity by Randy Alcorn * More of Randy Alcorn’s Books * FinCon * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With David Sandhu:* Faith-Driven Financial Planning * Youtube: Faith Driven Financial Planning with David Sandhu * LinkedIn: David Sandhu * Book a call with David
Connect With Jeremy Keil:* Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy * Retirement Revealed YouTube Channel
About Our Guest:David loves helping Christians understand the true purpose of their money and become better stewards of the wealth God has given them.
After spending over a decade as a rocket scientist, the unexpected happened, David’s father passed away. Being the money nerd of the family, he walked his mom through tough financial conversations. Helping her develop a plan sparked a passion in David to help others. He started teaching at Financial Peace University in his community while still working full-time as an engineer. Through that time, he learned about Biblically Responsible Investing and felt called to help Christians understand how to honor God with their wealth, through Biblically Responsible Investing.
David runs his firm by following the principle found in 1 Timothy 6:17-19. He endeavors to help Christians find financial freedom and “true life” by encouraging others to “do good, be rich in good deeds, be generous and willing to share.”
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Generic Risk disclosure
This material is provided for informational purposes only and is not solely intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The views and strategies described may not be suitable for all investors. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Advisory services through Thrivent Advisor Network, LLC.
Forward Looking Statements
This communication may include forward looking statements. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates, ”projects,” “targets,” “forecasts,” “seeks,” “could’” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to differ materially.
Planning
The purpose of the report is to illustrate how accepted financial and estate planning principles may improve your current situation. The term “plan” or “planning,” when used within this report, does not imply that a recommendation has been made to implement one or more financial plans or make a particular investment. You should use this Report to help you focus on the factors that are most important to you. This Report does not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, you should consult appropriate professionals for advice that is specific to your situation.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How to Talk with Your Spouse About Money.
Summary:[124] – Money is often the source of friction in relationships.
In this episode, Jeremy Keil speaks with Art Rainer and Sarah Rainer about their work helping couples get on the same page about their finances and align their goals together. Together, they discuss how couples can decide on their financial goals by thinking about their short-term and long-term goals.
Art and Sarah discuss:
- What it means to give generously, save wisely and live appropriately
- How to come to and agree on your financial goal as a couple
- Why telling your money story is important for couples who have a financial and non-financial partner dynamic
- What couples can do to get the money conversation going correctly
- Why non-financial partners need to take a stand and be part of the discussion around finances, and how they can do so
- And more
How to Talk with Your Spouse About MoneyGive Generously, Save Wisely, and Live AppropriatelyWhen it comes to talking about finances, the goals to give generously, save wisely, and live appropriately are three areas that can cause a lot of discourse between couples.
If you or your partner are generally generous people, then giving generously is an excellent place to begin. Having a giving heart is important in both finances and relationships.
Obviously, saving wisely is a good idea. Everyone wants to save wisely, especially when planning for their future.
Living appropriately means managing your resources in a way that takes care of your needs but also leverages those resources to help others.
Agreeing On A Financial GoalNot every couple has the same financial goals in common. Not everyone wants to achieve the same goal, but that doesn’t have to cause discourse.
Arguments around goal setting are usually caused by a lack of communication and understanding of your partner’s goals and their money story.
To come to an agreement, couples need to think both short-term and long-term to help them decide what their overall goal is. Asking each other where we want to see ourselves in 5, 10, and even 50 years from now and how can we prioritize our money to meet those milestones along the way is a great starting point to figure out what money means to you, where you want to go with it, and ultimately get the conversation started.
Everyone’s financial goals are different because we all have different money stories and personalities. Your money story is your experience with money while growing up. Our experiences with money can have a profound impact on how we view our finances.
To learn more about talking about your money story with your partner, check out Art Rainer’s book, The Marriage Challenge, which takes you on a journey to a financially healthy marriage.
The Financial and Non-Financial Partner DynamicThe financial and non-financial partner dynamics are often related to the different money stories and money personalities in many couples.
While this dynamic is common and normal, if one partner is completely excluded from the financial conversation, it’s not healthy. Both partners need to participate in setting their financial goals as a couple and in continuing the conversation.
This difference between partners can often be related to the difference in their financial experiences while growing up. Their goals, what they think about money, and also how interested they are in the subject matter can differ largely. What’s important is starting the conversation.
Starting The Conversation About FinancesHow can you start the conversation without turning it into an argument with your partner?
If your finances are a hot-button topic in your relationship, you and your partner should create separate lists of your financial goals that you will share together. Take time to review your list with each other and talk over its importance.
Think about your financial goals and where you see yourself in 5, 10, and 50 years from now, then come back and share your lists to begin the conversation, as we suggested above. Taking the time to think about it separately before starting the conversation and understanding that you may not agree on each other’s goals can reduce the chance that the conversation will turn into an argument and help you understand each other’s “why.”
Making Sure Everyone Is IncludedIf we jump back to the financial and non-financial partner dynamic, we said that both partners need to participate in their financial goals and financial discussions, but how can you make sure that the non-financial partner is included?
The financial spouse can help include their non-financial partner with encouragement, explaining things to them, and welcoming their participation in the conversation.
Non-financial spouses can stand up for themselves and speak up if they feel excluded. It starts with asking questions – if you’re a non-financial spouse, you need to ask questions and think about what would happen if your partner, who is currently taking care of the finances, passes away.
You should think about what you need to know if your partner isn’t there to manage your finances anymore, and that can be a great starting point for a conversation because your spouse will hopefully recognize your concern and respond in love by starting to include you more.
Think about if your financial spouse were to pass away. What would happen then? And let that drive the conversation.
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To learn more about how you can make money a rallying cry instead of an argument in your relationship, check out the resources below!
If you have any questions, feel free to contact us or our guests, Drs. Art and Sarah Rainer, using the contact information provided below!
Resources:* The Money Challenge by Art Rainer * The Marriage Challenge by Art Rainer * The More Than Money Podcast * The Parenting and Pennies with Drs. Art and Sarah Rainer Podcast * The Essential Emergency Binder * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Art Rainer:* ChristianMoneySolutions.com * ArtRainer.com * Facebook: More Than Money * Facebook: Art Rainer * LinkedIn: Art Rainer * Instagram: Art Rainer * Twitter: Art Rainer
Connect With Sarah Rainer:* RaleighKids.com * LinkedIn: Sarah Rainer
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guests:Dr. Sarah Rainer has her masters and doctorate degrees in Clinical Psychology. She specializes in child and adolescent mental health and development. Sarah desires to help parents and families seek healthy relationships by leaning into Christ and family discipleship. She is a self-proclaimed geek when it comes to viewing clinical research through a biblical worldview. Sarah also serves in leadership at her church for women’s discipleship, and enjoys discipling other women. She enjoys being a guest writer, speaker, and podcaster for different organizations.
She and her husband, Art, are partnering with ChristianParenting.org to host their new podcast, Parenting and Pennies.
Dr. Art Rainer is the author of The Money Challenge and the host of The More Than Money Podcast. He is on a mission to help men and women discover god’s design for them and their money. He has written several books and articles discussing debt elimination, savings, retirement, building wealth, and income to help people get to a place where they are living and giving generously.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
This communication may include forward looking statements. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could’” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How The Secure Act 2.0 Affects Retirement.
Summary:[123] – Out with the old and in with the new! The new Secure Act 2.0 promises to bring changes to tax and retirement plans for those aged 50 and above.
In this episode, Jeremy Keil speaks to fellow financial advisor Jeffrey Levine who wrote a comprehensive 12,000-word summary of the Act. Jeffrey shares the most noteworthy changes that are sure to have an impact on individuals nearing retirement age as well as those who are already retired.
Jeffrey discusses:
- Why Congress created and passed Secure Act 2.0
- How some changes in the Secure Act 2.0 affects those who are approaching and already in retirement
- What didn’t change from the original Secure Act 1.0 to 2.0
- And more
How The Secure Act 2.0 Affects RetirementWhy Is There A Secure Act 2.0?With the original Secure Act 1.0, Congress still saw that more needed to be done to preserve Americans’ ability to save for retirement.
There has been a decline in pension plans where individuals were not responsible for making sure they had enough of their own assets to fund their own retirement since the 70s, and the Secure Act 2.0 has implemented some changes towards starting to reverse that decline.
It still has a long way to go, but it’s a starting point for change, and has over 100 changes!
What Didn’t Change With Secure Act 2.0 A big one many people have asked about is the backdoor Roth IRA move, the ability for high earners to put money into a traditional IRA and then move it over to a Roth IRA. High earners can still do that.
The biggest thing that didn’t change is that the Secure Act 2.0 did not make the Secure Act any simpler.
Jeffrey Levine wrote a summary to help simplify the changes for other financial professionals and individuals alike. Some of the most important changes that were made are ones that can affect those who are 50 and up, and close to retirement or already in retirement.
These changes include changes to the required minimum distributions, qualified charitable distributions, and catch up contributions.
Changes to the Required Minimum Distribution (RMD) AgeThe way required minimum distributions (RMD) work now is if you started taking them before 2023, there is no change for you. However, if you turn 72, basically for the next decade starting this year, you actually don’t have to start your required minimum distributions until you are 73. Ultimately, those who were born in 1960 or later will see their RMD pushed back further to age 75.
With your RMD pushed back, it gives you more time to start paying taxes on your traditional IRA and 401k accounts while you’re in a lower tax bracket before your required minimum distribution deadline. It’s always better to minimize the impact of taxes on your assets for retirement.
Another change for required minimum distributions in the Secure Act 2.0 is a reduction of the 50% penalty if you miss an RMD.
The reduction might seem like a good thing, but it means the IRS will be less likely to forgive the penalty than they were previously because it’s not so egregious now. So, in the end, if you miss an RMD, you’re more likely to have to pay the penalty now that it’s smaller.
Qualified Charitable Distributions (Qcds) Can Still Start At 70 1/2A QCD, otherwise known as a qualified charitable distribution, is a special way for individuals who are 70 and a half or older to move money directly from their IRA to a charity.
Eventhough the RMD age is now higher at 72, 73 or 73 depending on when they were born, the age marker for a qualified charitable distribution is still 70 and a half.
This isn’t a big deal for people who do itemized deductions, but not many people are eligible for a benefit from doing itemized deductions.
If you make a qualified charitable distribution, it allows you to keep that income going to charity off your tax return all together and in many instances helps you have a lower tax liability.
Major Changes to Catch-up Contributions in Secure Act 2.0With the Secure Act 2.0, congress has made changes to catch up contributions for people with too high an income.
If your income is too high, you will have to use Roth accounts for catch up contributions beginning next year, in 2024. So, if your income is higher than $145,000, you won’t be able to make catch up contributions which are amounts you can put into a 401k, a 403b, or for individuals over 50, an IRA. Beginning next year, it will have to go to into Roth.
Additionally, there is a new catch up contribution limit beginning next year where individuals whoa re 60, 61, 62 or 63 years old will have an increased limit.
If you are 59 or 64, you won’t have an increased limit, but will still be able to make a regular catch up contribution.
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To learn more about the Secure Act 2.0, check out the resources below!
If you have any questions, feel free to contact us or our guest, Jeffrey Levine, using the contact information provided below!
Resources:* SECURE Act 2.0: Later RMDs, 529-To-Roth Rollovers, And Other Tax Planning Opportunities * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeffrey Levine:* Kitces.com * BPWAlliance.com * LinkedIn: Jeffrey Levine * Twitter: @CPAPlanner
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Jeffrey Levine’s mission is simple; to never stop learning and to help simplify the complex for others so that they can apply cutting-edge strategies designed to help families keep more of their hard-earned money. Jeffrey had the incredible opportunity to help educate thousands of financial advisors, CPAs, attorneys, and consumers on IRA, tax and estate planning strategies. He shares his passion for tax-efficient retirement planning at national conferences, with professional associations, at CPA continuing education programs, through web-based conferences, as well as at universities, colleges and other educational institutions. Jeffrey is also the CEO and Director of Financial Planning of BluePrint Wealth Alliance, a registered investment advisor. Through our unique Four Walls Planning Process™, Jeffrey helps deliver easy-to-understand, yet thorough analyses – aka “blueprints” – to help clients make sense of their investment, tax, estate, and risk management goals.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
This communication may include forward looking statements. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could’” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for The Questions You Need To Ask To Invest Successfully.
Summary:[122] – Are you new to investing? Don’t worry.
Investing doesn’t need to be complicated, and we have a checklist to help you.
In this episode, Jeremy Keil is joined by David Stein, the host of Money For The Rest Of Us, to talk about how you can invest on your own. Jeremy and David go over the questions you need to ask to invest successfully. Together they review David’s investing checklist and discuss his investing principles.
David discusses:
- Why he started his podcast and blog, Money For The Rest Of Us
- What his investing principles are for how to invest successfully
- Some of the questions in his investing checklist
- What the most common investment mistake is
- The difference between gambling and investing
- And more
How To Invest On Your OwnEvery successful investor needs to have a framework, but not everyone has one when they start out. That’s why we’re talking about David’s investment checklist to help beginner investors invest successfully.
The Most Common Investing Mistake – Not Knowing What You’re Investing InMost people make the mistake of chasing the newest and shiniest toys when investing. A lot of newer investors invest in whatever is doing well at the time and hits the news.
With limited experience and research on what they’re investing in, putting too much money into that investment is the most common mistake. To invest successfully, investors should understand what it is they’re investing in.
If you truly understand what you’re investing in, then you should be able to explain it to someone else.
Being able to answer simply what an investment is, is a good foundation for investing because it helps humble us and realize we might need to do a little more research to understand the investment.
Investing, Speculating, or Gambling?A lot of the time, people confuse investing with speculation and gambling.
The idea of investing is to do something with a positive expected return, such as purchasing a piece of real estate that will generate rental income.
Gambling is something with a negative expected return. If you go to Vegas, the house wins in Vegas if you’re there long enough. People gamble for entertainment, not to make money, because the odds are against them.
Speculation would be somewhere in between, where there’s some disagreement about whether the return will be positive or negative. For example, Gold or cryptocurrency would be speculation because they have to go up in price for you to make money because they don’t have any cash flow associated with them. So to invest successfully depends on individuals or institutions being willing to pay more for the asset where there’s speculation and disagreement on what it’s worth.
Who Is On The Other Side Of The Trade?Whenever you buy an investment, ask who is selling it to you.
When we buy stocks, the price is based on the consensus of investors, and typically it’s an institution selling it to us because they’re involved in it. So when we buy a stock, we are predicting the future price will increase, but that puts us against the sellers who might know information about the stock’s future price that we don’t.
Individual investors also trade against large institutions and often find themselves at a disadvantage. These institutions are typically heavily invested in resources, with hundreds of highly trained investors, and they frequently use ‘high-frequency trading’ to gain an edge. High-frequency traders rely on having the fastest computers available and positioning them as close to the stock exchanges as possible so their trades can be made even faster.
We should avoid relying on accurately predicting the future or outsmarting other investors. Instead, we want to structure things where we have a positive expected return because of the structure of the investment rather than having to be smarter than everyone else.
Who Is Getting A Cut?Anytime someone tells you something is a good investment or you should look into investing in something, ask who is getting a cut and how much of a cut are they getting if you invest in what they suggested to you.
As investors, we should know who takes a cut of the investment return from fees, expenses, and taxes and understand the fee structures but also understand how the investment is supposed to generate a positive return and who gets paid from said return.
To understand any investment, we need to know what has to happen in order to generate a positive return and what the maximum potential loss for the investment is. That way, we cover all our bases and have a good frame of reference for making a successful investment decision.
We’re never going to be an expert on any given investment, but if we can at least answer some basic questions, that will help us make better decisions to invest successfully.
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To learn more about how to invest on your own, check out the resources below!
If you have any questions, feel free to contact us or our guest, David Stein, using the contact information provided below!
Resources:* A Complete Guide to Investing in TIPS and I Bonds (2022) * Get More Interest From Buying Treasury Bills (T-Bills) Through Treasury Direct * The Money For The Rest Of Us Podcast * Money For The Rest Of Us: Investing Checklist * Money For The Rest Of Us 10 Questions To Master Successful Investing by David Stein * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With David Stein:* Money For The Rest Of Us * Twitter: David Stein
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:David Stein is the founder of Money For the Rest of Us. Since 2014, he has produced and hosted the Money For the Rest of Us investing podcast. The podcast reaches tens of thousands of listeners per episode and has been nominated for twelve Plutus Awards and won one. David also leads Money for the Rest of Us Plus, a premium investment education platform that provides professional-grade portfolio tools and training to over 1,200 individual investors. He is the author of Money for the Rest of Us: 10 Questions to Master Successful Investing, which was published by McGraw-Hill. Previously, David spent over a decade as an institutional investment advisor and portfolio manager. He was a managing partner at FEG Investment Advisors, a $15 billion investment advisory firm. At FEG, David served as Chief Investment Strategist and Chief Portfolio Strategist.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How To Find A Financial Advisor.
Summary:[121] – Are you in need of a financial advisor but don’t know where to start looking or what you should be looking for?
In this episode, Jeremy Keil speaks with the authors of Finding Your Financial Advisor, Drew Richey, CFP®, CRPS® and Shawn Perry, CFP®, CPWA®. They discuss the topic of their book in hopes of helping you find where you can start looking and what you should look for when you want to hire a financial advisor.
Drew and Shawn discuss:
- How to take ownership of your own financial circumstances
- What minimum standards to look for when searching to hire a financial advisor
- What to ask a financial advisor during an initial interview
- How to decide on a financial advisor if you’ve found more than one good option
- And more
How To Find Your Financial AdvisorAs someone who isn’t a financial advisor, there are things about the financial industry that you need to understand. The most important one is that there isn’t a standard curriculum or program for becoming a financial advisor like there is in so many other industries, like becoming an attorney.
Anyone can print a business card and claim to be a financial advisor, so finding a good one who will meet your financial needs is difficult. Below is a list of things you need to know while on your journey to hiring a financial advisor who is right for you.
Take Ownership of Your Financial Advisor DecisionThe first part of our guests’, Richey, CFP®, CRPS®, and Shawn Perry, CFP®, CPWA®’s book Finding Your Financial Advisor, says to take ownership of your financial circumstances.
Once you have an advisor doesn’t mean you don’t have to worry about your finances anymore. It’s not meant to scare you, but your finances are a big deal, especially during transition periods like retiring. So, leaving it up to someone else isn’t the best idea.
You get one shot at navigating the transition you’re going through; you shouldn’t do it yourself, but you should understand why you need help and how to get the right kind of help that you need from a financial professional.
Create Your Minimum Standards for Your Financial AdvisorWhen you know what you need help with and are ready to start looking for it, what minimum standards should you look for in a financial advisor? Find Your Financial Advisor compiled five minimum standards for hiring a financial advisor.
5 Standards:
- Education
- Background check
- Services offered
- Practice Profile, how they’re structured
- Cost of doing business with them
Running a background check on a potential financial advisor is an easy way to see where they’re registered, how they’re registered, and if they’ve had any past issues. People may have things on their record, but they need to be able to explain them, and there needs to be transparency. So if the financial advisor you’re interviewing isn’t being transparent or can’t explain something that came up on their record, they can’t establish trust with you as their client.
Drew and Shawn provide a free-to-download pre-meeting checklist and hiring guide that is also provided in their book.
These are not the minimum standards that financial advisors should aim for. Still, they are the categories that you need to consider before hiring one and decide for yourself – what education you’re looking for, what’s important to you in a background check, what services you’re looking for and if they offer the services you need, what their practice needs to look like.
There are many different ways that businesses can be structured and a lot of different ways people can attain financial services, but you need to be empowered and understand what it is you’re looking for.
Interview Your Potential Financial Advisor CandidatesOnce you know what you’re looking for and how to tell if an advisor offers what you need, it’s time to conduct interviews.
It’s great to write out all the questions you have to ask each advisor, but if they tell you what you wanted to hear for one of the questions, don’t disregard your list and forget about the rest of them. It’s important to ask them all of your questions because even if they answer one well, an answer to another might be a deal breaker.
For example, they might be a certified financial planner and fiduciary, but if they don’t offer the specific services you need, then they really wouldn’t be a good match for you.
In Finding Your Financial Advisor, interviewing was divided into the core values of Drew and Shawn’s team: wisdom, discipline, transparency, and humility. These core values categorize the 25-30 questions and processes you should go through regarding interviews that are provided both with the book and in their free-to-download hiring guide.
The hiring guide can be taken with you to your interviews and allows you to score the advisor being interviewed, get questions that might generate more information, and compare them to other advisors they interviewed and scored.
Decide Which Financial Advisor is Best for YourIf you find more than one good option, you’ll find yourself needing to make a choice between advisors.
There is no doubt that this is difficult. In order to get the best results, define your minimum standards as well as your interview answers, and take your time to review them.
Ideally, it would be best if you had this done well before you enter those transition periods, such as retirement, so you can avoid makings last-minute decisions under pressure and take your time to make the right choice.
Not all advisors or their teams are created equal. We really want to emphasize the need to take your time to find what you need, who can provide it for you, and who of those meets your minimum standards before you make a final decision.
___________________________________________________________________________
To learn more about finding a financial advisor, check out the resources below!
If you have any questions, feel free to contact us or our guests, Drew Richey and Shawn Perry, using the contact information provided below!
Resources:* Find Your Financial Advisor – Hiring Guide * Finding Your Financial Advisor by Drew Richey and Shawn Perry * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Drew Richey and Shawn Perry:* ThePerryRicheyGroup.com * FindingYourFinancialAdvisor.com * The Perry Richey Group Podcast * LinkedIn: Drew Richey, CFP®, CRPS® * LinkedIn: Shawn Perry, CFP®, CPWA®
Connect With Jeremy Keil:* Jeremy@keilfp.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guests:Drew Richey, CFP®, CRPS® is a Certified Financial Planner™, and the Director and a Financial Advisor at The Perry Richey Group of Baird Private Wealth Management. He joined as their Senior Vice President and Financial Advisor in 2005 and has over 17 years of experience with them. Before joining The Perry Richey Group, Drew completed his Bachelor of Science in Business and Managerial Economics at Western Kentucky University.
Shawn Perry, CFP®, CPWA® is the Managing Director at The Perry Richey Group of Baird Private Wealth Management. Shawn worked his way through college at Nat’s Outdoor Sports while earning his degree in financial planning from Western Kentucky University in 1999. Shawn is a Certified Financial Planner™ and is instrumental in the initial stages of the team’s wealth forecasting plan. His keen balance of big-picture strategy and detailed execution provide strong leadership and service to his clients. In 2016 Shawn completed the Certified Private Wealth Advisor® certification program.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Managing Bonds.
Summary:[120] – Even though we’ve seen tremendous volatility in the prices of bonds, they can still be a consistent source of income.
In this episode, Jeremy Keil talks to Gabe Diederich about bonds as a consistent income. Gabe has managed $40 Billion in Municipal Bonds and clearly breaks down the different types of bonds, what you should be looking for when investing your money wisely.
Gabe covers the differences between stocks and bonds, what “TINA” and “PATTY” mean and how they’re used in investing at Baird, the different types of bonds that are available, and what bond categories we can look forward to in 2023.
Gabe discusses:
- Why someone would want to invest in bonds versus stocks, even as an aggressive investor
- The difference between There Is No Alternative (TINA) and Pay Attention To The Yield (PATTY) and what those terms mean
- The different types of bonds that exist and how I Bonds differ from treasury inflation protected securities (TIPS)
- Municipal bonds and other bond categories to look forward to in 2023
- And more
Managing BondsBonds, Stocks, And Their RisksShould we buy stocks or bonds? Why not buy stocks all the time if they do better in the long run?
These are two common questions from clients looking to learn more about investing in bonds.
Stocks certainly have a place in the portfolio. Still, when we talk about bonds, we need to remember their alternative name – fixed income – because it’s so important and tells us as investors that we’re going to have a portion of our return that’s predictable, unlike stocks.
When we have the predictable component of returns, our ability to meet a goal in life, such as a retirement or savings goal, we can forecast that goal better with a fixed income component in our return.
Another positive of bonds is that even though stocks outperform bonds when the market goes up, bonds are often a haven when the market doesn’t do well. The highs are not as high, but the lows are not as low when comparing bonds to stocks, so there is less risk involved with bonds than there is with stocks.
On the other hand, the most significant bond risk is inflation because it can lead to price declines. Investors have seen that year-to-date as bond yields have gone up, causing declines in bond prices. This impacts the bond market because if a new bond comes out with a higher yield, someone won’t want the older bond with a lower yield, resulting in the price falling.
The bond market is the backbone for all of our borrowing. It is priced very similarly to all the rates we see in our daily lives, such as savings accounts yields for the short-term and a 30-year mortgage on the longer-term side. These types of rates and their movements are also present in the bond market.
The most significant difference for bond investors is that we’re the lender. When we invest in the bond market, we’re loaning money, so we want the highest yield, but when we’re on the other side and getting a mortgage, we want the lowest yield. And although the yields aren’t as high in bonds as they are for stocks, we don’t have that fixed income return with stocks.
Why Bonds?Why bonds? Bonds can typically be matched to the horizon of a goal.
For example, If you’re retiring in 3 years and looking for a retirement home you could buy bonds coming due in 3 years and likely get a higher interest rate than savings accounts. You wouldn’t have the risk of investing in the stock market either.
Similarly, if you have a longer horizon, you can buy longer term bonds and bond portfolios that pay a fixed income over the time frame that you need the money.
With stocks, we don’t have that defined timeline or lifespan of the investment like you would in the fixed-income market.
The biggest difference between bonds and stocks is that with bonds, there’s a promise that you’ll be paid back and with stocks, there’s hope, based on the risks involved with the investment.
Even though bonds have a lower risk, they still appeal to aggressive investors and have a place in a diversified investment portfolio. Our guest, Gabe Diederich, shares with us that treasury debt issued by the US government is what is used to ensure the government repays what it promised.
So, when the economy is volatile and uncertain, investors can find security in lending money to the government by purchasing bonds and bond portfolios.
Goodbye TINA, Hello PATTYOver the last 13 years or so, interest rates were basically zero and it was like we had no choice if we wanted to earn money other than investing in stocks.
This was called TINA, “there is no alternative” because there was no alternative to investing in stocks because everything else was an inferior investment.
Today is a different story, and that’s why PATTY, “pay attention to the yield,” was coined at Baird. It’s important to fixed-income investors because as the yield rises, so does their total return projection for the future.
It also provides protection against future price declines of bonds because when you own a bond fund or individual security, you’re always getting that income and when there’s price movement, your total return is the combination of both. But as you obtain more income and as yields come, when you buy the security, it takes more of a price decline to create a total loss and move you into a negative total return.
Key Differences Between Different Types Of BondsThe key difference between different types of bonds is who the borrowers are.
The different borrowers and bond markets:
- The US government and the US treasury for short-term needs
- The corporate bond market (companies like Apple, Verizon, and energy companies)
- Structured products (such as mortgages)
- Municipal bonds (States, cities, counties, hospitals, transportation, utilities, and education)
We need to remember that there is no one stock market or bond market, but different kinds of stock markets and bond markets – there are different kinds of bonds and stocks to choose from.
I BondsI Bonds are savings bonds that have to do with inflation. They have a limit of $10 thousand per person. (If you want a simplified explanation of I Bonds, be sure to check out U.S. Series I Savings Bonds Simplified featuring David Enna)
Many people associate TIPS, “treasury inflation-protected securities,” as being the same as I bonds, but they are not.
With I bonds, you invest directly with the US Treasury, can only do a small amount, and your principal is set but your payment adjusts based on the rate of inflation. The good part is that the payment was pretty high recently, but the downside is if inflation falls, your payment will start to decline and you’ll get a smaller cash flow at the end of that investment.
With I bond TIPS or treasury inflation protected securities, it’s a different category of bond, and its principle is adjusted. TIPS is still a bond at the end of the day, but it may have more interest rate risk than some people expect because the principle is adjusted.
For those looking for more information, we recommend TipsWatch.com where David Enna publishes content about this almost daily.
Municipal Bonds And Interesting Bond Categories For 2023Gabe’s team at Baird has been laser-focused over the past 12 months, finding opportunities for investors to capitalize where appropriate.
The first one is mortgage securities. They are backed by the US Federal Government and are supported and paid back with pools of mortgages. The market has cheapened and become more attractive for investors to enter and be a buyer in those securities and portfolios since the US government has decided to stop purchasing more mortgages post-pandemic and shift their focus to fighting inflation.
Another area Baird has been focused on is the financial sector within the corporate bond market – US banks for example. This has an area where there’s been a lot of issuances and sometimes when a lot of bonds get issued into the market, the prices have to dip a little bit to find enough buyers. At those cheaper prices, more yield is created because when bond prices go down, yield goes up and it has created attractive investments for investors.
Last but not least, the municipal bond market is a high-quality asset. The government is tightening the economy with higher policy rates and this high-quality asset class offers some protection there. You don’t typically see municipals in a retirement portfolio, but for investors who have maxed out their retirement investments and have other non-retirement savings, the real benefit for municipals is you don’t get taxed by the federal government on the yield, which is extremely powerful.
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To learn more about managing bonds, check out the resources below!
If you have any questions, feel free to contact us or our guest, Gabe Diederich, using the contact information provided below!
Resources:* TipsWatch.com * U.S. Series I Savings Bonds Simplified featuring David Enna * Intro to I Bonds October 2022 Edition * Buy more than $10,000 in Series I Savings Bonds Through Gifting with Your Spouse * Get More Interest From Buying Treasury Bonds and Bills (T-Bills) Through Treasury Direct * Buy I Savings Bonds in February 2023 * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Gabe Diederich:* RWBaird.com * LinkedIn: Gabe Diederich * GDiederich@RWBaird.com
Connect With Jeremy Keil:* Jeremy@keilfp.com * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Gabe Diederich, CFA, has nearly 18 years of experience in the financial services industry under his belt and currently manages about $10 billion worth of bonds with his team at Baird. Before joining Baird, Gabe worked at Wells Fargo Asset Management Holdings, LLC for over 15 years in roles including portfolio management, research analyst, institutional sales, regional director, and associate regional director.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Generic Risk disclosure
This material is provided for informational purposes only and is not solely intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The views and strategies described may not be suitable for all investors. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Advisory services through Thrivent Advisor Network, LLC.
Forward Looking Statements
This communication may include forward looking statements. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates, ”projects,” “targets,” “forecasts,” “seeks,” “could’” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to differ materially.
Planning
The purpose of the report is to illustrate how accepted financial and estate planning principles may improve your current situation. The term “plan” or “planning,” when used within this report, does not imply that a recommendation has been made to implement one or more financial plans or make a particular investment. You should use this Report to help you focus on the factors that are most important to you. This Report does not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, you should consult appropriate professionals for advice that is specific to your situation.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Launching Financial Grownups.
Summary:[119] – If you have kids or grandkids anywhere between the ages of 16 and 26, now is the time to teach them how to be financial grownups.
In this episode, Jeremy Keil speaks with Bobbi Rebell, CFA, financial author, and podcaster, about her book Launching Financial Grownups. In the book, she discusses the topic of “almost adult kids” – kids aged 16-26 who are in the process of becoming adults. She talks about how important it is to listen to them and their goals and to be a partner with them rather than a helicopter parent.
Bobbi discusses:
- Why she considers kids aged 16-26 “almost adult kids,” and what it means
- Why parents need to show, model, and listen more when teaching their almost adult kids about managing finances.
- How to not be a helicopter parent when teaching your kids about finances
- Why she believes digital currency isn’t a bad thing when it comes to teaching kids about finances and how people can embrace the advantages that come with it
- And more
Launching Financial GrownupsAlmost Adult KidsPeople try their best and are well-intentioned, but not everyone has a lot of advantages, whereas Bobbi was able to save up for her first home while living with her parents, without college debt. And that’s something she passed on to her oldest daughter who is featured in the book and bought her first home at age 24.
She lived at home during the pandemic, saved up to buy her first home, and Bobbi did a lot of things to help her daughter in terms of monitoring what she was doing, doing check-ins, and maintaining a spreadsheet of her progress. And she succeeded. She bought her first home.
Bobbi learned when writing the book that in raising almost-adult kids, kids aged 16 to 26, you have to be partners with them and understand that they’re only going to do what you motivate them to do.
Motivation is very personal and unique to each person, so you can’t necessarily tell them their goals, but it’s important to listen to them and focus on their goals. Be a parent, grandparent, or just an adult who cares about them and helps them achieve their goals.
More Listening, Less TellingAlthough you are the parent of your children, keep in mind that you are not the parent you were when they were young. You have to change the way that you approach them.
Every child’s situation is different. You have to adapt this to what works for you, but you have to listen to their goals first and then work backwards and make sure they know you’re not going to judge them when they come to you with questions.
It’s important to let them know that even if you don’t know the answer to all of their questions, you’ll be there for them and help them figure it out together. We want to guide them without judging them because if we judge them, they won’t come back to us for help when they need it.
Let Kids Learn Without A LectureWhen we lecture kids when they’re learning, we’ll unintentionally alienate them. There is a lot of brain development happening from the ages of 16 to 26. There are times when they want to separate from their parents and become independent.
When they do that, you want to make sure that they know that you’re there for them even though they’re sometimes rejecting your help, and keep a close eye on them.
One of Bobbi’s recommendations is to keep an eye on your children’s bank accounts. Especially if you give them subsidies in the form of things like paying for their college tuition, having them live at home rent-free, or just for the sake of keeping those lines open where you can see what’s going on in their bank accounts because you love them.
Bobbi doesn’t believe it’s an invasion of privacy. She says it’s a way to support your kids and be able to say, “let me see what’s going on in your brokerage account. Let’s go over it.” To have financially transparent visibility with them so you can help them and prevent them from making decisions that might hurt them in the future.
Don’t Helicopter ParentHow do you have access to their bank account but not be a helicopter parent?
Having the information and keeping tabs on them as needed is very different from proactively solving their problems with money as a helicopter parent does.
The important thing is to be there for the discussion when they come to you with a problem, help them find ways to solve the problem, and avoid writing the check.
If you need to subsidize a child while they’re getting on their feet, that’s fine, but have an exit strategy and be open about it. Say we’re going to give you this amount of money, and this is the timeline because it’s also important that your children understand that your money has to go for your retirement.
The last thing you want is to be supporting your children at the expense of your retirement savings or your retirement life, both because it hurts you and also because what if something happens to you? They likely won’t be prepared or able to support themselves and live within their means, blowing that inheritance.
Don’t Solve Problems Short-Term, Help Manage Financial Expectations InsteadSome parents offer to buy their children a bigger, better house and then stop there. That short-term solution to a problem actually backfires and creates more problems down the road. Their kids now have a bigger property tax bill, more utility bills, and everyone on their street has nicer cars than them because everyone else who bought a home there has a higher income.
We have very short-term memories and want our children to live at our means, but we need to remember that they are only just starting out.
So, it’s really important as parents that when your kids, for example, ask for a recommendation for where to go to dinner, don’t suggest the most expensive place. You want to suggest something that is price-appropriate for them. Don’t pick where you can now afford to go.
This applies to helping your kids understand how to manage their financial expectations with others, too. It’s important to remind our kids that it’s their responsibility to think about the fact that some of their friends have a lot less money than they do, or may be in debt that they don’t want to talk about. So as a way to show they care about their friends, they can take the lead when they make plans with them and pick something that’s more affordable to everyone.
The Positives of Digital CurrencyWe asked Bobbi how she goes about teaching her kids about money when there are no physical checks or paper bills anymore; we use our phones and credit cards, and online deliveries show up at our door.
She advises focusing on the positive elements of it because we can’t change it. But what are the positives?
A digital “paper” trail is a primary advantage of digital currency.
With a digital trail, you can have a more transparent relationship with your kids about their finances. By seeing what they spend money on and how much they’re saving, and ultimately, provide better guidance when they need it, without having to ask them to show you their bank statements or receipts like you would if they used cash.
This especially becomes helpful if you’re funding their bank accounts, so you can see how they are managing the money you gave them.
Digital currency makes it easier to have discussions about finances and spending habits with our kids, even in real-time. It allows them to see how much things cost compared to what the anticipated cost was and opens the discussion for what they would like to spend their money on.
For example, saying, “we have this much money to spend today after school. Do you want to go for a snack or do you want to take a taxi and not have to walk to your next activity?” empowers them with simple choices and helps them understand the power of money.
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To learn more about financial grownups, check out the resources below!
If you have any questions, feel free to contact us or our guest, Bobbi Rebell, using the contact information provided below!
Resources:* Launching Financial Grownups by Bobbi Rebell * How to Be a Financial Grownup by Bobbi Rebell * GrownupGear.com * The Millionaire Next Door by Thomas J. Stanley and William D. Danko * The Opposite of Spoiled by Ron Lieber * The Biggest Risk To Your Retirement (Part 3) is You! With Dr. Daniel Crosby * Money Tips For Financial Grownups: All about I-bonds and a big deadline with Jeremy Keil * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Bobbi Rebell:* BobbiRebell.com * https://www.bobbirebell.com/financialgrownupblog * LinkedIn: Bobbi Rebell * Twitter: Bobbi Rebell
Connect With Jeremy Keil:* Jeremy@keilfp.com * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Bobbi Rebell is a financial literacy advocate and a certified financial planner. She is a speaker, conference host, and moderator and works as a spokesperson for brands aligned with her values. Bobbi is also the host of the critically acclaimed Money Tips for Financial Grownups podcast. She has written and published two books, How To Be A Financial Grownup and Launching Financial Grownups.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical Principles.
Summary:[117] – Who wouldn’t want to thrive in retirement?
In this episode, Jeremy Keil speaks with Bruce Fear about renewalment in retirement. Bruce discusses how retirement is the time to renew yourself, referencing his book, Renewalment – Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical Principles. Jeremy and Bruce unpack what “Renewalment” means, what it looks like, and how you can refocus and repurpose yourself to make retirement the best years of your life.
Bruce discusses:
- What renewalment means with regards to retirement, and what renewalment looks like for him
- Why refocusing and repurposing are important steps during retirement to make them the best years of your life
- How you can find your focus and purpose at any time in your life, not only in retirement
- What the rock-solid foundation of biblical principles that apply to retirement are
- And more
Renewalment – Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical PrinciplesRenewalmentMany people retire because they become tired. Renewalment is about renewing, refocusing, and repurposing a life stage.
It doesn’t have to happen only when you retire; it can happen at any life phase.
Bruce Fear joins us in this episode to talk about his book, Renewalment – Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical Principles, and share his personal retirement experience.
For Bruce, renewalment came when he realized enough was enough. Money plays a role in retirement, but so do your ego and prestige. Bruce realized that he had served and focused on his ego, prestige, and money enough, and decided it was time to refocus when he retired.
A lot of the time, your self-worth gets wrapped up in your work and your ability to have an influence at work, but at some point, you have to realize it’s time to refocus and repurpose what’s important to you outside of work.
Refocusing and RepurposingWhen it comes to renewing yourself for retirement, you need to refocus and repurpose.
Well, what does that mean?
When it’s time to say enough is enough, we need to shift our focus from being self-centered to being other-centered.
While doing things that feel good – making a difference, helping people out, being a big influence at work – it’s centered around yourself. It makes you feel good.
We want to refocus ourselves and flip that around to focus on an other-centered person’s perspective. It’s not about me, it’s about other people. It’s an emotional and spiritual experience to take a step back and look at it from someone else’s viewpoint.
There will be ups and downs, but by maintaining a steady, rock-solid foundation where you’re grounded in something, you’ll have less severe highs and lows, and the ability to meet more challenges with a greater sense of purpose.
You experienced being a helper, creator, and an influence at work, achieved prestige, and boosted your ego, and now it is time to refocus, repurpose and renew yourself.
Don’t retire because you’re tired – tired of your job, tired of getting up every morning and going to work, tired of driving – retire because you have found a new focus and purpose.
Thriving In RetirementWhen Bruce began researching people in retirement, he saw a lot of disillusioned and upset people who were losing their sense of purpose and identity, essentially becoming a lesser part of themselves.
When you retire, you don’t want to retire from something and lose yourself or your sense of purpose.
You want to retire into something. Retire with a renewed sense of self, a new purpose, and a new focus.
Think about all the experiences you’ve had, all the ups and downs, no matter who you are or what you’ve done. There’s so much you can do to be other-centered and help people for their reason. And the outcome of that is you find more personal joy, peace, purpose, and contentment than when you try to make it about you.
Bruce has his own coaching consultancy as a life coach and says most people have settled for living a less-than-full life, retiring to escape from something rather than move towards achieving and fulfilling something new.
We want to live our life to the fullest. No matter what age or stage you’re in, you’ll want to look to clarify your identity, purpose, and how to live your life to the fullest.
Create a Pausing PointPause and be intentional.
Retirement is kind of a forced pause where you have to stop and think about your goals, purpose, and life, but how can you plan for a pause if you’re not in that transition period yet?
Bruce’s advice is to be intentional about it. Prioritize it. Make pausing and reflecting a habit.
Our habits win. Our old habits always win over our good intentions and goals unless we prioritize them and stop making excuses. Habits can lead you astray if you’re not intentional about the positive changes you want to make.
For example, start with 5 or 10 minutes a day and grow to 30 minutes, where you take an intentional pause and ask yourself what is really going right with your life. What is really going wrong? What’s missing? What are you confused about? Use these questions to reflect upon your life and help guide you in the right direction.
Be intentional about it, and don’t let your old habits win.
Rock-Solid Foundation of Biblical PrinciplesThe Bible may not talk about retirement from 2000 or 4000 years ago, but despite retirement being a relatively new concept, there are principles from the Bible that can be applied to creating a solid foundation.
Today’s view of retirement is retiring to a life of self-centered leisure.
The Bible mentions retirement once – working as a levitical priest from the age of 20 to 50. Once a levitical priest turns 50, they retire to serve others and allow room for the young priests to come in.
So, we need to apply that to our own life and retirement experience.
Work is good, but too much of it becomes a problem.
We want to retire to a new stage of our life to make room for others to fulfill our previous roles.
We want to live a life of provision, contentment, and enjoyment. It’s difficult to enjoy retirement renewalment without a healthy relationship with money because money will always be there, it’s a part of life, but it shouldn’t be our main priority or focus.
And so, it’s important to work with a financial advisor who understands those principles, provision, contentment, and enjoyment, while planning your retirement with you to create a rock-solid foundation that encompasses both your financial needs and your renewed purpose and focus.
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To learn more about renewalment, check out the resources below!
If you have any questions, feel free to contact us or our guest Bruce Fear using the contact information provided below!
Resources:* Renewalment – Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical Principles by Bruce Fear, Kindle * Renewalment – Thriving in Retirement: Building on a Rock-Solid Foundation of Biblical Principles by Bruce Fear, Paperback * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Bruce Fear:* LinkedIn: Bruce Fear * Facebook: Bruce Fear * Email: BruceFear7@gmail.com
Connect With Jeremy Keil:* Jeremy@keilfp.com * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
About Our Guest:Bruce Fear was with Thrivent Financial for over 30 years and started as a rep in northwest Iowa in wealth advisory. Throughout his time with Thrivent, he worked through 14 different roles in corporate and in the field before becoming senior in leadership for a couple of decades. He then founded 2 companies of his own before retiring.
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Information in this message is for the intended recipient[s] only. Please visit our website www.keilfp.com for important disclosures.
Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for 3 Ways To Lower Your Tax Bill.
Summary:[116] – Who doesn’t want to lower their taxes? As the end of 2022 nears, make sure your tax bill isn’t any larger than it needs to be.
In this episode, Jeremy Keil goes over the top 3 ways everyone can cut down on their taxes. After discussing tax harvesting, Roth conversions, and donor-advised funds in December, he presents some expected updates in 2023.
Jeremy discusses:
- What tax loss harvesting is
- The tax benefits of Roth conversions
- How charitable donations can save you more money on taxes with donor-advised funds
- Contribution level changes expected in 2023
- And more
3 Ways To Lower Your Tax BillTax Loss HarvestingThere is usually a rise in tax loss harvesting when the stock market is down, and this year, in 2022, both the stock and bond markets are down.
Tax loss harvesting allows you to take that not-so-good situation and use it in your favor when it comes to filing our tax returns.
Investors know about the ability to claim a tax loss on their taxes so they were selling their losing positions and then buying them back right away. This really didn’t meet the spirit of the tax loss deduction rules, so the government enforces what’s called a 30-day wash sale, where investors have to wait 30 days before they can repurchase the same investment.
When you sell an investment with a loss we don’t think you should sit in cash for 30 days just waiting to buy back the same position – we encourage you to buy similar, but not exact investments so that your portfolio still has a similar risk profile and you could still benefit if the market turns upward in those 30 days.
It’s important to note that when it comes to selling and purchasing different index funds, to avoid the 30-day wash rule, make sure that the new index you purchase only contains some of the same shares in it as the one you sold because if they are too similar to one another then the 30-day wash rule applies.
If you sell one company’s S&P 500 index and buy another company’s S&P 500 index fund that’s really the same investment, even if it has a different ticker symbol!
Roth ConversionsWhether the market is up or down, Roth conversions should be reviewed every year. If you don’t do it by December 31st, you’ll lose the ability to actually do a Roth conversion, which is crucial since the tax rates are set to change in 2026.
We have 4 tax years left (2022-2025) before these tax rates are scheduled to increase, so every year until then is an opportunity to do a Roth conversion. This doesn’t mean you have to do a Roth conversion, but you, your financial advisor, or your tax advisor should look at what your projected tax return might look like, and determine whether you have any room to do a Roth conversion at a good rate.
Good Roth conversion rates are often the 12% bracket, 22% bracket, and 24% bracket. There are many things that come in there such as college savings, child tax credits, and small business income deductions, and that’s why we use tax software that can plan it out and help us determine whether or not a Roth conversion would benefit you for that tax year.
Many people hear about conversions and think that doesn’t apply to them. They are really thinking of ‘contribution’ rules. The words are similar but the rules are much different!
With conversions you can convert as much as you want each year.
With contributions there was an age limit in the past of 70 ½ for making IRA contributions, but the limit no longer exists.
Another limitation to making contributions is that you and/or your spouse must have an actively earned income to be able to contribute to a Roth IRA.
With a conversion, even without an active income, you can still perform a Roth conversion as long as you have existing money in a traditional account.
The penalties for taking money out of your Traditional IRA if you’re below 59 ½ years of age don’t apply on Roth conversions as the money is transferred straight to the Roth account.
If you’re below 59 ½ be careful not to use your Traditional IRA money for your tax withholding – this would count as a distribution that carries that 10% penalty.
Donor-Advised FundsDonating to charity is great to do, and if you can get an itemized deduction, then donating can also save you money when it comes time to file your taxes.
Sometimes you’ll find that you could save more on your tax bill from charitable deductions in one year than the next, and in these cases, bunching your donations together to claim them on one tax bill is a better option.
But not everyone is okay with donating double the amount one year and then nothing the next year.
This is where donor-advised funds come in. With a donor-advised fund, you can contribute as much money as you would like to donate across numerous years and claim it on one tax bill without having to give it to the charity all at once.
The donor-advised fund separates when you give the money to charity and when you get the tax deduction for the donations.
For more information about donor-advised funds, be sure to check out our additional resources about them.
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To learn more about tax planning, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
Resources:* Retirement Revealed Episodes about donor-advised funds * BankRate.com * MaxMyInterest.com * Get More Interest From Buying Treasury Bills (T-Bills) Through Treasury Direct * Retirement Revealed Resources about treasury bills * Free Retirement Planning Video Course: 5stepretirementplan.com * 3 Things You Should Know Before Choosing A Financial Advisor * 7 Questions That Could Make or Break Your Retirement * Subscribe to Retirement Revealed on Google Podcasts * Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:* Podcast@KeilFP.com * 262-333-8353 * Keil Financial Partners * LinkedIn: Jeremy Keil * Facebook: Jeremy Keil * LinkedIn: Keil Financial Partners * Book a call with Jeremy
Disclosures:Content
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Liability
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investment Risk
Investments may increase or decrease significantly. All investments are subject to risk of loss.
General Disclosure
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Insurance can be confusing. We’re here to help you understand a little bit more about choosing the right insurance policy for you, and how you can make sure you make the right decision. Tune in to learn about fee-only insurance actuaries, what they do, and what you should think about before making one-time lifelong decisions about your insurance.
When the stock market crashes, we need to stay sane and invest with a strategy, but it’s easier said than done. Tune in to learn about why it’s important to keep your cool when the stock market dips, and some investment strategies to help you do so.
It’s never to early to start planning for retirement, and that includes what to do later down the line as retirement nears. Today, let’s talk about what we should do 5 years before we retire. Tune in to learn about a handful of important takeaways from two of Emily Guy Birken’s books about what to do when preparing for retirement.
Retirement planning can seem intimidating for many people. We’re here to simplify it for you today with Michael Lynch, the author of It’s All About The Income: The Simple System For A Big Retirement. Tune in to learn about how Michael’s past experiences working as a journalist led him to become a financial advisor, and about the simple system he created to help people plan for retirement.
Are you insured by Medicare? Medicare is estimated to cover around 14% of the population of the USA and is one of the largest payers for health care. Tune in to learn about how the inflation reduction act affects Medicare insurance, and what to check Medicare insurance plans for annually.
So many people selflessly dedicate their lives toward serving the country and its people. Thank you to all veterans for your service. We salute you! Tune in to the Veterans Day special to learn about Dale Kooyenga’s life journey as a veteran and a politician, as well as what you can do to honor the veterans in your life.
There are many ways we could improve our politics, but where do we begin? Tune in to learn about how gerrymandering is the root problem, how unionization affects our political representation, and the problems with our current left vs. right thinking when it comes to elections.
We’re fixing America’s current Social Security problems with a fresh approach from Dr. Laurence Kotlikoff. Tune in to learn about Dr. Kotlikoff’s proposed solution with a breakdown and explanation of how various aspects like retirement age, life expectancy, and taxes all have a significant role in his approach.
It’s safe to say everyone thinks America’s tax system needs some adjusting, but where should we begin? Tune in to learn about how inflation causes Americans to pay more in taxes, why taxing consumption instead of income could be the solution, and the debate about how much tax is too much tax.
If you don’t know where to begin your retirement planning, you’re not alone. That’s why we have created a simple process to help you achieve your ideal retirement. Tune in to learn about our 5-step retirement income plan, where each step is designed to help you solve a crucial piece of your retirement puzzle.
As interest rates continue to be low, it can be difficult to cope with inflation. This can lead to a negative real return net of inflation, with your money losing value every day! Don’t worry. Your search for greater interest rates ends here. Today, we’ll introduce you to a less-known government security that can help you cope with inflation with minimal risk: the U.S. Series I Savings Bond (I Bond).
Did you know that America has some of the best quality healthcare in the world? It’s a shame many Americans can’t afford it. Tune in to learn about why the healthcare industry is the way that it is today and explores how it has the potential to become affordable for Americans with a change to the system.
One of the biggest risks to your retirement is YOU. When you let emotions get the better of you and make irrational financial decisions, you can easily derail your own retirement plan. Tune in to learn about the importance of behavioral finance and how to make rational money decisions.
The interest rate for US series I savings Bonds will reset soon. Tune in to learn about when the current interest rate will reset, when it will be too late to buy I Bonds, and when we can project the interest rate for November 2022.
No matter how much we try to predict inflation, it’s just not possible. The best we can do is prepare for it. Tune in to learn about the latest inflation trends and why it’s better to prepare for the possible outcomes than it is to attempt to predict future rates of inflation.
Estimating how long you and your partner will live in retirement is crucial to planning your retirement, but many people don’t know how to estimate their longevity accurately. Tune in to learn about the most common mistakes when planning for longevity, and a resource and 3-step action plan for how to plan more accurately.
Do you plan to claim your pension soon? Make sure you consider all your available options before making the irrevocable decision. Tune in to learn about a one lump sum payment vs a monthly annuity pension plan and how you can calculate which one makes more sense for you financially.
For centuries, economists have worked toward solving personal financial problems of households. But how exactly can the concepts of economics be applied to financial planning? Find out in this episode as Jeremy Keil speaks with Dr. Laurence Kotlikoff, professor of economics at Boston University, about the benefits of economic-based financial planning.
Retirement planning can be stressful. From bloated retirement plans to focussing on retirement from a crisis standpoint, it can be difficult to actually enjoy your retirement. Tune in to learn about the importance of an agile retirement plan approach and accepting uncertainty as a healthy part of retirement to reduce retirement planning stress and encourage your ability to enjoy your retirement.
Growth is a continuous process in life. Even as you approach retirement, you can continue to grow by building greater connections, advancing your career, and striving for financial resilience. Tune in to hear Lisa L. Baker, a personal and executive coach, share her proprietary G.R.O.W. process and tips to excel in three critical areas of your life.
When you search for the best retirement advice, it’s the same response over and over: save your money. Go figure. But in Steve Medland’s new book, Spiraling Up, you get guidance on what to do once the money is saved based on the 7 principles of financial serenity.
Stocks, bonds, real estate, cars, jewels, or any other asset — if you don’t need it anymore, you might sell it. Life insurance policies are no different! You can get your policy appraised, find the maximum value you can get for it, and sell it through a life settlement. Tune in to learn about the process of life settlements and the different situations when selling your life insurance policy can be beneficial.
It’s never too early to plan for your retirement. But where do you start? Knowing where to start can be difficult, and even those who have a headstart in the process might have missed some of the necessary questions to help accurately plan for their retirement. Tune in to learn about seven questions that could make or break your retirement, and how to find the answers to those questions.
When it comes to your retirement wellness, there is much more to think about than just your finances. How to fill your time, stay mentally and physically active, build healthy relationships…the list goes on! The best person to help you with such non-financial aspects of retirement is a retirement coach. Tune in to learn about the benefits of hiring a retirement coach (and how to find one).
Will you be happy when you retire? The answer lies in whether your plans to retire focus solely on managing your finances, or if they align with your values and beliefs. Tune in to learn about looking at retirement from a non-financial perspective with a set of Christian values.
Retirement is not a destination. It’s a journey, where you transition into the next chapter of your life. In this chapter, a lot of the barriers you’ll encounter are psychological! Tune in to learn actionable steps to improve your psychological well-being in retirement.
Retirement planning is not the same as it was for previous generations. If you want to plan and live a flourishing life in retirement, you might need to rethink some areas of your retirement plan! Tune in to learn about four key areas that today’s retirees need to rethink to enjoy their retirement to the fullest.
Sometimes, unexpected liabilities can completely derail your finances. If, God forbid, you get in a car accident or your neighbors suffer an injury on your property, you can incur a liability of hundreds of thousands of dollars! That’s why home and auto insurance is worth looking into. Tune in to learn about various nuances of getting home/auto insurance, and key things you need to keep in mind before purchasing a policy.
Are you looking for a new financial advisor? Or perhaps you’re dissatisfied with your existing advisor and planning to switch. Either way, searching for an ideal advisor can be difficult if you don’t know what you should be looking for in the first place! Tune in to learn about three things you should know before choosing a financial advisor, along with key characteristics that separate great advisors from mediocre ones.
Sometimes, retirees think, “I wish I had started my financial planning at an earlier age.” You can help your future generations avoid this mistake. In other words, you can get the much-needed money conversations started — something that has been a taboo for many families in the past. Tune in to learn about Anthony Delauney’s “No Regrets Retirement Roadmap” for planning for your ideal retirement, along with tips to help your future generations get started.
After you reach a certain age, you’ll be subject to required minimum distributions (RMDs). This refers to a minimum amount that you must withdraw every year from your retirement accounts. Why should this concern you? Because RMDs significantly affect your lifetime taxes! Tune in to discover 3 ways to lower your taxes on required minimum distributions and optimize your overall tax picture in retirement.
What would you do if the market dropped by 50% tomorrow? Just the thought of your investments getting reduced by half might sound scary. What’s even scarier? The history of stock markets tells us this scenario is very much possible. Tune in to discover 3 strategies to be better prepared for a major stock market downturn and minimize its impact on your retirement.
If you don’t know where to begin your retirement planning, you’re not alone. That’s why we have created a simple process to help you achieve your ideal retirement. Tune in to learn about our 5-step retirement income plan, where each step is designed to help you solve a crucial piece of your retirement puzzle.
Financial debt is something that can hold back people of all ages — from 20-year-old college students to 70-year-old retirees. Tune in to discover simple tips to manage your debts before they snowball into tremendous financial distress, and worse, delay your dream retirement.
Pension plans often contribute heavily to your retirement income. If you’re living in Wisconsin, you might have heard of The Wisconsin Retirement System (WRS), the 9th largest public pension fund in the U.S. Tune in to learn what the WRS is all about and the different benefits it offers to retirees! (Note: The strategies discussed are relevant even if you’re living outside of Wisconsin.)
The earlier you start having your retirement conversations, the better. Remember, these conversations should not be only geared toward your investments. It’s more about your retirement income. The short-term market fluctuations don’t matter as much in the long run. Tune in to learn about seven conversations that you should have with an advisor, your family, or yourself before you hit retirement (and on an ongoing basis).
When you buy a US Series I Savings Bond (I Bond) during May through October 2022 your initial 6-month rate will be 9.62%
Widowhood is a challenging time, full of grief and sorrow. If you are entering retirement as a couple, it is likely that one of you will face widowhood in the future. You might also have friends or family members going through it. Tune in to learn how you can help yourself or a loved one cope with widowhood, along with strategies to ease the financial and emotional burden that follows.
The average life expectancy is 30 years longer than it was a century ago. As a result, retirees now have more years to plan for. After all, an extra 30 years likely means that the end of your retirement will be a lot later than it used to be! Tune in to learn how to plan for retirement with this higher life expectancy in mind and spend your pre- and post-retirement days more efficiently and enjoyably.
Sometimes, you reach a point in life when you can no longer oversee your personal finances. Regular bill payments, updating check books, monitoring different accounts, or looking out for fraudulent activities — it can be a little too much to handle on your own! Tune in to learn how you can keep the personal finances in order for yourself or a loved one with the help of Daily Money Managers.
Your withdrawal plan can have a huge impact on your lifetime taxes — potentially even hundreds of thousands of dollars! Tune in to learn about tax-efficient withdrawal strategies to generate retirement income, and gain insights into advanced softwares for making research-based decisions.
The deadline for filing your 2021 taxes is approaching. Do you have your taxes figured out? When we say “having your taxes figured out,” we don’t mean just for the past year. If you want to optimize your overall tax picture, you need to look at your total lifetime taxes. Tune in now to discover key things to keep in mind while filing your 2021 taxes and ways to minimize your total taxes in retirement.
Retirement today is very different from what the previous generations experienced. Lower interest rates, fewer employer pensions, new financial products… a lot of variables have changed over the years. Tune in now to discover the biggest retirement costs, shocks, and risks, and learn how you can navigate through the increasingly complex retirement landscape.
Have you ever been tempted to buy something online that you didn’t really need, just because of an ad? A few impulse purchases is all it takes to put a dent in your budget! Tune in now to learn how you can keep your personal finances on track in a world where money decisions can be easily influenced by technology, social media, and online ads.
It’s important to choose your Medicare plan wisely, as it can affect your healthcare costs for the rest of your life! Tune in to discover the pros and cons of different Medicare plans, along with 6 tips to help you choose between Medicare Advantage and Medicare Supplement (aka Medigap).
As you celebrate the start of Medicare at 65, there are some key insurance-related decisions you’ll need to make. One mistake, and you might end up paying hundreds of dollars extra per month! Learn 5 Medicare lessons from a new Medicare enrollee, Nancy Towle, who has also been a Medicare insurance specialist for 8 years.
If you’re about to enroll in Medicare, are already a plan participant, or wish to help someone else (like your parents), you should check out “Medicare and You 2022,” a 128-page handbook on Medicare insurance by the U.S. government. Tune in to learn the key takeaways from the handbook.
When you turn 65, you get one of the best birthday gifts of your life — Medicare! But does it cover everything? What are the different types of insurance plans out there? What are the different enrollment dates? Tune in to find the answers to these questions and learn how to find your ideal Medicare plan.
If you find yourself facing a plethora of questions every time you sit down with your retirement plan, you’re not alone. Tune in to debunk common misconceptions held by retirees, and discover the answers to the most frequently asked questions relating to retirement, investment, and tax planning.
Your retirement plan is not a one-and-done solution. It is an ongoing process where you need to make key adjustments along the way. Tune in to learn how you can enhance your retirement picture through dynamic retirement planning and research-based financial decisions.
If you want to go beyond traditional investing, real estate can be a good starting point. It helps you diversify your retirement portfolio and build an added source of recurring revenue in the long run! Tune in to learn what it's like to transition from a traditional investor to a real estate investor, and how real estate investing can help you enhance your overall retirement plan.
If you wish to have more control over what your individual retirement account (IRA) invests in, a self-directed IRA (SDIRA) is for you. Tune in to learn more about SDIRAs and how they help you diversify your retirement portfolio by using alternative investments.
By having life insurance in place, you can reduce the financial distress on your loved ones during an already stressful time. Tune in to learn how you can determine the ideal life insurance policy for your family, including the length of policy, coverage, policy types, and how to find the right insurance agent.
Retirement from your current job does not necessarily mean retiring off to a rocking chair on a porch or playing golf forever. A lot of people continue to pursue their passion after retirement, which can also be a good additional income source! Tune in to learn 5 steps that can make your transition to a new career more efficient.
Paying off student loans is a challenge faced by many Americans, whether it’s for their own education or for their kids. If you’re one of them, then this episode is for you! Tune in to learn how you can graduate from college debt-free, so that you’re not burdened with paying off student loans for the rest of your life.
This Christmas, surprise your grandkids with a gift like never before. Give them a financial gift! Tune in to discover 5 financial gift ideas for Christmas (other than cash) that you can give to your kids or grandkids to pique their curiosity about financial planning and kickstart their financial journey.
Use these year-end strategies to help your tax bill in 2021 and beyond! Drawing inspiration from an article by Kiplinger, Jeremy Keil highlights 7 year-end moves to help you lower your taxes during retirement.
Is transitioning to retirement as simple as flipping a switch? One day, you just stop working and enjoy the rest of your life, right? Well, not exactly… According to Barbara O'Neill, retirement is a combination of 35 different switches, each indicating a financial, social, or a lifestyle transition. Tune in as Dr. O’Neill discusses these transitions in more detail!
You might know Héctor Colón as a seven-time U.S. national boxing champion. But did you know that Héctor decided to leave boxing right when he was at the top of his career? That’s when he decided to pursue servant leadership and dedicate his life to the betterment of the society. Tune in to Héctor Colón’s inspiring life journey!
Is charitable giving one of your goals during retirement? Today, we’ll help you make your charitable contributions more tax-efficient using donor-advised funds. We believe that the more money you save in taxes, the more money you can donate to your favorite charities!
As a financial services firm in the Milwaukee area, we’ve helped several WE Energies employees reach their ideal retirement. So, we are well-versed in the key retirement considerations they need to make, plus ways to avoid common pitfalls. Tune in for the complete breakdown of WE Energies’ 2021 Retired Employee Benefits Guide.
It’s good to have a consistent income source during retirement that you can rely upon, no matter how the economy is performing. Discover how you can cope with the uncertainties brought by today’s complex retirement planning landscape and create a consistent income for life.
There are various articles on the internet claiming that the rich are “dodging” or “avoiding” taxes. But are they? Believe it or not, but a lot of tax saving strategies used by them are completely legal. They just know how to leverage the different tax codes to their advantage. Discover how you can do it too!
A lot of business owners retire by selling off their business. What if we told you there’s a better way? A way to maintain your business income after retirement. A way that makes your retirement more meaningful. A way that lets you keep the business you’re so passionate about, while losing all of the stress of managing it! It’s called Half-Retirement. Jim Muehlhausen explains what it’s all about and how you can achieve it.
As interest rates continue to be low, it can be difficult to cope with inflation. This can lead to a negative real return net of inflation, with your money losing value every day! Don’t worry. Your search for greater interest rates ends here. Today, we’ll introduce you to a less-known government security that can help you cope with inflation with minimal risk: the U.S. Series I Savings Bond (I Bond).
What happens when you or your spouse unexpectedly passes away? No one likes this question. But it’s an extremely important one to think about. This blog post explains the 4 must-knows of estate planning to help you protect your loved ones plus optimize your inheritance process.
While trying to find the ideal long-term care (LTC) insurance plan, you might encounter various questions. Our recent episode with Carol Burk, a LTC solutions specialist at Newman Long Term Care discusses 7 pro-tips for efficient long-term care planning to help you deal with unexpected medical crises without putting yourself into financial distress.
There are so many different options available to meet your unique care needs –– independent living, assisted living, memory care, nursing homes, and even in-home care. Our recent episode with Kris Kiefer, the owner and vice president of Castle Senior Living, discusses how each of these facilities fall on the continuum of care.
You can’t miss episode 51 of the Retirement Revealed Podcast! Your host Jeremy Keil sits down with Marty Schreiber, and Mary Ann Clairday to talk about the more frequently asked questions about Alzheimer caregiving.
On the 50th episode of the Retirement Revealed Podcast, Jeremy Keil speaks with Marty Schreiber to help Alzheimer’s caregivers learn, cope, and survive through this particular life challenge.
In episode one of the mini-series on legacy planning, Retirement Revealed host Jeremy Keil speaks with Annalee Kruger, founder and president of Care Right Inc., a nationwide senior care planning organization. Tune in!
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