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Reviewing your estate plan is an important part of the year-end review sessions that we hold at Keen Wealth. At least annually, folks should make sure that their plan is still in sync with how they want to be cared for, how they want their assets distributed, and who they trust to settle their estate and preserve their legacy.
But an estate plan check-up is also a good opportunity to review your feelings around what your money means to you, both while you're still around to enjoy it and after the next generation takes over. On today's show, we discuss lessons from two different approaches to estate planning that all seniors should think about as they prepare their financial plans for a new year.
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"Sam" is 58 and he retired at the end of the first quarter of 2024. His wife, "Alice," is 65 and still working as a paid caretaker for the couple's son with special needs. Sam has $400,000 in a Roth IRA, $2 million in a traditional IRA and they have $400,000 in a joint taxable account. In 2024, Sam earned $75,000 and Alice earned $20,000.
And, like so many couples in their age range, Sam and Alice want to know if their nest egg is ready to support them as they prepare for retirement.
On today's show, we use Keen Wealth's comprehensive planning process to help "Sam and Alice" analyze their financial situation and identify some key decisions they'll need to make to keep their money and their lives in sync.
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If there's one thing we know that the financial markets like, it's certainty.
And since the 2024 presidential election was settled overnight -- rather than the weeks it took to count votes in 2020 -- the markets have reacted to the certainty of our new political reality with very strong returns.
But as Donald Trump prepares to return to the White House, there are still many lingering questions about how the economic vision he laid out on the campaign trail will or won't materialize. On today's show, we explore some of President-elect Trump’s policy proposals and how they could affect your retirement planning.
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At Keen Wealth, we often describe tax-planning as an ongoing process, not just something we help folks accomplish every spring. And while Tax Day is certainly circled in red on our annual planning calendars, the end of the year is also an important deadline for some moves that could lower your tax bill.
On today's show, we discuss three financial strategies that you and your advisor should consider before December 31st.
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With the presidential election less than a week away, I know many folks are feeling like the present is on pause while we’re waiting on some important answers about the future.
Matt Wilson, Keen Wealth’s Chief Investment Officer and President, analyzed the latest data surrounding the election, the health of the economy, and the early outlook for 2025 in his recent 2024 Q4 Market Update Webinar. Today we’re going to discuss some follow-up questions from webinar attendees that should provide a little more clarity about the relationship between your short-term and long-term financial planning.
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If I were to make a list of the most common money worries that I've helped seniors deal with in my 30-plus years as a financial advisor, running out of money in retirement would probably be number one. Even folks who have been following a comprehensive financial plan and building wealth for decades can struggle with the idea of cashing their final paychecks and living off their nest eggs.
So, I understand why a headline like "New study finds many seniors who retire at 65 will run out of money" can make some folks question their retirement plans. On today's show, we unpack the details of that study and discuss a practical approach to preparing for and enjoying your golden years.
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Between the 24/7 news cycle and the two-year election cycle of our government system, I'm sure I'm not the only one who feels like our country is in a permanent state of campaigning. And that means some folks who do follow politics and their investments closely are often hearing our leaders talk about tax policy every time they turn on the news.
However, it's very important to distinguish between what candidates propose on the campaign trail, what's being debated in Congress, and what actually has a chance of becoming law.
On today's show, we separate the facts and the fiction from sound bites on capital gains taxes that you might have heard in recent weeks -- and that you're likely to hear a lot more as we head into the final month of the 2024 campaign.
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On the morning of September 11, 2001, I was driving on Southwest Trafficway, heading to my office on the Country Club Plaza in Kansas City. When I walked inside the world had changed. My colleagues were huddled around TVs watching the horrific, surreal footage from the terrorist attacks in New York.
About a month later I was in New York for business meetings and I saw the destruction first-hand. Everyone was wearing facemasks because the air was still heavy with soot. At Ground Zero, some parts of the remaining tower structures were still burning from the intense heat.
You could feel the grief and the fear. But there was also a remarkable sense of resilience. People were pulling together, helping each other, doing their part. And, little by little, the city, the country – and, yes, the markets -- began to recover.
On today's show, my cohosts and I discuss our memories of that terrible day before zooming out for an analysis of how major historical events can affect the global economy and individual investors.
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Most of us try to help our loved ones whenever we can and however we can. But when that "help" is money, our best intentions can turn bad very quickly. As uncomfortable as it may feel, if you don't integrate giving and lending into your overall financial plan, you're not just potentially enabling poor financial habits -- you could be jeopardizing your retirement.
On today's show, we discuss five keys to lending money to loved ones that will help you preserve both your nest egg and your dearest relationships.
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You should delay taking Social Security until you reach age 70.
Unless, of course, you shouldn't. Or can't.
Yes, my team at Keen Wealth generally advises folks to delay their benefits as long as possible so that those checks will, eventually, be bigger. But, like just about every detail of your comprehensive financial plan, timing your Social Security benefits is a complicated decision that depends on your unique situation and your specific goals for retirement.
On today's show, we discuss some questions we typically ask folks who are considering taking their Social Security benefits as soon as they are eligible at age 62.
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At Keen Wealth, "tax season" is never really over.
Our checklist-driven, comprehensive planning process is constantly taking in new information about the folks we work with and changes to tax law. By staying ahead of tax issues, we believe we can help limit surprises when April does roll around, especially for retired seniors who are living on a fixed income.
I'm glad to see that there are folks in our audience who are staying on top of their taxes throughout the year as well. On today's show, we answer listener tax questions about gold, correcting mistakes on your tax return, and a form you might have received in the mail a couple of months ago.
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How are you feeling about the upcoming elections?
Until about a week ago, I think that many folks might have had November on the periphery of their radar, especially if they don't live in a contested swing state. But the tragic events in Pennsylvania and the Republican National Convention in Milwaukee have probably changed that perception for all Americans. And as interest -- and emotions -- start running higher, it can become very difficult to separate your politics from your financial planning.
On today's show, we discuss how elections typically impact the financial markets and what kinds of mistakes investors should try to avoid as we head deeper into election season.
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Like any other part of a comprehensive financial plan, there's no one-size-fits-all blueprint for an estate plan. Every person is different. Every family is different. And, as illustrated in a recent Wall Street Journal article, if you don't work with professionals to preserve your legacy, your way, you could be putting your estate, your loved ones, and your well-being at risk.
On today's show, we discuss a listener question about how to tailor an estate plan to specific family dynamics, the essential parts of an estate plan, and some of the legal options folks should discuss with their attorney and financial advisor.
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Formulating a one-time, bulletproof financial plan would be incredibly simple if you could supply an advisor with just two pieces of information: exactly how much money you're going to spend every single year in retirement, and your date of death.
Absent those two impossible data points, an effective, comprehensive financial plan has to be an ongoing, personalized, and adjustable process, no matter what size your nest egg is.On today's show, we talk through another case study to illustrate how my team at Keen Wealth helps folks plan for a retirement that's much more than just their numbers.
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"Robin" is a single mother of two high schoolers. She's 45 and she earns about $350,000 per year. Robin had never worked with a financial advisor before, and one of our clients referred her to Keen Wealth because she was looking for help with streamlining her finances and, hopefully, retiring in nine years.
On today's show, we run Robin's case through Keen Wealth's checklist-driven, comprehensive planning process and explain how my team arrived at actionable strategies for achieving that early retirement goal.
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I couldn't be prouder to have my name above the door at Keen Wealth Advisors. If you've read my book, you know that I have a very personal connection to financial planning, and it's been my lifelong mission to help folks avoid the kinds of hardships that my father and I went through. Every day, Keen Wealth carries out that mission in so many different ways: educational events, informative blog posts and podcasts, and a comprehensive planning process that has secured retirement for hundreds of hardworking families over the years.
But Keen Wealth is so much bigger than Bill Keen! The folks we have the privilege of serving can count on the support of a whole team of professionals who are passionate about every aspect of every financial plan we manage. On today's show, I talk with my co-host, Matt Wilson, the President and Chief Investment Officer at Keen Wealth, about the value of having a financial team with a disciplined process that understands your unique goals and works together to help you achieve them.
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Interest rates, inflation forecasts, and long-term market trends were just a few of the topics Matt Wilson, CFP® covered in our recent 2024 Q2 Market Update Webinar, "Gain Insights on the Economy & Markets." The follow-up questions we tackle on today’s show are largely geared toward folks who are approaching the retirement transition with some understandable anxiety. I hope that as we provide a little more detail on these important topics and the overall state of the economy, folks will feel more confident in their financial plans and more excited about retirement.
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Are Joe Namath and William Shatner giving you the best possible advice about Medicare?
During the Medicare Open Enrollment period last fall, you probably saw TV ads for companies selling Medicare Advantage Plans featuring these and other senior celebrities. That's because, under most circumstances, the Open Enrollment period is the one time per year that seniors can change their Medicare coverage. And, in recent years, Medicare Advantage Plans have become a popular way for seniors to cover more of their health care needs.
However, rising costs are causing many insurance companies to change, and in some cases, stop offering Advantage Plans. On today's show, we discuss how potential changes could affect the healthcare piece of your comprehensive financial plan.
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Most soon-to-be retirees have a broad understanding of the differences between living off their assets and living off a monthly paycheck. But making that switch and adjusting to new spending habits can be more complicated than you might think, especially if you aren't prepared for the rules around withdrawing from your retirement accounts and how your relationship to your money might change.
In his most recent webinar, Matt Wilson, CFP® Chief Investment Officer and President at Keen Wealth explained the importance of making a plan for your retirement spending before you actually retire. Today's episode touches on some of the topics that Matt's webinar covered in depth, as well as important follow-up questions we received about budgeting, required minimum distributions, and managing the psychological and emotional challenges of retirement.
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The power of the human spirit. Resilience. Forgiveness. Advocacy. Redemption. Character. Faith.
These are just some of the words that came to mind when I reflected on our guest today, Stephany Bening, and the incredible story that she shares on this episode. Stephany and her children suffered a wrenching loss. But, guided by her faith, Stephany was able to turn that experience into a force for good that, hopefully, will make Missouri a lot safer and a little kinder for years to come.
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