Presents? Check.
Tree? Check.
Decorations? Check.
Food and drink? Check.
A thorough review of your tax-loss harvesting options?
See, I knew you were forgetting something!
Believe me, I understand that your checklist for the month of December is probably spilling onto another page already. And it’s not much fun to sit around the fire and think about filing taxes in April. But there’s less than two weeks left to consider some moves that could have a major impact on how you wrap up 2019 and progress into 2020.
On our last episode of the year, we go through the important year-end planning decisions that you, your spouse, and your fiduciary advisor need to discuss before December 31st.
If I were to list some of the incredible things my good friend Joe Ratterman has accomplished in his life, the fact that he’s a Guinness World Record holder might not even crack the top ten.
After a successful career in which he worked to improve competitive balance in the financial markets, Joe had earned the potential for an easy, carefree retirement. But his values, his faith, and his commitment to helping others wouldn’t let him go dormant. Today, I consider Joe to be one of the leading humanitarians and philanthropists here in Kansas City. Joe is an inspiration to me, and to anyone looking for a way to make the second half of their life potentially more meaningful and fulfilling than the first.
On this very special episode, I’m honored to sit down with Joe Ratterman to discuss his views on the evolution of the financial markets, how his values informed some major business decisions, and what he’s doing right now to help Kansas City’s most vulnerable citizens.
Happy Medicare Season!
You might not be getting any Hallmark cards marking this Fall tradition, but I know your mailbox is stuffed with notices from insurance companies, health care brokers, and the US government. That’s because the open enrollment period during which seniors can change their Medicare policies runs from now until December 7th. And even if you’re planning on sticking with your current coverage for another 12 months, there are some important things about your coverage as well as your spouse’s coverage that you should be considering before open enrollment closes.
On today’s show, we tackle four of the most common Medicare questions we’re fielding from clients at Keen Wealth right now. Hopefully this conversation will help you sort out the important notices about your health care coverage from the junk mail that belongs in your shred pile.
In this Market Update Webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, takes a look back at what happened in the third quarter of 2019 in the markets and in the economy. And even more importantly, Matt takes a look ahead at what may be in store for the remainder of the year.
Between 1992 and 2016, 56% of all workers age 50 and older were forced into an unexpected early retirement, according to a recent study by the Urban Institute and ProPublica. Some of these folks lost their jobs due to layoffs, corporate downsizing, and buyouts. Others decided to retire because of a pay cut or deteriorating conditions at their workplace. And still others retired due to health concerns or other personal issues.
Any time I see a statistic saying that something happens to 50% of retirees, that gets my attention. A number that big means unexpected retirement should be on everyone’s radar as they move into the second half of their careers. Fortunately, my Keen Wealth team is familiar in dealing with this all too common issue. So, on today’s show, we talk about the steps that we go through to help folks cope with unexpected early retirement and engineer a new path forward.
As regular readers and listeners know, I recently turned 50 and I do worry about the world that my generation is leaving behind for our children and grandchildren. If you get too caught up in chatter on cable news and social media, it can leave you feeling pretty scared and frustrated. And if you believe the stereotypes about the upcoming millennial generation, we’re leaving some pretty serious problems in the hands of kids who are entitled, self-absorbed, and incapable of handling basic adult responsibilities - or so they say.
That’s why I invited US Air Force Academy graduate, Second Lieutenant Matt Robbins on today’s show. I’ve known Matt since he was a 15-year-old volunteer at my flight school. Today, at 22, he’s working towards his Masters in aeronautical engineering as he begins his career serving our country. I think listening to Matt discuss his worldview, his commitment to service, and his pursuit of excellence is going to make you feel a heck of a lot more positive about how the next generation is going to reshape our world.
My listeners in the Kansas City area are going to love hearing Darcie Blake’s voice again!
Darcie was a radio mainstay here for nearly 30 years as the morning show co-host on KUDL and as a host on WHB. After leaving KUDL, Darcie founded The Radio Dish, where she hosted her own show, and started her own advertising company.
On today’s show, Darcie Blake sits on the other side of the desk to share some memories about her time on the air – from laugh-out-loud gaffes to some really serious events that she covered as a reporter. Then we discuss how Darcie and her husband handled the transition to retirement and what she’s doing today to make this half of her life as fulfilling as the first.
“To all the clients I’ve worked with over the years, thank you for demonstrating that through hard work, character, and responsibility, it is possible to start from nothing and build a fulfilling retirement for you and your families."
That dedication opens my new book, “Keen on Retirement: Engineering the Second Half Of Your Life.” It’s a summation of what it is we do every day at Keen Wealth Advisors. But it’s also my small way of recognizing what an honor it is to serve folks who are actively involved in their retirement planning. Most of our clients are self-made success stories who want to make their next chapter a success as well. They’ve built their wealth not by winning the lotto or inheriting a windfall, but through discipline, sacrifice, and commitment.
I appreciate the journey that these successful retirees have been on because it’s very similar to my own. On today’s show, I discuss how my personal history led me to a career in finance, why I decided to write this book, and what I hope readers will learn about engineering their best lives in retirement.
Generally, on Keen on Retirement, we don’t like to discuss proposals that are floating around in Washington. There’s so much politicized chatter in our newsfeeds every day that we prefer to wait until the facts get separated from the fiction, all the dust settles, and a new law is actually put into effect.
But we’re making an exception on today’s episode for the SECURE Act of 2019, which passed the House back in May and is currently kicking around in the Senate. The discussion surrounding the House version of the bill gives us some important insights on what the government is thinking about your nest egg and the future of retirement planning.
I talk a lot in my blogs and podcasts about understanding how to separate the news from the noise. In this Market Update Webinar, Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, takes a look back at what happened in the second quarter of 2019 in the markets and in the economy. And even more importantly, Matt takes a look ahead at what may be in store for the remainder of the year.
Picture this:
You’re not feeling well, so you go to the doctor. There’s a great medication for what’s ailing you, but the doctor won’t give it to you. The reason that medication wasn’t prescribed is that the company that makes that medication doesn’t pay your doctor. Instead, the doctor gives you another medicine that he says is a “suitable” replacement. After taking the “suitable’’ medication for a while you try to schedule a follow-up appointment. The doctor informs you that he’s not obligated to check in to make sure that the medicine prescribed is working.
I know this scenario sounds farfetched. But believe it or not, this is essentially the kind of agreement that millions of folks have with their financial professional!
On today’s show, we talk about how to make sure “pay to play” scenarios aren’t impacting your financial planning. We also discuss some important questions you should ask potential advisors to make sure your best interests are protected.
“If only I’d gotten in early on Amazon twenty years ago …”
It’s easy to slip into this kind of thinking when you read about the biggest companies in the world achieving a trillion-dollar valuation. Once upon a time, you could have bought that stock for peanuts, and today you’d be sitting on a fortune!
That’s why some folks clamor for a seat on the hype train when companies like Uber and Lyft announce their IPOs. These investors are afraid of missing out on another golden ticket.
But as we discuss on today’s episode, investing in an IPO isn’t as easy you might think. And the return on investment often isn’t as great as the hype train would have you believe.
We’ve talked many times on this podcast about the most effective ways to use your time and money to create real, lasting happiness. One of the great joys of my life has been working with Angel Flight Central, a volunteer organization that provides free transportation to folks whose medical and financial needs make commercial travel impossible.
I was so honored when Angel Flight appointed me to its board earlier in the year. Working with their leadership team to further the group’s mission has let me put my love of flying and business background to their highest possible uses. Angel Flight has also given me the great pleasure of working with an extraordinary group of devoted and big-hearted folks, including my guest on today’s podcast, CEO and Executive Director Don Sumple.
On this special episode of Keen on Retirement, Don talks about his transition from a successful broadcasting and media career to running a nonprofit organization. We also explore Angel Flight’s mission and how Don views retirement. Hopefully, this conversation will give you a new perspective on how reaching out into your community can make any stage of your life more rewarding.
We’re always happy to hear from Keen on Retirement listeners! On this week’s show, we’re answering a question from Chuck in Los Angeles that we’ve also been fielding from some of our clients at Keen Wealth:
Hi Bill,
I looked through your podcasts in search of one dealing with reverse mortgages. From what I have seen in the L.A. Times, this can be an important subject for retirees. I was hoping you would consider doing a podcast on this. Apparently, a reverse mortgage can make or break a person's financial situation and/or that of a survivor depending on the several options connected with them.
So, what exactly is a reverse mortgage? What are the options that Chuck alludes to in his question? And is Magnum, P.I. giving you good advice in all those TV ads you’ve been seeing?
In my experience, the folks who have the most positive financial outcomes are often the ones who are the most engaged in the planning process.
Now, that doesn’t mean I expect my clients to become expert portfolio managers! But if you’re working with a fiduciary advisor who is paying close attention to the issues of the day, you’re likely to feel more at ease about your investment strategy and more confident about reaching your long-term financial goals. That’s why educational seminars and webinars are such an important part of the Keen Wealth mission.
And that’s why I’m excited to bring you this special Market Update webinar presented by Matt Wilson, Managing Director and Chief Investment Officer at Keen Wealth Advisors, and a frequent guest on my Keen on Retirement podcast.
In his presentation, Matt touches on some topics that I know are on your mind right now, including:
I really appreciate all the clients and friends of the firm who took time out of their day to attend Matt’s webinar.
Whether you want to review this presentation again or are checking it out for the first time, you can click below to watch the video, listen to the audio as a podcast, or read the transcript.
Stay tuned to Keen on Retirement for information about upcoming events!
“If something happened to me, what would happen to my family?”
I know this question is on the minds of many of the clients at Keen Wealth. It’s also the question that inspired my guest on today’s podcast, Polly Bartle Blomquist, to transition from family law to elder law and estate planning.
“After I had kids, I realized the gravity of parenting,” Polly remembers. “Really, families did not know the process by which to ensure that their families were protected, and I became passionate about that. I learned everything that I could possibly learn and then went out on my own and started practicing estate planning.”
On today’s show, Polly shares her expert tips for preserving wealth, protecting your best interests, and creating a legally durable legacy plan that will honor your last wishes.
“50% of small businesses close.”
How many times have you read some variation of this headline, or heard that number thrown around in casual conversation? You might have even used this “conventional wisdom” to talk yourself out of starting your own company. Fifty percent makes it sounds like your odds of success are on par with flipping a coin and guessing heads or tails.
But that’s the tricky thing about numbers: taken out of context, they can be deceiving.
Let’s dig into that 50% a little deeper and ask, “Why do half of small businesses close?”
According to the Small Business Administration, the number one reason, yes, is a lack of revenue.
Number two? The owner retires.
Number three? The owner sells the company.
So, two of the top three reasons that most small businesses close aren’t necessarily negative! They might even represent a lifetime of fulfilling work leading to a profitable exit for the business owner!
Recently, you might have come across some big numbers related to our economy that have you nervous about your nest egg. On today’s show, we dig into those numbers as well to separate the facts from the hype.
In March of 2009, the markets bottomed out in the aftermath of the housing crisis and bank collapses. Gigantic financial institutions teetered on bankruptcy and scrambled for government support. Millions of ordinary folks lost their homes or their jobs, and all saw their retirement savings decline in value. In the moment, it was hard to imagine how our economy would get back to normal.
And yet, 10 years later, despite some ongoing volatility, the economy is once again trending positive. On today’s show, we talk about what the bottom of the financial crisis looked like, how the markets turned around, and the lessons that are most important to you, an investor preparing for or in retirement.
There’s never a dull moment in the world of finance!
In just the past six months or so the markets have passed some amazing historical milestones. We’ve reflected on one of the true revolutions in financial services, had a couple complicated runs of volatility, and the country made it through the contentious midterm elections that were fought against the background of some major economic challenges at home and abroad.
With so many big picture topics to discuss, it’s been a while since we opened up our mailbag. So, on today’s show, we answer questions submitted by listeners that touch upon issues that many folks will have to deal with at some point during their retirement.
When Dr. Daniel Crosby was in his 20s, he had a fateful conversation with his father about what he should do for a living. Dr. Crosby’s father was a financial advisor, but young Daniel didn’t think finance was a good fit for his interests and skill set.
“I remember saying to him, ‘Dad, but I'm a people person. I like to study human behavior and you just think about math,’ Dr. Crosby says. “He laughed and said, ‘Read these books and tell me if you don't think that emotion and human behavior plays into finance.’ And there was no turning back after that.”
Today, Dr. Crosby is the chief behavioral officer at Brinker Capital. He's also a psychologist, a New York Times bestselling author, and a behavioral finance expert who really understands what's happening at the intersection of our minds and the financial markets.
On today’s show, we talked to Dr. Crosby about his latest book, “The Behavioral Investor,” and the four psychological tendencies that he has seen prevent folks from building a bigger and better nest egg.
I know that retirement is just around the corner for many of my regular listeners and readers, and for many of our clients at Keen Wealth. In fact, some of you may have started 2019 with a resolution to make this your last year of full-time work. Once you’ve decided to retire and that reality starts to sink in, the scope of this life change can be daunting.
Well, we’ve got you covered with this special episode of Keen on Retirement. I went back into past podcasts and blog posts to put together a primer on five ways you can prepare to “retire right” and smooth your transition into retirement. And for those of you that are already retired, this episode will be a nice checklist for things to review and consider along your journey in retirement.
Earlier this year, Vanguard announced the passing of founder John Bogle, one of the best investors of our time and also one of the true innovators in the financial services industry.
Bogle founded Vanguard back in 1974, and one of the very first products they offered was revolutionary: a mutual fund that tracked the S&P 500. Before Vanguard, it was nearly impossible for an individual investor to monitor and invest in the 500 top companies that the Standard and Poor’s index tracks and weights based on performance. Bogle’s fund created a new way for investors of all sizes to tap into the wealth-building power of the markets that other firms have been emulating and refining ever since.
On today’s show, we dig a little deeper into how indexing works in 2019, the differences between passive and active investing strategies, and the key things you need to know if you’re thinking about adding an index to your portfolio.
If you’ve started to receive 2018 tax info from your financial institutions and can already feel a sense of dread building, let me try to put a more positive spin on this process. At Keen Wealth, we like to remind clients that, to some extent, taxes are a problem of prosperity. Sticking with disciplined savings and investment strategies, even during volatility, could help generate wealth and security for your family in the long run. Taxes are just part of the price tag that comes with achieving that dream retirement scenario.
However, there are mistakes that you could make when you’re filing taxes that can add up to a bigger bill than necessary, especially if you miss out on a particular strategy or deduction.
On today’s show, we discuss how to avoid four common tax preparation mistakes, possible ramifications of the new tax laws, and why meeting with a fiduciary advisor shouldn’t feel like spending time in a jail cell.
At our 21st Annual Holiday Breakfast in December 2018, we presented "Forecast 2019: Anticipating Change." You can listen to Matt's presentation in this podcast, or you can watch full video of the presentation, including data slides, at KeenonRetirement.com.
At our 21st Annual Holiday Breakfast in December 2018, we presented "Forecast 2019: Anticipating Change." You can listen to Bill's introduction in this podcast, or you can watch full video of the presentation, including data slides, at KeenonRetirement.com.