In a recent survey, non-retired adults told investment firm Schroders that they will need approximately $5,000 per month "to enjoy a comfortable retirement." 

But is that really enough?

Maybe!

Studies and surveys like these make for eye-catching headlines, but they skimp on the details. For example, where are these retirees planning on living? $5,000 per month is going to go a lot further in, say, Kansas City than it will on the coasts. 

When are these folks planning to retire? If it's before 65, are they factoring health care premiums into that $5,000?

What about Social Security? Mortgage payments? Long-term care insurance? An annual travel budget to have a little fun?

These are the kinds of conversations and details that help my team at Keen Wealth arrive at something more reliable and personalized than a number: a comprehensive financial plan. The four case studies we discuss on today's show will give you a better idea of how that process could help you improve your plan for retirement.

It's worth celebrating just about any time our leaders on both sides of the political aisle can meet in the middle. But seniors in Kansas City should all be smiling now that, starting in 2024, they’ll get to enjoy a little bit more of their Social Security benefits. Thanks to a broadly bipartisan vote, Missouri is set to become the 39th state to make Social Security payments exempt from state taxes. 

Of course, that also means many folks in our audience will have to factor in a new variable when they're deciding when to take Social Security. Luckily, Matt Wilson, Keen Wealth's Chief Investment Officer and President, recently hosted a comprehensive webinar on Maximizing Social Security Benefits that you can rewatch on our website. Today, we're going to discuss some follow-up questions Matt received from attendees.