Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
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Вміст надано Jeremy Keil. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Jeremy Keil або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
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The Agile Brand with Greg Kihlström®: Expert Mode Marketing Technology, AI, & CX
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Вміст надано Jeremy Keil. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Jeremy Keil або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
In the Retirement Revealed podcast, Jeremy Keil, CFP®, CFA shows you how to turn your retirement savings into retirement income. Listen in as Jeremy and his guests guide you towards making smarter retirement, investment, and tax planning decisions. Get free resources and learn how to have Jeremy and his team develop your own Retirement Revealed income plan at 5stepRetirementPlan.com. For important disclosures, see www.keilfp.com Keil Financial Partners may utilize third-party websites, including social media websites, blogs, and other interactive content. We consider all interactions with clients, prospective clients, and the general public on these sites to be advertisements under the securities regulations. As such, we generally retain copies of information that we or third parties may contribute to such sites. This information is subject to review and inspection by
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Вміст надано Jeremy Keil. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Jeremy Keil або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
In the Retirement Revealed podcast, Jeremy Keil, CFP®, CFA shows you how to turn your retirement savings into retirement income. Listen in as Jeremy and his guests guide you towards making smarter retirement, investment, and tax planning decisions. Get free resources and learn how to have Jeremy and his team develop your own Retirement Revealed income plan at 5stepRetirementPlan.com. For important disclosures, see www.keilfp.com Keil Financial Partners may utilize third-party websites, including social media websites, blogs, and other interactive content. We consider all interactions with clients, prospective clients, and the general public on these sites to be advertisements under the securities regulations. As such, we generally retain copies of information that we or third parties may contribute to such sites. This information is subject to review and inspection by
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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 Returns The 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 Rebalance It’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 Cash Cash 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 Income One of the most underappreciated strategies for navigating market volatility is increasing your guaranteed income . That could include: Delaying Social Security to maximize your benefit Maximizing your pension payout , if available Exploring annuities to create additional income streams I know the word “annuity” often brings up mixed feelings. But the reality is, with stock prices high and bond yields strong, there could be an opportunity to convert some of your portfolio into income—if that fits your retirement plan. And remember: it’s not about finding the one perfect solution . It’s about combining different tools—stocks, bonds, cash, annuities—into a balanced, well-designed retirement portfolio. Market anxiety is real. But it doesn’t have to derail your retirement. If you understand when you need your money , build a diversified and flexible plan , and bolster your guaranteed income , the volatility that comes with investing may feel less overwhelming. 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: “ Experts Forecast Stock and Bond Returns: 2025 Edition ” – Morningstar.com “ Market Anxiety is Running High. How to Secure Your Retirement Portfolio. ” – Barron’s What Can I Do When the Market Goes Down? 3 Investment Options – Mr. Retirement on YouTube Ideas to Build Your Cash Position in a Down Market – Mr. Retirement on YouTube If the Stock Market Crashes While I’m Retired, What do I do? – Mr. Retirement on 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 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…
Exploring “The One, Big, Beautiful Bill” and its proposed changes to HSAs. There has been no shortage of conversation about what’s in the Trump Administration’s “One, Big, Beautiful Bill”, but the headlines that caught my attention for people nearing retirement recently centered on the proposed changes to the laws regarding Health Savings Accounts (HSAs). I decided to dive deeper into Laura Saunders’ article in The Wall Street Journal “ Big Tax Breaks for Health Savings Accounts Get Even Better in the GOP Bill ” to help explain what these changes mean and how they differ from today’s status quo. Plus, stick around to the end to see if you have been taking advantage of your HSA based on how the laws currently regulate them. Change for Health Savings Accounts in 2025 There’s a new proposal floating through Congress that could open the door to HSAs for 20 million more Americans. That’s huge. It’s been featured in publications like The Wall Street Journal and Yahoo Finance , and people like Roy Ramthun of HSA Consulting Services —aka “Mr. HSA”—are calling attention to the most important changes. If this bill passes, it could: Lower the threshold for what qualifies as a “high deductible health plan” Allow Medicare enrollees to continue contributing to their HSAs Simplify the rules for spousal catch-up contributions Enable some ACA (Affordable Care Act) plan participants to qualify for HSAs Expand eligible withdrawals to include fitness expenses (with some limits) Whether you’re retiring early, managing health costs on fixed incomes or have felt a strain on your finances due to health costs and taxes, these changes have the potential to impact your outlook with HSAs moving forward. Why HSAs Matter – Especially for Retirees An HSA is the only account that can give you a triple tax break: Tax-deductible contributions Tax-free growth via unused contributions building year over year Tax-free withdrawals for qualified healthcare expenses And here’s the kicker—unlike a Flexible Spending Account (FSA), you don’t lose unused HSA money at year’s end. It keeps growing for you, year after year. Yet, many people treat HSAs like FSAs and use up all their contributions each year. That’s the most common decision I see people making. Instead, you might want to consider what it would look like to approach your HSA differently. Contribute the maximum to your HSA, but don’t touch it unless absolutely necessary. Pay for current healthcare costs out-of-pocket if you can, and save the HSA funds for retirement. Health costs are a big part of retirement expenses, and your HSA can be a powerful tool to cover those tax-free. Are You Really Maxing Out Your HSA? Here’s another surprise: Many people think they’re maxing out their HSA when they’re not. If you’re contributing through payroll deductions—maybe $100 per paycheck—that might only total $2,600 for the year. But for 2025, the actual limits are: $4,300 for individuals $8,550 for families Plus $1,000 catch-up if you’re 55 or older (per eligible person) And no—you don’t have to stop at your employer’s HSA. You can contribute additional funds on your own or even open a second HSA account if your first provider won’t accept direct contributions. Many people don’t realize that. What’s Changing in the New Bill? If the bill passes, here are a few of the proposed improvements I’m most excited about: Contributing After Age 65 Right now, you can’t contribute to an HSA once you’re on Medicare. But the new bill may change that—allowing older Americans to keep building this valuable, tax-advantaged resource. Simplifying Spousal Contributions Currently, if you’re over 55 and want to make the $1,000 catch-up contribution, each spouse needs their own HSA. That’s a logistical headache. The bill would allow both contributions to go into a single account. More HSA-Eligible ACA Plans Many early retirees rely on ACA coverage, but few plans qualify for HSA contributions. This bill could fix that, giving early retirees the same powerful savings tool they enjoyed while working. Fitness Reimbursements The bill would allow HSA funds to pay for certain fitness expenses—like gym memberships—up to $500 for individuals and $1,000 for families. There are restrictions (sorry, golf club dues don’t count), but it’s a step toward proactive health management. HSA Options Regardless of the Bill Even if none of this legislation passes, there’s still plenty of opportunity to benefit from your HSA today: Max it out —not just through payroll, but with direct contributions Don’t spend it —pay out of pocket if possible and let your contributions build Track your receipts —you can reimburse yourself later, tax-free Coordinate with your Medicare decisions —know how enrollment affects your HSA contributions If the bill passes as it is currently constructed at the time of this blog’s posting, the opportunities to utilize HSAs grow. But even without the changes, an HSA is still one of the most tax-efficient savings tools out there—especially for future healthcare costs 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: “ Big Tax Breaks for Health Savings Accounts Get Even Better in the GOP Bill ” by Laura Saunders, The Wall Street Journal HSA Consulting Services, LLC One Big Beautiful Bill Act – Congress.gov HSA Health Savings Accounts Strategies for 2024 – Mr. Retirement on YouTube Ranking the Top 4 HSA Providers – Mr. Retirement on YouTube 90% of People Make THIS Mistake With Their Health Savings Account (HSA) – Mr. Retirement on YouTube Top 3 Strategies to get More out of your HSA – Mr. Retirement on 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 Tax-free growth does not refer to guaranteed growth but that any growth within an HSA can be used tax-free if used for qualifying medical expenses. 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 Allison McCune Davis shares her insights on why turning 60 can be a powerful new beginning. Does turning 60 mean that your best days are behind you? Author Allison McCune Davis had her freak-out moment at 60, but what she found on the other side was a sense of purpose and direction that allowed her to seize this stage of life as an opportunity instead of an end of her previous life. Are you on a similar path? Stick around and see if Allison’s experience and guidance resonate with your situation. Redefining 60 For Allison, turning 60 was a wake-up call. Her children were growing up, and she found herself in a new phase of life—restless and searching. She had accomplished so much already, but like many of us approaching retirement or the “second half” of life, she asked the big questions: “Am I doing what I’m meant to be doing? What’s next?” That restlessness turned into action. She explored new communities, accepted challenges, and eventually launched what would become her 60-day lifestyle transformation framework, captured in her book “ 60 Is a Good Start .” Why 60 Days? Allison explains how she came ot understand that it takes about 60 days to build a meaningful habit based on her own research. That’s why she built her 60-day “Dare” program, designed to help people reset their habits and rediscover their energy and purpose. And these habits aren’t extreme or overwhelming. They’re small, consistent actions across three life areas: Body Work, Brain Work, and World Work. The 3 Pillars of Longevity and Fulfillment Body Work – Eat, move, sleep, drink water, and breathe. Simple, right? But how intentional are you being with these? You don’t need to overhaul your life—Allision suggests just focusing on improving one area for 60 days. Maybe it’s walking every day or cutting back on sugar. The key is consistency. Brain Work – Your thoughts and emotional well-being are also important, and many people weight them with less important than physical health. This pillar encourages journaling, reading, decluttering, and meditation. Allison emphasizes that your thoughts are just habits too—ones that can be changed with practice. World Work – This is where purpose and relationships live. It’s about reconnecting with what lights you up and the people who matter most. Whether it’s reaching out to an old friend, volunteering, or pursuing a long-lost passion, Allison teaches that world work is what keeps us energized and connected. A Purpose-Filled Retirement Starts with One Choice I loved how Allison broke it down: you don’t have to do everything at once. Pick one habit in each of the three categories and commit to it for 60 days. That’s it. The idea isn’t to create a perfect life overnight. It’s to set a direction that brings meaning, health, and connection back into your daily routine. Her “60-Day There” isn’t just a wellness challenge—it’s a life strategy. And what I found especially valuable is that it isn’t solely designed for one specific age group or demographic. Whether you’re still working part-time, managing grandkids, or thinking about your next big goal, these small steps may help to create momentum. Whether you’re approaching your 60th or you’re in the middle of the challenges that came from that life transition, Allison’s story is one that can provide hope and perspective. Life after 60 doesn’t have to be about what you left behind–there’s a future waiting for you. Go seize it! 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: Allison McCune Davis on Instagram “ Sixty is a Good Place to Start: A Powerful Body, a Purposeful Life, and a Plan to Make It Happen ” by Allison McCune Davis AllisonMcCuneDavis.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.…
Retirement author Mike Drak shares his story of emerging from the hardships of retirement to finding his own satisfaction. You’ve had that retirement dream for years. The fishing trips, the annual cruise, the regular nights with the grandchildren…whatever it is, that prize at the end of your career feels more within your grasp with each passing day. But what happens when retirement doesn’t feel like the dream you imagined? I had the opportunity to sit down with Mike Drak, author of Retirement Heaven or Hell: Which Will You Choose? Mike’s story was both inspiring and eye-opening because his story went a lot like the scenario I just laid out. His candid reflection on being forced into retirement, hitting rock bottom emotionally, and eventually finding his “retirement heaven” offers a powerful lesson for anyone approaching retirement age. The Myth of the Perfect Retirement Mike spent 36 years working in financial services, helping people save for retirement. Like many of us in the industry, he assumed that having a large enough nest egg was the key to a successful retirement. But when he was forced into early retirement, he realized just how wrong that assumption was. At first, it felt like he had hit the jackpot—no more commutes, bosses, or office politics. But within weeks, the cracks began to show. Mike was alone, bored, and spiraling into a deep depression. Despite having financial stability, he lacked something even more critical: purpose. If you’re a Retirement Revealed listener, you have probably heard this refrain before: retirement isn’t just about financial planning—it’s about emotional and psychological readiness too. Retirement Shock is Real Mike’s experience isn’t unique. He calls it “retirement shock,” and it’s something both he and his parents experienced in different ways. His father, after retiring, found himself miserable trying to mimic his wife’s routine. The turning point came when his mother handed him a classifieds section with part-time job options circled. That simple nudge changed everything. His dad landed a job delivering pet food—a far cry from his previous executive role—but it gave him purpose, routine, and social interaction. He even mentored the store’s young manager, finding fulfillment in helping someone else grow. That’s the real magic: retirement doesn’t necessarily have to be the end of contribution. It can be the beginning of a new phase of meaningful engagement. The Path to Purpose Finding that next chapter takes time and introspection. Mike introduced a Japanese concept called ikigai —the intersection of what you love, what you’re good at, what the world needs, and what you can be paid for. It’s a simple yet powerful framework for discovering purpose. Mike tried several ideas before finding his true fit. He considered working at a fishing store, leveraging his passion for the sport. Then he thought about returning to the financial industry. Ultimately, he realized that he wanted to be his own boss, share his journey, and help others avoid the same mistakes. Becoming a writer, coach, and speaker aligned perfectly with his ikigai. Health is Wealth Mike didn’t stop with finding emotional purpose—he made physical health a priority too. After struggling with weight gain and depression, including a close call with suicidal thoughts triggered by a medication, he committed to regaining his health. His ambitious goal? Completing an Ironman triathlon at age 70. He’s now 60 pounds lighter and training hard every day. His message is clear: you can reinvent yourself at any age. It takes commitment, support, and a willingness to do the hard work—but it’s absolutely possible. Becoming a Retirement Rebel Mike proudly wears the label “Retirement Rebel.” Instead of accepting the traditional script of slowing down and disengaging, he advocates for redefining retirement altogether. Retirement, in his view, isn’t the end—it’s a new beginning. A time to re-bloom, pursue passions, and create a legacy. And the best part? You don’t have to go it alone. Your Retirement Movie Mike encourages all of us to think of retirement like a movie. Even if the beginning wasn’t ideal, the ending is still being written. You can change the narrative. Focus on relationships, health, purpose, and contribution. As Mike puts it, that’s how you can create your own version of retirement heaven. 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: Follow Mike’s Ironman journey on Instagram: @retirement_rebel Download Mike Drak’s books for free: https://boomingencore.com Mike Drak on LinkedIn “ Retirement Heaven or Hell ” by Mike Drak “ Longevity Lifestyle By Design ” by Mike Drak 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 how to transition from an achievement-based career to a fulfilling retirement lifestyle with author Elizabeth Zelinka Parsons. I’ve worked with people from all walks of life, and I can confidently say that every retirement has its own unique challenges. My guest on this week’s episode of Retirement Revealed, Elizabeth Zelinka Parsons, wrote an interesting book aimed at people who are transitioning out of high-leverage careers into retirement. These are the doctors, lawyers, executives, and business owners who have built careers on success, productivity, and pushing themselves to be the best. So what happens when the structure of a career disappears? What replaces the status, the goals, and the intellectual stimulation? In this episode, Elizabeth and I dive into 3 common mistakes these people make and explore some strategies to address them in retirement. Elizabeth brings a unique perspective to the retirement discussion. After a high-powered legal career on Wall Street, she made the tough decision to step away to focus on family. She called it “borrowing from retirement,” but quickly realized she was wholly unprepared for the identity shift that came with leaving the career she had wrapped so much of her self-worth around. This is where many high achievers find themselves in retirement. They’ve done a great job saving and investing. But when work ends, it’s not just about how much money they have — it’s about what they’re retiring to . And as Elizabeth shared, that might not be something you can put a price tag on. Mistake #1: Believing Money Alone Will Make Retirement Fulfilling Many successful professionals assume that if they’ve saved enough, retirement will take care of itself. But Elizabeth learned firsthand that without a clear plan for how to spend your time and define your new identity, retirement can feel like a vacuum. “It wasn’t just losing a job,” Elizabeth said. “I lost my identity, my community, my intellectual engagement — everything I had invested myself in.” This is especially tough for high achievers who have always thrived on goals and external validation. So, how do you replace that? Elizabeth posits one strategy: learn to become the creator of your next phase — not the reactor to what others need from you. And that takes intentionality. Mistake #2: Assuming Retirement Will Be One Long Vacation We all dream of endless leisure, but as Elizabeth puts it, “365 Saturdays in a row” gets old fast. High achievers need challenge, engagement, and a sense of contribution. Elizabeth explains that leisure only feels fulfilling when it’s paired with purpose. That’s why we encourage retirees to think of retirement not as an endpoint but as another graduation. It’s a transition into a new chapter, and like any big life change, it requires new structure. Elizabeth calls it creating a “mosaic” — intentionally designing your life with the people, hobbies, and causes that light you up. Mistake #3: Struggling to Transition from Saver to Spender One of the most common psychological hurdles I see, especially in the clients we work with at Keil Financial Partners, is the fear of spending in retirement. High achievers are often exceptional savers — that discipline helped them succeed professionally and financially. But now that it’s time to enjoy what they’ve saved for, they often feel guilty. Elizabeth reframes it beautifully: “You’re not spending, you’re investing in your life.” Whether it’s travel, supporting your children, or giving to causes you care about, money gains meaning for many people when it’s deployed intentionally. I also encourage people to stop labeling themselves “savers” or fearing the word “spender.” You’re a planner — and good planning means using your resources wisely over your lifetime. That next tactic may simply involve drawing from what you’ve built to live the life you envisioned. Thriving in Retirement If you’re a high achiever approaching retirement, consider these steps: Redefine success. Ask yourself what fulfillment looks like outside of your career. Build new structure. Without work as your scaffolding, create a schedule and identity around what matters most to you. Invest your time and money in purpose. Consider what energizes you and use your resources accordingly. Talk to others. Reach out to peers who’ve retired and seem to be thriving. You’ll be surprised how much you can learn from a few honest conversations. As Elizabeth emphasized, retirement doesn’t mean disappearing from relevance — it can be about creating a new form of it. 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: Elizabeth Zelinka Parsons on LinkedIn https://www.linkedin.com/in/elizabeth-zelinka-parsons-3b58a52/ Elizabeth Zelinka Parsons Website : https://www.highachieverretirement.com/ “ Encore: A High Achiever’s Guide to Thriving in Retirement ” – Elizabeth Zelinka Parsons https://www.amazon.com/dp/B0DCG8MVF1 How Middle-Income Retirees Are Winning at Retirement with Jean Chatzky – Retirement Revealed, guest Jean Chatzky Dr. Jordan Grumet Discovered “The Purpose Code” – Retirement Revealed, guest Dr. Jordan Grumet 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.…
Identify the uniqueness of your retirement situation and the variety of ways to build your retirement in a timely manner. Maybe you’re the kind of person who is always on time for everything, or maybe you fall in the “go with the flow” category. Regardless, no one wants to wake up one day ready to retire but unable to because the retirement plan was missing something. My guest on this week’s episode of “Retirement Revealed” is Mike Decker, author of the book “How to Retire On Time” and he sat down with me to share insights from his work. Are you ready to retire on time? What Does “On Time” Really Mean? When most people think about retiring on time, they think about hitting a specific age—like 62 or 65. But Mike and I agree that “on time” really comes down to two things: Can you afford to retire? (The financial side) Should you retire? (The emotional and lifestyle side) It’s hard to have a successful retirement if you only focus on one piece of the puzzle. Financial security is important—but so is having a purpose, maintaining your health, and knowing what your days will look like when the 9-to-5 ends. Start with the Financials—Then Build the Lifestyle If you plan your retirement lifestyle first without knowing what your finances can support, you might be setting yourself up for disappointment. Imagine dreaming about nonstop international travel only to find out that your retirement budget won’t support it. That’s a hard letdown. That’s why Mike suggests that step one is building a financial plan. Once you know what’s realistically possible, you can shape a lifestyle that fits your resources—and one that still excites you. Your Retirement Plan Needs More Than a Number It’s tempting to look for “one-size-fits-all” strategies: the 4% rule, dividend-only investing, annuities, or infinite banking. But Mike made a great point: many financial strategies can work—but that doesn’t mean they will work for you. The truth is, retirement planning isn’t about choosing a silver bullet. Instead, Mike suggests: Diversifying your strategies Planning for flexibility Preparing for change You need to account for rising costs, shifting markets, changing health, and maybe even unexpected life decisions. That’s why building in flexibility—and avoiding oversimplified approaches—is so important. Add the Emotional Piece The emotional side of retirement can be even more complex than the financial. Many people hit their 50s or 60s and suddenly feel aimless, especially after years of focusing on work or raising kids. Add in losing a sense of identity and purpose, and it’s no wonder people feel unprepared—even if their finances are solid. That’s why it’s crucial to plan for purpose as much as you plan for income. What will get you excited to get out of bed each morning? What do you want your relationships, your health, and your community involvement to look like? Without this clarity, even the best financial plan can fall flat. Build a Reservoir Strategy One of the most practical tips Mike shared was the concept of a “financial reservoir”—a portion of your portfolio that is potentially less linked to market volatility and available when times get tough. It’s like the emergency water supply in a city. Instead of counting on all your income to come from risky assets, your reservoir might include things like: High-yield savings CDs or short-term treasuries Buffered ETFs or structured notes Fixed annuities (used carefully) Cash value life insurance (if structured right) This buffer may give you options instead of selling stocks during downturns or scrambling for income when the unexpected hits. Be Wary of Overhyped Strategies Mike and I also talked about the danger of echo chambers—people promoting the same product because it’s what they sell, not necessarily because it’s what’s best for you. Whether it’s annuities, life insurance, or investment newsletters, it’s easy to fall into the trap of hearing only one side. Remember: no strategy is perfect. Protection has a price. Growth comes with risk. Liquidity often means giving up some safety. Know what you’re trading off—and make sure it fits your plan. One More Strategy for Real Estate Investors If you’re a landlord nearing retirement, we also discussed the “landlord exit strategy,” specifically through Delaware Statutory Trusts (DSTs). If you’re tired of tenants and toilet repairs but don’t want to trigger huge taxes from selling property, Mike shares his thoughts on how a DST could potentially offer a 1031 exchange option with hands-off income generation. It’s Not About One Thing—It’s About the Right Things Retirement is too important to wing it or follow a cookie-cutter strategy. You need a clear plan—one that’s flexible, realistic, and rooted in both financial facts and emotional readiness. 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: “ 10 Ways to Generate Retirement Income ” by Mike Decker, Kiplinger Magazine Mike Decker Website: www.kedrec.com Retire On Time website: www.retireontime.com www.yourwealthanalysis.com Mike Decker on LinkedIn: https://www.linkedin.com/in/mikekedrec/ “ How to Retire On Time ” by Mike Decker 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 The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities, or services. 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. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information. 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. This material is provided for informational purposes only and is not 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. 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 explores Kiplinger magazine’s article “11 Ways to Grow Your Wealth” and how to apply these strategies to retirement planning. Whether you’re planning your retirement, already enjoying it, or helping your children get there, wealth-building principles don’t stop applying once you retire. In fact, they generally transform from growth principles to preservation ones. In this episode of Retirement Revealed , I explored Kiplinger’s article on “ 11 Ways to Build Wealth ” and broke down how each point can apply to your retirement reality. 1. Invest Early and Often… and Stay Invested Chances are, you’ve already taken this advice to heart. The twist in retirement? Don’t stop now. Kiplinger’s advice to stay invested, especially with the money you won’t need for several years, is something that you can evaluate for your own situation. Having short-term money in safe places (like high-yield savings or money markets) could give you confidence to leave your long-term money in growth-focused investments. 2. Keep Investment Costs Low One of the most misunderstood costs in retirement is the fee structure inside 401(k)s or investment accounts. Many retirees believe they aren’t paying any fees—big mistake. There are almost always costs, whether advisory fees or fund expense ratios. If you’re working with a financial advisor, ask about the underlying costs of your investments. Lower costs = more money staying in your pocket. 3. Continue to Prioritize Retirement Savings Even if you’re close to retirement, or already in it, you can still add to your savings through catch-up contributions. If your kids are out of the house or your expenses have dropped, you might finally have the extra room in your budget to maximize those contributions. 4. Save for Specific Goals It’s not all about the million-dollar nest egg. Think about your actual retirement goals. Are you planning a dream vacation? Helping grandkids with college? Paying off your mortgage early? These short- to mid-term goals deserve focused saving, and sometimes, special vehicles like 529 plans or high-yield savings accounts that may give you better returns without taking on big risks. 5. Stick to a Realistic Budget Budgets get a bad rap for some people—and their feelings aren’t unjustified. Most retirement budgets I see are overly optimistic and wildly inaccurate. Instead of trying to build a detailed budget from scratch, just look at your take-home pay. What hits your checking account is likely what you’re already spending. Input-output may be a more practical way of estimating your future retirement spending. 6. Pay Down Debt Strategically Debt can sneak in and disturb your financial peace. Whether it’s lingering credit card balances or a mortgage you’d rather live without, reducing debt before (and during) retirement frees up cash flow and reduces stress. The more you keep, the more flexibility you have. 7. Protect Your Credit and Identity As we get older, identity theft becomes a bigger risk. Using password managers, enabling multi-factor authentication, and possibly subscribing to an identity protection service are all smart moves. They’re like the homeowner’s insurance for your digital life. 8. Think Carefully About Buying Property Owning property isn’t always the best move in retirement, especially when it comes to vacation homes. Renting might feel like “throwing money away,” but when you factor in insurance, property taxes, maintenance, and furnishing expenses, it might be the wiser move. I cover this topic in-depth in one of our most popular podcast episodes— check that out if this is on your radar. 9. Boost Your Income—Creatively Not every raise comes from your boss. One way to “boost your income” in retirement is to design a glide path into retirement—maybe shifting from five days a week to three, or focusing only on the work you enjoy. That way, you still earn, keep your mind active, and delay dipping into retirement savings. 10. Review Your Insurance Coverage This one’s huge. We review our clients’ homeowners, auto, and umbrella insurance every three years. Why? Because overpaying for low deductibles or underinsuring high-value assets can derail your retirement plan. A common mistake: keeping a $500 deductible when moving to $1,000 could save you hundreds annually—often without a big impact to your finances if you have a claim. 11. Work with a Pro Not just any pro—the right one. If retirement is your focus, work with a retirement-focused planner. If you’re ready to build or refine your retirement master plan, head over to FiveStepRetirementPlan.com to learn how we help clients create a solid financial future. Your wealth journey doesn’t stop at retirement—it just changes lanes. Whether you’re building or preserving, these 11 strategies can help guide your way. 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: Watch this episode on the Mr. Retirement YouTube channel: “ Should You Stop Renting and Buy Your Vacation Home? ” – Mr. Retirement YouTube Channel “11 Ways to Grow Your Wealth” by Kiplinger Magazine https://www.kiplinger.com/investing/wealth-creation/ways-to-grow-your-wealth www.5stepretirementplan.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: The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities, or services. 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. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information. The Editors of Kiplinger’s Personal Finance of Kiplinger are not affiliated with or endorsed by Thrivent Advisor Network. The views expressed in this article, “11 Ways to Grow Your Wealth”, are their own and not necessarily those of Thrivent or its affiliates. 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 build a retirement marked by intentional effort instead of fear with author Zac Larson. You know the phrase “life comes at you fast”? All too often retirees find out that this phrase applies all too well to the retirement lifestyle. My guest on this week’s “Retirement Revealed”, author Zac Larson explains the thought process behind his book “Retire Intentionally” helps remove the suddenness that accompanies many retirement challenges, and how planning the right way in retirement can set you up to accomplish more with your retirement resources than you originally imagined would be possible. Are You Living a “What If” Life? Zac brought up a powerful concept that I see far too often: retirees living in fear of the “what ifs.” What if I get sick? What if my kids need help? What if the market crashes? These are valid concerns—but when fear drives your decisions, it often leads to inaction. Instead of enjoying retirement, people hold back. Here’s the flip side: what if none of those things happen? What if you could take that trip, help your grandkids, or start that passion project? Rather than wait for perfect certainty, Zac encourages a mindset of planning for action with contingencies in place. Create your plan, and then build flexibility into it. To Zac, that’s what true confidence in retirement looks like. From Net Worth to Net Income Many people define retirement readiness by reaching a specific net worth: “I’ll retire when I hit $1 million.” But net worth isn’t what pays the bills— income is. Zac and I both help clients shift from obsessing over their net worth to building confidence in their retirement income . When you know your income is secure, it can change everything. You feel empowered to be generous. You feel free to travel, give back, and spend time with the people and causes that matter to you. And most importantly, you stop living in fear of running out. Budgeting Doesn’t Have to Be Complicated Zac shared a practical tool from his book: the “I Hate Budgets” worksheet. Instead of getting lost in spreadsheets, just break your spending into three easy buckets: Credit card average – What’s your monthly average over the last 12–24 months? Bank account debits – Think mortgages, utilities, and recurring bills. Cash spending – ATM withdrawals and cash payments. Add those up and compare them to your take-home income. It’s a simple but powerful way to get a baseline for what you’ll likely need in retirement—no spreadsheet wizardry required. Charitable Giving: Make an Impact Now One of my favorite parts of this conversation was about charitable giving. Too many people wait until the end of their life to make a big charitable impact. But Zac flips that on its head: if your retirement income is secure, why not make an impact now ? Whether it’s helping your kids or grandkids, donating to a cause you care about, or volunteering your time, giving now often brings more joy and fulfillment than waiting. And with smart planning—think, for example, QCDs and donor-advised funds—you can do it in a potentially tax-efficient way, too. Try Retirement Before You Retire Zac shared that he took a two-month sabbatical—a kind of “test drive” for retirement. The goal was to experience what retirement might feel like: the structure, the freedom, the hobbies. What he learned? He enjoys time off, but he also needs purpose and structure. That’s something every pre-retiree should consider. Take extended time off and see what life without work really looks like. It can reveal a lot about what you want from retirement. Contentment Isn’t About a Bigger Boat There’s always going to be a bigger boat, a better car, a flashier vacation. But the happiest retirees aren’t chasing the next thing—they’re focused on purpose, contentment, and connection. As Zac put it, contentment is about finding joy in daily life. That mindset, paired with financial confidence, is what leads to a truly intentional retirement. With the right mindset and a solid plan, you can transform retirement into a chapter of your life filled with purpose, joy, and the freedom to live life on your own terms. It’s never too early (or too late) to begin planning for the retirement you truly desire.wn terms. It’s never too early (or too late) to begin planning for the retirement you truly desire. 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: Zac Larson’s book: Retire Intentionally Zac Larson: IntentGen Financial Partners Avoid Overpaying Taxes on Qualified Charitable Distributions (QCD) : Mr. Retirement YouTube Channel 3 Ways to Cut Your Tax Bill Through Charitable Giving in 2025 : 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.…
Exploring the 4 major factors that need to be considered when deciding whether to buy your vacation home in retirement or continue renting. The warm weather. The beachside views. Or perhaps a winter escape. Retirement opens the door for many people to make that vacation escape a fixture in their lives. However, once you’ve narrowed down the dream destination, a new question arises—should you buy your vacation home or just keep renting? This is something I’ve been getting asked more and more often—especially over the winter months. When I came across this article in Kiplinger’s Retirement Planning 2025 I thought it would be a good idea to put together a podcast on how you can decide whether you should rent or buy your vacation home. If you’re a snowbird (or aspiring one), here are the four big things you need to think about before deciding whether to buy or rent that dream retirement getaway. 1. Health Insurance Access Before even considering whether to rent or buy, ask yourself: “How will my health insurance work where I want to live?” If you’re on Medicare, you need to know how your plan works in your potential winter home. Medicare Supplement usually works nationwide as long as the doctor accepts Medicare. That’s a huge plus if you’re living in different places throughout the year. However, if you’re on Medicare Advantage, it gets trickier. Many of those plans are local and might not provide the same coverage in other states. Before making a move—or even booking your rental—talk to your health insurance broker about your options. Some Medicare Advantage plans offer national networks, but not all. It’s worth checking. 2. Don’t Be Fooled by State Tax Promises One of the big draws to states like Florida, Texas, or Nevada is the promise of “no income tax.” But here’s the thing: you may already be living in a state that gives you a sweet deal on taxes in retirement—and you didn’t even realize it. In Wisconsin, for example, Social Security is already tax-free. Same goes for retirement income in Illinois. Even clients earning six figures (and more) often owe little to no state tax. Moving for tax purposes alone might not actually save you that much. On the other hand, for retirees in high-tax states like Minnesota, a move might make more financial sense. Bottom line: Run your numbers first. Don’t just look at a state’s tax rate—understand how your income will be taxed in your specific situation. 3. Estate Planning Implications Owning property out of state adds complexity to your estate plan. When you pass away, your executor might need to handle probate in multiple states—something that can be time-consuming, expensive, and stressful for your loved ones. If you’re thinking about buying that dream vacation home, consider doing so through a trust. This can make things much smoother down the road. But if you want to keep things simple, renting might be the better option. 4. Financials vs. Lifestyle Let’s talk numbers. The big question: does it cost more to buy or to rent? According to CBRE, a leading real estate research group, buying a home is currently 35% more expensive than renting (as of December 2024). A year earlier, that figure was a whopping 50%. Even if your own spreadsheet says buying is better, national trends suggest that renting might give you more bang for your buck right now. (chart credit: CBRE.com https://www.cbre.com/insights/briefs/renting-will-likely-be-less-expensive-than-buying-a-home-for-some-time ) But here’s the thing I told both of the clients who asked me about this recently: this is more than just a financial decision. It’s a lifestyle choice. Ask yourself: Do you love the flexibility of renting and the freedom to try new places? Or do you love the pride of ownership and having your own space you can return to each year? If you’ve already rented in the area, lived in the neighborhood for a few seasons, and know what to expect, great—you’re in a good position to decide. But if you’ve only visited for a week or stayed at a hotel, consider renting for a month before making any big purchases. Bonus Tip: Explore Hidden Snowbird Havens The Kiplinger article listed some unexpected gems for snowbirds—places like Florence, SC, Brunswick, GA, and Apache Junction, AZ. These aren’t the usual suspects, and they offer lower costs of living, access to healthcare, and a laid-back lifestyle. They also include some interesting categories to compare each destination by. All of these locations were new to me, but if you’ve had any experience in these places email me and let me know what you think! If you’re wondering whether to buy or rent your vacation home, make sure you look beyond just the price tag. Your health coverage, estate plan, tax implications, and personal lifestyle all play a role in this major decision. 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: 8 Great Places for Snowbirds to Land – Kiplinger Magazine Renting Will Likely Be Less Expensive Than Buying a Home for Some Time – CBRE.com Are you better off renting or buying a home in 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.…
How you can avoid the 3 biggest retirement mistakes and set yourself up for a secure and meaningful retirement. After helping hundreds of people transition into retirement, I’ve noticed a few common patterns—the same mistakes come up again and again. And unfortunately, they can lead to stress, financial instability, and a retirement that doesn’t quite match the dream. So today, I want to share with you the 3 biggest mistakes people make in retirement —and more importantly, how to avoid them. Last week Benjamin Brandt joined me to discuss the key takeaways from his book “Retirement Starts Today”; this week’s episode is actually pulled from my appearance on Benjamin’s podcast. Let’s dive in! Mistake #1: Starting Social Security and Pension As Soon As You Retire One of the most tempting choices in retirement is to start collecting your Social Security and pension benefits the moment you stop working. After all, you’ve earned it—why wait? However, rushing into these decisions can lead to significantly less income over your lifetime. Social Security offers delayed retirement credits—about an 8% increase per year you wait past full retirement age. That’s a guaranteed return, and in today’s low-interest environment, it’s tough to beat. Plus, if you’re married, the decision impacts your spouse too. Delaying can enhance the survivor benefit, providing more financial security down the road. Instead of defaulting to the earliest option, ask yourself: What’s the smartest long-term move for my situation? Mistake #2: Misunderstanding Longevity Here’s the thing—most people underestimate how long they’ll live. Many plan for a 20-year retirement, but the reality is, a 30- or even 35-year retirement isn’t out of the question. That’s great news for enjoying life, but it also means your money needs to last a lot longer than you might expect. When you enter retirement with an inaccurate understanding of how long your retirement will last, you’re bound to run into unexpected challenges. That’s why I am such a big proponent of using LongevityIllustrator.org to get a personalized estimate of your longevity. When I work with clients, it is very common to see someone’s personalized estimate come back higher than they expected (hooray!). It’s better to have money left over than to run out in your 80s or 90s. Mistake #3: Planning Just for “Day One” of Retirement This one might surprise you. A lot of folks prepare only for their initial retirement needs—the “go-go years” filled with travel and fun. That’s important, no doubt. But retirement isn’t just one stage. It has multiple phases: the go-go, slow-go, and no-go years, as Benjamin puts it. The problem? Many people only plan for the front half. They create an income plan based on what they need in year one or two, without thinking about how that income will support them in years 15, 20, or 30. A good retirement plan has to evolve with your life. Expenses might change. Healthcare needs will almost certainly increase. Inflation will chip away at your purchasing power. Planning across your full retirement timeline—not just the first few years—is essential. At the end of the day, retirement planning isn’t just about math. It’s about mindset. It’s about having a vision for your future and creating a strategy that supports that vision through every stage of retirement. If you prepare yourself to learn from the mistakes of those who have gone before you, the chances of securing a retirement that fits your needs are far greater–and that means a more meaningful 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: https://www.longevityillustrator.org/ Benjamin Brandt’s Podcast : https://retirementstartstodayradio.com Benjamin Brandt’s Website : https://retirementstartstoday.com/ Benjamin’s Book: Retirement Starts Today Benjamin Brandt on LinkedIn : https://www.linkedin.com/in/benjamin-brandt-cfp%C2%AE-134232a8/ Retirement Revealed Episode 235 : Retirement Starts Today with Benjamin Brandt 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 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 Retirement While 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 Finances Kimberly 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 Flexibility Kimberly'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
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Retirement Revealed
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 Principles Each 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 Influence I 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 ta...…
5 Steps to prepare your savings within 12 months of your retirement.
Learn how to turn your grief into goals in order to make the most of your next chapter in life.
Learn how to master Medicare and get the coverage you need at the best rate available.
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.…
Learn how to supercharge your Social Security benefit and potentially grow your lifetime income by over $100,000.
Debunking 3 Medicare myths and examining the ways you can avoid falling for common Medicare mistakes.
David Blanchett discusses the survey results that reveal a building crisis among near retirees who are unprepared for retirement.
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 Components Before 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 Benefits Recently, 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 Salary Your 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 Roles Certain 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 Retirement As 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.…
Chet Bennetts explains how the results of a financial literacy survey focused on retirement finances impacts the way they are taught today.
Examining life insurance retirement plans and breaking down Nelson Nash’s book “Becoming Your Own Banker” to see how they compare to traditional retirement plans.
Examining the 5 reasons you might want to retire ASAP with Ashley Micciche.
5 ways to prepare your retirement plan for a stock market crash early in retirement
Derek Tharp explains how risk-based guardrails can provide a better retirement spending plan than the 4 percent rule would allow.
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 Smile One 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 Longevity Shortly 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 Expenses Let'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 Income Now, 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:…
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Retirement Revealed
How would retirement planning change if life expectancy rose to age 100? Exploring how differently each generation approaches retirement saving and spending.
Exploring the rules & options for how to handle the Social Security survivor benefit in the event of remarriage.
5 steps to improve your money talks in marriage to set up a better retirement and financial plan with your spouse.
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.
Examining the different fee structures for financial advisors and the typical situations that people utilize them in, as well as the red flags to look out for when looking for an advisor.
Discovering the link between Social Security benefits within a couple and breaking down the consequences of deciding when each person starts taking it.
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 Annuities Annuities 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 Periods Another 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 Benefits Despite 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 Advice What 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 Advisors Understanding 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 Models One promising development is the shift towards fee-based models, which can eliminate the conflict of interest inherent in commission-based sales.…
Identifying retirement sentiment from the Employee Benefit Research Institute (EBRI) retirement confidence survey and examining the strategies you can use to avoid unnecessary financial strain in retirement.
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 Limits Firstly, 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 Them Another 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 HSA A 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 Expenses HSAs 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 Usage Instead 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 Funds If 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” podca...…
Comparing the costs, risks and opportunities of buying and renting a home in retirement in today’s housing market, and some strategies to increase your appeal to lenders.
A deeper look at the risks that prevent people from spending in retirement through the analysis of retirement spending data and evaluating strategies to mitigate those risks and lower the stress and anxiety of retirement financial planning.
You don’t have to view retirement as an end to a journey. Instead, you can take author Eric Brotman’s advice and “graduate” instead of “retire”. Explore the different cultural understandings of retirement and discover a new, refreshing view on redefining your later years.
Breaking down the major retirement risks and evaluating the different strategies you can take to mitigate them and create a secure retirement.
Examining key takeaways and trends uncovered in the Allspring Global Investments Retirement Survey results with Nate Miles, Allspring head of Global Client Strategy.
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,…
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