Retirement Revealed

Navigating the choices and options available when you’re deciding when you should start taking Social Security.

In this episode of Retirement Revealed, I’m excited to tackle one of the most crucial questions in retirement planning: when to file for Social Security. As we kick off Social Security month, it’s worth looking back at last year’s Retirement Revealed episodes with guests like Mark Kiner and Devin Carroll. 

For the first podcast of “Social Security Month 2024”, we’re unpacking a three-step process to determine the optimal time to file for Social Security. 

Get a personalized life expectancy estimate

The life expectancy estimates you’ll find in the paper are likely using formulas that have some inherent challenges. You need a more accurate estimate of your life expectancy-one that includes the factors that are impacting you. I’ve seen it proved time and again—relying on generic statistics won’t cut it. Your unique health, lifestyle, and family history all play a role in determining your life expectancy.

Tailoring your Social Security estimate

Don’t settle for the one-size-fits-all projections from the government. Take the time to input your specific details, such as anticipated retirement age and income levels. By doing so, you’ll get a much clearer picture of what to expect from your Social Security benefits.

Just because you made a plan to start taking Social Security at a certain age, evaluating your options and getting creative with your start dates between you and your partner might provide you with the ability to draw on a larger amount for longer. 

View Social Security as insurance, not investment

This mindset shift can make a marked impact on how you approach your retirement planning. Social Security was designed to provide a safety net for people in their old age—a reliable source of income in your golden years.

Oftentimes, people view Social Security as an investment that they have to continue to build up, but that mindset can result in delaying your filing so long that your life ends before you have a chance to experience the benefits of your “investment.”

Ultimately, the best time to file for Social Security is when it maximizes your lifetime benefits. By following these steps and seeking personalized estimates, you can be more prepared to make the retirement decisions that work for your unique situation.

Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

Subscribe to Retirement Revealed to get new episodes every Wednesday.

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Additional Links:

Longevityillustrator.org  Retirement Revealed episode with Mark Kiner Retirement Revealed episode with Devin Carroll

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

A “True Retirement Story” with Carl Landau, host of the “I Used to Be Somebody” podcast and co-author of “Pickleball for Dummies” that highlights the power of retirement planning

Every month I take one episode of “Retirement Revealed” to have a conversation with a retiree to hear their real-life experiences with retirement. It wasn’t long into my conversation with Carl Landau that I started to realize that his retirement journey would be both relatable and entertaining for anyone listening regardless of where they are in the retirement journey.

Carl retired from a career in magazine publishing and event & convention organizing after selling his business in 2019. I really appreciated his advice on how to know when to retire; Carl’s story of what his career felt like in the time leading up to pulling the trigger on retirement was very similar to many retirees I come across.

The term “unretirement” is something Carl talks about a lot, and I think the heart of that concept is one that resonates with a lot of people who are nervous about what retirement will look like when the pressures and deadlines of daily life aren’t coming from a career anymore. Whether it’s focusing on creating meaningful relationships or finding purpose in the things that interest him most, Carl is a great example of someone who is approaching retirement as an opportunity, not an outcome.

You’ll get a kick out of the story of how Carl was approached to write the book “Pickleball for Dummies” after never having written a book before. If you ever wanted proof that retirement can be just as much of an adventure as charting your career path, Carl’s experience with the sport of pickleball is enough proof in and of itself.

If there is one concept that stands out to me from our conversation, it’s the idea that preparing for a fulfilling retirement can pay dividends once you finally reach retirement. Financially, the preparations you make now will certainly dictate a significant amount of your retirement journey, but Carl’s experience and advice on the elements of retirement outside of finances highlight the importance of preparation just as much.

Enjoy this episode with Carl, and don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!

Subscribe to Retirement Revealed to get new episodes every Wednesday.

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Additional Links:

“Pickleball for Dummies” by Carl Landau et al. “I Used to Be Somebody” Podcast Connect with Carl Landau on LinkedIn

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.

Ready to lower your lifetime taxes? Looking for clarity around rules around gifting money to your kids? Unsure of whether you should keep your money in a traditional IRA or convert it to a Roth IRA? You’re not alone!

In this episode, I answer these listener-submitted questions and provide some real world examples of how you might apply this information.

How to lower Required Minimum Distribution RMD taxes over time (1:04) Annual Gifting Limit: What’s the number and how does it work? (5:50) Should I Roth convert if I already have a lot of non-IRA investments? (11:16)

If you’ve got a question to ask me for the next Q&A, type it into the yellow box on the right.

Subscribe to Retirement Revealed to get new episodes every Wednesday.

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Team

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.

For decades, retirement and social security content was focused on men, as men occupied the majority of jobs when Baby Boomers were the predominant generation in the workforce. But women have traditionally out-lived their spouses, meaning the primary manager of finances often has to switch from the person who set up their family’s retirement finances to the surviving spouse. 

The result? Women often feel under-informed and under-supported once their spouse passes away. For this week’s episode of “Retirement Revealed” author Marcia Mantell joins the show to share her perspective and experience teaching retirement financial literacy to women.

Marcia, an expert in retirement planning, brings her wealth of experience to the discussion, aiming to empower women to take control of their financial future.

One of the keys to empowering women with their financial future is for women to get involved in financial planning as soon as possible. Marcia highlights the deficiency she sees in the financial industry that often results in a failure to to effectively communicate with women about retirement planning.

Social Security planning is often settled with the idea that both spouses live the same amount of time in retirement. The reality, however, is often very different. Marcia stresses the importance of understanding Social Security rules and making informed decisions to maximize benefits, especially considering the longevity of retirement.

One of the things I appreciate most about Marcia is her willingness to share her own experiences on these topics. Her story about developing the “Marcia Freedom Fund” combines the importance of getting involved in your family’s financial planning early with the value of understanding your options in Social Security and retirement.

You can find Marcia’s books on her website or at Amazon.com.  

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Resources:

Marcia Mantell Consulting “Cooking Up Your Retirement Plan” by Marcia Mantell “What’s the Deal with Social Security For Women” by Marcia Mantell “What’s the Deal with Retirement Planning for Women” by Marcia Mantell

Connect with Jeremy:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book an Intro Call with Jeremy’s Teamy

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out the latest podcast episode on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos at YouTube.com/@MrRetirement.

When you’re preparing for your retirement, there are a lot of factors to consider. It’s tempting to put your retirement plan on autopilot once you’ve made that plan, but in this episode, I explore 3 simple but important steps you can take to make the most of your retirement investment.

Step 1: Explore Your Pension Options

Many overlook the impact of pension decisions on retirement income. When you consider all of your pension options, you can get a clearer picture of what might be the best way to utilize that pension instead of just approaching it the traditional way. By utilizing your company’s pension calculator, you can uncover potentially substantial additional funds.

Step 2: Project Your Social Security

Understanding your Social Security benefits and the different scenarios that are available to you in terms is another important step towards optimizing your retirement income. Instead of relying on the general numbers and assumptions everyone makes, diving into your personalized Social Security estimate can give you better information to make decisions that fit your needs.

Step 3: Don’t Make a Budget

It sounds counterintuitive, but the reality is that many people underestimate their actual spending as they forecast their retirement lifestyle. Time and again, retirees report their spending habits in retirement aren’t actually that much different than they were before retirement. By examining your actual spending habits from the past 12 months, you can gain insights into your true financial needs and create a sustainable & accurate plan for retirement.

Taking control of your finances and understanding your options is critically important to making the most of your retirement. Watch the full episode today on the Mr. Retirement YouTube page. Subscribe to receive new episodes every Wednesday.

___________________________________________________________________________

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book a call with Jeremy

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for How to Make the Most of Retirement by Unretiring.

Summary:

[179] – After you retire, will you pull a Michael Jordan and unretire?

In this episode, Jeremy Keil speaks with Richard Eisenberg, an unretired freelance writer and editor, and co-host of Friends Talk Money, about his unique approach to retirement. Richard shares his story of transitioning from a full-time 9-to-5 job to a more flexible lifestyle that includes part-time work, volunteering, mentoring, and spending time with family, including a new granddaughter. He discusses the importance of timing and readiness for retirement, the financial considerations, and the joy of choosing work that aligns with personal values.

The conversation also touches on the unexpected aspects of retirement, such as caregiving responsibilities, and how important it is to find that sweet spot between having a plan and just going with the flow. Richard’s story offers a different way of looking at retirement – it’s not just about slamming on the brakes; it’s about shifting into a lane that suits you best.

Richard discusses:

What unretirement looks like Knowing when it’s time to retire Balancing scheduled and unscheduled time Unexpected retirement curveballs What pre-retirees should know about retirement Co-hosting the “Friends Talk Money” podcast And more

How to Make the Most of Retirement by Unretiring

Sometimes, making the most of your retirement is unretiring to meaningful work. Today’s post highlights tips about unretiring from someone who has redefined retirement, not just for themselves but for many others, Richard Eisenberg.

What does unretirement look like?

Retirement is often envisioned as the final stage: the end of a long career and the start of a leisurely life. However, for some, retirement is not about stopping work; it’s about reshaping it. Unretirement isn’t a goodbye to professional life but an invitation to a new way of living.

Retirement can be a mix of part-time work, volunteering, mentoring, traveling, and family time. It’s about retiring the way you want to. This sentiment is something that resonates with many and is advocated for in various retirement-focused discussions. Retirement should be about freedom and fulfillment, not just the end of work.

Will I still have time for my family if I unretire?

Unretiring is not just about going back to work, but also about still having the time to do what you love, be present for life’s precious moments, and step up to any unexpected challenges that may come your way, such as helping family members pack for a move to a new home or caregiving responsibilities.

Unretirement can offer the flexibility to be there for the family when it matters most without the constraints of a full-time job.

When should I consider retiring?

The decision to retire often comes from an internal nudge, a feeling that it’s time to embrace the years ahead with the freedom to explore new opportunities.

This sentiment is common among those considering retirement, seeking financial advice not to question if they can retire but to ensure they do it right. It’s about making the transition smoothly, paying less in taxes, and avoiding common pitfalls.

Okay, I have financial planning taken care of. What else do I need to consider before I retire?

While finances are a significant concern when moving from a steady paycheck to a fixed income, they are not the only factor.

The desire to continue working at a different pace and the ability to choose who to work with are equally important.

It’s about finding a balance that allows for both financial stability and personal satisfaction.

What does work look like in unretirement?

Balancing work and pleasure in unretirement and having time to enjoy life’s pleasures is possible. This includes traveling, attending cultural events, and spending quality time with family.

Remember, retirement isn’t about retiring from work, but what’s meaningful to you that you’re retiring to, let it be hobbies or freelance work.

However, it’s also important to value unscheduled time, a concept embraced by many retirees. It’s about finding the right mix of activity and relaxation to make retirement truly enjoyable.

Work in retirement can be a continuation of your passions. Some may freelance, write columns, contribute to publications on various topics, or even mentor the next generation in their field.

This blend of work can keep one engaged and fulfilled, showcasing that retirement can be a time of continued professional contribution.

What Should I Take Away About Retirement?

Retirement is not a one-size-fits-all experience. It’s a personal journey that can take many forms, from traditional leisure to a mix of work and play. It’s a powerful example of how retirement can be a time of growth, contribution, and joy.

We hope to inspire you to think about your own retirement in a new light. Remember, it’s not just about the numbers; it’s about crafting a life that brings you happiness and fulfillment.

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To learn more about unretirement, check out the resources below!

If you have any questions, feel free to contact us or our guest, Richard Eisenberg, using the contact information provided below!

Resources:

The Most Overlooked Aspects of Retirement: A True Retirement Story with Fritz Gilbert Die With Zero by Bill Perkins Friends Talk Money Free Retirement Planning Video Course: 5stepretirementplan.com 3 Things You Should Know Before Choosing A Financial Advisor 7 Questions That Could Make or Break Your Retirement Subscribe to Retirement Revealed on Google Podcasts Subscribe to Retirement Revealed on Apple Podcasts

Connect With Richard Eisenberg:

LinkedIn: Richard Eisenberg X (Twitter): @richeis315

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book a call with Jeremy

About Our Guest:

Richard Eisenberg is a consumer-service journalism editor with experience in all media: writing and editing for the web, magazines, newspapers, and books; writing and producing for TV; and hosting a podcast. He is the author/editor of two personal finance books.

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for more answers to listener questions about lifetime tax savings, social security scenarios, retirement spending strategies and more. Questions About Social Security, RMDs & Annuities.

[178] This week, Jeremy Keil answers questions from listeners spanning from Social Security planning scenarios to tax planning software limitations. 

Can you pull from your spouse’s lower Social Security benefit while you wait for your higher benefit to become available? (1:27) Do you need to constantly adjust your short term money buffer based on rebalancing and expected changes in spending & age? (7:20) How does tax planning software estimate your lifelong tax savings? (11:47) Is tax planning even possible without knowing what the market will do or how tax laws will change? (13:41)

If you’ve got a question to ask Jeremy for the next Q&A, go to www.Retirement-Revealed.com and type it into the yellow box on the right.

Subscribe to Retirement Revealed to get new episodes every Wednesday.

Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify 

Connect With Jeremy Keil:

Jeremy@keilfp.com Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Retirement Revealed Book a call with Jeremy

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below for The Health Tests You Need in Your 40s, 50s, and 60s to Be Healthy in Retirement.

Summary:

[177] – Which health tests do you need in your 40s, 50s, and 60s for a healthy retirement?

In this episode, Jeremy Keil speaks with Dr. Bryan Beaumont, Medical Director and family medicine physician, about the importance of health screenings and lifestyle choices for a healthy retirement. They cover specific tests recommended for individuals in their 40s, 50s, and 60s, including colon cancer screenings, mammograms, and prostate cancer screenings.

Dr. Beaumont emphasizes the evolving nature of medical guidelines and the importance of regular check-ups with a primary care provider. They also touch on the financial benefits of maintaining good health to avoid the costs associated with chronic illness and medication. Their conversation concludes with a reminder to prioritize your health and well-being as you plan for retirement.

Dr. Beaumont discusses:

The importance of health tests and screenings for different decades of life Discussion on cholesterol screening, mammograms, eye disease screening, and colonoscopy in the 40s Osteoporosis, lung cancer screening, and prostate cancer in the 50s The connection between health and financial well-being in retirement Why it’s important to maintain our health as we age And more

The Health Tests You Need in Your 40s, 50s, and 60s to Be Healthy in Retirement

Let’s explore the essential health tests and screenings you need throughout your life to help you stay proactive about your health and have a healthy retirement.

What Health Screenings Should I Get in My 40s?

In your 40s, health screenings become increasingly important.

The Wall Street Journal recently published The Health Tests You Need at Age 30, 40 and 50, highlighting the importance of cholesterol screening, mammograms, eye disease screening, and colonoscopies during this decade.

With the rise of colon cancer cases in younger individuals, it’s now suggested to begin colon cancer screening at age 45. Mammograms should also start at age 40 for those not at high risk.

Establishing care with a primary care provider early on is vital, as these guidelines may continue to evolve.

What Should I Look Out for Health-wise in My 50s?

As you enter your 50s, the focus includes screenings for osteoporosis, lung cancer, and prostate cancer. If you have a history of smoking, consider beginning yearly low-dose CT scans at age 50.

Prostate cancer screening is recommended starting at age 50, but some may start earlier based on symptoms.

Pay attention to changes in urinary experience and frequency, and get regular screenings. A primary care provider is crucial to monitor these changes and discuss any concerns.

How Should I Approach My Health After 50?

Staying proactive with your health is crucial as you age.

Consider additional screenings such as hepatitis C and HIV, and maintain regular discussions about mental health and well-being.

Regular check-ups can help monitor changes and address concerns early on.

How Does Health Affect My Financial Well-being in Retirement?

Maintaining a healthy lifestyle is not only good for your body but also for your finances. Chronic illnesses and medications can be costly, so prioritizing your health and well-being as you approach retirement is essential.

How Can I Invest in a Healthy Lifestyle for Retirement?

Avoiding unhealthy habits is key to longevity. Make informed lifestyle choices, such as maintaining a healthy diet and moderate alcohol consumption, to support a healthier retirement.

How Do I Find the Right Health Care Provider for Retirement?

Like searching for a good financial advisor, finding a good doctor involves asking and being asked the right questions.

Your relationship with your provider is a personal one, so keep an eye out for someone you resonate with. You may need to explore different options to find a provider who aligns with your preferences and is receptive to your health goals.

Why Should I Treat Maintaining My Health as a Job in Retirement?

In retirement, managing your health becomes a primary focus. Like a job, it requires dedication and effort. Engaging in simple activities, like regular walks, can have a significant impact on your physical and mental health.

Conclusion

Being proactive with your health is essential for a healthy retirement. Stay informed and make wise health decisions, just as you would with retirement investments and tax planning.

If you have questions or feedback, please feel free to reach out to us. Subscribe for more information about retirement planning, and here’s to your health and a prosperous retirement!

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To learn more about living a healthy retirement, check out the resources below!

If you have any questions, feel free to contact us or our guest, Dr. Bryan Beaumont, using the contact information provided below!

Resources:

The United States Preventative Task Force The Wall Street Journal: The Health Tests You Need at Age 30, 40 and 50 Earn and Invest: Two Decades of Financial Wisdom: Navigating Retirement Planning with Jeremy Keil Die With Zero by Bill Perkins  Free Retirement Planning Video Course: 5stepretirementplan.com 3 Things You Should Know Before Choosing A Financial Advisor 7 Questions That Could Make or Break Your Retirement Subscribe to Retirement Revealed on Google Podcasts Subscribe to Retirement Revealed on Apple Podcasts

Connect With Bryan Beaumont:

LinkedIn: Bryan Beaumont

Connect With Jeremy Keil:

Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy’s Team

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Spotify Podcasts” or read below forHow Life Expectancy Can Be The #1 Risk To Your Retirement.

Summary:

[176] – Is the media reporting the wrong average life expectancy in America?

In this episode, Jeremy Keil highlights the importance of understanding life expectancy for effective retirement planning. He distinguishes between period and cohort life expectancy, advising listeners to obtain personalized longevity estimates for better financial decisions. Jeremy also discusses the impact of life expectancy on retirement income, social security, and investment strategies.

Jeremy discusses:

Why understanding life expectancy is important in retirement planning How life expectancy impacts retirement income, social security, and investment strategies The difference between period life expectancy and cohort life expectancy The updated math on longevity Importance of personalized longevity estimates for accurate projections And more

How Life Expectancy Can Be The #1 Risk To Your Retirement

Understanding life expectancy or longevity is so important when it comes to retirement planning but unfortunately, it’s often overlooked.

What role does life expectancy have in retirement?

When we talk about retirement, we’re not just discussing a phase of life; we’re talking about a period that could span decades.

That’s why life expectancy isn’t just a number. It’s the bedrock upon which your retirement income, social security benefits, and investment strategies are built.

Get this number wrong, and you might find yourself adrift without sufficient resources.

What is the difference between period and cohort life expectancy?

Knowing the difference between period life expectancy and cohort life expectancy is important when planning for retirement because only one of them is the correct one to use for accurately projecting your longevity.

When we see articles in the media reporting life expectancy, they’re often talking about period life expectancy.

Period life expectancy doesn’t accurately reflect our longevity because it is a snapshot, an average at a specific time, but it doesn’t account for the advancements in healthcare and lifestyle changes that could affect your lifespan.

Cohort life expectancy, on the other hand, is the one you should be paying attention to. It’s a more personalized estimate that considers the year of your birth and projects improvements in technology and medicine that could impact how long you’ll live.

Why do you need a personalized longevity estimate?

We cannot stress the importance of seeking personalized longevity estimates enough.

LongevityIllustrator.org is a great resource to use to help you project your personalized cohort life expectancy, what we like to refer to as longevity.

These tailored projections empower you to make informed decisions about when to retire, how to structure your income, and the best ways to invest. Without them, you’re navigating retirement planning without a map, relying on general statistics that may not apply to your situation.

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To learn more about longevity and life expectancy, check out the resources below!

If you have any questions, feel free to contact us using the contact information provided below!

Resources:

What You Read About Life Expectancy Is Quite Misleading by Eugene Steurle LongevityIllustrator.org Free Retirement Planning Video Course: 5stepretirementplan.com 3 Things You Should Know Before Choosing A Financial Advisor 7 Questions That Could Make or Break Your Retirement Subscribe to Retirement Revealed on Google Podcasts Subscribe to Retirement Revealed on Apple Podcasts

Connect With 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.