Retirement Revealed

Jeremy Keil weighs the opportunities and risks associated with giving your money away to your kids and charity. Most retirees I talk with don't worry about whether they can give money away.They worry about whether they should. When you've worked hard, saved diligently, and reached a point where you have more than you need, a new question quietly creeps in:What's the purpose of the extra? In this episode of Retire Today, I walk through what I see every day in real retirement plans — the good, the bad, and the unintended consequences of giving money to kids and to charity. Because while giving can be deeply meaningful, it can also backfire if it's not done intentionally. Giving to Kids: Blessing or Burden? When it comes to kids, I hear two very common philosophies. One group says, “I'm not trying to leave money to my kids. If there's something left, that's fine.”The other says, “I worked hard for this money, and I want to make sure it helps my family.” Both sound reasonable. But what actually happens is often more complicated. In practice, most giving to kids happens by default, not by design — through inheritance. The problem is timing. If you pass away in your 80s or 90s, your kids are likely in their late 50s or 60s. Statistically, that's when incomes and net worth tend to be the highest. In other words, that may be the moment they need your money the least. I've also seen well-intentioned gifts create unintended pressure. Large down payments on homes can raise a child's lifestyle without raising their income — leading to higher expenses, more stress, and sometimes less financial stability. Giving feels generous, but it can quietly shift responsibility away from your kids and onto you. A better rule of thumb?Give in ways that remove a burden, not create one. Education costs, health care needs, or meaningful experiences often help without inflating expectations or expenses. Experiences, especially shared ones, tend to create far more joy — for you and for them — than writing a check and hoping it helps. Giving to Charity: Now, Later, or Both? Charitable giving tends to be more intentional, but still incomplete. Many people plan to leave money to charity someday, yet never think through what that looks like or how it fits into their broader retirement plan. Others give modest amounts each year but leave significant sums later — without ever telling the charities involved. What I've seen repeatedly is this:When people give with intention, their stress goes down and their satisfaction goes up. In fact, people who have clarity around where their money will go often feel lighter — as if a quiet financial worry has been resolved. When charities know they're part of your long-term plan, relationships deepen. You stay informed, feel more connected, and often find joy in seeing the impact of your giving while you're still here. There's also strong evidence that giving makes people happier. Whether happier people give more, or giving makes people happier, may be up for debate — but in practice, generosity consistently shows up alongside fulfillment. The Bigger Question Isn't “How Much?” Most people ask me, “How much can I give?”That's usually the wrong question. The better questions are: Should I give? When should I give? How do I give in a way that actually helps? Giving later through inheritance is easy. Giving earlier — thoughtfully and intentionally — is far more impactful. You get to see the benefit, adjust if needed, and align your money with what matters most to you. In retirement, money isn't just about security.It's about purpose. When giving is done well, it doesn't create regret — it creates meaning. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337 Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “Die with Zero” by Bill Perkins Die With Zero by Bill Perkins | Discover the Ultimate Guide to Living Life to the Fullest – Mr. Retirement YouTube Channel “More Than Enough” by Dave Ramsey “The Millionaire Next Door” by Thomas Stanley and William Danko How much can I give my kids before paying IRS Gift Tax? – Mr. Retirement YouTube Channel What is the IRS gift tax limit in 2025? – Mr. Retirement YouTube Channel What is the IRS Gift Tax Limit for 2026? – Mr. Retirement YouTube Channel The “I Hate Budgets” Retirement Plan: Retire Intentionally with Zac Larson – Retire Today Podcast 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 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

Jeremy Keil explains the top 3 tax efficient strategies for charitable giving in 2025. Most people give to charity because it's meaningful to them — not because of the tax break. And that's the right mindset. But if you're already giving, it makes sense to be intentional and structure that giving in a way that helps you keep more of your hard-earned money. In this episode of Retire Today, I walk through the top three charitable giving strategies for 2025, especially in light of new tax rules taking effect in 2026 and important changes already happening this year. With only a limited window left before year-end, now is the time to understand your options. The key is planning — not reacting in April. Why 2025 Is a Unique Giving Year Late in the year, you usually have a clear picture of your income and tax bracket. That makes it the perfect time to decide when and how to give. With upcoming changes like: A new 0.5% AGI floor on charitable deductions starting in 2026 A cap on the value of deductions for high earners A higher SALT deduction limit already in effect 2025 offers an opportunity to be proactive instead of passive. Depending on your income, it may make sense to pull future giving forward — or delay certain gifts until next year. But that decision should be made intentionally, not by default. Strategy #1: Bunch Your Charitable Deductions Bunching means combining multiple years of charitable giving into a single tax year to exceed the standard deduction and unlock itemized deductions. For example, if you normally give $10,000 per year to charity but don't itemize, you may get no tax benefit at all. But by contributing two to four years of giving in one year, you may be able to itemize and deduct the full amount. The most effective way to do this is through a donor-advised fund (DAF). A DAF lets you: Take the tax deduction now Give to charities later, on your preferred schedule Keep your giving consistent for the organizations you support This separates the timing of your tax deduction from the timing of your charitable gifts — a powerful planning tool when income fluctuates. Strategy #2: Donate Appreciated Investments Instead of Cash One of the most tax-efficient ways to give is donating long-term appreciated investments from a taxable brokerage account. When you sell an investment that has gone up in value, you owe capital gains tax. When you donate that same investment directly to charity (or to a donor-advised fund), you: Avoid paying capital gains tax Receive a charitable deduction for the full market value Remove a concentrated position from your portfolio This strategy is especially effective after strong market years like 2023, 2024, and 2025, when many investors are sitting on significant unrealized gains. To qualify, the investment must be held for more than one year (long-term capital gain). Many custodians automatically select the most tax-efficient shares when processing these donations, making the strategy easier to implement than most people expect. Strategy #3: Use Qualified Charitable Distributions (QCDs) For those age 70½ or older, Qualified Charitable Distributions are often the most powerful giving strategy available. A QCD allows you to send money directly from your traditional IRA to a qualified charity. That money: Never shows up as taxable income Can satisfy Required Minimum Distributions (once applicable) Reduces future RMDs by shrinking your IRA balance Many retirees make the mistake of taking IRA withdrawals, depositing the money into checking, and then writing checks to charity. That approach often increases taxable income, affects Social Security taxation, and can raise Medicare premiums — even if a charitable deduction is available. QCDs avoid those issues entirely by keeping the income off your tax return in the first place. Even if you're not yet subject to RMDs, starting QCDs early can still make sense if part of your regular spending includes charitable giving. Putting It All Together These three strategies often work best in combination: Use donor-advised funds to bunch deductions Fund those DAFs with appreciated investments Use QCDs once you reach age 70½ But none of this should be done blindly. The right approach depends on: Your income this year and next Whether you itemize or take the standard deduction Your charitable goals Your long-term retirement and tax plan The most important step is projecting your tax situation before the year ends and making decisions on purpose — not by default. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337 Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “Trump's Big Beautiful Bill Could Change Retirement FOREVER!” – Mr. Retirement YouTube Channel “Maximize your Tax Benefits by BUNCHING Charitable Donations!” – Mr. Retirement YouTube Channel “How the SALT Deduction Cap Works If You Make Over $500,000 (2025 Tax Update)” – Mr. Retirement YouTube Channel “QCDs: The Tax-Smart Way to Give in Retirement (2025 Qualified Charitable Distributions Guide)” – Mr. Retirement YouTube Channel “What is the 2025 QCD Limit? (Qualified Charitable Distributions” – Mr. Retirement YouTube Channel 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 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

Jeremy Keil explores 7 money moves you can consider before the new year to lower your taxes and keep more of your money in retirement. Every December, people scramble to finish holiday shopping, travel plans, and year-end tasks. But one of the most important deadlines — your December 31st tax deadline — often gets overlooked until it's too late. And once the calendar flips to January 1st, many of the smartest tax moves disappear. In this episode of Retire Today, I walk through seven year-end tax steps you should consider to make sure April brings fewer surprises and more savings. With new tax laws taking effect, the stock market sitting near all-time highs, and contribution limits shifting in the coming years, this is the perfect moment to take control of your finances. 1. Manage Your Tax Bracket Before the Year Ends Your income may fluctuate from year to year — especially in retirement. Some retirees have unusually high-income years due to bonuses, pension payouts, early retirement packages, stock vesting, or unexpected distributions. Others have abnormally low-income years. If you're experiencing a higher income year, now is the time to pull deductions forward. Charitable giving, donor-advised fund contributions, and other deductible expenses can help lower your taxable income. If you're in a lower income year, you might choose to accelerate income instead — such as doing a Roth conversion or taking extra withdrawals at a better tax rate. Year-end planning starts with projecting your tax return and understanding which direction to go. 2. Harvest Capital Losses — and Sometimes Gains Even in years when the market is high overall, you may still have individual positions sitting at a loss. Harvesting those losses can offset gains or reduce taxes now or in the future. On the flip side, some retirees find themselves in the 0% long-term capital gains bracket, which creates the perfect opportunity to harvest capital gains on purpose. When you're in a low tax bracket and gains cost nothing, you can reset your cost basis without additional tax. This is one of the most underused year-end strategies — especially when markets have been climbing. 3. Review Mutual Fund Capital Gain Distributions Many mutual funds issue their capital gain distributions in December. You may not receive the money in cash, but it still counts as taxable income. Look up the estimated year-end distributions from your fund companies and double-check your brokerage account. Mutual fund distributions have surprised many retirees — and they can lead to unnecessary underpayment penalties if tax withholding isn't adjusted in time. 4. Get Your Tax Withholding Correct Years ago, tax underpayment penalties weren't a big deal. But with high interest rates today, penalties now operate more like expensive interest charges for not paying taxes in the proper quarterly schedule. If you expect to owe money for 2025, you may want to adjust withholding from your paycheck, pension, Social Security, or IRA distributions. For retirees over 59½, using IRA withholding is one of the easiest ways to catch up — and it is treated as if it was paid evenly all year. To avoid penalties, don't wait until spring. Make corrections before December 31st. 5. Use Qualified Charitable Distributions (QCDs) If you're age 70½ or older, QCDs allow you to donate directly from your traditional IRA to charity tax-free. This is often better than taking withdrawals and giving afterward — especially if you use the standard deduction. Even if you're not yet required to take RMDs, QCDs can reduce your future RMD burden and help you give in a more tax-efficient way. With 2025 bringing updated QCD limits and ongoing rule changes, it's smart to review your giving strategy now. 6. Make Annual Exclusion Gifts Before Year-End In 2025, the annual exclusion gift limit is $19,000 per person — and it remains the same for 2026. If you're planning to help your children or grandchildren, consider spreading the gifts across the end of this year and the beginning of next year to maximize tax-free amounts. For education planning, 529 plans also allow “superfunding,” letting you front-load up to five years' worth of gifts. Year-end is an ideal time to execute these strategies thoughtfully. 7. Rebalance Your Investments (Especially After a Big Market Year) When markets rise sharply, your portfolio may drift into a risk level you never intended. A portfolio that started at 60% stocks may now sit at 68% or higher. That's more risk than you signed up for — especially if you are nearing retirement. Rebalancing is a critical part of your year-end checklist. It brings your risk back in line, prepares your portfolio for the next year, and supports the long-term stability of your retirement plan. The Bottom Line Year-end planning isn't just about taxes — it's about taking control. Whether it's adjusting your income, harvesting gains or losses, fixing withholding, giving strategically, gifting to family, or rebalancing your investments, December is your opportunity to make meaningful changes before the window closes. Don't let the deadline sneak up on you. Start now so April feels predictable — not painful. Enjoying these episodes? Make sure to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337 Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “QCDs: The Tax-Smart Way to Give in Retirement (2025 Qualified Charitable Distributions Guide)” – Mr. Retirement YouTube Channel Create Your Retirement Master Plan in 5 Simple Steps 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 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

Dale Hall of the Society of Actuaries explains how to project your longevity and why informed life expectancy matters for retirement planning.

Author Beth Pinsker shares her experience overcoming the challenges of financial caregiving based on her book “My Mother's Money.”

Jeremy Keil dives into the details of estate planning, what people often miss and how to leave a legacy that lasts.

Paul Merriman shares what his 60+ years of investment experience says about fees, behavior, and building a plan you can actually stick to.

Author Jillian Johnsrud explains how mini retirements help people retire often in this week's episode of “Retire Today” with Jeremy Keil.

Jeremy Keil compares long-term care insurance to self-funding long-term care through the lens of 3 clarifying questions.

Rona Guymon and Jeremy Keil discuss how the recent economic changes have affected retirement plans and strategies.

Kanwal Sarai of “Simply Investing” explains his 12 rules for dividend investing and how this strategy could be used in retirement planning.

Andrew Motiwalla explains how to prepare for long-term travel and how to incorporate travel into your retirement plan.

Discover how step 5 of building your retirement master plan can help you leave a lasting legacy while avoiding the big 3 retirement risks.

Learn the number 1 investing mistake people make in retirement and how to build a retirement investment plan.

Learn how to keep more of your retirement income through tax planning in step 3 of the 5 step retirement plan.

Learn how to maximize your Social Security and pension benefits in your retirement income plan.

Order your copy of Jeremy Keil's new book “Retire Today” available now.

Jeremy Keil explains step 1 of the 5 step retirement plan: retirement spending. When it comes to retirement planning, one of the biggest questions people ask is: Where do I start? The truth is, before you think about investments, taxes, or even when to claim Social Security, you need to figure out one thing—how much you're going to spend in retirement. This is what I call Step One in creating your retirement master plan, which I've outlined in my book Retire Today. While many people assume retirement planning begins with assets and income, I believe it begins with spending. After all, if you don't know what you'll spend, how can you know how much income you'll need? Why Many Budgets Fail When I sit down with people, their first instinct is often to start building a retirement budget. They think they need to track every coffee, grocery run, and gas fill-up to get an accurate picture. But here's the problem—budgets are almost always wrong. People underestimate their spending, forget about irregular costs, and end up thousands of dollars off the mark. I've seen it happen time and again. Instead of building from the ground up, there's a simpler formula that works nearly every time: Income – Savings = Spending. Whatever comes from your paycheck into your checking account typically gets spent—unless you're intentionally saving it. By starting here, you can find your true monthly lifestyle amount without overcomplicating things. The Story of Thomas Take Thomas, for example. He had what I thought was the best budget I'd ever seen—two years of detailed expense tracking. Every expense logged, every penny accounted for. He proudly told me he spent $7,000 per month. When we broke it down, though, we realized he didn't need years of tracking to figure this out. His income was $104,000 per year. He saved $20,000 into investments. That left $84,000 for spending—or $7,000 per month. Exactly what his “perfect” budget said, but it took him two years to arrive at something the formula showed in minutes. Don't Confuse Saving with Growing One caution I often give people is not to confuse saving with growing. If you're putting $500 into savings every paycheck, but pulling it out later for property taxes or vacations, that's not saving—it's managing cash flow. True saving means money you set aside for the long-term, not just for short-term annual expenses. This distinction matters because when you're projecting retirement spending, you need to know what's truly ongoing versus what's temporary or irregular. The Costs People Forget Even when people nail down their monthly lifestyle amount, I often see them forget two of the biggest retirement costs: Health Insurance – Before 65, you'll likely pay much more out of pocket than once Medicare kicks in. A good rule of thumb is budgeting around $1,000 per person per month, but this varies widely. Taxes – Many retirees underestimate taxes, or treat them like a fixed bill. But taxes are flexible—you can plan, shift, and smooth them over time. That's why I recommend using tax planning software or working with a planner who can show you different strategies. Don't Forget the “Non-Lifetime” Expenses Your monthly lifestyle spending is the foundation, but retirement also comes with non-lifetime expenses—costs that won't last forever, but you should still plan for. These often include: Paying off a mortgage (which eventually goes away). Buying a new car (which will likely happen more than once if you retire in your 60s). Home renovations and repairs (you'll notice more when you're home full-time). Big trips and family events. If you don't plan for these, they'll sneak up and throw your retirement plan off track. Why Step One Matters Most Retirement is not about hitting a magic savings number—it's about matching your income to your lifestyle. Step one is figuring out your lifestyle amount: how much you nee...

Jeremy Keil explains why personalized longevity estimates are the most important number in your retirement planning.

Jeremy Keil interviews Anthony Napolitano about how he managed to adapt his retirement plan after an unexpected end to his career.

Introducing the next chapter of the "Retirement Revealed” podcast as “Retire Today”

Jeremy Keil explores the incoming changes resulting from the “One, Big, Beautiful Bill” and how they might impact your retirement.

Jeremy Keil breaks down the Investopedia.com list of the 11 best low-risk investments for 2025.

Exploring Heather Schreiber's 5 costly Social Security traps and exploring options of how to handle them. I've seen it time and again throughout my career: the intricacies of navigating Social Security can trip up just about anyone. So when I saw the headline “5 Sneaky Social Security Traps” in Heather Schreiber's newsletter, I knew right away this was going to be something that deserved a closer look on the podcast. Let's dive into these 5 Social Security traps–and these aren't just random quirks—that can lead to unexpected gaps in income, tax surprises, or permanent reductions in your benefits.  1. The Entire Month Rule You might think that turning 62 means you're automatically eligible for Social Security that month. Not quite. Social Security has a quirky rule: you have to be 62 for the entire month to receive benefits for that month. If your birthday is on June 15, you don't qualify for June's benefit. Instead, your eligibility starts in July, and your first payment doesn't arrive until August. What's even weirder is that the SSA counts your birthday as the day before you were born. So if you're born on June 2, you're considered 62 starting June 1 and therefore eligible for June benefits (which are paid in July). If you're planning on your Social Security check arriving the month you turn 62, you could be left waiting an extra month or two—potentially throwing off your cash flow. 2. Rest in Peace, Now Return to Sender Just like you must be alive the entire month to earn that month's benefit, if someone passes away mid-month, they don't qualify for that month's Social Security payment—even if it's already been deposited. This can be a shock to surviving spouses or family members when the SSA takes that money back. If a loved one passes away on June 14, and the June payment was already deposited in early July, that money must be returned. It wasn't “earned” under SSA rules. So whether you're filing for your own benefit or helping a family member, remember: Social Security is earned month-by-month—and only if you're alive for the full month. 3. Lump Sum FOMO: When Free Money Isn't Always Free When you file for Social Security after your full retirement age, you have the option to take up to six months' worth of benefits retroactively. That sounds great—who doesn't like a lump sum? But here's the catch: taking that lump sum means your official filing date is backdated. So if you file at age 68.5 and take six months retroactive payments, SSA treats you as if you filed at 68—reducing your benefit by 4%. That “free” $18,000–$20,000 could cost you thousands more over the course of your retirement. Sometimes it's worth it, but many people take the lump sum without realizing the long-term cost. 4. Under-Withholding Today May Lead to Regret Tomorrow Here's a situation I see far too often: retirees who start taking Social Security, forget to set up federal tax withholding, and then get a surprise bill come tax season. Unlike pensions or employer paychecks, Social Security doesn't automatically withhold taxes unless you fill out a separate form (Form W-4V). If you don't do this and your Social Security income is taxable, you could owe hundreds—or thousands—at tax time. Take the time to set up appropriate withholding levels. SSA allows you to choose from 7%, 10%, 12%, or 22%.  5. Medicare IRMAA and the Two-Year Lookback When you hit age 65 and enroll in Medicare, your premiums for Part B (and possibly Part D) can go up significantly if your income from two years ago was high. This IRMAA (Income-Related Monthly Adjustment Amount) surcharge can sneak up on you—especially if you had a one-time event like a Roth conversion, large capital gain, or business sale. If you had a significant drop in income due to retirement, job loss, or other life event, you can appeal your IRMAA using a life-changing event form (SSA-44). I've helped dozens of clients successfully reduce th...

Forensic consultant Paul Sippil explains little-known costs for business owners and plan participants and what you can do about them. When it comes to retirement planning, one of the most overlooked areas is the cost hiding within your 401(k) plan. I sat down with Paul Sippil, a forensic 401(k) consultant, in this week's episode of the Retirement Revealed podcast. For the last 20 years, Paul has been helping employers and plan participants understand the full picture of what a 401(k) really costs–and most importantly, what you can do about it. What we revealed may surprise you: many of the fees you could be paying are seemingly invisible, unspoken, and quietly leaving your retirement savings. Your 401(k) Isn't "Free" One of the most common phrases Paul hears when talking with business owners and plan participants is: “I'm not paying anything.” And technically, they're not—at least not directly. That's because 401(k) fees often don't show up on an invoice. Instead, they're extracted from participant accounts through asset-based fees, commissions, and revenue sharing agreements that most people never even notice. Here's the reality: if you're in a 401(k), especially with a small to mid-sized employer, you could be overpaying. And no one may be telling you. The Bigger the Balance, the Bigger the Fee Many 401(k) service providers charge asset-based fees, meaning the more money you have in the plan, the more you pay—even if the services don't change. That fee structure hits high-balance employees (often business owners or long-time participants) the hardest. For example, if your plan has $3 million in assets and your advisor is receiving 0.75% annually, that's $22,500 per year in compensation—whether or not they're actively helping you. Would you pay that if you received an invoice in the mail? However, when the fee is simply deducted from your account through share class expense ratios or revenue sharing, many people never realize it. Small Plans, Big Problems If you work at or own a small business with under 100 employees, your per-participant fees are likely much higher than those in larger plans. According to the U.S. Department of Labor, large plans (those with over $100 million) can be up to 50% cheaper in relative costs. Smaller plans are often stuck with higher costs and less transparency. How to Spot the Hidden Fees Finding these costs isn't easy, but there are tools: Form 5500: This publicly available tax form (found at www.efast.dol.gov) details plan costs and fund options for plans with over 100 participants. Review Share Classes: Funds come in multiple share classes. Some, like “R2,” may carry hefty embedded commissions. Ask your provider if lower-cost versions like “R6” are available. Watch for “Revenue Sharing”: This outdated and opaque compensation method allows brokers and recordkeepers to collect fees without ever issuing a bill. Why Transparency Matters Paul made an interesting point: if employers were required to write a check for 401(k) services as opposed to having the fees quietly and automatically withdrawn, he believes the plan-holders and business owners would actually negotiate those fees, thus resulting in lowered costs. But the industry thrives on invisibility—making it hard for both employers and employees to question or benchmark what they're paying. That's why we suggest a simple test: If your financial advisor can't clearly explain what they're being paid and what you're getting in return, it's time to ask better questions and evaluate your options. Self-Directed Brokerage Accounts (SDBA) If your current 401(k) doesn't offer the investment options you want, ask your employer about adding a Self-Directed Brokerage Account. This feature allows you to invest in a wider range of funds—including ETFs and commodities—that may not be available in your default menu. Not every provider offers this, but it's worth requesting.

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.

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Jeremy Keil explores Kiplinger magazine's article “11 Ways to Grow Your Wealth” and how to apply these strategies to retirement planning.

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Author and stand-up comedian Paul Ollinger shares how seeking a reasonably happy retirement makes for a greater sense of satisfaction.

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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...

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