Show 22 - Retirement transition secrets revealed with Jeremy Keil CFP

I talked with Jeremy Keil about the transition to retirement, and it is important to think about it sooner than you think!

12/20/20231 min read

two men playing chess
two men playing chess

Now that you’re ready to retire, how do you go about making that transition? Retirement expert Jeremy Keil talks all about the common mistakes people make right as they retire and how you can overcome those. The key is to remember that retirement is still a long-term game, not a short-term play.

Key Ideas

  1. Reframe your thinking: you don’t have to replace your income, just your take-home pay--which is considerably less.

  2. If you are only contributing to a pension and NOT social security, make sure you understand the Windfall Elimination Provision and the Government Pension Offset when calculating how much you’ll have and determining survivorship.

  3. Remember, retirement is an event, but preparing for retirement is a process. You need to start preparing your money for retirement years in advance to protect yourself. But don’t think about your money in a single bucket. Only some of that money needs to be ready the day you retire, the rest can stay in long-term investments.

  4. Retirement is one of the best times for tax planning. For example, you can do ROTH conversions on low tax years, or delay your pension (which increases its value) and live off of your savings, etc. Talk to a tax professional about additional ideas.

Show Transcript