5 Steps to prepare your savings within 12 months of your retirement.

When you’re on the verge of retirement, say within the next 12 months, you might think you’ve done everything you need to do: saving diligently, investing wisely, and maybe even attending a webinar or two. But have you truly prepared for the retirement you want? Based on real-life examples from my financial planning practice, I’ve found that many retirees wait too long to make crucial decisions about their savings and investments. Today, I’ll share some insights to help you avoid common pitfalls and ensure you’re ready for retirement when the time comes.

Recently, I looked at data from our retirement webinars and noticed something surprising: most people attend our webinars after they’ve retired, not before. While it’s a good idea for anyone to join these webinars regardless of where you’re at in the retirement process, doing so before you retire could make a significant difference in the quality and security of your retirement.

If you’re planning to retire next year, you should start taking concrete steps now. Market fluctuations, unexpected health issues, or even company layoffs could drastically alter your timeline. Proactive planning is essential, especially when you’re this close to retiring.

Let me share two real stories from my clients that illustrate the importance of early retirement planning. In the fall of 2019, I met with a gentleman who was planning to retire on April 1, 2020. He liked our five-step retirement plan but decided to wait until he officially retired to start working with us. Unfortunately, just before his planned retirement date, the stock market dropped by 12% in a single day, and his portfolio took a significant hit. In March 2020, the market crash coincided with the onset of the COVID-19 pandemic, further complicating his situation. He contracted COVID-19 and ended up postponing his retirement every year—for 4 years. Starting his retirement plan earlier would have likely reduced the impact of the market downturn on his retirement savings and helped him hit his retirement target.

Another couple I worked with in 2019 were also approaching retirement, about two years out. After reviewing their portfolio, we discovered that they were taking on more risk than they realized. We adjusted their investments, cutting their exposure to market volatility by half. When the market dropped in March 2020, they were able to sustain their retirement plan because of the work we had done to restructure their portfolio. They stayed on course and retired exactly on time, enjoying their post-retirement life with grandkids and the retirement income they had planned for.

One of the biggest mistakes I see is people waiting for the “perfect” retirement date or market condition before they take action. A couple of my clients were planning to retire at the end of 2020, hoping to continue growing their 401(k)s until the final day. But when the market dropped by 30% in March 2020, they panicked, moved their investments into cash, and were then laid off in June. Then they called me in July, after they were forced to retire, after the market dropped, after they moved to cash and missed on the market recovery. These clients missed out on market recovery because they had no plan in place to adjust their investments as they neared retirement. Instead of trying to time the market or wait until the last minute, take action now to safeguard your savings.

If you’re within 10 years of retirement, you’re in what’s often called the “retirement red zone.” This period, which extends five years before and five years after your retirement date, is when market volatility can have the most significant impact on your retirement. During this time, a sudden market drop can lead to substantial losses that could take years to recover from, affecting the income you’ll have in retirement. By planning ahead and adjusting your portfolio, you can reduce the likelihood of such risks.

So, what should you do if you’re planning to retire in the next 12 months? Here are five critical steps to take:

If you’re planning to retire soon, don’t wait until your retirement date to start making these critical decisions. By planning ahead, you’ll have peace of mind knowing that your savings are protected, and you’re set up for a successful retirement. For more guidance, visit FiveStepRetirementPlan.com and get started today!

Remember, it’s always better to be proactive. If you’re unsure where to begin, reach out, and let’s create a plan tailored to your needs.

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Learn how to turn your grief into goals in order to make the most of your next chapter in life.

Today’s episode of Retirement Revealed touched on something deeply personal and profoundly moving. My guest, Lynn Banis, shared her story of navigating a series of heartbreaking losses: her mother, brother, dog, and husband, all within a short span of time. For anyone, that’s a staggering amount of grief to process. Yet, through it all, Lynn found a way to rebuild her life and find a new purpose.

It’s a journey that many face, especially in retirement, when life can take unexpected turns. Retirement is often painted as a time of relaxation, but for Lynn, it became a period of profound transformation, starting with a hurricane and a broken hip.

Lynn’s journey into this new chapter began when her 100-year-old mother faced a life-threatening hurricane. Lynn asked her brother to bring their mother to safety, but a fall led to a broken hip, a major setback for anyone, let alone someone of her age. At that moment, Lynn became her mother’s primary caregiver until she passed at the remarkable age of 106.

What stands out here is not just the care that Lynn provided but the fulfillment she found in fulfilling a promise she had made long ago: to never let her mother be alone. “It was a blessing for both of us,” she shared. In that space, amidst the challenges of caregiving, Lynn found purpose. Her retirement took on a new meaning as she honored her commitment to her mother, a relationship that shaped her identity during this difficult time.

Within three years, Lynn lost her mother, her brother, and then her husband. These were not the ordinary transitions into the golden years of retirement but rather a succession of grief. Her husband’s death, in particular, hit the hardest, coming unexpectedly and leaving her in a state of shock. As she described returning home to an empty house, it’s easy to imagine the profound loneliness and confusion she felt.

Lynn shared something so many can relate to: brain fog. This sense of disorientation, where even simple tasks become difficult and decision-making seems impossible, is common in the grieving process. “I always tell my clients not to make any big decisions for at least a year,” she advised, pointing to the risk of making life-altering choices during this period when your mind is not thinking clearly. And yet, she admits she didn’t follow her own advice.

Despite her own advice to wait, Lynn found herself downsizing her home. She moved, sold her house, and embarked on a new chapter. The busyness of moving kept her distracted, but her body eventually sent her a message to slow down. After settling into her new home, Lynn fell ill, a sign that her grief and exhaustion had caught up with her.

But this period of illness also led to an epiphany. In the quiet moments, Lynn realized that she had a new purpose—one built from her experiences of loss. Rather than letting the grief define her, she decided to use it as a catalyst for helping others. As she said, “I don’t care how old I am. I’ve been through this several times. I can help other people.” And so, she began her new venture of supporting widows and others through their own journeys of grief.

One of the most powerful insights Lynn shared was how she, and others like her, have to grapple with losing not just loved ones but also the future they had envisioned. Retirement is often seen as a time of freedom and joy, but when the future you planned is no longer possible, you’re left asking, “What now?”

Lynn spoke about the importance of finding a new purpose. This isn’t just about “moving on” but about actively creating something new from the ashes of loss. For her, it meant realizing that she still had so much to offer. “You need to find your purpose. What are you all about? What sets you on fire?” she asked. These are questions that anyone facing a major life transition can relate to.

For Lynn, it became clear that she wanted to help others who were struggling with loss, especially widows. She noted that many widows struggle with their identity after losing their spouse, feeling stuck in the label of “widow.” Lynn encourages them to redefine themselves as individuals with a new life ahead of them. “You’re not just a widow; you’re a single person now, with the opportunity to create your life,” she explained.

Lynn’s story is one of hope. Even after tremendous loss, she found a way to honor both her past and her future. She talked about creating an environment that supports who you want to be, surrounding yourself with people and things that nurture your new identity. It’s a reminder that even after loss, there is still room for growth, purpose, and joy.

As a psychologist and coach, Lynn now helps others do the same. She helps them align their values and beliefs, quiet their negative self-talk, and open their minds to new possibilities. In doing so, they begin to see a clear vision of the life they want to build moving forward.

Lynn’s story is a powerful testament to the resilience of the human spirit. Even in the face of profound loss, she found a way to create something new—something meaningful. And in doing so, she’s not only rebuilt her own life but is helping others to do the same.

If Lynn’s story resonates with you and you’re looking for support in your own retirement or transition, feel free to reach out. At Keil Financial Partners, we’re here to help you navigate life’s unexpected changes and create a plan for a fulfilling and purposeful 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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Learn how to master Medicare and get the coverage you need at the best rate available.

Too many people are guilty of making Medicare either too complicated or too simple. How do you find that middle ground? Last week’s episode of “Retirement Revealed” with Melinda Caughill was an extensive deep-dive into Medicare that provided impactful information related to making your Medicare decision. This week I’m breaking down the simple 6 step process to mastering Medicare based on Diane Omdahl’s book “Medicare for You”.

1. Timing Your Medicare Enrollment

One common misconception is that you must enroll in Medicare at age 65. While many people do, it’s not a one-size-fits-all rule. If you’re already receiving Social Security benefits, your enrollment is automatic. However, if you’re not, you’ll need to sign up manually. Consider your employment status and current health coverage. Many people are unaware that if you’ve got coverage through a group health plan from a current employer (either yours or your spouse’s), you might be able to delay your Medicare enrollment without penalty.

2. Choosing Your Medicare Path

Deciding between Original Medicare and Medicare Advantage is a crucial step. Original Medicare includes Part A (hospital insurance) and Part B (medical insurance) and gives you the option to add Part D for prescription drugs and Medigap policies for additional coverage. Medicare Advantage, on the other hand, bundles these services and often includes additional benefits. Consider your healthcare needs, budget, and flexibility preferences when making this choice. Remember, transitioning between these options down the line can be challenging, so weigh your long-term needs carefully.

3. Selecting the Right Plan

Once you’ve chosen your path, it’s time to select a plan. This often involves sifting through numerous brochures or consulting with an insurance agent. I suggest finding an independent brokerage insurance agent, preferably one who represents multiple companies to get a comprehensive view. In some regions, you might find both Medigap and Advantage plans offered by various companies. Your choice should align with your healthcare providers, drug prescriptions, and budget. Be cautious of biases; sometimes, agents might suggest plans with higher commissions.

4. Enrolling in Medicare

Enroll in Medicare well ahead of your birthday month to ensure you’re covered when you turn 65. The enrollment process is straightforward and can be done quickly online at ssa.gov. Registering early avoids gaps in coverage and ensures you’re ready to select your preferred plan when needed. Remember, enrolling in Medicare is the first step before selecting any specific Medigap, Advantage, or Part D plan, as you’ll need your Medicare number to proceed with these.

5. Enroll in a Plan

Take advantage of tools available like the Medicare.gov Plan Finder to assess your options. This resource helps you compare plans based on coverage, cost, and your healthcare needs. If this feels overwhelming, Melinda Caughill’s platform, HeyMOE.com, offers personalized assistance in finding the most cost-effective drug coverage plans. Keep an open mind and explore all available resources to make informed decisions about your Medicare options.

6. Annual Coverage Review

Medicare isn’t a one-time decision—it requires an annual review. Plans change, as do your health needs, so reassess your Medicare coverage every year. Changes in network providers, drug formulary updates, or shifts in your medical needs necessitate a yearly evaluation to ensure you’re still on the best plan. Use tools like the Medicare.gov Plan Finder for yearly assessments, or consult services like HeyMOE.com to avoid missing critical updates or cost-effectiveness opportunities.

By following these six steps, you can manage your Medicare choices with confidence, ensuring that your healthcare in retirement aligns with your personal needs and financial strategies. 

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

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

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

Medicare has long-reaching implications, and navigating it successfully means more than just enrollment—it’s about understanding the full picture and getting the coverage that fits your specific needs. Whether you’re planning for the first time, reassessing your current coverage, or helping a loved one make these decisions, make the Medicare decision that fits your unique health and financial needs.

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Learn how to supercharge Social Security and capitalize on up to $200,00 that the average couple misses in retirement.

Did you know that the average couple is missing out on $100,000 to $200,000 in Social Security benefits over their lifetime? If that number sounds ridiculous–or you’re worried that you’re on that same track with your benefit–this blog is for you!

In today’s episode of Retirement Revealed, I’ll walk you through five strategies to help you maximize your Social Security benefits and avoid leaving money on the table. Whether you’re just starting to think about retirement or are approaching it soon, these tips will help ensure you get the most out of Social Security.

One of the most common misconceptions people have about Social Security is that filing at their “full retirement age” will get them the maximum benefit. This belief stems from the language used by the Social Security Administration, which calls it “full” retirement age. The problem is, full retirement age isn’t the maximum you can receive — age 70 is.

For most people, “full retirement age” is around 66 or 67. At that point, you are eligible to receive your standard benefit. But if you wait until age 70, your benefit grows by about 8% each year. That’s a significant increase, and it’s especially helpful for those who expect to live longer.

So when you hear “full retirement age,” think of it as just a baseline. If you want the maximum benefit, age 70 is your goal.

Social Security isn’t just about your own retirement benefit. If you’re married or have been married, you may be eligible for spousal, ex-spousal, or survivor benefits – even survivor benefits on your ex-spouse! Coordinating these benefits can make a big difference in how much you and your spouse receive over your lifetimes.

For example, if you are widowed, you can start claiming a survivor benefit as early as age 60. You might choose to do this and then switch to your own retirement benefit at age 70 to maximize your income later on. Alternatively, if you’re married, you could claim your retirement benefit early and then switch to a survivor benefit when your spouse passes.

The key is to consider all the benefits available to you and coordinate them in a way that maximizes your total lifetime income, rather than focusing on just one benefit.

A common mistake I see is people fixating on how much they’ll receive right away, rather than how much they’ll receive over their entire retirement. Many people want to start Social Security as soon as possible, thinking it will provide more money in the short term. But this short-term mindset can cost you in the long run.

Retirement is about ensuring you have enough income for the rest of your life, not just the next few months. When you’re planning for Social Security, think about how to maximize your benefits over your lifetime. This might mean delaying your claim, even though it’s tempting to start early.

The full name of the Social Security program is “Old-Age, Survivors, and Disability Insurance” (OASDI). It’s a safety net designed to help you in your old age, provide for survivors if you pass away, and offer inflation-adjusted income throughout your retirement.

Because it’s designed to provide protection against living longer than expected or running out of savings, you should approach Social Security as a form of insurance. It’s there to help you and your spouse maintain income stability for life. This mindset helps you prioritize long-term security over short-term gains.

Inflation adjustments are another reason to consider delaying Social Security. The longer you wait to claim, the higher your base benefit will be — and that higher benefit will continue to grow with inflation, offering better protection as the cost of living rises over time.

People often focus on one risk when it comes to Social Security: the fear of dying too soon and not getting enough out of the system. While this is a valid concern, there’s another risk to consider: living longer than expected. If you live longer than you planned for and you claimed Social Security early, you might find that your monthly benefit isn’t enough to support your needs in the later years of retirement.

When there are two of you, plan strategically. One strategy is to have the spouse with the higher benefit delay their claim as long as possible, possibly until age 70. This way, if one spouse passes away, the surviving spouse will receive the higher benefit for the rest of their life. On the other hand, the spouse with the smaller benefit might consider claiming earlier, ensuring that both partners are receiving income throughout their retirement, but that the larger benefit is maximized for when it’s most needed.

By balancing these risks and planning accordingly, you can optimize your Social Security benefits for both of you, providing financial stability regardless of how long you live.

Social Security is a crucial part of your retirement income, but it’s easy to make mistakes if you don’t approach it with the right strategy. Check out my free guide to more retirement tips to maximize your retirement over your lifetime at AvoidBigRetirementMistakes.com.

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Debunking 3 Medicare myths and examining the ways you can avoid falling for common Medicare mistakes.

As you approach retirement, it’s easy to feel overwhelmed with the various decisions you need to make, especially when it comes to Medicare. In this post, I want to focus on three major Medicare myths that can lead to costly mistakes. Understanding these myths will help you navigate Medicare with confidence, helping you avoid unnecessary expenses and headaches.

One of the most widespread misconceptions is that Medicare is free. In fact, 72% of Americans believe this myth, and they’re often surprised when they reach 65 and realize that Medicare does indeed come with costs.

It’s true that Medicare Part A—which covers hospital insurance—is typically premium-free, as long as you or your spouse have paid Medicare taxes for at least 10 years. However, Medicare Part B, which covers doctor visits and outpatient care, does come with a monthly premium. As of now, that premium is roughly $175 per month. For many, that’s an unexpected expense.

Remember, Medicare is designed so that your taxes help cover about 80% of the costs. The remaining 20%, including premiums, is your responsibility. So, don’t be caught off guard when you’re faced with Medicare expenses as you enter retirement. Properly planning for those costs will ensure that you’re financially prepared when the time comes.

Here’s another big myth: the idea that everyone pays the same amount for Medicare. Roughly half of Americans are under the impression that Medicare premiums are uniform, but that’s not the case.

Your Medicare premiums, specifically for Medicare Part B and Medicare Part D (prescription drug coverage), can vary based on your income. The government looks back at your income from two years ago to determine whether you’ll need to pay more through what’s called an Income-Related Monthly Adjustment Amount (IRMAA). For example, if you’re a couple and your income was above $206,000, or if you’re single and your income exceeded $103,000, you’ll end up paying extra for Medicare.

Now, before you panic, understand that this extra cost is only temporary. It’s calculated based on your income from a specific year—two years ago—and it only affects you for that one year. Afterward, it resets. So, if you had an unusually high income due to a one-time event, such as selling a property or receiving a large bonus, you won’t be stuck paying higher Medicare premiums forever.

In some cases, you can even appeal the extra charges if your circumstances have changed. For example, if you’ve recently retired, lost a spouse, or experienced a significant decrease in income, you can file for an adjustment. This is something we help our clients with regularly, and we’ve seen many successful appeals. So, if you get hit with an IRMAA notice, don’t worry—there are ways to address it.

This myth can be particularly dangerous because it leads to a lack of planning for long-term care needs. Many people believe that Medicare will cover long-term care in a nursing home, but that’s not the case.

Medicare does cover short-term stays in a skilled nursing facility if you’re expected to recover after an illness, surgery, or injury. However, this coverage is limited to up to 100 days, and it only applies to situations where you are expected to improve.

On the other hand, if you need ongoing assistance with daily activities—like bathing, dressing, or managing a declining memory due to dementia—that’s where long-term care comes in. Unfortunately, Medicare doesn’t cover this type of care. You’ll either need to pay for it out of pocket, purchase a long-term care insurance policy, or, in some cases, qualify for Medicaid after depleting your assets.

Given that long-term care can be one of the most significant expenses in retirement, it’s crucial to plan ahead. Understanding that Medicare won’t cover these costs will help you prepare and ensure that you’re not left in a financially vulnerable position later in life.

Now that you’re aware of these three Medicare myths, you’re in a much better position to avoid costly mistakes. Here are some steps you can take:

Once you understand the facts, limitations and cost of Medicare, you can adjust your retirement plan to make sure you’re getting the benefits you need as you plan for your future.

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

David Blanchett discusses the survey results that reveal a building crisis among near retirees who are unprepared for retirement.

When we hear “midlife crisis,” we usually think of people making drastic changes like buying a sports car or changing careers. But when it comes to retirement, the stakes are even higher. A financial midlife crisis can significantly impact how well you live out your golden years. So, what’s going on? Why is this happening, and more importantly, how can you avoid it?

My guest on this week’s episode of “Retirement Revealed” is David Blanchett, Managing Director, Portfolio Manager and Head of Retirement Research for PGIM DC Solutions. David shared that a recent survey by Prudential Financial brought this crisis into focus. The results were alarming but not surprising. Many Americans over 55 are feeling financially insecure, and they are beginning to worry if they’ll be able to retire comfortably, if at all. Interestingly, the survey showed that while older adults, like those in their 70s, tend to be more financially stable, those in their mid-50s are caught in a whirlwind of financial uncertainty.

A big part of the problem? These individuals are often feeling squeezed by multiple financial pressures: rising healthcare costs, providing care for aging parents, and often, supporting adult children who haven’t yet gained full financial independence. It’s no wonder that many 55-year-olds feel like they’re in the middle of a financial storm.

One of the most common things David hears from clients in their mid-50s is, “I wish I had learned about this earlier.” Whether they’re talking about saving more, investing smarter, or working with a financial advisor, the sentiment is always the same: the earlier, the better. Many even express regret for not instilling better financial habits in their own children. David’s research echoes this, showing that those who start financial planning earlier—whether by themselves or with the help of an advisor—tend to feel more secure as they approach retirement.

It’s clear that proactive planning is crucial. But what does that actually mean for someone in their mid-50s? What actions should they be taking?

Another layer of complexity for many midlifers is the role of caregiving. Many people in their 50s are caring for aging parents, while still trying to prepare for their own retirement. In my conversation with David, we discussed the immense financial and emotional strain that caregiving adds to an already challenging situation.

One of my previous podcast guests, Danielle Miller, shared her own experience of providing care for her grandmother while still early in her career. Her story highlights a growing reality: caregiving responsibilities are falling on younger generations, often when they’re least prepared for the financial and emotional demands. What makes it even more challenging is the fact that women are more likely to bear the brunt of caregiving duties. Societal expectations and personal circumstances often leave women shouldering the responsibility, further complicating their financial planning for retirement.

Another major issue facing midlife Americans is the risk of outliving their savings. As David mentioned, many people focus too much on maximizing their income in the short term—getting the most out of Social Security or squeezing as much as possible from a pension. However, the real challenge is making your money last for your entire lifetime, and this is where things get tricky, especially for women.

If you’re part of a couple, it’s often the woman who outlives her spouse. Statistically, women tend to live longer, and this presents unique financial challenges. Traditional pensions, for instance, typically provide only partial payouts to surviving spouses, often cutting benefits by 25 to 50%. Without proper planning, a surviving spouse can face a significant drop in income.

That’s why it’s essential to consider products like joint annuities, which can provide a more secure income stream throughout both spouses’ lives. Right now, in the summer of 2024, the pricing for joint lifetime annuities is quite favorable. These products help mitigate the financial risks of longevity and can provide peace of mind for the surviving spouse.

If you’re in your mid-50s and feeling the weight of financial uncertainty, you’re not alone. The good news is that there are actionable steps you can take today to improve your financial outlook. David provides some keys to how individuals, financial advisors, and employers can address the midlife retirement crisis:

One of the best concepts that came out of Prudential’s research is the “Retirement Red Zone.” This refers to the critical years just before and after retirement when financial decisions are incredibly important. Mistakes made during this period can be costly and difficult to recover from, especially since you only get one shot at some major decisions, like filing for Social Security or choosing a pension payout.

For example, if you retire at 65, you’ve probably had around 1,000 paychecks in your lifetime. Each of those represents a chance to make financial adjustments. But when you file for Social Security or choose a pension option, you may only get one chance to get it right.

As David pointed out, being in the red zone means that every financial decision counts. That’s why it’s crucial to make informed, strategic choices during this time.

Navigating the midlife retirement crisis isn’t easy, but with the right planning, it’s entirely possible to come out on top. By taking proactive steps—whether through saving more, working with a financial advisor, or making thoughtful decisions about pensions and annuities—you can ensure a more secure and comfortable 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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

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.

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:

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.

Recently, I was asked by Money Geek how federal employees can maximize their retirement benefits. Two key strategies stand out:

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.

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.

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.

As you approach retirement, there are four steps you should focus on to ensure you’re on track:

Over the years, I’ve seen federal employees make several common mistakes in retirement planning. One of the biggest is failing to adjust their TSP investments as they approach retirement. Many people keep their TSP allocation at the same risk level they had in their 20s, even when they’re nearing retirement age. Be sure to reassess your risk tolerance as your retirement date approaches.

Another frequent mistake is not planning for the transition from a paycheck to a pension. It can take several months for your FERS pension to start, so having a financial cushion to cover this gap is crucial.

As you prepare for retirement, whether you’re a federal employee, military personnel, or transitioning to corporate work, the same principles apply: know the rules, do the math, and follow the plan.

By maxing out your TSP contributions, understanding your full retirement age, and working with a knowledgeable financial advisor, you can ensure a smooth transition into retirement. Remember, the choices you make in the years leading up to retirement will impact your income for the rest of your life. Make sure you’re making informed decisions based on your specific 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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Chet Bennetts shares insights on the study that highlights the challenges facing the average American seeking financial literacy.

When it comes to retirement, knowledge truly is power. The more you understand your financial situation, the better you can navigate the complexities of retirement planning and make informed decisions. In this week’s episode of the Retirement Revealed podcast, Chet Bennetts–program director of the CFP®/ChFC® Program at The American College of Financial Services–shared his insights from a comprehensive survey of over 3,700 people about their retirement knowledge. The findings were eye-opening, but they also provided guidance for what knowledge is lacking or obscured for the average retiree or near-retiree.

One of the key takeaways from Chet’s research is that Americans are quite knowledgeable about inflation and housing—two critical factors that heavily influence retirement outcomes. It’s encouraging to see that people are aware of how inflation can erode purchasing power and the importance of managing housing costs as they age. As Chet pointed out, these are areas where individuals have a significant amount of control, and it appears that many are making smart decisions to adjust their spending and housing situations in response to economic challenges.

This resilience in the face of inflation and rising housing costs is a positive sign. It shows that when retirees encounter financial obstacles, they often find ways to adapt and thrive. For instance, I recall working with a client about ten years ago who was eager to retire at 55. We ran the numbers, and the reality was that their income would drop by about 70% if they retired immediately. Despite this, they decided to go ahead with their plan. They made significant lifestyle adjustments, including taking on part-time jobs, which helped boost their income slightly. Today, nearly a decade later, they’re enjoying retirement and living comfortably on a reduced income. This experience highlights how important it is to be flexible and willing to make changes when necessary.

While the survey showed that Americans are knowledgeable in some areas, it also revealed significant gaps in others. The topics where people scored the lowest included annuities, investments, long-term care, life expectancy, how to generate retirement income, and taxes. These are all critical components of a successful retirement strategy, and yet, they are the areas where many people feel least confident.

This lack of knowledge is concerning because these topics play a major role in ensuring financial security in retirement. For example, understanding annuities and how they can provide a steady income stream is crucial, as is knowing how to manage investments to avoid outliving your savings. Long-term care is another area that is often overlooked, but it’s a significant expense that can quickly deplete retirement funds if not planned for properly.

However, the good news is that these are precisely the areas where a good financial advisor can add value. Working with an advisor who can educate you on these topics and help you develop a comprehensive retirement plan can make a world of difference. As I always say, if you’re looking for a financial advisor, find one who prioritizes education. The goal should be to empower you with the knowledge you need to make informed decisions, not to overwhelm you with complexity.

The survey also uncovered some demographic disparities in retirement literacy. For example, there was a five-point gap in retirement literacy between men and women, and a seven-point gap between different racial and ethnic groups. This is unfortunate but not entirely surprising, given the historical and societal factors that have contributed to these disparities. However, these gaps can be overcome through targeted education initiatives and by working with a financial advisor who understands the unique challenges faced by different demographics.

One promising finding from the survey was that working with a financial advisor can significantly boost retirement literacy. There was an 11-point increase in literacy among those who worked with an advisor compared to those who did not. This underscores the importance of seeking professional guidance when planning for retirement, especially if you’re feeling uncertain about your financial knowledge.

If you’re looking to improve your retirement readiness, there are several steps you can take. First, consider taking advantage of education initiatives designed to boost financial literacy. For example, Thrivent offers a program called “Money Canvas”, which provides free budgeting sessions. Another excellent resource is Dave Ramsey’s Financial Peace University, which offers comprehensive financial education.

Second, don’t hesitate to seek out a financial advisor who can help you navigate the complexities of retirement planning. A good advisor will take the time to explain your options, help you understand the risks and benefits of different strategies, and work with you to create a plan that meets your unique needs.

Finally, remember that retirement is a journey, not a destination. Your needs and circumstances will change over time, so it’s important to stay informed and be willing to adjust your plan as needed. By taking proactive steps to increase your financial literacy and working with a trusted advisor, you can feel more confident about your retirement and make better decisions that will lead to a secure and fulfilling future.

The road to retirement is filled with challenges, but it’s also full of opportunities. By learning more about your money, you’ll feel better about your financial situation and be better equipped to make the right decisions for your future. 

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===

Exploring the concept of “Infinite Banking” and comparing life insurance retirement plans to traditional retirement strategies.

If you’ve been browsing TikTok, Facebook, or LinkedIn, you’ve likely seen posts promoting life insurance as the “ultimate retirement solution”. But is it really the best way to go about planning for your retirement? Let’s explore.

Recently, I was asked to provide some insights for an article on life insurance retirement plans on Medium.com. This request led me to revisit the concept, particularly through the lens of Nelson Nash’s book, Becoming Your Own Banker. Nash’s work advocates for the idea of using dividend-paying whole life insurance policies from mutual insurance companies as a financial strategy, often referred to as the “infinite banking” concept.

As social media goes, once I began to research life insurance I was flooded with videos and articles online that all seemed to present life insurance retirement plans as not just an option, but as the way to save for retirement. This approach often positions these plans as a replacement for traditional retirement accounts like Roth IRAs or 401(k)s. But before jumping on the bandwagon, it’s essential to understand what these plans offer—and what they don’t.

One of the most popular products being promoted is the indexed universal life insurance (IUL) policy. These policies are often sold with the promise that you can participate in market gains without the risk of market losses. 

Sounds great, right? But let’s dig a bit deeper.

The interest credited to an IUL policy is based on the performance of a stock market index. However, unlike direct investments in the stock market, these policies don’t deliver the same returns. Research shows that the returns from IULs are much closer to what you’d expect from bonds, not stocks. Why? Because insurance companies primarily invest your premiums in bonds, making it challenging to generate stock market-like returns.

The real question isn’t whether life insurance should be your primary retirement vehicle but whether it should be part of your overall retirement strategy. Life insurance can play a role in retirement planning, but it’s crucial to approach it with a clear understanding of its strengths and limitations.

One of the biggest dangers with the current trend of life insurance retirement plans is the notion that this is the only way to plan for retirement. This one-size-fits-all mentality can lead to missed opportunities in other, often more flexible, retirement savings vehicles like Roth IRAs, 401(k)s, and brokerage accounts.

The truth is, the best retirement plan is one that incorporates multiple strategies, tailored to your unique financial situation. There’s no single product that will solve all your retirement needs.

Let’s return to Nelson Nash’s infinite banking concept. Nash’s idea is to use whole life insurance policies to “become your own banker,” effectively recapturing the interest you would otherwise pay to banks. The concept hinges on the idea that by borrowing from your life insurance policy at a lower interest rate than what banks charge, you can save money in the long run.

Nash’s strategy made a lot of sense in the 1980s when interest rates on traditional loans were as high as 23%. During that time, borrowing from a life insurance policy at 8% was a no-brainer. However, in today’s environment, where mortgage rates are around 6.75% and personal loans average 12%, the advantages of borrowing against a life insurance policy aren’t as clear-cut.

Moreover, Nash’s assumption that life insurance policies would generate returns of 6-8% is increasingly difficult to validate today. Current policies are more likely to yield returns closer to 4.5%, which is roughly on par with what you might expect from a certificate of deposit (CD). The key difference is that CD interest is taxable, while life insurance growth is tax-deferred.

Another crucial aspect to consider is the long-term nature of life insurance policies. Nash correctly points out that it takes about seven years for a whole life insurance policy to break even. During this time, your contributions are essentially covering the cost of insurance and other fees, meaning your cash value is growing very slowly, if at all. This isn’t a get-rich-quick scheme—it’s a long-term commitment.

When someone pitches a life insurance retirement plan, ask them a few key questions: How long does it take to break even? What’s their commission on the sale? These are important factors to consider because they can significantly impact the overall effectiveness of the plan.

So, should you include life insurance in your retirement plan? The answer is, it depends. Life insurance can be a valuable tool, especially if you’re looking to protect loved ones from the loss of income due to your passing. It can also offer tax-deferred growth and, if structured correctly, a tax-free death benefit for your beneficiaries.

However, it’s crucial to view life insurance as part of a broader strategy. It’s not a replacement for traditional retirement accounts, nor is it a substitute for a well-diversified investment portfolio. The best approach to retirement planning involves a mix of strategies, tailored to your unique goals and circumstances.

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:

Connect With Jeremy Keil:

===

Disclosures

Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.

All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.

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.

For important disclosures visit: https://keilfp.com/disclosures/

===