Many retirees are surprised to learn that Medicare isn't always a fixed cost. If your income exceeds certain thresholds, Medicare can charge significantly higher premiums through a little-known rule called IRMAA (Income-Related Monthly Adjustment Amount). Even more surprising, those higher costs are often based on income from two years ago rather than what you're earning today. In this episode, Jeremy Keil (Mr. Retirement) explains how IRMAA works, why Medicare uses prior-year tax returns to calculate premiums, and what retirees need to know when planning Roth conversions, managing retirement income, and preparing for required minimum distributions. He also shares real-world examples of retirees who successfully appealed their Medicare surcharges after retirement reduced their income. If you've received an IRMAA notice—or want to avoid being surprised by one in the future—this episode will help you understand your options and how Medicare costs fit into a broader retirement tax strategy. For disclosures and conflicts visit keilfp.com/disclosures.

Most people spend decades preparing financially for retirement. They contribute to retirement accounts, pay down debt, evaluate Social Security strategies, and work with advisors to make sure their savings can support the next chapter of life. By the time retirement arrives, many have a well-developed financial plan that answers the most important question: "Can I afford to retire?" This week I spoke with retirement lifestyle coach Toni Petrillo about a different question—one that often surfaces only after retirement begins: "Now what?" Learn about what Toni calls the “in-between chapter” and how to navigate from a meaningful career to a purposeful retirement in this week’s episode of “Retire Today.” For disclosures and conflicts visit keilfp.com/disclosures.

When evaluating flood insurance, many people focus on a single question: Do I need it? I think there's a better question. If your home suffered significant flood damage tomorrow, where would the money come from? This week I spent some time looking at flood insurance, flood risk, and what retirees should consider when deciding whether they need coverage. Watch the full episode on the Mr. Retirement YouTube channel: Do I Need Flood Insurance in Retirement? https://youtu.be/XRZKfiY1jGg For disclosures and conflicts visit keilfp.com/disclosures.

Norman Calvo explains how he found a third act in retirement by going against the norm and choosing adventure instead of a typical retirement. https://youtu.be/81atmTUjBWE One of the questions I ask people as they approach retirement is deceptively simple: What are you retiring to? Most retirement planning conversations focus on finances. That’s understandable. People want to know if they’ve saved enough, whether their investments are positioned correctly, how Social Security fits into the picture, and what taxes might look like in retirement. Those are important questions, and they’re exactly the kinds of issues my team helps clients navigate. But once the financial pieces are in place, another challenge emerges—one that often receives far less attention. What will make retirement meaningful? Norman Calvo and I dug deeper into how he was able to find meaning in retirement after decades as a successful business owner in this week’s episode of the Retire Today podcast. Norman discovered an entirely new chapter of life after work. His true retirement story illustrates a lesson I’ve seen repeatedly among retirees: financial independence creates freedom, but it doesn’t automatically create purpose. The Risk Nobody Plans For Most people spend years preparing for the financial risks of retirement. They plan for market volatility.They prepare for inflation.They consider healthcare costs.They evaluate longevity risk. Yet many people never prepare for a different risk altogether: drift. Drift rarely happens intentionally. In fact, most retirees who experience it worked incredibly hard to earn the freedom they now possess. The challenge is that work provides structure. It creates goals, deadlines, responsibilities, relationships, and a sense of progress. For decades, many professionals wake up knowing exactly what needs to be accomplished that day. Then retirement arrives. The calendar empties. The obligations disappear. The structure that guided daily life for years suddenly vanishes. For some retirees, that freedom feels exhilarating. For others, it becomes surprisingly disorienting. Why Purpose Doesn’t Automatically Appear Norman explained how many people gradually lose touch with the activities that once excited them. Careers expand, family responsibilities increase, and life’s demands naturally push hobbies and interests to the side. By the time retirement arrives, some people have forgotten what they enjoyed doing before work consumed most of their attention. As a result, retirement can unintentionally become a period of maintenance rather than growth. Days become predictable. Weeks begin to blend together. And while there’s nothing wrong with relaxation, most people don’t spend decades saving and investing simply to become passive observers in their own lives. The Power of One New Decision Norman’s transformation didn’t begin with a grand retirement vision. It started with a single decision. A coworker encouraged him to train for a half marathon. At the time, he weighed 247 pounds, worked long hours, and had never been a runner. He wasn’t looking for a new identity. He simply agreed to try something different. That one decision led to another. Running led to additional races, including the New York City Marathon. Along the way, he discovered interests and opportunities he never would have anticipated. He joined a choir, performed in cabaret productions, taught English overseas, and even began learning handstands in his seventies. What stands out isn’t the specific activities. It’s the willingness to remain curious. Too often we assume retirement is a time to narrow our world. Norman’s experience suggests the opposite may be true. Retirement can be a time to expand it. Create a Plan for Your Life Throughout our working years, we create plans for almost everything. Businesses have strategic plans.Families have financial plans.Organizations establish goals and objectives. Yet many retirees never develop a plan for how they want to spend the freedom they’ve worked so hard to create. That doesn’t mean every hour needs to be scheduled. It does mean thinking intentionally about questions such as: What experiences would I regret never having? What skills would I like to develop? What interests have I neglected? What challenges would energize me? What relationships deserve more of my attention? These questions may seem less urgent than investment allocation or tax planning, but they often determine whether retirement feels fulfilling. Retirement Is More Than Financial Independence Many successful retirees continue to grow long after they stop working. They volunteer.They mentor.They travel.They learn.They teach.They pursue interests that were postponed for decades. Not because they have to. Because they can. Financial independence gives people options. The real challenge is deciding how to use those options in a way that creates a life that remains engaging and meaningful. The Bottom Line When people think about retirement, they often focus on what they’re leaving behind. Work.Commutes.Deadlines.Stress. But retirement is ultimately less about what you’re leaving and more about what you’re building next. The financial plan creates the opportunity. The life you create afterward is what gives that opportunity meaning. As Norman’s story demonstrates, some of the most rewarding experiences in life may not happen before retirement. They may happen because of it. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Norman Calvo’s Substack “Against the Norm” podcast AgainstTheNorm.net  Email Norman Calvo 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

Joe Schmitz Jr. and Jeremy Keil explore the 2% Club of retirees and the unique challenges that come with significant retirement savings and a pension. https://youtu.be/G04JKpKyLJ0 Most retirement conversations focus on one question: Will I have enough? But there’s another retirement challenge that doesn’t get talked about nearly enough: What happens when you’ve done everything right? Joe Schmitz Jr. has been working with a very specific group of retirees he calls the 2% Club. His definition: People who have both: A pension And $1 million or more saved for retirement That combination creates opportunities. But it also creates a different set of retirement decisions. Success Creates Different Problems For decades, these retirees did what they were told: Saved consistently Avoided lifestyle inflation Built meaningful retirement assets Earned pensions Stayed disciplined Now retirement arrives… …and suddenly the challenge isn’t accumulating wealth. It’s using it wisely. Joe shared one statistic that stood out: “80% of people out there will pay no federal income taxes in retirement… while this 2% club is part of that 20% that will have to pay taxes and typically much more.” That means retirement planning shifts. Less focus on accumulation. More focus on: Taxes Spending Distribution strategy Legacy Purpose Why High-Income Retirees Can Accidentally Become Under-Spenders One of the most interesting parts of this conversation was Joe’s concept of the Midwestern Millionaire. His description: Hard-working.Frugal.Disciplined. Excellent savers. Often reluctant spenders. And that creates an unexpected retirement problem. People who spent 40 years training themselves to save don’t automatically become comfortable spending. Even when they can afford it. Joe described clients who had millions saved but still struggled emotionally to use their money because restraint had become part of their identity. That’s where retirement planning becomes less about spreadsheets and more about permission. The Four Places Your Money Can Go Joe offered a simple framework. Your money ultimately goes somewhere. You can: Spend it Gift it Give it Pay taxes on it That framework creates an important question: If you’re not spending your money intentionally… where is it going? That doesn’t mean everyone should spend aggressively. But it does mean retirees should think intentionally about: Lifestyle Family impact Charitable goals Taxes Because choosing not to decide is still a decision. Pension Decisions Deserve More Attention Than Most People Give Them Joe also emphasized something I see frequently: People often make pension elections based on coworkers. Someone retires.Takes a lump sum.Everyone follows. But pension elections are often irreversible. Joe’s advice was simple: Run the numbers. Questions like these matter: Lump sum or monthly pension? Survivor benefits? Age differences between spouses? Existing assets? Insurance needs? The right answer isn’t universal. It’s personal. Don’t Let Tax Fear Control Retirement For some retirees, fear of crossing an income threshold and triggering Medicare IRMAA surcharges becomes bigger than the actual cost itself. Joe’s point wasn’t to ignore taxes. It was to understand them. Tax planning matters. But taxes shouldn’t become the only goal. Because avoiding taxes at all costs can sometimes prevent people from living the retirement they actually built. The Real Goal One story Joe shared captured this perfectly. A retired couple promised each other they’d spend intentionally during their early retirement years. Two years later… They had spent nothing. Not because they couldn’t. Because they hadn’t learned how. Eventually they created a spending plan and began enjoying experiences they had delayed for decades. That’s the shift retirement requires. You don’t stop being disciplined. You simply redirect that discipline. The Bottom Line Retirement success isn’t measured by how much money you leave untouched. It’s measured by whether your money helps support the life you actually wanted. Because after decades of saving… Retirement planning becomes deciding what your wealth is for. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “How Much Taxes Will Retirees Owe on Their Retirement Income?” – Center for Retirement Research at Boston College Peak Retirement Planning Joe Schmitz Jr. on YouTube: https://www.youtube.com/@peakretirementplanninginc.  Articles by Joe Schmitz Jr. on Kiplinger “Joe Knows Retirement” podcast with Joe Schmitz Jr.  Books by Joe Schmitz Jr.  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

Jesse Cramer and Jeremy Keil detail 7 real world lessons learned from working with hundreds of retirees. There’s a big difference between studying retirement… …and actually sitting across the table from retirees for years. This week I sat down with Jesse Cramer and instead of doing a typical “Retire Today” interview, we decided to compare notes from working with hundreds of retirement clients and shared the lessons that rarely show up in textbooks or headlines. Experiences often speak louder than theory, so let’s dive into the 7 main lessons. Lesson #1: Most Retirees Don’t Have a “Purpose Crisis” If you spend time searching YouTube or Amazon for retirement advice, you’ll likely come across the “retirement purpose crisis.” In our real-world experience working with retiree, this doesn’t seem to show up the way financial media suggests. Yes, some retirees need time to adjust. But most aren’t spiraling into an identity crisis after leaving work. Why? Because many workers weren’t necessarily emotionally attached to the structure of their jobs—they were looking forward to having control of their time again. A lot of retirees quickly find purpose in: Family Grandkids Community Travel Hobbies Freedom itself The bigger adjustment often isn’t purpose. It’s learning how to structure time differently. Lesson #2: Most People Start Planning Too Late One of the clearest themes in the conversation was timing. Many people first show up to retirement planning webinars only months before retirement—or even after they’ve already retired. That creates problems. Important decisions around: Social Security Investments Pensions Healthcare Spending levels Taxes …all work better when there’s time to think through options. Jesse’s recommendation was simple: Start seriously planning at least 12 months before retirement—and ideally earlier. Not because every detail must be finalized years in advance, but because retirement works best when decisions are intentional instead of rushed. Lesson #3: Couples Need to Get on the Same Page Retirement isn’t an individual decision when you’re married. But many couples approach it that way. We find it is common for spouses to have completely different views on: Retirement timing Spending Investment risk Social Security Lifestyle expectations Sometimes one spouse wants maximum security. The other wants maximum freedom. And if those conversations don’t happen early, conflict can show up later. I’ve seen couples who struggle with spending expectations and pension decisions because both people weren’t fully involved in the planning process. The takeaway was clear: Retirement planning works better when both spouses understand the plan—even if only one person enjoys the financial details. Lesson #4: Social Security Can Be Flexible One of Jesse’s most interesting ideas was describing Social Security as a “pressure release valve.” Instead of viewing Social Security as a rigid decision with one perfect claiming age, retirees can think about it more dynamically. For example: Delay benefits while markets are strong But turn benefits on earlier if market declines create stress on the portfolio That flexibility can help reduce sequence of returns risk—the danger of withdrawing heavily from investments during a market downturn early in retirement. The key insight? Retirement planning isn’t static. Good plans adapt. Lesson #5: Too Much Stability Can Become a Risk Many retirees focus heavily on avoiding losses. That’s understandable. But Jesse shared a cautionary example of a retiree with roughly 90% of investable assets in annuity products because she wanted maximum stability. The problem? Over-emphasizing one risk can create others. Oftentimes retirees “over-index” against market risk while unintentionally increasing: Inflation risk Liquidity risk Longevity risk Safety itself can become risky if growth disappears entirely. Lesson #6: One Big Mistake Can Change Retirement Forever I once had a client who wanted 10% retirement income and concentrated his entire portfolio into one high-dividend bank stock. Within days: The dividend disappeared The stock collapsed Half the retirement savings vanished It was a reminder that retirement success often comes less from finding perfect strategies… …and more from avoiding catastrophic mistakes. As Jesse referenced through Charlie Munger’s thinking:Sometimes the smartest retirement planning question is: “What should I absolutely avoid doing?” Lesson #7: Retirees Often Need Permission to Spend This may have been the most emotional lesson in the episode. Many retirees struggle to switch from saver to spender—even when the math clearly says they can afford it. I once worked with a widow with more than $1 million saved who refused to withdraw money to visit her grandchildren because emotionally she couldn’t bring herself to spend her savings. That’s where framing matters. As Jesse summarized:You’re not changing identities from “saver” to “spender.” You’ve always been a retirement planner. Earlier in life, prudent planning meant saving. Now, prudent planning may mean spending intentionally on things that matter. The Bottom Line Retirement planning isn’t just math. It’s behavior.It’s psychology.It’s communication.It’s flexibility. And many of the most important lessons aren’t learned from spreadsheets. They’re learned from real retirees living real lives. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps BestInterest.blog  Personal Finance for Long-Term Investors – Jesse Cramer’s 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 walks through three critical questions future retirees can answer before their paycheck stops Most people spend decades preparing for retirement by focusing on one number: How much have I saved? But retirement isn’t really about the size of your portfolio. It’s about whether you can turn that portfolio into reliable income that supports the life you want. That transition—from saving money to living on it—is where retirement planning becomes real. And if you’re retiring within the next 12 months, there are three questions you can answer before your paycheck stops. Question #1: How Much Monthly Income Do I Actually Need? Unfortunately, this is where many people start with the wrong approach. Most retirees try building a budget from scratch. They estimate utilities, groceries, gas, dining out, subscriptions, and dozens of other categories. The problem? Those budgets are almost always wrong. They tend to assume: Nothing unexpected happens You never spend impulsively You never travel more than expected You never have major one-time expenses Instead of trying to build a perfect budget from zero, Jeremy recommends a simpler and often more accurate approach: Look at what already happened. Specifically:What actually went into your checking account over the last 12–24 months? Because in most households, what goes into checking eventually gets spent. That “take-home pay” becomes a much better starting point for estimating retirement income needs. But there are a few important adjustments. Don’t Forget These Costs Your paycheck today already has several things removed before it hits your checking account: Taxes Health insurance Retirement savings contributions Once you retire: You may stop saving for retirement Your health insurance costs may change Your tax situation will likely change That means your gross salary is not the same as your retirement income need. Many find it valuable to separate out: Mortgage costs Annual expenses (property taxes, insurance, vacations) Large one-time expenses Pre-65 vs. post-65 healthcare costs Retirement spending isn’t just monthly bills. It’s the full picture. Question #2: When Should I Take Social Security? Most people already have an answer to this question before they ever run the numbers. And often, that decision is emotional. Maybe a parent died young. Maybe a friend claimed at 62. Maybe someone simply wants to “get their money.” But what if you about Social Security differently? Not as an investment. As insurance. The official name of the program is Old-age, Survivors, and Disability Insurance. That framing matters. Social Security exists to help: If you live longer than expected If one spouse dies earlier than expected If inflation remains high If markets struggle during retirement In other words, Social Security is there to protect against things not going according to plan. That’s why filing decisions shouldn’t be based only on “break-even” calculators. The better question is:What role does Social Security play in protecting your retirement? Question #3: How Should I Adjust My Investments Before Retirement? One of the biggest mistakes retirees make is treating retirement like a light switch. They assume:Growth before retirement.Income after retirement. But markets don’t work on your timeline. Jeremy shared a powerful example from 2020:People planning to retire within a year stayed fully invested in stocks because markets had been performing well. Then COVID hit. Markets dropped sharply, and many panicked—selling near the bottom because they suddenly realized they needed that money soon. The issue wasn’t just the market drop. It was that their investments weren’t aligned with their time horizon. Your Investments Should Be Ready Early Get your investments ready to retire three years before retirement. Why? Because roughly half of retirees stop working earlier than expected. If your investments are prepared ahead of time: Market volatility becomes less stressful You have short-term money available if needed You’re less likely to panic during downturns You gain flexibility if retirement comes sooner than planned But there’s balance here too. Retirement doesn’t mean abandoning long-term growth entirely. If retirement could last 25–30 years, some money still needs long-term growth potential. The key is having: Short-term money for near-term needs Long-term money for future growth Not all one or all the other. The Bottom Line Retirement isn’t just about stopping work. It’s about replacing a paycheck with a plan. And before your paycheck disappears, you should know: What your lifestyle actually costs What role Social Security plays in your plan Whether your investments are prepared for retirement realities Because when those three pieces work together, retirement becomes much more than a date on the calendar. It becomes sustainable. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “Retiring in the Next 12 Months? Answer These 3 Questions Before Your Paycheck Stops” – by Jeremy Keil, Kiplinger Magazine 5StepRetirementplan.com  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

Author, podcaster and financial advisor Tyson Ray explains the importance of knowing your financial advisor’s succession plan and what happens to you when they retire. “If something happens to you, what happens to me?” It’s a simple question. But it’s one most people don’t ask. When you hire a financial advisor, you’re not just hiring a strategy. You’re hiring a relationship. Someone who understands your goals, your family, your history, and your financial life. But what happens when that person is no longer there? This week on the “Retire Today” podcast I sat down with Tyson Ray and we explored a topic that doesn’t get enough attention: advisor succession planning—and why it matters for your retirement. The Reality Most Clients Don’t Think About At some point, every advisor will step away from their business. It might be planned. It might be unexpected. But it will happen. As Tyson pointed out, a large portion of the financial advisory industry is approaching retirement at the same time. That means many clients will experience a transition—whether they’re prepared for it or not. The problem isn’t that advisors retire. The problem is how that transition is handled. When the Client Isn’t the Priority Tyson shared a concern that drove him to write his book: In many succession plans, the client isn’t the focus. Firms are bought and sold. Advisors retire. Businesses merge. And in the process, decisions are often driven by valuation, growth, or internal strategy. But those decisions can create unintended consequences. In some cases, clients are simply informed after the fact:Your advisor is gone. Here’s your new one. That kind of transition can feel abrupt—and it raises an important question: Was this designed with your best interest in mind? Why Succession Is a Fiduciary Responsibility One of the most important ideas Tyson introduced is this: Succession planning isn’t optional. It’s a fiduciary responsibility. A fiduciary is someone who puts the client’s interests first. And that responsibility doesn’t stop with investment recommendations or financial planning. It extends to what happens when the advisor is no longer there. “You’ve entrusted your life savings… to an advisor,” Tyson said. That level of trust deserves a plan. Not just for today—but for the future. The Right Way to Think About Transition So what does a good succession plan look like? It starts with intention. Tyson framed it this way: “How can I do this in such a way that… 5 to 10 years after I’ve made this transition… they thank me for it?” That’s a powerful standard. Because it shifts the focus from:What’s best for the business? To:What’s best for the client? A thoughtful transition should: Be communicated clearly Introduce new advisors before the change happens Maintain continuity in philosophy and service And ultimately leave the client better off Why This Matters More in Retirement This topic becomes even more important in retirement. As Tyson pointed out, the older you get, the harder it becomes to make changes—especially when it comes to trusted relationships. Switching advisors at age 45 is one thing. Switching at 75 is something else entirely. That’s why having a plan—and understanding that plan—is so important. The “Caretaker” Model One approach Tyson described is building a team around the client. Instead of replacing the advisor entirely, firms can introduce additional team members—often younger advisors—who become part of the relationship over time. These team members act as an extension of the original advisor, not a replacement. That way, if something changes, the client isn’t starting over. They already know the people who will continue serving them. What You Should Ask Your Advisor If you take one action from this conversation, let it be this: Ask your advisor a simple question: “If something happens to you, what happens to me?” The answer should be clear. And if it’s not, that’s a signal. Because a good advisor isn’t just planning your retirement. They’re planning for what happens if they’re no longer there to guide it. The Bottom Line Succession planning isn’t just a business decision. It’s a client decision. It affects your experience, your confidence, and your financial future. The best advisors don’t just serve you today. They make sure you’re taken care of tomorrow, too. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Tyson Ray on LinkedIn “Total Succession” by Tyson Ray “Total Succession Show” podcast Form Wealth Advisors 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 how 5 smart moves could impact your ability to claim $180,000 or more as a couple in Social Security. If you’re about to file for Social Security, there’s a real possibility you could be leaving a significant amount of money on the table. This isn’t a small decision. For many retirees, Social Security ends up being one of the largest income sources they’ll ever rely on. And unlike many other financial decisions, this one is mostly permanent. Once you file, there are very limited opportunities to undo it. That’s why getting it right before you file matters so much. In this episode, I walk an article I recently wrote for Kiplinger magazine five key moves to help you make a more informed decision. Why This Decision Matters More Than You Think Many people think of Social Security as a simple choice: Pick an age. Pick a number. File when it feels right. But in reality, your Social Security decision can impact: Your lifetime income Your tax situation Your investment strategy And even your spouse’s financial future Research completed by Larry Kotlikoff shows that the average couple can miss out on over $180,000 in lifetime Social Security income simply by choosing the wrong time to claim. And for higher earners, the total value of Social Security over a lifetime can reach into the seven figures. This is not a decision to make casually. Move #1: Verify Your Earnings Record Your Social Security benefit is based on your highest 35 years of earnings. If there are errors in your record—even just a couple of missing years—it can reduce your benefit for the rest of your life. That’s why your first step should be logging into SSA.gov and reviewing your earnings history carefully. If something is missing or incorrect, it’s your responsibility to correct it. Even small errors can create a permanent reduction in income. Move #2: Use the Retirement Calculator (Not Just the Statement) Your Social Security statement is helpful—but it’s based on assumptions. Specifically, it assumes you’ll continue earning income at your current level all the way until full retirement age. If you plan to retire earlier, those estimates can be significantly overstated. Instead, use the retirement calculator to input your actual plan. Adjust your future earnings based on when you expect to stop working. That will give you a much more accurate estimate of your benefit. Move #3: Know What You’ve Already Earned Many people don’t realize how much of their Social Security benefit they’ve already built. By setting future earnings to zero in the calculator, you can estimate your “vested” benefit—what you would receive based only on your past work. This can be eye-opening. Some people discover they’ve already earned most of their benefit, and working additional years doesn’t significantly increase it. Others realize they still have meaningful gaps that could impact their future income. Either way, this step helps you make decisions based on facts instead of assumptions. Move #4: Understand Your Longevity Your Social Security decision is essentially a timing decision based on how long you expect to live. Yet most people guess. Instead of guessing, take a few minutes to use a longevity calculator and understand your probabilities. If you’re married, this becomes even more important. The key question isn’t just how long you might live individually—but how long at least one of you is likely to live. That joint life expectancy plays a major role in determining the value of delaying benefits. Move #5: Solve the Right Problem This is where many people go wrong. They treat Social Security like an investment decision—focusing on break-even points or rate of return. But Social Security isn’t an investment. It’s insurance. Its purpose is to provide income in later years, support a surviving spouse, and protect against the risk of living longer than expected. When you shift your thinking from “How do I maximize returns?” to “What role does this play in my plan?” the decision becomes much clearer. The Bottom Line Social Security is one of the few decisions in retirement that is both highly impactful and largely irreversible. That combination makes preparation critical. Before you file, take the time to: Verify your data Use accurate projections Understand what you’ve already earned Consider your longevity And frame the decision correctly Because when you get Social Security right, it strengthens every other part of your retirement plan. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps “Claiming Social Security Soon? 5 Smart Moves to Make Before You File” by Jeremy Keil, Kiplinger Magazine “How Much Lifetime Social Security Benefits Are Americans Leaving On the Table?” – Larry Kotlikoff, David Altig & Victor Yifan Ye Social Security Administration website LongevityIllustrator.org “Social Security and Work: How Much Can You Make in 2026?” – Mr. Retirement YouTube Channel “Can Americans Really Rely on Social Security? With Chris Orestis” – 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

Chris Orestis, founder & president of Retirement Genius, answers the question: “Is Social Security going bankrupt?”  “If we don’t address the financial shortfall… it would trigger an immediate 20% or greater benefit cut.” That statement tends to stop people in their tracks. It also fuels one of the most common fears I hear from clients: “Is Social Security going to run out?” In this conversation with Chris Orestis, we tackled that question head-on—and the answer is more nuanced than most headlines suggest. Social Security Isn’t Going Broke—But That Doesn’t Mean You Can Ignore It One of the biggest misconceptions is that Social Security will simply disappear. That’s not what’s happening. As Chris explained, the issue isn’t that the entire system goes bankrupt. The concern is that the trust fund portion of Social Security funding could become insolvent within the next decade if no action is taken. And if that happens? Benefits could be reduced by roughly 20% across the board. That’s a meaningful change—but it’s very different from “gone.” Understanding that distinction is critical, because fear often leads to poor decisions. Why This Problem Exists At its core, Social Security is a math problem. Today’s system relies heavily on current workers funding current retirees. It takes roughly three workers paying into the system for every one person receiving benefits. As the population ages and workforce dynamics shift, that balance is being strained. Fewer workers per retiree means less funding relative to the benefits being paid out. That’s what creates the pressure on the system. Why This Won’t Be Ignored While the math is straightforward, the solution is not. Chris described Social Security as the “third rail” of politics—something policymakers are reluctant to touch. But there’s an important reality here: The impact of doing nothing would be too large to ignore. A sudden 20%+ reduction in benefits wouldn’t just affect retirees. It would ripple through the entire economy. That’s why, historically, these issues get addressed—often later than ideal, but before catastrophic outcomes occur. What Changes Could Look Like Fixing the system will likely require a combination of adjustments. As Chris outlined, those could include: Increasing payroll taxes Adjusting retirement age eligibility Modifying how benefits are calculated Changing how income is taxed within the system In other words, it won’t be one lever. It will be several. And importantly, those changes are unlikely to impact people who are already very close to retirement in the same way they might affect younger generations. Don’t Make Fear-Based Decisions One of the most important takeaways from this conversation is what not to do. Recently, there has been a noticeable increase in people claiming Social Security at age 62—not because it’s the optimal strategy, but because they’re afraid the system won’t be there later. That’s a dangerous mindset. As Chris made clear, Social Security is not disappearing. And making a permanent decision based on fear can significantly reduce your lifetime income. In many cases, waiting increases your benefit substantially—sometimes close to doubling between age 62 and 70. That’s not a decision you want to rush. What You Should Be Thinking About Instead Rather than reacting to headlines or political noise, the better approach is to focus on what you can control. If you’re within 3–5 years of claiming Social Security, the system is likely to look very similar to what it does today. If you’re further out, it’s reasonable to assume that changes could happen—but those changes will likely be phased in over time. In the Retire Today framework, Social Security falls under the MAKE step—your income. But that decision connects to everything else: Your SPEND plan Your tax strategy (KEEP) Your investment approach (INVEST) And what you ultimately LEAVE behind That’s why it’s so important to get it right. The Bottom Line Social Security isn’t going away. But it isn’t standing still either. Don’t make a permanent mistake with your Social Security decisions because of fear or insufficient information. Because when it comes to retirement, clarity beats reaction every time. 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 retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Can Americans Really Rely on Social Security? With Chris Orestis – Mr. Retirement YouTube Channel  Chris Orestis on LinkedIn RetirementGenius.com  Chris Orestis Website “The Retirement Genius” podcast with Chris Orestis www.longevityillustrator.org  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