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Investing 101: Back To The Basics | Podcast Thumbnail

Investing 101: Back To The Basics | Podcast

How much do you know about your investments and how they’re working for you?

Keil Financial Partners believes that the more you know about your money, the better decisions you’ll make.

In this episode, Jeremy Keil brings the world of investing back to its basics. From the different types of investments to how each investment type works to serve you, Jeremy breaks down the ins and outs of the investing world to help you better understand what options are available for you and your needs.

In this episode, you’ll learn:

  • The four major types of investments
  • Why the belief that you can’t lose money with individual bonds is a myth
  • What to consider when investing in real estate
  • Ways to diversify your investments
  • The difference between active and passive investments
  • And more!

Tune in now to brush up on your investing knowledge with Jeremy Keil!

Resources:  Keil Financial Partners | 6 Questions Retirees Aren’t Asking But Should Be 3 Keys You Should Know Before Choosing a Financial Advisor  | Subscribe

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Full Transcript

Retirement Revealed Episode 17: Investing 101: Back to the Basics

Are you ready to uncover your retirement solution? Learn more as Jeremy Keil and his guests guide you along the path of retirement and reveal the five steps you need to take to solve your retirement puzzle. Now onto the show!

Aric Johnson: Hello and welcome to Retirement Revealed with Jeremy Keil. Today we're going to be talking about getting back to the basics. What's up, Jeremy? 

Jeremy Keil: Not too much. How are you doing, Aric? 

Aric Johnson: I am energetic and excited. With the whole social distancing thing I’ve been working from my basement. Well, I've been doing that for years, so I've been practicing social distancing for I think seven or eight years now. I think we've talked about that before. So I am getting pretty good at it, but it would be nice to be able to get together with friends and talk over a coffee table or something instead of Zoom meetings, weird phone calls, FaceTime, and all that, but it's still nice to be able to talk to folks like you.

Jeremy Keil: Yeah, absolutely. I'm glad to have you on the line here. 

Aric Johnson: Yeah, me too. You told me before we even started this that we were going to be getting back to the basics, which I think is a pretty good idea right about now. With everything that's going on, it's nice to kind of hit that reset button on a few things, and getting back to the basics is a good topic for today, so what exactly are you talking about? 

Jeremy Keil: Yeah, we're talking about investing, just the basics of investing. There are so many people you run into that have hundreds of thousands or millions of dollars because they are great savers, but they consistently don't know or haven't been educated yet in the ways that investing works. That's okay. I don't blame them. It's not like every single person's forced to take an investing class in high school or college. The unfortunate part is that a lot of times other financial advisors make it more complicated than it seems. We just believe so much in education. We believe so much that if you know about your money, you'll feel better about your money and you'll make better decisions about your money. So that’s why we want to cover the basics of investing today.

Aric Johnson: All right, sounds good. So where do we start with the basics? What's the first thing? 

Jeremy Keil: The first thing is to think about the different types of investments that are out there, and we're just going to try to keep it simple. Basically when you're investing, you're either getting stocks, bonds, real estate, or cash. Those are the four areas, and most of the time it's stocks and bonds that make up the vast majority of the portfolio of your investments, but there's still a chance to own real estate. There's still a chance to have some cash. A lot of times people view their cash type accounts as more of their savings accounts, but cash is still a big part of your investment portfolio. So stocks, bonds, real estate, and cash. Those are the four main places. 

Aric Johnson: Gotcha. Okay. So stocks was your first one. I think most people understand what stocks are in a way. It's a piece of a company that you own, and the value goes up or down. 

Jeremy Keil: Yeah, you got it. You own stocks. Bonds are a loan. So if you hear the word stock, you own a piece of that company. If you hear the word bond, you actually give a loan to a company that might be the same company. Where it gets a little confusing is that there are so many different ways you can own stocks. We'll talk to people who say, I don't have any stocks. Well, it turns out you've got $200 grand in stock mutual funds. Yes, you do own stocks. So just real quick, there's three main ways you can own stocks. You can either own the individual stock. You just might own Apple or Harley Davidson or whatever it might be. You own that individual stock. Then there's something called a mutual fund, which means that you trusted somebody else to go out and buy a collection of stocks. Mutual means, hey, we're all in it together, because it's not just you. There's thousands of people that are a part of this mutual fund, so each of you go ahead and throw some money in this mutual fund. The manager then goes out and buys stocks. Then there's a newer way to own stocks which came out in the last 20 years or so, which is called an exchange traded fund, and those are somewhat similar to mutual funds in that it's a collection of stocks, but it's also similar to having an individual stock that you can trade. You can buy and sell these exchange traded funds throughout the day at different prices. We're in the central time zone in Wisconsin, and the stock market's generally open between 8:30 AM and 3:00 PM. While the stock market’s open, you can go out and buy an exchange traded fund. A lot of people call them ETFs, right? That's the acronym for it. You can buy that throughout the day. Meanwhile, you can send your money to the mutual fund company anytime between 8:30 AM and 3:00 PM, but they're not going out and trading that until the end of the day. That's when you get your price, so it's kind of an interesting situation. You might have bought this ETF at 8:30 AM and you might have sold it later on in the day at two completely different prices. 

Aric Johnson: Okay, so I assume that with mutual funds and ETFs it's possible to own stocks that maybe you couldn't necessarily afford before because it's a group thing, right? 

Jeremy Keil: Yeah, that’s great. I love that you're getting at that concept. You want to go out and buy stocks, and you want diversification, which means you want to spread things out. If you only have $1,000 and the stock that you want to buy is worth $100, you can only get 10 shares of that stock, and then you have no money left to go out and buy a bunch of other stocks, but if you took that $1,000 and bought a mutual fund, you might've just bought 50-100 stocks. You are able to diversify your investment into a whole lot of different stocks because you're in it together. You're buying into that mutual fund that goes out and buys stocks. So usually when we're working with investors they will be invested in mutual funds or these exchange traded funds because that's a way to be better diversified, taking your $1,000, $100,000, or whatever it is and going out and buying a lot of stocks by owning this mutual fund or owning this exchange traded fund. 

Aric Johnson: Yeah. Being in Omaha, a lot of people I think nationwide have heard of Berkshire Hathaway, right? You've got the Oracle of Omaha, Warren Buffet. The “A shares” of Berkshire Hathaway I believe are extremely expensive. I could be completely quoting the wrong price here, but I think the last time I heard of an “A share” it was priced at tens of thousands of dollars for just one. 

Jeremy Keil: I think it was more like $100-200 grand. I honestly haven't even looked recently. Someone listening to this right now owns Berkshire Hathaway and is laughing at us, but that is the point here. You could have $100 grand to buy one stock, and then you’re not even diversified. You've got one stock. So it’s great to go out there and buy a mutual fund or exchange traded fund, and then you are owning a whole bunch of different stocks. A couple of things real quick. We hear all the time, I don't own stocks. I own mutual funds. Well, are they stock mutual funds? That's an important thing to know because if so then yes, you do own stocks. Or sometimes people say, well, I don't have any of those. I have an index fund now. That's an interesting thing. An index is an interesting way to invest. That just means that you are trying to match the market. You're trying to match the S&P 500 or the Dow Jones, but that doesn't tell you if it's a mutual fund or exchange traded fund. So you can own index funds through this mutual fund area, or you can use them through the exchange traded fund area. Index funds are known as passive. That means you're not trying to beat the market. Some of these mutual funds are trying to be active. They're trying to go out and pick and choose different funds. So when you're going out and looking at a mutual fund or exchange traded fund, one thing to think of is whether you are looking at an index fund, which is a passive way to invest, or an active fund, which is trying to beat the market. They're picking and choosing these different stocks to try and get a little bit more gain. So those are some of the decisions you have to make. Do I want to own individual stocks? Do I want to own mutual funds? Do I want to own exchange traded funds? Do I want to be more passive by matching the market, or do I want to try to beat the market with an active fund? Another thing is that whether it's an individual stock, mutual fund, or ETF, you make money in two different ways: dividends and gains. So if you own a piece of a company and they are making money and sending it out, that's called a dividend. Then there are gains, and those gains could be negative, right? If the market's down, your gains could be negative. So understand that there are two different ways that you might get paid out from stocks: dividends or gains. The dividends are a little bit more consistent. The gains fluctuate up and down every single day. Another thing to keep in mind with stocks is that there are a whole lot of different types of stocks. Again, when we say stocks, these stocks that could be in a mutual fund or an exchange traded fund. So when you're looking to diversify in a whole lot of different areas, you're going to want to look for small company stocks, mid-size company stocks, and larger company stocks, right? They all react differently based on what's going on with the market. There are also stocks in the United States. You might want to own a lot of the United States type of stocks, but there's the whole rest of the world out there. Those are called international stocks. You might want a piece of that too because the U.S. might not be the winner in the markets 100% of the time, so it's good to have some international stocks out there. 

Aric Johnson: Ok. That is good information.

Jeremy Keil: I just want to talk about some other terms real quick too. You might've heard of value stocks and growth stocks. Those are kind of two main ways that you can go out and look at these individual stocks, mutual funds, and ETFs. When the market's down, there might be a lot of value companies that are on sale because those stocks aren't as high priced as they could be. Maybe there's something going on with the company and it's on a discount. It's maybe a little bit lower price just because something’s going on with the company. So the thought is that if it's cheaper now, maybe it'll come up later on, and that's where you make your money. Then you've got growth stocks. Within the last 20-25 years or so those are usually more like the technology kind of firms. Some will say they are growing no matter what the market's doing. It's a company that's on a big trajectory. It's not necessarily going to make money just because it's on sale. A lot of times when you're investing, you're looking for either value or growth stocks. Usually what you do is you get a little bit of both. Sometimes one does better than the other. The whole point of spreading things out is to be on whichever side is going to be growing in the future. 

Aric Johnson: Got it. All right. 

Jeremy Keil: Let's move on to bonds now. A lot of times people own individual stocks. Not so often do people own individual bonds. I think that it has something to do with the fact that stocks are usually forever while bonds usually have an ending. When you buy a bond, it might be due in 10 years because it's a loan. You think of your mortgage. Most people start out with a 30 year mortgage. Maybe they refinance and move it to a 15 or 20 year mortgage, but they have an ending. Bonds also have endings. So a lot of times, even if you did have an individual bond, at some point in time it runs out because at that point that bond is done and the company has to pay you back the entire principle. So when you own a bond, you get to earn interest over time, and then at the end of it, you get your principal paid back. Now, what's interesting about this is that some investors, those who have a little bit more money perhaps or those who have money outside of IRAs, are looking for these individual bonds because they have this belief that they don't fluctuate. We talk about bonds and they say, well, I want to own an individual bond because it can’t lose money. They say, well, it doesn't fluctuate. I put in my thousand bucks today and five years later they pay me back my thousand bucks. Meanwhile, mutual funds fluctuate all the time, so I don't want one of those. If a mutual fund is made up of a hundred bonds, all it is is a collection of all of these things that in your mind aren't fluctuating. If you've ever been in this position where you've bought individual bonds, you have a statement that shows these different individual bonds. Look at your statement every month. They fluctuate. Trust me, the price of individual bonds go up and down every single day. The issue is you probably bought this bond and you never thought about it until 10 years later when the principal is paid back, but it is fluctuating every single day. That is something that we hear people say, and it is tough to show them differently, but trust me, individual bonds fluctuate in price every single day. Mutual funds that fluctuate in price every single day are made up of individual bonds. Why do you think the mutual fund is fluctuating? Because the individual bonds that the mutual fund holds are fluctuating. We want to educate everyone. This is how things work, and trust me, individual bonds are not safer than bond mutual funds.

Aric Johnson: Yeah. I think people think of bonds as loans in a way. When we get loans, they don't fluctuate. If I have a car loan, I know what I'm going to be paying every month. I know what my interest rate is. I know what the final price of the car is going to be, and that is steady for the number of years that I am putting a loan on the car. So I think that's where people get confused. They think that a bond is kind of a loan in a way, but it can also fluctuate. That’s great information.

Jeremy Keil: Yeah. We can't blame them. I haven’t heard it explained that way. I love that Aric. I'm glad we're talking because that really helped me understand why people have that thought. You might've bought 10 individual bonds, and if all 10 of them payout, you bought it for $1,000 and five years later you got the $1,000 back. You ignored all of the fluctuations in between, but you didn't miss out because you got your money back there. What happens though is all of a sudden you get a default when bonds don't pay back. Individuals sometimes don't pay back their mortgage. They don't pay back their loans. That's called a default. Well, if you had those 10 individual bonds and one of them defaulted, you're feeling the pain. You were expecting 10 places that pay back $1,000 bucks, and one of them didn't. That's a big hit. So it's kind of interesting. You might go throughout your life thinking, oh, these are safe, these are safe, these are safe, and then boom, you get hit by a default. That is one of the things that we feel is an advantage to a mutual fund is that when you have a bond mutual fund or bond exchange traded fund, you might own 50, 100, or 500 different bonds. If one of those defaults, you don't even notice it. You're not going to notice when you have 400 bonds that one of them defaulted. But when you have 10 of these bonds and they're individual and one of them defaults, you feel the pain. So sometimes you get lulled into this false sense of security, and we just want people to understand there's risks in individual bonds. They do go up and down in price and they could default, and sometimes you do want to spread out your risk with that mutual fund or exchange traded fund so that you don't really feel or even notice at all that there's a pain there when one or two of those bonds default. 

Aric Johnson: Got it. Good advice.

Jeremy Keil: Yeah, appreciate it. Now, there's different types of bonds too. Just like there's different types of stocks, there are different types of bonds. Typically you're going to look at two categories. One category of bond is based on the timeframe. Is it due in a short amount of time, a medium amount of time, or a long amount of time. Now those definitions are up for debate, but while I am talking I’ll just give my definition. Short term bonds might be doing two or three years. You think of a two or three year CD. That's pretty short. That bond is safer in a way because you trust this company and you have an idea that it'll be around for two or three years. Then there are medium term bonds, bonds that might be three to seven years before they're due. Well, maybe that company might have trouble five or six or seven years from now. Maybe they don't necessarily pay back. Maybe they default, so they're a little bit riskier. Meanwhile, there's long term bonds. Those are usually seven years or beyond. If you buy a 30 year bond, you're trusting that that company is going to be around for 30 years. So typically the short term bonds are a little bit safer, so they don't pay out as much. As for the medium term bonds, they're a little bit riskier, so you need to pay out a little bit more to get people to invest. Then the long term bonds are a little bit riskier. You need to pay out more than the medium ones and short term ones to get people to invest with you. So sometimes the way to go when investing is to diversify and spread things out. When you're looking at bonds, investing in short, medium, and long term will most likely get you a good diversification of when things are coming due, and it might just pay out a little bit differently because some of them are paying higher amounts than other ones just because there's a little bit higher risk. Now here's an interesting term. The term is called creditworthy. We're trying to keep it simple, but that's a bond term. That's one worth looking into. How creditworthy is the place that you're lending money to? Now there might be some debate, but typically the U.S. Government is more creditworthy than a normal company. Typically you figure that the U.S. Government is going to pay back everybody. There are some other companies that are out there that you can typically trust, but every so often something comes up. They call that investment grade, so it's a top of the line U.S. company that you have probably heard of. Then there are other companies that maybe you haven't heard of. Maybe they have a little bit more risk. Those are called high yield bonds. So when you're investing, think about short, medium, and long term, but also think about whether you are buying government bonds. If it's from the U.S. Government, they are pretty darn close to guaranteed. Otherwise you might be buying investment grade companies that are big and trustworthy. Or you might be buying high yield bonds. The reason you might want all three of them is because those are different types of risks, and those are different types of investments you might want. U.S Government bonds are really safe, but guess what? They do not pay that much. Then you want to get a little bit more yield. There's another term that is good to know. You'd have to get a little bit of investment grade bonds. If you want even more yield, you are going to have to take some extra risk and buy the high yield bonds. The whole point of investing in stocks is to have diversification. It is the same thing with bonds. You have short, medium, and long term bonds, and then you have government, investment grade, which are the top well known companies in the U.S., and then the high yield bonds. Those are the ways to diversify in the bond area.

Aric Johnson: Got it.

Jeremy Keil: Let's move on to real estate. A lot of times people ask us about real estate, and when they're asking us about real estate, a lot of times they're thinking about personally owning real estate like rental properties, a duplex multi-family, meaning that you maybe have like three, four, or more apartments in there, commercial, meaning you own a strip mall. You own the strip mall down the street that's got the grocery store and the bank. You've got a bunch of different business people that are paying you the rent as opposed to what's usually the apartment buildings. Now, when you're thinking of that, we want to keep in mind a few things. One of them is, do you want to actually manage that? Do you want to be the one who’s going to collect the rent? Do you want to be the one who’s fixing things up when things break down? That's one thing to think about. Another thing to think about is that a lot of times people want to use their IRA money to go out and invest in real estate. When the market goes down, it seems like a lot of people start thinking a little bit more about that because they figure, hey, real estate never goes down. Well guess what? It does. Or they think, well, at least I own something. Well, if you own something and no one's paying your rent and no one wants to buy it from you, that's a bad situation too. So don't believe that real estate is safe. With a stock, you own a piece of that company. The issue is you usually don't see that company. When you can drive by your rental real estate property down the street, it gives you a little bit better sense of security because you feel like you own it. It's a physical thing that you can see, but some things to keep in mind are, do you want to be the one who manages it, who has to find the renters, and who has to come up with fixing all the issues that are there. There are three main tax advantages to owning real estate. One of them is that you can go out and get a mortgage. If you want to buy a $400,000 duplex and you don't have $400,000 in cash, you can go on and get a mortgage. It might only take you $50,000 or $100,000 of cash to go out and buy this piece of property worth $400,000. So you can get a mortgage. That's a big helpful thing. Then there are some tax rules. You can deduct the interest you pay on the mortgage. Another big tax rule is that you get this thing called a step up in cost basis. It means that if you bought this rental for $400,000, later on when you die and pass the rental property on over to your family and it's worth $500,000, they get this step up. They don't have to pay the taxes on the gain. That's a huge help. Then there's another big help called depreciation. That gets a little confusing too. Let's say you made five grand last year from your rental. Just based on the fact that you bought real estate, the government allows you on your taxes to take off a little bit of money from your earnings. They might've said you earn five grand, but you get to write off five grand kind of for free. It's this thing called depreciation. So you made five grand, but you didn't even have to pay taxes on it. Well, it's not for free. Later on when you sell that property, you have to add back in all of those write offs that you put in for depreciation, so it is just deferring the taxes for later on, but tax deferral is still a good thing. The reason we talk about this right now is that those three advantages are great advantages for when you go and buy a rental property personally, but a lot of times when the market's down, people are looking around and saying, oh, stocks are down 20% or stocks are down 30%. I'm just going to go out and buy some real estate with my IRA, and then I can't lose. We talked already about how you can lose, but those three tax advantages that I talked about do not apply to traditional IRAs. So when you're looking at the market being down and you want to go out and buy some real estate, keep in mind that the three biggest advantages to actually owning real estate do not exist inside of your traditional IRA. That may be something you want to do, but just understand that it's less advantageous to own this real estate inside of your IRA. Now real quick, usually the more diversified way that helps out a little bit more inside of your retirement accounts when it comes to real estate is to own something called a REIT, which is a real estate investment trust. So when you own a REIT just like you own a stock, it's more like a stock real estate investment trust. You own companies that go out and manage and own real estate. Or it could be like a bond REIT where maybe you're lending money to other companies that go out and buy the real estate. So oftentimes you can go out and buy these REITs or mutual funds of REITs where you are having a collection of them. So there is nothing wrong with owning real estate. Just understand the differences. Typically when you're investing and you're looking at your IRA or 401k, you're probably going to own some of these real estate investment trusts through a mutual fund or through an exchange traded fund because that'll be a collection of these different companies. There'll be a collection of the stock kind and a collection of the bond kind. That's a diversified way to go. 

Aric Johnson: Gotcha. 

Jeremy Keil: All right. One last one for you Aric. This one is the easiest. We saved the easiest one for last: cash. We all love cash. “Cash is king” is the phrase in the investing world. Typically when you're talking about cash and you're talking about investments, you'll see a little line in your investment statement that talks about money markets. There's maybe 1% or 2% that's leftover that ends up being in the money market. Now, a couple of things to keep in mind there are that when you have a broker like Schwab, Fidelity, or TD Ameritrade, a lot of times they get to set the money market rate, but you also sometimes get the choice. So if you've got a decent amount in your investment account that's in cash, go take a look at the interest rate. You might be getting 0.1% or 0.3%, and if you just take a little bit of research, you might be able to get that money market rate above 1%. So if you have cash in your investment account, go out there and see what you can do to maximize and get a higher interest rate. That'd be worth it. You think cash is easy, but you still sometimes need a little bit of research. When you have some cash in there, you may be able to get some better interest by asking around. In the banks a lot of people have $10 grand, $50 grand, or $100 grand. They've saved up great amounts of money in the banks just because it's in a bank and it's safe. We think it is all safe. There are some things you have to keep in mind too. We just ran into a couple a few weeks ago. They were great savers. Good for them. They had a couple hundred grand in their bank. It's a local bank. It's a well known bank. They were paying them 0.1% interest. When you go online and shop around, as of now in 2020 you can easily get 1% to 1.5% for the same types of investments right there. This couple is missing out on maybe $3,000 or more a year because their current bank is not paying them what they should be paying them. They're not paying them what everyone else is. So they could take a little bit of extra action and maybe move to a different bank. It’s also interesting. I am thinking of a bank right now. A year or two ago I ran into three people in the same situation with the same amount of money at that bank. What we did for them is we went online and we printed off what the online rates were. We went to some local competitors and we printed off what those rates were. We said, just take this into your local bank. You don't even have to move it. Just take it in, show it to them, and say, hey, what can you do? Well, all three of them called us up and said, oh my goodness. They're paying us a percent and a half more right there. Each of these couples is making around $1,500 to $3,000 a year more in interest because they took the time to just to do a little research. I guess we did it for them, but that's okay. That's what we do. We want to help people out. They just went in and talked to them and they were able to get better rates of interest on their money markets and their savings accounts at their local bank. They didn't even have to move. It just took some time. Cash is king. Cash seems easy, but you still have to do a little bit of research to make sure you're getting the best interest rate that is out there.

Aric Johnson: Absolutely. Again, a bank is a business. They're not going to volunteer that information necessarily because they don't want to have to pay anything extra. To break it down into simpler terms, if you call your cell phone company and talk to them about giving you a better deal, 9 times out of 10 they will. They'll give you a better deal. Talk to your cable company or any other company and say, look, here's the thing. I'd like to save some money, or I'd like to make a little bit more money. Just have that discussion. Be bold enough to do that. That's great that you provided your clients with those statements because again, you go into it with a little bit of firepower, Hey, this is what I could do over here if I were to change. Oh, well no Mr. and Mrs. Jones. We'd love for you to stay here. Have a toaster and an extra percentage point or something. So it's just about starting that conversation. That's great.

Jeremy Keil: Well, we're hoping today was a great back to the basics on investing. Hoping everyone got some good education on that. I'm just going to summarize a few things here. When it comes to stocks, if you own a mutual fund or an exchange traded fund, it's made up of stocks. So when sometimes people say, I don't want stocks. They're too risky. Well, guess what? You have them there in the mutual funds and exchange traded funds you own. When it comes to bonds and individual bonds, just because you know that if you gave them $1,000 today that they’re supposed to give you $1,000 later on, that doesn't mean it's safe. There's pricing in individual bonds that fluctuate every day, and there is a chance for that bond to default, so just keep that in mind. We want to bust some misconceptions today. When it comes to real estate, you can lose money in real estate. Just because you can see it doesn't mean it's 100% safe. There’s nothing wrong with owning real estate and investing in real estate. I do that myself too, but I understand a little bit about it and understand the tax situations. When you're looking at a time when the market happens to be down, don't feel like real estate is a safer investment than stocks and understand that if you're going to be taking money from your IRA, some of the biggest tax advantages aren't going to be there when you're looking at investing in real estate through your IRA. With cash, it pays to do your research. Look online. Look to see what the other local banks are paying. Maybe it's worthwhile for you to switch your bank account and money market money around to make a little bit better interest. But sometimes you can just take that research right to the bank, and they'll pay you out right there anyways and give you some better interest because they want to keep you as a client. 

Aric Johnson: Yeah, absolutely. Great stuff today Jeremy. Thank you so much for your time. 

Jeremy Keil: Yeah. Thank you Aric. 

Aric Johnson: You bet. For the entire audience I want to thank you for listening to the Retirement Revealed podcast with Jeremy Keil. If you have not subscribed to the podcast yet, please click the “Subscribe Now” button below. This way, when Jeremy comes out with a new podcast, it'll show up directly on your listening device. This makes it much easier to share these podcasts with your friends and family. Again, thanks for listening today. For everyone at Keil Financial Partners, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time.

Thank you for listening to the Retirement Revealed Podcast. Click on the subscribe button below to be notified when new episodes become available. Visit Retirement-Revealed.com to learn more. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Keil Financial Partners. Keil Financial Partners does not provide legal, accounting, or tax advice. Consult your attorney or tax professional. Representatives have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration. Keil Financial Partners is a part of the Thrivent Advisor Network, a registered investment advisor. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Keil Financial Partners. Keil Financial Partners is a part of the Thrivent Advisor Network, a registered investment advisor. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. 

Keil Financial Partners does not provide legal, accounting, or tax advice. Consult your attorney or tax professional. Representatives have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.