Upticks: Why Retirement Planning is NOT One-Size-Fits-All
By Jake Falcon on February 20, 2025
Are you tired of cookie-cutter retirement advice that doesn’t fit your life? Us too! Jake and Cory share real client stories to illustrate why retirement planning is a deeply personal process. Your portfolio, nest egg, retirement age, and more should never be compared to someone else’s. You are your own person with your own goals and needs, and we believe your retirement planning should reflect that individuality.
Click here to subscribe to our newsletter!
Click here to order ‘Retiring Right’!
Read an overview of the conversation below:
Personalized Retirement Planning
The key takeaway from this episode of Upticks is the significance of personalized retirement planning. Jake, who has authored the book “Retiring Right: Smart Steps for Exiting Corporate America” stresses that it is not a definitive guide to all retirement questions but rather a framework to help individuals think about and firm up their plans. He states, “Even though I literally wrote the book on retirement planning, my book is not designed to be the answer to all of your retirement questions. It’s designed to be a guide of things you need to think about and firm up.”
Cory echoes this sentiment, highlighting that no two retirement plans should be identical because no two individuals live the same life. “Your retirement plan should be like your fingerprint. It shouldn’t be identical to anyone else’s because no one else is living your life. You are,” he says. This underscores the importance of considering your lifestyle, family dynamics, and financial situation when planning for retirement.
The Role of Social Security
Social Security is an important component of retirement planning, yet there is no universal answer to when one should start collecting benefits. Jake points out, “People ask me all the time, ‘When should I turn on Social Security?’ The running joke is you got to tell me when you’re going to die, and I’ll tell you when.” This highlights the complexity of the decision and the potential benefit of a personalized strategy.
Cory adds, “You need a strategy for Social Security and a strategy for your retirement plan that’s aligned with your lifestyle. It’s going to be different because it’s your life.” Factors such as age, health, and financial needs play a crucial role in determining the optimal time to start collecting benefits.
Investment Strategies
Aligning your investment portfolio with your financial plan is another critical aspect. Jake emphasizes “Your investment portfolio is not one-size-fits-all either. What makes sense for one client is not going to make sense for another,” he explains. The level of risk you take with your investments should be based on your financial situation and goals.
Cory elaborates, “Some of our larger clients may be invested more aggressively, but some are still invested conservatively because it’s about aligning their plan with their portfolio and what’s going to work for them.” This highlights the need for a personalized investment strategy that takes into account your risk tolerance and financial objectives, no matter the size of your nest egg.
The Importance of Flexibility
Cory points out that traditional retirement ages are outdated, and people today live much longer in retirement than they did decades ago. “Planning is going to have to be more flexible. It’s going to have to change,” he says. This means that your retirement plan should be adaptable to changes in your lifestyle, financial situation, and market conditions.
Jake echoes this sentiment, stating, “We adapt the plan. We change the plan.” This flexibility helps ensure that your retirement plan remains relevant and effective throughout your working and retirement years. Unexpected life events, such as health issues or changes in family dynamics, can impact your retirement plan, and being prepared to adjust accordingly is important.
Real-Life Examples
Jake and Cory share real-life examples to illustrate the importance of personalized retirement planning. Jake mentions, “I have clients that have worked right next to each other, same job function, same length of service, but their financial plans are very different. It really comes down to your family dynamics.” This example highlights how even individuals with similar careers and financial situations can have vastly different retirement plans based on their family circumstances and goals.
Cory adds another example, “I have a client who sadly passed away in her early 90s. Her portfolio was extremely aggressive because she didn’t need it for her day-to-day lifestyle. She had a pension and Social Security. Her portfolio grew significantly in the last decade of her life.” This demonstrates that age should not be the sole factor in determining your investment strategy. Instead, it should be , once again, based on your financial needs and goals.
Myth Busting: The Huge Nest Egg
Cory addresses the common myth that you need a huge nest egg to retire comfortably. He explains, “How much money you need to retire depends upon your lifestyle. It’s not about having a specific dollar amount; it’s about aligning your retirement plan with your lifestyle and goals.” This reinforces the idea that retirement planning should be personalized and based on your circumstances.
Jake adds, “I get miffed when I see article headlines saying you need $1.7 million to retire in America. It’s all relative to your lifestyle, where you spend money, and what legacy you want to leave.” The number of dollars in your nest egg is irrelevant compared to others. It’s only relevancy is your life, needs, and goals.
The Art of Wealth Management
Jake and Cory emphasize that retirement planning is both a science and an art. Jake mentions, “There’s the numbers crunching side of it, which is what we do, and then there’s the emotional side of it, which is an art that we’ve crafted over many years.” This combination of technical knowledge and emotional intelligence is important for developing a successful retirement plan.
Cory adds that in his experience, he believes, “The clients that are the happiest and most fulfilled in retirement are the ones that have taken the time to figure out what’s really important to them.”
Retirement planning is a highly personalized process, and in our opinion, needs careful consideration of your circumstances and goals. As Jake and Cory emphasized, there is no one-size-fits-all approach to retirement planning. By working with a qualified financial advisor and developing a tailored strategy, you can help ensure that your retirement plan aligns with your lifestyle and financial objectives now and in the future.
Thank you for tuning in, we hope you have a great week!
