Are you confident in your financial plan? Allworth financial advisor Jeremy Murray, CFP®, AIF®, CRPS®, shares the importance of making sure all the pieces properly fit together.
Think back to the last time you worked on a jigsaw puzzle.
When you first emptied the box, it probably felt overwhelming—hundreds or even thousands of pieces scattered across the table. At first glance, the pieces seem disjointed and confusing. But as you methodically match each piece, the bigger picture starts to come together.
Retirement planning is a lot like that puzzle. With so many elements to consider, it can feel daunting at first. But if you take it step by step, you can put the pieces in place to create a strong, cohesive plan. And just like with a puzzle, if even one piece is missing, the picture remains incomplete—and in retirement, that could mean running out of money before you’re ready.
Here are three key strategies to help ensure that doesn’t happen.
A diversified portfolio is one of the most effective ways to protect your savings over the long term. Striking the right balance between stocks, bonds, and other investments is critical, as this mix should reflect your goals, risk tolerance, and income needs in retirement.
It’s a delicate balance. Too much exposure to stocks might introduce more risk than you’re comfortable with, but too little can leave you vulnerable to inflation. For instance, with inflation averaging around 2.5% annually, a $25,000 car today could cost you nearly $41,000 in 20 years.
Over the long term, stocks have historically been the best tool for outpacing inflation. And with many of us living longer—once you reach age 65, you could easily live another 20 years or more—it’s essential not to become overly conservative with your investments too soon.
Think of bonds as the shock absorbers in your portfolio and stocks as the engine. At times, you need to take more risk (the fast lane), and at other times, you need to slow down. Just like when you’re driving, the goal is to strike the right balance so you reach your destination without hitting too many bumps along the way.
Taxes can have a big impact on your retirement income. Different types of retirement and investment accounts are taxed in different ways, and it’s important to understand these differences now—not just when you’re withdrawing funds.
For example:
Understanding these differences matters for two key reasons:
The “4% Rule” has long been a popular rule of thumb for retirees—suggesting that withdrawing 4% of your savings annually, adjusted for inflation, should help your money last throughout retirement. While it’s a useful general guide, it’s important to remember that this rule has been tweaked over the years and may not be as reliable in today’s market conditions, where stock returns are lower, bond yields are weaker, and inflation—particularly healthcare costs—is on the rise. Relying strictly on this rule may not serve you well in the current financial environment.
Instead, your withdrawal strategy should be fully customized to your unique financial situation, factoring in all of your income sources. These may include:
Each income stream has its own tax rules and implications, making it important to:
By creating a flexible withdrawal plan that accounts for all these factors, you can position yourself to maintain financial security throughout retirement—without worrying about outliving your savings. A dynamic approach will help ensure that your money lasts, so you can enjoy the lifestyle you've worked hard to achieve.
In retirement, just like in a jigsaw puzzle, if one piece is out of place, the whole picture can be incomplete.
That’s why it’s important to have a comprehensive plan that addresses all aspects of your financial situation. Whether it’s finding the right investment mix, planning your taxes, or developing a personalized withdrawal strategy, every piece needs to fit together to create a retirement that’s secure and fulfilling.
If you’d like help putting the pieces together, reach out to schedule a free consultation. Together, we’ll build a retirement plan that fits your life and goals—one piece at a time.
As a self-proclaimed “numbers guy”, I truly enjoy helping people make sense of something that can feel complicated and overwhelming. Most people don’t grow up learning financial literacy and wealth management. Yet, getting your finances in order is critical as you prepare to transition to retirement—a phase in life where you’ll be entirely financially independent.
I believe money is a tool that can be leveraged to provide the freedom you what. And I always strive to meet clients where they are in life, focus on educating them about their choices, and work to build a plan that’s achievable, comforting, and aligned with their goals.
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The information presented is for educational purposes only and is not intended to be a comprehensive analysis of the topics discussed. It should not be interpreted as personalized investment advice or relied upon as such.
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