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Treichel in Kiplinger: Like Baking a Cake, Plan Your Retirement With Core Ingredients, But Personalize the Frosting

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Most people are aware of our country’s well-documented retirement crisis.

If you’re of a certain age, you can’t ignore the grim statistics:

  • 19 million (45%) older adult households do not have the income needed to cover basic living costs
  • 80%, or about 34 million households, would not be able to manage a serious financial shock
  • Scariest of all: Low-income older adults die nine years earlier than those with the greatest wealth

For years, the retirement industry has drilled various catchphrases into our collective consciousness: Know your number, the 4% rule, the 120 minus you rule and so on.

Truthfully, retirement isn’t a one-size-fits-all equation. We all live differently, so our retirements will also look different.

Instead of fitting retirees into a template or predetermined box, the financial industry should reframe its approach, moving away from target-date funds as a one-size-fits-all and into something more personalized.

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