Americans Need To Stop Winging It With Their Retirements
You need a well-devised plan to ensure you can retire the way you want.

If your goal after a lifetime of hard work is to enjoy a good or even great retirement—one where you can do more than just pay the bills and survive—then sound retirement planning is a necessity.
In my experience, though, too many people aren't really planning for their retirements—they're just winging it.
If there's any situation where "just winging it" is a bad idea, it's retirement.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
When I talk about sound retirement planning, I mean more than stashing away money in an individual retirement account or 401(k). Sure, saving money is important if you want to accomplish your retirement goals. You want to save as much as possible.
But saving money is just one aspect of a retirement plan. It's not, in and of itself, a plan.
For anyone who is about five to 10 years away from retirement, here are a few things to consider to help you keep on track when working to meet your retirement goals:
Gauge now whether you'll have enough money to cover expenses.
Tally up the income you'll have when you retire. Some sources of that income could be Social Security, a pension or rental income. Then, figure out what your approximate monthly expenses will be.
Obviously, if you figure up $10,000 worth of monthly expenses, but just $5,000 worth of monthly income, you have some work to do between now and the time you actually retire to see if you can close that gap. Something has to give. Without enough income, you don't have a retirement.
Don't forget taxes and inflation.
In a sense, you may not have saved as much for retirement as you thought. Over the years, you may have squirreled away money in an IRA or 401(k), deferring taxes on those dollars in the process. Unless you've placed your assets in a Roth IRA, when you start withdrawing that money, Uncle Sam will want his share, so every dollar won't be available to you.
By the same token, inflation can chip away at your spending power. As you determine what kind of retirement you can expect to have, you need to take taxes and inflation into account. Otherwise, you could be in for a rude awakening.
Consider avoiding market volatility in your portfolio.
On more than one occasion, I've sat down with a new client who's just a few years from retirement and immediately saw that their portfolio was exposed to market volatility. One bad dip in the market, and their retirement plans could go sour quickly. Generally, those nearing or in retirement place their assets in more conservative products and strategies to avoid taking such risks at that point in their lives.
As you close in on retirement, you don't want all your years of planning to be undone by a bear market, so it's important to consider your risk tolerance when allocating your retirement assets. If you're 35, you have three decades or more to recover from a downturn in the market. If you're 60, you have a lot less time left, and it's tough to recover from a major loss.
Have an estate plan.
Maybe it's just an unwillingness to think about dying, but too many people don't have a good estate plan. By working with an estate planning attorney, though, you can build in a lot of protection for the next generation.
If you have a trust that's properly set up, you can avoid probate with the assets in that trust. You can also mitigate the estate taxes your beneficiaries might pay.
If you start thinking and planning well ahead of time, you and an adviser can come up with a solid retirement strategy that can make a big difference in the amount of money you have for retirement and the enjoyment you will get out of those later years of life.
Winging it won't be necessary.
Derek Gregoire, investment adviser representative and insurance professional, is co-founder of SHP Financial in Plymouth, Massachusetts, and host of the radio show "Retirement Road Map."
Ronnie Blair contributed to this article.
Investment Advisory Services are offered through SHP Wealth Management LLC, an SEC registered investment adviser. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC. In addition, other supervised persons of SHP Wealth Management, LLC are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC and SHP Financial, LLC will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product. SHP Financial utilizes third-party marketing and public relation firms to assist in securing media appearances, for securing interviews, to provide suggested content for radio, for article placements, and other supporting services.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Derek Gregoire, co-founder of SHP Financial in Plymouth, Massachusetts, is insurance licensed and is licensed as an investment adviser representative, which allows him to provide financial and investment advice, as well as personally manage investment portfolios as a fiduciary adviser. For seven years, Gregoire has been host of the popular radio show, Retirement Road Map, which airs on WBZ, WRKO and WXTK.
-
The Most Tax-Friendly State for Retirement in 2025: Here It Is
Retirement Tax How do you retire ‘tax-free’? This state doesn’t tax retirement income, has a low median property tax bill, and even offers savings on gas. Are you ready for a move?
-
Plan for Higher Health Care Costs in 2026: Projected Medicare Part B and Part D Premiums
In 2026, Medicare participants will pay more for their health care. Part B costs are expected to rise more than 10%. Here's what you can do.
-
Avoid Medicare's 'Shadow Tax' With This Financial Expert's IRMAA-Busting Tips
You're cruising along in retirement, and then bam: Your Medicare premiums soar because your income crossed the limit. Take a breath. There could be a solution.
-
Grilling Season and ETFs: There's More Than One Way to Cook Up a Portfolio
Exchange-traded funds come in a multitude of 'flavors' these days, from passive to active to factor-based. Their flexibility is what makes them so delicious.
-
You Don't Want It, But You Should Plan for It Anyway: An Expert Guide to Long-Term Care
Planning for long-term care is crucial to protect your independence, family and financial stability against unexpected health events and rising care costs not covered by standard insurance.
-
Five Questions to Help Ensure a Happy, Secure Retirement
You need to drill down to what you really want out of retirement. Then you can get down to the business of crafting a financial plan to make it happen.
-
How to Buy an Annuity Online (Without Regret)
You should never be rushed into buying an annuity. But now that they can be sold quickly and easily online, you need to be more alert than ever to pushy salesmanship. Here are four signs you're working online with a professional.
-
How Much Income Will an Indexed Annuity Get You? An Annuities Expert Lays Out the Numbers
Guaranteed lifetime income sounds great, but how much will it be? Several factors determine your future payout on indexed annuities with an income rider.
-
Financial Fact vs Fiction: Why Inflation Is Lower, But Prices Are Not
Do you think bonds protect you from stock losses? Are you confident your assets will go to your intended heirs if all you have is a will? Think again — and read on for other myths that could be leading you astray.
-
I'm a Personal Finance Expert: Here's the Truth About Using AI to Plan Your Retirement
AI can be a useful tool, but it often gets important financial information wrong. It also can't emulate the empathy, judgment and personal connection you can get with a human being.