4 Barriers to Break Down for a Successful Retirement
Preparing for the next phase of life can help relieve some of today’s anxiety. Here are some solutions for overcoming a few of retirement’s roadblocks.


What a year this has been in our economy, geopolitically and especially for the financial markets. For many people who are retiring or nearing retirement, these issues are on top of some significant barriers to getting ready for their golden years.
During much of the past 13 years, the markets have produced positive returns, according to Macrotrends, and thus provided many a feeling that their golden years would be full of financial security and stability. However, the events of this year appear to have caused many of those positive feelings to shift to anxiety and worry about what the future holds.
Properly preparing for your retirement should not be ignored, especially during times like this. Barriers to taking the proper action have seemingly always existed. Whether it is not actually making time to plan or even knowing where to begin, preparation for the next phase of life should not be ignored, especially in times like these.

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.
Let’s explore some of those retirement barriers and possible solutions:
Retirement Barrier: You’re Paralyzed by the Volatility in the Markets
Because so much recent attention has been given to the volatility in the financial markets, it can feel “all-consuming” to watch as our investment balances and future nest eggs fluctuate to levels many haven’t experienced in years. This is causing many to feel “paralyzed” to do anything other than “bury their heads in the sand” until this volatility passes.
Solution: It has been said for years, but “control what you can control!” We really have no say over what happens in the markets, but you can still take positive action toward developing and implementing meaningful retirement strategies. Understand that your retirement could last for years, which means this is probably not the last time we’ll see markets like this, so let’s take action to potentially avoid retirement being altered in the future.
Retirement Barrier: You Don’t Have a Retirement Mindset
Understand that your retirement is more than just a collection of “uncoordinated” investment accounts that you have built over the years. Retirement is about moving from the “accumulation” phase of life to the “preservation and distribution” phase of life. Realize there are very distinct differences between being a good saver and knowing how to preserve and spend wealth. Think of climbing Mount Everest and the different challenges faced going up that mountain vs. coming back down.
Solution: Understanding all the areas of your own “financial house” and how you may need to take a more active approach to things that were once on “autopilot.” For example, during your working years, you had the ability to earn a paycheck. However, now you will need to “create” your retirement paychecks through a combination of the wealth you have accumulated, Social Security timing and pension elections (if applicable).
In addition to managing investments, a strong retirement blueprint should include a plan for creating predictable monthly income, tax minimization strategies, health care options and legacy planning. Regardless of what is currently happening in the financial markets, these are five areas of your retirement that you can effectively plan.
Retirement Barrier: You Don’t Know Where to Begin
Just like many other aspects of life, knowing how and where to begin preparing for transition into retirement can be the hardest part. Realize that you are in the majority if this part of the process can seem overwhelming and cause you to procrastinate. Pushing through and taking small first steps will help create the momentum you need.
Solution: First, understand what exactly you need and what exactly you want. For example, do you actually want and are you committed to developing a broad retirement plan that includes investment management, income planning, tax strategies, legacy desires and health care? There’s a significant difference between wanting and needing an adviser or a portal to manage investment accounts or purchase an insurance product. Once you assess and determine what you actually need, you’re ready to tackle the next barrier.
Retirement Barrier: You Don’t Understand the World of Advisory Services and Platforms
All advisers and platforms are not created equal. Some platforms are tailored to those who prefer to self-manage retirement vs. those designed with a more comprehensive offering of advice and services. Some of these can be low-cost investments for the do-it-yourselfers, those who want investment management for a fee or those who are more comprehensive- and planning-centered.
Solution: Let’s break down your options.
- Do-it-yourself platforms. These are designed for those who prefer to manage their own retirement but need access to low-cost brokerage accounts such as those offered by Vanguard and TD Ameritrade. Advice may be limited with these platforms and typically designed for those wanting to design their own investment strategies.
- Investment- or product-focused. Many advisers offer services dedicated primarily to investment management. Advice may be given in exchange for a fee, which usually is a percentage of the assets being managed. Advisers could also focus their practice on offering insurance-based solutions and products such as annuities, life insurance or even long-term care policies, any of which could have value if used to fill a particular need.
- Planning-centered. Advisers who have a planning-centered practice will usually focus their efforts on designing, recommending and implementing financial strategies that are more comprehensive than just investment management or product selection. Areas of focus usually do involve investment management but could also include retirement income planning, tax strategies, health and long-term care options and estate considerations. Fees may include either an annual asset-based fee, a one-time planning fee or a combination of both. In summary, advisers in this space are normally focused on making recommendations and choosing solutions (both investment and insurance) based on your retirement in totality.
Let’s get focused on controlling what we can control and removing those barriers in preparation for an amazing retirement.
Investment Advisory Services offered through Trek Financial LLC, (Trek) an SEC Registered Investment Adviser. Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed, and past performance is no guarantee of future results. For specific tax advice on any strategy, consult with a qualified tax professional before implementing any strategy discussed herein. Annuity guarantees are backed by the financial strength and claims paying ability of the issuing insurance company. Financial products and services if recommended may include investment advisory fees, commissions and/or other charges. TREK 455
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.

Nicholas Toman, CFP®, is a lead retirement planner and investment adviser with Empowered Financial Management, a firm that specializes in retirement planning for those individuals within five to seven years of retirement or who have recently retired and no longer wish to serve as their own financial adviser. Nicholas is a graduate of the University of Wisconsin-Whitewater with a BBA in accounting and has been a Certified Financial Planner since 2014.
-
Blue Collar Workers Add AI to Their Toolboxes
The Kiplinger Letter AI can’t fix a leak or install lighting, but more and more tradespeople are adopting artificial intelligence for back-office work and other tasks.
-
Stock Market Today: Stocks Chop as Chipmakers Decline
Several semiconductor stocks fell Friday on reports that the White House may consider revising license waivers for global chipmakers.
-
The $1 Million Retirement Question: Are You Being Tax-Smart About Your Pension?
A financial planner raises some key considerations for navigating retirement with a pension and recommends four strategies.
-
The Costly Mistake You Might Be Making With Your First 401(k)
Most people start contributing to their retirement savings later in life. That could be a big-time mistake, literally costing you thousands of dollars.
-
An Estate Planning Attorney's Guide to the Importance of POAs
Regularly updating your financial and health care power of attorney documents ensures they reflect your current intentions and circumstances. It's also important to clearly communicate your wishes to your chosen agents.
-
Divorce and Your Home: An Expert's Guide to Avoiding a Tax Bomb
Your home is probably your biggest asset, so if you're getting a divorce, the stakes are high. Keep it? Sell it? You need to have a good plan in place for how to handle it.
-
Fewer Agents, Fewer Audits: How IRS Staff Cuts Are Changing Enforcement
Significant reductions in the IRS workforce appear to be increasing the number of 'no change' audit closures. The shift could potentially increase the overall tax gap — the difference between taxes that should have been paid and those that were.
-
What if You Could Increase Your Retirement Income by 50% to 75%? Here's How
Combining IRA investments, lifetime income annuities and a HECM into one plan could significantly increase your retirement income and liquid savings compared to traditional planning.
-
Here's Why You Shouldn't Do an Estate Plan Without a Financial Planner
Estate planning isn't just about distributing assets. Working with a financial adviser can ensure you've considered the big picture — and the finer details.
-
Trump Tariffs and Taxes: Waiting to See What Happens Is Not a Strategy
Like presidents, tariffs come and go. Policy changes also shift about every two years with the election cycle. If you're paralyzed by uncertainty, you could be missing opportunities to benefit your financial future.