For a Richer Retirement, Follow These Five Golden Rules

These Golden Rules of Retirement Planning, developed by a financial pro with many years of experience, can help you build a plan that delivers increased income and liquid savings while also reducing risk.

By Jerry Golden, Investment Adviser Representative

published 8 August 2025

in Features

An older couple smile as they walk along the beach with champagne.

(Image credit: Getty Images)

I've worked in the financial services business for my entire career, during which I've received two patents and brought product innovations to market.

Over the past two decades, most of my focus has been on retirement — first products and then planning. With this product background and with the virtual elimination of retiree pensions, I strongly believe you should start the retirement planning process knowing how much income (and liquid savings) your retirement savings can produce.

Once you understand how much income you can generate in retirement, you are ready to make the decisions that will flow from that knowledge, such as whether to downsize, how much you can spend on the grandkids and how long that vacation can last.

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The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.

At the same time, you can get a good handle on meeting long-term care and other large health-related expenses.

I have put together a list of suggestions, modestly labeled The Golden Rules of Retirement Planning.

They will help individuals who are nearing or in retirement to build a plan that is not otherwise available in the market. And, in the process, deliver plans that increase income and liquid savings while reducing risk.

The Golden Rules of Retirement Planning

1. Create a retirement plan based on three financial objectives.

Build your retirement plan based on the three L's — lifetime income, liquid savings and legacy — while factoring in a fourth: lowering risk and taxes.

2. Use all primary asset classes in designing your plan.

Consider not only investments, but also lifetime annuities and mortgages. Evaluate other asset classes only after your retirement plan meets your financial objectives.

3. Set up your plan so that it pays you.

Avoid a retirement plan that requires a major share of your income to come from the withdrawal of funds and liquidation of investments. Look for a plan where most of your income is deposited in your bank account each month.

4. Whenever possible, avoid plans based on probabilities.

Your plan should deliver lifetime income and liquid savings in most markets, for as long as you (and your spouse) live and regardless of what inflation does.

5. Refine the plan to meet your situation.

Don't accept rules of thumb. Refine your plan at the start and at least annually thereafter.

Different from other rules

You can search for retirement rules from other sources, and you will find they often address planning shortfalls with suggestions like "live below your means" and "possibly diversify."

Those might not work for you, particularly if you don't know what income and other savings your plan can produce.

In a recent article, Warren Buffett's advice regarding investing was, "Invest only in what you understand."

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I agree that understanding is absolutely critical, but the consumer is at the mercy of the investment adviser or the media in being exposed to other asset classes. We're trying to change that.

Most importantly, there is usually no mention of most retirees' biggest asset: their home. Taking advantage of all assets is the key to avoiding most people's greatest fear after leaving the workforce: running out of money.

Why consider the golden rules?

I developed the Golden Rules out of my analytical background as an investment adviser and actuary, my executive experience in financial services and as a member of the Baby Boom generation.

During my career, I was able to bring novel products to the market for each life stage: Prime Plan variable life insurance policy, Accumulator variable annuity with living benefit guarantee, Income Manager payout annuity and Retirement Management Account for IRA distribution.

Now, with my team at Go2Income, we have built software that can analyze the literally billions of planning possibilities to develop personalized plans that are easy to understand and implement.

By following the Golden Rules, your plan can produce a 50% to 75% increase in income vs the 4% rule of thumb, as well as a 250% increase in liquid savings late in retirement. These are based on our baseline assumptions, but will withstand adverse changes in these assumptions.

By following these Golden Rules, you can create a personalized retirement strategy that increases your income and liquid savings while also reducing risk, allowing you to focus on the fun of retirement rather than stressing about your finances.

Visit Go2Income to see how the Golden Rules are put to use in building your plan. Create your own retirement plan today and then refine it with the help of a Go2Income adviser.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jerry Golden is the founder and CEO of Golden Retirement Advisors Inc. He specializes in helping consumers create retirement plans that provide income that cannot be outlived. Find out more at Go2income.com, where consumers can explore all types of income annuity options, anonymously and at no cost.