The following is a list of the most common concerns we hear from people who are within 5-10 years of retirement, along with how we address each concern. This list isn't exhaustive, and how we address each concern is more comprehensive than what's written here, but we thought it would be helpful to discuss these common concerns and the general approach we take to address them.
1. Inflation & Cost of Living
Concern: Many pre-retirees fear their nest egg won’t keep up with inflation, reducing their purchasing power in retirement.
How We Help: At Bergenn Financial Group, we stress-test your retirement plan against inflation scenarios and build dynamic income strategies that preserve your lifestyle even as costs rise.
2. Longevity Risk (Outliving Assets)
Concern: There’s a growing anxiety that even $1–3 million might not last for a 25–30+ year retirement.
How We Help: We develop personalized withdrawal strategies, income ladders, and contingency plans that provide confidence that you won’t outlive your money.
3. Healthcare & Long-Term Care Costs
Concern: Pre-retirees worry about the rising costs of healthcare and the possibility of needing long-term care.
How We Help: We evaluate Medicare options, project health care costs into your financial plan, and review insurance or savings strategies for long-term care protection.
4. Market Volatility
Concern: Market downturns close to retirement could derail the financial plan.
How We Help: Our portfolios are built for your goals, not market timing—we use a mix of downside protection and growth strategies, all anchored in your personal retirement timeline.
5. Social Security Stability
Concern: Many worry whether Social Security will be available or reduced.
How We Help: We help you make informed decisions on when and how to claim benefits and build plans that don’t rely solely on government programs.
6. Maintaining Lifestyle
Concern: Pre-retirees are unsure if they can maintain their desired lifestyle through retirement.
How We Help: We take your lifestyle goals seriously, modeling out realistic spending and creating sustainable income streams that align with how you want to live.
7. Tax-Efficient Income Planning
Concern: Navigating taxes on IRA withdrawals, RMDs, and investment income can be confusing.
How We Help: Our planning focuses on tax-smart strategies, from Roth conversions to income sequencing, to help you keep more of what you’ve earned.
8. Legacy & Estate Planning
Concern: You want to leave a legacy without it getting lost to taxes or probate.
How We Help: We coordinate with estate attorneys to integrate your legacy goals into your financial plan, ensuring your wishes are carried out efficiently.
9. Emotional Readiness
Concern: Many pre-retirees struggle with the emotional transition of leaving work.
How We Help: We talk about more than just money—our planning process includes lifestyle coaching and transition conversations to help you build a retirement with purpose.
10. Family Responsibilities
Concern: Balancing support for aging parents or adult children while preparing for your own retirement.
How We Help: We help you set financial boundaries, prioritize your goals, and plan for caregiving contingencies without compromising your future.