Every retirement is unique. An individual’s situation – where they live, their health, their family, their finances, their goals – drives retirement. But, despite being so unique and individualized, fundamental tenants of retirement apply to almost everyone. In fact, the notion that we think we are so unique can be a hinderance to a financially successful retirement.

Perhaps this is best illustrated through the psychological occurrence when people go along with something because they believe everyone else is on board. For instance, when a speaker or teacher asks the room “Are there any questions?” usually no one raises their hand, even if they have questions. Many people don’t raise their hands because they think everyone else understands the topic and they don’t want to hold everyone back. People aren’t mind readers – we don’t have a good grasp of what others are thinking or feeling.

While we might feel our financial situation is unique, in many cases it’s not. When it comes to retirement, we all have a cash flow equation to figure out – what’s our expenses and income need?

Everyone also runs into retirement risks. While the magnitude of risks might be different for each person, the same risks generally apply: longevity, inflation, market risks, long-term care and health care risks.

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