So we asked Michael Cherny, head of Citizens Wealth Management, to share his thoughts on retirement with us. Currently, he’s responsible for retaining and growing mass affluent client relationships across the country for Citizens, which holds more than $220 billion in total assets and $37 billion in assets under management.

What’s the most underrated retirement savings move that most people overlook?

“Defining what retirement will look like. Many people focus on reaching a specific savings number, but retirement planning is highly personal. Your retirement age, lifestyle goals, expected expenses and income sources all play a role. The earlier you define and understand what you want retirement to look like, the easier it becomes to build a savings strategy designed to support it,” says Cherny.

If you could give one piece of retirement advice, what would it be?

“Make retirement planning an ongoing process, not a one-time event. Your goals, health needs, family circumstances and the broader economic environment will all change over time. The most successful retirement plans are regularly reviewed and adjusted to help account for factors like inflation, healthcare costs, market conditions and longevity,” says Cherny.

What’s the biggest retirement mistake you see people making today?

“Underestimating what retirement will actually cost. Many people focus on replacing their paycheck, but they don’t fully account for expenses like healthcare, long-term care, taxes, inflation and housing costs. A retirement plan should address both the obvious expenses and the often-overlooked costs that can affect financial security over the long term,” says Cherny.

What’s something about retirement that keeps you up at night?

“What concerns me most is longevity risk, or the possibility that people outlive their savings. Many retirees will live well into their 80s and beyond, and that means retirement savings may need to support decades of spending. The longer retirement lasts, the more exposed people are to inflation, healthcare costs and market volatility. That’s why it’s so important to build a plan that can adapt over time,” says Cherny.

If you were starting your retirement savings from scratch today, what would you do?

“I’d focus on the fundamentals. I’d start saving as early as possible, take full advantage of any employer-sponsored retirement plan and contribute consistently. One of the biggest advantages investors have is time. The earlier you begin and the more disciplined you are about saving, the more opportunity you have to benefit from long-term growth and compounding,” says Cherny.

What retirement conversation are most people too afraid to have but desperately need to have?

“For many families, it’s the conversation about financial support, whether it’s helping adult children, caring for aging parents or planning for future caregiving responsibilities. These conversations can be uncomfortable, but they’re important. Many people don’t fully consider how those commitments may affect their own retirement plans which is why it’s better to have those conversations early rather than when a financial need arises,” says Cherny.

What’s one retirement rule of thumb that’s outdated and needs adjusting?

“The 4% withdrawal rule is a useful starting point but it shouldn’t be treated as a one-size-fits-all solution. Factors like life expectancy, inflation, market conditions, taxes and spending needs can vary significantly from person to person. Retirement planning is more personalized today, which means withdrawal strategies should be tailored to an individual’s goals and circumstances,” says Cherny.