If you were to gather together a group of people on the cusp of retirement and ask them their number one concern, odds are most would answer, “Money.” The biggest worry most of us face as we contemplate retirement is the fear that we will outlive our resources. As Rajiv often says, none of us wants to run out of money, become a burden to our families, and end up in a living situation where we’re unhappy.
This week we’re revisiting this 2025 article about retirement finances from Kiplinger which argues that there are a few simple steps anyone can take to regain a sense of control over our money as we age. The article was written by Kelly LaVigne, who is not only an attorney but is also a senior executive with Allianz Life Insurance Company.
LaVigne’s financial suggestions may sound simple, but his point makes some sense: sometimes the best way to get back on track is to do the simple things we tend to avoid. We’ll take a look at the three financial steps LaVigne says are the places to start, but first we feel a disclaimer of sorts is in order.
Rajiv: This Type of “Financial Confidence” Gives False Assurance
In preparing to review this article, we asked Rajiv for his assessment. He was blunt.
“This [Kiplinger] article is just more of the same,” Rajiv says. “The premise is, you can build financial confidence with three things: an advisor, a set of goals, and the right paperwork. But that’s simply not true! That kind of so-called ‘confidence’ is going to set you up for retirement failure.”
The problem, says Rajiv, is that nothing in this article addresses the core financial reality retirees will face. Most retirees will face harsh realities as they age – and that fact demands a fresh approach to retirement planning.
“Where’s the discussion of long-term health care in this article?” he asks. “Where’s the discussion of how your housing choices will impact your health, and vice versa? Where’s the conversation about how to avoid laying a heavy burden of caregiving on your family? In the absence of these and several other critical topics that are completely missing from the Kiplinger piece, your ‘financial confidence’ is just whistling in the dark!”
The key to real confidence is planning that is truly holistic. We call it LifePlanning. With that as a backdrop, let’s return to the Kiplinger article. As you read what it has to say, we hope you’ll do so with a skeptical eye.
Why Financial Confidence Is Declining After Years of Market Uncertainty
LaVigne leads off with a classic understatement from his vantage point in the middle of 2025. “We’ve experienced a lot of financial turmoil in the last five years,” he writes – to which we can only respond, “That’s for sure.”
“With the COVID-19 pandemic, escalating international tensions and historic levels of inflation, you may feel less confident about your finances than you did in the past,” LaVigne goes on. “If so, you’re not alone.” According to the Annual Retirement Study from the Allianz Center for the Future of Retirement, measures of financial confidence have been steadily declining since 2020.
“In 2025,” he writes, “70 percent of Americans said they feel confident about their ability to financially support everything they want to do in life. This is down from 83 percent in January 2020.” He then goes on to suggest what he calls three proactive steps toward building confidence in your long-term financial security.
Step 1: Gain Clarity and Perspective by Partnering with a Financial Planner
LaVigne’s first recommendation is to build financial confidence by seeking the right adviser.
“Working with a financial professional can be a key step toward long-term financial security,” LaVigne says. “A financial professional can help you outline your goals and action steps to achieve them — ultimately increasing your confidence in your finances. A financial professional will also help you avoid making financial mistakes out of emotion or fear.”
Ironically, though, relatively few Americans are working with a financial professional, even though most people agree that the right planner is a top source for financial guidance. According to the Kiplinger article, just 38 percent of Americans are currently working with a financial professional.
Finding the Right Retirement Advisor for Your Specific Goals
Finding the right financial professional is daunting. In fact, we’ve presented this helpful article about choosing a financial planner here on the Blog previously.
LaVigne agrees that the process takes time and effort. “You may need to interview a few before finding one who is ready to help you with your specific needs — whether it’s budgeting, investment advice, retirement planning or tax strategies,” he writes. “Treat those initial meetings with financial professionals like a job interview to help find a good fit for both personality and your financial situation.”
One tool Rajiv Nagaich strongly recommends is a financial dashboard, something your financial planner should be able to help you create. This tool will allow you to develop and maintain a long-term view of your finances while allowing you to look at a wide range of “what-if” scenarios to account for unforeseen circumstances.
As LaVigne writes, the right planner with the right tools “will help bolster your confidence in your strategy.”
Step 2: Document a Comprehensive Written Long-Term Financial Plan
Point number two, says LaVigne: your long-term plan needs to be documented in tangible form. Translation: write it down.
“With the guidance of a financial professional on your side, it’s time to get down to work,” he writes. “One key way to bolster your confidence is to document your long-term financial strategy. You need to know where you are going in order to feel confident in your ability to get there.”
LaVigne points out another inconsistency in American thinking. While almost all Americans say they agree that setting financial goals and developing a plan to reach them is important and desirable, nearly half (47 percent) have no written financial plans.
There is Power in Setting Goals That Are Specific, not General
As LaVigne argues, there is power in specificity. “Identifying financial goals and laying out a plan to achieve them requires getting specific about what you want from life,” he states. “It means breaking down large, abstract goals like ‘save enough for a comfortable retirement’ into what a comfortable retirement looks like for you and the funds you will need to make it a reality.”
This need to move from the general to the specific, says LaVigne, is why writing down your goals and necessary steps “will help cut through the clutter and prioritize your finances.”
Step 3: Implement Strategic Risk Management to Protect Retirement Savings
In his third and final point, LaVigne returns to his original statement: people are stressed out by a wide range of financial and societal risk factors beyond their control. Addressing that stress head-on is one sure way to build financial confidence.
“Inflation, the 2033 insolvency of the Social Security trust fund and the possibility of rising taxes are among the risks contributing to Americans’ concerns about their financial futures,” he states. “While you cannot control these risks, you can incorporate a level of protection into your financial plan to address them.”
A strong financial strategy can help ensure that your retirement savings will last throughout your lifetime. LaVigne offers a few possible ideas:
Annuities: “Adding an annuity to your portfolio that can offer guaranteed, and potentially increasing, income,” he advises.
Investing: LaVigne says you might consider adding secure investments to your portfolio, such as dividend-paying stocks, U.S. Treasury inflation-protected securities (TIPS) or I-bonds.
Social Security: There are many Social Security claiming strategies, LaVigne observes, so choose the one that maximize benefits for you and your spouse over the long haul.
Health Savings Account: Using health savings accounts (HSAs) for health care expenses can bring significant tax advantages.
Roth Conversion: LaVigne says you may want to explore converting pre-tax money in a retirement plan or IRA into a Roth IRA. You’ll pay income taxes now but save tax dollars in the future when you make withdrawals.
Rebuilding Financial Security for a Worry-Free Retirement
LaVigne ends by reminding us that we can rebuild financial confidence by taking control of our situation and refusing to be passive or pessimistic.
“Even with ongoing challenges in recent years,” he concludes, “you still have opportunities to build back financial confidence. By working with a financial professional, creating a written financial plan and incorporating risk management, you can put in the work to improve your financial confidence. Taking action can help you navigate uncertainties and secure your financial journey.”
Rajiv Nagaich – Your Trusted Retirement Planning Coach and Guide
Rajiv Nagaich’s newest program on PBS, called Designing Your Ideal Future, is bringing Rajiv’s powerful message to Americans from coast to coast. This engaging and challenging PBS show is prompting thousands to take a fresh look at the type of planning that will help them succeed in retirement.
In this one-hour PBS special, Rajiv Nagaich takes viewers step-by-step through the principles of creating a retirement plan that truly supports the life you want to live. Instead of generic check-the-box paperwork, Rajiv reveals how to infuse your perspective — your values, goals, and priorities — into every legal document and life plan component so your plan becomes a living system for your future.
Designing Your Ideal Future includes insights from real-world planning examples and a live Q&A with Rajiv Nagaich that answers viewer questions about retirement planning, legal readiness, and family communication. It’s perfect for anyone approaching retirement, currently retired, or responsible for a loved one’s future care — and for those who want a clear, effective approach to planning that prioritizes personal choice and quality of life.
How Prepared Are You for Retirement?
You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then these materials are your key to retirement success.
Visit your local PBS station’s schedule to find airtimes and learn how to access companion resources — including a free Legal Readiness Quiz and tools to help build your complete LifePlanning system.
Don’t remain among the millions of Americans sleepwalking their way into a retirement they never wanted. Instead, your retirement can be the exciting and fulfilling life you’ve always hoped it would be. Start by watching, reading and sharing Rajiv’s important message.
And remember, Age On, everyone!
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