After nearly two decades in financial planning and thousands of client conversations, one misconception continues to surface: many high-net-worth clients believe a strong income guarantees a strong retirement. But income alone doesn’t create lasting financial independence.
So ask yourself: How is my retirement planning really going? Set aside justifications and consider your actual results. On a scale of 1 to 10, how would you rank your savings rate?
Here’s the truth: how it’s going doesn’t have to be how it ends. If you’re open to the idea that smarter knowledge can lead to better outcomes, your financial future can still change for the better. For most people, it’s far from too late.
The reality is that lifestyle inflation, minimal contributions, poor tax planning, and irresponsibility can leave even high earners financially vulnerable later in life.
Every week, I speak with someone in their 50s or 60s who is finally ready to plan their financial future. These conversations often carry a sense of urgency because many are trying to build in just a few years what ideally takes decades. By contrast, clients who begin in their 30s or 40s, leveraging compound returns and practicing financial discipline, often arrive at retirement with far more security. The difference is staggering.
Why Don‘t Americans Save for Retirement?
Consider this: most of us live in the results of our decisions, right now. Go to work, earn a wage, and you experience the life that wage affords. Don’t go to work, and the consequences/results of that decision show up quickly. Eat well for 30 days, and your body responds. Eat poorly, and you’ll feel it just as fast. The same applies to your social skills, your habits, and your effort. What we put in, we tend to get out, and usually on a fairly short timeline, we are met with our “results.”
So why does financial planning feel like the exception? Or why do we make financial planning/savings the exception?
In my experience, many people struggle with saving and money management because they’ve convinced themselves that planning for the future is something to do in the future. Tomorrow. For many Americans, “tomorrow” never comes, or worse, comes far too late.
The bottom line: waiting costs more than most people realize. Don’t let a shortage of time become your biggest liability!
According to Lexington Law, the median net worth in the U.S. remains strikingly low. For those between the ages of 35 and 44, the median is just $136,000. It rises slightly to $247,000 for ages 45 to 54 and $365,000 for those aged 55 to 64. Surprisingly, the figure drops again for individuals aged 75 and over, settling at $336,000.
Let’s be honest, $336,000 isn’t enough for a long, confident retirement. It’s barely a cushion, let alone a foundation.
Reactive financial planning isn’t the same as a disciplined, proactive strategy. It’s time to stop making excuses and start focusing on what’s possible.
Take Charge of Your Financial Future Today
Retirement may seem far off, but imagine facing it with minimal savings. Would you be proud or filled with regret?
The longer you wait, the harder it becomes to catch up. Compound interest works, but it needs time. Shift from wishful thinking to intentional planning. Your future self will thank you.
Tencap Wealth Coaching makes financial planning simple. Our team of advisors, tax professionals, and legal experts is dedicated to helping you take control of your future with clarity and confidence.
We work with you to align your investments with your goals, minimize taxes, structure businesses, and plan for unexpected healthcare costs. Our advisors help you create sustainable withdrawal strategies, file for Social Security, and adjust your plan as life changes.
When markets become volatile, we’re here to guide you, protect your assets, and help you avoid costly mistakes. We focus on proactive strategies to secure your retirement, including protecting you from “sequence of return” risk: the danger of poor market performance early in retirement. Don’t wait for the perfect moment. Start building and securing your wealth today! Call us for a no-cost consultation.
