Lee Korn, CPWA®, Managing Partner and Founder of Opal Wealth Advisors, recently contributed an article to Kiplinger titled “Why a Big Savings Account Won’t Guarantee Retirement Peace.” In the article, Lee explores a concern that many individuals face as they approach retirement: Even after decades of building wealth, how can they feel confident that their savings will support the life they envision?
As Lee explains, financial confidence in retirement isn’t determined by the size of an investment portfolio alone. It comes from understanding how accumulated wealth will translate into sustainable income, how financial decisions work together, and how a plan can adapt as circumstances change.
One of the key distinctions Lee highlights is the difference between building wealth and drawing from it. While accumulating assets often centers on long-term investment growth, retirement introduces a different set of considerations. Market volatility, withdrawal timing, taxes, Social Security, and health care costs can all influence how long retirement savings last.
Lee also emphasizes that having a financial plan is only part of the equation. Equally important is putting that plan into action and revisiting it as markets, tax laws, and personal circumstances evolve.
The article outlines several important questions individuals should consider before retirement, including how much income they’ll need, which accounts to draw from, when to claim Social Security, and whether their estate plan continues to reflect their goals.
At Opal Wealth Advisors, this perspective is central to how we approach financial planning. Rather than focusing solely on investment performance, we work to connect the different aspects of a client’s financial life, helping them understand where they stand, what their wealth can support, and how to move forward with greater clarity.