Let me ask you something that usually lands a little heavier than people expect.
If the market dropped 20 percent this year, would your plans actually change?
Not emotionally. Practically.
Because that answer tells me more than your risk questionnaire ever will.
Most people sitting across from me say they’re “comfortable with risk.” Then we talk through what that actually means now, not ten years ago when paychecks were still coming in. Different season. Different rules. And the margin for error gets thinner whether we like it or not.
Here’s what I see a lot:
Portfolios that did exactly what they were supposed to do during the long run up. Stocks worked. Growth felt normal. Rebalancing got postponed because nothing felt broken. Quietly, exposure crept higher than anyone intended.
It doesn’t feel reckless.
It feels earned.
The problem is that risk has a way of showing itself at the wrong time.
Not when you’re accumulating. When you’re pulling money out. That’s when volatility stops being theoretical and starts messing with real life decisions like when to retire, how much to spend, or whether that “one more year” turns into three.
I’ve sat with couples who were sure they were positioned conservatively. Then we mapped out where income would come from if markets stayed down longer than expected. The room usually gets quiet right about then. Not panic. Just realization.
And to be clear, this isn’t about abandoning the market.
That move causes its own problems. I’ve seen people swing too far the other way, load up on cash, and then feel boxed in when inflation keeps chipping away. Less market risk can be costly too. Just in a slower, less obvious way by introducing, or amplifying, other types of risk.
The real issue is alignment.
Your portfolio should behave in a way that matches how your life works now. Not how it worked when you were 45. Not how it worked during a great decade for stocks. Now.
Another thing people don’t always factor in is timing.
Losses early in retirement hit differently than losses later on. Withdrawals during down markets can turn temporary declines into permanent damage. That’s not fear talking. That’s math. And it’s one of the reasons two portfolios with the same long‑term return can produce very different outcomes.
Sometimes exposure hides in places people don’t look. Concentrated positions from old employers. “Balanced” funds that lean heavily toward equities. Accounts that haven’t been revisited because they were doing fine. Until they weren’t.
Let’s talk about stress for a second.
Not market stress. Life stress. The kind that shows up when headlines get ugly and you start wondering if you should be doing something. That feeling alone is information. If volatility is forcing decisions instead of allowing flexibility, something may be out of sync.
None of this means you’re doing anything wrong.
The challenge is that success changes the conversation.
What worked to build the nest egg isn’t always what protects it or turns it into reliable income.
I’ve noticed that people rarely regret being more intentional about risk. They regret finding out too late that their exposure didn’t match their timeline. Those conversations are harder. Not impossible. Just harder.
This isn’t about predictions.
No one knows what the market will do next.
It’s about making sure your plan doesn’t rely on perfect timing or uninterrupted growth to work. Because markets don’t operate that way, and never have.
If any of this feels uncomfortably familiar, that’s usually the cue to take a closer look. Not to overhaul everything. Just to pressure‑test where you are and see how it holds up under less‑than‑ideal conditions.
What's Next?
If you’d like to talk this through, I’m happy to offer an introductory conversation. No cost. No obligation. Just a chance to walk through how exposed you really are and whether adjustments make sense given where you are today. Schedule a phone or video call HERE.
Not quite ready to meet? I've created some guides you might find interesting. You can learn more and download them at the links below:
To your retirement,
Ben Harvey, RICP®
