Retirement planning often feels overwhelming to many individuals, but a disciplined, step-by-step approach can help advisors guide clients through the complexity, according to Michael Conrath, managing director and chief retirement strategist at JPMorgan Asset Management. In a recent interview, Conrath stressed the importance of separating “the math from the emotion” to build actionable retirement strategies.
Conrath noted that retirees and pre-retirees face a multitude of decisions, including savings rates, investment choices, market volatility, health care costs, Medicare, Social Security, and long-term care. Balancing these with other goals—such as funding children’s education or leaving a legacy—can feel daunting. JPMorgan’s latest annual guide to retirement, released in February, highlights generating sufficient income, managing spending volatility, and maintaining emergency savings as top concerns.
“One of the pitfalls is that people think they have to tackle all these things at once,” Conrath said. “If you break it out into steps, that’s where an advisor can help separate the math from the emotion and bring it together in one plan.” He described the ideal retirement plan as “easily explainable and actionable,” marrying quantitative analysis with clients’ emotional needs.
Conrath emphasized that clients need to determine their income replacement rate in retirement and how long their assets must last. “What’s my number?” he said, summarizing the core question. A key challenge is longevity risk: life expectancy in the U.S. reached 79 years in 2024, per CDC data, up 0.6 year from 2023. JPMorgan’s guide warns that non-smokers in excellent health may need to plan for 35 years in retirement.
“One of the biggest fears is outliving assets,” Conrath said. He urged advisors to help clients articulate their desired retirement lifestyle. JPMorgan has developed the “PUSH” framework—Purpose, Use, Socialize, Health—to support well-being in retirement. “If you get these right, they can help your health and wellness, both physically and mentally,” he added.
Looking ahead, JPMorgan’s 2025 retirement guide will increase focus on small businesses. Conrath, the son of a small business owner, noted that many workers at smaller firms lack access to retirement plans. JPMorgan research from 2020 found that just under half of small business owners offer a retirement plan, mostly 401(k)s. “We’re finding that people didn’t realize they can actually do this,” Conrath said, adding that the firm has expanded resources and hired more staff focused on business owners.
Conrath also addressed recent market volatility tied to geopolitical events, such as the Iran conflict and the closure of the Strait of Hormuz. “When faced with volatility, it’s always a good time to check in,” he said. “It doesn’t mean you have to make seismic shifts, but it’s a good time to reassess.” Advisors can use this as an opportunity to reinforce the importance of a long-term plan.
For advisors seeking to deepen their retirement planning expertise, resources like Retirement Timing as a Risk Variable: Advisors Stress Sequence-of-Returns Analysis and Gallup and Ameriprise Surveys Reveal Persistent Retirement Anxiety Despite Short-Term Confidence offer additional insights. Meanwhile, Trump Executive Order Mandates New Retirement Portal for Uncovered Workers, Saver's Match Set for 2027 highlights policy changes affecting small-business employees.
