Rona Guymon and Jeremy Keil discuss how the recent economic changes have affected retirement plans and strategies.

Is inflation forcing you to rethink your retirement plans? You’re not alone.

In a recent episode of the Retire Today podcast, I sat down with Rona Guymon from the Nationwide Retirement Institute to discuss how recent economic changes are reshaping retirement expectations. Rona and her team commissioned a study through The Harris Poll that revealed some surprising — and concerning — trends among pre-retirees.

According to the data, 42% of people nearing retirement say that the past five years of economic conditions have changed their vision of retirement, and 59% report that their retirement expectations have shifted significantly. That’s nearly six in ten Americans reconsidering what “retirement” even means.

So, what’s going on?

The Reality Check of Rising Costs

It’s easy to feel confident about your portfolio when the market is performing well — until you go to buy groceries or fill your gas tank. Everyday costs have increased dramatically, and even with inflation starting to cool, people are still feeling the pinch.

Rona shared a powerful example: her brother took his family of six to a fast-food restaurant, and the bill came to over $100. If that’s what “quick and affordable” looks like in 2025, it’s no wonder people are anxious about maintaining their lifestyle in retirement.

In fact, 51% of survey respondents said the cost of living is their single biggest long-term concern for their retirement portfolio. People might be growing their assets on paper, but they’re questioning whether that will truly keep up with the real-world cost of living.

Why Pre-Retirees Need to Rethink Retirement Age

One of the most surprising findings from Nationwide’s study was that 64% of pre-retirees no longer believe that retiring at age 65 applies to them. Instead, 35% plan to work during retirement, and 27% plan to delay it altogether.

This shift isn’t necessarily bad — in fact, for many, it reflects a new kind of retirement that blends purpose, social engagement, and part-time work. As Rona put it, many retirees aren’t giving up work entirely; they’re just finding something more enjoyable, flexible, or meaningful to do.

In other words, “retirement” doesn’t mean quitting — it means redefining what work looks like.

The Emotional Side of Financial Confidence

Another big takeaway from Rona’s research is that confidence in retirement planning is directly tied to working with a professional. Despite this, only 4% of survey respondents said they currently work with a financial advisor.

That’s a huge missed opportunity.

Partnering with a financial professional can help you uncover strategies to manage inflation, taxes, and income needs — and, most importantly, give you peace of mind about your financial future.

If you’re reading this now and you aren’t working with an advisor, follow the link at the bottom of this article to explore your options.

Are the Old Rules of Thumb Outdated?

The survey also asked pre-retirees about traditional financial rules, like the 4% withdrawal rule and the “100 minus your age” investing rule.

• 35% said the 4% rule isn’t relevant anymore.


• 53% said the 100-minus-your-age rule doesn’t fit their needs.
  

That’s a major shift. For decades, these have been go-to benchmarks for financial planning. But as Rona explained, many people feel they haven’t saved enough or that inflation will erode their nest egg — so those old rules just don’t feel realistic anymore.

Interestingly, most financial advisors still believe those rules have value. That difference highlights a major disconnect: advisors often serve people who already feel confident in their finances, while the average pre-retiree may feel far less certain.

The key lesson? Retirement isn’t one-size-fits-all. The “rules” might provide a starting point, but your plan should reflect your unique goals, resources, and lifestyle.

A Modern Take on Retirement Planning

As Rona and I discussed, the goal of a retirement plan isn’t just to maximize returns — it’s to create confidence. For some people, that means exploring income options like annuities, which can help supplement Social Security and create a personal pension-style income stream.

Others may find peace of mind by working longer or by creating flexible income plans that balance security with growth potential.

The bottom line is this: retirement looks different today than it did 20 or even 10 years ago. It’s about designing a plan that gives you freedom, purpose, and control — even when the economy feels uncertain.

Links

• Nationwide Retirement Institute: nationwide.com


• “Two in Five Pre-Retirees Say Dreams for Retirement Have Been Delayed, Altered or Cancelled” – Nationwide Financial


• The Nationwide Retirement Institute® 2025 Social Security Survey


• Create Your Retirement Master Plan: FiveStepRetirementPlan.com 


• Purchase “Retire Today: Create Your Retirement Master Plan in 5 Simple Steps”


• Rona Guymon at Nationwide Financial


• Rona Guymon on LinkedIn

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About the Author:

Jeremy Keil, CFP^®, CFA^® is a financial advisor in Milwaukee, WI, author of the bestseller Retire Today: Create Your Retirement Master Plan in 5 Simple Steps and host of both the Retire Today Podcast and Mr. Retirement YouTube channel

Connect With Jeremy Keil:

• Keil Financial Partners


• LinkedIn: Jeremy Keil


• Facebook: Jeremy Keil


• LinkedIn: Keil Financial Partners


• YouTube: Mr. Retirement


• Book an Intro Call with Jeremy’s Team

Media Disclosures:

Disclosures

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The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.

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Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC p