A tale of two retirements
Similar in many ways, different in others...
Meet Carol and Dana.
Both are 67.
Both recently retired from successful careers.
Each raised two children, lives in the Atlanta area, and has a $3 million nest egg that will comfortably support their retirement needs.
They’re both thoughtful, engaged, and deeply committed to their families.
But when it comes to money, they see the world - and their options - very differently.
Carol: “Money is meant to spend.”
Carol grew up in a working-class family.
Her Dad drove a delivery truck.
Her Mom cut kids’ hair out of their kitchen.
There was always enough, but just barely.
They gave what they could, helped neighbors, and never acted like they were missing out.
Carol’s earliest money lessons:
Security is important.
But life is short.
If you can afford joy now, say yes to it.
After her husband passed away in his early 60s, something clicked for Carol:
“We saved and planned and waited - and then he didn’t get to enjoy it. That’s not going to be my story.”
Carol spends freely on travel, gives generously to causes she believes in, and enjoys helping her daughter with the grandkids - emotionally and financially.
She knows she has enough.
And her retirement income plan confirms it.
Her goal isn’t to die with a pile of money.
It’s to live with intention and generosity.
Carol’s primary money biases:
Recency bias - her husband’s early death made the risk of “waiting too long” feel vivid
Present bias - valuing near-term experiences over distant possibilities
Dana: “Money is meant to last.”
Dana’s childhood was a quiet, persistent strain of financial anxiety.
Her Father was laid off twice.
Her Mom was a professional coupon clipper.
Dana vividly remembers her parents arguing about money behind closed doors.
What Dana learned about money:
Even when things look fine, they can fall apart.
You can’t be too careful.
Dana had a long, stable career in HR and built a solid retirement with her husband, who shares her cautious mindset.
She’s always been a diligent saver.
They live comfortably but frugally.
She rarely splurges, even though she can afford to.
She prefers keeping money “in reserve” - just in case.
Helping her adult children financially doesn’t come naturally.
She wants them to be independent - and she wants to stay independent too.
“I don’t want to be a burden,” she says. “And I want to know we’ll be OK if something changes.”
Dana’s top money biases:
Loss aversion - the pain of potential loss feels stronger than the joy of gain
Status quo bias - it feels safer to maintain what’s familiar than to venture into new spending territory
Same numbers, different lenses
Carol and Dana both “have enough” — by every conventional financial measure.
But the lenses they’ve developed over a lifetime — shaped by childhood, life experience, even grief — guide them toward very different choices about spending, giving, and supporting family.
And both approaches make perfect sense… for them.
A dangerous question
This is why one of the most dangerous questions you can ask your financial advisor is:
“How do I compare to your other clients?”
Because even if you could compare — assets, income, net worth — the truth is, it wouldn’t tell you much.
The better question is:
“What’s the right decision for me — given my values, priorities, and the life I want to live?”
Money isn’t the point
Financial planning isn’t about comparing yourself against benchmarks or averages.
It’s not about being “better” than anyone else.
It’s only about living your best life with the resources you have.
It’s about clarity, confidence, and alignment.
Carol and Dana have the same retirement savings — but they’ve chosen very different paths.
And they’re both right.
More importantly, neither one of them is wrong.
Because their plans reflect who they are, not just what they have.
And that’s the goal, isn’t it?
What this means for you
If you’ve ever caught yourself wondering, “Am I doing this right?” — you’re not alone.
It’s a common (and totally human) question.
But as Carol and Dana show us, the “right” answer doesn’t come from comparing yourself to someone else.
It comes from getting clear on your story:
your past,
your values,
your comfort with risk, and
your vision for the future.
Money is just a means.
The real goal?
A life that feels rich in ways that matter to you.
Next steps:
Here are a few questions to explore — on your own or with your financial advisor:
What messages did I absorb about money growing up? How are they still shaping my decisions today? (read more on this important topic here)
What trade-offs feel worth it to me? Which ones don’t?
What does “enough” look like in my life — and how will I know I’ve reached it?
Am I making choices based on fear, habit, or someone else’s story — or based on what really matters to me now?
And maybe most important:
If I weren’t worried about doing it “right,” what would I do differently?
Final thought
Your plan doesn’t need to look like anyone else’s.
In fact, it shouldn’t.
Because you’re not living their life.
You’re living yours.
And that’s exactly where your financial plan should begin.
Here’s a relevant parting quote:
"Don’t compare your inside to someone else’s outside."
–Kevin Kelly
Thanks for reading.
Until next Wednesday,
Russ