Free chapter from Financial Fortress: Retirement Edition
Volatility, Behavior, and Why Diversification Falls Short
Chapter 1 of the new book by Ira Koyner. Read it free.
Most retirement plans fail for one of four reasons. Volatility. Taxes. Inflation. Non-market risks. Most plans treat them as separate problems. They aren't. Each one compounds the others.
Chapter 1 starts with the first one. It opens with the math the planning industry quietly works around: a 40% loss requires a 67% gain to break even. It walks through what 2008, 2020, and 2022 each revealed about the limits of diversification. And it tells the story of two retirees who held identical portfolios and ended up in very different places — because their plans were built for who they were assumed to be, not who they actually were.
- The asymmetric loss math every retiree should understand before withdrawals begin.
- Why sequence-of-returns risk hits hardest in the years right around retirement, and what it actually costs.
- What 2008, 2020, and 2022 each proved about the limits of conventional diversification.
- The two ways volatility breaks plans, illustrated through the Blackjack Dicky and Prudence case studies.
- Three questions to bring to your advisor before the next downturn.
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