Your Retirement Style: The Key to Income That Feels Right and Lasts

Running out of money is the biggest fear most people have about retirement. But here’s what many don’t realize: the way you solve that problem has more to do with your personality than with hard, cold numbers.

Two people can have the same amount saved, the same income needs, and the same market conditions—yet feel completely different about their retirement. One sleeps soundly, confident in their plan. The other worries constantly, even though their plan “works” on paper.

That difference often comes down to whether the plan fits the person. And that’s exactly what the RISA® assessment is designed to uncover.

What is RISA and Why It Exists

The Retirement Income Style Awareness (RISA®) assessment is a short, research-backed questionnaire that reveals your personal approach to creating income in retirement.

It was developed by retirement researchers Dr. Wade Pfau and Alex Murguia after years of studying why some retirees thrive while others struggle emotionally with their plans.
Their discovery? The most successful retirees had strategies that matched not only their financial needs but also their comfort level with risk, flexibility, and guarantees.

In other words, RISA helps you design a retirement income plan that works for your money and your mindset.

Why Take RISA Before Building a Plan

Skipping this step can leave you with a plan that’s technically sound but emotionally uncomfortable. And when a plan feels wrong, you’re more likely to make costly mistakes.

A Tale of Two Franchise Owners

Meet Lisa and Mark — both longtime franchise owners in their early 60s, both planning to sell their businesses and retire within the next year. Each had built a seven-figure nest egg from years of hard work. On paper, their situations looked nearly identical.

• Lisa’s advisor started with the RISA® assessment. Her results showed she was a Protected Income type — she valued stability and wanted most of her living expenses covered by guaranteed income sources.
  Her retirement plan included a mix of Social Security timing strategies, a modest annuity for steady cash flow, and investments for discretionary spending.
  Knowing her base income was secure, Lisa felt confident staying invested with the rest of her money, even when markets dipped. She stayed on track, avoided panic selling, and her portfolio continued to grow.
• Mark skipped the RISA. His advisor put him in a Total Return strategy because “it’s what works best in the long run.” When markets fell during his first year of retirement, Mark’s anxiety spiked.
  Without a base of guaranteed income to lean on, he sold a chunk of his investments at a loss to cover expenses. That decision alone set his portfolio back years — and cost him well into the six figures over his retirement.

The difference? Lisa’s plan matched her personality. Mark’s plan only matched the math.

The Real Costs of Skipping RISA

Not knowing your retirement income style isn’t just uncomfortable — it can be expensive.
Here are some of the most common consequences:

• Selling investments at the wrong time – Locking in losses during downturns can erase years of growth and cost hundreds of thousands over a long retirement.
• Overpaying for guarantees you don’t need – Buying unnecessary annuities or insurance can reduce long-term growth by tens of thousands.
• Higher taxes – Poorly matched withdrawal patterns can push you into higher brackets, trigger Medicare IRMAA surcharges, and increase Social Security taxation.
• Running out of money sooner – Taking withdrawals that are too aggressive (or too cautious) can shorten portfolio longevity by 5–10 years.
• Missing growth opportunities – Overly conservative strategies for the wrong personality can result in $200,000–$400,000 less over 25 years.

The Four RISA Styles

The RISA assessment looks at two main questions:

1. Do you want steady, guaranteed income or are you comfortable with market ups and downs?
2. Do you prefer a set plan or the ability to adjust as you go?

Your answers place you into one of four main “retirement income personalities”:

• Protected Income – You want most of your spending covered by guaranteed sources like pensions, Social Security, or annuities.
• Risk Wrap – You’re fine investing in the market but like having some safety nets, such as partial guarantees or downside protection.
• Total Return – You’re comfortable relying mostly on investments for retirement income and adjusting your withdrawals as needed.
• Time Segmentation – You like “bucketing” your money — keeping near-term spending safe and investing the rest for later.

How to Use Your Results

Once you know your RISA style, you can quickly narrow down the strategies that fit you best — and ignore the ones that don’t.
That means:

• Less time exploring options you’ll never want.
• Lower stress about whether your plan is “right.”
• A strategy that’s easier to stick with, even when markets get bumpy.

Most people have a dominant style, but it’s also possible to blend elements from others.
Your RISA profile becomes the starting point for creating a retirement plan that’s financially solid and personally comfortable.

Your First Step to a Plan You’ll Love

I use the RISA assessment with every client before we even touch a calculator - because your plan should fit you, not the other way around.

If you’d like to see your own retirement style and how it shapes your best income strategy, let’s start with the RISA. Take the complimentary assessment, we’ll review your results together, and you’ll walk away with a clear direction for building a plan you can feel good about for the rest of your life.

Take the RISA Assessment.