Advisors rethink retirement playbook as focus shifts from saving to spending

A structural shift is reshaping retirement planning, with advisors increasingly moving clients away from accumulation targets and toward strategies built around dependable income.

Insights from Guardian Wealth show that longer lifespans, market volatility, and growing financial complexity are accelerating a transition toward planning frameworks that emphasize income generation over portfolio size.

“The insights point to a shift in focus from accumulation to income,” the report notes, adding that “far fewer are prepared for the transition from saving to spending,” which can result in hesitation and underspending even among affluent investors.

For decades, retirement planning has centered on reaching a specific account balance, but as clients near retirement, that benchmark often fails to address a more practical concern: how those assets will translate into ongoing income.

That gap becomes most visible when clients transition from saving to spending, where uncertainty can undermine confidence even when balances remain strong.

"At its core, retirement planning today is about confidence," said Mike Perry, Head of Client Solutions and Wealth Management at Guardian. "When people lack clarity around income, they tend to pull back, spending less, delaying decisions, or disengaging. The most effective plans start by focusing on how wealth supports life, not just long-term growth."

Income certainty reshapes behavior

Industry leaders say improving retirement outcomes increasingly depends on providing clients with greater certainty around income.

Guardian’s research suggests that predictable income streams can materially influence both confidence and behavior, helping clients stay invested and make more informed decisions over time.

The firm noted that retirement success is increasingly tied to “how effectively wealth can be translated into reliable income that supports the life people want to live,” and as a result, advisors are adopting more integrated approaches that align investments, insurance, and income solutions around specific client outcomes.

“Whole-portfolio planning starts with the outcome, not the product,” said Nick Nefouse, Global Head of Retirement Solutions and Head of LifePath at BlackRock, who took part in a conversation on rethinking retirement income featuring Erin Culek, Guardian's Head of Financial Protection and Retirement Solutions “The question isn’t ‘Should I or shouldn’t I use insurance?’ It’s ‘What outcome am I trying to achieve, and how do I structure the entire portfolio to support that?’”

Central to that framework is the concept of an income floor — a base layer of predictable cash flow designed to cover essential expenses, allowing the remainder of the portfolio to focus on growth and long-term objectives.

Guardian emphasized that anchoring a plan with reliable income can create flexibility to manage risk, adjust withdrawals, and respond to changing client needs over time.

“Retirement isn't a single moment. It's a long, evolving phase of life,” said Culek. “When people start by securing income for essential expenses, they give themselves the flexibility to stay invested, manage risk more deliberately, and make better decisions over time.”

Advisors remain critical to outcomes

Despite advances in planning tools and digital platforms, both firms point to the continued importance of human advice in guiding retirement decisions.

“Most decisions aren’t driven by technology alone. They’re driven by someone they trust telling them it’s okay,” Nefouse said.

For advisors, the shift underscores a broader evolution in retirement planning — from chasing a number to designing a strategy that delivers sustainable income, behavioral confidence, and long-term flexibility.

“Retirement planning isn’t about hitting a number. It’s about creating certainty,” Nefouse concluded.