Perhaps the most crucial change in our retirement planning language is simply to rename "retirement".
Individuals are vulnerable to economic and financial risks as they approach and enter retirement. Insights from behavioural finance can be used to enhance risk communication and retirement outcomes.
The constant challenge is to keep clients focused on their wealth goal when they are distracted by the many other factors that influence their perception of risk.
If we're explaining a "norm" to clients that embeds a social proof, we should be using norms that show what is successful, not describing the commonality of failure!