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It’s a scenario we’ve all experienced: cruising down the highway, preparing to change lanes, only to be startled by the blare of a horn. Yes, there was a car lurking in your blind spot. Despite being a careful driver who adheres to traffic rules, the fact remains that just because you can’t see something doesn’t mean it isn’t there.

Recently, I came across a copy of a Wall Street Journal article from July 27th, 2005 titled “The Secret to a Happier Retirement: Friends, Neighbors, and a Fixed Annuity.” Interestingly, I distinctly remember this article from my days managing money. Back then, its message didn’t quite align with my perception of retirement. However, as I’ve aged, and particularly as I’ve engaged with people about their retirement plans over the years, the article has resonated with me more deeply.

Since the S&P 500 reached a record high on February 19th, we’ve witnessed a significant downturn over the past two months. Despite some recovery, the long-term impact on the market remains uncertain, given the 29% decline in second-quarter US GDP and historic levels of unemployment reminiscent of the Great Depression.

Regardless of political views, ACA plans offer accessible healthcare options for many Americans, particularly those earning under 300% of the Federal Poverty Level. These plans, while providing affordability, come with a crucial caveat: they are subsidized by the government and must accommodate all individuals, regardless of health status. The subsidy manifests as a tax credit to offset plan premiums.

When you started saving in your 401(k)/403(b) plan, the thought of partnering with the Government likely never crossed your mind. However, that’s essentially what happened. Qualified retirement accounts (401(k), 403(b), IRAs) were initially attractive because tax brackets were much higher, with the top bracket at 70% and the median at 39%. Fast forward to today, with tax rates significantly lower, and very few retirees find themselves in a lower tax bracket. The catch? You don’t actually own all of your Qualified Retirement Account. After factoring in federal and state taxes, you might only have 70%-75% of its stated value.

If you own a home do you have homeowner’s insurance? Of course, you do! If something major happens to your house you want to be able to replace it. In 2014, only 5.3% of all homeowners made a claim on their policy, including everything from fire to theft. Do you have automobile insurance if you own a car? On average, a person with automobile insurance files a claim once every 17.9 years, equating to a 5.6% likelihood. This insurance is typically required in most states. Now, imagine this scenario: If you were confronted with a 75% likelihood of encountering a $200,000 expense, and you had the option to purchase insurance to cover it, would you?

In my younger days, I worked at a summer camp. Those summers were some of the best times of my life! The comradery between the staff and the chance to serve as a role model for the kids made every...