Top 3 Challenges High Net Worth Individuals Face in Planning for Retirement with Michael Conrath

Planning for retirement comes with many considerations and challenges, especially for those with a high net worth. 

In this episode of Off the Wall, Monument Private Wealth Advisors, Emily Harper, CFP® and Heaven Goodwin, CFP® chat with Michael Conrath, the Chief Retirement Strategist and Head of the Retirement Insights Strategy Team for J.P. Morgan Asset Management. 

The trio shares the most common challenges high-net-worth individuals face as they plan for retirement, how to plan for them, and what to consider throughout the retirement planning process. 

They discuss the emotional aspects of retirement and how to plan to ensure well-being, the challenges that longevity brings to the equation, and the varied ways taxes may affect your desired retirement. They also dive into the key considerations around Roth conversions, social security, Medicare, long-term care, and more. 

Retirement planning is often a detailed and complex process for high-net-worth individuals, but with the insights from these three experts, you’ll be better equipped to plan the retirement of your dreams! 

“There’s this big disconnect because we spend decades planning and working to reach that retirement point, but we sometimes spend very little time planning for how we’re actually going to spend the rest of our time, the next chapter, which could be easily 35+ years in retirement… It’s important to know what you’re retiring to rather than just what you’re retiring from.” 

– Michael Conrath 

Episode Timeline/Key Highlights: 

[00:23] Introducing Michael Conrath & the topic of today’s episode. 

[01:45] What is The Retirement Equation? 

[05:17] 1st retirement challenge for high earners: Not preparing emotionally for the reality of retirement. 

[09:55] The Retirement PUSH: Purpose, Use, Socialization, Health 

[14:20] 2nd retirement challenge for high earners: The ever-changing tax landscape. 

[18:11] Roth Conversions: Is there a sweet spot between current marginal rates and post-2025 marginal rates? 

[20:22] How taxable income amounts impact aspects of retirement, like social security benefits and cost of Medicare. 

[24:44] What is a “backdoor Roth”, and should I make one? 

[29:45] 3rd retirement challenge: With longevity, comes the need for assistance. 

[35:44] What to consider when self-insuring/self-funding long-term care in retirement. 

[41:31] What Mike is optimistic and excited about in planning for retirement. 

[43:15] Mike’s #1 recommended resource for gaining inspiration for your retirement. 

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.   

Resources Mentioned: 

Subscribe to our Private Wealth Newsletter, Monument #Unfiltered: https://bit.ly/monumentunfiltered 

Check out J.P. Morgan’s 2024 Guide to Retirement: https://bit.ly/4dMU0F8 

Visit www.jpmorganfunds.com/mi for more information on the Retirement Insights program. 

Watch “Live to 100: Secrets of the Blue Zones”: https://www.netflix.com/title/81214929 

About Michael Conrath: 

Michael Conrath, CFP, CPRC, is the Chief Retirement Strategist and Head of the Retirement Insights Strategy Team for J.P. Morgan Asset Management. In this role, Michael is responsible for researching and delivering timely retirement-related insights to clients and financial professionals. Michael has over 25 years of investment and wealth management experience and focuses on identifyi